DIRS.INFO The most relevant business & tech news

☆ EXCLUSIVE Bankman-Fried's FTX, parents bought Bahamas property worth $121 mln
▼ + stars: | 2022-11-22 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. Reuters could not determine the source of funds that FTX and its executives used to buy these properties. PROPERTY PURCHASESReuters searched property records at the Bahamas Registrar General's Department for FTX, Bankman-Fried, his parents and some of the company's key executives. FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2022. "That's a piece of what's driving the tech stocks down because we rely so much on China and Taiwan for critical components." Energy was the only major S&P 500 sector eying gains for the year, surging around 63%. Declining issues outnumbered advancing ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.57-to-1 ratio favored decliners. The S&P 500 posted 9 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 76 new highs and 194 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2022. Energy was the only major S&P 500 sector eying gains for the year, surging around 58%. Travel stocks including American Airlines Group Inc (AAL.O) and Norwegian Cruise Line Holdings Ltd (NCLH.N) fell 0.5% and 1.2%, respectively. Keeping declines on the Dow Jones Industrial Average (.DJI) and S&P 500 (.SPX) in check was a 5.8% jump in Walt Disney Co (DIS.N) after Bob Iger's return as chief executive to the entertainment giant. The S&P index recorded eight new 52-week highs and two new lows, while the Nasdaq recorded 68 new highs and 156 new lows.

Google, Activision and Riot did not immediately respond to requests for comment on the new filing. Epic last year mostly lost a similar case against Apple Inc (AAPL.O), the other leading app store provider. The deal with Activision was announced in January 2020, soon after it told Google it was considering launching its own app store. Google around the same time was forecasting billions of dollars in lost app store sales if developers fled to alternative systems. Epic's lawsuit alleged that Google knew signing with Activision "effectively ensured that (Activision) would abandon its plans to launch a competing app store, and Google intended this result."

☆ Fairfax mulls India's Bangalore airport IPO at $3.7 Billion value- Bloomberg News
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - The Indian arm of Canadian investment company Fairfax Financial Holdings Ltd (FFH.TO) is weighing an initial public offering for India's Bangalore International Airport that could value the asset at about 300 billion Indian rupees ($3.7 billion), Bloomberg News reported on Thursday, citing sources. Fairfax India (FIHu.TO) holds a majority stake in the owner of Bengaluru's Kempegowda International Airport. It is working with an adviser on the potential listing that could take place as soon as next year, the report added. Reporting by Shivani Tanna in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Brendan McDermid/File PhotoSummarySummary Companies October retail sales rise more than expectedTarget's dull outlook weighs on retailersMicron's supply cut triggers chip selloffIndexes: Dow up 0.05%, S&P down 0.51%, Nasdaq down 1.10%Nov 16 (Reuters) - The S&P 500 and Nasdaq fell on Wednesday as a grim outlook from Target spurred fresh concerns for retailers heading into the crucial holiday season, while Micron's supply cut triggered a selloff in the chip sector. Target Corp (TGT.N) tumbled as much as 17% in early trading as a pullback in consumer spending despite heavy discounting cut its third-quarter profit by half. Despite the sales warning from Target, data showed U.S. retail sales increased more than expected in October, boosted by purchases of motor vehicles and suggesting that consumer spending remained stable. Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 2.23-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and two new lows, while the Nasdaq recorded 50 new highs and 104 new lows.

The data showed retail sales rose 1.3% last month led by motor vehicles after remaining flat in September. Economists polled by Reuters had forecast sales accelerating 1%. Among S&P 500 sectors, retail (.SPXRT) and consumer discretionary (.SPLRCD) were down 1.9% and 1.7%, respectively. Declining issues outnumbered advancers for a 2.10-to-1 ratio on the NYSE and for a 2.41-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and two new lows, while the Nasdaq recorded 33 new highs and 56 new lows.

☆ Grab lifts revenue outlook on rideshare, food delivery strength
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Grab Holdings Ltd (GRAB.O) on Wednesday raised its forecast for annual revenue as demand for its ride-hailing service and food deliveries remains strong across Southeast Asia. U.S.-listed shares of Southeast Asia's biggest ride-hailing and food delivery firm rose 8% in trading before the bell. It had previously forecast revenue between $1.25 billion and $1.30 billion for the year. Grab also raised its forecast for annual gross merchandise volume growth (GMV) to between 22% and 25%. It had previously forecast GMV growth of 21% to 25% for the year.

☆ Tencent Slashes Meituan Stake Worth $20 Billion, Posts Revenue Drop
▼ + stars: | 2022-11-16 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

Tencent has been a large shareholder of Meituan since the latter’s early days. SINGAPORE— Tencent Holdings Ltd. is shedding most of its stake in food-delivery company Meituan as the Chinese social-media and videogame giant moves to cash out from its investments in China’s internet sector. Tencent on Wednesday said it would distribute more than 958 million shares of Meituan, worth roughly $20 billion, as a special dividend to Tencent shareholders. The distribution will leave Tencent with a 1.5% stake in Meituan from 17% currently.

☆ Surf Air confidentially files for direct listing after ending SPAC deal
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Electric aviation and regional air travel company Surf Air Mobility said on Wednesday it had confidentially filed for a direct listing in the United States after terminating its $1.42 billion merger deal with a blank check firm. This comes as shares of several companies that listed through special purpose acquisition companies (SPAC), including Grab Holdings Ltd (GRAB.O) and BuzzFeed Inc (BZFD.O), have slumped this year as economic conditions worsen. The deal with SPAC Tuscan Holdings Corp II (THCA.O), which would have fetched Surf Air $467 million in cash proceeds, was called off mutually, the companies said. A special purpose acquisition company (SPAC) is a listed company lacking an inherent business model, formed solely to take other companies public via mergers. Reporting by Anirban Chakroborti and Niket Nishant in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Buffett-backed Nubank's revenue surges on robust customer growth
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Nu Holdings Ltd (NUN.MX) posted a near three-fold jump in third-quarter revenue on Monday, as the Warren Buffett-backed digital banking firm saw rapid customer growth in its key domestic Latin American market. "Our customer base grew to over 70 million with a record high activity rate of 82%," said founder and Chief Executive David Vélez in a statement. Total revenue of the company, popularly known as Nubank, surged 171% to a record $1.3 billion on a FX-neutral basis for the quarter ended Sept 30. On a FX-neutral basis, gross profit climbed 90% to a record high of $427 million in the reported quarter. Nubank's customers grew by 5.1 million in the quarter, or 46%, over last year, to 70.4 million in Brazil, Mexico and Colombia.

☆ Factbox: From Binance to Voyager, crypto firms' exposure to FTX is coming to light
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +5 min

LONDON, Nov 14 (Reuters) - After major crypto exchange FTX filed for U.S. bankruptcy protection on Friday, the crypto industry is bracing for further fallout. While the extent of the contagion across crypto markets remains unclear, here are some firms who have given information about their exposure to FTX. loadingCOINBASECoinbase Global Inc (COIN.O) said in a blog post on Nov. 8 that it had $15 million worth of deposits on FTX. It said it had no exposure to FTT, no exposure to Alameda Research, and no loans to FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, CoinShares said in a statement on Nov. 10.

☆ Factbox: From Genesis to Voyager, crypto firms' exposure to FTX is coming to light
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Dado Ruvic/Illustration/File PhotoNov 17 (Reuters) - After major crypto exchange FTX filed for U.S. bankruptcy protection on Friday, the crypto industry is bracing for further fallout. While the extent of the contagion across crypto markets remains unclear, here are some firms that have given information about their exposure to FTX. GENESISThe crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions on Wednesday, citing the sudden failure of FTX. It said it had no exposure to FTT, no exposure to Alameda Research and no loans to FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, CoinShares said in a statement on Nov. 10.

☆ Binance is seeing a slight increase in withdrawals but otherwise it's 'business as usual,' CEO says
▼ + stars: | 2022-11-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Binance CEO Changpeng Zhao said the cryptocurrency exchange has seen only a slight uptick in withdrawals and is operating normally despite a fall in digital asset prices after the collapse of FTX. Binance has seen a "slight increase in withdrawals," said Zhao, but he added this was in line with typical activity during times of declines in the crypto market. "Whenever prices drop, we see an uptick in withdrawals," Zhao said. FTX entered bankruptcy on Friday after facing a liquidity crunch as investors fled over concerns about its financial health. Binance had originally offered to buy the company but pulled out of the deal after a short period of due diligence.

☆ What We Know—and Don’t Know—About Tether’s Books
▼ + stars: | 2022-11-11 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Tether, the world’s largest stablecoin, has surged in popularity in the past two years. Now that tether has broken the buck again, questions are swirling about whether the stablecoin can maintain investor confidence in the midst of the meltdown in the cryptocurrency market. Tether fell as low as 97.7 cents Thursday, according to CoinDesk, after which it quickly rebounded to its intended $1 peg. Paolo Ardoino , chief technology officer of Tether Holdings Ltd., said on Twitter that it had been processing redemptions with “no issues” and “we keep going.”

☆ Makers of Pricey Handbags, Clothing Warn of a Slowdown
▼ + stars: | 2022-11-10 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Shoppers continued to snap up expensive handbags and clothes from Michael Kors, Coach and Ralph Lauren in the recent quarter. But there were signs of a slowdown in the U.S. and China over a range of factors that include inflation, a strong dollar and China’s stringent Covid-19 policies. Michael Kors parent Capri Holdings Ltd. and Tapestry Inc., which owns Coach, lowered guidance for their current fiscal years.

[1/4] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Accessible luxury brands such as Michael Kors and Ralph Lauren are likely to feel a bigger pinch than higher-priced brands, as their young core customer base looks for deals at the lower end of the fashion spectrum. Ralph Lauren said its holiday quarter revenue would be hit by slowing demand in North America and Europe, where soaring energy costs are also pinching consumer wallets. Tapestry and Ralph Lauren also warned a stronger dollar would hit their earnings. Ralph Lauren shares, which have lost almost a quarter of their value this year, rose about 5% in premarket trading after the company beat second-quarter sales and profit expectations.

☆ Michael Kors-owner Capri cuts holiday forecasts on slow China recovery
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Michael Kors-owner Capri Holdings Ltd (CPRI.N) on Wednesday lowered its sales and profit forecasts for the holiday period, blaming a slow demand recovery in China due to persistent COVID-19 curbs and uncertainty about the global economy. Luxury goods companies have managed to pass on higher costs to affluent shoppers, but China remains a sore spot as Beijing's "dynamic zero-COVID" policy hampers the return of consumers to high-fashion stores. COVID disruptions in China have also weighed heavily on Kering's (PRTP.PA) Gucci, Canada Goose Holdings (GOOS.TO) and L'Oreal (OREP.PA). Capri, which also owns Versace and Jimmy Choo, cut its holiday-quarter sales forecast to $1.53 billion, from $1.65 billion, and lowered its profit forecast to $2.20 per share from $2.45 per share. It forecast fiscal 2023 revenue of $5.70 billion, compared with its prior estimate of about $5.85 billion.

☆ Galaxy Digital to cut majority exposure to crypto exchange FTX
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

Nov 9 (Reuters) - Crypto financial services company Galaxy Digital Holdings Ltd (GLXY.TO) said on Wednesday it would cut its exposure to embattled crypto exchange FTX by $47.5 million. Galaxy, founded by Mike Novogratz, disclosed it had a $76.8 million exposure to the company, a day after Binance said it was planning to buy smaller rival FTX. Major cryptocurrencies fell after the announcement, as investors were left wondering if the financial instability at FTX could spread to other players in the industry. Coinbase Global Inc (COIN.O) and USD Coin issuer Circle Financial have reassured investors of minimal exposure to FTX. Reporting by Niket Nishant in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Renault to Pair Up With China’s Geely in Combustion-Engine Venture
▼ + stars: | 2022-11-08 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

PARIS—France’s Renault SA and China’s Geely Automobile Holdings Ltd. are forming a joint venture focused on gasoline-powered engines and hybrid technology, the latest example of auto makers sharing the burden of development costs as the industry grapples with the transition toward electric vehicles. Renault announced the deal Tuesday as it detailed plans to split itself into several divisions, including the combustion-engine-focused venture with Geely and another on electric vehicles and software, which it plans to spin off as soon as next year. It said it was in talks with longtime alliance partner Nissan Motor Co. about the Japanese company investing in the EV business, though didn’t provide a time frame for reaching an agreement.

☆ Casino hub Macau heads toward business as usual after COVID tests find no new infections
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

[1/2] Gaming machines are seen at the casino of MGM Cotai in Macau, China February 13, 2018. REUTERS/Bobby YipHONG KONG, Nov 7 (Reuters) - Authorities in Macau said the world's biggest casino hub, blighted by a COVID-19 outbreak, is on track to return to relative normality after two rounds of mass COVID-19 tests last week found no new infections. The Chinese territory had been observing COVID-19 safety measures without any strict lockdowns until it found an imported coronavirus case on Oct. 26. "The current round of the epidemic has been effectively controlled... Community safety of Macao has been safeguarded," the government said. People crossing the border still require testing for the virus, and all international arrivals are subject to seven days' hotel quarantine.

☆ Sapporo Holdings investor 3D writes to external directors seeking overhaul -Nikkei
▼ + stars: | 2022-11-07 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Cans of Sapporo Holdings' beer are aligned during a photo opportunity at the company's lobby in Tokyo February 16, 2011. REUTERS/Yuriko NakaoTOKYO (Reuters) - Sapporo Holdings Ltd investor 3D Investment Partners has reached out to the Japanese beer maker’s five external directors seeking major changes in an attempt to improve its performance, the Nikkei business daily reported on Monday. Unhappy with Sapporo’s low profit margins and return on equity, the Singapore-based fund has asked the five outside directors to postpone the announcement of a new business plan scheduled on Wednesday, among other requests, the paper said. 3D Investment Partners and Sapporo Holdings declined to comment on the report. In a letter to the directors dated Nov. 3, the fund noted that Sapporo Holdings had failed to meet its sales target during the past 15 years, and that its return on equity (ROE) averaged 2% in the past five years - far lower than rivals Kirin Holdings’s 14% and Asahi Group Holdings’s 11%, the Nikkei said.

☆ Sapporo Holdings investor 3D writes to external directors seeking overhaul, Nikkei reports
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 7 (Reuters) - Sapporo Holdings Ltd (2501.T) investor 3D Investment Partners has reached out to the Japanese beer maker's five external directors seeking major changes in an attempt to improve its performance, the Nikkei business daily reported on Monday. Unhappy with Sapporo's low profit margins and return on equity, the Singapore-based fund has asked the five outside directors to postpone the announcement of a new business plan scheduled on Wednesday, among other requests, the paper said. 3D Investment Partners and Sapporo Holdings declined to comment on the report. In a letter to the directors dated Nov. 3, the fund noted that Sapporo Holdings had failed to meet its sales target during the past 15 years, and that its return on equity (ROE) averaged 2% in the past five years - far lower than rivals Kirin Holdings's (2503.T) 14% and Asahi Group Holdings's (2502.T) 11%, the Nikkei said. Reporting by Chang-Ran Kim and Makiko Yamazaki; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Australia Inc roiled by raft of cyberattacks since late 2022
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +4 min

[1/3] A woman uses her mobile phone as she walks past in front of an Optus shop in Sydney, Australia, February 8, 2018. AUSTRALIAN CLINICAL LABSAustralian Clinical Labs Ltd (ACL.AX), one of the country's largest pathology providers, said unit Medlab suffered a breach that exposed data of about 223,000 patients. TPG TELECOMAustralia's No.2 internet service provider TPG Telecom (TPG.AX) said it had been notified of unauthorised access to a hosted exchange service that hosts email accounts of up to 15,000 business customers. CBACommonwealth Bank of Australia CBA.AX said its Indonesian unit, PT Bank Commonwealth (PTBC), had been hit by a cyber incident involving unauthorised access of a web-based software application used for project management. IPHAustralian intellectual property services provider IPH Ltd (IPH.AX) said it had detected unauthorised access to a portion of its IT environment, compromising information including administrative documents and some client documents.

☆ Inflation, Recession Fears Have Some Holiday Shoppers Trading Down
▼ + stars: | 2022-11-06 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Many shoppers are trading down to less expensive clothing and accessories—swapping Lululemon leggings for Uniqlo and expensive lingerie for Target bras and panties—as inflation eats into their disposable income and a rocky stock market erodes their wealth. The downshift raises concerns about the coming holiday season, historically a time when many people splurge on designer handbags, fine jewelry and other extravagant purchases for themselves or loved ones. Investors will get updates on shopping attitudes this week when Ralph Lauren Corp., Michael Kors parent Capri Holdings Ltd. and Tapestry Inc., the owner of Coach, report their latest results.

Search resuls for: "Holdings Ltd"

25 mentions found