Philippines' Mynt secures $300 million from Warburg Pincus, other investors

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By Paul Krugman

Opinion Columnist

Tata Motors Q2 net loss widens to ₹4,416 crore

Higher expenses, lower JLR sales cited

Tata Motors Limited. (TML) on Monday reported widening of consolidated net loss to ₹4,415.54 crore for the quarter ended September 30, due to higher expenses and lower sales of British arm JLR, amid a global shortage of semiconductors.

The company had posted a consolidated net loss of ₹307.26 crore in the same period last fiscal, Tata Motors said in a filing.

Consolidated revenue from operations stood at ₹61,378.82 crore against ₹53,530 crore in the year-earlier quarter, it added.

Total expenses were ₹65,712.83 crore, compared with ₹54,982.77 crore a year earlier. British arm Jaguar Land Rover had revenue of £3.9 billion with a pre-tax loss of £302 million in the second quarter, the company said. On a standalone basis, TML posted a net loss of ₹659.33 crore. It had a net loss of ₹1,212.45 crore in the same quarter last fiscal.

In Q2 FY22, wholesales, including exports, increased 56.3% to 1,71,823 units, Tata Motors added.

Cathie Wood’s ARK Invest Sells Over 480,000 Shares of Peloton

One ARK Invest exchange-traded fund run by ETF star Cathie Wood sold over 480,000 shares of Peloton Interactive Inc. (NASDAQ: PTON) on Friday, as the price of this fund was up less than 1% in the day’s session. The ETF is up a fair amount in the past year.

ARK Next Generation Internet ETF (NYSEARCA: ARKW) parted with 488,016 shares of Peloton. At Friday’s closing price, this would value this sale at roughly $44.6million. Note that this is only a small fraction of the total holdings, and the fund is up 36% over the past 52 weeks.

Check out all the ARK Invest sales for Friday:


Catherine Wood, the CEO and CIO of ARK Investment Management, is a minority and nonvoting shareholder of 24/7 Wall St., owner of

Land Securities’ Unit Agrees Terms Of £190 Mln All Cash Offer For U+I – Quick Facts

Land Securities Group PLC (LAND.L) announced Monday that its unit LS Development Holdings Ltd. or Landsec Development has reached agreement on the terms of a recommended all cash offer for U and I Group PLC or U+I.

The acquisition is an all cash offer for U+I by Landsec Development, unanimously recommended by the U+I Directors.

Under the deal terms, U+I Shareholders will be entitled to receive 149 pence for each U+I Share. The acquisition values U+I at approximately 190 million pounds on a fully diluted basis.

The per share price represents a premium of approximately 73 percent to the Closing Price of 86.0 pence per U+I Share on October 29, being the last Business Day before the commencement of the Offer Period.

It is intended that the cquisition will be implemented by means of a Court-sanctioned scheme of arrangement.

The U+I Directors consider the terms of the offer to be fair and reasonable, and intend to recommend unanimously that U+I Shareholders vote in favour of the Scheme at the Court Meeting and the Resolution to be proposed at the General Meeting.

European Economics Preview: Germany Retail Sales Data Due

Retail sales from Germany and final manufacturing Purchasing Managers’ survey results from the UK are due on Monday, headlining a light day for the European economic news.

At 3.00 am ET, Destatis is slated to issue Germany’s retail sales data for September. Sales are forecast to climb 0.6 percent on month in September after climbing 1.1 percent in August.

In the meantime, manufacturing Purchasing Managers’ survey results are due from Turkey.

At 3.30 am ET, Sweden manufacturing PMI data is due.

At 4.00 am ET, manufacturing PMI survey results are due from Hungary and the Netherlands.

At 5.30 am ET, UK Markit/CIPS manufacturing PMI data is due. The final reading is seen at 57.7 in October, unchanged from the flash estimate.

Philippines' Mynt secures $300 million from Warburg Pincus, other investors

MANILA (Reuters) – Philippines’ Mynt said on Tuesday it raised $300 million in capital from U.S. private equity firms Warburg Pincus and Insight Partners, valuing the financial technology firm at $2 billion.

Mynt is the company behind Philippine mobile wallet GCash with 48 million users and projected 3 trillion pesos ($59 billion) in gross transaction value this year.

The company is partly owned by Globe Telecom, Ayala Corp, Bow Wave, and Ant Financial, the financial technology arm of Alibaba.

($1 = 50.55 Philippine pesos)