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Search resuls for: "Sonia Cheema"


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☆ Softbank-owned Arm seeks to raise prices ahead of U.S. IPO - FT
  + stars: | 2023-03-23 | by ( ) www.reuters.com   time to read: +1 min
March 23 (Reuters) - Arm Ltd, owned by Japan's SoftBank Group Corp (9984.T), is seeking to raise prices for its chip designs, as it aims to boost revenue ahead of an initial public offering in New York, the Financial Times reported on Thursday. The British chip designer recently notified several of its customers of a "significant shift" to its business model, the newspaper said, citing several industry executives and former employees. Arm intends to alter its royalty program, ceasing to charge chipmakers royalties for using its designs based on a chip's value, and instead charge device makers based on the value of the device, the report said. As a result of this change, Arm anticipates generating multiple times more revenue for each design it sells, since the value of an average smartphone far exceeds that of a single chip. Reporting by Baranjot Kaur and Shubhendu Deshmukh in Bengaluru; Editing by Sonia Cheema and Varun H KOur Standards: The Thomson Reuters Trust Principles.
☆ Gold lacklustre as Credit Suisse-UBS deal spurs risk-on mood
  + stars: | 2023-03-20 | by ( Kavya Guduru | ) www.reuters.com   time to read: +2 min
Spot gold was down 0.7% at $1,973.44 per ounce, as of 0404 GMT, after sliding 1% earlier in the session. On Sunday, UBS agreed to buy 167-year-old Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee. Credit Suisse was caught up in a widening crisis triggered by the collapse of U.S.-based Silicon Valley Bank earlier this month, following which gold rallied over 8% or by $160 on safe-haven demand. Therefore, it may take much more for gold to reverse its current bullish trend," IG's Yeap said. Bullion is considered a hedge against economic uncertainties, although higher rates increase the opportunity cost of holding non-yielding gold.
☆ Goldman Sachs, other banks expect smaller hike from ECB in May
  + stars: | 2023-03-17 | by ( Subhadeep Chakravarty | ) www.reuters.com   time to read: +2 min
March 17 (Reuters) - Goldman Sachs, Morgan Stanley and at least two other banks expect the European Central Bank to deliver a smaller quarter-point hike in May, as it grapples with stress in the banking sector and high core inflation. Goldman's terminal rate forecast for the ECB now stands at 3.5%, down from 3.75% expected previously when it forecasted a 50-bps raise in May. For Morgan Stanley, a smaller May hike expectation leaves the peak rate forecast at 3.75% by July, down from 4% expected earlier. The changes in forecast follow the ECB's decision on Thursday to press ahead with a 50-bps hike in its deposit facility rate, taking it to 3%. Traders see the ECB rate peaking at around 3.23% by September or October.
☆ Goldman Sachs and other banks expect smaller hike from ECB in May
  + stars: | 2023-03-17 | by ( Subhadeep Chakravarty | ) www.reuters.com   time to read: +2 min
March 17 (Reuters) - Goldman Sachs and two other banks expect the European Central Bank to deliver a smaller quarter-point hike in May as it grapples with stress in the banking sector and high core inflation. Goldman earlier expected the ECB to deliver a 50 bps hike in May. The Wall Street bank's terminal rate forecast now stands at 3.5%, down from 3.75% previously. Traders see the ECB rate peaking at around 3.23% by September or October. Meanwhile, J.P.Morgan, Deutsche Bank and Swedish Bank SEB expect the ECB to deliver a 50 bps hike in May but warned of downside risks to their forecasts given current market volatility and inflation remaining well above the central bank's target.
☆ Goldman Sachs cuts ECB rate hike forecast to 25bps in May
  + stars: | 2023-03-17 | by ( ) www.reuters.com   time to read: +1 min
March 17 (Reuters) - Goldman Sachs lowered its estimate for an interest rate hike by the European Central Bank (ECB) in May to 25 basis points after the central bank raised rates to fight inflation amid calls to rein in policy tightening. The investment bank reduced its estimate from the earlier forecast of 50 bps, pushing its ECB terminal rate forecast to 3.5% from 3.75% previously. The revised forecast comes after the ECB raised interest rates by 50 bps on Thursday. The investment bank anticipates the ECB will continue to be in tightening mode despite volatility in financial markets and expects Europe's core inflation to remain firm in coming months. Reporting by Subhadeep Chakravarty; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.
☆ UK stocks slip as investors gauge prospects of U.S. rate hike
  + stars: | 2023-03-09 | by ( Susan Mathew | ) www.reuters.com   time to read: +2 min
The blue-chip FTSE 100 index (.FTSE) fell 0.6%, and the mid-cap index (.FTMC) lost 0.7%, extending losses for a third straight session. Strengthening the case for hikes, data showed U.S. job openings fell less than expected in January. The FTSE 100 is up more than 6% so far this year, but is off more than 2% from all-time highs hit last month as investors try to assess the impact of rising interest. Among individual stocks, Rio Tinto (RIO.L) dropped 0.6% as the miner traded without dividend eligibility. Reporting by Susan Mathew in Bengaluru; Editing by Sherry Jacob-Phillips and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.
☆ Investors turn more bearish on Asian FX amid return of King Dollar
  + stars: | 2023-03-09 | by ( Harshita Swaminathan | ) www.reuters.com   time to read: +3 min
Bearish bets intensified on nearly all Asian currencies, with short bets on the South Korean won and the Chinese yuan reaching their highest since November, according to a fortnightly poll of 12 analysts. Short bets on the won were the highest among Asian currencies for the second week in a row. However, the Indian rupee , already the best performing currency in Asia so far this year, bucked the bearish trend as investors dialled back their short bets. Short bets on the ringgit rose slightly. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.
☆ Google to launch fund to support Taiwan's media outlets
  + stars: | 2023-03-08 | by ( ) www.reuters.com   time to read: +1 min
Google has come under pressure in some countries to negotiate commercial deals and pay news publishers for their content, though not in Taiwan. Google said it will pay local publishers through what it calls a "Taiwan News Digital Co-prosperity Fund" to strengthen their digital publishing capability. The fund will help Taiwan local media "hone digital skills, gain expertise and support the sustainable development of Taiwan's news industry", the company said. "Even while Google faces many challenges in the overall international environment, Taiwan remains a crucial global stronghold," Tina Lin, managing director of sales and operations at Google Taiwan, told reporters in Taipei. Google said Taiwan's media industry has been facing major competitive challenges in adapting to the digital age, pointing out that advertising revenues for traditional media outlets have dropped 70% from 2003 to 2020.
☆ China holds up chipmaker Arm's plan to offload joint venture - FT
  + stars: | 2023-03-02 | by ( ) www.reuters.com   time to read: +1 min
March 2 (Reuters) - China is holding up Softbank Group Corp (9984.T) -owned Arm's plan to offload its troubled joint venture in the country, Financial Times reported on Thursday. Arm and Softbank did not immediately respond to Reuters' request for comment. The report comes after the United States passed a sweeping set of regulations last year aimed at kneecapping China's semiconductor industry. China does not want to lose Arm at this juncture, FT reported, quoting an official involved in overseeing Arm China. "The chip war between the U.S. and China continues to escalate and Arm is a must-have ally for China's chip industry," the official told FT.
☆ Caterpillar reaches tentative deal with union, averting possible strike
  + stars: | 2023-03-01 | by ( ) www.reuters.com   time to read: +2 min
March 1 (Reuters) - Construction equipment maker Caterpillar Inc (CAT.N) said on Wednesday it reached a tentative six-year labor agreement with a union that represents workers at its four facilities, possibly fending off a strike. Union workers had threatened to strike for wage increases, improved safety measures and better healthcare benefits once the existing six-year labor contract expires. The United Auto Workers (UAW) said its negotiating team had reached the tentative agreement before the contract ends on March 1. "Members at four locals in Illinois and Pennsylvania will review the tentative agreement and vote at upcoming ratification meetings," the UAW said in a statement, without giving any other details. In January, union workers at the four Caterpillar facilities voted almost unanimously to authorize a strike, according to one local union's Facebook page.
☆ Citigroup expects $190 mln of costs tied to Russia wind-down
  + stars: | 2023-02-27 | by ( ) www.reuters.com   time to read: +1 min
Feb 27 (Reuters) - Citigroup Inc (C.N) said on Monday it was expecting $190 million of costs tied to winding down its consumer and institutional banking business in Russia, as of the end of last year. It later expanded the scope of its exit to include its local commercial banking unit after Russia's invasion of Ukraine, and forecast charges of around $170 million. Besides Citigroup, companies including JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group Inc (GS.N) are also scaling back their businesses in Russia. The invasion has now entered its second year despite efforts to isolate Russia. Reporting by Niket Nishant in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.
☆ Fabindia shelves $482 mln IPO due to rough market conditions
  + stars: | 2023-02-27 | by ( ) www.reuters.com   time to read: +2 min
BENGALURU, Feb 27 (Reuters) - Apparel retailer Fabindia on Monday said it has withdrawn its 40 billion rupee ($482.4 million) initial public offering amid rough market conditions, becoming the latest company to scrap listing plans as interest rate worries pressure stock markets. "The decision to withdraw was taken as the current market conditions were not seen to be conducive for listing," a Fabindia spokesperson said in a statement. Fabindia had planned a fresh issue of shares worth 5 billion rupees and a sale of up to 25.1 million in existing shareholders' stock. The company may reconsider filing an IPO in the future, depending on its need for growth capital and the market conditions," the company said. Jewellery retailer Joyalukkas, e-commerce firm Snapdeal and wearable electronics company boAt have all pulled their IPOs due to uncertain market conditions.
☆ India's Bajaj Auto falls after report on planned production cuts
  + stars: | 2023-02-27 | by ( ) www.reuters.com   time to read: +2 min
Bajaj Auto did not respond immediately to Reuters' request for comment on the Economic Times (ET) report, which said that the cut would reflect pressure in Nigeria, its largest export market. Bajaj Auto is likely to produce 250,000-270,000 units in March, ET reported, citing multiple people aware of the production plans. That's lower than its average monthly production of 338,000 units in the first nine months of FY 2023, the report added. The report did not specify how many units each of the two- and three-wheelers Bajaj Auto was likely to produce. They had risen 11.3% in 2022, against a 15.31% rise in the Nifty auto index (.NIFTYAUTO).
☆ Apple's Chinese contract manufacturer to develop AR device - Nikkei
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: 1 min
Feb 23 (Reuters) - Apple's (AAPL.O) Chinese contract manufacturer Luxshare Precision Industry Co Ltd (002475.SZ) will help develop the iPhone maker's long-awaited augmented reality (AR) device, Nikkei Asia reported on Thursday. Luxshare has taken over the AR development team in Shanghai, previously owned by Taiwan's Pegatron (4938.TW), the report said, citing people familiar with the matter. Reporting by Mrinmay Dey in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.
☆ UBS set to apply for China mutual fund license - WSJ
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +1 min
Feb 23 (Reuters) - Switzerland's biggest bank UBS Group AG (UBSG.S) is looking to apply for a mutual fund license in China, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The Swiss bank is in informal talks with the China Securities Regulatory Commission (CSRC) about its intention to apply, the report said. UBS plans to submit the application as soon as possible, the report said without mentioning a timeline. The company declined to comment, while CSRC did not immediately respond to Reuters' request for comment. Reporting by Nilutpal Timsina in Bengaluru; Additional reporting by Maria Ponnezhath; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.
☆ Factbox: From outer space to social media, Elon Musk's growing universe
  + stars: | 2022-04-25 | by ( ) www.reuters.com   time to read: +1 min
[1/2] SpaceX owner and Tesla CEO Elon Musk smiles at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019. REUTERS/Mike BlakeOct 28 (Reuters) - U.S. billionaire Elon Musk became Twitter Inc's (<TWTR.N>) new owner on Thursday after he completed his $44 billion deal to acquire the social media firm, concluding a dramatic six-month saga. Musk fired Twitter's top executives and gave little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. read moreTwitter initially resisted Musk's $54.20 offer by adopting a poison pill and later sued the world's richest man after he announced plans to abandon the offer on concerns about spam accounts on the platform. read moreThe tech entrepreneur, whose net worth is nearly $222 billion according to Forbes, has founded, co-founded or is leading the following companies:The tech entrepreneur's investments in other smaller startups:Compiled by Sonia Cheema, Chavi Mehta, Akash Sriram, Tiyashi Datta and Shreyaa Narayanan; Edited by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
☆ Twitter co-founder Dorsey takes aim at board in series of tweets
  + stars: | 2022-04-19 | by ( ) www.reuters.com   time to read: +2 min
April 19 (Reuters) - Twitter Inc (TWTR.N) co-founder Jack Dorsey took aim at the social media company's board in a series of tweets late on Monday as it weighs Elon Musk's $43 billion takeover offer. Dorsey, who is also a Twitter board member, added to the chatter on the micro-blogging platform last week when he said that Twitter's board has "consistently been the dysfunction of the company." In response a tweet on Monday asking him why he did not "do anything about it" when he was the CEO of Twitter, Dorsey expressed frustration at his limited ability to speak freely. "So much to say … but nothing that can be said," Dorsey tweeted. read moreDorsey continues to serve as the CEO of Square and holds a seat on Twitter's board.
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