Latest News
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Chapecoense returns to Serie A after nine years of tragedy
Chapecoense, which was promoted to Brazil's top division Serie A last Monday, had fans swarming the pitch. This marked their return to this elite competition after nine years of an airplane crash that killed the majority of the players and staff. Chapecoense, relegated to the lower leagues in 2021, regained their top-flight status with a 1-0 victory over Atletico Goianiense. In November 2016, the small-town team made headlines when their plane crashed on its way to Colombia for Copa Sudamericana Final, killing 71 out of 77 passengers. This included most of the players and staff. After the accident, the club recovered rapidly and maintained top-flight status for 2017 and 2018. The club's performance deteriorated in the following seasons, resulting in relegation in 2019 and 2020. Chapecoense was promoted to Serie A from Serie B in 2013. They stayed in the top flight for six years and will be able to regain their place in 2020, after winning Serie B. This is the eighth Serie A campaign in the club's long history. (Reporting and editing by Thomas Derpinghaus in Bengaluru, Suramya kaushik)
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FAA probes Amazon after delivery drone snaps internet cable in Texas, CNBC reports
CNBC reported Tuesday that the U.S. Federal Aviation Administration has opened an investigation into Amazon after one its delivery drones damaged a cable in central Texas, last week. The spokesperson for the Federal Aviation Administration (FAA), who was quoted by CNBC, said this. CNBC was informed by the e-commerce giant that the incident occurred after the drone clipped the internet cable. The drone then performed a safe contingent landing. The network reviewed video footage of one of Amazon's MK30 Drones as it was ascending out of a customer yard. One of the six propellers got entangled with a utility wire. The motors of the drone were shut off, which led to a controlled descent. The National Transportation Safety Board said that it was not conducting an investigation into the incident. Amazon and FAA didn't immediately respond to requests for comments. The NTSB and FAA announced in October they would be investigating a separate incident in which two Amazon Prime Air drones had collided in Arizona with a crane's boom. Amazon began delivering prescription medication by drones to College Station, Texas customers in 2023 in partnership with Amazon Pharmacy. By the year 2030, the e-commerce company aims to deliver 500 million packages per annum by drone.
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Shares of Workday fall after a lukewarm quarter subscription revenue
Workday's third-quarter subscription revenues were in line with Wall Street expectations on Tuesday. This signaled a softer market and sent its shares down by nearly 7% during extended trading. A sluggish higher education market, which heavily relies on federal funding, also affected the forecast for subscription revenue in the fourth quarter of this human resources software provider. Workday is a payroll provider that competes with Oracle and SAP. Customers include United Airlines, Visa, and FedEx. Some customers, in an uncertain economic climate, are reassessing their budgets and timing. They may also reduce spending on Workday. According to data compiled and analyzed by LSEG, the company anticipates fourth-quarter revenue from subscriptions of approximately $2.36 billion. This compares with an average analyst estimate of $2.35billion. The company's third-quarter revenue increased 12.6%, to $2.43 Billion, slightly exceeding the estimates of $2.42 Billion. The quarter ended October 31 saw subscription revenue rise 14.6%, to $2.24 Billion. This was in line with expectations. The company reported a profit per share adjusted of $2.32, which was higher than the estimate of $2.18. (Reporting and editing by Jaspreet in Bengaluru, Alan Barona).
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Zscaler exceeds its quarterly forecasts on the strength of cybersecurity demand
Zscaler's cloud-based security solutions and strong demand for them drove the company to beat Wall Street expectations for revenue and profit for its quarter on Thursday. As digital threats became more sophisticated, enterprise spending on cyber-protection solutions increased. Zscaler’s flexible buying program helped it to sign multi-year platform agreements with larger enterprise clients. The company has also raised its revenue outlook for the full year to approximately $3.28 to $3.30 Billion, up from its previous forecast of $3.27 to $3.28 Billion. The company now anticipates a fiscal 2026 adjusted earning per share between $3.78 and $3.82 compared to the previous forecast of $3.64 - $3.68. The shares of the company fell by more than 7% during extended trading, despite a rise of nearly 61% in this year. RBC analysts stated in a report that, although the company raised its annual revenue forecasts by a small amount compared to the revenue growth in the first quarter. Zscaler's revenue jumped 26% to $788.1M in the first quarter ending October 31. This was higher than analysts' estimates of $773.8M, according to LSEG data. The adjusted earnings per share for the first quarter was 96 cents, which is above expectations of 86 cents. Palo Alto Networks, a larger competitor, also increased its annual revenue forecasts last week and reported a rise in the first quarter. Zscaler competes primarily in the market for secure access service edges (SASE), which combines network and security into one platform that connects users, devices, and applications anywhere. SASE is one the fastest growing segments in cybersecurity, as cloud adoption and artificial intelligence continue to transform network architectures.
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Ackman's Pershing Square aims for $5 billion IPO of closed-end funds
Two people with knowledge of the matter say that hedge fund manager Bill Ackman plans to raise $5 billion to launch a closed-end U.S. fund at the same time as he plans on listing his hedge fund company, Pershing Square Capital Management. The billionaire investor who has cemented his reputation of an activist investor through his advocacy for companies such as Chipotle Mexican Restaurant and the railroad Canadian Pacific, now known as Canadian Pacific Kansas City is starting his new fund after years. He plans to give investors a share in his hedge fund. The closed-end funds, which were first prepared to be listed last year, are expected to mirror Ackman's hedge fund while offering lower fees and faster access to capital. The fund would appeal to a wider pool of investors including pension funds and endowments, as well as retail investors. Sources said that the initial public offerings of Pershing Square Capital Management and the closed-end funds could both happen early in 2026. Bloomberg News was the first to report on the target fundraising goal. The people who were not allowed to talk about the plans privately said that investors in the new fund will also get free shares of Pershing Square. People warned that plans are still being discussed, and they could change depending on the market conditions. Pershing Square's spokesman declined to comment. Ackman began laying the foundations for the closed-end funds in early 2024. However, he cancelled the launch of Pershing Square USA on July 20, 2024 a few days before the fund was scheduled to start trading at the New York Stock Exchange. After initial reports from people who were familiar with the situation suggested that the fund could raise up to $25 billion, he has reduced the size of his plans for the initial public offering several times. This would make it one of the largest IPOs ever. Pershing Square purchased nearly half of Howard Hughes, a real estate firm. Pershing Square has about $21 billion of assets under management. The majority is invested in Pershing Square Holdings - the closed-end London fund. The fund's returns since January have been 17.2% and double-digit returns are expected in 2024 and even 2023. Analysts and investors say that Ackman's musings have become nearly as popular as his investment skills in recent years. The fund manager's 1.8 million followers on X often share his opinions about topics such as dating advice, sugary food, political races and higher education. Reporting by Svea Autumn-Bayliss, with additional reporting from Ateev Bhhandari in Bengaluru. Editing by Arun K. Koyyur and Deepa B. Babington.
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Ryanair's December bookings are slightly ahead of the year before, says CEO O'Leary
Michael O'Leary, the CEO of budget airline Ryanair, said that the company's December bookings, which include the crucial Christmas period, were slightly higher than a year earlier. Around 40% of the seats are still available until the end this year. This month, the airline, Europe's biggest by passenger number, announced that it would fly 207 millions passengers for the year ending March, an increase of one million over the previous forecast. Boeing deliveries improved, allowing it to increase capacity during the first quarter and current quarter. Bookings for Christmas have been a strong success. "We're currently about a half-percent ahead of where we were at this time last, and the average fares are in the mid-to-high single-digit range," O'Leary said at a press event at Vienna International Airport. Ryanair clarified, however, that he meant December in general. "December is basically Christmas." O'Leary stated that there is not much happening in the first couple of weeks of December. Francois Murphy reported. (Editing by Jan Harvey, Mark Potter and Jan Harvey)
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Transportation chief of the US wants healthier snacks for flights
Sean Duffy, the U.S. Transportation secretary, wants airlines to replace salty pretzels with healthier alternatives. "I'd love to have some better snacks." Duffy, in an interview posted on Blaze News Tuesday, said, "I would love to have a healthier snack while flying." He added that it would be better "if I did not get the really fattening cookies full of sugar, butter and crap." Or that snack pack of pretzels." Airlines for America is a trade association that represents American Airlines, Delta Air Lines and Southwest Airlines. United Airlines was also represented. Duffy launched a new campaign last week to encourage people to dress and act nicely when traveling by air. He asked travelers to refrain from wearing pajamas or slippers at the airport. Duffy told passengers on Monday, "Don't remove your shoes and place your feet on the seat in front of you." Duffy oversees a $12,5 billion overhaul of America's air traffic system. He is also working to solve the persistent shortage of controllers. He is asking Congress to approve an additional $19 billion for the project. Duffy also received criticism after USDOT, his predecessor's agency, retracted a plan this month that would have required airlines to compensate passengers in cash when carriers cause U.S. flights to be disrupted. Duffy said he dropped the compensation plan because he took a "common sense approach". He also told Fox News that the compensation plan could lead to increased ticket prices. Duffy stated that the goal was to strike the right balance between airlines and passengers. In the United States, airlines are required to refund customers for cancelled flights but not compensate them for delayed flights. All four countries - the European Union, Canada and Britain - have rules on airline compensation for delays. There are no large U.S. airlines that guarantee cash compensation for flight delays, but there are many who offer free hotel rooms and meals as well as pay for out-of pocket expenses if the airline is responsible. (Reporting and editing by Alistair Bell; Reporting by David Shepardson)
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UK stocks rise ahead of the budget, led by financials and consumer staples stocks
The UK stock market rose on Tuesday. Gains in consumer staples and financials were a major factor, as investors geared up for the budget of Wednesday that will likely include significant tax changes. The blue-chip FTSE 100 ended up 0.8%. The FTSE 250, which measures domestically oriented UK companies, rose by about 1%. This was its best day for over a week. The sectoral gains were led by personal goods, which rose 3.9%. Burberry was up 4.7%. Construction and materials rose 2.5% with Ibstock rising 5.9%. Retailers gained 2.4%, helped by Kingfisher's 5.9% increase after it raised its profit forecast for the year. The survey found that British retailers' confidence dropped to its lowest level in 17 years, and sales declined again before Wednesday's budget. In the budget on Wednesday, it is likely that the government will not raise income taxes but instead increase several other levies. Goldman Sachs referred in a note to a Financial Times article that said the banks would not be taxed. Lloyds Banking rose by 3.8%, Barclays gained 2.4% and NatWest Group increased by 3.7%. The industrial metals miners rose 1.2% on the back of higher copper prices. Anglo American gained 1.6%. Travel and leisure recovered from initial losses and added 0.9%. Wizz Air rose 3.6%. EasyJet's sales slumped 1.5% due to winter concerns. Non-life insurers dropped 2.7%, while Beazley fell 9.2% as the company lowered its forecast for annual insurance premiums written. Compass Group's shares dropped 2.7%, among other things, after the food caterer reported that 2026 revenue growth would be moderate due to lower inflation. Domino's Pizza Group shares fell 1.4% following the resignation of CEO Andrew Rennie. This is another high-ranking departure in a company that has changed its strategy to combat weak sales and rising cost. The British government bonds rose on Tuesday, the day before the Budget. In the U.S., retail sales in September fell short of expectations. A separate report revealed that producer prices rose in September. (Reporting and editing by Shreya Biwas and Ros Russell; Utkarsh T. Hathi)
Tesla CEO Musk claims Austin robotaxi fleet will double in the next year
Elon Musk, the CEO of Tesla, said on Tuesday the number of robotaxis will double in Austin, Texas in December. This follows the launch of the company's self-driving services in the city back in June.
Musk wrote in a blog post for X that the Tesla Robotaxi fleet should double in Austin next month.
Tesla does not disclose how many robotaxis it operates.
Tesla's robotaxi is currently available in Austin and San Francisco Bay Area. Safety monitors are still required on the vehicles. Last week, the company also received a license to operate a ride hailing service in Arizona.
Musk stated in October that robotaxis will be operating without safety drivers in large areas of Austin by the end the year.
He said that he expects Tesla robotaxis will serve half of the U.S. populace by the end of this year.
The robotaxi industry is on the rebound after years of broken promises, company closures, and tight regulations.
(source: Reuters)