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☆ T-Mobile US announces $19 bln shareholder return program
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

A T-Mobile store is pictured in the Manhattan borough of New York, New York, U.S., May 20, 2019. REUTERS/Carlo Allegri Acquire Licensing RightsSept 6 (Reuters) - U.S. wireless carrier T-Mobile US (TMUS.O) said on Wednesday it has authorized a shareholder return program of up to $19 billion that will run through December 31, 2024. The company intends to declare and pay its first dividend of approximately $750 million in Q4 2023, as part of the return program. T-Mobile added the dividend amount paid per share is expected to grow by around 10% annually. The shareholder return program is in addition to the company's previously announced $14 billion share repurchase program the Board authorized in September 2022.

Persons: Carlo Allegri, Samrhitha, Krishna Chandra Organizations: REUTERS, Mobile, Thomson Locations: Manhattan, New York , New York, U.S, Bengaluru

☆ Lockheed Martin trims F-35 jet delivery outlook
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

A Lockheed Martin F-35 fighter jet performs a flying display at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsSept 6 (Reuters) - U.S. weapons maker Lockheed Martin (LMT.N) on Wednesday cut its delivery outlook for its F-35 jets, and delayed deliveries of its updated Technology Refresh 3 (TR-3) jets. Bethesda, Maryland-based Lockheed added it expects to deliver its first TR-3 jet between April and June next year. The Pentagon had also delayed final delivery acceptance for F-35 jets, leading to a payment delay of about $7 million per jet. In July, the defense contractor had said completion of the software integration testing would likely cause delays to its TR-3 jet.

Persons: Lockheed Martin, Benoit Tessier, Nathan Gomes, Krishna Chandra Organizations: Lockheed, Paris, REUTERS, Pentagon, Thomson Locations: Le Bourget, Paris, France, Bethesda , Maryland, Bengaluru

☆ Hollywood strikes to hit Warner Bros revenue for rest of the year
▼ + stars: | 2023-09-05 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

The exterior of the Warner Bros. REUTERS/Alyssa Pointer/File photo Acquire Licensing RightsSept 5 (Reuters) - Warner Bros Discovery (WBD.O) is bracing for a hit to its full-year profit as the ongoing strike by Hollywood actors and writers shows no signs of let-up. The actors' strike has prompted movie studios to adjust film schedules in the absence of celebrities to hit red carpets or talk shows to help build buzz. Warner Bros Discovery had previously provided financial guidance for 2023 assuming the strikes would be resolved by early September. Warner Bros also said CEO David Zaslav would be participating in an investor conference on Sept. 6, and expects to discuss, among other topics, the impact of the ongoing strikes.

Persons: Alyssa Pointer, it's, Max Willens, Warner Bros, David Zaslav, Samrhitha, Jaspreet Singh, Krishna Chandra Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, REUTERS, Warner Bros Discovery, Hollywood, Warner Bros, Intelligence, AMC Entertainment, Warner, Thomson Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, California, Bengaluru

☆ A new image from NASA's James Webb Space Telescope blows past Hubble again, revealing an iconic supernova in unprecedented detail
▼ + stars: | 2023-09-02 | by ( Morgan Mcfall-Johnsen | Grace Eliza Goodwin | ) www.businessinsider.com time to read: +5 min

NASA's James Webb Space Telescope has revealed stunning new details of a famous supernova remnant. Supernova 1987A was first discovered in 1987, as its name suggests. Webb's portrait of the Supernova 1987A remnant. AdvertisementAdvertisementThe Supernova 1987A remnant within the Large Magellanic Cloud, as captured by Hubble. AdvertisementAdvertisementThe parts of the supernova remnant as captured by the James Webb Space Telescope in 2023.

Persons: NASA's James Webb, Webb, James Webb, Mikako Matsuura, Richard Arendt, Claes Fransson, Josefin Larsson, Hubble, Chandra, Robert P, Kirshner, Max Mutchler, Roberto Avila, couldn't, Matsuura, Arendt, NASA’s, J, Larsson Organizations: Service, Hubble, NASA, ESA, CSA, Cardiff University, Stockholm University, Astronomers, AUI, NSF, Moore Foundation, James Webb Space Telescope, NASA’s Goddard Spaceflight Center & University of Maryland, Royal Institute of Technology Locations: Wall, Silicon, Stockholm, Baltimore County

☆ India's Enforcement Directorate arrests Jet Airways founder Naresh Goyal - source
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

Sept 1 (Reuters) - India's financial crime fighting agency on Friday arrested Jet Airways (JET.NS) founder Naresh Goyal, an Enforcement Directorate source said, in a case local media said was related to an alleged 5.38 billion Indian rupees ($65.06 million) money laundering case linked to Canara Bank. Goyal was taken into custody under the Prevention of Money Laundering Act (PMLA), following a long session of questioning at the ED's office in Mumbai, according to local media reports. Canara Bank (CNBK.NS) had filed a complaint in May against the airline, Goyal, his wife and a former airline director for "causing wrongful loss" to the lender. Jet Airways and the ED could not be immediately reached for comment. Once India's biggest private airline, Jet ran out of cash in April 2019 and filed for bankruptcy.

Persons: Naresh Goyal, Goyal, Jet, Aditya Kalra, Kanjyik Ghosh, Shounak Dasgupta, Krishna Chandra Organizations: Jet Airways, Canara Bank, Money, Goyal, Thomson Locations: Mumbai, Delhi, 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

☆ US West Coast port workers ratify contract agreement
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Containers are shown staked-up at the Port of Long Beach as supply chain problem continue from Long Beach, California, U.S. November 22, 2021. Members of the ILWU voted 75% in favor of approving the West Coast port worker agreement that will expire on July 1, 2028. The union and the Pacific Maritime Association (PMA) employer group reached a tentative contract deal in June. That ended 13 months of talks and eased worries that related West Coast port disruptions could hit the all-important retail holiday shipping season. West Coast ports lost some business to U.S. rivals on the East Coast and Gulf of Mexico as extended talks fueled uncertainty.

Persons: Mike Blake, Willie Adams, Jim McKenna, Pratyush Thakur, Lisa Baertlein, Krishna Chandra Eluri, Sandra Maler Organizations: Port, REUTERS, dockworkers, Washington State, Warehouse Union, West, Los Angeles, Pacific Maritime Association, Thomson Locations: Port of Long Beach, Long Beach , California, U.S, California, Washington, Long, United States, West Coast, East Coast, Gulf of Mexico, Bengaluru, Los Angeles

☆ Broadcom forecasts fourth-quarter revenue below Wall Street expectations
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

The Broadcom Limited company logo is shown outside one of their office complexes in Irvine, California, U.S., March 4, 2021. REUTERS/Mike Blake Acquire Licensing RightsAug 31 (Reuters) - Broadcom (AVGO.O) forecast fourth-quarter revenue below Wall Street estimates on Thursday, on worries bleak enterprise spending and stiff competition in the networking chip space will outweigh benefits from a boom in artificial intelligence-led demand. The chip company expects current-quarter revenue to be about $9.27 billion. Analysts on average expect revenue to be $9.28 billion, according to Refinitiv data. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Chavi Mehta, Krishna Chandra Organizations: Broadcom Limited, REUTERS, Broadcom, Wall, Thomson Locations: Irvine , California, U.S, Bengaluru

☆ Broadcom forecasts fourth-quarter revenue above Wall Street expectations
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

Aug 31 (Reuters) - Broadcom (AVGO.O) forecast fourth-quarter revenue slightly above Wall Street estimates on Thursday, on optimism generative artificial intelligence will keep demand for its AI networking chips solid and an expected boost in sales from Apple (AAPL.O) iPhone launch. The chip company expects current-quarter revenue to be about $9.27 billion. Analysts on average expect revenue to be $9.28 billion, according to Refinitiv data. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Chavi Mehta, Krishna Chandra Organizations: Broadcom, Apple, Thomson Locations: Bengaluru

☆ Bitcoin falls 4.91% to $25,957
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 31 (Reuters) - Bitcoin dropped 4.91% to $25,957 at 21:45 GMT on Thursday, losing $1,341 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 18.4% from the year's high of $31,818 on July 13. Ether, the coin linked to the ethereum blockchain network, dropped 3.57 % to $1,644.4, losing $60.9 from its previous close. Reporting by Nilutpal Timsina in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Nilutpal, Krishna Chandra Organizations: REUTERS, Thomson Locations: Bitcoin, Bengaluru

☆ Google introduces generative AI to Search in India, Japan
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Google logo and AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsAug 30 (Reuters) - Alphabet's (GOOGL.O) Google said on Wednesday it introduced generative artificial intelligence to its Search tool for users in India and Japan that will show text or visual results to prompts, including summaries. Japanese users will be able to use the feature in their local languages, while it will be available in English and Hindi in India. Google's search feature is meant to be used for seeking information, such as locating something to purchase. Google's AI search competes with Microsoft's (MSFT.O) Bing.

Persons: Dado Ruvic, Bing, Chavi Mehta, Jeffrey Dastin, Krishna Chandra Organizations: REUTERS, Google, Thomson Locations: India, Japan, United States, Bengaluru, San Francisco

☆ US Fed ramps up demands for corrective actions by regional banks - Bloomberg News
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. Among the banks given the warnings were Citizens Financial (CFG.N), Fifth Third Bancorp (FITB.O) and M&T Bank Corp (MTB.N), the report added. The banks and the Fed did not immediately respond to Reuters' requests for comment. Banks are dealing with the aftermath of the biggest crisis to hit the sector since 2008, which saw three mid-sized lenders collapse earlier this year. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Jonathan Ernst, Banks, Manya Saini, Krishna Chandra Organizations: . Federal, REUTERS, Federal, Bloomberg, Fifth Third Bancorp, T Bank Corp, Fed, Thomson Locations: Washington, Bengaluru

☆ US FDA warns 3 baby formula makers to correct manufacturing process controls
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. The FDA pulled up these companies for failing to establish processes to ensure infant formula does not become contaminated during manufacturing. The recalls were meant to remove products potentially contaminated with the bacteria cronobacter sakazakii, the FDA added. "The agency... believes that the recalls were effective in removing the potentially contaminated batches of product from the market," the FDA said. Infant formula manufacturing is under greater scrutiny following the shortage of the product last year due to a shutdown of Abbott Laboratories' (ABT.N) unit in Michigan.

Persons: Andrew Kelly, Benckiser, Mead Johnson, Perrigo, ByHeart, Leroy Leo, Krishna Chandra Organizations: Food and Drug Administration, FDA, REUTERS, U.S . Food, Drug Administration, ByHeart Inc, Mead Johnson Nutrition, Abbott Laboratories, Thomson Locations: White Oak , Maryland, U.S, PRGO.N, Wisconsin, Michigan, Bengaluru

☆ Okta forecasts quarterly revenue above expectations, shares surge
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Okta's shares rose 10% after the bell, after the company also raised its annual revenue and adjusted earnings forecast. It also raised its revenue expectations for fiscal year 2024 to $2.21 billion to $2.21 billion from $2.18 billion to $2.19 billion earlier. Subscription backlog, a measure of future revenue, rose 8% to $3.03 billion. The identification software provider's revenue rose 23% in the second quarter from a year earlier to $556 million, beating expectations of $534.5 million. Its peer Cyberark Software (CYBG.F) also topped quarterly revenue expectations in June, in a positive sign for the sector.

Persons: Dado Ruvic, Okta, Arsheeya Bajwa, Krishna Chandra Organizations: REUTERS, Microsoft, Thomson Locations: San Francisco, Asia, Bengaluru

☆ AI startup AI21 Labs valued at $1.4 bln after latest fund raise
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Aug 30 (Reuters) - Israel-based AI startup AI21 Labs said on Tuesday it has raised $155 million in a Series C funding round which saw participation from technology heavyweights Alphabet's (GOOGL.O) Google and Nvidia (NVDA.O). With the latest round, AI21 has raised a total capital of $283 million at a valuation of $1.4 billion, the company said. AI21 is among a clutch of AI startups that have benefited from this boom, attracting strong interest from venture capital firms and other investors. "The innovative work by the AI21 Labs team will help enterprises accelerate productivity and efficiency with generative AI-based systems," said Jensen Huang, founder and CEO of Nvidia. Founded in 2017, AI21 Labs has built a strong customer base, from consumers to Fortune 100 companies.

Persons: Alphabet's, AI21, OpenAI, Jensen Huang, Jaiveer Singh, Krishna Chandra Organizations: Google, Nvidia, Companies, Microsoft, AI21 Labs, Fortune, Thomson Locations: Israel, Bengaluru

☆ HP dials back profit expectations on PC market slump, China weakness
▼ + stars: | 2023-08-29 | by ( Zaheer Kachwala | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 29 (Reuters) - HP Inc (HPQ.N) tempered expectations for annual profit on Tuesday, as it grapples with a more than a year-long slump in the personal computers segment and sluggish demand in key market China. Shares of the Palo Alto, California-based company fell 5.2% in after-market trading. HP now forecasts adjusted earnings per share to be in the range of $3.23 to $3.35 from earlier expectations of $3.30 to $3.50. However, a focus on controlling costs helped the PC maker report adjusted earnings per share of 86 cents, in line with analysts' estimates. The company remains on track to deliver 40% of its three-year cost savings target by the end of the fiscal year.

Persons: Brendan McDermid, Enrique Lores, Lores, Zaheer Kachwala, Krishna Chandra Organizations: Hewlett - Packard, New York Stock Exchange, REUTERS, HP Inc, Palo, HP, Thomson Locations: New York, U.S, China, Palo Alto , California, Bengaluru

☆ Cybersecurity startup Wiz considers potential bid for SentinelOne
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 25 (Reuters) - Cybersecurity startup Wiz said on Friday it is considering a potential bid for SentinelOne (S.N) after the $4.9 billion company started exploring strategic options. SentinelOne has struggled to become profitable, with clients slashing their information technology spending amid an uncertain economy and sticky inflation. Earlier in the week, people familiar with the matter told Reuters the SentinelOne was exploring options that could include a sale. SentinelOne has hired investment bank Qatalyst Partners to advise on discussions with potential acquirers, including private equity firms, the sources had said. Wiz and SentinelOne in March had announced an exclusive partnership to deliver end-to-end cloud security.

Persons: Brendan McDermid, SentinelOne, Jaspreet Singh, Krishna Chandra Organizations: SentinelOne Inc, New York Stock Exchange, REUTERS, Reuters, Qatalyst Partners, Thomson Locations: New York City, U.S, Bengaluru

☆ Disney closes at lowest in nearly nine years as investors turn bearish
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

Aug 24 (Reuters) - Shares of Walt Disney (DIS.N) fell 3.9% on Thursday, closing at their lowest level in nearly nine years, with some investors betting that a further price drop is on the cards in the next few months. On Thursday, Disney options were busier than usual with some 321,000 contracts traded, or 1.4 times the average daily volume, according to data from options analytics firm Trade Alert. Traders work at the post where Walt Disney Co. stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. Put options convey the right to sell shares at a fixed price in the future. Disney's stock closed at $82.47, its lowest since October 16, 2014.

Persons: Walt Disney, Bob Iger, Brendan McDermid, Jerome Powell's, Iger, Yuvraj Malik, Saqib Ahmed, Leroy Leo, Krishna Chandra Organizations: Walt, Alert, Walt Disney Co, New York Stock Exchange, REUTERS, U.S . Federal, Thomson Locations: New York, U.S, Bengaluru

☆ Tech firm Klaviyo reveals revenue rise ahead of US IPO
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Aug 25 (Reuters) - Klaviyo's revenue rose 51% for the recent quarter, the data and marketing automation company disclosed in its paperwork for a U.S. initial public offering (IPO) submitted on Friday. Other marquee names testing the IPO market include SoftBank Group-backed chip designer Arm and grocery delivery app Instacart. Successful stock market flotations from these companies could underscore the return of investor appetite for high-growth technology firms and could buoy the IPO market, encouraging other startups to move ahead with their offerings. The company reported revenue of $164.6 million for the quarter ended June 30, compared with $109 million a year earlier. Goldman Sachs, Morgan Stanley and Citigroup are acting as lead underwriters of the offering, the company said in its filing.

Persons: IPOs, Klaviyo, Goldman Sachs, Morgan Stanley, Manya Saini, Niket, Shilpi Majumdar, Krishna Chandra Organizations: U.S, SoftBank, Reuters, New York Stock Exchange, Summit Partners, Citigroup, Thomson Locations: United States, Bengaluru

☆ Boeing prepares 737 MAX deliveries to China - Bloomberg News
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A Boeing 737 MAX-10 performs a flying display at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsAug 25 (Reuters) - Boeing Co (BA.N) is preparing to restart deliveries of its 737 MAX jets to China after a four-year halt, Bloomberg News reported on Friday, citing people familiar with the matter. "For (737 MAX) deliveries, we will be ready to deliver for our customers when that time comes," Boeing said in a statement. China was the first country to ground Boeing's 737 MAX following fatal accidents, though about 90% of the jets resumed commercial operation in the country in June. Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Nathan Gomes, Krishna Chandra Organizations: Boeing, Paris, REUTERS, Boeing Co, Bloomberg, Thomson Locations: Le Bourget, Paris, France, China, Bengaluru

☆ Gap eyes weak third quarter sales as consumer spending weakens
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

Aug 24 (Reuters) - Gap Inc (GPS.N) forecast third-quarter sales below expectations and missed Wall Street estimates for quarterly sales on Thursday, hit by softness in demand as budget-strained American customers cut back their spending on accessories and apparel. The owner of Banana Republic and Athleta brands expects third-quarter net sales to decrease in the low double-digit percentage range, compared with analysts' expectations of a 6.76% decline, according to Refinitiv data. The company's net sales fell to $3.55 billion in the second quarter from $3.86 billion a year earlier. Analysts on average had estimated sales of $3.57 billion, according to Refinitiv data. Reporting by Ananya Mariam Rajesh in Bengaluru and Kate Masters in New York; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Ananya Mariam Rajesh, Kate Masters, Krishna Chandra Organizations: Banana Republic, Thomson Locations: Bengaluru, New York

☆ Disney drops to lowest in over three years as investors turn bearish
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

Traders work at the post where Walt Disney Co. stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/file photo Acquire Licensing RightsAug 24 (Reuters) - Shares of Walt Disney (DIS.N) were down 3.7% on Thursday, hitting their lowest level in nearly three-and-a-half years, with some investors betting that a further price drop is on the cards in the next few months. On Thursday, Disney options were busier than usual with some 195,000 contracts traded by around 1 pm ET (1700 GMT). Put options convey the right to sell shares at a fixed price in the future. Reporting by Yuvraj Malik in Bengaluru and Saqib Ahmed in New York; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Walt Disney, Bob Iger, Jerome Powell's, Iger, Yuvraj Malik, Saqib Ahmed, Krishna Chandra Organizations: Walt Disney Co, New York Stock Exchange, REUTERS, Walt, U.S . Federal, Thomson Locations: New York, U.S, Bengaluru

☆ Aussie corporate regulator alleges IAG units misled home insurance customers
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken, November 8, 2021. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsSummaryCompanies IMA and IAL misled customers about loyalty discountsIAG says units intend to defend the proceedingsRegulator is seeking declarations of contravention, pecuniary penalties and adverse publicity ordersAug 25 (Reuters) - Australia's corporate regulator said on Friday it filed a lawsuit against two units of Insurance Australia Group (IAG) (IAG.AX), alleging they misled customers about loyalty discounts available for certain types of home insurance policies. The Australian Securities & Investments Commission (ASIC) has commenced civil proceedings against Insurance Australia Ltd (IAL) and Insurance Manufacturers of Australia (IMA) in the Federal Court, alleging loyal customers may have had their premiums increased before the promised discounts were applied. "IMA and IAL do not agree that they have misled customers and intend to defend the proceedings further," IAG said in a separate release. The regulator is seeking declarations of contravention, pecuniary penalties and adverse publicity orders against IAL and IMA from the court.

Persons: Dado Ruvic, IAG, Sarah Court, IAL, Nausheen, Krishna Chandra Eluri Organizations: Insurance, REUTERS, Insurance Australia Group, Australian Securities & Investments Commission, Insurance Australia Ltd, Insurance Manufacturers of Australia, Federal, IMA, IAL, Thomson Locations: Bengaluru

☆ Marvell Technology posts fall in second-quarter revenue on enterprise weakness
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

Aug 24 (Reuters) - Chipmaker Marvell Technologies (MRVL.O) posted a fall in second-quarter revenue, as weak enterprise market along with economic uncertainty weighed on demand for its chips and networking hardware. Shares of the California-based company fell 5% in after-market tradingCompanies are holding off on upgrades to their technology infrastructure as an uncertain economic outlook clouds future prospects. Marvell forecast per share earnings of 40 cents, plus or minus 5 cents for the third quarter, which was in line with expectations, according to Refinitiv data. Its revenue fell 12% from a year earlier to $1.34 billion. On an adjusted basis, the company earned 33 cents compared with estimates of a profit of 32 cents.

Persons: Zaheer Kachwala, Krishna Chandra Organizations: Chipmaker Marvell Technologies, Marvell, Thomson Locations: California, China, Bengaluru

People walk past a Woolworths supermarket following the easing of restrictions implemented to curb the spread of the coronavirus disease (COVID-19) in Sydney, Australia, June 16, 2020. A day earlier, Coles said a cost blowout sent its underlying annual profit lower. Woolworths said its earnings margin from food was 6% in the year to end-June, from 5.3% a year earlier. The company gave no profit guidance except that growth in Australian food sales, its main earnings driver, remained strong although inflation was moderating. "We think the result will be taken well in the context of yesterday’s weaker result from Coles," Citi analysts said.

Persons: Loren Elliott, Coles, Brad Banducci, Jim Stanford, Byron Kaye, Nausheen, Archishma Iyer, Krishna Chandra Eluri, Stephen Coates, Muralikumar Organizations: Woolworths, REUTERS, JPMorgan, Macquarie Group, Citi, Centre, Future, Australia Institute, Thomson Locations: Sydney, Australia, Coles, Bengaluru

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