Connect with us

Business

Costco, FedEx, DocuSign and more

Avatar

Published

on

Fedex (FDX): This was announced by the delivery company cost-cutting measures and rate hikes thereafter warning in preliminary fiscal first quarter results of weaker demand. FedEx released its first-quarter financial results in an 8-K before the close on Thursday, sending shares up 0.8%.

The company outlined plans to save up to $2.7 billion in fiscal 2023 and up to $4 billion by fiscal 2025. The impact of reduced demand,” FedEx CEO Raj Subramaniam wrote in the press release, adding : “As our team continues to work aggressively to address near-term headwinds, we are significantly strengthening our business and customer experience, including delivering outstanding peak value.”

FedEx announced that its express, ground and home delivery rates will increase by an average of 6.9% effective January 2, 2023.

Costco (COSTS): The retail giant reported fourth-quarter earnings and revenue that beat Wall Street estimates as annual sales surpassed $200 billion for the first time. Costco reported fourth-quarter earnings per share of $4.20 on sales of $72.09 billion. Annual sales were $222.73 billion, up 16% year over year.

Cano Holdings (CANO), Humana (BUZZ): According to the Wall Street Journal, Humana is considering a deal to buy Cano Health. Cano Health shares rose on the news, closing up 32%. According to reports, the agreement could be reached in the next few weeks.

Freshpet (FRPT): According to the Wall Street Journal, activist investor Jana Partners has taken a 10 percent stake in the pet food company and plans to move forward with changes including a possible sale. Freshpet’s shares have plummeted amid broader market volatility, with the stock falling 70% over the past year.

DocuSign (DOCUMENTARY): The company announced former Google executive Allan Thygesen as its new CEO effective October 10. Maggie Wilderotter, DocuSign’s CEO, wrote in a statement, “The Board believes Allan is the right leader to help DocuSign continue to capitalize on the tremendous market opportunities that lie ahead. “Allan Thygesen replaces Dan Springer, who stepped down from the role in June.

Click here for the latest stock tickers from the Yahoo Finance platform

For the latest stock market news and in-depth analysis, including events moving stocks, click here

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance App for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, flipboard, LinkedInand youtube

Business

Lowering target, govt to borrow Rs 5.92 lakh crore in FY23 second half

Avatar

Published

on

The Government has announced a reduction of Rs 10,000 crore in its gross credit target for FY2022-23 to Rs 14.21 lakh crore. Out of this, the company plans to borrow Rs 5.92 lakh crore through dated securities from October to March, according to the fiscal second half credit calendar released by the Treasury on Thursday.

This comes a day after the government announced an extension of the free grain scheme for just three months, amid fears that extending it longer would result in more borrowing for that tax. With the decision to extend the food grain program by three months, the center will incrementally spend Rs 44,762 crore over the period, which has led to experts prompting a budget deficit overrun of Rs 1 crore. As it stands, the government is staring at additional spending of around Rs 2.4 crore on the food, fertilizer and cooking gas subsidies, which have not been accounted for in the budget for fiscal year 2022-23.

Despite the estimated additional spending, the government has not increased its borrowing target, cushioned so far by higher revenues. Gross direct tax receipts as of September 17 rose 30 per cent to over Rs.836 crore, while Goods and Services Tax (GST) receipts average Rs.149 crore per month this fiscal year.

Explained

After a 3-month extension of the Foodgrains program

The government’s announcement of cutting its gross debt target comes a day after it extended the free food grain program by just three months, amid fears that extending it further would result in higher borrowing for this fiscal year.

The government’s borrowing plan for the second half of the fiscal year includes the issuance of Rs 16,000 crore of government green bonds. In the first half of this fiscal year, April-September, the government has lent Rs. 7.96 crore through dated securities, with Rs. 33,000 crore is scheduled to be issued on Friday. With the auction scheduled for Friday, first half borrowing will total Rs 8.29 lakh crore.

The Treasury said it plans to sell 26,000-30,000 rupees worth of obsolete securities per week from October to March through auctions ending in the week ending February 24.

“Accordingly, the balance of Rs 5.92 crore (41.7 per cent of Rs 14.21 crore) is to be borrowed through dated securities in the second half of FY2022-23, including Rs 16,000 crore through the issuance of Sovereign Green Bonds (SGrBs) as announced in Union Budget 2022-23,” it said. The Government will continue to exercise the over-allotment option to retain an additional subscription of up to Rs 2,000 crore for each of the securities specified in the auction notice. The amount borrowed through this option will be capped at 3 to 5 percent of gross issuance for the second half and within the gross borrowing limit for 2022-23.

Continue Reading

Business

Al Gore really doesn’t like World Bank President David Malpass

Avatar

Published

on

If former US Vice President and Nobel laureate Al Gore pulled the strings, he would fire World Bank President David Malpass.

Malpass, who worked as Bear Stearns’ chief economist before becoming undersecretary of the United States Treasury Department for international affairs under the Trump administration, was named President of the World Bank in 2019. At the helm of the world’s $7.9 billion humanitarian finance institution in the capital, he keeps a low profile on climate change while funding sustainability-focused projects around the world.

“It’s ridiculous to have a climate denier appointed by the previous president — also a climate denier — in charge of America’s premier institution and helping deal with the dimensions of this global capital allocation problem,” Gore said wealth‘s Global Sustainability Forum on Thursday. “Therefore it must be replaced immediately.”

Unlike Malpass, Gore made his post-presidency career on climate activism. Since his time as Vice President of former President Bill Clinton and a failed presidential candidacy in 2000, Gore has been committed to climate protection. ACentre County Reporter the release of his 2006 Oscar-winning climate documentary An uncomfortable truth, Gore received the 2007 Nobel Prize for his activism. He has since been a vegan, climate-focused partner at blue-chip venture capital firm Klein Perkins and founder of the Climate Reality Project and Generation Investment Management. He has recently expressed optimism for the climate with the passage of the Inflation Reduction Act, Australia’s Climate Change Bill and dismay at Malpass.

Led by Malpass, the World Bank recently committed $300 million to Cameroon, $512 million to Turkey and $335 million to Tanzania to fund climate-resilient infrastructure projects, among other initiatives.

The drama between the two politicians unfolds to the soundtrack of climate catastrophes: Hurricane Ian has devastated southwest Florida, floods in Pakistan have been more than suppressed 33 million peopleand researchers found that flaring — the practice of burning methane that warms the planet — is far less effective than everyone thought. These events are just examples of fires, floods, hurricanes, etc. that characterize the effects of climate change.

As answer to wealthIn asking Malpass to respond to Gore’s comments at the Global Sustainability Forum, a World Bank official referred to Malpass’s September 28 remarks at Stanford University, where he said, “Developing countries are being hit more frequently and severely by climate-related disasters. Man-made greenhouse gas emissions cause climate change, which in turn has tragic development implications in a variety of ways.”

When Gore called Malpass a “climate denier,” a New York Times Event last week, Malpass called Gore’s attack “very strange” though declined an answer Questions about whether he accepted climate science.

“It’s really, really bad,” the former vice president said Thursday when speaking to Molly Wood, a journalist-turned-climate venture capitalist. “Under his leadership, he has mandated continued fossil fuel funding, which is ridiculous.”

In addition to his comments on Malpass, Gore also made distinctions between capitalism and climate catastrophe wealth Forum. He said that capitalism is not “the problem or the cause” of the climate crisis. Rather, he said he believes in some sort of multi-stakeholder capitalism to mitigate the climate crisis and provide developing countries with sustainable energy, food and production mechanisms that can slow devastation.

Sign up for the Fortune Features Email list so you don’t miss our biggest features, exclusive interviews and investigations.

Continue Reading

Business

Phil Collins, Mike Rutherford, and Tony Banks of Genesis sell rights to Concord in $300m deal

Avatar

Published

on

unity reacquired.

This time the company has secured the publishing and recording catalogs of Tony Banks, Phil Collins and Mike Rutherford, as well as the publishing and recording catalog from their years in the band Genesis.

Citing “persons familiar with the transaction”, That Wall Street Journal reports that the “megadeal” is “worth over $300 million.”

The news follows a series of Concord’s recent M&A activities, including: to buy of wealth from HitCo entertainment and its eight-figure purchase by the Australian and New Zealand based music publisher Native Tongue.

unity spent an estimated $1 billion on acquisitions in the first 14 years in business. It then spent two nine-figure sums to acquire a controlling stake in Pulse music group in 2020 and then the Imagine the Dragons publishing catalog acquire Downtown‘s copyright portfolio for $400 million in 2021.

MBW also understands that Concord is in the race for purchasing the Pink Floyd catalogue.

Concord says that the “combined music catalogs of Genesis and these three artists are among the most commercially successful of all time”.

Genesis have released 15 original studio albums. Tony Banks has released six solo albums, Phil Collins eight and Mike Rutherford two, plus nine as Mike + The Mechanics.

Concord notes that combined record sales, including additional live albums, film soundtracks, and box sets, total more than 250 million copies worldwide and include songs The lamb lies down on Broadway, susudo, Against all odds, All I need is a miracle in the air tonight I can not dance, That’s all, the land of confusion The Living Years, invisible touch and some other hits.

Not included in the acquisition are Peter Gabriel and Steve Hackett’s contributions to the early Genesis albums.

Concord was advised on this transaction by Shot Tower Capital, Reed Smith LLP and DLA Piper. The sellers (Tony Banks, Phil Collins and Mike Rutherford) were advised by Hit & Run Music Ltd and Sheridans.

“This is a music catalog that we are all very proud of and means a lot to many fans.”

Tony Smith, TSPM

Tony Smith, Founder of TSPM and longtime manager of Genesis, Tony Banks, Phil Collins, Mike Rutherford and Mike + The Mechanics said: “This is a catalog of music that we are all very proud of and means a lot to a lot of fans .

“Concord is one of the world’s leading music providers, with whom we have been working for many years on the publishing side, which we are expanding together with the publisher to the entire recording catalogue.

“We have been impressed by their good judgment and sensitivity to artists’ desires and we are confident that is the case alongside their respective ongoing record label relationships Warner Music and BMGwe leave the future possession of the catalog in their competent hands, safe in the knowledge that the legacy will be protected.”

“Tony, Phil and Mike’s songs were the soundtrack to the most important moments in many people’s lives.”

Bob Valentine, Eintracht

Concord President Bob Valentine said, “Tony, Phil and Mike’s songs have been the soundtrack to the most important moments in many people’s lives.

“Everyone at Concord feels the weight of the cultural significance of this remarkable collection of works, and we will strive to ensure that current and future generations of music listeners continue to hear and enjoy them.”


MBW recently interviewed Concord CEO, Scott Pascucciand president, Bob Valentinethe company’s return to the music industry M&A marketplace; and the company’s decision to reject a $5 billion takeover bid.music business worldwide

Continue Reading

featured