The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
The New York City police officer who used a chokehold on Eric Garner in an encounter that ended with Garner's death has been fired, New York City Police Commissioner James...Politicsread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions in its benchmark rate.Marketsread more
"I think if yields roll over and start slipping, we may see renewed pressure on stocks," UBS' Art Cashin says.Marketsread more
These are the stocks posting the largest moves midday.Market Insiderread more
* 2019, 2020 results seen at upper end of guidance
* Organic revenue grows 4% in Q2
* Deal to sell Refinitiv to LSE agreed (Adds detail on divisions, outlook, shares)
LONDON, Aug 1 (Reuters) - Thomson Reuters Corp raised its sales and core profit outlook for 2019 and 2020 on Thursday after reporting 4% organic revenue growth for the second quarter, which it said was its best since 2008 and ahead of its expectations.
Growth was driven by recurring revenues at all three of its biggest units since the company sold a majority in its Financial and Risk business, now known as Refinitiv, to Blackstone last year - Legal, Corporates and Tax & Accounting.
The company also said that it and Blackstone had agreed to sell Refinitiv, which provides data and news to financial customers, to London Stock Exchange in a $27 billion all-share deal.
Dealmaking, new products and a $10 billion share buyback following the Blackstone deal have propelled Thomson Reuters stock 85 percent higher since May last year, and the shares hit an all-time high of C$90.04 earlier this week.
"We believe we are well positioned for future growth, and now expect 2019 and 2020 revenue growth and adjusted EBITDA to each be at the upper end of the guidance ranges previously provided," Chief Executive Jim Smith said in a statement.
The news and information provider and parent of Reuters News had forecast 2019 revenue growth of 7% to 8.5% before the effect of currency, and growth of about half that pace in 2020.
For EBITDA (earnings before interest, tax, depreciation and amortization), Thomson Reuters had forecast $1.4-$1.5 billion for 2019, up from $1.4 billion in 2018, and an EBITDA margin of 30-31 percent for 2020.
In the second quarter, revenue rose to $1.42 billion from $1.31 billion a year ago as Thomson Reuters gained from payments it received from Refinitiv for its news service, broadly in line with analyst consensus of $1.43 billion.
Adjusted EBITDA rose 2 percent to $355 million, but the EBITDA margin declined to 25% from 26.6% a year earlier due to higher expenses related to separating the Refinitiv business from the rest of the company.
(Additional reporting by Pushkala Aripaka and Patrick Graham Editing by Alexander Smith)