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Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased Coty, Inc. (NYSE: COTY) common stock between October 3, 2016 and May 28, 2020 (the "Class Period"). Investors have until November 3, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Figure 1 Canadian Malartic Location Map. Figure 2 Canadian Malartic long section looking north, highlighting 2020 drilling results for the East Gouldie zone. Drilling intercepts presented include those greater than 25.0 gram*metres (Gold g/t (uncapped) multiplied by estimated true width in metres).Download a PDF of detailed drill hole results for Canadian Malartic TORONTO, Oct. 28, 2020 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or “the Company”) provides an exploration update for the Canadian Malartic mine, announcing exceptional drill results that provide further support for the development of a future underground operation at the East Gouldie, Odyssey, and East Malartic zones with significant additional mineral resources and extended life of mine.HIGHLIGHTS * An ongoing C$24 million drill program has added 44 new pierce points this year within the mineral envelope at East Gouldie, providing data for a rapidly growing mineral resource model with spacing between pierce points of 150 metres or less. * Mineralization is currently defined over 1,400 metres of strike length and a 1,200-metre vertical interval, and remains open at depth. * Mineralization occurs in two closely spaced panels that locally converge into a single wide mineralized body. * Assays indicate good grades, averaging over 3.00 grams per tonne (“g/t”) of gold, consistent homogeneous grade distribution, and wide estimated true width intervals, with multiple intercepts each averaging over 10.00 metres estimated true width. * Drilling has defined significant intercepts that extend from 700 metres below surface to 1,900 metres below surface. Notable results include the following uncapped values over estimated true widths: MEX19-151WC with 6.90 g/t of gold over 39.30 metres, including 10.50 g/t of gold over 13.10 metres; MEX20-163AW 9.50 g/t of gold over 27.40 metres, including 16.00 g/t of gold over 9.90 metres; MEX19-159A 7.61 g/t of gold over 23.95 metres, including 12.00 g/t of gold over 12.16 metres; MEX19-160 6.90 g/t of gold over 21.30 metres, including 13.20 g/t of gold over 4.50 metres. * Exploration on the broader amalgamated mine property in 2020 focused on the East Amphi and Rand projects. Drilling at East Amphi targeted the Nessie zone, a shear zone and porphyry-hosted mineralized zone, returning broad intervals of low-grade gold mineralization. The zone remains open at depth and to the east. * A new mineralized zone at East Amphi was also discovered 80 metres south of the Nessie zone located at 450 metres depth north of the main porphyry. Drilling in this zone intercepted a downhole interval of 3.55 g/t of gold (uncapped) over a core length of 19.50 metres. SignificanceThe strong results confirmed expected grades and widths of East Gouldie mineral inventories, while also confirming that the zone is open at depth, providing confidence to proceed with an exploration ramp that will allow tighter definition drilling on the Odyssey, East Malartic, and East Gouldie zones from underground drill platforms, and eventually be used to mine and haul mineralization from the upper zones. The results are expected to significantly increase inferred mineral resources at the higher-grade East Gouldie zone at year end, which will improve the economics of the Canadian Malartic underground project and represent another significant step towards defining the project as a multimillion ounce deposit that would support a future decades long life underground mine with a multi-hundred thousand ounce per year production platform.EAST GOULDIESince the discovery of the East Gouldie zone in the fourth quarter of 2018, an aggressive exploration program has been pursued focused on mineral resource expansion and definition in support of a future underground operation with extended life of mine. In its year-end 2019 mineral reserve and mineral resource update, Yamana reported inferred mineral resources of 4,798,000 ounces of gold (50% basis) in the East Malartic, Odyssey, and East Gouldie zones, and measured and indicated mineral resources of 415,000 ounces of gold (50% basis) in the East Malartic and Odyssey zones. (See Table 1.)Table 1: Canadian Malartic year-end 2019 underground mineral resources.(1) Measured & Indicated Mineral ResourcesInferred Mineral Resources Tonnes (000's)Grade (g/t Au)Contained oz. Gold (000's)Tonnes (000's)Grade (g/t Au)Contained oz. Gold (000's) Odyssey Underground (50%)1,0112.106811,6842.22833 East Malartic Underground (50%)4,9622.1834739,3822.052,596 East Gouldie Underground (50%)---12,7603.341,369 Total (50%)5,9732.1741563,8262.454,798 (1) Please refer to the Canadian Malartic page on the Yamana website (http://www.yamana.com) for a full 2019 mineral resource update and related assumptions for mineral resource estimates. In 2020, despite a six-week stoppage of exploration drilling that began in late March due to government restrictions on mining activities related to COVID-19, the mine’s exploration group has drilled 77,500 metres in 34 drill holes and 46 wedge holes that have provided 44 new pierce points within the East Gouldie mineralized body. This drilling activity also includes seven pierce points in Odyssey South and two pierce points in the Chert zone, which is part of the East Malartic zone. These pierce points provide data for a rapidly growing mineral resource model with spacing between pierce points at 150 metres or less.The results of this drilling are clearly defining a large mineralized zone with two closely-spaced sheet-like mineralized bodies with exceptional grade continuity and width. Significant intercepts extend from 700 metres below surface to 1,900 metres below surface and along a strike length of roughly 1,400 metres, defining a continuous mineralized body. The mineralization remains open at depth and, given that the East Malartic and East Gouldie zones dip towards each other, these zones are expected to converge at depth. (See cross section presented in Figure 2).The mineralized zones at East Gouldie are typically stacked in closely-spaced adjacent sheets with individual reported intervals ranging from an estimated true width of 1.6 metres to 39.3 metres, with a mean width of 10.7 metres and mean grades in excess of 3.00 g/t of gold. Notable highlights include the following uncapped values over estimated true widths: MEX19-151WC with 6.90 g/t of gold over 39.30 metres, including 10.50 g/t of gold over 13.10 metres; MEX20-163AW 9.50 g/t of gold over 27.40 metres, including 16.00 g/t of gold over 9.90 metres; MEX19-159A 7.61 g/t of gold over 23.95 metres, including 12.00 g/t of gold over 12.16 metres; MEX19-160 6.90 g/t of gold over 21.30 metres, including 13.20 g/t of gold over 4.50 metres. (See additional drill results in Table 2.)Each pierce point typically comprises three to five of these mineralized intervals in two well-defined, closely-spaced mineralized panels: East Gouldie North and East Gouldie South. (See Figure 2 cross section showing cumulative width.) Grades are relatively homogeneous with minimal vertical and lateral variation and the 150-metre spacing is expected to be sufficient to define inferred mineral resources.These exceptional results are part of an ongoing 2020 drill program, budgeted at C$24 million, that will include a further 35,000 metres in the fourth quarter, for a total of 112,500 metres in 2020, after which the data will be integrated into a new mineral resource model prior to year-end reporting. This new mineral resource will form the basis for a preliminary economic assessment and further mine planning. Infill drilling to 75-metre centres will initiate in the fourth quarter and be the focus of the 2021 drill program. Figure 1: Canadian Malartic Location Map. https://www.globenewswire.com/NewsRoom/AttachmentNg/15b4cdc8-52ac-4971-9941-ffcd6c1a0f2dFigure 2: Canadian Malartic long section looking north, highlighting 2020 drilling results for the East Gouldie zone. Drilling intercepts presented include those greater than 25.0 gram*metres (Gold g/t (uncapped) multiplied by estimated true width in metres). https://www.globenewswire.com/NewsRoom/AttachmentNg/b1979fa1-6eb3-4997-ada9-11747b23b5c9Infrastructure Development Advancing Construction of surface infrastructure, offices, and the ramp portal is well underway, with ramp development into Odyssey and East Malartic scheduled to start in November. The purpose of the exploration ramp is to allow tighter definition drilling on Odyssey, East Malartic, and East Gouldie from underground drill platforms, and it will eventually be used for mining and haulage of ore from the upper zones. This would allow underground production from Odyssey South from as early as 2023, providing higher-grade mill feed to complement the open pit production, thereby extending the life of the open pit.In parallel, engineering of the production shaft and hoist is advancing, with an objective of starting preparation for the shaft and headframe in 2021, subject to formal approval after completing the requisite preliminary economic assessment. A vertical drill hole is currently in progress to provide geotechnical characterization at the proposed shaft location. The production shaft is designed as 6.4 metres in diameter and 1,800 metres deep and is planned to start hoisting ore from East Gouldie from 2027. Combined underground production from the haulage ramp and shaft is expected to ramp up to approximately 20,000 tonnes per day by 2029. The engineering team is assessing opportunities to improve the gold production profile during the ramp up period between 2023 and 2029. More detailed information will be presented in an updated NI 43-101 Technical Report in 2021.Table 2: 2020 Drilling highlights, East Gouldie zone, selected for estimated true width intervals greater than 25.0 gram*metres (gold g/t (uncapped) multiplied by estimated true width in metres). Capping is at 15.00 g/t of gold. Hole IncludingZoneFrom (m)To (m)Interval (m)Estimated True Width (m)Au Uncapped (g/t)Au Capped (g/t) MEX19-140WB EG North1497.001507.5010.5010.103.20- MEX19-140WB EG South1608.001623.0015.0014.303.70- MEX19-151WC EG North1686.001728.0042.0039.306.906.30 incl.EG North1698.001712.0014.0013.1010.509.90 MEX19-159 EG South1822.001836.2014.2013.104.904.20 incl.EG South1829.901836.206.305.809.608.10 MEX19-159A EG South1795.001820.6025.6023.957.616.70 incl.EG South1798.001811.0013.0012.1612.0010.30 MEX19-160 EG North1567.101589.8022.7021.306.906.30 incl.EG North1574.001578.204.304.0310.028.10 incl.EG North1585.001589.804.804.5013.2012.05 MEX20-162W EG North1511.001532.9021.9016.902.90- MEX20-162WA South of EG South1661.001670.859.908.403.82- MEX20-163AW EG North1207.401237.0029.6027.409.508.20 MEX20-163AWincl.EG North1211.001221.8010.809.9016.0013.20 MEX20-163AWA EG North1197.001217.5020.5020.008.807.50 incl.EG North1197.001207.8010.8010.6012.009.50 MEX20-163EXT EG North1145.001163.0018.0017.161.48- MEX20-164 EG North1859.601878.3018.7015.901.60- MEX20-164 EG North1886.201900.0013.8011.736.235.53 incl.EG North1894.701900.005.304.5013.2011.40 MEX20-164 EG South1919.001943.2024.2020.651.27- MEX20-164W EG North1888.151904.4016.2511.882.58- MEX20-166 EG South1694.001718.0024.0022.075.725.26 MEX20-167 Merged EG North & South1626.951660.5033.5532.534.724.68 incl.Merged EG North & South1652.151659.707.557.326.606.44 MEX20-167A EG North1639.701666.0026.3024.603.67- MEX20-167AA EG North1638.501652.8014.3013.702.60- MEX20-167B EG North1654.251674.1019.8518.552.30- MEX20-169AW EG South1951.001968.0017.0013.831.96- MEX20-169AWB EG South1927.751945.6517.9014.242.31- MEX20-170A EG South1845.901859.6013.7012.062.76- MEX20-170AW EG North1769.701780.0010.309.405.40- MEX20-170AW EG South1802.101826.3024.2022.102.20- MEX20-171 EG North1788.901815.0026.1023.491.84- MEX20-171 EG South1821.001860.4039.4035.631.98- incl.EG South1845.001859.0014.0012.662.82- MEX20-171WA EG South1881.001892.8011.8010.002.50- MEX20-172A EG South1959.001975.8016.8014.733.30- MEX20-172AW North of EG North1829.001856.7527.7525.905.50- MEX20-172AW EG South1898.001917.0019.0017.602.57- MEX20-172AWA EG South1919.001935.4516.4514.219.027.50 incl.EG South1928.301935.106.805.9017.0015.30 MEX20-175W EG North1552.001557.405.404.947.686.23 MEX20-175W EG South1628.001639.0011.009.904.684.25 MEX20-175WA EG North1595.601612.0016.4014.801.70- MEX20-175WA EG South1627.851659.3031.4528.302.80- incl.EG South1649.551653.003.453.109.60- MEX20-176 EG North1337.001357.4020.4019.953.30- incl.EG North1344.601349.054.454.357.91- MEX20-176W EG North1342.501368.0025.5024.051.57- MEX20-176W EG South1380.151393.0012.8518.104.22.168 MEX20-176WA EG North1333.501360.4526.9526.102.20- MEX20-178 Merged EG North & South1231.601272.6041.0036.506.306.01 MEX20-178WA EG North1242.701278.7036.0028.533.823.60 incl.EG North1252.801258.205.404.2812.7711.30 MEX20-178WA EG South1308.001332.3024.3019.162.59- District ExplorationExploration on the broader amalgamated mine property in 2020 focused on the East Amphi and Rand projects. Based on favourable historical holes at depth in the East Amphi deposit, a past producing mine located west of Canadian Malartic, drilling was initiated in the first quarter and resumed in the third quarter on the Nessie zone, a shear zone and porphyry-hosted mineralized zone in the historic mine. The known vertical extent of the zone was extended by 150 metres to depth and returned broad intervals of low-grade gold mineralization with local high-grade narrow intervals. The zone remains open at depth and to the east. A new mineralized zone at East Amphi was also discovered 80 metres south of the Nessie zone located at 450 metres depth north of the main porphyry. Drilling in this zone intercepted a downhole interval of 3.55 g/t of gold (uncut) over a core length of 19.50 metres.Drilling on the Rand property returned anomalous values at two new occurrences in the northern half of the property. Exploration in the fourth quarter and in 2021 will add drilling to the new Mount Rand targets and test porphyry-related targets at Rand and East Amphi in an effort to add further mineral resources for a future underground operation.Qualified Persons Scientific and technical information contained in this press release has been reviewed and approved by Henry Marsden (P. Geo. and Senior Vice President, Exploration). Mr. Marsden is an employee of Yamana Gold Inc. and a “Qualified Person” as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.Quality Assurance and Quality Control Canadian Malartic incorporates a Quality Assurance and Quality Control (“QA/QC”) program for all of its mines and exploration projects which conforms to industry best practices.All samples and duplicates are analyzed by ALS, an ISO 9001 certified and ISO/IEC 17025 accredited laboratory. Samples are processed through a sample tracking system that is an integral part of that company’s Laboratory Information Management System (LIMS). This system uses bar coding and scanning technology that provides complete chain-of-custody records. Samples are dried and then crushed to 70% passing -10 mesh (1.7 mm). A 250 gram subsample is split off the crushed material and pulverized to 85% passing -200 mesh (75 micron). A 50 gram split of the pulp is used for assay. Prepared samples are analyzed by fire assay with atomic absorption finish. Samples returning assays in excess of 10 g/t Au are re-analyzed with a gravimetric finish. The gravimetric finish assay is used as the final assay.All exploration diamond drill cores are split in half by core sawing and sampled at appropriate intervals for assay, The remaining core, coarse reject and pulps are stored on-site in a secure location.Quality assurance standards, duplicates, sterile and blanks are routinely inserted into the sample stream as a control for assay accuracy, bias, precision and contamination. The results of these checks are tracked and failures are re-analyzed. This information also includes pulp checks carried out in a secondary lab.About Yamana Yamana Gold Inc. is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.FOR FURTHER INFORMATION, PLEASE CONTACT: Investor Relations 416-815-0220 1-888-809-0925 Email: firstname.lastname@example.orgTavistock (UK Public Relations) Charles Vivian / Emily Moss Telephone: +44 7977 297 903 / +44 778 855 4035 Email: email@example.comPeel Hunt LLP (Joint UK Corporate Broker) Ross Allister / David McKeown / Alexander Allen Telephone: +44 (0) 20 7418 8900Berenberg (Joint UK Corporate Broker) Matthew Armitt / Jennifer Wyllie / Detlir Elezi Telephone: +44 (0) 20 3207 7800CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains or incorporates by reference “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to information with respect to exploration results at the Jacobina, El Penon and Minera Florida and any potential increase in mine life. Forward-looking statements are characterized by words such as “plan,” “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include expectations related to the results of exploration efforts at Jacobina, El Penon and Minera Florida, including the details surrounding expected mine life expansions discussed herein and in the technical report being met, and the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices, currency exchange rates (such as the Brazilian real versus the United States dollar), the impact of inflation, possible variations in ore grade or recovery rates, hedging programs, changes in accounting policies, changes in Mineral Resources and Mineral Reserves, risks related to other investments, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting timelines, government regulation and the risk of government expropriation or nationalization of mining operations, risks related to relying on local advisors and consultants in foreign jurisdictions, environmental risks, unanticipated reclamation expenses, risks related to fiscal stability agreements, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending and outstanding litigation and labour disputes, risks related to enforcing legal rights in foreign jurisdictions, as well as those risk factors discussed or referred to herein and in the Company's Annual Information Form filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com, and the Company’s Annual Report on Form 40-F filed with the United States Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes.
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The Europe food allergen testing market is expected to grow from US$ 155. 11 million in 2018 to US$ 334. 39 million by 2027; it is estimated to grow at a CAGR of 9. 0% from 2019 to 2027. Anaphylaxis and food allergy are among increasing risks to public health in developed countries such as the Germany, France, and Italy.New York, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Food Allergen Testing Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Source, Technology, and Food Tested" - https://www.reportlinker.com/p05978849/?utm_source=GNW The prevalence is greater in young children, but a few recent studies indicate it is also becoming more common in adolescents and young adults. Europe is witnessing the increasing prevalence of food allergies.For instance, food allergy affects ~7% of children in the UK. Across Europe, 2% of adults have some form of food allergies.The American Academy of Allergy, Asthma & Immunology, stated that a significant part of the European population reports food allergen incidences. It has been estimated that 2–37% of adults in Europe have a self-reported food allergy, and 1–19% adults perceive a food allergy to frequently consumed and commonly implicated foods. The most common food allergies reported in Europe are egg, cow milk, peanut, soy, fish, shellfish, tree nuts, sesame, and wheat. Therefore, a rising number of food allergy cases across the world have prompted public health authorities to take significant measures to control the number of cases of food allergy complications. The stringent compliance related to food allergen labeling also fuels the demand for food allergen testing products and services in Europe. The milk segment led the Europe food allergen testing market, based on source, in 2018.Milk, as well as milk product, allergy is one of the most commonly found food allergies among children. Cow milk is one of the usual causes of milk allergies; however, milk from sheep, buffalo, goats, and other mammals can also cause allergic reactions, which occur occurs soon after the consumption of milk.Signs and symptoms of milk allergy range from mild to severe, and they include vomiting, wheezing, hives, and digestive problems, varying from person to person. Milk allergy can also cause anaphylaxis, a severe, life-threatening reaction.Avoiding milk and milk products is the prime solutions to avoid complications associated with milk allergies. Apart from the symptoms mentioned above, immediate signs and symptoms might include itching or tingling feeling around the lips or mouth; swelling of the lips, tongue, or throat; and coughing or shortness of breath. The ongoing COVID 19 pandemic has hampered the food allergen testing market in Europe.The major countries in the region are under lockdown. In many European countries that have faced high impact of COVID-19, governments have imposed isolation and social distancing measures.The lesser production of goods and commodities is hampering the growth of Europe food allergen testing market as the demand for these solutions has declined in the last few months. In Europe, Italy is the hardest-hit country by the COVID-19 outbreak, and it is expected to suffer an economic hit due to a lack of revenue from various industries. The overall Europe food allergen testing market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe food allergen testing market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe food allergen testing market. Dicentra, Eurofins Scientific SE, Intertek Group Plc, Mérieux NutriSciences, Neogen Corporation, ALS Limited, Romer Labs Diagnostic GmbH, SGS S.A., TUV SUD SPB PTE. LTD., and R-Biopharm AG are among the key players in the market in this region. Read the full report: https://www.reportlinker.com/p05978849/?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: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001
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(Bloomberg) -- Ford Motor Co., riding a wave of momentum from new models and new management, handily beat expectations with third-quarter earnings that outran the economic effects of the coronavirus pandemic.Fueled by strong sales of pricey pickups, Ford posted adjusted earnings per share of 65 cents, well above the 19 cents analyst consensus forecast. Big profits in North America offset weakness overseas, allowing the company to revise its full-year forecast. It now expects to stay in the black this year, a reversal from an earlier outlook for its first annual loss in a decade.Ford’s stock rose as much as 7.8% in postmarket trading after closing Wednesday at $7.70. The shares are down about 17% this year.The long-suffering automaker is enjoying a surge in sentiment since industry veteran Jim Farley became chief executive officer Oct. 1, replacing retiring Jim Hackett, to whom Wall Street never warmed. Intense and demanding, Farley is expected to jumpstart a turnaround that has been sputtering for years. The latest quarterly results help position the company to put the worst behind it.Ford said adjusted earnings before interest and taxes came to $3.6 billion in the quarter compared with $1.8 billion a year ago. Revenue in the quarter was $37.5 billion, above the $33.98 billion analysts anticipated.Unresolved IssuesFarley said the bullish performance belies underlying woes that need to be resolved before the carmaker can achieve its goal of sustainable profit margins above 10% in its core North American market.“Despite the strong numbers in the third quarter, we know we haven’t fixed the issues that have held us back in our automotive business,” the CEO said on a conference call with analysts. “They include warranty costs, which remain unacceptably high.”Farley said another challenge for Ford is sluggish growth, but he expressed optimism new products will address that problem. New model launches include a redesign of its top-selling F-150 pickup, the electric Mustang Mach-E and the revived Bronco sport-utility vehicle. The carmaker is also being helped by a faster-than-anticipated sales rebound in the U.S. market.“We see opportunity related to Bronco and F-150, with strength also buoyed by North American market resiliency” in 2021, Dan Levy, an analyst at Credit Suisse with a neutral rating on the stock, wrote in a research note. But the company still faces longer-term questions about its ability to profitably transition to an electric-vehicle-focused product lineup, he said.Farley said Ford intends to be make money on electric vehicles by offering battery-powered versions of its top-sellers, including the F-150 and the Mustang. The automaker will begin delivering the first Mustang Mach-E models to customers in the coming weeks, he said.”We don’t want to just be one of the many” automakers to transition to electric, Farley said. “We want to lead the electric change.”Repaid DebtFord recorded its best third-quarter pickup sales in 15 years as demand for trucks industrywide outpaced supply with the economy clawing back from the pandemic pause. That boosted the company’s U.S. market share by 1 percentage point in the quarter to 13.6%. The average price buyers paid climbed to $45,599, up 8% from a year earlier, according to researcher Edmunds.Chief Financial Officer John Lawler said in a conference call with reporters that Ford now expects adjusted earnings before interest and taxes for full-year 2020 to be between $600 million and $1.1 billion. This is up from the projected loss for the year the company predicted in the second quarter.To conserve cash when the pandemic hit, Ford suspended its dividend and maxed out its revolving credit lines of $15.4 billion. The automaker has fully repaid that debt, Lawler said, finishing the third quarter with $30 billion in cash and $45 billion in cash reserves.The loan repayment could pave the way to restore the dividend, analysts say. But when asked that question on the call, Farley said he would answer it in the spring.Chris McNally, an analyst for Evercore ISI, captured the shock of Ford’s surprisingly robust results in a research note entitled “Can a Quarter be Too Good?” He wrote they may auger better days ahead. “It’s hard not to be optimistic that a turnaround may be underway.”Overseas Market DragNorth America continued to drive Ford’s results, with automotive earnings before interest and taxes of $3.18 billion, up from $2.01 billion a year earlier, when the company was in the midst of a costly botched launch of its Explorer SUV. Third-quarter operating margin in the region was 12.5%, up from 8.6% a year earlier.Overseas operations remained a work in progress. Ford lost $58 million in China, where sales rose 25% in the quarter.In Europe, Ford lost $440 million as it scrambles to avoid fines for falling short of environmental regulations after recalling its Kuga plug-in hybrid due to a fire risk.“Had it not been for the Kuga issue, Europe would have been profitable through the third quarter,” Lawler said.That recall and costs associated with securing enough credit to meet tough new emissions standards in Europe will amount to another $100 million to $200 million in the fourth quarter, he said.Ford declined to specify which other automaker or automakers it will join with to meet the regulations and avoid paying fines.(Updates with CEO comments from sixth 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.
bioMérieux today announced the launch of Predictive Diagnostics - a new offering for food quality and safety programs.
LOS ANGELES, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Fenix Marine Services (“FMS”), one of the largest container terminals in San Pedro Bay, has published today its Corporate Social Responsibility (CSR) commitment and roadmap (linked here: https://www.fenixmarineservices.com/corporate-social-responsibility/ ). The CSR commitment, which goes above and beyond the mandates of the recently updated “San Pedro Bay Ports Clean Air Action Plan,” is structured around three founding principles: Sustainable Industrialization, Progressive People Development, and Business Ethics & Innovation. Fenix, as one of the largest terminal operators at the number-one freight gateway in the United States has repeatedly shown its commitment to environmental stewardship. “At Fenix, we strive to be the industry leader in Corporate Social Responsibility, and we are committed to maintaining the highest standards of environmental, governance, and workplace sustainability,” said Sean Pierce, CEO of Fenix.“FMS’s newly released CSR commitment speaks to their continued support for both the operational and environmental goals of the Port,” noted Port of Los Angeles Executive Director Gene Seroka.Fenix’s roadmap outlines 15 specific objectives that are backed by dozens of initiatives, many of which have already been put into effect. Fenix has undergone major equipment upgrades including the deployment of the latest engines, battery hybrid technologies, and trials of hydrogen-powered zero-emission equipment. Fenix has also improved its workplace environment through major improvements in Safety, Training, and Engagement. Many of Fenix’s initiatives include first-ever deployments of technologies such as Flywheel Energy Storage and Hydrogen-Powered container handling equipment. These initiatives provide operational productivity along with environmental sustainability.Just last month in its publication of the “2019 Air Emissions Inventory Report”, the Port of Los Angeles detailed the major improvements it has made complex-wide in the reduction of noxious emissions such as SOX, NOX and DPM. Consistent with the finding published in its CSR roadmap, Fenix is proud to have exceeded the average reductions within the Port complex by reducing every category by double digits in a single year. Further, Fenix has become one of only two terminals in San Pedro Bay with the best stormwater pollution prevention rating.Fenix looks forward to circulating its CSR commitment and roadmap among a broad group of Port stakeholders and other goods movement industry peers.Fenix Marine Photo Gallery https://www.fenixmarineservices.com/photo-gallery/Fenix Marine Service Fenix operates one of the largest container terminals in the Port of Los Angeles, in a prime location adjacent to the deep-sea channel and the ship-turning basin. With advanced information systems, a skilled workforce, and a commitment to continuous innovation, we’re on the leading edge of terminal performance today and tomorrow, at the heart of the busiest container port in the Western Hemisphere.Media Contact: Alex Cherin (562) 480-7334 Alex@ekapr.com
(Bloomberg) -- Asian stocks looked primed for losses after shares tumbled in the U.S. and Europe, as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic.Australian shares opened about 1.5% lower and futures declined in Japan and Hong Kong. S&P 500 contracts ticked higher after the benchmark lost 3.5% for its biggest drop since June, while a gauge of U.S. equity volatility surged. The dollar held its overnight advance and Treasuries were little changed, keeping 10-year yields around 0.77%, while gold declined. Oil edged up after tumbling more than 5% on concern rising infections will sap demand.In China, nearly 1,000 firms are due to release third-quarter earnings on Thursday, with traders looking to see if the results confirm the nation’s accelerating recovery. The yen was steady ahead of a Bank of Japan meeting that’s expected to leave the key interest rate and asset purchases unchanged.The MSCI global equities gauge is down almost 5% this week as virus cases surge, and after American lawmakers failed to agree on an economic aid package before the Nov. 3 election. Germany and France are imposing stricter lockdowns, while Italy, Spain and the U.K. all reported record case numbers on Wednesday.“We’ve got the election hanging over our heads. Then obviously Covid accelerating to the degree that it has both here in the U.S. as well as in Europe,” said Lori Heinel, deputy global chief investment officer at State Street Global Advisors. “And then you’ve got the lack of stimulus, which in our estimation is still necessary to get us through this period until we get an ultimate medical solution.”Elsewhere, the pound steadied as European Union and U.K. negotiators made progress toward resolving some of the biggest disagreements, raising hopes that a Brexit deal could be reached by early November. The European Central Bank’s policy decision is due later Thursday, with the new coronavirus lockdowns by the euro zone’s biggest economies boosting the chance of preemptive monetary stimulus.These are some events to watch this week:Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Haruhiko Kuroda and President Christine Lagarde.The Chinese Communist Party’s Central Committee holds its plenum through Friday, where it’s expected to chart the course for the economy’s development for the next 15 years.Brexit negotiating teams have started intense daily talks, and these are likely to continue as both sides push to finalize a deal by the middle of November.The first reading of U.S. third-quarter GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.Here are the main moves in markets:StocksS&P 500 Index futures added 0.4% as of 8:38 a.m. in Tokyo. The gauge dropped 3.5% on Wednesday.Futures on Japan’s Nikkei 225 fell 1.5%.Hang Seng futures were down 0.8%.Australia’s S&P/ASX 200 Index retreated 1.7%.CurrenciesThe Bloomberg Dollar Spot Index was steady after increasing 0.6%.The yen was at 104.31 per dollar.The offshore yuan traded at 6.7263 per dollar.The euro bought $1.1747.BondsThe yield on 10-year Treasuries was little changed at 0.77%.Australia’s 10-year yield held at about 0.78%.CommoditiesWest Texas Intermediate crude was at $37.66 a barrel.Gold was at $1,879.15 an ounce.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.
Surging coronavirus cases in the United States and Europe were a growing concern as French and German leaders announced new lockdown measures to combat rising infections. Worsening matters for investor enthusiasm were dwindling hopes for any imminent U.S. economic relief package with a presidential election less than a week away. "Risk sentiment took a nose dive on Wednesday amid more concern around the spread of COVID-19 and renewed restrictions in Europe," ANZ analysts wrote in a note.
(Bloomberg) -- EBay Inc.’s marketplace growth slowed in the third quarter, worrying investors that an online shopping boost from the Covid-19 pandemic isn’t sustainable.Gross merchandise volume, the value of all goods sold on the site, rose 22% in the third quarter, down from 26% growth in the second quarter. International GMV increased 16%, a smaller gain than the previous period.“If you look at EBay prior to Covid, they were under-performing other e-commerce companies, and that’s the concern,” said Brian Yarbrough, an analyst at Edward D. Jones & Co. “Do we go back to that lackluster performance after Covid?”The shares dropped 4% in extended trading after closing at $53.25 in New York.Fourth-quarter sales will be $2.64 billion to $2.71 billion, the San Jose, California-based company said Wednesday in a statement. That compares with $2.8 billion in revenue during last year’s fourth quarter. The new forecast partly reflects recent asset sales.Pandemic-wary shoppers have turned to online marketplaces like EBay and Amazon.com Inc. to avoid stores in the era of social distancing. The company said it ended the quarter with 183 million active buyers. That was less than analysts’ average prediction for almost 184 million, raising fears about customer growth.Investors may be concerned that EBay’s growth is lagging behind e-commerce growth overall, which is more than 30%, said Ron Josey, an analyst at JMP Securities. “You could argue they are still losing share here,” he added.Chief Executive Officer Jamie Iannone, who took the helm in April, is still trying to show that a slimmed-down EBay can lure customers and get them to spend more on the site. Under pressure from activist investors, EBay in February completed the sale of its event-tickets marketplace StubHub to Viagogo for $4.05 billion. In July, EBay sold the classifieds business to Norway’s Adevinta ASA in a cash and stock deal worth $9.2 billion that leaves EBay with a 44.4% stake in the company.Iannone said he is focusing on refurbished products with two-year warranties from brands like DeLonghi and Makita. The market for refurbished brand goods is in the tens of billions of dollars and is a good fit for EBay deal-seekers, he said. The company is also developing authentication services for luxury watches and second-hand sneakers to attract more high-value products to the site and increase average order sizes, the CEO added.EBay has deals with United Parcel Service Inc. and other carriers to protect sellers from shipping capacity issues and surcharges over the busy holiday period, he noted.“We’re well positioned to help sellers reach buyers this holiday season,” Iannone said.In the fourth quarter, profit, excluding some items, will be 78 to 84 cents a share, EBay said, compared with analysts’ estimates of 80 cents. Third-quarter revenue rose 25% to $2.6 billion. Analysts estimated $2.58 billion. Profit before certain items in the recent period was 85 cents per share, beating the average estimate of 80 cents.(Updates with analyst comment in third 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.
The phone repairer had an usual request from a husband as he attempted to repair his iPhone.
(Bloomberg) -- Financing options open to Australia’s coal operators dwindled further after another of the country’s largest banks said it would end almost all investment in thermal mines and power stations by 2030.The move by Australia and New Zealand Banking Group Ltd. will add to the increasing difficulty miners face in funding new operations or expanding their existing assets in the nation, the world’s second-biggest exporter of thermal coal.Financial institutions across the globe are bowing to pressure from shareholders and lobby groups to avoid investments in the fuel. Meanwhile, Australia’s mining lobby forecasts a booming market, on Tuesday saying that it expects Asian demand to rise 35% over the next decade.As of now, ANZ will not take on any new business customers with thermal coal exposure amounting to more than 10% of total revenue, and will work with existing clients which have over 50% exposure to support their diversification plans, the bank said in its 2020 climate statement published Thursday. It will also limit financing in power generation to natural gas and renewable projects by 2030.“There is no question that people deploying capital, be it in equity or debt, are looking for companies to be more carbon focused, around how you’re moving to reduce that carbon footprint,” said Mark Whelan, ANZ Group Executive, Institutional, in a phone interview. The bank’s direct exposure to thermal coal mines and coal power generation had already been reduced to 0.1% of the portfolio, or around A$500 million, he said.Thermal coal remains an important export for Australia, generating A$20 billion ($14 billion) of revenue in the year to June. ANZ is the last of Australia’s big four banks to set a date for exiting direct thermal coal investments, after Westpac Banking Corp. and Commonwealth Bank of Australia said they plan to be out by 2030 and National Australia Bank Ltd. targeted a 2035 exit.Meanwhile, Japanese banks, among the world’s biggest lenders to coal power developers, are paring back their exposure, leaving the industry to turn elsewhere in search of funding.Read: Death of Coal Financing Is Exaggerated as China Steps Up“The banks in Australia are continuing to hard-wire carbon risk considerations into their lending,” said Emma Herd, chief executive officer at the Investor Group on Climate Change, which represents institutional investors with total funds under management of more than A$2 trillion. ANZ’s statement appeared to strike a balance between reducing the bank’s exposure to coal, while also retaining some financial leverage in the sector to be able to influence change, she said.ANZ did not make any commitment to reduce its involvement in metallurgical coal, an even more valuable export for Australia, with Whelan saying that alternative feedstocks for steel-making were not yet commercially viable. The bank said it would support the transition to a net zero emissions economy by providing at least A$50 billion in funding by 2025 to customers to help finance carbon reduction efforts and that it would source 100% of its own power from renewable sources by the same date.Climate activist group Market Forces said ANZ’s new policy was “underwhelming”. While it brought the bank into line with its peers on thermal coal, there was no clear plan to scale back ANZ’s exposure to the oil and gas sector consistent with Paris Agreement climate goals. “ANZ’s ‘diversification strategy’ serves as a reward to companies expanding the fossil fuel industry as it gives the most climate-destructive coal companies another five years to formulate transition plans, while not even touching oil and gas companies,” the group said in a media release. (Updates with activist comment in 10th and 11th paragraphs; adds chart)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.