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☆ J&J expects cancer drugs, medical devices to drive growth in 2023
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

Shares of J&J, which recently spun off its consumer health unit to focus on drugs and medical devices, rose over 1% in premarket trading. The company expects sales at its pharmaceutical unit to grow more in the second half of 2023, compared with the first half. Quarterly sales of its multiple myeloma drug, Darzalex, were $2.43 billion, in line with Wall Street estimates, according to Refinitiv. Second-quarter sales for its medical device unit were $7.79 billion, topping estimates of $7.55 billion. J&J said it now expects adjusted 2023 profit of $10.70 to $10.80 per share, above estimates of $10.65 per share and its prior forecast of $10.60 to $10.70 per share.

Persons: Johnson, Stelara, J, J's, Bhanvi, Anil D'Silva Organizations: Johnson, Wall, Thomson Locations: Kenvue, Bengaluru

☆ Juul seeks US authorization for new e-cigarette
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - Juul Labs said on Wednesday it was seeking U.S. authorization for a new e-cigarette that has age-verification capabilities and prevents the use of unauthorized refill cartridges. In its latest premarket tobacco product application to the U.S. Food and Drug Administration submitted on Tuesday, Juul Labs said it was seeking to sell tobacco-flavored pods at a nicotine concentration of less than 2%. The e-cigarette maker has been in a tussle with the FDA to get its existing products approved after their sale was briefly banned last year following thousands of lawsuits that accused Juul of fueling a teen vaping epidemic. The company, in which Marlboro maker Altria (MO.N) was a former investor, would pursue additional filings to expand its e-cigarette alternatives, while pursuing an appeal of the FDA's stayed decision, a company spokesperson told Reuters. Reporting by Deborah Sophia and Savyata Mishra in Bengaluru; Editing by Shinjini Ganguli and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: FDA's, Deborah Sophia, Savyata Mishra, Shinjini Ganguli, Anil D'Silva Organizations: Juul Labs, U.S . Food, Drug Administration, FDA, Thomson Locations: Britain, U.S, Marlboro, Altria, Bengaluru

☆ Carvana shares surge on plans to cut debt load
▼ + stars: | 2023-07-19 | by ( Nathan Gomes | ) www.reuters.com time to read: +4 min

Companies Carvana Co FollowJuly 19 (Reuters) - Carvana (CVNA.N) shares soared as much as 43% on Wednesday after the troubled used-car retailer struck a deal with most of its term bondholders to cut its outstanding debt by more than $1 billion. Carvana had long-term debt of $6.54 billion as of June end, relatively unchanged from a year earlier. But Carvana has been struggling to sell cars acquired at elevated prices as buyers, hit by inflation and worried about a recession, cut spending. Carvana shares have lost 87% of their value in the past two years. In premarket trading on Wednesday, Carvana's shares rose as high as $57, in what traders said looked like a short squeeze.

Persons: John Zito, Carvana, Ernest Garcia's, Carvana's, Ortex, they're, Dennis Dick, Nathan Gomes, Bansari Mayur, Shivansh, Raechel, Medha Singh, Sriraj Kalluvila, Saumyadeb Chakrabarty, Anil D'Silva Organizations: Triple D, Carvana, Thomson Locations: Bengaluru

☆ AT&T bounces back after it eases fears over lead cable exposure
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - Shares of AT&T (T.N) rose 5% in premarket trading on Wednesday after the telecom company said lead cables made up only a small part of its wireline network, easing fears of an expensive clean-up. Several brokerages including J.P. Morgan and Citi had downgraded AT&T after the report, which said the cables may have contaminated neighboring soil and drinking water sources. AT&T said on Tuesday lead-clad cables "represent less than 10% of its copper footprint of roughly two million sheath miles of cable, the overwhelming majority of which remains in active service." AT&T shares have fallen about 14% since the WSJ report and hit a three-decade low on Monday, while Verizon has lost about 10%. AT&T is scheduled to report its second-quarter results next Wednesday.

Persons: Morgan, Samrhitha, Anil D'Silva Organizations: Verizon, Wall, Citi, Thomson Locations: Bengaluru

☆ Reliance - Jio Financial Services demerger: what you need to know
▼ + stars: | 2023-07-19 | by ( Chris Thomas | ) www.reuters.com time to read: +3 min

Five analysts estimate that Reliance's Jio Financial Services will be valued at 160-190 rupees per share. However, Jio Financial Services' stock will be included in the indexes, including the blue-chip Nifty 50 (.NSEI), but will not trade until it is listed. Jio Financial Services' listing date is widely expected to be announced at Reliance's forthcoming annual general meeting. THE DEMERGERReliance announced last October that it would demerge and list its financial services business - Reliance Strategic Investments - which will be renamed Jio Financial Services (JFS). Reliance shareholders would get one share of Jio Financial Services for holding one share of Reliance.

Persons: Mukesh, Hitesh Sethia, Chris Thomas, Anil D'Silva Organizations: Reliance Industries, Jio Financial, Reliance, National Stock Exchange, Bombay, Exchange, Jio Financial Services, NSE, DEMERGER Reliance, Reliance Strategic Investments, Kamath, ICICI Bank, Macquarie Research, AAA, Thomson Locations: BENGALURU, Bengaluru

INVESTMENT BANKING GAINSInvestment banking was a standout, with net income surging 76% to $2.7 billion. The gains were driven by higher interest payments and leasing revenue, the company said. In another surprise bright spot, the bank's sales and trading revenue outperformed expectations to post a 3% increase in revenue to $4.3 billion. Revenue from fixed income, currencies and commodities trading rose 7% to $2.7 billion from a year earlier. The financial health of consumers underpins BofA's consumer banking unit, where revenue rose 15% to $10.5 billion.

Persons: Wells, Brian Moynihan, David Fanger, BofA, Alastair Borthwick, Borthwick, Manya Saini, Saeed Azhar, Lananh Nguyen, Anil D'Silva, Nick Zieminski Organizations: YORK, Bank of America's, Wall, U.S, . Bank of America, JPMorgan Chase, Federal Reserve, " Bank of America's, Investment, Bank of America, Thomson Locations: U.S, dealmaking, Bengaluru, New York

July 18 (Reuters) - Bank of America (BAC.N) beat Wall Street estimates for second-quarter profit on Tuesday as it earned more from customers' loan payments, while its investment banking business fared better than expected. The bank reported a 7% rise in investment banking fees to $1.2 billion, driven by higher interest payments and leasing revenue, the company said. The bank reported a profit of 88 cents per share in the second quarter, beating analysts' average expectations of 84 cents, according to IBES data from Refinitiv. BofA's net interest income (NII) rose 14% to $14.2 billion in the second quarter. The financial health of consumers underpins BofA's consumer banking unit, whose revenue rose 15% to $10.5 billion.

Persons: Brian Moynihan, Wells, JPMorgan Chase's, Jeremy Barnum, Manya Saini, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: Bank of America, JPMorgan Chase, Federal Reserve, JPMorgan, U.S, Thomson Locations: U.S, Refinitiv, dealmaking, Bengaluru, New York

June 30 (Reuters) - Apple Inc's (AAPL.O) stock market value ended a trading session above $3 trillion for the first time on Friday, lifted by signs of improving inflation and bets that the iPhone maker will successfully expand into new markets. Shares of the world's most valuable company jumped 2.3% to $193.97, giving it a market capitalization of $3.05 trillion, Refinitiv data showed. Reuters Graphics Reuters GraphicsThe Cupertino, California company's market capitalization briefly peaked above $3 trillion in intraday trading on Jan. 3, 2022 before closing the session just below that mark. Apple's $3 trillion milestone follows the June 5 launch of a pricey augmented-reality headset, its riskiest bet since the introduction of the iPhone more than a decade ago. Four other U.S. companies have valuations of more than $1 trillion - Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O), Nvidia and Microsoft Corp (MSFT.O), which follows Apple with a market value of $2.5 trillion.

Persons: Hogan, Riley, Tiyashi Datta, Noel Randewich, Anil D'Silva, Richard Chang Organizations: Apple, Reuters Graphics Reuters, Nvidia Corp, Tesla Inc, Commerce Department, Amazon.com Inc, Nvidia, Microsoft Corp, Tesla, Inc, Thomson Locations: Cupertino , California, Apple's, Bengaluru, Oakland, Calif

☆ Bausch + Lomb to buy Novartis dry-eye drug for $1.75 bln
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: 1 min

June 30 (Reuters) - Bausch + Lomb Corp (BLCO.TO) will purchase a dry-eye drug from Swiss pharma company Novartis (NOVN.S) for $1.75 billion, the companies said on Friday, as the contact lens maker seeks to capitalise on a growing market for the disease's treatment. Acquisition of the drug, Xiidra, will mark the first big deal by CEO Brent Saunders since he returned to the company in March. Sales of the anti-inflammation eye drop Xiidra, mainly from the U.S. market, were $487 million last year, up 4%. The deal will also include potential milestone payments worth up to $750 million. Reporting by Leroy Leo in Bengaluru and Ludwig Burger in Frankfurt; Editing by Anil D'Silva and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent Saunders, Leroy Leo, Ludwig Burger, Anil D'Silva, Vinay Dwivedi Organizations: Lomb, Swiss pharma, Novartis, Thomson Locations: U.S, Bengaluru, Frankfurt

☆ Apple's market value breaches $3 trillion mark again
▼ + stars: | 2023-06-30 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

Shares of Apple, which is also the world's most valuable- listed company, were up 1.6% at $192.6, after touching a record high of $193.15 during the day. They have jumped nearly 46% this year and, at the current price, the company's market value stands at around $3.02 trillion. Apple's market value briefly peaked at above $3 trillion in intra-day trading on Jan. 3, 2022, before closing the session just below that mark. Apple's 12-month forward price-to-earnings multiple (P/E), a common benchmark for valuing stocks, is 29.49, well above the sector median of 13.14, according to Refinitiv data. Currently, four other U.S. companies have a valuation of more than $1 trillion - Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O), Nvidia Corp (NVDA.O) and Microsoft Corp (MSFT.O), which is a close second with a market value of $2.49 trillion.

Persons: Atif Malik, Microsoft's, Tiyashi Datta, Anil D'Silva Organizations: Apple, Citigroup, Federal, Amazon.com Inc, Nvidia Corp, Microsoft Corp, Tesla, Nvidia, Reuters, Thomson Locations: Bengaluru

☆ AI company Runway valued at $1.5 bln in latest funding -source
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - AI company Runway has been valued at $1.5 billion in its latest round of funding, a source familiar with the matter said on Thursday, after it raised $141 million from investors, including Alphabet-owned Google (GOOGL.O) and Nvidia (NVDA.O). The extension to the Series C funding round was also led by Salesforce Ventures and existing investors, the company said in a statement. Runway's software allows users to transform or tweak existing videos or create new videos by using text prompts or images. The company also launched a mobile app earlier this year, giving its users access to its generative AI tools. Reporting by Jaiveer Singh Shekhawat in Bengaluru and Krystal Hu in Toronto; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jensen Huang, Jaiveer Singh, Krystal Hu, Anil D'Silva Organizations: Runway, Nvidia, Salesforce Ventures, Thomson Locations: Bengaluru, Toronto

☆ Lordstown Motors gets Nasdaq delisting notice
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Lordstown Motors (RIDE.O) said on Thursday it had received a delisting notice from the Nasdaq, days after the U.S. electric truck maker filed for bankruptcy protection. The company received the notice from Nasdaq on June 28, notifying its failure to meet listing rules and saying that trading in its class A common stock would be suspended on July 7, 2023, according to a filing. The EV maker filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown accused Foxconn of fraudulent conduct and a series of broken promises in failing to abide by an agreement to invest up to $170 million in the company. Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Lordstown, Taiwan's Foxconn, Tiyashi Datta, Anil D'Silva Organizations: Lordstown Motors, Nasdaq, U.S, Thomson Locations: Bengaluru

☆ U.S. antitrust regulator plans to target Amazon's online marketplace, Bloomberg reports
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - The U.S. antitrust regulator is planning to file a suit targeting Amazon.com's (AMZN.O) core online marketplace in the coming weeks, Bloomberg News reported on Thursday, citing documents and people familiar with the matter. The agency's antitrust case targeting Amazon's online marketplace has been in the works for a long time, according to the report. Amazon got the FTC notice for initial investigation in June 2019, Bloomberg reported, citing documents. Those documents included questions about how using Amazon's warehousing and delivery services impacted third-party sellers’ product placements in its online marketplace, including boxes on the website that give products additional prominence. The two companies had entered into a deal to sell Apple iPhones, iPads and other devices on Amazon's marketplace in 2018.

Persons: Lina Khan's, Joe Biden's, Chavi Mehta, Anil D'Silva, Pooja Desai Organizations: Bloomberg, U.S . Federal Trade Commission, Amazon, Big Tech, FTC, Apple Inc, Apple, Thomson Locations: Bengaluru

☆ AI company Runway valued at $1.5 billion in latest funding
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - AI company Runway has been valued at $1.5 billion in its latest round of funding, a source familiar with the matter said on Thursday, after it raised $141 million from investors, including Alphabet-owned Google (GOOGL.O) and Nvidia (NVDA.O). The extension to the Series C funding round also included Salesforce Ventures and Runway's existing investors, the company said in a statement. Runway's software allows users to transform or tweak existing videos or create new videos by using text prompts or images. The company also launched a mobile app earlier this year, giving its users access to its generative AI tools. Earlier in the day, another AI startup Inflection raised $1.3 billion from Microsoft at a valuation of $4 billion, a source familiar with the matter told Reuters.

Persons: Jensen Huang, Jaiveer Singh, Krystal Hu, Anil D'Silva Organizations: Runway, Nvidia, Salesforce Ventures, Microsoft, Reuters, Thomson Locations: Bengaluru, Toronto

☆ Australia's Medibank faces fourth class-action lawsuit over cyberattack
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Australia's Medibank Private Ltd (MPL.AX) said on Thursday it was facing a fourth shareholder class-action lawsuit over a cyberattack incident last year that exposed the personal data of 9.7 million current and former customers. Earlier in the week, the country's banking regulator told Medibank to set aside A$250 million ($165.30 million) in extra capital, something analysts believe will affect the firm's ability to pay capital returns to shareholders. The proceedings were filed by Sydney-based law firm Phi Finney McDonald on behalf of people who held interest in Medibank shares between Sept. 10, 2020 and Oct. 25, 2022. The company intends to defend the proceedings, it said in a statement. ($1 = 1.5124 Australian dollars)Reporting by Poonam Behura in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Medibank, Phi Finney McDonald, Poonam, Anil D'Silva Organizations: Sydney, Thomson Locations: Bengaluru

☆ BlackRock says AI 'mega-force' to buck tough macro trend
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

June 28 (Reuters) - Shares of AI-focused companies will be a major driver of returns for developed markets in a tough economic environment, BlackRock Investment Institute said, citing an unusually concentrated rally in a handful of technology stocks. "We think this unusual equity market shows a mega force like AI can be a big driver of returns even when the macro environment is not your friend," BlackRock Investment Institute's team wrote in a mid-year outlook note. The institute, an arm of the world's biggest asset manager, has an over-weight allocation for AI-related shares in developed markets. "We think this is an environment that is going to persist," Jean Bovin, Head of the BlackRock Investment Institute told reporters on Wednesday. BlackRock said it expects central banks in developed economies to keep rates steady at a high level regardless of possible episodes of financial instability.

Persons: Jean Bovin, BlackRock, Susan Mathew, Davide Barbuscia, Sinead Carew, Anil D'Silva, Barbara Lewis Organizations: BlackRock Investment Institute, Investment, Thomson Locations: BlackRock, Japan, Bengaluru, New York

☆ PE firm Arcline tops KKR's offer for Circor as bidding war intensifies
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

June 28 (Reuters) - Private equity firm Arcline Investment Management on Wednesday proposed to buy Circor International (CIR.N) for $57 per share in cash, topping a rival bid from KKR & Co (KKR.N) for the industrial machinery maker. Circor, which makes flow-control products to help manage and control liquids and gases, did not respond to a Reuters request for comment. Arcline's funds own a direct competitor of Circor called Fairbanks Morse Defense, a provider of diesel engines and equipment to the U.S. Navy, KKR said. It said its bid was supported by financing from BMO Capital Markets Corp and Bank of Montreal. Circor too had said on Tuesday that KKR offered more financing certainty as well as a clearer and faster path to antitrust approvals.

Persons: Arcline, Circor, Priyamvada, Pratyush Thakur, Dhanya Ann Thoppil, Anil D'Silva, Arun Koyyur Organizations: Arcline Investment Management, Circor, KKR & Co, KKR, Fairbanks Morse Defense, U.S . Navy, Defense Industrial Base, BMO Capital Markets Corp, Bank of Montreal, BMO Capital Markets, Thomson Locations: Circor, Bengaluru

☆ Canada's grocery industry needs more players to tame inflation - competition bureau
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - More players in Canada's grocery sector are crucial to combat soaring prices of essential goods amid persistent inflation, the country's competition watchdog said in a report on Tuesday. The report is the result of a months-long investigation by the Competition Bureau Canada as stubbornly high grocery prices weigh on the cost of living. These operators have also faced pressure from Canada's opposition New Democrats Party (NDP) for high grocery prices. Domestic retail giants have benefited from demand for essential grocery items, even as the prices of store-bought food outpaced the annual inflation rate for 10 consecutive months last year. Government data on Tuesday showed that grocery prices continued to surge, rising 9% year-over-year in May, while remaining nearly unchanged from the increases recorded in April.

Persons: Juveria, Anil D'Silva Organizations: Competition Bureau Canada, Metro, New Democrats Party, Domestic, NDP, Thomson Locations: Australia, Bengaluru

☆ Faraday Future investors commit $90 million in funding
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Faraday Future Intelligent Electric (FFIE.O) has received $90 million in funding commitment from its existing investors, the electric-vehicle startup said on Tuesday, sending its shares up about 5%. The company, which had last year raised going-concern doubts, said its investors will also speed up the $15 million funding commitment made earlier. The production of FF 91 began in March in its California factory although there are concerns over potential delays in delivery. The funding support comes as peer EV start-up Lordstown Motors (RIDE.O) filed for bankruptcy protection and sued investor-partner Foxconn for failing to keep certain contractual promises. The company, which had last month announced plans to raise $100 million in debt, said in an exchange filing that it will continue to look for additional funding sources.

Persons: Foxconn, Faraday, Yuvraj Malik, Anil D'Silva Organizations: ATW Partners, Senyun International, FF, EV, Lordstown Motors, Thomson Locations: California, Bengaluru

☆ Manchester United raises annual forecast amid Champions League return
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

[1/4] Soccer Football - Carabao Cup - Final - Manchester United v Newcastle United - Wembley Stadium, London, Britain - February 26, 2023 Manchester United's Antony and Bruno Fernandes celebrate with the trophy after winning the Carabao Cup REUTERS/Hannah Mckay/File PhotoJune 27 (Reuters) - Manchester United (MANU.N) on Tuesday raised its forecasts for annual revenue and adjusted profit, betting on strong commercial and matchday income as the English football club returns to the UEFA Champions League. Manchester United, which is currently in talks to sell itself, said it was expecting revenue of between 630 million pounds ($801.6 million) and 640 million pounds, compared with its previous forecast of between 590 million pounds and 610 million pounds. There were no updates on the deal from Manchester United on Tuesday and its U.S.-listed shares fell 1.4% in premarket trading. Manchester United also raised its adjusted profit forecast to between 140 million pounds and 150 million pounds for the year, compared with its previous forecast of between 125 million pounds and 140 million pounds. For the third quarter ended March 31, net loss stood at 5.6 million pounds, compared with 27.7 million pounds in the same period last year.

Persons: Manchester United's Antony, Bruno Fernandes, Hannah Mckay, Glazer, Sheikh Jassim bin Hamad, Jim Ratcliffe, Thomas Zilliacus, Eva Mathews, Anil D'Silva Organizations: Soccer, Manchester United, Newcastle United, Wembley, Carabao, REUTERS, English, UEFA Champions League . Manchester United, Reuters, Thomson Locations: London, Britain, Manchester, U.S, Sheikh, Thani, Qatar, British, Qatari, Bengaluru

Goldman Sachs on Monday cut Tesla to "hold" equivalent rating, joining Morgan Stanley and Barclays, which downgraded the stock last week. The brokerages, however, raised their price targets to reflect the momentum in Tesla shares, which have soared 71% since late April and more than doubled this year. The EV maker's shares were last down 1.2% in morning trading on Monday. Tesla's market capitalization of $813.29 billion far outstrips that of Japan's Toyota (7203.T), which is the next biggest global car company by market value. However, the brokerages reiterated that they saw strong growth ahead with Tesla remaining a global EV leader.

Persons: Goldman Sachs, Tesla, Morgan, Japan's, Goldman, Mark Delaney, Morgan Stanley, Jefferies, Aniruddha Ghosh, Susan Mathew, Anil D'Silva Organizations: Tesla Inc, EV, Morgan Stanley, Barclays, EV maker's, Japan's Toyota, Intelligence, Ford, General Motors, Truist Securities, Tesla, Thomson Locations: China, Bengaluru

☆ Fox News says Jesse Watters to succeed Tucker Carlson as host of key prime-time slot
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Fox News said on Monday that network veteran Jesse Watters would be the host of a key prime-time slot left vacant by the exit of top-rated host Tucker Carlson. Watters will move to the 8 p.m. slot, starting July 17, with his opinion program "Jesse Watters Primetime", which was launched last year as a 7 p.m. show, Fox News said. Carlson's talk show, "Tucker Carlson Tonight," was the highest-rated cable news program among the same demographic on the most-watched U.S. cable news network. In the weeks following Carlson's departure, Fox had filled the 8 p.m. slot with "Fox News Tonight," which was hosted by a rotating crew of Fox News personalities. Reporting by Akriti Sharma and Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jesse Watters, Tucker Carlson, Carlson, Watters, Fox, Donald Trump, Mark Cuban, Laura Ingraham, Greg Gutfeld, Sean Hannity, Akriti Sharma, Akash Sriram, Anil D'Silva Organizations: Fox News, Fox Corp, Dominion Voting Systems, Thomson Locations: Bengaluru

☆ Starbucks workers at over 150 stores to go on strike over Pride decor dispute
▼ + stars: | 2023-06-23 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

June 23 (Reuters) - More than 3,000 workers at over 150 Starbucks (SBUX.O) stores in the United States will go on strike next week, the union representing the coffee chain's baristas said on Friday, following claims that the company had banned Pride Month decorations at its cafes. The strikes were also aimed at protesting against employees' treatment at Starbucks and pushing for a fair labor contract covering better pay and benefits, the Starbucks Workers United union added. The call for a strike comes days after the union said Starbucks had taken down some Pride Month decorations and flags at several stores, a matter that was also discussed by some workers on social media. Starbucks Workers United said on Friday the company's Seattle Roastery - located just nine blocks from Starbucks' first ever store at the Pike Place Market - was kicking off the nationwide strike, dubbed "Strike with Pride". Pride Month celebrations, with Pride Parades set to take place on Sunday in several major cities including New York, San Francisco, Seattle and Chicago.

Persons: baristas, Busch, Bud, Deborah Sophia, Shinjini Ganguli, Anil D'Silva Organizations: Starbucks, Starbucks Workers United, ., Pride, U.S, Target, Anheuser, Starbucks Workers, Seattle, Thomson Locations: United States, Pike, New York, San Francisco, Seattle, Chicago, Bengaluru

The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, Russell Dreisenstock of Prosus, and Chan Zuckerberg Initiative's Vivian Wu mean Byju's board now only comprises the founder's family. In a statement to Reuters on Friday, Byju's said it is in discussions with investors about reshaping the board, including the addition of independent directors. A "few" investors had to vacate their board seats as their shareholding dropped below the required minimum threshold, necessitating a board reshuffle, it said. The confirmation of the resignations comes after Reuters and other media outlets reported on Thursday that three Byju's board members had quit recently. On Friday, sources told Reuters that the edtech was asking its three global investors to reconsider their decision to quit its board.

Persons: Russell Dreisenstock, Chan Zuckerberg, Vivian Wu, Byju's, Akriti Sharma, Shivani Tanna, Shounak Dasgupta, Anil D'Silva Organizations: GV, XV Partners, Sequoia Capital, Blackrock, Reuters, Deloitte, Thomson Locations: Sequoia, Sequoia Capital India, Bengaluru

☆ U.S. equity funds see biggest outflow in 12 weeks
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

June 23 (Reuters) - U.S. equity funds recorded their biggest outflows in 12 weeks for seven days ended June 21 as the Federal Reserve's hawkish stance sparked worries of more rate hikes this year. Investors offloaded U.S. equity funds worth a net $16.47 billion in their biggest weekly net selling since March 29. They had bought into funds worth $19.7 billion just a week ago. U.S. equity funds of all sizes recorded outflows, with large caps losing $7.54 billion, small caps shedding $2.63 billion, multi caps giving up $1.04 billion and mid caps dropping $138 million. Reuters Graphics Reuters GraphicsU.S. money market funds also recorded $21.14 billion worth of outflows, in a second consecutive week of net selling.

Persons: Jerome Powell, financials, Gaurav Dogra, Anil D'Silva Organizations: Federal, Investors, Reuters Graphics Reuters, Reuters Graphics Reuters Graphics U.S, Thomson Locations: U.S, Patturaja, Bengaluru

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