DIRS.INFO The most relevant business & tech news

☆ UK's Dr Martens warns on profit after U.S distribution centre issues
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: 1 min

Jan 19 (Reuters) - Dr Martens Plc (DOCS.L) on Thursday warned on annual profit and revenue after the British bootmaker faced operational issues at its new distribution centre in the United States. The company said it now expected a revenue growth of 11%-13% on an actually currency basis for the year ending March, lower than the previous forecast of a jump in high-teens. Dr Martens said its third quarter was weaker than expected as operational issues at its new Los Angeles distribution centre led to lost wholesale revenue and additional costs, reducing its 2023 core profit by 16 million pounds to 25 million pounds ($19.7 million-$30.8 million). ($1 = 0.8108 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Gold edges higher as investors weigh Fed slowdown chances
▼ + stars: | 2023-01-19 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% at $1,906.01 per ounce, as of 0252 GMT. U.S. gold futures fell 0.1% to $1,906.00. Few Fed officials signalled on Wednesday that they would push on with more interest rate hikes, while Philadelphia Fed President Patrick Harker and Dallas Fed President Lorie Logan said they supported a slower pace of tightening. Lower interest rates tend to boost bullion's appeal as they decrease the opportunity cost of holding the non-yielding asset. Spot silver lost 0.2% to $23.38 per ounce, platinum was flat at $1,038.38, and palladium fell 0.1% to $1,716.13.

☆ Gold slips as dollar gains momentum
▼ + stars: | 2023-01-18 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold will bounce around $1,900 level in near term - analystBarrick set to report highest quarterly gold output for 2022Jan 18 (Reuters) - Gold prices inched lower on Wednesday as the U.S. dollar firmed, while expectations of a slowdown in the pace of Federal Reserve interest rate hikes limited the losses. A stronger dollar tends to make gold more expensive for buyers holding other currencies. If the narrative continues to be that inflation is cooling and interest rates will come down, then it will be bullish for gold." FEDWATCHLower interest rates tend to be beneficial for bullion, decreasing the opportunity cost of holding the non-yielding asset. On the physical front, Canadian miner Barrick Gold Corp (ABX.TO) reported on Tuesday a 13.4% sequential rise in gold production in what could be its highest quarterly output last year.

☆ Whirlpool to divest most of EMEA ops, form new entity with Turkey's Arcelik
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

The home appliance maker launched a review of the EMEA business in April 2022, acknowledging that it would take the company a longer time to achieve attractive EBIT margin levels amid geopolitical tensions in Europe. Whirlpool will form a new Europe-focused entity with Turkish household appliances manufacturer Arcelik (ARCLK.IS) by divesting its major domestic appliance business in the region, it said in a statement. The new entity will include Arcelik's European units such as major domestic appliance, small domestic appliance and consumer electronics. Whirlpool will own 25% of this new entity, while Arcelik will have the rest, the U.S.-based company added. The entirety of Whirlpool's EMEA business reported sales of $5.01 billion last year.

☆ Instant View: China's economy slows sharply in Q4, 2022 growth one of the worst on record
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +10 min

As a result, the Chinese economic growth rate will be below the Chinese government's target of 5% plus." This could weigh on their potential economic growth in the mid-and long-term, and we really need to be paying attention to that." MARCO SUN, CHIEF FINANCIAL MARKET ANALYST, MUFG BANK (CHINA), SHANGHAI"China's Q4 and full-year 2022 GDP growth rates came in higher than expected. Economic growth will have to depend more on productivity growth, which is driven by government policies." IRIS PANG, GREATER CHINA ECONOMIST, ING, HONG KONG"The biggest surprise is the retail sales number, which is really a big beat...

☆ European shares edge up on pharma boost, UK's FTSE 100 nears record-high
▼ + stars: | 2023-01-16 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) gained 0.1% in early trading, boosted by a 0.8% rise in healthcare stocks (.SXDP). UK's FTSE 100 (.FTSE) rose 0.1% to 7,852.84, inching closer to a record 7,903.50. "Investors appear to have fallen back in love with UK assets, after a difficult period when FTSE 100 was the wallflower among global indices," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. Weakness in luxury heavyweights such as LVMH (LVMH.PA) and Hermes International (HRMS.PA) weighed on Europe's STOXX 600 on Monday. German arms maker Rheinmetall (RHMG.DE) gained 2.9% on acquiring a stake in Dutch IT hardware specialist Incooling B.V.

☆ Citigroup profit falls on provision hike, dealmaking slowdown
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] Customers use ATMs at a Citibank branch in the Jackson Heights neighborhood of the Queens borough of New York City, U.S. October 11, 2020. REUTERS/Nick ZieminskiJan 13 (Reuters) - Citigroup Inc (C.N) reported a fall in fourth-quarter profit on Friday, as the bank hiked provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity. That compares with a release of $1.37 billion from its reserves in 2021 when pandemic-related loan losses failed to materialize. Citi's investment banking revenue plunged 58% as merger and acquisition activity slowed dramatically last year, with companies shunning deals amid higher interest rates, the war in Ukraine and growing economic uncertainties. Net profit came in at $2.5 billion, or $1.16 per share, for the three months ended Dec. 31, compared with $3.2 billion, or $1.46 a share, a year earlier.

JPMorgan Chase & Co (JPM.N) fell 1.2% as it set aside $1.4 billion in anticipation of a mild recession, even after beating quarterly profit estimates. The bank's Chief Executive Jamie Dimon listed a number of uncertainties facing the economy including geopolitical tensions and sticky inflation. Bank of America Corp (BAC.N) reported better-than-expected profit, with CEO Brian Moynihan also acknowledging an "increasingly slowing economic environment". Wells Fargo & Co (WFC.N) and Citigroup Inc (C.N) fell short of quarterly profit estimates, sending their shares down 3.9% and 0.6% respectively. Keeping the pressure off the Dow Jones, UnitedHealth Group Inc (UNH.N) rose 1.9% after beating Wall Street expectations for fourth-quarter profit.

☆ Commodity-linked stocks push FTSE 100 higher; retailers slide
▼ + stars: | 2023-01-12 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) gained 0.6% to hover near a more than four-year high scaled on Wednesday, while the more domestically focused FTSE 250 mid-cap index (.FTMC) rose 0.9%. Retailers Tesco (TSCO.L) and Marks & Spencer (MKS.L) slipped between 0.3% and 1.6% despite strong sales, as both companies warned of inflationary pressures. Financial stocks were among the top gainers on the FTSE 100, with banks like HSBC (HSBA.L) and Barclays (BARC.L) rising 0.9% and 1.4%, respectively. The FTSE 100 has had a bright start to the year so far, rising in almost every session. Centrica (CNA.L) climbed to the top of FTSE 100, jumping 6.1% after the British Gas owner raised its full-year earnings forecast.

☆ GE HealthCare expects organic revenue growth of 5%-7% in 2023
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: 1 min

Jan 10 (Reuters) - GE HealthCare Technologies Inc (GEHC.O) expects 2023 organic revenue growth to be in the range of 5% to 7%, the company said on Tuesday, citing robust customer demand, fulfillment of older orders, and improved pricing. The forecast is in line with the company's medium-term target of mid-single-digit organic revenue growth that it gave last month. "While inflation remains a factor, we are seeing the supply chain environment continue to improve with demand for our products and services growing in 2023," Chief Executive Officer Peter Arduini said in a statement. GE HealthCare had garnered about $18.3 billion in revenue last year, according to preliminary data, with a 7% organic growth. Reporting by Leroy Leo in Bengaluru; Editing by Shounak Dasgupta and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Consumer stocks drag FTSE 100 lower amid recessionary jitters
▼ + stars: | 2023-01-10 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 down 0.3%, FTSE 250 off 0.4%Robert Walters down on profit warningInvestors await Fed Chair speechJan 10 (Reuters) - Britain's FTSE 100 retreated from a three-and-a-half-year high on Tuesday, led by consumer stocks amid recession worries, after hawkish comments from two U.S. Federal Reserve officials raised worries about future rate hikes. The blue-chip FTSE 100 (.FTSE) declined 0.3%, while the domestically focussed FTSE 250 mid-cap index (.FTMC) fell 0.4%. On Monday, Fed officials said inflation data due later this week would sway the central bank's decision about rate hikes. Among individual stocks, recruiter Robert Walters (RWA.L) slumped 8.1% after the company warned that its full-year profit was expected to be slightly below market expectations. Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann Thoppil and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Gemini's Winklevoss calls for removal of DCG chief Barry Silbert
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

Jan 10 (Reuters) - Cryptocurrency exchange Gemini co-founder Cameron Winklevoss on Tuesday called for the removal of Digital Currency Group Inc (DCG) chief Barry Silbert, amid tensions between the two high-profile crypto executives in the wake of the FTX collapse. Genesis halted customer withdrawals in November, after major exchange FTX filed for bankruptcy. In his open letter to the DCG board, Winklevoss said Genesis and DCG had "defrauded" some 340,000 Earn users. "There is no path forward as long as Barry Silbert remains CEO of DCG," Winklevoss wrote. The latest development comes a week after Winklevoss penned another open letter to Silbert, saying Genesis owed more than $900 million to Earn users.

☆ Abercrombie, American Eagle signal upbeat holiday-quarter sales
▼ + stars: | 2023-01-09 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Abercrombie & Fitch Co (ANF.N) and American Eagle Outfitters Inc (AEO.N) issued upbeat holiday-quarter sales forecasts on Monday as consumers snapped up their winter wear during the peak shopping season. Shares of Abercrombie, which owns the Hollister label, jumped more than 9%, while American Eagle climbed about 3%. It projected fourth-quarter operating margin between 6% and 8%, up from a range of 5% to 7% estimated previously. American Eagle also said its fourth-quarter revenue and profit margins were tracking at the high end of its forecasts, benefiting from its decision to right-size inventory and a better-than-expected performance at its American Eagle label. Last week, department store chain Macy's Inc (M.N) projected holiday-quarter sales toward the lower end of its previous forecast.

☆ Abercrombie & Fitch lifts holiday-quarter sales forecast
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Abercrombie & Fitch Co (ANF.N) raised its holiday-quarter sales forecast on Monday on strong demand for its brands during the peak holiday selling period, sending shares about 3% higher before the bell. The Ohio-based apparel retailer said it now expects net sales to rise between 1% and 2% in the fourth quarter, compared with its prior forecast for a 2% to 4% fall. Abercrombie noted an improvement in overall sales from the third quarter, but said sales at its Hollister brand were still expected to remain below 2021 levels in the holiday quarter. The company projected fourth-quarter operating margin between 6% and 8%, up from a range of 5% to 7% estimated previously. Meanwhile, yoga wear maker Lululemon Athletica Inc (LULU.O) lowered its expectations for fourth-quarter gross margins, sending shares down more than 12% in premarket trade.

☆ Resources lift FTSE 100 to mid-2019 highs
▼ + stars: | 2023-01-09 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 up 0.2%, FTSE 250 adds 0.4%Game developers fall on bleak outlookAstraZeneca down after $1.8 bln CinCor Pharma dealResources shares rise on China reopening optimismJan 9 (Reuters) - UK's exporter-heavy FTSE 100 hit a more than three-year high on Monday, led by commodity-linked stocks, as China's reopening of its borders reinforced hopes for a rebound in the world's second-largest economy. The blue-chip FTSE 100 (.FTSE) gained 0.2%, hitting its highest since July 30, 2019, while the more domestically focused FTSE 250 mid-cap index (.FTMC) rose 0.4%. Industrial metal miners (.FTNMX551020) gained 1.4%, while oil majors Shell (SHEL.L) and BP (BP.L) also advanced as oil prices climbed on China demand prospects after Beijing opened on Sunday borders that have been all but shut since the start of the COVID-19 pandemic. Despite surging inflation and risks of a global recession, the FTSE 100 outperformed major global markets last year due to high exposure to commodity prices. Reporting by Shashwat Chauhan in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ European shares head for best week since November, inflation data in focus
▼ + stars: | 2023-01-06 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) was flat by 0915 GMT. For the week so far, it was up 3.4% following a drop in natural gas prices and upbeat economic data. All eyes are on the December euro zone inflation data due at 1000 GMT, with economists expecting prices to have declined year-on-year for a second consecutive month. "Inflation readings in the euro zone were not all good news, and core inflation remains high," analysts at UBS Global Wealth Management said in a note. "Despite the encouraging data (this week), we expect central banks to stick with a hawkish stance at this time."

Jan 5 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Thursday said it was exploring options including a bankruptcy filing to address the U.S. home goods retailer's plunging sales, dwindling cash and debt load, sending its shares tumbling. Bed Bath & Beyond said it expects to report a third-quarter loss of $385.5 million after sales plunged 33%. The stock was one of the most active on the Nasdaq, with nearly 9.4 million shares traded as of 09:37 ET. Bed Bath & Beyond's fortunes dwindled and its stock collapsed in value after it pursued a strategy focused on its own private-label goods. Activist investor Ryan Cohen, the chairman of GameStop Corp (GME.N), took a stake in Bed Bath & Beyond, which he later sold, sending shares crashing.

☆ Bed Bath & Beyond exploring options including bankruptcy, shares fall 13%
▼ + stars: | 2023-01-05 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com time to read: +2 min

Jan 5 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Thursday said it was exploring options including a bankruptcy filing to address the U.S. home goods retailer's plunging sales, dwindling cash and debt load, sending its shares tumbling. Bed Bath & Beyond's fortunes dwindled and its stock collapsed in value after it pursued a strategy focused on its own private-label goods. The company became a meme stock last year when its shares soared more than 400%. Activist investor Ryan Cohen, the chairman of GameStop Corp (GME.N), took a stake in Bed Bath & Beyond, which he later sold, sending shares crashing. Bed Bath & Beyond in its prior financial update in the fall said it had liquidity of $850 million but had burned through $325 million in the quarter.

☆ Silvergate Capital's crypto-related deposits plunge in fourth quarter
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - Silvergate Capital Corp's (SI.N) crypto-related deposits plummeted in the fourth quarter, according to a preliminary earnings report on Thursday, as souring crypto sentiment following the collapse of FTX exchange led to a surge in withdrawals. To maintain liquidity, the bank sold $5.2 billion of assets at a loss of $718 million in the fourth quarter. More than a trillion dollars in value was wiped out from the crypto sector last year with rising interest rates exacerbating worries of an economic downturn. The crash has eliminated key industry players such as crypto hedge fund Three Arrows Capital and crypto lender Celsius. Still, the biggest blow to the sector came after major crypto exchange FTX filed for bankruptcy protection in November.

☆ University of California to invest $4 bln in Blackstone real estate fund
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - University of California's fund manager said on Tuesday it will invest $4 billion in Blackstone Inc's (BX.N) real estate fund, barely a month after the asset manager limited withdrawals from the fund due to a surge in redemptions. REITs, one of the core strategies that helped Blackstone become the world's biggest alternative asset manager, suffered a setback in December as investors concerned about China's economic prospects and turmoil in the Asian markets withdrew money at a frenetic pace from the real estate fund. The investment in Blackstone Real Estate Income Trust is through UC Investments, which manages a portfolio of nearly $152 billion, according to its website. UC Investments can redeem its holdings over two years after January 2028 and will get an 11.25% minimum annualized net return on its investment, partially supported by a $1 billion commitment from Blackstone. Reporting by Niket Nishant in Bengaluru; Editing by Subhranshu Sahu, Shinjini Ganguli and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Rio Tinto completes $3.3 bln Turquoise Hill deal for larger share in Mongolia project
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Rio Tinto logo is displayed on a visitor's helmet at a borates mine in Boron, California, U.S., November 15, 2019. Turquoise Hill shareholders last week voted in favour of Rio Tinto's $3.3 billion bid to take the Canadian company private after months of back and forth. 2 shareholder Pentwater Capital Management accused Rio of concealing delays and huge cost overruns at Oyu Tolgoi. BHP Group last month made a renewed $6.5 bln play for copper miner OZ Minerals, potentially allowing the miner to consolidate its copper assets in South Australia if the deal goes through. Shares of Rio Tinto finished 0.8% higher on the Australian Stock Exchange.

☆ Bigtincan suitor SQN Investors unhappy with potential capital raising
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Australia's Bigtincan Holdings Ltd (BTH.AX) said on Thursday top shareholder and suitor SQN Investors (SQN) had expressed its disagreement over a potential capital raising, calling it "highly dilutive" and "value-destructive". Last week, the software provider received a buyout bid from private equity adviser SQN, valuing it at A$441.9 million ($296.74 million). "We would urge you to instead honour your fiduciary obligations and engage with the various parties that have approached you about a control transaction, including SQN Investors." SQN, which holds a 13.6% stake in Bigtincan, also expressed concerns the potential capital raise "would imply a reliance on further acquisitions" to achieve fiscal 2023 annualised recurring revenue guidance of between A$137 million and A$143 million. In its response to the letter, Bigtincan confirmed its guidance and said it would make an announcement once the placement was completed.

☆ India's Sun Pharma says plant listed under U.S. FDA import alert
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 8 (Reuters) - The U.S. Food and Drug Administration (FDA) had listed Indian drugmaker Sun Pharmaceutical Industries Ltd's (SUN.NS) facility in the western Indian state of Gujarat under an import alert, the company said on Thursday, sending its shares down 3.6%. The import alert means all future shipments of products made at the Halol plant can be refused admission to the U.S. market until the facility becomes compliant with the FDA's Current Good Manufacturing Practice standards, Sun Pharma said in a statement. The FDA has excluded 14 products from the import alert, subject to certain conditions. It was not immediately clear what the conditions are and what remedial action the FDA had asked the company to take. Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Subhranshu Sahu and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Gold hits 5-month peak as dollar dips on China reopening hopes
▼ + stars: | 2022-12-05 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

SummarySummary Companies Dollar index down 0.2%, hovers near 5-month lowLondon body creates database of Russian gold barsDec 5 (Reuters) - Gold prices rose to a five-month high on Monday, as the U.S. dollar weakened slightly after more Chinese cities relaxed COVID-19 restrictions over the weekend. The dollar index was down 0.2%, hovering near five-month lows. Lower interest rates tend to be beneficial for gold as it reduces the opportunity cost of holding the non-yielding asset. "Also, news that China is scaling back its COVID restrictions means that gold demand will increase in the region, further supporting prices," said Simpson. The London Bullion Market Association is creating a database of Russian gold bars held by banks in London to help prevent sanctions evasion by Russian companies or the Russian central bank, the industry group said on Friday.

☆ South Korea's FX reserves post biggest monthly gain in 13 on weaker dollar
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 5 (Reuters) - South Korea's foreign exchange reserves increased in November for the first time in four months and by the largest amount in 13 months, central bank data showed on Monday, as the U.S. dollar retreated from a two-decade high scaled in October. The country's FX reserves stood at $416.10 billion at the end of November, up $2.09 billion from $414.01 billion a month before, according to the Bank of Korea (BOK). The reserves increased in November by the largest amount since October 2021. Of the 13 months since then, they fell for 10 months, hitting a more than two-year low at the end of October this year. The U.S. dollar index fell 5.1% in November, the biggest monthly drop in more than 12 years.

Search resuls for: "Subhranshu"

25 mentions found