Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

Posts Tagged ‘corporation’

LKQ Europe tops second half 2020 segment EBITDA margin outlook

Posted by fidest press agency su mercoledì, 24 febbraio 2021

Strong second half in European segment with a segment EBITDA margin of 8.9%, above the range of 8.0% to 8.5% presented at the September 2020 LKQ Investor Day. LKQ Corporation (Nasdaq:LKQ) reported fourth quarter and full year 2020 results on February 18, 2021 that reflect continued improvement in operational and balance sheet productivity and further debt reduction, despite softening revenue trends in many markets as a result of mobility restrictions from Covid-19. Revenue for the fourth quarter of 2020 was $2.95 billion, a decrease of 1.9% as compared to $3.01 billion in the fourth quarter of 2019. Revenue for the full year of 2020 was $11.6 billion, a decrease of 7.0% as compared to $12.5 billion for the same period of 2019.LKQ Europe, a subsidiary of LKQ Corporation, has managed the impacts of Covid-19 well since the start of the pandemic, thanks to a strong focus on a stable supply chain and strict cost management from the beginning of the crisis, and also due to its continued progress with the 1 LKQ Europe program implementation. “Our main focus during the pandemic has been the health and safety of our approximately 26,000 European employees. We were prepared since the early days of the pandemic to protect our business, employees and customers. Based on Covid-19’s impact on our business, we quickly implemented consistent cost-cutting measures and were able to address almost all cost structures. Our teams continued to fully focus on our customers to support them during a challenging time. Looking ahead, we expect a recovery starting in the second quarter of 2021 in Europe, depending on the vaccination progress. 2021 will be an important year for our European integration,” said Arnd Franz, CEO of LKQ Europe.

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Dreyfus Corporation announces financing available for small businesses hit

Posted by fidest press agency su venerdì, 23 ottobre 2020

By the coronavirus pandemic with a €250m Euro investment into small businesses and start-up projects across the European Union.The scheme which has been backed by MEP’s throughout Europe and will see two per cent interest loans to small companies struggling and starting up in all sectors across European regions.Head of Company Operations, Maia Braginsky say’s “Being able to offer funds to small business in this time that has to lead to a large amount of unnecessary despair is a great feat of the whole team here at Dreyfus Corporation. As we move into a new era of business and see a large number of businesses close, a void is left. One which Dryeufs hopes to help plus with this project, funds are made available strictly available for small business and start-up projects across the European Regions”.Struggling small businesses and start-ups seeking funds Dreyfus Corporation offers support to the tune of €250m as a branch of much-needed support. Small business is the backbone of our societies; we must persevere to protect them.Frederick Williamson Jr., Director of Legal, said “In the days ahead there is negative forecast for global economies. There has been large scale negative news forecasts from multiple sources globally, that’s why we are proud to be able to offer this fund for struggling business and start-ups to keep our economies strong and help to see them through these tough times.” Dreyfus corporations flagship product for investors and shareholders is our innovative stock loan program, which has been used by most major banks for the last 80 years. Our securities lending program is the perfect solution that enables investors to hold higher-performance assets in a portfolio with a simultaneous ability to realize cash liquidity as quickly as they need for cash arises. In response to our stock loan program and in a short amount of time, investors have come to recognize Dreyfus Corporation as the premier lender in the international stock loan industry. We built our house from stock loans, and now we proudly use our fund’s to make the worlds house a better place. Dreyfus Corporation renewable energy projects are exclusively for the European union economic zones.

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QInsure Goes Live with FINEOS Claims

Posted by fidest press agency su giovedì, 19 dicembre 2019

FINEOS Corporation (ASX:FCL), the market-leading provider of group and individual core systems for life, accident and health insurance, today announced that QInsure, the insurance arm of QSuper, one of Australia’s largest and most respected superannuation funds, has successfully gone live with FINEOS Claims.The QInsure and FINEOS partnership will bring about changes focused on foundational operational uplift including improved, integrated and automated processes and workflow for claims covering life, TPD and income protection. Key highlights of the program included automatic payment calculations and FSC Code of Practice solutions that help case managers deliver on the insurance promise and meet regulatory obligations. The overarching philosophy focussed on member-centric claims outcomes including automated claims management with FINEOS embedded analytics and integrated generation of correspondence to members. Speaking about the project, Chief of QInsure, Phil Fraser said, “We ran a comprehensive RFP and completed a lot of due diligence to choose FINEOS as our partner. The collaborative partnership has been extremely positive, and the project has delivered high quality results. We achieved this by both parties providing strong leadership and governance, working very closely across business and IT, and sticking assiduously to FINEOS’ comprehensive out of the box solutions. We are already seeing one of the key objectives of this program come to life in our streamlined claims processes, enabling our Claim Managers, to be freed up from routine administrative tasks to focus on providing even more excellent outcomes to QSuper members.”Michael Kelly, CEO, FINEOS added, “This has been an exciting project for us in Australia and we have enjoyed working with QInsure to assist them improve their service even further. FINEOS has the market leading product and a very strong local team that has established trusted relationships with some of the largest and most respected insurers across the ANZ region – with well over 10,000 licensed users locally, our product helps process millions of claims each year. We pride ourselves on a laser-like focus on adding business value and are delighted to add Qinsure to the growing and thriving FINEOS community.”

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The Marcus Corporation to Participate at the Southwest IDEAS Investor Conference

Posted by fidest press agency su giovedì, 14 novembre 2019

Dallas on Wednesday, November 20, 2019 at 8:55 a.m. Eastern Time/7:55 a.m. Central Time.Interested parties can listen to a live audio webcast of the presentation by accessing the investor relations section of the company’s website: http://www.marcuscorp.com, or directly at: http://www.wsw.com/webcast/threepa30/mcs. Listeners should go to the website at least 15 minutes prior to the start of the presentation to download and install any necessary audio software. A replay of the presentation will be archived on the company’s website for 90 days after the conclusion of the live event.The mission of the IDEAS Conferences is to provide independent regional venues for quality companies to present their investment merits to an influential audience of investment professionals. The conferences are held annually in Boston, Chicago and Dallas and are produced by Three Part Advisors, LLC.
Headquartered in Milwaukee, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. The Marcus Corporation’s theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 1,106 screens at 91 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlexSM brands. The company’s lodging division, Marcus® Hotels & Resorts, owns and/or manages 20 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at http://www.marcuscorp.com.

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Wolters Kluwer’s CT Corporation Wins Gold for Innovation

Posted by fidest press agency su domenica, 6 ottobre 2019

Wolters Kluwer’s CT Corporation has earned gold from the 11th Annual Golden Bridge Business and Innovation Awards® for its New Product Development team’s product innovations in the legal compliance industry. The coveted annual Golden Bridge Awards® program encompasses the world’s best in organizational performance, innovations, products and services, and customer programs from every major industry in the world. The award recognizes CT Corporation’s commitment to creating innovative global legal compliance and due diligence solutions that surpass customer expectations. CT’s New Product Development (NPD) team builds innovative compliance software solutions that empower global businesses and law firms. The team works closely with business leaders to ensure that products align with the company’s strategic plan and solve our customers’ critical business challenges. NPD has demonstrated a commitment to operational excellence by enhancing the user experience of existing services like Service of Process and delivering new products including the award winning UCC Filing Hub. So far in 2019, Wolters Kluwer’s CT Corporation has won a series of awards including: a SIIA CODiE Award for UCC Filing Hub; a Corporate Vision Business Innovator Award for Best Multi-Sector Software & Services Provider; a Corporate Vision Business Innovator Award for Most Innovative Lien Document Filing Solution; a Gold Customer Service Training Team of the Year in the 6th Annual 2019 Customer Sales and Service World Awards; Best Entity Management System from The Recorder; Best of New England’s Business Formation Services Provider of the Year;​ a Stevie Award from the American Business Awards, also for UCC Filing Hub; and a Business Excellence Award for Best Global Compliance Managed Services Provider.For over 125 years, CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. With a global reach into over 190 countries, more than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT to handle their compliance needs.

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Cubic Leads Masterclass on Mobility as a Service at the Scottish Transport Show

Posted by fidest press agency su venerdì, 27 settembre 2019

Corporation (NYSE:CUB) today announced Andy Taylor, director of strategy for its Cubic Transportation Systems (CTS) business division, will lead a masterclass on Mobility as a Service (MaaS) as well as participate in a panel discussion on data and digital technologies in transportation at the Scottish Transport Show in Edinburgh, Scotland. Taking place September 25 at the Edinburgh Corn Exchange, the Scottish Transport Show highlights all aspects of the Scottish transport industry and brings industry experts together for a day of networking, masterclasses and an exhibition of the most innovative technologies. “Mobility as a Service brings together urban, suburban and rural communities under a true vision of integrated multi-modal transport,” said Taylor. “Scotland has embraced this vision and is spearheading the development and deployment of solutions that are right for the population and their needs. We’re delighted to support Scotland as it advances this vision.”

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Tre fondi indicizzati controllano tutte le US corporation

Posted by fidest press agency su venerdì, 6 settembre 2019

Le grandi istituzioni economiche, come il Financial Stability Board e il Fmi, alla fine hanno dovuto ammettere che il sistema finanziario non bancario, ufficialmente chiamato “shadow banking”, ha surclassato il tradizionale sistema bancario nella gestione del risparmio e degli investimenti finanziari. Un recente paper “The specter of giant three”, preparato da due professori americani, Lucian Bebchulk e Scott Hirst, e pubblicato dalla rinomata Harvard Law School University di Cambridge, Massachusetts, analizza in dettaglio il ruolo dominante degli exchange trade funds (etf) nel variegato e sempre meno controllato mondo della finanza.
“Lo spettro dei tre giganti” non è soltanto un titolo provocatorio. Esso mostra una precisa fotografia del crescente potere di tre etf americani, i fondi BlackRock, Vanguard e State Street Global Advisors (SSGA). Il primo è di gran lunga il più conosciuto in quanto a suo tempo venne utilizzato dal Dipartimento del Tesoro per “fare pulizia” di titoli tossici presenti in varie istituzioni finanziarie americane. I fondi indicizzati etf sono fondi d’investimento che raccolgono capitali e risparmio da diversi soggetti e li investono in un “portafoglio di titoli” di corporation comprese in alcuni indici borsistici di Wall Street. Il caso emblematico è quello di Standard&Poor’s 500., Detti fondi comprano un ventaglio di partecipazioni azionarie, replicando così fedelmente la composizione dell’indice di riferimento. Com’è noto, gli etf sono anche quotati in borsa.
I Tre Giganti complessivamente gestiscono ben 14.000 miliardi di dollari di attivi (assets under management). La loro crescita è stata vertiginosa, anche per le non irrilevanti agevolazioni fiscali. In dieci anni, di tutti i capitali confluiti nei vari fondi d’investimento, l’80% è finito nei tre colossi. In venti anni la loro partecipazione azionaria nelle grandi corporation americane, che fanno parte dello S&P 500, è quadruplicata, passando dal 5,2% al 20,7%. BlackRock e Vanguard, di fatto, detengono ognuna più del 5% delle azioni di tutte le corporation comprese nell’indice menzionato. Il paper succitato stima che i Three Giants rappresentino il 25% dei voti nelle assemblee direttive delle imprese in questione.
Questo, ci sembra, l’aspetto più preoccupante. I manager delle Tre Big sarebbero nella posizione di essere azionisti dominanti in tutte le più importanti company americane, soprattutto in quelle ad azionariato diffuso e senza un azionista di controllo. Non è un caso, quindi, che molte istituzioni pubbliche, a cominciare dal Dipartimento di Giustizia Usa e dalla Commissione federale del commercio, che vigila sulla concorrenza, siano attenti al rispetto delle leggi anti trust, al conflitto d’interesse e in generale alle eventuali manipolazioni dei mercati e delle borse. Dopo la Grande Crisi del 2008 giustamente si era molto parlato della concentrazione di potere delle banche cosiddette “too big to fail” per tentare di introdurre nuove regole per contenerne lo strapotere. Oggi, invece, i giganti dello “shadow banking” hanno bypassato il sistema bancario, creando un nuovo e più potente oligopolio finanziario. Nessuno può essere indifferente. Con un’attività sempre più agguerrita i Tre Giganti puntano verso i mercati asiatici e verso quelli europei. Si spera che la Commissione Antitrust dell’Ue vigili con puntualità.E’ molto preoccupante assistere alla faticosa e spesso poco produttiva rincorsa delle varie agenzie di controllo dietro questi attori della grande finanza, che naturalmente corrono più veloci rispetto ai controllori. I numeri in questione e i tanti rischi per l’economia reale di molti paesi sono troppo grandi perché siano sottovalutati da parte dei decisori globali. (Mario Lettieri già sottosegretario all’Economia e Paolo Raimondi economista)

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BOURBON Corporation asks for reorganization proceedings as a result of guarantees activated by Chinese company ICBC Leasing

Posted by fidest press agency su domenica, 28 luglio 2019

In a series of letters sent on July 18, 2019, the Chinese Group ICBC Leasing had expressed its intention to demand from BOURBON Corporation the payment of all outstanding rental payments up to 2026 as part of the guarantee provided to contracting companies, today in arrears. Considering that despite these calls in guarantee, it was not in state of cessation of payments, BOURBON Corporation filed a request for “sauvegarde” procedure. By decision of 24 July 2019, the Commercial Court of Marseilles rejected this request, considering that the guarantees activated by the Chinese company ICBC Leasing are proof that BOURBON Corporation is insolvent as of July 24, 2019.The reorganization proceedings will only concern the holding company BOURBON Corporation and not the operating companies, which will be able to continue their normal operations and continue to meet the needs of customers.
BOURBON Corporation’s aim is to preserve the Group’s operating activities in order to actively participate in the emerging recovery of a profoundly changing market. BOURBON is thus continuing the radical transformation of its business model, with the deployment of the #BOURBONINMOTION strategic action plan.These calls on guarantees from ICBC Leasing were made despite the ongoing amicable negotiations on the financial restructuring of the group’s bank and lease debt.Following the Shareholders’ Meeting of June 28, BOURBON had proposed two options for the payment of its financial commitments to its creditors, based on the principle of value creation sharing:
a) Share market risk and thus receive a reduced fixed part along with a variable part dependent on the net cash generated per vessel provided as guarantee for loans or leased property, in order to benefit from the pace and intensity of the recovery in the offshore services market over time;
b) Take on the company’s risk and in this case agree with BOURBON on a reduced amount of debt to be repaid, with interest and repayable over 8 years, and receive BOURBON Corporation shares in compensation for the non-reimbursed part. These non-reimbursed debts and abandoned lease obligations would give access, according to this proposal, to a maximum of 30% of BOURBON Corporation’s share capital.BOURBON thus offered ICBC Leasing a cash payment equal to the amount it requested as part of the Banks’ offer they were part of, which was announced in their own press release dated June 5, 2019.
In the context of this receivership, BOURBON will pay particular attention to the positive outcome of negotiations with its financial partners in order to be able to operate in a stabilized context that would result from a financial restructuring that is fair to all and in the interest of the company and its employees.
investor-relations@bourbon-online.com, vilizara.lazarova@consultants.publicis.fr,

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Il Gruppo Chiesi diventa una B Corporation certificata

Posted by fidest press agency su venerdì, 12 luglio 2019

Chiesi, gruppo farmaceutico internazionale focalizzato sulla ricerca (Gruppo Chiesi), conferma il trend positivo nei primi sei mesi del 2019. Gli ultimi dati riportano che, nel primo semestre, il fatturato del Gruppo è cresciuto dell’11,6% rispetto allo stesso periodo dell’anno precedente, per un totale di 956,8 milioni di euro. Questi risultati confermano una crescita significativa nel 2019, un anno caratterizzato dal raggiungimento di un importante obiettivo strategico: l’ottenimento della Certificazione B Corp per Chiesi, il primo gruppo farmaceutico globale ad aver ricevuto questo importante riconoscimento.Il Gruppo Chiesi ha chiuso il 2018 in positivo, con un fatturato di 1.768 milioni di euro, con un incremento del 7,8% rispetto all’anno precedente (+4,8% a tassi di cambio costanti). L’EBITDA è stato di 512,7 milioni di euro. La solidità della multinazionale si riflette anche negli investimenti in Ricerca e Sviluppo che, nel 2018, hanno raggiunto 381,8 milioni di euro, pari al 21,6% delle vendite totali, posizionando il Gruppo al 13° posto per investimenti in R&S tra le aziende farmaceutiche in Europa [1]. Il Gruppo ha attualmente 47 progetti attivi in R&S e 54 studi clinici in corso. Il numero totale di dipendenti ha superato le 5.600 persone: persone al centro, passione, spirito imprenditoriale, dialogo multiculturale e sostenibilità sono i valori su cui l’azienda continuerà a fondare il suo sviluppo nei prossimi anni.Ulteriori investimenti sono in corso anche sul territorio italiano. Con un investimento totale di oltre 50 milioni di euro, è in fase di costruzione, a Parma, il nuovo headquarter del Gruppo. L’edificio si estende su una superficie di 46.300 m2 e ospiterà circa 540 persone. Il progetto è stato sviluppato secondo tre pilastri: una nuova visione del luogo di lavoro, con spazi condivisi e che si adattano alle attività svolte, con l’obiettivo di favorire e ottimizzare il lavoro di team; una valorizzazione degli spazi collettivi per promuovere la socialità e il benessere delle persone; e infine una particolare attenzione è stata rivolta agli aspetti di sostenibilità ambientale ed efficienza energetica. Il nuovo edificio dovrebbe essere completato nel 2020.

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E*TRADE Financial Corporation Announces Second Quarter 2019 Earnings Conference Call

Posted by fidest press agency su mercoledì, 3 luglio 2019

E*TRADE Financial Corporation (NASDAQ: ETFC) today announced that it will report its second quarter 2019 financial results after the close of the US financial markets on Thursday, July 18. The Company will host a conference call to discuss the results at 5 p.m. ET. Domestic participants can access the call directly by dialing 800-705-7259 while international participants should dial +1 303 223 2693. A live audio webcast and replay will also be available at https://about.etrade.com.
E*TRADE Financial and its subsidiaries provide financial services, including brokerage and banking products and services, to retail customers. Securities products and services are offered by E*TRADE Securities LLC, Member FINRA/SIPC. Investment advisory services are offered through E*TRADE Capital Management, LLC, a Registered Investment Adviser. Commodity futures and options on futures products and services are offered by E*TRADE Futures LLC, Member NFA. Bank products and services are offered by E*TRADE Bank, and RIA custody solutions are offered by E*TRADE Savings Bank, both of which are federal savings banks (Members FDIC). E*TRADE Securities LLC, E*TRADE Capital Management, LLC, E*TRADE Futures LLC, E*TRADE Bank, and E*TRADE Savings Bank are separate but affiliated companies. More information is available at http://www.etrade.com.

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Northern Trust Corporation to Webcast Second Quarter 2019 Earnings Conference Call

Posted by fidest press agency su mercoledì, 19 giugno 2019

Northern Trust Corporation announced today that it will webcast its second quarter 2019 earnings conference call live on Wednesday, July 24, 2019. The webcast, the earnings press release and related presentation materials will be accessible on Northern Trust’s web site.The call will be conducted at 9:00 a.m. CT, following the release that morning of Northern Trust’s second quarter 2019 earnings press release. A replay of the webcast will be available for approximately four weeks after the date of the call.
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2019, Northern Trust had assets under custody/administration of US$10.9 trillion, and assets under management of US$1.2 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation.

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TOYO Corporation China to Exhibit at MWC19 Shanghai

Posted by fidest press agency su martedì, 18 giugno 2019

Shanghai, CN Jun 26 – 28, 2019 MWC19 Shanghai TOYO Corporation China was established in 2010, as a Shanghai subsidiary of TOYO Corporation in Japan. Since its founding in 1953, TOYO Corporation (Japan) is the leading distributor of advanced measurement instruments and systems in Japan. TOYO Corporation also engages in original product designs and develops advanced solutions for automotive, sustainable energy, ICT and security industries. TOYO Corporation China hope to win the trust from many Chinese customers, provide the high-performance measurement systems, software and leading solutions, and contributes to the development of industry in China.

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Chemical Financial Corporation and TCF Financial Corporation Shareholders Approve Merger of Equals

Posted by fidest press agency su domenica, 9 giugno 2019

Chemical Financial Corporation (Chemical) (NASDAQ: CHFC) and TCF Financial Corporation (TCF) (NYSE: TCF) today jointly announced that at separate special meetings held today, each company’s shareholders approved the proposed merger of equals in which TCF will merge into Chemical. The combined holding company and bank will be headquartered in Detroit, Michigan and operate under the TCF name and brand following the closing of the transaction.“I am encouraged by the strong level of shareholder support received for this partnership and the accelerated shareholder value we expect it to create,” said Craig R. Dahl, TCF chairman and chief executive officer. “This positive shareholder response demonstrates a broad recognition of the shared strategic vision and complementary strengths of the two organizations. We look forward to bringing together the best of both banks to benefit our shareholders, customers, employees and the communities we serve.” “Today’s vote was an important step for us as we move forward with our focus on creating a premier Midwest bank,” said Gary Torgow, Chemical’s executive chairman. “As we become one company, we will be able to provide a more robust product set to a broader customer base, with limited overlap and disruption. With our increased scale and an enhanced competitive position, our new organization will be poised to thrive in today’s evolving banking environment.” Upon completion of the merger, the combined company will have over $45 billion in total assets and be a top 10 bank in the Midwest based on deposit market share. With over 500 combined branches across nine states, the new organization will have a substantial presence in key Midwest markets including Detroit, Chicago, Minneapolis, Milwaukee and greater Michigan.
The merger is expected to close in the third quarter or early fourth quarter of 2019, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.

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46th Annual Cowen Technology, Media & Telecom Conference

Posted by fidest press agency su sabato, 25 Maggio 2019

Virtusa Corporation (NASDAQ GS: VRTU), a global provider of digital strategy, digital engineering, and IT outsourcing services that accelerates business outcomes for its clients, today announced its Executive Vice President and Chief Financial Officer, Ranjan Kalia, will present at the 46th Annual Cowen Technology, Media & Telecom Conference.
Virtusa’s presentation is scheduled for Thursday, May 30, 2019 at 9:05 a.m. Eastern Time and will be webcast live. An archive of the presentation will be available for a limited time on the “Investors” page of the Company’s website (www.virtusa.com).
Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of Digital Business Transformation, Digital Engineering, and Information Technology (IT) outsourcing services that accelerate our clients’ journey to their Digital Future. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Telecommunications, Media, Entertainment, Travel, Manufacturing, and Technology industries.
Using a combination of digital strategy, digital engineering, business implementation, and IT platform modernization services, Virtusa helps clients execute successful end-to-end digital business transformation initiatives.Virtusa engages its clients to re-imagine their business models and develop strategies to defend and grow their business by introducing innovative products and services, developing distinctive digital consumer experiences, creating operational efficiency using digital labor, developing operational and IT platforms for the future, and rationalizing and modernizing their existing IT applications infrastructure. As a result, its clients are simultaneously able to drive business growth through digital-first customer experiences, while also consolidating and modernizing their IT application infrastructure to support digital business transformation.Holding a proven record of success across industries, Virtusa readily understands its clients’ business challenges and uses its domain expertise to deliver innovative applications of technology to address its clients’ critical business challenges. Examples include building the world’s largest property & casualty claims modernization program; one of the largest corporate customer portals for a premier global bank; an order to cash implementation for a multinational telecommunications provider; and digital transformation initiatives for media and banking companies.Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in North America, Europe, and Asia.

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AM Best Affirms Credit Ratings of National Reinsurance Corporation of the Philippines

Posted by fidest press agency su domenica, 5 Maggio 2019

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of National Reinsurance Corporation of the Philippines (Nat Re) (Philippines). The outlook of these Credit Ratings (ratings) is negative. The ratings reflect Nat Re’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.Nat Re’s balance sheet strength is underpinned by its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the medium term. Capital adequacy is supported by the company’s low underwriting leverage. However, this is offset by Nat Re’s sizable holding of local equity investments, with fair value movements having driven a level of volatility in capital and surplus over recent years. The company is expected, however, to reduce its exposure to this higher risk asset class during 2019, and increase its allocation toward cash, deposits and fixed income instruments. During the past five years, Nat Re’s overall earnings have remained positive, driven by a steady stream of investment income, which has helped offset unfavorable technical results. Since 2013, Nat Re has undertaken a series of portfolio remediation exercises aimed at improving underwriting profitability and reducing volatility. In particular, the company has reduced its exposure to underperforming property lines of business and increased its business allocation to life reinsurance, which is currently profitable. While the company’s combined ratio has improved over recent years, it remained loss making in 2018. The negative outlooks for Nat Re’s ratings reflect the continued pressure and volatility that AM Best expects underwriting performance to place on overall earnings over the near term.
Nat Re is the only domestic reinsurer in the Philippines, and benefits from strong relationships with local cedants and access to business through mandatory local cessions. In addition, the company underwrites a sizable portfolio of overseas business, which aids with geographic and line-of-business diversification. Offsetting business profile factors include the company’s moderate cedant concentration, and the ongoing challenging market conditions and competition from larger international reinsurers.

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Participation in Exchange Offers and Consent Solicitations for Celgene Corporation Notes

Posted by fidest press agency su sabato, 4 Maggio 2019

Bristol-Myers Squibb Company (NYSE:BMY) (“Bristol-Myers Squibb”) announced today that the requisite number of consents have been received to adopt proposed amendments with respect to all outstanding notes of Celgene Corporation (NASDAQ:CELG) (“Celgene”). The results are based on early tenders in the (i) offers to exchange (the “Exchange Offers”) any and all outstanding notes (the “Celgene Notes”) issued by Celgene for up to $19,850,000,000 aggregate principal amount of new notes to be issued by Bristol-Myers Squibb (the “Bristol-Myers Squibb Notes”) and cash and (ii) related consent solicitations (the “Consent Solicitations”) being made by Bristol-Myers Squibb on behalf of Celgene to adopt certain proposed amendments (the “Amendments”) to the indentures governing the Celgene Notes (the “Celgene Indentures”).Celgene has executed supplemental indentures to the Celgene Indentures that contain the Amendments. The Amendments will become operative only upon the settlement of the Exchange Offers. The settlement is expected to occur promptly after the Expiration Date (as defined below) and on or about the closing date of Bristol-Myers Squibb’s acquisition of Celgene (the “Merger”).

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RiverNorth Marketplace Lending Corporation to List on New York Stock Exchange

Posted by fidest press agency su lunedì, 25 marzo 2019

The RiverNorth Marketplace Lending Corporation (NASDAQ: RMPLX) (the “Fund”), established and currently operating as a closed-end interval fund dedicated to the marketplace lending asset class, announced that its Board of Directors (the “Board”) has approved the listing of the Fund’s shares so that they may be traded in the secondary market. The Board recognized that listing the Fund may offer shareholders benefits over maintaining the existing direct-purchase structure. The Fund intends to list its shares for trading on the New York Stock Exchange (the “NYSE”) in the second quarter of 2019. The Board determined not to alter the Fund’s fundamental policy regarding quarterly tender offers conducted in accordance with Rule 23c-3 under the Investment Company Act of 1940, as amended.
After listing, the Fund’s shares will generally only be available for purchase in the secondary market at prevailing market prices rather than at net asset value. The listing will also make the Fund’s shares more widely available. The listing of the Fund will not alter the Fund’s investment strategy or objective. The Fund will continue to invest in a diverse mix of marketplace lending sectors, including unsecured consumer, small business, and specialty finance. The Fund’s investment objective remains to seek a high level of current income. Given the Fund’s broader availability, low net asset value volatility, high level of income and access to a unique asset class, it is anticipated that the Fund may trade well in the secondary market, providing shareholders the possibility of selling their shares at a premium to the Fund’s net asset value. Although the Fund could also trade at a discount, this offers investors the potential opportunity to purchase shares at an attractive price below the Fund’s net asset value. We believe that by maintaining the Fund’s policy to offer quarterly tender offers made pursuant to Rule 23c-3 under the Investment Company Act, the Fund will trade well in the secondary market and that the premium/discount volatility will be minimized.

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Alcoa Corporation to Curtail Additional Capacity at Aluminerie de Bécancour Smelter in Canada

Posted by fidest press agency su venerdì, 21 dicembre 2018

Alcoa Corporation (NYSE:AA) today announced that it will immediately begin to curtail half of the one operating potline at the Aluminerie de Bécancour Inc. (ABI) smelter in Québec, Canada.The Bécancour aluminum smelter, owned by Alcoa (74.95%) and Rio Tinto Alcan Inc. (25.05%), has nameplate capacity of 413,000 metric tons per year, across its three potlines. Two of the facility’s potlines were curtailed on January 11, 2018, after union members rejected a proposed labor agreement for hourly employees.Since the lockout, ABI’s salaried employees have operated the one potline, performed maintenance, restored stability and improved metal quality. The additional curtailment, however, is necessary to ensure continued safety and maintenance in light of recent retirements and departures. The salaried employees who remain will continue to ensure that the smelter can be ready for a potential restart.The one operating line has a nameplate capacity of 138,000 metric tons per year, of which 103,000 metric tons represent Alcoa Corporation’s ownership interest. This partial curtailment is expected to be complete by Friday, December 21, 2018.After extensive negotiations this year, ABI and the union have yet to reach an agreement on key terms to improve productivity and profitability. ABI’s management remains committed to reaching a negotiated agreement.

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Northern Trust Corporation to Webcast Fourth Quarter 2018 Earnings Conference Call

Posted by fidest press agency su venerdì, 21 dicembre 2018

Northern Trust Corporation announced today that it will webcast its fourth quarter 2018 earnings conference call live on Wednesday, January 23, 2019. The webcast, the earnings press release and related presentation materials will be accessible on Northern Trust’s web site: https://www.northerntrust.com/about-us/investor-relations/financial-information/earnings-releases.The call will be conducted at 9:00 a.m. CT, following the release that morning of Northern Trust’s fourth quarter 2018 earnings press release. A replay of the webcast will be available for approximately four weeks after the date of the call.
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2018, Northern Trust had assets under custody/administration of US$10.8 trillion, and assets under management of US$1.2 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures.

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Regis Corporation Appoints Chad Kapadia as Chief Technology Officer

Posted by fidest press agency su mercoledì, 20 giugno 2018

Regis Corporation (NYSE: RGS), a leader in the haircare industry, whose primary business is owning, operating and franchising hair salons, announced today the appointment of Chad Kapadia as Executive Vice President, Chief Technology Officer, and Head of Product Engineering effective June 18, 2018. Mr. Kapadia will lead Regis’ Product Engineering and Information Technology departments.Mr. Sawyer, President and CEO, stated “We have discussed that a key element of our multi-year strategy is to utilize technology to transform our business. Chad has been a leader in deploying disruptive business technologies at consumer-oriented companies, and he is the right executive to drive this initiative forward at Regis. I am confident he will be able to accelerate our use of technology to support our stylists and franchisees and improve our customers’ experience.”
Mr. Kapadia brings nearly 25 years of technology experience to Regis. Most recently, Mr. Kapadia served as Head of Engineering at Target Corporation’s New Ventures and Accelerators. Prior to Target Corporation, Mr. Kapadia served in technology positions of increasing responsibility including Chief Technology Officer and Product Head at Swissclear Global, Inc. and as an Engineering Leader and founding member of Netflix, Inc.’s Content Platform Engineering and Media Pipeline. Mr. Kapadia received his BS in Business Administration with an Option in Computer Information Systems and a Minor in Economics from California State University, East Bay.

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