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2024-10-10 | Marketscreener.com | SRT Marine : 2023 Annual Financial Report | Hamilton, Bermuda:10 October 2023-In a filing with the Bermuda Stock Exchange ("BSX"),SRT Marine Systems PLC, submitted their 2023 Annual Financial Report. The full filing can be viewed by clicking on the link below: SRT Marine Systems PLC - 2023 Annual Report # # # # About BSX The Bermuda Stock Exchange (BSX) is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organised in 1971. BSX specialises in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities. To learn more about BSX visithttps://www.bsx.comor contactinfo@bsx.com Attachments Disclaimer SRT Marine Systems plcpublished this content on10 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on10 October 2023 16:48:20 UTC. |
2024-10-18 | Marketscreener.com | Time Finance : Appointment of Directors | Hamilton, Bermuda: 18 October 2023-In a filing with the Bermuda Stock Exchange (the "Exchange"), Time Finance Plc (the "Company"), advised of the appointments of Mrs. Tracy E Watkinson and Mr. Paul G Hird as a directors of the Company, with effective 19 September 2023. # # # # About BSX The Bermuda Stock Exchange (BSX) is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organised in 1971. BSX specialises in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities. To learn more about BSX visithttps://www.bsx.comor contactinfo@bsx.com Attachments Disclaimer Time Finance plcpublished this content on18 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on18 October 2023 15:31:33 UTC. |
2024-10-26 | Marketscreener.com | SiriusPoint : and Banyan Risk Extend Strategic Partnership | HAMILTON, Bermuda. 26 October, 2023- SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE: SPNT), a global specialty insurer and reinsurer, and Bermuda-based Managing General Agent (MGA) Banyan Risk Ltd ("Banyan") have today announced an extension of their partnership. The deal announced today begins a three-year extension of the commercial relationship between Banyan and SiriusPoint and concludes the 100% transfer of ownership from SiriusPoint back to the founding organization. Banyan was established in partnership with SiriusPoint in July 2021, and was founded by co-Chief Executive Officers Tim Usher-Jones and Peter Horrobin, with a clear strategy set out towards increasing ownership by the founders. SiriusPoint's CEO Scott Egan said:"I am delighted that we have extended our partnership with Banyan. Our partnership represents the continuation of a long-term relationship that reflects our shared plans and cultural fit. The deal we are announcing today is consistent with our focus on reducing our equity investments in MGAs but continuing to remain a strong distribution partner to those who align with our risk appetite, growth plans and specialisms. Banyan's credentials mean we are excited to continue to be a strong underwriting partner to them over the coming years." Tim Usher-Jones, co-CEO, Banyan, said:"We are pleased to be continuing our relationship with SiriusPoint, an affirming message that will accelerate our growth. SiriusPoint has been key in enabling us to execute on our strategy,andfocus on our data-rich and tech-enabled capabilities. Expect big news ahead as we expand into other geographies and product lines in the next year. We will continue to succeed by buildingstrong relationships with partners like SiriusPoint that share our 'best-in-class' ethos and value the expertise and approach we bring to ensuring our clients' needs are met - swiftly, efficiently and creatively." ENDS About SiriusPoint SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm, and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Managers within our Insurance & Services segment. With over $3.0 billion total capital, SiriusPoint's operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visitwww.siriuspt.com. About Banyan Risk Ltd Banyan Risk Ltd is a specialty insurance Managing General Agent (MGA) based in Bermuda and regulated by the Bermuda Monetary Authority. The company was founded by experience industry executives Tim Usher-Jones and Peter Horrobin and offers bespoke specialty insurance risk solutions.https://www.banyanrisk.com/ Forward-Looking Statements We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint's Annual Report on Form 10-K for the period ended December 31, 2022. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events, or other circumstances after the date of this press release. Contacts Investor Relations Dhruv Gahlaut, SiriusPoint dhruv.gahlaut@siriuspt.com +44 7514 659 918 Media James Milne, Rein4cejames.milne@rein4ce.co.uk+44 7867 484854 Attachments Disclaimer SiriusPoint Ltd.published this content on26 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on26 October 2023 20:22:11 UTC. |
2024-11-01 | GlobeNewswire | Enstar Closes Previously Announced Transaction With AIG | HAMILTON, Bermuda, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has closed the previously announced transaction with American International Group, Inc. (“AIG”) to provide protection to AIG on its retained exposure to adverse development on Validus Re’s loss reserves. The cover became effective as of the closing of AIG’s sale of Validus Re to RenaissanceRe on November 1, 2023, when all regulatory approvals were obtained and all closing conditions were satisfied. About Enstar Enstar is a NASDAQ-listed leading global (re)insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe and Australia. A market leader in completing legacy acquisitions, Enstar has acquired over 115 companies and portfolios since its formation. For further information about Enstar, seewww.enstargroup.com. |
2024-11-01 | Marketscreener.com | Enstar Closes Previously Announced Transaction With AIG | HAMILTON, Bermuda, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has closed the previously announced transaction with American International Group, Inc. (“AIG”) to provide protection to AIG on its retained exposure to adverse development on Validus Re’s loss reserves. The cover became effective as of the closing of AIG’s sale of Validus Re to RenaissanceRe on November 1, 2023, when all regulatory approvals were obtained and all closing conditions were satisfied. About Enstar Enstar is a NASDAQ-listed leading global (re)insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe and Australia. A market leader in completing legacy acquisitions, Enstar has acquired over 115 companies and portfolios since its formation. For further information about Enstar, seewww.enstargroup.com. |
2024-10-18 | Marketscreener.com | James River To Hold Its Third Quarter Earnings Conference Call on Wednesday, November 8, 2023 | PEMBROKE, Bermuda, Oct. 18, 2023 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (NASDAQ: JRVR) will release third quarter 2023 earnings after the market closes on Tuesday, November 7, 2023. It will also host an earnings conference call on Wednesday, November 8, 2023 beginning at 8:30 a.m. (Eastern Time). The conference call may be accessed by dialing (800) 715-9871, conference ID 2447211, or via the investor website athttps://investors.jrvrgroup.com. A replay will also be available in the same location. About James River Group Holdings, Ltd. James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies. It operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. Each of its regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company. Visit James River Group Holdings, Ltd. on the web atwww.jrvrgroup.com. For more information contact: Brett ShirreffsSVP, Finance, Investments and Investor Relations(919) 980-0524Investors@jrvrgroup.com |
2024-10-18 | GlobeNewswire | James River To Hold Its Third Quarter Earnings Conference Call on Wednesday, November 8, 2023 | PEMBROKE, Bermuda, Oct. 18, 2023 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (NASDAQ: JRVR) will release third quarter 2023 earnings after the market closes on Tuesday, November 7, 2023. It will also host an earnings conference call on Wednesday, November 8, 2023 beginning at 8:30 a.m. (Eastern Time). The conference call may be accessed by dialing (800) 715-9871, conference ID 2447211, or via the investor website athttps://investors.jrvrgroup.com. A replay will also be available in the same location. About James River Group Holdings, Ltd. James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies. It operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. Each of its regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company. Visit James River Group Holdings, Ltd. on the web atwww.jrvrgroup.com. For more information contact: Brett ShirreffsSVP, Finance, Investments and Investor Relations(919) 980-0524Investors@jrvrgroup.com |
2024-10-24 | GlobeNewswire | Palomar Holdings, Inc. Announces Third Quarter 2023 Financial Results Release Date and Conference Call | LA JOLLA, Calif., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) (the “Company”) today announced that it will release its third quarter 2023 results after the market close on Wednesday, November 1, 2023, and will host a conference call at 12:00 p.m. (Eastern Time) the following day, Thursday, November 2, 2023. The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar Third Quarter 2023 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on November 2, 2023, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13741181. The replay will be available until 11:59 p.m. (Eastern Time) on November 9, 2023. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company's website athttps://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call. About Palomar Holdings, Inc. Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar Excess and Surplus Insurance Company (“PESIC”). Palomar is an innovative insurer serving residential and commercial clients in specialty markets. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A-” (Excellent) from A.M. Best. To learn more, visitPLMR.com Follow Palomar on LinkedIn: @PLMRInsurance ContactMedia InquiriesLindsay Conner1-551-206-6217lconner@plmr.com Investor RelationsJamie Lillis1-203-428-3223investors@plmr.com Source: Palomar Holdings, Inc. |
2024-10-20 | Marketscreener.com | R&Q Insurance to sell insurance and program management unit to Canada's Onex | Oct 20 (Reuters) - Bermuda-based global specialty
insurance firm R&Q Insurance Holdings said on Friday it
would divest its insurance and program management business,
Accredited, to Onex Corp for an enterprise value of
$465 million. Proceeds from the sale, expected to be around $300 million,
would be used to significantly pare R&Q's debt. The sale, likely to close by the first half of 2024, is
conditional on transfer of R&Q's chief executive officer,
William Spiegel, and Chief Financial Officer Thomas Solomon to
Accredited upon closing. After the deal's closing, group Non-Executive Chairman Jeff
Hayman would be appointed as chairman and interim CEO of R&Q,
while company insider Paul Bradbrook would be appointed as CFO. R&Q in April had said it was reviewing strategic options to
separate Accredited and its legacy insurance business. (Reporting by Akshita Toshniwal; Editing by Krishna Chandra
Eluri and Shilpi Majumdar) |
2024-10-20 | Marketscreener.com | White Mountains to Acquire a Majority Stake in Bamboo | HAMILTON, Bermuda,Oct. 20, 2023/PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) ("White Mountains") announced today that it has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC ("Bamboo"), an MGA focused on theCaliforniahomeowners insurance market. White Mountains expects to invest approximately$285 million, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo basic shares outstanding. Bamboo was launched in 2018 byJohn Chu, a seasoned insurance executive. Bamboo provides homeowners' insurance for over 100,000Californiapolicyholders, using its technology-enabled underwriting platform to select and manage risk. Bamboo has grown profitably and rapidly in the challengingCaliforniamarket, and is now poised to expand into other states. John and the current Bamboo management team will continue to lead the business through its next phase and will retain a significant equity stake. "We are pleased to make this investment alongside John and the Bamboo management team. Bamboo is delivering a much-needed insurance alternative to homeowners in California. Bamboo has strong momentum, and we look forward to supporting its continued growth," saidChris Delehanty, Head of M&A of White Mountains. "This transaction marks a new and exciting chapter for Bamboo. We are fortunate to have found a like-minded capital partner who shares our vision and has a strong track record of successful insurance partnerships," saidJohn Chu, Founder and CEO of Bamboo. The transaction is expected to close in the first quarter of 2024. The closing is subject to regulatory approvals and other customary closing conditions. The closing is not subject to a financing condition. The exact ownership to be acquired by White Mountains, and the resulting amount that will be invested, will be determined based on Bamboo unitholder elections made prior to closing. For more information, see White Mountains's Form 8-K filedOctober 20, 2023. Howden Tiger Capital Markets & Advisory acted as financial advisor to White Mountains, while Cravath, Swaine & Moore LLP provided legal advice. Evercore Group, L.L.C. acted as financial advisor to Bamboo and selling equityholders, whileWillkie Farr& Gallagher LLP provided legal advice. About Bamboo Bamboo is a capital-light, tech- and data-enabled insurance distribution platform providing insurance offerings to the residential property market inCalifornia. Bamboo operates primarily through its full-service MGA business, where the company manages all aspects of the placement process on behalf of its fronting and (re)insurance partners, including product development, marketing, underwriting, policy issuance, and claims oversight, and earns commissions based on the volume and profitability of the insurance that it places. Bamboo puts underwriting first, leveraging technology and data science tools to select, price and manage risk. Bamboo also operates two separate but integrated businesses: (i) a retail agency offering ancillary products (e.g., flood, earthquake) on behalf of third parties and (ii) a captive reinsurer participating in a small share of the underwriting risk of Bamboo's MGA programs. For more information, visitwww.bambooinsurance.com. About White Mountains White Mountains is aBermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and on the Bermuda Stock Exchange under the symbol WTM.BH. Additional financial information and other items of interest are available at the Company's web site located atwww.whitemountains.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words "could", "will", "believe", "intend", "expect", "anticipate", "project", "estimate", "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains's: These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including: Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT:Rob Seelig(603) 640-2212 View original content:https://www.prnewswire.com/news-releases/white-mountains-to-acquire-a-majority-stake-in-bamboo-301962884.html SOURCE White Mountains Insurance Group, Ltd. |
2024-10-10 | Marketscreener.com | HKT Trust and HKT : Club Care partners with FWD Hong Kong to launch online insurance platform | Club Care partners with FWD Hong Kong to launch online insurance platform Register online to participate in"Club Care Million Clubpoints Lucky Draw"for a chance to win a share of Clubpoints totalling 1 million and "earn your health rewards" X (Back to front, left to right) Vera Chow, Chief Executive Officer, Club Care; Monita Leung, Chief Executive Officer, Digital Ventures, HKT; Paul Tse, Chief Marketing and Digital Officer, FWD Hong Kong & Macau; Chapman Lam, Assistant Vice President, Partnership, FWD Hong Kong; Clive Chow, Chief Operating Officer, The Club; and Jeffrey Chan, Vice President, Marketing and Communications, FWD Hong Kong HKT (SEHK: 6823) - Hong Kong, 10 October 2023 -Club Care, a registered licensed insurance agency under HKT, is partnering with FWD Hong Kong ("FWD") to launch the Club Care online insurance platform1(https://clubcare.theclub.com.hk,the "Club Care Platform"), enabling customers to easily apply for insurance online while accumulating Clubpoints in the form of premium rebates to redeem health rewards under the Group's loyalty programme, The Club. The Club Care Platform distributes an array of online insurance products from FWD, such as life, medical (including Voluntary Health Insurance Scheme) and accident, on top of arranging and providing promotional offers from time to time. The Club members who successfully apply for designated FWD insurance plans can get one Clubpoint for every dollar of the premium paid for the first year, equivalent to an additional 20% premium rebate2&3which can be used to redeem products and health experiences on The Club. Meanwhile, from now until 31 October 2023, customers who successfully apply for designated FWD insurance plans via the Club Care Platform can enjoy a discount of up to 50% on the first-year premium4. Monita Leung, CEO, HKT Digital Ventures, said, "HKT Digital Ventures strives to combine its membership rewards with e-commerce and fintech businesses with the aim of addressing our customers' all-round needs within a single digital ecosystem to become an integral part of their everyday life. We are pleased to partner with FWD to fuse our strengths in digital commerce and insurtech through Club Care and further expand the scope of our ecosystem to health protection. We will continue to explore different partnerships to provide more curated products and experiences for our members." Paul Tse, Chief Marketing and Digital Officer, FWD Hong Kong & Macau, said, "FWD is committed to fulfilling its vision of 'changing the way people feel about insurance'. With an aspiration to provide more convenient protection and services through digital innovation, we revamped the FWD online insurance platform in 2021, introducing brand-new functions to help users easily understand their self-protection needs alongside health and wealth protection products. Through partnering with HKT's Club Care to launch the Club Care Platform, FWD is able to leverage The Club's extensive network to offer an online insurance experience to even more customers. It is a significant milestone for FWD as we celebrate our 10th anniversary. We will continue to expand FWD's online insurance product range to provide relevant protection to the public with easy access and good value for money." In celebration of the platform's launch, Club Care is hosting the "Club Care Million Clubpoints Lucky Draw"5. Customers who meet specified requirements and register on the designated website from now until 24 November 2023 stand a chance to win a share of Clubpoints totalling 1 million. For details, please visithttps://clubcare.theclub.com.hk/EarnYourHealthRewards/en. On top of that, abrand-newWellness section has been introduced on The Club mobile app. Members can use their Clubpoints to redeem a great variety of physical and mental wellness products and services spanning leisure, sports, dining and travel to enjoy a relaxing and joyful experience. - # - Disclaimer Club Care is a service brand operated by HKT Financial Services (IA) Limited ("HKTIA"). HKTIA, being a registered licensed insurance agency under the Insurance Authority of Hong Kong ("IA") (Licensed Insurance Agency License No.: FA2474), acts as an appointed licensed insurance agent for FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability) ("FWD Life"). The FWD Life insurance products are underwritten and provided by FWD Life and are distributed and arranged by HKTIA.Club HKT Limited ("The Club") and all other entities of the HKT Group (other than HKTIA) are not arranging for any contract of insurance or carrying on any regulated activities (as defined under the Insurance Ordinance) in connection with insurance products or insurance related services or promotions on the Club Care Platform . The Club and all other entities of the HKT Group (other than HKTIA) are not the supplier, distributor or provider of insurance products or insurance related services or promotions displayed or referred to on Club Care Platform, do not represent Club Care/HKTIA or FWD Life and make no representations and warranties and accept no liability for any matters arising from, or in relation to, the same. For any enquires in relation to the insurance products on Club Care websitePlatform, please contact Customer Service Hotline of Club Care at 8209 0098. About HKT HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong. As the city's true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market- leading digital transformation partner of choice for businesses; whereas our comprehensive connectivity and smart living offerings enrich people's lives and cater for their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward. For more information, please visitwww.hkt.com. LinkedIn:linkedin.com/company/hkt About Club Care Club Care is a service brand operated by HKT Financial Services (IA) Limited (HKTIA), a wholly owned subsidiary of HKT Limited (HKT Limited is a company incorporated in the Cayman Islands with limited liability). HKTIA, being registered with the Insurance Authority of Hong Kong as a licensed insurance agency, acts as an appointed licensed insurance agency (Licensed Insurance Agency Licence No. FA2474) for FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability) and other authorised insurance companies to provide a wide range of insurance products and services. About FWD Hong Kong FWD Hong Kong is part of the FWD Group, a fast-growingpan-Asian life insurer with more than 10 million customers across 10 markets, including some of the fastest- growing insurance markets in the world. FWD is a top 3 life insurer by new business first year premium in Hong Kong*. FWD Hong Kong has been assigned strong financial ratings by international agencies. It offers life and medical insurance, employee benefits, and financial planning. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer- led approach, FWD is committed to changing the way people feel about insurance. For more information about FWD Hong Kong, please visitwww.fwd.com.hk. *Source: Provisional Statistics on Hong Kong Long Term Insurance Business - January to December 2022, Insurance Authority of Hong Kong. The calculation combines individual and group businesses, and non-bank insurers. For media enquiries, please contact: HKT Group Communications Nicole Lo Tel: +852 2883 2742 Email:nicole.cm.lo@pccw.com Stella Tsang Tel: +852 2883 8747 Email:stella.hy.tsang@pccw.com Issued by HKT Limited. HKT Limited is a company incorporated in the Cayman Islands with limited liability. Attachments Disclaimer HKT Trust and HKT Ltd.published this content on10 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on10 October 2023 04:17:20 UTC. |
2024-10-02 | Marketscreener.com | RenaissanceRe Schedules Third Quarter 2023 Financial Results Conference Call | RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) will conduct an investment community conference call on Thursday, November 2, 2023, at 11:00 a.m. ET to discuss its financial results for the third quarter of 2023, as well as the Company’s outlook. RenaissanceRe will release its results following the close of market on Wednesday, November 1, 2023. A live webcast of the conference call will be available through the Investors section of RenaissanceRe’s website atwww.renre.com. An archive of the call will be available from approximately 1:00 p.m. ET on November 2, 2023, through midnight ET on November 9, 2023. About RenaissanceRe RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States. View source version on businesswire.com:https://www.businesswire.com/news/home/20231002779627/en/ |
2024-10-24 | Marketscreener.com | Essent Announces Integration with Mortgage Cadence's Loan Fulfillment Center | Essent Guaranty, Inc., a nationwide provider of mortgage insurance (MI) and subsidiary of Essent Group Ltd. (NYSE: ESNT) announced today they have integrated with Mortgage Cadence’s Loan Fulfillment Center (“LFC”). “We are pleased to expand our integration with Mortgage Cadence to now provide mutual customers access to Essent’s products and services through their LFC platform,” said Kendra Placek, Vice President of Customer Experience and Innovation at Essent. “We are dedicated to providing streamlined access to our product offerings for customers and to working with mortgage technology providers focused on enabling a great mortgage experience for the borrower.” The flexibility of this cloud based LFC platform from Mortgage Cadence gives customers a streamlined view of available MI services with direct and real-time access to mortgage insurance rate and eligibility evaluations, whether quoting or ordering, leveraging Essent’s proprietary pricing engine, EssentEDGE®. “We are thrilled to announce the availability of Essent MI on the LFC platform with our 23.1 release. Essent is a valued partner who prioritizes the ability to order mortgage insurance in an efficient process, while mitigating risk for our clients,” says Jim Rosen, EVP of Services at Mortgage Cadence. About Mortgage Cadence Mortgage Cadence delivers the industry’s most complete, modern, cloud-based digital lending platform designed to provide an exceptional user experience throughout the entire mortgage lending life cycle, across all channels and products. With a leading borrower point-of-sale through closing collaboration tools, the end-to-end platform is both complete and configurable offering an open-architecture designed to meet the needs of today’s lenders. The platform enables lenders to work more efficiently, leveraging automation and workflow tools that deliver an excellent borrower, sales and operational user experience. For more information visitwww.mortgagecadence.com. About Essent Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) which serves the housing finance industry by offering private mortgage insurance, reinsurance, risk management products and title insurance and settlement services to mortgage lenders, borrowers, and investors to support homeownership. Additional information regarding Essent may be found atwww.essentgroup.com. Source: Essent Group Ltd. View source version on businesswire.com:https://www.businesswire.com/news/home/20231024596556/en/ |
2024-10-05 | Marketscreener.com | Essent Group Ltd. Schedules Third Quarter Earnings Conference Call for November 2, 2023 | Essent Group Ltd. (NYSE: ESNT) today announced that it will hold a conference call on Thursday, November 2, 2023, at 10:00 a.m. Eastern Time to discuss the Company’s third quarter 2023 results, which will be announced prior to the market open on the same day. The conference call will be broadcast live over the Internet athttp://ir.essentgroup.com/events-and-presentations/events/default.aspx. The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 or by referencing Essent. A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537. In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website athttp://ir.essentgroup.com/financials/quarterly-results/default.aspx. About the Company Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) which serves the housing finance industry by offering private mortgage insurance, reinsurance, risk management products and title insurance and settlement services to mortgage lenders, borrowers, and investors to support homeownership. Additional information regarding Essent may be found atwww.essentgroup.com. Source: Essent Group Ltd. View source version on businesswire.com:https://www.businesswire.com/news/home/20231005363494/en/ |
2024-10-09 | BBC News | Chuck Feeney: Entrepreneur and philanthropist dies | The Irish-American entrepreneur and philanthropist Chuck Feeney has died at the age of 92. Mr Feeney, through his private foundation the Atlantic Philanthropies, donated more than $8bn (£6.5bn) to causes on five continents. The foundation gave $570m (£465m) to causes in Northern Ireland over four decades. Its main areas of interest have been health, education, reconciliation and human rights. Mr Feeney dissolved the foundation in 2020, but by then it had made more than $8 billion (£6.5bn) in grants, mainly in the United States, the UK, the Republic of Ireland, Australia, South Africa, Vietnam, Bermuda, and Cuba. Charles F Feeney was born in Elizabeth, New Jersey, in 1931, during the Great Depression, to Irish-American parents. His mother worked as a hospital nurse and his father was an insurance underwriter. The philanthropist traced his family history back to County Fermanagh, where his grandmother was brought up close to the village of Kinawley. The entrepreneur made his money selling luxury duty free goods to travellers across the world, but he rejected the trappings of wealth himself. He went on to found the Atlantic Philanthropies in 1982, an international organisation set up to distribute his fortune to good causes and projects that he supported around the world. For the first 15 years of his philanthropic mission, Mr Feeney donated money in secret leading to him being dubbed the James Bond of philanthropy, only emerging from anonymity in 1997. He had a particular interest in supporting universities on both sides of the Irish border, donating hundreds of millions of US dollars. In 2012, at Dublin Castle, Mr Feeney received an Honorary Doctorate of Laws from the universities on the island of Ireland. The Tánaiste (Irish deputy prime minister) Micheál Martin said in a statement that he "was deeply saddened" by the news. He said Mr Feeney had "extraordinary generosity", and his donations had "transformed the lives of people on the island of Ireland, north and south, young and old". Mr Martin said he had worked directly with Mr Feeney and paid "particular tribute to Chuck's sustained support for peace and reconciliation in Northern Ireland over many years". Queen's University Belfast was one of the biggest beneficiaries of Mr Feeney's grants from 1993 to 2015, being gifted a total of $132m (£107m). It also received the single biggest donation from the Atlantic Philanthropies, when it was gifted $24m (£19m) in 2012. It was for the university's Institute of Health Sciences Centre for Experimental Medicine. Another cornerstone of Mr Feeney's philanthropy in Northern Ireland was the promotion of integrated education in the pursuit of reconciliation and peace building. Down through the decades, it is understood about £8m was gifted to the Integrated Education Fund for various projects and the area is listed as the first sector funded in Northern Ireland by the Atlantic Philanthropies back in 1991. Atlantic Philanthropies quoted Mr Feeney, who said: "I had one idea that never changed in my mind—that you should use your wealth to help people." |
2024-11-01 | ETF Daily News | Lancashire Holdings Limited (LON:LRE) Receives GBX 706.43 Average PT from Brokerages | Lancashire Holdings Limited (LON:LRE–Get Free Report) has been given a consensus rating of “Moderate Buy” by the seven ratings firms that are covering the stock,MarketBeat.comreports. Two investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is GBX 706.43 ($8.60). LRE has been the subject of a number of analyst reports. Barclays reaffirmed an “equal weight” rating and set a GBX 670 ($8.15) target price on shares of Lancashire in a research note on Tuesday, September 5th. Morgan Stanley raised Lancashire to an “equal weight” rating in a research note on Tuesday, September 5th. Read Our Latest Stock Report on LRE Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverLON LREopened at GBX 562.50 ($6.84) on Wednesday. The company has a quick ratio of 1.18, a current ratio of 405.61 and a debt-to-equity ratio of 31.97. The company has a market capitalization of £1.37 billion, a price-to-earnings ratio of 1,352.38, a PEG ratio of 0.21 and a beta of 0.55. The stock’s 50-day simple moving average is GBX 575.07 and its two-hundred day simple moving average is GBX 585.58. Lancashire has a twelve month low of GBX 502.87 ($6.12) and a twelve month high of GBX 670 ($8.15). The firm also recently announced a dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 17th were given a dividend of $0.05 per share. This represents a yield of 0.66%. The ex-dividend date of this dividend was Thursday, August 17th. Lancashire’s dividend payout ratio is currently 2,857.14%. (Get Free Report Lancashire Holdings Limited, together with its subsidiaries, provides specialty insurance and reinsurance products in London, Bermuda, and Australia. The company operates through five segments: Property and Casualty Reinsurance, Property and Casualty Insurance, Aviation, Energy, and Marine. It offers property direct and facultative, property political risk and sovereign risk, and property terrorism and political violence insurance products, as well as property reinsurance services; and aviation AV52, aviation consortium, airline hull and liability, and satellite insurance products. |
2024-10-03 | Marketscreener.com | Seadrill : 2023 AGM Proxy Statement | PROXY STATEMENT INFORMATION CONCERNING SOLICITATION AND VOTING FOR THE 2023 ANNUAL GENERAL MEETING OF SHAREHOLDERS (THE "MEETING") OF SEADRILL LIMITED TO BE HELD ON NOVEMBER 17, 2023. GENERAL In March 2023, we held the first annual general meeting of our shareholders after our emergence from bankruptcy. At that meeting we originally intended to seek the approval of our shareholders of a management incentive plan under which equity incentive awards could be made to our team in order to better align their interests with the interests of our shareholders. Before the meeting, some shareholders expressed concern about aspects of the management incentive plan. Therefore, our Board of Directors (the "Board") removed the plan from consideration by shareholders at the March meeting so as to address those concerns and make resulting changes to the plan. We have completed that exercise. Even though our prior annual general meeting was held only six months ago, the Board believes that it is imperative to get the plan approved by shareholders so that the Company can begin including equity awards in the compensation packages we provide to our team. Therefore, we have decided to hold a general meeting of our shareholders this November (the "Meeting"). As a matter of efficiency, the Board has decided to treat the Meeting as the 2023 Annual General Meeting of Shareholders and address other items of business that are appropriate for such a meeting, including presenting the 2022 financial statements of the Company, reelecting directors and approving auditors. Holding the 2023 Annual General Meeting on this schedule should also allow us to get on a more normalized schedule for our annual general meetings beginning in 2024, and hold them in the late spring or early summer of the year. We are furnishing this Proxy Statement in connection with the solicitation by the Board of proxies for use at the Meeting or any adjournment or postponement of the Meeting. The Meeting is to be held at 9:00 am at the Rosewood Hotel, 60 Tucker's Point Dr., Hamilton Parish, HS 02 Bermuda on November 17, 2023. At the Meeting, we will ask you to consider and vote on the proposals described in the accompanying Notice of 2023 Annual General Meeting of Shareholders (the "Meeting Notice"). We are soliciting proxies from shareholders of record as of 5:00 p.m., Bermuda time on September 20, 2023. Under Bermuda law, holders of a company's common shares are referred to as "members" but for convenience they are referred to in this Proxy Statement as "shareholders" or "shareholders of record". In this Proxy Statement, the terms "Seadrill," "we," "our," "Company" and "us" refer, as the context requires, to Seadrill Limited. HOW TO VOTE Shareholders of Record / Members: You are asked to complete, date and sign the enclosed Proxy Card to appoint each of the following persons as proxy holders for the Meeting: Mrs. Julie Robertson (Chair of the Board), Mr. Simon Johnson (Seadrill CEO), Mr. Martyn Svensen (Seadrill Vice President of Insurance) and Ms. Jennifer Panchaud (Attorney at Conyers Dill & Pearman Limited, Seadrill's Bermuda Counsel). To be valid, any Proxy Card appointing a proxy must be received (completed, dated and signed): 1 (where each time and date above, as applicable, is referred to herein as the "share voting cutoff time"). Please refer to the accompanying Proxy Card for specific voting instructions. Please sign the Proxy Card exactly as your name appears on the card. If shares are owned jointly, each joint owner should sign the Proxy Card. If a shareholder is a corporation, limited liability company or partnership, the Proxy Card should be signed in the full corporate, limited liability company or partnership name by a duly authorized person. If the Proxy Card is signed pursuant to a power of attorney or by an executor, administrator, trustee or guardian, please state the signatory's full title and provide a certificate or other proof of appointment. Beneficial Owners: If you are a beneficial owner of shares of the Company, your broker, bank or other nominee will arrange to provide materials and instructions for voting your shares. Please note that you may not vote shares held in street name by returning a Proxy Card or voting instruction card directly to the Company unless you provide a legal proxy executed by the shareholder of record and enabling you to vote the shares. Your vote is important. All shareholders are cordially invited to attend the Meeting. We urge you, whether or not you plan to attend the Meeting, to submit your proxy by completing, signing, dating and mailing the enclosed Proxy Card. A shareholder giving a proxy may revoke it at any time before it is exercised. A proxy may be revoked by sending written notice of revocation to the Company Secretary, James Gilbertson, at Park Place, 55 Par-la-Ville Road, Third Floor, Hamilton HM11, Bermuda, which must be received by the share voting cutoff time, stating that you would like to revoke your proxy or by completing, signing and dating another proxy card and returning it to the Company Secretary, James Gilbertson, at Park Place, 55 Par-la-Ville Road, Third Floor, Hamilton HM11, Bermuda, together with a written notice of revocation, which must be received by the share voting cutoff time, or by attending the Meeting and voting in person. PRESENTATION OF FINANCIAL STATEMENTS In accordance with the Companies Act 1981 of Bermuda, the audited consolidated financial statements of the Company for the year ended December 31, 2022 will be made available at the Meeting. The Board has approved these statements before the meeting, however, there is no requirement under Bermuda law that such statements be approved by shareholders, and no such approval will be sought at the Meeting. The Company's audited consolidated financial statements for the year ended December 31, 2022 are contained in the Company's report on Form 20-F which is filed with the U.S. 2 Securities and Exchange Commission and published on our website atwww.seadrill.com/investors/reports-presentations/reports/. Shareholders can request a hard copy free of charge upon request by email to:ir@seadrill.com. COMPANY PROPOSALS PROPOSAL 1 - NUMBER OF DIRECTORS At the 2022 Annual General Meeting of Shareholders of the Company, our shareholders approved an increase in the number of Directors comprising the Board from seven (7) to nine At the Meeting, the Board will ask the shareholders to determine that the number of Directors comprising the Board be set at up to nine (9) Directors until the next annual general meeting of shareholders of the Company, or until such number is changed in accordance with the Bye- laws of the Company. The Board has nominated, in accordance with Proposal 2, for re-election to the Board those nine (9) persons currently serving as Directors of the Company. The Board recommends that the shareholders vote FOR Proposal 1. PROPOSAL 2 - RE-ELECTION OF DIRECTORS The Board has nominated the persons listed below for re-election as Directors of the Company, all of whom are presently serving members of the Board. As provided in the Company's Bye-laws, each Director is elected at each annual general meeting of Shareholders and shall hold office until the next annual general meeting following his or her election or until his or her office is otherwise vacated in accordance with the Bye- laws of the Company. At the Meeting, the Board will ask the shareholders to re-elect, by way of separate resolutions, each of Julie Robertson, Jean Cahuzac, Jan Kjaervik, Mark McCollum, Harry Quarls, Andrew Schultz, Paul Smith, Jonathan Swinney and Ana Zambelli to serve until the next annual general meeting or until their respective offices are otherwise vacated in accordance with the Bye-laws of the Company. Nominees For Election as a Director Information concerning the nominees for Directors of the Company is set forth below: Name Director Since Resolution 2 (a) Julie Robertson* 22 February 2022 (b) Jean Cahuzac 22 February 2022 (c) Jan Kjaervik 22 February 2022 (d) Mark McCollum 22 February 2022 3 (e) Harry Quarls 3 April 2023 (f) Andrew Schultz 22 February 2022 (g) Paul Smith 22 February 2022 (h) Jonathan Swinney 3 April 2023 (i) Ana Zambelli 25 January 2023 * Serves as Chair of the Board Biographies Julie Johnson Robertson, Chair of the Board, Age 66 Ms. Robertson is one of the most respected leaders in the offshore drilling business, and she also was one of the highest ranking female chief executives in the energy sector. Her career at Noble Corporation plc and its predecessor companies spanned more than 40 years and she held many roles, including Executive Chairman, President, and CEO. She currently sits on the Board of Directors for EOG Resources, Superior Energy Services and Patterson-UTI. She is a resident of Houston, Texas. Ms. Robertson serves as chair of the Joint Nomination and Remuneration Committee of the Board. Mark McCollum, Age 63 Mr. McCollum has extensive global experience in the offshore energy services sector and has chaired three different public-company Audit Committees. He is a 17-year veteran of the oil and gas industry, having most recently served as President and CEO of Weatherford International. He also held several roles of prominence at Halliburton, including EVP and CFO. He currently sits on the Board of Directors for Westlake Corporation and Marathon Oil Corporation where he also sits on the Compensation Committee and the Health, Environmental, Safety and Corporate Responsibility Committee. He is a resident of Crawford, Texas. Mr. McCollum serves as chair of the Audit and Risk Committee of the Board. Jean Cahuzac, Age 69 Mr. Cahuzac is a highly regarded senior executive in the offshore energy services sector. Until recently the CEO of Subsea 7, he brings over 41 years in the industry having previously worked for Transocean and Schlumberger in operational and management roles. He currently sits on the Compensation Committee at Subsea 7 and as Chairman of the sustainability committee and on the strategy committee at Bourbon Maritime. He is a resident of Paris, France. Mr. Cahuzac serves as the chair of the Operational Excellence Committee of the Board. Jan Kjærvik, Age 66 Mr. Kjærvik is an accomplished financial executive who brings nearly 40 years of experience in financial roles across the banking, energy and maritime sectors. He is currently Interim Treasurer for GE Energy businesses (Vernova) preparing for demerger from General Electric parent. He was most recently Head of Treasury & Risk for A.P. Møller-Mærsk and prior to that held similar role at Aker Kværner/Solutions. He currently sits on the Board of Directors for Høegh Autoliners and also serves as Chair of its Audit Committee. Previous directorships include Mærsk Supply Service, Mærsk Insurance, Danish Ship Finance, VP Securities and Britannia PI. Mr. Kjærvik holds a Masters in Economics (lic. oec.) from the University of St. Gallen, Switzerland. Mr. Kjærvik is a Norwegian citizen and resides in Oslo, Norway. Mr. Kjærvik is a member of the Audit and Risk Committee of the Board. 4 Harry Quarls, Age 71 Mr. Quarls currently serves as chairman of the board for CHC Helicopter, Key Energy Services, and ESS Tech, Inc., and is Lead Director for FlexSteel Pipe. Mr. Quarls previously served as chairman of the board for EP Energy, Sunrise Oil & Gas, Penn Virginia Corporation, SH 130 Concessions Company, Trident Resources Corp, Woodbine Acquisition Corp, and US Oil Sands Corp. Mr. Quarls also served as a director and chairman of the strategic alternatives committee for Gastar Exploration Inc and Rosehill Resources. He has also been a director for Fairway Resources, PetroQuest Energy, GreenRock Energy and Opal Resources. Mr. Quarls served as a Managing Director at Global Infrastructure Partners, leading their efforts in North American energy midstream investments. Additionally, Mr. Quarls served as Managing Director and practice leader for Global Energy as well as a member of the board of directors at Booz & Company, a leading international management consulting firm. Mr. Quarls holds BS and ScM degrees in Chemical Engineering from Tulane University and MIT, respectively. He also holds an MBA from Stanford University. Mr. Quarls is a member of the Operational Excellence Committee of the Board. Andrew Schultz, Age 68 Mr. Schultz is an experienced turnaround investor and executive, as well as a seasoned director with extensive experience in stressed and distressed situations. As a lawyer and investor, his career has spanned many industries. He is very familiar with both the offshore drilling sector and the E&P sector, serving as Board Chair for Pacific Drilling and a Director for Vanguard Natural Resources. Currently a non-executive director advisor, he sits on a total of seven Boards. He is a resident of New Canaan, Connecticut. Mr. Schultz is a member of the Joint Nomination and Remuneration Committee of the Board. Paul Smith, Age 52 Mr. Smith is a highly analytical and energetic financial leader who brings depth and expertise in capital allocation, capital structure, capital markets, and restructurings with a global track record across various industries, including mining & metals, oil & gas, and steel. Currently, he is Founder and Principal of Collingwood Capital Partners (which manages public and private investments focused on resources, energy transformation, and technology sectors), and Managing Partner of Voltaire Minerals Partners. He had a nine-year career with Glencore, culminating as CFO for Katanga Mining. He currently sits on the Board of Bunker Hill Mining Corp. He is a resident of Zug, Switzerland. Mr. Smith is a member of the Joint Nomination and Remuneration Committee of the Board. Jonathan Swinney, Age 57 Mr. Swinney served as the founding Chief Financial Officer of EnQuest PLC from 2010 until 2022, where he led a number of asset acquisitions and major capital markets transactions. Mr. Swinney also served as the head of Mergers and Acquisitions of Petrofac Limited before joining EnQuest PLC and previous to that worked as Managing Director of Lehman Brothers (London) and as Director, Equity Capital Markets of Credit Suisse First Boston (London). Mr. Swinney is a chartered accountant and a qualified solicitor, and holds an LPC with distinction from the College of Law, and a BSc with honors from Southampton University. Mr. Swinney is a member of the Audit and Risk Committee of the Board. Ana Zambelli, Age 50 Ms. Zambelli brings significant industry experience to the Company, with more than 20 years' experience in the energy services sector in operational, commercial and finance roles. Ms. 5 Attachments Disclaimer Seadrill Ltd.published this content on02 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on03 October 2023 17:26:18 UTC. |
2024-10-05 | Marketscreener.com | Radian Announces Closing of $353 Million Mortgage Insurance-Linked Notes Transaction | Radian Group Inc. (NYSE: RDN) today announced that its wholly owned subsidiary, Radian Guaranty Inc. has obtained $353 million of fully collateralized excess of loss reinsurance coverage from Eagle Re 2023-1 Ltd. (Eagle Re). The excess of loss reinsurance covers eligible mortgage insurance policies written by Radian Guaranty from April 1 to December 31, 2022. Eagle Re is a newly formed Bermuda special purpose insurer and is not a subsidiary or affiliate of Radian Guaranty. Eagle Re has funded its reinsurance obligations by issuing four classes of mortgage insurance-linked notes (ILNs) with a 10-year maturity and 5-year call option to eligible third-party capital markets investors in an unregistered private offering. The ILNs are non-recourse to Radian Group and its subsidiaries and affiliates. The ILNs issued by Eagle Re consist of the following four classes: After closing, investors have the option to exchange their M-1B Notes for proportionate interests in Class M-1B-1 Notes, Class M-1B-2 Notes and Class M-1B-3 Notes (Exchangeable Notes), and the Exchangeable Notes may be exchanged for Class M-1B Notes with the same proportionate interest. The Notes have been assigned ratings by DBRS, Inc. (DBRS Morningstar) of BBB (low) (sf) for Class M-1A; BB (sf) for Class M-1B; B (high) (sf) for Class M-2; and B (sf) for Class B-1 (sf). Additional information about the ILN reinsurance transaction may be found on the Investors section of Radian’s website athttps://radian.com/who-we-are/for-investors/presentations. About Radian Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visitwww.radian.comandhomegenius.comto learn more about how Radian and its pioneering homegenius platform are building a smarter future for mortgage and real estate services. View source version on businesswire.com:https://www.businesswire.com/news/home/20231005402155/en/ |
2024-10-02 | GlobeNewswire | Directorate change | 2 October 2023 Admiral GroupBoard Changes Admiral Group plc (“Admiral”) announces the appointment of Fiona Muldoon as an Independent Non-Executive Director with effect from 2 October 2023. Fiona has thirty years’ experience in the insurance and financial services industry. Fiona was the CEO of FBD Holdings plc, a listed general insurer in Ireland, from 2015 to 2020. Prior to that Fiona was Director of Credit Institutions and Insurance Supervision at the Central Bank of Ireland, the Irish regulator. Fiona spent 17 years of her career with XL group in various progressively senior finance and general management positions, in Dublin, London, and Bermuda. Fiona is currently a Non-Executive Director of Beazley plc where she sits on the Audit Committee and will Chair its Risk Committee. On joining the Board, Fiona will be appointed to the Admiral Group Audit Committee. From 2 October 2023 the members of the Audit Committee will be: Karen Green (Chair), Andy Crossley, Mike Brierley and Fiona Muldoon. Mike Rogers, Chair of the Admiral Board, said: “I am pleased to appoint Fiona to the Board. She has significant knowledge of the international financial services sector, and extensive general management and finance experience. I believe that Fiona’s strong track record of success in executive and non-executive roles and customer-centric approach will help us to continue to deliver the right outcomes for customers.” Fiona Muldoon, incoming Non-Executive Director, said: “Over the last three decades, Admiral has established itself as an innovative financial services provider and I am honoured to be joining its Board. I look forward to adding my skills and experience to those of the existing Board and executive management team as the business continues to evolve to meet customers’ changing needs.” Milena Mondini de Focatiis, CEO of Admiral Group, said: “On behalf of all my colleagues I would like to welcome Fiona to Admiral. I look forward to working with her and the rest of the Board as we continue to deliver on our strategy. Other than as disclosed above, there are no additional matters to be disclosed under Listing Rule 9.6.13R paragraphs (1) to (6) with respect to Fiona’s appointment. With effect from 2 October 2023, Karen Green will be joining the Group Remuneration Committee. The members of the Group Remuneration Committee will be Evelyn Bourke (Chair), Justine Roberts, Mike Brierley and Karen Green. This notification is made in accordance with Listing Rule 9.6.11. |
2024-10-02 | Marketscreener.com | Directorate change | 2 October 2023 Admiral GroupBoard Changes Admiral Group plc (“Admiral”) announces the appointment of Fiona Muldoon as an Independent Non-Executive Director with effect from 2 October 2023. Fiona has thirty years’ experience in the insurance and financial services industry. Fiona was the CEO of FBD Holdings plc, a listed general insurer in Ireland, from 2015 to 2020. Prior to that Fiona was Director of Credit Institutions and Insurance Supervision at the Central Bank of Ireland, the Irish regulator. Fiona spent 17 years of her career with XL group in various progressively senior finance and general management positions, in Dublin, London, and Bermuda. Fiona is currently a Non-Executive Director of Beazley plc where she sits on the Audit Committee and will Chair its Risk Committee. On joining the Board, Fiona will be appointed to the Admiral Group Audit Committee. From 2 October 2023 the members of the Audit Committee will be: Karen Green (Chair), Andy Crossley, Mike Brierley and Fiona Muldoon. Mike Rogers, Chair of the Admiral Board, said: “I am pleased to appoint Fiona to the Board. She has significant knowledge of the international financial services sector, and extensive general management and finance experience. I believe that Fiona’s strong track record of success in executive and non-executive roles and customer-centric approach will help us to continue to deliver the right outcomes for customers.” Fiona Muldoon, incoming Non-Executive Director, said: “Over the last three decades, Admiral has established itself as an innovative financial services provider and I am honoured to be joining its Board. I look forward to adding my skills and experience to those of the existing Board and executive management team as the business continues to evolve to meet customers’ changing needs.” Milena Mondini de Focatiis, CEO of Admiral Group, said: “On behalf of all my colleagues I would like to welcome Fiona to Admiral. I look forward to working with her and the rest of the Board as we continue to deliver on our strategy. Other than as disclosed above, there are no additional matters to be disclosed under Listing Rule 9.6.13R paragraphs (1) to (6) with respect to Fiona’s appointment. With effect from 2 October 2023, Karen Green will be joining the Group Remuneration Committee. The members of the Group Remuneration Committee will be Evelyn Bourke (Chair), Justine Roberts, Mike Brierley and Karen Green. This notification is made in accordance with Listing Rule 9.6.11. |
2024-10-26 | Marketscreener.com | Valaris Announces Financing for Kingdom 1 and 2 Newbuild Jackups | Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today that ARO Drilling (“ARO”), its 50/50 joint venture with Aramco, has secured attractive financing for its first two newbuild jackups, Kingdom 1 and 2. ARO has entered into a $359 million term loan with a syndicate of local Saudi Arabian banks to finance the deliveries. The proceeds will be used to pay the remaining shipyard purchase price for Kingdom 1 and 2, and for general corporate purposes. The loan matures in eight years and has a 16-year amortization profile with a 50% balloon payment due at maturity. Kingdom 1 is expected to be delivered and commence its contract with Aramco in fourth quarter 2023, and Kingdom 2 is expected to be delivered and commence its contract with Aramco in first quarter 2024. Day rates for the initial eight-year contracts will be determined using a pricing mechanism that targets a six-year payback for construction costs on an EBITDA basis. These initial contracts will be followed by a minimum additional eight-year term, re-priced every three years, based on a market pricing mechanism. ARO Drilling Chief Executive Officer Mohamed Hegazi said, “The delivery and startup of the first two newbuilds will mark an important milestone in the growth story of ARO. I am delighted that we have been able to secure financing for these rigs at attractive terms, demonstrating both the strength of our business and relationship with local lenders in Saudi Arabia.” About Valaris Limited Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website atwww.valaris.com. Cautionary Statements Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war (such as the ongoing conflict in Ukraine); cybersecurity attacks and threats; impacts and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic; future operations; any exercise of our options for delivery of the VALARIS DS-13 and VALARIS DS-14; increasing regulatory complexity; targets, progress, plans and goals related to environmental, social and governance (“ESG”) matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply, including as a result of reactivations and newbuilds; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our ESG targets, including our Scope 1 emissions intensity reduction target, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, volatility affecting the banking system and financial markets, inflation and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website atwww.sec.govor on the Investor Relations section of our website atwww.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law. View source version on businesswire.com:https://www.businesswire.com/news/home/20231025757490/en/ |
2024-11-01 | GlobeNewswire | Risk Strategies Names Carl Smith National Property Practice Leader | BOSTON, Nov. 01, 2023 (GLOBE NEWSWIRE) --Risk Strategies, a leading national specialty insurance brokerage and risk management firm, today announced that it has named Carl Smith as its National Property Practice Leader, succeeding Peter Fallon, who is retiring at year’s end after two decades with the firm. Smith and Fallon will work together closely in the coming months to ensure a smooth transition in leadership. An insurance veteran with over 30 years of experience in the industry, Smith joined Risk Strategies in 2005 and served most recently as Executive Vice President, International Practice Leader. He previously served as Executive Vice President at Willis North America as well as Senior Vice President at Arthur J. Gallagher. Smith will continue in his role as International Practice Leader for Risk Strategies. “Our success has been built on a belief that specialty expertise is the key to solving our clients’ challenges in this evolving continuum of risk and liability,” said Mark Manzi, National Brokerage Leader, Risk Strategies. “We, and our clients, are fortunate to have people as talented and dedicated as Carl and our team driving this vision. I am confident in Carl’s ability to lead this important practice forward and warmly wish Peter all the best in his retirement at the end of the year.” “This is a dynamic, demanding time for clients seeking practical solutions to increasingly complex risks,” said Carl Smith, National Property Practice Leader, Risk Strategies. “I’m honored and excited to take on the challenges of this position and have the utmost confidence in our team to successfully build on the work Peter started.” Smith brings to his new position extensive experience structuring and placing complex property risks for United States and multinational clients. His experience in developing traditional and non-traditional solutions for complex property risk management needs, as well as his experience in the global marketplace, are seen as key assets for Risk Strategies in this position. Smith’s industry experience spans biotechnology, healthcare, hospitality, aviation, manufacturing, real estate, education, technology, and transportation and logistics, among others. Fallon joined Risk Strategies as a property broker in 2003 following a career in property insurance and reinsurance in the United States and Bermuda. A collaborative and supportive colleague, in his two decades with Risk Strategies Fallon built a reputation for relentlessly negotiating on behalf of his clients while being fair and professional to carrier partners. His hard work notably contributed to the growth and success of the firm, as both a national property producer and leader of the practice. To learn more about Risk Strategies, please visitwww.riskstrategies.com. About Risk Strategies Risk Strategiesis a privately held United States brokerage firm offering comprehensive risk management advice, insurance and reinsurance placement for property & casualty, employee benefits, private client services, as well as consulting services and financial & wealth solutions. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. For more information visit:www.riskstrategies.com. Media ContactKelly YoungsAssistant Account Executive817-781-2359rsc@matternow.com |
2024-10-02 | Marketscreener.com | Arch Capital Group Ltd. to Report 2023 Third Quarter Results on October 30 | Arch Capital Group Ltd. (NASDAQ: ACGL) today announced it expects to release its 2023 third quarter results after the close of regular stock market hours on Monday, Oct. 30. The Company will hold a conference call for investors and analysts at 11 a.m. ET on Tuesday, Oct. 31. A live webcast of this call will be available via the Investors section of the Company’s website athttp://www.archgroup.com/investors. A recording of the webcast will be available in the Investors section of the Company’s website approximately two hours after the event concludes and will be archived on the site for one year. About Arch Capital Group Ltd. Arch Capital Group Ltd. (Nasdaq: ACGL) is a publicly listed Bermuda exempted company with approximately $17.4 billion in capital at June 30, 2023. Arch, which is part of the S&P 500 Index, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries. Cautionary Note Regarding Forward-looking Statements The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements. Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve the Company’s current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses the Company has acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to the Company of reinsurance to manage the our gross and net exposures; the failure of others to meet their obligations to the Company; a disruption caused by cyber-attacks or other technology breaches or failures on the Company or the Company’s business partners and service providers, which could negatively impact the Company’s business and/or expose the Company to litigation; and other factors identified in our filings with the U.S. Securities and Exchange Commission (“SEC”). The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on the Company’s behalf are expressly qualified in their entirety by these cautionary statements. The Company undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise. arch-corporate View source version on businesswire.com:https://www.businesswire.com/news/home/20230929475497/en/ |
2024-10-30 | Marketscreener.com | Fidelis Insurance Group Appoints Christine Dandridge and Matthew J. Adams to its Board of Directors | Fidelis Insurance Holdings Limited ("Fidelis" or "the Company") (NYSE: FIHL) announced today that it has appointed Christine Dandridge and Matthew J. Adams to its Board of Directors, effective October 25, 2023. "The Board of Directors of FIHL is pleased to announce its expansion following the Company’s initial public offering on June 28, 2023. Christine and Matt are professionals of the highest caliber in their respective fields, with decades of experience in the insurance industry. We are pleased to have the opportunity to benefit from their experience," said Helena Morrissey, Chair of the FIHL Board of Directors. Fidelis Insurance Holdings Limited CEO, Dan Burrows, said, "I am extremely pleased that Christine and Matt have agreed to join our Board. Christine’s vast underwriting and risk experience will provide great perspective to Fidelis. Matt’s substantial insurance and audit experience will be of substantial value to the Audit Committee and the Company as we progress through our first year as a public company and beyond. I look forward to working closely with both Christine and Matt.” Following the appointments of Ms. Dandridge and Mr. Adams, the Fidelis Board of Directors consists of eleven directors. About Christine Dandridge Ms. Dandridge is a veteran of the specialty insurance market, with experience spanning more than four decades. Christine was one of the founding members of Atrium Underwriting. She served as active underwriter of Syndicate 609 from 1997 to 2007, was part on numerous Lloyd’s market committees and was a member of the Council of Lloyd’s from 2004 to 2007. Since then, she has held several non-executive directorships and currently serves as a non-executive director on the board of a number of insurance and risk management companies. Christine began her career in 1978 as a broker at Stewart Wrightson, before joining the underwriting team at Posgate and Denby Syndicate in 1980 and becoming one of the first female underwriters at Lloyd’s. She graduated from University College, London with a BSc (Hon) in Anthropology and is an associate of the Chartered Insurance Institute. Christine will serve on the Board’s Risk Committee. About Matthew J. Adams Mr. Adams built a long-standing practice with PricewaterhouseCoopers ("PwC"), largely concentrated in the insurance industry. Matt served as a lead account partner for PwC, auditing and advising many of PwC’s largest and most complex global insurance clients. From 2015-2021, he led PwC’s U.S. Insurance Practice and was a member of PwC’s global insurance practice leadership team. Matt retired from PwC in June 2023, following a 38-year career with the firm. Matt’s leadership of PwC’s U.S. Insurance Practice has exposed him to many diverse aspects of the insurance sector, and he has significant experience managing the strategic, operational, profitability and human capital challenges of leading a large, quickly growing business. Matt has participated in numerous audit and other board committee meetings during his career, providing broad perspectives on board governance priorities. Matt earned a B.S. in Economics and an M.B.A. from the Wharton School of the University of Pennsylvania, and is a certified public accountant in New York. Matt will serve on the Board’s Audit Committee. About Fidelis Fidelis Insurance Holdings Limited (NYSE: FIHL) is a global (re)insurance group, headquartered in Bermuda with offices in Ireland and the United Kingdom. Our business focuses on three pillars: Specialty, Bespoke, and Reinsurance. We manage volatility through our balanced and diversified portfolio. Our strong capital position provides us with the flexibility to engage in attractive underwriting opportunities. Safe Harbor Regarding Forward-Looking Statements This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "progress," "project," "expect," "strategy," "future," "beyond," "may," "should," "will," and the negative of these or similar terms and phrases. Examples of forward-looking statements include, among others, statements we make regarding: our strategy, including plans for growth, business expansion, the evaluation of future opportunities and market position; and strategy for risk management. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These uncertainties and risks are described in the Company’s IPO prospectus dated June 28, 2023 filed with the Securities and Exchange Commission (“SEC”) on June 30, 2023, which investors should review together with our periodic reports filed with the SEC from time to time. View source version on businesswire.com:https://www.businesswire.com/news/home/20231030790274/en/ |
2024-10-27 | Marketscreener.com | KBRA Affirms Assured Guaranty AA+ Insurance Financial Strength Ratings with Stable Outlook | Assured Guaranty Ltd. (NYSE:AGO) (together with its subsidiaries, Assured Guaranty) announced that Kroll Bond Rating Agency, LLC (KBRA) has affirmed the AA+ insurance financial strength ratings of Assured Guaranty Corp. (AGC), Assured Guaranty Municipal Corp. (AGM) and AGM’s U.K. and European subsidiaries Assured Guaranty UK Limited (AGUK) and Assured Guaranty (Europe) SA (AGE). All the ratings have Stable Outlooks. In its October surveillance report affirming the AA+ ratings of AGM and its U.K. and European subsidiaries, KBRA wrote: In its October surveillance report affirming the AA+ ratings of AGC, KBRA noted that: KBRA also noted that the COVID-19 pandemic in addition to other events have “led to increased awareness for the financial guaranty product. An economic environment of increasing interest rates and volatile or widening credit spreads may enhance the business environment for Assured as issuers seek interest expense savings or investors consider different forms of regulatory capital relief. Further, a tightening credit cycle which may disproportionately impact economically sensitive taxes or issuers with weaker balance sheets may further enhance investor demand for the product.” In response to the report, Dominic Frederico, President and CEO of Assured Guaranty, said: “As KBRA mentioned, demand for our product has been growing over the past several years, and the COVID-19 pandemic and other uncertainty has led to broader recognition of the protection and value our guaranty provides against unforeseen circumstances. We are pleased with the affirmation of our AA+ (Stable Outlook) rating for AGC, AGM and AGM’s U.K. and European subsidiaries and believe the economic conditions for increased new business remain intact. We are well positioned for future growth while maintaining our prudent credit and risk management processes.” Any forward-looking statements made in this press release, including those regarding growth opportunities for Assured Guaranty, demand for its product, and sustained economic conditions for increased new business, reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, difficulties executing Assured Guaranty’s business strategy; those risks and uncertainties resulting from changes in rating agency models or opinions; adverse credit developments in Puerto Rico or other portions of Assured Guaranty’s insured portfolio and the impact of those developments on rating agency models and opinions; insured losses in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures; the possibility that Assured Guaranty’s transactions with respect to its asset management business do not result in the benefits anticipated or subjects Assured Guaranty and/or its shareholders to negative consequences; other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of October 27, 2023. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About Assured Guaranty Ltd. Assured Guaranty Ltd. is a publicly traded, Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP. More information on Assured Guaranty can be found at:AssuredGuaranty.com. View source version on businesswire.com:https://www.businesswire.com/news/home/20231027402534/en/ |
2024-10-27 | Marketscreener.com | Markel announces Bryan Sanders will retire by December 31, 2024, and related leadership appointments | RICHMOND, Va.,Oct. 27, 2023/PRNewswire/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), announced today thatBryan Sanders, President of its Markel Specialty division, plans to retire byDecember 31, 2024. EffectiveDecember 1, 2023, Sanders will transition to the role of Chairman,Markel Specialty, andAlex Martin, currently Markel's Chief Financial Officer, will become President,Markel Specialty, reporting toBob Cox, President, Global Insurance Operations.Brian Costanzo, currently senior vice president and Chief Accounting Officer for Markel Group Inc., will become Chief Financial Officer of Markel, reporting toJeremy Noble, President, Markel. "Bryan Sandersis retiring after a highly successful insurance career spanning four-plus decades, during which he has led several major initiatives that have transformed our US andBermudaoperations to best meet the needs of our clients," saidJeremy Noble. "Thanks to Bryan's leadership and the extensive industry relationships he has built, and with a strong team in place led by Alex Martin, Markel Specialty is well positioned to continue to build on our solid brand and reputation, as well as deliver against our long-term profitable growth ambitions." Sanders, who joined Markel in 2013 as part of the Alterra Capital Holdings, Ltd. acquisition, has more than 42 years in the insurance industry. Before assuming his current position in 2020, he served as President of Markel Wholesale from 2014 to 2017, and President of Markel Assurance from 2018 to 2020. "Serving as President of Markel Specialty has been an honor, and I am committed to working with Alex and the Markel Specialty leadership team to achieve a seamless transition as we continue to execute on our strategic priorities and plans,"Bryan Sanderssaid. "I look forward to helping the team build on our progress so far, including our strong industry relationships and our outstanding positioning in the marketplace." Martin has been with Markel for 17 years and has held management positions in operations, underwriting, business development, strategy and finance. He has extensive experience in leading transformation and building high-performing teams, including achieving operational efficiency and process improvement while leveraging technology, harnessing data and improving executional capabilities. "Bryan Sandersand his team have built an incredible franchise in the marketplace, and I'm committed to working with him to achieve a seamless transition,"Alex Martinsaid. "I leave the Finance function in good hands withBrian Costanzoand the Finance leadership team. Brian is extremely well qualified to take the Finance function forward at Markel. I look forward to working with my colleagues across Markel Specialty as we add value to our clients by delivering exceptional products and first-class service." Costanzo has been with Markel for 14 years. He has held a variety of leadership roles within Finance and has played a key role in leading strategic efforts within Finance in regard to operational efficiency, actuarial transformation, technology and data. Additionally within Markel Specialty,Guenter Kryszonhas been named Chief Underwriting Officer andRyan Oosterheerthas been named Chief Operations Officer. Both will report to Martin. Kryszon has been with Markel since 2019 and brings extensive experience driving growth and profitability through initiatives relating to portfolio optimization, climate change and environmental, social and governance matters. As Chief Underwriting Officer for Markel Specialty, he will lead and direct overall underwriting strategy and operations and product development across all product lines within Markel Specialty. Oosterheert, who has been with Markel since 2019, brings more than 20 years of industry experience across underwriting and product management, strategy and operations. She has led Markel's global strategy team and has played an integral role in working across the organization on strategy, data, technology and operations efforts. "We are grateful toBryan Sandersfor his many contributions, including his support for developing an outstanding leadership team at Markel—one that reflects the strength of our people-powered culture,"Jeremy Nobleadded. "This thoughtful and intentional transition speaks to the depth of talent within Markel. With an exceptional set of leaders across our business, I am extremely optimistic that we will further strengthen our position in the marketplace, as well as execute on our continued transformation as we build the leading global specialty insurer." About MarkelWe are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide. View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-announces-bryan-sanders-will-retire-by-december-31-2024-and-related-leadership-appointments-301970052.html SOURCE Markel |
2024-10-31 | Marketscreener.com | IBEX : 2023 Proxy Statement | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. ) Filed by the Registrant☒ Filed by a party other than the Registrant☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) IBEX Limited (Name of Registrant as Specified In Its Charter) N/A (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): 2023 Financial Highlights Powerful Land & Expand with our Digital First BPO 2.0 Clients IBEX $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $- FY16 FY17 FY18 FY19 FY20 FY21 FY22 F Y23 18.5% Revenue Growth in FY23 77% of Total Revenues 68% CAGR ibex Wave X Tech Stack Deployments Primarily Digital & Integrated Omni-Channel Support (73%) 12.1%$31.6mNet Income $1.67Diluted EPS $66.6mAdj. EBITDA 12.7%Adj. EBITDA Margin $1.96Adj. EPS 1 Company Facts New Logo Engine: Strong Performance Winning Great Brands New Client Cohort Data ($m) FY19-FY23 Year 1 Year 2 Year 3 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $- New Logo New Logo New Logo New Logo New Logo in FY19 in FY20 in FY21 in FY22 in FY23 Note: Year 3 For FY22 and year 2 for FY23 are based on estimates . FY23 based on estimates and historical increases in Year 3 68 30K Net Income Comparison $50 $45 $40 $35 31.6m $30 $25 21.5m $20 $15 6.0% Margin $10 4.4% Margin $05 $00 FY22 FY23 Adjusted EBITDA Comparison $85 $80 $75 $70 $66.6m $65 $60 $55 12.7% $50 Margin $44.7m $45 9.1% $40 Margin $35 FY22 FY23 Q4 FY23 Client Statistics (% of Revenue) Top 5 ClientsTop 10 ClientsTop 25 ClientsLargest Client 37.2% 55.4% 80.3% 11.4% Dear Fellow Shareholders, I have recently completed my eighth year as CEO of ibex. From the outset, my team and I set out on a journey to transform ibex into a differentiated and disruptive provider in the Customer Experience (CX) landscape. Our vision was premised on defining and delivering unparalleled culture with leading edge technology and impactful deep analytics for our clients, which today we call Wave X and Wave X Insights. What we have created is BPO 2.0, and our goal is to be the clear leader in this space. Today, as we've grown to over 30,000 employees around the globe in 31 delivery centers across six major geographies, our journey has only just begun and continues to get more exciting. Fiscal Year 2023 was an exceptional year for ibex. Despite significant macro-economic pressure, we delivered record results in each of our key financial metrics, while we continued to strengthen our key business fundamentals and demonstrate our unique ability to compete and consistently win against much larger competitors. Key FY23 Highlights(as compared to FY22): • Increased Revenue6%to$523.1 million • Improved Balance sheet, ending the year with $56.4mof Net Cash • Increased Net Income47%to$31.6 million • Expanded our Strategic HealthTech Vertical 86%to11.5%of revenue Leading Blue Chip and Digital First Clients Our differentiated and unique value proposition has enabled us to become a trusted partner to many of the world's top brands who share the characteristics of, and are, leaders in their respective vertical. Our ability to attract the companies who are transforming their business is a demonstration of the trust our clients have in ibex and our ability to lead them through one of the most significant times for our industry. #1 #1 #1 #1 #1 #2 Non-Emergency Financial Service for Healthcare Healthcare Healthcare Ridesharing App Medical Transportation Trucking Payer Provider #1 #1 #1 #1 #1 #2 Money Shipping & Gigabit Fiber Optic Technologu & Satellite TV Retail & Transfer Logistics Internet E-commerce Provider E-commerce #2 #1 #1 #1 #1 #1 Warehouse Global Web Extended Warranty/ Crypto Cloud Based Club Company Services Insurance Exchange Restaurant Tech Award Winning Business Our success has not gone unnoticed. During the year, we won more than a dozen prestigious awards and recognitions for our industry leadership, culture, employee experience, and technology. These awards are a testament to the tremendous brand and reputation we have built in our industry with our employees and client partners. 2023 America's 2021 & 2022Great 2020, 2021 & 2022 2022 Barani Award Place to Work for Greatest 2023 Philippines Women in Central Great Place to (Best COVID Workplaces for Best Employers America and Work in Nicaragua Response) Diversity Caribbean 2022 Contact Center 2022 Gold Award 2022 Globee Awards 2022 Silver Award 2022 & 2023 Technology Award & Best in BPO Female Executive of the Customer Experience Top Exporter Product of the Year Gender Diversity Year for Julie Casteel Innovation Award for Wave X Invest into Business We have leveraged our strong financial position to invest into the business to enrich our strengths and further deepen our competitive moat. At the heart of our investments are the recognition and engagement programs for our front-line agents, coupled with strategic initiatives designed to improve the efficacy and speed with which our team is able to deliver top-tier performance. The investments in recognition programs include Shaping Our Business for the Future As we look to the future, we remain committed to executing our growth strategy and investing in our business to become an even stronger company. While we believe that the macroeconomic environment will continue to be fluid, we believe we can continue to win and further strengthen our business both financially and structurally. Consistency of leadership has been an important factor in our success and teamwork to date and will continue to be as we move forward. My Executive Leadership Team has been with me for the last 6+ years. With the addition of Taylor Greenwald as our new CFO, I am even more confident than ever in our ability to continue to win. We are moving aggressively to develop the "Next wave of Wave X" by leveraging Generative AI in our business. We created our three-pronged AI strategy to continue to keep ibex at the forefront of Digital Transformation. Our solutions are focused on increasing agent productivity, providing deeper customer insights to elevate the customer experience, and putting AI in front of the customer journey with voice and chat bots. We ESG Mission: At ibex, we believe that we are responsible for the footprint we make on the world. We are committed to adopting and maintaining good business practices, while leaving our operating communities better than we found them. By proactively addressing environmental, social, and governmental concerns, we believe ibex can live the core values that drive our decisions and determine the course for our organization. Our ESG program is built on the principles of philanthropy, diversity, inclusion, sustainable operations, and responsible management of information and data. These programs are designed to be actively managed, well-appointed, and aligned with our chief goal to do things the R.I.T.E. Way (Respect. Integrity. Transparency. Excellence.) Social Environmental believe we are well positioned to leverage our tech leadership position and create significant value for our clients through AI. From the beginning of our journey, my team and I have been focused on building ibex into an amazing brand. We have performed well pre-pandemic, during the pandemic, and now post-pandemic in extremely challenging markets. This team is passionate, united, and driven. We are committed to building ibex into an even bigger and better business. We are thrilled to be creating something that is truly unique and better in the CX and BPO space and look forward to sharing our progress. Bob Dechant Governance Employee Handbooks Cyber Security/Compliance Security/Compliance Whistleblower Solutions R.I.T.E. Way Training Vendor Code of Conduct Women of ibex Empower - Further the Impact Transform - Create a Visibly Gender Diversified Culture IBEX Limited 1717 Pennsylvania Avenue NW, Suite 825 Washington, D.C. 20006 NOTICE OF ANNUAL GENERAL MEETING OF MEMBERS To Our Shareholders: On behalf of the Board of Directors (the "Board") ofIBEX Limited(the "Company"), we cordially invite you to attend the Company's annual general meeting of shareholders for the fiscal year ended June 30, 2023 (the "Annual Meeting") on December 6, 2023, at 4:00 p.m. Eastern Time (5:00 p.m. Atlantic Time) online via live audio webcast at www.virtualshareholdermeeting.com/IBEX2023AM for the following purposes. Items of Business Proposal 1 - To vote to set the number of directors of the Company at a maximum of eight directors (in accordance with customary practice for Bermuda companies and as required by the Bye-Laws of the Company); Proposal 2 - To vote to elect the three nominees for director named in this proxy statement to hold office until the earlier of the next annual general meeting or their resignation or removal; and Proposal 3 - To vote to approve the appointment of Deloitte & Touche LLP as the Company's auditor and independent registered public accounting firm and authorize the Audit Committee, acting on behalf of the Board, to fix the remuneration of Deloitte & Touche LLP for the fiscal year ended June 30, 2024 (in accordance with legal requirements applicable to Bermuda companies). Additional Items:In addition, shareholders may be asked to consider and vote upon such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. If any other matters properly come before the Annual Meeting or any adjournment or postponement thereof, the persons named in the proxy card will vote the shares represented by all properly executed proxies in their discretion. Financial Statements:We will also lay before the Annual Meeting our audited financial statements for the fiscal year ended June 30, 2023 pursuant to the provisions of the Companies Act 1981 of Bermuda, as amended (the "Companies Act"), and our Bye-laws. Record Date:The record date for qualification of shareholders to participate and vote in the Annual Meeting has been set for 5:00 p.m. Eastern Time on October 11, 2023. Attending the Meeting:All shareholders are invited to participate in the Annual Meeting. The electronic system for remote participation will be available for access from 3:30 p.m. Eastern Time (4:30 p.m. Atlantic Time) on December 6, 2023 at www.virtualshareholdermeeting.com/IBEX2023AM. To attend the virtual meeting, shareholders of record will need to enter the 16-digit control number included on your proxy card. Beneficial owners should review these proxy materials and their voting instruction form for how to vote in advance of, and how to participate in, the Annual Meeting. Voting:We encourage you to vote as promptly as possible by telephone, through the internet or by mailing your completed and signed proxy card. Please follow the directions on your proxy card. You may also vote during the meeting, once logged in, by using the "Vote Here!" button. We are first mailing or making available this proxy statement for the Annual Meeting (the "Proxy Statement"), proxy card, and the Company's 2023 Annual Report (collectively the "proxy materials") on or about October 30, 2023. In the event of a technical malfunction or other situation that the meeting chair determines may affect the ability of the Annual Meeting to satisfy the requirements for a meeting of shareholders to be held by means of remote communication under the Companies Act, or that otherwise makes it advisable to adjourn the Annual Meeting, the chair or secretary of the Annual Meeting will convene the meeting at 4:30 p.m. Eastern Time (5:30 p.m. Atlantic Time) on the date specified above and at the Company's address specified above solely for the purpose of adjourning the meeting to reconvene at a date, time and physical or virtual location announced by the meeting chair. Under either of the foregoing circumstances, we will post information regarding the announcement on the Investors page of the Company's website athttps://investors.ibex.co/. By Order of the Board of Directors, Christy O'Connor Chief Legal Officer and Assistant Secretary Washington, D.C. October 30, 2023 IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON DECEMBER 6, 2023 The Proxy Statement and 2023 Annual Report are available at www.proxyvote.com. Forward-Looking Statements and Website References This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current facts, including statements regarding our environmental and other sustainability plans and goals, made in this document are forward-looking. We use words such as anticipates, believes, expects, future, intends, and similar expressions to identify forward-looking statements. Forward-looking statements reflect management's current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons. Risks and uncertainties that could cause our actual results to differ significantly from management's expectations are described in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023. Forward-looking statements in this document may also refer to our corporate responsibility initiatives, including environmental and human capital management matters. The inclusion of such statements is not an indication that they are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange Commission ("SEC"). Please note that these statements are not guarantees of future performance, and we may adjust our goals or commitments to reflect changes in our plans or business. Website references throughout this document are provided for convenience only, and the content on the referenced websites is not incorporated by reference into this document. Attachments Disclaimer Ibex Ltd.published this content on31 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on31 October 2023 13:41:42 UTC. |
2024-10-24 | The Times of India | China and Bhutan get closer to settling border disputes | ANI China, Bhutan hold talks on border issues, discuss taking forward implementation of Three-Step Roadmap Talks between Bhutan and China to settle their boundary disputes have picked up momentum, prompting India to caution Thimphu against compromising on the Doklam corridor under Chinese pressure. Chinese foreign minister Wang Yi held talks on the border disputes with Bhutanese counterpart Tandi Dorji in Beijing on Monday. China asked Bhutan to resolve the disputes at earliest to establish full diplomatic ties and 'transform' their relationship. Restoration of diplomatic ties would serve the long-term interests of both countries, a Chinese foreign ministry statement quoted Wang as saying. ET has learnt that New Delhi has conveyed to Bhutan against making compromises on sensitive issues such as the Doklam corridor and any settlement of the boundary disputes should not in any way impact India's interests. India and China were locked in a standoff at the Doklam trijunction for two months in 2017. Bhutan is among India's closest allies and has strategic linkages, including military partnership, with India for decades. ET Online "The conclusion of boundary negotiations and establishment of diplomatic relations between China and Bhutan fully serve the long-term and fundamental interests of the country and nation of Bhutan. China is ready to work with Bhutan in the same direction, seize the historic opportunity, complete this important process as soon as possible, and fix and develop China-Bhutan friendly relations in legal form," Wang told Dorji during meeting. According to the Chinese foreign ministry statement, Dorji said that Bhutan and China have traditional ties and thanked China for its strong support and assistance to Bhutan. India and Bhutan are the only two countries with which China has not yet settled border disputes. Beijing has resolved land boundary disputes with all other neighbours. China claims roughly 764 sqkm in the northwestern and central regions of Bhutan. Originally, the disputes were part of border negotiations between India and China. But direct dialogues between China and Bhutan started in 1984. Since then, over 24 rounds of talks and 12 rounds of expert-level meetings have taken place, which focused on Jakarlung and Pasamlung areas in north Bhutan and the Doklam area in west Bhutan. China has stepped up efforts to establish full-fledged diplomatic ties with Bhutan and to expedite negotiations to reach a settlement on border disputes. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on bhutan diplomatic relations border issues Chinese Foreign Ministry Bhutanese foreign ministry (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-13 | Marketscreener.com | First National Bank of Botswana : FNB BOTSWANA INTEGRATED REPORT 2023 | FNB Botswana Integrated Report 2023 Introduction to FNB Botswana OUR PURPOSE is to be a trusted partner committed to NAVIGATING OUR REPORT This report has been designed for an enhanced digital experience and navigation to ease readability on computer screens and mobile devices for your convenience. Welcome to our 2023 integrated report This integrated report (IR or report) reviews achievements for the financial year 1 July 2022 to 30 June 2023. It outlines our performance, emphasising key factors for First National Bank of Botswana Limited's (FNB Botswana or the Bank) commercial success and attractiveness as a secure investment, a reliable place for deposits, a reliable provider of integrated financial services and a model corporate citizen. Our integrated report, financial results, accounting policies and press releases are available online atwww.fnbbotswana.co.bw. Please share your feedback and opinions on our report by emailinginvestor@fnbbotswana.co.bw. building a shared future of prosperity 2020 -2025 FNB Botswana's 2025 strategy was launched in 2020 to deliver sustainable growth over five years. Our strategy responds to a dynamic operating environment and ensures that we continue to focus on those matters that enable us to create value. The successful implementation of our strategy will bring our purpose to life: to be a trusted partner committed to building a shared future of prosperity. Our strategic objectives are underpinned by digital transformation OUR REPORTING SUITE FOR FY2023 Our reporting suite provides us with an opportunity to share our achievements for the year ended 30 June 2023. This suite is supplemented by various online publications, stakeholder communications and engagements, and additional information available on our website www.fnbbotswana.co.bw Navigating icons I PG Read more in this report King IV Website information refers to the King Code on Corporate Governance In this report Back Previous page Next page Our capital inputs We recognise the interconnectivity between the capital we use, which informs our decision making and strategic choices. We adapt to changes in the availability, quality, and affordability of our inputs, to remain a successful and sustainable business. Financial Manufactured Human Intellectual Social and Natural relationship Stakeholders Clients Shareholders Suppliers Media Regulators Communities Government Organised labour Employees CONTENTS 1 Inside front cover/ introduction ii Navigating our report ii 2 2023 Performance at a glance 2 3 About this report 4 4 About FNB Botswana 6 Who we are 6 What we do 7 Operating corporate structure 7 Where we operate 8 Why we exist 10 FNB Botswana's value proposition Who we serve 11 How we serve our clients 12 Why invest in FNB Botswana? 13 5 What drives our business 18 Material matters 18 Material matters matrix 20 6 Leadership reports 30 Chairperson's review 30 Chief Executive Officer's review 34 7 How we create value 40 Our business model 40 Our strategy 42 Strategy development, approval and monitoring 43 Strategic objectives and focus areas in FY2023 44 Segment review 54 Our stakeholders 58 Risk and opportunity management 64 8 Financial Performance 68 Chief Financial Officer's review 68 9 Sustainability 74 Approach to sustainability 74 Enviromental stewardship 79 How we contribute to economic and social development 85 10 Shared value 86 11 Governance and remuneration 106 Governance 106 Board committees 123 Remuneration 132 12 Annual Financial Statements 140 13 Glossary 246 Shareholder information 248 14 Notice of Annual General Meeting 250 Form of proxy 253 We provide a full glossary for the terms and abbreviations PG used in this report on page 246. Feedback Your feedback is important to us, and we welcome your input to enhance the quality of our reporting. Please send your comments or suggestions toinvestor@fnbbotswana.co.bw 1 First National Bank of Botswana Limited2023 Integrated Report Introduction to FNB Botswana 2023 performance at a glance FNB Botswana remains committed to delivering value to our stakeholders through innovation, service excellence and adherence to the highest standards of corporate governance and capital management. Strategic and shared value created Value protection Strong risk focus Shared value P3.8 billion Financial value created P17.3 billion Gross loans and advances (FY2022: P16.1 billion) P24.2 billion Client deposits (FY2022: P22.2 billion) P1.4 billion Profit before tax (FY2022: P1.2 billion) 32t Ordinary dividend per share (FY2022: 26t) 32% Return on equity (FY2022: 26%) 49% Cost-to-income ratio (FY2022: 51%) Strategic and shared value created Operational efficiencies P14 million Cost reduction through efficiencies (FY2022: P14 million) PGRead more about efficiencies realised on pages 46 to 47. 99% Process mapping, documentation and governance (FY2022: 98%) 56% Business process optimisation (FY2022: 55%) 2.7% Process automation, digitalisation and robotics (FY2022: 1.5%) towards effective risk management Further reading on pages 50 and 51. PG Solutionist people 80% Culture Risk Assessment dipstick survey (FY2022: 73%) 3.6% Average organisational performance rating (FY2022: 3.8%) P726 million paid in employee benefits (FY2022: P628 million) PGFurther reading on pages 44 and 45. transactional value through CashPlus (FY2022: P2.0 billion) P375 million procurement through local companies (FY2022: P336 million) P304 million taxes paid to Government (FY2022: P272 million) P9.3 million total corporate social investment (CSI) (FY2022: P6.8 million) P7.5 million invested in employee training and skills development (FY2022: P4.7 million) PGFurther reading on pages 52 and 53. 3 2 FNB Botswana Limited2023 Integrated Report About this report About this report We embrace integrated thinking to enhance decision making and deliver on our purpose to be a trusted partner committed to building a shared future of prosperity for all our stakeholders. Scope and boundary The report's content is derived from the regulatory universe listed below, the information needs of our financial capital providers, and matters considered significant for value creation. For further details on our materiality process, please refer to page 18. Integrated Annual financial Key reporting frameworks applied report statements King Report on Corporate Governance for South Africa, 2016 (King IV)1 International Financial Reporting Standards (IFRS) Botswana Companies Act of 2007, as amended (Cap 42:01) (Companies Act) through the Registrar of Companies Non-Bank Financial Institutions Regulatory Authority Act of 2016 (Cap 46:08) through the Non-Bank Financial Institutions Regulatory Authority Banking Act of 1995 (Cap 46:04) (Banking Act) through the Bank of Botswana Corporate Governance Principles for Banks through the Basel Committee on Banking Supervision Financial Reporting Act of 2020 through the Botswana Accountancy Oversight Authority Botswana Stock Exchange Equity Listings Requirements, version 3.4, NBFIRA-approved with effect from 1 January 2019 (Botswana Stock Exchange Listing Requirements) Board Governance Framework Guidelines on Corporate Governance for Banks/ Financial Institutions Licensed and Supervised by the Bank of Botswana on 22 November 2022 1Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved. The consolidated and separate annual financial statements (AFS) have been audited by the independent auditors, Deloitte and TouchePG(Botswana). See their report on page 140. 4 Materiality Our material matters, detailed on pages 18 to 29 shape our strategy and guide the content of this report. PG The Board believes that the matters presented in this report provide a well-balanced mix of information, enabling readers to evaluate FNB Botswana's performance and prospects. This report concentrates on material issues, opportunities and challenges that significantly affect FNB Botswana's sustainability and our ability to provide consistent value to stakeholders. Both the Board and management affirm that all reliable information has been disclosed to the best of their knowledge, and there are no legal barriers to disclosing material information. Reporting time frames We use the following general classifications when making timeframe references in this report: Short term:Less than one year Medium term:One to three years Long term:Three to 10 years Forward-looking statements This report contains certain forward-looking statements about the Bank's anticipated performance, results, operations, and prospects. Although these statements represent our future expectations and judgements, the opinions are subject to known and unknown risks and uncertainties that could adversely impact our business and financial performance. Undue reliance should not be placed on such opinions, forecasts, or data. Forward-looking statements apply to the date on which they are made. The Bank does not undertake any obligation to publicly update or revise any of its opinions or forward-looking statements, whether to reflect new data, future events, or circumstances. The financial information on which the forward-looking statements are based has not been audited or reported on by FNB Botswana's independent external auditors. Approval of the integrated report Several internal stakeholders actively engaged in the development, review and approval process of this integrated report. The Audit Committee submitted both the annual financial statements and integrated report to the Board for approval. After careful assessment, the Board verified that this integrated report offers a fair and balanced representation of the Bank's performance and prospects. The Board officially approved the report on 12 October 2023. Balisi Mohumi Bonyongo John Kienzley Macaskill Michael William Ward Chairperson Non-Executive Director Independent Non-Executive Director Doreen Ncube Ephraim Dichopase Letebele Jabulani Richard Khethe Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Naseem Banu Lahri Massimo Marinelli Asad Petkar Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Louis Frans Jordaan Steven Lefentse Bogatsu Mbako Mbo Non-Executive Director Executive Director (Chief Executive Officer) Executive Director (Chief Financial Officer) 5 First National Bank of Botswana Limited2023 Integrated Report About FNB Botswana Who we are FNB Botswana is one of nine licensed commercial banks in Botswana. The Bank provides individuals and businesses with a full range of integrated financial solutions. We operate in the retail, commercial and corporate segments. FNB Botswana is the largest company on the Botswana Stock Exchange (BSE) by market capitalisation and the largest bank in Botswana by balance sheet, profitability and client base. Our Purpose Our purpose is to be a trusted partner committed to building a shared future of prosperity. Our Vision We strive to be the world-class financial solutionist of choice, consistently delivering an unmatched client experience. Mission Our empowered people provide vibrant spaces and use cutting-edge platforms to create sustainable shared value for all. Creating shared value for our key stakeholders: Clients Employees Shareholders Regulators Suppliers Media Communities Organised labour Government Keeping our promises to our stakeholders Deliver the best Care for the Build an Create a culture Speak your mind Avoid intellectual Fight for ethical results for our business as if it environment of sharing and encourage laziness and conduct and customers, were your own where everyone's others to do the question the transparency society and each views are valued same status quo other 6 What we do We offer a diverse range of banking and related services accessible through our branches, automated teller machines (ATMs), automated deposit teller machines (ADTs), point-of-sale (POS) devices, CashPlus agency banking and digital banking, including Cellphone Banking, Online Banking and the FNB App, providing extensive and comprehensive banking options. The Bank has a toll-free24-hour Contact Centre and offers personalised banking services. Our innovative CashPlus agency model expands our reach to underserved areas, enabling FNB Botswana clients to conveniently deposit, withdraw cash, purchase airtime and electricity at any FNB CashPlus agent within their community, thus reducing the necessity to visit a branch or ATM. Operating corporate structure FirstRand Limited (SA) FirstRand FirstRand FirstRand FirstRand FirstRand International Investment Holdings Insurance Holdings Bank Limited (SA) EMA Holdings Limited Limited(Gurnesey) (Pty)Ltd (SA) (Pty) Ltd (SA) 100% 100% (SA) 100% 100% 100% First National Bank Holdings (Botswana) Limited 100% First National First National Bank FNB Insurance Brokers of Botswana Limited Nominees (Pty) 100% 70% Limited 100% First Funding (Pty) Financial Services First National Company (Pty) Insurance Agency Limited 100% Limited 100% (Pty) Limited 100% 7 First National Bank of Botswana Limited2023 Integrated Report Attachments Disclaimer First National Bank of Botswana Limitedpublished this content on12 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on13 October 2023 07:16:31 UTC. |
2024-10-04 | Marketscreener.com | Access Bank Botswana : UNAUDITED SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2023 | UNAUDITEDSUMMARISEDCONSOLIDATEDFINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2023 Net interest Non interest Expenses PBT Customer Capital income income deposits adequacy ratio P196m2022: P186m P85m P272.4m P18m P7,219m2022: P6,745m 21.2%2022: 20.0% 2022: P77m 2022: P230m 2022: P44m ECONOMY AND ENVIRONMENT The global macroeconomic landscape has undergone a challenging start to 2023, characterized by significant development across various fronts. Initial optimism on economic recovery has waned. The global economy is faced with uncertainties arising from inflationary pressures, oil price volatilities, and supply chain disruptions which have not fully abated from the COVID-19 pandemic. In addition, the persisting geopolitical risks and the evolving states of the US and Chinese economies are presenting constraints to monetary and fiscal policies worldwide. Global inflation remains a critical concern and responsive monetary policy actions from Central Banks took a hawkish stance, to manage this complex interconnectedness of the global arena. The International Monetary Fund (IMF) projects that global inflation will drop to 6.8% in 2023 from 8.7% in 2022, and further recede to 5.2% in 2024. In turn, global growth is projected to fall from an estimated 3.5% in 2022 to 3.0% in both 2023 and 2024, respectively. Moving into the second half of 2023, navigating these risks will require astute policy decisions and adaptability from both governments and businesses to foster a more stable and sustainable global economic environment. Botswana's macroeconomic landscape faced a mix of opportunities and challenges in the first half of 2023. These were centred around new mining agreements, inflation reverting to the Bank of Botswana's objective range, subdued diamond demand and supply dynamics, volatile global economic conditions, and fiscal sustainability. Consequently, these factors have had a negative impact on economic growth projections with GDP forecasted to subside to 3.8% in 2023 from 5.8% in 2022. The moderation in inflation, reported at 4.6% in June 2022, offered a supportive monetary and fiscal environment amid global uncertainties. SUMMARY OF FINANCIAL PERFORMANCE Our recent initiatives have proven to be exceptionally worthwhile investments, underpinned by substantial efforts to expand our presence and enhance our customer offerings. While these endeavors did lead to increased operational expenses, it's important to emphasize that these strategic moves have yielded positive results in terms of income. Although there may be a temporary impact on our financial performance during this period, we want to underscore the vital importance of these strategic investments. They have not only fortified Access Bank but have also positioned us favorably for a period of imminent growth and prosperity. Among the achievements accomplished through our strategic endeavours are the establishment of new service centres and a substantial increase in our ATM network, ensuring widespread accessibility to banking services across Botswana. The introduction of our "Access Closa" agency model has extended our reach to areas without easy access to ATMs or Service Centre. We have introduced pioneering products that underscore our commitment to innovation in Botswana's banking sector. Notably, our ground- breaking offerings such as the "N'stakolle" loan, Salary Advance loan, and Access Africa have captured the market's attention. Access Africa has revolutionized cross- border payments, offering our customers real-time international transactions - a testament to our ethos of delivering #MoreThanBanking experiences. OUR INCOME STATEMENT Interest incomeincreased by 19% compared to 30 June 2022 due to an improvement in the loan yields. This was brought about by the increases in the Monetary Policy Rate by the Bank of Botswana in May, June and August 2022. June 2023 had the full benefit of the rate increases compared to June 2022. Interest expenseincreased by 32% due to the impact of the interest rate increases mentioned above, and adverse foreign exchange movements between the United States dollar and the Botswana Pula for Dollar based deposits. Despite the increase in cost of funds and adverse movement in foreign exchange, net interest income increased by 5%. Non-interestrevenueincreased by 11% during the first half of 2023, compared to June 2022. The result was due to the continued strong performance of our fees and commission revenue streams from increasing digital channels activity. Despite the strong performance in fees and commissions, trading income declined by 17% mostly due to exchange rate fluctuations. There is a net release to impairment of P9.4m. This was due to good recoveries from written-off loans and the reduction of expected credit loss in line with the reduced growth in the loan book. Overall, our total expenses are 18% higher year on year. Increases in costs are in support of the strategic expansion of the Bank where the Bank opened 40 new ATM sites and added 6 new Sales and Service Centers, since June 2022. Further included in the expenses is the investment in improving our customer value proposition by introducing new products. OUR BALANCE SHEET Total assets increased by 5% year on year. Notable increases in the assets are in the number of investment securities held and lending to other financial institutions during the year. Deposits have grown by 7% compared to June 2022. This is due to growth in customer numbers and current customer value proposition improvements that are showing some positive outcomes. CAPITAL ADEQUACY AND DIVIDENDS Our capital adequacy is at 21.2% as of 30 June 2023, compared to 20% as of 30 June 2022, which is well above the 12.5% minimum requirement. The strong capital levels position the Bank well for future growth as investment into transforming the bank is key to unlocking growth. OUTLOOK With the Bank having made significant investments in new products and channels, the Bank's focus is on growing the customer base and increasing transactional volumes, particularly in the retail segment. This will be achieved through the continuous roll-out of our agency banking channels to bring banking closer to Batswana. In the Wholesale banking segment, the Bank will increase its support for small and medium enterprises. As the Bank expands, management will focus on leveraging the Bank's digital capabilities to reduce optimize operation costs and increase return to shareholders. ACKNOWLEDGEMENT We extend our sincere gratitude to our customers, the Board, management, and the entire Access Bank Botswana Warriors for all their continued support. Our heartfelt gratitude to our customers, regulators and partners who continue supporting our strategic expansion. Mrs. Lorato Nthando Mosetlhanyane Ms Musonda Chishimba Chairperson Managing Director (Acting) 1 UNAUDITEDSUMMARISEDCONSOLIDATEDFINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2023 UNAUDITED SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023 30 June 30 June 31 December 2023 2022 2022 P'000 P'000 P'000 ASSETS Cash and balances with the central bank 282,212 268,948 217,678 Balances with other banks 1,031,583 840,925 823,011 Investment securities 769,939 688,491 876,333 Derivative financial assets 22,137 70,914 20,838 Loans and advances to customers 6,427,218 6,593,619 6,618,195 Balances due from related parties 399,328 - 397,736 Current tax receivable 10,904 10,558 2,666 Other assets 83,037 105,423 119,730 Property and equipment 156,107 108,000 158,516 Intangible assets 61,120 106,697 76,172 Deferred tax asset - 39,234 - Total assets 9,243,585 8,832,809 9,310,875 LIABILITIES Deposits from banks 200,012 109,008 191,565 Deposits from customers 7,219,236 6,744,726 7,276,718 Derivative financial liabilities 21,497 64,829 20,302 Balances due to related parties 6,080 5,406 6,097 Current tax payable - - 921 Other liabilities 189,181 174,299 164,467 Borrowed funds 563,735 529,874 618,021 Deferred tax liability 1,693 4,275 Total liabilities 8,201,434 7,628,142 8,282,366 EQUITY Stated capital 222,479 222,479 222,479 Retained earnings 804,972 967,652 791,330 Revaluation reserve 8,609 8,445 8,609 Other reserves 6,091 6,091 6,091 Total equity 1,042,151 1,204,667 1,028,509 Total equity and liabilities 9,243,585 8,832,809 9,310,875 UNAUDITED SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME for the period ended 30 June 2023 30 June 30 June 2023 2022 % Change P'000 P'000 Effective interest and similar income 442,885 373,099 19% Effective interest expense and similar charges (247,135) (187,392) (32%) Net interest income 195,750 185,706 5% Changes in expected credit losses and other credit impairment 9,403 11,154 (16%) Net trading income 15,017 18,069 (17%) Net fee and commission income 70,039 58,839 19% Total net revenue 290,209 273,768 6% Personnel expenses (92,056) (87,941) (5%) General and administrative expenses (110,790) (79,845) (39%) Depreciation and amortisation expenses (36,342) (28,615) (27%) Indirect tax expense (8,853) (7,040) (26%) Other operating expenses (24,373) (26,466) 8% Total operating expenses (272,414) (229,908) (18%) Profit before tax 17,795 43,860 (59%) Direct tax (4,153) (9,329) 55% Profit for the year 13,642 34,531 (60%) Other comprehensive income for the year - - Total comprehensive income for the year 13,642 34,531 (60%) Earnings per share Basic and diluted earnings per share (thebe) 3.76 9.53 Headline earnings per share Basic and diluted headline earnings per share (thebe) 3.76 9.53 Net interest income vs Non interest revenue 200,000 86,000 84,000 190,000 82,000 180,000 80,000 170,000 78,000 160,000 76,000 74,000 150,000 72,000 June 2022 June 2023 Net interest Non interest income revenue Profit Before Tax vs Cost to Income 50,000 100% 45,000 95% 40,000 35,000 90% 30,000 85% 25,000 80% 20,000 15,000 75% 10,000 70% 5,000 - 65% June 2022 June 2023 Profit before Tax CTI 2 UNAUDITEDSUMMARISEDCONSOLIDATEDFINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2023 UNAUDITED SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 June 2023 30 June 30 June 2023 2022 P'000 P'000 Cash flows from operating activities Profit before tax 17,794 43,860 Adjusted for: Depreciation 16,764 10,616 Amortisation of intangible assets 19,578 17,999 Expected credit losses (9,403) (11,154) Unrealised exchange losses/gains 13,982 14,801 Tax paid (13,769) (9,988) Cash flows from operating activities before changes in operating assets and liabilities 44,946 66,134 Movement in operating assets / liabilities: Loans and advances to customers 190,109 (69,188) Balances due from related parties (2,724) 975 Other assets 35,393 106,661 Deposits from customers and banks (78,350) (118,168) Other liabilities 25,909 (57,326) Balances due to related parties (17) (274) Net cash from operating activities 215,266 (71,185) Cash flows from investing activities Disposal/(purchase) of property and equipment (9,761) (15,993) Purchase of intangibles assets (9,118) (49,070) Disposal /(Additions) to financial instruments 106,394 - Net cash (used in)/generated investing activities 87,515 (65,063) Cash flows from financing activities Repayments on borrowed funds (66,480) (171,332) Dividends paid - (16,000) Payment of interest on lease liabilities (2,672) (2,353) Payment of lease liabilities (3,234) (2,722) Net cash generated from financing activities (72,386) (192,407) Net increase / (decrease) in cash and cash equivalents 230,395 (328,655) Cash and cash equivalents at beginning of the period (1 January) 1,439,488 1,804,365 Effect of exchange rate fluctuations on cash and cash equivalents held 40,362 28,961 Cash and cash equivalents for the period (30 June) 1,710,245 1,504,671 Cash and cash equivalents comprised of: Cash and balances with the Central Bank 282,212 268,948 Balances with other banks 1,031,583 840,925 Investment securities - 394,798 Balances due from related parties 396,450 - 1,710,245 1,504,671 UNAUDITED SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period ended 30 June 2023 Stated Other Revaluation Retained capital reserves reserve earnings Total P'000 P'000 P'000 P'000 P'000 At 1 January 2022 222,479 6,091 8,445 949,121 1,186,136 Profit for the period 8,208 8,208 Other comprehensive income 164 164 Total Comprehensive income - - 164 8,208 8,372 Other movement in reserves Dividend declared and paid - - - (165,999) (165,999) Total other movements in reserves - - - (165,999) (165,999) At 31 December 2022 222,479 6,091 8,609 791,330 1,028,509 At 1 January 2023 222,479 6,091 8,609 791,330 1,028,509 Profit for the period - - - 13,642 13,642 Other comprehensive income - - Total Comprehensive income - - - 13,642 13,642 At 30 June 2023 222,479 6,091 8,609 804,972 1,042,151 Deposits 7,400,000 7,100,000 BWP('000) 6,800,000 6,500,000 6,200,000 5,900,000 5,600,000 5,300,000 5,000,000 Jun 2022 June 2023 Year Gross advances vs Impairment to Gross Advances 6,800,000 300,000 6,500,000 290,000 280,000 6,200,000 270,000 5,900,000 260,000 5,600,000 250,000 240,000 5,300,000 230,000 5,000,000 220,000 June 2022 June 2023 Gross advances Impairment 3 UNAUDITEDSUMMARISEDCONSOLIDATEDFINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2023 SIGNIFICANT ACCOUNTING POLICIES for the period ended 30 June 2023 General information Access Bank Botswana Limited provides wholesale banking, retail and global markets banking services. The Bank is a limited liability company and is incorporated and domiciled in Botswana (registration number BW00001089931). The summarised condensed consolidated interim financial statements for the period ended 30 June 2023 have been approved for issue by the members of the Board on 28 of September 2023. Neither the members of the Board nor others have the power to amend financial statements after issue. 1. Basis of presentation 1.1 STATEMENT OF COMPLIANCEAccounting policies The consolidated financial statements comprise the consolidated statement of profit or loss and other comprehensive income showing as one consolidated statement, the consolidated statement of financial position, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated financial statements have been prepared on the historical cost basis, except for revaluation of property , plant and equipment and certain financial instruments which are disclosed at fair value. The Bank has consistently applied the accounting policies, where necessary, the Bank adjusts comparative figures to conform to changes in presentation in the current year. The principal accounting policies applied are disclosed in the annual financial statements. New Accounting Standards IFRS 17, Insurance contracts The IASB issued IFRS 17, 'Insurance contracts', and thereby started a new epoch of accounting for insurers. Whereas the current standard, IFRS 4, allows insurers to use their local GAAP, IFRS 17 defines clear and consistent rules that will significantly increase the comparability of financial statements. For insurers, the transition to IFRS 17 will have an impact on financial statements and on key performance indicators. This amendment does not have a significant impact on the financial statements of the Group. Amendment to IAS 1, 'Presentation of Financial Statements' on Classification of Liabilities as Current or Noncurrent The amendment clarifies that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. A number of requirements are required to be met in conjunction with this amendment. This amendment does not have a significant impact on the financial statements of the Group as the Group presents assets and liability in order of liquidity on the Statement of Financial Position. Amendments to IAS 12, Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendments require companies to recognise deferred tax on transactions that, on initial recognition give rise to equal amounts of taxable and deductible temporary differences. The Group will quantify the impact of the deferred tax from the right of use asset and corresponding lease liabilities, althought the impact is not expected to be significant on a net basis. Use of estimates and judgements The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Bank's accounting policies. The areas involving a higher degree of judgment or complexity or areas where assumptions and estimates are significant to the financial statements are disclosed, in the annual financial statements. The critical accounting estimates and areas of judgement relate to the following elements of the summarised financial results: Going concern The directors are responsible for ensuring that the Group keeps accounting records which disclosewithreasonableaccuracyatanytimetheprofitorlossandothercomprehensive income,financialposition,changesinequityandcashflowsofthegroupwhichenablethem toensurethatthefinancialstatementscomplywiththeBotswanaCompaniesAct,2003, the Banking Act (Cap 46:04) and International Financial Reporting Standards (IFRS). 2. Stated Capital The issued share capital of the Bank comprises of 725 000 000 ordinary shares which are 78.15% owned by Access Bank PLC. There has been no change in the Bank's stated capital during the period. MAURITANIA MALI SENEGAL THE GAMBIA GUINEA BURKINA BISSAU GUINEA FASO TOGO BENIN LEONE COTE SIERRA DÕIVORY GHANA Send moneyLIBERIAglobally with AccessAfrica NIGER CHAD ERITREA SUDAN DJIBOUTI NIGERIA SOMALIA ETHIOPIA CENTRAL AFRICAN REPUBLIC CAMEROON EQUATORIAL UGANDA GUINEA CONGO KENYA GABON CONGO(DRC) RWANDA BURUNDI The World is Next Door TANZANIA ANGOLA MALAWI ZAMBIA MOZAMBIQUE more than banking SWAZILAND 4 Attachments Disclaimer Access Bank Botswana Ltd.published this content on04 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on04 October 2023 07:41:13 UTC. |
2024-10-17 | The Times of India | India slips to 45th position on the Global Pension Index 2023 | India slipped to 45th position out of 47 countries on the Global Pension Index 2023 as compared to 41st position out of 44 countries in 2022 and 40th out of 43 countries in 2021. While India’s score improved marginally from 44.4 in 2022 to 45.9 in 2023, primarily due to an improvement in the adequacy sub-index, the report says India can improve its index value by improving minimum support, enhancing coverage to unorganised workers and easing regulations for the private pension system. The Netherlands topped the index with a score of 85 followed by Iceland with a score of 83.5 and Denmark with a score of 81.3, released by the Mercer and CFA Institute on Tuesday. The Index is made up of three sub-indices, including adequacy, sustainability and integrity, to measure each retirement income system against more than 50 indicators. Global Pension Index 2023 compares 47 retirement income systems, with the inclusion of Botswana, Croatia and Kazakhstan, with regard to adequacy, sustainability and integrity. These 47 retirement income systems represent 64% of the world’s population. “The overall index value for the Indian pension system could be increased by introducing a minimum level of support for the poorest aged individuals and increasing coverage of pension arrangements for the unorganized working class,” it said. “Besides, India can introduce a minimum access age so that benefits are preserved for retirement purposes while improving the regulatory requirements for the private pension system,” it added. India’s retirement income system comprises an earnings-related employee pension scheme, a defined contribution employee provident fund under the Employees’ Provident Fund Organisation and government schemes aimed at benefiting the unorganized sector. According to the report, the retirement income systems around the world are under pressure as never before with several factors emerging that will affect the long-term efficacy of these systems. These include changes in the demographic structure of most countries with falling birth rates, reemergence of inflation and a shift from defined benefit (DB) to defined contribution (DC) arrangements, in which individuals carry all the risks relating to investment returns, inflation and, often, longevity. “Increasing coverage of employees, including nonstandard workers, and the self-employed in the private pension system while increasing the state pension age or retirement age and promoting higher labor force participation at older ages are the range of reforms that can be implemented to improve the long-term outcomes from our retirement income systems,” it said “Further, countries need to introduce measures to reduce the gender pension gap and gaps that exist for minority groups in many retirement income systems while reducing the leakage from the retirement savings system prior to retirement,” it added. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on Global pension index india employees provident fund organisation cfa institute netherlands denmark (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-22 | Euronews | Swiss elections: polls show right-wing populists and Socialists may fare well | The right-wing populist SVP party has consolidated its position as Switzerland's leading political party, winning almost 29% of the vote in Sunday's federal election. According to the final projections reported by the Swiss Broadcasting Corporation, SVP came ahead of the Socialists, the second-largest party in the lower house of parliament, who will get just over 17% of the vote. Meanwhile the Green party looks set to be the biggest loser in the election, dropping four percentage points to 9.2%. The election of the 200-seat lower house, known as the National Council and the 46-seat Council of States, the upper house, will set the tone for Swiss policy as the rich Alpine country adapts its self-image as a “neutral” country outside the European Union. It also comes as the nation grapples with issues like climate change, rising health care costs and migration. Final ballots will be collected on Sunday after the vast majority of Swiss made their choices by mail-in voting. The vote could indicate how another slice of Europe’s electorate is thinking about right-wing populist politics and the need to spend money and resources to fight global warming at a time of rising inflation that has pinched many pocketbooks - even in well-to-do Switzerland. A new formation calling itself ‘The Centre’ - born of the fusion in 2021 of centre-right Christian Democrat and ‘Bourgeois Democrat’ parties - is making its debut in a parliamentary vote, and could together eclipse the free-market Liberal party as the third-largest party in the lower house. Polls suggest the Swiss have three main preoccupations in mind: rising fees for the obligatory, free market-based health insurance system; climate change, which has eroded Switzerland’s numerous glaciers - and worries about migrants and immigration. The parliamentary vote is one of two main ways that Switzerland's 8.5 million people guide their country. Another is through regular referendums - usually four times a year - on any number of policy decisions, which set guideposts that parliament must follow as it drafts and passes legislation. |
2024-10-30 | Marketscreener.com | Fortuna receives positive decision from Mexican Court which reinstates the San Jose Mine environmental impact authorization | VANCOUVER, British Columbia, Oct. 30, 2023 (GLOBE NEWSWIRE) --Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI)reports that the Mexican Federal Administrative Court (the “Court”) has ruled in favour of Minera Cuzcatlan, Fortuna’s Mexican subsidiary, and re-instated the 12-year environmental impact authorization (“EIA”) for the San Jose Mine. On January 2, 2023, Minera Cuzcatlan received written notice of a resolution issued by the Secretaria de Medio Ambiente y Recursos Naturales (“SEMARNAT”) which annulled the 12-year term of the EIA for the San Jose Mine and required SEMARNAT to re-assess it. Minera Cuzcatlan subsequently initiated legal proceedings in the Court to contest and revoke the annulment of the EIA and obtained a permanent injunction to protect its operations pending the decision of the Court. In its ruling, the Court dismissed the allegations of SEMARNAT contained in the annulment resolution. The San Jose Mine is in full compliance with all material environmental laws and continues to operate under the terms of the EIA. The decision of the Court is subject to appeal by SEMARNAT, and if appealed, the permanent injunction that the Company already has will remain in effect. About Fortuna Silver Mines Inc. Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit ourwebsite. ON BEHALF OF THE BOARD Jorge A. GanozaPresident, CEO, and DirectorFortuna Silver Mines Inc. Investor Relations:Carlos Baca|info@fortunasilver.com|www.fortunasilver.com|X|LinkedIn|YouTube Forward-looking Statements This news release contains forward looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; the future financial or operating performance of the Company; and the possibility that SEMARNAT may appeal the decision of the Court. Often, but not always, these Forward looking Statements can be identified by the use of words such as "estimated", “expected”, “anticipated”, "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others,operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainties related to new mining operations such as the Séguéla Mine; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian - Russian conflict, and the impact it may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; the ability of SEMARNAT to appeal the decision of the Mexican Court; temporary restrictions imposed by the Company’s lenders on the Company’s abilities under the Credit Facility; our ability to access the capital markets; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate change legislation; labour relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited tothat the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labour and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations; the Company’s ability to access the capital markets; the ability to meet current and future obligations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. |
2024-10-30 | GlobeNewswire | Fortuna receives positive decision from Mexican Court which reinstates the San Jose Mine environmental impact authorization | VANCOUVER, British Columbia, Oct. 30, 2023 (GLOBE NEWSWIRE) --Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI)reports that the Mexican Federal Administrative Court (the “Court”) has ruled in favour of Minera Cuzcatlan, Fortuna’s Mexican subsidiary, and re-instated the 12-year environmental impact authorization (“EIA”) for the San Jose Mine. On January 2, 2023, Minera Cuzcatlan received written notice of a resolution issued by the Secretaria de Medio Ambiente y Recursos Naturales (“SEMARNAT”) which annulled the 12-year term of the EIA for the San Jose Mine and required SEMARNAT to re-assess it. Minera Cuzcatlan subsequently initiated legal proceedings in the Court to contest and revoke the annulment of the EIA and obtained a permanent injunction to protect its operations pending the decision of the Court. In its ruling, the Court dismissed the allegations of SEMARNAT contained in the annulment resolution. The San Jose Mine is in full compliance with all material environmental laws and continues to operate under the terms of the EIA. The decision of the Court is subject to appeal by SEMARNAT, and if appealed, the permanent injunction that the Company already has will remain in effect. About Fortuna Silver Mines Inc. Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit ourwebsite. ON BEHALF OF THE BOARD Jorge A. GanozaPresident, CEO, and DirectorFortuna Silver Mines Inc. Investor Relations:Carlos Baca|info@fortunasilver.com|www.fortunasilver.com|X|LinkedIn|YouTube Forward-looking Statements This news release contains forward looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; the future financial or operating performance of the Company; and the possibility that SEMARNAT may appeal the decision of the Court. Often, but not always, these Forward looking Statements can be identified by the use of words such as "estimated", “expected”, “anticipated”, "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others,operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainties related to new mining operations such as the Séguéla Mine; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian - Russian conflict, and the impact it may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; the ability of SEMARNAT to appeal the decision of the Mexican Court; temporary restrictions imposed by the Company’s lenders on the Company’s abilities under the Credit Facility; our ability to access the capital markets; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate change legislation; labour relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited tothat the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labour and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations; the Company’s ability to access the capital markets; the ability to meet current and future obligations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. |
2024-11-01 | GlobeNewswire | Greenlight Capital Re, Ltd. Schedules Third Quarter 2023 Financial Results And Conference Call | GRAND CAYMAN, Cayman Islands, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (the "Company" or "Greenlight Re"), a multiline property and casualty insurer and reinsurer, today announced that it expects to release financial results for the quarter ended September 30, 2023, after the market closes on Wednesday, November 8, 2023. A live conference call to discuss the financial results will be held on Thursday, November 9, 2023, at 9:00 a.m. Eastern Time. Conference Call Details To participate in the Greenlight Re Third Quarter 2023 Earnings Call, please dial in to the conference call at: U.S. toll free 1-877-407-9753International 1-201-493-6739 The conference call can also be accessed via webcast at: https://event.webcasts.com/starthere.jsp?ei=1635367&tp_key=4b61cd0dfeS A telephone replay will be available following the call through November 14, 2023. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13741362. An audio file of the call will also be available on the Company’s website,www.greenlightre.com. About Greenlight Capital Re, Ltd.Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. In 2018, the Company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network. Investor Relations ContactKarin DalyVice President, The Equity Group Inc.(212) 836-9623IR@greenlightre.ky |
2024-10-30 | Marketscreener.com | Financials Acquisition eyes Lloyd's of London with LIU deal | Financials Acquisition Corp - Cayman Islands-based special purpose acquisition company focused on insurance technology - To merge with London Innovation Underwriters Ltd, a vehicle formed to establish a business combination to deploy funds in the Lloyd's of London insurance market. FAC will become a subsidiary of LIU once deal is done. In addition, LIU is proposing to raise up to GBP300 million in a placing of new shares. LIU to pay dividends at "appropriate time in its development". Base dividend policy is to be 30% of net income, paid with an interim dividend and final dividend. "Given the limited time and operations between Admission and the year-end it is not expected that a final dividend will be paid from the 2023 financial year in 2024, however an interim payment for 2024 is expected to be paid in the fourth quarter," LIU says. Current stock price: 995.00 pence 12-month change: down 1.0% By Eric Cunha, Alliance News news editor Comments and questions to newsroom@alliancenews.com Copyright 2023 Alliance News Ltd. All Rights Reserved. |
2024-10-30 | GlobeNewswire | Star Bulk Announces the Repurchase of an Additional 10 Million of its Common Shares From Oaktree | ATHENS, Greece, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced today that it entered into a Repurchase Agreement (the “Repurchase Agreement”) with OCM XL Holdings, L.P., a limited partnership incorporated in the Cayman Islands, Oaktree OBC Container Holdings, LLC, a limited liability company organized in the Marshall Islands, and OCM FIE, LLC, a limited liability company organized in Delaware (collectively the “Sellers”), pursuant to which the Company agreed to purchase of an additional 10 million of its common shares (“Purchased Shares”) from the Sellers at a price per common share of $19.50 (such price, the “Purchase Price” and, such transaction, the “Share Repurchase”). The Share Repurchase was approved unanimously by all the disinterested members of the Company’s Board of Directors. As a result of the Share Repurchase, (i) Oaktree Dry Bulk Holding LLC, an affiliate of the Seller, and its affiliated funds’ (collectively, the “Oaktree Shareholders”) aggregate ownership in the Company is expected to be reduced from approximately 17.2% of the Company’s outstanding common stock to approximately 7.2% and (ii) the number of directors that the Oaktree Shareholders are entitled to nominate pursuant to the shareholders agreement, dated as of July 11, 2014 (the “Oaktree Shareholders Agreement”), among the Company and the Oaktree Shareholders is expected to be reduced to one director. Closing is expected to occur on December 1, 2023 after which the 10 million shares will be withdrawn and cancelled. The Purchase Price will be funded from new debt financing, which we intend to repay with proceeds mostly from future vessel sales. The Company remains committed to its current dividend policy and we believe that the Share Repurchase will be accretive to our future dividends per share. About Star BulkStar Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Limassol, Singapore and Germany. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. Star Bulk operates a fleet of 119 vessels, with an aggregate capacity of 13.3 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 40 Kamsarmax, 2 Panamax, 20 Ultramax and 11 Supramax vessels with carrying capacities between 52,425 dwt and 209,529 dwt. Forward-Looking StatementsMatters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “will”, “would,” “could,” “should,” “may,” “forecasts,” “potential,” “continue,” “possible” and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values; the strength of world economies; the stability of Europe and the Euro; fluctuations in currencies, interest rates and foreign exchange rates, and the impact of the discontinuance of the London Interbank Offered Rate for US Dollars, or LIBOR, after June 30, 2023 on any of our debt referencing LIBOR in the interest rate; business disruptions due to natural disasters or other disasters outside our control, such as the ongoing novel coronavirus (“COVID-19”) pandemic (and variants that may emerge); the length and severity of epidemics and pandemics, including COVID-19 and its impact on the demand for seaborne transportation in the dry bulk sector; changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction; the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom; changes in our expenses, including bunker prices, dry docking, crewing and insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions; the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (“ESG”) practices; our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or regional/national level imposed by regional authorities such as the European Union or individual countries; potential cyber-attacks which may disrupt our business operations; general domestic and international political conditions or events, including “trade wars” and the ongoing conflict between Russia and Ukraine; the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments; potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political events, public health threats, international hostilities and instability, piracy or acts by terrorists; the availability of financing and refinancing; the failure of our contract counterparties to meet their obligations; our ability to meet requirements for additional capital and financing to grow our business; the impact of our indebtedness and the compliance with the covenants included in our debt agreements; vessel breakdowns and instances of off‐hire; potential exposure or loss from investment in derivative instruments; potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management and our ability to complete acquisition transactions as and when planned and upon the expected terms and the impact of port or canal congestion or disruptions. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication. |
2024-10-13 | Marketscreener.com | Bank of Cyprus Public : Press release | Announcement Changes in the composition of the Boards of Directors Nicosia, 13 October 2023 Group Profile The Bank of Cyprus Group is the leading banking and financial services group in Cyprus, providing a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. At 30 June 2023, the Bank of Cyprus Group operated through a total of 64 branches in Cyprus, of which 4 operated as cash offices. The Bank of Cyprus Group employed 2,902 staff worldwide. At 30 June 2023, the Group's Total Assets amounted to €25.7 bn and Total Equity was €2.2 bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank of Cyprus Public Company Limited and its subsidiaries. Bank of Cyprus Holdings Public Limited Company ("BOC Holdings" and, together with its subsidiaries, the "Group"), and Bank of Cyprus Public Company Limited (the "Bank") announce that at their respective Board meetings held on 13 October 2023, the Boards decided the following: 1. Resignation of Mrs Maria Philippou from the Board of Directors Mrs Maria Philippou submitted her resignation as a member of each of the Boards of Bank of Cyprus Holdings Public Limited Company and Bank of Cyprus Public Company Limited, to pursue new career opportunities. The Boards of Directors accepted the resignation of Mrs M. Philippou and thanked her for her valuable contribution to the Group over the years and wished her every success for the future. The resignation is effective immediately, i.e. as of 13 October 2023. 2. Change in the composition of the Human Resources & Remuneration Committee (HRRC) The Boards of Bank of Cyprus Holdings Public Limited Company ("BOC Holdings" and, together with its subsidiaries, the "Group"), and Bank of Cyprus Public Company Limited (the "Bank") appointed Monique Hemerijck as a member of the Human Resources & Remuneration Committee (HRRC) and Constantine Iordanou as Chair. The change is effective immediately, therefore as of this day the composition of the HRRC will be as follows: Human Resources & Remuneration Committee (HRRC) Constantine Iordanou (Chair) Lyn Grobler Monique Hemerijck The composition of the rest of the Committees of the Boards remains the same, as follows: Nominations and Corporate Governance Committee (NCGC) Takis Arapoglou (Chair) Lyn Grobler Yiannis Zographakis Risk Committee (RC) Monique Hemerijck (Chair) Nicolas Sofianos Paula Hadjisotiriou Lyn Grobler Audit Committee (AC) Nicolaos Sofianos (Chair) Paula Hadjisotiriou Constantine Iordanou Technology Committee (TC) Constantine Iordanou (Chair) Ioannis Zographakis Paula Hadjisotiriou Attachments Disclaimer Bank of Cyprus Holdings plcpublished this content on13 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on13 October 2023 11:36:44 UTC. |
2024-10-30 | ETF Daily News | Bank of Cyprus Holdings Public Limited (OTCMKTS:BKCYF) Sees Significant Decrease in Short Interest | Bank of Cyprus Holdings Public Limited (OTCMKTS:BKCYF–Get Free Report) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 2,600 shares, a drop of 16.1% from the September 30th total of 3,100 shares. Based on an average daily volume of 100 shares, the short-interest ratio is presently 26.0 days. Shares ofBKCYFtraded up C$0.00 during trading hours on Monday, reaching C$3.01. 5,000 shares of the company’s stock traded hands, compared to its average volume of 6,774. Bank of Cyprus Holdings Public has a twelve month low of C$2.11 and a twelve month high of C$3.60. The business’s fifty day simple moving average is C$3.30 and its two-hundred day simple moving average is C$3.24. (Get Free Report) Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverBank of Cyprus Holdings Public Limited Company, through its subsidiaries, engages in the provision of banking, financial, and insurance services. It offers current, demand, savings, time, notice, instant access, and fixed deposits; housing, student, vehicle, mortgage, consumer, business and business premises, term, and home or investment loans; and asset finance, factoring, trade facilities, European financial, project finance, shipping finance, and syndicated and corporate lending services, as well as hire purchase services for car and equipment. |
2024-10-31 | Marketscreener.com | Alro S A : Current Report Later EGSM - October 31, 2023 | As of the date of October 31, 2023, the Alro S.A. Extraordinary General Meeting of Shareholders took place. It was attended by the following shareholders: The shareholders attending the Extraordinary General Meeting hold shares amounting to 95.67 % from the share capital. The following decisions have been made: 1. By a number of 682,876,501 total votes expressed, accounting for 682,876,501 shares, respectively 95.67 % of the total share capital, out of which 682,876,501 votes in favour accounting for 100 % of the share capital represented for in the meeting, all the cast votes being valid, it is hereby approved the non-implementation of the transactions approved at points 1-3 of Decision no. 738 of the Extraordinary General Meeting of the Company's Shareholders of 19.09.2023, as a result of the change in the structure of the Company's financing/refinancing transaction following negotiations with the Company's lenders. 2. By a number of 682,876,501 total votes expressed, accounting for 682,876,501 shares, respectively 95.67 % of the total share capital, out of which 682,876,501 votes in favour accounting for 100 % of the share capital represented for in the meeting, all the cast votes being valid, it is hereby approved the granting by the Company of the following guarantees: (i)immovable mortgages on the key immovable assets of the Company (the "Immovable Mortgage Agreement"); (ii)movable mortgages on the following movable assets held by the Company: (a) the current and future bank accounts opened by the Company, as well as all the amounts of money existing at any moment in these bank accounts, except for some excluded accounts as shall be agreed with the lenders; (b) the current and future movable assets, with an individual value higher than USD 10,000; (c) the Company's current and future stocks of raw materials and products; (d) the current and future receivable rights of the Company, resulting from its present and future contracts concluded in the ordinary course of performing the activity of its enterprise, except for some excluded receivables, as shall be agreed with the lenders; and (e) the rights related to the receivables from the insurance policies concluded by the Company in relation with the goods that are object of the movable mortgage agreement (the "Movable Mortgage Agreement"). The Immovable Mortgage Agreement and the Movable Mortgage Agreement will be collectively referred to as "Mortgages". The Mortgages will guarantee the fulfillment by the Company of the additional obligations estimated by the parties in the amount of USD 30,000,000 consisting of interest, commissions and other costs resulting from the extension of the revolving credit facilities in the total amount of USD 150,000,000 from the credit facility agreement concluded on December 14, 2015 between the Company, as borrower, on the one hand, and a syndicate of banks, as lenders, on the other hand, as such agreement was or will be subsequently modified and reconfirmed (the "Credit Facility Agreement"). 3. By a number of 682,876,501 total votes expressed, accounting for 682,876,501 shares, respectively 95.67 % of the total share capital, out of which 682,876,501 votes in favour accounting for 100 % of the share capital represented for in the meeting, all the cast votes being valid, it is hereby approved the authorization of the Company's Board of Directors to approve the almost final forms of all the documents related to the above transaction, including, if the case may be, any documentation regarding understandings between the creditors, including Black Sea Trade and Development Bank, as well as to empower the General Manager and the Financial Manager to negotiate and sign, in the name and on behalf of the Company such documents and any other documents, requests, notifications etc. related to the implementation of the above transaction, respecting the right of submandate of the General Manager and the Financial Director. 4. By a number of 682,876,501 total votes expressed, accounting for 682,876,501 shares, respectively 95.67 % of the total share capital, out of which 682,876,501 votes in favour accounting for 100 % of the share capital represented for in the meeting, all the cast votes being valid, it is hereby approved to empower Mr. Ion Constantinescu to comply with all the formalities for the registration of the Extraordinary General Meeting of Shareholders' resolutions. 5. By a number of 682,876,501 total votes expressed, accounting for 682,876,501 shares, respectively 95.67 % of the total share capital, out of which 682,876,501 votes in favour accounting for 100 % of the share capital represented for in the meeting, all the cast votes being valid, it is hereby approved the date of 28 November 2023as registration date, for the opposability of all the decisions made by the Extraordinary General Meeting of the Shareholder, in accordance with the provisions of art. 87 in Law no. 24/2017 regarding the issuers of the financial instruments and market operations. 6. By a number of 682,876,501 total votes expressed, accounting for 682,876,501 shares, respectively 95.67 % of the total share capital, out of which 682,876,501 votes in favour accounting for 100 % of the share capital represented for in the meeting, all the cast votes being valid, it is hereby approved the date of 27 November 2023asex datein accordance with the provisions of art. 187 point 11 of Regulation no. 5/2018 regarding the issuers of the financial instruments and market operations issued by the Financial Supervisory Authority. President of the Board of Director General Manager Marian Daniel Nastase Gheorghe Dobra Attachments Disclaimer Alro SApublished this content on31 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on31 October 2023 09:49:43 UTC. |
2024-10-25 | Gizmodo.com | Pet Owners Care More About Their Dogs Than Cats, Study Finds | New research will provide plenty of fuel to the eternal cats versus dogs debate. The study surveyed pet owners across three European countries and found that dog owners generally seemed to care more about their dogs than cat owners did about their cats. However, the differences in pet attachment varied greatly between countries, and it’s possible that cats could become just as lovable as dogs over time, the researchers say. The work was led by veterinary scientists from the University of Copenhagen in Denmark. They were inspired by a long-running trend observed in older studies and in their own offices: Dog owners will typically spend more money on veterinary care for their dogs than cat owners will spend on their cats. More recently, however, that trend has started to change in favor of cats. So they wanted to see if people’s attitudes toward the feline persuasion as a beloved companion animal had changed along with it. “My impression is that, over the past 50 years or so, cats have gone from being completely peripheral animals to going up the ladder,” lead author Peter Sandøe told Gizmodo in a video call. “So if cats are on the way up, the question is: How far will they get? And will they get close to dogs?” To expand beyond past studies that have examined the question of pet attachment, Sandøe and his team tried to survey a representative sample of pet owners. They also chose to ask people in three countries—Denmark, Austria, and the United Kingdom—allowing them to look for possible cultural factors that could influence our love of these furry companions. Respondents were asked questions about their emotional attachment to their pets and their approach to veterinary care, such as whether they were paying for pet health insurance. Overall, the team surveyed 2,117 pet owners, including 844 dog owners, 872 cat owners, and 401 people who owned both. Across the board, people scored higher on average in all measures of caring about their dogs than they did about their cats. But these differences were noticeably larger in Denmark than the other two countries, and were very modest in the UK specifically. About 34% of dog owners in the UK said they would be willing to pay a high cost for life-saving medical treatment of their pets, compared to 28% of cat owners, for instance, a difference that wasn’t actually statistically significant. In contrast, 41% of respondents in Denmark said the same for their dogs, compared to 26% of cat owners. The findings, published Monday in the journal Frontiers in Veterinary Science, suggest that humanity’s love for pets isn’t set in stone and can be influenced by cultural characteristics. The study authors originally hypothesized that people in Denmark might generally be less familiar with cats in the home than those living in Austria and the UK, for instance, since the country became urbanized relatively later than these countries. This more recent rural history means that cats in Denmark might be more often seen as just another farm or feral animal than they would be in Austria or the UK—a hypothesis supported by the results. But there are likely other factors in play, such as the cost of pet care across countries. So while dogs might hold the key to our hearts now, cats could very well become just as treasured a pet in the future. It’s also possible that cats nowadays might be more loved than dogs in certain parts of the world, such as Asia, where cats have long been revered culturally and dogs are more often encountered as feral animals. The team hopes they can collaborate with researchers in these other countries to continue studying this enduring popularity contest. “Looking at these data, there’s no reason to say that dogs will always have the upper paw,” Sandøe noted. |
2024-10-22 | RT | EU fears new winter gas price crisis – FT | The EU could prolong the emergency gas price cap introduced last winter to avoid a new price spike, the Financial Times reported on Sunday, citing diplomats. According to the report, despite the recent decline in energy prices and high gas storage levels, Brussels is concerned that gas supply could still be at risk during the heating season due to the Israel-Palestineconflict. “We don’t know what will happen this year. We have the situation in Israel and we don’t know how that will affect imports from the Middle East,” one EU diplomat told the news outlet. Many analysts warn that any escalation of the conflict could cause a surge in gas prices. There are also fears of potential acts of sabotage to gas infrastructure, especially after the recent leak at the Balticconnectorpipeline. The undersea gas pipe connecting Finland and Estonia was shut down earlier this month and is believed to have been damaged deliberately. One source told FT that in light of that incident “it would be good to have an insurance policy” in case other infrastructure suffers a similar fate. According to the report, ten EU member states, including Germany and Austria, have appealed to the European Commission in a letter this weekend asking to extend the emergency measures introduced during the energy crisis last winter, when gas prices in the bloc reached more than €300 per megawatt-hour. One of these measures included a “market correction mechanism,” which would cap the market price of gas at €180 per megawatt-hour if gas futures trade at a higher level for three consecutive days. While the price cap had many opponents at the time, arguing that it would distort markets, the European Commission saw “no indication of negative effects” since it took effect, with gas prices now nearly 90% lower than last year. The cap, however, is due to expire in January 2024. Among other measures proposed for extension are emergency regulations that allowed EU countries to accelerate certification of new wind farms and solar power parks, and ease state aid rules for renewables projects. Germany and France have reportedly also asked the European Commission to extend emergency rules that allowed member states to provide subsidies to consumers facing high energy prices. However, Belgium, the Netherlands, Denmark, Estonia, and Finland have been opposing the move, saying there was “neither the need, nor the legal basis” to prolong the legislation. The European Commission is expected to announce which of the emergency measures it considers worthy of extension next month. For more stories on economy & finance visitRT's business section |
2024-10-13 | Marketscreener.com | Goldquest Mining : Q1 2023 MD&A | GOLDQUEST MINING CORP. INTERIM MANAGEMENT'S DISCUSSION & ANALYSIS QUARTERLY HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2023 Table of Contents INTRODUCTION 3 NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INDICATED AND INFERRED RESOURCES 3 OVERVIEW 3 BUSINESS STRATEGY 4 2023 HIGHLIGHTS 4 FINANCIAL REPORTING AND DISCLOSURE DURING ECONOMIC UNCERTAINTY 4 SELECTED INFORMATION 4 RESULT OF OPERATIONS 5 LIQUIDITY AND CAPITAL RESOURCES 6 OUTSTANDING SHARE DATA 6 COMMITMENTS 7 CONTINGENCIES 7 FINANCIAL INSTRUMENTS 7 RELATED PARTIES 8 CRITICAL ACCOUNTING ESTIMATES 8 ADOPTION OF NEW AND AMENDED IFRS PRONOUNCEMENTS 8 OFF-BALANCE SHEET FINANCING ARRANGEMENTS 9 PROPOSED TRANSACTIONS 9 RISKS AND UNCERTAINTIES 9 ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE 12 FORWARD-LOOKING INFORMATION 12 GoldQuest Mining Corp. MANAGEMENT'S DISCUSSION AND ANALYSIS - QUARTERLY HIGHLIGHTS For the Three Months Ended March 31, 2023 (Expressed in Canadian Dollars) INTRODUCTION This Interim Management's Discussion and Analysis - Quarterly Highlights (the "Interim MD&A") has been prepared to provide material updates and analysis of the business operations, financial condition, financial performance, cash flows, liquidity, and capital resources of GoldQuest Mining Corp. and its subsidiaries ("GoldQuest" or the "Company"). Effective with the first interim quarter of the fiscal year ended December 31, 2019, the Company adopted the option under Section 2.2.1 of National Instrument 51-102F1 to provide the Interim MD&A disclosure under the "Quarterly Highlights" regime set out in that section of the instrument. The following Interim MD&A as of May 26, 2023, should be read in conjunction with the unaudited condensed consolidated interim financial statements of the Company and the notes relating thereto, for the three months ended March 31, 2023, which are prepared in accordance with international Financial Reporting Standards ("IFRS") and the annual management discussion and analysis for the year ended December 31, 2022. All financial amounts are stated in Canadian currency unless stated otherwise. Additional information relating to the Company is filed on SEDAR atwww.sedar.com. NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INDICATED AND INFERRED RESOURCES The terms "Indicated" and "Inferred" Resources are used herein. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable. OVERVIEW GoldQuest is a Canadian-based mineral exploration company with projects in the Dominican Republic. The Company's common shares trade on the TSX-V under the symbol GQC and in Frankfurt/Berlin under the symbol M1W. GoldQuest operates through its wholly-owned British Virgin Island subsidiary, GoldQuest Mining (BVI) Corp. and its wholly-owned subsidiary, GoldQuest Dominicana SRL, which is domiciled in the Dominican Republic. GoldQuest commenced exploration activities in the Dominican Republic in 2001 and has focused on its portfolio of gold-copper projects located within the Tireo Formation in the western portion of the Dominican Republic. The Company holds 19 exploration permits (granted or under application) and one exploitation permit (under application) concessions in the Dominican Republic. These concessions are grouped into the following districts: The Tireo Property in the San Juan District and the Monte Verraco Property (formerly Loma Oculta) in the Jarabacoa District are the Company's material properties. Page 3 of 12 GoldQuest Mining Corp. MANAGEMENT'S DISCUSSION AND ANALYSIS - QUARTERLY HIGHLIGHTS For the Three Months Ended March 31, 2023 (Expressed in Canadian Dollars) BUSINESS STRATEGY GoldQuest seeks to become a gold-copper development company in the Dominican Republic and to evaluate opportunities in other countries. The Company aims to maximize long-term value for its shareholders by moving the Romero Project forward through to development while exploring for additional mineralization on its other properties. The Company is committed to the exploration and development of all of its mineral properties in a socially and environmentally responsible manner that will be beneficial for all stakeholders. The Company's sustainable social responsibility mandate aims to provide employment opportunities and social support for local communities, sustainable development of local infrastructure and follow leading environmental practices in the regions that GoldQuest operates in. Due to the delay in receiving Presidential endorsement of the Exploitation License for the Company's Romero Project, the Company is seeking and evaluating opportunities with respect to mineral properties outside the Dominican Republic. The Company is monitoring the political situation in the Dominican Republic and any progress towards Presidential endorsement of the Exploitation License with interest as it evaluates other opportunities in mining friendly jurisdictions. 2023 HIGHLIGHTS FINANCIAL REPORTING AND DISCLOSURE DURING ECONOMIC UNCERTAINTY In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic; the Company has not been significantly impacted by the spread of COVID-19. However, the ongoing COVID-19 pandemic, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position and the Company's ability to raise funds as this time. SELECTED INFORMATION For the three months ended March 31, 2023 March 31, 2022 March 31, 2021 $ $ $ Operating expenses 984,377 534,817 774,745 Interest and miscellaneous income 104,208 13,695 15,438 Net loss for the period (880,169) (521,122) (759,307) Comprehensive loss for the period (881,669) (515,122) (780,307) Basic and diluted loss per share: ‐ net loss (0.00) (0.00) (0.00) Page 4 of 12 GoldQuest Mining Corp. MANAGEMENT'S DISCUSSION AND ANALYSIS - QUARTERLY HIGHLIGHTS For the Three Months Ended March 31, 2023 (Expressed in Canadian Dollars) As at March 31, 2023 December 31, 2022 December 31, 2021 $ $ $ Working capital 11,029,757 11,877,219 14,026,222 Total assets 11,295,584 12,082,157 14,271,587 Total liabilities 209,356 140,719 155,718 Share capital 73,461,074 73,461,074 73,461,074 Deficit 83,158,333 82,278,164 79,568,866 RESULT OF OPERATIONS Three months ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 $ $ $ $ Interest income 104,208 88,725 69,712 30,750 Net loss (880,169) (953,358) (635,890) (598,928) Comprehensive loss (521,122) (950,358) (637,390) (615,428) Basic and diluted loss per share (0.00) (0.00) (0.00) (0.00) Three months ended March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 $ $ $ $ Interest income 13,695 12,796 12,468 12,976 Net loss (521,122) (620,122) (399,655) (616,437) Comprehensive loss (515,122) (614,122) (405,655) (635,937) Basic and diluted loss per share (0.00) (0.00) (0.00) (0.00) Three Months Ended March 31, 2023 compared with the Three Months Ended March 31, 2022 The Company incurred a net loss of $880,169 for the three months ended March 31, 2023, representing an increase of $366,547 when compared with $521,122 for the three months ended March 31, 2022. The increase in net loss during the three months ended March 31, 2023 was primarily the result of an increase in cash and non-cash compensation (including evaluation and exploration costs, foreign exchange loss, general and administrative, investor relations and promotion and management and directors' fees) that was partially offset by the decrease in share-based payments. Evaluation and exploration costs increased by $411,336 to $504,196 for the three months ended March 31, 2023, from $92,860 for the three months ended March 31, 2022. The increase is attributed from the increase in field expenses of $107,161, field technicians of $56,497, geological of $45,661 and social responsibility of $184,165. Foreign exchange loss was $62,597 for the three months ended March 31, 2023 compared to a foreign exchange loss of $40,552 for the three months ended March 31, 2022. The foreign exchange loss was primarily a result of the retranslation of the Company's monetary assets and liabilities which is denominated in foreign currencies (US dollars and DOP) into Canadian dollars. General and administrative was $63,325 for the three months ended March 31, 2023 compared to $38,558 for the three months ended March 31, 2022. The increase is due to an increase in insurance premiums and office expenses incurred by the Company's subsidiary. Page 5 of 12 Attachments Disclaimer Goldquest Mining Corporationpublished this content on13 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on13 October 2023 16:48:30 UTC. |
2024-10-20 | ABC News | Analysis: MLB stars in the 2028 Olympics would be cool. It would also require logistical gymnastics | PHOENIX --Bryce Harper believes that letting big leaguers play in the 2028 Los Angeles Olympics would be cool. And you know what? He's absolutely right. “I mean, I think it would be really cool. I think it would be a lot of fun,” Harper said. “I don’t know if they’ll ever go for it, but I would love to put USA on my chest and represent it at the highest level.” The problem — and really that should be problem(s) — is it would require some major logistical gymnastics for Major League Baseball and it's unclear if the sport is willing to have a weeks-long disruption in the middle of its regular season to make it happen. MLB didn't let players on active big league rosters participate in 2000, 2004 and 2008, one of many reasons the sport was cut for 2012 and 2016. It's been a yo-yo ride for baseball ever since: It was part of the delayed 2020 Olympics in Tokyo — Japan's Nippon Professional Baseball even interrupted its season so its top players could participate. It won't be in Paris next summer. But earlier this week, baseball found out it was back in the Olympics fold. Five sports were added to the 2028 Los Angeles Games by the International Olympic Committee with cricket, flag football, baseball-softball, lacrosse and squash making the cut. The slate of sports cleared a final hurdle from the Olympic body’s full membership at a meeting in Mumbai, India, after being proposed by Los Angeles officials one week ago and recommended by the IOC executive board last week. Harper was pumped. “I will be old at that point, so I don’t know if they’re going to want me to be on the team, but it’s always a dream,” Harper said. “I mean, I think it’s everybody’s dream to be in the Olympics.” International competition has always been a siren song for baseball, which is one of the reasons the World Baseball Classic was created in 2006. It hasn't always gone exactly according to plan, but the WBC has had its genuinely awesome moments. The most recent version featured a memorable U.S.-Mexico game that drew more than 47,000 fans at Chase Field in Phoenix. There was also a dream matchup in this year's final: Japan's Shohei Ohtani faced United States star Mike Trout in the ninth inning with two outs in a one-run game. Ohtani got the best of his Angels teammate, striking out Trout to secure a 3-2 win for Japan. Arizona Diamondbacks pitcher Merrill Kelly, who started the final for the U.S., had rave reviews about the tournament. In fact, it's hard to find an MLB player who didn't enjoy the experience. “It was incredible,” Kelly said. “From start to finish, just being in that environment, being around the guys I was around ... it was definitely special.” Even so, it's unclear how much the WBC is boosting the sport's popularity around the world. One of the reasons baseball has always been a tough sell for the Olympics is its still a fairly regional game. It's big in the U.S. and other places like the Dominican Republic, Mexico, Cuba and Venezuela. It's also got a solid foothold in Japan and South Korea. But it's not particularly popular in large swaths of the world, including Europe, Africa and most of South America. Even in the WBC, the tournament struggles to field more than 10 or 12 competitive teams. Then there's MLB's 162-game regular season schedule, which doesn't allow for a ton of interruptions. The Los Angeles games in 2028 are scheduled to take place the final two weeks in July, which would cut a huge swath into MLB's summer-long experience. That's usually prime money-making time for teams, which draw large crowds since families are on vacation and schools are on summer break. MLB's postseason schedule already extends to the early days of November. If a Game 7 is played in this year's Fall Classic, it's scheduled for Nov. 4. A two-week Olympics break could potentially push the World Series closer to Thanksgiving. MLB could also start its season earlier, like in mid-March, but that would also include some frigid games in certain parts of the country. The All-Star Game could also be canceled, giving MLB four more days to work with on the schedule — but taking another marquee baseball event off the calendar. There’s also other questions: What would the 95% of MLB players not participating in the Olympics do with their extra weeks of free time? How would MLB teams feel — or be compensated through insurance policies — if important players ( hello Edwin Diaz ) get injured? And, of course, the WBC is backed by MLB, with proceeds kicked back to the league and its owners. Would MLB want to let its own tournament be undermined as the pinnacle of international baseball competition, particularly without compensation? There's precedent, at least. The NHL used to pause its regular season while its stars competed in the Winter Games. But that experiment didn't last two full decades — the NHL hasn't let its pros go to the Olympics since 2014 in Sochi. Even with all those problems, MLB players in the Olympics remains a fascinating possibility, especially on U.S. turf in Los Angeles. “I know the WBC and everybody loves that, and it’s great for the game, but it’s not the Olympics,” Harper said. ___ AP Sports Writer Graham Dunbar contributed to this story. ___ AP MLB: https://apnews.com/hub/MLB |
2024-10-27 | Marketscreener.com | Mapfre S A : Organizational changes 9M 2023 results presentation | MAPFRE has undertaken a profound review of its structure and a renewal of management teams to better align the company to the changing and complex environment it operates in. A mix of uncertain economic, social and geostrategic factors have come together to create a new, more permanent scenario that must be adapted to. The company, whose business model is proving to be effective quarter after quarter despite the environment, aims to protect its leadership positions in most markets by adapting its strategy in advance to the current, more unstable and less predictable global situation, which requires simpler and more flexible structures that bring the business to the fore, in order to continue strengthening its closeness to clients and service excellence. The renewal of the management team is based on a suitable combination of maturity, experience and younger talent, so as to be able to make better use of all management capabilities and take advantage of the numerous opportunities that arise. "We are laying the foundations of the company for the next 10 years. Everything we have achieved so far, especially financial strength, service excellence and proximity to the client, the focus on people and the reinforcement of our ethical commitment and values, will be maintained as essential and differentiating elements of MAPFRE. But the environment has changed, and we are going to move forward with a new, simpler road map that gives us the flexibility and ability we need to continue holding leadership positions in the group's main markets," says Antonio Huertas, chairman and CEO of MAPFRE. Main corporate appointments As first vice chairman Ignacio Baeza retires, the Board of Directors thanked him for his 27 years of service in different positions of responsibility in the group, and appointed José Manuel Inchausti, current CEO of MAPFRE Iberia and third vice chairman, to succeed him. Fernando Mata, in addition to continuing to serve as the group's CFO and member of the board, will take on the role of third vice chairman. The current group chief investment officer, José Luis Jiménez, joins the Finance Area as deputy CFO and will also continue as the most senior executive with responsibility for global investment management. Raúl Costilla, current CEO of MAPFRE Vida, and who has extensive experience in the insurance business both in Spain and overseas, has been appointed group chief business officer, the corporate area tasked with directing the group's sales and technical strategy globally. Finally, the corporate structure is simplified by integrating People, Strategy and Sustainability into a single Area that will be headed up by Alfredo Castelo, current group chief business officer. Juan Carlos Rondeau will continue leading the Corporate People and Organization Area. Likewise, José Luis Gurtubay will take over the Corporate Internal Audit Area from March 31, 2024, replacing María Luisa Gordillo, who will retire on that date. Appointments in Iberia The current group chief people officer, Elena Sanz Isla, has been appointed CEO of MAPFRE Iberia (Spain and Portugal), while the current regional CEO of LATAM, Jesús Martínez Castellanos, joins this unit as Deputy CEO and also takes on the role of CEO of MAPFRE Vida. Appointments in business units All the geographical areas of LATAM (Brazil, LATAM South-Center and Mexico) together with EMEA, and MAPFRE Global Risks are to be integrated into a new unit called International Insurance, headed up by Eduardo Pérez de Lema, current CEO of MAPFRE RE, who will also lead MAPFRE Global Risks. To replace him as CEO of the Reinsurance Unit, Miguel Ángel Rosa, current CEO of Verti Germany, who has deep experience of the unit, has been appointed CEO of MAPFRE RE. Mónica García Cristóbal, head of transformation at MAPFRE in Spain, is replacing him as CEO of Verti Germany. Renewal in five other countries The renewal of first-level executives extends to five other Group countries. Alberto Berges has been named CEO of MAPFRE Mexico. In Brazil, the structure has been simplified, with Felipe Nascimento remaining in charge. Óscar Celada, who transfers from MAPFRE in Spain, has been appointed deputy CEO of Business at MAPFRE Seguros in Brazil, while Nelson Alves moves from MAPFRE Asistencia (MAWDY) to become deputy CEO of Finance and Business Support at MAPFRE Seguros. In addition, in the Dominican Republic, a single CEO has been appointed for the two operations in the country, namely Andrés Mejía. Eva Tamayo, current regional general manager for the Canary Islands, has been designated CEO of MAPFRE in Chile. In Panama and Central America, Óscar Ortega, who has headed up the business in Chile until now, will be the new CEO. In total, more than 15 senior MAPFRE executives have been appointed or have changed positions in the Group. All of these appointments will take effect on January 1, 2024, except for that pertaining to Internal Audit. Management Structure. Attachments Disclaimer Mapfre SApublished this content on27 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on27 October 2023 08:08:37 UTC. |
2024-10-26 | The Times of India | Lunar Eclipse 2023: Date, time, visibility, and other details | (Source: Pexels) On October 28, 2023, a celestial event, Chandra Grahan, is set to grace the night sky in India. This occurrence, considered inauspicious, is a Partial Lunar Eclipse falling on the auspicious day of Sharad Purnima in the month of Ashwina under the Aries zodiac. Lunar Eclipse 2023 Date and Time This Lunar Eclipse will commence at 01:05 AM on October 29, 2023, and conclude at 02:24 AM. The Sutak period, a time of spiritual significance, will be observed from 02:50 PM on October 28, 2023, to 02:24 AM. Lunar Eclipse 2023: What is a Partial Lunar Eclipse? A Partial Lunar Eclipse transpires when only a section of the Moon passes through Earth's shadow. Lunar Eclipse 2023: Visibility in India This Lunar Eclipse will indeed be visible in India. Lunar Eclipse 2023: Will there be a Sutak period? The Lunar Eclipse on October 28, 2023, will also bring about a Sutak period, starting from 02:50 PM on October 28 and lasting until 02:24 AM the next day. During this period, the traditional Sutak observances should be followed, urging people to be cautious. Lunar Eclipse 2023: Impact on Humans The upcoming Lunar Eclipse, slated for October 28, 2023, holds significance due to its occurrence in the Ashwina month, under the Ashwina Nakshatra, falling on a Saturday. The combination of Saturn and Moon during this time is traditionally considered unfavorable. Hence, it is advisable for people to exercise care and vigilance during this period. Lunar Eclipse 2023: Global Visibility Apart from India, this Lunar Eclipse will be observable in various countries including Nepal, Sri Lanka, Bangladesh, Bhutan, Mongolia, Afghanistan, China, Iran, Turkey, Algeria, Germany, Poland, Nigeria, Britain, Spain, Sweden, Malaysia, Philippines, Thailand, Australia, Japan, Indonesia, Korea, and the eastern parts of Brazil. For those wondering about the specifics: Chandra Grahan will occur on October 28, 2023, and it will be visible in India. As this celestial event approaches, it is essential for individuals to be mindful of the traditional customs associated with this phenomenon. Stay tuned for more updates on this natural marvel. Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on celestial lunar eclipse 2023 date lunar eclipse 2023 india lunar eclipse 2023 time lunar eclipse 2023 sutak period Lunar Eclipse 2023 visibility Partial Lunar Eclipse (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-12 | Al Jazeera English | US Senator Bob Menendez charged with acting as unregistered agent for Egypt | The charge comes in addition to a previous indictment alleging Menendez accepted bribes to assist Egyptian interests. A new charge against United States Senator Bob Menendez has accused the Democrat of serving as an unregistered agent of Egypt, heightening the legal jeopardy he already faces. Menendez, 69, and his wife Nadine were previously indicted on federal charges related toallegations they accepted bribesin exchange for using the senator’s official position to benefit theEgyptian government. But a superseding indictment, filed in a Manhattan federal court on Thursday, raised the stakes further: It added a charge that Menendez conspired to act as “an agent of a foreign principal”. Menendez has served as a senator from the state of New Jersey since 2006. Until he was charged last month, he also chaired the Senate Committee on Foreign Relations, giving him significant sway over US foreign policy. He has since stepped down as chair, though he continues to resist calls to resign his elected position. But corruption allegations have trailed the senator for years, coming to the fore once again with thebribery indictmentunsealed on September 22. US federal prosecutors said that, between 2018 and 2022, Menendez and his wife accepted “hundreds of thousands of dollars’ worth of bribes” from three New Jersey businessmen also charged in the indictment. Among the alleged bribes weregold bars, a luxury Mercedes-Benz convertible, home mortgage payments and envelopes stuffed with cash, hidden among the clothing in the Menendezes’ closets as well as in a safe. Both Menendez and his wife havepleaded not guiltyto the original indictment. The senator has also sought to frame his actions as the ordinary business of US foreign affairs, rather than nefarious conduct. “I firmly believe when all the facts are presented, not only will I be exonerated but I will still be the New Jersey senior senator,” Menendez said in aSeptember news conference. He also argued that his track record on foreign policy towards Egypt contradicted the allegations against him. “Throughout my 30 years in the House of Representatives and the Senate, I have always worked to hold accountable those countries, including Egypt, for human rights abuses, the repression of its citizenry, civil society and more,” he said. But prosecutors painted a different portrait of Menendez as someone who entered into a “corrupt agreement” to help Egyptian interests. They have said he agreed to “approve or remove holds on foreign military financing and sales of military equipment to Egypt” in exchange for bribes. Menendez has also accused of revealing sensitive, non-public information about US embassy staff in Cairo to his co-defendants, who then passed the message along to an Egyptian government official. Those co-defendants include Egyptian-born businessman Wael Hana; Jose Uribe, a New Jersey real estate developer; and Fred Daibes, who works in insurance and trucking. In addition, the indictment alleges Menendez used his official position to interfere with criminal prosecutions that would have otherwise disadvantaged his co-defendants. He was originally charged in September with conspiracy to commit bribery, conspiracy to commit honest services fraud and conspiracy to commit extortion. The latter two counts carry a maximum sentence of 20 years a piece. But the September indictment is not Menendez’s first brush with corruption charges. In 2015, he faced an 11-week trial over separate accusations that he used his government office to offer favours to a Florida donor, in exchange for bribes. Menendez was never convicted, though: The trial ended in deadlock. Still, the latest allegations have renewed calls for Menendez to leave his Senate post. His fellow senator from New Jersey, Cory Booker, joined those calls in September. “Stepping down is not an admission of guilt but an acknowledgment that holding public office often demands tremendous sacrifices at great personal cost,” Booker wrote in astatement. “I believe stepping down is best for those Senator Menendez has spent his life serving.” Follow Al Jazeera English: |
2024-10-30 | Euronews | European gas prices soar after Egypt reports zero imports | The benchmark price index for European natural gas prices - Dutch TTF gas futures - jumped almost 7% to €54 per megawatt-hour on Monday morning, the highest level since mid-February, following news of Egypt's imports falling to zero, fuelling fears that the country cannot re-start its deliveries to the European market. On Sunday, the Egyptian cabinet announced that their natural gas imports fell to zero from 800 million cubic feet per day. Egypt imports gas from Israel, among others, and sends some of it to Europe in liquidated form (LNG). The North African country has seen domestic natural gas production decline while the population has been struggling from daily blackouts, admittedly due to a shortage of gas during a time when increased temperatures raise overall demand. In June 2022, the European Commission, Israel and Egypt agreed to a supply of Israeli gas via Egypt's LNG export infrastructure to the EU. But since the war with Hamas broke out, Israel has halted the production of its Tamar gas field, from where gas is sent to Egypt, reducing its capacity to meet domestic demand, let alone have any for export. How will the Israel Hamas war affect European gas prices? Natural gas prices in Europe have soared about 40% since the war between Israel and Hamas started. Flows from Egypt to Europe make up a small share, while gas inventories in Europe remain close to full capacity. The crisis in the Middle East has therefore not affected immediate demand. In the longer run, however, prices could be pushed further up if Israel's capacity to deliver the expected amount of natural gas to the global markets is jeopardised. Before the Tamar gas field was closed, Israeli gas production totalled 12.3 billion cubic metres in the first half of 2023 and the country was on track for record production in 2023. Amid fears that the Middle East crisis and further potential sabotage of European pipelines could have a serious impact on European gas prices, policymakers are weighing prolonging the emergency gas price cap introduced in February, as an "insurance policy", according to unnamed senior EU officials cited by the Financial Times. |
2024-10-20 | The Times of India | First aid delivery due in Gaza in 'the next day or so': UN | Reuters People with Egyptian flags cheer next to a convoy of trucks carrying humanitarian aid to Palestinians by Egyptian NGOs, as they wait for an agreement on the Rafah border crossing to enter Gaza The first aid delivery into the besieged Gaza Strip via the Rafah border crossing with Egypt should take place "in the next day or so", the United Nations said Friday. "We are in deep and advanced negotiations with all relevant sides to ensure that an aid operation in Gaza starts as quickly as possible... a first delivery is due to start in the next day or so," the UN humanitarian chief Martin Griffiths said, quoted by his spokesman Jens Laerke in Geneva. Laerke told reporters: "I do not have an exact time for when these movements will take place, of course, with the hope that they can begin as soon as possible, in a way that is safe, secure and hopefully sustained. "We need to have the mechanism in place whereby this can be driven into southern Gaza. That does not take away from our call for an immediate humanitarian ceasefire." Desperately needed international aid piled up Friday in Egypt near Gaza, with Palestinians in dire need of food and water after relentless bombing by Israel , still reeling from the bloodiest attack in its history. The UN says more than one million of Gaza's 2.4 million people have been displaced and that the humanitarian situation is worsening by the day. Egyptian state-linked broadcaster Al Qahera News had said the Rafah crossing -- the only route into Gaza -- would open on Friday, but Cairo later said it needed more time to repair roads. Israel has vowed to destroy Hamas after the Islamist militant group launched a massive attack from the Gaza Strip on October 7, killing at least 1,400 people, mostly civilians, according to Israeli officials. In response, Israeli war planes have levelled entire city blocks in Gaza in preparation for a ground invasion they say is coming soon. More than 3,785 Palestinians, mostly civilians, have died in the bombing, according to the latest toll from the Hamas-run health ministry. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on gaza aid united nation israel palestine egypt (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-11 | The Times of India | Duel of diplomacy: Inside the rift between Nobel Prize winner Abiy Ahmed & WHO head Tedros Adhanom | Agencies Abiy Ahmed (left) & Tedros Adhanom (Bloomberg) -- They are two of the best-known African leaders on the planet. The 2019 Nobel Peace Prize winner Abiy Ahmed , Ethiopia’s prime minister, and his compatriot Tedros Adhanom Ghebreyesus, who as head of the World Health Organization became the face of the global response to the coronavirus pandemic. Yet the two are now on opposite sides of a campaign exposed by previously undisclosed Ethiopian government documents that appear to show how the Abiy administration tried to discredit the global health leader with allegations of embezzlement and sexual misconduct ahead of his reappointment at the WHO in 2022. Tedros, who has denied all the allegations and hasn’t been charged with any crimes, says he is reluctant to return to his native Ethiopia — Africa’s second-most populous nation — without assurances that he and his family will be safe. The collapse in relations between the two men can be traced back to November 2020 — the month Abiy declared war on the ruling party of the Tigray region in northern Ethiopia. Prior to his appointment at the WHO, Tedros, a Tigrayan, had dedicated his professional life to the Tigray People's Liberation Front, the political party that for three decades governed Ethiopia. But, as the conflict erupted, Tedros was drowning in terrifying data: more than 50 million cases of COVID-19 had been reported globally, no vaccines were available at that stage, and deaths were spiking in Europe and the US. Reports of massacres, human rights violations and indiscriminate killings on both sides of the Tigray conflict flooded in — the war would eventually kill more than 500,000 people, according to estimates by the US and European Union. Tedros, based in Geneva, feared for friends and family living in Tigray.“History looks favourably on those that manage to reach across, bridge division and move from war to peace,” Tedros wrote on Twitter on Nov. 19 that year. On the same day, the head of the Ethiopian army accused Tedros in a televised statement of procuring weapons for the TPLF without providing evidence to support the allegation. Tedros denied the claims. By June 2021, the Financial Intelligence Centre in the Ethiopian Ministry of Finance had opened an investigation of Tedros, according to hundreds of internal documents seen by Bloomberg News that were made available by the Paris-based Platform to Protect Whistleblowers in Africa. In an interview with Bloomberg in August, Tedros, 58, called the probe part of a “smear campaign” based on his ethnicity and membership in the TPLF, which was itself accused of detaining and torturing opponents while in power. The WHO director-general said that his family in Ethiopia was harassed and that he installed security cameras at his Geneva home after identifying what he said were plainclothes agents from Ethiopia. “They harassed my mother-in-law, and they detained my brother-in-law for two weeks in 2021,” Tedros said over Zoom from Geneva, recounting how Ethiopian authorities expelled him from his rental apartment in the capital, Addis Ababa. “They searched the flat, found nothing and told my mother-in-law to take the books and furniture.” The Ethiopian prime minister’s office, the finance ministry and the justice ministry didn’t respond to requests for comment. Compiled over several months in 2021, the documents are part of a report sent to judicial authorities and the federal police. They include bank statements, handwritten witness accounts and email correspondence among investigators, witnesses and banks. The intelligence unit probed allegations that Tedros was involved in embezzlement of state funds, sexual misconduct, illicit purchases of property in Addis Ababa, rigged tender offers and illegal procurement during his tenure as Ethiopia’s health minister from 2005 to 2012, the documents show. They paint a picture of an effort by the Ethiopian government to criminalize the head of the WHO, say former colleagues of Tedros who asked not to be identified for fear of reprisals. No charges appear to have been filed, although the intelligence unit recommended that the Tedros case, along with others against individuals, local companies and an international development organization, be referred to the police and attorney general. The investigation coincided with the start of Tedros’s campaign to win a second term as director-general of the WHO, which Ethiopian diplomats in Geneva opposed. Despite that effort and criticism of his handling of the pandemic by some countries, Tedros was reappointed in May 2022. Bloomberg saw the documents before approaching Tedros, who said he was unaware of criminal proceedings against him in Ethiopia. He agreed to talk about the duress he and his family have been under but said he didn’t want to undermine attempts to implement a peace deal reached last November by the government and the TPLF. The documents were provided to the French group by Distributed Denial of Secrets, a nonprofit whistleblower website, and were shared with several other media organizations. Bloomberg verified the documents by analyzing the attached metadata to check that they were created by their authors and confirmed the investigation with two Ethiopian officials who had direct knowledge of the matter. Both agreed to talk on the condition of anonymity as they are not authorized to speak publicly. “When government officials subvert the fight against corruption and financial crime to settle political scores, it undermines the rule of law and is a setback to authentic good governance efforts,” Gabriel Bourdon-Fattal, director of programs at the French whistleblower organization, said in a statement. “The Ethiopian government materials give us a rare insight into the bureaucracy and mechanics of such targeted acts.” Most of the allegations against Tedros supposedly came from officials working for the Ethiopian Public Health Institute and the Ethiopian Pharmaceuticals Supply Agency, established by Tedros to improve procurement procedures in the country. In one case of alleged misconduct, Tedros was investigated for allegedly violating a government procurement law by purchasing HIV test kits and epidemic drugs that were prohibited by the WHO. The original complaint was made by Atsbeha Gebregziagher, a researcher at the institute, according to a police statement. But Atsbeha said in a telephone interview that the problem of substandard HIV test kits was related to the period between 2014 and 2016 after Tedros had left the health ministry to become foreign minister. Atsbeha said he had no knowledge of Tedros being involved in the embezzlement of state funds or other illegal activities. “My task was specific, so I had no chance to meet with management. I had no chance to get this information because it’s high-level information.” The intelligence unit initially requested that every bank in the country send statements and information on money transfers carried out by Tedros, family members and senior Tigrayan officials, the leaked documents show. “It was a very personally targeted campaign — they raided his family’s home, they took away things, they threatened him, he could not contact his own family,” said Mukesh Kapila, a professor of global health and humanitarian affairs at the University of Manchester, who has worked for the UK government, the United Nations and the International Red Cross and who backed Tedros in his successful bid to run the WHO in 2017. All Tedros did, he said, “was to say he was very concerned about the health situation in Tigray because of the continuing blockade.” The banks that responded to the investigators said they either had no accounts belonging to Tedros and his associates or that accounts did exist but with insignificant amounts of money, the documents show. Yet, in a previously undisclosed report dated Sept. 2, 2021, and forwarded to police and judicial authorities, the financial intelligence unit said of Tedros: “His actions, which run counter to his professional training in the health field, pose a significant danger to the health of the Ethiopian people.” It added, “this not only warrants criminal charges but could also result in the revocation of his doctoral degree.” Early in 2022, Zenebe Kebede, Ethiopia’s representative to the WHO, told the body’s executive board that “Tedros has not lived up to the integrity and professional expectations required from his office and the position.” He also said Tedros “has been using his office to advance his personal political interests at the expense of the interests of Ethiopia.” Zenebe didn’t respond to requests for comment. In September 2022, after Tedros won approval for a second five-year term, the Permanent Mission of Ethiopia in Geneva submitted a complaint to the WHO asking it to conduct an unrelated investigation of Tedros, accusing him of using his WHO position to attack the government of Ethiopia. Tedros had criticized the government for failing to grant enough access for UN agencies and humanitarian groups attempting to deliver aid to Tigray, and later described Ethiopia as the epicentre of “the worst catastrophe on Earth.” A spokesperson for the WHO said that an independent committee looked into the matter and advised the board that Tedros was “within the role of the director-general to comment on humanitarian or health emergencies.” The Ethiopian investigation eventually lost steam as talks between the government and the Tigrayan liberation organization led to a negotiated peace deal in November 2022. The investigation is no longer active, according to the two Ethiopian officials. One accusation levelled at Tedros in the documents is that he enriched himself through bogus contracts doled out by the Health Ministry and the Pharmaceutical Supply Agency. But Amir Aman, a former Ethiopian health minister who worked with Tedros for more than a decade, said the WHO head had created the agency to clean up the procurement process and had no direct involvement in the purchasing of goods. “The agency has its own board, director, management and staff,” he said. “He’s one of the people I always looked up to.” Alan Court, a former senior official with Unicef, the UN children’s fund, also worked with Tedros when he was health minister. Court, then the Copenhagen-based director of the fund’s supply division, was asked to help Tedros, who was having trouble buying enough mosquito nets during a surge in malaria cases. The Ethiopian documents include an allegation that Tedros accepted a bribe to award the mosquito net contract. Court said there was nothing suspicious about the granting of the contract and that Tedros’s management was flawless. The deal, which led to an increase in global production that helped Ethiopia import almost 20 million nets, Court said, “sent a super signal to the market of where the future was.” The financial intelligence unit also alleged in the September 2021 report that Tedros harassed and assaulted women, and that he promoted those who acceded to his sexual advances and punished those who didn’t. Tedros denied the accusations, and no evidence to support the claims was provided in the documents. The report said money from the Omaha, Nebraska-based Susan Thompson Buffett Foundation was provided to women, some of whom allegedly had sexual relationships with Tedros, to study in Ethiopia and abroad. The foundation, which doesn’t provide scholarship opportunities in Ethiopia, did not respond to a request for comment. But Senait Fisseha, a vice president of the foundation, who is accused in the report of facilitating the supposed scheme — which she denied — said Tedros had never abused his position in any dealings with her. She declined to comment further. Beyond the investigation, life was also becoming more difficult for Tedros’s family. The WHO director-general said his uncle, a farmer in Tigray province, was killed by Eritrean troops loyal to Ethiopia in 2022. “He was killed in cold blood, they just took him out of his home and killed him,” Tedros said in the interview. “For three months during the conflict I did not know where my brother was, whether he was dead or alive,” said Tedros. “Fortunately, he survived, and I hope someday to be reunited with him and other relatives at home.” For now, Tedros’s relationship with the government in Addis Ababa remains so strained that he feels unable to return home. “I would like to be home,” he said, “but the circumstances don’t allow.” --With assistance from Fasika Tadesse. (Adds comment from Platform to Protect Whistleblowers in Africa after 15th paragraph. An earlier version of the story removed reference to a power play in 2nd paragraph and corrected the 8th paragraph to show that Tedros’s apartment in Addis Ababa wasn’t confiscated but that he was expelled.) More stories like this are available on bloomberg.com ©2023 Bloomberg L.P. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on Abiy Ahmed Nobel Prize Nobel Prize winner WHO head Tedros Adhanom Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-26 | The Times of India | Russia, China veto US-led draft resolution in UNSC on Gaza, rival text by Moscow also fails | Israeli envoy blasts Russia, China at UN: 'If any of your countries endured similar massacre...' Russia and China vetoed a US-led draft resolution in the UN Security Council that would have called for humanitarian pauses in fighting to allow aid access to Gaza while a rival text by Moscow on the Israel-Hamas conflict failed to garner enough votes in its favour. The 15-nation UN Security Council voted on two rival draft resolutions tabled by Washington and Moscow on the ongoing Israel-Hamas conflict. The first resolution by the US affirmed the right of member states to defend themselves against threats to peace and security posed by acts of terrorism. It called for all measures - specifically humanitarian pauses - to allow for full, rapid, safe, and unhindered access into Gaza, territory ruled by Hamas militants. The Council's permanent members Russia and China vetoed the US-led resolution. The UAE also voted against the draft, which received ten votes in favour (Albania, France, Ecuador, Gabon, Ghana, Japan, Malta, Switzerland, UK, US) and two abstentions by Brazil and Mozambique. Before the vote on the resolution, US Ambassador to the UN Linda Thomas-Greenfield said Washington has worked to forge consensus around a resolution that is strong and balanced. "We solicited input. We listened. We engaged with all Council members to incorporate edits, including language on humanitarian pauses and the protection of civilians fleeing conflict, and language on the importance of deconfliction mechanisms to protect UN facilities and personnel." After the vote, she expressed disappointment that Russia and China vetoed the resolution and called on the Council members not to encourage Moscow's "cynical and irresponsible behaviour" by voting for its text, which she said was offered up at the very last minute with zero consultations and which contains a number of problematic sections. The Council then voted on Moscow's resolution that called for a humanitarian ceasefire, unhindered aid into Gaza and the immediate cancellation by Israeli forces of the evacuation order for civilians to head into southern Gaza. The resolution failed to get adopted as it did not get sufficient votes in its favour. Only four countries - China, Gabon, Russia, and the UAE - voted in favour of the resolution while the UK and US vetoed it and nine nations - Albania, Brazil, Ecuador, France, Ghana, Japan, Malta, Mozambique, Switzerland abstained. This was the fourth time in over a week that the powerful UN Security Council, responsible for the maintenance of international peace and security, failed to adopt a resolution and take unified action in the ongoing conflict that broke out after Hamas attacked Israel on October 7. Last week, the Security Council rejected a draft resolution proposed by Russia while another resolution tabled by Council President Brazil that would have called for humanitarian pauses to allow full access for aid to the Gaza Strip was vetoed by the US. Russia's Permanent Representative to the UN Ambassador Vassily Nebenzia said for two weeks now, the Security Council has been unable to articulate a collective message for de-escalation in the Israeli-Palestinian conflict zone. "That is extremely deplorable. The bloodshed continues, with thousands of civilians dead and injured and more than 1.5 million internally displaced persons," he said. Nebenzia said the US draft contains no call for a ceasefire, fails to condemn indiscriminate attacks on civilians and civil facilities in Gaza and does not renounce acts aimed at forced displacement of civilians. "This document is politicised to the bone. Its only goal is not to save the civilians but to secure United States' political precepts in the region through "pinning labels"," the Russian envoy said. Following the vote on the Russian text, Nebenzia said it was very sad that Council members, fixated on their national agendas, did not have the courage to show strategic wisdom and support the text proposed by Moscow. UK's Permanent Representative to the UN Ambassador Barbara Woodward voiced regret that the draft resolution proposed by the United States was not adopted. "The text would have had a real impact on the ground by calling for hostages to be released and for aid to get in, including through humanitarian pauses. Through this resolution, the Security Council would have rightly, and for the first time, unequivocally condemned Hamas' terrorist attacks." She said the UK could not support the resolution proposed by Russia, which once again failed to recognise Israel's right to self-defence. "The Russian text was put to a vote without a single minute of consultation with the Council members. It was not a serious attempt to have this Council speak with one voice," Woodward said. Israel's Permanent Representative to the United Nations Ambassador Gilad Erdan said the Council members who have voted against the US-led resolution have shown the world that this "Council is incapable of doing the most basic task of condemning ISIS-like terrorists and cannot confirm the right to self-defence of the victim of these heinous crimes. Israel has been attacked and continues to be attacked" in the south from Hamas and in the north from Hezbollah. He added that the Russian resolution sought to tie Israel's hands, "preventing us from eliminating a threat to our existence and permitting the genocidal terrorists to regroup so they can massacre us again." Erdan said the Moscow-led resolution asking Israel to rescind the call for temporary evacuation to the south of the strip is absurd and "truly unbelievable." "By demanding Israel to call on Gazans to return north, the resolution only serves to maximise civilian casualties, not mitigate them. "Why would Israel ask Gazans to return to an active war zone? We cherish life and take every measure to minimise civilian casualties. We are not fighting the Palestinians. We are fighting only the Hamas ISIS terrorists. Civilians should never be deliberately put in harm's way," he said. In Video:
Israeli envoy blasts Russia, China at UN: 'If any of your countries endured similar massacre...' Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on russia china unsc gaza israel hamas (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-17 | The Times of India | UN Security Council rejects Russian-proposed resolution of ceasefire between Israel, Hamas | ANI UN Security Council rejects Russian-proposed resolution of ceasefire between Israel, Hamas The United Nations Security Council has rejected a Russian resolution calling for a humanitarian ceasefire of the conflict between Israel and Hamas as the draft did not get minimum number of votes to be passed. Russia had proposed a resolution calling for a humanitarian ceasefire in Gaza. The Russian-led draft resolution received five votes in favour - China, Gabon, Mozambique, Russia, and the United Arab Emirates. Four nations - United Kingdom, United States, France and Japan on Monday voted against the draft resolution. France, US and UK voted against the resolution over its failure to condemn Hamas for its attacks on Israel. Six nations - Albania, Brazil, Ecuador, Ghana, Malta, and Switzerland abstained from voting on the resolution. Notably, the resolution would be have needed nine votes in favour to proceed. US Ambassador Linda Thomas-Greenfield stated that US could not support the Russian draft resolution as it ignored Hamas' attack on Israel and dishonoured victims. Linda Thomas-Greenfield said, "By failing to condemn Hamas, Russia is giving cover to a terrorist group that brutalizes innocent civilians. It is outrageous, hypocritical and indefensible." She condemned Hamas for killing civilians and taking hostages, including US citizens and slaughtering families. US envoy said that people of Gaza are facing dire humanitarian crisis djue to the actions of Hamas. She said, "We cannot allow this Council to unfairly shift the blame to Israel and excuse Hamas for its decades of cruelty." UK's Permanent Representative to the United Nations Barbara Woodward said she voted against the draft resolution as she cannot support a document which fails to condemn Hamas terror attacks. She called it "unconscionable" for the UNSC to ignore the largest terror attack in Israel's history. France's Permanent Representative to the UN Nicolas de Riviere condemned Hamas's attack on Israel and nderscored the need to protect Israel's security and its right to defend itself. He stated that France voted against the draft as it lacked "several essential elements." Israel's Permanent Representative to the UN Gilad Erdan said the Security Council is facing "one of the most pivotal moments in its history, a turning point, a moment of truth, that demonstrates whether it holds legitimacy and whether the United Nations has a moral compass." Erdan called on the UNSC to designate Hamas as a terror organization, hold it fully responsible for what's happening in Gaza, uphold Israel's right to defend itself. Switzerland's Permanent Representative to the UN Pascale Baeriswyl condemned the indiscriminate attacks and hostage-taking perpetrated by Hamas against Israel. She deplored the deaths of thousands of civilians in Israel and Gaza. She said that Switzerland abstained from voting due to the lack of a clear reference to international humanitarian law, stressing: "Even armed conflicts have rules." Russia's Permanent Representative to the United Nations Vassily Nebenzia expressed regret over UNSC's failure to adopt the resolution and blamed the "selfish intention of the western bloc." Nebenzia said that the delegations of western nations "basically stomped" on global hopes for the Council to put an end to violence. He noted that the vote revealed countries which back ending the violence and providing humanitarian aid. He said that the Western nations have blocked the Council from "sending a unified message for purely selfish and political interests." Amid the ongoing conflict between Israel and Hamas, the Israel Defence Forces (IDF) said Hamas has stolen fuel and medical equipment from UN officers in Gaza, enough to fulfill water desalination in the Strip for six days. "Today the United Nations revealed the true face of Hamas when they confirmed that Hamas stole fuel and medical equipment from UN officers in Gaza City. The amount of fuel stolen is enough to power Gaza's water desalination for six days," IDF spokesperson Rear Admiral Daniel Hagari said. The IDF further alleged that the Hamas terrorists were using civilians as human shields in the ongoing counter-offensive against them in the Gaza Strip. "Hamas is holding the people of Gaza hostage, cowardly, using them as human shields. Hamas is at war against humanity, not just Israel. They terrorize Jews and Arabs. They seek the deaths of Israelis and Palestinians. The Israel Defense Forces will destroy Hamas for the sake of Israel, Gaza, and the entire world," he added. Meanwhile, the terror group's military spokesman, Abu Obeida, claimed that they were holding between 200 and 250 hostages in Gaza, the Times of Israel reported. In a televised statement, Hamas said about 50 others are being held by other "resistance factions elsewhere." Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on hamas israel UN vote ceasefire unsc united nations vassily nebenzia united nations security council united nations un gilad erdan (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-11-01 | Time | In Multiple Courts, Trump’s Mouth Catches Up With Him and His Allies | For many politicians, exaggerating or lying in public speeches and on TV often draws few consequences, even when it’s called out. But it’s different in the judicial system. Misleading and mouthing off in court can bring on fines and the risk of a jail sentence. That’s what Trump and his orbit are coming up against as multiple court cases move forward, with the former President fighting charges that he illegally tried to overturn election results in Georgia, fomented a violent attempt to block the certification of the election on Jan. 6, refused to return sensitive government secrets, fraudulently covered up hush money payments, and fudged the value of his properties to get better loan terms. The proceedings are playing out in courtrooms in New York, Washington, D.C., Georgia and Florida. And it’s not going well for Trump. Here’s an overview of key developments in Trump’s cases. The judge presiding over Trump’s civil fraud trial in New York said last week he didn’t find Trump credible when he was briefly asked questions on the stand. That doesn’t bode well for Trump as prosecutors are expected to call on him next week to answer questions about how he valued his properties for insurance companies and banks. The judge has already fined Trump for disparaging court officials and will soon render a verdict on whether Trump should pay the state of New York $250 million in fines for fraud. Justice Arthur F. Engoron unexpectedly called Trump to the stand on Oct. 25 to answer whether he had disparaged a law clerk in comments to reporters outside the courtroom earlier that day. Why did that matter? Judges can restrict what defendants can say publicly about court staff in an effort to protect courtroom workers from threats, intimidation, and undue influence. Trump was already under court-ordered restrictions on making additional public comments about staff on duty in the courtroom, and the judge had previously fined Trump $5,000 for not deleting disparaging comments aboutalaw clerk from his campaign website. With Trump on the stand last week, the judge wanted to know if he was referring to the same law clerk when he told reporters the person sitting next to Engoron was “very partisan.” Trump denied it and said he was speaking about his former lawyer Michael Cohen, who that day had been on the witness stand, on the other side of the judge. After deliberating for a few minutes, Engoron reportedly said, “I find that the witness is not credible,” and fined Trump $10,000 for the additional violation of the court’s gag order. Trump is accused of fraudulently giving banks and insurance companies inflated values of his properties. New York's attorney general Letitia James brought the case against Trump and his two adult sons, Donald Jr. and Eric. Trump's legal team has said that Trump didn't commit fraud and that the financial transactions were profitable for the institutions involved. Justice Engoron has already ruled that Trump is liable for fraud and the trial will determine what financial fines or other punishments Trump will face. Engoron also canceled the business licenses Trump uses to operate in the state, but an appeals court allowed the licenses to stay in place for now. Over the next several days, Donald Jr. and Eric are slated to take the stand in the trial, in addition to Trump himself on Nov. 6, and Trump’s daughter Ivanka later that week. Prosecutors could finish bringing witnesses as soon as next week, and then Trump’s legal team will have an opportunity to bring a slate of witnesses to the stand. The trial is expected to be wrapped up by the end of the year. Trump's also under a gagorderin federal court in Washington, D.C. where he's going to trial on charges brought by Justice Department Special Counsel Jack Smith for his actions to overturn Joe Biden's 2020 election win and encourage the violent interruption of the certification of the results in the Capitol Building on Jan. 6, 2021. After weeks of deliberations, U.S. District Judge Tanya S. Chutkan ruled on Sunday that Trump cannot make public statements targeting individuals involved in the case. The judge found that when Trump has publicly singled out people in the past, that has led to them being threatened and harassed. Trump’s legal team had argued that the order restricting Trump’s public comments about the case was vague and violated Trump’s free speech rights. Chutkan disagreed, saying the gag order was necessary for the “orderly administration” of the case. The judge said the court’s gag order is narrowly tailored to block comments about the people involved in the case and doesn’t limit Trump’s political speech. Chutkan went on to give examples of what kinds of statements Trump is allowed to make, saying that Trump is allowed to say he is innocent, say the prosecution is politically motivated and that the Biden administration is corrupt. Chutkan cited a Truth Social post Trump wrote on Oct. 20 in which Trump wrote, “Does anyone notice that the Election Rigging Biden Administration never goes after the Riggers, but only after those that want to catch and expose the Rigging Dogs.” That would still be allowed under her gag order, Chutkan said. By contrast, a Truth Social post Trump wrote on Oct. 24 that singled out a potential witness, Mark Meadows, and said that people who make a deal with prosecutors are "weaklings and cowards," is not allowed under the court's gag order, Chutkan wrote. That post, Chutkan ruled, could be seen as an effort to intimidate Meadows or prevent him from working with prosecutors. Trump will have to show he’s complying with the order for several months. That trial in federal court in Washington, D.C. is set to start on March 4. The fact that members of Trump’s legal team spread lies and took steps to illegally reverse the 2020 election is now a matter of public record, leading to real consequences for the former Trump allies. In Georgia, three of Trump’s former attorneys who worked on his effort to overturn Biden’s win there took plea deals from prosecutors in the past few weeks. Facing the prospect of harsher penalties, Sydney Powell pleaded guilty to a misdemeanor charge that she illegally accessed voting equipment. Kenneth Chesebro took a felony charge for actions that brought together fake electors in the state. And Jenna Ellis pleaded to a felony for aiding and abetting false statements and writings. “I believe in, and I value election integrity,” Ellis wrote in an apology to the people of Georgia that she read from in court on Oct. 24. “If I knew then what I know now, I would have declined to represent Donald Trump in these post-election challenges,” Ellis wrote. The Georgia case, brought by Fulton County District Attorney Fani Willis, accuses Trump and 18 others of launching a conspiracy to overturn Trump’s election loss to Biden in the state. In addition to Trump’s three former lawyers, bail bondsman Scott Graham Hall pleaded guilty in September to five misdemeanors related to illegally accessing voting equipment and data and agreed to testify in future cases. The plea deals put pressure on other high-profile defendants in the case, including Rudy Giuliani, who was Trump's most prominent lawyer spreading false claims that Trump won, and John Eastman, who worked in multiple states to marshal fake Trump electors to overturn Biden's win. The deals also make it more likely that Trump’s former lawyers will provide information to prosecutors about Trump’s role in trying to reverse his loss in Georgia, including what led up to Trump’s taped phone call with Georgia’s top election official, Brad Raffensperger, asking him to “find” votes to help him win. Trump's actions and statements after the 2020 election are also being examined in a Colorado court where a group of voters are trying to kick Trump off the 2024 ballot in the state, citing a Constitutional amendment that disqualifies officials who have engaged in insurrection from holding future office. The trial in the lawsuit began this week in Denver. The judge in the case, Sarah B. Wallace, will decide whether to remove Trump's name from GOP primary ballots before they are printed in January in advance of Colorado's March 5 Republican primary. Lawyers arguing for Trump to be removed from the ballot reportedly said in court Monday that Trump's statements had encouraged the crowd that violently broke into the Capitol Building to stop the certification of election results. Trump’s legal team has said Trump had been using his free speech rights to question the integrity of the election results. Similar cases trying to bar Trump from ballots for supporting an insurrection are being heard in the Minnesota Supreme Court and Michigan state court. |
2024-10-31 | Marketscreener.com | UK Commercial Property REIT Ltd - Holding(s) in Company | UK Commercial Property REIT Limited(an authorised closed-ended investment company incorporated in Guernsey with registration number 45387) LEI Number:213800JN4FQ1A9G8EU25(The "Company") 31 OCTOBER 2023 Holdings in Company UK Commercial Property REIT Limited has received notification from Phoenix Group Holdings plc ("Phoenix Group") that the shares in the Company held by Phoenix Life Assurance Limited ("PLAL") have been transferred intra-group to Phoenix Life Limited ("PLL"). Phoenix Group holds, through its subsidiaries, 43.39 per cent. of the Company's shares. This transfer is part of the wider intra-group transfer by Phoenix Group of the insurance businesses of PLAL to PLL which has been effected pursuant to an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000 ("the Scheme"). The Scheme became operative at 23:59 on Friday,27 October 2023but with effect from 23:59 on Saturday,30 September 2023. The Company has not been notified of any other changes to the Phoenix Group's holding in the Company. For further information please contact: Paul Evitt/Peter Taylor, abrdn Tel: 0131 372 2200 The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QLTel: 01481 745471 |
2024-10-17 | Marketscreener.com | Arthur J. Gallagher & Co. Acquires Clements Worldwide | ROLLING MEADOWS, Ill.,Oct. 17, 2023/PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition ofWashington, D.C.-based Clements Worldwide. Terms of the transaction were not disclosed. Clements is an international insurance broker providing products and services for expats, diplomats and military personnel as well as commercial solutions for nonprofits, contractors, embassies and schools. In addition to itsWashingtonoffice, Clements operates out ofLondon,Dublin,GibraltarandDubai.Jon Clementsand his team will remain in their current locations under the direction of Bumpy Triche, head of Gallagher's Mid-South retail property/casualty brokerage operations. "Clements enhances our international capabilities with their specialist market expertise and provides significant cross-selling opportunities," said J.Patrick Gallagher, Jr., Chairman, President and CEO. "I am very pleased to welcome Jon and his associates to our growing, global team." Arthur J. Gallagher& Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered inRolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants. Investors:Ray Iardella, VP - Investor Relations Media:Paul Day, Communications Manager630-285-3661/ray_iardella@ajg.com630-285-5946/paul_day1@ajg.com View original content to download multimedia:https://www.prnewswire.com/news-releases/arthur-j-gallagher--co-acquires-clements-worldwide-301958263.html SOURCEArthur J. Gallagher& Co. |
2024-10-17 | The Punch | Guinea Insurance lists 1.8bn ordinary shares on NGX | A Nigeria-based insurance company, Guinea Insurance has listed 1,802,800,000 ordinary shares of 50 Kobo each at 50 Kobo per share on the Nigerian Exchange Limited.Guinea Insurance, in a notice to trading licence holders signed by the Head, Listings Regulation Department, Lilian Dako, on Tuesday, revealed that the shares were listed on the Daily Official List of the Nigerian NGX.Part of the licence said, “The additional shares listed on NGX arose from Guinea Insurance’s private placement. With this listing of the additional 1,802,800,000 ordinary shares, the total issued and fully paid up shares of Guinea Insurance Plc has now increased from 6,140,000,000 to 7,942,800,000 ordinary shares of 50 kobo each.”In August, Guinea Insurance obtained regulatory approval to issue 1.8 billion units of ordinary shares at 50 kobo per unit. The regulators include the National Insurance Commission, the Securities and Exchange Commission, and the Nigerian Exchange Group.Related NewsGuinea Insurance gets regulator approval for 1.8 billion shares issuanceGuinea Insurance gets fresh N900m capitalGuinea Insurance expands underwriting businessSpeaking on the development, the Chief Executive Officer of Guinea Insurance Plc, Ademola Abidogun, noted that the initiative was consistent with the company’s proactive approach to securing future growth, increasing market share and dedication to maximising returns for investors and partners.Abidogun said, “Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities.“Our resolute commitment to success and the results of it can be seen from the company’s performance in Q2 of 2023. The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in insurance contract revenue (36.54 per cent), insurance service result (57 per cent), and net investment income (44.51 per cent).“The transformation of profit/(loss) before and after income tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.” Guinea Insurance, in a notice to trading licence holders signed by the Head, Listings Regulation Department, Lilian Dako, on Tuesday, revealed that the shares were listed on the Daily Official List of the Nigerian NGX.Part of the licence said, “The additional shares listed on NGX arose from Guinea Insurance’s private placement. With this listing of the additional 1,802,800,000 ordinary shares, the total issued and fully paid up shares of Guinea Insurance Plc has now increased from 6,140,000,000 to 7,942,800,000 ordinary shares of 50 kobo each.”In August, Guinea Insurance obtained regulatory approval to issue 1.8 billion units of ordinary shares at 50 kobo per unit. The regulators include the National Insurance Commission, the Securities and Exchange Commission, and the Nigerian Exchange Group.Related NewsGuinea Insurance gets regulator approval for 1.8 billion shares issuanceGuinea Insurance gets fresh N900m capitalGuinea Insurance expands underwriting businessSpeaking on the development, the Chief Executive Officer of Guinea Insurance Plc, Ademola Abidogun, noted that the initiative was consistent with the company’s proactive approach to securing future growth, increasing market share and dedication to maximising returns for investors and partners.Abidogun said, “Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities.“Our resolute commitment to success and the results of it can be seen from the company’s performance in Q2 of 2023. The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in insurance contract revenue (36.54 per cent), insurance service result (57 per cent), and net investment income (44.51 per cent).“The transformation of profit/(loss) before and after income tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.” Part of the licence said, “The additional shares listed on NGX arose from Guinea Insurance’s private placement. With this listing of the additional 1,802,800,000 ordinary shares, the total issued and fully paid up shares of Guinea Insurance Plc has now increased from 6,140,000,000 to 7,942,800,000 ordinary shares of 50 kobo each.”In August, Guinea Insurance obtained regulatory approval to issue 1.8 billion units of ordinary shares at 50 kobo per unit. The regulators include the National Insurance Commission, the Securities and Exchange Commission, and the Nigerian Exchange Group.Related NewsGuinea Insurance gets regulator approval for 1.8 billion shares issuanceGuinea Insurance gets fresh N900m capitalGuinea Insurance expands underwriting businessSpeaking on the development, the Chief Executive Officer of Guinea Insurance Plc, Ademola Abidogun, noted that the initiative was consistent with the company’s proactive approach to securing future growth, increasing market share and dedication to maximising returns for investors and partners.Abidogun said, “Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities.“Our resolute commitment to success and the results of it can be seen from the company’s performance in Q2 of 2023. The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in insurance contract revenue (36.54 per cent), insurance service result (57 per cent), and net investment income (44.51 per cent).“The transformation of profit/(loss) before and after income tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.” In August, Guinea Insurance obtained regulatory approval to issue 1.8 billion units of ordinary shares at 50 kobo per unit. The regulators include the National Insurance Commission, the Securities and Exchange Commission, and the Nigerian Exchange Group.Related NewsGuinea Insurance gets regulator approval for 1.8 billion shares issuanceGuinea Insurance gets fresh N900m capitalGuinea Insurance expands underwriting businessSpeaking on the development, the Chief Executive Officer of Guinea Insurance Plc, Ademola Abidogun, noted that the initiative was consistent with the company’s proactive approach to securing future growth, increasing market share and dedication to maximising returns for investors and partners.Abidogun said, “Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities.“Our resolute commitment to success and the results of it can be seen from the company’s performance in Q2 of 2023. The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in insurance contract revenue (36.54 per cent), insurance service result (57 per cent), and net investment income (44.51 per cent).“The transformation of profit/(loss) before and after income tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.” Speaking on the development, the Chief Executive Officer of Guinea Insurance Plc, Ademola Abidogun, noted that the initiative was consistent with the company’s proactive approach to securing future growth, increasing market share and dedication to maximising returns for investors and partners.Abidogun said, “Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities.“Our resolute commitment to success and the results of it can be seen from the company’s performance in Q2 of 2023. The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in insurance contract revenue (36.54 per cent), insurance service result (57 per cent), and net investment income (44.51 per cent).“The transformation of profit/(loss) before and after income tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.” Abidogun said, “Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities.“Our resolute commitment to success and the results of it can be seen from the company’s performance in Q2 of 2023. The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in insurance contract revenue (36.54 per cent), insurance service result (57 per cent), and net investment income (44.51 per cent).“The transformation of profit/(loss) before and after income tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.” “Our resolute commitment to success and the results of it can be seen from the company’s performance in Q2 of 2023. The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in insurance contract revenue (36.54 per cent), insurance service result (57 per cent), and net investment income (44.51 per cent).“The transformation of profit/(loss) before and after income tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.” “The transformation of profit/(loss) before and after income tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.” |
2024-10-30 | Marketscreener.com | GUINEA INSURANCE : QUARTER 3 - FINANCIAL STATEMENT FOR 2023 | Guinea Insurance Plc Management Accounts For the year ended 30th September 2023 GUINEA INSURANCE PLC FINANCIAL STATEMENTS, 30TH SEPTEMBER 2023 CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO. 29 OF 2007 We the undersigned hereby certify the following with regards to our Audited Financial Statements for the year ended 30th September 2023 that: _____________________ Mr. Ademola Abidogun Mr. Pius Edobor Managing Director Executive Director FRC/2016/CIIN/00000014549 FRC/2013/ICAN/0000000046 Statement of Financial Position As at 30th September, 2023 Notes 30-Sep-23 30-Sep-22 Assets N'000 N'000 Cash and cash equivalents 17 1,759,527 404,854 Financial assets: 18 933,498 1,970,228 Trade receivables 19 - - Reinsurance assets 20 342,211 443,233 Deferred acquisition cost - - Other receivables and prepayments 21 49,363 45,517 Investment properties 22 113,000 106,300 Intangible Asset 23 39,927 3,864 Property and equipment 24 841,911 883,272 Statutory deposit 25 333,654 333,654 Total assets 4,413,090 4,190,921 Liabilities Insurance contract liabilities 26 1,246,183 885,966 Trade payables 27 13,776 75,016 Other payables and accruals 28 101,143 213,224 Employee benefit obligations 29 2,318 14,885 Current tax payable 30 28,454 24,310 Deferred tax liabilities 110,011 110,011 Deposit for shares 31 - 901,400 Total liabilities 1,501,886 2,224,812 Equity Issued share capital 32 3,971,400 3,070,000 Share premium 33 337,545 337,545 Contingency reserve 34 686,403 623,417 Accumulated losses 35 (2,366,893) (2,268,279) Available-for-sale reserve and others 36 217,061 137,738 Other reserves 38 65,688 65,688 Total equity 2,911,204 1,966,109 Total liabilities and equity 4,413,090 4,190,921 These financial statements were approved by the Board of Directors on 15th October 2023 and signed on behalf of the Board of directors by: Ademola Abidogun Managing Director/Chief Executive Officer FRC/2016/CIIN/00000014549 Pius Edobor Executive Director, Finance FRC/2013/ICAN/00000004638 Statement of Comprehensive income As at 30th September, 2023 Notes 30-Sep-23 30-Sep-22 N'000 N'000 Insurance Contract Revenue 2 1,450,109 1,037,747 Insurance Service Expenses 3 (717,035) (465,753) Net Expenses From Reinsurance Contracts Held 6 (258,093) (154,605) Insurance Service Result 474,980 417,389 Interest income calculated using the effective interest method 7 129,753 90,410 Net Investment Income 129,753 90,410 Finance expenses from insurance contracts issued 4 (3,798) (2,274) Finance income from reinsurance contracts held 5 1,588 1,292 Net Insurance and Investment Income 602,523 506,816 Other Operating Expenses 10 (653,270) (626,302) Other Income 9 102,997 30,782 Profit Before Income Tax 52,250 (88,704) Income Tax Expense 12 (8,935) (5,234) Profit For the Year 43,315 (93,938) Other Comprhensive Income Net fair value gains/(losses) on financial assets at FVTOCI 15 7,242 (288) Other Comprhensive Income for the Year 7,242 (288) Total Comprhensive Income 50,556 (94,226) Earnings/(Loss) per share - Basic and Diluted (kobo) 0.01 (0.02) Statement of Changes in Equity As at 30th September, 2023 As at 1st January 2022 Loss for the year Fair Value Gain - FVTOCI Transfer to Contingency Adjustment to Retained Earnings As at 30th September 2022 Issued share Retained Share Contingency Reserve for Asset capital earnings premium reserve FVTOCI revaluation Total 3,070,000 (2,394,265) 337,545 592,015 138,026 65,688 1,809,009 - (93,937) - - - - (93,937) - - - (288) - (288) - (31,402) - 31,402 - - - - 251,325 - - - - 251,325 3,070,000 (2,268,279) 337,545 623,417 137,738 65,688 1,966,109 As at 1st January 2023 Additional Shares Raised Profit for the Year Fair Value Gain - FVTOCI Transfer to Contingency Adjustment to Retained Earnings As at 30th September 2023 Issued share Retained Share Contingency Reserve for Asset capital earnings premium reserve FVTOCI revaluation Total 3,070,000 (2,337,704) 337,545 632,792 209,820 65,688 1,978,141 901,400 901,400 - 43,315 - - - - 43,315 - - - 7,242 - 7,242 - (53,611) - 53,611 - - - - (18,893) - - - - (18,893) 3,971,400 (2,366,893) 337,545 686,403 217,061 65,688 2,911,204 STATEMENT OF CASH FLOWS for the period ended 30th September, 2023 In thousands of Naira JAN TO SEP 2023 JAN TO SEP 2022 Operating activities: Note Premium received 42.1 1,787,036 1,046,734 Commission received 42.2 94,711 79,122 Commission paid (260,319) (172,711) Maintenance cost (173,490) Reinsurance premium paid 42.3 (544,319) (288,673) Gross claim paid 42.4 (159,368) (139,010) Reinsurance recoveries 42.50 70,214 52,489 Payments to employees 42.6 (296,751) (299,860) Other operating cash payments 42.7 (179,340) (375,991) Other income received 42.9 55,511 - Tax paid 24.1 (7,473) (1,291) Net cash flow from operating activities 386,411 (99,190) Investing activities: Investment income received 45.7 129,753 90,410 Purchase of intangible assets (36,063) (14,183) Purchase of property and equipment 26 (45,282) 3,800 Proceed from sale of property and equipment - (709,551) Purchase/sales of financial assets 937,710 - Proceed/(purchase) of investment properties - - Net cash flows from investing activities 986,118 (629,523) Financing activities: Deposit for shares 33 (901,400) 750,000 Interest repayment on finance lease - - principal repayment on finance lease - - New alloted shaares 901,400 Net cash flows from financing activities - 750,000 Net increase in cash and cash equivalents 1,372,529 21,287 Effect of exchange rate changes on cash and cash equivalent - Cash and cash equivalents at 1 January 386,998 383,566 Cash inflow - Cash and cash equivalents at 30th Sep. 2023 1,759,527 404,854 Notes to the Financial Statement As at 30th September, 2023 1 Significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. 1.1 Accounting Policy for Insurance Contract 1.1.1 Definition and Classification Insurance contracts are contracts under which the company accepts significant insurance risk from a policyholder by As atagreeing to compensate the policyholder if a specified uncertain future event adversly affects the policyholder. In making this assessment, all substantive rights and obligations, including those arising from law or regulation, are considered on a contract-by-contract basis. The company uses judgement to assess whether a contract transfers insurance risk (i.e. if there is a scenario with commercial substance in the Group has the possibility of a loss on a present value basis) and whether the accepted insurance risk is significant. Contracts that have a legal form of insurance but do not transfer significant insurance risk and expose the Group to financial risk are classified as investment contracts and follow financial instruments accounting under IFRS 9. 1.1.2 Level of Aggregation IFRS 17 requires an entity to identify portfolios of insurance contracts and each portfolio should be classified based on similar risks and managed together. Contracts within a product line would be expected to have similar risks and hence would be expected to be in the same portfolio if they are managed together. Contracts in different product lines (for example single premium fixed annuities compared with regular term life assurance) would not be expected to have similar risks and hence would be expected to be in different portfolios. The company creates its portfolio based on product type, then further aggregate it according to the minimum level of aggregation required by IFRS 17, namely: The company also only include contracts that are within one year of each other. 1.1.3 Recognition The company recognises insurance contract it issues according to IFRS 17 which is at earliest of the following: If there is no contractual due date, the first payment from the policyholder is deemed to be due when it is received. 1.1.4 Measurement The company mainly uses two methods to measure its insurance contract, namely the general measurement model (Building block approach), and premium allocation approach. a. General Measurement Model (Building Block Approach) The general measurement model requires insurance liabilities to be determined using a current estimate (probability weighted mean) of future cash flows; adjusted to reflect the time value of money and other financial risk; and a contractual service margin (CSM) representing the unearned profit from the groups of contracts. This model is the default measurement of group of insurance contracts byIFRS 17. The company uses this method for group of insurance contracts that are more than one year primarily and also used for contract within one year where it is reasonably expected the premium allocation approach would produce a significantly different measurements. • Estimate of future cash flows These are all the cash inflows and outflows relating to the group of contracts during their lifespan. The company follows the laid down guidelines of estimating cashflows. The standard guideline explains that the estimated future cash flows: The cashflow was estimated using the past insurance, reinsurance, claims and recovery data. • Discount rates IFRS requires an entity to adjust its estimated future cashflows for time value of money and the financial risk related to those cashflows, to the extent that the financial risks are not included in the estimates of cashflows. The company adopted the bottom-up approach in estimating its discounting rates as one of the two methods introduced by IFRS 17. • Risk adjustment IFRS 17 requires the company to adjust the estimated present value of the future cash flows to reflect the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk. The risk is remeasured every year to reflect the prevailing computation factors. The company adopted the cost of capital approach in estimating its risk adjustment as one of the three methods introduced by IFRS 17. • Contractual service margin (CSM) CSM represent the unearned profit for a group insurance contracts. CSM cannot be negative for insurance contract issued. As a result, any contracts that are expected at issuance to be unprofitable result in the reporting of a loss at initial recognition. CSM is adjusted for changes in future cash flows and the risk adjustment that relate to future services. • Onerous contracts An insurance contract is onerous at the date of initial recognition if the fulfilment cash flows allocated to the contract, any previously recognised acquisition cash flows and any cash flows arising from the contract at the date of initial recognition in total are a net outflow. • Revenue Recognition An entity shall present in profit or loss insurance revenue arising from the groups of insurance contracts issued. Insurance revenue shall depict the provision of coverage and other services arising from the group of insurance contracts at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. IFRS 17 requires the amount of insurance revenue recognised in a period to depict the transfer of promised services at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. The total consideration for a group of contracts covers the following amounts: a. amounts related to the provision of services, comprising: b. amounts related to insurance acquisition cash flows. b. Premium allocation approach (PAA) The PAA is an optional measurement model and a simplification of the general measurement model for the calculation of the liability for unexpected coverage, which represent the liability for unexpected coverage in an insurance contract. The Company uses this model for group of insurance contracts within one year. The Company also ensures that the two conditions prescribed by IFRS 17 are met before being applied. The conditions states that the PPA method can only be applied when: An entity shall determine insurance revenue related to insurance acquisition cash flows by allocating the portion of the premiums that relate to recovering those cash flows to each reporting period in a systematic way on the basis of the passage of time. An entity shall recognise the same amount as insurance service expenses. When an entity applies the premium allocation approach in paragraphs 55-58 of the standard, insurance revenue for the period is the amount of expected premium receipts (excluding any investment component and adjusted to reflect the time value of money and the effect of financial risk, if applicable, applying paragraph 56) allocated to the period. The entity shall allocate the expected premium receipts to each period of coverage: • Insurance Acquisition Cost The standard stated that in applying the premium allocation approach, an entity: The company has adopted to defer acquisition costs that are directly attributable to portfolios of contracts. 1.1.5 Presentation • Insurance Contract (Finance Income & Expense) The standard allows an entity to choose an accounting policy choice between: The company has therefore adopted an accounting policy choice to include insurance finance income or expenses for the period in profit or loss. • Reinsurance Income or Expense The standard stipulates that an entity may present the income or expenses from a group of reinsurance contracts held, other than insurance finance income or expenses, as a single amount; or the entity may present separately the amounts recovered from the reinsurer and an allocation of the premiums paid that together give a net amount equal to that single amount. amount. If an entity presents separately the amounts recovered from the reinsurer and an allocation of the premiums paid, it shall: The entity has adopted to present the income or expense from a group of reinsurance contract held as a single amount. • Transiti The standard specifies 3 transition methods which are: I. The retrospective approach. II. The modified retrospective approach. III. The fair value approach. Unless the implementation of IFRS 17 is impracticable, the company shall apply IFRS 17 retrosectively. The company has therefore adopted the retrospective approach in the implementation of IFRS 17 guidelines. 1.1.6 Insurance and Financial risks management The Company issues contracts that transfer insurance risk or financial risk or both. a. Insurance Risks management The Company accepts insurance risk through its insurance contracts and certain investments contracts where it assumes the risk of loss from persons or organisations to the underlying loss. The Company is exposed to the uncertainty surrounding the timing. The Company manages its risk via its underwriting and reinsurance strategy within an overall risk management framework. Pricing is based on assumptions which have regard to trends and past experience. Exposures are managed by having documented underwriting limits and criteria.Reinsurance is purchased to mitigate the effect of potential loss to the Company from individual large or catastrophic events and also to provide access to specialist risks and to assist in managing capital. Reinsurance policies are written with approved reinsurers on either a proportional or excess of loss treaty basis. The Company writes general insurance businesses. The most siginificant risks arise from persistency, longevity, morbity, expense variations and investment returns. Concentration of risk may arise from geographic regions, epidemics, accumulation of risks and market risk. b. Financial Risk Management The company monitors and manages the financial risks relating to the operations of the company through internal risk reports magnitude of risks. These risks include: I. Market Risk Market risk is the risk of adverse financial impact as a consequence of market movements such as currency exchange rates,interest rates and other price changes. Market risks arises due to flunctuations in both value of assets and liabilities. The company has established policies and procedures in order to manage market risks. Attachments Disclaimer Guinea Insurance plcpublished this content on30 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on30 October 2023 19:37:07 UTC. |
2024-10-09 | Marketscreener.com | GUINEA INSURANCE : NOTICES OF ANNUAL GENERAL MEETING (AGM) | Corporate Head Office: Guinea Insurance House, 33, Ikorodu Road, Jibowu, P.O.Box 1136, Marina, Lagos E-mail: info@guineainsurance.com, Website: www.guineainsurance.com, Tel: +234-1-2934575, 2934577 Authorised and Regulated by the National Insurance Commission RIC NO. 017 NOTICE OF 65THANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THATthe 65thAnnual General Meeting ofGUINEA INSURANCE PLCwill be held at Providence Hotel G.R.A Ikeja, Lagoson27thday of October 2023at11.00 a.m.prompt to transact the following business: ORDINARY BUSINESS: NOTES: Dated this 3rdday of October 2023 BY ORDER OF THE BOARD CHINENYE NWANKWO Company Secretary FRC/2021/002/0000002354 Attachments Disclaimer Guinea Insurance plcpublished this content on09 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on09 October 2023 08:41:18 UTC. |
2024-10-03 | Euronews | €3 trillion: Is France’s debt out of control? | France’s economy minister Bruno Le Maire says he wants to slash the country’s multi-trillion euro debt, starting by launching the 2024 budget plan he introduced in September. French debt reached the €3 trillion mark at the beginning of 2023, equivalent to 112% of its GDP. It reached its first trillion 20 years ago, in 2003. France is not alone in this regard. Together with Greece, Italy, Portugal, Spain and Belgium, it’s one of the EU and euro area countries whose debt is higher than 100% of their respective GDP . Does this mean their seemingly eye-watering debts are out of control? Where does national debt come from? Public debt is the accumulation of public deficits over the years. It means that a state is spending more than it earns, and ends up owing more and more money as time passes. French authorities, like governments across the world, have spent huge sums of public money to counterbalance the negative effects of several crises. The most recent example of this is the energy and cost of living crises sparked by Russia’s invasion of Ukraine, which prompted swathes of public spending to cushion the damage to households and the economy, but also the COVID-19 pandemic and the 2008 financial crisis. Who is the money owed to? When a couple takes on a mortgage to purchase a house, they owe the sum they borrowed, plus interest, to their bank. It’s slightly more complicated when it’s public money, owed by public bodies. Over half of French debt is owned by foreign entities, including 15% owned by the European Central Bank (ECB). This one is fairly straightforward to grasp, as central banks and foreign investment funds routinely lend money to governments. Then, about a quarter is owned by French entities through stocks, bonds or shares, with the remainder owned by various insurance and loan agencies. Paying the money back France’s debt is not sustainable, as reimbursing such large sums of money is virtually impossible. It’s equivalent to each French citizen reimbursing €45,000 – a significant amount, although it pales in comparison to US debt broken down per citizen . It will take time, as debt securities can be issued for up to 50 years. Although finance minister Le Maire says he wants to work towards debt reduction in 2024, it would take drastic public spending cuts. No one-size-fits-all solution exists when it comes to public debt. A significant part of it is reimbursed through people’s savings and life insurance – like in Japan, the developed nation with the highest debt (above 250% of its GDP). The past three years of back-to-back crises have been exceptionally rough for people and governments. As inflation shows encouraging signs it is past its peak, with unemployment rates low and interest rates potentially soon being lowered by central banks, states might get some relief and be able to curb public spending. Trillions in debt but trustworthy Increasing its debt does not mean that France isn’t actively paying back its existing dues. France is still considered trustworthy by financial rating agencies: In spite of several social crises and episodes of violence, its relative political stability and credibility thanks to honouring past reimbursements mean the country is attractive to investors – including those who can lend money. Other European countries with high debt such as Italy and Greece do not benefit from such confidence. Many countries, such as the United States, have a high debt relative to their GDP. However, strong economies are still attractive, and MPs continue to vote on budgets with spending that exceeds earnings. |
2024-10-18 | The Times of India | Reversing warming may stop Greenland ice sheet collapse: study | AP A group from the Poseidon Expeditions looks over an iceberg in the Scoresby Sund, Thursday, Sept. 7, 2023, in Greenland. (Photo/AP) PARIS: Breaching the global warming limits of the world's climate goals could see the melting of Greenland's ice sheet add more than a metre to rising sea levels , according to new research on Wednesday. But the study by an international team of researchers found there would still be hope to prevent a collapse of the ice sheet -- if warming is reversed and brought back to the safer level. The melting of Greenland's vast ice sheet -- the world's second-largest after Antarctica -- is estimated to have contributed more than 20 percent to observed sea level rise since 2002. Rising sea levels threaten to intensify flooding in coastal and island communities that are home hundreds of millions of people, and could eventually submerge whole island nations and seafront cities. A study published in the journal Nature on Wednesday used two models to simulate how Greenland's ice sheet would respond to future temperature increases over timescales ranging from hundreds to thousands of years. Researchers suggested abrupt ice sheet losses would be triggered if global average temperatures reached a range of 1.7C-2.3C above pre-industrial levels. That would risk a permanent "tipping point" that would see near-complete melting of the Greenland ice sheet over hundreds or thousands of years and could lift oceans by seven metres (23 feet), redrawing the world map. But if the temperature increases were rolled back to the Paris deal 1.5C limit quickly enough -- by removing planet-heating pollution from the atmosphere using vast reforestation or technologies to capture carbon and permanently store it -- then the worst could be avoided. "We found that the ice sheet reacts so slowly to human-made warming that reversing the current warming trend by cutting greenhouse gas emissions within centuries may prevent it from tipping," said study co-author Niklas Boers from the Potsdam Institute for Climate Impact Research . "Yet, also just temporarily overshooting the temperature thresholds can still lead to a peak in sea level rise of more than a metre in our simulations." Other tipping points in the Earth system may be breached far sooner, the researchers said, including rainforests and ocean current systems that change in much shorter timeframes. "The Greenland ice sheet is likely more resistant to short-term warming" than previously thought, said Nils Bochow, a researcher at the Arctic University of Norway and lead author of the study. But the researchers stressed that returning temperatures to below the "safe" threshold for the Greenland ice sheet would be far harder than keeping them below the limit in the first place. World leaders will gather in Dubai from November 30 for crunch UN talks on slashing planet-warming greenhouse gas emissions, adapting to and financially bracing for the impacts of climate change . Technologies to reduce temperatures on such a vast scale may not exist, Bochow told AFP. "We should try everything today to keep the temperatures in a safe range rather than betting that we can reduce them later," he said. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on climate change sea levels Greenland ice Greenland ice sheet Potsdam Institute for Climate Impact Research (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-11 | Marketscreener.com | AIG reshuffles leadership to focus on underwriting business | Oct 11 (Reuters) - American International Group
(AIG) on Wednesday appointed company insiders David McElroy, Don
Bailey, and Jon Hancock to key positions in a bid to strengthen
its underwriting performance. McElroy was appointed as chairman of general insurance,
while Bailey and Hancock were named chief executive officers of
the North America and international insurance businesses,
respectively. "(The) appointments align with our plans to create a leaner
operating model, while remaining extremely focused on advancing
our underwriting performance," AIG chief Peter Zaffino said in a
statement. The New-York based company's general insurance underwriting
income fell 26% in the second quarter, hurt by $250 million in
total catastrophe-related charges on the back of U.S. storms and
Typhoon Mawar, which hit the Western Pacific Island of Guam in
May. McElroy's new role will include increasing client growth and
cultivating partnerships with distribution partners, while
Bailey and Hancock will lead the underwriting, distribution and
the business teams. The appointments will be effective Jan. 1 and all the three
executives will report to Zaffino.
(Reporting by Pritam Biswas in Bengaluru; Editing by Maju
Samuel) |
2024-10-06 | Marketscreener.com | First Hawaiian to Report Third Quarter 2023 Financial Results on October 27, 2023 | HONOLULU, Oct. 06, 2023 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ: FHB) announced today that it plans to release its third quarter 2023 financial results on Friday, October 27, 2023 before the market opens. First Hawaiian will host a conference call to discuss the company’s results on the same day at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time). To access the call by phone, participants will need to click on the following registration link:https://register.vevent.com/register/BIb8dec5c067a34a9783388cdb9da26a39, register for the conference call, and then you will receive the dial-in number and a personalized PIN code. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A live webcast of the conference call, including a slide presentation, will be available at the following link:www.fhb.com/earnings. The archive of the webcast will be available at the same location. About First Hawaiian First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visitwww.FHB.com. Investor Relations Contact:Kevin Haseyama(808) 525-6268khaseyama@fhb.com Media Contact:Lindsay Chambers(808) 525-6254lchambers@fhb.com |
2024-10-06 | GlobeNewswire | First Hawaiian to Report Third Quarter 2023 Financial Results on October 27, 2023 | HONOLULU, Oct. 06, 2023 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ: FHB) announced today that it plans to release its third quarter 2023 financial results on Friday, October 27, 2023 before the market opens. First Hawaiian will host a conference call to discuss the company’s results on the same day at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time). To access the call by phone, participants will need to click on the following registration link:https://register.vevent.com/register/BIb8dec5c067a34a9783388cdb9da26a39, register for the conference call, and then you will receive the dial-in number and a personalized PIN code. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A live webcast of the conference call, including a slide presentation, will be available at the following link:www.fhb.com/earnings. The archive of the webcast will be available at the same location. About First Hawaiian First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visitwww.FHB.com. Investor Relations Contact:Kevin Haseyama(808) 525-6268khaseyama@fhb.com Media Contact:Lindsay Chambers(808) 525-6254lchambers@fhb.com |
2024-10-12 | The Times of India | How stars aligned for Exxon's $60 billion deal with Pioneer | AP Exxon Mobil Corp's resurgence under CEO Darren Woods and the upcoming retirement of Pioneer Natural Resources CEO Scott Sheffield were key to the oil major clinching the $60 billion acquisition, people familiar with the matter said. After brief informal conversations earlier this year, Exxon approached Pioneer about a deal last month, the sources said. It was from a position of strength. Exxon's shares were hovering near record highs, and it had a cash pile of about $30 billion. Sheffield said he was approached by Woods two weeks ago with an offer that was beneficial both to shareholders and Pioneer's employees. The Permian operations will be led by a mix of staff from both companies. "Darren has been very fair in the negotiations," Sheffield told a small group of reporters. Woods had already capitalized on elevated energy prices to streamline Exxon's operations and focus on highly profitable oil and gas production. This allowed Exxon to enter the deal negotiations with its stock coveted by investors as a valuable currency. The stakes were high. The acquisition would turn Exxon into the largest shale producer in the Permian basin, itself the biggest and most lucrative U.S. oilfield . Pioneer agreed to an all-stock deal, even though Exxon could afford to pay all-cash through a combination of its cash on hand and borrowing, the sources said. The deal structure allowed the two companies to reconcile their price disagreements, according to the sources. "We basically closed this deal fairly quickly," Woods told reporters on a conference call on Wednesday. Exxon could boast it clinched the agreement by paying a relatively small 16% premium to Pioneer's unaffected share price, while Pioneer could allow its shareholders to benefit from the deal's cost and revenue synergies by giving them more than 10% of the combined company, the sources said. From Pioneer's side, the view was that shareholders would be willing to accept a skinny takeover premium in return for a stake in the industry's behemoth, whose shares are perceived as the gold standard by many traditional oilmen, including Sheffield. The combined company will also have more resources to develop international projects, such as its Guyana operations, the sources added. For his part, Sheffield was ready to sell Pioneer, the sources said. The 70-year-old wildcatter has led the company since its founding in 1997, with a brief hiatus between 2016 and 2019. He had said he planned to retire in January. He now stands to receive a $29 million payout and join Exxon's board as a director. "When Scott and I sat down and started talking about the complementary nature of both of our businesses, it became very obvious very early on in those discussions that there's a big opportunity here," Woods said. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on exxon Pioneer Natural Exxon Mobil oilfield woods (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-12 | BBC News | Botched dentistry: Harlow man took his life after years of pain | The daughter of a man who took his own life after experiencing years of pain linked to botched dental surgery said she had "lost faith in the system". Clive Worthington, from Harlow, Essex, travelled to Hungary for dental implants in 2008. Several follow-up procedures from the same dentist back in the UK over the next seven years were unsuccessful. The government said it was addressing a so-called loophole which meant the 81-year-old missed out on compensation. Last week, an inquest concluded Mr Worthington's death in 2022 was a suicide. Senior Essex coroner Lincoln Brookes said the "long-term consequences" of Mr Worthington's unsuccessful dental surgery "impacted significantly on his mental health and ability to cope with daily life". "It's such a tragic end to a life," said Mr Worthington's daughter, Gina Tilly. "It just makes me so mad - that it didn't have to end this way." In 2017, the General Dental Council (GDC) found Dr Eszter Gömbös, who was employed by Perfect Profiles, at fault for the work. Mr Worthington was awarded £117,378 in damages and legal costs at Chelmsford County Court in November 2019 - one of the highest pay-outs for dental negligence in the UK. But the insurer which covered Dr Gömbös - the Dental Defence Union (DDU) - argued "discretionary indemnity" and refused to pay. The British Medial Association says discretionary indemnity is "where legal and financial assistance is provided at the discretion of the provider, for example, not backed by an insurance contract between the healthcare professional and the provider". Ms Tilly said the dental insurance system, especially discretionary indemnity, was "madness". "I've completely lost faith in the system. It's completely nonsensical, it's completely outdated," she added. The compensation was won by solicitor Paul Judkins who referred to discretionary indemnity as a loophole and said: "Nowhere in the Dentists Act 1984 does the word discretion come up". Dr Gömbös and her former employer did not respond to the BBC's approach for comment. On its website, Perfect Profiles said it ceased trading in 2022. The DDU said it was saddened to hear about Mr Worthington's death, but could not comment on individual cases. The union also declined to comment further when asked why it did not pay out the awarded compensation. The GDC said: "[Patients] must be able to seek compensation in the rare event that something goes wrong in their dental care, and it is deeply frustrating that weaknesses in the current legislation caused the system to fail in this instance". The Department of Health and Social Care told the BBC that it has "pre-existing concerns about discretionary indemnity". The government said it was continuing to look into the issue of clinical negligence as part of the Paterson inquiry implementation update. A spokesperson for the department said: "We have made significant progress to improve patient safety over the last decade, including the introduction of the first NHS Patient Safety Strategy from 2019." The spokesperson added: "We are working with the sector to improve access to compensation for clinical negligence and will ensure any changes are in the best interests of patients." Ms Tilly told the BBC she would continue to fight for justice for her father. "My dad had already started to contact the media while he was still alive, he knew that this wasn't right," she said. "I just don't want my dad to have died in vain because of this. "I will keep asking the questions and I'll keep fighting to try and get things changed." Mr Worthington, who worked as wood machinist, had three children and five grandchildren. Follow East of England news on Facebook, Instagram and X. Got a story? Email eastofenglandnews@bbc.co.uk or WhatsApp 0800 169 1830 |
2024-10-16 | Marketscreener.com | Eros Media World : Annual Financial Report | 007466V COMPANIES REGISTRY DEPARTMENT FOR ENTERPRISE ISLE OF MAN Certificate of Change of Name Pursuant to Section 14(3) of the Companies Act 2006 The Registrar of Companies hereby certifies that EROS STX GLOBAL CORPORATION has, with the approval of the Registrar of Companies, changed its name and is now called Eros Media World PLC This 18th day of May 2022 Mark Edwards Senior Registration Officer For Registrar of Companies The Companies Registry is part of the Department for Enterprise. This certificate does not constitute a licence to conduct banking, investment, CSP, insurance or other business regulated by the Isle of Man Financial Services Authority. 007466V COMPANIES REGISTRY DEPARTMENT FOR ENTERPRISE ISLE OF MAN Certificate of Good Standing Companies Act 2006 Eros Media World PLC The Registrar of Companies hereby certifies in respect of the above company that at the date of this certificate:- This 16th day of August 2022 Mark Edwards Senior Registration Officer For Registrar of Companies NOTE: The information contained in this certificate reflects that contained in the Statutory Records maintained by the Isle of Man Department for Enterprise as at the date of the certificate. The information, which does not include financial information, is subject to change. MANAGEMENT's INDEPENDENT AUDITOR'S REPORT To, The Board of Directors Eros Media World PLC Registration No. 007466V Second Floor, 18-20 North Quay, Douglas, Isle of Man, IM1 4LE Report on the Management Audit of the Consolidated Financial Statements Opinion We have audited the accompanying consolidated statements ofEros Media World PLC(formerly known as Eros International Plc, subsequently known as Eros STX Global Corporation) ("the Company" "Eros" "EMW PLC") as consolidated with its subsidiaries, (the Parent and its subsidiaries together referred to as"the Group") which comprise of the Consolidated Balance Sheet as at March 31, 2022, the related Consolidated Statement of Income and Loss (including other Comprehensive Income and Loss), the Consolidated Statement of Cash Flows for the year then ended, the Significant Accounting Policies, and other explanatory information, together referred to as the"Consolidated Financial Statements" "Financial Statements", as approved by the Board of Directors of the Company at their meeting held on even date. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the other auditor's reports ("component auditors") on separate financial statements of the subsidiaries and management represented financials, referred to in the Other Matters section below, the consolidated financial statements give a true and fair view in conformity with the Generally Accepted Accounting Principles prescribed by the Financial Accounting Standards Board ("US GAAP"), of the consolidated state of affairs of the Group as at March 31, 2022, and their consolidated loss, their consolidated total comprehensive loss and their consolidated cash flows for the year ended on that date, except as described under the 'disclaimer of opinion' paragraph under. Basis for Disclaimer & Qualified Opinion We conducted our audit of the consolidated financial statements in accordance with the International Standards on Auditing ("ISA") equivalent standards issued by the member body of International Federation of Accountants. Our responsibilities under those Standards are further described in the Auditor's Responsibility for the Audit of the Consolidated Financial Statements section of our Report. We are independent of the Company, in accordance with the Ethical Standards and Code of Ethics together with the ethical requirements that are relevant to our audit of the consolidated financial statements, and we New York Office: 1270, Ave of Americas, Rockfeller Center, FL7, New York- 10020,USA Corporate Office: "Pipara Corporate House" Near Bandhan Bank Ltd., Netaji Marg, Law Garden, Ahmedabad- 380006 Mumbai Office: #3, 13thfloor, Tradelink, 'E' Wing, A - Block, Kamala Mills, Senapati Bapat Marg, Lower Parel,Mumbai- 400013 Delhi Office: 1602, Ambadeep Building, KG Marg, Connaught Place New Delhi- 110001 Contact: have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit procedures conducted by us for the holding company's financials and the perusal of subsidiary auditors' reports in terms of their reports referred to in the sub- paragraph (a) of the Other Matters section below, were considered to provide a basis for our audit opinion on the consolidated financial statements. Approach towards Management Audit: We have examined the Consolidated Financial statement taking into consideration: Disclaimer of Opinion Qualified Opinion: The Statutory Auditors of Eros International Media Limited ("EIML") have issued a qualified opinion, with the following paragraph as the basis for their qualification: "With reference to Note 55 of the Standalone Financial Statements, the Company has trade receivables of INR 40,645 Lakhs from Eros Worldwide FZ LLC ("EWW")("Company having significant influence"), and INR 8,652 Lakhs from Eros International Limited UK (fellow subsidiary of EWW) and INR 2,884 Lakhs from Eros International USA Inc. (fellow subsidiary of EWW). Dues of EWW of INR 32,577 Lakhs are overdue. As per the management accounts for year ended March 31, 2022 provided to us, net worth of these companies has been eroded and has incurred losses in that year. Further, EWW has made significant write down in the carrying amount of film content. Considering the financial position of these companies, we are unable to obtain sufficient appropriate audit evidence to comment on the extent of the recoverability of the carrying value of the above receivables and the consequential effects on standalone financial statements." EIML is a material subsidiary with a 41% share of the total consolidated revenue of the company, and Eros Worldwide FZ LLC, is also determined as a material subsidiary with a 23% share of total consolidated revenue of the company. The impact of the said qualification is USD 227.82 Million (basis closing conversion rates as at financial year end), as enumerated by the component auditor of EIML and converted to USD terms by us as the auditors for EMW PLC. Material Uncertainty Related to Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company (Eros) will continue as a going concern. The Company (Eros) has incurred an operating loss of $ 9.6 million in the current year ended March 31, 2022. Further, the Company has an equity deficit as of the balance sheet date of $ 796.17 million. These conditions, along with other matters as set forth in the aforesaid note, indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. The underlying financial statements have been prepared by the management on a going-concern basis, basis the management's evaluation in this regard. Our opinion is not modified in respect of this above matter. Attachments Disclaimer Eros Media World plcpublished this content on16 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on16 October 2023 16:06:50 UTC. |
2024-10-09 | The Times of India | Tesco buys Isle of Man Shoprite stores. What will happen to Shoprite stores now? | Reuters Retail giant Tesco has bought supermarket chain Shoprite which has served the Isle of Man for more than 50 years. The company has said that it would rebrand all nine of the island's Shoprite stores over the next nine months. According to BBC, Shoprite's majority shareholders Deryck and Kevin Nicholson confirmed the deal and said that the sale was a "carefully considered" decision. First set up in 1972 Praising the people of Shoprite, Tesco Chief Executive Jason Tarry said that they built a fantastic business over many years." He said that he was "really pleased that we've reached this agreement". Shoprite was first opened in 1972. Minister expresses apprehension Reacting to the deal, Enterprise Minister Tim Johnston said that there would be "a number of staff at risk outside the stores". Shoprite outlets can be found all across the island, including Port Erin, Ramsey, Peel and Castletown. Earlier in 2000, Tesco opened a store in Douglas, on the island. BBC quoted Chief Minister Alfred Cannan saying, "For many years the Shoprite brand has supported the growth of many local food producers by stocking their product lines, from locally produced meat, fish and vegetables, to ales, wines and spirits across over 150 local suppliers. I am keen to see a similar local business partnership continue as Tesco takes over." Shoprite owner thanks staff According to 'Isle Of Man Today', the Shoprite owner said that he is pleased to pass his business on to an established brand in Tesco, which already has a presence on the Isle of Man. He also expressed his gratitude for the loyal support of our staff, suppliers and customers and thanked them for being part of the journey for more than 50 years. FAQs: Q1. When was Shoprite set up? A1. Shoprite was set up on the Isle of Man in 1972 and it has nine stores on the island. Deryck and Kevin Nicholson held its majority shares before they sold it to Tesco. Q2. What is Tesco's plan for Shoprite stores? A2. Tesco has said that it would re Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on Tesco tesco uk tesco latest news tesco news isle of man shoprite tesco shoprite (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-28 | Al Jazeera English | A cricket rivalry evolves: How Indian fans came to love English players | While the cricketing rivalry between India and England has often been bitter and influenced by colonial history, it has changed in recent years. Mumbai, India –The image of former India captain Sourav Ganguly swinging his jersey in jubilation on the Lord’s Cricket Stadium’s balcony is deeply etched in every Indian cricket fan’s memory. It was July 13, 2002. India had defeated England by two wickets in a tightly contested final of the NatWest series as Ganguly’s side chased a mighty target of 326 in the final over. The match, rated as one of the greatest in one-day cricket, was a titanic clash between the golden age of Indian cricket – featuring Ganguly, Sachin Tendulkar and Anil Kumble – and an England team boasting top players such as Nasser Hussain, Marcus Trescothick and Andrew Flintoff. For India, the victory was a sweet revenge after England had held them to a 3-3 ODI series draw at home earlier that year. After Zaheer Khan hit the winning runs, Ganguly swung his India jersey, baring his torso as he hurled invective, delivering a tit-for-tat after Flintoff celebrated topless at the Wankhede Stadium during England’s tour of India. India and England have played more than 100 international ODI matches since the 1970s and tempers have flared during those face-offs. There have been incidents of aggression, moments of good banter and a strong feeling of competitiveness between the players. But, as India and England prepare to face off at the Cricket World Cup on Sunday, Indian fans feel that their so-called rivalry has toned down over the last few years with players from both countries competing together in franchise leagues, including the Twenty20 Indian Premier League. “For sure the rivalry between India and England has reduced,” Chirag Narasimiah, a commercial and corporate lawyer from Bengaluru, told Al Jazeera. “Aggression between teams has calmed in general across international cricket because of the IPL and other leagues.” English players have played in the IPL since its inception in 2008 and many of them have formed a solid fan base in the cricket-loving country. England’s test captain and all-rounderBen Stokes, who has played for IPL teams Rajasthan Royals and Chennai Super Kings, is a fan favourite among Indians. During England’s World Cup match against South Africa in Mumbai’s Wankhede Stadium last weekend, Indian fans were rooting for him every time he got hold of the ball while fielding and chanted his name when he came on to bat in the second innings. Jos Buttler and Joe Root, who both played for Rajasthan Royals in the 2023 IPL season, also received a similar reception from the Mumbai crowd even as England suffered a huge defeat. “IPL has allowed fans to be exposed to a lot of players from different countries,” said Ali Taabish Nomani, an insurance consultant from Lucknow. “A lot of fans are knowledgeable in our cricket-loving country so once they see a player doing well, they will support him irrespective of the country he is from. Be it even Ben Stokes of England.” Narasimiah, who also advises on sports law matters, said that the IPL works as a great tool to bridge the gap between Indian fans and overseas players. “The league has opened up the game to a lot of casual fans, who don’t really understand or delve deep into rivalries. Those fans are happy to just watch the game and enjoy whoever is playing well,” he said. “I think this has increased over the years and led to fewer conversations where you’d discuss if a player is from England or Australia. “Also, England players have toured India and been part of the IPL for so many years that nothing is new for them. They are also making an effort to assimilate.” For Dion George, a software developer from Mumbai, supporting Chennai Super Kings made him “emotionally invested” in England batter Sam Curran’s career. Curran played for the Chennai-based IPL franchise in the 2020-21 IPL season before joining Punjab Kings this year. But that did not affect George’s support for the Englishman. “Since I followed him for so long because of my allegiance with Chennai, I am so used to supporting him. I still get happy when I see him do well for Punjab or even England,” said George. Apart from Curran, George is also a big supporter of Buttler and included the England skipper in his fantasy gaming team during IPL a couple of seasons ago. “While playing fantasy games, you subconsciously align yourself with wanting these players to do well, and that stays for a long time, too. After I had Buttler in my fantasy team, I would look forward to him scoring well even in international Test cricket and the World Cups,” George, 26, said. “When I attended England vs South Africa, I was most upset over seeing him get out.” While India and England have been rivals on the cricket field, the countries also share a long history, with the British ruling over the Indian subcontinent from 1858 to 1947. Cricket, which originated in England, was introduced to the Indian subcontinent by sailors and traders of the English East India Company in the 17th and 18th centuries and it became a highly popular sport among Indians when India defeated their former colonisers England on their own turf in 1971 – winning a three-test series 1-0. In 1983, Indiawon the World Cupfor the first time, lifting the trophy at the Lord’s Cricket Ground in London, once called the “cathedral of cricket”. Then in 2011, India won their second world title, while Englandwon the World Cupfor the first time in 2019, ending their agonising 44-year wait to be world champions of the sport they invented. Britain’s colonial history is not forgotten, but Indian fans say it does not affect them when watching an India vs England cricket match. “I don’t think about British colonialism because what has happened is in the past now and we should learn from history,” said Nomani, who will attend India v England in Lucknow on Sunday. “I have never looked at it that way, for me it’s just two teams from two countries playing a game of cricket.” Narasimiah said India’s cricketing achievements have proven they are better than their former colonisers. “I don’t think the colonial history matters so much for today’s fans, especially in the age group of 20-30s. It’s because India has sort of ‘been there done that’ by winning the World Cup before England,” he said. England head into Sunday’s match against table-toppers India with four defeats in five matches. Mathematically, England are not yet out of the race for the semifinals, but their hopes are hanging by a thread as the team sits second bottom, above the Netherlands on net run rate. Dismal batting has let England down on several occasions during their World Cup title defence, while their bowlers have also not stepped up. Nonetheless, India fan Nomani expects Sunday’s clash in Lucknow to be entertaining. “I believe it will be a good match because the pitch has been completely changed since the venue was awarded the World Cup. It could be a neutral venue for both teams … also with England coming into the game with four losses, they could be aggressive and India might be eased out as they have won all five matches,” the 30-year-old said. “I would say it will be India’s match to lose, but it will be an aggressive and competitive game.” Follow Al Jazeera English: |
2024-10-19 | Deadline | George Clooney & Other A-Listers’ Residuals & Dues Proposals “A Gesture Of Goodwill,” SAG-AFTRA Exec Says | A plan put forth this week toSAG-AFTRAbyGeorge Clooneyand other big stars to potentially kick start stalled negotiations with the studios is “worthy of review and consideration,” says the union’s chief negotiator. “We’re with you, we’re behind you,” Duncan Crabtree-Ireland told Deadline today of his takeaway on the ideas and sentiment from the Oscar winner and others. “We just want to do whatever we can do to help, and I think someone wanting to help is not someone wanting to undermine.” On Tuesday,as Deadline exclusively reported, Clooney,Emma Stone, Ben Affleck,Tyler PerryScarlett Johansson and other A-listers met with guild brass to discuss the state of the strike and the lack of talks with the studios. In the Zoom gathering,as Clooney himself confirmed to Deadline exclusively today, the A-listers stressed to union presidentFran Drescherand Crabtree-Ireland that “a lot of the top earners want to be part of the solution.”Related StoriesRelease Dates'How To Train Your Dragon' Live-Action Feature Pushed Due To Actors StrikeBreaking News"Seal The Deal": SAG-AFTRA's Fran Drescher Calls Out Studio CEOs To "Resurface" And Help End Strike SAG-AFTRA has been out on strike for 98 days so far, with no new talks with the studios and the streamers scheduled at present. However, Crabtree-Ireland said today that a new contract is “definitely possible.” He added: So long as everyone gets back to the table, and does so with the mindset of let’s find this path to a fair deal.” In the desire for that fair deal, the A-listers had some specifics to put on the table for the guild to consider. “We’ve offered to remove the cap on dues, which would bring over $50 million to the union annually,’ two-time Oscar winner Clooney explained of the stars’ suggestions to move the situation back to the bargaining table. “Well over $150 million over the next three years. We think it’s fair for us to pay more into the union. We also are suggesting a bottom-up residual structure — meaning the top of the call sheet would be the last to collect residuals, not the first. These negotiations will be ongoing, but we wanted to show that we’re all in this together and find ways to help close the gap on actors getting paid.” On the picket lines at Warner Bros on Thursday, Crabtree-Ireland took a big picture appraisal of the A-lister’s offer. “The idea of lifting our dues caps and providing more membership dues could help fund all kinds of programs that can help members, like programs to help uninsured members who need health insurance, premium help or things like that,” the SAG-AFRTRA leader noted. “But that’s not a way to put money into the benefit plans. It’s not even legal to put money into the benefit plans, except from employer contributions.” “So, I really see that as a gesture of goodwill and support that’s meant to help lift up the membership more than it is to affect the contract negotiations,” he declared. While dues has not been a major topic in the SAG-AFTRA deliberations this year because they are not something the AMPTP has any part in, the A-listers idea of flipping the residual payout had the possibility to carry real heft symbolically. In real terms, however, by putting themselves at the bottom of the list and putting working actors at the top, the Clooney-led proposal wouldn’t really change anything for the vast majority of the 160,000 guild members, many of whom don’t even earn enough to qualify for health care benefits. Residuals are paid out all at once, so it doesn’t matter who is first or last on the list. However, if it is revenue sharing – well, that’s a different thing altogether. With Netflix’sTed Sarandosrepeatedly accusing SAG-AFTRA of wanting to throw a “subscriber levy” into the deal, the guild’s revenue sharing proposal has been a top sticking point in reaching a new three-year contract. From the very beginning of talks earlier this year, the actors guild has been seeking new financial compensation for the cast of successful streaming shows and movies – which has always been a non-starter with the AMPTP. In the most recent round of talks that started on October 2, the guild cut the proposal from 2% of steaming revenues to 1%. Last week, SAG-AFTRA came back with a revamped version that aimed to streamline the amount to around 57¢ per subscriber on the streaming services. It did not go over well – in fact, on October 11, the studios and streamers left scheduled talks early and later phoned Crabtree-Ireland to say they weren’t coming back and deliberations were “suspended.” The AMPTP claimed the proposal would cost them $800 million a year and was an “untenable economic burden.” SAG-AFTRA disputes the estimation, calling it inflated by hundreds of millions. “They told us under no circumstances would we agree to something that’s attached to revenue so our committee went back, soul searched, worked really hard for a couple of days and yesterday came with a new proposal that doesn’t attach to revenue, it attaches to subscriber levels just like they asked,” union chief negotiator Crabtree-Ireland told Deadline on October 12 on the Netflix picket line. “Their response to that was, instead of being ‘oh, wow, this is something we can talk about,’ their response was, ‘we are walking away from negotiations.” While talks have been suspended by the studios and streamers for over a week now, yesterday Netflix in its third-quarter earnings report also termed the negotiations as “ongoing” – which may signal that a restart is in the cards sooner than later. |
2024-10-24 | ABC News | Icelandic women striking for gender pay equality | LONDON --Tens of thousands of women in Iceland, including the prime minister, participated in a walkout Tuesday to draw attention to the country's systematic gender pay gap and gender-based violence. Known as the "Kvennafri," or "Women's Day off," the walkout also highlighted the immense contribution of women in Icelandic society, organizers said. Close to 40 organizations, including the Federation of the Public Workers Union, Iceland's largest association of public worker unions, joined the walkout. "On October 24, all women in Iceland, including immigrant women, are encouraged to stop work, both paid and unpaid," event organizerssaid. "For the whole day, women and non-binary people will strike to demonstrate their contribution to society." "This year, we strike for the whole day, just as women did in 1975. Systematic wage discrimination still affects women and gender-based violence is a pandemic that must be eradicated," organizers said. Strike organizerscalled onwomen and non-binary persons in Iceland to abstain from both paid and unpaid labor on Tuesday in an all-day stoppage. Men were asked not to take part in the strike but to "show their support in action by taking on additional responsibilities in the home." Speaking to ABC News, Melanie Edwardsdóttir, 24, a resident of Akureyri, said the turnout in the city was huge. "I haven't seen exact numbers the main town square, the second biggest city in Iceland -- is packed!" Edwardsdóttir said. In Reykjavík, at least 25,000 women and non-binary people were expected to rally, calling out "Kallarou þetta jafnretti?" which translates to: "You call this equality?" On Oct. 24, 1975, almost 90% of women in Iceland went on strike to call for gender equality. The walkout was described as a "watershed" moment for Iceland, leading government leaders to pass the landmark Equality Act in 1976. Accordingto the World Economic Forum, Iceland has been named the "most gender-equal country in the world" for 14 consecutive years. It is the only country in the world to have closed over 90% of its gender gap, it's often referred to as a "feminist haven." Iceland's prime minister, Katrín Jakobsdóttir, said the fight for gender equality continues. "I am first and foremost in this to show solidarity with Icelandic women. As you know, we have not yet reached our goals to full gender equality and we are still tackling the gender-based wage gap, which is unacceptable in 2023," Jakobsdóttir said on Friday speaking after a government meeting. The gender pay gap in Iceland stood at 10.2% in 2021, with the biggest disparity seen in Financial and Insurance economic activities where the gap widened to 29.7%, according to Statistics Iceland. Wage distribution also indicates "proportionally more women have lower paying jobs" in Iceland. Organizers flagged that immigrant women provide "invaluable" contribution to Icelandic society, making up 22% of the Icelandic Labour market. Their contribution, however, is rarely acknowledged in their wages or among society. "Despite all Iceland's progress it hasn't reached full gender equality, is only ranked by the WEF as having 91.2 percent of its pay gap closed – not 100," said Edwardsdóttir. "For example astudyby the University of Iceland found 1 in 4 women in Iceland have been raped or sexually assaulted, vast of their cases do not go to trial. So there are some really deep issues that a lot of people do not realise." Today, Iceland is themost gender-equal countryin the world. |
2024-10-24 | Al Jazeera English | Why are women in ‘feminist paradise’ Iceland striking? | While Iceland is viewed as a great place to be a woman, many feel there is still room for improvement. Tens of thousands of Icelandic women, including the country’s female prime minister, are taking to the streets on Tuesday in a nationwide protest against gender inequality and sexual violence. Billed as the biggest women’s strike in decades, the walkout will see women drop all paid and unpaid work – including domestic tasks – for the day, waving banners reading “Kallarou þetta jafnretti?” (“You call this equality?”). Iceland is widely considered to be a great place to be a woman, ranking number one in the World Economic Forum’s gender gap index for 14 years in a row. The country is led by a woman – Prime Minister Katrín Jakobsdottir. Nearly half of its MPs are female. A high number hold managerial and executive positions. Parental leave conditions for mothers and fathers are so good that nearly 90 percent of working-age women have jobs. So why do they feel the need to protest? While Iceland is viewed as an equality paradise, many women feel there is still room for improvement. Women still lag behind men in terms of earnings despite equal pay rules dating back to 1961. In 2018, lawmakers went further, obliging companies to prove they are not paying women less than men. Yet inequality persists. According toStatistics Iceland, the overall pay gap was 10.2 percent in 2021, widening to 29.7 percent in finance and insurance jobs. Women are also more likely to work in undervalued, lower-paid jobs, such as teaching or healthcare. And toxic masculinity persists. More than 40 percent of women have experienced gender-based or sexual violence. A study by the University of Iceland in 2018 revealed that one in four women had been raped or sexually assaulted, with most reported cases failing to make it to trial. “We’re seeking to bring attention to the fact that we’re called an equality paradise, but there are still gender disparities and urgent need for action,” said Freyja Steingrímsdottir, communications director for the Icelandic Federation for Public Workers, in an interview with Reuters. Activists want the wages of women working in female-led sectors to be published. And they want perpetrators to be held to account for gender-based and sexual violence. At least 25,000 women and non-binary people are expected to turn up at a rally in Reykjavík city centre, with thousands of women in sectors like fishing, teaching and healthcare joining strikes around the country. Prime Minister Jakobsdottir told local media that she would not be coming into work, urging her colleagues in cabinet to do the same. “First and foremost, I am showing solidarity with Icelandic women with this,” she told the mbl.is website. Jakobsdottir, who has been in office since 2017, won plaudits for her steady leadership of the country during the pandemic. At the time, she attributed her success to her willingness to learn and to make mistakes, an ability that, she suggested, “comes easier to women than men”. Today’s walkout is the biggest since 1975, when 90 percent of women refused to cook, clean or look after their children. The event, which paralysed the country, saw factories and shops, schools and nurseries forced to close. It became known as the day the country ran out of sausages – faced with feeding their children, fathers resorted to the easiest food available. The “Women’s Day Off” brought an enormous shift in the country’s mindset. Five years later, Iceland became the first country in the world to elect a female president. A divorced single mother, Vigdis Finnbogadottir would hold the job for 16 years. By 2010, the country scored another first, electing Johanna Sigurdardottir as its first female prime minister, who also happened to be the world’s first openly gay head of government. But the dozens of organisations behind today’s strike say that the demands of 1975 have still not been met. While some might question the need for today’s action, Steingrimsdottir insisted that it was precisely because of Iceland’s global reputation that it had a responsibility to live up to expectations. Follow Al Jazeera English: |
2024-10-11 | Business Insider | How Nadine Arslanian went from relative obscurity to the center of Bob Menendez's political corruption scandal | How Nadine Arslanian went from relative obscurity to the center of Bob Menendez's political corruption scandal In late 2018, around the time Nadine Arslanian fell in love with the "very, very hot" US senator she met at a New Jersey IHOP, she found herself in need of a new car. Her previous vehicle was wrecked when she hit Richard Koop, a 49-year-old father, killing him almost instantly on a darkened Bogota, New Jersey street. Koop "jumped onto the hood of the car," she told police at the scene, before they let her go. After the crash, shecomplainedin text messages about not having a car to drive. Some time later, she sent photos from a car dealership to Robert Menendez, the senator she would soon marry, to ask which color he preferred. In April 2019, a replacement vehicle finally arrived: a black $60,000 Mercedes-Benz C-300 convertible. "Congratulations mon amour de la vie, we are the proud owners of a 2019 Mercedes," Arslanian texted Menendez, with a heart emoji, after the purchase cleared. The tall, striking blonde has often been photographed with a variety of minor celebrities, reality TV stars, and New Jersey socialites. Now, she has brought a bizarre and glamorous twist to a political scandal that has roiled the Democratic Party and helped place Menendez's decadeslong political career in the crosshairs yet again. Federal prosecutors havechargedArslanian and her husband, along with three businessmen, with bribery. They allege that Arslanian and Menendez received the car, cash, gold bars, payments toward Arslanian's mortgage, and home furnishings as part of a brazen scheme to profit off Menendez's power and influence as a senator. On Oct. 12,prosecutors filed a new chargeagainst the pair, alleging that they conspired to have Menendez act as a foreign agent in connection with the bribery scandal. Prosecutors in New Jersey are alsoinvestigatinghow local police handled the 2018 collision, the existence of which was onlypubliclyreportedlast week. Dashcamvideorevealed that officers treated Arslanian delicately at the scene. Menendez, of course, is no stranger to criminal allegations. He wasinvestigatedby Chris Christie, then the US Attorney for New Jersey, in 2006; a decade later, the longtime Garden State senator was indicted on federal corruption charges. The case ended in amistrialin 2017. But Arslanian is newer to the spotlight. The pair have only been married since 2020, and live in Arslanian's split-ranch home in Englewood Cliffs — the smallest house on the block. Neighbors told Insider they rarely see the couple. A New Jersey woman who said she had been friends with Arslanian for over a decade described her as a "normal person" whose life "changed dramatically" after she married the senator. Still, even prior to Menendez and federal indictment, Arslanian brushed up against fame and scandal. She dated Doug Anton, a criminal defense attorney whose clients have included Real Housewives of New Jersey star Kim DePaola and R. Kelly. Arslanian "liked nice things," Anton told Insider. "I probably spent $300,000 or $400,000 on her while we were together — trips, bags, shoes. Every bag you see her with is mine, and I might try to get some of them back from the US Attorney if they seized any of them." Now, a highly public federal indictment and the possibility of up to 45 years in prison have transformed Arslanian from a relatively unknown senator's wife into a colorful entry in the annals of American political corruption. Lawyers for both did not respond to comment. Arslanian and Menendez have pleaded not guilty, and the next court date is scheduled for Oct. 24. Arslanian was born Nadine Tabourian in Beirut, Lebanon, to Armenian parents who brought her to the United States when she was a child. She attended New York University for undergraduate and graduate school, receiving a masters in French language and civilization in 1991, according to a spokesperson for the school. She married real estate developer Raffi Arslanian in 1989 and had two children, Sabine and André, before the couple divorced in 2005. The end of her marriage left her financially precarious. Around the time of their divorce, a real estate development bond issuer sued the couple for nearly $54,000 for "damages that have been suffered" by the company after working with the couple. She took her ex-husband to court twice, in 2005 and 2013, receiving more than $25,000 in child support, records show. (When reached by phone, Raffi Arslanian declined to comment.) Arslanian's family court attorneys sued her for $6,000 in unpaid bills in 2011, and an orthopedist's office sued her the following year for a $600 medical bill. There were other signs of tumult. Arslanian was arrested for entering a home on Christmas Day in 2010 to confront someone she had been court-ordered not to contact. According to court records, she yelled and threw a photo album at the person. Arslanian "does whatever she wants, whenever she wants," said the person, who asked not to be named. "She usually tries to find someone to help pick up the pieces." The person felt Arslanian behaved as if the law "does not apply to her." "I'm a big believer in karma," they added. Arslanian's professional life is also murky. Though her wedding announcementdescribedher as an "international businesswoman," it's unclear what business affiliations she had prior to her marriage to Menendez. Last month's indictment described her as "unemployed," andfriends told The New York Timesin August she never worked outside the home while she raised her two children. She briefly worked as a hostess at a New Jersey seafood restaurant in 2017, according to her ex-boyfriend Anton. Arslanian has been seen among Bergen County's high society,lunchingwith other "fashionable ladies" and attendingpartieswith cast members from "The Real Housewives of New Jersey" and "Mob Wives." (When reached by phone, multiple women who had been photographed with Arslanian hung up when Insider asked about those relationships.) Arslanian was often photographed at events wearing colorful dresses, bedecked in jewelry, her platinum-blonde hair in loose curls. The longtime friend, who asked not to be identified by name, told Insider that Arslanian was conscious of her looks. "She's a very good dresser. She always put herself together very well," the friend said. Arslanian developed a reputation as a socialite, but the friend told Insider her partying was largely due to the influence of Anton. "He's really into looking for celebrities, wanting to represent celebrities," the friend said. Anton met Arslanian in 2011, he told Insider. They grew close and dated for several years. He has also represented her pro bono in various legal scrapes, including a tangle with an ex-boyfriend, the 2013 child support suit against her ex-husband, and three traffic ticket and parking violations, according to court records and Anton's retellings. In the years before she struck and killed Koop,Arslanian racked up six tickets, including for using a phone while driving, ignoring traffic signs, and failing to maintain her headlamps. She was ticketed again for using her phone while driving in 2021, and paid a $240 fine. Arslanian and Anton's relationship foundered in early 2018. They disagreed on getting married, he said — she wanted to; he didn't. They continued to see each other through that year, even as her relationship with Menendez grew serious. "I'm sure she enjoyed being on Menendez's arm," Anton said. "Taking her to this event, that event, meeting Bono, state dinners, meeting the president. She liked it, of course, who wouldn't like it?" The timing of Arslanian and Menendez's introduction is hazy. One New York Times piecenotedthat it happened in December of 2018, while the federal indictment said they began dating in February of 2018. A local write-up of the couple's 2020 wedding said they met in 2010, but didn't date for another eight years, a timeline roughly echoed by Anton. The two were appearing together in public by March 2018, according to photographs published in a Bergen County society magazine. One detail about their introduction remains consistent: The couple met at the IHOP in Union City, and were brought together by the owner. (Menendez is an avowed "fanatic" of the pancake chain.) Arslanian claimed she had no idea Menendez was a senator when they first met. "He was very intelligent and had a great sense of humor, and he was very, very hot," sheopined. Their relationship moved quickly — Menendez popped the question in October 2019 in front of the Taj Mahal. A YouTube video posted by an account called "Robert&Nadine" shows Menendez cradling Arslanian on a public bench while singing "Never Enough" from the film "The Greatest Showman." The couple wed in 2020 at an outdoor ceremony in Queens. Menendez's financial disclosure forms reveal theyreceived $13,000 in gifts and cash, including from two Menendez associates who testified in his defense in his prior corruption trial. Arslanian's schedule quickly filled up after marrying Menendez, her friend told Insider, and regular weekly lunches soon became much less frequent. Menendez moved into Arslanian's Englewood Cliffs home, but they didn't spend much time in New Jersey as they commuted often to Washington, DC, the friend said. Few of the neighbors walking their dogs or strolling past Arslanian's home realized they were living near a US senator and his wife until news of the indictment broke last month. "I was shocked to learn they were four doors away. We barely see the lights on," one neighbor told Insider. During a recent visit to Arslanian's home, a reporter saw that all the lights were off, and the shades drawn. A lone gray Lincoln sedan sat in the driveway. "I haven't talked with her for years, and I haven't seen her for years," another neighbor said, referring to Arslanian. "It's a quiet town, a quiet street, and they've been very quiet." Though they were not yet married, Menendez appeared to be by Arslanian's side in the aftermath of the December 2018 car crash that killed Koop. He came with her to a tow lot to retrieve personal items from the car,accordingto the New York Times. A police report reviewed by Insider showed that Arslanian struck and killed Koop in front of his home on Main Street in Bogota. When Bogota officers arrived at the scene, Arslanian told them the victim "ran across the road and jumped onto the hood of the car." The officers did not test Arslanian for drugs or alcohol, though a criminal defense lawyertoldthe New York Times that that wasn't necessarily uncommon. Officers also allowed her to leave the scene shortly after the incident. Dashcam video shows Arslanian telling one officer she "didn't do anything wrong." Police later determined she was"not at fault." The footage shows the officer seemingly appeasing Arslanian, reassuring her she'll be able to leave the scene. "If we can clear you from any wrongdoing, I want to get you home and comfortable and not here anymore," the officer told her.Audio from the footagealso captured the voice of a man who described himself as a retired police officer, who said he was there as "a favor" to a friend. Koop's family has accused authorities of sweeping the incident under the rug and failing to investigate his death. "We felt that it was a very one-sided investigation," Koop's sister, Rosemarie Koop-Angelicola, told Insider. "There are just so many questions, so many inappropriate actions." Koop-Angelicola said she's pleased that state prosecutors are re-examining the death of her brother, whom she described as a "down-to-earth, very unpretentious person" who was deeply loved by his family and many friends. "We should not have to be reliving this now, and to know that Richard's life and death were so disrespected at that time is agonizing to the family," she said. "We accept the fact that accidents truly happen, but only when there's a thorough investigation." Federal investigators are looking into whether Menendez used his power and influence as a senator in exchange for bribes. Among other things, prosecutors say Menendez used his position as chairman of the Senate Foreign Relations Committee to increase federal aid to Egypt. Prosecutors say Arslanian worked with her longtime friend Wael Hana to introduce Menendez to Egyptian officials who sought to benefit from US military sales. Arslanian established a company called Strategic International Business Consultants to accept the payments, according to the indictment. Prosecutors have also charged the pair with conspiring to have Menendez act as a foreign agent. "Every time I'm a middle person for a deal, I am asking to get paid and this is my consulting company," Arslanian texted a relative, according to the indictment. Douglas Anton said he occasionally smoked cigars with Hana. He told Insider he had reviewed "contracts" between Arslanian and the Egyptian businessman, though he said they were not for Strategic International Business Consultants. He declined to say more about the contents of the contracts he reviewed, citing attorney-client privilege. Arslanian, he said, wanted to secure a "finder's fee" for sending business toward Hana. "Not anything that I reviewed in those contracts that I reviewed was illegal or wrongful," Anton added. Investigators who searched Arslanian and Menendez's Englewood Cliffs home in June 2022 found more than $100,000 worth of gold bars, $70,000 in cash in Arslanian's safe deposit box, and another$480,000 in cash, some of it stuffed into jackets embroidered with Menendez's name. The otheralleged bribesincluded a recliner, two exercise machines, and an air purifier. They also found the Mercedes convertible parked in the garage. Arslanian bought the car with $15,000 in cash given to her by a former insurance broker, Jose Uribe, who sought to have Menendez intervene on behalf of a former employee under investigation by the state attorney general, prosecutors alleged. Attorneys for Hana and Uribe did not respond to Insider's requests for comment. An attorney for Fred Daibes, a New Jersey developer also charged in the alleged scheme, declined to comment. The charge filed on Oct. 12asked a judge to seize both the convertible and the couple's house in Englewood Cliffs, as well as cash, gold bars and an exercise machine. Douglas Anton, for his part, blames Arslanian's troubles on meeting Menendez. "Before Bob, Nadine wasn't involved in any of this crap," Anton said. "After Bob, she is." Additional reporting by Aaron Short. Update, 10/12/2023: This article has been updated to reflect a new charge filed against Sen. Menendez and Nadine Arslanian. |
2024-10-19 | Business Insider | Two GOP members of Congress said they received death threats after voting against Jim Jordan as speaker | Two Republican representatives said they've received death threats since they voted against fellow GOP Rep. Jim Jordan for speaker of the House. On Wednesday, after Rep. Mariannette Miller-Meeks cast her first vote against Jordan's candidacy after supporting him just a day before, she announced in apress releasethat her office received a "barrage of threatening calls" and that she "received credible death threats." Additionally, freshman GOP Rep. Nick LaLota, who voted for former New York Rep. Lee Zeldin in both speaker votes, alsoshared a threat to Xthat he and his office received on Wednesday. "My vote card belongs to me and the people of NY's First Congressional District," LaLota wrote. "I will not succumb to threats. Rather, I'll support a Speaker candidate who will fund the WTC Health Fund, Nat'l Flood Insurance and SALT, while keeping the gov't open + secure border & cut spending." The threats against Miller-Meeks and LaLota arose a day after Politico reported that Republican Rep. Don Bacon and his wife, Angie, had receivedanonymous texts and emailsurging the congressman to vote for Jordan or else get voted out. In response to the series of threats and vitriol spewed at Miller-Meeks, LaLota, and Bacon in recent days, Jordan wrote online that he condemns "all threats against our colleagues." "Stop," he wrote. "It's abhorrent." Bacon acknowledgedJordan's comments on X after seeing them in an article from the Washington Post, simply noting "They are your supporters." As it stands, the House is set to meet again on Thursday at noon, where a third round of voting for a House speaker is expected to occur. Due to the GOP's slim majority in the House, Jordan can't win if more than four Republicans don't vote for him. That first occurred on Tuesday, when 18 Republicans voted for candidates other than Jordan and sunk his first speaker bid. One day later, that numberrose to 20.As it doesn't appear that the number of Jordan detractors has vanished overnight, the likelihood of a Jordan speakership in the near future is quickly fading. |
2024-10-15 | International Business Times | In Focus This Week: Earnings, Retail Sales, House Speaker, Israel-Gaza | Geopolitics and U.S. internal politics are the main focus of attention in the beginning of the week. The whole world is watching carefully Israel's campaign against Hamas in Gaza. Besides the impact on human lives, the conflict has potential to strongly affect global relations and the economy. In the U.S., House Republicans will continue discussing a candidate for Speaker of the House. The goal is to identify a name who can unite the party before submitting it to a vote on the floor. The GOP needs at least 217 votes of its 221 representatives to elect a speaker, considering that no member of the Democratic party will support their candidate. Economic Data The data for retail sales in September will be released on Tuesday. In August, sales surprised with a 0.6% monthly gain. The numbers will show how much consumers may help sustain economic activity. On Thursday, we will know the pace of sales of previously owned homes in September. The expectation is for a drop in transactions as homebuyers delay purchases because of high mortgage rates. Earnings Third-quarter earnings season warms up with big names in finance, manufacturing and media releasing their results. Bank of America and Goldman Sachs are scheduled for Tuesday, while Morgan Stanley comes out with its numbers on Wednesday. Profits of JPMorgan, Citigroup and Wells Fargo, released Friday, increased and beat expectations. United Airlines and Johnson & Johnson will report Tuesday. Wednesday is a big day with the results of Alcoa, Procter & Gamble, Netflix and Tesla. American Airlines and AT&T are scheduled for Thursday. On Friday, American Express releases its earnings. UAW Strike The United Auto Workers strike is now one-month long. UAW President Shaw Fain said on Oct. 13 that he won't until Fridays to announce any expansion of the walkout. Fain demanded from the big three U.S. automakers to improve their offers, instead of insisting on proposals already rejected by the union. "Call us back at the table in a serious way," Fain said.About 25,000 workers of plants and distribution centers of General Motors, Ford and Stellantis are on strike. The walkout started on Sept. 15. The Federal Reserve said last week in the minutes of its Sept. 19-20 meeting that the intensification of the strike could bring risks to inflation and economic activity. Trump Trial Former President Donald Trump plans to return to the court in Lower Manhattan where his civil trial is proceeding, The New York Times reported, citing people familiar with the situation. Trump and his company are accused of inflating the value of his assets to get better deals in loans and insurance. The former president's appearance in court is likely to coincide with the hearing of his ex-fixer Michael Cohen, who will testify against his former boss. Putin in China Russian President Vladimir Putin is traveling to China for the third Belt and Road Forum in Beijing, which is scheduled for Tuesday and Wednesday. It will be his only second foreign trip since the International Criminal Court (ICC) issued an arrest warrant for him in March because of Russia's war in Ukraine. The first trip was last week, when he visited Kyrgyzstan for two days. Neither China nor Kyrgyzstan are members of the ICC and don't need to enforce its warrant. The ICC which was established to prosecute war crimes. |
2024-10-11 | The Times of India | Vladimir Putin to travel to Kyrgyzstan in first known trip abroad since ICC arrest warrant | Agencies Vladimir Putin is also due to travel to China next week MOSCOW: Vladimir Putin will visit Kyrgyzstan on Thursday, the presidential office of the Central Asian country said, in what would be the Russian leader's first known trip abroad since the International Criminal Court issued a warrant for his arrest. Putin has rarely travelled abroad since the start of Moscow's invasion of Ukraine in early 2022 and is not known to have left Russia since the ICC issued in March a warrant for him on suspicion of illegally deporting hundreds of children from Ukraine. The Kremlin denies those allegations. "At the invitation of the President of the Kyrgyz Republic, Sadyr Japarov, on October 12 of this year, the President of the Russian Federation, Vladimir Putin, will make an official visit to the country," the Kyrgyz presidential administration said in a statement on its website. Putin agreed in May during talks with Japarov to visit Kyrgyzstan, but there has been no official confirmation yet from the Kremlin that the Russian president will travel there on Thursday. The Russian leader is also due to travel to China next week for the third Belt and Road Forum in Beijing. Neither Kyrgyzstan nor China are members of the ICC, which was established to prosecute war crimes. Moscow denies the ICC allegations and the Kremlin said the warrant was evidence of the West's hostility to Russia, which opened a criminal case against the ICC prosecutor and the judges who issued the warrant. CIS SUMMIT In Kyrgyzstan, Putin is to also to take part in ceremonies dedicated to the 20th anniversary of the opening of an air base in Kant, which is home to the Russian Aerospace Forces' 999th Air Base, the Kyrgyz presidential office said. Separately, the Kyrgyzstan's presidential office said on Tuesday that the Prime Minister of Armenia Nikol Pashinyan told Japarov that he will not be attending a Commonwealth of Independent States (CIS) summit in Bishkek on Friday. The office said that Pashinyan told Japarov in a phone call that he will not be able to attend due to "a number of circumstances." The CIS was formed among number of the post-Soviet republics after the fall of the Soviet Union in 1991 and includes Russia, Armenia, Azerbaijan and Kyrgyzstan, among others. Japarov's office said Putin planned to attend the summit. Russia-Armenia ties have been badly strained by Moscow's invasion of Ukraine and Armenia moving to subject itself to the jurisdiction of the ICC. Armenia has also accused Russia of inaction as Armenia's neighbour Azerbaijan recaptured last month Nagorno-Karabakh, a region controlled for three decades by ethnic Armenians, most of whom have now fled. Last week, Azerbaijan's President Ilham Aliyev pulled out of an EU-brokered meeting with Pashinyan at which Brussels said it was standing by Armenia. Pashinyan said on Tuesday that plans were proceeding for a meeting with the Azeri president to discuss a durable peace accord. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on Vladimir Putin Kyrgyzstan ICC International Criminal Court Russia Ukraine (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-26 | The Times of India | Global South shouldn't be saddled with unviable debt from opaque initiatives: Jaishankar at SCO | ANI S Jaishankar Bishkek: Members of the Shanghai Cooperation Organisation (SCO) should work together to promote stability and prosperity in the region by strictly adhering to the principles of international law, respecting the sovereignty and territorial integrity of each other and encouraging economic cooperation, External Affairs Minister S Jaishankar said on Thursday in an apparent dig at China. Jaishankar's remarks came as he addressed the 22nd session of the Council of Heads of Government of SCO at Bishkek, Kyrgyzstan. "SCO should work together to promote stability and prosperity in the region by strictly adhering to the principles of international law, respecting the sovereignty and territorial integrity of each other and encouraging economic cooperation," he said in his address. In this context, the centrality of the interests of Central Asian states plays a key role, he said. Beijing is investing billions of dollars in the China-Pakistan Economic Corridor ( CPEC ) in Pakistan. India has protested against the projects in Pakistan as it is being laid through the Pakistan-occupied Kashmir (PoK). He said India shares deep civilisational ties with the people of the SCO region. Currently, the SCO countries include India, Iran, Kazakhstan, China, Kyrgyz Republic, Pakistan, Russia, Tajikistan and Uzbekistan. "The continuous movement of goods, ideas and people traversing the region has left indelible imprints on our customs, traditions, language and cuisine. These historical relationships should now create a template for greater economic cooperation," Jaishankar said "To improve trade within the region, we need robust connectivity and infrastructure. Such initiatives should respect the sovereignty and territorial integrity of all countries," he said. "The Global South should not be saddled with unviable debt arising from opaque initiatives," Jaishankar said, in another jibe at China, which is accused of launching unviable infrastructure projects in countries like Sri Lanka and Pakistan, saddling those countries with debts. At the same time, Jaishankar said that the India-Middle East-Europe Economic Corridor (IMEC) and the International North-South Transport Corridor (INSTC) could become "prosperity enablers." The India-Middle East-Europe Economic Corridor, which many see as an alternative to China's Belt and Road Initiative, was jointly announced by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit in September. The International North-South Transport Corridor is a 7,200-km long multi-mode network of ship, rail, and road routes for moving freight between India, Iran, Azerbaijan, Russia, Central Asia and Europe. The Global South refers to countries often characterised as developing, less developed, or underdeveloped, primarily located in Africa, Asia, and Latin America. Beijing was the lender of choice for many nations over the past decade. Many borrowed heavily from China. There have been global concerns over debt traps and regional hegemony by China using its ambitious Belt and Road (BRI) infrastructure projects. China is doling out huge sums of money for infrastructure projects in countries from Asia to Africa and Europe. The US' previous Donald Trump administration had been extremely critical of the BRI and was of the view that China's "predatory financing" is leaving smaller countries under huge debt endangering their sovereignty. During its SCO presidency, Jaishankar said India focused on five new verticals of cooperation- Startups and Innovation, Traditional Medicine, Science and Technology, Youth Empowerment and Shared Buddhist Heritage. The response received highlighted the relevance of the chosen themes. "We adopted a Statement on Cooperation in Digital Transformation and we have also institutionalized a Special Working Group on Startups and Innovation. India is also hosting SCO Startup Forum on a regular basis," he said. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on jaishankar india sco sco s jaishankar global south cpec (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-16 | Marketscreener.com | Grab to Announce Third Quarter 2023 Results on November 9, 2023 | NEW YORK, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Grab Holdings Limited (NASDAQ: GRAB, the “Company” or “Grab”), plans to announce its unaudited third quarter 2023 results before the U.S. market opens on November 9, 2023. The Company’s management will hold a conference call to discuss the third quarter 2023 results at: A link to the call will be posted on the Company’s investor relations website atinvestors.grab.comprior to the call time. Following the call, a replay of the call, along with the earnings press release and presentation slides, will be available at the same website. About Grab Grab is a leading superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Serving over 500 cities in eight Southeast Asian countries – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – Grab enables millions of people every day to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending and insurance, all through a single app. Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone, and strives to serve a triple bottom line: to simultaneously deliver financial performance for its shareholders and have a positive social and environmental impact in Southeast Asia. For more information, visitwww.grab.com. For enquiries, please contact:Investors:investor.relations@grab.comMedia:press@grab.com |
2024-10-10 | The Times of India | Hamas' attack on Israel prompts South Korea to consider pausing military agreement with North Korea | Agencies South Korea's defence minister said Tuesday he would push to suspend a 2018 inter-Korean military agreement in order to resume frontline surveillance on rival North Korea, as the surprise attack on Israel by Hamas militants raised concerns in South Korea about similar assaults by the North. The agreement, reached during a brief period of diplomacy between South Korea's former liberal President Moon Jae-in and North Korean leader Kim Jong Un, created buffer zones along land and sea boundaries and no-fly zones above the border to prevent clashes. Talking with reporters in Seoul, South Korean Defence Minister Shin Won-shik cited the violence in Israel and Gaza to stress the need to strengthen monitoring on the North. Shin was appointed by President Yoon Suk Yeol on Saturday. Shin was particularly critical of the inter-Korean agreement's no-fly zones, which he said prevents South Korea from fully utilising its air surveillance assets at a time when North Korean nuclear threats are growing. Relations between the Koreas have decayed following the collapse of larger talks between Washington and Pyongyang in 2019 over the North's nuclear weapons programme. North Korea has threatened to abandon the 2018 agreement while dialling up missile tests to a record pace, prompting the conservative Yoon to take a harder line on Pyongyang than his dovish predecessor. While it would take a complicated legal process for South Korea to fully abandon the agreement, pausing the agreement would only require a decision from a Cabinet meeting, Shin said. "Hamas has attacked Israel, and the Republic of Korea is under a much stronger threat," Shin said, invoking South Korea's formal name. "To counter (that threat), we need to be observing (North Korean military movements) with our surveillance assets, to gain prior knowledge of whether they are preparing provocations or not. If Israel had flown aircraft and drones to maintain continuous monitoring, I think they might have not been hit like that," he said. Shin's comments are likely to draw fierce criticism from South Korea's liberal opposition, which has described the agreement as a safety valve between the Koreas as relations continue to worsen. There haven't been major skirmishes between the Koreas since the agreement was reached in September 2018. But South Korea last November accused the North of violating the agreement's tensions-reducing requirements when it fired a missile near a populated South Korean island near their sea border, triggering air raid sirens and forcing residents to evacuate. In June 2020, North Korea blew up an empty inter-Korean liaison office in the North Korean border town of Kaesong to demonstrate anger over South Korea's unwillingness to prevent its civilian activists from flying anti-Pyongyang propaganda leaflets across the border. North Korean troops also shot and killed a South Korean government official who was found drifting near their sea boundary in September that year. Tensions on the Korean Peninsula are at their highest point in years as the pace of both North Korea's weapons demonstrations and the United States' combined military exercises with South Korea and Japan have both intensified in tit-for-tat. South Korea's Defence Ministry said the nuclear-powered aircraft carrier USS Ronald Reagan and its strike group will arrive in the South Korean mainland port of Busan on Thursday in the allies' latest show of force against North Korea. The ministry said the Reagan's Carrier Strike Group 5 conducted joint training with South Korean and Japanese naval assets on Monday and Tuesday in waters near the southern South Korean island of Jeju. Kim, in turn, has been boosting the visibility of his partnerships with Moscow and Beijing as he attempts to break out of diplomatic isolation and insert Pyongyang into a united front against Washington. Recent commercial satellite photos show a sharp increase in rail traffic along the North Korea-Russia border, indicating the North is supplying munitions to Russia to fuel President Vladimir Putin's war on Ukraine, Beyond Parallel, a website run by the Washington-based Center for Strategic and International Studies, said in a report last week. Speculation about a possible North Korean plan to refill Russia's munition stores drained in its protracted war with Ukraine flared last month, when Kim travelled to Russia to meet Putin and visit key military sites. Foreign officials suspect Kim is seeking advanced Russian weapons technologies in return for to boost his nuclear programme. North Korea is expected to make its third attempt to launch a military spy satellite this month following consecutive failures in recent months, as Kim stresses the importance of acquiring space-based reconnaissance capacities to monitor US and South Korean military movements and enhance the threat of his nuclear-capable missiles. In an editorial published Monday, South Korea's JoongAng Ilbo newspaper called for South Korea to take lessons from Israel's failures to prevent the attack by the Hamas militants while strengthening its readiness against potential North Korean aggression. "Israel, surrounded by enemies and terrorist forces, is reminiscent of (South) Korea's current security situation. Even the Mossad failed to detect signs of the attack and Israel's all-weather air defence system Iron Dome exposed a hole," the newspaper said. "The government must be thoroughly prepared for North Korea's possible military provocations when the United States and other allies focus their attention on the Middle East." The inter-Korean military agreement is one of the few tangible remnants from Moon's ambitious diplomacy with Kim. Moon's efforts helped set up Kim's first summit with former U.S. President Donald Trump in June 2018. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on korea south north south korea mossad hamas defence ministry (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-13 | The Times of India | India, Brazil target over 3-fold rise in bilateral trade to USD 50 bn by 2030: Commerce Secretary | Agencies India and Brazil are looking at an "aspirational" target of increasing the two-way trade by over three-fold to USD 50 billion by 2030, Commerce Secretary Sunil Barthwal said on Friday. He was in Brasilia from October 1 to 4 to discuss ways to promote trade between the two countries. He chaired the sixth meeting of the India-Brazil Trade Monitoring Mechanism (TMM). At present, the bilateral trade stood at USD 15.2 billion. "We are looking at USD 30 billion in the next 3-4 years and by 2030, we are looking at an aspirational target of USD 50 billion. There is a huge potential for trade growth," he told reporters here. He added that during his visit, the two sides also discussed market access issues as well as new areas of cooperation. Two working groups have been formed - market access issues and sectors of cooperation. "Biofuels and renewables are important sectors which we will be looking at...Ethanol and biofuel blending is another area of cooperation," he said. Brazil has advanced technologies available for ethanol mixing with petrol and diesel. "So that will help us in reducing our dependence on crude oil imports," he said. Further the two countries agreed to expand the existing preferential trade agreement between India and Mercosur, which is a trading bloc in Latin America, comprising Brazil, Argentina, Uruguay and Paraguay . "At present, there are 452 tariff lines (broad product categories) and now both the sides agreed that we should expand it to all the tariff lines where trade occurs," Barthwal said. Speaking at the media briefing, Director General Foreign Trade ( DGFT ) Santosh Kumar Sarangi said that the sixth round of talks for India-EU free trade agreement is scheduled to be held from October 16-20 in Brussels. On Indo-Pacific Economic Framework for Prosperity ( IPEF ), Additional Secretary in the commerce ministry Rajesh Agrawal said that the sixth round will be held in Kuala Lumpur, Malaysia from October 15-24. "In-depth text based negotiations will be held in Pillar-III (clean economy) and Pillar-IV (fair economy)," he said adding "most probably" talks on these two pillars will also be closed by October 25 and "we look forward to agreeing to a substantial closure in the ministerial meeting which is scheduled to be held on 13-14 November at San Francisco". IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 last year in Tokyo. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy (issues like tax and anti-corruption). India has joined all the pillars except the trade one. Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US and Vietnam are members of the bloc. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on commerce india ipef barthwal brazil paraguay dgft (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-09 | The Times of India | Kuwait seeks to boost oil production, pushes on with Durra gas field | iStock Kuwait's oil minister announced a new strategy to boost fossil fuel production on Monday and said his country would prepare the infrastructure for the Durra gas field , which it shares with Saudi Arabia and Iran claims a stake in. The strategy for the state-owned Kuwait Petroleum Corporation (KPC) aims to raise overall oil production capacity to 4 million barrels a day (bpd) by 2035. KPC subsidiary Kuwait Oil Company's CEO Ahmed Jaber Al-Eidan said on Monday Kuwait's production capacity was currently at 2.9 million bpd and would reach 3.2 million bpd by 2025 or 2026. Kuwait's crude production averaged about 2.55 million bpd in August, according to OPEC, of which Kuwait is a member. Under KPC's new strategy, subsidiary KOC aims to increase oil production capacity to 3.65 million bpd by 2035 and will ensure about $11 billion of additional revenue for the state in the next five years, KPC CEO Sheikh Nawaf Saud al-Sabah said on Monday. KOC, which accounts for about 90% of Kuwait's oil output, also plans to reach gas production capacity of 1.5 trillion cubic feet per day by 2040, Al-Eidan said. Kuwait's oil reserves are estimated at 100 billion barrels, Sheikh Nawaf said. KPC will spend $410 billion through 2040 on the strategy, said Bader Al Attar, KPC managing director for planning and finance. That will be financed from KPC's cash flow, debt and partnerships with other companies, Al Attar said. Oil Minister Saad Al Barrak also said the state firm aimed for net zero carbon emissions by 2050. KPC and its subsidiaries plan to invest $110 billion - out of the $410 billion - to achieve the group's energy transition goals, Al Attar said. DURRA GAS FIELD The oil minister, Al Barrak, said the offshore Durra gas field "is considered one of the most important axes of the government's work program" in the current legislative session, but gave no further details. A KPC executive said last week Durra is expected to be fully commissioned by 2029. A Kuwaiti-Saudi Arabian agreement signed last year to develop Durra, which holds an estimated 20 trillion cubic feet in proven reserves, has been criticised by Iran, which has previously said it has a stake in the field and called the agreement "illegal". Al Barrak said in July Kuwait and Saudi Arabia had "exclusive rights" in Durra and called on Iran to validate its claim by demarcating its own maritime borders first. He said later the same month Kuwait would start drilling and begin production without waiting for the demarcation. Sheikh Nawaf, speaking at the conference on KPC's new strategy on Monday, said Kuwait and Iraq were in discussions about the appropriate production mechanism for the Ratqa and Abdali oilfields, which they share. In 2019, Iraq and Kuwait agreed to appoint British energy advisory firm ERC Equipoise to prepare a study for the development of joint border oilfields. KPC also aims to increase its refining capacity to 1.6 million bpd locally and 425,000 bpd abroad by 2025, according to a conference video. KPC subsidiary Kuwait Integrated Petroleum Industries Company's (KIPIC) CEO Waleed Al Bader said the Al Zour refinery complex in the south of Kuwait would operate at its full 615,000 bpd capacity "within days". A KIPIC spokesperson said last week the third refinery at Al Zour would begin operations before the end of October. The CEO of KPC's international arm Kuwait Petroleum International, Shafi Al-Ajmi, said full commercial operation of Oman's Duqum refinery was expected by the end of 2023, with all units operational, 99% of construction complete and trial operations at 81%. Another KPC subsidiary, Kuwait Foreign Petroleum Exploration Company (KUFPEC), is in "serious discussions" to acquire the largest gas field in Asia, its Chief Executive Mohammad Al-Haimer said, without naming the field or giving further details. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on gas field oil production boost production Durra gas field production capacity oil reserves (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. 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2024-10-04 | The Times of India | 34 Indians released from detention in Kuwait following Indian embassy's intervention | IANS Minister of state for external affairs V Muraleedharan Thirty-four Indian nurses and medical personnel, who were in detention in Kuwait for nearly a month, were released by authorities in the Gulf nation on Wednesday. The Indian embassy in Kuwait said the Indian nationals were released following its intervention with all the authorities concerned in that country. The Indian nationals were among a group of people detained on September 12 by the Kuwaiti authorities as the clinic in which they were working reportedly did not have regulatory permission from the country's health department. "Embassy is pleased to inform that the 34 Indian nurses/medical staff detained by authorities on 12 September have been released today based on Embassy's intervention with all the concerned authorities in Kuwait," the Indian Embassy in Kuwait said in a post on X. It said minister of state for external affairs V Muraleedharan was personally monitoring the case. "Embassy is committed to render all possible assistance to Indian nationals in Kuwait for their welfare and safety," it said. In a post on X, Muraleedharan complimented the embassy for securing the release of the Indians . "Appreciate @indembkwt for their consistent efforts in securing the release of nurses / medical staff. The government leaves no stone unturned when it comes to safety and wellbeing of Indians abroad. Indians abroad can feel safe today under leadership of PM Shri @narendramodi ji," he said. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on luwait indians detention gulf kuwait (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-29 | Al Jazeera English | ‘It’s scary’: Israel war fears batter Lebanon’s struggling economy | Cafes have seen an 80 percent drop in footfall; tourism is down sharply and airlines are cutting flights. Lebanon’s economic minister fears a return to the ‘dark ages’ if the war escalates. Beirut, Lebanon –Yara Adada, 28, sits at the window of her bakery and coffee shop in Gemmayze, a lively central Beirut neighbourhood known for its bars and restaurants. Adada is the only one there. “We’re swatting flies,” she says. Behind her, the counter is filled with pastries, the coffee machine is silent and the chairs and stools, usually full, are empty. Since the beginning of the conflict between Hamas and Israel, this has been the scene at Adada’s coffee shop and many other businesses as fears grow that the country could bepulled into a warwith Israel. “We’ve seen a very significant drop in customers, more than 50 percent,” Adada said. The usually buzzing coffee shop would get between 30 and 35 customers a day. “Now, on a good day, I have 10 to 15. Today it’s already midday and I only had one.” “Yesterday I only made $4. It’s scary,” she said. Since October 7 and the beginning of the ongoingexchange of firebetween Hezbollah and Israel in southern Lebanon, the restaurant sector has seen a drop of up to 80 percent in business, according to Lebanon’s syndicate for restaurants, nightclubs and cafes. Tourism, responsible for 20 percent of Lebanon’s gross domestic product (GDP), has been hit badly. Due to the volatile situation at the border, Australia, France, Germany, the United Kingdom, the United States and many other nations have not only urged their citizens not to visit Lebanon but have advised those in the country to leave while there are still commercial flights available. The warnings came as airlines such as Lufthansa, SWISS and Saudia cancelled their flights. On October 20, Lebanese flag carrier Middle East Airlines announced it was reducing its flights “due to the ongoing circumstances in the region and the reduced insurance coverage for aviation risks in times of war”. The decision, criticised by the government, has led to a drop of 80 percent in the Lebanese airline’s flights. At the Beirut airport – the only one in the country – there are now few planes on the tarmac, no queues, and hardly any passengers. “The restaurant [sector] is completely devastated,” Nagi Morkos, from Hodema, a Lebanon-based consultancy firm, told Al Jazeera. Morkos, who works with restaurants, hotels, resorts and malls, said the operators are “anxious”. “The biggest concern is not the war, it’s the status quo that will keep the situation like that for months. So it’s an agony more than a death,” Morkos said. “A war, yes, it’s terrible, but war has a time. Here we don’t know, it’s a wait-and-see situation.” “We feel trapped and it’s very bad for business, very bad for tourism, very bad for the hospitality sector and very bad for investment.” On October 22, the Lebanese government announced that it was developing an emergency plan in case awar broke out. The measures included securing key infrastructures, like the Beirut airport, ports and main roads, all of which were bombed by Israel during its conflict with Hezbollah in 2006. But Lebanon and the region are in a different, more challenging, situation than in 2006: Lebanon’s banking system was relatively normal back then, which allowed the central bank to provide banks with liquidity if necessary during the war; likewise, there was still confidence in financial systems and millions of Lebanese expats were still sending foreign currency into the country. In 2006, although the Beirut airport was bombed, Middle East Airlines continued to operate from Damascus throughout the monthlong conflict and goods and people were still able to cross the border from and to Syria. But war in Syria and frequent Israeli air raids on Damascus airport mean that option is gone. Lebanon is also almost completelydependent on importsfor food, fuel and medicine, 70 to 80 percent of which arrive by sea. In 2006, the country’s ports were unusable because of the threat of Israeli warships but Lebanon could fall back on healthy reserves, such as grains, that were kept in the Beirut port silos, which have since been destroyed by the2020 port blast. The still half-destroyed port can be seen from the office of the Lebanese minister of economy, Amin Salam. He tells Al Jazeera Lebanon is in a worse position than ever and that food security is one of the main concerns for the government as it develops its emergency plan for possible war. Lebanon’s current reserves of food, fuel and medicine are only enough for a worrying two to three months, the minister said, adding that reserves should normally be enough to last for “about a year”. “[B]ecause of the lack of vision of the past governments, nobody thought of building several locations for national reserves. Everything was put in the Beirut port and when the explosion happened, we lost the only national reserve we had,” Salam said. “So if it doesn’t get delivered on the seaport, we don’t have wheat, we don’t have grains, we don’t have bread.” Salam said the government is working with private partners to increase the shipment of basic commodities in the coming weeks. However, vendors are asking for payments in advance “because they know [Lebanon’s] banking system is paralysed … so that’s kind of creating another layer of obstacles”, he explained. Hani Bohsali, president of the Syndicate of Food Importers in Lebanon (IFBC), was one of the representatives who met Salam. He told Al Jazeera that, just like in aviation, insurance companies for the maritime shipping industry have started charging premiums or lifting their war coverage completely, which is resulting in an inflation of consumer good prices by up to 3 percent. “If I bring my shipments without war insurance and then the port gets hit and I lose my cargo, who will compensate me? Nobody… people [may reduce] their inputs to reduce their risk,” he said. Bohsali is confident that current shipments already on their way to Lebanon won’t be affected. But while future orders have not been cancelled so far, the situation has to be assessed “on a daily basis”. “Let us put it in a very cynical way: realistically, we don’t know. Nobody knows,” Bohsali said. “If the war breaks, what scenarios can you do if the Syrian border is closed and there is an embargo on the seas? Even if you do 100 contingency plans, it’s a waste of time if you don’t know what will happen. “So what we, the private sector, are calling for is asking the government to just do its best to stop the war, because that’s the only option.” Salam recognises that Lebanon is at risk of a “disaster” if war breaks out. But, he concedes, the country’s financial woes did not start on October 7. When he took office in 2021, Lebanon was already facing one of the worst financial crises in modern times, with losses standing in excess of $72bn, a 98 percent devaluation of the national currency, 80 percent of the population living below the poverty line, and the central bank in ruins after its governor was charged with defrauding the public finances to the tune of $330m. An agreedloan of $3bnfrom the International Monetary Fund has been seen as the light at the end of the tunnel, but implementation of the reforms it is conditional on has been slow. “Everything that’s happening now is adding … another layer of chaos and lack of attention to the reforms needed to rebuild the Lebanese economy because … when something like this escalates, it takes us 10 steps backwards,” Salam told Al Jazeera. “When you are dealing in crisis mode, you forget about the tomorrow, you have to deal about the today. “[O]ur infrastructure is very, very, very bad. And our economy is in a very challenging place,” the minister said. “We cannot afford even … a little escalation.” Adada, the cafe owner, knows well the burden of the “cycle of crisis” in Lebanon: the 28-year-old became unemployed after the 2019 financial collapse and remained jobless during the pandemic and the Beirut port blast. Hers was one of the first shops to open in the Gemmayze neighbourhood opposite the port after the explosion. Almost everybody she knows warned her against opening a business in Lebanon, she said. But it was her dream to stay and help the economy. “It’s home,” she said. She is not giving up yet. Despite the high cost of utilities and the growing prices of ingredients, Adada has enough savings to keep the shop afloat for at least six months. “If a war breaks out I can close the shop for a while but I worry about my employees and other stores that aren’t as lucky,” she said. Adada sympathises with the Palestinian people and their struggle, but she knows well the price Lebanon might have to pay. It is a complex sentiment shared by many in Lebanon. “We cannot be selfish but we have to,” Adada says, looking out the window. Outside, a few cars pass. Even fewer pedestrians walk around the usually vibrant neighbourhood. “Lebanon doesn’t deserve this, we’ve been through enough,” she says. “Just let us breathe.” Follow Al Jazeera English: |
2024-10-12 | Marketscreener.com | Artnet : A Storage Facility Sold Off a $39,000 Antique Writing Desk and Other Heirlooms After an Elderly New Yorker Forgot to Pay the Bill | Samurai armor, persian rugs and over 1,000 books were among his belongings. Adam Schrader, October 12, 2023 A report of an elderly man whose historic desk and other heirlooms were sold by a storage facility in New York after he forgot to pay the bill has left readers divided about laws and restitution in such cases. Christian Agostino von Hassell, 70, had stored an 18th-century French writing desk passed down from his grandfather, a German diplomat executed on the orders of Adolf Hitler named Ulrich von Hassell,The New York Timesreportedin its contentious article. Ulrich von Hassell was a member of the German resistance who was slated to serve as foreign minister if the plan to assassinate Hitler on July 20, 1944, was successful. The desk was reported to be worth $39,000 and stored with other artefacts the younger von Hassell acquired in his service in the U.S. Marine Corps and as military historian. The removed items include a dozen oil paintings, an armoire, wall sconces, Persian rugs, samurai armor and at least 1,000 books. Most of the books belonged to his great-grandfather, Alfred von Tirpitz, who led the German Navy under Emperor Wilhelm II in World War I. "We regret to hear that this valuable desk got lost. As the desk was owned by the family and has, to our knowledge, never been offered to one of the Federal history museums, the Federal State Ministry of Culture has no authority to initiate further inquiry," Maximilian Göttlich, with the office of Germany's Federal Government Commissioner for Culture and Media, told Artnet News. Von Hassell-born in Germany-moved to the United States as a child with his family and joined the Marines in 1974 at the age of 21. He went on to serve in Somalia, Iraq, Afghanistan, Libya, Liberia and Lebanon as an intelligence officer. He moved the desk into storage two years after the 2009 death of his mother, Christa von Hassell, on the thought that his sister or daughter might want it one day. He has paid thousands of dollars to store the desk at ever since. But Von Hassell became ill in January and forgot to pay the $335 bill at Extra Space Storage in the Queens borough of New York City. He was surprised to see an email from Extra Space Storage in his inbox on March 24. Companies like Extra Space can sell the contents of a unit after just 30 days of continued nonpayment after the notice of a lien, but are required under state law to notify renters. That notification can be made in a hand-delivered letter, by registered or certified mail, or by an email paired with a U.S. Postal Service "certificate of mailing." Von Hassell contacted the facility the next day but his messages were not returned, so he reached out to his lawyer who sent a letter to the company on April 3 inquiring about what happened. Sedgwick Claims Management Services, an insurance adjuster for Extra Space Storage, replied on the company's behalf nearly two weeks later claiming it found "no fault on the part of Extra Space Storage." A spokesperson for the company alleged to theTimesit made "very thorough attempts to contact" von Hassell and provided the newspaper with a copy of a postal receipt showing that a notice was signed for by his doorman on Feb. 21. Additionally, five calls were made to him between January 9 and March 21 and the company ran an advertisement announcing the sale in theAM NewYorknewspaper on March 16. Von Hassell later learned a man named Boleslaw Karvay bought the unit on March 23 for just $2,850. In comments onThe New York Timesapp, readers were divided-some noting that the storage facility had not broken any laws with others questioning whether those laws are too strict and "need to be changed." "It is unfair that within several months of nonpayment and only one certified letter, a lifetime of possessions can be legally sold by the company you contracted with to safeguard them," a commenter named Lois wrote. Another said that having a doorman sign for a notice is not the same as having it delivered to the addressee. "Moral of the story. Pay your bills. Automatic payment if you are forgetful," wrote one commenter who identified themselves as "Mmk." Like other commenters, one person named Max expressed feeling "sad" for him but said "he's one of thousands of people who fall behind on storage fees at these cheap places annually." "Why would anyone put invaluable heirlooms in a self-storage facility? There are so many other options for storing paintings and furniture in reputable places that wouldn't do this," Max wrote. Another commenter called theTimesarticle "unironically the most important article" that the newspaper has published "in years." "It's a terrible system," the commenter wrote. "NYC is so disgusting and Extra Space Storage is a great example of the vampires who make it terrible." More Trending Stories: An Elderly Couple Sold a 'Worthless' African Mask for $157. Now They Are Suing the Buyer Who Auctioned It for $4.4 Million A Norwegian Man Stumbled Upon a Trove of Gold Dating to the Early Middle Ages, Including a Rare Pendant Depicting the Norse God Odin A Top Antiquities Sleuth Has Called Out the Manhattan D.A. For Continually Passing His Work Off As Its Own Emerging Artist Li Hei Di Calls Her London Studio a 'Parallel Universe,' Where Hong Kong's Cinematic Heroines and Mystical Abstraction Meet After Its Team-Up With Pokémon, Scalpers Swarm the Van Gogh Museum to Snap Up Merch and 'Pick the Gift Shop Clean' An Enigmatic Still-Life Picasso, Made During His Now-Celebrated 'Wonder Year' of 1932, Will Hit the Auction Block This Fall Get a Closer Look at Lagos-Based Artist Nengi Omuku's Intricate Textile Paintings-Made on Traditional Nigerian Cloth A Mexican Journalist Went Viral After He Presented 'Alien Bodies' to Congress. Now He Is Accused of Plundering Them From Ancient Sites Share Attachments Disclaimer artnet AGpublished this content on12 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on12 October 2023 11:18:07 UTC. |
2024-10-09 | International Business Times | Risks Escalating In Well-planned Hamas Assault On Israel: Analysts | The surprise assault by Hamas against Israel was a meticulously planned offensive that the Palestinian militant group is capable of keeping up, with a risk of even greater escalation, analysts say. Hamas can count on a deep arsenal of rockets to use against Israel but key questions include how much support it has received from Iran, which has expressed its backing for the offensive, and whether the Tehran-backed Lebanese Shiite group Hezbollah will enter the fray. More than 700 Israelis have been killed in the country's worst losses since the 1973 Yom Kippur war -- when it was also caught flat-footed by a combined Egyptian and Syrian attack -- and over 400 Palestinians slain as Israel presses a relentless bombardment of Hamas' Gaza stronghold. "It was a huge failure on the Israeli side and a huge achievement for Hamas," said Kobi Michael, senior researcher at the Tel-Aviv-based Institute for National Security Studies (INSS). "In order to launch such an operation, you have to do a lot of preparation, planning, coordination and you have to have a very meaningful, significant, essential strategic prospect or objective that you are seeking to achieve," he added, emphasising that Hamas "knows the price of such an operation will be very high." In May 2021, Hamas had already surprised Israel by sending thousands of rockets -- sometimes a hundred within a few minutes -- aimed at saturating its Iron Dome anti-missile defence system. Then, Hamas used 4,360 rockets in the space of 15 days while this time around 3,000 fell on Israel in two days, according to Elliot Chapman, analyst for the British security intelligence group Janes. "It is unclear if the militants will be able to sustain this volume of fire over the next few days. If so this would be the largest rocket attack on Israel so far," he told AFP. Fabian Hinz, a research fellow at the London-based International Institute for Strategic Studies, said that Hamas should still have a "substantial arsenal of rockets" kept in reserve and it "seems likely they will be able to keep up the rocket fire for quite a while." Hamas has an arsenal that is difficult to quantify numerically but certainly ample. Its arms come from an array of different sources, including Iran but also Syria, Libya after the fall of Moamer Kadhafi and other Middle Eastern countries -- not to mention weapons stolen or captured from Israel itself, said a Western expert on armaments who posts anonymously on X (formerly Twitter) under the handle Calibre Obscura. "It's an arsenal of stocks that had been built up for decades," said Calibre Obscura, with small arms and rifles stemming from sources in China, Russia and eastern Europe. For Chapman the "vast majority" of Hamas' rocket arsenal is however "domestically manufactured." "They require a basic workshop and materials and can be mass produced by Hamas and similar types," he said, describing them as "unguided missile systems" that "require no advanced technology to be launched." What happens next will depend both on Israel's own decisions -- notably if it launches a ground invasion of Gaza after its 2005 pullout from the territory -- and what kind of backing Hamas itself received for the offensive. "We might see a few entirely new capabilities (from Hamas) emerge in case of a full ground invasion of the Gaza Strip," said Hinz. He warned that close combat in the densely-populated Gaza Strip would be "gruelling" and a scenario the Israeli Defence Forces (IDF) had tried hard to avoid over the last years. "Hamas had a long time to prepare for this kind of scenario, so even for a military as well-trained and equipped as the IDF it would be quite a challenge and probably come with heavy losses." Iranian President Ebrahim Raisi has said Tehran supports what he described as the "legitimate defence" of the Palestinians but a White House official said said it is "too early to say" whether Iran was "directly involved" even if there is "no doubt Hamas is funded, equipped and armed by Iran and others." Kobi Michael argued that "Hamas would not have dared to launch such an operation without having a very reliable and serious policy insurance and they got it from Hezbollah and Iran." The Wall Street Journal reported Tuesday, citing members of Hamas and Hezbollah, that Iran had helped to plan the assault with a final green light given at a meeting in Beirut last week. A nightmare scenario for Israel would be a multi-front war also involving Hezbollah activity on its northern border. The Lebanese group said Sunday it fired "large numbers of artillery shells and guided missiles" at Israeli positions in a contested border area "in solidarity" with the Palestinian attack. Israel responded with its own fire. Chapman of Janes said that the the risk of Hezbollah involvement "is elevated" while in addition "Palestinian militant groups are very active in the West Bank and have called on the public to join the fray." |
2024-10-31 | GlobeNewswire | Convocation of the extraordinary general shareholders meeting of Invalda INVL and draft resolutions on the agenda of the meeting | On the initiative and decision of the Board of the public joint stock company Invalda INVL the extraordinary General Shareholders Meeting of the public joint stock company Invalda INVL (identification code 121304349, the registered address Gynėjų str. 14 Vilnius, Lithuania) is to be heldon 22 November 2023 at 9:00 a.m.in the premises located in Gynėjų str. 14, Vilnius. Registration of the shareholders will start at 8:30 a.m. The total number of shares of the Company amounts to 12,234,305. Given that the Company has acquired its own shares, the total number of votes for the quorum of the General Meeting of Shareholders is 12,004,764. ISIN code of the shares of the Company is LT0000102279. The accounting day of the of General Meeting of Shareholders – 15 November 2023(the persons who are shareholders of the Company at the end of accounting day of the General Meeting of Shareholders or persons authorized by them, or the persons with whom shareholders concluded the agreements on the disposal of voting right, shall have the right to attend and vote at the General Meeting of Shareholders). The agenda of the meeting:1. The decision regarding the ordinary registered shares of the joint-stock company Invalda INVL, for which stock option contracts are proposed for part of the employees in 2023, and the price of the shares. Draft resolutions of the meeting prepared by the company's Board:1. The decision regarding the ordinary registered shares of the joint-stock company Invalda INVL, for which stock option contracts are proposed for part of the employees in 2023, and the price of the shares. It is proposed to enter into stock option contracts with the employees of UAB INVL Asset Management, INVL Life, UADB, UAB FMĮ INVL Financial Advisors, the subsidiaries of Invalda INVL, moving to AB Šiaulių bankas or its subsidiaries, in connection with the implementation of the merger of Invalda INVL’s indirectly managed retail asset management and life insurance businesses with AB Šiaulių bankas group, which was concluded on 22 November 2022. On the basis of the above-mentioned stock option contracts, in 2027 the employees will be able to exercise the right to acquire ordinary registered shares with a nominal value of EUR 0.29 shares of the joint-stock company Invalda INVL, by paying for every acquired share EUR 1 (one), the amount of which will not exceed the amount of shares calculated by dividing EUR 300,000 (three hundred thousand) by the difference between the net asset value per share of Invalda INVL on 31 December 2023 or the market price of the company's shares on the said date (taking the greater of these two amounts), reduced by the amount of dividends assigned to the share at the ordinary general meeting of shareholders in 2024 (if such a decision is adopted), and the exercise price of 1 ( one) euro. If, between the general meeting of shareholders in 2024 and the signing of the share purchase agreement, a decision that stipulated payments to shareholders is made, the sale price of 1 (one) euro per share would be recalculated, reducing it by the amount paid per share. The acquisition price of the shares is fixed and does not change depending on the performance of the company and / or other group companies or the price of ordinary registered shares of Invalda INVL on the regulated market. These stock options would be granted as a variable part of the remuneration for the 2023. Additional information about the shareholders' meeting: The documents related to the agenda, draft resolutions on every item of agenda, documents what have to be submitted to the General Shareholders Meeting and other information related to the shareholders rights are published on the Company’s websitewww.invaldainvl.com, menu item Investor relations. Shareholders have the right:(i) to propose to supplement the agenda of the General Shareholders Meeting submitting draft resolution on every additional item of agenda or, then there is no need to make a decision - explanation of the shareholder (this right is granted to shareholders who hold shares carrying at least 1/20 of all the votes). Proposal to supplement the agenda is submitted in writing sending the proposal by registered mail to the Company at Gyneju str. 14, Vilnius, Lithuania, or delivered in person to the representative of the Company or by sending proposal to the Company by emailinfo@invaldainvl.com. The agenda is supplemented if the proposal is received no later than 14 days before the General Shareholders Meeting;(ii) to propose draft resolutions on the issues already included or to be included in the agenda of the General Shareholders Meeting at any time prior to the date of the General Shareholders meeting (in writing, sending the proposal by registered mail to the Company at Gyneju str. 14, Vilnius, Lithuania, or delivered in person to the representative of the Company or by sending proposal to the Company by emailinfo@invaldainvl.com) or in writing during the General Shareholders Meeting (this right is granted to shareholders who hold shares carrying at least 1/20 of all the votes);(iii) to submit questions to the Company related to the issues of agenda of the General Shareholders Meeting in advance but no later than 3 business days prior to the General Shareholders Meeting in writing sending the proposal by registered mail to the Company at Gyneju str. 14, Vilnius, Lithuania, or delivered in person to the representative of the Company or by sending proposal to the Company by emailinfo@invaldainvl.com. The company reserves the right to answer to those shareholders of the Company who can be identified and whose questions are not related to the company's confidential information or commercial secrets. Shareholder participating at the General Shareholders Meeting and having the right to vote, must submit documents confirming personal identity. Each shareholder may authorise either a natural or a legal person to participate and to vote on the shareholder's behalf at the General Shareholders Meeting. A power of attorney issued by a natural person must be certified by a notary. The representative has the same rights as his represented shareholder at the General Shareholders Meeting. The authorized persons must have documents confirming their personal identity and power of attorney approved in the manner specified by law which must be submitted to the Company no later than before the commencement of registration for the General Shareholders Meeting. A power of attorney issued in a foreign state must be translated into Lithuanian and legalised in the manner established by law. The Company does not establish special form of power of attorney. Shareholder is entitled to issue power of attorney by means of electronic communications for legal or natural persons to participate and to vote on its behalf at the General Shareholders Meeting. No notarisation of such authorization is required. The power of attorney issued through electronic communication means must be confirmed by the shareholder with a safe electronic signature developed by safe signature equipment and approved by a qualified certificate effective in the Republic of Lithuania. The shareholder shall inform the Company on the power of attorney issued through the means of electronic communication by e-mailinfo@invaldainvl.comnot later than on the last business day before the General Shareholders Meeting. The power of attorney and notification must be issued in writing and could be sent to the Company by electronic communication means if the transmitted information is secured and the shareholder's identity can be identified. The Company is not providing the possibility to attend and vote at the General Shareholders Meeting through electronic means of communication. Shareholder or its representative may vote in writing by filling ballot paper and signing with a qualified electronic signature, in such a case the requirement to deliver a personal identity document does not apply. The form of the general ballot paper is published together with draft resolutions of the General Shareholders Meeting as well as on the Company's websitewww.invaldainvl.com. If shareholder requests, the Company shall send the ballot paper to the requesting shareholder by registered mail or ordinary mail. The filled ballot paper must be signed by the shareholder or its authorised representative. Document confirming the right to vote must be added to the ballot paper if an authorized person is voting. The filled and signed ballot paper must be sent by the registered mail to the Company at Gyneju str. 14, 01109 Vilnius, Lithuania, or delivered in person no later than the beginning of the General Shareholders Meeting. Shareholders may also vote by signing the voting bulletin with an electronic signature and sending it to the Company by e-mail. A duly completed and with a qualified electronic signature signed ballot paper can be sent to the company by e-mailinfo@invaldainvl.combefore the start of the general meeting of shareholders. The person authorized to provide additional information is:Darius Sulnis, CEO of Invalda INVL E-mail Darius.Sulnis@invl.com Attachment |
2024-10-31 | Marketscreener.com | Convocation of the extraordinary general shareholders meeting of Invalda INVL and draft resolutions on the agenda of the meeting | On the initiative and decision of the Board of the public joint stock company Invalda INVL the extraordinary General Shareholders Meeting of the public joint stock company Invalda INVL (identification code 121304349, the registered address Gynėjų str. 14 Vilnius, Lithuania) is to be heldon 22 November 2023 at 9:00 a.m.in the premises located in Gynėjų str. 14, Vilnius. Registration of the shareholders will start at 8:30 a.m. The total number of shares of the Company amounts to 12,234,305. Given that the Company has acquired its own shares, the total number of votes for the quorum of the General Meeting of Shareholders is 12,004,764. ISIN code of the shares of the Company is LT0000102279. The accounting day of the of General Meeting of Shareholders – 15 November 2023(the persons who are shareholders of the Company at the end of accounting day of the General Meeting of Shareholders or persons authorized by them, or the persons with whom shareholders concluded the agreements on the disposal of voting right, shall have the right to attend and vote at the General Meeting of Shareholders). The agenda of the meeting:1. The decision regarding the ordinary registered shares of the joint-stock company Invalda INVL, for which stock option contracts are proposed for part of the employees in 2023, and the price of the shares. Draft resolutions of the meeting prepared by the company's Board:1. The decision regarding the ordinary registered shares of the joint-stock company Invalda INVL, for which stock option contracts are proposed for part of the employees in 2023, and the price of the shares. It is proposed to enter into stock option contracts with the employees of UAB INVL Asset Management, INVL Life, UADB, UAB FMĮ INVL Financial Advisors, the subsidiaries of Invalda INVL, moving to AB Šiaulių bankas or its subsidiaries, in connection with the implementation of the merger of Invalda INVL’s indirectly managed retail asset management and life insurance businesses with AB Šiaulių bankas group, which was concluded on 22 November 2022. On the basis of the above-mentioned stock option contracts, in 2027 the employees will be able to exercise the right to acquire ordinary registered shares with a nominal value of EUR 0.29 shares of the joint-stock company Invalda INVL, by paying for every acquired share EUR 1 (one), the amount of which will not exceed the amount of shares calculated by dividing EUR 300,000 (three hundred thousand) by the difference between the net asset value per share of Invalda INVL on 31 December 2023 or the market price of the company's shares on the said date (taking the greater of these two amounts), reduced by the amount of dividends assigned to the share at the ordinary general meeting of shareholders in 2024 (if such a decision is adopted), and the exercise price of 1 ( one) euro. If, between the general meeting of shareholders in 2024 and the signing of the share purchase agreement, a decision that stipulated payments to shareholders is made, the sale price of 1 (one) euro per share would be recalculated, reducing it by the amount paid per share. The acquisition price of the shares is fixed and does not change depending on the performance of the company and / or other group companies or the price of ordinary registered shares of Invalda INVL on the regulated market. These stock options would be granted as a variable part of the remuneration for the 2023. Additional information about the shareholders' meeting: The documents related to the agenda, draft resolutions on every item of agenda, documents what have to be submitted to the General Shareholders Meeting and other information related to the shareholders rights are published on the Company’s websitewww.invaldainvl.com, menu item Investor relations. Shareholders have the right:(i) to propose to supplement the agenda of the General Shareholders Meeting submitting draft resolution on every additional item of agenda or, then there is no need to make a decision - explanation of the shareholder (this right is granted to shareholders who hold shares carrying at least 1/20 of all the votes). Proposal to supplement the agenda is submitted in writing sending the proposal by registered mail to the Company at Gyneju str. 14, Vilnius, Lithuania, or delivered in person to the representative of the Company or by sending proposal to the Company by emailinfo@invaldainvl.com. The agenda is supplemented if the proposal is received no later than 14 days before the General Shareholders Meeting;(ii) to propose draft resolutions on the issues already included or to be included in the agenda of the General Shareholders Meeting at any time prior to the date of the General Shareholders meeting (in writing, sending the proposal by registered mail to the Company at Gyneju str. 14, Vilnius, Lithuania, or delivered in person to the representative of the Company or by sending proposal to the Company by emailinfo@invaldainvl.com) or in writing during the General Shareholders Meeting (this right is granted to shareholders who hold shares carrying at least 1/20 of all the votes);(iii) to submit questions to the Company related to the issues of agenda of the General Shareholders Meeting in advance but no later than 3 business days prior to the General Shareholders Meeting in writing sending the proposal by registered mail to the Company at Gyneju str. 14, Vilnius, Lithuania, or delivered in person to the representative of the Company or by sending proposal to the Company by emailinfo@invaldainvl.com. The company reserves the right to answer to those shareholders of the Company who can be identified and whose questions are not related to the company's confidential information or commercial secrets. Shareholder participating at the General Shareholders Meeting and having the right to vote, must submit documents confirming personal identity. Each shareholder may authorise either a natural or a legal person to participate and to vote on the shareholder's behalf at the General Shareholders Meeting. A power of attorney issued by a natural person must be certified by a notary. The representative has the same rights as his represented shareholder at the General Shareholders Meeting. The authorized persons must have documents confirming their personal identity and power of attorney approved in the manner specified by law which must be submitted to the Company no later than before the commencement of registration for the General Shareholders Meeting. A power of attorney issued in a foreign state must be translated into Lithuanian and legalised in the manner established by law. The Company does not establish special form of power of attorney. Shareholder is entitled to issue power of attorney by means of electronic communications for legal or natural persons to participate and to vote on its behalf at the General Shareholders Meeting. No notarisation of such authorization is required. The power of attorney issued through electronic communication means must be confirmed by the shareholder with a safe electronic signature developed by safe signature equipment and approved by a qualified certificate effective in the Republic of Lithuania. The shareholder shall inform the Company on the power of attorney issued through the means of electronic communication by e-mailinfo@invaldainvl.comnot later than on the last business day before the General Shareholders Meeting. The power of attorney and notification must be issued in writing and could be sent to the Company by electronic communication means if the transmitted information is secured and the shareholder's identity can be identified. The Company is not providing the possibility to attend and vote at the General Shareholders Meeting through electronic means of communication. Shareholder or its representative may vote in writing by filling ballot paper and signing with a qualified electronic signature, in such a case the requirement to deliver a personal identity document does not apply. The form of the general ballot paper is published together with draft resolutions of the General Shareholders Meeting as well as on the Company's websitewww.invaldainvl.com. If shareholder requests, the Company shall send the ballot paper to the requesting shareholder by registered mail or ordinary mail. The filled ballot paper must be signed by the shareholder or its authorised representative. Document confirming the right to vote must be added to the ballot paper if an authorized person is voting. The filled and signed ballot paper must be sent by the registered mail to the Company at Gyneju str. 14, 01109 Vilnius, Lithuania, or delivered in person no later than the beginning of the General Shareholders Meeting. Shareholders may also vote by signing the voting bulletin with an electronic signature and sending it to the Company by e-mail. A duly completed and with a qualified electronic signature signed ballot paper can be sent to the company by e-mailinfo@invaldainvl.combefore the start of the general meeting of shareholders. The person authorized to provide additional information is:Darius Sulnis, CEO of Invalda INVL E-mail Darius.Sulnis@invl.com Attachment |
2024-10-05 | Marketscreener.com | YIT Oyj : sells its stake in Sia LiveOn co-investment vehicle in Latvia | YIT has sold its stake in Sia LiveOn co-investment vehicle in Latvia. The buyer is Vienna Insurance Group's (VIG) subsidiary LVP Holding GmbH. YIT and VIG's other subsidiary, BTA Baltic Insurance Company AAS, established the co-investment vehicle in 2021. The company invests in rental apartments located in the Baltic countries. Sia LiveOn was YIT's associated company in which YIT held a 30% stake. Sia LiveOn owns four apartment blocks built by YIT in Estonia, Latvia, and Lithuania. The parties have agreed not to disclose the transaction price. "Sia LiveOn's four properties have recently been completed and now is a good time to divest our stake. The collaboration with BTA Baltic Insurance Company and Vienna Insurance Group has worked very well. The companies aim to be long-term owners in Baltic countries and this investment fits in well with their objective. The transaction is part of our previously communicated target to improve capital efficiency and we are pleased with its positive impact on our financial position", saidTuomas Mäkipeska, CFO, YIT Corporation. The sale is part of YIT's transformation program, one of the objectives of which is to improve YIT's capital efficiency. The company has initiated a strategic review regarding certain assets and operations to secure the best possible value creation. The review concerns assets and operations such as YIT's wind power development portfolio, infrastructure operations in Sweden, and selected investments, including YIT's ownership stake in Tripla Mall. For further information:Tuomas Mäkipeska, CFO, YIT, media enquiries through Group Communications, tel. +358 44 743 7536,press@yit.fiMaija Taimi, SVP, Communications, YIT, tel. +358 50 487 1561,maija.taimi@yit.fi YIT is the largest Finnish and a significant North European development and construction company. We develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, infrastructure for smooth mobility, and renewable energy solutions to benefit the climate. We employ around 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2022 was EUR 2.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki. Read more:www.yitgroup.com Attachments Disclaimer YIT Oyjpublished this content on05 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on05 October 2023 05:08:14 UTC. |
2024-10-31 | Marketscreener.com | Invalda INVL : shareholders to vote on stock options for INVL... | The shareholders of Invalda INVL will decide on signing stock option agreements with employees of INVL group companies who are moving to the Šiaulių Bankas group as well as on the procedure and price for their acquisition of the company's shares in 2027. A meeting of Invalda INVL shareholders on 22 November will vote on this matter. The proposal to give some employees of INVL group companies the opportunity to enter into option contracts still in 2023 is being made in implementation of the agreement of 22 November last year on the merger of Invalda INVL's indirectly managed retail asset management and life insurance businesses with the Šiaulių Bankas group. Completion of the transaction is expected later this year once the needed regulatory approvals are obtained. The right to sign Invalda INVL stock option contracts will be made available to employees of INVL Asset Management, INVL Life and INVL Financial Advisors who are moving to Šiaulių Bankas and its subsidiaries and who will receive bonuses for 2023. About 200 people work in Invalda INVL's retail business. "We value the contribution of our employees and the results they have achieved both during their years with the INVL group and in preparing for completion of the merger. The stock options would be granted to employees of INVL group companies moving to the Šiaulių Bankas Group as a variable part of their compensation for 2023," says Alvydas Banys, the Chairman of the Board of Invalda INVL. Since 2016 when the company began to offer stock options to employees and including the agreements signed this year that specify the number of shares, employees of the INVL group have entered into stock option agreements for a total of 734,318 shares of Invalda INVL and to date have acquired 447,179 of those shares. About Invalda INVL Invalda INVL is a leading Baltic investment management and life insurance group. Growing and developing with an open approach, it creates well-being for people through its work. The group's companies operate across Lithuania, Latvia and Estonia and serve over 300,000 private and institutional clients from the Baltic region and abroad. Those clients have entrusted the Invalda INVL group with the management of more than EUR 2 billion of assets in a variety of asset classes including pension funds, mutual funds and life insurance commitments as well as individual portfolios, private equity and other alternative investment activities. The shares of Invalda INVL have been traded on the Nasdaq Vilnius stock exchange since 1995. Invalda INVL's equity at the end of June 2023 was EUR 129.8 million. Attachments Disclaimer Invalda Invl ABpublished this content on31 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on31 October 2023 06:31:50 UTC. |
2024-10-31 | GlobeNewswire | Šiaulių Bankas Group results for Q3 2023 | “Another quarter dictated by economic volatility and rising interest rates. We have continued our strategy of maintaining the highest deposit rates among the major banks and are now able to offer customers interest rates of up to 4.25% p.a. on irrevocable fixed-term deposits. Rising interest rates have also led to the popularity of an alternative form of financing – bonds. The Bank’s originated bonds are an opportunity for local businesses to combine financing methods to borrow more and for investors to invest. At the end of the year, we are likely to maintain the same momentum and successfully complete the transaction with Invalda INVL on the merger of retail businesses, after which Šiaulių bankas Group will manage second and third tier pension and investment funds in Lithuania and will expand its life insurance business in the Baltic states. In parallel with the transaction and the Bank’s growth, the strategy is being reviewed and we expect to present it early next year,” said Vytautas Sinius, CEO of Šiaulių bankas. Šiaulių bankas Group earned an unaudited net profit of EUR 65.7 million in the first three quarters of this year (32% more than a year ago, when the profit amounted to EUR 49.9 million). Profit for the third quarter was EUR 24.2 million, up 33% from EUR 18.1 million last year. Operating income growth in the first nine months of the year compared to the same period in 2022: net interest income grew by 55% to EUR 116.1 million, while net income from service and commission grew by 4% to EUR 14.6 million. With the economic situation remaining uncertain, the Bank made additional provisions for loans and other assets of EUR 3.1 million during the quarter, mainly due to the risk assessment of individual exposures. Provisions for the first nine months of the year amount to EUR 8.5 million, compared to EUR 2.4 million year-on-year. At the end of September, the cost of risk (CoR) stood at 0.4% (0.2% in the same period last year). The Bank Group’s return on equity was 18.9% (16.3% last year), while the cost/income ratio (excluding the impact of SB Draudimas’ customer portfolio) fell to 34.4% at the end of September (40.0% in the same period last year). The capital and liquidity position remains sustainable and prudential ratios are being met by a wide margin, with a liquidity coverage ratio (LCR) of 183%* and a capital adequacy ratio (CAR) of 21.3%*. To include part of the interim profit for the first half of 2023 in the own funds, it was necessary for the Bank’s Management Board to take a decision on the maximum dividend payment ratio for 2023. Accordingly, the Management Board, assessing the operating environment, the Bank's results for the first three quarters of 2023 decided that the amount of dividends for the year 2023, which will be submitted to the AGM of shareholders of the Bank by the Management Board for the approval, will not exceed 43% of the annual profit of the Group for year 2023. The final dividend payment ratio for 2023, considering the factual and forecast circumstances, will be decided, and submitted to the AGM of shareholders of the Bank by the Management Board in March 2024. Overview of Business Segments Corporate and Private Customer Financing Portfolios of all financing segments grew in 9 months, while the Bank Group’s total loan and leasing portfolio grew by 4% (EUR 104 million) during the quarter and by 10% (EUR 261 million) since the beginning of the year to reach EUR 2.9 billion. However, against the backdrop of a turbulent outlook for the overall economy and the high cost of borrowing, new contract signings fell, reaching EUR 0.3 billion in the quarter and EUR 1 billion since the beginning of the year, down 7% year-on-year. With the demand for business finance falling and expectations remaining cautious, the number of business loans signed this year is almost 5% lower than in the same period last year, at EUR 587 million. The corporate finance portfolio grew by 2% (EUR 24 million) during the quarter and by 6% (EUR 87 million) since the beginning of the year to EUR 1.47 billion. The European Central Bank’s monetary policy is leading to a slowing property market and falling demand for mortgages. Contracts worth EUR 38 million were signed in the third quarter and EUR 134 million since the beginning of the year, 32% less than in the same period last year. The housing loan portfolio grew by 3% (EUR 22 million) during the quarter and by 14% (EUR 90 million) since the beginning of the year to EUR 0.75 billion. Despite the extremely competitive consumer finance market, new sales volumes managed to grow both in the third quarter and throughout the year. The number of consumer credit agreements signed this year is 17% higher than in the same period last year, amounting to EUR 170 million. The consumer finance portfolio grew by 7% in the third quarter and by 26% from the beginning of the year, reaching EUR 288 million. The volume of applications and contracts for financing energy efficiency projects remained high: in the third quarter, SB Modernizavimo Fondas concluded contracts for the modernisation of multi-apartment buildings for EUR 56 million, and since the start of its operations, the Fund has signed contracts for the full amount of EUR 275 million raised by Lithuanian and foreign investors. The Fund will improve the living conditions of residents of 395 multi-apartment buildings. As the Bank continues to focus on the rapid renovation of Lithuania’s multi-apartment buildings, work has already started on the establishment of a new multi-apartment building modernisation fund. Daily Banking During the third quarter, 7.4 thousand new private and corporate customers started using the Bank’s services, and more than 23.5 thousand since the beginning of the year. As the number of new customers grows, so does the number of people using the service plans, which exceeded 190 thousand. The growth rate of credit cards increased by 6% during the quarter and by 34% during the year (to 35 thousand), while the total number of payment cards issued fell to 172 thousand. A major focus is on improving the Bank’s internet bank and mobile app. During the third quarter of the year, important changes were introduced (e.g. login with a national identification number instead of a password) and the app was updated for customers using iOS and Android. Savings and Investments With the Bank paying attractive interest rates for savings solutions, both individuals and companies are actively choosing the Bank’s fixed-term deposit products. Currently, almost 47% of customers’ funds with the Bank are in fixed-term deposits (EUR 1.4 billion, up more than 50% from the beginning of the year). The total customer deposit portfolio has grown by 8% since the beginning of the year to over EUR 3 billion. The high inflationary environment continues to encourage customers to direct their savings into the Bank’s investment products, mainly Lithuanian corporate bonds. During the quarter, the Bank arranged 11 corporate bond placements in amount of more than EUR 40 million. The value of customer investments held with the Bank has been growing steadily, reaching EUR 1.8 billion, double the amount at the beginning of the year. Merger of retail business with Invalda INVL The merger of the retail businesses of the Bank and Invalda INVL is progressing smoothly and is expected to be completed on 1 December. The Bank’s asset management company SB Asset Management obtained a management company licence in the third quarter. After the closing date, the company would take over the pension fund and retail investment fund management business for further development. SB Draudimas, the Bank’s insurance company, has set up branches in Latvia and Estonia to properly prepare for the transfer of INVL Life insurance business to Latvia and Estonia. During the quarter, the Bank also implemented organisational structural changes to ensure the smoothest possible merger, business continuity and preparation for the post-closing organisation of work. The new structure will allow for a clearer division of functions and responsibilities between corporate customer, private customer, and investment management business lines. This transformation is aimed as well at enhancing efficiency and improving overall performance. * - forecast data Šiaulių bankas invites shareholders, investors, analysts, and other stakeholders to join its investor conference webinar scheduled on 31 October 2023 at 4:00 PM (EET). The presentation will be held in English. For more information clickhere. Additional information:Donatas Savickas, CFO+370 41 595 602,donatas.savickas@sb.lt Attachment |
2024-10-18 | Marketscreener.com | Las Vegas Sands : Q3 2023 Earnings Slides | 3Q23 Earnings Presentation October 18, 2023 Forward Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this presentation, the words "anticipates," "believes," "estimates," "seeks," "expects," "plans," "intends" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to: risks relating to our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; the uncertainty about the pace of recovery of travel and tourism in Asia from the impacts of the Covid-19 pandemic; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; our ability to continue to have our securities traded in the U.S. securities market; and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such statements and information. Within this presentation, the company may make reference to certain non-GAAP financial measures including "adjusted net income/loss," "adjusted earnings/loss per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable financial measures presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold- normalized adjusted property EBITDA margin," "hold-normalized adjusted net income/loss," and "hold-normalized adjusted earnings/loss per diluted share," as well as present these or other items on a constant currency basis. The specific reasons why the company's management believes the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands' financial condition, results of operations and cash flows, as well as reconciliations of the non-GAAP measures to the most directly comparable GAAP measures, are included in the company's Form 8-K dated October 18, 2023, which is available on the company's website atwww.sands.com. Reconciliations also are available in the Reconciliation of Non-GAAP Measures and Other Financial Information section of this presentation. 2 The Investment Case for Las Vegas Sands 3 Third Quarter 2023 Highlights ($ in US millions) Adjusted Property EBITDA1,2 3Q19 3Q23 Change Macao Operations $755 $631 ($124) Adjusted Property EBITDA Margin 35.7% 35.3% -40 bps Marina Bay Sands $435 $491 $56 Adjusted Property EBITDA Margin 54.9% 48.4% -650 bps LVS Total $1,190 $1,122 ($68) Adjusted Property EBITDA Margin 41.1% 40.1% -100 bps 4 Operating Environment in Macao In Macao, the recovery in travel and tourism spending continued during the quarter, with market-wide mass gaming revenue reaching ~$5.1 billion (~92% of 3Q19) 1. Official September 2023 visitation is not yet available from the DSEC, reflects actual July and August figures for 2023 and 2019. Source: Macao DSEC. 5 Operating Environment at MBS in Singapore Additional increases in airlift capacity from China will be important as the recovery in travel and tourism spending in Singapore continues 6 Third Quarter 2023 Financial Results Quarter Ended September 30, 20231vs September 30, 20221and 2019 Note: results for the third quarter of 2022 reflects lower market visitation due to the impact on travel and tourism of the Covid-19 pandemic; the third quarter of 2019 is provided to allow for a comparison to a quarterly period prior to the pandemic. ($ in US millions, except per share information) LVS Consolidated Third Quarter Financial Results Change Versus 3Q19 3Q22 3Q23 3Q22 Net Revenue2 $2,897 $1,005 $2,795 $1,790 Net Income (Loss)2 657 (380) 449 829 Diluted EPS2 $0.68 ($0.31) $0.50 $0.81 Dividends per Common Share $0.77 - $0.20 $0.20 Adjusted Net Income (Loss) Attributable to LVS2 542 (208) 418 626 Adjusted Diluted EPS2 $0.70 ($0.27) $0.55 $0.82 Adjusted Property EBITDA2 1,190 191 1,122 931 Adjusted Property EBITDA Margin2 41.1% 19.0% 40.1% 2,110 bps Hold-Normalized: Adjusted Property EBITDA2 $1,153 $176 $1,073 $897 Adjusted Property EBITDA Margin2 40.1% 17.7% 39.2% 2,150 bps Adjusted Diluted EPS2 $0.66 ($0.29) $0.50 $0.79 7 LVS Adjusted Property EBITDA Performance Select Quarterly Results Note: results for the third quarter and fourth quarters of 2022 reflect lower market visitation due to the impact on travel and tourism of the Covid-19 pandemic. LVS Adjusted Property EBITDA1 ($ in US millions) Adjusted Property EBITDA Hold-Normalized Adjusted Property EBITDA $1,500 ~94% of 3Q19 $1,200 $1,122 $973 $900 $792 $600 $300 $191 $222 $0 3Q22 4Q22 1Q23 2Q23 3Q23 ~93% of 3Q19 $1,073 $943 $797 $329 $176 3Q22 4Q22 1Q23 2Q23 3Q23 1. Excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation until the sale was completed on February 23, 2022. Note: Covid-19 related travel restrictions were put in place in the first quarter of 2020. Beginning in the second quarter of 2022 in Singapore, and in early 2023 in Macao, many of those restrictions were meaningfully relaxed. 8 Sands China Sands China Ltd. Visitation Increases Contribute to Recovery in Financial and Operating Performance Note: results for the third quarter of 2022 reflect lower market visitation due to the impact on travel and tourism of the Covid-19 pandemic; the third quarter of 2019 is provided to allow for a comparison to a quarterly period prior to the pandemic. For the quarter ended September 30, 2023: Adjusted Property EBITDA ($ in US millions)Actual Hold-Normalized $900 ~84% of 3Q19 $757 ~81% of 3Q19 $755 $600 $631 $616 $300 $0 -$152 -$300 -$158 3Q19 3Q22 3Q23 3Q19 3Q22 3Q23 Non-Rolling Table and Slot Win ($ in US millions) $2,000 $1,596 ~91% of 3Q19 $1,445 $1,500 $160 $159 $1,000 $1,436 $1,286 $500 $148 $15 $0 $133 3Q19 3Q22 3Q23 Slot Machines Note: Covid-19 related travel restrictions were put in place in China in the first quarter of 2020. In early 2023, many of those restrictions were meaningfully relaxed. Non-Rolling Tables 10 Attachments Disclaimer Las Vegas Sands Corporationpublished this content on18 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on18 October 2023 20:20:33 UTC. |
2024-11-01 | ETF Daily News | JPMorgan Chase & Co. Upgrades Bank of China (OTCMKTS:BACHY) to “Overweight” | Bank of China (OTCMKTS:BACHY–Get Free Report)was upgraded byJPMorgan Chase & Co.from a “neutral” rating to an “overweight” rating in a research note issued to investors on Wednesday,Briefing.comreports. Shares ofOTCMKTS BACHYopened at $8.73 on Wednesday. Bank of China has a 12-month low of $7.98 and a 12-month high of $10.87. The stock’s fifty day simple moving average is $8.63 and its two-hundred day simple moving average is $9.24. The stock has a market capitalization of $102.80 billion, a PE ratio of 3.37 and a beta of 0.28. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. Bank of China (OTCMKTS:BACHY–Get Free Report) last released its earnings results on Wednesday, August 30th. The bank reported $0.64 earnings per share (EPS) for the quarter. The firm had revenue of $21.91 billion for the quarter. Bank of China had a return on equity of 8.68% and a net margin of 20.59%. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold Forever(Get Free Report) Bank of China Limited, together with its subsidiaries, provides various banking and financial services in Chinese Mainland, Hong Kong, Macao, Taiwan, and internationally. It operates through Corporate Banking, Personal Banking, Treasury Operations, Investment Banking, Insurance, and Other segments. The Corporate Banking segment provides current accounts, deposits, overdrafts, loans, payments and settlements, trade-related products, and other credit facilities, as well as foreign currency, derivative, and wealth management products for corporate customers, government authorities, and financial institutions. |
2024-11-03 | Business Insider | AA flight attendants won $1M from clothing company after saying their uniforms made them sick | A jury in California ruled that a clothing company should pay more than $1 million to four American Airlines flight attendants who said wearing their uniforms made them sick. The verdict came last week against manufacturer Twin Hill following a lengthy legal battle. Although the verdict is pending formal approval by a judge, an attorney representing the flight attendantstold the Associated Pressthat this is merely a technicality. One of the plaintiffs, Tracey Silver-Charan, a flight attendant of 37 years, was awarded $320,000 in the verdict at the Alameda County Superior Court in California, perThe Washington Post. The newspaper reported that another woman, Brenda Sabbatino, received the biggest sum — $750,000. She took early retirement after developing "severe chemical sensitivities," the newspaper said. Attorneys told the AP that they represent more than 400 other AA flight attendants who are making the same claims. Silver-Charan was part of a group of flight attendants who initially filed a lawsuit in 2017. According to The Post, which interviewed her, she first began to feel "violently sick" at work in 2016. This was a few months after Twin Hill provided about 1.4 million garments and accessories to more than 65,000 American Airlines employees, The Post reported. Silver-Charan notified her supervisors of her issues, including rashes, respiratory distress, and feeling faint, according to The Post. She mentioned that she would curiously feel better once she returned home, the newspaper reported. In the lawsuit, it was alleged that these problems were caused by formaldehyde applied to cotton blouses to decrease wrinkling. According to the Centers for Disease Control and Prevention,formaldehyde can irritate the skin, throat, lungs, and eyes. Silver-Charan told The Post that she was the allowed to wear her old uniform but her health problems persisted. She ultimately took six months of unpaid leave from work, according to The Post. On her return, American Airlines said employees could buy uniforms from mass retailers, but she continued to experience health issues around coworkers who still wore the new uniforms, The Post reported. She said her eyes looked as if she had been in a boxing match and that she was regularly getting bronchitis and laryngitis, The Post reported. According to a trial brief reviewed by The Post, American Airlines eventually terminated its contract with Twin Hill. The airline did not immediately respond to Insider's request for comment. The Detroit News reportedthat thousands of flight attendants reported adverse reactions to the uniforms, which included hives, rashes, migraines, respiratory issues, and thyroid problems. The jury decided last week that the uniforms were a "substantial factor in causing harm" to the flight attendants, but did not find the company negligent in their design or in failing to recall the uniforms, according to the AP. One of the flight attendants' lawyers, Daniel Balaban, told AP that he was happy with the outcome. He did not immediately respond to Insider's request for comment. In an email to The Post, Balaban said: "Hopefully, it sends a message to the defendant and insurance companies to try to resolve these cases." He added: "But if they're not, we're going to try these cases one batch at a time." It's unclear if Twin Hill is appealing the verdict. The company did not immediately respond to Insider's requests for comment. Correction: November 3, 2023 — An earlier version of this story misstated the role of one company in the lawsuit. Tailored Brands, the former parent company of Twin Hill, was removed as a defendant in the lawsuit before its conclusion. |
2024-11-03 | Forbes | How To Include More Dimensions In Employee Communications | CEO and Executive Creative Director at Tribe, Inc., working with large companies to align employees through internal communications. Internal communications play a powerful role in employee engagement, keeping employees in the loop on leadership’s strategic vision, change management initiatives, purpose and values, and human resources and benefits, as well as the cultural identity of the company. If you’re responsible for communicating any of the above, you know that it can be difficult to get employees’ attention. But as communicators, it’s our job to make it as easy as possible for employees to access and consume information. One way to do that is to take a more multidimensional view of your channels, audiences and content. Here are some suggestions and usage examples of ways to add multiple dimensions to your employee communications. Digital And Print Digital channels dominate internal communications now, and for good reason. When employees can work anywhere, we need to reach them wherever they are, which generally means online. But don’t rely exclusively on digital solutions if you have employees working on-site, even if they show up only occasionally. Pop-up banners, floor decals, mirror clings and even printed versions of newsletters or values books are great options for print channels. For many employees, digital is invisible, so printed materials give you a method for inserting communications into the work environment. Usage Examples Print also helps you make use of unexpected touchpoints in the work environment. At Tribe, my internal communications agency, we’ve printed messaging on giant magnets for walk-in freezers in restaurant chains, and hangtags attached to rearview mirrors for a global delivery service. Video And Podcast Getting employees to read in-depth articles, or even short ones, can be a challenge. For many employees, video is their medium of choice for everything from entertainment and news to product reviews and how-tos. If you don’t have the budget for a professional video crew, it’s possible to shoot less polished but relatable remote videos of employees from their home offices. Usage Examples We often use employee videos to launch new or evolved values, asking employees to explain the values in their own words. We’ve also used short graphic videos for open enrollment communications, giving employees another option for learning about specific benefits like vision insurance or the difference between FSAs and HSAs. If you’re already using video, you might consider adding podcasts to offer another dimension to your recorded media. It can be an especially useful channel for younger employees. We recently asked some Gen Z employees if their age group listens to podcasts and one said, "I don’t know anybody who doesn’t listen to podcasts." We often use podcasts as a platform for top leadership to explain business strategies and other dense topics. Being able to hear their voices humanizes these execs and helps employees feel a more personal connection with them. Desktop And Mobile If your employee audience includes front-line employees who aren’t sitting in front of computers, your intranet probably needs to be available in two dimensions: desktop and mobile. Employees out in the field or on a manufacturing line are clearly more likely to view the intranet if they can see it on their phones. But front-line workers aren’t the only ones who might depend on their phones more than their laptops. Employees in younger generations might also prefer to access company news from their smartphones. Usage Examples Most intranet platforms now offer mobile options, although your company firewalls may prohibit them. There also are some great providers of mobile apps that are built for employee communications. For large global enterprises, SharePoint might be a good solution or one of the many great SaaS options. For smaller companies or those with large non-desk workforces, we’ve found a mobile app can be a better solution. Articles And Infographics Some people absorb information most easily by reading; others are visual learners. By incorporating infographics into your intranet articles or publications, you add another dimension that can help employees digest the information. This book from the design school at Stanford University, The Secret Language of Maps, gives some interesting suggestions for making information more visually interesting. For example, instead of a bar chart, try raised hands with arms of different lengths in place of the usual bars. Usage Examples Many employees are interested in their company’s quarterly financials but don’t have the patience to slog through reports written for Wall Street analysts. For companies ranging from heavy manufacturers to home furnishings, we’ve used infographics in both print and video applications. Shallow And Deep Dive Finally, I recommend you add both these dimensions to printed articles, intranet pages and any other communication that uses heavy copy or text. Give readers a shallow version of the story, with intro blurbs, subheads, callouts or pull quotes and photo captions. Start with the assumption that most employees will only skim the article. Find ways to provide bite-sized information, or very shallow dives, so that even a skimmer will take away the gist of the article. Usage Examples To reduce email overload from too many all-company emails, we created a weekly digest of all would-be emails. Employees receive one weekly email with a graphic grid that gives the headline and one-sentence blurb for each topic. If someone wants to know more, they click that headline and go to the full article. If they only skim the headlines and blurbs, they still get a solid overview of that week’s news. No Silver Bullet There’s no one channel or format that will reach 100% of your employees. That’s why it’s so important to explore multidimensional internal communications options. As communicators, you’ll be serving the employee audience better when you work to accommodate different learning styles, technology choices and personal preferences. Forbes Communications Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify? |
2024-11-03 | The Times of India | Macquarie profit slips to three-year low as 'exceptional' run ends | Reuters Macquarie Group 's half-year profit fell to a three-year low as costs rose and it booked fewer asset sales , especially in green energy, but it said performance would lift in the second half and announced a A$2 billion ($1.29 billion) share buyback. The first-half 2024 financial year results reported on Friday were a rare miss for the Australian firm, which prides itself on a global breadth stretching from retail banking to offshore wind and commodity trading. The Sydney-based financial conglomerate has not had a steeper first-half profit drop in more than a decade. The results capped a run of "exceptional conditions" last year in the company's commodity trading and asset management segments, buoyed by energy market volatility and ripe conditions for asset sales, respectively, Chief Financial Officer Alex Harvey told Reuters. "We obviously know they were exceptional circumstances, that we didn't expect those circumstances to repeat into 2024," he said. Macquarie had already trimmed its earnings forecasts twice since its record fiscal 2023 results announced in May, but the 39% fall in net profit to A$1.42 billion for the half ended Sept. 30 was well below a consensus estimate of A$1.77 billion compiled by Citi. The company's shares fell as much as 3% in early trading before regaining ground to close 1.8% higher, ahead of the Australian benchmark's 1.1% rise. The A$892 billion asset management division led the earnings decline, with profits down 71% to A$407 million as costs rose and Macquarie booked fewer sales amid weaker transaction conditions after a series of big deals last year. The company held onto much of its portfolio of green assets in particular, some to seed a new fund, others for sales in the second half. Chief Executive Shemara Wikramanayake told investors Macquarie expected to sell the assets without major discounts and to sidestep the problems facing other operators sandwiched between fixed-price contracts agreed in 2020 and 2021 and the subsequent inflation surge. "Our portfolio we feel comfortable is very different to the situations where these large write-offs have been announced recently," she said on an earnings call. "These are operating assets with big (power purchase agreements) earning money and we're seeing interest in them." Macquarie said the asset management division's income should rebound in the second half to about the A$940 million it reported in the same period last year. The other big decline came in the heavyweight commodities and global markets segment, where profits fell 31% to A$1.4 billion as a degree of normalcy returned to energy markets after the chaos last year unleashed by Russia's invasion of Ukraine and turbulent weather in North America. Wikramanayake told Reuters that energy markets had yet to respond to the Israel-Hamas conflict, but Macquarie was watching for any spillover to the broader Middle East and the oil market. Despite the weaker result, the company's board approved an on-market share buyback of up to A$2 billion and declared an interim dividend of A$2.55 per share, citing its ability to return excess capital to investors. Investment bank Barrenjoey said the result was "disappointing" and it expected higher costs for people, technology and regulatory compliance to trigger earnings downgrades of between 5% and 10%. The company said fees and commissions at investment banking arm Macquarie Capital were in line with the previous comparable period. Profit fell 28% to A$430 million. The division guided to full-year transaction activity in line with the prior financial year, versus its earlier forecast activity would exceed that period. Earnings in the banking and financial services division, home to Australia's fifth-largest retail mortgage business, were a rare bright spot and rose 10% to A$638 million on the back of loan growth and stronger margins. ($1 = 1.5550 Australian dollars) Connect with Experts - Wealth creation made easy Print Edition Friday, 03 Nov, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Economy & Companies Learn more about our print edition More WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on Macquarie profit Macquarie asset sales macquarie capital Macquarie Group (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) 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2024-11-03 | ETF Daily News | Atria Investments Inc Has $4.21 Million Position in Verisk Analytics, Inc. (NASDAQ:VRSK) | Atria Investments Inc lowered its holdings in shares of Verisk Analytics, Inc. (NASDAQ:VRSK–Free Report) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,604 shares of the business services provider’s stock after selling 177 shares during the period. Atria Investments Inc’s holdings in Verisk Analytics were worth $4,205,000 as of its most recent SEC filing. A number of other institutional investors have also recently bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich boosted its stake in Verisk Analytics by 92,326.0% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 486,928,708 shares of the business services provider’s stock worth $110,060,496,000 after buying an additional 486,401,877 shares in the last quarter. FMR LLC boosted its stake in shares of Verisk Analytics by 0.9% in the 1st quarter. FMR LLC now owns 4,166,007 shares of the business services provider’s stock valued at $799,290,000 after purchasing an additional 36,497 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Verisk Analytics by 1.3% in the 1st quarter. Geode Capital Management LLC now owns 3,821,265 shares of the business services provider’s stock valued at $731,736,000 after purchasing an additional 49,928 shares in the last quarter. Morgan Stanley raised its holdings in shares of Verisk Analytics by 248.2% in the fourth quarter. Morgan Stanley now owns 3,765,708 shares of the business services provider’s stock valued at $664,346,000 after buying an additional 2,684,234 shares during the last quarter. Finally, Brown Advisory Inc. raised its holdings in shares of Verisk Analytics by 1.7% in the second quarter. Brown Advisory Inc. now owns 3,057,198 shares of the business services provider’s stock valued at $691,019,000 after buying an additional 51,374 shares during the last quarter. Institutional investors and hedge funds own 90.81% of the company’s stock. In other news, insiderNicholas Daffansold 1,516 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $244.63, for a total transaction of $370,859.08. Following the sale, the insider now owns 43,151 shares in the company, valued at approximately $10,556,029.13. The sale was disclosed in a document filed with the SEC, which is available atthe SEC website. In related news, Director Therese M. Vaughan sold 6,500 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $232.45, for a total value of $1,510,925.00. Following the sale, the director now owns 20,679 shares in the company, valued at approximately $4,806,833.55. The transaction was disclosed in a document filed with the SEC, which can be accessed throughthis hyperlink. Also, insiderNicholas Daffansold 1,516 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $244.63, for a total value of $370,859.08. Following the completion of the sale, the insider now owns 43,151 shares in the company, valued at approximately $10,556,029.13. The disclosure for this sale can be foundhere. Insiders have sold a total of 17,193 shares of company stock worth $4,043,134 in the last 90 days. Corporate insiders own 1.31% of the company’s stock. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverNASDAQ:VRSKopened at $229.87 on Friday. Verisk Analytics, Inc. has a twelve month low of $162.94 and a twelve month high of $249.26. The company has a quick ratio of 1.07, a current ratio of 1.18 and a debt-to-equity ratio of 7.22. The business has a 50 day moving average price of $239.19 and a two-hundred day moving average price of $227.10. The company has a market cap of $33.28 billion, a P/E ratio of 67.61, a price-to-earnings-growth ratio of 3.55 and a beta of 0.85. Verisk Analytics (NASDAQ:VRSK–Get Free Report) last released its quarterly earnings results on Wednesday, November 1st. The business services provider reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.05. Verisk Analytics had a return on equity of 135.34% and a net margin of 19.04%. The firm had revenue of $677.60 million during the quarter, compared to the consensus estimate of $663.33 million. During the same quarter in the prior year, the firm posted $1.46 EPS. The business’s revenue was up 11.1% on a year-over-year basis. As a group, analysts expect that Verisk Analytics, Inc. will post 5.71 EPS for the current fiscal year. The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Thursday, December 14th. Verisk Analytics’s dividend payout ratio is currently 40.00%. Several analysts have weighed in on VRSK shares. Raymond James boosted their price objective on Verisk Analytics from $225.00 to $255.00 and gave the stock an “outperform” rating in a report on Thursday, August 3rd.StockNews.comstarted coverage on Verisk Analytics in a report on Thursday, October 5th. They set a “hold” rating for the company. Truist Financial boosted their price objective on Verisk Analytics from $275.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, October 17th. Wells Fargo & Company started coverage on Verisk Analytics in a report on Monday. They set an “equal weight” rating and a $230.00 price objective for the company. Finally, BMO Capital Markets boosted their price objective on Verisk Analytics from $229.00 to $238.00 and gave the stock a “market perform” rating in a report on Friday, August 4th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Verisk Analytics has an average rating of “Hold” and a consensus target price of $248.23. Check Out Our Latest Analysis on Verisk Analytics (Free Report) Verisk Analytics, Inc provides data analytics solutions to the insurance markets in the United States and internationally. The company provides predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, and various other fields. Want to see what other hedge funds are holding VRSK?Visit HoldingsChannel.comto get the latest 13F filings and insider trades for Verisk Analytics, Inc. (NASDAQ:VRSK–Free Report). |
2024-11-03 | ETF Daily News | Research Analysts Offer Predictions for Verisk Analytics, Inc.’s FY2023 Earnings (NASDAQ:VRSK) | Verisk Analytics, Inc. (NASDAQ:VRSK–Free Report) – William Blair boosted their FY2023 earnings per share (EPS) estimates for Verisk Analytics in a research note issued on Wednesday, November 1st. William Blair analyst A. Nicholas now anticipates that the business services provider will earn $5.75 per share for the year, up from their prior forecast of $5.70. The consensus estimate for Verisk Analytics’ current full-year earnings is $5.71 per share. William Blair also issued estimates for Verisk Analytics’ Q3 2024 earnings at $1.67 EPS. Verisk Analytics (NASDAQ:VRSK–Get Free Report) last issued its quarterly earnings data on Wednesday, November 1st. The business services provider reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.05. The company had revenue of $677.60 million for the quarter, compared to the consensus estimate of $663.33 million. Verisk Analytics had a return on equity of 135.34% and a net margin of 19.04%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.46 earnings per share. Want More Great Investing Ideas?10 Stocks to Sell NOW!3 Stocks to DOUBLE This YearThe 10 Best Stocks to Own in 20237 Stocks to Buy and Hold ForeverVRSK has been the topic of several other reports. Jefferies Financial Group lowered Verisk Analytics from a “buy” rating to a “hold” rating in a research report on Monday, October 16th. Wells Fargo & Company assumed coverage on shares of Verisk Analytics in a report on Monday. They set an “equal weight” rating and a $230.00 price objective on the stock. Morgan Stanley lifted their target price on shares of Verisk Analytics from $201.00 to $219.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 3rd. The Goldman Sachs Group upped their price target on shares of Verisk Analytics from $215.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, July 20th. Finally, Bank of America lifted their price objective on shares of Verisk Analytics from $267.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, October 9th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Verisk Analytics presently has an average rating of “Hold” and an average price target of $248.23. View Our Latest Stock Analysis on VRSK Shares ofVRSKopened at $229.87 on Friday. The company has a 50 day moving average of $239.19 and a two-hundred day moving average of $227.10. The company has a market cap of $33.28 billion, a price-to-earnings ratio of 67.61, a price-to-earnings-growth ratio of 3.55 and a beta of 0.85. The company has a quick ratio of 1.07, a current ratio of 1.18 and a debt-to-equity ratio of 7.22. Verisk Analytics has a twelve month low of $162.94 and a twelve month high of $249.26. The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a $0.34 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.36 annualized dividend and a dividend yield of 0.59%. Verisk Analytics’s dividend payout ratio is presently 40.00%. In other Verisk Analytics news, insiderNicholas Daffansold 1,516 shares of the firm’s stock in a transaction that occurred on Thursday, October 12th. The stock was sold at an average price of $246.02, for a total value of $372,966.32. Following the sale, the insider now directly owns 43,931 shares of the company’s stock, valued at $10,807,904.62. The sale was disclosed in a filing with the SEC, which can be accessed throughthe SEC website. In related news, Director Therese M. Vaughan sold 6,500 shares of Verisk Analytics stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $232.45, for a total value of $1,510,925.00. Following the sale, the director now directly owns 20,679 shares in the company, valued at approximately $4,806,833.55. The transaction was disclosed in a legal filing with the SEC, which is available atthis link. Also, insiderNicholas Daffansold 1,516 shares of the stock in a transaction that occurred on Thursday, October 12th. The shares were sold at an average price of $246.02, for a total value of $372,966.32. Following the transaction, the insider now directly owns 43,931 shares of the company’s stock, valued at approximately $10,807,904.62. The disclosure for this sale can be foundhere. In the last 90 days, insiders sold 17,193 shares of company stock valued at $4,043,134. 1.31% of the stock is owned by company insiders. Several hedge funds have recently added to or reduced their stakes in VRSK. Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of Verisk Analytics by 92,326.0% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 486,928,708 shares of the business services provider’s stock worth $110,060,496,000 after buying an additional 486,401,877 shares in the last quarter. Morgan Stanley boosted its stake in Verisk Analytics by 248.2% during the fourth quarter. Morgan Stanley now owns 3,765,708 shares of the business services provider’s stock worth $664,346,000 after buying an additional 2,684,234 shares during the last quarter. Norges Bank purchased a new stake in Verisk Analytics in the 4th quarter valued at $268,659,000. Two Sigma Investments LP increased its stake in shares of Verisk Analytics by 879.0% in the 1st quarter. Two Sigma Investments LP now owns 858,957 shares of the business services provider’s stock worth $164,799,000 after acquiring an additional 771,220 shares during the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of Verisk Analytics by 3,412.2% during the 1st quarter. Two Sigma Advisers LP now owns 647,331 shares of the business services provider’s stock worth $124,197,000 after acquiring an additional 628,900 shares during the period. 90.81% of the stock is owned by institutional investors and hedge funds. (Get Free Report) Verisk Analytics, Inc provides data analytics solutions to the insurance markets in the United States and internationally. The company provides predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, and various other fields. |
2024-11-03 | GlobeNewswire | Mueller Water Products Business Update | Provides Update on Timing for Reporting Fourth Quarter and Fiscal 2023 ResultsAnnounces Preliminary, Unaudited Fourth Quarter and Fiscal 2023 Consolidated Results ATLANTA, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE: MWA) today announced selected preliminary financial information for its fourth quarter and fiscal year ended September 30, 2023, and updated timing for reporting results for fiscal 2023. As previously announced on October 28, 2023, the Company recently identified a cybersecurity incident impacting certain of its operational and information technology systems. The cybersecurity incident has disrupted access to certain systems and information, impacting the Company’s ability to finalize its fiscal 2023 financial statements. Therefore, the Company is postponing its quarterly earnings conference call for the fourth quarter and fiscal 2023. At a later date, the Company will make an announcement related to the timing of its earnings release and conference call to discuss the Company’s fourth quarter and fiscal 2023 results and respond to questions from financial analysts. “For fiscal 2023, our preliminary consolidated net sales and adjusted EBITDA exceeded the expectations we provided with our third quarter 2023 results. We ended fiscal 2023 with a strong balance sheet and liquidity, allowing us to continue reinvesting in our operations while returning cash to shareholders through our quarterly dividend, which was recently increased for the eighth time since 2014, as well as through share repurchases,” said Martie Edmunds Zakas, Chief Executive Officer of Mueller Water Products. “Our teams are working around the clock to restore normal operations from the cybersecurity incident. This includes working with leading third-party cybersecurity specialists to support our investigation and recovery efforts. We are focused on systems remediation and restoration in order to minimize the impact on customers and employees, as we remain centered on serving our customers,” Ms. Zakas concluded. The Company is sharing the following selected preliminary financial information which has not been reviewed or audited by the Company’s independent auditor. The following preliminary financial information should not be considered final until the Company files its Annual Report on Form 10-K for the year ended September 30, 2023 (the “Annual Report”). See “Note Regarding Preliminary Information” below. Selected Preliminary Financial Information for Fiscal 2023: (1)See Full-Year Fiscal 2023 Outlook provided with Q3FY23 earnings release dated August 3, 2023.(2)Adjusted EBITDA includes estimated GAAP operating income with a range between $122 million and $128 million, with strategic reorganization and other charges of approximately $10 million, a $6 million warranty charge, pension expense other than service of $4 million and depreciation and amortization of approximately $63 million. Strategic reorganization and other charges include expenses associated with the leadership transition and other charges, including restructuring charges related to severance and certain transaction-related expenses. Note Regarding Preliminary Information The Company’s management has prepared the estimates for the three months and year ended September 30, 2023, presented above in good faith based upon the most recent information available to the Company’s management from its internal reporting procedures as of the date of this release. The preliminary estimated ranges set forth herein are preliminary, unaudited, subject to further completion and reflect the Company’s current good faith estimates, are subject to additional financial closing procedures and may be revised as a result of management’s further review of the Company’s results and any adjustments or other developments that may result from the completion of the audit of the fiscal 2023 consolidated financial statements. Unless otherwise indicated or the context otherwise requires, “expectations” refer to the expectations set forth in the Company’s earnings release dated August 3, 2023. The Company and its independent auditors have not completed their normal quarterly review or annual audit procedures as of and for the three months and year ended September 30, 2023, and there can be no assurance that its final results for this quarterly and annual period will not differ from these estimates. Any such differences could be material. During such procedures, items may be identified which might result in material adjustments to the preliminary financial information presented above. As a result, the Company’s actual results may differ materially from the fourth quarter and year end estimates above. Accordingly, you should not place undue reliance on these preliminary estimates. These estimates should not be viewed as a substitute for the Company’s annual audited financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In addition, these preliminary estimates as of and for the three months and year ended September 30, 2023, are not necessarily indicative of the results to be achieved for any future period. Factors that could cause these preliminary estimates to differ include, but are not limited to, the discovery of new information that alters expectations about fourth quarter and year end results or impacts valuation methodologies underlying these results. The Company undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial information for the three months and fiscal year ended September 30, 2023. Use of Non-GAAP Measures In an effort to provide investors with additional information regarding the Company’s results as determined by GAAP, the Company also provides non-GAAP information that management believes is useful to investors. These non-GAAP measures have limitations as analytical tools, and securities analysts, investors and other interested parties should not consider any of these non-GAAP measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies. In this release, the Company presents adjusted operating income and adjusted EBITDA as performance measures because management uses these measures to evaluate the Company’s underlying performance on a consistent basis across periods and to make decisions about operational strategies. Management also believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of the Company’s recurring performance. The Company does not reconcile forward-looking non-GAAP measures to the comparable GAAP measures, as permitted by Regulation S-K, as certain items, e.g., expenses related to corporate development activities, transactions, pension expenses/(benefits) and corporate restructuring, may have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted without unreasonable efforts. Additionally, such reconciliation would imply a degree of precision and certainty regarding relevant items that may be confusing to investors. Such items could have a substantial impact on GAAP measures of the Company’s financial performance. Forward-Looking Statements This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements that address activities, events or developments that the Company intends, expects, plans, projects, believes or anticipates will or may occur in the future are forward-looking statements, including, without limitation, statements regarding outlooks, projections, forecasts, expectations, commitments, trend descriptions and the ability to capitalize on trends, value creation, Board and committee composition plans, long-term strategies and the execution or acceleration thereof, operational improvements, inventory positions, the benefits of capital investments, financial or operating performance including improving sales growth and driving increased margins, capital allocation and growth strategy plans, the Company’s product portfolio positioning and the demand for the Company’s products. Forward-looking statements are based on certain assumptions and assessments made by the Company in light of the Company’s experience and perception of historical trends, current conditions and expected future developments. Actual results and the timing of events may differ materially from those contemplated by the forward-looking statements due to a number of factors, including, without limitation, the ongoing assessment of the cybersecurity incident; legal, reputational, audit and financial risks resulting from the cybersecurity incident; the Company’s ability to adequately assess and remedy the cybersecurity incident, the effectiveness of the Company’s business continuity plans during the cybersecurity incident, the Company’s ability to recover under its cybersecurity insurance policies; logistical challenges and supply chain disruptions, geopolitical conditions, including the Israel-Hamas war, public health crises, or other events; inventory and in-stock positions of our distributors and end customers; an inability to realize the anticipated benefits from our operational initiatives, including our large capital investments in Chattanooga and Kimball, Tennessee, and Decatur, Illinois, plant closures, and reorganization and related strategic realignment activities; an inability to attract or retain a skilled and diverse workforce, including executive officers, increased competition related to the workforce and labor markets; an inability to protect the Company’s information systems against further service interruption, misappropriation of data or breaches of security; failure to comply with personal data protection and privacy laws; cyclical and changing demand in core markets such as municipal spending, residential construction, and natural gas distribution; government monetary or fiscal policies; the impact of adverse weather conditions; the impact of manufacturing and product performance; the impact of wage, commodity and materials price inflation; foreign exchange rate fluctuations; the impact of warranty charges and claims, and related accommodations; the strength of our brands and reputation; an inability to successfully resolve significant legal proceedings or government investigations; compliance with environmental, trade and anti-corruption laws and regulations; climate change and legal or regulatory responses thereto; changing regulatory, trade and tariff conditions; the failure to integrate and/or realize any of the anticipated benefits of acquisitions or divestitures; an inability to achieve some or all of our Environmental, Social, and Governance goals; and other factors that are described in the section entitled “RISK FACTORS” in Item 1A of the Company’s most recent Annual Report on Form 10-K and later filings on Form 10-Q, as applicable. Forward-looking statements do not guarantee future performance and are only as of the date they are made. The Company undertakes no duty to update its forward-looking statements except as required by law. Undue reliance should not be placed on any forward-looking statements. You are advised to review any further disclosures the Company makes on related subjects in subsequent Forms 10-K, 10-Q, 8-K and other reports filed with the U.S. Securities and Exchange Commission. About Mueller Water Products, Inc. Mueller Water Products, Inc. is a leading manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. Our broad product and service portfolio includes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, pipe condition assessment, pressure management products, and software technology that provides critical water system data. We help municipalities increase operational efficiencies, improve customer service and prioritize capital spending, demonstrating why Mueller Water Products isWhere Intelligence Meets Infrastructure®. Visit us at www.muellerwaterproducts.com. Mueller refers to one or more of Mueller Water Products, Inc. (MWP), a Delaware corporation, and its subsidiaries. MWP and each of its subsidiaries are legally separate and independent entities when providing products and services. MWP does not provide products or services to third parties. MWP and each of its subsidiaries are liable only for their own acts and omissions and not those of each other. Investor Relations and Media Contact: Whit Kincaid770-206-4116wkincaid@muellerwp.com |
2024-11-07 | BBC News | Government to crack down on rogue London pedicabs | A crackdown on rogue pedicab operators in London has been announced in the King's Speech. The government's Pedicabs (London) Bill will hand Transport for London (TfL) the power to implement a licensing regime. TfL will also be able control fares, ensure drivers undergo criminal record checks and set safety standards. There have been growing concerns about unsafe pedicabs and passengers being ripped off. In July, the BBC reported that a tourist with two children was charged £464 for a 1.3-mile (2km), seven-minute journey. Last year in London's West End a tourist was charged £300 for a mile-long (1.6km) trip from Selfridges to Green Park station. Another was charged £180 for a three-minute journey, even though an £18 fare had already been agreed. Adam Hug, the Labour leader of Westminster City Council, welcomed the announcement on pedicabs, but expressed disappointment that the King's Speech did not include action on e-bikes and scooters. He said: "I am disappointed that the government has not delivered on promises made last year to legislate on e-bikes and scooters. "While we welcome the action on pedicabs, this is an issue which mainly affects tourists and leaves the wider problems caused by some e-bike and scooter riders unchallenged." Mr Hug said there were up to 2,000 e-bikes in the borough at any given time and "with no regulations around their hire, operation or parking". He said they caused problems for people with disabilities, people with prams and other pedestrians walking in busy roads, and legislation and subsequent regulation was needed. Owner of pedicab company Bugbugs, Friedel Schroder, welcomed the news. "It's handy for us to have legislation and rules and regulations for the operators which includes insurance," he said. "For us that's been an issue; we've been competing against operators who don't follow any rules, who can do what they want, and that makes it difficult. "It's shame that they don't involve the industry in making the decisions, because then it's take it or leave it." Some of the pedicabs you see in London do not look safe and the riding can be very erratic. And there have been countless stories of tourists getting charged horrendous amounts of money for very short journeys. So, a clampdown on pedicabs or rickshaws in London is long overdue. Councils and legitimate operators have been battling for years to get the industry regulated but no-one has paid any attention. I even remember black cab drivers taking pedicab operators to court to get them banned - it did not work. Now the loophole in the law will be closed. The law dates back to 1869 as pedicabs are at the moment classed as stage carriages. And it seems that the industry will face regulation and safety standards. Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram. Send your story ideas to hello.bbclondon@bbc.co.uk |
2024-11-03 | The Times of India | Jungkook strikes gold as debut album 'Golden' sells 2 mn copies on Day 1; fans go gaga over BTS member channelling Michael Jackson in 'Standing Next To You' | Agencies Jungkook's first solo album has been demolishing records left, right, and centre since the moment it dropped! Jungkook ’s much-awaited solo album ‘Golden’ is finally here! The K-pop sensation dropped the music video for the title track of the album ‘ Standing Next To You’ in the early hours of Friday morning. Within hours of premiering on YouTube, the romantic song gained over 4.5 million views (and counting!) JK Pays A Tribute To The King Of Pop As soon as the MV for the single dropped, several fans noted that the song had several subtle meta-references to Michael Jackson , the King Of Pop. In one part of the song, the ‘Seven’ hitmaker is seen wearing a military jacket with metallic embellishments, which Jackson was often seen sporting in several songs and stage performances. He is also seen emulating one of the late pop legend’s signature dance moves such as the crotch grab. Jungkook also pays an ode to hit songs of his group BTS - ‘Blood Sweat & Tears’ as well as ‘Black Swan’ by sporting a couple of black angel wings! The song explores themes of love and desire. The ‘Still With You’ star is seen serenading a girl with some cool dance moves! Watch the video here. Jungkook’s Solo Album Strikes ‘Gold’! The superstar’s first solo album has been demolishing records left, right, and centre since the moment it dropped. Jungkook became the first soloist to sell over two million copies of an album on the first day in Hanteo. — chartdata (@chartdata) The album also reached the number 1 position in iTunes Album Charts in over 60 countries. It also debuted at number 3 on the US iTunes Album Chart, thereby making it the highest album debut from an Asian artiste. — rize07addict (@rize07addict) — Daily_JKUpdate (@Daily_JKUpdate) About ‘Golden’ The album has no less than 11 tracks! All are products of Jungkook’s collaborations with eminent artistes like Ed Sheeran, Shawn Mendes , DJ Snake, etc. All the songs are in English language. In an interview with PICKCON , the ‘Still With You’ singer explained why he decided to make all songs in his debut album, in English language. He revealed that the album had been made for the international market, namely for fans in the English-speaking countries and moreover, he wanted to challenge himself creatively. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on jungkook standing next michael jackson jackson itunes album charts shawn mendes BTS Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-11-03 | GlobeNewswire | Freddie Mac Announces Tender Offer for Any and All of Certain STACR Notes | MCLEAN, Va., Nov. 03, 2023 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced that it has commenced a fixed-price cash tender offer (the “Offer”) for the purchase of any and all of the STACR® (Structured Agency Credit Risk) Notes listed in the table below (the “Notes”) beginning Friday, November 3, 2023. Certain of the classes of Notes subject to the Offer were issued by the STACR Trust identified in the table below (each, a “Trust”). Freddie Mac is the holder of the owner certificate issued by each Trust and, as a result, the sole beneficial owner of each Trust. Freddie Mac has engaged Wells Fargo Securities, LLC and BofA Securities, Inc. as lead dealer managers (the “Lead Dealer Managers”) and Academy Securities, Inc. as co-dealer manager (the “Co-Dealer Manager” and, collectively with the Lead Dealer Managers, the “Dealer Managers”) for the Offer. Freddie Mac is offering to purchase any and all of the Notes listed. The applicable Total Consideration to be paid by Freddie Mac to holders that tender Notes accepted for purchase pursuant to the Offer will be calculated based on the original principal amount of such tendered and accepted Notes, the applicable factor, and the applicable Tender Offer Consideration identified in the table below, plus any accrued and unpaid interest under the applicable Debt Agreement or Indenture upon the terms and subject to the conditions set forth in the Offer to Purchase dated November 3, 2023 (as amended from time to time, the “Offer to Purchase”) and related Notice of Guaranteed Delivery dated November 3, 2023 (collectively with the Offer to Purchase, the “Offer Documents”). Capitalized terms used and not otherwise defined herein will have the meaning ascribed to such terms in the Offer to Purchase. The tender offer period will commence on Friday, November 3, 2023, and expire at 5 p.m. New York City time on Thursday, November 9, 2023 (the “Expiration Time”), unless extended. Holders must validly tender their Notes at or prior to the Expiration Time. Notes validly tendered may be withdrawn at any time at or prior to 5 p.m., New York City time, on Thursday, November 9, 2023, unless extended by Freddie Mac, but not thereafter (except in certain limited circumstances where additional withdrawal rights are granted by Freddie Mac or otherwise required by law). Holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Settlement Date (as defined in the Offer to Purchase) for the Notes. Freddie Mac expects the Settlement Date to occur on Tuesday, November 14, 2023. Any Notes tendered using the Notice of Guaranteed Delivery and accepted for purchase are expected to be purchased on Thursday, November 16, 2023, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date. This announcement is neither an offer to buy nor a solicitation of offers to buy any of these securities. None of Freddie Mac, the Dealer Managers, or the Information Agent make any recommendation that any holder of the securities tender or refrain from tendering all or any portion of the original principal amount of such holder’s securities. Holders must make their own decisions whether to tender securities, and if so, decide on the original principal amount of securities to tender. The Offer is being made only upon the terms and subject to the conditions set forth in the Offer Documents. Copies of the Offer Documents may be obtained on Freddie Mac’s website athttps://capitalmarkets.freddiemac.com/crt/securitiesor from the Information Agent for the Offer, Global Bondholder Services Corporation’s website athttps://www.gbsc-usa.com/FreddieMac, or by calling (212) 430-3774 or (855) 654-2015 (toll-free). Questions regarding the Offer may be directed Wells Fargo Securities, LLC at (704) 410-4756 or (866) 309-6316 (toll free); to BofA Securities, Inc. at (980) 387-3907 or (888) 292-0070 (toll-free); or Global Bondholder Services Corporation, as tender agent, at (212) 430-3774 or (855) 654-2015 (toll-free). This announcement does not constitute an invitation to participate in the Offer in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such Offer under applicable securities laws or otherwise. The distribution of materials relating to the Offer, and the transactions contemplated by the Offer, may be restricted by law in certain jurisdictions where it is legal to do so. The Offer is void in all jurisdictions where it is prohibited. If materials relating to the Offer come into your possession, you are required by Freddie Mac to inform yourself of and to observe all of these restrictions. The materials relating to the Offer do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the Offer be made by a licensed broker or dealer and a dealer manager or any affiliate of a dealer manager is a licensed broker or dealer in that jurisdiction, the Offer shall be deemed to be made by the dealer manager or such affiliate on behalf of Freddie Mac in that jurisdiction. About Freddie Mac Single-Family Credit Risk TransferFreddie Mac’sSingle-Family CRTprograms transfer credit risk away from U.S. taxpayers to global private capital via securities and (re)insurance policies. We founded the GSE Single-Family CRT market when we issued our first Structured Agency Credit Risk (STACR®) notes in July 2013. In November 2013, we introduced our Agency Credit Insurance Structure® (ACIS®) program. Today, CRT serves as the primary source of private capital investment in residential mortgage credit. For specific STACR and ACIS transaction data, please visitClarity, our CRT data intelligence portal. About Freddie MacFreddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More:Website|Consumers|Twitter|LinkedIn|Facebook|Instagram|YouTube MEDIA CONTACT: Fred Solomon703-903-3861Frederick_Solomon@freddiemac.com |
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