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Nvidia shares have nearly tripled in value this year, adding more than $700 billion to the company's market valuation and making it the first trillion-dollar chip firm. If Nvidia shows weakness, we could be in for quite a substantial correction in the market." Nvidia has only forecast revenue below estimates once in the past two years. Citi analysts said last week they were only modeling a revenue forecast of around $12 billion, but buy-side expectations have gone up to $14 billion. AMD expects to start shipping the chip in the fourth quarter and could control roughly 10% of the AI chip market next year, analysts said.

Persons: Ann Wang, Inge Heydorn, Heydorn, Piper, Harsh Kumar, doesn't overcharge, Kumar, Chavi Mehta, Aditya Soni, Anil D'Silva Organizations: REUTERS, Nvidia, Big Tech, GP, AMD, Citi, Google, Reuters, Thomson Locations: Taipei, Taiwan, China, Bengaluru

☆ Morocco has not applied to join BRICS - state media
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Wu Hong/Pool/File photo Acquire Licensing RightsRABAT, Aug 19 (Reuters) - Morocco has not made a formal request to join the BRICS grouping and will not attend its summit in South Africa, state news agency MAP said on Saturday. Citing an unnamed diplomatic source, MAP denied a statement by South Africa's foreign minister Anil Sooklal who said earlier this month Morocco was among the nations seeking to join the bloc. "South Africa allowed itself to speak about Morocco's ties with the BRICS without prior consultation," it said. Morocco would not attend the BRICS meeting in South Africa, MAP said, adding: "South Africa has in fact always shown a primary hostility towards Morocco and has systematically taken negative and dogmatic positions on the Moroccan Sahara issue." Morocco is attached to a non-divisive multilateralism and has good ties with the rest of BRICS member states, it said.

Persons: Wu Hong, Anil Sooklal, Ahmed Eljechtimi, Tomasz Janowski Organizations: Xiamen International Conference and Exhibition Center, REUTERS, South, Polisario, Thomson Locations: Brazil, Russia, China, South Africa, India, Xiamen, Fujian Province, Morocco, Africa, Algeria, Western Sahara, Moroccan

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court. The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20. On Monday, its electric-vehicle unit China Evergrande New Energy Vehicle Group (0708.HK) announced its own proposed restructuring. Trading in China Evergrande shares was suspended in March 2022.

Persons: Aly, Evergrande, Hong, Evergrande NEV's, Jonathan Stempel, Dietrich Knauth, Manya, Anil D'Silva, Deepa Babington, Matthew Lewis Organizations: China Evergrande Group, REUTERS, HK, Tianji Holdings, British Virgin Islands, British Virgin, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, U.S, United States, Manhattan, Hong Kong, Cayman Islands, British Virgin, British, Dubai, New York, Bengaluru

☆ Australia's Telstra shelves InfraCo stake sale plan, shares down
▼ + stars: | 2023-08-17 | by ( Poonam Behura | ) www.reuters.com time to read: +2 min

The country's largest telecoms firm decided against selling a stake in InfraCo Fixed, saying the unit "plays an important role" in achieving its long-term goals. InfraCo Fixed posted a 4.1% rise in annual income to A$2.56 billion ($1.64 billion), contributing 11% to Telstra's total income of A$23.25 billion. Telstra is targeting net cost reductions of A$500 million and mid-single digit underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) growth through to FY25. It expects underlying EBITDA between A$8.2 billion and A$8.4 billion for fiscal 2024, higher than A$7.86 billion in the previous year. We remain absolutely committed to delivering our FY25 underlying EBITDA and EPS growth ambitions," Brady said.

Persons: David Gray, Henry Jennings, Vicki Brady, Brady, Poonam Behura, Anil D'Silva, Subhranshu Organizations: Telstra, REUTERS, Australia's Telstra, InfraCo, Marcustoday, TPG Telecom, Thomson Locations: Sydney, Australia, Bengaluru

☆ Elon Musk's SpaceX turns profit in first quarter as revenue soars - WSJ
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Joe Skipper/File Photo Acquire Licensing RightsAug 17 (Reuters) - Elon Musk-owned SpaceX's surging revenue helped it turn a small profit in the first quarter of 2023 after two annual losses, the Wall Street Journal reported on Thursday, citing documents. The company generated $55 million in profit on $1.5 billion in revenue during the January-to-March period, according to the report. In 2022, revenue doubled to $4.6 billion, helping the company reduce its loss last year to $559 million from $968 million, the WSJ reported. The company reported about $5.2 billion in total expenses for 2022, up from $3.3 billion the year earlier, according to the report. SpaceX's first-quarter results are preliminary, while annual results are final, the WSJ reported, citing the documents.

Persons: Joe Skipper, Elon Musk, Walt Disney, SpaceX's, Jaspreet Singh, Anil D'Silva Organizations: SpaceX, Cape Canaveral Space Force, REUTERS, Wall Street, Intel, WSJ, Thomson Locations: Cape Canaveral , Florida, U.S, Bengaluru

☆ Microsoft plans AI service with Databricks that could hurt OpenAI- The Information
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. Databricks - a data analytics platform that uses artificial intelligence, which Microsoft would sell through its Azure cloud-server unit - helps companies make AI models from scratch or repurpose open-source models as an alternative to licensing OpenAI's proprietary ones, the report added. Microsoft and Databricks did not immediately respond to a Reuters request for comment. In July, Microsoft laid out an aggressive spending plan to meet demand for its AI services. The company has started integrating AI functionality across its products such as Azure, Microsoft 365, GitHub and several developer tools.

Persons: Gonzalo Fuentes, Databricks, Gursimran Kaur, Anil D'Silva Organizations: Microsoft, REUTERS, Thomson Locations: Issy, Paris, France, Bengaluru

☆ Asset manager Valkyrie files for Ethereum-focused ETF with US SEC
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsAug 16 (Reuters) - Asset manager Valkyrie has filed for an Ethereum Strategy exchange-traded fund (ETF) that will invest in ether futures and other collateral assets, paperwork filed with the U.S. Securities and Exchange Commission showed on Wednesday. The greenlighting of the ETF by the SEC was seen as a watershed moment for cryptocurrencies at the time. The regulator, however, has rejected dozens of applications for spot bitcoin ETFs, citing inadequate level of trading surveillance that could leave the underlying spot market subject to fraud and manipulation. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Valkyrie, Manya Saini, Anil D'Silva Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Exchange, BlackRock, SEC, Thomson Locations: Washington ,, Bengaluru

Despite these challenges, Walmart International has performed strongly under McKenna's leadership, under which it exited poorly performing operations in Japan, Britain, Argentina and Brazil. McKenna has led Walmart International since 2018, overseeing a multi-year transformation that resulted in the unit delivering more growth and stronger financial results across the board, Walmart CEO Doug McMillon wrote in a memo to employees. Sam's Club, a rival to Costco (COST.O), for years had been an underperforming business with muted sales growth. Sam's Club, a business unit with $84 billion of yearly revenue, has posted 12.7% average annual comparable sales growth since McKay took over the division, according to a Reuters calculation. Walmart also announced that Christopher Nicholas, currently chief operating officer of Walmart U.S., would replace McLay as CEO of Sam's Club.

Persons: Mario Anzuoni, Kathryn McLay, Judith McKenna, McKenna, Doug McMillon, Piper Sandler, McKay, she's, Edward Jones, Brian Yarbrough, Christopher Nicholas, Ananya Mariam Rajesh, Siddharth Cavale, Anil D'Silva, Sandra Maler, Jamie Freed Organizations: Walmart, REUTERS, Walmart Inc, Walmart International, Sam's, Woolworths, Sam's Club, Costco, Walmart U.S, McLay, Jan, Thomson Locations: Rosemead , California, U.S, China, Mexico, South Africa, Japan, Britain, Argentina, Brazil, India, Walmart's U.S, Walmart Mexico, Bengaluru, New York

☆ UAW plans raise specter of strikes at Detroit Three automakers
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Aug 15 (Reuters) - United Auto Workers members are planning to vote next week to authorize possible strikes at the Detroit Three automakers ahead of a Sept. 14 deadline, the union said on Tuesday. "Whether or not there's a strike next month is entirely up to the Big Three automakers," Fain said in a statement. The UAW said the talks with all three companies have yet to progress beyond non-economic issues. U.S. President Joe Biden on Monday called on the automakers and the UAW to reach "a fair agreement" before the contracts expire. The UAW said Tuesday that it recently raised strike pay to $500 per week per member and has over $825 million in its strike fund.

Persons: Shawn Fain, Fain, Joe Biden, Nathan Gomes, Ben Klayman, Anil D'Silva, Lisa Shumaker Organizations: United Auto Workers, Detroit Three, General Motors, Ford Motor, Facebook, Big Three, UAW, Deutsche Bank, Thomson Locations: Bengaluru, Ben

☆ Apollo Global pulls out of Yellow's bankruptcy financing plan
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

The term loan was sold to a fund owned by Citadel, the FT reported. Yellow, Apollo and Citadel did not immediately respond to Reuters' requests for comment. An attorney for Yellow said last Wednesday that the company would not seek court approval to borrow $142.5 million from Apollo as planned and was instead seeking time to explore alternate loan offers. Yellow has $1.3 billion in debt payments due in 2024, including a $567.4 million term loan due in June and a $729.4 million U.S. Treasury loan due in September. read moreReporting by Ananta Agarwal in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Yellow, Ananta Agarwal, Anil D'Silva Organizations: U.S, Apollo Global Management, Yellow Corp, Financial Times, Citadel, Treasury, Thomson Locations: Mexico, San Diego , California, U.S, Bengaluru

☆ OpenAI says AI tools can be effective in content moderation
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 15 (Reuters) - ChatGPT creator OpenAI made a strong case for the use of AI in content moderation, saying it can unlock efficiencies at social media firms by speeding up the time it takes to handle some of the grueling tasks. OpenAI, which is backed by Microsoft, said its latest GPT-4 AI model can reduce the process of content moderation to a few hours from months and ensure more consistent labeling. "The process (of content moderation) is inherently slow and can lead to mental stress on human moderators," OpenAI said. "With this system, the process of developing and customizing content policies is trimmed down from months to hours." Separately, OpenAI CEO Sam Altman said on Tuesday that the startup does not train its AI models on user-generated data.

Persons: Dado Ruvic, OpenAI, Sam Altman, Jaspreet Singh, Anil D'Silva Organizations: REUTERS, Microsoft, Google, Facebook, Thomson Locations: Bengaluru

☆ Fox's legal head to step down in another major exit after Dominion settlement
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File PhotoAug 11 (Reuters) - Fox Corp (FOXA.O) said on Friday that Chief Legal Officer Viet Dinh was stepping down, a high-profile exit that follows its $787.5 million settlement in April of a defamation lawsuit filed by Dominion Voting Systems over its 2020 U.S. election coverage. Top-rated host Tucker Carlson agreed to part ways with Fox in April, just days after the legal resolution. As part of a separation agreement, Dinh will get a lump-sum cash payment of $23 million, Fox said. He will become a special adviser to the company after leaving the role of legal head. In June, Fox Corp also settled a lawsuit by former Fox News producer Abby Grossberg, who claimed gender discrimination and accused the network's lawyers of pressuring her to make misleading statements in the Dominion Voting Systems case.

Persons: Mike Segar, Dinh, Tucker Carlson, Fox, George W Bush, Bancroft PLLC, Kirkland & Ellis, Ng, Abby Grossberg, Chavi Mehta, David Thomas, Anil D'Silva, Shilpi Majumdar Organizations: Fox, News Corporation, Fox News, REUTERS, Fox Corp, Dominion Voting Systems, Dominion, Patriot, U.S, D.C, Kirkland &, Voting, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Bengaluru, Chicago

☆ Wynn Resorts pulls the plug on WynnBET in certain US markets
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Company logos are displayed at Wynn Macau resort in Macau, China February 8, 2018. The company said it was ceasing operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. The decision to pull out of West Virginia comes a couple of months after it launched WynnBet in the state. WynnBET is part of the company's majority-owned subsidiary, Wynn Interactive, which was expected to merge with Austerlitz Acquisition Corp I. On Wednesday, Wynn Resorts posted second-quarter results above Wall Street estimates, as its Las Vegas and Macau properties saw growth in gaming, dining and hotel bookings.

Persons: Bobby Yip, Wynn, Julie Cameron, Doe, Ananya Mariam Rajesh, Pooja Desai, Anil D'Silva Organizations: Wynn, REUTERS, Wynn Resorts, Wynn Interactive, Wall, Thomson Locations: Wynn Macau, Macau, China, Arizona , Colorado , Indiana , Louisiana , New Jersey , Tennessee, Virginia, West Virginia, Nevada, Massachusetts, New York, Michigan, Vegas, Bengaluru

☆ Fox's chief legal officer to step down
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

Aug 11 (Reuters) - Fox Corp (FOXA.O) said on Friday Viet Dinh would step down from his role as chief legal officer and become a special adviser to the company, effective Dec. 31. Dinh joined FOX as chief legal and policy officer in 2018 and has led the news company's legal, compliance, and regulatory matters, as well as overseen government affairs. This follows the $787.5 million defamation settlement earlier this year with Dominion Voting Systems, which sued Fox in 2021 over Fox News' coverage of false vote-rigging claims about the voting technology firm. Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'Silva and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Viet Dinh, Dinh, Chavi Mehta, Anil D'Silva, Shilpi Majumdar Organizations: Fox Corp, FOX, Dominion Voting Systems, Fox, Fox News, Thomson Locations: Viet, Bengaluru

☆ U.S. forecaster sees 95% chance of El Nino prevailing through winter
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

Earlier in the day, Japan's weather bureau forecast the chances of an El Nino through the northern hemisphere winter at 90%. The World Meterological Organization had in May warned that the weather pattern could contribute to rising global temperatures. "In July, El Niño continued as indicated by above-average sea surface temperatures across the equatorial Pacific Ocean," the CPC said. Given recent developments, forecasters are more confident in a "strong" El Nino event, with roughly two in three odds of temperatures rising by about 1.5 degrees Celsius (2.7 degrees Fahrenheit) or more in November-January, it added. It was also expected to bring drier weather across West Africa, South-East Asia and northern South America, and wetter conditions to southern South America in the second half of the year.

Persons: Feisal Omar, El Niño, El Nino, Brijesh Patel, Anjana Anil, Seher Dareen, Bernadette Baum, Mark Potter Organizations: El Nino, REUTERS, Meterological Organization, CPC, El, India, Thomson Locations: Marodijeex, Hargeysa, Somalia's, Somaliland, U.S, Pacific, El, El Nino, Asia, Africa, West Africa, South, East Asia, South America, Bengaluru

☆ News Corp beats profit estimates on cost cuts, touts AI boost to future sales
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

Aug 10 (Reuters) - Rupert Murdoch's News Corp (NWSA.O) on Thursday beat quarterly profit estimates thanks to its cost-cutting efforts and talked up how generative artificial intelligence will support future results. For the first time, digital revenue accounted for over half of the company's total revenue for the full year, News Corp said. Higher digital subscription revenue in its fiscal fourth quarter helped News Corp absorb the impact of a 11.5% decline in advertising revenue. Revenue in its professional information business, which includes data and analytics platforms such as Oil Price Information Service, rose 10%. Excluding items, News Corp earned 14 cents per share, beating estimates of 8 cents, according to Refinitiv data.

Persons: Rupert, Robert Thomson, OpenAI, Thomson, Chavi Mehta, Dawn Chmielewski, Anil D'Silva, Stephen Coates Organizations: Rupert Murdoch's News Corp, News Corp, Sunday Times, Wall Street, Associated Press, Corp, Revenue, Price Information Service, New York Times Co, Fox Corp, Thomson Locations: Bengaluru, Dawn, Los Angeles

REUTERS/Rupam Jain/File PhotoGURUGRAM, India, Aug 10 (Reuters) - Over 3,000 poor Muslims have fled a business hub outside New Delhi this month, fearing for their lives after Hindu-Muslim clashes and sporadic attacks targeting them, residents, police and a community group said. The Gurugram president of Jamiat-Ulema-e-Hind (Council of Indian Muslim Theologians) Mufti Mohammed Salim estimated that more than 3,000 Muslims had left the district after the violence. "Many Muslims decided it's best to leave for a while," said Sheikh, adding that some Hindu owners of shops rented out to Muslims wanted them to vacate. "No one is asking them to leave and we are providing full security in all communally sensitive areas," he told Reuters. Reporting by Rupam Jain and Sakshi Dayal; Editing by YP Rajesh and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Rupam, Raufullah Javed, Mufti Mohammed Salim, Shahid Sheikh, it's, Narendra Modi's, Ernst &, Anil Vij, Rupam Jain, Sakshi Dayal, YP Rajesh, Angus MacSwan Organizations: REUTERS, Reuters, Bharatiya Janata Party, BJP, Police, Fortune, American Express, Dell, Samsung, Ernst, Ernst & Young, Deloitte, YP, Thomson Locations: Gurugram, New Delhi, India, Nuh, Haryana, Bihar, Tigra, India's, Gurgaon

☆ Digital World extends deadline for merger with Donald Trump's media company
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Former U.S. President and Republican presidential candidate Donald Trump speaks during a campaign rally in Windham, New Hampshire, U.S., August 8, 2023. REUTERS/Reba SaldanhaAug 9 (Reuters) - Digital World Acquisition (DWAC.O) and former U.S. President Donald Trump's media company on Wednesday extended the deadline for their merger by over three months to Dec. 31, as they work to close the deal that has been delayed by regulatory scrutiny. The move comes weeks after blank-check firm DWAC settled fraud charges with the U.S. securities regulator, clearing some of the uncertainty over its merger with Trump Media & Technology Group (TMTG) - the parent company of the Truth Social app. The firm, which originally struck a deal to merge with TMTG in October 2021, had in June extended the deadline to Sept. 8. The company in July named Eric Swider as its new CEO after ousting Patrick Orlando in March.

Persons: Donald Trump, Reba Saldanha, Donald Trump's, DWAC, Eric Swider, Patrick Orlando, Jaspreet Singh, Anil D'Silva Organizations: U.S, Republican, REUTERS, Trump Media & Technology, TMTG, U.S . Securities, Exchange Commission, Thomson Locations: Windham , New Hampshire, U.S, Bengaluru

☆ WeWork shares sink after warning of bankruptcy risk
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

The WeWork logo is displayed on a screen during the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2021. REUTERS/Brendan McDermid/File photoAug 9 (Reuters) - WeWork (WE.N) on Tuesday warned of a possible bankruptcy after reporting yet another quarterly loss, in a stunning reversal of fortune for the shared workspace provider that was valued at $47 billion in 2019. WeWork said it may need to consider strategic options, including raising more money or obtaining relief under the U.S. Bankruptcy Code. WeWork eventually went public in 2021 through a SPAC (special purpose acquisition company) merger amid persistent doubts over its business model. WeWork burnt $646 million in cash in the first six months of 2023 and as of June end is left with $205 million in hand.

Persons: Brendan McDermid, WeWork, Adam Neumann, Neumann, Ananta Agarwal, Chavi Mehta, Shivansh, Abhijith, Anil D'Silva, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, U.S, Thomson Locations: New York City, U.S, Bengaluru

Banks now must sacrifice profit to keep customers who are struggling to make repayments on time. Cash profit for the year ended June 30 rose 6% to A$10.16 billion, slightly ahead of analyst forecasts, but CBA put aside $A1.47 billion more in provisions due to "ongoing cost of living pressures and rising interest rates". CBA stopped offering cash payments for mortgage refinancings to lure new borrowers in June, which CEO Matt Comyn said had "weighed on our market share". CBA's mortgage book grew in line with the total market in 2023. The number of borrowers struggling to repay loans, while rising, remained below pre-pandemic levels "but these figures will rise", Comyn said.

Persons: Banks, Matt Comyn, Comyn, Australia's, Byron Kaye, Sameer Manekar, Anil D'Silva, Stephen Coates, Jamie Freed Organizations: CBA, SYDNEY, Commonwealth Bank of Australia, Citi, National Australia Bank, Westpac, ANZ Group, Thomson Locations: COVID, Sydney, Bengaluru

☆ Verizon to raise prices again
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

People visit the Verizon stand at the Mobile World Congress (MWC) in Barcelona, Spain February 27, 2023. REUTERS/Nacho DoceAug 9 (Reuters) - Verizon Communications (VZ.N) is raising prices on some of its wireless plans as the No. Last month, Bloomberg reported that Verizon was raising the monthly price on its wireless home internet offering by $10. The company beat second-quarter profit estimates last month and posted a surprise rise in subscriber additions defying analyst expectations for a loss. But its consolidated operating revenue fell 3.5% in the quarter, after falling nearly 2% in the previous three months.

Persons: Nacho Doce, Tony Skiadas, Skiadas, Samrhitha, Anil D'Silva Organizations: Verizon, Mobile World Congress, REUTERS, Verizon Communications, Bloomberg, Thomson Locations: Barcelona, Spain, Bengaluru

☆ China's internet giants order $5 bln of Nvidia chips to power AI ambitions - FT
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: 1 min

The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022. Courtesy NVIDIA/Handout via REUTERSAug 9 (Reuters) - China's internet giants are rushing to acquire high-performance Nvidia chips vital for building generative artificial intelligence systems, making orders worth $5 billion, the Financial Times reported on Wednesday. Baidu (9888.HK), TikTok-owner ByteDance, Tencent (0700.HK) and Alibaba (9988.HK) have made orders worth $1 billion to acquire about 100,000 A800 processors from the U.S. chipmaker to be delivered this year, the FT reported, citing multiple people familiar with the matter. Nvidia, Baidu, ByteDance, Tencent and Alibaba were not immediately available for comment. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: ByteDance, Kanjyik Ghosh, Anil D'Silva Organizations: NVIDIA, Handout, REUTERS, Financial Times, Baidu, HK, Nvidia, Thomson Locations: Santa Clara , California, Bengaluru

"The big thing we're watching for is any sign that rates of bad and doubtful debt are rising," Macquarie analysts said. Analysts at Citi expect cash profit to rise 3.5% to A$9.93 billion, while a Visible Alpha consensus estimate stands at A$10.11 billion. "Most banks may maintain buy-backs and lift dividends as they are still healthy on capital ratios." The heavyweight banking index, the S&P/ASX 200 Financials (.AXFJ), has gained 0.4% so far this year, as of last close. ($1 = 1.5230 Australian dollars)Reporting by Upasana Singh and Rishav Chatterjee in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Banks, Macquarie, Morgan Stanley, Tina Teng, Upasana Singh, Rishav Chatterjee, Anil D'Silva Organizations: REUTERS, Commonwealth Bank of Australia, National Australia Bank, Westpac, ANZ Group, Reserve Bank of Australia, Macquarie, CBA, Citi, NAB, ANZ, WBC, Thomson Locations: Melbourne, Southbank, Australia, Bengaluru

☆ Lyft forecasts strong earnings as it banks on competitive pricing to chase down Uber
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Shares of the company rose more than 12% in extended trading, after Lyft also reported higher-than-expected adjusted core profit for the April-June period. But that strategy dragged down its revenue per active user by 5% to $47.51 in the second quarter. In the quarter ending September, Lyft expects revenue in the range of $1.13 billion to $1.15 billion, higher than estimates of $1.09 billion, according to Refinitiv data. The company, which has promised profitability by 2023-end, forecast adjusted core earnings of $75 million to $85 million and a margin of 7%. Revenue grew 3% to $1.02 billion, in line with estimates, while adjusted EBITDA of $41 million was well above expectations of $27.9 million.

Persons: Dado Ruvic, Lyft, David Risher, Risher, Yuvraj Malik, Anil D'Silva Organizations: REUTERS, Uber, Revenue, Thomson Locations: Lyft, Bengaluru

☆ WeWork raises going-concern doubt, shares tank
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File photoAug 8 (Reuters) - WeWork Inc (WE.N) on Tuesday raised "substantial" doubt about its ability to continue as a going concern and said three board members had stepped down, sending its shares down 27% in extended trading. The company had previously said its actions to restructure debt and operations had eased worries over its ability to continue as a going concern. WeWork struck deals in March to cut its debt by about $1.5 billion and extend the date of some maturities to preserve cash. WeWork on Tuesday said it was still continuing its search for a permanent CEO and that it had added four board members after three members stepped down. Reporting by Ananta Agarwal and Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, WeWork, Sandeep Mathrani, Andre Fernandez, Mathrani, Ananta Agarwal, Chavi Mehta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, WeWork, Thomson Locations: New York City, U.S, Bengaluru

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