Just by taking the floor at the start of Game 2 of the NBA Finals, Miami Heat rookie Tyler Herro managed to make some history.
Just by taking the floor at the start of Game 2 of the NBA Finals, Miami Heat rookie Tyler Herro managed to make some history.
France should get ready for "difficult decisions" on new measures to tackle the resurgence of COVID-19 cases, interior minister Gerald Darmanin said on Tuesday ahead of a cabinet meeting to discuss the pandemic. French authorities are looking at options for still tighter measures to fight COVID-19, which has kept spreading despite some of the strictest restrictions in Europe, according to three sources familiar with the government's thinking. "We must expect difficult decisions," Darmanin told France Inter radio.
Record sales and operating profit from product segments in Q3
(Bloomberg) -- BP Plc narrowly avoided a third-quarter loss, but warned there are many challenges ahead as the pace of recovery in oil demand remains uncertain.The company defied analyst expectations to eke out a small profit as a rebound in earnings from fuel marketing offset “extremely weak” refining margins. Yet the positive surprise may do little to change the gloomy outlook for Big Oil amid the coronavirus pandemic.While crude prices have recovered from historic lows seen in April, BP’s profit was down 96% from a year earlier as restrictions put in place to slow the spread of the coronavirus in Europe and the U.S. kept fuel demand at bay. The company warned of a “volatile and challenging trading environment” where “the shape and pace of the recovery is uncertain.”BP reported an adjusted net income of $86 million for the third quarter on Tuesday, down from $2.25 billion a year earlier. That’s an improvement from the second quarter, when the company posted a $6.68 billion loss.“Having set out our new strategy in detail, our priority is execution,” Chief Executive Officer Bernard Looney said in a statement. “Despite a challenging environment, we are doing just that.”Weaker TradingBP’s trading division, which last quarter brought in “exceptionally strong results,” wasn’t able to cushion the blow this time around. With a less volatile market and fewer opportunities for so-called contango plays -- a trade that profits from buying and storing oil during a glut -- the unit’s earnings were “significantly lower,” the company said.Other oil majors, who report later this week, have already told investors they experienced the same headwinds as BP. “Refining margins are absolutely terrible,” Patrick Pouyanne, Total SE’s chief executive officer, said earlier this month. Royal Dutch Shell Plc warned that its trading performance will be “below average” in the third quarter.One positive sign for BP was a drop in net debt to $40.4 billion at the end of the third quarter, down from $46.5 billion a year earlier. After cutting the dividend in August, reducing debt is necessary to give investors confidence that the payout is now sustainable.“Funding the dividend remains our first priority and we are confident in moving toward our $35 billion net-debt target,” Chief Financial Officer Murray Auchincloss said in the statement. (Updates with outlook in first 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.
Despite a "challenging environment", the oil giant says it is "performing while transforming".
A big banner of U.S. vice presidential candidate Kamala Harris welcomes visitors to Thulasendrapuram, a lush, green south Indian village that is praying for her Democratic Party's victory in the Nov. 3 presidential election. The village, located about 320 km (200 miles) south of the city of Chennai, is where Harris's maternal grandfather was born more than a century ago. "From Thulasendrapuram to America", declares one of the nearly dozen banners from where Harris smiles out in the village.
Aboriginal Australians condemn the destruction of the tree, which holds particular importance to women.
Individual whistles echo during quieter moments, and a single fan with enough persistence can leave an impression with a chant during World Series games with the smallest crowds in more than 100 years. Because of the coronavirus, this year's Fall Classic is being held at a neutral site. A team from each coast is playing in Texas, drawing fans from Los Angeles and Tampa, Florida — along with curious Rangers supporters seeing the home squad's new retractable-roof stadium for the first time.
"Never underestimate their capacity for petty hatred," one person hit back on Twitter.
In the first real test of the potentially transformative power of its food-preserving technology, the Santa Barbara, Calif.-based Apeel Sciences is bringing its innovative food treatment and supply chain management services to distribution centers in select markets in Asia, Africa and Latin America. The goal is to alleviate food insecurity among farmers, who comprise one of the most susceptible populations to issues of malnutrition, according to Apeel's chief executive James Rogers.
Aquabeutine XL, the skincare ingredient developed in Norway by Aqua Bio Technology, will shortly enter a new and fast growing U.S. market. ABT’s American partner Restorsea has entered into a licensing agreement for Aquabeautine XL with Conversion Labs, a company offering telemedicine and electronic consultations on the Internet.Conversion Labs is preparing a first quarter 2021 launch of its new service Nava MD, where the skincare products offered will be Aquabeautine XL based.Conversion Labs offers electronic consultations, where consumers engage directly with skincare experts on the Internet. The skincare expert reviews the consumer’s individual needs and relevant skincare products are sold there and then.Electronic consultations are experiencing strong growth and it is expected that more than one billion such consultations will be made in the United States during 2020. Skincare advice and sales is the fastest growing segment within electronic consultations. An annual sales growth of more than 20 per cent is forecasted and the US market is expected to grow beyond NOK 400 billion by 2027.Conversion Labs with, a market cap of approx 86MUSD, is today traded in the U.S. on the OTC Markets and has recently announced an application to uplist the company's common stock to the NASDAQ Capital Market (NASDAQ). For further information see https://ir.conversionlabs.com/In 2012, Aqua Bio Technology’s U.S. partner Restorsea secured global rights for ABT’s proprietary technology on certain commercial terms until 2032. As announced in ABT’s stock exchange release on 17 August 2020, the company has seen a positive development in Restorsea’s commercialization of the technology. Restorsea is preparing launches outside the United States as well as licensing agreements with partners within the cosmetics industry. The agreement with Conversion Labs demonstrates that Restorsea’s strategy is proving successful. Hence, ABT’s future revenue potential from the ingredient Aquabeautine XL is strengthened.For further information, please contact Espen Kvale, CEO, telephone +47 916 28 092 – firstname.lastname@example.org.Aqua Bio Technology (ABT) is developing and commercializing sustainable biotechnology for use in skin care products. ABT's cosmetics ingredients are effective and they provide the cosmetics industry with natural alternatives to traditional ingredients. ABT is also marketing and distributing natural skin care products developed by partners towards consumers and professional users. ABT's focus on commercialization and development of natural ingredients and natural skin care products has been, and will continue to be, an important part of the company's strategy going forward. Aqua Bio Technology is listed on the Axess market of the Oslo Stock Exchange. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Total (Paris:FP) (LSE:TTA) (NYSE:TOT), through Total Quadran, a wholly-owned affiliate dedicated to developing and producing renewable energy in France, was awarded 67 megawatt-peak (MWp) of solar projects representing 20% of the volumes awarded in the eighth period of the CRE (French Energy Regulatory Commission) call for tenders. Total is thus consolidating its position as France's second-largest solar developer with 606 MW of projects in all the sections of the calls for tenders. Three of these projects are part of the solarization program for Total Group sites.
UPM-Kymmene Corporation Stock Exchange Release (Interim Report) 27 October 2020 at 09:45 EETUPM Interim Report Q3 2020: Driving performance and transformative projects under highly exceptional circumstancesQ3 2020 highlights * Sales decreased by 19% to EUR 2,028 million (2,493 million in Q3 2019) due to lower deliveries of graphic papers and lower pulp and paper prices * Comparable EBIT was EUR 215 million, 10.6% of sales (342 million, 13.7%), down 37% year-over-year * Operating cash flow was EUR 365 million (500 million) * Successful health and safety measures enabled uninterrupted business operations and progress in transformative growth projects * Some normalization of the COVID-19-related demand impacts, both positive and negative, in graphic papers and in labelling materials and specialty papers * Closures of UPM Chapelle paper mill and UPM Jyväskylä plywood mill * Announced the closure of UPM Kaipola paper mill, plans for selling UPM Shotton paper mill and streamlining in several businesses and functionsQ1–Q3 2020 highlights * Sales decreased by 18% to EUR 6,392 million (7,791 million in Q1–Q3 2019) due to lower deliveries of graphic papers and lower pulp and paper prices * Comparable EBIT was EUR 697 million, 10.9% of sales (1,061 million, 13.6%), down 34% year-over-year * Operating cash flow was EUR 659 million (1,256 million) * Net debt was EUR 89 million (-2 million) * Cash funds and unused committed credit facilities totalled EUR 2.3 billion at the end of September * The COVID-19 containment measures significantly decreased demand for graphic papers, while demand for labelling materials and specialty papers increased during the lockdowns * UPM's transformative pulp project in Uruguay and biochemicals project in Germany are well on track with the planned start-up timelineKey figures Q3/2020Q3/2019Q2/2020Q1–Q3/2020Q1–Q3/2019Q1–Q4/2019 Sales, EURm2,028 2,493 2,077 6,392 7,791 10,238 Comparable EBITDA, EURm331 455 320 1,050 1,409 1,851 % of sales16.3 18.2 15.4 16.4 18.1 18.1 Operating profit, EURm117 316 148 508 1,009 1,344 Comparable EBIT, EURm215 342 203 697 1,061 1,404 % of sales10.6 13.7 9.8 10.9 13.6 13.7 Profit before tax, EURm109 319 138 487 983 1,307 Comparable profit before tax, EURm207 345 193 676 1,036 1,367 Profit for the period, EURm83 260 103 378 810 1,073 Comparable profit for the period, EURm158 281 157 546 857 1,119 Earnings per share (EPS), EUR0.15 0.46 0.19 0.70 1.49 1.99 Comparable EPS, EUR0.29 0.50 0.29 1.01 1.58 2.07 Return on equity (ROE), %3.5 10.7 4.3 5.1 11.0 10.7 Comparable ROE, %6.7 11.6 6.6 7.4 11.6 11.2 Return on capital employed (ROCE), %4.3 12.0 5.4 6.2 12.4 12.3 Comparable ROCE, %7.9 12.9 7.5 8.5 13.1 12.8 Operating cash flow, EURm365 500 156 659 1,256 1,847 Operating cash flow per share, EUR0.69 0.94 0.29 1.23 2.35 3.46 Equity per share at the end of period, EUR17.54 18.28 17.50 17.54 18.28 18.87 Capital employed at the end of period, EURm10,721 11,172 10,767 10,721 11,172 11,474 Net debt at the end of period, EURm89 -2 301 89 -2 -453 Net debt to EBITDA (last 12 months)0.06 0.00 0.19 0.06 0.00 -0.24 Personnel at the end of period18,349 19,020 19,029 18,349 19,020 18,742 Jussi Pesonen, President and CEO, comments on the Q3 2020 results:“During Q3 we delivered on many fronts: performance, cost reduction actions, transformative projects as well as safety and health of our personnel. We are taking action to ensure competitiveness, and our businesses delivered satisfactory performance under the highly exceptional circumstances resulting from the COVID-19 pandemic. Despite weak paper markets and low pulp prices, our profitability improved slightly compared to the previous quarter, our cash flow recovered, and our EBIT margin remained above 10%. UPM Raflatac, UPM Specialty Papers and UPM Energy continued to perform well. Our financial standing is strong and puts us in a unique position to proceed with our transformative projects with determination.Compared to Q3 of last year, sales prices were lower across all of our business areas, and graphic paper deliveries were down by 21%, resulting in sales of EUR 2,028 million, a decrease of EUR 464 million in a single quarter. Comparable EBIT decreased by 37% to EUR 215 million. Operating cash flow totalled EUR 365 million. At the end of Q3, our net debt was very low at EUR 89 million, and cash funds and unused credit facilities totalled EUR 2.3 billion.During Q3, UPM took forward plans for decisive restructuring and efficiency improvement. Closing of the UPM Jyväskylä plywood mill in Finland and the UPM Chapelle paper mill in France were finalised. Decision on closing the UPM Kaipola paper mill in Finland was taken in October and the plan to sell the UPM Shotton paper mill in Wales was announced. Streamlining began in the business functions of UPM Communication Papers, in Finnish pulp mills, at the UPM Tervasaari mill and at UPM Forest. In addition, UPM Raflatac and UPM’s global functions announced efficiency improvement plans in October. All of these measures combined are expected to result in annual cost savings of approximately EUR 130 million.The implemented and announced measures are unfortunate to many UPMers, but they are nevertheless necessary to ensure performance in the short term and competitiveness in the long term. UPM is also taking measures to support transitions from job-to-job.Demand for UPM Communications Papers has been most severely affected by COVID-19-related measures. As expected, demand in Q3 partly recovered compared to the lockdown part of Q2, but still remained low. Market prices decreased by 5%. However, thanks to the ongoing cost reduction measures and improved efficiency, the business was able to turn back to positive EBIT in Q3.During the spring, UPM Raflatac and UPM Specialty Papers benefited from exceptionally good demand in many end-use areas, especially those related to daily consumer goods and e-commerce. During Q3, the markets somewhat normalised, but the businesses continued to perform well. UPM Biorefining had a strong quarter in terms of pulp production and deliveries. UPM Biofuels achieved a new production record. However, pulp prices remain at very low levels, which are affecting the profitability of the business area.For UPM Plywood, the market for spruce plywood was good, both in terms of demand and price. The market for birch plywood, on the other hand, remained highly competitive in some high-end products. UPM Energy continued to deliver good results. As the hydrological situation normalised and market prices improved, UPM Energy successfully optimised production in the volatile market.We are on track to deliver long-term earnings growth and sustainability-driven new business. Our transformative projects in Uruguay and Germany proceed on schedule. Construction in the Paso del los Toros pulp mill site is making good progress, and a long-term service agreement on rail cargo operations was signed. The construction of the biochemicals refinery began in Leuna, and infrastructure leases were signed with the chemical park operator InfraLeuna.The work on these construction sites, as well as production at all existing UPM facilities, has continued uninterrupted throughout the COVID-19 pandemic thanks to high health and safety standards. As part of the UPM Biofore Share and Care programme, we helped Finnish officials in procuring 30 million protective face masks. In addition, we donated 500,000 masks to health care and educational facilities and nursing homes in UPM’s operating countries.As one of the 41 companies world-wide, UPM was once again recognised as a UN Global Compact LEAD Participant for our strong commitment to responsible business. We greatly value this recognition, as responsibility is at the core of our Biofore strategy. We have signed the UN’s 1.5°C climate target, committing ourselves to reducing emissions, practising climate-positive forestry and innovating products that replace fossil materials and contribute to climate change mitigation.UPM’s value creation is based on offering sustainable products and solutions to consumers and businesses and strong focus on performance. Our Biofore strategy has delivered results in all circumstances and enables growth of sustainable businesses for a future beyond fossils.”Outlook for 2020The COVID-19 pandemic, the related containment measures and the economic downturn continue to cause high uncertainty for H2 2020.The COVID-19-lockdowns had a significant negative impact on graphic paper demand. The lockdowns also supported the strong demand for self-adhesive labelling materials and specialty papers in H1 2020. In Q3 2020 there was some normalization of these demand impacts, both positive and negative. However, the development going forward remains uncertain and is likely to be gradual, depending on the pandemic, the related lockdowns and changes in consumer reactions.Demand for most UPM products is influenced by overall economic activity and hence, also depends on the shape and rate of the economic recovery.In Q4 there will be significantly more maintenance activity than in the earlier quarters of 2020, as two pulp mill maintenance shutdowns were rescheduled from Q2 2020 to Q4 2020.UPM will continue to implement measures to decrease fixed and variable costs.UPM’s comparable EBIT is expected to be significantly lower in 2020 than in 2019.Invitation to investor webcast and press conference on Q3 2020 Interim ReportA webcast and a conference call for analysts and investors in English language begins at 13:15 EET. UPM’s financial results will be presented by the President and CEO Jussi Pesonen and CFO Tapio Korpeinen. All participants can view the webcast online at www.upm.com or through this link, but participants who wish to ask questions must attend the conference call by dialling a number in the list below:Conference call title: UPM Interim Report for January – September 2020 International telephone numbers:Australia Toll: +61 284058549 Austria Toll: +43 19287907 Belgium Toll: +32 24035814 Denmark Toll: +45 35445577 Finland Toll: +358 981710310 France Toll: +33 170750711 Germany Toll: +49 6913803430 Hong Kong Toll: +852 30600225 India Toll: +91 2271279610 Ireland Toll: +353 14311252 Italy Toll: +39 0236013821 Japan Toll: +81 344556492 Netherlands Toll: +31 207095189 Norway Toll: +47 23500243 Singapore Toll: +65 64298349 Spain Toll: +34 935472900 Sweden Toll: +46 856642651 Switzerland Toll: +41 225809034 United Kingdom Toll: +44 3333000804 United States Toll: +1 6319131422PIN code: 34661817We recommend that participants dial in 5-10 minutes prior to ensure a timely start of the webcast. The webcast will be available at www.upm.com for 12 months after the call.Later in the afternoon, at 14:30 EET, CEO Jussi Pesonen will present the results in a press conference held in Finnish language both at the Biofore House and online. Due to the Covid-19 pandemic, participation to the Biofore House event is restricted to members of media only. Others are asked to follow the presentation online. To register to the live or online event, visit this link. Only the registered will receive the link to the online press conference.**It should be noted that certain statements herein, which are not historical facts, including, without limitation, those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by "believes", "expects", "anticipates", "foresees", or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein including the availability and cost of production inputs, continued success of product development, acceptance of new products or services by the Group's targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group's patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group's products and the pricing pressures thereto, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group's principal geographic markets or fluctuations in exchange and interest rates. The main earnings sensitivities and the group’s cost structure are presented on pages 160–161 of the 2019 Annual Report. Risks and opportunities are discussed on pages 28–29 and 129-131, and risk management is presented on pages 189–195 of the report.**UPM-Kymmene Corporation Pirkko Harrela Executive Vice President, Stakeholder RelationsUPM, Media Relations Mon-Fri 9:00-16:00 EET tel. +358 40 588 3284 email@example.comUPM We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 18,700 people worldwide and our annual sales are approximately EUR 10.2 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.com Follow UPM on Twitter | LinkedIn | Facebook | YouTube | Instagram | UPM biofore beyondfossilsAttachment * UPM Q320 Report (English)
United Overseas Bank (UOB) today announced that it has expanded its award-winning Group-wide learning and development programme, Better U, to enable its employees to master skillsets in data analytics and project management, two areas essential to future employability. Better U is one of UOB's flagship training programmes and sits alongside the Bank's other training and traineeship programmes for its people.
A Greek navy minesweeper and a Portuguese-flagged cargo ship collided Tuesday outside the country’s main port of Piraeus, leaving two navy crew slightly injured and prompting the evacuation of the military vessel. It was not immediately clear why the minesweeper and the cargo ship, the Maersk Launceston container vessel, collided. The coast guard said all 27 navy crew members were rescued from the minesweeper, which sustained damage.
OSLO, Norway - MediaTek and Elliptic Labs are collaborating to standardize Elliptic Labs’ ultrasound framework to its mobile device SoCs.
Energy firms and ports along the U.S. Gulf Coast were bracing on Tuesday for another test as Hurricane Zeta, the 11th hurricane of the season, entered the Gulf of Mexico. BP, Chevron and Equinor evacuated oil workers and Royal Dutch Shell paused drilling as winds intensified to 85 mile-per-hour (136 kph). Pipeline operator Enbridge evacuated an offshore platform and on Tuesday plans to remove workers from a Louisiana natural gas processing plant.
Total E&P; Angola has awarded Maersk Drilling a three-well contract for the Maersk Voyager drillship. PHOTO SOURCE: Maersk Drilling
The sale of the loans, which are predominately on interest-only repayment terms, are classified as performing and have an average remaining term of 10 years, PTSB said in a statement. Citibank, which is making the purchase via Citibank NA London, intends to syndicate the portfolio via securitisation following completion of the acquisition, the PTSB statement said. "This transaction will increase the Bank's transitional Total Capital Ratio by 2.1%, strengthen the balance sheet and provide us with resources to compete in our core markets of personal mortgages, personal lending and SME lending," PTSB CEO Eamonn Crowley said in a statement.
British mobile operators will be barred from selling smartphones locked to their networks, regulator Ofcom said on Tuesday, a change designed to remove a barrier to switching networks for some customers. Companies including BT/EE, Tesco Mobile and Vodafone sell phones that cannot be used on other networks unless they have been unlocked, a potentially complex process that can cost about 10 pounds ($13), Ofcom said. O2, Sky, Three and Virgin Media sell unlocked devices to their customers.
BP swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and is weighing on fuel demand and refining profits. BP reported a $86 million profit for the three months to September 30, beating analysts' expectations of a loss of $120 million. There was a slow recovery in oil prices but extremely weak refining profit margins as fuel demand, particular for aviation fuel, remains weak due to the pandemic.