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July 26 (Reuters) - ServiceNow (NOW.N) reported quarterly revenue above Wall Street estimates on Wednesday, boosted by a growing demand for its artificial intelligence solutions. The rising demand for workflow automation and the company's continued efforts to expand its portfolio with new generative AI solutions helped drive growth. The company forecast third-quarter subscription revenue in the range of $2.19 billion to $2.20 billion. ServiceNow's overall subscription revenue for the quarter was $2.15 billion, higher than analysts' average estimate of $2.13 billion, according to Refinitiv data. On an adjusted basis, the company earned $2.37 per share during the quarter, compared with a profit estimate of $2.05 per share, according to Refinitiv.
Persons: Bill McDermott, ServiceNow, Yamini Kalia, Tanya Jain, Pooja Desai Organizations: Nvidia, Accenture, Thomson Locations: Bengaluru
[1/2] India's Prime Minister Narendra Modi speaks during a meeting at The Ministry of Foreign Affairs in Paris France July 14, 2023. Modi's Bharatiya Janata Party (BJP) has a clear majority of 301 members in the 542-seat lower house of parliament, so the no-confidence vote will not affect its stability. Approving the opposition motion, lower house speaker Om Birla said he would soon decide when the debate and vote would take place. As head of the government, he will have to respond to the no-confidence motion before it is put to vote. Shashi Tharoor, a leader of the main opposition Congress party, said the government must invest time to answer questions about Manipur.
Persons: Narendra Modi, JULIEN DE ROSA, Narendra Modi's, Om Birla, Modi, Amit Shah, Shashi Tharoor, Tharoor, Zarir Hussain, YP Rajesh, John Stonestreet, Barbara Lewis Organizations: India's, The Ministry of Foreign Affairs, Modi's Bharatiya Janata Party, BJP, Manipur, Reuters, YP, Thomson Locations: Paris France, Manipur, DELHI, BJP, Guwahati
July 26 (Reuters) - Contract chipmaker Tower Semiconductor topped second-quarter revenue estimates on Wednesday on the back of solid demand from the automotive industry, sending its U.S.-listed shares up 12.7%. Israel-based Tower provides customers with analog and mixed-signal semiconductors, mainly for the automotive and consumer industries. Its revenue came in at $357 million for the quarter ended June 30, higher than the $354.53 million expected by analysts, according to Refinitiv data. Tower reported net income per share of 46 cents, falling slightly short of analysts' estimates of 49 cents per share. During the quarter, the company repaid $10 million of its debt, as compared with $27 million in the first quarter of 2023.
Persons: carmakers, Tanya Jain, Yamini, Shailesh Organizations: Semiconductor, Intel, Thomson Locations: Israel, Bengaluru
Likely corporate dollar inflows related to an Indian conglomerate was the major driver for the rupee's move, traders and analysts said. There are possibilities of central bank intervention given that it has previously bought dollars in the 81.85-81.90 range, said Dilip Parmar, research analyst at HDFC Securities. The appreciation in the rupee is also on the moderate side given the rise in the dollar index, Parmar said. The dollar inflows into equities have also been helping the rupee, traders added. The dollar index , on the other hand, has recovered from 15-month lows hit last week and was up 0.2% on Monday.
Persons: Dilip Parmar, Parmar, India's, Avni Jain, Sonia Cheema Organizations: U.S ., HDFC Securities, Reserve Bank of India, U.S . Federal, European Central Bank, Bank of, FX, HDFC Bank, Sethuraman NR, Thomson Locations: BENGALURU, Bengaluru
July 24 (Reuters) - Cadence Design Systems Inc (CDNS.O) on Monday raised its full-year revenue forecast to slightly above Wall Street estimates, as a surge in artificial intelligence (AI) innovation fueled demand for custom semiconductor design. But the company's current quarter forecast had a midpoint slightly below analyst estimates, sending shares down 4.4% at $230.60 in after-hours trading. Cadence forecast full-year revenue between $4.05 billion and $4.09 billion, largely above analysts' average estimate of $4.06 billion, according to Refinitiv data. But the company gave a revenue forecast of $995.5 million in the current quarter, below Refinitiv estimates of $1.01 billion. Chief Executive Anirudh Devgan said one of the company's large customers recently used its AI software to improve chip power efficiency.
Persons: Anirudh Devgan, Devgan, Tanya Jain, Akash Sriram, Devika Syamnath, Chris Reese Organizations: Cadence Design Systems, Nvidia, Devices, Cadence, Revenue, Synopsys Inc, Thomson Locations: Bengaluru
[1/3] Protestors hold placards as they attend a protest against the alleged sexual assault of two tribal women in the eastern state of Manipur, in New Delhi, India, July 21, 2023. REUTERS/Adnan AbidiNEW DELHI, July 21 (Reuters) - Women in India's northeastern state of Manipur attacked the house of the main suspect in a sexual assault case that has enraged the nation, police said on Friday. The sexual assault took place over two months ago but it captured national attention after a short video went viral on social media earlier this week. The main suspect, a resident of violence-hit Manipur state, was arrested on Thursday hours after Prime Minister Narendra Modi condemned the alleged sexual assault as "shameful" and promised tough action. The sexual assault was reported by the victims in May after ethnic clashes began in Manipur.
Persons: Adnan Abidi, Narendra Modi, Hemant Pandey, Radhika Burman, Modi, Mallikarjun Kharge, Rupam Jain, Kim Coghill Organizations: REUTERS, Bharatiya Janata Party, BJP, Thomson Locations: Manipur, New Delhi, India, DELHI, Imphal, Kolkata
Abbott CEO Robert Ford said the great momentum in device and diagnostics sales during the quarter was due to improving market conditions in healthcare. Rival J&J's (JNJ.N) medical device segment also topped estimates, aided by a recovery in demand for medical procedures. Shares of rival medical device makers Medtronic (MDT.N) and Boston Scientific Corp (BSX.N) rose nearly 3%. Abbott clocked quarterly sales for its medical devices at $4.3 billion, with $1.3 billion coming from diabetes device Freestyle Libre, beating analysts' estimates of $4.10 billion. Abbott's adjusted profit of $1.08 per share in the quarter beat analysts' estimates of $1.05.
Persons: Robert Ford, J, Shagun Singh, Abbott, Khushi Mandowara, Pooja Desai Organizations: Abbott Laboratories, RBC Capital Markets, Boston Scientific Corp, U.S, Thomson Locations: Michigan, Bengaluru
2013 was the first year when over half of all student loans carried a balance greater than originally borrowed. The 2020 student loan repayment pause shook up this unhealthy dynamic. But student loan repayment had been dwindling for at least a decade before the pause. But an important additional source of student loan misery is the widening and diversifying nature of the Americans who take them out. Our student debt research uses credit reports, both from an annual, representative cross-section of student borrowers and from a single group of borrowers we’ve been following since 2009.
Persons: couldn’t, Laura Beamer, Marshall Steinbaum, doesn’t, It’s, , Biden, we’ve, they’re, , Bill, Organizations: Jain, Institute, University of Utah, White, American, Black, Women, Congress, Department of Education
July 11 (Reuters) - Several Canadian companies and government agencies have stopped advertising on Facebook and Instagram after Meta Platforms (META.O) decided to stop news access on the apps over a law that requires payments to local news publishers. The "Online News Act", which was approved by the Canadian parliament and received a royal assent on June 22, prompted a similar response from Google-parent Alphabet (GOOGL.O). Below is a list of companies that have paused advertising on Meta's social media platforms:Reporting by Tanya Jain and Jaspreet Singh in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.
Persons: Tanya Jain, Jaspreet Singh, Shilpi Majumdar Organizations: Facebook, Meta, Google, Thomson Locations: Bengaluru
Ex-Millennium exec Bobby Jain is preparing to launch one of the most anticipated hedge funds in history. An exit agreement barring Jain from hiring ended at the beginning of this month. Former Millennium executive Bobby Jain has made his first major hire as he lays the groundwork for what Wall Street professionals are expecting to be one of the largest ever hedge fund launches. Before BofA, Barton was COO at Meru Capital and Old Lane; he started his career at Morgan Stanley. His exit agreement prohibited him from officially hiring until the end of last Month.
Persons: Bobby Jain, Jain, Jonathan Barton, Izzy Englander's, Barton, Morgan Stanley, Michael Gelband, Gelband, ExodusPoint, It's Organizations: Millennium, Wall, Management, of America, Meru, Bank of America, Credit Suisse, ExodusPoint, Wall Street Locations: BofA, Meru Capital
Comcast president Cavanagh shakes up NBCUniversal leadership
  + stars: | 2023-07-06 | by ( ) www.reuters.com   time to read: +1 min
Cavanagh, who has been running NBCUniversal since April, said he would continue to lead the division as president of Comcast and not name a new CEO. In his first major action since taking the helm of the unit, Cavanagh also named Mark Lazarus as chairman of NBCUniversal Media Group while Cesar Conde will expand his role as head of the news division to oversee NBCUniversal Local and Telemundo Enterprises Group. Pearlena Igbokwe will continue to lead the four TV studios under the Universal Studio Group umbrella. Cavanagh took charge after Jeff Shell left following the acknowledgment of an inappropriate relationship with a woman in the company. Before his role as president, Cavanagh had served as the finance chief.
Persons: Mike Cavanagh, Donna Langley, Cavanagh, Mark Lazarus, Cesar Conde, Pearlena Igbokwe, Jeff Shell, Akash Sriram, Tanya Jain, Dawn Chmielewski, Sriraj Organizations: NBCUniversal, Group, Reuters, Comcast, NBCUniversal Media, NBCUniversal Local, Telemundo Enterprises Group, Universal Studio Group, Thomson Locations: Bengaluru, Dawn, Los Angeles
[1/4] Simran Ahlawat, a wrestler, practices wrestling with another male wrestler at an akhara in New Delhi, India, June 19, 2023. The Dahiyas, along with nine female wrestlers and their parents to whom Reuters spoke, were determined that none of the young women would give up the sport, however. Instead, they are setting their eyes on WFI elections set for July to achieve their demand for reforms of a system that provides guidance to more than 53,000 young female wrestlers. "I can assure you that every girl will feel protected and we are working towards addressing all the concerns raised by female wrestlers," Sports Minister Anurag Thakur told Reuters. Yet in Haryana, home to more than 5,000 large and small wrestling schools with a history of turning out some of India's top female athletes, women wrestlers expressed dismay.
Persons: Simran Ahlawat, aghast, Brij Bhushan Sharan Singh, Narendra Modi's, Singh, Mona Dahiya, Deepika, Virendra Singh, Rajesh Ahlawat, Anurag Thakur, Anjani Kashyap, Rupam Jain, Clarence Fernandez Organizations: REUTERS, KHARKHODA, Wrestling Federation of India, Reuters, Sports Authority of, Sport, Rights Alliance, International Olympic Committee, Thomson Locations: New Delhi, India, Haryana, Kharkhoda, Sports Authority of India
The repayment poses risks to the economy, with consumer spending likely to be reduced. On Friday, the Supreme Court ruled that Biden's plan to cancel up to $20,000 in student debt will be struck down. But they're a weight, it's about 20 million student-loan borrowers that haven't been paying, they'll have to begin paying more or less in September," Zandi said. White House Principal Deputy Press Secretary Olivia Dalton was asked this week about how the student-loan payment resumption could impact consumer spending. And his concerns are broader than just a contraction in consumer spending.
Persons: , Joe Biden's, Mark Zandi, haven't, Zandi, that's, Ethan Harris, Morgan Stanley, Olivia Dalton, Dalton, Marshall Steinbaum Organizations: Education Department, Service, Moody's, CNBC, Bank, Bank of, UBS, White, Politico, Family Institute, University of Utah Locations: Wall
The company, Marion Biotech, bought the ingredient — propylene glycol (PG) — from trader Maya Chemtech India, as reported by Reuters. "Marion bought commercial-grade propylene glycol," said a second source, an investigator, who declined to be named while the inquiry is ongoing. International standards allow only trace amounts of EG and DEG in pharmaceutical-grade propylene glycol. The toxins were found in cough syrups exported to Gambia by the other Indian company, Maiden Pharmaceuticals. India made it mandatory for companies to have their cough syrups tested before export from June.
Persons: Marion, Deepak Sharma, Max, Vijay Kumar, Tuhin Bhattacharya, Mool Singh, Atul Rawat, Jaya Jain, Sachin Jain, Rohan Gupta, syrups, Maiden, Saurabh Sharma, Krishna, Jennifer Rigby, Olzhas, Sara Ledwith, Michele Gershberg, Deepa Babington Organizations: Reuters, Marion Biotech, Indian, EG, World Health Organization, Authorities, . Police, Marion, Court, Maya, Maiden Pharmaceuticals, WHO, Thomson Locations: DELHI, Uzbekistan, India, Delhi, Marion, Uttar Pradesh, Allahabad, Gambia, Indonesia, London, Almaty
June 28 (Reuters) - Hua Hong Semiconductor (1347.HK) said on Wednesday China IC Fund II would participate in a proposed RMB share issue as a strategic investor by subscribing for RMB shares worth 3 billion yuan ($414.15 million), subject to allotment. China's second-largest chip foundry has established an independent board committee to consider and advise its independent shareholders as to whether the terms of the China IC Fund subscription are fair and reasonable, it said. The company said it expects the RMB share issue to enable it to enhance its production capacity and research and development capability, among other things. The Shanghai-based chipmaker had in May received Shanghai Stock Exchange's approval for a planned public share sale worth $2.6 billion, which would be the year's biggest mainland listing so far. ($1 = 7.2437 Chinese yuan renminbi)Reporting by Echha Jain in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.
Persons: chipmaker, Echha Jain, Shilpi Majumdar Organizations: Hua Hong Semiconductor, HK, China IC, China IC Fund, Shanghai Stock, Thomson Locations: China, Shanghai, Bengaluru
Student-loan payments are set to resume in October. Bank of America and Morgan Stanley highlighted the strain borrowers will face. 34% of surveyed borrowers don't think they can afford the payments at all, Morgan Stanley said. Morgan Stanley survey on student-loan payments. Morgan StanleyAnd a Monday note from Morgan Stanley researchers said that just 29% of federal student-loan borrowers are confident they'll be able to afford payments without adjusting spending in other areas.
Persons: Morgan Stanley, , Joe Biden's, Donald Trump, Biden, Ethan Harris, Harris, Marshall Steinbaum, Miguel Cardona, Cardona, Ro Khanna Organizations: Bank of America, Service, Joe Biden's Education Department, " Bank of, Family Institute, University of Utah, Senate, Twitter Locations: California
MUMBAI, June 25 (Reuters) - India's federal government on Sunday ordered the chief minister of Manipur state to "work harder" to restore peace as violence between ethnic groups has not subsided for over 50 days despite a heavy security presence. "I have been advised by the home minister to work harder towards restoring lasting peace in Manipur," said N. Biren Singh, chief minister of the northeastern state after he was summoned to New Delhi for talks with Home Minister Amit Shah. At least 80 people have been killed and more than 40,000 forced to flee their homes after clashes broke out in Manipur on May 3 between rival ethnic groups. Human rights groups say Modi's government and party have failed to do more to end ethnic tensions. "I have been asked to further open channels of communication with all the stakeholders so that we are able to bring permanent peace in the state," Singh said.
Persons: Biren Singh, Amit Shah, Shah, Singh, Narendra Modi's, Sriram, Rupam Jain, Giles Elgood Organizations: Sunday, Thomson Locations: MUMBAI, Manipur, New Delhi, Kuki
Lordstown Motors founder sells remaining stake in EV startup
  + stars: | 2023-06-22 | by ( ) www.reuters.com   time to read: +1 min
June 22 (Reuters) - Lordstown Motors (RIDE.O) founder and former CEO Stephen Burns has sold his entire stake in the electric-vehicle maker, according to a regulatory filing. The company in May implemented a reverse stock split to comply with Nasdaq's minimum $1 listing requirement and appease investor Foxconn (2317.T) that had threatened to scrap a $170 million funding in the cash-strapped company. Burns has sold his stake in three transactions between May and June, about 581,000 shares were divested before the reverse stock split and 791,572 shares after, the filing on Wednesday showed. The EV startup declined to comment on the stake sale. Earlier this month, Lordstown Motors said it planned to take legal action against Taiwanese contract manufacturer Foxconn to ensure the planned purchase of nearly 10% of the company's shares was not derailed.
Persons: Stephen Burns, Foxconn, Burns, Julio Rodriguez, Hindenburg, Lordstown, Hindenburg's, Tanya Jain, Shinjini Organizations: Lordstown Motors, Thomson Locations: Bengaluru
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInfrastructure is the best part of India's story, says GQG Partners' CIO Rajiv JainRajiv Jain, GQG Partners chairman and chief investment officer, joins 'Power Lunch' to discuss investing in India and more.
Persons: GQG, Rajiv Jain Rajiv Jain Organizations: Infrastructure, GQG Partners Locations: India
Ms. Musselwhite doesn’t know how much her monthly payments will be, but she’s thinking about where she might need to cut back — and her partner’s student loan payments will start coming due, too. Then it began to shrink, as those who continued loan payments were able to make progress while interest rates were set at zero. A greater share of Black families with children were eligible than white and Hispanic families, although their prepandemic monthly payments were smaller. (That reflects Black families’ lower incomes, not loan balances, which were higher; 53 percent of Black families were also not making payments before the pandemic.) Economists at the University of Chicago found that rather than paying down other debts, those eligible for the pause increased their leverage by 3 percent on average, or $1,200, compared with ineligible borrowers.
Persons: Musselwhite, Beamer Organizations: Institute, Federal Reserve, University of Chicago
Nio and peers Xpeng and Li Auto are among those competing to grab a larger EV market share in the world's largest automotive market dominated by BYD (002594.SZ). Under the deal, Nio will issue about 85 million new Class A shares at $8.72 per share to CYVN Holdings. CYVN has also entered into a deal with an affiliate of Tencent Holdings (0700.HK), under which it will pick up some shares of Nio. Nio said it will pursue global business opportunities jointly with CYVN following the closing of the investment deal. Its cash and cash equivalents fell to 14.76 billion yuan ($2.15 billion) in the first three months of the year from 19.89 billion yuan at end of the fourth quarter of 2022.
Persons: Xpeng, Li, Nio, CYVN, Akash Sriram, Tanya Jain, Shailesh Organizations: CYVN Holdings, Nio Inc, Li Auto, Nio's, Tencent Holdings, HK, CYVN, Thomson Locations: Abu Dhabi, BYD, Nio's U.S, Nio, Bengaluru
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShipping congestion from the Covid consumption boom is behind us, says HSBCParash Jain of HSBC discusses the resumption of normalcy in logistics and emission targets in the industry.
Organizations: Shipping, HSBC Parash Jain, HSBC
Student-loan payments, and interest, have been on pause for over three years. Interest has been a key driver of surging student-loan balances due to capitalization. "I feel like I've actually been responsible, and I've paid a considerable amount of money on my student loans," Wise said. "The only policy that has ever ended this debt cycle is the repayment pause, and the cycle is all but guaranteed to restart once the repayment pause comes to an end." "It would be political malpractice to have students repay student loans under Biden when Trump provided the relief," California Rep. Ro Khanna told The Washington Post.
Persons: , David Wise, I've, Wise, Miguel Cardona, Joe Biden, Biden, " Cardona, Trump, Ro Khanna Organizations: Service, Education Department, Supreme, Jain, Institute, Federal Student Aid, Congress, Democratic, Biden, Washington Post Locations: California
India's Modi seeks African Union's full membership in G20
  + stars: | 2023-06-18 | by ( ) www.reuters.com   time to read: +1 min
Modi's proposal to grant the African Union full membership in the G20 demonstrates India's commitment to strengthening Africa's representation and partnership in shaping global affairs, the source said. "This will be a right step towards a just, fair, more inclusive and representative global architecture and governance," the source said of the African Union proposal. "(The) prime minister is a strong believer in having a greater Voice of the Global South countries on international platforms, particularly of African countries." The African Union (AU) is a continental body consisting of 55 member states. India began its year-long presidency of the G20 in December last year and will host the summit later this year.
Persons: Narendra Modi, Rupam Jain, Lincoln Organizations: Indian, African Union, European Union, United Nations, World Health Organization, World Bank, IMF, Global, Thomson Locations: DELHI, India, Bangladesh, Singapore, Spain, Nigeria
India eases curfew in violence-hit Manipur
  + stars: | 2023-06-18 | by ( Zarir Hussain | ) www.reuters.com   time to read: +2 min
GUWAHATI, India, June 18 (Reuters) - Indian authorities said on Sunday they had started to relax a curfew imposed in violence-hit Manipur after 45 days of civil unrest in the north-east state, seeking to reduce anger spilling onto the streets and restore normalcy. Meiteis, the dominant community in the low lands of the state, who account for half of state's population, demand extension of limited affirmative action quotas to them. But Kukis fear it would mean Meiteis would get a greater share in education and government jobs reserved for them. "We believe that if the prime minister takes action, then peace in Manipur can be restored in 24 hours," said Nimaichand Luwang, an opposition lawmaker in Manipur. A senior home ministry official in New Delhi said at least 32,000 security forces will continue to support local police until normalcy is restored.
Persons: Diana Devi, Narendra Modi's, Modi, Nimaichand Luwang, Rupam Jain, Lincoln Organizations: Thomson Locations: GUWAHATI, India, Manipur, Imphal, Myanmar, Meiteis, New Delhi
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