A sleight of hand by the owner of an Estonian gaming company is alarming investors worried that tactics used by private equity firms in the United States to shift assets away from creditors are coming to Europe. Olympic Entertainment, owned by private equity firm Novalpina Capital, told bondholders on June 18 it had moved some assets - all its online operations and a Lithuanian business - into an entity not bound by its credit agreements, according to an email seen by Reuters. The company, which operates the Olympic Casino brand, distributed shares in the separate entity to a parent company controlled by Novalpina, the email said, effectively paying the London-based firm a dividend.
Italy's UBI Banca cut its 2022 profit goal to take into account the fallout of the COVID-19 pandemic, but pledged to increase dividend payments as it strives to fight off a takeover bid by rival Intesa SanPaolo. The board of UBI Banca met on Friday over the offer Intesa will launch on Monday. Intesa is offering investors 1.7 newly issued shares for each UBI share in an effort to create the euro zone's seventh-largest banking group.
Apollo Proton Cancer Centre (APCC), the first Proton Therapy Centre in South Asia and the Middle East, announced its accreditation by Joint Commission International (JCI), the recognized global leader in health care accreditation. This makes APCC the first dedicated advanced cancer centre to receive this international accreditation. Since its commencement in June 2019, APCC has been the preferred cancer centre globally for Proton Therapy and Cancer Care Management. JCI accreditation is the gold standard in following global practices for exceptional patient care and safety.
The Global Automotive Power Window Switch Market will grow by 45.19 mn units during 2020-2024
The "Industrial Drums - Global Market Outlook (2018-2027)" report has been added to ResearchAndMarkets.com's offering.
Chinese shares had charged to their highest level in five years , helping the pan-Asian indexes to four-month peaks, so the sight of European markets stalling left traders floundering, especially with no Wall Street to pick things up again because of a U.S. market holiday. "I think infection rates and fears of localised lockdowns have doused some of the enthusiasm," said Societe Generale strategist Kit Jukes. "We have three elements now; vaccine hopes, decent data in most places - but also the return of infection rates, which can make you nervous."
ResearchAndMarkets.com published a new article on the nursing homes industry "Nursing Homes & Assisted Living Amid COVID-19 - Proposed Legislation Could Keep COVID-19 Patients Out of Nursing Homes"
Infiniti Research Announces its Recent Success with Demand Management Solutions for a Canadian Retail Company
There was an explosion at a grain terminal at Tilbury around 50 miles (80 km) east of London, emergency services and the port operator said on Friday. Essex Fire Service said it was called to Tilbury Docks at 0855 GMT on Friday and found grain in a silo on fire. "Crews made sure the fire was under control but allowed the grain to smoulder," the fire service said, adding two crews were working with site managers to removed unaffected grain from the silo so that it did not ignite.
Global coffee exports fell 14.6% in May from a year earlier to 10.49 million 60 kg bags, the International Coffee Organization (ICO) said in a monthly report on Friday. Arabica coffee exports totalled 6.43 million bags in May, down 19.7% from a year earlier. Robusta coffee exports fell 5.2% to 4.06 million bags.
Air France executives met labour representatives on Friday as union members and staff protested over the airline's plans for around 7,500 job cuts to cope with a collapse in travel due to the coronavirus pandemic. A small group of 100 union members and employees, from cleaning staff to check-in assistants, demonstrated outside the airline's base at Paris' Roissy airport, criticising its plans to cut staff after receiving state aid to help the company to ride out the pandemic fallout. "It's scandalous, the government is putting in 7 billion euros and the company is destroying jobs," said 62-year-old Annick Blanchemin, who works as ground staff for the airline.
A panel of European Union lawmakers has rejected the candidate for executive director of the bloc's banking watchdog for a second time in a bid to attract more women to top EU jobs. The European Parliament's economic affairs committee voted by 24 to 23 to recommend that the full parliament rejects Francois-Louis Michaud as the next executive director of the European Banking Authority (EBA) when it meets next week. Michaud, a senior official at the European Central Bank, told a hearing in parliament last month that he was fully aware of the need for a better gender balance at the EBA, and was willing to commit to appointing more female senior staff at the Paris-based agency.
Old Mutual said on Friday acting CEO Iain Williamson had been made permanent, ending a year of uncertainty over who will lead one of South Africa's biggest insurers. Williamson has held the interim position since May 2019, when then-CEO Peter Moyo was suspended and subsequently sacked in a dispute over a conflict of interest. Since then, he has had to contend with a court battle with Moyo and the coronavirus crisis, both of which have hurt the insurer's bid to remake itself, improve performance and assuage some frustrated investors.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said in an interview with the Journal of American Medicine on Thursday that the virus may be mutating to become more transmissible, with high viral loads. "We don't have a connection between whether an individual does worse with this or not. It just seems that the virus replicates better and may be more transmissible. But this is still at the stage of trying to confirm that," said Fauci. The study he references, released by researchers affiliated with the Sheffield COVID-19 Genomics Group, states that the new strain "has become the most prevalent form in the global pandemic," and that it differs from the one that struck Wuhan, China earlier this year.
North America region is projected to be the most lucrative region in intravenous stopcock market, owing to the rising prevalence of chronic diseases.
ResearchAndMarkets.com published a new article on the newspaper industry "Newspaper Publishers Have Found That COVID-19 is Often Being Treated as an Ad-Free Topic "
New York, July 03, 2020 -- Reportlinker.com announces the release of the report "Saudi Arabia Diabetic Food Market By Product Type, By Distribution Channel, By End Users, By.
For American consumers, Netflix's value proposition has escalated during the coronavirus pandemic -- and the question for the No. 1 subscription streamer is when, not if, it's going to next raise prices. Even amid intensifying competition from Disney Plus, HBO Max, Apple TV Plus and others, Netflix has seen its pricing power grow over the […]
Italeaf SpA, holding company and first Italian company builder active in the cleantech and smart innovation sectors, listed on the NASDAQ First North Growth Market of the Stockholm Stock Exchange, following the press release issued on January 16, 2020, announces that it has received today the decision of the Disciplinay Committee of Nasdaq regarding the violation of article 4.4 of the Rulebook of the Nasdaq First North Growth Market. In particular, the Nasdaq Disciplinary Committee has decided that Italeaf’s stocks will be delisted no later than 30 September 2020.
(Bloomberg) -- European Central Bank President Christine Lagarde’s signature crisis-fighting tool is becoming the focus of disagreement among policy makers in what could amount to her first major test of discipline.Governing Council members face a potential rift over how much their emergency bond-purchase program should stay weighted toward weaker countries such as Italy, according to multiple conversations with central-bank officials.While the debate remains hypothetical for now, it could crystallize as the economy emerges from the coronavirus pandemic. The danger is that such friction undermines a program unveiled at the height of the crisis to reassure investors of the ECB’s resolve in defending the integrity of the euro.The officials asked not to be named because of the confidentiality of internal discussions. An ECB spokesman declined to comment.The internal mood is reflected in differing public comments by the central-bank heads of the euro zone’s two biggest economies: Germany’s Jens Weidmann and France’s Francois Villeroy de Galhau. Other Governing Council members hold similar views to them on either side of the debate, according to the officials.The prospect of disagreements might evoke memories of the discord that punctuated the eight-year reign of Lagarde’s predecessor, Mario Draghi. The bond-buying tool he developed during the euro-area debt crisis and his later pursuit of quantitative easing both met bitter German opposition.At the core of the current argument is the much-touted flexibility of the pandemic emergency purchase program. Lagarde proclaimed it to have “no limits” after she corralled colleagues into agreeing to the measure during a late-night emergency session in mid-March.It allowed the ECB to skew purchases toward Italy, one of the worst-hit countries, as bond yields there started to surge, averting the kind of debt crisis that almost splintered the bloc in 2012.But it also meant deviating from a rule intended to keep the ECB in line with a European Union law that bans it from financing government spending. The so-called capital key links bond programs to the relative size of each economy -- more German than Italian debt is bought regardless of economic conditions -- and was a fundamental reason the EU’s top court ruled an earlier program legal in 2018.Moreover, while the ECB repeatedly says the emergency program is temporary, it also pledges to keep going “until it judges that the coronavirus crisis phase is over” -- a vague term that could be open to wide interpretation.Weidmann, president of the Bundesbank, wants to limit the plan’s scope amid concern that too much leeway could backfire, while his opposite number at the Bank of France has championed maximum flexibility to channel support to those needing it most.“Clinging to the capital keys to determine each country’s purchase amounts would be an uncalled-for constraint that would undermine the very effectiveness of our intervention efforts,” Villeroy said on May 25. “Certain national central banks must be able to purchase significantly more, and others significantly less.”Villeroy is practicing what he’s preaching. The first breakdown of purchases by country in early June showed France undershot its quota by more than 10 billion euros ($11.2 billion).Weidmann supported the program because of the sheer scale of the economic shock. But he also insists that it must either be temporary or, if it morphs into yet another long-lasting stimulus tool, adhere to rules such as the capital key.In a speech last month, he argued that governments mustn’t rely on the ECB to keep financing costs low forever.“‘Flexible’ doesn’t mean ‘unrestricted’,” he said. “It’s important to me that monetary policy doesn’t set wrong incentives for public finances. In this context, the capital key offers the ECB a sensible guideline for pandemic emergency purchase program holdings at the end of net purchases.”After so much over-buying of Italian bonds, rebalancing the 1.35 trillion-euro program by the end of net purchases, currently scheduled for June next year, would be tough. It risks driving Italian yields higher, worsening the sustainability of that nation’s debt.The account of the latest policy meeting, when the program was almost doubled in size and extended, showed that a decision to reinvest the proceeds of maturing debt until at least the end of 2022 was made in part to allow more time to bring total holdings back in line.ECB Governing Council member Klaas Knot stressed the temporary nature of the tool during a Bloomberg webinar on Friday, and warned that crisis measures risk losing traction if kept in place for too long.He said the capital key should be the ECB’s “compass” in allocating purchases. While acknowledging that small discrepancies will probably be inevitable by the end of the program, he argued that deviations in the high single-digits would probably be too much.Tough interpretations of the rules by some policy makers pre-dates this crisis and often caused friction under Draghi, but the issue was thrown into sharp relief in early May when Germany’s constitutional court said an earlier bond-purchase program might be illegal. The standoff was only resolved on Thursday, when German lawmakers decided the ECB’s efforts were proportionate to the economic challenges.While the court’s surprise decision wasn’t about the capital key, the judges did note how critical the guideline is for preventing monetary financing. One of Germany’s political parties subsequently pledged to launch a legal challenge against the newer program.The ECB’s Governing Council will next meet in two weeks, giving officials another chance to hash out their differences over what should happen when the economic crisis finally eases.(Updates with comments from ECB’s Knot starting in 19th 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.