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(Reuters) -Thomson Reuters Corp said on Friday it would buy SurePrep LLC, a U.S.-based provider of tax automation software and services, for $500 million in cash.
The information company has been partnering since April with 20-year-old SurePrep, whose products and solutions are used by more than 23,000 tax professionals.
SurePrep is projected to generate about $60 million in revenue in 2022 and is expected to grow more than 20% annually in the next few years.
"This transaction builds on our existing partnership/reseller arrangement to deliver our vision of end-to-end tax automation that solves our customers' biggest pain points," said Dave Wyle, Chief Executive of SurePrep.
Thomson Reuters, which is the parent of Reuters News, expects the deal to close in the first quarter of 2023.
(Reporting by Aditya Soni in Bengaluru; Editing by Arun Koyyur)
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As one of the fastest-growing renewable energy sources in mitigation of climate change, solar PV is playing a major role in the future global electricity generation mix.
The S&P 500 and Nasdaq jumped on Thursday, racking up their biggest daily percentage gains in over 2-1/2 years as a sign of slowing inflation in October sparked speculation the Federal Reserve might become less aggressive with interest rate hikes. Stocks in sectors across the board surged as the latest consumer price data cheered investors worried that ongoing interest rate hikes could hobble the U.S. economy. One-time Wall Street darlings tarnished in 2022's bear market were among Thursday's strongest performers, with Nvidia jumping about 14%, Meta Platforms climbing 10% and Alphabet rising 7.6%.
The cities of the 21st century have adapted to cars just as much as they have to humans. But a new international survey by Ipsos for the mobility brand Lynk & Co shows that the common wish amongst Europeans is to use vehicles more efficiently and free up urban space for more greenery. With the average car in use only 4% of the time, Lynk & Co is challenging the industry to take a new approach to disruptive mobility.
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"The concern is that more Canadians are reaching their breaking point financially," said one expert.
DETROIT (AP) — General Motors is recalling nearly 340,000 big SUVs in the U.S. because their daytime running lights may not shut off when the regular headlights are on. The National Highway Traffic Safety Administration says in documents poste on its website Thursday that having both lights on at the same time could cause glare for oncoming drivers, increasing the risk of a crash. The recall covers certain 2021 Chevrolet Tahoes and Suburbans, as well as some GMC Yukons and Cadillac Escalades. GM
Juul Labs Inc has secured an investment from some of its early investors that will keep the e-cigarette maker in business, the company said on Thursday, adding that it will also undertake job cuts as part of a reorganization. The once red-hot vaping company plans to lay off about 400 people and reduce its operating budget by 30% to 40%. The company said the investment would help Juul run its business operations, while it goes ahead with its administrative appeal of the U.S. Food and Drug Administration's marketing denial order related to its e-cigarettes.
The Canadian dollar strengthened to a seven-week high against its U.S. counterpart on Thursday as U.S. inflation pressures cooled and Bank of Canada Governor Tiff Macklem said the economy could avoid a major rise in the unemployment rate. "The U.S. dollar fell sharply in a broad-based way and the loonie has benefited from that," said Rahim Madhavji, president at KnightsbridgeFX.com. The greenback fell sharply against a basket of major currencies, bond yields tumbled and Wall Street rallied after U.S. consumer prices rose less than expected last month, data that may allow the Federal Reserve to ease up on aggressively hiking interest rates.
FRANKFURT (Reuters) -The European Central Bank is examining the use of derivatives by energy companies to make huge bets on future power and fuel prices, to see if such activity poses a wider risk to financial stability, three people familiar with the matter said. Two of the people said the inquiry was prompted by Germany's rescue of top gas importer Uniper, which like other energy firms hedged its exposures with derivatives worth tens of billions of euros, far outstripping the value of the energy it sold. The ECB's move is the first major effort in Europe to identify whether the use of derivatives by power companies poses a wider financial threat, and exposes the largely unregulated trading, which totals trillions of euros, to rare scrutiny.
The movie theatre company on Thursday reported a profit of $30.9 million in Q3, up from a loss of $33.6 million last year.
Kansas City Federal Reserve President Esther George on Thursday reiterated her support for a slower pace of U.S. interest rate increases, calling for a "more measured" approach that allows the central bank time to judge how the rises in borrowing costs are affecting the economy. "I continue to see several advantages for a steady and deliberate approach to raising the policy rate," George said in remarks prepared for delivery to an energy conference co-hosted by her regional bank and the Dallas Fed. The Fed has lifted short-term borrowing costs at an extraordinarily fast pace this year, including four straight 75-basis-point hikes that have brought the central bank's benchmark overnight interest rate from near zero in March to the current 3.75%-4.00% range.
LJUBLJANA (Reuters) -Three of the European Central Bank's most outspoken policy hawks called on Thursday for raising interest rates to a level that weakens growth in order to curb high inflation, which they said was at a growing risk of taking hold in the euro zone. With euro zone inflation running in double digits, the ECB has been raising rates at a record pace even as the euro zone economy heads for recession. This has prompted some policymakers to weigh the benefits of future increases against the risk to growth.
Qatar Airways is suing Airbus over damage to the painted surface and underlying anti-lightning system of A350 jets, which has prompted Qatar's Civil Aviation Authority (QCAA) to ground 29 of the planes over its concerns of a potential safety risk. Backed by European regulators, the world's largest planemaker acknowledges quality flaws in part of the worldwide A350 fleet but maintains its premier long-haul jet is safe. Qatar Airways said Airbus had sought to exert influence over the European Union Aviation Safety Agency (EASA) by providing the agency with a "Line to Take" document.
Roger Ng, the former Goldman Sachs banker convicted for helping loot Malaysia's 1MDB sovereign wealth fund, on Friday sued the government's star witness Tim Leissner for more than $130 million, alleging fraud. In a complaint filed in a New York state court in Manhattan, Ng accused his former boss of repeatedly lying in order to steal his investments in energy drink maker Celsius Holdings and artificial intelligence company Sentient Technologies. The complaint said Leissner, a former Goldman partner, stole Ng's money to cover his own defense costs in a related criminal case where he pleaded guilty in 2018, while depriving Ng of funds to defend himself and appeal his conviction.
Competition commissioner is challenging the deal
OTTAWA — Air Canada violated federal law by not keeping its maintenance centres in Montreal, Winnipeg and Mississauga operational during the collapse of Aveos a decade ago, the Quebec Superior Court ruled Thursday in favour of thousands of former workers. "Air Canada did not take reasonably serious steps to comply with the law after the closure of Aveos," wrote Judge Marie-Christine Hivon, who concluded that there was a "continuous violation" of the law from March 2012 to June 2016. Nearly 2,200
Loss for the three months ending Sept. 30 was US$195.2 million, compared with a loss of US$27.9 million in the same quarter last year.
Systemic vulnerabilities in investment funds and other "non-banks" that make up almost half the world's financial system will be addressed by tweaking existing rules before assessing whether more radical action was needed, a G20 watchdog said on Thursday. Central banks had to inject liquidity when money market funds ran into difficulties as economies went into lockdown in March 2020. There was also central bank intervention in Britain in September when liability-driven investment funds struggled to meet collateral calls, prompting the Bank of England to consider unilateral action in non-banks until global efforts catch up.
FRANKFURT (Reuters) -Germany's Merck KGaA reported better-than-expected quarterly earnings on higher revenues from drugs and biotech lab equipment, but signalled that growth of its semiconductor chemicals unit could lose momentum next year. The diversified group narrowed on Thursday its full-year target range for adjusted EBITDA to between 6.80 billion and 7.20 billion euros, against a previous forecast of 6.75 billion to 7.25 billion. Merck said the outlook for its life science unit, which makes substances and gear for drugmakers, had brightened further after cost cuts and as drugmakers upgrade their lab equipment to pursue new technologies.