Business

By Pritam Biswas and Echo Wang (Reuters) -Shares of financial software maker OneStream, backed by private equity firm KKR, rose nearly 30% in their Nasdaq debut on Wednesday, valuing the company at nearly $6 billion. Investors have shown optimism for new listings in 2024 on hopes of a soft landing for the economy, after two years of a sluggish U.S. IPO market fueled by geopolitical tensions and high borrowing rates. OneStream’s shares began trading at … Read more…

(Reuters) – CME Group reported its second-quarter profit above Wall Street estimates on Wednesday as uncertainty in markets helped the exchange operator notch record trading volumes. Latest economic data showing signs of easing inflation has fueled hopes of a possible rate cut in the current half of the year that has helped markets reach new highs. “As escalating uncertainties drove an increased need for risk management across all asset classes, CME Group achieved record Q2 … Read more…

(Reuters) – Isaac Perlmutter, one of the largest investors in Walt Disney, has sold his entire stake in the media company after losing the proxy fight, the Wall Street Journal reported on Tuesday. A former Disney executive, Perlmutter sold his shares between early April and mid-July at an average price of just under $115 – but if Disney’s share price declines to a range of $65 to $75, he plans to repurchase much of his … Read more…

NEW YORK (Reuters) – Warren Buffett’s Berkshire Hathaway reduced its stake in BYD to below 5%, in what could be the final time Berkshire discloses stock sales in China’s largest producer of electric vehicles. Berkshire lowered its stake in BYD’s issued H-shares to 4.94% from 5.06% on July 16, according to a Monday filing with the Hong Kong Stock Exchange. The stake had been 7.02% as recently as June 11. Hong Kong requires larger shareholders … Read more…

By Joanna Plucinska and Allison Lampert FARNBOROUGH, England (Reuters) – A plunge in Ryanair’s quarterly profits cast a shadow over the opening of the Farnborough Airshow on Monday, where aviation leaders were already fretting about supply chain snags, aircraft delays and floundering plans to cut emissions. Boeing announced a bumper order from Korean Air for 20 777X jets and 20 787s, worth $7 billion according to estimated delivery prices from Cirium Ascend, in a boost … Read more…

By David Shepardson (Reuters) -Chrysler parent Stellantis paid $190.7 million in civil penalties for failing to meet U.S. fuel economy requirements for 2019 and 2020, and owes another $459.7 million in outstanding penalties, government documents seen by Reuters show. The penalties, paid in March and May, were disclosed by the National Highway Traffic Safety Administration (NHTSA), which administers the Corporate Average Fuel Economy program, on a government website. The disclosure shows the significant compliance costs … Read more…

By Jonathan Stempel (Reuters) – Oracle agreed to pay $115 million to settle a lawsuit accusing the database software and cloud computing company of invading people’s privacy by collecting their personal information and selling it to third parties. A preliminary settlement of the proposed class action was filed on Thursday night in San Francisco federal court, and requires a judge’s approval. Oracle denied wrongdoing. The plaintiffs, who otherwise have no connection to Oracle, said the … Read more…

(Reuters) -Tesla halted some production lines due to the global IT outage, Business Insider reported on Friday, citing sources familiar with the matter. The automaker sent some production employees home early during the night shift at its Austin, Texas and Sparks, Nevada facilities, the report added. The tech outage crippled industries from travel to finance before services started coming back online after hours of disruption due a content update by CrowdStrike for Microsoft Windows hosts. … Read more…

(Refiles to fix typographical error in paragraph 1) LONDON (Reuters) – Goldman Sachs has made a handful of senior leadership appointments within its investment banking team, according to an internal memo seen by Reuters. The company named former JPMorgan banker Carsten Woehrn as joint co-head of M&A in Europe, the Middle East and Africa (EMEA) to “grow and develop our European franchise,” the memo said. Woehrn led JPMorgan’s Infrastructure M&A franchise in Europe and has … Read more…

(Reuters) – Apple is in talks to license more films from Hollywood studios to boost its portfolio on Apple TV+ streaming service, Bloomberg News reported on Thursday, citing people familiar with the matter. Streaming platforms have been looking to grow their library of offerings, including spending millions on licensing for movies and live sports programming, to attract users in a competitive industry. The iPhone maker did not immediately respond to Reuters’ request for a comment. … Read more…