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As of January 2023, residential mortgage debt stood at C$2.08 trillion ($1.53 trillion), according to the Canada Mortgage and Housing Corporation (CMHC). Mortgage rates tend to track moves in the bond market with a lag. At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows. When it is time for renewal, options for homeowners hoping to shop for better interest rates might be limited as they would have to re-qualify for the stress test at the latest interest rates with their new lender. "It certainly is going to be problematic for the Canadian economy if rates stay at this level."

Persons: that's, James Laird, Laird, Daniel Foch, Foch, Stephen Brown, Nivedita Balu, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: TORONTO, Bank of Canada, Canada Mortgage, Housing Corporation, Ratehub.ca, Bank of, Toronto Regional Real Estate Board, Greater Toronto Area, Reuters, North, Capital Economics, Thomson Locations: United States, Toronto, Greater Toronto, Canada, North America

A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. The shares of the top five banks - Royal Bank of Canada , TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and CIBC (CM.TO) - have lost between 2% and 8% so far this year. Reuters GraphicsRoyal Bank of Canada and TD Bank will kick off third-quarter results on Thursday. RBC analyst Darko Mihelic forecast a 9% third-quarter revenue decline from a year ago for the capital-market business of the large Canadian banks. Investors will also watch for any updates on Bank of Nova Scotia's (BNS.TO) turnaround plan for its international business.

Persons: Mark Blinch, Mike Rizvanovic, Darko Mihelic, Cowen, RBC's Mihelic, Nivedita Balu, Matthew Lewis Organizations: Royal Bank of Canada, REUTERS, RBC, TD Bank, Bank of Montreal, Bank of Nova, CIBC, National Bank, Toronto Stock, Bank of Canada, Reuters Graphics Royal Bank of Canada, HSBC Canada, Laurentian Bank, Thomson Locations: Toronto, dealmaking, TORONTO, Bank of Nova Scotia

India's Chandrayaan-3 is heading for a landing on the lunar south pole on Wednesday. NASA, by comparison, is on track to spend roughly $93 billion on its Artemis moon programme through 2025, the U.S. space agency's inspector general has estimated. Russia had been considering a role in NASA’s Artemis programme until 2021, when it said it would partner instead on China's moon programme. Space research firm Euroconsult estimates China spent $12 billion on its space programme in 2022. India’s last attempt to land failed in 2019, the same year an Israeli startup failed at what would have been the first privately funded moon landing.

Persons: India's, Russia's Luna, Narendra Modi, Ajey Lele, Luna, Vadim Lukashevich, NASA'S, Elon Musk’s, Musk, Jeff Bezos, ”, Bethany Ehlmann, Kevin Krolicki, Clarence Fernandez Organizations: REUTERS Acquire, Indian Space Research Organisation, ISRO, NASA, New, Manohar Parrikar Institute for Defence Studies, Elon Musk’s SpaceX, SpaceX, International Space, California Institute of Technology, Thomson Locations: Handout, BENGALURU, WASHINGTON, India, United States, Soviet Union, U.S, Ukraine, Russia, Moscow, China, Saudi, South Korean

☆ Prayers, parties, student shows planned in India for moon landing
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

[1/3] Arun Haryani, an enthusiast with his body painted in tri-colours reacts as he holds up a model of LVM3 M4 which was used in launching of Chandrayaan-3 spacecraft on the eve of its moon landing, in Ahmedabad, India. REUTERS/Amit Dave Acquire Licensing RightsNEW DELHI, Aug 22 (Reuters) - Excitement rose in India on Tuesday on the eve of a much-anticipated moon landing, with prayers held for its success, schools marshalling students to watch a live telecast of the event and space enthusiasts organising parties to celebrate. India's second attempt to land on the moon after a failure in 2019 is being seen as a display of the tenacity of its scientific institutions. Authorities and educators also hope it will encourage scientific inquiry among millions of students in the world's most populous country. Students have sent scores of messages wishing ISRO luck for a successful landing, the agency said.

Persons: Arun Haryani, Amit Dave, Narendra Modi, Narottam Sahoo, Srikant, Nivedita, Saurabh Sharma, Nag Choudhury, Sumit Khanna, Sunil Kataria, Krishn Kaushik, YP Rajesh, Raju Gopalakrishnan Organizations: REUTERS, DELHI, Indian Space Research, ISRO, Reuters, Operations, YP, Thomson Locations: Ahmedabad, India, Russian, Uttar Pradesh, Gujarat, Kolkata, Mumbai, Varanasi, Bengaluru, Lucknow, New Delhi

☆ Why are space agencies racing to the moon's south pole?
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +4 min

India's much-awaited moon mission Chandrayaan-3 has been scheduled for launch on July 14, 2023. In the same year, another NASA probe that hit the south pole found water ice below the moon's surface. Russia's Luna-25 craft had been scheduled to land on the south pole this week but spun out of control on approach and crashed on Sunday. The south pole - far from the equatorial region targeted by previous missions, including the crewed Apollo landings - is full of craters and deep trenches. Both the United States and China have planned missions to the south pole.

Persons: India's, Russia's Luna, Nivedita, Joey Roulette, Kevin Krolicki, Gerry Doyle Organizations: ISRO, Handout, REUTERS, Soviet Union, Apollo, Brown University, NASA, Indian Space Research, United Nations, Artemis Accords, Chandrayaan, Thomson Locations: BENGALURU, WASHINGTON, Soviet, United States, China, U.S, Russia, Bengaluru, Washington

☆ Explainer: Why are space agencies racing to the moon's south pole?
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +4 min

BENGALURU/WASHINGTON, Aug 22 (Reuters) - India's space agency is attempting to land a spacecraft on the moon's south pole, a mission that could advance India's space ambitions and expand knowledge of lunar water ice, potentially one of the moon's most valuable resources. India's much-awaited moon mission Chandrayaan-3 has been scheduled for launch on July 14, 2023. In the same year, another NASA probe that hit the south pole found water ice below the moon's surface. Russia's Luna-25 craft had been scheduled to land on the south pole this week but spun out of control on approach and crashed on Sunday. The south pole - far from the equatorial region targeted by previous missions, including the crewed Apollo landings - is full of craters and deep trenches.

Persons: India's, Russia's Luna, Nivedita, Joey Roulette, Kevin Krolicki, Gerry Doyle Organizations: Soviet Union, Apollo, Brown University, NASA, Indian Space Research, ISRO, Handout, REUTERS Acquire, United Nations, Artemis Accords, Chandrayaan, Thomson Locations: BENGALURU, WASHINGTON, Soviet, United States, China, U.S, Russia, Bengaluru, Washington

☆ Citi considers plan to disband its biggest division in overhaul- FT
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

Aug 21 (Reuters) - Citigroup (C.N) chief executive Jane Fraser is considering a plan to disband the bank's biggest division, the Financial Times reported on Monday. The plan would split the Institutional Clients Group — which generated nearly three-quarters of Citi's $14.8 billion in net 2022 profits — into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said. Reporting by Lavanya Ahire in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Jane Fraser, Lavanya, Nivedita Organizations: Citigroup, Financial Times, Thomson Locations: Bengaluru

☆ Citi mulls plan to split Institutional Clients Group in overhaul- FT
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The plan envisages splitting the bank's Institutional Clients Group (ICG) into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said, citing people familiar with the proposal. The Institutional Clients Group which provides financial services to institutional investors and governments is one of the biggest divisions of the bank. The new segments will be run by their current heads, who would report directly to Fraser, the newspaper said. Reporting by Lavanya Ahire in Bengaluru; Editing by Nivedita Bhattacharjee and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Jane Fraser, Fraser, Paco Ybarra, Lavanya, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Financial Times, Group, ICG, Reuters, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

☆ Moon landing anticipation builds for India after Russia's crash
▼ + stars: | 2023-08-21 | by ( Nivedita Bhattacharjee | ) www.reuters.com time to read: +4 min

The mission - Chandrayaan means "moon vehicle" in Hindi and Sanskrit - is India's second attempt to land on the south pole of the moon. Rough terrain makes a south pole landing difficult, but making a first landing would be historic. India's moon mission blasted off on July 14, and the lander module of Chandrayaan-3 separated from the propulsion module last week. For India, a successful moon landing would mark its emergence as a space power as Prime Minister Narendra Modi's government looks to spur investment in private space launches and related satellite-based businesses. A successful mission would make India only the fourth country to successfully land on the moon, after the former USSR, the United States and China.

Persons: Russia's Luna, ISRO's, Narendra Modi's, Manish Purohit, Sivan, Pawan Chandana, Nivedita, Gerry Doyle, Mark Potter Organizations: ISRO, Handout, REUTERS, Rights, Indian Space Research, Twitter, Thomson Locations: Russian, Russia, India, Hollywood, USSR, United States, China, Bengaluru

☆ Chandrayaan-3: what to know about India’s moon landing mission
▼ + stars: | 2023-08-21 | by ( Nivedita Bhattacharjee | ) www.reuters.com time to read: +3 min

The Chandrayaan-3 mission was launched on July 14 from India's main space port in the southern state of Andhra Pradesh. Here are key facts about the Indian Space Research Agency's (ISRO) Chandrayaan-3 mission. Rough terrain is one of the complications for a south pole landing. Russia's first moon mission in 47 years failed over the weekend when its Luna-25 spacecraft crashed into the moon. Modi said when the moon mission launched that ISRO was writing "a new chapter in India's space odyssey" and elevating "the dreams and ambitions of every Indian."

Persons: Francis Mascarenhas, Russia's, Bill Nelson, India's, Luna, Narendra Modi's, Modi, Kevin Krolicki, Bernadette Baum Organizations: REUTERS, Rights, Indian Space Research, Reuters, ISRO, Thomson Locations: Mumbai, India, Andhra Pradesh, Chandrayaan, USSR, United States, China

☆ India closes in on moon landing as Russia also races to lunar south pole
▼ + stars: | 2023-08-18 | by ( Nivedita Bhattacharjee | ) www.reuters.com time to read: +3 min

The Indian space agency launched the rocket carrying the spacecraft on July 14, blasting off from the country's main spaceport in the southern state of Andhra Pradesh. Rough terrain is expected to complicate a landing on the lunar south pole. A previous mission by India's space agency, the Chandrayaan-2, crashed in 2019 near where the Chandrayaan-3 will attempt a touchdown. Both India and Russia have national interests in successful landings and in claiming the historic first at stake. Russia's space agency Roscosmos has said the Luna-25 mission would spend 5-7 days in lunar orbit before descending to one of three possible landing sites near the pole.

Persons: Roscosmos, Luna, Narendra Modi's, Nivedita, Philippa Fletcher Organizations: ISRO, Handout, REUTERS, Rights, LM, Indian Space Research Organisation, Luna, India's, Skyroot Aerospace, Thomson Locations: Russia, Andhra Pradesh, India, Ukraine, Bengaluru

☆ FTSE 100 falls at open on BAE drag, hawkish Fed minutes
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.4%, FTSE 250 off 0.3%Aug 17 (Reuters) - UK's FTSE 100 fell at open on Thursday driven by declines in defence stocks after BAE Systems slipped, while global sentiment turned cautious after minutes from the U.S. Federal Reserve's July meeting were perceived to be hawkish. The blue-chip FTSE 100 (.FTSE) was down 0.4% by 0711 GMT, while more domestically focussed FTSE 250 (.FTMC) dropped 0.3%. Shares of BAE Systems (BAES.L) fell 3% after the British defence group said it agreed to buy Ball Corp's (BALL.N) aerospace business for about $5.55 billion in cash. Precious metal miners (.FTNMX551030) fell 0.9% as gold prices touched five-month lows on a stronger dollar and rise in bond yields.

Persons: Toby Melville, Siddarth, Nivedita Organizations: London Stock Exchange, REUTERS, BAE Systems, U.S, U.S . Federal, Bank of Georgia, Thomson Locations: Canary Wharf, London, Britain, U.S ., Bengaluru

☆ Rupee at risk of falling to record low on surging US yields
▼ + stars: | 2023-08-17 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 17 (Reuters) - The Indian rupee on Thursday is expected to open just shy of its record low in the wake of a further rise in U.S yields on bets that interest rates are likely to say higher for longer. Non-deliverable forwards indicate the rupee will open at around 83.20-83.22 to the U.S. dollar compared with 82.95 in the previous session. The rupee's record low is 83.29, reached in October 2022. A decline below 83.30 for the rupee "would trigger a new round" of dollar buying and "you can expect a sizeable move", he said. Resilient U.S. economic data and worries over supply have been among the reasons cited by analysts for the jump in U.S. yields.

Persons: Nimesh Vora, Nivedita Organizations: U.S, NDF, Reserve Bank of, U.S . Federal, Fed, DBS Research, Brent, Thomson Locations: MUMBAI, India, Reserve Bank of India, Asia

☆ FTSE 100 drops as inflation remains sticky
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.2%, FTSE 250 off 0.2%Aug 16 (Reuters) - The FTSE 100 index continued its sell-off on Wednesday after data showed that underlying inflation remained high, building a case for more interest rate hikes by the Bank of England (BoE), while Marshalls fell on lower half-year profit. The exporter-heavy FTSE 100 index (.FTSE) fell 0.2% by 0704 GMT, languishing at over one-month lows as the sterling rose 0.14% to $1.2718, right after the data. Annual consumer price inflation cooled to 6.8% in July from June's 7.9%, as the BoE and a Reuters poll of economists had predicted. However, core inflation came in at a hotter-than-expected 6.9% in July, while service rose to 7.4% from 7.2% in June.

Persons: Toby Melville, BoE, Siddarth, Nivedita Organizations: London Stock Exchange Group, City of, REUTERS, Bank of England, Marshalls, Thomson Locations: City, City of London, Britain, June's, Beijing, Bengaluru

☆ Intel terminates plan to buy Tower Semiconductor
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

Tower Semiconductor is seen on smartphone in this illustration taken, February 15, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsAug 16 (Reuters) - Intel (INTC.O) said on Wednesday it has terminated its plans to acquire Israeli contract chipmaker Tower Semiconductor (TSEM.TA) as it was unable to get timely regulatory approvals for the $5.4 billion deal. Intel, which signed a deal to buy Tower last year, will pay a termination fee of $353 million to the latter, according to a statement. Intel, however, did not mention the details about the regulatory approvals. Reporting by Anirudh Saligrama in Bengaluru; Editing by Savio D'Souza and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Anirudh, Savio D'Souza, Nivedita Organizations: Semiconductor, REUTERS, Intel, chipmaker, Reuters, Thomson Locations: Bengaluru

☆ Cathay announces plans to buy 32 new single-aisle Airbus aircraft
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

Aug 10 (Reuters) - Hong Kong's Cathay Pacific Airways (0293.HK) on Thursday said it intends to purchase up to 32 Airbus A321neo and A320neo aircraft to invest and upgrade its fleet, bringing the carrier's new aircraft deliveries to up to more than 70. "These aircraft feature the latest technological enhancements to provide a quieter, more comfortable, and more fuel-efficient journey for our customers," Cathay Group Chief Executive Officer Ronald Lam said. Cathay on Wednesday flagged that it would be taking delivery of 32 new single-aisle Airbus aircraft by 2029 without revealing whether the aircraft would be bought or leased. The new aircraft will join the fleets of Cathay Pacific by 2029 and is expected to cover destination routes in the Chinese Mainland and elsewhere in Asia, Cathay added. Cathay has already taken delivery of 13 of its initial order for 32 A321neos that it placed in 2017, with the new purchase adding up to another 32 single-aisle Airbus aircraft to the Group's fleet, it said.

Persons: Ronald Lam, Roushni Nair, Nivedita Organizations: Cathay Pacific Airways, HK, Airbus, Cathay Group, Cathay, Wednesday, Cathay Pacific, Thomson Locations: Asia, Bengaluru

☆ UK retailer John Lewis boosts AI capability with Google deal
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Aug 9 (Reuters) - British retailer John Lewis Partnership has agreed a five-year deal with Alphabet Inc's (GOOGL.O) Google Cloud, enabling it to harness the latest artificial intelligence (AI) and machine learning (ML) technology. The employee-owned partnership, which runs John Lewis department stores and the Waitrose supermarket chain, said on Wednesday the new agreement, which builds on a decade-long relationship with Google Cloud, was worth 100 million pounds ($127 million). Under the expanded agreement, more of the partnership's technology will migrate to Google Cloud. Google Cloud agreed a similar deal with European home improvement retailer Kingfisher(KGF.L) last November. Zak Mian, the John Lewis Partnership's chief transformation and technology officer, said an example was customers using an image scanning feature in their John Lewis App to show its home design stylists a room they're looking to furnish.

Persons: John Lewis, Zak Mian, John Lewis Partnership's, Prerna Bedi, James Davey, Nivedita Bhattacharjee, Sachin Ravikumar Organizations: John, John Lewis Partnership, Google, Waitrose, Thomson Locations: Bengaluru, London

WASHINGTON, Aug 8 (Reuters) - U.S. regulators on Tuesday hit another batch of Wall Street firms with $549 million in civil penalties over widespread record-keeping failures related to employees' use of personal text messages and other messaging apps. Eleven firms, including Wells Fargo Securities and BNP Paribas Securities Corp, have agreed to pay $289 million in fines to the U.S. Securities and Exchange Commission to resolve the allegations. Regulators require broker dealers and investment advisers to keep certain work-related communications, but Wall Street dealers have increasingly used personal devices in recent years. Spokespeople for BNP, which agreed to pay $110 million to the regulators, and Mizuho, which agreed to pay $25 million to the SEC, declined to comment. The regulators have already fined units of JPMorgan Chase and Co (JPM.N), Barclays, Bank of America and others for similar record-keeping failures.

Persons: Wells, Société, Spokespeople, Gurbir Grewal, Chris Prentice, Susan Heavey, Nivedita Balu, Nupur Anand, Saeed Azhar, Bernadette Baum, Jason Neely Organizations: Wall Street, Wells, Wells Fargo Securities, BNP Paribas Securities Corp, U.S . Securities, Exchange Commission, Futures Trading, BNP, Bank of Montreal, Wedbush Securities Inc, Wall, SEC, CFTC, Mizuho, Nikko Securities, JPMorgan Chase, Barclays, Bank of America, Reuters, Thomson Locations: U.S, Wells Fargo, Nikko, New York, Washington, Toronto

☆ U.S. FTC agrees to dismiss case against ICE's $11.7 bln Black Knight deal
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

A screen displays the logo for Black Knight on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. On Monday, New York Stock Exchange-owner ICE and mortgage data vendor Black Knight said the joint agreement will allow them to continue working toward a final settlement agreement with the FTC. Shares of Black Knight rose 4.7% to $74.89 in premarket trading. The agreement clears a major regulatory hurdle for ICE and Black Knight, which had been struggling to get a green light from regulators. Black Knight agreed to shed two of its units to ease the FTC's concerns but had said it was willing to go to court to save the deal if necessary.

Persons: Knight, Brendan McDermid, Black Knight, Ellie Mae, Niket, Nivedita Organizations: New York Stock Exchange, REUTERS, U.S . Federal Trade Commission, Intercontinental Exchange's, Black, ICE, Thomson Locations: New York City, U.S, Bengaluru

☆ PayPal becomes first major fintech to launch dollar-backed stablecoin
▼ + stars: | 2023-08-07 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

REUTERS/Fabrizio Bensch/File PhotoAug 7 (Reuters) - Payments giant PayPal (PYPL.O) said on Monday it has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta's (META.O), then Facebook, 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability. PayPal's stablecoin, dubbed PayPal USD, is backed by U.S. dollar deposits and short-term U.S Treasuries, and will be issued by Paxos Trust Co. Argus Research Corp analyst Stephen Biggar said PayPal's brand name makes the stablecoin launch significant but the company has been associated with crypto previously so it's not a surprise.

Persons: Fabrizio Bensch, PayPal's stablecoin, Stephen Biggar, PayPal's, Jaiveer Singh, Manya, Tom Wilson, Nivedita Bhattacharjee, Shounak Dasgupta, Shinjini Organizations: PayPal, REUTERS, European Union, U.S . House Financial Services, U.S, Paxos Trust, Argus Research Corp, Visa, Manya Saini, Thomson Locations: Berlin, Germany, Britain, United States, Bengaluru, London

☆ Google-parent Alphabet offloads nearly 90% stake in trading app Robinhood
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File PhotoAug 4 (Reuters) - Google-parent Alphabet (GOOGL.O) said on Friday it had slashed its stake in Robinhood Markets (HOOD.O) by nearly 90%, days after the trading app said it had turned a profit for the first time as a public company. Shares of the company, whose trading platform was at the center of a meme stock frenzy in January 2021, have lost 86% since hitting their peak in August of the same year. To counter this weakness in its mainstay trading business, Menlo Park, California-based Robinhood is looking for new revenue streams. In its regulatory filing, Alphabet said it had around 612,214 shares in Robinhood as of June 30, compared with 4.9 million shares in the first quarter ended March 31. As of Robinhood's last close on Thursday, Alphabet's stake would be worth just about $7 million, according to Reuters calculations.

Persons: Andrew Kelly, Robinhood, Alphabet's, Niket, Nivedita Bhattacharjee, Anil D'Silva Organizations: Inc, REUTERS, Robinhood, Menlo, Thomson Locations: New York City, U.S, Menlo Park , California, Robinhood, Bengaluru

☆ PayPal stock drops as weak margins fan growth fears
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 3 (Reuters) - Shares of PayPal Holdings (PYPL.O) fell more than 8% in premarket trading on Thursday as weak second-quarter margins at the digital payments firm overshadowed a strong forecast. The company said higher provisions at its credit portfolio hit margins and that it had tightened underwriting standards on loans. The San Jose, California-based company reported second-quarter adjusted operating margins of 21.4% after markets closed on Wednesday. Profit margins at PayPal have come under scrutiny in recent months. While its low-margin businesses like Braintree have shown strong growth, higher-margin business like the PayPal-branded checkout platform have shown slower growth.

Persons: Dado Ruvic, Edward Jones, Logan Purk, Dan Schulman, Schulman, J.P, Morgan, Tien, tsin Huang, Niket, Nivedita Organizations: PayPal, REUTERS, PayPal Holdings, Thomson Locations: San Jose , California, Braintree, Bengaluru

☆ PayPal stock drops after weak second-quarter margins
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. REUTERS/Dado Ruvic/IllustrationAug 3 (Reuters) - Shares of PayPal Holdings (PYPL.O) fell nearly 9% in premarket trading on Thursday after the digital payments firm reported weak margins for the second quarter that overshadowed a strong outlook. The company reported an adjusted operating margin of 21.4% for the three months ended June 30, below estimates of 22%, according to Refinitiv IBES data. In May, PayPal cut its adjusted margin forecast for the full year, which worried analysts and investors. The company forecast adjusted profit per share for the current quarter to be in a range of $1.22 and $1.24, above analysts' estimates of $1.22.

Persons: Dado Ruvic, Edward Jones, Logan Purk, Niket, Nivedita Organizations: PayPal, REUTERS, PayPal Holdings, Thomson Locations: Bengaluru

☆ SoftBank's Arm Ltd aims upto $70 bln valuation in September IPO - Bloomberg News
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoAug 2 (Reuters) - British chip designer Arm Ltd is targeting an initial public offering (IPO) at a valuation of between $60 billion and $70 billion as soon as September, Bloomberg News reported on Wednesday, citing people familiar with the matter. The roadshow is scheduled to start in the first week of September with pricing for the IPO to come in the following week, Bloomberg said. It was not immediately clear what impact any IPO investment by one or more of those companies would have on Arm's commercial relationships. Reporting by Gursimran Kaur in Bengaluru; Editing by Savio D'Souza, Nivedita Bhattacharjee and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Gursimran Kaur, Savio D'Souza, Nivedita, Sohini Organizations: REUTERS, Bloomberg, SoftBank Group Corp, Nasdaq, Reuters, Intel, AMD, Nvidia, Qualcomm, Thomson Locations: British, U.S, London, Bengaluru

☆ Hero MotoCorp raises new Harley-Davidson prices in India
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

A Harley Davidson X440 bike is displayed in this handout image obtained by Reuters on July 18, 2023. Hero MotorCorp/Handout via REUTERS/File PhotoBENGALURU, Aug 2 (Reuters) - Two-wheeler maker Hero MotoCorp (HROM.NS) on Wednesday raised prices of the new Indian Harley-Davidson motorcycle by 10,500 rupees ($127.45) days after the Harley chief executive said pre-orders of the new model exceeded the company's expectations. The Harley-Davidson X440 will be priced at 239,500 rupees ($2,905.06) and above, with the hike applicable for all its variants, Hero said in a statement. Triumph had crossed more than 14,000 in bookings last month, while Hero or Harley did not disclose their booking numbers. Hero shares were down as much as 2.6% in morning trade on Wednesday, while the U.S.-listed Harley-Davidson (HOG.N) shares closed 0.2% lower on Tuesday.

Persons: Harley Davidson, Hero MotorCorp, MotoCorp, Davidson, Harley, Hero, We've, Jochen Zeitz, Kashish Tandon, Dhanya Ann Thoppil Organizations: Reuters, REUTERS, Harley, Hero, British, Triumph, Bajaj Auto, Thomson Locations: Handout, BENGALURU, India, U.S, Bengaluru

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