The Duke and Duchess of Sussex's visit to a Christmas tree barn included a case of mistaken identity.
A 10-year-old Amur tiger with arthritis underwent hip replacement surgery at a zoo outside Chicago on Wednesday, and her surgical team is confident the procedure will add years to her life. Veterinarians at Brookfield Zoo noted that, like humans, animals routinely develop degenerative problems in their joints as they age. When the tiger, Malena, arrived at the zoo last year, she had already been diagnosed with arthritis of the hip and was receiving pain relief medications.
The stock market suffered big losses Wednesday. Short-squeeze plays GME and AMC fell sharply late after skyrocketing earlier. Apple, Facebook and Tesla headlined key earnings late.
A Delaware judge on Wednesday said former CBS shareholders may pursue a lawsuit accusing Shari Redstone, the daughter of late media magnate Sumner Redstone, of pressuring the company into entering an unfair merger that created ViacomCBS Inc. Vice Chancellor Joseph Slights of the Delaware Chancery Court ruled four weeks after allowing former Viacom shareholders to pursue similar claims. In a 157-page decision, Slights said it was reasonable to infer that the merger process was not fair and CBS "substantially" overpaid for Viacom.
Jason Witten says he is retiring again, apparently for good this time. The longtime Dallas Cowboys tight end who spent his final season with the Las Vegas Raiders in 2020 told ESPN on Wednesday that he was walking away “knowing that for 17 seasons I gave it my absolute all.” The 38-year-old Witten, who didn't immediately return a message from The Associated Press, retired the first time after the 2017 season with Dallas to become an analyst for ESPN's “Monday Night Football.”
Corky Lee, a photojournalist who pushed for greater Asian American representation through his work over five decades, died on Wednesday in New York City due to complications from COVID-19. Lee, 73, was admitted to Long Island Jewish Hospital in Forest Hills on Jan. 7, said Karlin Chan, a fellow community activist. Lee, who joked that he was the "undisputed unofficial Asian American Photographer Laureate," embarked on his quest while studying American history at Queens College in 1965.
Reddit investors behind 700 per cent surge in company’s value in past two weeks
From the ObamaPad to Joe Biden's Apple Watch and Peloton, being president can be a tech challenge.
The group readies for its highly anticipated concert experience
HighlightsHavieron Project initial Inferred Mineral Resource estimate - 52Mt @ 2.0g/t Au and 0.31% Cu for 3.4Moz Au and 160Kt Cu(1)Increased Paterson Province total landholding to ~3,200km2 - by entering into the Juri Joint VentureDrilling intersected a new zone of higher grade mineralisation at Red Chris - 100m west of the open pit, with hole RC666 returning 194m @ 0.62g/t Au & 0.46% Cu from 476m, including 76m @ 1.2g/t Au and 0.75% Cu ...
At least one major brokerage house is starting to respond to a frenetic surge in the price of shares of companies that has been attributed to rabid buying by individual investors on social-media platforms.
TORONTO, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Currency Exchange International, Corp. (the “Company”) (TSX:CXI; OTCBB:CURN), announces its financial results and management's discussion and analysis (“MD&A”) for the three months and year ended October 31, 2020 (all figures are in U.S. dollars except where otherwise indicated). The complete financial statements and MD&A can be found on the Company's SEDAR profile at www.sedar.com. On March 11, 2020 the World Health Organization (“WHO”) officially declared COVID-19, the disease caused by a novel coronavirus, a pandemic. Measures enacted to curtail COVID-19 by various governments have significantly impacted travel and tourism, and therefore the demand for foreign currencies. The Company has experienced a material decline in revenue as a result. While the Company continues to operate, it is not possible to reliably estimate the duration and severity of these consequences as well as their impact on the financial position and results of future periods. Randolph Pinna, CEO of the Company, stated “Despite the many challenges that the coronavirus pandemic has presented to the business, including an unprecedented curtailment in banknote demand due to international travel restrictions, it has galvanized management to execute on its diversification strategy. We are ever-more confident in the future of Exchange Bank of Canada, as it enters the ‘scale-up’ phase in the corporate payments space. The acquisition that was completed in the third quarter was a key catalyst in this respect, and we are gaining momentum with the addition of new salespeople in the first quarter of 2021. In the U.S., we have been adding to our wholesale customer base of financial institutions throughout the entire year. They are attracted to our proprietary platform that integrates with their systems, and our multi-product offering. The market for banknotes is consolidating, and this will provide CXI with the ability to grow its revenue more quickly as activity returns. We have maintained strong liquidity throughout this period, and are well-positioned to execute our diversification strategy while also capitalizing on our already significant share of the banknote market as travel restrictions abate. I want to acknowledge the loyalty and great effort from our employees in a very challenging time.” Corporate and Operational Highlights for 2020: Management completed a new three-year, strategic plan in October that focuses on growing its payments business and expansion in banknote markets globally. The plan was developed with the objective of returning to profitability despite conservative assumptions around an eventual recovery in its core banknote business. As part of the strategy, the Company chose to permanently close 11 of its retail locations, that in conjunction with other initiatives, including a consolidation in senior management, resulted in $1.1M in charges for restructuring and impairment in the fourth quarter.The Company incurred a loss provision of $1.7M in fiscal 2020 related to a customer that went bankrupt during the year. This is an unusual event as the Company has a strong repayment history with its customer base. Notwithstanding that, additional measures were implemented to reduce its credit exposure and to prevent a loss outside of the Company’s risk appetite from recurring.On July 29th, the Company’s subsidiary, Exchange Bank of Canada, completed its purchase of the assets of Denarius Financial Group, a successful corporate payments business operating in the province of Quebec. EBC acquired approximately 450 new customer relationships in the transaction that added $0.3M in revenue for the year-ended October 31, 2020.The Company continues to be well-capitalized with $58M in net equity at the end of the fiscal year, and $48M in net current assets, most of which is in cash. The Company has sufficient liquidity to carry out its strategic plan, and is well-positioned to capitalize on opportunities. Financial Highlights for the Three-month Period Ended October 31, 2020 compared to the Three-month Period Ended October 31, 2019: Revenue decreased 57% or $6.5 million to $4.9 million for the three-month period ended October 31, 2020, as the ongoing pandemic caused a decline in the banknotes segment of 64%, partially offset by an increase in the payments segment of 52%;A net operating loss of $1.9 million in the three-month period ended October 31, 2020 compared to $0.8 million in net operating income for the three-month period ended October 31, 2019. Operating expenses declined by 29%, as cost reduction efforts mitigated a significant amount of the revenue decline. Normalizing for the adoption of IFRS 16 on November 1, 2019, the net operating loss on a comparable basis would have been $2.4 million in the three-month period ended October 31, 2020;Other expenses included $1.1M in restructuring and impairment charges, and $0.7M for a loss provision related to a customer’s bankruptcy, partially offset by $0.3M in income for government grants for the three-month period ended October 31, 2020;A net loss of $2.3 million in the three-month period ended October 31, 2020 compared to a net profit of $1.8 million for the three-month period ended October 31, 2019; andA net loss per share of ($0.35) on a basic and fully diluted basis for the three-month period ended October 31, 2020, compared to earnings per share of $0.28 in the three-month period ended October 31, 2019. Financial Highlights for the financial year Ended October 31, 2020 compared to the financial year Ended October 31, 2019: Revenue decreased 40% or $16.8 million to $25.0 million for the year ended October 31, 2020, as demand for banknotes was significantly impacted by the steep decline in travel due to the pandemic, leading to a 45% decrease in the banknote segment, more than offsetting growth in the payments segment of 29%;A net operating loss of $4.0 million in the year ended October 31, 2020 compared to $6.2 million net operating income for the year ended October 31, 2019;A net loss of $8.5 million in the year ended October 31, 2020 compared to net income of $2.9 million for the year ended October 31, 2019; andA net loss per share of $1.33 on a basic and fully diluted basis for the year ended October 31, 2020, compared to earnings per share of $0.46 in the year ended October 31, 2019. As demonstrated in the table below, seasonality is reflected in the timing of when foreign currencies are in greater or lower demand. In a normal operating year there is seasonality to the Company's operations with higher revenues generated from March until September and lower revenues from October to February. This coincides with peak tourism seasons in North America when there are generally more travelers entering and leaving the United States and Canada. The coronavirus pandemic has significantly impacted the ability for people to travel, and therefore the three-month periods ending April 30, 2020, July 31, 2020, and October 31, 2020 are not indicative of typical seasonality. Selected Financial Data Three-months ending RevenueNet operating income (loss)Net income (loss)Total assetsTotal equityEarnings (loss) per share (diluted) $$$$$$10/31/20204,935,917(1,852,195)(3,465,632)85,758,51758,229,735(0.54)7/31/20203,879,873(1,993,117)(2,274,719)96,105,96161,462,798(0.35)4/30/20206,323,344(2,316,356)(2,942,948)99,263,03962,965,874(0.43)1/31/20209,874,2891,162,930159,274108,319,21966,323,6300.0210/31/201911,469,0791,863,442769,39382,729,71466,329,0350.137/31/201912,402,4842,935,8991,820,76881,719,23365,447,9490.284/30/20199,460,8091,081,292507,37082,267,88463,022,8250.081/31/20198,451,671271,410(172,811)82,045,95162,678,990(0.03)10/31/201810,270,2341,724,576995,96773,267,27462,721,9370.17 Conference Call The Company plans to host a conference call on January 28, 2021 at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number: Toll Free: 1-855-336-7594Conference ID number: 7280618 About Currency Exchange International, Corp. The Company is in the business of providing a range of foreign exchange technology and processing services in North America. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, purchase and sale of foreign bank drafts and international travelers’ cheques, and foreign cheque clearing. Related services include the licensing of proprietary FX software applications delivered on its web-based interface, www.ceifx.com (“CEIFX”), and licensing retail foreign currency operations to select companies in agreed locations. The Company’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services to financial institutions and select corporate clients in Canada through the use of its proprietary software – www.ebcfx.com. Contact InformationFor further information please contact: Bill MitoulasInvestor Relations(416) 479-9547Email: bill.mitoulas@ceifx.comWebsite: www.ceifx.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts and statements as to management’s expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, proposed entry into the Canadian financial services industry, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “preliminary”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Company’s actual results, performance or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry, the impact of COVID-19 coronavirus on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital as well as the factors identified throughout this press release and in the section entitled “Risks and Uncertainties” of the Company’s Management’s Discussion and Analysis for the nine-month period ended July 31, 2020. The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented), and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.
The firm delivers record number of vehicles in its fourth quarter, but profits disappoint investors.
(figures are unaudited and in US$ except where stated) Strong quarterly production, safety and unit cost records, progress on growthStrong operating performance in the December 2020 quarter(1)Gold production of 535koz(2) and copper production of 35kt All-In Sustaining Cost (AISC) of $968/oz(2), delivering an AISC margin of 46% or $836/oz(3)Cadia records lowest ever quarterly AISC at negative $6/ozSafety Transformation Plan delivering resultsRecord low TRIFR outcomes for Red Chris and Telfer Overall Group TRIFR of 1.6, an ...
Manchester United 1-2 Sheffield United: Chris Wilder’s side pulled off a memorable upset to clinch just their second league win of the season
CHICAGO — Candace Parker is bringing her basketball career back home. Parker has reached an agreement to play for the Chicago Sky next season, ESPN reported Wednesday. The two-time WNBA MVP was an unrestricted free agent after spending her first 13 seasons with the Los Angeles Sparks. The Sparks had interest in bringing her back and she had been mentioned in connection with other teams, ...
Legislation from California Rep. Linda Sánchez would also deny the ex-president the usual post-presidency pension of about $220,000 a year.
It'll be the chicest thing you own.
Tesla is open to licensing its software, including its Autopilot highly-automated driving technology, and the neural network training it has built to improve its autonomous driving technology. Tesla CEO Elon Musk revealed those considerations on the company's Q4 earnings call on Wednesday, adding that the company has in fact already "had some preliminary discussions about licensing Autopilot to other OEMs." Musk said on the call that he expects the company will seek to prove out its FSD capabilities before entering into any licensing agreements, if it does end up pursuing that path.
Shares of many highly shorted stocks rose sharply on Wednesday, as traders bid up their prices in hopes of igniting short squeezes. A short squeeze can occur when short-sellers suffer sizable losses on a fast-rising stock. To short a stock, a short-seller borrows its shares from another investor and sells them, with the goal of buying them back at a lower price and harvesting a profit.
The average robot density in the manufacturing industry hit a new global record of 113 units per 10,000 employees. By regions, Western Europe (225 units) and the Nordic European countries (204 units) have the most automated production, followed by North America (153 units) and South East Asia (119 units). The world´s top 10 most automated countries are: Singapore (1), South Korea (2), Japan (3), Germany (4), Sweden (5), Denmark (6), Hong Kong (7), Chinese Taipei (8), USA (9) and Belgium/Luxemburg (10). This is according to the latest World Robotics statistics, issued by the International Federation of Robotics (IFR).
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