SVB Financial to sell investment platform business SVB Capital
(Reuters) - Collapsed U.S. lender SVB Financial Group said on Thursday that an entity affiliated with Pinegrove Capital Partners will acquire its investment platform business, SVB Capital. Pinegrove Capital Partners, backed by permanent capital fro...
2h ago
Global hedge funds chase Hong Kong stocks rally, UBS says
By Summer Zhen HONG KONG (Reuters) - Global hedge funds that use an equities long-short strategy are growing increasingly bullish on China, evidenced by the heavy pick-up in their purchases of Hong Kong-listed shares, UBS Group said in a note. Hong...
2h ago
Asian stocks surge on tech boost; yen extends gains to cap wild week
By Ankur Banerjee SINGAPORE (Reuters) - Asian stocks rallied on Friday after Apple's record $110 billion share buyback plan lifted the tech sector, while the yen put more distance from recent 34-year lows to cap a tumultuous week that saw suspected...
3h ago
Oil steadies, heads for weekly drop on U.S. economy worries
By Laila Kearney (Reuters) - Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caus...
4h ago
Ferrari appeals to traditional base with two new V12 cars
MILAN (Reuters) - Luxury sports car maker Ferrari has unveiled two new models, the 12Cilindri and the 12Cilindri Spider, appealing to lovers of its most powerful roaring petrol engines. The two cars, showcased at an event in Miami on Thursday eveni...
5h ago
Live Nation's revenue beats estimates as boom in concerts drive ticket sales
(Reuters) - Ticketmaster parent Live Nation Entertainment beat estimates for first-quarter revenue on Thursday, driven by the popularity of live events such as concerts, sending its shares up more than 3% in aftermarket trading. High ticket prices ...
6h ago
Apple sales fall less than expected, CEO sees return to growth
By Stephen Nellis, Max A. Cherney and Yuvraj Malik (Reuters) -Apple on Thursday reported a smaller than expected decline in quarterly revenue, and Chief Executive Tim Cook told Reuters the company expects a return to sales growth in the current quarter...
7h ago
Australia's Macquarie posts 32% fall in full-year profit
(Reuters) - Australia's Macquarie Group posted a 32% drop in its full-year profit on Friday due to weaker performance across its commodities, global markets and asset management businesses. The financial conglomerate's profit attributable for the y...
7h ago
Egan Jones recommends Ancora's board nominees in Norfolk Southern proxy fight
(Reuters) - Proxy advisory firm Egan Jones said on Thursday that it recommended Norfolk Southern shareholders vote for activist investor Ancora's nominees to the company's board and backed a CEO change at the railroad. The advisory firm said it fav...
7h ago
DoJ seeks more details from U.S. Steel, Nippon Steel on proposed merger
(Reuters) - The U.S. Department of Justice is seeking more details and documentary materials as part of an antitrust review of Nippon Steel's proposed $15 billion takeover of U.S. Steel, the American firm said on Thursday. Commonly known as a "seco...
7h ago
Booking reports higher quarterly profit on international travel demand
(Reuters) - Booking Holdings reported higher first-quarter profit on Thursday, as strong demand for international travel offset moderating leisure travel demand in the U.S. International travel demand is expected to remain strong this year as globa...
7h ago
Expedia lowers full-year revenue forecast on slow B2C growth
(Reuters) - Online travel agency Expedia cut its 2024 revenue growth forecast on Thursday, as gross bookings were hit by poor performance in its business-to-consumer segment. Shares of the company were down about 8% after the bell. "Given the Vrbo ...
7h ago
Amgen first-quarter profit dips 1%, revenue rises 22%
By Deena Beasley (Reuters) - Amgen reported a slightly lower first-quarter profit on Thursday, citing higher operating and interest expense from its recent acquisition of rare disease drugmaker Horizon Therapeutics, partially offset by double-digit...
8h ago
Pakistan pushes back deadline for expressions of interest to buy national airline
ISLAMABAD (Reuters) - Pakistan will push back the deadline for companies to express interest in buying national carrier Pakistan International Airlines to May 18, the country's privatisation minister said on Thursday. The extension, announced in a ...
8h ago
Block's first-quarter profit jumps on resilient consumer spending
(Reuters) - Jack Dorsey-led Block posted a jump in first-quarter profit on Thursday as the payments firm benefited from resilient consumer spending and its own cost cuts. Adjusted net income rose to $542.9 million, or 85 cents per share, in the thr...
8h ago
MP Materials reports wider-than-expected Q1 loss on weak rare earth prices
(Reuters) -Rare earths miner MP Materials reported wider-than-expected loss in first quarter on Thursday, hurt by lower concentrate sales and weak prices for the strategic minerals. MP processes rock it extracts from its Mountain Pass mine in Californi...
8h ago
Citadel's flagship fund rose 2% in April, defying market turmoil
By Carolina Mandl NEW YORK (Reuters) - Citadel's flagship fund, Wellington, rose 2% in April, overcoming a month of pain for the S&P 500, a source familiar with the matter said. Sticky inflation data unveiled in April spread fears that the Federal ...
8h ago
EOG Resources beats first-quarter profit estimates
(Reuters) - EOG Resources beat first-quarter profit estimates on Thursday as the oil and gas firm benefited from higher oil production. The company reported an adjusted profit of $2.82 per share for the quarter ended March 31, compared with analyst...
8h ago
Coinbase posts soaring profit on jump in crypto prices
(Reuters) - Coinbase Global posted a sizable jump in profit in the first-quarter, helped by an uptick in cryptocurrency trading following the launch of the first U.S. spot bitcoin exchange-traded funds in January. The company on Thursday reported a...
9h ago
Exclusive-Glencore studying an approach for Anglo American, sources say
By Clara Denina, Pratima Desai and Felix Njini LONDON (Reuters) - Commodities group Glencore is studying an approach for Anglo American, two sources said, a development that could spark a bidding war for the 107-year old mining company. Glencore h...
9h ago
Rivian receives $827 million incentive package to expand Illinois facility
(Reuters) -Rivian Automotive said on Thursday it has received $827 million in incentives from the State of Illinois to expand operations at its Normal facility in the state. The company's shares rose nearly 7% in afternoon trade. It had said it would d...
11h ago
Many US telecom firms need more funding to replace Huawei and ZTE equipment, FCC says
WASHINGTON (Reuters) - The Federal Communications Commission (FCC) said on Thursday nearly 40% of U.S. telecom companies need additional government funding to remove equipment made by Chinese telecoms firms Huawei and ZTE from American wireless net...
11h ago
Weak US productivity could threaten Fed's 'soft landing' hopes
By Howard Schneider WASHINGTON (Reuters) - Weaker U.S. productivity gains in the first quarter may challenge the Federal Reserve's efforts to finish its inflation fight without a painful rise in unemployment, potentially stalling progress on prices...
12h ago
Heavy rains in big Brazil farm state disrupt soy, corn harvests in final stages
By Ana Mano and Roberto Samora SAO PAULO (Reuters) - Torrential rainfall in Brazil's second-largest soybean and sixth-largest corn state is disrupting the final stages of the harvest, according to a meteorologist's bulletin on Thursday, a grains br...
13h ago
Universal Music Group first-quarter core earnings beat forecast
(Reuters) - Universal Music Group on Thursday posted first-quarter adjusted core profit that beat expectations, helped by the success of its star Taylor Swift. The world's biggest music label posted adjusted core earnings (EBITDA) of 591 million eu...
13h ago