Author: TI Editor
(Bloomberg) — The US Securities and Exchange Commission has moved to dismiss a lawsuit accusing hedge fund Silver Point Capital of failing to enact policies to bar a consultant from sharing confidential information with the firm’s trading arm. The agreement is outlined in a filing Thursday in federal court in Connecticut. It’s subject to the SEC commissioners’ approval. The credit-focused hedge fund said it was pleased to reach a resolution. The SEC didn’t immediately respond to a request for comment. “There was absolutely no basis in the evidence or the law for the claims asserted by the SEC, and the…
What exactly has the US threatened?Trump, while addressing a joint session of the US Congress, labelled tariffs, or import duties, imposed by various nations on goods exported by the US as “very unfair”. He also singled out “higher than 100%” tariffs that he said India currently imposes on automotive imports from the US. Although Trump did not specifically refer to electronic goods in his address, strictures set to be imposed by the US from 2 April could add tax liabilities to electronic goods imported by technology companies from India, too. Therefore, brands that are using India as a manufacturing hub…
(Bloomberg) — Intuitive Machines Inc. believes its second lander may be in the wrong orientation on the moon, repeating a similar issue the company had last year when its first craft touched down lopsided. After launching this most recent lander, called Athena, into space on Feb. 26, Intuitive Machines attempted to touch down on the moon around 12:31 p.m. New York time on Thursday. However, the company said it couldn’t confirm the vehicle’s status, and revealed later that it was likely not in the right position on the moon. It was unclear what the off-kilter landing near the moon’s south…
(Bloomberg) — Brazil’s Raizen SA has begun to explore the sale of its oil refinery and network of gas stations in Argentina, according to people familiar with the matter. Raizen, a joint venture between oil supermajor Shell Plc and Brazilian conglomerate Cosan SA, has hired JPMorgan Chase & Co. to manage the sale, said the people, who asked not to be named discussing private matters. Press offices for Raizen and JPMorgan declined to comment. The energy firm’s potential departure from Argentina would add to a growing list of multinational firms, including Exxon Mobil, HSBC Holdings Plc and Mercedes-Benz, that have…
(Bloomberg) — Move from New York to Dallas or Salt Lake City. Leave London behind. At Goldman Sachs Group Inc., some staffers will be getting a choice — and for many, not a welcome one. The bank is trying to send more managers to locales outside its main hubs in an initiative dubbed informally by some as “Project Voyage,” according to people familiar with the matter. The message may come as part request, part ultimatum: We need you somewhere else, and it’s not here. The push aims to drive down costs and tap a pipeline of talent emerging in these…
(Bloomberg) — Kroger Co.’s interim leader urged employees to forge ahead following an abrupt exit of his predecessor, according to a recording of an internal meeting viewed by Bloomberg News. “With your help, I aim to move forward. We got a lot to do. We gotta get there with direction. And I think we gotta get there with speed,” Ron Sargent told staff Thursday after the company reported its quarterly earnings. Kroger said Monday that long-tenured Chief Executive Officer Rodney McMullen resigned following the board’s investigation into his personal conduct without specifying what it found. The company said Sargent,…
(Bloomberg) — Hewlett Packard Enterprise Co. gave an annual profit outlook that fell short of investor expectations and announced plans to eliminate about 3,000 positions. The shares dropped in extended trading. Earnings, excluding some items, will be $1.70 to $1.90 per share in the fiscal year ending in October 2025, HPE said in a statement Thursday. Analysts, on average, estimated $2.12 a share. In the current quarter ending in April, sales will be $7.2 billion to $7.6 billion, compared with an average projection of $7.94 billion. The lower profitability is due largely to issues in HPE’s closely watched server unit,…
(Bloomberg) — New Zealand Finance Minister Nicola Willis said she is taking advice on how to compel the central bank to loosen bank capital rules. Her comments, first reported by the New Zealand Herald and confirmed by her office Friday in Wellington, follow the surprise resignation of Reserve Bank Governor Adrian Orr earlier this week. Orr championed the capital rules. Willis said she was taking advice on the amount of capital banks hold “as it’s something that I believe could make a difference to the productivity and growth of the New Zealand economy, and therefore to New Zealanders’ incomes.” “My…
March 6 (Reuters) – Apparel retailer Gap forecast annual and first-quarter sales below estimates on Thursday, joining a growing number of companies that expect subdued consumer spending amid rising inflationary woes. Consumers are reining in spending on non-essentials such as apparel and accessories to prioritize necessities like groceries, as high interest rates and rising costs of living have been forcing households to tighten their belts. Gap expects net sales growth for fiscal 2025 to be between 1% and 2%. The midpoint of this range is slightly below the 1.7% rise analysts estimated, according to data compiled by LSEG. The company’s…
(Bloomberg) — The cockpit voice recorder on a medevac plane that crashed in Philadelphia earlier this year contained no data from the fatal flight and likely hadn’t been capturing audio “for several years,” the National Transportation Safety Board said in a preliminary report on Thursday. The Learjet 55 operated by Jet Rescue Air Ambulance crashed on Jan. 31, killing all six people on board and one person on the ground while injuring several others. It’s unclear why the plane’s cockpit voice recorder — a device commonly known as a “black box” — had not been operating, and the NTSB’s report…