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summarize: (Bloomberg) -- Emerging- and frontier-market dollar bonds will more than recover from last year in 2019 as the trade war winds down and China takes steps to support its economy, according to NN Investment Partners.
Developing notes will rise 5 to 10 percent, while returns from frontier securities should exceed 10 percent, said Leo Hu, senior portfolio manager for hard-currency emerging-market debt at NN Investment, which oversees the equivalent of $273 billion. That compares with 4.3 percent and 5.8 percent declines, respectively, in 2018, JPMorgan Chase & Co. indexes show.
“Trade tensions will likely be resolved and policy makers will make the right decision to stabilize economic growth in China,” the Singapore-based Hu said in an interview. “That’s setting a very good scene for this year.”
Sovereign dollar bonds from non-developed nations took a beating in 2018, with yields rising the most in a decade, as Treasury yields rose and the trade dispute between the U.S. and China worsened.
The average yield on international notes issued by emerging sovereigns rose 159 basis points to end 2018 at 6.864 percent, according to JPMorgan’s EMBI Global Diversified index. The rate from frontier nations increased 205 basis points to close last year at 7.94 percent, the firm’s Next Generation Markets index showed.
The moves last year have created a cushion if U.S. rates rise further, Hu said, adding that the market would need to sell off massively to erase the carry trade benefits, which is an unlikely scenario, he said.
Below are some of the countries he’s favoring this year:
Bahrain
It’s a country with “explicit support” from Saudi ArabiaInvestors can get additional spread of more than 200 basis points by owning Bahrain’s dollar bonds over similar Saudi Arabian debt
Zambia
Valuations are very attractive, with a spread of more than 1,100 basis points over Treasuries in JPMorgan indexes, behind only Venezuela, Hu saidThere’s a chance it could enter an International Monetary Fund program, which would lead to some reforms, he saidThe bears have already sold and there’s not likely to be further selling pressureCredit pressures in some sub-Saharan African nations should ease in 2019 and regional economic growth could accelerate to 3.5 percent this year from an estimated 2.8 percent in 2018, Moody’s Investors Service said in a statement
Papua New Guinea
The diversified commodity exporter doesn’t have a current-account crisis and is trying to improve its institutions, Hu saidRated B2 by Moody’s, its dollar debt due 2028 offers a spread of more than 500 basis points over Treasuries
(Adds bullet and updates spread data in Zambia section.)
To contact the reporter on this story: Lilian Karunungan in Singapore at [email protected]
To contact the editors responsible for this story: Tomoko Yamazaki at [email protected], Andrew Janes
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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Developing notes will rise 5 to 10 percent, while returns from frontier securities should exceed 10 percent, said Leo Hu, senior portfolio manager for hard-currency emerging-market debt at NN Investment, which oversees the equivalent of $273 billion. “Trade tensions will likely be resolved and policy
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summarize: China's "stalling" economy is putting some US companies at risk, according to Bank of America.
High rates of youth unemployment and recent property defaults have put pressure on the Chinese economy.
The bank highlighted the top 10 stocks that have the most revenue exposure to China.
China's economy has been floundering since it reopened from the COVID-19 pandemic, and that represents a big risk for US companies that have a lot of exposure to the region.
Elevated rates of youth unemployment and recent property developer defaults are just a couple reasons why China's economy has been "stalling" in recent months, according to Bank of America.
The bank doesn't think China represents a big risk for the US stock market, given that the S&P 500's direct China revenue exposure is less than 5%. But it did highlight companies that are overly exposed to the region.
"Investors are waiting for a policy response from China," BofA's Savita Subramanian said in a Thursday note. But so far, China's stimulus efforts have had little impact in turning around the economy.
These are the 10 companies that are most at risk of China's ongoing economic slowdown, according to Bank of America.
10. Applied Materials
Ticker: AMAT
Market value: $122.6 billion
Revenue exposure to China: 33%
9. Lam Research
Ticker: LRCX
Market value: $89.5 billion
Revenue exposure to China: 35%
8. Broadcom
Ticker: AVGO
Market value: $373.8 billion
Revenue exposure to China: 36%
7. NXP Semiconductors
Ticker: NXPI
Market value: $51.5 billion
Revenue exposure to China: 38%
6. IPG Photonics
Ticker: IPGP
Market value: $4.9 billion
Revenue exposure to China: 38%
5. Wynn Resorts
Ticker: WYNN
Market value: $10.7 billion
Revenue exposure to China: 40%
4. Western Digital
Ticker: WDC
Market value: $13.7 billion
Revenue exposure to China: 47%
3. Monolithic Power Systems
Ticker: MPWR
Market value: $24.0 billion
Revenue exposure to China: 58%
2. Qualcomm
Ticker: QCOM
Market value: $117.8 billion
Revenue exposure to China: 67%
1. Las Vegas Sands
Ticker: LVS
Market value: $38.2 billion
Revenue exposure to China: 67%
Other companies that have considerable revenue exposure to China include: Intel (27%), Tesla (26%), and Nvidia (26%).
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While the overall S&P 500's direct China revenue exposure is less than 5%, some companies have exposure of nearly 70%.
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summarize: NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
GEORGETOWN, Ontario, Jan. 24, 2022 (GLOBE NEWSWIRE) -- George Barakat announces that he has filed a Form 45-102F1 – Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 Resale of Securities (the “Sales Notice”) in connection with the proposed disposition of up to 4,237,000 common shares (“Shares”) in the capital of Jack Nathan Medical Corp. (“JNMC”) which is expected to be completed, if at all, through either or both of private sales and sales on the facilities of a recognized stock exchange or quotation system, including, but not limited to, the TSX Venture Exchange, during the duration of the sales period contemplated in the Sales Notice. There is no assurance as to the timing of the transactions contemplated in the Sales Notice nor whether any such transactions will occur.
As at the date of the Sales Notice described herein, Mr. Barakat beneficially owned or exercised control or direction over 17,589,180 Shares and options to acquire an additional 700,000 Shares (the “Options”), representing approximately 21.41% of the issued and outstanding Shares on a non-diluted basis and representing approximately 22.07% of the issued and outstanding Shares, assuming the full exercise of all of the Options that Mr. Barakat beneficially owns or exercises control or direction over, determined in each case with reference to JNMC’s unaudited condensed consolidated interim financial statements for the three and nine months ended October 31, 2021 and 2020, dated December 30, 2021. Mr. Barakat’s ownership of securities of JNMC has not changed as compared to the foregoing as at the time of the filing of this News Release.
Mr. Barakat will file one or more Early Warning Reports on Form 62-103F1, and related press releases, in connection with the completion of the transactions described herein in accordance with applicable securities laws.
In addition to the transactions described herein and disclosed in the Sales Notice, Mr. Barakat may increase or decrease his investment, directly or indirectly, in securities of JNMC from time to time, depending on market conditions or any other relevant factors.
A copy of the report relating to this acquisition may be found on JNMC’s profile at www.sedar.com.
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NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES GEORGETOWN, Ontario, Jan. 24, 2022 (GLOBE NEWSWIRE) -- George Barakat announces that he has filed a Form 45-102F1 – Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 Resale of Securities (the “Sales Notice”) in connection with the proposed disposition of up to 4,237,000 common shares (“Shares”) in the capital of Jack Nathan Medical Corp. (“JNMC”) which is expected to be completed, if at a
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summarize: (Bloomberg) -- Snap Inc. Chief Financial Officer Tim Stone is resigning eight months after joining the social-media company, sending shares tumbling in extended trading.
Stone’s departure isn’t related to any disagreement on the company’s accounting, strategy, financial or other practices, the Snapchat parent said Tuesday in a filing. He’ll remain in the role until a replacement is named and can take over his duties. Snap shares, which have fallen more than 50 percent in the past year, dropped 8.4 percent after the close of regular trading in New York.
Stone, who came to Snap from Amazon.com Inc., was seen as an important veteran executive hire after a lot of tumult. Since the company’s March 2017 initial public offering, most of Snap’s top executives have defected, including the heads of legal, strategy, product, engineering and sales. In August, Snap provided a revenue forecast for the first time, which analysts attributed to Stone improving transparency.
Alongside the announcement of Stone’s departure, the Los Angeles-based company said it expects to report quarterly results for sales and earnings before interest, taxes, depreciation and amortization that are "slightly favorable to the top end" of previous forecasts. In October, Snap projected fourth-quarter revenue of $355 million to $380 million.
When the company discloses earnings on Feb. 5, analysts will be paying attention to a different number: daily users. Snap’s audience has been on the decline for two straight quarters, as users were turned off by a redesign of the mobile photo-sharing app and as competition mounted with Facebook Inc.’s Instagram.
The company’s shares had gained 3.7 percent to $6.54 in regular trading on Tuesday. The stock has rebounded a bit since closing at a record low of $4.99 in December -- 71 percent below the IPO price of $17 a share.
To contact the reporter on this story: Sarah Frier in San Francisco at [email protected]
To contact the editors responsible for this story: Jillian Ward at [email protected], Andrew Pollack
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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Stone’s departure isn’t related to any disagreement on the company’s accounting, strategy, financial or other practices, the Snapchat parent said Tuesday in a filing. Stone, who came to Snap from Amazon.com Inc., was seen as an important veteran executive hire after a lot of tumult. Since the company
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summarize: WOODBURY, NY, March 06, 2023 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced today that it will release its fourth quarter and full year 2022 financial results on Thursday, March 9, 2023. Research Frontiers will host a conference call at 4:30 p.m. Eastern Time on Thursday, March 9, 2023 to discuss its fourth quarter and full-year 2022 financial and operating results as well as recent developments.
Who: Joseph M. Harary, President & CEO
Date/Time: Thursday, March 9, 2023, 4:30 PM ET
Dial-in Information: 1-888-334-5785
Questions: Email to [email protected]
Replay: Available on Friday, March 10, 2023 for 90 days at https://smartglass-ir.com/
About Research Frontiers
Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to over 40 companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc.
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WOODBURY, NY, March 06, 2023 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced today that it will release its fourth quarter and full year 2022 financial results on Thursday, March 9, 2023. Research Frontiers will host a conference call at 4:30 p.m. Eastern Time on Thursday, March 9, 2023 to discuss its fourth quarter and full-year 2022 financial and operating results as well as recent developments. Who: Joseph M. Harary, President & CEODate/Time: Thursday, March 9, 2023, 4:30
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summarize: OMAHA, Neb. (AP) — Investor Charlie Munger, who's been Warren Buffett's right-hand man for more than five decades, has made a $40 million gift to a California museum that he's supported in the past.
Munger gave 77 Class A Berkshire Hathaway shares to the Henry E. Huntington Library and Art Museum in San Marino, California, according to a filing with the Securities and Exchange Commission. At Thursday's closing price of $523,545.06 a share, that made the gift worth more than $40.3 million.
A decade ago, he gave the Huntington museum nearly $33 million worth of Berkshire stock to help pay for a new education and visitors center. Huntington spokeswoman Susan Turner-Lowe said this latest donation will be used to build more than 30 residences for visiting scholars to use while they spend time at the museum doing research.
Turner-Lowe said scholars often spend a school year studying at the Huntington and the expensive rental market in Los Angeles has made that difficult to afford. She said this is “a long-time dream that is in the process of being fulfilled in a major way.”
Once a billionaire, Munger's fortune never rivaled his best friend Buffett's. But Munger lost his billionaire status long ago as he steadily gave away his fortune, and roughly $1 billion of his stock went into a charitable trust in 2010 after his wife died.
After his latest donation, Munger still holds 4,033 Class A Berkshire shares. But back in 2000 he held 15,911 shares, which would be worth more than $8.3 billion today if he'd hung onto it all.
Munger, who is known for his quick wit and acerbic manner, will turn 100 in January. He often quips that “I have nothing more to add” after some of Buffett's more long winded answers at Berkshire's legendary shareholder meetings, but he'll also cut right to the heart of an issue in his own answers. For instance, he's called cryptocurrencies “evil” and “stupid because they're likely to go to zero” and are far too “useful to kidnappers and extortionists and so forth.”
The conglomerate that Munger helped Buffett build owns dozens of companies, including BNSF railroad, Geico insurance and several major utilities along with well-known brands like See's Candy and Dairy Queen along with numerous manufacturing firms. Although Berkshire is based in Omaha, Nebraska, where Buffett lives, Munger has long lived in southern California, so much of his charitable giving has been focused on the West Coast.
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Investor Charlie Munger, who's been Warren Buffett's right-hand man for more than five decades, has made a $40 million gift to a California museum that he's supported in the past. Munger gave 77 Class A Berkshire Hathaway shares to the Henry E. Huntington Library and Art Museum in San Marino, California, according to a filing with the Securities and Exchange Commission. A decade ago, he gave the Huntington museum nearly $33 million worth of Berkshire stock to help pay for a new education and visitors center.
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summarize: TORONTO, Aug. 23, 2021 /CNW/ - Robert Wessel, Managing Partner, Co-Founder, Hamilton ETFs., and his team joined Graham Mackenzie, Head, Exchange-Traded Products, TMX Group, to celebrate the launch of the ETF (TSX: HDIV) on Toronto Stock Exchange and open the market.
"We are excited to expand our ETF offerings with the launch of HDIV, an innovative ETF designed to help long-term investors meet their income needs with an initial target yield of 8.5% paid monthly," said Rob Wessel, Managing Partner at Hamilton ETFs. "HDIV will invest in an equal-weight portfolio of seven sector covered call ETFs with a diversified sector mix broadly similar to that of the S&P/TSX 60 while adding modest 25% leverage to enhance the yield and return potential for investors."
Hamilton ETFs is a Canadian investment manager specializing in the global financial services sector, with a portfolio management team boasting over 60 years of combined experience. The firm's specialized investment focus is driven by proprietary research, analysis, and analytical tools. Hamilton ETFs is also an active commentator on the global financial services sector; the firm's most recent Insights can be found at www.hamiltonetfs.com/insights-commentary.
For Market Openings: Media may pick up a feed from the TOC (television operations centre) for all market open ceremonies. The feed is named TSX Transmit 1 (SD-SDI) and is produced at the TMX Broadcast Centre and sent live to the TOC. To pick up the feed via the Dejero network, please contact [email protected]. The client feature video will begin playing on the TMX media wall at approximately 9:27 a.m. ET and the markets will open with the sound of a siren at 9:30 a.m. ET
Date: Monday, August 23, 2021
Time: 9:00am - 9:30am
Place: Virtually Broadcast
SOURCE Toronto Stock Exchange
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Robert Wessel, Managing Partner, Co-Founder, Hamilton ETFs., and his team joined Graham Mackenzie, Head, Exchange-Traded Products, TMX Group, to celebrate the launch of the ETF (TSX: HDIV) on Toronto Stock Exchange and open the market.
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summarize: (Bloomberg) -- Oil headed for a second weekly gain after OPEC+ leaders Saudi Arabia and Russia tightened supplies and US crude stockpiles fell.
Most Read from Bloomberg
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Zuckerberg’s First Tweet in 11 Years Is Playful Jibe at Musk
West Texas Intermediate was steady below $72 a barrel, on course for a weekly advance of nearly 2%. The US crude benchmark is set for the first back-to-back weekly increase since late-May, with near-term time spreads flipping into a narrow backwardated structure, a bullish pricing pattern.
Saudi Arabia set large price increases for its crude to Europe and the Mediterranean after announcing an extension into August of its unilateral 1-million-barrel-a-day supply cut. In addition, Russia said it would reduce exports by half a million barrels, although output won’t be lowered.
In the US, official data showed nationwide crude stockpiles dropped for a third week, sliding by 1.5 million barrels. Oil holdings at the key Cushing, Oklahoma, storage hub also eased, while inventories of gasoline and distillates dropped.
Crude remains 10% lower this year, with tighter monetary policy, China’s lackluster recovery, and resilient Russian exports pressuring futures. Its rise this week came despite a broad move lower in other risk assets as robust US jobs data reinforced bets the Federal Reserve will keep hiking interest rates.
To get Bloomberg’s Energy Daily newsletter direct into your inbox, click here.
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©2023 Bloomberg L.P.
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(Bloomberg) -- Oil headed for a second weekly gain after OPEC+ leaders Saudi Arabia and Russia tightened supplies and US crude stockpiles fell.Most Read from BloombergMeta’s Threads App Draws Millions Seeking a Twitter AlternativeStocks Stumble as Traders Turn to Payroll Data: Markets WrapUkraine Has Caught Up With Russia’s Tank Numbers, Data SignalBiden Set to Send Cluster Munitions to Ukraine Despite ConcernZuckerberg’s First Tweet in 11 Years Is Playful Jibe at MuskWest Texas Intermediate was
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summarize: Siena Lending Provides iMedia $80 Million ABL Facility and
GreenLake Provides iMedia $28.5 Million Term Note
MINNEAPOLIS, Aug. 05, 2021 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (“iMedia” or the “Company”) (Nasdaq: IMBI) announces that on July 30, 2021, the Company closed on a new $108.5 million debt financing comprising a revolving credit facility from Siena Lending Group and a term note from GreenLake Asset Management.
The new revolving credit facility led by Siena provides an $80.0 million commitment. The $28.5 million term note provided by GreenLake is backed by iMedia’s owned real estate, which includes its corporate headquarters and production studios located in Eden Prairie, MN, as well as its warehouse and fulfillment center centrally located in Bowling Green, KY. Both the revolving credit facility and term note have three-year terms.
Commenting on the Company’s new lending partners and expanded debt facility, Tim Peterman, CEO of iMedia Brands, said: “Success is driven by strong partners who trust each other. We at iMedia are fortunate to partner with Dave Grende, Siena’s CEO, and Peter Chang, GreenLake’s CEO. They are the right strategic lending partners for iMedia to finance its next chapter.”
D.A. Davidson & Co. served as exclusive financial advisor to the Company in arranging and placing the financing.
About iMedia Brands, Inc.
iMedia Brands, Inc. (Nasdaq: IMBI) is a leading interactive media company that owns a growing portfolio of lifestyle television networks, consumer brands, online marketplaces and media commerce services that together position the Company as a leading single-source partner to television advertisers and consumer brands seeking to entertain and transact with customers using interactive video.
About Siena Lending Group
Siena Lending Group is a leading independent asset-based lender (ABL) lender and a portfolio company of Business Development Corporation of America, an affiliate of Benefit Street Partners L.L.C. (“BSP”). BSP, a leading credit-focused alternative asset management firm with over $32 billion in assets under management as of June 30, 2021, is a wholly-owned subsidiary of Franklin Resources, Inc. Siena is headquartered in Stamford, CT and was co-founded by President and CEO David Grende. For further information, please visit https://www.sienalending.com/.
About GreenLake Asset Management
GreenLake Asset Management LLC is a direct lender and alternative asset manager founded in 2008, focused on delivering superior fixed income products in commercial real estate. Headquartered in South Pasadena, CA, GreenLake provides creative and flexible real estate capital solutions nationwide.
About D.A. Davidson
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 28 states. D.A. Davidson & Co. is a subsidiary of D.A. Davidson Companies.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains statements, estimates, projections, guidance or outlooks that constitute “forward-looking” statements as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about our prospects, including anticipated show, event, or product line launches, and involve risks and uncertainties. We caution that actual results could differ materially from those that management expects, depending on the outcome of certain factors.
Contacts:
Media:
[email protected]
(800) 938-9707
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Siena Lending Provides iMedia $80 Million ABL Facility and GreenLake Provides iMedia $28.5 Million Term Note MINNEAPOLIS, Aug. 05, 2021 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (“iMedia” or the “Company”) (Nasdaq: IMBI) announces that on July 30, 2021, the Company closed on a new $108.5 million debt financing comprising a revolving credit facility from Siena Lending Group and a term note from GreenLake Asset Management. The new revolving credit facility led by Siena provides an $80.0 million comm
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summarize: In this article:
ST HELIER, Jersey, April 06, 2022 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or the "Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) is pleased to announce the appointment of Liberum Capital Limited as its joint broker with immediate effect.
Enquiries:
Caledonia Mining Corporation Plc
Mark Learmonth
Camilla Horsfall
Tel: +44 1534 679 802
Tel: +44 7817 841793
WH Ireland
Adrian Hadden/ Jessica Cave/ Andrew De Andrade
Liberum Capital Limited
Scott Mathieson/Kane Collings
Tel: +44 20 7220 1751
Tel: +44 20 3100 2000
BlytheRay Financial PR
Tim Blythe/Megan Ray
Tel: +44 207 138 3204
3PPB
Patrick Chidley
Paul Durham
Tel: +1 917 991 7701
Tel: +1 203 940 2538
Curate Public Relations (Zimbabwe)
Debra Tatenda
Tel: +263 77280 2131
Bloomberg
Musk Refiles Twitter Disclosure to Show He’s an Active Investor
(Bloomberg) -- Elon Musk refiled the disclosure of his stake in Twitter Inc. to classify himself as an active investor, making the change after taking a seat on the social media company’s board.Most Read from BloombergU.S. Drones for Ukraine Will Include Latest Tank KillersA 30-Year-Old Crypto Billionaire Wants to Give His Fortune AwayRussia’s Effort to Avoid Default Undermined by New U.S. SanctionU.S, EU to Hit Russian Investments With New Round of SanctionsUkraine Update: Zelenskiy to Address
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Musk to join Twitter board, promises change
(Reuters) -Twitter Inc said on Tuesday it will offer Elon Musk a seat on its board of directors, a position the Tesla boss and entrepreneur plans to use to bring about significant improvements at the social media site after disclosing a sizeable holding. Musk reported in a regulatory filing on Monday that he had amassed a roughly 9% stake in Twitter, making him its largest shareholder. "Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months," Musk tweeted.
Variety
Elon Musk Reveals 9% Stake in Twitter After Criticizing Social Network’s ‘Failure’ to Uphold Free Speech Principles
UPDATED: Elon Musk has acquired about 9.2% of the shares in Twitter, the social network disclosed in an SEC filing Monday, making the billionaire the largest shareholder in the company. Following the disclosure before the market opened, Twitter’s stock price boomed more than 25% in mid-morning trading. Shares closed at $49.97 apiece, up 27% on […]
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Musk’s spot on Twitter board stirs debate about platform safety, free speech
Twitter’s announcement Tuesday that the company would appoint billionaire Elon Musk to its board of directors is stirring debate and some criticism amid worries that the Tesla CEO could shift the nature of a social media forum heavily used in media circles. Musk has been an active Twitter user and has sometimes criticized the company, arguing in recent…
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Elon Musk turns his money into power
Elon Musk is now officially ensconced as the richest person in the world. By using his social and financial clout to muscle his way onto the board of Twitter, he's working hard to become a full-fledged mogul, generously endowed with all three parts of the great trinity of money, fame, and power. Why it matters: Musk accumulated his money through Tesla and SpaceX. He accumulated much of his fame through Twitter. Now he's working on power, the toughest and rarest component of the three. Stay on to
Engadget
Twitter confirms it will test an edit button
More than a decade and a half into its existence, Twitter has confirmed what was once unthinkable: an edit button is on the way.
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ST HELIER, Jersey, April 06, 2022 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or the "Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) is pleased to announce the appointment of Liberum Capital Limited as its joint broker with immediate effect. Enquiries: Caledonia Mining Corporation PlcMark LearmonthCamilla HorsfallTel: +44 1534 679 802Tel: +44 7817 841793 WH IrelandAdrian Hadden/ Jessica Cave/ Andrew De AndradeLiberum Capital LimitedScott Mathieson/Kane CollingsTel:
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summarize: A government shutdown is looking increasingly likely to begin this Sunday, a development that has been rattling some investors.
While a potential shutdown isn’t expected to have much of an impact on the stock market, experts say it has contributed to the S&P 500's more than 5% dip so far this month, to 4,275.
It's “one of the reasons why you've seen the market weaken,” according to Marc Zabicki, chief investment officer of LPL Financial. But after the potential shutdown begins, “I don't know that you're going to get any stark reaction from asset markets come Oct. 2 next week. I think it's already largely been built into prices.”
Why is the stock market down?
While the looming shutdown is contributing to the recent market dip, it’s not the only driver.
September is also a historically weak month for stocks, according to Jeffrey A. Hirsch, CEO of Hirsch Holdings and editor-in-chief of the Stock Trader's Almanac.
Meanwhile, there are a "lot of other items going on" that are affecting the market, including higher interest rates, looming student loan payments, the United Auto Workers strike, rising oil prices and more, according to Howard Silverblatt, senior index analyst for S&P Dow Jones Indices
“We're in a very volatile time now," Silverblatt said.
What happened to markets during previous shutdowns?
There have been six partial or full government shutdowns since 1990. While some were resolved in less than a week, the most recent in late 2018 and early 2019 lasted over one month.
When looking at the S&P 500’s median performance one month after the shutdown compared to one month prior, the benchmark gained a median 5.5% with positive returns five out of six times, according to a Wednesday note from Bespoke Investment Group co-founder Paul Hickey.
“Like the people that occupy the chambers of Congress, past shutdowns have been a lot of sound and fury signifying nothing,” the note reads.
In other words, the looming shutdown is "more of a headline event than a bottom-line event," according to Sam Stovall, chief investment strategist at CFRA Research. Past shutdowns, he said, left "angered tourists more than disappointed traders."
Risks this time around?
A Sept. 13 Wells Fargo report led by global strategist Gery Schollberg and analyst Jennifer Timmerman notes that while the S&P 500 tends to sag before and through the early part of longer shutdowns, “it did not take long for stocks to regain composure after the government reopened in each instance.”
“This time, however, a shutdown risks aggravating other potential body blows to the economy … leaving stocks more exposed to volatility and to extended weakness.”
The report's authors said they believe a shutdown, if it does occur, has the potential to last at least a few weeks because of hardened positions in an increasingly polarized Congress.
"The longer it goes, the more difficult it will become economically and also from an asset market perspective," Zabicki of LPL said, adding that Washington's polarization "increases the risk that something could go wrong."
However, he said recent history shows that "these are typically not long-lasting events.”
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While a shutdown isn’t expected to have much of an impact on the stock market, experts say it has contributed to the S&P 500's 5% dip this month.
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summarize: (Bloomberg) -- Frank founder Charlie Javice, who is charged with defrauding JPMorgan Chase & Co. in its $175 million acquisition of her college finance site, asked to modify her bail terms so she can communicate with the bank about her mortgage.
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Javice, who was released on a $2 million bond, previously agreed not to contact any current JPMorgan employees, former Frank workers or other parties potentially involved in the case. But in a letter filed Monday in Manhattan federal court, her lawyers asked that she be allowed to contact particular bank workers as well as the customer service line about her home loan.
The JPMorgan contact would be “solely in her capacity as a mortgager and the institution’s capacity as a mortgage,” Javice’s lawyers said in the filing. They also said she has one remaining investment account at JPMorgan, for which “she may need to coordinate with the responsible bank employees to manage the account.”
Prosecutors were not opposed to the modification, Javice’s lawyers said. Her bail was secured in part by the equity in her Miami home.
“With these exceptions, the no-contact condition would be tailored more appropriately and would not unduly prevent Ms. Javice from managing her affairs as necessary.”
Javice, 31, founded Frank in 2017 to help college students fill out the Free Application for Federal Student Aid. According to the criminal complaint unsealed last week, she told JPMorgan, which acquired Frank in 2021, that the online platform had 4.25 million customers, when in reality that number was less than 300,000. Prosecutors claim Javice hired a data scientist to create a phony dataset to bolster her claim to JPMorgan.
JPMorgan sued Javice for fraud in December and shut Frank down in January. The bank has said she made $21 million from the deal. In civil court filings, she has accused JPMorgan of scapegoating her for its faulty due diligence and claimed the bank pushed her to create “synthetic data” on Frank users.
Javice was charged with conspiracy, wire fraud affecting a financial institution and bank fraud — each of which carries a maximum sentence of 30 years in prison — as well as securities fraud, which carries a maximum sentence of 20 years.
The case is US v. Javice, 23-mag-02638; US District Court, Southern District of New York (Manhattan).
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(Bloomberg) -- Frank founder Charlie Javice, who is charged with defrauding JPMorgan Chase & Co. in its $175 million acquisition of her college finance site, asked to modify her bail terms so she can communicate with the bank about her mortgage.Most Read from BloombergBond Market Is Overplaying the Risk of a Deep RecessionApple’s 40% Plunge in PC Shipments Is Steepest Among Major Computer MakersUS Navy Challenges Beijing in South China Sea Amid Taiwan DrillsFedEx Overhaul Contemplates a Future W
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summarize: Nvidia (NVDA) will report its second quarter earnings after the bell today in what will prove to be a key test for the AI mania that’s swept through the market throughout the first half of the year.
Expectations are sky high for Nvidia. In May, the company smashed Wall Street’s second quarter revenue guidance expectations of $7.2 billion, saying it anticipated revenue of $11 billion plus or minus 2%.
While shares of Nvidia have already rocketed 212% year-to-date, analysts continue to make bullish calls on the company, raising price targets to $500 and higher. Baird’s Tristan Gerra raised that firm’s target as high as $570. (Nvidia's shares were trading around $464 Wednesday morning.)
Here’s what Wall Street expects of Nvidia in the quarter, as compiled by Bloomberg, versus how it performed in the same quarter last year.
Revenue: $11.04 billion expected versus $6.70 billion in Q2 last year.
Adjusted EPS: $2.07 expected versus $0.52 in Q2 last year.
Data center revenue: $7.98 billion expected versus $3.81 billion in Q2 last year.
Gaming revenue: $2.38 billion expected versus $2.04 billion in Q2 last year.
The AI craze kicked into high gear in Nov. 2022 when OpenAI debuted its generative AI app, ChatGPT. And while artificial intelligence has been around for some time, ChatGPT’s popularity, it was one of the fastest growing apps in history, put the technology firmly on Wall Street’s radar.
Since then tech companies ranging from giants ranging from Microsoft (MSFT), Google (GOOG, GOOGL), and Meta (META) to smaller firms have debuted or announced that they’re working on their own generative AI tools and software.
Nvidia, which has been investing in its AI capabilities for years, is helping to power those products.
But Nvidia’s success could also prove problematic. The rapid increase in demand for its chips is putting pressure on supplier TSMC to produce as many graphics processors as possible. But the company might not be able to keep up, which could put a strain on Nvidia’s revenue.
Despite that, expectations for the chip giant continue to soar on Wall Street. Analysts anticipate Nvidia will bring in a whopping $12.51 billion in revenue for the upcoming quarter. That’s an enormous jump from the same time last year, when revenue came in at $5.93 billion.
Part of that reason for that difference is that Nvidia’s gaming revenue fell 51% year-over-year in Q3 2022. But even if that segment continues to rebound, as it is expected to this quarter, it would still mean an enormous leap in overall revenue.
If Nvidia misses expectations, though, it could mean a pullback in the overall AI hype cycle. That said, it certainly wouldn’t be a death knell for AI.
Daniel Howley is the tech editor at Yahoo Finance. He's been covering the tech industry since 2011. You can follow him on Twitter @DanielHowley.
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Nvidia will report its second quarter earnings Wednesday, as Wall Street expectations rise.
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summarize: Company's Product Offerings Streamline and Simplify Digital Asset Tax Reporting for Cryptocurrency, DeFi, and NFT users
AUSTIN, Texas, Feb. 2, 2022 /PRNewswire/ -- CoinLedger (rebranding from CryptoTrader.Tax), a leading tax-reporting platform geared toward assisting cryptocurrency, DeFi, NFT, and Web3 users with simple tax reporting solutions, announced today that it secured $6 Million in its latest financing round. This funding comes from a growing list of strategic corporate and high-profile individual investors, including CMT Digital, DRW Venture Capital, FinTech Collective, Volt Capital, Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), Adam White (Co-Founder of Bakkt), and Mike Dudas (Founder of The Block). CoinLedger plans to utilize the funds to scale its team further and expand product offerings.
"As the cryptocurrency industry has evolved, the lack of simple, user-friendly crypto tax and accounting software, specifically for DeFi users, has become more than problematic," said David Kemmerer, CEO, and Co-Founder of CoinLedger. "We continue to see a future where decentralized cryptocurrency and digital asset use-cases become the norm, not fringe activities amidst centralized exchanges. We're excited to bring on such a strong group of investors who share our company's vision and values."
The interoperable nature of cryptocurrencies and digital assets, with transactions scattered across multiple wallets, exchanges, and protocols, makes it extremely difficult for crypto investors to keep track of their holdings and accurately prepare and pay their taxes. CoinLedger's CryptoTrader.Tax solves this issue by integrating with hundreds of exchanges, wallets, and blockchains. Users can leverage the platform to gain a holistic view of their crypto portfolio and tax obligations across the entire Web3-economy.
"As a crypto investor, manually calculating your capital gains and losses across potentially thousands of transactions leaves a large margin for error," said Kim Trautmann, Head of DRW Venture Capital. "The tax reporting and portfolio management resources that CoinLedger provides are critical for the crypto environment to continue to scale and is the kind of technology DRW Venture Capital is excited to work alongside as it continues to broaden its crypto tax services."
About CoinLedger
CoinLedger (rebranding from CryptoTrader.Tax) enables seamless portfolio tracking and tax reporting for participants of the digital asset economy. Founded in 2018, CoinLedger was built to reduce the friction of participating in the cryptocurrency ecosystem by making tax reporting as simple as possible. By directly integrating with major exchanges, wallets, blockchains, and NFT platforms, CoinLedger provides a unified dashboard for users to track and monitor their cryptocurrency activity. Whether you're trading cryptocurrencies, buying and selling NFTs, or staking on DeFi protocols, CoinLedger makes tracking your portfolio and reporting your taxes more straightforward than ever. For more information, visit https://cryptotrader.tax/world-meet-coinledger.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cryptocurrency-and-web3-tax-software-provider-coinledger-raises-6-million-in-funding-301473841.html
SOURCE CoinLedger
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CoinLedger (rebranding from CryptoTrader.Tax), a leading tax-reporting platform geared toward assisting cryptocurrency, DeFi, NFT, and Web3 users with simple tax reporting solutions, announced today that it secured $6 Million in its latest financing round. This funding comes from a growing list of strategic corporate and high-profile individual investors, including CMT Digital, DRW Venture Capital, FinTech Collective, Volt Capital, Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), Ada
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summarize: A look at the day ahead in U.S. and global markets from Mike Dolan A rekindled bond market fire storm and simmering China property crisis have dragged world stocks to two-month lows, but the sell-off in Treasuries appeared to ease somewhat on Friday and more credit easing is now expected from Beijing next week.
Perhaps in a circular logic, the jolt to the financial system from a potential Chinese demand shock and a surge in benchmark long-term borrowing rates to their highest in more than a decade is seeing some demand for bonds returning at these yields.
Investors certainly seemed to be buying into the latest rout, with Bank of America reporting that Treasury funds saw "strong" inflows of $3.9 billion in the latest week, the 27th straight week of inflows and on course for a record inflow year.
But the swingeing losses in what are seen as 'safe assets' and how that infects borrowing more widely is unnerving for many, with 30-year U.S. fixed mortgage rates hitting their highest in more than 21 years this week at 7.09%.
The price hit is bruising. Exchange-traded funds invested in Treasury debt of more than a year's maturity hit their lowest for the year this week, down 2.3% since mid-year and off more than 5% from the 2023 high in early April. Junk bond indices have fallen to their lowest in a month.
Yields backed off somewhat on Friday - with those on the 30-year bond falling back almost 10 basis point from the 12-year high near 4.43% hit yesterday and 10-year real yields ebbing by the same amount from 14-year highs near 2%.
With the Federal Reserve's annual Jackson Hole conference next week now in focus, there was little respite on Thursday from the week's red-hot economic soundings and both labour market updates and the Philadelphia Fed's latest business survey showed brisk activity continued into August.
But equally there was little let-up in the bad news from China's ailing economy and real estate sector. Embattled developer China Evergrande filed for bankruptcy protection in a U.S. court on Thursday as part of one of the world's biggest debt restructuring exercises - as fears of property market contagion abounded.
China's securities regulator said on Friday it would cut trading costs, support share buybacks and introduce long-term capital as it unveiled a package of measures aimed at reviving the stock market and boosting investor confidence.
Shanghai stocks fell 1% and Hong Kong lost another 2% on Friday and the offshore yuan weakened again despite Thursday's attempt by the People's Bank of China to marshal support for the currency via state banks.
Other Asian bourses and European stocks fell too, with U.S. stock futures also in the red before the open. Emerging market equity indices teetered near two-month lows too.
The dollar was more mixed generally - with Japan's yen gaining some ground on the U.S. yield retreat but sterling hobbled by weaker-than-forecast UK retail sales data.
Top cryptocurrency bitcoin hit a fresh two-month low on Friday amid a wave of risk averse sentiment and the week's rise in U.S. real yields.
Events to watch for on Friday: * U.S. corporate earnings: Palo Alto Networks, Deere, Estee Lauder * U.S. Treasury auctions 30-year inflation-protected securities * U.S. President Joe Biden hosts Japan Prime Minister Fumio Kishida and South Korea President Yoon Suk Yeol in a trilateral summit at Camp David
(By Mike Dolan, Editing by Elaine Hardcastle [email protected]. Twitter: @reutersMikeD)
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A look at the day ahead in U.S. and global markets from Mike Dolan A rekindled bond market fire storm and simmering China property crisis have dragged world stocks to two-month lows, but the sell-off in Treasuries appeared to ease somewhat on Friday and more credit easing is now expected from Beijing next week. Investors certainly seemed to be buying into the latest rout, with Bank of America reporting that Treasury funds saw "strong" inflows of $3.9 billion in the latest week, the 27th straight week of inflows and on course for a record inflow year. The price hit is bruising.
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summarize: Google has announced a slew of Android updates that should make phones and tablets more useful for many people. One of the more notable changes is for Nearby Share, Google's version of Apple's AirDrop, which should make transferring files between your own Android devices a cinch. After you opt in to the self-share feature, your Android devices will automatically accept files from each other, even if the screen is off. So, you may soon no longer need to email a file from your phone to your tablet or Chromebook. The self-share option should be available in the next few weeks.
It's not clear when you'll be able to check out some of the other freshly announced features, which include more accessibility settings. Android has a feature called sound notifications that's designed to help those in the deaf and hard of hearing community. When the feature is enabled, it can listen for sounds like fire alarms, door knocks and running water, and alert the user to them with a visual notification or vibration on a phone or watch. Soon, users will be able to add custom sounds to their alert library. They'll be able to record audio from appliances and so forth, and receive notifications when their device hears that sound again.
Google TV now has a selection of movies with audio descriptions. You can find these through Google Assistant by saying “Search audio description movies.” Moreover, Google is adding a multi-pinning option to Meet video calls. This will enable users to pin feeds from, for instance, the speaker and a sign language interpreter — or maybe a friend to see their reaction to what's being said a little more clearly.
SharePlay-style options are coming to Meet as well. You'll be able to watch YouTube videos and play games with up to 100 friends and family members simultaneously. Google says this feature is rolling out to Android phones and tablets.
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More accessibility options are on the way too.
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summarize: By Tina Bellon
(Reuters) - A Missouri appeals court on Friday threw out a $55 million verdict against Johnson & Johnson in a lawsuit by a woman who claimed she developed ovarian cancer after using talc-based products, including J&J's baby powder, citing a U.S. Supreme court ruling on where such cases can be brought.
South Dakota resident Gloria Ristesund had been awarded $5 million in compensatory damages and $50 million in punitive damages in the 2016 verdict.
She alleged that her decades-long use of J&J talc-based products for feminine hygiene caused her cancer, and that the company had failed to warn consumers about the risks.
J&J denied the allegations, saying decades of testing have shown its cosmetic talc-based products to be safe.
The healthcare conglomerate is battling some 9,000 cases claiming its talc-based products cause ovarian cancer and, in some cases, mesothelioma, a rare cancer closely linked to asbestos exposure, amid allegations the products were contaminated with asbestos fibers. J&J has said its talc products do not contain asbestos or cause any form of cancer.
The unanimous three-judge panel of the Missouri Court of Appeals in the Eastern District, in overturning the verdict, did not rule on the merits of the allegations.
The judges instead said the verdict could not stand following a 2017 U.S. Supreme Court decision that limits where companies can be sued for personal injuries.
The high court ruled that state courts cannot hear claims against companies that are not based in the state or when the alleged injuries did not occur there.
J&J is based in New Jersey and Ristesund exclusively purchased and used the company's talc products in South Dakota and Minnesota, according to court records.
J&J, in a statement, said it was extremely pleased with the court's decision to recognize that the trial should have never occurred.
Ristesund's case was one of more than 60 related talc lawsuits consolidated in Missouri state court, where juries have a reputation for issuing high-paying verdicts. But only one of those cases involved a woman from Missouri, leading many of the cases to be tossed on jurisdictional grounds.
During the appeals process, Ristesund asked the court for permission to present additional evidence tying J&J to Missouri. The judges on Friday rejected her request, saying she had ample opportunity to present such evidence over the past two years.
(Reporting by Tina Bellon; Editing by David Gregorio and Bill Berkrot)
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South Dakota resident Gloria Ristesund had been awarded $5 million in compensatory damages and $50 million in punitive damages in the 2016 verdict. J&J denied the allegations, saying decades of testing have shown its cosmetic talc-based products to be safe.
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summarize: RENO, Nev., Oct. 29, 2021 /PRNewswire/ -- New data from Synergy Research Group shows that Q3 enterprise spending on cloud infrastructure services passed the $45 billion mark, up 37% from the third quarter of 2020. Amazon, Microsoft and Google continue to attract well over half of worldwide cloud spending, with Q3 market shares of 33%, 20% and 10% respectively. With growth rates that are higher than the overall market, their share of worldwide revenues continues to inch upwards. However, other cloud providers are still continuing to achieve strong growth in cloud revenues, despite the prominence of the big three US companies. The next ten largest cloud providers achieved 28% year-on-year revenue growth, while the long tail of medium-to-small cloud providers grew by 25%.
With most of the major cloud providers having now released their earnings data for Q3, Synergy estimates that quarterly cloud infrastructure service revenues (including IaaS, PaaS and hosted private cloud services) were $45.4 billion, with trailing twelve-month revenues reaching $164 billion. Public IaaS and PaaS services account for the bulk of the market and those grew by 39% in Q3. The dominance of the major cloud providers is even more pronounced in public cloud, where the top three control 70% of the market. Geographically, the cloud market continues to grow strongly in all regions of the world.
"Given their scale, ever-expanding worldwide presence and impressive revenue growth rates, it is understandable that Amazon, Microsoft and Google grab the most attention for their cloud activities. However, that makes it easy to overlook the fact that other cloud providers generated $17 billion in the quarter, a figure which grew by 27% from last year," said John Dinsdale, a Chief Analyst at Synergy Research Group. "By any standards a $17 billion market growing at such a rate is an attractive proposition for many service providers and their suppliers. Clearly there are challenges with the big three companies lurking in the background, so the name of the game is not competing with them head on. Providing companies are smart about targeting the right applications and customer groups, cloud can provide a broad and exciting range of growth opportunities for them."
About Synergy Research Group
Synergy provides quarterly market sizing and segmentation data on cloud and related markets, including company revenues by segment and by region. Synergy Research Group (www.srgresearch.com) helps marketing and strategic decision makers around the world via its unique insights and in-depth analytics.
To speak to an analyst or to find out more about how to access Synergy's market data, please contact Heather Gallo @[email protected] or at 775-785-3113.
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SOURCE Synergy Research Group
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New data from Synergy Research Group shows that Q3 enterprise spending on cloud infrastructure services passed the $45 billion mark, up 37% from the third quarter of 2020. Amazon, Microsoft and Google continue to attract well over half of worldwide cloud spending, with Q3 market shares of 33%, 20% and 10% respectively. With growth rates that are higher than the overall market, their share of worldwide revenues continues to inch upwards. However, other cloud providers are still continuing to achi
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summarize: Billionaire Bill Ackman's hedge fund boosted its stake in Alphabet last quarter amid the continuing AI hype.
Pershing Square scooped up about 1.3 million of Alphabet Class C shares, upping its position in such stock to $1.1 billion.
Meanwhile, the hedge fund dumped shares in Chipotle and home improvement company Lowe's.
Billionaire investor Bill Ackman's hedge fund snapped up more shares in Google's parent company Alphabet during the second quarter as the company ramps up its exposure to artificial intelligence technologies.
Pershing Square Capital Management scooped up about 1.3 million shares of Alphabet's Class C shares, boosting the company's total shares in that position to $1.1 billion, according to a second-quarter portfolio update released on Monday.
The hedge fund's holdings in Alphabet's Class A shares were unchanged at about $261 million.
Pershing Square's bigger bet on Alphabet comes as the internet behemoth rides a wave of investor excitement over AI, sparked by the release of OpenAI's ChatGPT.
Thanks to a strong second-quarter earnings report that beat analysts' estimates, Alphabet recently added about $111 billion to its market valuation. The company saw its revenue grow 7% to $74.6 billion amid increased AI efforts.
"This is our seventh year as an AI-first company, and we intuitively know how to incorporate AI into our products," CEO Sundar Pichai said on the earnings call.
He added that Alphabet has intertwined AI technologies into its search engine products, while its chatbot Bard is getting faster and smarter.
Alphabet Class A shares are up about 46% so far this year.
Meanwhile, Ackman's Pershing Square unloaded a large stake in home improvement company Lowe's in the second quarter, regulatory filings show. The hedge fund cut its holdings by 25%, bringing its total stake in the firm to $1.6 billion. It also reduced stakes in consumer-facing brands including Chipotle and Restaurant Brand International.
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Pershing Square scooped up about $1.3 million shares of Alphabet Class A shares during the second quarter, upping its total stake to $1.1 billion.
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summarize: Vizient adds Syft's decedent management and tracking software, clinical inventory services, and pharmacy services to its solution portfolio for hospitals
TAMPA, Fla., Jan. 25, 2022 /PRNewswire/ -- Syft®, a leading provider of AI-enhanced inventory control and end-to-end hospital supply chain management software and services, announced today that they have been awarded a new multi-year contract with Vizient, Inc., the largest member-driven health care performance improvement company in the country. The newly extended and expanded contract includes decedent management and tracking software, clinical inventory services, and pharmacy inventory services for hospitals and health systems.
Vizient's diverse membership and customer base includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute healthcare providers. Vizient membership represents more than $110 billion in annual purchasing volume.
"Our expanded contract with Vizient is extremely important for our organization and for hospitals throughout the country. Services such as decedent management are extremely complex with so many internal and external stakeholders and compliance requirements. Our patented solution provides fully inclusive and configurable workflows that simplify documentation and allow users to track the location of decedents in a compassionate and detail-oriented way," said Todd Plesko, CEO for Syft. "This is critical for hospitals as it helps to reduce costly errors."
Syft's clinical and pharmacy inventory services also help hospitals efficiently manage inventories at the point of use and throughout the hospital or health system, including inpatient, outpatient, satellite locations, and retail and specialty pharmacies. As part of the agreement with Vizient, GPO members have access to contracts that offer a secure and customizable customer portal with hospital-specific inventory data and analytics, year-over-year comparison reports, and dedicated account managers who conduct quarterly business reviews among other value-added services.
"We are pleased to further expand our agreement with Vizient and provide enhanced access to contracts that offer key service offerings for their members. This contract will provide the opportunity for hospitals to have more accurate inventory accounts and more visibility into savings opportunities," said Rebecca Addison, Vice President, Inventory Services for Syft.
About Syft
Syft® enables enterprise-wide inventory management through a powerful combination of services, automation tools, and real-time data analytics. The comprehensive Syft Synergy® platform eliminates the need for multiple point solutions and facilitates immediate supply savings with a range of capabilities including master data management, inventory services, supply chain management software, analytics, and advanced reporting. Founded in 1999, Syft is used by more than 245 customers (970 U.S. hospitals) to control costs, processes, and productivity across the entire organization. In the last decade alone, Syft has conducted more than 9,200 inventory counts, totaling over $15 billion in inventory valued. For more information, visit Syft at www.syftco.com.
For More Information
John Gonda
616.309.4888
[email protected]
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SOURCE Syft
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Syft®, a leading provider of AI-enhanced inventory control and end-to-end hospital supply chain management software and services, announced today that they have been awarded a new multi-year contract with Vizient, Inc., the largest member-driven health care performance improvement company in the country. The newly extended and expanded contract includes decedent management and tracking software, clinical inventory services, and pharmacy inventory services for hospitals and health systems.
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summarize: Peter Pan Mini-Golf has received a lease extension that will allow the cherished putt-putt course to stay open on Barton Springs Road through September.
The lease for the mini-golf course was set to expire March 31. But Margaret Dismukes Massad and her husband, Julio Massad, who run the 75-year-old business, said Mayor Kirk Watson has helped them secure a six-month lease extension — to Sept. 30 —with the Texas Juvenile Justice Department (TJJD).
The land beneath Peter Pan and a site next door that housed a now-demolished McDonald's fast-food restaurant are controlled by the John C. Wende trust. The trust was set up in 1948 to benefit the orphans of the state of Texas.
The board of the TJJD has long served as the trustee for both sites. However, in its past regular session, the Legislature mandated the properties be put under the control of a third-party trustee rather than the TJJD.
Peter Pan's lease renewal will be a matter for the new trustee, a TJJD spokeswoman told the Statesman in August.
Once a new trustee is tapped, "our goal is to work with TJJD to obtain a longer term, multi-year lease," Dismukes Massad wrote on Facebook Wednesday.
"Peter Pan Mini Golf is pleased to announce that our lease end date has been extended ... We wish to thank Austin Mayor Kirk Watson for facilitating this six month extension with TJJD. Thank you so much Mayor Watson, and your staff, for your support and encouragement!" she wrote.
She also thanked Watson "for expressing his desire to advocate for a longer term lease, preserving Peter Pan Mini Golf for the people of Austin."
In August, fans launched a petition drive aimed at preserving the popular mini-golf course.
"We appreciate the well wishes and show of support expressed by our wonderful fans. We are humbled by the affection for Peter Pan Mini Golf. Our sincere and heartfelt thank you!" Dismukes Massad wrote on Facebook.
Margaret Dismukes Massad's father, Glenn Dismukes, founded Peter Pan with his brothers, Jack and Clifford Dismukes. The business, which has two 18-hole courses, has been in the family continually for 75 years.
In posts on X, Watson wrote, "Peter Pan is an important piece of Austin, and I was happy to help them work with the state officials to get some certainty, at least for now, with their lease. And we intend to continue that conversation in the hope of getting a long-term solution for Peter Pan."
Back in August, a TJJD spokeswoman said Attorney General's Office was making modifications to the trust that will enable the transfer to a new trustee. It was not known at that time when a new trustee would be appointed.
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The lease for Peter Pan Mini-Golf on Barton Springs Road was due to expire March 31, but will now run through September with a six-month extension.
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summarize: (Reuters) - Amazon.com's cloud computing division would invest $7.8 billion through 2030 in Ohio to expand its data center operations, it said on Monday.
The e-commerce giant, which has invested $6.3 billion in the state since 2015, has been increasing its spending to meet a rise in demand for cloud services from corporate and government bodies.
Amazon said the new investment will create hundreds of jobs and support thousands at local businesses through construction, operations and maintenance on-site at Amazon Web Services facilities.
The company had in January said it plans to invest another $35 billion by 2040 to expand data centers in Virginia.
It also aims to invest 1.06 trillion rupees ($12.7 billion) in India by the end of this decade.
(This story has been refiled to fix a typographical error in paragraph 3)
(Reporting by Yuvraj Malik and Tiyashi Datta in Bengaluru; Editing by Vinay Dwivedi)
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The e-commerce giant, which has invested $6.3 billion in the state since 2015, has been increasing its spending to meet a rise in demand for cloud services from corporate and government bodies. Amazon said the new investment will create hundreds of jobs and support thousands at local businesses through construction, operations and maintenance on-site at Amazon Web Services facilities. The company had in January said it plans to invest another $35 billion by 2040 to expand data centers in Virginia.
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summarize: Apple's (AAPL) all-in-one iMac desktops are iconic thanks to their superb design and seemingly unflappable performance. But much to the chagrin of Apple diehards, the company doesn't seem to have the same affinity for its iMacs as users do. Updates to the systems are few and far between. Which is why when it does give its desktops a little love, it's a pretty big deal.
And that's exactly what the company is doing now with its latest iMacs. Available now, the newest iMacs feature the same looks as their predecessors, but get some big-time performance upgrades under the hood. We're talking about all-new processors, more memory, and drastically improved graphics offerings.
All of that power and performance will certainly cost you — prices start at $1,299 — and my review unit topped out at a whopping $3,449. Still, for Apple lovers, this is definitely the desktop to beat.
A big step up
The last time Apple upgraded its iMac line was back in 2017, so the desktops were overdue for a power boost. And thankfully, Apple delivered. The latest iMacs are available in 21.5-inch and 27-inch varieties, with the 27-inch models getting the most powerful components.
The macOS-powered, $1,299 entry-level 21.5-inch iMac gets an 8th-generation Intel (INTC) Core i3 processor, 8GB of RAM, Radeon Pro 555X graphics, and a 1TB hard drive. The iMac's display is also a 4K Retina display panel, which is great for watching movies, or doing video and photo editing.
My review unit packed a 27-inch, 5K Retina display; an 8-core, Intel Core i9 processor; 16GB of RAM, and a Radeon Pro Vega 48 graphics chip with 8GB of HBM2 memory. That's an incredibly powerful machine. For the average consumer, though, it's overkill. That said, I didn't run into a single hiccup during my time with the desktop.
The review model Apple provided is something that photo and video editors, or other professionals with a need for serious computing power, would likely opt for. If you're the type of person who browses the web, sends emails, and streams Netflix (NFLX) while filling out spreadsheets for your work, then you're better off snagging the $1,299 iMac.
Hardcore gamers looking to play the latest AAA titles will also want to look for Windows-powered PCs rather than the iMac, since most developers don't make their games for macOS.
Part of the value proposition for iMacs, though, is that they last quite a while. My brother had a hand-me-down iMac that was kicking around for nearly 10 years before he had to get rid of it to make room in his home for a nursery. Your mileage will undoubtedly vary, but in my experience iMacs have offered excellent longevity.
An unchanged look
While the inside of the iMac has seen significant updates, the outside is still the same sleek design from prior generations of the all-in-one. Would I have liked to see Apple update the look of the iMac? Sure, but that's by no means a deal breaker.
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Apple's latest iMacs add a ton of power, making them some of the most impressive all-in-one desktops on the market.
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summarize: Apple (AAPL) stock closed at all-time high on Tuesday but not all of Wall Street is buying in as the tech giant approaches a $3 trillion market cap.
In a new note on Tuesday, UBS analyst David Vogt downgraded the stock from Buy to Neutral while raising his price target to $190 from $180. Vogt downgraded Apple "given persistent softness in developed markets and data that indicates growth is likely to remain under pressure."
The call comes as Apple's stock has ticked higher throughout 2023, rising more than 40% year-to-date. Part of UBS' stance centers around Apple's valuation. Apple, and a select few tech stocks, have added billions to their market caps this year while carrying the S&P 500 higher. The tech giant's gains put it at a historically high price, UBS argues.
At current levels Apple trades at 29x near-term earnings per share estimates which is higher than its average over the last five years. Apple is also trading at a roughly 50% premium to the S&P 500, a 10-year high, per UBS.
"While a premium is justified, expansion is unlikely given growth headwinds," Vogt wrote.
While excitement around a new headset helped drive Apple stock higher in May, the new Vision Pro isn't set to hit the market until 2024. So Wall Street has shifted focus to Apple's most savored product: the iPhone.
After falling from the year prior in the first quarter, Apple's iPhone sales barely returned to positive growth in the most recent quarter rising just 1.51% compared to the year prior. Analysts are projecting iPhone sales for the current quarter to decline roughly 2%, per Bloomberg consensus.
UBS is concerned about long-term growth for Apple's most popular product too. Vogt points out iPhone sell throughs in the US, China and Europe declined a combined 7.5% year-over-year in the most recent quarter. On top of that, overall revenue growth is declining too, particularly in Greater China and Japan.
But not all analysts are in agreement in what comes next for Apple iPhone sales. Wedbush Securities Dan Ives recently upped his price target from $205 to $220, specifically expected demand for the yet to be released iPhone 15.
"We estimate roughly 250 million iPhones have not been upgraded in over 4 years and [that] sets Apple up for a major installed base upgrade cycle heading into this anniversary 15 year release," Ives wrote in a note on June 7. "With more Apple customers heading down the Pro path, especially in China we believe ASPs (average sales price) could start to approach the ~$925 level for the iPhone 15 cycle and would be up roughly $100 in the last 18 months from an ASP perspective for Cupertino as another key tailwind for Cook & Co."
Josh is a reporter for Yahoo Finance.
Click here for the latest stock market news and in-depth analysis, including events that move stocks
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Apple, and a select few tech stocks, have added billions to their market caps this year while carrying the S&P 500 higher. The tech giant's gains put it at a historically high price, UBS argues.
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summarize: 1 / 2
FILE PHOTO - The logo of Amazon is seen at the company logistics center in Lauwin-Planque northern France
FILE PHOTO - The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France on February 20, 2017. REUTERS/Pascal Rossignol/File Photo
WASHINGTON (Reuters) - U.S. President Donald Trump targeted online retailer Amazon on Friday in a call for the country's postal service to raise prices of shipments in order to recoup costs.
"Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer? Should be charging MUCH MORE!" Trump wrote on Twitter.
The U.S. Postal Service is an independent agency within the federal government and does not receive tax dollars for operating expenses, according to its website. The organization makes up a significant portion of the $1.4 trillion U.S. delivery industry. Other players include Fedex Corp and United Parcel Service Inc .
Amazon was founded by Jeff Bezos, who remains the chief executive officer of the retail giant. Bezos also owns the Washington Post, a newspaper that Trump has repeatedly railed against in his criticisms of the news media.
Representatives for the White House and Amazon were not immediately available for comment. Shares of Amazon were last down 0.2 percent to $1,183.50 in premarket trading.
(Reporting by Makini Brice; Editing by Frances Kerry)
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U.S. President Donald Trump targeted online retailer Amazon on Friday in a call for the country's postal service to raise prices of shipments in order to recoup costs. "Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so
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summarize: NEW YORK, Oct. 11, 2021 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) today reported preliminary assets under management of $97.3 billion as of September 30, 2021, a decrease of $3.2 billion from assets under management at August 31, 2021. The decrease was due to market depreciation of $3.9 billion and distributions of $306 million, partially offset by net inflows of $1.1 billion.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.
View original content:https://www.prnewswire.com/news-releases/cohen--steers-announces-preliminary-assets-under-management-and-net-flows-for-september-2021-301397339.html
SOURCE Cohen & Steers, Inc.
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Cohen & Steers, Inc. (NYSE: CNS) today reported preliminary assets under management of $97.3 billion as of September 30, 2021, a decrease of $3.2 billion from assets under management at August 31, 2021. The decrease was due to market depreciation of $3.9 billion and distributions of $306 million, partially offset by net inflows of $1.1 billion.
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summarize: By Olivia Oran and Lawrence Delevingne
(Reuters) - American International Group Inc wants to sell a $2 billion portfolio of life insurance policies that would pay out when sick or elderly customers die, two people familiar with the matter said.
AIG, the largest commercial insurer in the U.S. and Canada, is working with investment bankers at Goldman Sachs Group Inc to unload the assets, said the sources, who were not authorized to discuss the negotiations publicly.
Apollo Global Management LLC is looking at buying at least some of the policies, one of the sources said. Parties including Blackstone Group LP have purchased similar "death benefits" from AIG in previous transactions, the people said.
Representatives for AIG, Goldman, Apollo and Blackstone declined to comment.
Large private equity firms like Apollo have carved out a niche business in acquiring death benefits, which are typically sold by terminally ill or elderly customers who need cash. Investors try to buy the policies at a price that is less than the payouts they would receive when the customers die.
The potential sale comes as AIG nears the end of a years-long divestiture spree of businesses around the globe that has cut its balance sheet by more than half since 2007. New Chief Executive Officer Brian Duperreault, is focused on growing core commercial and consumer businesses, but there is still a small pocket of assets AIG is trying to sell or wind down.
The company previously identified death benefits as non-strategic. It already sold a $1.4 billion death benefits portfolio at a loss of $89 million, and valued remaining assets at $2.1 billion as of June 30.
AIG also sold a Japanese life insurance subsidiary in April, an Asian mortgage insurance business in July and is in the process of completing a sale of certain operations in Latin America.
(Reporting by Lawrence Delevigne and Olivia Oran in New York; Additional reporting by Suzanne Barlyn; Editing by Lauren Tara LaCapra and David Gregorio)
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AIG, the largest commercial insurer in the U.S. and Canada, is working with investment bankers at Goldman Sachs Group Inc to unload the assets, said the sources, who were not authorized to discuss the negotiations publicly. Apollo Global Management LLC is looking at buying at least some of the policies
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summarize: By Nate Raymond
(Reuters) - The U.S. Supreme Court on Monday cleared the way for the attorney general of Massachusetts to obtain records from Exxon Mobil Corp to probe whether the oil company for decades concealed its knowledge of the role fossil fuels play in climate change.
The justices declined to hear Exxon's appeal of a ruling by the top court in Massachusetts holding that state Attorney General Maura Healey, a Democrat, had jurisdiction to seek records to probe whether the company misled consumers and investors.
The high court's action marked the latest setback for Exxon in its efforts to halt the Massachusetts investigation and a similar one by New York's attorney general, who in October filed a lawsuit against the company.
New York's lawsuit accused Exxon of engaging in a systematic scheme to deceive investors about the impact that future climate change regulations could have on its business. Exxon has called the claims "meritless."
The Massachusetts and New York investigations were launched following 2015 news reports that Exxon's own scientists had determined that fossil fuel combustion must be reduced to mitigate the impact of climate change.
Those news reports, by InsideClimate News and the Los Angeles Times, were based on documents from the 1970s and 1980s. Exxon said the documents were not inconsistent with its public positions.
Healey in 2016 issued a civil investigative demand to Exxon seeking documents to investigate whether it had violated the state's consumer-protection law through its marketing and sale of fossil fuel products.
Exxon said that because it is incorporated in Texas and New Jersey, Healey had no basis to seek documents to conduct a Massachusetts-based investigation.
The Massachusetts Supreme Judicial Court in April held that jurisdiction existed because of Exxon's control over advertising conducted for about 300 franchise gas stations operating under the Exxon and Mobil brands in Massachusetts.
Exxon has called the Massachusetts and New York investigations politically motivated.
(Reporting by Nate Raymond and Lawrence Hurley; Editing by Will Dunham)
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The justices declined to hear Exxon's appeal of a ruling by the top court in Massachusetts holding that state Attorney General Maura Healey, a Democrat, had jurisdiction to seek records to probe whether the company misled consumers and investors. The high court's action marked the latest setback
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summarize: (Bloomberg) -- Snopes Media Group Inc., one of Facebook Inc.’s first fact-checking partners, said it’s ending the relationship after two years, even though the decision may cause financial distress.
“We want to determine with certainty that our efforts to aid any particular platform are a net positive for our online community, publication, and staff,” the company said.
Snopes’ contract with Facebook was worth $100,000 in 2017, but was far more valuable than that for Facebook, which frequently touted its fact-checking partners as helping combat the fake news problem on its site. Snopes said it hasn’t ruled out working with Facebook, or any other platforms, in the future.
Facebook has been working since the 2016 U.S. election to rein in misinformation across its platform, though its results have been spotty. External fact-checking partners have criticized Facebook’s attempts as only scratching the surface of false content on the social network.
The fact-checking efforts are often understaffed and have only recently begun to address the explosion of misleading photo and video content. Repeat offenders have also found workarounds. One site that was frequently flagged by fact-checkers simply changed the name of its site, Poynter reported this week.
“We value the work that Snopes has done, and respect their decision as an independent business,” Facebook said, noting that it has 34 other fact-checking partners.
Fact-checking initiatives may not be as important for the site’s misinformation problems as other technological improvements, like detecting fake accounts trying to spread the content, Alex Stamos, Facebook’s former head of security, said on Twitter.
“The fact checking partnerships were always PR, because it’s the kind of well-understood, visible intervention that journalists can see and cover,” Stamos tweeted. “The really effective product changes are often invisible.”
(Updates with Facebook comment in the sixth paragraph.)
To contact the reporter on this story: Sarah Frier in San Francisco at [email protected]
To contact the editors responsible for this story: Jillian Ward at [email protected], Molly Schuetz, Alistair Barr
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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Snopes’ contract with Facebook was worth $100,000 in 2017, but was far more valuable than that for Facebook, which frequently touted its fact-checking partners as helping combat the fake news problem on its site. Snopes said it hasn’t ruled out working with Facebook, or any other platforms, in the future
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summarize: By Isla Binnie
NEW YORK (Reuters) -Japanese investment bank Nomura has hired two investment bankers to lead its coverage of mobility and automotive clients in Europe and the United States through its sustainability-focused Greentech division.
Former self-driving truck company executive Richard Hawwa started in San Francisco last week, and Alex Bleck will move to lead the bank's team in Frankfurt from his previous role at Deutsche Bank AG in July, a spokesman said.
Nomura hopes to capitalise on consolidation among incumbent vehicle and equipment makers and new companies that have proliferated in recent years, some of them funded by special purpose acquisition companies (SPACs) which took Wall Street by storm in 2021.
"You saw in the "de-SPAC" furore a lot of standalone young electric vehicle companies raise capital. The reality is the path to success and scale ... is dramatically complex," Duncan Williams, global co-head of Nomura Greentech, told Reuters.
"I think we are increasingly likely to see those companies ... being acquired by bigger businesses or potentially merging with one another," Williams added.
Williams pointed to tyre group Bridgestone Corp's $391 million purchase of software firm Azuga Holdings as an example of a deal he expects to see more of as industry suppliers look to control more of the value chain.
Tesla has branched out even further and now offers home and commercial energy systems.
Producers of low-emission vehicles and equipment are due a boost from hefty subsidies in many countries, but EV startups such as luxury sedan maker Lucid and truck maker Nikola face a cash crunch as higher borrowing costs and fears of a recession sour consumer sentiment.
Traditional automakers have launched lower-priced electric models and Tesla has discounted sharply, sparking a price war in the industry.
Investment banks in Europe and the United States raked in more than $700 million in fees for deals in high-tech mobility and transportation in the 2021 boom year, Williams said, adding he expected potential annual fees to remain high.
"Going forward ... there will be continuity around $300 million plus of fees to (Wall) Street and obviously we are looking to build a material share around that," he said.
(Reporting by Isla Binnie in New YorkEditing by Greg Roumeliotis and Nick Zieminski)
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NEW YORK (Reuters) -Japanese investment bank Nomura has hired two investment bankers to lead its coverage of mobility and automotive clients in Europe and the United States through its sustainability-focused Greentech division. Former self-driving truck company executive Richard Hawwa started in San Francisco last week, and Alex Bleck will move to lead the bank's team in Frankfurt from his previous role at Deutsche Bank AG in July, a spokesman said. Nomura hopes to capitalise on consolidation among incumbent vehicle and equipment makers and new companies that have proliferated in recent years, some of them funded by special purpose acquisition companies (SPACs) which took Wall Street by storm in 2021.
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summarize: Some iPhone 14 Pro users ran into an issue with the phone's camera when using social media apps.
YouTuber Luke Miani tweeted a video showing the phone's camera shaking on Snapchat and making noise.
Users on Twitter, Reddit, and TikTok have reported the issue since the 14 Pro launched last Friday.
People are sharing videos across social media of an unusual — and loud — problem with the newest iPhone 14 Pro.
The main lens of the phone's rear camera can be seen shaking and making a rattling noise when users open the camera on social media apps like Snapchat and TikTok.
YouTuber Luke Miani shared a video of the iPhone 14 Pro's problem in a tweet saying, "So uh, we're having some issues with the 14 Pro Max camera."
In the video, Miani has Snapchat open, and the camera seems to be unfocused. Then, the phone starts making a rattling noise, and Miani tries to show the phone's lens shaking.
"Oh, sir, you are in for an Apple Store visit," someone in the video said. In a YouTube video, Miani said he went back to the Apple Store where he bought the phone and exchanged his for a new one.
Apple did not immediately respond to Insider's request for comment ahead of publication.
Another tech content creator called Naaackers also shared a video on Twitter of the phone's camera shaking and making the the rattling noise with TikTok's camera open. As soon as he closes out of the app, the noise stops.
Other users on Reddit and TikTok shared similar videos of the iPhone 14 Pro bug.
According to MacRumors, the camera issue doesn't seem to affect the iPhone's built-in Camera app. However, in Miani's YouTube video, he said the lens stopped focusing as he used it more, and eventually stopped focusing in the Camera app.
It's not unusual for newly launched smartphones to run into some bugs. Apple's smartphones go through rigorous quality testing before going into production, bugs usually can be fixed quickly with a software update — it's rare for any issues to be permanent.
MacRumors speculates that a stabilizer in the phone's main lens could have a software bug. If it is, the website said a solution could arrive in the beta software update iOS 16.1.
According to MacRumors, an Apple spokesperson told the website that the company knows about the bug, and that a software update to fix the issue is coming next week.
Apple did not immediately respond to Insider's request for comment on the software update.
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Some iPhone 14 Pro users posted videos of the main lens on the rear camera shaking and making a rattling noise on apps like Snapchat and TikTok.
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summarize: The strength of the US consumer could weaken later this year when student loan payments are restarted, according to Bank of America.
The bank estimated that approximately 30 million borrowers will have to pay $200 to $400 per month.
Student loan repayments are expected to restart in September or October of this year.
US consumers have shown remarkable resilience over the past year even as more and more people warn about a potential recession, but that could change when student loan repayments resume later this year, according to Bank of America.
Spending has held strong as consumers draw down their excess savings from the pandemic, with travel and restaurants seeing continued gains in recent months. Retail sales rose 0.4% in April, and while that was below economist estimates, it spoke to the fact that consumers are still spending their money as they hold onto their jobs.
However, this strength could weaken considerably later this year when student loan payments are restarted, according to a Tuesday note from Bank of America.
More than 43 million Americans owe $1.6 trillion in student loans, which implies about 17% of the US adult population has an outstanding loan. Student loans are now the second-largest consumer debt obligation after mortgages, and consumers haven't had to pay them for years as the government paused payments due to the pandemic.
But Bank of America said with student loan payments set to resume in September or October of this year, approximately 30 million Americans will pay $200 to $400 per month. That additional debt payment could ultimately impact consumers' spending habits and increase delinquencies on other debts, like credit cards and personal loans, according to the note.
"We view the resumption of student loan debt payments as an incremental headwind for borrowers and consumer finance companies. The resumption of a monthly obligation that has been suspended for three plus years could pressure consumer finances and weaken credit performance on other loans," BofA said.
"Adding a monthly obligation for ~30 million people has the potential to cause volatility in consumer finances that are already pressured by inflation and could also be facing higher unemployment levels. This will likely pressure spending as borrowers manage their finances and could also lend to an increase in delinquencies," the note continued.
Such a rise in delinquencies would threaten the broader economy and should increase the likelihood of an economic recession.
But while consumers, and potentially the overall economy, are the losers as students have to start paying back their loans, investors in companies like Discover and SoFi could be the winners, according to the note, as they both have exposure to student credit, whether it be their credit cards or student debt.
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"This will likely pressure spending as borrowers manage their finances and could also lend to an increase in delinquencies," BofA said.
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summarize: Ahead of its release sometime later this year, Google just provided an early preview of the Pixel 7 at its I/O 2022 keynote. While the company didn't reveal much in the way of detailed specs or components, Google did show off the Pixel 7's design which is retaining the prominent camera bar that debuted on the Pixel 6. For 2022, one improvement for the Pixel 7 is a new frame made from recycled aluminum, which now extends seamlessly across the camera bar.
As before, the standard Pixel 7 will feature two rear cameras, while the more premium Pixel 7 Pro will get a triple camera array. Meanwhile, on the inside, the phone will pack a second-gen Tensor chip designed to enhance a range of features including speech recognition, photos, videos and security. And to top it all off, the handset will debut alongside Android 13, which is slated for release sometime later this autumn.
Unfortunately, there’s no word yet on pricing or an official launch date, so stay tuned for more info as we get closer to the fall.
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Ahead of its official release sometime later this fall, Google provided a preview of the Pixel 7 and its updated design at I/O 2022.
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summarize: (Bloomberg) -- John Giannandrea, a former top Google executive who decamped to Apple Inc. to head its artificial intelligence business, pointed out a quiet change in the latest iPhone software update that allows users to select a search engine other than Google’s when browsing the internet in private mode.
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The iOS 17, released Monday, added “a second setting, so you could choose two different” search engines, Giannandrea said in testimony in federal court in Washington as part of the Justice Department’s antitrust suit against Alphabet Inc.’s Google.
The change means iPhone users can more easily switch between Google and a different search engine with a single tap.
The difficulty of switching search engines has been hotly contested in US government’s antitrust suit, which alleges that Google illegally maintained its monopoly over online search via contracts with web browsers and smartphone makers, including Apple.
Google said in its opening statement last week that it’s easy for users to change search engines in a “matter of seconds.” But on Thursday, Gabriel Weinberg, the chief executive officer of rival search engine DuckDuckGo, testified that Google’s default status on browsers represents a barrier to user switching, saying there are “just too many steps.”
Google’s contract with Apple makes it the pre-selected, or default, search engine in Safari, the web browser for iPhone, iPad and Mac computers. In exchange, Google pays Apple some of the revenue it earns from advertising. Though the exact amount is confidential, the Justice Department said earlier in the case that Google pays Apple between $4 billion and $7 billion annually.
In his testimony, Giannandrea said Google will still be the default search engine for Safari in private mode, which doesn’t keep a history of the websites a user visits. But users will now have a choice to pick Yahoo Inc., Microsoft Corp.’s Bing, DuckDuckGo or Ecosia for private browsing, he said.
Giannandrea worked at Google between 2010 and 2018 as senior vice president of engineering for search. The Scotland-born executive, now 58, then moved to Apple, where he heads the company’s AI and machine learning initiatives. He testified briefly on Thursday, returning to the stand for more than four hours Friday in a sealed session.
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©2023 Bloomberg L.P.
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(Bloomberg) -- John Giannandrea, a former top Google executive who decamped to Apple Inc. to head its artificial intelligence business, pointed out a quiet change in the latest iPhone software update that allows users to select a search engine other than Google’s when browsing the internet in private mode.Most Read from BloombergChina’s Ultra-Rich Gen Zs Flock Home as Global Tensions RiseTreasuries Halt Fed-Fueled Rout as Stocks Struggle: Markets WrapEx-Goldman Bankers Make a Fortune With Contro
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summarize: Jared Spataro has been with Microsoft for more than 15 years now, and he has been part of the transition from an on-prem software company to a SaaS business. Today his official title is corporate vp in charge of the company's biggest SaaS product, Office 365. Spataro is going to join us on October 27th at TC Sessions: SaaS to talk about how his company made that grand transition successfully.
Today Microsoft Office 365 encompasses a variety of tooling including Teams, the company's collaboration platform, Outlook email and OneDrive storage along with the Microsoft Office suite of productivity tools -- Word, PowerPoint and Excel. There's so much more too including PowerBI, Yammer and SharePoint to name but a few.
The division, which encompasses Office 365 and other online products, Productivity and Business, accounted for more than $14 billion in revenue in Q4 2021. While not all of that came from Office 365, and Microsoft doesn't really break it down much further, it did account for a good chunk of income for the software giant.
When Spataro joined the company back in 2006, he worked on the company's content management product, SharePoint. He was Senior Director of that product in 2011 when the company bought Yammer for $1.2 billion, a move that really helped the company begin that transition and Spataro was at the center of that.
In those days, Microsoft would release new versions of SharePoint every three years, an immense new version with all the new bells and whistles, but most customers wouldn't upgrade because they had a previous version that they had customized and weren't about to do anything to put that at risk.
Microsoft was spending years on product development and many existing customers weren't getting the benefits of the latest and greatest version. When the company bought Yammer, they acquired a company with a continuous delivery methodology and the Yammer team brought an entirely new modern development approach to Microsoft.
When Satya Nadella took over as CEO in 2014, the company went all-in on the cloud just as Spartaro was moving to the Office side of the house as General Manager. There he oversaw the company's transition from boxed software to Office 365 SaaS.
We're going to talk to him about that transition and what it meant to the way software was produced and sold and his role in helping Microsoft make that massive transformation.
In addition to our discussion with Spataro, the conference will also include Google’s Javier Soltero, Monte Carlo's Barr Moses, as well as investors Sarah Guo and Kobie Fuller, among others. We hope you’ll join us. It’s going to be a thought-provoking lineup.
Buy your pass now to save up to $100 when you book by now. We can’t wait to see you in October!
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Jared Spataro has been with Microsoft for more than 15 years now, and he has been part of the transition from an on-prem software company to a SaaS business. Today his official title is corporate vp in charge of the company's biggest SaaS product, Office 365. Spataro is going to join us on October 27th at TC Sessions: SaaS to talk about how his company made that grand transition successfully.
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summarize: (Bloomberg) -- Saudi Arabia and four other Gulf nations will join JPMorgan Chase & Co.’s emerging-market bond indexes this month, potentially paving the way for billions of dollars in inflows into the securities.
The debt from the world’s biggest oil-exporting nation along with Qatar, the United Arab Emirates, Bahrain and Kuwait will represent about 11.8 percent of the EMBI Global Diversified Index and 12 percent of the EMBI Global beginning Jan. 31, according to JPMorgan. The indexes will track notes from 15 eligible issuers with a face value of about $119 billion.
"This provides more technical support to bond issuance for sovereigns in the region," said Shamaila Khan, the director of emerging-market debt at AllianceBernstein in New York. The risk return profiles in Saudi Arabia, Qatar, the U.A.E. and Bahrain look attractive, she said.
JPMorgan said Saudi Arabia’s approximate weight in the EMBIGD index is 3.3 percent, followed by 2.8 percent for Qatar, 2.6 percent for the U.A.E., 2.3 percent for Bahrain and 0.7 percent for Kuwait. These figures are subject to change depending on bond sales in the coming two weeks. The Gulf nations’ bonds will be added in phases over nine months.
Their inclusion may spur about $30 billion in inflows, resulting in tighter spreads and easier primary-market access, Jean-Michel Saliba, a London-based economist at Bank of America Merrill Lynch, predicted in August.
The weight of Mexico, the largest country in the EMBIGD, will decline to 4.6 percent from 5.1 percent, according to JPMorgan. The next biggest exposures come from China, Indonesia and Turkey. Instruments from the new nations will need to have due dates after March 2022, JPMorgan said.
(Updates with details throughout.)
--With assistance from Aline Oyamada.
To contact the reporters on this story: Arif Sharif in Dubai at [email protected];Ben Bartenstein in New York at [email protected]
To contact the editors responsible for this story: Dana El Baltaji at [email protected], ;Rita Nazareth at [email protected], Alex Nicholson, Alec D.B. McCabe
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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The debt from the world’s biggest oil-exporting nation along with Qatar, the United Arab Emirates, Bahrain and Kuwait will represent about 11.8 percent of the EMBI Global Diversified Index and 12 percent of the EMBI Global beginning Jan. 31, according to JPMorgan. "This provides more technical
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summarize: (Bloomberg) -- New York City banned access to TikTok on government-owned phones, the latest in a string of US states and municipalities to block the popular video app from public employees’ devices over security concerns.
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TikTok must be removed from city-owned electronics within 30 days, a City Hall spokesperson said Wednesday in a statement. The decision follows a review by the NYC Cyber Command, which deemed the app a threat to the city’s technical networks, the spokesperson said.
American officials are concerned that TikTok’s ownership by Beijing-based technology company ByteDance Ltd. may lead to inappropriate data collection by or undue pressure from China. While TikTok says it doesn’t share information with its parent company or the Chinese government, and its new corporate structure in the US is meant to address these concerns, the US and more than 35 states have banned access to the app on government-owned devices.
The state of New York has already prohibited access to TikTok on state-owned phones, unless there is a legitimate reason for conducting governmental business. Montana went a step further, banning the app for its residents statewide beginning next year. A group of TikTok users has challenged the move in court.
The Verge earlier reported New York City’s decision.
--With assistance from Natalie Lung.
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(Bloomberg) -- New York City banned access to TikTok on government-owned phones, the latest in a string of US states and municipalities to block the popular video app from public employees’ devices over security concerns.Most Read from BloombergGoldman CEO’s Most Loyal Deputy Is Tested by Mutinous PartnersFed Saw ‘Significant’ Inflation Risk That May Merit More HikesStocks, Bonds Fall as Rate Hikes Left on the Table: Markets WrapChina Shadow Bank Misses Dozens of Payments as Risks GrowHigh-Poten
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summarize: Quality assurance workers at Activision Blizzard studio Raven Software have voted to unionize, becoming the first group to do so at a major gaming publisher in North America. The National Labor Relations board counted the ballots on Monday — 19 workers voted in favor of the union and three voted against. Two ballots were challenged, though they weren't sufficient enough to affect the result. There were 28 eligible voters and no void ballots.
The NRLB notes that the parties can file objections by May 31st. If it doesn't receive any by then the agency will certify the results and Raven will need to start bargaining with the union in good faith.
In December, 60 workers (including contractors and full-time employees) at the Call of Duty support studio went on strike after it laid off 12 QA testers. They demanded that the company hire those workers back. The strike ended the following month, but not before the QA workers announced plans to unionize with the Communication Workers of America (CWA). Once they were back at work, Raven split them up among various departments, in an apparent attempt to make their unionization efforts more difficult.
The workers asked Activision Blizzard to voluntarily recognize their union, which they called the Game Workers Alliance. However, the company declined to do so. Last month, the National Labor Relations Board gave the workers the go-ahead to hold a union election.
“Activision did everything it could, including breaking the law, to try to prevent the Raven QA workers from forming their union. It didn’t work, and we are thrilled to welcome them as CWA members,” CWA secretary-treasurer Sara Steffens said in a statement. “Quality assurance workers at Raven Software are bringing much-needed change to Activision and to the video game industry. At this critical time for the company and its employees, these workers will soon have an enforceable union contract and a voice on the job.”
Activision Blizzard has been accused of union busting. Last July, it hired the law firm WilmerHale, which has reportedly engaged in efforts to stamp out union drives at Amazon and other companies, to review its human resources policies. It also shared anti-union messaging in company Slack channels.
In April, Activision Blizzard said it was hiring 1,100 QA workers on a full-time basis, increasing their pay in many cases and providing benefits. However, it claimed the Raven QA workers were not eligible “due to legal obligations under the National Labor Relations Act.”
Earlier on Monday, the NRLB determined that Activision Blizzard violated the National Labor Relations Act. It claimed the company threatened employees who sought to organize and imposed an 'overbroad social media policy.'
Activision Blizzard is being bought by Microsoft for $68.7 billion, pending regulatory approval. Microsoft has said it "will not stand in the way if Activision Blizzard recognizes a union." The company told Axios in March that it “respects Activision Blizzard employees’ right to choose whether to be represented by a labor organization and we will honor those decisions.”
In December, workers at indie studio Vodeo Workers formed the first video game union in the US. Management voluntarily recognized Vodeo Workers United. Workers at studios outside of North America have unionized as well, including at Paradox Interactive in Sweden and Japanese–Korean publisher Nexon. Meanwhile, QA workers at BioWare contractor Keywords Studios in Edmonton, Alberta are attempting to unionize.
The Game Workers Alliance provided the following statement to Engadget:
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The Game Workers Alliance is the first union at Activision Blizzard or any major US publisher.
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summarize: LOS ANGELES, Oct. 14, 2021 /PRNewswire/ -- The Law Offices of Frank R. Cruz reminds investors of the upcoming October 15, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Koninklijke Philips N.V. ("Philips" or the "Company") (NYSE: PHG) securities between February 25, 2020 and June 11, 2021, inclusive (the "Class Period").
If you are a shareholder who suffered a loss, click here to participate.
On June 14, 2021, Philips issued a recall notification for certain devices after finding that the sound abatement foam used in the devices can degrade and become toxic, potentially causing cancer.
On this news, the Company's share price fell $2.25, or 3.98%, to close at $54.25 per share on June 14, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Philips had deficient product manufacturing controls or procedures; (2) as a result, the Company's Bi-Level PAP and CPAP devices and mechanical ventilators were manufactured using hazardous materials; (3) accordingly, the Company's sales revenues from the foregoing products were unsustainable; (4) the foregoing also subjected the Company to a substantial risk of a product recall, in addition to potential legal and/or regulatory action; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Philips securities during the Class Period, you may move the Court no later than October 15, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-koninklijke-philips-nv-phg-301400098.html
SOURCE The Law Offices of Frank R. Cruz, Los Angeles
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The Law Offices of Frank R. Cruz reminds investors of the upcoming October 15, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Koninklijke Philips N.V. ("Philips" or the "Company") (NYSE: PHG) securities between February 25, 2020 and June 11, 2021, inclusive (the "Class Period").
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summarize: (Bloomberg) -- This time it’s official.
Microsoft Corp. co-founder Bill Gates overtook Amazon.com Inc.’s Jeff Bezos as the world’s richest person on Friday, reclaiming the top ranking for the first time in more than two years.
Gates may have been helped in part by the Pentagon’s surprise decision announced Oct. 25 to award a $10 billion cloud-computing contract to Microsoft over Amazon. Shares of Microsoft have since climbed 4%, giving Gates a $110 billion fortune, according to the Bloomberg Billionaires Index. Amazon’s stock is down about 2% since the announcement, putting Bezos’s net worth at $108.7 billion.
Gates, 64, had briefly topped Bezos, 55, on an intraday basis last month after Amazon posted its first profit drop in two years, but shares of the world’s biggest online retailer pared the decline. The index, which tracks the wealth of the richest 500 people, is updated each trading day after U.S. markets close. Europe’s richest person, Bernard Arnault, is third with $102.7 billion.
Read more: Microsoft Shares Surge After Controversial Pentagon Contract Win
Microsoft has surged 48% this year, boosting the value of Gates’s 1% stake. The rest of his wealth is derived from share sales and investments made over the years by his family office, Cascade.
Bezos would be far richer if he and MacKenzie Bezos hadn’t divorced. The pair announced their split in January, with MacKenzie, 49, receiving a quarter of their Amazon holdings in July. Her net worth dipped to $35 billion on Friday. Gates, on the other hand, may have never relinquished the top spot were it not for his philanthropy. He has donated more than $35 billion to the Bill & Melinda Gates Foundation since 1994.
Gates recently shared his thoughts on the wealth tax that’s been proposed by some Democratic presidential candidates, including Elizabeth Warren, saying he’s already paid more than $10 billion in taxes.
"If I’d had to pay $20 billion, it’s fine," he said. But "when you say I should pay $100 billion, then I’m starting to do a little math about what I have left over.”
As of today, that would be $10 billion.
(Updates with Gates comments on wealth tax starting in seventh paragraph.)
--With assistance from Sophie Alexander.
To contact the reporter on this story: Tom Metcalf in London at [email protected]
To contact the editors responsible for this story: Pierre Paulden at [email protected], Peter Eichenbaum, Steven Crabill
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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(Bloomberg) -- This time it’s official.Microsoft Corp. co-founder Bill Gates overtook Amazon.com Inc.’s Jeff Bezos as the world’s richest person on Friday, reclaiming the top ranking for the first time in more than two years.Gates may have been helped in part by the Pentagon’s surprise decision announced
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summarize: Following Lenovo and Intel, Google has become the latest company to announce it won't have an on-site presence at CES 2022. "After careful consideration we have decided to withhold from having a presence on the show floor of CES 2022. We’ve been closely monitoring the development of the omicron variant, and have decided that this is the best choice for the health and safety of our teams," the company told TechCrunch.
Partway Thursday, it seemed only a matter of time before Google would decide to minimize its physical presence at the event. Earlier in the day, fellow Alphabet subsidiary Waymo announced it had made the decision not to attend the trade show in person. Google's withdrawal is particularly noteworthy given not only its stature in the industry but also the amount of money it has invested into the event in recent years.
As things stand, the Consumer Technology Association, the organization that puts together CES every year, still plans to move forward with the show. "CES 2022 will be in person on January 5-8 in Las Vegas with strong safety measures in place, and our digital access is also available for people that don’t wish to, or can’t travel to Las Vegas," a spokesperson for the CTA told Engadget. "Our mission remains to convene the industry and give those who cannot attend in person the ability to experience the magic of CES digitally."
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Following Lenovo and Intel, Google has become the latest company to announce it won't have a physical presence at CES 2022.
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summarize: This week, Cherlynn and Devindra bring you the best and worst of Sundance 2022’s tech-related projects. What films coming out of the show will be worth watching when they’re released? Are VR projects easily viewable? What, if anything, did they say about the metaverse? Then, our hosts go over Samsung’s news on this year's first Unpacked launch event, Neil Young's fight against Spotify and what went down at the Antiwork subreddit.
Listen below, or subscribe on your podcast app of choice. If you've got suggestions or topics you'd like covered on the show, be sure to email us or drop a note in the comments! And be sure to check out our other podcasts, the Morning After and Engadget News!
Engadget · What's hot at Sundance 2022
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VR and AR at Sundance 2022 New Frontiers – 2:03
Select tech films at Sundance (After Yang, TikTok Boom, We Met in Virtual Reality) – 12:25
Preview of Samsung’s first Unpacked of 2022 – 37:03
Neil Young vs. Spotify: Young’s music pulled over Joe Rogan’s podcast – 42:30
Reddit’s /r/AntiWork blew up in a big way – 46:45
Listener Mailbag – 55:50
Working On – 1:01:00
Interview with "We Met in Virtual Reality" director Joe Hunting – 1:03:54
Video livestream
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This week, Cherlynn and Devindra discuss highlights from Sundance 2022, Samsung's upcoming Unpacked, Neil Young, Spotify and Antiwork.
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summarize: Leuven, BELGIUM, Boston, MA, US – March 20, 2023 – 11:30 pm CET – Oxurion NV (Euronext Brussels: OXUR) a biopharmaceutical company developing next generation standard of care ophthalmic therapies, with clinical stage assets in vascular retinal disorders, has announced the completion of Tranche 1 (A) of funding under the Subscription agreement with Atlas Special Opportunities LLC. On March 14, 2023, the Company issued 112 convertible bonds to Atlas totaling EUR 2,800,000, including EUR 800,000 in bonds for the transaction commission.
Under the terms of the Subscription Agreement, Atlas has committed to subscribe to up to EUR 20.8 million in mandatorily convertible bonds over a 24-month period at Oxurion’s discretion. The conversion price is set at an eight percent discount to the average VWAP over the three lowest days in the ten consecutive trading days prior to the conversion notice.
Tom Graney, CEO of Oxurion, said: “We appreciate Atlas’s financial support as we move forward in recruiting the final 25% of patients for the Phase 2, Part B KALAHARI trial evaluating Oxurion’s THR-149 for treating the up to 50% of patients with diabetic macular edema (DME) for whom the current standard of care is suboptimal. Following our recent update on our recruitment progress with this trial, we look forward to potentially to demonstrate the efficacy of our therapy in addressing this large unmet need.”
Important information about forward-looking statements
Certain statements in this press release may be considered “forward-looking”. Such forward-looking statements are based on current expectations, and, accordingly, entail and are influenced by various risks and uncertainties. The Company therefore cannot provide any assurance that such forward-looking statements will materialize and does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or any other reason. Additional information concerning risks and uncertainties affecting the business and other factors that could cause actual results to differ materially from any forward-looking statement is contained in the Company’s Annual Report. This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of Oxurion in any jurisdiction. No securities of Oxurion may be offered or sold within the United States without registration under the U.S. Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. state securities laws.
For further information please contact:
Attachment
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Leuven, BELGIUM, Boston, MA, US – March 20, 2023 – 11:30 pm CET – Oxurion NV (Euronext Brussels: OXUR) a biopharmaceutical company developing next generation standard of care ophthalmic therapies, with clinical stage assets in vascular retinal disorders, has announced the completion of Tranche 1 (A) of funding under the Subscription agreement with Atlas Special Opportunities LLC. On March 14, 2023, the Company issued 112 convertible bonds to Atlas totaling EUR 2,800,000, including EUR 800,000 in
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summarize: Los Angeles, May 27, 2022 (GLOBE NEWSWIRE) -- After participating in the hospital’s first strike in over forty years, healthcare workers at Cedars-Sinai Medical Center won their effort to improve patient care and secure a new contract. Workers voted in favor of ratifying a three-year agreement that includes the largest raises ever in their contract history at Cedars-Sinai and addresses safety protocols and wages, the top issues for the frontline healthcare workers.
“This was possible because we as a union stood together to advocate for the safety and well-being of healthcare workers and our patients,” said Jose Sanchez, a lead transporter at Cedars-Sinai Medical Center. “Reaching an agreement was not easy. But we fought hard for better working conditions, wages, and benefits that reflect the difficult yet vital work we do every day to provide the best care for our patients.”
The ratified contract includes:
Improved safety measures, including access to proper personal protective equipment and testing for all workers, and notification of exposures
Average raises of 17.46% at the end of three years
Increases minimum wage to $21 per hour by 2024
Protected healthcare and other benefits
The three-year contract covers more than 2,000 SEIU-UHW members at Cedars-Sinai Medical Center, including clinical partners, transporters, foodservice technicians, environmental services staff, and surgical technicians.
# # #
SEIU-United Healthcare Workers West (SEIU-UHW) is a healthcare justice union of more than 100,000 healthcare workers, patients, and healthcare activists united to ensure affordable, accessible, high-quality care for all Californians, provided by valued and respected healthcare workers. Learn more at www.seiu-uhw.org.
CONTACT: Tom Parker Service Employees International Union-United Healthcare Workers West (SEIU-UHW) 510-384-6904 [email protected]
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Los Angeles, May 27, 2022 (GLOBE NEWSWIRE) -- After participating in the hospital’s first strike in over forty years, healthcare workers at Cedars-Sinai Medical Center won their effort to improve patient care and secure a new contract. Workers voted in favor of ratifying a three-year agreement that includes the largest raises ever in their contract history at Cedars-Sinai and addresses safety protocols and wages, the top issues for the frontline healthcare workers. “This was possible because we
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summarize: Instagram is making it a little easier to chat while browsing your feed. The app is adding a new multitasking feature that allows users to quickly respond to incoming messages without switching back and forth between their feed and the inbox.
With the change, new chats will appear at the top of your feed while browsing, and you can respond by tapping on the message. The app is also adding a shortcut to make sharing posts a little quicker. Instead of scrolling through a list of contacts, users can designate four friends that will appear as shortcuts when tapping and holding the share button.
The app is also adding a music sharing feature, so users can swap 30 second previews of songs coa Spotify, Apple Music and Amazon Music
Ever since Meta began merging Instagram and Messenger, Instagram’s in-app chat has been steadily getting more features — and becoming more like Messenger. Now, those who have opted to link their inboxes, will also see a tray at the top of their DMs indicating which of their friends are currently online, much like the Messenger feature.
Instagram is also adding a Slack-style @Silent shortcut, similar to the update Messenger showed off earlier this week. Adding @silent to messages allows them to be delivered without triggering a notification. (It’s not clear if Instagram plans to adopt more of the “command” shortcuts in the future.) And, finally, group chats are getting a polling feature of their own, so polls will no longer be limited just to Stories.
As is often the case, these updates won’t be available everywhere all at once. The company says the new features “are available in select countries, with plans to expand globally,” but didn’t elaborate on which countries, or how long it would take for the changes to reach everyone.
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Instagram is adding a new multitasking feature that allows users to quickly respond to incoming messages without switching back and forth between their feed and the inbox.
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summarize: Months after announcing their purposed $43 billion merger, WarnerMedia and Discovery have answered what will happen to HBO Max and Discovery Plus once they form the imaginatively named Warner Bros. Discovery. Per Variety, Discovery chief financial officer Gunnar Wiedenfels said during a recent panel at the 30th Annual Media, Internet and Telecom Conference that the company plans to combine the two platforms into one unified streaming service.
“One of the most important items here is that we believe in a combined product as opposed to a bundle,” he said. “We believe that the breadth and depth of this content offering is going to be a phenomenal consumer value proposition.”
Merging the two platforms is something Wiedenfels said he expects will take a few months for Warner Bros. Discovery to “do it in a way that’s actually a great user experience for our subscribers.” In the meantime, HBO Max and Discovery Plus customers should expect at least some form of bundling.
Wiedenfels suggested that could take the form of content sharing between the two platforms and the introduction of a single sign-on. One question the executive didn’t answer is how much it will cost to subscribe to the new combined service. Discovery Plus and HBO Max currently start at $5 and $10 per month, with both platforms offering more expensive ad-free tiers.
It’s not surprising to learn that Discovery and TimeWarner plan to unify their streaming platforms. When the merger was first announced last year, it was positioned as a move that would make the two companies better able to compete with Netflix, Disney+ and other rivals.
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Months after announcing their purposed $43 billion merger, WarnerMedia and Discovery have answered what will happen to HBO Max and Discovery Plus.
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summarize: Diane Yu, CTO of Better.com, has agreed to a voluntary separation plan that the digital mortgage lender offered earlier this week, according to a report by Bloomberg and as seen on Blind, an anonymous professional network.
She will remain an "advisor" to the company, which will give her "more flexibility to spend more time with her family and additional time in Hong Kong," according to an internal memo referenced on Blind.
Yu joined Better.com in January 2021 to lead the startup’s engineering and technical strategy. She previously led engineering as CTO at Comcast for its Advanced Advertising Group. At the time, the company was at its peak, saying that it was underwriting $3 billion per month in mortgage loans and that it had hired over 4,000 employees since the start of the pandemic in March 2020 -- a 10-month period.
Over the past year, though, the number of refinancings declined significantly and home sales also took a dip in the face of rising mortgage interest rates. Since December 1, 2021, the company has laid off more than 4,100 employees. On April 5, Better.com offered corporate and product, design and engineering employees the opportunity to voluntarily resign in exchange for 60 days of paid severance and health insurance coverage.
On April 7, Yu referenced the voluntary separation program on LinkedIn but did not directly mention her decision:
“I am reaching out to my network to let you know that some of Better's great engineers will sign up for this program due to their own personal situations. If you are in need of hiring engineering talents, please leave your contact information in the comments below, or reach out to me directly.”
Yu's departure adds to the many questions surrounding the company's fate. Without a technology head, and with engineering staff being offered voluntary exit packages, it's not clear in which direction it plans to take its business moving forward.
TechCrunch reached out to Yu and Better.com for comment but had not heard back at the time of writing.
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Diane Yu, CTO of Better.com, has agreed to a voluntary separation plan that the digital mortgage lender offered earlier this week, according to a report by Bloomberg and as seen on Blind, an anonymous professional network. At the time, the company was at its peak, saying that it was underwriting $3 billion per month in mortgage loans and that it had hired over 4,000 employees since the start of the pandemic in March 2020 -- a 10-month period. Over the past year, though, the number of refinancings declined significantly and home sales also took a dip in the face of rising mortgage interest rates.
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summarize: American tech heavyweights are facing yet more scrutiny of their payment practices. The Consumer Financial Protection Bureau has ordered Amazon, Apple, Facebook, Google, PayPal and Square to hand over info concerning their payment system plans. The bureau wants to learn how these companies harvest data and control access to spot any anti-consumer behavior and provide "adequate" protections to the public.
The CFPB will also study Chinese tech firms' payment systems, including Alipay and WeChat Pay.
Director Rohit Chopra justified the order by warning that payments can pose a threat to the fair market thanks to their "tremendous scale and market power." He pointed to China as an example, noting that systems like Alipay and WeChat Pay are so thoroughly integrated with Chinese society that residents are effectively forced to use them as-is.
The bureau said it was following up on Federal Trade Commission oversight of Big Tech. The regulator has studied some of the companies' behavior in detail and, in the faces of Facebook and Google, put them under close watch. In 2020, for instance, the FTC investigated Facebook and Google acquisitions that hadn't been reported.
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A federal consumer bureau has ordered Amazon, Apple, Facebook, Google and others to hand over payment system data to investigate their practices.
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summarize: Instagram is taking new steps to make “potentially harmful” content less visible in its app. The company says that the algorithm powering the way posts are ordered in users’ feeds and in Stories will now de-prioritize content that “may contain bullying, hate speech or may incite violence.”
While Instagram’s rules already prohibit much of this type of content, the change could affect borderline posts, or content that hasn’t yet reached the app’s moderators. “To understand if something may break our rules, we'll look at things like if a caption is similar to a caption that previously broke our rules,” the company explains in an update.
Up until now, Instagram has tried to hide potentially objectionable content from public-facing parts of the app, like Explore, but hasn’t changed how it appears to users who follow the accounts posting this type of content. The latest change means that posts deemed “similar” to those that have been previously removed will be much less visible even to followers. A spokesperson for Meta confirmed that “potentially harmful” posts could still be eventually removed if the post breaks its community guidelines.
The update follows a similar change in 2020, when Instagram began down-ranking accounts that shared misinformation that was debunked by fact checkers. Unlike that change, however, Instagram says that the latest policy will only affect individual posts and “not accounts overall.”
Additionally, Instagram says it will now factor in each individual user’s reporting history into how it orders their feeds. “If our systems predict you’re likely to report a post based on your history of reporting content, we will show the post lower in your Feed,” Instagram says.
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Instagram is taking new steps to make “potentially harmful” content less visible in its app.
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summarize: Tesla stock notched a 12th straight gain Monday, marking its longest winning streak ever.
The prior record was 11 days of gains, first reached in January 2021 and matched on Friday.
The rally follows recent deals with GM and Ford to expand Tesla's charger network.
Tesla stock rose for the 12th straight trading session on Monday, setting a new record for its longest winning streak ever.
Shares closed up 2.2% at $249.83, hitting their highest level since October 2022. The prior record was 11 consecutive gains, which was first reached in January 2021 and was matched on Friday.
The stock rally follows recent deals with General Motors and Ford to expand Tesla's charger network.
In May, Ford said it will allow its electric vehicle customers to use Tesla's charging stations beginning in 2024. And last week, GM announced a similar deal.
On Monday, charging equipment makers Blink Charging, ChargePoint and Tritium said they will offer chargers with Tesla's connector.
"Given recent announcements by Tesla, GM, and Ford, we are clearly witnessing the continued evolution of the EV charging industry as technologies advance and industry stakeholders come together and evaluate best practices," Blink said.
The news added to bullishness over the inroads that Tesla's charging infrastructure has made as it seeks to be the standard across electric vehicles.
On Friday, Wedbush raised its 12-month price target for Tesla stock to $300 from $215, estimating that the GM and Ford deals could bring in an additional $3 billion of revenue in the coming year.
"For Tesla, we believe this is a large monetization opportunity for the company in its supercharger story, adding to its growing sum-of-the-parts valuation," analyst Dan Ives wrote.
Also last week, Piper Sandler predicted Tesla's charging-network revenue could hit $9.65 billion in 2032, with more than half that coming from other electric vehicle companies.
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Shares of Elon Musk's electric vehicle company rallied again on Monday, marking their 12 consecutive gain.
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summarize: (Bloomberg) -- The world’s largest battery could soon be storing solar energy deep in the heart of Texas oil country.
The 495-megawatt storage system would be built in tandem with a solar farm of the same size in Borden County, Texas. The Electric Reliability Council of Texas Inc., which operates most of the state’s grid, posted the details in a chart that shows the state’s battery storage will surge more than sixfold to 584 megawatts when the projects are completed in 2021.
Bigger batteries are being developed to help make the electricity produced through solar and wind power more efficient, even when the sun goes down and it gets less breezy. Recent battery-backed solar projects have, at most, 100 megawatts of panels and 30 megawatts of storage, said Yayoi Sekine, an analyst at BloombergNEF.
"This would be about five times that,” Sekine said in an interview.
The project underscores how Big Oil’s demand for power in the fossil fuels-rich Permian Basin of Texas and New Mexico is, in a twist, boosting the case for renewable energy. Texas’s power grid operator has stressed the need for more electricity resources in the region to power oil and gas drilling operations.
IP Juno, a unit of San Francisco-based Intersect Power LLC, outlined plans to build a 400-megawatt solar facility by the second quarter of 2021 in Borden County, according to an application concerning its state property taxes. Intersect Power didn’t return calls and emails for comment.
Borden County, with a population of less than 700, is located within the oil-rich Permian Basin, is about 70 miles (110 kilometers) south of Lubbock.
Vistra Energy Corp. just completed what’s now the the largest battery storage facility in Texas with a 10-megawatt system connected to a solar farm. It’s also planning a project at the Moss Landing power plant in California, which will store 300 megawatts for as long as four hours when completed next year.
(Adds analyst comments starting in the third paragraph.)
To contact the reporter on this story: Christopher Martin in New York at [email protected]
To contact the editors responsible for this story: Lynn Doan at [email protected], Reg Gale, Will Wade
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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The 495-megawatt storage system would be built in tandem with a solar farm of the same size in Borden County, Texas. The Electric Reliability Council of Texas Inc., which operates most of the state’s grid, posted the details in a chart that shows the state’s battery storage will surge more than sixfold
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summarize: HONG KONG, Sept. 13, 2022 /PRNewswire/ -- Manulife Hong Kong today announced the appointment of HyounJoo Choe as Chief Customer Officer, Hong Kong and Macau. As a member of the senior management team, Ms Choe will lead all customer experience and strategic marketing functions including marketing, customer relationship management, advanced analytics, insights and corporate communications. She will also play a pivotal role in driving Manulife Hong Kong's branding and corporate social responsibility efforts.
Prior to her new role, Ms Choe served as Regional Head of Customer Experience (CX) and Design at Manulife Asia, where she oversaw the CX transformation agenda, driving strong customer engagement and delivering strong results in relationship and transactional CX scores. She also succeeded in leveraging human-centred design principles to drive CX excellence across various digital platforms.
"We are thrilled with the appointment of HyounJoo as our Chief Customer Officer. Since joining Manulife in 2021, HyounJoo has played a leading role in driving forward our customer experience agenda in Asia. An outstanding and highly experienced leader in the industry, HyounJoo brings a wealth of knowledge and expertise to our franchise expansion in Hong Kong and Macau. Her proven track record and leadership credentials will add tremendous value to our winning team as we continue our journey to help make customers' lives better and decisions easier," said Pankaj Banerjee, Interim CEO, Manulife Hong Kong and Macau.
Ms Choe has more than 25 years of professional experience in the financial industry. Prior to joining Manulife, she was Head of Digital at MetLife Korea, where she was instrumental in driving digital transformation and developing enterprise digital strategies. Before that, she held various leadership roles at AIA Korea, including as Head of Strategy, Head of Direct Marketing, and Head of Operations and Technology.
Ms Choe holds a Master of Arts in International Relations from Columbia University, and a Bachelor of Arts in Economics from Bryn Mawr College, Pennsylvania.
The appointment of Ms Choe highlights Manulife's ongoing commitment to promoting talent who can leverage customer-centric and market-leading strategies to benefit the people of Hong Kong and Macau.
About Manulife Hong Kong
Manulife Hong Kong, through Manulife International Holdings Limited, owns Manulife (International) Limited, Manulife Investment Management (Hong Kong) Limited and Manulife Provident Funds Trust Company Limited. As a member of the Manulife group of companies, Manulife Hong Kong offers a diverse range of protection and wealth products and services to individual and corporate customers in Hong Kong and Macau.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2021, we had more than 38,000 employees, over 119,000 agents, and thousands of distribution partners, serving over 33 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
SOURCE Manulife Hong Kong
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Manulife Hong Kong today announced the appointment of HyounJoo Choe as Chief Customer Officer, Hong Kong and Macau. As a member of the senior management team, Ms Choe will lead all customer experience and strategic marketing functions including marketing, customer relationship management, advanced analytics, insights and corporate communications. She will also play a pivotal role in driving Manulife Hong Kong's branding and corporate social responsibility efforts.
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summarize: Netflix has always closely guarded the exact streaming metrics that may reveal why programs are considered a success... or cancelled. That black box cracked open a bit with documents obtained by Bloomberg detailing the company's scores for "impact value" and "efficiency." An example of that is Squid Game, which generated $891.1 million in impact value on a budget of just $21.4 million for an efficiency of 41.7X, according to Bloomberg's latest report.
The documents first came to light with Dave Chappelle's controversial special after the company fired an employee for supposedly leaking confidential information about the show's viewing data. (That employee reportedly spoke out against leaks to colleagues, according to The Verge.) Those metrics revealed that Chapelle's previous special, Sticks & Stones, generated slightly less impact value than it cost to make, according to Bloomberg.
Other figures showed that around 132 million people watched at least two minutes of Squid Game in the first 23 days, beating a record set by Bridgerton. Netflix occasionally releases similar information for certain shows, but it doesn't disclose how many people stuck with or finished shows — which can often inflate figures compared to typical TV ratings.
According to Bloomberg, however, Netflix estimated that 89 percent of people who started Squid Game watched at least 75 minutes, or more than one episode, and 87 million people finished it in the first 23 days (66 percent). Viewers watched 1.4 billion hours of the show in total.
An attorney representing Netflix told Bloomberg that it would not be appropriate to disclose confidential data contained in documents it reviewed. "Netflix does not discuss these metrics outside the company and takes significant steps to protect them from disclosure," the attorney said.
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Netflix's black box on streaming metrics cracked open a bit with documents reportedly revealing that 'Squid Games' generated $891 million in 'impact value.'
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summarize: Jeff Shell is out as NBCUniversal CEO (CMCSA) following a company investigation that found Shell had an "inappropriate relationship" with a female employee.
Comcast announced the news on Sunday afternoon — less than a week before it is set to report quarterly results. According to a joint statement, Comcast and Shell mutually agreed that the executive will depart effective immediately.
"Today is my last day as CEO of NBCUniversal," Shell said. "I had an inappropriate relationship with a woman in the company, which I deeply regret."
"I'm truly sorry I let my Comcast and NBCUniversal colleagues down, they are the most talented people in the business and the opportunity to work with them the last 19 years has been a privilege," he continued.
In an internal memo obtained by Variety, Comcast CEO Brian Roberts and Comcast President Mike Cavanagh wrote to employees, "We are disappointed to share this news with you. We built this company on a culture of integrity. Nothing is more important than how we treat each other. You should count on your leaders to create a safe and respectful workplace. When our principles and policies are violated, we will always move quickly to take appropriate action, as we have done here."
"Please know that NBCUniversal is performing extremely well operationally and financially, and we couldn’t be more enthusiastic about our position and prospects going forward. We are fortunate to have an experienced, world-class group of executives leading this incredible company," they added.
Shell, who had been with Comcast since 2004, oversaw news and entertainment television networks, in addition to the company's film studio and theme parks divisions. He had served as NBCUniversal CEO since January 1, 2020 after succeeding Steve Burke.
Prior to the chief executive role, Shell was Chairman of NBCUniversal Film and Entertainment where he focused on content creation, including the programming and distribution behind NBCUniversal’s film and network television businesses.
No successor has been named at this point. Comcast reports Q1 earnings on Thursday, April 27.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at [email protected]
Click here for the latest stock market news and in-depth analysis, including events that move stocks
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Jeff Shell is out as NBCUniversal CEO due to an "inappropriate relationship"with a female employee.
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summarize: A new report from Piper Sandler finds YouTube (GOOGL, GOOG) has overtaken Netflix (NFLX) as the top daily video platform for teens. The research shows teens now spend 29% of their daily video time on YouTube, with Netflix falling 200 basis points.
Yahoo Finance's Alexandra Canal, Josh Schafer and Pras Subramanian analyze potential factors behind this shift, suggesting Netflix cracking down on password sharing and YouTube emerging as the central hub for creator content and podcasts may be driving more teen engagement.
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A new report from Piper Sandler finds YouTube (GOOGL, GOOG) has overtaken Netflix (NFLX) as the top daily video platform for teens. The research shows teens now spend 29% of their daily video time on YouTube, with Netflix falling 200 basis points. Yahoo Finance's Alexandra Canal, Josh Schafer and Pras Subramanian analyze potential factors behind this shift, suggesting Netflix cracking down on password sharing and YouTube emerging as the central hub for creator content and podcasts may be driving more teen engagement. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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summarize: Google has announced that its proposed $5.4 billion bid to buy cybersecurity firm Mandiant is now complete.
The internet giant first revealed plans to acquire publicly-traded Mandiant back in March, less than a year after Mandiant was spun out of its previous owner FireEye as part of a $1.2 billion deal with private equity firm Symphony Technology Group.
Moving forward, Mandiant will operate under the auspices of Google Cloud, though the Mandiant brand will live on.
"We will retain the Mandiant brand and continue Mandiant’s mission to make every organization secure from cyber threats and confident in their readiness," Google Cloud CEO Thomas Kurian wrote in a blog post.
Mandiant dashboard Image Credit: Mandiant
As one of the so-called "big three" public cloud providers alongside Amazon and Microsoft, Google's big promise to would-be customers is that it will keep all their data and infrastructure secure. This means continually introducing new products to address the ever-changing threat landscape, thought it sometimes means acquiring long-established incumbents with the expertise to bolster Google's security proposition.
And that's effectively what Google's getting with Mandiant, giving it a major boost in terms of security data gathering capabilities, not to mention access to hundreds of security personnel.
"Combining Google Cloud’s existing security portfolio with Mandiant’s leading cyber threat intelligence will allow us to deliver a security operations suite to help enterprises globally stay protected at every stage of the security lifecycle," Kurian said. "With the scale of Google’s data processing, novel analytics approaches with AI and machine learning, and a focus on eliminating entire classes of threats, Google Cloud and Mandiant will help organizations reinvent security to meet the requirements of our rapidly changing world."
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Google has announced that its proposed $5.4 billion bid to buy cybersecurity firm Mandiant is now complete. The internet giant first revealed plans to acquire publicly-traded Mandiant back in March, less than a year after Mandiant was spun out of its previous owner FireEye as part of a $1.2 billion deal with private equity firm Symphony Technology Group. Moving forward, Mandiant will operate under the auspices of Google Cloud, though the Mandiant brand will live on.
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summarize: (Reuters) - German business software maker SAP sees huge growth potential in generative AI technology, Chief Executive Officer Christian Klein told the business daily Handelsblatt in an interview published on Wednesday.
"Currently, we at SAP address a $500 billion market. We assume that the potential will increase significantly through generative AI. The whole development is a huge growth driver for SAP," he said.
Klein mentioned human resources as an example of where the technology can be applied. "In the future, the system should be able to configure itself and automate work steps," he noted.
The SAP CEO also said that generative AI will be able to take over some administrative tasks, such as business appointment management.
SAP said in mid-May that it will deepen collaboration with Microsoft on joint generative AI projects in the field of personnel recruiting.
(Reporting by Andrey Sychev; Editing by Miranda Murray)
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Klein mentioned human resources as an example of where the technology can be applied. The SAP CEO also said that generative AI will be able to take over some administrative tasks, such as business appointment management.
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summarize: MADISON, Wis., June 01, 2022 (GLOBE NEWSWIRE) -- The Madison Covered Call and Equity Strategy Fund (NYSE:MCN) (the “Fund”) declares its quarterly dividend of $0.18/share. The dividends will be payable June 30, 2022, to shareholders of record on June 16, 2022. The ex-dividend date will be June 15, 2022. If it is determined that a notification is required pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, such notice will be posted to the Fund’s website after the close of business three business days before the payable date. If a distribution rate is largely comprised of sources other than income, it may not reflect Fund performance.
The Fund’s objective is to achieve a high level of current income and current capital gains, with long-term capital appreciation as a secondary objective. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as significant decreases or increases in the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.madisonfunds.com.
Certain statements in this release are forward-looking. The Fund’s actual results may differ from current expectations or projections due to numerous factors, including but not limited to changes in the equity markets, changes in the portfolio’s value, economic and political conditions and other risks generally discussed in the Fund’s filings with the SEC. Neither the Fund nor Madison undertakes any obligation to publicly update or revise any forward-looking statements.
“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC (“MAM”), and Madison Investment Advisors, LLC (“MIA”), which also includes the Madison Scottsdale office. MAM and MIA are registered as investment advisers with the U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300.
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MADISON, Wis., June 01, 2022 (GLOBE NEWSWIRE) -- The Madison Covered Call and Equity Strategy Fund (NYSE:MCN) (the “Fund”) declares its quarterly dividend of $0.18/share. The dividends will be payable June 30, 2022, to shareholders of record on June 16, 2022. The ex-dividend date will be June 15, 2022. If it is determined that a notification is required pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, such notice will be posted to the Fund’s website after the close of
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summarize: Elon Musk may have gotten a steal in purchasing Twitter at $44 billion, according to one of the platform's former execs, provided he can suck value out of the platform by launching new features and cutting costs.
"It’s really up to the team to execute the way they see fit, but I think they should have billions of users given the content they have that’s so valuable," former Twitter CFO and COO Anthony Noto said on Yahoo Finance Live (video above). "And they should be valued in hundreds of billions of dollars — not tens of billions of dollars — if they can unlock that value."
Noto, who is currently SoFi's CEO, worked at Twitter from 2014 to 2018, starting as CFO and ending as COO. Noto declined to share what changes he would like to see made to the platform, though he did say he thinks Twitter has a lot of potential to execute better under a single leader, such as Elon Musk.
Musk has owned Twitter for less than a week and already he has made some major changes to the platform. He is reportedly eyeing a staff reduction of 50% in order to align costs with sales trends and has sent Twitter CEO Parag Agrawal, CFO Ned Segal, and the board of directors packing.
The Tesla CEO has also taken to Twitter to toss out various changes the platform could make. For instance, Musk reportedly demanded that developers implement software that will make verified users pay to keep their blue checkmarks.
Noto, for his part, weighed in on the conversation by floating a $49 monthly fee for verification in a tweet thread to Musk.
Wedbush Analyst Dan Ives agreed that charging users for account verification could be a step in the right direction.
"I think it's a smart move in terms of the monetization of Twitter," Ives told Yahoo Finance Live. "It just starts to move this forward in what's been a treadmill platform."
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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SoFi CEO and former Twitter exec Anthony Noto believes there's a lot of value to be unlocked at Twitter. Here's why.
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summarize: The ultimate educational experience for aspiring and newly minted founders — also known as TechCrunch Early Stage — kicks off on April 14 in San Francisco. We can’t wait to see you in person, but you don’t have to wait another minute to tap into the summit’s many opportunities.
Starting today, you can get ahead of the networking curve by accessing CrunchMatch. Our AI-powered platform helps you find and schedule meetings with the people who can move your startup dream closer to reality.
How can I get access? Buy your ticket to TC Early Stage now at the low early-bird price of $249 — regular price is $449 — to start networking with early-stage founders with CrunchMatch.
We expect more than 1,000 attendees at TC Early Stage, and while meeting folks is easy, connecting with the people who align with your goals and can help move your business forward is even better. CrunchMatch provides a quick and efficient way to find those proverbial needles in the haystack.
You’ll save time and — now that we’re back to real-life events — shoe leather, too. Who’s on your dream networking list — other founders, mentors, marketing mavens, VCs, branding brahmas, crowdfunding kings, expert entrepreneurs? CrunchMatch helps you connect and schedule the meetings that matter most. It's fast, effective and painless.
Don’t just take our word for it. Here’s what Felicia Jackson, inventor and founder of CPRWrap, told us about using CrunchMatch:
TechCrunch Early Stage 2022 takes place on April 14, and the CrunchMatch platform is officially open for business. Don’t have a ticket yet? Buy it now, and you’ll have plenty of time — weeks, in fact — to set and vet your meeting requests before you even step foot inside our Pier 27 venue.
Is your company interested in sponsoring or exhibiting at Early Stage 2022? Contact our sponsorship sales team by filling out this form.
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The ultimate educational experience for aspiring and newly minted founders — also known as TechCrunch Early Stage — kicks off on April 14 in San Francisco. It lets you see who’s there, find the right people and reach out for a meeting.
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summarize: (Bloomberg) -- Amazon.com Inc. is acquiring the core ad-serving technology of bankrupt Sizmek Inc., giving it another weapon to chip away at Google’s dominance in the online ad business.
The deal gives Amazon technology that can help advertisers place spots around the internet and measure their effectiveness, similar to Google’s Marketing Platform, formerly known as DoubleClick. Before it got into financial trouble, Sizmek was seen as a key ad tech player balancing Google’s power in the advertising world. Bloomberg reported the two companies were close to a deal earlier in May.
“Sizmek and Amazon Advertising have many mutual customers, so we know how valued these proven solutions are to their customer base,” Amazon said in a blog post. A spokeswoman for Sizmek declined to provide the purchase price of the assets. In a court filing, Sizmek has previously estimated it’s worth between $100 million and $500 million.
Amazon is rising as the only real challenger to the control Alphabet Inc.’s Google and Facebook Inc. have over the online advertising market. It has reams of data on millions of consumers around the world and is increasingly becoming the first place people go when looking to buy things online.
To contact the reporter on this story: Gerrit De Vynck in New York at [email protected]
To contact the editors responsible for this story: Jillian Ward at [email protected], Molly Schuetz, Mark Schoifet
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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The deal gives Amazon technology that can help advertisers place spots around the internet and measure their effectiveness, similar to Google’s Marketing Platform, formerly known as DoubleClick. Before it got into financial trouble, Sizmek was seen as a key ad tech player balancing Google’s power in
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summarize: (Bloomberg) — Tesla Inc. managers told some salaried employees the company isn’t offering merit-based equity awards this year.
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The company didn’t give a reason for the change but four employees from different departments told Bloomberg they believe the move was widespread. Workers still got modest cost-of-living increases and adjustments to their base salaries.
During annual performance reviews, employees usually get salary adjustments as well as merit-based stock grants on top of their existing equity. But this year, even high performers didn’t get the merit-based grants, the employees said. Some Tesla employees who reached the end of their four-year vesting cycle were still given stock “refreshers,” in order to keep their total compensation competitive.
It’s not clear if this is a one-time aberration or part of a larger shift in Tesla’s compensation philosophy that takes a more targeted approach to awarding equity grants. Tesla, which has 140,000 employees globally, didn’t respond to inquiries. The company has made changes to how it compensates workers in the past.
Tesla Chief Executive Officer Elon Musk has long stressed the importance of employee stock ownership. The use of those grants has allowed the electric-vehicle maker to keep total pay high while preserving cash, and Musk has credited the compensation method with helping him fend off unionization pushes.
“The challenge is: How do we retain great people to do the hard work of building cars when they have, like, six other opportunities that they can do that are easier?” Musk said at the New York Times DealBook Summit last month. “We certainly try hard to ensure the prosperity of everyone. We give everyone stock options.”
Equity awards, usually in the form of restricted stock units, have historically motivated workers to stick with Tesla over rivals. New employees are typically offered a base salary and stock grants that vest over four years, meaning they sacrifice potentially large payouts if they leave the EV maker after a short time.
Musk, who is the world’s richest person, has spent much of 2023 signaling that he’s worried about the global economy. He has railed against the US Federal Reserve for high interest rates, and on Tesla’s third-quarter earnings call warned about commercial real estate being in “terrible shape” and rising credit card debt.
Tesla Chief Financial Officer Vaibhav Taneja said on the same results call the company was focusing on cutting costs as it navigates a “challenging economic environment.”
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©2023 Bloomberg L.P.
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(Bloomberg) -- Tesla Inc. managers told some salaried employees the company isn’t offering merit-based equity awards this year.Most Read from BloombergApple Races to Tweak Software Ahead of Looming US Watch BanApple to Halt US Sales of Smartwatches After Patent LossWhat If Putin Wins? US Allies Fear Defeat as Ukraine Aid StallsRecord Run in US Stocks Shrugs Off Fed Warnings: Markets WrapCiti Suit Raises #MeToo Claims at Wall Street’s Top LevelsThe company didn’t give a reason for the change but
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summarize: A check signed by Apple co-founder Steve Jobs paying $4.01 to RadioShack is likely to fetch more than $25,000 in an auction ending on Wednesday.
A check signed by Steve Jobs (Courtesy: RR Auction)
Forming part of the RR Auctions' Fine Autograph and Artifacts featuring Science and Technology sale that will be concluding on December 6, one of the items up for auction is an unusual piece of Apple history.
The check from the account of the Apple Computer Company dates back to July 23, 1976, and lists the company's first official address in Palo Alto. It is written to pay RadioShack a total of $4.01 and is signed by "Steven Jobs."
While it is unknown what the check paid for at RadioShack, it does at least hint at the history of the company and the retailer.
Co-founder Steve Wozniak bought the TRS-80 Micro Computer System, which he then used to build his "blue box" to make long-distance calls for free. In the early days of the partnership between Wozniak and Jobs, the pair made and sold around 200 of the boxes for about $150 apiece.
At the time of publication, the lot has reached $22,444 after 21 bids, with an estimated value of at least $25,000, though it will probably sell far higher than that.
In May, another auction for an Apple check signed by Jobs from July 1976 also went up for auction. However, that check to pay Crampton, Remke, and Miller, Inc $175 eventually sold for $106,985.
Other items in the current auction include a sealed first-gen iPhone, as well as a signed replica of the Apple-1 board.
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A check signed by Apple co-founder Steve Jobs paying $4.01 to RadioShack is likely to fetch more than $25,000 in an auction ending on Wednesday.
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summarize: WhatsApp already allows you to chat with businesses, but you may soon also have the ability to find them through the app as well. This week, the company started testing a directory feature that allows users to scan through local shops and services that have a presence on WhatsApp and contact them. The tool is currently only available in São Paulo, Brazil, but a screenshot shared by Will Cathcart, the head of WhatsApp, shows that you can use the feature to sort businesses by category and how close they are to you.
Matt Idema, vice president of business messaging at Facebook, told Reuters the test involves “thousands” of shops and services. He added the company is likely to make the feature available in India and Indonesia next. “Based on feedback from the people who try it over the next few months, we’ll look at expanding this service to other cities and other types of businesses available on WhatsApp,” Cathcart said separately on Twitter.
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This week, the company started testing a directory feature that allows users to scan through local shops and services that have a presence on WhatsApp and contact them.
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summarize: Software company Ripple Labs is hoping American banks will start using XRP and its other products following a legal ruling interpreted as positive by investors last week.
In an interview with CNBC, Ripple’s general counsel Stu Alderoty said he expected U.S. banks to go back to using the fintech firm’s On-Demand Liquidity (ODL) product.
Ripple Labs is a San Francisco-based company which launched to help banks and other financial institutions move money quickly and cheaply via blockchain technology. It is the company behind the fourth largest cryptocurrency by market cap, XRP.
Major banks and companies in the U.S. and around the world are already using crypto and its underlying technology for payments. JP Morgan last month went live with its first blockchain transaction for Europe-based corporate clients in Europe using its own token, JPM Coin.
And German software giant SAP has announced an experiment to try and speed up overseas payments using Circle’s USD Coin stablecoin.
In 2020, the U.S. Securities and Exchange Commission hit Ripple with a $1.3 billion lawsuit, alleging that the company misled investors and was flogging unregistered securities in the form of XRP.
But last week, federal district judge Analisa Torres of the Southern District Court of New York ruled that programmatic sales of XRP to retail investors did not qualify as securities.
In a mixed ruling, the judge added that $728 million worth of contracts for institutional sales did constitute unregistered securities sales—but it was still interpreted as positive by many and the price of XRP soared, bringing many digital coins and tokens with it.
Aldeory told CNBC Friday that he was hopeful the decision would “give financial institution customers or potential customers comfort to at least come in and start having the conversation about what problems they are experiencing in their business, real-world problems in terms of moving value across borders without incurring obscene fees.”
He added that Ripple was hoping for a lot of “conversations” with U.S.-based customers this quarter following the judge’s decision.
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Ripple’s general counsel said that Ripple is betting on big clients using its services again.
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summarize: Microsoft recognized Uptake for making industrial data available for enterprise analytics possible at scale
CHICAGO, June 28, 2022 /PRNewswire/ -- Uptake, a leader in industrial intelligence, announced today that it has been named a finalist for the 2022 Microsoft Energy & Sustainability Partner of the Year Award. Microsoft selected the company among a global field of top partners for demonstrating excellence in the development and implementation of customer solutions. Uptake Fusion was recognized for its ability to unlock industrial data by moving and normalizing enterprise datastreams in Microsoft Azure for real-time decisions.
"We're honored to be recognized as a finalist for this award. Uptake's strategic relationship with Microsoft is a testament to the value of enabling energy companies to generate business value and enterprise reporting from their data," said Kayne Grau, CEO, Uptake. "We look forward to continuing to advance digital transformation and sustainability initiatives with the Microsoft tools our customers are using each day."
Uptake Fusion enables asset-intensive operations, including energy and utilities, to prepare data in the cloud for analytics. By connecting to underlying operational technology (OT) and supervisory control and data acquisition (SCADA) systems, and then integrating with datasets like SAP, IBM, and Oracle, Uptake Fusion prepares contextualized industrial data for authorized first- and third-party consumers.
Energy companies like Chevron and Capital Power are using Uptake Fusion to automate the integration of data in their Microsoft Azure environment. Once data is available in their own or Uptake's Azure cloud, data consumers can unlock real-time visibility and decision support. Industrial intelligence use cases like AI/ML, digital twins, connected worker applications, and sustainability reporting are possible at scale, including through Microsoft tools like Power BI, Uptake Radar, and preferred third-party applications.
"I am honored to announce the winners and finalists of the 2022 Microsoft Partner of the Year Awards," said Nick Parker, corporate vice president of Global Partner Solutions at Microsoft. "These partners were outstanding among the exceptional pool of nominees, and I'm continuously impressed by their innovative use of Microsoft Cloud technologies and the impact on their customers."
The Microsoft Partner of the Year Awards recognizes Microsoft partners that have developed and delivered outstanding Microsoft-based applications, services, and devices during the past year. Awards were classified in various categories, with honorees chosen from a set of more than 3,900 submitted nominations from more than 100 countries worldwide.
Microsoft Partner of the Year Awards are announced annually before the company's global partner conference, Microsoft Inspire, which will take place on July 19-20 this year.
The complete list of categories, winners, and finalists of the 2022 Microsoft Partner of the Year Awards can be found at https://partner.microsoft.com/en-us/inspire/awards.
ABOUT UPTAKE
Uptake provides industrial intelligence software-as-a-service (SaaS), translating data into smarter operations. Driven by unified data management and industrial data science, Uptake enables and delivers actionable insights that predict asset failure, advance ESG initiatives, mitigate catastrophic risk, optimize maintenance strategy, and protect operator safety. With 48 patents and recognition by Gartner, Verdantix, the World Economic Forum, CNBC, and Forbes, Uptake is based in Chicago, with an office in Mississauga, Ontario, and has a presence around the world. To stay up-to-date on what we're doing, visit us at www.uptake.com and follow us on LinkedIn and Instagram.
CONTACT
Uptake
[email protected], + 1 312-242-2167
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SOURCE Uptake
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Uptake, a leader in industrial intelligence, announced today that it has been named a finalist for the 2022 Microsoft Energy & Sustainability Partner of the Year Award. Microsoft selected the company among a global field of top partners for demonstrating excellence in the development and implementation of customer solutions. Uptake Fusion was recognized for its ability to unlock industrial data by moving and normalizing enterprise datastreams in Microsoft Azure for real-time decisions.
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summarize: Prize Claim Subject to Insider Win Process
TORONTO, March 15, 2022 /CNW/ - Sureskumar Nadesalingam of King City is one step closer to claiming a lottery win of $100,000 with ENCORE (December 4, 2021 LOTTO 6/49 draw).
As Sureskumar is an employee at an authorized OLG retailer, this prize falls within OLG's definition of an Insider Win. Sureskumar did not purchase or validate the ticket at his place of employment.
As of today's date, the claimant has completed the first step of a two-step Insider Win process, which included enhanced scrutiny of the prize claim.
To complete the prize claim, the prize will be held for a 30-day waiting period as part of OLG's Insider Win process, in order for OLG to publicize the win. If there are no additional claims on this prize it will be paid to the claimant on April 14, 2022.
If the pay date falls on a day that is not a business day, then the following business day shall be deemed to be the pay date.
The ticket was purchased at Canadian Tire Gas on Innisfil Beach Road in Innisfil.
For more information, please visit Claiming Prizes for Insiders on OLG.ca.
OLG is a crown agency that contributes to a better Ontario by delivering great entertainment experiences for our customers. Acting in a socially responsible way, OLG conducts and manages land-based gaming facilities; the sale of province-wide lottery games; Internet gaming; and the delivery of bingo and other electronic gaming products at Charitable Gaming Centres. OLG is also helping support the horse racing industry in Ontario. Since 1975, OLG has provided approximately $55 billion to the people and Province of Ontario to support key government priorities like health care; the treatment and prevention of problem gambling; and support for amateur athletes. Each year proceeds from OLG's operations also support host communities, Ontario First Nations, lottery retailers and local charities across the province.
Play for Ontario
100 per cent of OLG's proceeds are invested in Ontario
OLG.ca
PlaySmart.ca
Knowledge you can bet on.
Follow on Twitter @PlaySmartOLG
ConnexOntario – Problem Gambling Support: 1-866-531-2600
Disponible en français
SOURCE OLG Winners
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Sureskumar Nadesalingam of King City is one step closer to claiming a lottery win of $100,000 with ENCORE (December 4, 2021 LOTTO 6/49 draw).
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summarize: (In Sept. 14 story, corrects paragraph 6 to say Radial, not retailers, will hire more workers. Also clarifies Radial's description)
By Sruthi Ramakrishnan and Gayathree Ganesan
(Reuters) - Macy's Inc will increase by 20 percent the number of workers it hires during the holiday shopping season to staff distribution and warehouses that support its online business, but total holiday hiring will fall.
The department store operator said on Thursday it would hire 18,000 holiday workers to fulfill online orders, including shipping and packaging, an increase of about 3,000 from last year. But total hiring for the holiday season will fall to 80,000 from 83,000 last year, the company said, with Macy's operating 70 fewer stores than it did last year.
Rival Target Corp on Wednesday said it would hire 43 percent more seasonal workers, or a total of 100,000, for the holiday season rush.
It was the first time in five years that Target increased the number of holiday workers it would hire, after the retailer reported a rise in comparable-store sales for the first time in more than a year.
Seasonal hiring plans typically point to retailers' sales expectations for the holiday season, which starts a day after Thanksgiving and continues into early January and accounts for nearly a third of annual sales.
Radial, which provides staffing and ecommerce services for retailers including Neiman Marcus, Ralph Lauren Corp and Toys R Us, said it will hire 35 percent more workers this holiday season to fill positions at distribution centers as well as for ancillary services such as order-online-pick-up-in-store and doorstep delivery.
Macy's, like other department store operators, has been grappling with weak sales for years, as shoppers spend less on apparel and more on experiences, and as competition from online retailers such as Amazon.com Inc intensifies.
To counteract these pressures, large chains are heavily investing in their online businesses, including building distribution centers and logistic fleets while shutting stores and cutting jobs.
More and more retailers are now relying on temporary workers to fill positions, Moody's analyst Charles O'Shea told Reuters.
Macy's has lowered the headcount of its permanent employees by nearly 16 percent over the last five years, filings show, and plans to shut 100 stores by the end of this year.
Macy's last month repeated its outlook for a decline in sales for the fiscal year ending in January of between 3.2 percent and 4.3 percent and a decline in comparable-store sales of 2 percent to 3 percent.
(Reporting by Siddharth Cavale in Bengaluru; Editing by Leslie Adler)
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The department store operator said on Thursday it would hire 18,000 holiday workers to fulfill online orders, including shipping and packaging, an increase of about 3,000 from last year. Rival Target Corp on Wednesday said it would hire 43 percent more seasonal workers, or a total of 100,000, for the
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summarize: Oil is poised to rally beyond $90 per barrel by the end of the year amid record demand and tightening supply, according to UBS strategists.
"We still see scope for global oil prices to rally,” said a recent UBS note to investors. “We now expect Brent to hit USD 95/bbl and the US WTI benchmark to rise to USD 91/bbl by end-December, up from the current USD 90/bbl and USD 85/bbl, respectively."
Brent International (BZ=F) prices stand just below $85 per barrel, about 3% off year-to-date highs reached earlier in August. West Texas Intermediate (CL=F) is hovering above $80 per barrel.
Concerns over China’s economy, the world’s second-largest consumer of crude, recently has put pressure on crude futures. Data released Tuesday by China's National Bureau of Statistics added to concerns of a sluggish recovery as Beijing unexpectedly cut policy rates and withheld information on youth unemployment.
"Some investors remain skeptical that China’s latest stimulus efforts—a 15- basis-point cut to its one-year medium-term lending facility (MLF) and a 10bps cut to the short-term 7-day reverse repo rate—will be sufficient to revive demand," the UBS note said. "China is the world’s largest oil importer, the second-largest consumer, and the seventh-largest producer."
However, UBS strategists don’t expect the price slide to persist amid firming fundamentals. Those include declining inventories and tight supply as OPEC+ production nears a two year low.
OPEC+ has been cutting production since October of last year. Saudi Arabia recently extended its one million barrel-per-day output reduction into September, while Russia announced it will slash oil exports.
“We expect global oil demand to hit a record high in August,” the note said.
Goldman Sachs analysts recently reaffirmed their forecast of $93 per barrel for Brent crude and $86 per barrel for WTI by December, highlighting the market is less "pessimistic" about the global economy.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.
Click here for the latest economic news and economic indicators to help you in your investing decisions
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UBS strategists lifted their oil price forecast based on firming fundamentals, despite concerns about China's economy.
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summarize: Pan-African digital payments network, MFS Africa, has raised $100 million in equity and debt, additional funding that takes its Series C round to $200 million. African investment manager Admaius Capital Partners led the new round.
Investors from its first Series C round like AfricInvest FIVE and CommerzVentures doubled down while the fintech also received capital from new investors: Vitruvian Partners and AXA Investment Managers. Debt financing came from Stanbic IBTC Bank, a Lagos-based bank, and Symbiotic.
Per MFS Africa’s statement, the new investment will allow it to achieve four objectives. First, continue its expansion plans across Africa. It will also help it further integrate into the global digital payment ecosystem. Then expand into Asia and create cross-border payments synergies with Africa via a joint venture with LUN Partners. And carry out its growth plans for BAXI, a startup it acquired late last year.
These plans mirror what founder and CEO Dare Okoudjou told TechCrunch last November when the company announced its first $100 million tranche. At the time, the Baxi acquisition was still pending approval from the Central Bank of Nigeria, the country’s apex bank. Not only has the purchase been approved, BAXI now possesses two licenses to operate in the country: The Payment Service Solution Provider (PSSB) and Payment Terminal Service Provider (PTSP) licenses. The PSSP license allows BAXI to build gateways that process payments for third-party merchants, and the PTSP license gives BAXI the go-ahead to deploy its point-of-sale terminals for agency banking.
MFS Africa, known for its acquisition-led expansion plays, just last week acquired U.S.-based Global Technology Partners (GTP) in a cash-and-shares deal worth $34 million. The Africa-focused and London-based company connects over 320 million mobile money wallets across 35+ African countries and 700 corridors. But despite these connections across borders, millions of Africans can’t still use their mobile money accounts to pay for subscription-based services run by international companies such as Netflix and Amazon.
GTP is a developer of prepaid and mobile payment software. According to PitchBook, its prepaid and mobile payment platform integrates several prepaid cards with a single bank account and allows users to make prepaid payments for online shopping and ATMs. The acquisition gives MFS Africa an avenue to issue prepaid cards to its customers so they can perform these tasks--and also serve the African diaspora market in the U.S.
“The strength of our business model is grounded on building a lasting digital infrastructure that unleashes and simplifies economic activities across the continent through any-to-any interoperability,” Okoudjou said in a statement. “Our multiple initiatives and solutions are providing access to Africans, at home and in the diaspora. We are building MFS Africa into a safe, sound, scalable and high-impact pan-African payment infrastructure that will facilitate Africa’s rapidly growing commerce, both now and in the future.”
The fintech also highlighted its efforts in bringing in two hires to chart its next growth phase: Meghan Taylor, an ex-partner at Boston Consulting Group, who is now its chief of staff and Julian Adkins, ex-Africa CFO at telecom operator Millicom, who operates as the company’s group chief financial officer.
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Pan-African digital payments network, MFS Africa, has raised $100 million in equity and debt, additional funding that takes its Series C round to $200 million. African investment manager Admaius Capital Partners led the new round. Investors from its first Series C round like AfricInvest FIVE and CommerzVentures doubled down while the fintech also received capital from new investors: Vitruvian Partners and AXA Investment Managers.
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summarize: If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So on that note, Mazarin (CVE:MAZ.H) looks quite promising in regards to its trends of return on capital.
Understanding Return On Capital Employed (ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Mazarin, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.01 = CA$296k ÷ (CA$35m - CA$6.4m) (Based on the trailing twelve months to March 2023).
So, Mazarin has an ROCE of 1.0%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 3.6%.
See our latest analysis for Mazarin
Historical performance is a great place to start when researching a stock so above you can see the gauge for Mazarin's ROCE against it's prior returns. If you'd like to look at how Mazarin has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
What Does the ROCE Trend For Mazarin Tell Us?
Mazarin has recently broken into profitability so their prior investments seem to be paying off. The company was generating losses five years ago, but now it's earning 1.0% which is a sight for sore eyes. And unsurprisingly, like most companies trying to break into the black, Mazarin is utilizing 24% more capital than it was five years ago. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, both common traits of a multi-bagger.
Our Take On Mazarin's ROCE
To the delight of most shareholders, Mazarin has now broken into profitability. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 93% return over the last five years. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
Mazarin does come with some risks though, we found 5 warning signs in our investment analysis, and 3 of those are a bit unpleasant...
While Mazarin isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...
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summarize: Aerospike Kubernetes Operator 2.0 is now certified for Red Hat OpenShift
Aerospike Cloud Managed Service is now available on the Google Cloud Platform
MOUNTAIN VIEW, Calif., March 29, 2022 (GLOBE NEWSWIRE) -- Aerospike Inc., the real-time data platform leader, today announced two new deployments for the Aerospike Real-time Data Platform to maximize workflows. The announcement of these solutions allows customers to easily manage data in disparate cloud environments while reducing the cost and complexity.
The certification of Red Hat OpenShift for Aerospike Kubernetes Operator 2.0 enables OpenShift customers to deploy Aerospike in a familiar and standardized environment. The certification verifies that Aerospike meets the Red Hat standards for interoperability, security, and life cycle management. Red Hat OpenShift automates life cycle management for increased security, tailored operations solutions, easy-to-manage cluster operations, and application portability. The result is the swift delivery of applications and more productivity for OpenShift community users while further reducing infrastructure expenditures and risk.
Google Cloud Platform customers now have access to the Aerospike Cloud Managed Service to maximize and maintain their Aerospike Real-time Data Platform. The integration aligns with Google’s best practices of architecture security and compliance to allow for reduced risk and improved reliability. Customers and partners can reduce operational overhead, realize faster deployments, and better innovate in multi-cloud environments.
According to Forrester… “Cloud-native technologies (e.g., containers, Kubernetes, and serverless) help companies build, migrate, and modernize customer-facing apps more easily, at scale, and from the data center to the cloud to the edge.” Predictions 2021: Cloud Computing, Forrester, October 18, 2020.
“Today’s announcements are further proof of Aerospike’s commitment to supporting a broader set of enterprise platforms being used today,” states Subbu Iyer, CEO, Aerospike. “With our certification of OpenShift and Aerospike Cloud Managed Services on Google Cloud Platform, customers can easily manage data across multi-cloud deployments in their operations where previously they were hindered by regulations, cost control, and talent availability that stalled innovation.”
Join Us at the Aerospike Summit
Registration is open for Mission Now – The Aerospike 2022 Summit. Network with your peers and hear from industry leaders across the board on how they’re harnessing the power of now by capitalizing on data and fueling exceptional customer experience in the moments that matter.
For more information about Aerospike, please visit www.aerospike.com, or to join the team, see our employment opportunities around the globe.
Resources
Aerospike Kubernetes Operator 2.0
Aerospike Cloud Managed Service
About Aerospike
The Aerospike Real-time Data Platform enables organizations to act instantly across billions of transactions while reducing server footprint by up to 80 percent. The Aerospike multi-cloud platform powers real-time applications with predictable sub-millisecond performance up to petabyte scale with five-nines uptime with globally distributed, strongly consistent data. Applications built on the Aerospike Real-time Data Platform fight fraud, provide recommendations that dramatically increase shopping cart size, enable global digital payments, and deliver hyper-personalized user experiences to tens of millions of customers. Customers such as Airtel, Experian, Nielsen, PayPal, Snap, Wayfair, and Yahoo rely on Aerospike as their data foundation for the future. Headquartered in Mountain View, California, the company also has offices in London, Bangalore, and Tel Aviv.
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Aerospike Kubernetes Operator 2.0 is now certified for Red Hat OpenShiftAerospike Cloud Managed Service is now available on the Google Cloud Platform MOUNTAIN VIEW, Calif., March 29, 2022 (GLOBE NEWSWIRE) -- Aerospike Inc., the real-time data platform leader, today announced two new deployments for the Aerospike Real-time Data Platform to maximize workflows. The announcement of these solutions allows customers to easily manage data in disparate cloud environments while reducing the cost and comp
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summarize: (Reuters) - U.S. stock index futures wavered on Thursday as PacWest Bancorp exploring strategic options deepened concerns about the health of regional banks, while investors drew comfort from the Federal Reserve signaling a likely pause in its interest rate hikes.
The central bank on Wednesday raised rates by 25 basis points to the 5.00%-5.25% range and signaled a pause in its policy tightening, giving officials time to assess the recent bank failures, U.S. debt ceiling situation and sticky inflation.
U.S. stocks ended lower on Wednesday after Fed Chair Jerome Powell said that it was too soon to say with certainty that the rate-hike cycle was over as inflation remains the chief concern.
U.S. interest rate futures priced in a pause in tightening at the June and July policy meetings, according to the CME's FedWatch tool, and also factored in a more than 50% chance of rate cuts at the September meeting.
The Fed over the past 14 months has raised rates by 500 basis points to tame price pressures in its most aggressive policy tightening since the 1980s.
PacWest Bancorp tumbled 36.3% in premarket trading following talks with potential partners and investors about strategic options after shares of the regional lender and its peers got hammered amid fears of a worsening banking crisis.
This comes after regulators seized First Republic Bank, with JPMorgan Chase agreeing to buy majority of the assets, marking the largest U.S. bank failure since the 2008 financial crisis.
Shares of other regional lenders such as KeyCorp, Valley National Bancorp and Zions Bancorp fell between 4.5% and 6.6%, while Western Alliance Bancorp dropped 17.2% despite noting that it had not experienced unusual deposit outflows following the sale of First Republic.
Investor concerns around banks have remained despite actions by regulators to contain a banking crisis that kicked off with the collapse of two mid-sized U.S. lenders in March.
The KBW Regional Banking index and S&P 500 Banks index have lost around 29% and 15% so far in 2023.
Graphic: Stocks and the Fed - https://fingfx.thomsonreuters.com/gfx/mkt/mopakbrrlpa/Pasted%20image%201683154301820.png
Major technology and growth stocks such as Meta Platforms Inc, Microsoft Corp and Alphabet Inc edged up between 0.3% and 0.8% in premarket trading on Thursday, helped by a fall in U.S. Treasury yields.
Although the end of Fed's market-punishing rate-hike cycle may be in sight, uncertainty over stock valuations and the economic outlook are keeping investors on alert for more turbulence ahead.
Moderna Inc, Paramount Global, Kellogg Co and Peloton Interactive Inc are scheduled to report quarterly results before markets open. Apple Inc results are due after the closing bell.
Investors will also monitor weekly jobless claims for further clues on the state of the labor market.
At 5:27 a.m. ET, Dow e-minis were up 3 points, or 0.01%, S&P 500 e-minis were down 1.25 points, or 0.03%, and Nasdaq 100 e-minis were up 28.75 points, or 0.22%.
Qualcomm Inc slumped 6.7% after third-quarter forecasts missed estimates, while Etsy Inc gained 3% on beating expectations for quarterly revenue.
(Reporting by Ankika Biswas in Bengaluru; Editing by Shounak Dasgupta)
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The central bank on Wednesday raised rates by 25 basis points to the 5.00%-5.25% range and signaled a pause in its policy tightening, giving officials time to assess the recent bank failures, U.S. debt ceiling situation and sticky inflation. U.S. stocks ended lower on Wednesday after Fed Chair Jerome Powell said that it was too soon to say with certainty that the rate-hike cycle was over as inflation remains the chief concern. The Fed over the past 14 months has raised rates by 500 basis points to tame price pressures in its most aggressive policy tightening since the 1980s.
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summarize: For the past few years, Pinduoduo has been widely regarded as Alibaba's strongest challenger. While Alibaba reported 863 million annual active consumers across its retail platforms in the twelve months ended September, Pinduoduo's monthly active users exceeded 740 million in the quarter ended September.
In its pursuit of new growth engines, Pinduoduo is taking a different route from its older rival. Both e-commerce titans are starting to see their growth plateau, but instead of doubling down on cloud computing like Alibaba, Pinduoduo is pouring money into agriculture.
In August, Pinduoduo unveiled its 10 billion yuan ($1.57 billion) agriculture program to "face and address critical needs in the agricultural sector and rural areas." The initiative is all-encompassing, including possible equity funding for agritech startups and grants for fundamental research and talent training.
The program won't be profit-driven, the company promised, and all profit from the second quarter and "any potential profits in future quarters would be allocated to the initiative."
Some see Pinduoduo's investment in agriculture as an effort to alleviate rural poverty and is thus an answer to Beijing's recent call for "common prosperity," which denotes "affluence shared by everyone, both in material and cultural terms." But the company has reiterated that agriculture was at its core business from the outset.
Founded in 2015, Pinduoduo took off by selling fruit online before gradually broadening its product categories. For many growers, e-commerce was a boon. Agriculture in China was dominated by millions of small family-owned farms, which relied on layers of distributors to sell their produce nationwide. The setup meant farmers often ended up with razor-thin profits.
To attract vendors of agricultural products, Pinduoduo has been waiving commissions and said on last week's earnings call that it planned to maintain the policy for the "future quarters." Once farmers sign up, the platform then trains them to be savvy digital store operators and marketers. When orders are placed, third-party logistics services transport the produce to consumers, thanks to a mature delivery network that took shape during China's e-commerce boom.
Pinduoduo isn't the only Chinese internet platform trying to bring rural produce to urban households. Alibaba's Taobao has long made "agricultural e-commerce" a key initiative and video apps like Kuaishou are helping farmers sell through live streaming.
But Pinduoduo wants to go beyond selling and also help tackle farmers' production problems.
"Trained as engineers, my team and I have devoted ourselves to finding technology solutions to implement across the agriculture supply chain," Chen Lei, who took over Colin Huang as the firm's CEO earlier this year, said on the earnings call.
"Our efforts in applying agriculture technology go beyond matching supply and demand, and extend into identifying upstream technology solutions to improve productivity, nutritional profiles and environmental sustainability. By strengthening agri-tech applications, we also hope to make agriculture attractive to a tech-savvy younger generation," Chen added.
Besides selling and growing, Pinduoduo is working with research institutes to implement industry standards for products like meat and crops, the firm's vice president of finance Jing Ma said on the earnings call.
As a Nasdaq-listed company, Pinduoduo is, of course, beholden to its investors. In Q3, the company posted a positive operating profit for the second consecutive quarter, in part thanks to reduced marketing expenses. In the meantime, the firm is shifting its focus to R&D spending, which accounted for nearly 19% of its operating expenses in Q3.
It will be a while before Pinduoduo's agricultural investment starts to produce visible results, like, how will its technology help improve yield output for the 16 million farmers selling on Pinduoduo?
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For the past few years, Pinduoduo has been widely regarded as Alibaba's strongest challenger. While Alibaba reported 863 million annual active consumers across its retail platforms in the twelve months ended September, Pinduoduo's monthly active users exceeded 740 million in the quarter ended September. In its pursuit of new growth engines, Pinduoduo is taking a different route from its older rival.
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summarize: DC Attorney General Karl Racine has filed a motion (PDF) asking the court to reconsider its decision to dismiss the antitrust lawsuit he filed against Amazon in 2021. In the original lawsuit, Racine accused the e-commerce giant of "illegally abusing and maintaining its monopoly power by controlling prices across the online retail market." Third-party sellers that use Amazon's Marketplace have to abide by the company's agreement, which includes a fair pricing policy. If they sell their goods for lower prices elsewhere, Amazon could remove their items' buy box, suspend their shipment option and even terminate their selling privileges for "serious or repeated cases."
The company stopped telling sellers back in 2019 in the midst of antitrust scrutiny that they couldn't sell their products for cheaper prices elsewhere. However, the company later added back a clause under its fair pricing policy that's nearly identical. Racine argued that since sellers price their goods with Amazon's cut in mind, the policy artificially raises prices even on sellers' own websites and on competing e-commerce platforms.
Amazon told us when Racine first filed the lawsuit that the Attorney General had it "exactly backwards." The spokesperson said: "Amazon takes pride in the fact that we offer low prices across the broadest selection, and like any store we reserve the right not to highlight offers to customers that are not priced competitively. The relief the AG seeks would force Amazon to feature higher prices to customers, oddly going against core objectives of antitrust law." The Superior Court of the District of Columbia sided with Amazon and threw out Racine's complaint back in March.
Now, the DC AG wants another chance at proving that Amazon violated antitrust laws. His office's amended complaint includes additional details about how the company's policy violates DC code, mostly focusing on how it "causes prices to District residents to be higher than they otherwise would be" and how it inhibits sellers from competing with Amazon's own products.
Racine said in a statement about the motion he filed:
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The DC Superior Court threw out the lawsuit in March.
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summarize: RAPID CITY, S.D., June 01, 2022 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced that its Wyoming electric utility, Cheyenne Light, Fuel and Power Company, doing business as Black Hills Energy, filed a rate review application with the Wyoming Public Service Commission requesting $15.4 million in new annual revenue.
Since the company’s last general rate filing in 2013, Black Hills Energy has invested approximately $250 million in safety, reliability and system integrity for more than 1,330 miles of electric distribution and 59 miles of electric transmission lines, which serve approximately 44,000 electric customers in Cheyenne.
“This rate review request reflects our long-standing commitment to our customers and to the greater Cheyenne community to deliver safe and reliable service,” said Linn Evans, president and CEO of Black Hills Corp. “This investment in our system, combined with excellent operational execution by our team, supports our ability to deliver top-quartile reliability to our Cheyenne customers. This investment is also essential to our ability to meet our customers’ demands for energy, while also preparing to meet steady economic growth in Cheyenne.”
As proposed, the rate review requests a capital structure of 54% equity, 46% debt and a return on equity of 10.3% for investments the company has made in its electric system in Cheyenne. Black Hills Energy is seeking to implement new rates in the first quarter of 2023.
Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.3 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com and www.blackhillsenergy.com.
Investor Relations
Jerome E. Nichols
605-721-1171
[email protected]
24-hour Media Assistance
888-242-3969
Caution Regarding Forward Looking Statement
This news release includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward looking statements, including anticipated revenues from the new rate increase. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, the risk factors described in Item 1A of Part I of our 2021 Annual Report on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time.
New factors that could cause actual results to differ materially from those described in forward looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
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RAPID CITY, S.D., June 01, 2022 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced that its Wyoming electric utility, Cheyenne Light, Fuel and Power Company, doing business as Black Hills Energy, filed a rate review application with the Wyoming Public Service Commission requesting $15.4 million in new annual revenue. Since the company’s last general rate filing in 2013, Black Hills Energy has invested approximately $250 million in safety, reliability and system integrity for more
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summarize: The AI-fueled rally in tech stocks has entered bubble territory, JPMorgan's top strategist said.
Marko Kolanovic noted it's unusual that tech stocks are surging when interest rates are rising.
"It's hard to say that it cannot go more, but we think it's in a little bit of a bubble domain already," he said.
Technology stocks have rallied so strongly this year that they're entering bubble territory, putting them at risk of a pullback once the hype and speculation in markets fades, JPMorgan's top strategist says.
Marko Kolanovic said Wednesday in a CNBC interview that the recent surge in tech shares is "too exceptional." He argued the breadth of the 2023 rally has been too narrow, with Big Tech companies powering the benchmark indices' gains this year.
"It's hard to say that it cannot go more, but we think it's in a little bit of a bubble domain already," Kolanovic said, adding stocks could see a pullback.
The rebound in tech stocks so far this year partly reflects hype around artificial intelligence following the blockbuster debut of OpenAI's ChatGPT. Investors have bid up the stock prices of Nvidia, Microsoft, and other tech companies, as they wager they'll be major winners from the AI revolution.
Kolanovic, however, said he's not so bullish given the rise in tech stocks has come at a time when the Federal Reserve has hiked interest rates at the fastest pace in history. That disconnect is atypical and a warning sign, he said.
"Technology went up in parallel with interest rates. So interest rates move higher and tech moves higher which typically doesn't happen. That also is a little bit of a worrisome signal," Kolanovic said.
"AI is not a new thing," the bank's chief global markets strategist said, adding that there's no certainty how the technology is going to play out.
Kolanovic said his team aren't so positive on tech stocks as they're concerned about interest-rate shocks. Higher rates tend to lower valuation multiples on growth stocks, as investors are willing to pay less of a premium for them when they can earn solid returns from bonds and savings accounts. They also worry greater borrowing costs and an economic downturn or recession will slow the companies' progress.
The Fed has raised its benchmark rate from nearly zero to upwards of 5% since early 2022 in a bid to cool historically high US inflation. Investors are gearing up for the central bank's June policy meeting, and waiting to see whether the Fed will pause its tightening after the recent banking-system stress.
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JPMorgan's Marko Kolanovic noted it's a "worrisome signal" that tech stocks are surging at a time when interest rates are moving higher.
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summarize: New Addition to Verisk Dashboard Visualizes Insurance-Specific Court Decisions To Help Support Product Development, Underwriting and Claims
JERSEY CITY, NJ , Oct. 07, 2021 (GLOBE NEWSWIRE) -- Court decisions can profoundly impact insurance companies, affecting everything from the types of exposures carriers are willing to insure to reserve allocation and claim management strategies. The verdicts associated with these court decisions can vary significantly by jurisdiction, insurance topic, and amount, be challenging to access, and time-consuming and costly to research.
To help insurers address these challenges, Verisk (Nasdaq: VRSK), a leading global data analytics provider, has enhanced its insurance-specific legal dashboard, CourtSide™, with a Verdict Database. Verisk’s new Verdict Database provides aggregate verdict information by jurisdiction and insurance topic to support insurers’ daily decision making and strategic planning.
“The addition of the Verdict Database into CourtSide will provide carriers the ability to build a quantitative analysis of how courts are evaluating coverage issues and can help them consider the potential effects of social inflation on related court decisions,” said Deborah Morris, senior vice president of ISO Commercial Lines at Verisk. “With better line of sight into historic verdict scenarios, carriers are better equipped to consider potential exposures and address reserve allocations and settlements, while providing underwriting, claims and product teams the ability to incorporate court decision data into their daily decision making.”
New Verdict Data Expands CourtSide’s Capabilities
The addition of the Verdict Database expands the capabilities of CourtSide, a Verisk solution which visualizes insurance legal decisions, providing jurisdiction-by-jurisdiction analytics and scoring on a wide range of insurance topics.
With the addition of the Verdict Database, CourtSide now provides:
Quantitative evaluations of coverage issues designed to assist with product management, underwriting and claims
Comparisons of aggregate verdict data between state and federal courts that will provide a better understanding of variabilities between different jurisdictions and courts
Information on “nuclear verdicts” related to various coverage issues, providing a better understanding of “worst-case scenario” exposures and claims
For more information, visit Verisk.com/courtside.
About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
CONTACT: Media Contact: Michelle Pantina 201-469-3177 [email protected]
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New Addition to Verisk Dashboard Visualizes Insurance-Specific Court Decisions To Help Support Product Development, Underwriting and ClaimsJERSEY CITY, NJ , Oct. 07, 2021 (GLOBE NEWSWIRE) -- Court decisions can profoundly impact insurance companies, affecting everything from the types of exposures carriers are willing to insure to reserve allocation and claim management strategies. The verdicts associated with these court decisions can vary significantly by jurisdiction, insurance topic, and amo
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summarize: Wall Street is growing more cautious on the outlook for corporate profits amid persistent inflation and rising interest rates, and Mr. Market may be starting to take notice.
Fourth quarter earnings estimates for the S&P 500 have tanked 4.9% since Sept. 30, according to new research from Credit Suisse strategist Jonathan Golub.
The downward revisions have been most acute in the tech space as the sector deals with slowing growth, which has led to large layoff announcements recently from the likes of Meta and Salesforce.
"In our view the path of inflation, interest rates, monetary policy, the economy, and earnings will continue to exert the greatest influence on markets over the next year," Truist co-chief investment officer Keith Lerner in a note to clients warned.
That assessment echoes what Sofi's Liz Young told Yahoo Finance Live this week: "Until we see consecutive months of inflation coming down in a meaningful way, I expect them to continue hiking and continue tightening," Young said. "I think that they are quite comfortable with tightening maybe a bit too far, and then trying to sort of ask for forgiveness from markets later with the tools that they have to stimulate."
She later added: "I think the piece of it that hasn’t quite been priced in entirely is that earnings contraction."
The saving grace here for investors: Earnings are still expected to grow in the fourth quarter, with Golub's research presenting a path for S&P 500 earnings to rise 2.3% overall from a year ago.
However, the overall picture isn't pretty — especially when energy is taken out of the equation.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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Wall Street is growing more cautious on the outlook for corporate profits.
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summarize: LAS VEGAS, April 27, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, will discuss fiscal second quarter 2023 financial results via a live webcast beginning 4:30 p.m. ET / 1:30 p.m. PT on Wednesday, May 10, 2023. Results will be released after the close of regular trading on May 10, 2023.
To view the webcast, please visit https://www.cleanspark.com/investor-relations.
Downloadable files, including transcripts, will be available on the company website 48 hours after the event.
About CleanSpark
CleanSpark (NASDAQ: CLSK) is America’s Bitcoin Miner™. Since 2014, we’ve helped people achieve energy independence for their homes and businesses. In 2020, we transitioned that expertise to develop sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by sourcing and investing in low-carbon energy, like wind, solar, nuclear, and hydro. We cultivate trust and transparency among our employees, the communities we operate in, and the people around the world who depend on Bitcoin. CleanSpark holds the 44th spot on the Financial Times' 2022 List of the 500 Fastest Growing Companies in the Americas and ranks thirteenth on Deloitte’s Fast 500. For more information about CleanSpark, please visit our website at www.cleanspark.com.
Investor Relations Contact
Matt Schultz
Executive Chairman
[email protected]
Media Contacts Isaac Holyoak
[email protected]
CONTACT: Isaac Holyoak CleanSpark, Inc. 702-989-7694 [email protected]
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LAS VEGAS, April 27, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, will discuss fiscal second quarter 2023 financial results via a live webcast beginning 4:30 p.m. ET / 1:30 p.m. PT on Wednesday, May 10, 2023. Results will be released after the close of regular trading on May 10, 2023. To view the webcast, please visit https://www.cleanspark.com/investor-relations. Downloadable files, including transcripts, will be available on the company website 48 hours a
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summarize: (Bloomberg) -- Tesla Inc. has yet to obtain approval from authorities in Europe to begin selling the Model 3 in the region, though this isn’t expected to impede the carmaker from starting deliveries next month, according to a person familiar with the matter.
The company has been working in close collaboration with authorities and expects to receive certification after some personnel return from the holidays, said the person, who asked not to be identified because the deliberations aren’t public. This timing is in line with what Tesla has been targeting for months, the person said.
Starting Model 3 deliveries in Europe is a key priority for Chief Executive Officer Elon Musk. He’s pointed to sales of the sedan in Europe and China as a main reason he isn’t concerned about any potential setback caused by the U.S. federal tax credit toward Tesla purchases halving to $3,750 as of Jan. 1.
Tesla is targeting the BMW 3-Series and VW Golf with its Model 3. While pickup trucks and SUVs account for about 70 percent of U.S. vehicle sales, Europeans still favor cars.
“We’re excited to bring Model 3 to Europe and China early next year, given that the market for midsize premium sedans in those regions is even larger than in North America,” Musk said during the October earnings call.
Tesla previously obtained approval for safety, noise, environmental and production requirements through the Dutch regulator known as RDW. Under European Union rules, once an automaker’s new vehicle has been certified by one national authority, the approval is applicable across the trade bloc.
The company has started receiving systems-type approval for components of the vehicle and is awaiting whole-vehicle-type approval, which is expected to be imminent, the person said. Thérèse de Vroomen, a spokeswoman for RDW, said the vehicle authority doesn’t provide information about its type approval process.
Concerns about the shrinking U.S. tax credit and Tesla’s decision to cut prices by $2,000 to partially offset the lower incentive sent the carmaker’s shares plunging 9.7 percent during the first two trading days of the year. The company also reported fourth-quarter deliveries Wednesday that fell just short of analysts’ estimates.
To contact the reporters on this story: Dana Hull in San Francisco at [email protected];Elisabeth Behrmann in Munich at [email protected]
To contact the editors responsible for this story: Craig Trudell at [email protected], Melinda Grenier
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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Starting Model 3 deliveries in Europe is a key priority for Chief Executive Officer Elon Musk. “We’re excited to bring Model 3 to Europe and China early next year, given that the market for midsize premium sedans in those regions is even larger than in North America,” Musk said during the October earnings
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summarize: — Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us and our publishing partners a commission.
As you shop for 4th of July deals, beach gear, grills and lawn mowers might be at the top of your wish list. But if you want to keep your interiors tidy all year long, we have a few Reviewed-approved Amazon deals on best-selling Dyson vacuum cleaners for you. With up to 29% off cordless Dyson vacuums and fast delivery, you can spend less time and money cleaning your floors this summer and more time outside enjoying the sunshine.
Shop Dyson deals at Amazon
Dyson V15 Detect Cordless Vacuum Cleaner
The Dyson V15 Detect Cordless Vacuum Cleaner is our favorite Dyson vacuum overall and ranks among one of the best cordless vacuums we've ever tried. We found that the lightweight vacuum has outstanding suction power for cleaning carpets thoroughly, vacuuming about an average of 92% of the detritus during testing. The V15’s unique laser illuminates dust and debris while cleaning and is equipped with a sensor that detects dirt particle sizes and displays them on the vacuum’s readout. The improved battery has a run time that lasts 15 minutes on its maximum setting and up to 60 minutes on the power saving mode.
$599.99 at Amazon (Save $150)
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Dyson Cyclone V10 Animal Cordless Vacuum Cleaner
The Dyson Cyclone V10 Animal Cordless Vacuum Cleaner is very similar to the V10 Absolute model that we ranked among the overall best Dyson cleaners we've ever tested. According to Jon Chan, Reviewed's Senior Manager of Lab Operations, the Animal and the Absolute are the same base unit with the only difference being the Absolute comes with 10 attachments while the Animal comes with five. You'll still get the high-quality motorbrush head that drives the vacuum's bristles deeper into carpeted floors for more effective dirt removal and the Animal has a long battery life of up to 60 minutes and picked up 89% of the dirt we dumped during testing.
$449 at Amazon (Save $100)
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Dyson Outsize+ Cordless Vacuum Cleaner
According to Dyson, the Outsize+ Cordless Vacuum Cleaner has up to 120 minutes of run time and features two batteries for longer cleaning sprees. The cleaner head is 25% wider than the Dyson V15 Detect and it has a larger bin. You’ll get a Laser Slim Fluffy cleaner head for sucking up tiny dust particles and a Digital Motorcar XL cleaner head for carpets. This powerful vacuum uses its whole-machine filtration system to trap 99.99% of harmful particles.
$678.71 at Amazon (Save $271.28)
Whatever Dyson vacuum deal you score, you'll end up with a top-tier cleaner at a great price. Be sure to shop fast, because we don't see these Amazon deals sticking around.
The product experts at Reviewed have all your shopping needs covered. Follow Reviewed on Facebook, Twitter, Instagram, TikTok or Flipboard for the latest deals, product reviews and more.
Prices were accurate at the time this article was published but may change over time.
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Keep your floors clean and your budget happy by shopping the best Dyson vacuum cleaners on sale at Amazon today during 4th of July.
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summarize: BALTIMORE, July 5, 2022 /PRNewswire/ -- SharpRank, sports betting's independent ratings agency, announced today it has partnered with Quarter4 – a Canadian based, artificial intelligence platform for pregame and in game predictive analysis. This partnership delivers solutions to the increasing demand for specialized and personalized data sources and services. Set to go live with the NFL season, the annual partnership will open tools for clients and their consumers, which have been built to unlock a new level of user engagement.
"Individually, SharpRank and Quarter4 offer extremely valuable resources to their clients and the market as a whole. The complementary nature of what we can provide together creates amplified opportunity around data science which subsequently affects the user experience very positively." Said Chris Adams, CEO of SharpRank. "Our focus remains on bringing transparency and elevating the sports betting market. As the industry standard for ratings and proprietary "DNA" of this betting behavior, Quarter4 will leverage us to enhance their already great products."
"We partner with the most progressive companies in our industry," said Kelly Brooks, CEO of Quarter4. "SharpRank's differentiated technology, combined with our proprietary neural network is what data science dreams are made of."
This partnership continues to expand each company's geographic footprint and enables a wider data warehouse to build the industry's tools.
SharpRank
SharpRank, Inc. is an independent ratings agency and performance rating platform for sports betting experts, algorithms, prognosticators, and the public, leveraging its proprietary, cross-sport, and ever evolving ranking algorithm and metrics. By taking a comprehensive and holistic approach, the Company provides the industry standard with respect to rating and ranking these experts and their platforms.
Apple Store
Google Play
Quarter4 Quarter4 is a revolutionary artificial intelligence platform that generates 2 million daily pregame and in game predictions for professional and college sports. The highly scalable technology delivers proprietary insights for team and player performance. Sportsbooks, data providers, media agencies and affiliates are empowered with predictive analysis that is unique, personalized, and non-biased. The data is available via robust API, custom dashboard and via embeddable products such as brackets, player affect simulators and seeding probability widgets.
CONTACT: [email protected]
View original content:https://www.prnewswire.com/news-releases/sharprank-and-quarter4-finalize-deal-to-leverage-powerful-data-products-301580293.html
SOURCE SharpRank, Inc.
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SharpRank, sports betting's independent ratings agency, announced today it has partnered with Quarter4 – a Canadian based, artificial intelligence platform for pregame and in game predictive analysis. This partnership delivers solutions to the increasing demand for specialized and personalized data sources and services. Set to go live with the NFL season, the annual partnership will open tools for clients and their consumers, which have been built to unlock a new level of user engagement.
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summarize: (Bloomberg) -- Don’t expect this corporate earnings season to fuel fresh gains in the US stock market.
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That’s the view of a growing chorus of Wall Street strategists, with Morgan Stanley’s Michael Wilson — one of the most bearish voices on stocks — becoming the latest to warn that company forecasts will matter more than usual this time around given elevated equity valuations, higher interest rates and dwindling liquidity.
“With second-quarter earnings beginning this week, ‘better than feared’ likely isn’t going to cut it anymore,” Wilson wrote in a note.
The strategist — whose pessimistic view on stocks has yet to materialize this year — said he expects further cuts to analysts’ earnings projections in the second half of the year, “so the key for stocks will come via company guidance for the out quarter rather than the results themselves.”
US stocks rallied in the first half of 2023 on better-than-feared earnings and expectations of peaking rates, catching a majority of Wall Street strategists off guard in their projections for the year. But profit downgrades are picking up again, and investors are increasingly expecting a choppy outlook for stocks for the rest of the year. There’s early evidence of that playing out in July, with the S&P 500 posting a decline last week amid fears of a hawkish-for-longer Federal Reserve.
Read More: Wall Street Soothsayers Are Bewildered About What’s Next
Bloomberg’s latest Markets Live Pulse survey also found that participants are bracing for profit warnings and higher interest rates to spark further declines in the S&P 500 this earnings season, which kicks off with reports from the big US banks on Friday. Overall, analysts expect second-quarter earnings to have fallen almost 9% — the biggest year-over-year decline since 2020, according to data compiled by Bloomberg Intelligence.
Meanwhile, the equity strategy team at Goldman Sachs Group Inc. said they expect US companies to “meet or exceed the low bar” set for the second quarter. However, they view analysts’ expectations of a rebound in profits in 2024 as “too optimistic.”
(Adds additional context, starting in the first paragraph.)
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©2023 Bloomberg L.P.
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(Bloomberg) -- Don’t expect this corporate earnings season to fuel fresh gains in the US stock market.Most Read from BloombergJack Ma’s Clash With Beijing Costs Ant, Alibaba $850 BillionPowell Haunted by Repo Crisis as Fed Aims to Cut Balance SheetYellen Says US-China Ties on ‘Surer Footing’ After Beijing VisitMove Over Dubai. This Tiny Emirate Wants to Be the Next Haven for BillionairesChina’s Flood of Plastic, Yellen Departs: Sunday Asia BriefingThat’s the view of a growing chorus of Wall Stre
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summarize: Compology's waste metering technology highlighted as a game-changing sustainability initiative
SAN FRANCISCO, March 8, 2022 /PRNewswire/ -- Today, Compology, the leading sustainable waste metering company, announced that it has been named to Fast Company's prestigious annual list of the World's Most Innovative Companies in the Social Good category for 2022. This award highlights Compology's technology that is changing the way companies and governments manage their waste to reduce landfill-associated greenhouse gas emissions and improve recycling rates while saving money.
Each year, Fast Company's editors and writers seek out organizations that are continuously improving their industry and inspiring others along the way. Past companies named to the World's Most Innovative Companies list include SpaceX, Canva, Ben & Jerry's, and Tesla. Compology was chosen as a result of its work with cities and companies across the country to improve waste management sustainability and efficiency. Compology's technology leverages AI-powered cameras to track dumpster fill levels, analyze contents, identify contaminants, and enable accurate and consistent waste generation, recycling, and emissions reporting. This has allowed cities like Miami, Las Vegas, and Washington D.C. and Fortune 500 companies including McDonald's, Nordstrom, Google, and Apple to improve recycling rates, reduce greenhouse gas emissions, improve ESG reporting, and cut costs. In 2021, Compology was recognized as a B Corp for meeting the highest standards of verified social and environmental performance, public transparency, and legal accounting.
"The world's most innovative companies play an essential role in addressing the most pressing issues facing society, whether they're fighting climate change by spurring decarbonization efforts, ameliorating the strain on supply chains, or helping us reconnect with one another over shared passions," said Fast Company Deputy Editor David Lidsky.
"By bringing data and actionable insights to waste management, we help both governments and companies do well while doing good," said Jason Gates, CEO of Compology. "Landfills are the third-largest source of US methane emissions, but you can't reduce what you don't measure. We're thrilled Fast Company recognized the power of waste metering technology to help reduce greenhouse gas emissions and more sustainably manage waste and recycling while driving efficient spending."
About Compology:
As the leading provider of smart camera and artificial intelligence solutions in waste and transportation, Compology helps move the world's raw material, finished goods and waste with the smallest footprint possible. Compology, a certified B Corporation headquartered in San Francisco, delivers unprecedented visibility to both the waste and trucking industries, serving some of the largest Fortune 500 companies, property management firms, waste hauling and trucking companies, waste brokers and services providers and cities and universities. Each industry uniquely applies Compology's core data points—fullness, content, location and activity—to operate more efficiently and sustainably. Visit www.compology.com for more information.
Contact:
Baxter Townsend
[email protected]
View original content:https://www.prnewswire.com/news-releases/fast-company-names-compology-to-its-list-of-the-worlds-most-innovative-companies-301497505.html
SOURCE Compology
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Today, Compology, the leading sustainable waste metering company, announced that it has been named to Fast Company's prestigious annual list of the World's Most Innovative Companies in the Social Good category for 2022. This award highlights Compology's technology that is changing the way companies and governments manage their waste to reduce landfill-associated greenhouse gas emissions and improve recycling rates while saving money.
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summarize: It took two years, but Netflix is finally ready to stream Seinfeld. Variety reports that Netflix will make the show about nothing available on October 1st. All nine seasons and 180 episodes will be available, so you can start from the beginning or jump to memorable moments like Elaine's questionable dancing or Jerry's quest to remember a woman's name.
Netflix bought the rights to stream Seinfeld (albeit only for five years) in 2019, wresting the show away from Hulu with promises of access sometime in 2021. However, the eventual timing wasn't great — the series vanished from Hulu this June, leaving Festivus fans in limbo for all of the summer. It's still not clear what prompted that gap, although contract terms might have played a role.
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Netflix will finally make 'Seinfeld' available to stream on October 1st.
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summarize: (Bloomberg) -- Beyond Meat Inc. lost more than a fifth of its value on Tuesday as analysts cut their price targets following results that raised questions about rising competition, slowing growth and higher operational costs. The stock’s lockup expiry also contributed to the weakness.
A boost to the company’s sales outlook might not be enough to impress investors with already elevated expectations for the plant-based burger maker, ahead of a likely increase in near-term competitive pressures, analysts said. The low-end of the revised forecast may also suggest fourth-quarter sales could slow from the third quarter pace, Jefferies analysts said.
Jefferies, Wells Fargo and JPMorgan were among banks that lowered price targets on the stock, according to Bloomberg data.
Results were also overshadowed by Tuesday’s expiration of insider-selling restrictions. Under the arrangement, about 75% of shares outstanding become eligible for sale today, according to an Oct. 28 note from Sanford C. Bernstein. Beyond Meat was already down 29% month-to-date ahead of the expiry.
Beyond Meat shares fell as much as 24% to $80 per share in intraday trading in New York Tuesday. The stock hasn’t traded that low since May 24. Shares have trimmed their post-IPO gains to 237%.
Here’s a summary of analyst views following the earnings report:
Jefferies, Kevin Grundy
(Hold, PT cut to $115 from $190)
Quarterly results beat across the board, but while full-year guidance was raised, it may not be enough to clear the high bar set by the Street, particularly as competitive intensity ramps up and the end of a lockup weighs on the shares. Moreover, the low-end of updated 2019 guidance implies a sequential deceleration in the fourth quarter.
Even so, Beyond Meat is perhaps the best early stage growth story in staples with significant scope to expand penetration globally.
Wells Fargo, John Joseph Baumgartner
(Market perform, PT cut to $100 from $125)
With competitive entrants ramping up through the first half of fiscal 2020, expect Beyond Meat to increase its promotions. There’s also a need for higher operational expenditure to support domestic brand investment and to build up international capabilities.
Amid limited visibility and likely “competitive turbulence” in fiscal 2020, continue to recommend Danone SA and Nomad Foods Ltd. for exposure to long-term plant-based theme.
Quarterly net sales “easily” beat the Street, but a “rich” valuation already reflects high expectations.
Bloomberg Intelligence, Jennifer Bartashus
Revenue growth and a first quarterly profit is a positive step toward long-term sustainable earnings, but is excessively overshadowed by uncertainty around the effects of exiting its post-IPO lockup period.
While rapid international expansion could be a boon, it runs the risk of splitting focus during the company’s “still-nascent” growth. Gross margin could be affected by investments to help drive product prices closer to parity with meat counterparts, but can potentially be offset by cost-control initiatives.
Product traction points to a long-term opportunity versus a fad.
(Updates with intraday trading in the first, fifth paragraphs.)
--With assistance from James Cone.
To contact the reporter on this story: Joe Easton in London at [email protected]
To contact the editors responsible for this story: Beth Mellor at [email protected], Paul Jarvis, Richard Richtmyer
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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(Bloomberg) -- Beyond Meat Inc. lost more than a fifth of its value on Tuesday as analysts cut their price targets following results that raised questions about rising competition, slowing growth and higher operational costs. The stock’s lockup expiry also contributed to the weakness.A boost to the company
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summarize: Integrated Risk Protection Offerings Avoid Costly Coverage Gaps and Streamline Builder Decisions
Maverick
Logo
Saint Petersburg, Florida, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Maverick, a comprehensive risk advisory firm for builders, today announced its debut at the NAHB International Builders’ Show in Orlando, Florida. The company, formerly the Bonded Builders division of service and protection powerhouse Centricity, has long been a leader in the new home warranty industry. Today, the company enters a new chapter with significant investment to streamline the risk management process for builders and create a comprehensive portfolio of warranty and insurance products, specifically designed for the residential home building industry.
As part of this growth, Maverick also announced the acquisition of the commercial/builder team from sister company Bankers Insurance Services. By combining Bonded Builders’ new home warranty expertise with BIS’ strong insurance carrier relationships, Maverick brings a modern solution to the challenges facing today’s builders.
“It has never been harder to run a home construction business. We’ve witnessed first-hand the increased complexity of risk management for builders and the dynamic shifts in the litigation landscape,” said Lowell Hays, President of Maverick. “Buying warranty, builders risk, and general liability insurance individually simply doesn’t work anymore. Gaps in coverage and contracts are being exploited in litigation every day, leaving builders exposed when they thought they were covered.”
Maverick offers a true integrated risk management program with a full suite of insurance and warranty products designed to work together. The company plans to make these products available directly and via partnerships with leading insurance agents.
“Today is just the beginning for Maverick,” said Hays. “The company is on a mission to revolutionize how builders manage this part of their business so they can spend less time on risk mitigation and get back to building.”
Maverick is a wholly-owned subsidiary of St. Petersburg, Florida-based Bankers Financial Corporation, a family-owned holding company, which owns leading businesses in a number of warranty and insurance verticals.
About Maverick:
Maverick is setting a new vision for modern risk management for builders. Originally founded more than 30 years ago by Home Builders Association (HBA) leaders as Bonded Builders, Maverick remains focused on allowing builders to “Get Back to Building.” More product expansions will be announced throughout the year. More information on Maverick can be found at maverickbuilders.com.
Attachment
Maverick
CONTACT: Arun Khosla Maverick 7272045828 [email protected]
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Integrated Risk Protection Offerings Avoid Costly Coverage Gaps and Streamline Builder Decisions Maverick Logo Saint Petersburg, Florida, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Maverick, a comprehensive risk advisory firm for builders, today announced its debut at the NAHB International Builders’ Show in Orlando, Florida. The company, formerly the Bonded Builders division of service and protection powerhouse Centricity, has long been a leader in the new home warranty industry. Today, the company ente
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summarize: (Bloomberg) -- Saudi Arabia’s Ades International Holding is set to list in Riyadh, a deal that’s set to be the kingdom’s largest initial public offering this year.
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The Public Investment Fund, ADES Investments Holding Ltd. and Zamil Group Investment Ltd. plan to sell shares in the listing, according to a statement on Monday. The offering could raise about $1 billion, Bloomberg has reported.
The IPO will consist of 338.7 million shares, or a 30% stake in the company, which will include the issuance of 237.1 million new shares through a capital increase. A book-building process will run from Sept. 10 until Sept. 14 and the final offer price will be announced on Sept. 18, it said.
The PIF teamed up with the major owners of Ades to take the business private in 2021, in a deal valuing the company at about $516 million. Ades, which provides oil-and-gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions.
The company had initially planned to go public in the first half of the year but decided to hold off for a suitable time, Bloomberg reported in May.
Usually one of the Persian Gulf’s biggest and busiest listings markets, Saudi Arabia has had a relatively slow start to the year. Less than $900 million has been raised through listings in the kingdom this year, an 82% drop from a year ago, data compiled by Bloomberg show.
The outlook for stocks has brightened with a 14% rally in the benchmark Tadawul index since March lows after earnings and relatively stable oil prices boosted optimism.
In the neighboring United Arab Emirates, there have been almost $4 billion worth of listings, according to the data.
EFG Hermes, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Saudi National Bank Capital are working on IPO.
(Updates with details in the third paragraph.)
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©2023 Bloomberg L.P.
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(Bloomberg) -- Saudi Arabia’s Ades International Holding is set to list in Riyadh, a deal that’s set to be the kingdom’s largest initial public offering this year.Most Read from BloombergChina’s Worsening Economic Slowdown Is Rippling Across the GlobeMarkets Ready for Swings After High-Rates Mantra of Jackson HoleTrump Doesn’t Look So Invincible in Post-Debate Polls3M Agrees to Pay More Than $5.5 Billion Over Military EarplugsSaudi Arabia’s Interested in Champions League Football EntryThe Public
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summarize: NEW YORK, June 28, 2022 /PRNewswire/ -- Saphyre, a fintech company using patent-approved AI technology, announced today that the Saphyre platform is available to Citi Securities Services' shared custody clients to manage new account openings and maintenance. Saphyre's platform provides Citi with an additional option to parallel its existing account management solution and can provide the benefit of substantially automating and expediting client onboarding.
Citi Joins the Saphyre Endeavor!
Saphyre's capabilities to synchronize data provides efficiencies and advantages in tracking all local market requirements and documentation across Citi's global network spanning 104 markets. The platform's intelligent automation provides clients and custodians like Citi an accelerated account opening experience through digitization of account information inputs, pre-population of complex and cumbersome custodial packs including market-specific documentation, and elimination of manual processes and wet ink signatures. Clients can seamlessly communicate with Citi and priority stakeholders by augmenting traditional communication channels, such as email, fax, and phone calls.
"Our constant focus is on reducing friction and providing efficiencies for clients. Adding Saphyre into our ecosystem further eliminates manual tasks for clients and reduces time to market," said Rebekah Flohr, Managing Director, North America Head of Custody Product at Citi.
"Adding Saphyre to our open architecture platform provides flexibility for shared clients, allowing them to connect seamlessly across our extensive custody network via a single onboarding portal," said Michele Pitts, Managing Director, U.S. Head of Custody Product at Citi.
With over US $27.0 trillion of assets under custody, administration and trust, and the industry-leading proprietary network covering 104 countries including 63 proprietary markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients' needs.
"Having Citi Securities Services live on the Saphyre platform is a tremendous accolade for our firm. By doing so, Citi takes advantage of Saphyre's strategic technology capabilities in providing a true ready-to-trade status of client accounts. This patented AI-driven end-result is made possible on the back of Citi's operations taking advantage of our smart technology that pre-fills client custody packs, digital signatures, auto-setup SWIFT Reporting, trade message routing, and corporate action standing instructions – all the while tracking market requirements and their respective document statuses. The post-COVID world requires AI and digital strategies. Together, Citi and Saphyre are utilizing these technologies to provide innovative solutions that benefit their clients," said Gabino M. Roche, Jr., CEO and Founder at Saphyre. "As part of Citi's integrated custody experience for its clients, integrating with Saphyre will further enhance the bank's ability to further streamline processes seamlessly for clients that use both global and direct custodian businesses."
About Saphyre:
Saphyre leverages patented AI technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, any client firms to broker-dealers and custodians, and much more. Saphyre's platform maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry. This allows firms not only to assess risk faster but they can speed their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities. Learn more at https://www.saphyre.com.
Contact: Stephen Roche, [email protected]
View original content to download multimedia:https://www.prnewswire.com/news-releases/saphyre-and-citi-bring-accelerated-account-management-to-mutual-clients-301577050.html
SOURCE Saphyre, Inc.
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Saphyre, a fintech company using patent-approved AI technology, announced today that the Saphyre platform is available to Citi Securities Services' shared custody clients to manage new account openings and maintenance. Saphyre's platform provides Citi with an additional option to parallel its existing account management solution and can provide the benefit of substantially automating and expediting client onboarding.
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summarize: BUCHAREST, Romania (AP) — A two-day summit in Romania began on Wednesday that brings together 12 European Union member states situated between the Baltic, Black and Adriatic Seas, as the grouping of mostly formerly communist countries aim to boost ties and connectivity amid Russia’s war in Ukraine.
The Three Seas Initiative, which is being held in the capital, Bucharest, brings together high-ranking officials from EU countries as well as representatives from partner countries and aims to improve interconnectivity in the transportation, energy, and the digital fields.
Before the event, the office of Romanian President Klaus Iohannis said that he would emphasize more than a year and a half after Russia’s “brutal and illegal aggression” against Ukraine that it reconfirms the validity of the initiative, which is becoming an “important tool for strengthening regional and European resilience.”
Launched in 2016, the Three Seas Initiative includes Romania, Bulgaria, Hungary, Poland, Slovakia, Slovenia, Austria, Estonia, Croatia, the Czech Republic, Latvia and Lithuania. Austria is the only member that isn’t formerly a communist country.
Romanian Foreign Minister Luminita Odobescu tweeted Wednesday that she had “excellent discussions” with the U.S. assistant secretary of state for energy resources, Geoffrey Pyatt, about joint projects that aim to bolster regional energy security.
Odobescu said the initiative provides a “perfect opportunity for strengthening regional resilience” and can bolster Moldova and Ukraine’s relations with the EU bloc, to which both countries became candidate members in June last year.
Iohannis’ office said that during the summit, a joint accord will be signed making Greece the grouping’s 13th participating state, and that both Ukraine and Moldova will obtain the status of associate participating states.
On the sidelines of the event, Moldovan President Maia Sandu met Wednesday with Romanian Prime Minister Marcel Ciolacu. Afterward, Sandu said that Moldova — which borders Ukraine and has been hard-hit by the war next door — is “prepared to contribute to Europe’s connectivity and unity.”
Later on Wednesday, Iohannis and Ciolacu will hold a news conference with the presidents of Poland and Lithuania, and Croatia's prime minister. On Thursday, an annual business forum will also be held.
The initiative states on its website that it “was born out of a shared interest in developing transport, energy and digital infrastructure connections on the EU’s north-south axis.”
The U.S. government’s climate envoy, John Kerry, is also attending the initiative.
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Stephen McGrath reported from Sighisoara, Romania.
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A two-day summit in Romania began on Wednesday that brings together 12 European Union member states situated between the Baltic, Black and Adriatic Seas, as the grouping of mostly formerly communist countries aim to boost ties and connectivity amid Russia’s war in Ukraine. The Three Seas Initiative, which is being held in the capital, Bucharest, brings together high-ranking officials from EU countries as well as representatives from partner countries and aims to improve interconnectivity in the transportation, energy, and the digital fields.
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summarize: Advertisers including Volkswagen, Audi, and Pfizer have reportedly paused their ads on Twitter.
General Motors and food company General Mills have also temporarily suspended advertising.
"At this moment, we cannot confidently state that Twitter is a safe place for brands," one advertising agency said.
Twitter's new leadership is making some advertisers nervous.
Companies including General Motors, Volkswagen, Audi, and Pfizer have reportedly paused ads on the platform as concern over Elon Musk's plans for content moderation grows, per The Wall Street Journal.
On Thursday, the billionaire tried to reassure skittish advertisers that the platform would remain safe to advertise on in a virtual meeting with more than 100 advertisers and ad agency executives, Insider's Lara O'Reilly and Lindsay Rittenhouse reported.
However, some advertisers are not so sure, and have pressed pause on advertising for the time being. Read on to see which companies have taken a step back from the platform.
General Mills
General Mills, a food company whose brands include breakfast cereal Cheerios, Bisquick, and Häagen-Dazs, has paused all advertising on the social media platform.
"As always, we will continue to monitor this new direction and evaluate our marketing spend," a spokesperson for General Mills told The Wall Street Journal.
Audi
German carmaker, Audi AG, has also suspended its advertising on Twitter.
Audi spokesperson Whaewon Choi-Wiles told The Associated Press on Thursday that the company "will continue to evaluate the situation."
Pfizer
Pfizer has also suspended its advertising on the social media platform, according to The Wall Street Journal, which cited people familiar with the matter.
Pfizer did not immediately respond to Insider's request for confirmation.
General Motors
General Motors, a competitor of Musk's Tesla, suspended its advertising last week. The company said it will continue to use the platform to interact with customers but not pay for any services on the site.
"We are engaging with Twitter to understand the direction of the platform under their new ownership. As is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising. Our customer care interactions on Twitter will continue," the company said in an emailed statement seen by CNBC.
Volkswagen
Volkswagen has reportedly taken similar steps and pulled its ads from the social media platform, per The Wall Street Journal's anonymous sources.
Representatives for Volkswagen did not immediately respond to Insider's request for confirmation.
Mondelez International
According to the report, Oreo maker Mondelez International has also suspended advertising on Twitter for the time being.
Representatives for Mondelez International did not immediately respond to Insider's request for confirmation.
Interpublic Group
Major advertising agency Interpublic Group has also advised clients to pause spending on Twitter advertising during the company's "chaotic" interim.
Interpublic Group wrote in an email on Monday reviewed by The Wall Street Journal: "The current situation is unpredictable and chaotic, and bad actors and unsafe behaviors can thrive in such an environment."
"At this moment, we cannot confidently state that Twitter is a safe place for brands."
Advertising agencies Havas and IPG have also advised clients to pause spending on Twitter.
Insider contacted Twitter for comment, but did not immediately receive a response.
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Companies including GM, Volkswagen, Audi, and Pfizer have reportedly paused ads on the platform, per The Wall Street Journal.
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summarize: The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But if you buy shares in a really great company, you can more than double your money. To wit, the Horizon Oil Limited (ASX:HZN) share price has flown 216% in the last three years. That sort of return is as solid as granite. It's also good to see the share price up 29% over the last quarter.
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
View our latest analysis for Horizon Oil
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
During three years of share price growth, Horizon Oil achieved compound earnings per share growth of 29% per year. This EPS growth is lower than the 47% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did three years ago. It's not unusual to see the market 're-rate' a stock, after a few years of growth.
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
This free interactive report on Horizon Oil's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
What About Dividends?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Horizon Oil, it has a TSR of 474% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
A Different Perspective
It's good to see that Horizon Oil has rewarded shareholders with a total shareholder return of 56% in the last twelve months. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 15% per year), it would seem that the stock's performance has improved in recent times. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For instance, we've identified 1 warning sign for Horizon Oil that you should be aware of.
But note: Horizon Oil may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges.
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The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But if you buy shares in a...
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summarize: One of Samsung's latest ultra-short throw projectors has been discounted by $1,000 as part of a larger sale on Amazon. The Premiere Projector with a 4.2.2 channel sound system is down to $5,498 — yes that's still quite expensive even for a projector, but it's a much better buy now than at it's normal $6,500 price. We've only seen it cheaper in June during Prime Day when it was an additional $300 off. If you feel comfortable sacrificing on sound, the same model with a 2.2 channel system has dropped to $2,998. Samsung's matching both prices, so you could buy direct from the company if you prefer.
Buy Premiere (4.2Ch sound) at Amazon - $5,498 Buy Premiere (4.2Ch sound) at Samsung - $5,499 Buy Premiere (2.2Ch sound) at Amazon - $2,998 Buy Premiere (2.2Ch sound) at Samsung - $2,999
The Premiere made it onto our list of favorite projectors in a premium category, and it's worth the price if you want one of the best big-screen experiences available. It includes separate red, green and blue lasers so it can cover the full Rec.2020 color range, which is something even most high-end TVs cannot boast. This is as close as you'll get to a true 4K projector too, and it supports HDR10+ and up to 2,800 lumens of brightness.
That 4.2.2 surround sound system completes the package, allowing you to get close to a theatrical experience in your living room or backyard. We also like its relatively attractive and compact design — it looks nice enough to keep out in your home and, being an ultra-short throw machine, you can place it close to a wall and still get a crisp image.
The Premiere also has most smart features you'd expect a projector to have today, including virtual assistant support and streaming apps. Running on Samsung's Tizen operating system for smart TVs, you can ask Alexa, the Google Assistant or Bixby to do things for you as well as stream from services like Netflix, Amazon Prime Video, Apple TV+ and others. So while it's not cheap by any means even when on sale, the Premiere is an investment gadget that will provide an excellent entertainment experience for a long time.
A couple of Samsung TVs round out the rest of the sale on Amazon - the 82-inch Samsung Q60T Series 4K smart TV is roughly $500 off, bringing it down to $1,698, and you can grab a Terrace outdoor 4K TV for as low as $2,998.
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Save big on Samsung's high-end Premiere 4K projector at Amazon.
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summarize: (Reuters) -Canadian technology company BlackBerry said on Wednesday it would separate its Internet of Things (IoT) and cybersecurity business units and target a subsidiary initial public offering for the IoT business next fiscal year.
BlackBerry joins a number of companies that have split their units in recent years, favoring a leaner corporate structure to help investors better evaluate their separate businesses.
Earlier this week, the packaged food giant formerly known as Kellogg Co completed its spinoff. Healthcare giant Johnson & Johnson and industrial conglomerate General Electric have also spun off some of their units.
"Both the IoT and Cyber businesses ... address large and growing market opportunities. This new proposed structure will further increase both their operational agility and ability to focus on delivering exceptional solutions," said BlackBerry CEO John Chen.
U.S.-listed shares of Waterloo, Ontario-based BlackBerry rose more than 4% in trading after the bell. The shares have fallen more than 18% since Reuters reported in August that private equity firm Veritas Capital had made an offer to buy the company.
BlackBerry said in May it would consider strategic options for its portfolio of businesses that could include the possible separation of one or more of its businesses.
Last year, it pulled the plug on its smartphones business and has since been trying to sell its legacy patents related to its mobile devices.
The company went public in 1997 and soon became popular for its ubiquitous business smartphones, which were toted by executives, politicians and legions of fans in the early 2000s.
Last week, the company reported its second-quarter results and posted total revenue of $132 million, down from $168 million a year earlier.
IoT revenue was $49 million, while cybersecurity revenue came in at $79 million.
(Reporting by Savyata Mishra and Samrhitha Arunasalam in Bengaluru; Editing by Shilpi Majumdar and Shinjini Ganguli)
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BlackBerry joins a number of companies that have split their units in recent years, favoring a leaner corporate structure to help investors better evaluate their separate businesses. Earlier this week, the packaged food giant formerly known as Kellogg Co completed its spinoff.
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summarize: With a price-to-earnings (or "P/E") ratio of 3.9x Magna Prima Berhad (KLSE:MAGNA) may be sending very bullish signals at the moment, given that almost half of all companies in Malaysia have P/E ratios greater than 15x and even P/E's higher than 27x are not unusual. Nonetheless, we'd need to dig a little deeper to determine if there is a rational basis for the highly reduced P/E.
Recent times have been quite advantageous for Magna Prima Berhad as its earnings have been rising very briskly. It might be that many expect the strong earnings performance to degrade substantially, which has repressed the P/E. If you like the company, you'd be hoping this isn't the case so that you could potentially pick up some stock while it's out of favour.
See our latest analysis for Magna Prima Berhad
Although there are no analyst estimates available for Magna Prima Berhad, take a look at this free data-rich visualisation to see how the company stacks up on earnings, revenue and cash flow.
Is There Any Growth For Magna Prima Berhad?
There's an inherent assumption that a company should far underperform the market for P/E ratios like Magna Prima Berhad's to be considered reasonable.
Retrospectively, the last year delivered an exceptional 205% gain to the company's bottom line. Still, EPS has barely risen at all from three years ago in total, which is not ideal. Therefore, it's fair to say that earnings growth has been inconsistent recently for the company.
Comparing that to the market, which is predicted to deliver 12% growth in the next 12 months, the company's momentum is weaker based on recent medium-term annualised earnings results.
With this information, we can see why Magna Prima Berhad is trading at a P/E lower than the market. Apparently many shareholders weren't comfortable holding on to something they believe will continue to trail the bourse.
The Bottom Line On Magna Prima Berhad's P/E
Using the price-to-earnings ratio alone to determine if you should sell your stock isn't sensible, however it can be a practical guide to the company's future prospects.
As we suspected, our examination of Magna Prima Berhad revealed its three-year earnings trends are contributing to its low P/E, given they look worse than current market expectations. Right now shareholders are accepting the low P/E as they concede future earnings probably won't provide any pleasant surprises. If recent medium-term earnings trends continue, it's hard to see the share price rising strongly in the near future under these circumstances.
Before you settle on your opinion, we've discovered 3 warning signs for Magna Prima Berhad that you should be aware of.
It's important to make sure you look for a great company, not just the first idea you come across. So take a peek at this free list of interesting companies with strong recent earnings growth (and a low P/E).
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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With a price-to-earnings (or "P/E") ratio of 3.9x Magna Prima Berhad ( KLSE:MAGNA ) may be sending very bullish signals...
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summarize: As expected, former President Donald announced on Wednesday he plans to file lawsuits against Facebook, Twitter and YouTube as well as the CEOs of each respective company. Trump announced the legal bid at a press conference in Bedminster, New Jersey, promising the case would lead to an "end of the shadow banning, a stop to the silencing and the canceling that you know so well." Trump and his lawyers, many of whom he said come from the tobacco industry, plan to file the lawsuits in the Southern District of Florida and hope to obtain class action status with each one.
Trump alleges the tech giants violated his First Amendment rights and even calls Facebook a "state actor" in one of the suits. The lawsuit against Alphabet CEO Sundar Pichai names YouTube as a defendant. "Our case will prove this censorship is unconstitutional," Trump said, adding that he plans to seek punitive damages from each of the companies. The decision to file the suits in Florida may prove an early roadblock for Trump. As noted by Reuters, both the Facebook and Twitter note in their terms of service that any case brought against them must done so at select courts in California.
Following the January 6th US Capitol riot, both Twitter and Facebook suspended Trump from their respective platforms. "We believe the risks of allowing the President to continue to use our service during this period are simply too great," Facebook CEO Mark Zuckerberg said at the time. The action comes more than two months after Facebook's Oversight Board said the company's suspension of the former president was "appropriate." Facebook currently plans to uphold the ban until at least January 2023. Following the decision, Trump called Facebook's actions a "total disgrace and an embarrassment to our country."
We've reached out to Facebook and YouTube for comment, and we'll update this article when we hear back from the companies. Twitter declined to comment.
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As expected, former President Donald announced on Wednesday he plans to file a class action lawsuit against Facebook, Google and Twitter, as well as the CEOs of each respective company.
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summarize: ASTOUND, a next generation leader in brand experiences and architectural fabrication, announces creative visionary Anthony Perez will head expansion of architectural capabilities
LAS VEGAS, April 28, 2022 /CNW/ -- ASTOUND Group is refining its architectural services offering to better position the organization's ability to solve complex opportunities for its clients. Building upon their existing world-class architectural fabrication capabilities, ASTOUND is integrating their architectural and experiential design services to support leading architects, agencies, and brands with their most challenging digital and physical needs. To lead this area of expertise, Anthony Perez, RA, AIA, LEED AP, NOMA, has joined ASTOUND as Head of Architectural Innovation.
Brand Experience Innovator ASTOUND Group Announces Anthony Perez Will Head Expansion of Architectural Capabilities
Perez's career in architectural exploration and innovation has accelerated retail and brand expression in built-environment and integrated digital solutions. His areas of expertise include architectural products for scale, retail concepts, and experience design for some of the world's largest brands at CallisonRTKL, FITCH, Vizwerks, and Starbucks, where he was instrumental in the design of new store prototypes and the creation of alternative formats.
"Anthony is joining ASTOUND to elevate our concentration on architectural products and services and grow our peer-to-peer design and fabrication work with leading architecture firms and current clients. This partnership mindset enables us to create and build integrated designs and products that support our clients' requirements and transform user experiences," said Dale Morgan, CEO of ASTOUND.
"My vision is to blend the best of ASTOUND's architectural experience and building capabilities and serve as an essential integrated partner to architects and design leaders. Our focus is centered on mission-critical, brand-driven structures within the rapidly evolving physical/digital experience world," remarked Perez, who has also been named among Fast Company's 100 Creative People in Business.
ASTOUND has spent two decades collaborating with some of the world's most recognizable brands and recently completed architectural projects for Zaha Hadid, Bjarke Ingles Group, Nike, Stackt Market, and Microsoft.
ABOUT ASTOUND Group
Dedicated to partnership, ASTOUND crafts immersive experiences that build brands and drive business results. Our holistic approach seamlessly integrates strategy, creative, graphic and environmental design, digital, production, fabrication, and architectural services for temporary or permanent experiences. For over twenty years, ASTOUND has been connecting Fortune 500 brands to their audiences by delivering digitally integrated, human-centered experiences that build brand love. We have offices in Las Vegas, Toronto, Los Angeles, Milwaukee, and Portland with state-of-the-art production facilities on both coasts.
Media Contact: Joanna Stott | [email protected]
Website: www.astoundgroup.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/brand-experience-innovator-astound-group-expands-architectural-services-301535598.html
SOURCE ASTOUND Group
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ASTOUND Group is refining its architectural services offering to better position the organization's ability to solve complex opportunities for its clients. Building upon their existing world-class architectural fabrication capabilities, ASTOUND is integrating their architectural and experiential design services to support leading architects, agencies, and brands with their most challenging digital and physical needs. To lead this area of expertise, Anthony Perez, RA, AIA, LEED AP, NOMA, has join
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summarize: HOUSTON (Reuters) -Chevron Corp Chief Executive Mike Wirth said on Wednesday the company prefers to return money to its shareholders rather than use it to invest in solar and wind power projects.
The two renewable sources of energy generate low financial return for stockholders, Wirth said in an interview on CNBC. Investors could use dividend payments from Chevron instead to invest directly in renewable projects, he added.
"We rather dividend it back to shareholders and let them plant trees," Chevron's chief said.
(Reporting by Sabrina Valle and Liz Hampton; Editing by Chris Reese and Peter Cooney)
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HOUSTON (Reuters) -Chevron Corp Chief Executive Mike Wirth said on Wednesday the company prefers to return money to its shareholders rather than use it to invest in solar and wind power projects. The two renewable sources of energy generate low financial return for stockholders, Wirth said in an interview on CNBC. Investors could use dividend payments from Chevron instead to invest directly in renewable projects, he added.
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summarize: (Bloomberg) -- Netflix Inc. is raising its U.S. prices for the first time since 2017, sending its shares higher as investors anticipate more revenue for the streaming giant.
The company’s shares rose as much as 6.2 percent in early trading on reports of the new pricing, in which the most popular plan will rise to $13 a month from $11.
“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience for the benefit of our members,” Netflix said in an emailed statement.
The price hike is the largest since Netflix launched its streaming service 12 years ago and is the first time an increase will hit all 58 million U.S. subscribers, the Associated Press reported.
The move came as Goldman Sachs analysts said they expect Netflix to issue strong fourth-quarter results and first-quarter guidance on Thursday.
--With assistance from Gerry Smith.
To contact the reporters on this story: Sebastian Silva in New York at [email protected];John J. Edwards III in Geneva at [email protected]
To contact the editors responsible for this story: Courtney Dentch at [email protected], Crayton Harrison
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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“We change pricing from time to time as we continue investing in great entertainment and improving the overall Netflix experience for the benefit of our members,” Netflix said in an emailed statement. The price hike is the largest since Netflix launched its streaming service 12 years ago and is the
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