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Wall Street, New York City (File image: Reuters) Global dealmaking is entering an arid season as raging inflation and a stock market rout curb the appetite of many corporate boards to expand through acquisitions. Russia's invasion of Ukraine in February and fears that an economic recession is looming dealt a blow to merger and acquisition (M&A) activity in the second quarter. The value of announced deals dropped 25.5% year-on-year to $1 trillion, according to Dealogic data. "Companies are standing back from M&A in the short term as they are more focused on the impact of a recession on their business. The timing for dealmaking will come but I don't think it's quite there yet," said Alison Harding-Jones, Citigroup Inc's EMEA M&A head. M&A activity in the United States plunged 40% to $456 billion in the second quarter, while Asia Pacific was down 10%, Dealogic data showed. Close Europe was the only region where dealmaking didn't crash. Activity … [Read more...] about Global M&A deals brace for dry spell as boardrooms put expansion on backburner

Share to Twitter Share to Linkedin Here we go again. Seven months into the coronavirus pandemic, Covid-19 numbers are going in the wrong direction in 29 of 50 states. Despite President Trump saying repeatedly that Covid-19 is “going away,” the data shows that the virus is not going anywhere. The U.S. is seeing widespread increases in Covid-19 cases at the same level the country was at just after the July 4th holiday weekend, prior to the big summer surge. This has public health experts concerned that the country is heading for a third spike. “We have a baseline of infections that vary between 40 and 50 thousand per day,” Dr. Anthony Fauci, the nation’s top infectious disease expert, told CNBC’s Shepard Smith yesterday . “That’s a bad place to be when you’re going into the cooler weather of the fall and the colder weather of the winter.” Meanwhile, domestic air travel has been ticking up, too. Last month, the Transportation Security … [Read more...] about Travel Alert: Covid-19 Cases Are Back To July Levels, And Rising Fast

Representative image Walmart Inc-owned payments unicorn PhonePe's consolidated net loss for 2020-21 (FY21) remained largely unchanged, even as the company reported a sharp rise in revenues, as its employee costs surged over two times during the period. PhonePe reported a consolidated net loss of Rs 1,728 crore for FY21, against a consolidated net loss of Rs 1,771 crore a year earlier, according to financial data accessed by the business intelligence platform, Tofler. During the year, the company reported an 85 percent rise in its revenue from operations to Rs 690 crore, the data showed. PhonePe's employee benefit costs for the year jumped to Rs 1,235 crore from Rs 480 crore a year earlier, the data showed. According to Tofler, the share-based remuneration to the key management personnel for FY21 was Rs 608 Crore. However, the company halved its advertising and promotional expenses to Rs 535 crore from Rs 1,017 crore a year earlier. The payments company, in April, had said … [Read more...] about PhonePe’s FY21 loss little changed even as revenues soar 85%

PhonePe CEO Sameer Nigam (Image credit: Photo tweeted by @_sameernigam) Payments and financial services company PhonePe has clear plans to list on the stock exchanges some day and when ready the company will launch an initial public offering (IPO) in India, founder and CEO Sameer Nigam said. Speaking in an episode of CNN News18 ’s Bits to Billions, Nigam said that the company is also in the process of moving its registered entity from Singapore to India. Missed Bits to Billions? Watch it here: PhonePe Is Made In India, Will List In India: How Sameer Nigam & Rahul Chari Built A Unique Unicorn "We are moving our holding company to India, and we will list here. Our board has already signed off on it, it's just a matter of time now," he said. "We are a made in India company. Every office, data centre, and employee of ours is here. There is no reason why we should not contribute to wealth creation in this market." Close PhonePe's move to bring back its … [Read more...] about PhonePe is made in India and will list in India, says CEO Sameer Nigam