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☆ Private equity is starting to bet big on the cloud. Here's why firms like Blackstone are making the move.
▼ + stars: | 2022-11-30 | by ( Bianca Chan | ) www.businessinsider.com time to read: +7 min

Like other Wall Street firms upended by the technology, PE firms' motivation to make the move is tied to harnessing the copious amounts of data they manage. GFT works with more than 20 private-equity firms for digital transformation, including a handful of tier-one PE companies, he said. Some PE firms have tried to leverage their scale for pricing discounts among cloud providers, Mahenthiran said. Major cloud providers, like AWS, Microsoft Azure, and Google Cloud Platform, have been hungry for more Wall Street market share. That hasn't stopped PE firms from trying to hire out data-science and cloud teams to help front-office researchers find new opportunities and oversee internal cloud infrastructure, Vyas said.

☆ Indian shares down on concerns over Fed's rate posture
▼ + stars: | 2022-11-17 | by ( Praveen Paramasivam | ) www.reuters.com time to read: +2 min

BENGALURU, Nov 17 (Reuters) - Indian shares slipped on Thursday, mirroring the weakness in Asian peers, amid growing signs that the Federal Reserve might not temper its aggressive monetary policy anytime soon. Meanwhile, Asia-Pacific shares ex-Japan (.MIAPJ0000PUS) slid a steeper 1.47%, with analysts pinning the smaller drop in local equities to India's fiscal health and economic growth prospects. San Francisco Fed President Mary Daly even said a pause was off the table. The Fed's stance could trigger "bouts of volatility," said Prashanth Tapse, vice president of research at Mehta Equities. "Traders are not uncomfortable with the high valuation of Indian markets, hence periodic profit-taking will continue."

☆ Amazon's email crashed one day after news of mass layoffs, sparking panic among workers that they've been cut
▼ + stars: | 2022-11-15 | by ( Katherine Long | ) www.businessinsider.com time to read: +2 min

Amazon reportedly plans to lay off 10,000 employees, largely in its retail, devices and HR divisions. The company's email crashed Tuesday, sparking panic among workers who couldn't connect and thought they had been cut. Employees tell Insider that they are frustrated about the lack of internal communications on lay offs. Workers trying to connect to Amazon's email through the Outlook app Tuesday received an error message, "cannot open the outlook," according to the company's IT Services Incident Management Team's intranet page. Amazon employees had access to other internal tools during the Outlook outage, a spokesperson said.

☆ Private equity is opening up to the public cloud, setting up a new battleground for AWS, Microsoft, and Google to win over Wall Street
▼ + stars: | 2022-11-15 | by ( Bianca Chan | ) www.businessinsider.com time to read: +7 min

Like other Wall Street firms upended by the technology, PE firms' motivation to make the move is tied to harnessing the copious amounts of data they manage. GFT works with more than 20 private-equity firms for digital transformation, including a handful of tier-one PE companies, he said. Some PE firms have tried to leverage their scale for pricing discounts among cloud providers, Mahenthiran said. Major cloud providers, like AWS, Microsoft Azure, and Google Cloud Platform, have been hungry for more Wall Street market share. But the wait-and-see approach has put PE companies far behind their Wall Street peers.

☆ Why a federal court blocked Biden's student-debt cancellation even after a major loan company undermined a key argument in the GOP-led lawsuit
▼ + stars: | 2022-11-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The 8th Circuit blocked Biden's student-debt relief in response to a lawsuit filed by six GOP-led states. It said the states' argument that the relief would hurt student-loan company MOHELA has standing. But a district judge previously dismissed that argument, and MOHELA said it wasn't involved in the case. This was in response to a lawsuit filed by Missouri and five other Republican-led states who argued the loan forgiveness would hurt the states' tax revenues, along with that of Missouri-based student-loan company MOHELA. "This unanticipated financial downturn will prevent or delay Missouri from funding higher education at its public colleges and universities."

☆ A fund manager who oversees $14 billion in equities breaks down why emerging markets offer attractive growth opportunities even during a worldwide economic slowdown — and shares his top 7 foreign stoc
▼ + stars: | 2022-11-15 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +6 min

Vontobel's Ramiz Chelat says that certain emerging markets can weather a global economic slowdown. Chelat is particularly bullish on the economies of India, Indonesia, and Brazil. While domestic investors have their hands full with potential recession, portfolio manager Ramiz Chelat believes that the best investment opportunities may be slipping away. Chelat — who manages $5 billion in emerging market equities and $9 billion in global equities at Vontobel Asset Management — is particularly bullish on the emerging economies of Brazil, India, and Indonesia. Chelat believes that all three nations are strong enough to weather any future fallouts from the Russia-Ukraine war, and may even be net beneficiaries in some cases.

☆ Factbox: Australia Inc roiled by raft of cyberattacks this year
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 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. The data exposed included home addresses, drivers' licences and passport numbers. 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. TELSTRAAustralia's largest telecoms operator Telstra (TLS.AX) suffered what it called a small data breach, which exposed data of about 30,000 current and former employees dating back to 2017. Compiled by Jaskiran Singh in Bengaluru; Editing by Sherry Jacob-PhillipsOur 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.

☆ The company that pays Akshata Murthy, wife of British PM Rishi Sunak, £11.5 million a year is still operating in Russia, report says
▼ + stars: | 2022-11-05 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Infosys, founded by Rishi Sunak's father-in-law, is still operating in Russia, The Guardian reported. The IT firm still has staff in Moscow and is paying two subcontractors, per the report. Infosys, which pays the PM's wife £11.5 million in dividends, said it would leave Russia in March. A spokesperson told The Guardian that it was seeking to end the arrangement and had taken measures to "suspend its operations in Russia". A Downing Street spokesperson told The Guardian: "Neither Akshata Murty nor any members of her family have any involvement in the operational decisions of the company."

☆ INDIA STOCKS Indian shares set for muted opening; Fed meet in focus
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +3 min

** Adani Ports and Special Economic Zone APSE.NS, India's largest private operator of ports, reported a 69% surge in quarterly profit on Tuesday, driven by strong cargo volumes. ** Sun Pharmaceutical Industries Ltd (SUN.NS) on Tuesday reported a surprise 10.5% rise in second quarter profit led by a surge in sales of specialty drugs. ** IT services provider Tech Mahindra (TEML.NS)reported better-than-expected quarterly profit and revenue on Tuesday, helped by strong demand and the company also declared a special dividend. ** Kansai Nerolac Paints Ltd (KANE.NS)reported a weaker-than-expected rise in second quarter profit on Tuesday, hit by higher input costs and a demand squeeze due to unseasonal rains. ** Voltas Ltd (VOLT.NS)posted a loss for the second quarter on Tuesday, dented by higher expenses and a one-off expense related to a contract termination.

☆ Leidos Discloses Subpoenas Amid Antitrust, Bribery Probes
▼ + stars: | 2022-11-01 | by ( Dylan Tokar | ) www.wsj.com time to read: +2 min

Leidos Holdings Inc., an information-technology and engineering services firm, received dual subpoenas in recent months in connection with criminal investigations into potential foreign bribery and antitrust violations. The Reston, Va.-based company was served with a grand jury subpoena in August related to an investigation by the Justice Department’s antitrust division, Leidos said Tuesday. The probe is the second ongoing criminal investigation disclosed by Leidos this year. The FCPA probe was first disclosed by the company in a securities filing earlier this year. At the time, Leidos said it was conducting an internal investigation into activities within its international operations that it discovered in late 2021.

☆ India's Tech Mahindra Q2 profit, revenue beats expectations
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 1 (Reuters) - Indian IT services provider Tech Mahindra (TEML.NS) reported better-than-expected quarterly profit and revenue on Tuesday, helped by strong demand and the company also declared a special dividend. The Pune-based company's revenue from operations increased nearly 21% to 131.3 billion Indian rupees ($1.59 billion) in the July-September quarter, but a 27% jump in expenses pulled net profit down 4% to 12.85 billion rupees. Analysts on average were expecting a profit of 12.04 billion rupees on revenue of 129.9 billion rupees, according to IBES data from Refinitiv. Tech Mahindra's stock closed up 0.7% on Tuesday, but did little to affect its roughly 39% slide this year. ($1 = 82.6710 Indian rupees)Reporting by Ashish Chandra in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

The move to strengthen industrial leadership comes after delays and cost overruns blighted a series of long-term projects for which Boeing is locked in to a fixed price. Chief Financial Officer Brian West said last month fixed-price defense contracts were being "knocked around" by supply chain problems, inflation and labor shortages. In 2006, incoming BCA chief Scott Carson appointed Jim Jamieson chief operating officer of the planemaking unit - a wide brief giving him effective oversight of jet manufacturing and development until his retirement about 18 months later. Those changes came just as Boeing was trying to juggle changes in manufacturing with the development of the Boeing 787, while still bearing the wounds of a 1997 production crisis. Airbus (AIR.PA) has long had a chief operating officer at its main planemaking arm, though in practice it is more than a divisional role as the defense and helicopter units slot in underneath.

☆ Wall Street ends lower as Fed worries outweigh earnings
▼ + stars: | 2022-10-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The New York Stock Exchange building is seen from Broad Street in Lower Manhattan in New York, January 20, 2016. But stocks were unable to hold their gains as strong weekly jobless claims and comments from Federal Reserve Bank of Philadelphia President Patrick Harker bolstered concerns about the Fed hiking rates and potentially tilting the economy into a recession. Better-than-expected results thus far has pushed earnings growth expectations for third-quarter for S&P 500 companies to 3.1% from a 2.8% increase earlier in the week, but still well below the 11.1% increase that was forecast at the start of July. Other data showed sales of existing homes fell for an eight straight month, while another reading showed factory activity in the Federal Reserve Bank of Philadelphia's district contracted again in October. The S&P 500 posted 3 new 52-week highs and 28 new lows; the Nasdaq Composite recorded 53 new highs and 239 new lows.

☆ Wall Street retreats as Fed worries outweigh earnings
▼ + stars: | 2022-10-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

The New York Stock Exchange building is seen from Broad Street in Lower Manhattan in New York, January 20, 2016. But stocks were unable to hold their gains as strong weekly jobless claims and comments from Federal Reserve Bank of Philadelphia President Patrick Harker bolstered concerns about the Fed hiking rates and potentially tilting the economy into a recession. Better-than-expected results thus far has pushed earnings growth expectations for third-quarter for S&P 500 companies to 3.1% from a 2.8% increase earlier in the week, but still well below the 11.1% increase that was forecast at the start of July. Other data showed sales of existing homes fell for an eight straight month, while another reading showed factory activity in the Federal Reserve Bank of Philadelphia's district contracted again in October. The S&P 500 posted 3 new 52-week highs and 23 new lows; the Nasdaq Composite recorded 40 new highs and 204 new lows.

☆ Wall St rises as upbeat corporate forecasts trump UK political shock
▼ + stars: | 2022-10-20 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +4 min

The New York Stock Exchange building is seen from Broad Street in Lower Manhattan in New York, January 20, 2016. Fellow blue-chip stock Verizon Communications Inc (VZ.N) rose 2.3% after peer AT&T Inc (T.N) jumped 9.9% upon raising its annual profit forecast. However, the estimate is still sharply lower than an 11.1% increase that was forecast at the start of July. Advancing issues outnumbered decliners by a 2.38-to-1 ratio on the NYSE and by a 2.09-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and 10 new lows, while the Nasdaq recorded 17 new highs and 104 new lows.

☆ S&P 500 to open lower as UK's Truss resigns as PM
▼ + stars: | 2022-10-20 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The New York Stock Exchange building is seen from Broad Street in Lower Manhattan in New York, January 20, 2016. Truss's economic program had sent shockwaves through global financial markets and divided her Conservative Party just six weeks after she was appointed. Fellow blue-chip stock Verizon Communications Inc (VZ.N) shares added 0.9% after peer wireless carrier AT&T added 3.7% upon raising its annual profit forecast. However, the estimate is still sharply lower than an 11.1% increase that was forecast at the start of July. ET, Dow e-minis were up 19 points, or 0.06%, S&P 500 e-minis were down 5.75 points, or 0.16%, and Nasdaq 100 e-minis were down 39.25 points, or 0.35%.

☆ India's Coforge posts Q2 profit beat as deal wins remain intact
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 20 (Reuters) - Indian IT solutions provider Coforge Ltd (COFO.NS) reported a 37% rise in second-quarter profit on Thursday, beating analysts' estimates, as it won more orders, including large deals. The company's profit of 2.01 billion Indian rupees ($24.3 million) in the quarter was higher than analysts' expectation of 1.97 billion rupees, according to IBES data from Refinitiv. The IT services provider said revenue from operations surged 24.8% year-over-year to 19.59 billion rupees, boosted by big orders from insurance, banking and financial services companies. Coforge said it signed two deals worth over $30 million during the quarter, after securing two large deals, including one worth over $50 million, in the previous quarter. The company's orders intake stayed above $300 million for the third consecutive quarter, clocking $304 million in the latest three-month period.

☆ Wells Fargo says this IT services stock can rally more than 40% from here
▼ + stars: | 2022-10-17 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Cloudflare is poised for a big comeback going forward, according to Wells Fargo. Analyst Andrew Nowinski upgraded the stock to overweight from equal weight, raising his price target to $65 from $62. He also said that a sign of the company's future health could come during its earnings call early next month. He added that this is helping the stock long term, while also making a beneficial short term play through consolidation. "Cloudflare had the best overall results in our 3Q22 Reseller Survey and were +19% net positive (up from +13% in 2Q22).

☆ INDIA STOCKS Indian shares gain as Infosys, banks stocks climb
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 14 (Reuters) - Indian shares were higher in early trades on Friday, led by gains in IT giant Infosys, bank stocks and strength in broader Asia. The NSE Nifty 50 index (.NSEI) was 1.77% higher at 17,315.60 as of 0350 GMT, and the S&P BSE Sensex (.BSESN) climbed 1.86% to 58,297.87. read moreNifty's IT (.NIFTYIT), private sector bank (.NIFPVTBNK) and public sector bank (.NIFTYPSU) indexes were up over 2% each. Two- and three-wheeler maker Bajaj Auto (BAJA.NS), a Nifty- 50 component, was 1% higher ahead of its quarterly earnings results later in the day. Asian shares climbed on Friday following Wall Street, although gains could be shortlived over recession worries after surging U.S. inflation increased likelihood of higher interest rates for longer.

☆ Stocks making the biggest moves premarket: Albertsons, JPMorgan Chase, Beyond Meat and more
▼ + stars: | 2022-10-14 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

JPMorgan Chase (JPM) – JPMorgan Chase shares added 2.3% in the premarket after beating top and bottom line estimates for the third quarter. The bank's results were boosted by higher net interest income, helping offset lower deal-making revenue and higher loan loss reserves. UnitedHealth Group (UNH) – The health insurer rose 1.6% in the premarket after beating top and bottom line estimates for the third quarter and raising its outlook. Nutanix (NTNX) – The cloud computing company's shares surged 15.9% in the premarket after the Wall Street Journal reported that Nutanix is exploring a possible sale. Beyond Meat (BYND) – Beyond Meat slumped 8.7% in the premarket after reducing its revenue outlook and announcing another round of job cuts, pointing to reduced demand for its plant-based meat products and increasing competition.

☆ India's Infosys beats Q2 profit estimates, sets $1.13 bln share buyback
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 13 (Reuters) - India's Infosys Ltd (INFY.NS) on Thursday reported a bigger-than-expected increase in second-quarter profit, boosted by strong demand, and raised its full-year revenue growth forecast. The country's second-largest IT services company by revenue also approved a share buyback worth 93 billion Indian rupees ($1.13 billion). Infosys's raised forecast is in contrast to its rivals, who have issued cautious outlooks so far due to the challenging macro-environment and fears of an economic meltdown in their major markets of the U.S. and Europe. read moreInfosys's consolidated net profit rose 11% to 60.21 billion rupees year-over-year in the quarter ended Sept. 30, beating analysts' average estimate of 57.82 billion rupees, according to Refinitiv data. The company's revenue from operations jumped 23.4% to 365.38 billion rupees.

☆ INDIA STOCKS Indian shares fall as rate hike fears surface; Wipro plunges
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 13 (Reuters) - Indian shares were lower in early trade on Thursday after data showed the country's retail inflation accelerated to a five-month high in September, stoking fears of further rate hikes by the central bank. The NSE Nifty 50 index (.NSEI) fell 0.19% to 17,090.50 as of 0348 GMT, and the S&P BSE Sensex (.BSESN) declined 0.26% to 57,477.01. The country's annual retail inflation jumped to 7.41% last month, as food prices surged, and it remained above the Reserve Bank of India's target for three quarters. Market participants now await U.S. consumer price data due later in the day. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil and Neha AroraOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street is being shortsighted on Meta Platforms, ignoring things that can go right
▼ + stars: | 2022-10-12 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Club holding Meta Platforms (META) seems to be a hated stock on Wall Street no matter what it does. The stock hit a new 52-week low Wednesday, one day after the company unveiled its new Quest Pro headset at its 2022 Meta Connect conference. Quest Pro Starting with the Meta Quest Pro, at $1,500, the headset is targeting a different audience than its Meta Quest 2 counterpart, which starts at $400. Tools and partnerships While the Quest Pro is impressive in its own right, what makes it really intriguing are the tools and partnerships that were announced with it. The Meta Quest Pro headset during the virtual Meta Connect event in New York, US, on Tuesday, Oct. 11, 2022.

☆ India's HCL Technologies raises 2023 revenue growth target on order strength
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 12 (Reuters) - IT services firm HCL Technologies Ltd (HCLT.NS) on Wednesday raised its full-year revenue growth forecast and reported a 7.1% rise in September-quarter profit, helped by a rise in new order wins. The Noida-based company raised its fiscal 2023 revenue growth forecast to 13.5% to 14.5% from 12% to 14% on a constant currency basis, citing strong order bookings and pipeline. Indian IT services companies' profit jumped last year as they rode the pandemic-driven demand, but results this quarter have been mixed. read more read moreRecession-wary U.S. and European clients are expected to tighten their budgets, which will hit profits at Indian IT services firms. HCL said its net profit rose 7.1% to 34.89 billion Indian rupees ($424.18 million) for the second quarter.

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