NEW YORK, Aug 9 (Reuters Breakingviews) - What a difference a year makes: Consumers have gotten off the couch; and they are paying more for television. As a result, streaming service Netflix (NFLX.O) is facing a decline in subscribers after enjoying record numbers. Walt Disney’s (DIS.N) flagship product is due for a comedown. A price war is on the horizon, and Magic Kingdom boss Bob Chapek has the most to lose.

Eight out of every 10 U.S. households has a streaming service, according to a survey from MoffettNathanson. On average, they subscribe to three direct-to-consumer products, 50% more than three years ago, reckons Morgan Stanley. And television watchers are shelling out an average of over $50 on online video services versus approximately $35 in 2019, according to the investment bank.

There is evidence that the streaming market has hit a saturation point. Netflix lost 1.3 million American and Canadian customers in the second quarter, where it enjoys the highest...

NEW YORK, Aug 9 (Reuters Breakingviews) - Turns out tech bros aren’t as loyal to footwear and sustainable pledges as once thought. Allbirds (BIRD.O), the seller of utilitarian sneakers made from sustainably sourced materials, lowered its sales forecast and widened its loss expectation on Monday, sending shares crashing. Like Meta Platforms (META.O) and Snap (SNAP.N), it is also cutting jobs. And at a mere $632 million, the company’s prospects as a stand-alone company look to be walking out the door.

Shares are now about a third of their price from last November when it completed its initial public offering. If the company inks its sales forecast of $315 million this year, its value, net of cash, will be worth 1.3 times revenue. That’s less than half the valuation of established sneaker company Nike (NKE.N) and about a quarter the multiple of Roger Federer-backed firm On (ONON.N).

If Silicon Valley decides style and virtue-signaling are less valuable when working...

MEXICO CITY, Aug 9 (Reuters) - Mexican leasing firm Unifin (UNIFINA.MX) will miss principal and interest payments on its debt because of limited sources of financing, the company said in a filing to Mexico's main stock exchange.

The decision is effective immediately "and through the period necessary to negotiate definitive agreements with (Unifin's) shareholders in relation to a strategic restructuring," it said in the filing late on Monday.

Unifin shares fell 85% on Tuesday morning to an historic low.

Aug 9 (Reuters) - Shares of IWG (IWG.L) fell 18% on Tuesday to their lowest since March 2020, as the office rental group's first-half results failed to impress analysts who are expecting rising inflation and gloomy economic outlook to hamper its recovery.

The Switzerland-based company said it had to contend with inflationary cost pressures, geopolitical tensions and pandemic-induced lockdowns in some parts of Asia in the first half.

Still, IWG posted a smaller adjusted pretax loss of 70.2 million pounds ($85 million) in the six months to June 30, compared with a loss of 163.3 million pounds a year earlier.

NEW YORK, Aug 9 (Reuters Breakingviews) - What a difference a year makes: Consumers have gotten off the couch; and they are paying more for television. As a result, streaming service Netflix (NFLX.O) is facing a decline in subscribers after enjoying record numbers. Walt Disney’s (DIS.N) flagship product is due for a comedown. A price war is on the horizon, and Magic Kingdom boss Bob Chapek has the most to lose.

Eight out of every 10 U.S. households has a streaming service, according to a survey from MoffettNathanson. On average, they subscribe to three direct-to-consumer products, 50% more than three years ago, reckons Morgan Stanley. And television watchers are shelling out an average of over $50 on online video services versus approximately $35 in 2019, according to the investment bank.

There is evidence that the streaming market has hit a saturation point. Netflix lost 1.3 million American and Canadian customers in the second quarter, where it enjoys the highest...

Aug 9 (Reuters) - MDU Resources Group Inc (MDU.N) is confident in its current strategy, the company said on Tuesday, after activist investor Corvex Management unveiled a nearly 5% stake in the U.S. utility.

Corvex, which is controlled by Keith Meister, said in a regulatory filing late on Monday it bought shares in MDU as it believes the stock is undervalued. Corvex also wants to discuss strategic options with the board and management, and other measures to improve the company's valuation.

Last week, Bismarck, North Dakota-based MDU said it would separate its construction materials unit - Knife River Corporation - into a separate public company, with shares in the new entity to be distributed to MDU shareholders.

DUBAI, Aug 9 (Reuters) - Dubai's biggest bank Emirates NBD (ENBD.DU) has given most employees a pay rise of up to 8% to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said.

The increases varied according to seniority and were part of a mid-cycle salary adjustment for inflation, with top executives receiving smaller or no increases, the sources said.

Most employees received a pay rise of between 5% and 8%, with lower-paid staff receiving the biggest increase, one of the sources, who has direct knowledge of the matter, said.

NEW YORK, Aug 9 (Reuters) - TPG Inc (TPG.O) said on Tuesday its second-quarter after-tax distributable earnings more than tripled, owing to strong growth in management fees and asset sales from its private equity portfolio.

The Fort Worth, Texas-based firm said after-tax distributable earnings - which represents the cash used to pay dividends to shareholders - rose to $162 million in the second quarter, up from $53 million a year ago. That exceeded the average analyst forecast of $109 million, according to Refinitiv data.

TPG said the value of all its funds depreciated during the quarter due to the market downturn, hurt by rising interest rates and the impact of the Russia-Ukraine war. Its private equity fund valuations fell 2.4% while its growth and impact portfolios declined 2.8% and 1.1%, respectively.

NEW YORK, Aug 9 (Reuters Breakingviews) - Turns out tech bros aren’t as loyal to footwear and sustainable pledges as once thought. Allbirds (BIRD.O), the seller of utilitarian sneakers made from sustainably sourced materials, lowered its sales forecast and widened its loss expectation on Monday, sending shares crashing. Like Meta Platforms (META.O) and Snap (SNAP.N), it is also cutting jobs. And at a mere $632 million, the company’s prospects as a stand-alone company look to be walking out the door.

Shares are now about a third of their price from last November when it completed its initial public offering. If the company inks its sales forecast of $315 million this year, its value, net of cash, will be worth 1.3 times revenue. That’s less than half the valuation of established sneaker company Nike (NKE.N) and about a quarter the multiple of Roger Federer-backed firm On (ONON.N).

If Silicon Valley decides style and virtue-signaling are less valuable when working...

Aug 9 (Reuters) - Deutsche Bank (DBKGn.DE) has hired former Goldman Sachs executive Rod Colburn to their Wealth Management Americas business, according to an internal memo seen by Reuters on Tuesday.

Colburn joins the European bank as managing director and senior relationship manager after 14 years at Goldman Sachs. He will focus on lending solutions for ultra-high net worth clients and report to Anthony Valvo, market head for New York and South East.

At his previous role at the Wall Street bank, he was instrumental in building out its private bank lending business, where he originated more than $10 billion of loan transactions.

Rod has previously held similar roles at US Trust and Citi Private Bank and has more than three decades of experience working with ultra-high net worth clients.

Aug 9 (Reuters) - Insurer American International Group Inc (AIG.N) said on Tuesday that September would be the next window for the delayed initial public offering (IPO) of its life and retirement unit.

AIG, one of the world's biggest commercial insurers, on Monday blamed market volatility for the delay, becoming the latest company to rethink IPO plans in the face of runaway inflation, rising interest rates and the Russia-Ukraine war.

The unit filed for its offering in March and AIG, which had first announced the move in 2020, planned to complete the listing by the end of June, subject to market conditions.

Aug 9 (Reuters) - Ralph Lauren Corp (RL.N) and Michael Kors-owner Capri Holdings (CPRI.N) blew past earnings estimates, underscoring an unwavering demand for luxury apparel and handbags from wealthy consumers who remain largely unscathed by red-hot inflation.

Surging prices have had little impact on middle- and high-income households who have been happily splurging on designer labels, using what they saved during the pandemic when everything from foreign holidays to eating out came to a halt.

"High-income consumers are shopping in a way that is different from other times of inflation," Jane Hali & Associates analyst Jessica Ramirez said.

LONDON, Aug 9 (Reuters) - U.S. manufacturing production probably peaked during the second quarter, though the data are noisy and conflicting, and a turning point may not become obvious until September or October.

U.S. manufacturing output in June was down by 0.4% compared with March though it was still up by 3.6% compared with the same month a year earlier, estimates prepared by the Federal Reserve Board found.

Three-month output growth was the weakest since early 2021, and confirms slackening momentum evident in other data on output, orders and jobs (“Industrial production and capacity utilisation”, Federal Reserve, July 15).

TOKYO, Aug 9 (Reuters) - SoftBank Group Corp (9984.T) is accelerating asset sales after its flagship Vision Fund unit booked nearly $50 billion in losses in just six months, but Chief Executive Masayoshi Son faces narrowing options and slumping valuations, analysts said.

Son said on Monday that he is in discussions to sell asset manager Fortress, without commenting on a valuation. SoftBank also raised $2.4 billion selling shares in T-Mobile US (TMUS.O) during the latest quarter, while unloading a variety of other holdings.

But as valuations fall, easy options for raising cash are getting harder to come by.

Aug 9 (Reuters) - Several high-flying startups are being brought down to earth, as a recent carnage in global equity markets and lackluster demand for new listings force companies to raise funds at a substantial discount to their sky-high valuations.

Easy money from venture capital dealmaking is fast evaporating in an inflation-induced high interest-rate environment as many private investors take a hard look at funding startups, many of which could be years away from turning a profit.

Already high-profile companies such as payments firm Stripe, Swedish buy-now-pay-later firm Klarna and delivery startup Instacart have seen their valuations get knocked down by a peg or two this year, in what venture capital firms call down rounds.

DUBAI, Aug 9 (Reuters) - Iran made its first official import order using cryptocurrency this week, the semi-official Tasnim agency reported on Tuesday, a move that could enable the Islamic Republic to circumvent U.S. sanctions that have crippled the economy.

The order, worth $10 million, was a first step towards allowing the country to trade through digital assets that bypass the dollar-dominated global financial system and to trade with other countries similarly limited by U.S. sanctions, such as Russia. The agency didn't specify which cryptocurrency was used in the transaction.

"By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries," an official from the Ministry of Industry, Mine and Trade said on Twitter.

LONDON, Aug 9 (Reuters Breakingviews) - Vowel-deprived British asset manager Abrdn (ABDN.L) has delayed its revenue and cost targets. It’s a logical response to volatile markets, which caused revenue fees to fall 8% year-on-year in the six months to the end of June. Operating profit slumped 28%. Yet the deferred ambition highlights how much further Abrdn’s turnaround needs to go.

Since taking over in 2020, Chief Executive Stephen Bird has cut costs, sold down stakes in non-core assets like Indian ventures and invested in faster-growing areas like individual savings, with the 1.5 billion pound acquisition of Interactive Investor. Yet the main funds business, which makes up the majority of Abrdn's assets under management, is still shrinking and not very profitable. Bird originally targeted “high single digit” revenue growth through 2023, and a cost-to-income ratio of 70% by the end of 2023. According to Refinitiv forecasts, analysts now expect 2% annual top line growth and...

Aug 9 (Reuters) - Shares of IWG (IWG.L) fell 18% on Tuesday to their lowest since March 2020, as the office rental group's first-half results failed to impress analysts who are expecting rising inflation and gloomy economic outlook to hamper its recovery.

The Switzerland-based company said it had to contend with inflationary cost pressures, geopolitical tensions and pandemic-induced lockdowns in some parts of Asia in the first half.

Still, IWG posted a smaller adjusted pretax loss of 70.2 million pounds ($85 million) in the six months to June 30, compared with a loss of 163.3 million pounds a year earlier.

DUBAI, Aug 9 (Reuters) - Dubai's biggest bank Emirates NBD (ENBD.DU) has given most employees a pay rise of up to 8% to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said.

The increases varied according to seniority and were part of a mid-cycle salary adjustment for inflation, with top executives receiving smaller or no increases, the sources said.

Most employees received a pay rise of between 5% and 8%, with lower-paid staff receiving the biggest increase, one of the sources, who has direct knowledge of the matter, said.

LONDON, Aug 9 (Reuters Breakingviews) - IWG’s (IWG.L) business model is looking a little shaky. Shares in the $2 billion WeWork (WE.N) rival fell 10% on Tuesday after the loss-making business said that inflationary pressures, the war in Ukraine and lockdowns in markets like China caused operating profit to stagnate at a worse than expected negative 2.2 million pounds in the first half. That’s in spite of leasing activity and margins creeping up after the pandemic.

Debt is another challenge for the perennial takeover candidate. In the six months ending June 30, IWG’s net debt rose 6% to nearly 7.2 billion pounds, equivalent to over 5.5 times the company’s revenue. The danger for CEO and founder Mark Dixon is that stubbornly high inflation erodes some of the benefits of his cost saving programme while the cost of servicing the company’s debt continues to rise. And, as key markets like the U.S. and the UK head into a downturn, IWG’s model of offering tenants short-term...

NEW YORK, Aug 9 (Reuters) - TPG Inc (TPG.O) said on Tuesday its second-quarter after-tax distributable earnings more than tripled, owing to strong growth in management fees and asset sales from its private equity portfolio.

The Fort Worth, Texas-based firm said after-tax distributable earnings - which represents the cash used to pay dividends to shareholders - rose to $162 million in the second quarter, up from $53 million a year ago. That exceeded the average analyst forecast of $109 million, according to Refinitiv data.

TPG said the value of all its funds depreciated during the quarter due to the market downturn, hurt by rising interest rates and the impact of the Russia-Ukraine war. Its private equity fund valuations fell 2.4% while its growth and impact portfolios declined 2.8% and 1.1%, respectively.

LONDON, Aug 9 (Reuters Breakingviews) - Vowel-deprived British asset manager Abrdn (ABDN.L) has delayed its revenue and cost targets. It’s a logical response to volatile markets, which caused revenue fees to fall 8% year-on-year in the six months to the end of June. Operating profit slumped 28%. Yet the deferred ambition highlights how much further Abrdn’s turnaround needs to go.

Since taking over in 2020, Chief Executive Stephen Bird has cut costs, sold down stakes in non-core assets like Indian ventures and invested in faster-growing areas like individual savings, with the 1.5 billion pound acquisition of Interactive Investor. Yet the main funds business, which makes up the majority of Abrdn's assets under management, is still shrinking and not very profitable. Bird originally targeted “high single digit” revenue growth through 2023, and a cost-to-income ratio of 70% by the end of 2023. According to Refinitiv forecasts, analysts now expect 2% annual top line growth and...