- PR Newswire
AfterPay: Norwegian Consumers Have a Positive Financial Outlook for July, but are Hesitant When it Comes to Further Increasing Purchases
AfterPay Insights' mid-June research - now covering more 7.400 interviews with Norwegian online shoppers - indicates that Norwegian consumers will reduce their overall purchases in July (i.e. both online and offline purchases). If Norwegian consumers act on their intentions in July, this will break the trend that AfterPay Insights saw in mid-June, when online purchases increased as an effect of consumers shifting purchases from brick and mortar stores to online. In June, 8% of Norwegian consumers say they shopped more in physical stores, compared to 17% who say they shopped more online.
- Reuters
UK economy begins tepid recovery in May after record slump
Britain's economy took a first step on the long road to recovery from the COVID-19 crisis in May, as activity began to pick up after lockdown restrictions began to ease. Gross domestic product rose by 1.8% in May after slumping by a record 20.3% in April, Britain's first full month of lockdown, the Office for National Statistics said.
- Bloomberg
Indian Billionaire Seeks Funds to Rescue Half-Built Homes
(Bloomberg) -- Piramal Enterprises Ltd. is seeking new investors including hedge funds to help raise cash and fund working capital for the real estate projects it lends to so they don’t languish half built.The firm controlled by billionaire Ajay Piramal is looking to bring in investors alongside its real estate-focused shadow bank unit to help complete projects, said Khushru Jijina, Managing Director of Piramal Capital & Housing Finance Ltd. The focus is on developers the lender has already provided loans to, Jijina said in an interview.India’s real estate market is grappling with a lingering lockdown that’s slowed construction and sharply crimped new sales in an already struggling market. Developers have been leaning on lenders like Piramal to fund the cash needed to complete partly-built projects to bridge funding gaps resulting from a lack of revenue.Bringing in the right co-investor “will allow a continued flow of working capital to the developer, which will in turn ensure that the project is completed and our asset quality is conserved,” Jijina said. “We do not want a partner who will only be interested in outright buyouts and then just leave.”Piramal forecasts having to fund as much as 15 billion rupees ($200 million) in working capital to developers to finish projects assuming the firms’ repayments to it are negligible due to the coronavirus outbreak.Incomplete projects risk straining shadow bank balance sheets further. The sector was struggling even before the virus pandemic. The collapse of Infrastructure Leasing & Financial Services Ltd. in 2018 triggered a credit crisis that has since claimed other victims including Dewan Housing Finance Ltd. and Altico Capital India Ltd., another real estate lender.India’s lockdown has only amplified the troubles, as the nation is projected to tilt into its first economic contraction in decades.Piramal Enterprises shares dropped as much as 4.5% to 1,366.65 rupees in late morning Mumbai trade, the biggest fall in 7 weeks, before shedding some losses.Piramal has raised as much as 80 billion rupees in the financial year from April 2020 through debt sales. Combined with its 40 billion rupees in cash at the end of March, this will enable Piramal to keep funding its developers while also paying back the 100 billion rupees in debt due in the six months ending September, Jijina said.In addition, Piramal is accelerating a push to diversify its loan book, by trimming the share of its bigger loans. The lender is also aiming to cut debt, including by paying it down with funds raised by improving collections from its borrowers.(Updates with share price in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- GlobeNewswire
PHILUX Capital Advisors Signs MOU for Comprehensive Cooperation with Vietnam-based Hoang Quan Group
Plans to provide up to USD 200 million for social housing, industrial parks and other real estate development programs in VietnamNew York, July 14, 2020 (GLOBE NEWSWIRE) -- PHILUX Capital Advisors, Inc., a wholly-owned subsidiary of PHI Group, Inc. (www.phiglobal.com, PHIL), announced today that it has signed a Memorandum of Understanding with Hoang Quan Group (http://hoangquan.com.vn/en/main.html), (Stock code: HQC on HOSE VN, https://www.hsx.vn/Modules/Listed/Web/SymbolView/280), a Vietnam-based conglomerate engaged in finance, real estate and education, for comprehensive cooperation in the areas of funding, real estate, and other investment opportunities in Vietnam.According to the MOU, PHILUX Capital plans to provide up to USD 200 million (equivalent to VND 4,600 billion) to support multiple social housing projects and other real estate development programs. This could include industrial zones, ports and tourist resorts that Hoang Quan Group currently manages or is developing. In addition, PHILUX Capital will also advise and assist Hoang Quan Group in a comprehensive restructuring effort to access international capital markets and list their securities on US or other major foreign stock exchanges.Hoang Quan Group is one of the largest and most reputable corporations in real estate investment and development in Vietnam. Established in 2000 and leveraging 20 years’ experience of operation and development with 30 member companies, Hoang Quan Group is proud of its pioneering role in creating an integrated business ecosystem covering investment, legal services, design, construction, appraisal to marketing, product distribution, project management and building management.With its core strength in real estate, education and finance and highly focused approach, Hoang Quan Group has become a leading investor and developer of real estate in Vietnam. The company has a diversified portfolio of products in industrial parks, real estate, social housing and affordable and commercial housing in prime locations in Ho Chi Minh City and other locations. Hoang Quan is a pioneer and leading brand in social housing and housing for workers in Vietnam with 22 successful social housing projects, providing the market with more than 7,000 products. A number of products and industrial park projects have attracted both domestic and foreign investors.After 20 years of operation, with equity capital of USD 500 million, Hoang Quan Group has developed an ecosystem of 30 member companies. Its headquarter is located at 286-288 Huynh Van Banh Street, Ward 11, Phu District Nhuan, Ho Chi Minh City. Representative offices are located in 12 provinces and 17 branches and transaction centers in Vietnam. As a leading real estate, education and finance group in Vietnam, Hoang Quan Group has been recognized as one of the 500 largest enterprises in Vietnam since 2017.Established in 2004, PHILUX Capital Advisors is engaged in mergers and acquisitions, management consultancy, corporate finance, corporate restructuring and advisory services. The Company’s management was instrumental in listing the first-ever Vietnamese companies on the U.S. Nasdaq stock market (Cavico Corporation) and the Frankfurt Stock Exchange (Philand Ranch Ltd). Currently, PHILUX Capital Advisors serves as the Investment Adviser to PHILUX Global Funds SCA, SICAV-RAIF (www.philux.eu), a Luxembourg bank fund with multiple sub-fund compartments for investment in real estate, agriculture, renewable energy and healthcare as well as the proposed Chu Lai Multiple Commodities Center (CMCC) and the Asia Diamond Exchange (ADE) in the Chu Lai Open Economic Zone, in Quang Nam Province. This will be the first rough diamond exchange in Asia, comparable with diamond exchanges in Antwerp and Dubai.Truong Anh Tuan, PhD, Chairman of Hoang Quan Group, commented: “Our cooperation with Philux Capital Advisors (of Phi Group USA) enables us to ultilize their international experience and strength in restructuring and mergers and acquisition activities in international financial and securities markets. We are restructuring as a "Re-startup" to ensure we have the resources and conditions for our real estate development plans in Vietnam and international markets.”Henry Fahman, Chairman of PHILUX Capital Advisors, stated: “We are delighted to be associated with Hoang Quan Group and its professional and visionary leaders and management. We look forward to capitalizing on our combined experience and expertise to serve the needs of the social housing program in Vietnam as well as undertaking other investment opportunities to create meaningful economic value for both companies, our shareholders and other stakeholders.”About PHI Group, Inc.PHI Group (www.phiglobal.com, PHIL), primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. In addition, the Company’s wholly-owned subsidiary, PHILUX Capital Advisors, Inc. (www.philuxcap.com) provides M&A consulting services and assists companies to go public and access international capital markets while also serving as the investment adviser to Luxembourg-based PHILUX Global Funds (www.philux.eu).About Hoang Quan GroupHoang Quan Trading - Service - Advisory Real Estate Corporation - a member of Hoang Quan Group, with charter capital of USD 200 million, is listed and trades on Ho Chi Minh Stock Exchange (HOSE). The company stock ticker - HQC has been listed in HOSE for 10 years since October 2010. This creates a solid foundation for Hoang Quan Group to confidently set a goal of becoming the leading real estate group in Vietnam in three key development areas: social housing, industrial parks and project M&A. Hoang Quan focuses on core business activities with the goal of improving the value and utility of products for consumers; and improving the value of businesses to share the benefits with shareholders who have been with the Group through its development history. Website: http://hoangquan.com.vn/vn/Safe Harbor Act and Forward-looking StatementsThis news release contains “forward-looking statements” pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected,” which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.Contact: PHI Group, Inc. +1-702-475-543 info@phiglobal.com
- PR Newswire
New Global Phase 3 Program of BAN2401 Initiated in Preclinical (Asymptomatic) Alzheimer's Disease
BioArctic AB (publ) (Nasdaq Stockholm: BIOA B) announced today that its business partner Eisai, in collaboration with Alzheimer's Clinical Trials Consortium (ACTC) and Biogen, has initiated a new global Phase 3 clinical study (AHEAD 3-45) with BAN2401, an anti-amyloid beta (Aβ) protofibril antibody. The study will evaluate the therapeutic effect of BAN2401 on the progression of Alzheimer's disease in individuals in preclinical (asymptomatic) stages of the disease. They are clinically normal and have intermediate or elevated levels of amyloid in their brains. BAN2401 is currently being studied in a pivotal Phase 3 clinical study in symptomatic early Alzheimer's disease (Clarity AD), following the favorable outcome of the Phase 2b clinical study. The AHEAD 3-45 study will be conducted in the US, Canada, Japan, Australia, Singapore and Europe.
- Bloomberg
Modi’s Fuel-Tax Hikes Are Putting Brakes on India’s Recovery
(Bloomberg) -- Dilip Lamba, who owns a transport company in Jodhpur in western India, has had more than three-quarters of his fleet of 50 trucks idling for months. Dharampal Nambardar, a farmer who grows wheat and mustard seed in Haryana state, is worried he might not make any profit this year.The main source of their anxiety is not Covid-19, however, but rather a surge in fuel prices. The central government has hiked import and excise taxes twice this year even as it imposed the world’s biggest coronavirus lockdown. Retail prices for diesel -- the lifeblood of India’s economy -- in the capital New Delhi have jumped 30% since the end of April, while gasoline has risen 16%.“Diesel makes up almost 70% of our operating costs,” said Lamba, whose company carries everything from cotton to cement to leather goods all over India. “Higher diesel prices means higher freight charges. But customers aren’t ready for it and we can’t absorb the costs.”The central government raised levies on diesel and gasoline in March and then again in early May as the coronavirus battered the economy. There’s been a staggering fivefold increase in taxes on diesel since 2014 when Prime Minister Narendra Modi came to power, while those on gasoline have more than doubled. State governments also impose fuel levies, which in Delhi state account for around a quarter of the retail prices.Taxes on the two fuels now account for almost two-third’s of what Indians pay at the pump, making Indian retail prices among the highest in Asia and almost double that in neighboring Pakistan. The recovery in global crude prices, meanwhile, has boosted Indian fuel costs even further in the last few months.The high prices are adding another headwind to an economy facing the biggest contraction in four decades. Diesel powers India’s trucking fleet, which carries two-third of the country’s freight, and is also essential for construction and agriculture. Gasoline, meanwhile, fills the tanks of millions of motorbikes ridden by lower-income Indians.“While pump prices across the world have mostly followed the drop in oil prices since last year, India is an exception,” said Senthil Kumaran, a senior oil analyst at industry consultant FGE. “It’s unusual to see such a steep increase in the taxes on diesel, as the fuel is deemed to be a driver of economic growth, especially in rural areas.”There appears to be little chance that Prime Minister Modi will take steps to curb the rising diesel and gasoline prices even as global crude prices recover. This year’s fuel levy increases are expected to generate about $30 billion a year in revenue for the government, according to Bloomberg Intelligence, at a time when coffers are being squeezed by less income and sales tax and higher spending on welfare programs.“The tax hike in early May is turning into a wider cost-push supply shock, reinforced by a rebound in global crude oil prices,” Abhishek Gupta, India economist at Bloomberg Economics, said in a note. That’s likely to push up inflation over the next few months, he said.With industrial production still fragile as Covid-19 continues to spread in India, Oil Minister Dharmendra Pradhan’s prediction last month that fuel demand will be back to pre-virus levels by September is looking tough to achieve.There’s already evidence that the high prices are curbing demand. Provisional fuel sales in June show that while India’s overall consumption of petroleum products was 8% lower than a year earlier, diesel and gasoline consumption were down 15% and 14%, respectively.“The cost of operations has increased exorbitantly and small truck operators are unable to pass it on to the consumers because demand is low,” said Kultaran Singh Atwal, chairman of the All India Motor Transport Congress, the largest such grouping in the country. Almost half of India’s truck fleet is still idle, he said.(Updates with details on state fuel taxes in 4th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- PR Newswire
Gerresheimer With Strong Second Quarter
Gerresheimer AG delivered profitable growth in the second quarter of 2020. "As a key supplier to the pharma and healthcare industry, we have significant responsibility for ensuring patients worldwide to receive the medication they need. We have guaranteed this over the past few months and maintained our own delivery capacity at all times. New growth opportunities are now opening up for us in the pharma business. We are prepared for the strong demand for injection vials for the forthcoming vaccination campaigns and are additionally expanding capacity. As planned, our aim is to maintain the growth which we saw in the second quarter. We are working continuously to implement our strategy for profitable and sustainable growth. To that end, we are investing in quality, capacity, digitalization, new markets and smart new drug delivery products," said Dietmar Siemssen, CEO of Gerresheimer AG.
- GlobeNewswire
Production report for June 2020
Oslo, 14 June 2020 Below please find average gross operated production in June 2020 and corresponding numbers for May 2020. IOX operatedJune 2020May 2020 Boe/d(1)Bopd (2)Boe/d(1)Bopd (2) Colombia65125626292 Argentina (3)27701822892205 1) Barrels of oil equivalents per day 2) Barrels of oil per day 3) Operated by Selva Maria Oil on behalf of IOX until local authorities approves operator’s licence.***************************Interoil Exploration and Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin America. The Company is operator and license holder of several production and exploration assets in Colombia and Argentina. Interoil currently employs approximately 50 people and is headquartered in Oslo.This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
- Financial Times
Macron relaunches presidency in Bastille Day pitch
Emmanuel Macron faces the formidable task of rallying the French people behind a credible long-term economic plan in a climate of high uncertainty. Tuesday’s joint interview with the country’s main broadcasters will be the first time France gets a detailed idea of what the policy approach of the new government, led by premier Jean Castex, will be. The forbidding backdrop is that France’s public finances are among the most devastated in Europe by Covid-19.
- Bloomberg
Singapore Slumps Into Recession With Record 41.2% GDP Plunge
(Bloomberg) -- Singapore’s economy plunged into recession last quarter as an extended lockdown shuttered businesses and decimated retail spending, a sign of the pain the pandemic is wreaking across export-reliant Asian nations.Gross domestic product declined an annualized 41.2% from the previous three months, the Ministry of Trade and Industry said in a statement Tuesday, the biggest quarterly contraction on record and worse than the Bloomberg survey median of a 35.9% drop. Compared with a year earlier, GDP fell 12.6% in the second quarter, versus a survey median of -10.5%.The deep slump shows the blow Singapore’s economy is taking from all sides amid the pandemic. A plunge in global trade has hit the export-reliant manufacturing industry, while retailers saw a record decline in sales after partial lockdown measures were imposed last quarter. The government, which has projected a full-year economic contraction of 4%-7%, didn’t provide a new forecast Tuesday.Singapore is one of the first countries to report quarterly GDP data, and the figures show it’s taking a bigger hit than many others in Asia. Japan’s GDP is seen declining more than 20% on an annualized basis in the second quarter from the previous three months, while data this week probably will show China’s economy returned to growth.The dismal outlook in Singapore is pressuring the ruling People’s Action Party, which had its weakest performance ever in last week’s election. The government has already pledged about S$93 billion ($67 billion) in stimulus to shore up troubled businesses and households and prevent a surge in retrenchments.Manufacturing Outlook“The road to recovery in the months ahead will be challenging,” Trade and Industry Minister Chan Chun Sing said in a Facebook post Tuesday. “We expect the recovery to be a slow and uneven journey, as external demand continues to be weak and countries battle the second and third waves of outbreaks by reinstating localized lockdowns or stricter safe-distancing measures.”Other key details of Singapore’s GDP report:Manufacturing plunged 23.1% on a quarter-on-quarter, annualized basis, compared with growth of 45.5% in the first quarter. On a year-on-year basis, the sector grew 2.5%, mainly due to solid output in pharmaceuticalsConstruction was severely damaged by the lockdown restrictions, plummeting 95.6% on a quarter-on-quarter basis, and declining 54.7% year-on-yearThe services sector shrank an annualized 37.7% in the quarter, and 13.6% year-on-year. Tourism businesses, like airlines, hotels and restaurants, were affected by travel restrictions and the so-called “circuit breaker” measures from April 7 to June 1Singapore’s advance GDP estimates are computed largely from data in the first two months of the quarter, and often are revised once the full quarter’s data are available.The second quarter may mark the low point for the economy, although the recovery is likely to be slow and gradual. Most businesses began resuming operations from late June, but border controls and social-distancing rules, which limit mobility, remain.“This is the bottom, unless Singapore is forced to regress to the harsher iteration of circuit-breaker measures,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “The case for more stimulus is neither ruled out nor a mechanical reaction to this backward-looking data point. The four fiscal packages need time to permeate and cascade.”Singapore’s dollar fell 0.2% to S$1.3930 against the U.S. dollar as of 1:35 p.m. local time. The Straits Times Index dropped as much as 1%, set for a third day of declines, its biggest losing streak since June 22.Ho Meng Kit, head of the Singapore Business Federation, said the following two quarters will likely be better than the second quarter, although they’ll remain weak.Even though the economy has opened up since early June, with retailers and restaurants resuming business, “they are not at the previous levels because there is still no tourism in Singapore,” he said in an interview on Bloomberg Television. “There will be an impact on demand, so these sectors will come in weak.”Manufacturing performed better than many had expected compared to a year earlier, propped up by pharmaceuticals and a resilient electronics sector. Factory purchasing managers indexes show that manufacturing across Asia started to pick up at the end of the second quarter, as early phases of re-opening in many countries begin to revive demand.What Bloomberg Economists SayThough there have been signs of a substantial pickup in activity in 3Q, we don’t expect a return to positive growth until 1Q 2021. A full recovery for this transport hub will require the normalization of global travel and trade.Click here to read the full report.Tamara Mast Henderson, Asean economistOn the monetary policy front, economists don’t see a strong chance of a move at the central bank’s next scheduled decision in October. The Monetary Authority of Singapore, which uses the currency rather than interest rates as its main tool, took unprecedented easing steps in March, reducing the slope of the exchange-rate band to zero.“Given significant front-loading of fiscal and monetary policy, there is a relatively high bar for additional stimulus from here,” said Selena Ling, head of treasury research and strategy at Oversea-Chinese Banking Corp. She expects the economy will contract 5.5% for the full year.(Updates with monetary policy implications in second-last paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
South Korea Doubles Spending Plan for ‘New Deal’ to Reshape Economy
(Bloomberg) -- South Korea more than doubled its spending plan for President Moon Jae-in’s “New Deal” program to 160 trillion won ($133 billion), underscoring its ambition to recover from the pandemic by reshaping the economy around technology.The plan announced Tuesday by Moon is one of his biggest economic initiatives since coming to power in 2017. Facing its first economic contraction this year since the Asian financial crisis, the success of the project would help South Korea retain, or boost, its reputation as a regional economic powerhouse.“The New Deal plan marks the start of a great turn for the Republic of Korea,” Moon said in a televised speech, calling it a “manifestation of the will to fundamentally transform” South Korea.The plan envisions 1.9 million new jobs created over the next five years and marks a significant increase from the initial 76 trillion won spending plan unveiled in June.The central government will shoulder 114.1 trillion won of the new spending plan, while local governments and private sectors will contribute 25.2 trillion won and 20.7 trillion won, respectively, according to a statement from the Finance Ministry.South Korea Bets on ‘Untact’ for the Post-Pandemic EconomyThe project takes its cue from President Franklin Roosevelt’s initiative that helped the U.S. recover from the Great Depression in the 1930s, but critics have expressed doubts on the sustainability of government-led job creation. Previous presidents Park Geun-hye and Lee Myung-bak have also called for a boost to tech and new industries in an effort to build new growth engines for a slowing economy.Moon’s five-year tenure ends May 2022, leaving the implementation of tens of trillions of won in spending earmarked for after that date uncertain.The government will push to create 567,000 jobs in telecommunication networks, artificial intelligence and other data-intensive industries by 2025 and 143,000 positions in so-called “untact” businesses that include remote schools and hospitals.Another 193,000 jobs are planned in managing infrastructure such as roads and ports, 659,000 in renewable energy and eco-friendly industries, and 339,000 social safety-related positions, according to the ministry.The Moon administration has already pledged more than 270 trillion won so far this year to prop up the virus-hit economy, including direct support, loans and funds. Economists still expect the economy to shrink 0.6% in 2020, while the government is more hopeful and sees a 0.1% expansion.(Adds chart, comment from president)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- MarketWatch
U.K. GDP edges up 1.8% in May
Mike Hewitt/Getty Images The British economy rose 1.8% in May, only a slight rebound after the deep fall caused by the shutdown from the coronavirus pandemic. The Office for National Statistics said May GDP rose 1.
- GlobeNewswire
The Global Automotive LiDAR Sensors Market is expected to grow from USD 3,858.10 Million in 2019 to USD 5,938.22 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 7.45%
Market Segmentation & Coverage: This research report categorizes the Automotive LiDAR Sensors to forecast the revenues and analyze the trends in each of the following sub-markets:New York, July 14, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive LiDAR Sensors Market Research Report by Technology, by Image Type, by Application - Global Forecast to 2025 - Cumulative Impact of COVID-19" - https://www.reportlinker.com/p05913432/?utm_source=GNW On the basis of Technology, the Automotive LiDAR Sensors Market is studied across Mechanical or Scanning LiDAR and Solid-state LiDAR. On the basis of Image Type, the Automotive LiDAR Sensors Market is studied across 2D Image Type and 3D Image Type. On the basis of Application, the Automotive LiDAR Sensors Market is studied across Advanced Driver Assistance Systems and Autonomous Vehicle. On the basis of Geography, the Automotive LiDAR Sensors Market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region is studied across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region is studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region is studied across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom. Company Usability Profiles: The report deeply explores the recent significant developments by the leading vendors and innovation profiles in the Global Automotive LiDAR Sensors Market including Continental, Delphi Automotive, DENSO, Ibeo Automotive Systems, Innoviz Technologies, LeddarTech, Quanergy Systems, Robert Bosch GmbH, Teledyne Optech, and Velodyne LIDAR. FPNV Positioning Matrix: The FPNV Positioning Matrix evaluates and categorizes the vendors in the Automotive LiDAR Sensors Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape. Competitive Strategic Window: The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth. Cumulative Impact of COVID-19: COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward. The report is delivering insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market. The report provides insights on the following pointers: 1\. Market Penetration: Provides comprehensive information on sulfuric acid offered by the key players 2\. Market Development: Provides in-depth information about lucrative emerging markets and analyzes the markets 3\. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments 4\. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, and manufacturing capabilities of the leading players 5\. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and new product developments The report answers questions such as: 1\. What is the market size and forecast of the Global Automotive LiDAR Sensors Market? 2\. What are the inhibiting factors and impact of COVID-19 shaping the Global Automotive LiDAR Sensors Market during the forecast period? 3\. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Automotive LiDAR Sensors Market? 4\. What is the competitive strategic window for opportunities in the Global Automotive LiDAR Sensors Market? 5\. What are the technology trends and regulatory frameworks in the Global Automotive LiDAR Sensors Market? 6\. What are the modes and strategic moves considered suitable for entering the Global Automotive LiDAR Sensors Market? Read the full report: https://www.reportlinker.com/p05913432/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
- Reuters
PRESS DIGEST- New York Times business news - July 14
The following are the top stories on the New York Times business pages. - California's two largest public school districts said on Monday that instruction would be online-only in the fall, in the latest sign that school administrators are increasingly unwilling to risk crowding students back into classrooms until the coronavirus is fully under control. - A Trump administration effort to force foreign college students to take in-person classes in the fall or lose their visas has prompted a high-stakes legal battle between the White House and some of America's top universities, with 17 states and the District of Columbia joining the fray on Monday in a lawsuit that calls the policy "senseless and cruel."
- PR Newswire
Top 25 Nationally Ranked Carr, Riggs & Ingram Expands Healthcare Industry Leadership
Top 25 nationally ranked accounting and advisory firm Carr, Riggs & Ingram is proud to announce that healthcare accounting industry veterans Shane Hariel and David Williams recently joined their Jackson, Mississippi practice location.
- CNW Group
TGT Launches Industry First in Well Integrity Diagnostics
TGT Launches Industry First in Well Integrity Diagnostics
- PR Newswire
Victor Dahdaleh Foundation Supports Healthcare Leadership in COVID-19 World
In 2015, a major donation from the Victor Dahdaleh Foundation, enabled the establishment of the Dahdaleh Institute for Global Health Research at York University in Toronto.
- GlobeNewswire
Rovio Entertainment Corp.: The publishing time for half year 2020 financial report
Rovio Entertainment Corporation Press Release The publishing time for half year 2020 financial reportRovio Entertainment Corporation will publish its half year 2020 financial report on August 14th, 2020 at 9:00 a.m. EEST.Rovio will host an English language audiocast and phone conference on half year financial results for analysts, media and institutional investors on August 14th 2020 at 2:00 p.m. EEST.The audiocast can be viewed live at: https://investors.rovio.com/en, and later on the same day as a recording.Dial in numbers for the phone conference:PIN: 15390508 Finland Toll: +358 981 710 310 Sweden Toll: +46 856 642 651 United Kingdom Toll: +44 333 300 0804 United States Toll: +1 631 913 1422Rovio Entertainment Corp. follows a silent period of 30 days prior to the publication of its financial reports.ROVIO ENTERTAINMENT CORPORATIONMore information Veli-Pekka Puolakanaho, IR Director RovioIR@rovio.comAbout Rovio Rovio Entertainment Corporation is a global, games-first entertainment company that creates, develops and publishes mobile games, which have been downloaded over 4.5 billion times so far. Rovio is best known for the global Angry Birds brand, which started as a popular mobile game in 2009, and has since evolved from games to various entertainment and consumer products in brand licensing. Today, Rovio offers multiple mobile games, animations and produced The Angry Birds Movie in 2016. Its sequel, The Angry Birds Movie 2, was released in 2019. Rovio is headquartered in Finland and the company's shares are listed on the main list of NASDAQ Helsinki stock exchange with the trading code ROVIO. (www.rovio.com)
- GlobeNewswire
Ahold Delhaize share buyback update
Zaandam, the Netherlands, July 14, 2020 – Ahold Delhaize has repurchased 250,000 of Ahold Delhaize common shares in the period from July 6, 2020 up to and including July 10, 2020. The shares were repurchased at an average price of €24.21 per share for a total consideration of € 6.05 million. These repurchases were made as part of the €1 billion share buyback program announced on December 4, 2019. The total number of shares repurchased under this program to date is 24,196,050 common shares for a total consideration of €526.9 million.Download the share buyback transactions excel sheet for detailed individual transaction information from www.aholddelhaize.com/en/investors/share-information/share-buy-back-programs/This press release is issued in connection with the disclosure and reporting obligation set out in Article 2(2) of the EU Regulation that contains technical standards for buyback programs.
- Business Wire
FDA Grants Orphan Drug Designation for Inflazome’s Inzomelid for the Treatment of Cryopyrin-Associated Periodic Syndromes (CAPS)
Inflazome (inflazome.com), the pioneering inflammasome biotech company developing multiple drugs that stop harmful inflammation, today announces that it has been granted Orphan Drug Designation by the US Food and Drug Administration (FDA) for Inzomelid in the treatment of Cryopyrin-Associated Periodic Syndrome (CAPS).
- Business Wire
Munich and Boston-Based Viral Vector Pioneer Achieves 26% Growth for H1 2020 Despite COVID-19 Pandemic
SIRION Biotech, a world leader in viral vector-based gene delivery technologies, achieves 26% growth for H1 2020 despite COVID-19 pandemic.
- GlobeNewswire
NMD Pharma Receives Approval to Start a combined Phase I/IIa Clinical Trial of NMD670 for the Treatment of Symptoms of Myasthenia Gravis
NMD Pharma Receives Approval to Start a combined Phase I/IIa Clinical Trial of NMD670 for the Treatment of Symptoms of Myasthenia Gravis Aarhus, Denmark, 14 July 2020 – NMD Pharma A/S, a biotech company leading in the development of novel therapeutics for neuromuscular disorders, today announces that it has received approval from the Dutch ethics committee and regulatory authorities to advance its development candidate, NMD670, into clinical trials as a novel treatment for the symptoms of myasthenia gravis (MG).NMD670 is a first-in-class small molecule inhibitor of the muscle specific chloride ion channel, the ClC-1 ion channel. NMD Pharma has demonstrated that ClC-1 inhibition can strengthen neuromuscular transmission and ultimately skeletal muscle function and this novel treatment approach has demonstrated compelling preclinical safety and efficacy data for MG.The combined Phase I/IIa clinical trial is a randomized, double-blind, placebo controlled, single and multiple dose escalation study designed to assess the safety, tolerability, pharmacokinetics and pharmacodynamics of NMD670 in male and female healthy subjects and patients with MG. The study will take place at the Centre for Human Drug Research (CHDR) in Leiden in the Netherlands and the first dosing is expected to take place over the next few months.Thomas Holm Pedersen, Chief Executive Office of NMD Pharma, said: “We are very pleased to receive this approval to start our first clinical trial in humans with NMD670. MG is a rare autoimmune disease and there is a need for new, differentiated, treatment options for patients who are not adequately managed by standard of care therapies. Our pre-clinical work has already shown the potential benefit that CIC-1 inhibition can have, and so we are excited to start this trial over the next couple of months. I would like to take this opportunity to thank the team at NMD Pharma for all their hard work and dedication which has allowed the Company to reach this important milestone.”Further information on the study can be found on the Netherlands Trial Register: https://www.trialregister.nl/trial/8692About NMD Pharma NMD Pharma A/S, is a private biotech company leading in the development of novel first-in-class therapies for severe neuromuscular disorders. The Company was incorporated as a spin-off from Aarhus University, Denmark in 2015 and was founded on more than 15 years of muscle physiology research with a focus on regulation of skeletal muscle excitability under physical activity. NMD Pharma has built a world-leading muscle electrophysiology platform leveraging the in-depth know-how of muscle physiology and muscular disorders, small molecule modulators, enabling technologies and tools as well as in-vivo pharmacology models for discovering and developing proprietary modulators of neuromuscular function. NMD Pharma received seed financing from Novo Seeds, Lundbeckfonden Emerge and Capnova in 2016, and in 2018 raised a €38 million Series A financing, led by new investor INKEF Capital, together with new investor Roche Venture Fund and existing investors Novo Seeds and Lundbeckfonden Emerge. Find out more about us online at http://www.nmdpharma.com/.About NMD670 NMD670 is NMD Pharma’s lead development program. It is a first-in-class small molecule inhibitor of the muscle specific chloride ion channel, the ClC-1 ion channel. NMD Pharma has demonstrated that ClC-1 inhibition can strengthen neuromuscular transmission and ultimately skeletal muscle function and this novel treatment approach has demonstrated compelling preclinical safety and efficacy data for MG.About Myasthenia Gravis (MG) MG is a rare and chronic autoimmune disease where IgG antibodies disrupt communication between nerves and muscles causing debilitating and potentially life-threatening muscle weakness. It most commonly affects the muscles that control the eyes and eyelids, facial expressions, chewing, swallowing and speaking but it can affect most parts of the body. More than 85% of people with MG progress to generalized MG (gMG) within 18 months and in more life-threatening cases, MG can affect the muscles responsible for breathing. Patients with confirmed acetylcholine receptor (AChR) antibodies account for 80-90% of the total gMG population. There are approximately 100,000 people in the European Union, 65,000 people in the United States and 20,000 people in Japan living with the disease.ContactsNMD Pharma A/S Thomas Holm Pedersen, CEO E-mail: thp@nmdpharma.com Tel: +45 30739514Consilium Strategic Communications Mary-Jane Elliott / Ashley Tapp E-mail: NMDPharma@consilium-comms.com Tel: +44 (0)20 3709 5700
- Business Wire
ACI Worldwide Research Reveals Increase in June eCommerce Sales – Largest Since the Start of COVID-19 Pandemic Restrictions
ACI Worldwide Research Reveals Increase in June eCommerce Sales – Largest Since the Start of COVID-19 Pandemic Restrictions
- GlobeNewswire
Q2 and H1 2020 Production Report
Kenmare Resources plc (“Kenmare” or “the Company”)14 July 2020Q2 and H1 2020 Production ReportKenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the "Mine" or "Moma") in northern Mozambique, is pleased to provide a trading update for the quarter and half year ending 30 June 2020 (“Q2 2020” and “H1 2020”).Statement from Michael Carvill, Managing Director:“I would like to thank our team at the Moma Mine for how they have risen to meet the challenges posed by the COVID-19 pandemic. It is through their exemplary organisation, hard work and commitment that Kenmare has continued to produce and ship our products.We have been working hard to mitigate COVID-19 related delays to the relocation of Wet Concentrator Plant B and we expect mining at Pilivili to begin in Q4. In recent days the Government of Mozambique has authorised the issuance of business visas to allow specialist contractors to mobilise to site. Taking into account the project timeline and the current risk profile, we now expect to produce 700,000 to 800,000 tonnes of ilmenite in 2020. We remain financially well-resourced to complete the WCP B move and maintain a strong balance sheet, with close to US$100 million of cash at the end of June.All production metrics improved strongly in Q2 2020 compared to Q1 2020, in particular excavated ore volumes, which increased by 27%. This represents a quarterly record for excavated ore, benefitting from contribution from the new WCP C.Prices for ilmenite, our main product, increased for the fifth consecutive quarter in Q2 2020. We expect the market to be more subdued in the second half of the year, as the pandemic impacts both demand and supply of titanium feedstocks, but the long-term fundamentals for all of our products remain strong.”Q2 2020 overview * Strict access controls, hygiene protocols and social distancing measures have been in place at the Mine for several months, with production and shipments continuing * Lost time injury frequency rate (“LTIFR”) of 0.32 per 200,000 man-hours worked for the 12 months to 30 June 2020 (30 June 2019: 0.12) – safety review underway to strengthen safety culture * Heavy Mineral Concentrate (“HMC”) production of 310,300 tonnes in Q2 2020, representing a 13% increase compared to Q2 2019 (274,700 tonnes) * Ilmenite production of 209,900 tonnes in Q2 2020, representing a 5% decrease compared to Q2 2019 (220,100 tonnes) primarily as a result of the contribution of a significant spillage retreatment campaign in the prior period * Primary zircon production of 11,600 tonnes, representing a 5% increase compared to Q2 2019 (11,000 tonnes) due to increased HMC consumption * Total shipments of finished products of 219,100 tonnes, representing a 29% decrease compared to Q2 2019 (307,000 tonnes) but a 13% increase compared to Q1 2020 * Wet Concentrator Plant (“WCP”) C delivered throughput of 500 tonnes per hour (“tph”) on a consistent basis in Q2 2020 * Kenmare expects to produce 700,000 to 800,000 tonnes of ilmenite in 2020 taking into account the WCP B move timeline and the current risk profile – full guidance is anticipated to be updated with the H1 2020 Results * Strong ilmenite market conditions continued in Q2 2020 and Kenmare has secured offtake agreements for the majority of its ilmenite production in H2 2020 * Oversupply in the zircon market continued in Q2 2020, however the medium term outlook continues to be positive due to reducing production from major zircon producers * At the end of H1 2020, cash and cash equivalents were US$98.6 million and gross debt was US$151.3 million, resulting in net debt of US$52.7 million (31 December 2019: US$13.7 million net cash) due primarily to scheduled capital expenditureProductionProduction from the Moma Mine in Q2 and H1 2020 was as follows: Q2 2020Q2 2019Q1 2020H1 2020H1 2019 tonnes% variance% variancetonnes% variance Excavated ore110,317,0004%27%18,471,000-4% Grade13.29%7%-3%3.33%-28% Production HMC production310,30013%25%558,400-12% HMC consumption311,9009%26%558,600-11% Ilmenite209,900-5%32%368,900-19% Primary zircon11,6005%21%21,200-8% Rutile1,500-32%7%2,900-34% Concentrates29,000-4%5%17,600-10% Shipments219,100-29%13%413,700-14% 1. Excavated ore and grade prior to any floor losses. 2. Concentrates include secondary zircon and mineral sands concentrate.In Q2 2020 Kenmare’s rolling 12 month LTIFR was 0.32 per 200,000 man-hours worked (Q2 2019: 0.12) and four lost time injuries were recorded during the period. As a result, the Company is conducting a safety review and re-evaluating its strategies to reinforce its strong safety culture.HMC production was 310,300 tonnes in Q2 2020, representing a 13% increase compared to Q2 2019 (274,700 tonnes). This is as a result of a 7% increase in ore grades to 3.29% and a 4% increase in excavated ore volumes to 10.3 million tonnes, setting a new quarterly record. This increase in excavated ore volumes was due primarily to WCP C’s contribution to production in Q2 2020. Excavated ore volumes also increased by 27% when compared to Q1 2020. Ore grades decreased by 3% compared to Q1 2020, and will continue to be impacted until WCP B begins mining the high grade Pilivili ore zone, following relocation.However despite increased HMC production and the draw down of magnetic stockpiles in Q2 2020, ilmenite production was 209,900 tonnes, representing a 5% decrease compared to Q2 2019 (220,100 tonnes). This was primarily due to a significant spillage retreatment campaign in Q2 2019. Ilmenite recoveries in Q2 2020 were to plan.Primary zircon production increased by 5% to 11,600 tonnes in Q2 2020 (Q2 2019: 11,000 tonnes) as a result of increased HMC consumption. Rutile production was 1,500 tonnes, down 32% (Q2 2019: 2,200 tonnes) due to weaker recoveries, and concentrates production was 9,000 tonnes, down 4% (Q2 2019: 9,400 tonnes) due to changing the feed mix to the Mineral Separation Plant, as zircon rich retreatment stocks have been drawn down.Kenmare shipped 219,100 tonnes of finished products during the period (Q2 2019: 307,000 tonnes), which was comprised of 192,400 tonnes of ilmenite, 13,400 tonnes of primary zircon, 3,100 tonnes of rutile and 10,200 tonnes of concentrates. While total shipments in Q2 2020 increased by 13% compared to Q1 2020, they represented a 29% decrease compared to Q2 2019 primarily as a result of poor sea conditions. Kenmare expects shipping volumes to increase in H2 2020 due to seasonally calmer sea conditions and scheduled improvement works for both transhipment vessels to increase their loading capacity.Closing stock of HMC at the end of Q2 2020 was 6,800 tonnes, compared with 8,400 tonnes at the end of Q1 2020. Closing stock of finished products at the end of Q2 2020 was 157,000 tonnes, compared to 144,200 at the end of Q1 2020 (Q2 2019: 222,200 tonnes).COVID-19 updateThe safety and wellbeing of Kenmare’s employees and the Moma Mine’s host communities in Mozambique are the Company’s highest priorities. Management continues to be focused on minimising the potential for COVID-19 to spread to the operations, with stringent mitigation measures having been in place for several months. These include heightened health protocols, social distancing measures and testing procedures.On 28 June 2020, an employee of a Kenmare contractor returned to the Moma Mine and began a 14 day self-isolation period, in line with Company policy. Kenmare’s clinical team suspected that the individual may have contracted COVID-19 and the Ministry of Health were contacted to undertake testing. Five people were tested and one returned a positive result, with the affected individual remaining in quarantine.Kenmare is committed to supporting the Mine’s host communities in the fight against COVID-19. During the quarter the Company donated hand sanitation kits and over 23,000 masks to local villages. Kenmare Moma Development Association (KMAD) volunteers also conducted door-to-door campaigns to raise awareness about how to prevent the spread of the virus.The Company donated 50 CPAP (non-invasive ventilation with oxygen) machines to the health authorities in Nampula, which is the nearest major town to the Moma Mine. Kenmare has also purchased 10 ventilators, eight of which are being donated to the Nampula health authorities and two will be retained by the camp health clinic. Additionally, Kenmare donated personal protective equipment and digital thermometers to local health facilities.The Government of Mozambique declared a state of emergency on 30 March 2020, which included a 14-day quarantine for anyone entering the country. The next review is scheduled for 29 July 2020.Capital projects updateKenmare has been progressing three development projects that together have the objective of increasing ilmenite production to 1.2 million tonnes (plus co-products) per annum on a sustainable basis. The first development project, a 20% expansion of WCP B, was commissioned successfully in late 2018.The second development project, the construction of WCP C, delivered throughput of 500 tph on a consistent basis during Q2 2020. Although the project is operating and expected to be completed within its US$45 million budget, project completion has been delayed due to travel restrictions.The relocation of WCP B, the third development project, has been impacted by global restrictions relating to COVID-19. The Company has been in active dialogue with its employees and contractors, and has implemented a series of initiatives to ensure that WCP B is moved safely, while minimising effects to the project schedule and capital costs.On 10 July 2020 Kenmare was informed that the Government of Mozambique had authorised the issuance of business visas required for specialist contractors. As a result of this development and with other mitigation plans underway, the Company continues to target the move of WCP B to Pilivili in Q3, with mining commencing in Q4 2020.Importantly, construction of the 23km, purpose-built road and infrastructure has continued uninterrupted and is progressing well. The relocation pond at Namalope is now complete and work is commencing on the starter pits at Pilivili. The first self-propelled modular transporters (SPMTs), which will transport the WCP and dredge, have now arrived at the Moma Mine.The statcom, which forms part of the electrical infrastructure, has also arrived and is in storage in Nampula, and the electricity pylons for the overhead powerline are arriving on site. However, due to manufacturing delays and restrictions in South Africa relating to COVID-19, it is not expected that the overhead powerline will be installed on schedule, so initially power is anticipated to be provided at Pilivili by diesel generators.The positive displacement pumps are due to be shipped from Germany shortly. As delays were experienced with the fabrication of the HMC pipeline, Kenmare took the decision to move fabrications to Italy, Germany and Bahrain. Similarly to the overhead powerline, the installation of the positive displacement pumping system is expected to be delayed and therefore Kenmare will truck HMC from Pilivili to the Mineral Separation Plant initially. Although this will increase operating costs on a temporary basis, it reduces the commissioning risk of the project and ensures that mining can begin at Pilivili as soon as possible, allowing Kenmare to access higher grade ore. The water pipelines have now arrived at Moma and are being installed on schedule.The community-related elements of the project are also progressing well, with plans for new school blocks, an extension to the Pilivili health centre and new water systems submitted to the provincial government.While the original project scope remains within the expected budget of US$106 million, the additional initiatives required to mitigate the impacts of COVID-19-related delays are currently anticipated to increase overall project costs by approximately 10%. Some of these costs are likely to be categorised as operating costs (for example, the fuel to power the temporary diesel generators and the costs of hauling HMC by road until the pipeline is completed).Guidance updateKenmare expected Q4 2020 to be the strongest quarter of the year, following the relocation of WCP B to the high grade Pilivili ore zone. Consequently, in early April 2020 the Company suspended its 2020 guidance.As a result of more clarity regarding the timing of the WCP B move, following the approval of issuance of business visas for specialist contractors to enter Mozambique, Kenmare expects ilmenite production to be 700,000 to 800,000 tonnes in 2020, with full guidance to be provided with the H1 2020 Results.Once WCP B begins mining at Pilivili, it will be accessing significantly higher grade ore than it has been mining during H1 2020 at Namalope. WCP A is also expected to mine higher grade ore in H2 2020 than in the previous half. Additionally, following its ramp up in H1, WCP C is also anticipated to make a high grade contribution to production for the full second half.Market updateThe ilmenite market remained strong in Q2 2020, continuing the momentum of 2019 and early 2020. This led to a fifth consecutive quarter of higher average prices received and global inventories remained low at the start of April. Demand for Kenmare’s ilmenite products continues to be stable and Kenmare has secured offtake agreements for the majority of its ilmenite production in H2 2020.The effects of COVID-19 are uncertain for the ilmenite market. Downstream demand for titanium pigment has been negatively impacted by lower global economic activity as a result of the pandemic. Some pigment producers reduced production in Q2 2020, which was driven by lower sales, and although downstream market conditions improved as the quarter progressed, pigment production is expected to remain below 2019 levels in H2 2020.The domestic pigment market in China strengthened in Q2 as the country emerged from its lockdown, but pigment exports towards the end of the quarter were limited by restrictions relating to COVID-19 in other countries around the world.Global ilmenite supply remained constrained in Q2 2020. This was exacerbated by reduced feedstock supply from India and South Africa, as a result of lockdowns, although this was more than offset by reduced demand. Therefore ilmenite market conditions are expected to become more subdued in H2 2020.While the pricing outlook for 2021 is uncertain, Kenmare expects to be able to secure contracts for all of its increased production. The medium-term outlook for Kenmare’s ilmenite products remains solid, with demand expected to outstrip supply and additional sources of production required to balance the market in the coming years.The oversupply in the zircon market continued into Q2 2020. This resulted in lower achieved zircon prices compared to Q1 2020, although prices began to stabilise in June. As with the ilmenite market, downstream demand for zircon has been impacted by the COVID-19 outbreak, although this has been partly offset by the disruption to supply, particularly in South Africa.Kenmare expects challenging zircon market conditions to persist in the short term but to improve in the medium term, with global supply deficits emerging due to depleting production from the major mines.Finance updateIn line with our commitment to return a minimum of 20% of profit after tax to shareholders, on 19 May 2020 Kenmare paid its 2019 final dividend of USc5.52 per share. This was the balancing payment of a 2019 full year dividend of USc8.18 per share. As previously stated, following completion of the WCP B move, the Company expects to be able to make higher capital returns.In order to provide maximum liquidity and flexibility during this unprecedented period, Kenmare drew in full its US$40.0 million Revolving Credit Facility in early April 2020, as previously announced. This follows the drawing of the remaining US$42.7 million available under its US$110 million Term Loan Facility in March.Consequently, at 30 June 2020, cash and cash equivalents were US$98.6 million (31 December 2019: US$81.1 million) and gross bank loans, including accrued interest, were US$151.3 million (31 December 2019: US$67.4 million). Accordingly, as at 30 June 2020, Kenmare had net debt of US$52.7 million, compared to US$13.7 million net cash at 31 December 2019, which is mainly due to scheduled capital expenditure. Notwithstanding this increase in net debt, Kenmare is financially well-resourced to complete the WCP B move, while maintaining its healthy financial position.Kenmare will announce its results for the six months ended 30 June 2020 on 19 August 2020.For further information, please contact:Kenmare Resources plc Jeremy Dibb / Katharine Sutton Investor Relations ir@kenmareresources.com Tel: +353 1 671 0411 Mob: + 353 87 943 0367 / + 353 87 663 0875Murray (PR advisor) Joe Heron Tel: +353 1 498 0300 Mob: +353 87 690 9735About Kenmare ResourcesKenmare Resources plc is one of the world’s largest producers of mineral sands products. Listed on the London Stock Exchange and the Euronext Dublin, Kenmare operates the Moma Titanium Minerals Mine in Mozambique. Moma’s production accounts for approximately 7% of global titanium feedstocks and the Company supplies to customers operating in more than 15 countries. Kenmare produces raw materials that are ultimately consumed in everyday “quality-of life” items such as paints, plastics and ceramic tiles.Forward Looking StatementsThis announcement contains some forward-looking statements that represent Kenmare's expectations for its business, based on current expectations about future events, which by their nature involve risks and uncertainties. Kenmare believes that its expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve risk and uncertainty, which are in some cases beyond Kenmare's control, actual results or performance may differ materially from those expressed or implied by such forward-looking information.
- PR Newswire
Polyplastics Targets DURANEX(R) PBT Grades for Autonomous Driving Applications
As the automotive industry makes a strong shift to electric vehicles, Polyplastics Co., Ltd., a leading global supplier of engineering plastics, sees strong potential for its innovative resin products in Advanced Driver-Assistance Systems (ADAS) parts that enable autonomous driving. The company's DURANEX(R) PBT materials--targeted for actuators and communications equipment--deliver strong durability, alkali resistance, hydrolysis resistance, and heat shock resistance.
