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China bolsters oversight to bring financial sector in line

china bolsters oversight to bring financial sector in line

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BEIJING — China’s central bank has rolled out new restrictions that would bolster governance at companies with banking, brokerage and insurance operations in a bid to prevent fraud and curb risks in the country’s financial sector.The move comes partly as a response to companies like the Tomorrow Group and Anbang Insurance Group funneling assets from their financial operations to fund other parts of their business. The People’s Bank of China also seeks to create a regulatory framework that makes sense for new types of financial businesses, such as Alibaba Group Holding’s Ant Group.The PBOC recently issued draft legislation that would impose stricter restrictions on financial companies. Ahead of a formal legal change, companies that meet certain thresholds, like possessing banking assets of more than 500 billion yuan ($74.5 billion), will be required effective Sunday to set up a financial holding company that is registered with the central bank.The registration must be submitted by the end of October 2021. Any changes to the holding companies’ leadership or their stake in financial subsidiaries must be reported to the PBOC as well.About 80 financial holding companies already existed in China as of the end of 2018, according to Chinese media. Some, like state-owned conglomerate …

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What next for the EU’s fiscal rules?

what next for the eu’s fiscal rules?

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THE SCHLESWIG-HOLSTEIN question, a 19th-century diplomatic teaser, was said to be so complicated that of the three people who had ever understood it, one had forgotten it all, another was dead and the third driven mad. Readers of the European Commission’s 108-page “Vade Mecum” on the Stability and Growth Pact (SGP), the European Union’s fiscal rule book, might sympathise. Over the years the rules have sprouted a head-spinning array of exceptions, interpretative possibilities and get-out clauses. No finance minister in Europe fully understands them, says a Brussels insider.Yet at the heart of the EU’s rules lie two simple figures, anchored in the Maastricht treaty of 1992: governments should aim to run budget deficits no higher than 3% of GDP and to cap the public-debt stock at 60% of GDP. As countries prepared to enter a monetary union without a central fiscal authority, rules were needed to bind the hands of the spendthrift. The quid pro quo for strict rules was a politicised process of enforcement. In 2003 France and Germany exceeded the deficit threshold and then cowed the rest of the EU into letting them escape unpunished; an early blow to the rule book’s credibility from which some say …

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Aptiv Reports Third Quarter 2020 Financial Results

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Strong Year-Over-Year Revenue GrowthSolid Operating Performance Despite Challenging EnvironmentDUBLIN , Oct. 29, 2020 /PRNewswire/ — Aptiv PLC (NYSE: APTV), a global technology company focused on making mobility safer, greener and more connected, today reported third quarter 2020 U.S. GAAP earnings of $1.05 per diluted share. Excluding special items, third quarter earnings totaled $1.13 per diluted share. Third Quarter Highlights Include :U.S. GAAP revenue of $3.7 billion , an increase of 3%U.S. GAAP net income of $283 million , diluted earnings per share of $1.05 U.S. GAAP operating income margin of 9.9%, operating income of $364 million Generated $559 million of cash from operations Year-to-Date Highlights Include :U.S. GAAP revenue of $8.9 billion , a decrease of 18%U.S. GAAP net income of $1,486 million , diluted earnings per share of $5.63 ; which includes a gain of $5.39 per diluted share resulting from the completion of the Motional autonomous driving joint venture in the first quarterU.S. GAAP operating income of $1,672 million ; which includes a gain of $1,434 million resulting from the completion of the Motional autonomous driving joint venture in the first quarterGenerated $614 million of cash from operations (PRNewsfoto/Aptiv PLC)”Our third quarter results reflect the efforts we have taken to build a more sustainable business, with a portfolio of advanced technologies driving sustained above …

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Helsinki-based proptech Kodit.io announces €100 million to finance new home purchases

helsinki-based proptech kodit.io announces €100 million to finance new home purchases

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Kodit.io, the real estate startup that aims to make buying and selling homes fast, simple and safe, has raised €100 million in a combination of equity and debt, led by leading Nordic real estate investor NREP, to finance new home purchasing for its real estate portfolio. With NREP backing its growth, Kodit.io seeks to scale its reach in existing countries, while eyeing expansion into new geographies.
Since 2017, Kodit.io has grown to become one of Europe’s leading iBuyer (instant home buyer) startups with operations in Finland, Spain, and Poland. The company started by building a machine learning-powered real estate data platform to give home sellers instant cash offers, and to provide home buyers with renovated move-in ready homes. Kodit.io has recently launched a tech-driven real estate brokerage and is expanding to provide flexible living solutions with the aim of becoming a destination for all housing needs.
“We have grown to a level where we are ready to absorb institutional real estate capital and I could not think of a better partner than NREP to do that with. They are true forerunners and innovators in the real estate industry,” said Kodit.io founder Kalle Salmi. 
NREP is recognized …

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Here’s why financial modeling matters, and how you can become an expert

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MarketWatch has highlighted these products and services because we think readers will find them useful. This content is independent of the MarketWatch newsroom and we may receive a commission if you buy products through links in this article. If you’re interested in pursuing an in-demand job with a low supply of candidates, look no further than the financial modeling path. This particular career path is projected to open big doors for emerging finance and accounting talent, as being able to build mathematical models of real-world financial situations helps investors realize the past, present and future of their investments.

Financial modeling is a fantastic addition to your financial toolkit, and now, it’s possible to add it for much less than its value. The 360° Financial Modeling & Valuation Course is designed for those who want to embrace financial modeling in their careers, whether at their current or future jobs, and can be purchased for only $25. This four-hour, non-textbook approach teaches users industry-approved practices and the common pitfalls while informing users on how to utilize this sought-after skill. With this extensive course, you’ll get a great overview of financial modeling and how to build client-ready deliverables from scratch by formatting protocols, …

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International Petroleum Corporation to release 2020 Third Quarter Financial Results on November 3, 2020

international petroleum corporation to release 2020 third quarter financial results on november 3, 2020

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BloombergLVMH Revives Luxury’s Biggest Deal by Settling Tiffany Dispute(Bloomberg) — LVMH agreed to buy Tiffany & Co. at a reduced price of almost $16 billion, preserving the luxury industry’s biggest takeover and avoiding a courtroom battle over an earlier deal that soured.The compromise ends a yearlong saga that’s been characterized by accusations of bad faith, French government intervention and lawsuits. Both sides were due to meet in a Delaware court in January, after the Louis Vuitton owner walked away from their original deal and Tiffany sued to keep it on track.Adding Tiffany at a lower price reinforces LVMH Chairman Bernard Arnault’s image as a hard-nosed bargainer, even though the savings are a small fraction of his company’s $240 billion market value. The deal gives LVMH a major boost in the global jewelry market, adding a famous brand that can compete with Cartier owner Richemont.Under the new agreement, the French owner of brands like Dior fashions and Hennessy cognac will pay $131.50 a share, down from the original price of $135, according to a statement Thursday.LVMH rose as much as 0.6% in Paris, after Tiffany closed at $129.95 on Wednesday in New York.The reduction of about $425 million …

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Verona Pharma plc Operational Update and Financial Results for the Three and Nine Months Ended September 30, 2020

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Initiated ENHANCE Phase 3 clinical trials in COPDCompleted $200 million private placementCommenced a pilot clinical study in U.S. patients hospitalized with COVID-19 Conference call today at 9:00 a.m. EDT / 1:00 p.m. GMTLONDON and RALEIGH, N.C., Oct. 29, 2020 (GLOBE NEWSWIRE) — Verona Pharma plc (AIM: VRP) (Nasdaq: VRNA) (“Verona Pharma” or the “Company”), a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for respiratory diseases, announces financial results for the three and nine months ended September 30, 2020 and provides a corporate update.”We continue to make outstanding progress and are delighted to have started four clinical trials in the third quarter including our pivotal ENHANCE-1 and 2 (Ensifentrine as a Novel inHAled Nebulized COPD thErapy) Phase 3 studies,” said David Zaccardelli, Pharm. D., President and Chief Executive Officer. “This important milestone brings us closer to potentially submitting a New Drug Application in the U.S. for ensifentrine and addressing the urgent need for a novel therapy for the treatment of chronic obstructive pulmonary disease (“COPD”).”In addition to the two ENHANCE clinical trials which have both enrolled patients, we started a pilot clinical study to investigate ensifentrine delivered via pressurized metered-dose inhaler (“pMDI”) formulation in U.S. patients hospitalized with COVID-19. Clinical data …

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AB Science announces a financing of 4.5 million euros through the issuance of bonds convertible into new ordinary shares

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NOT FOR DISTRIBUTION, PUBLICATION, RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPANPRESS RELEASEFINANCING OF 4.5 MILLION EUROS THROUGH THE ISSUANCE OF CONVERTIBLE BONDS WITH ATTACHED WARRANTSParis, France – October 29,2020 AB Science S.A. (the “Company” or “AB Science”, Euronext – FR0010557264 – AB) announces today that it reached an agreement with qualified investors on a financing of 4.5 million euros through the issuance of bonds convertible into new ordinary shares (the “OCA”) with attached warrants (the “Warrants” and, with the OCA, the “OCABSA”).90,000 OCABSA will be issued, representing a nominal value of 4.5 million euros. It will reinforce the cash position of AB Science for the development of its clinical research program.Terms of the issuanceThe settlement delivery of the OCABSA will happen at the latest on November 6, 2020. The board of AB Science authorized, on October 27, 2020, this issuance based on the 25th resolution of the August 31, 2020 shareholders’ meeting. The OCABSA will be issued through a private placement (withing the meaning of article L. 411-2 of the French Financial and Monetary Code) without preferential subscription right for existing shareholders. The issuance of the OCABSA, the conversion of the OCA into ordinary shares of AB Science and the exercise of the Warrants, as the …

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Q3 2020 financial information

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`Press releaseParis, 29 October 2020Q3 2020 financial informationReturn to revenue growth despite the impact of the health crisis- Strong commercial performance and growth in Wholesale and convergence enabled Orange to post EBITDAaL in line with the trajectory announced for 2020.- Proposed return to a €0.70 per share dividend for 2020. Orange will pay an interim dividend of €0.40 per share in December, revised upwards by €0.10.In millions of euros3Q 2020changecomparablebasischangehistoricalbasis9M 2020changecomparablebasischangehistoricalbasisRevenues10,5840.8 %0.1 %31,3530.5 %0.7 %EBITDAaL3,584(0.4)%(0.8)%9,498(0.6)%(0.7)%eCAPEX (excluding licenses)1,7300.9 %0.3 %4,886(6.3)%(6.6)%EBITDAaL – eCAPEX1,854(1.5)%(1.9)%4,6126.3 %6.4 %Return to revenue growth in the third quarter of 2020 despite the continuing sharp decline in roaming and the more limited decline in equipment sales, both linked to the health crisis. Growth in France and Africa & Middle East exceeded the decline in the other segments, which nevertheless showed an improving trend compared to the second quarter.Moderate decline in EBITDAaL in the third quarter, which benefited from the co-financing of the fiber network in France yet remains adversely impacted by the decline in roaming and the cost of health measures. Over the first nine months, the decline in EBITDAaL was limited to 0.6%1.Decline in the Group’s eCAPEX over the first nine months, mainly as a result of co-financing, despite the acceleration of deployments in fixed …

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