(Bloomberg) -- A new market consensus has quickly formed after last week’s fire sale in bonds -- rate-hike expectations have become too aggressive and it’s time to buy.Swap traders now see the Federal Reserve raising rates in March 2023, with more than 90 basis points of increases expected by the end of 2024. A slew of strategists have come out saying that’s too much and investors should buy short-dated bonds -- those most responsive to the expected path of Fed rates -- to fade the move.JPMorgan Chase & Co.’s Jay Barry recommended buying five-year debt, while strategists at TD Securities doubled down on their bullish stance on the same securities on Friday. Barclays Plc.’s Anshul Pradhan said to buy three-year bonds, while Citigroup Inc.’s Jabaz Mathai suggested investors target the so-called “belly of the curve,” which traditionally means maturities between three and seven years.Their views seem to have struck a chord with investors Monday, where short-term Treasuries outperformed longer-dated peers. The yield on five-year Treasuries fell as much as five basis points to 0.68%, while its 30-year equivalent rose three basis points to 2.18%.Five-year Treasuries saw a blistering selloff last week as traders brought forward the pricing of rate hikes, driving an exodus of positions which had previously been sheltered by rate guidance from the Federal Reserve.Yields surged 16 basis points to 0.73% last week, with Thursday’s move the worst performance on the yield curve since 2002.“We think these moves are not consistent with the Fed’s stance and framework, and therefore not sustainable,” wrote Guneet Dhingra, Morgan Stanley’s head of U.S. interest rate strategy, about the rate-hike expectations. He expects the Fed to push back against the market pricing in rate hikes in 2023.Fed Chairman Jerome Powell will deliver this week what are likely his final public comments before a mid-month policy meeting. Other officials are also set to speak.Read: Dizzied Bond Traders Brace for More Pain as Fed Speakers Line Up(Corrects spelling of name in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- China’s curbs on fintech that thwarted a massive stock sale by Ant Group Co. have been under consideration for years and weren’t a surprise to those in the industry, according to an executive at China’s biggest insurer by market value.Like Ant, Ping An Insurance (Group) Co. was in the midst of planning a public listing for a fintech unit when regulators began issuing a flurry of rules to contain the country’s burgeoning online lending industry. Its Lufax Holding Ltd. debuted on the New York Stock Exchange days before the most-sweeping checks were unveiled in November, followed closely by the abrupt suspension of Ant’s initial public offering.While the string of tightening moves has prompted investors to dump Chinese tech stocks and led to deep cuts in valuations, industry players saw them coming, Jessica Tan, co-chief executive officer of Ping An said in an interview. Tan, 43, oversees Ping An’s technology units including Lufax and OneConnect Financial Technology Co.“Chinese regulators don’t suddenly throw a regulation at you and say ‘we will do this,’” Tan said while on a visit to her native Singapore. “Every regulation that has been announced, it’s not a surprise to any of us, including Ant. Ant knows these regulations as well.”Despite the warnings, global investors and bankers were caught off guard when the authorities derailed Ant’s planned $35 billion IPO on the eve of its listing, pointing to the changed regulatory environment. The IPO had created a frenzy, with orders topping $3 trillion and shares in the gray market trading at a 50% premium to the offer price.Ant, Lufax and their rivals must now comply with new rules that curb expansion and force firms to boost capital to finance lending.“These regulations have been discussed for the past two years, so all of us know” them, Tan said, citing warnings in Lufax’s public offering documents. “For us, we’ve already complied with the regulations, so we don’t expect any change.”Lufax WarningLufax warned in its prospectus that China’s retail credit and wealth management industries “may not develop as we anticipate,” and the regulatory frameworks “remain uncertain for the foreseeable future.”During a roadshow before the listing in October, the company said it planned to increase the proportion of loan risk it bears with lending partners to 20% from 2% because of potential regulatory demands, people familiar have said.Proposed online micro-lending rules announced on Nov. 2 called for platform operators to provide at least 30% of the funding for loans extended jointly with partners including banks. Ant’s IPO was halted the next day, just two days before the planned listing in Hong Kong and Shanghai.Ant, Jack Ma’s fintech juggernaut, wasn’t aware of the draft regulations until they were published to solicit public comments, the company said in a emailed statement. The company had fully disclosed in its prospectus all known material risks, including those relating to potential regulatory changes, Ant said.The document carried lengthy warnings about China’s “highly complex, continuously evolving” regime, and also outlined Ant’s response at the time to draft rules on financial holding companies that would be subject to additional scrutiny.China’s regulatory clampdown continues to weigh on its fintech sector as more rules are rolled out. Authorities announced new requirements on co-lending last month, capping the business at no more than 50% of banks’ outstanding loans. The New York-traded shares of both Ping An units tumbled last week, joining a tech sell-off.As the price movements show, “investors are still worried about regulatory tightening,” said Kevin Kwek, a Singapore-based analyst at Sanford C. Bernstein. While the latest rule impacts Ant more due to its size, “investors generally expect that tightening isn’t quite done yet.”Last month’s requirements on online lending were released only after officials “fully” sought feedback from various types of financial institutions, which widely recognized the rule changes, the banking regulator said last week. The agency will continue to close loopholes in its regulatory system to better prevent risks, it said in a statement on its website.Lufax, which was once among China’s largest peer-to-peer lenders, was forced to morph into a financial giant offering wealth management and retail lending after Chinese authorities launched a sweeping crackdown on the P2P sector three years ago.Profit JumpLufax reported a 17% jump in fourth-quarter profit as tax expenses dropped, even after cutting loan rates for borrowers to comply with relevant new rules. It also gave guidance for a 48% surge in net income for the first quarter from the previous three months.Shenzhen-based Ping An has been growing in other parts of Asia and beyond. OneConnect Financial has expanded into 14 countries, most recently in Abu Dhabi, the Philippines and Malaysia. The firm is looking to hire about 100 people in Southeast Asia, adding to a staff of 400, after revenue grew about 40% last year, she said.“The big trend is that all financial institutions will increasingly spend more and more on technology,” said Tan, who built the fintech unit about five years ago. OneConnect will help fill the gap with software and innovation for firms that aren’t able to do it all themselves, she said.(Updates with regulator comment in 15th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Brazos Electric Power Cooperative Inc is one of dozens of electricity providers facing enormous charges for power and fees during a severe cold snap last month. The fallout threatens utilities and power marketers who collectively face billions of dollars in blackout-related charges, executives said. Brazos and others that committed to provide power to the grid and could not, were required to buy replacement power at high rates.
Brazos Electric Power Cooperative Inc is one of dozens of electricity providers facing enormous charges for power and fees during a severe cold snap last month. The fallout threatens utilities and power marketers who collectively face billions of dollars in blackout-related charges, executives said. Brazos and others that committed to provide power to the grid and could not, were required to buy replacement power at high rates.
@NRL_Bulldogs halfback Kyle Flanagan is looking forward to growing his game under new coach Trent Barrett. #NRL
The share repurchase programme runs as from 28 January 2021 and up to and including 30 September 2021. In this period, Jyske Bank will acquire shares with a value of up to DKK 750 million, cf. Corporate Announcement No. 2/2021 of 28 January 2021. The share repurchase programme is initiated and structured in compliance with the EU Commission Regulation No. 596/2014 of 16 April 2014, the so-called “Market Abuse Regulation”. The following transactions have been made under the program: Number of shares Average purchase price (DKK) Transaction value (DKK) Accumulated, latest announcement 344,898 243.46 83,968,358 22 February 2021 18,985 264.85 5,028,192 23 February 2021 17,985 267.97 4,819,464 24 February 2021 18,500 261.98 4,846,565 25 February 2021 17,771 265.97 4,726,478 26 February 2021 16,853 266.36 4,489,032 Accumulated under the programme 434,992 248.00 107,878,090 With the transactions stated above, Jyske Bank now owns a total of 434,992 of treasury shares, excluding investments made on behalf of customers and shares held for trading purposes, corresponding to 0.60% of the share capital. In accordance with the EU Commission Regulation No. 596/2014, transactions related to the share buy-back programme are attached to this corporate announcement in detailed form. Yours faithfully,Jyske Bank Contact: Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44. Attachment Share repurchase programme 20210301
Mar.01 -- Myanmar has suffered its deadliest day of protests so far since the Feb. 1 coup. The United Nations says at least 18 protesters were killed in a stark escalation of violence as the military moves to quell demonstrations against its takeover. Bloomberg’s Philip Heijmans reports on “Bloomberg Markets: Asia.”
ST Engineering has partnered with BlackSky to provide expanded satellite imaging and insights that now includes BlackSky products and services.
Russian Kremlin critic - Alexei Navalny - has been sent to a penal colony outside Moscow to serve his prison sentence.Navalny was arrested last month on his return from Germany, where he had been recovering from a near-fatal poisoning in Siberia.Several European authorities have said that Navalny was targeted with a novichok nerve agent developed in Russia.He's now serving a two and a half year sentence for allegedly violating parole in a 2014 fraud case.Navalny will be quarantined as a precaution, before he joins other prisoners in the colony.The institution is located in the town of Pokrov and is known for its severe conditions.Jailed Russia - a prisoners' rights group - says inmates are abused if they violate a strict daily schedule.It adds that many prisoners cooperate with the colony administration and help them to control other inmates closely.Navalny is one of Russian President Vladimir Putin's most prominent critics.He accuses Putin of ordering his attempted murder and says the charges against him are jumped up.Putin has dismissed that, alleging Navalny is part of a U.S.-backed dirty tricks campaign to discredit him.The EU is preparing targeted sanctions against senior Russian officials over Navalny's jailing.
(Repurchase of own shares, pursuant to the Company’s Articles of Incorporation based on the provisions of Article 459-1-1 of the Company Law of Japan)KYOTO, Japan, March 01, 2021 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594; OTC US: NJDCY) (the “Company”) today announced the status of the Company’s own share repurchase under its ongoing repurchase plan resolved at a meeting of the Board of Directors held on January 25, 2021, pursuant to Article 459, Paragraph 1, Item 1 of the Company Law of Japan. Details are as follows: Details of Share Repurchase 1. Period of own share repurchase: From February 1, 2021 through February 28, 2021 2. Class of shares: Common stock 3. Number of own shares repurchased: 0 4. Total repurchase amount: 0 yen Note: The above repurchase information has been prepared on the basis of trade date. Reference A) The following details were resolved by the Company’s Board of Directors on January 25, 2021: 1. Class of shares: Common stock 2. Total number of shares that may be repurchased: Up to 4,000,000 shares (0.68% of total number of shares issued, excluding treasury stock) 3. Total repurchasable amount: 50 billion yen 4. Period of repurchase: From January 26, 2021 through January 25, 2022 B) Total number and yen amount of own shares repurchased from January 26, 2021 through February 28, 2021, pursuant to the Board of Directors resolution above: 1. Total number of own shares repurchased: 0 2. Total repurchase amount: 0 yen Contact: Masahiro Nagayasu General Manager Investor Relations +81-75-935-6140 ir@nidec.com
BOUSSARD & GAVAUDAN HOLDING LIMITED Ordinary Shares The Directors of Boussard & Gavaudan Holding Limited would like to announce the following information for the Company. Close of business 26 Feb 2021. Estimated NAV Euro Shares Sterling Shares Estimated NAV € 26.3370 £ 23.0050 Estimated MTD return 0.55 % 0.41 % Estimated YTD return 1.55 % 1.04 % Estimated ITD return 163.37 % 130.05 % NAV and returns are calculated net of management and performance fees Market information Euro Shares Amsterdam (AEX) London (LSE) Market Close € 21.30 N/A Premium/discount to estimated NAV -19.13 % N/A Sterling Shares Amsterdam (AEX) London (LSE) Market Close N/A GBX 1,800.00 Premium/discount to estimated NAV N/A -21.76 % Transactions in own securities purchased into treasury Ordinary Shares Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A Range of Price N/A N/A Liquidity Enhancement Agreement Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A BGHL Capital BGHL Ordinary Shares Euro Shares Sterling Shares Shares Outstanding 13,045,769 294,494 Held in treasury 150,000 N/A Shares Issued 13,195,769 294,494 Estimated BG Fund NAV Class B Euro Shares (estimated) € 221.1258 Class GBP A Shares (estimated) £ 121.9771 The Class B Euro Shares of BG Fund are not subject to investment manager fees, as the Investment Manager receives management fees and performance fees in respect of its role as Investment Manager of BGHL. For further information please contact: Boussard & Gavaudan Investment Management, LLP. Emmanuel Gavaudan +44 (0) 20 3751 5389 Email : info@bgam-uk.com The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the "Shares") are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc's main market for listed securities. This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law. Neither the Company nor BG Fund ICAV has been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States. You should always bear in mind that: all investment is subject to risk; results in the past are no guarantee of future results; the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice. This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice. Attachment Daily NAV - BgHL
Montrouge, France, March 1, 2020 DBV Technologies to Report Full Year 2020 Financial Results on March 4, 2021 DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT), a clinical-stage biopharmaceutical company, today announced that the Company will host a conference call and live audio webcast on Thursday, March 4, 2021, at 5:00 p.m. ET/23:00 CET to report full year 2020 financial results and provide a corporate update. This call is accessible via the below teleconferencing numbers, followed by the reference ID: 50114481. United States: (866) 866-1333 Canada: (866)-215-5508United Kingdom: 0808 238 9578 France: 0805 102 604 A live webcast of the call will be available on the Investors & Media section of the Company’s website: https://www.dbv-technologies.com/investor-relations/. A replay of the presentation will also be available on DBV’s website after the event. About DBV Technologies DBV Technologies is developing Viaskin™, an investigational proprietary technology platform with broad potential applications in immunotherapy. Viaskin is based on epicutaneous immunotherapy, or EPIT™, DBV’s method of delivering biologically active compounds to the immune system through intact skin. With this new class of non-invasive product candidates, the Company is dedicated to safely transforming the care of food allergic patients. DBV’s food allergies programs include ongoing clinical trials of Viaskin Peanut. DBV Technologies has global headquarters in Montrouge, France and offices in Bagneux, France, and North American operations in Summit, NJ and New York, NY. The Company’s ordinary shares are traded on segment B of Euronext Paris (Ticker: DBV, ISIN code: FR0010417345), and the Company’s ADSs (each representing one-half of one ordinary share) are traded on the Nasdaq Global Select Market (Ticker: DBVT). Investor Contact Anne PollakDBV Technologies+1 857-529-2363anne.pollak@dbv-technologies.com Media ContactAngela MarcucciDBV Technologies+1 646-842-2393angela.marcucci@dbv-technologies.com Attachment PDF Version
BOUSSARD & GAVAUDAN HOLDING LIMITED Ordinary Shares The Directors of Boussard & Gavaudan Holding Limited would like to announce the following information for the Company. Close of business 26 Feb 2021. Estimated NAV Euro Shares Sterling Shares Estimated NAV € 26.3370 £ 23.0050 Estimated MTD return 0.55 % 0.41 % Estimated YTD return 1.55 % 1.04 % Estimated ITD return 163.37 % 130.05 % NAV and returns are calculated net of management and performance fees Market information Euro Shares Amsterdam (AEX) London (LSE) Market Close € 21.30 N/A Premium/discount to estimated NAV -19.13 % N/A Sterling Shares Amsterdam (AEX) London (LSE) Market Close N/A GBX 1,800.00 Premium/discount to estimated NAV N/A -21.76 % Transactions in own securities purchased into treasury Ordinary Shares Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A Range of Price N/A N/A Liquidity Enhancement Agreement Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A BGHL Capital BGHL Ordinary Shares Euro Shares Sterling Shares Shares Outstanding 13,045,769 294,494 Held in treasury 150,000 N/A Shares Issued 13,195,769 294,494 Estimated BG Fund NAV Class B Euro Shares (estimated) € 221.1258 Class GBP A Shares (estimated) £ 121.9771 The Class B Euro Shares of BG Fund are not subject to investment manager fees, as the Investment Manager receives management fees and performance fees in respect of its role as Investment Manager of BGHL. For further information please contact: Boussard & Gavaudan Investment Management, LLP. Emmanuel Gavaudan +44 (0) 20 3751 5389 Email : info@bgam-uk.com The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the "Shares") are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc's main market for listed securities. This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law. Neither the Company nor BG Fund ICAV has been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States. You should always bear in mind that: all investment is subject to risk; results in the past are no guarantee of future results; the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice. This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice. Attachment Daily NAV - BgHL
Press ReleaseNicox Announces 2020 Financial Results and 2021 Key Milestones Net revenue1 of €12.9 million in 2020 almost doubled versus 2019Cash position increased to €47.2 million as of December 31, 2020 March 1st, 2021 – release at 7:30 am CETSophia Antipolis, France Nicox SA (Euronext Paris: FR0013018124, COX), an international ophthalmology company, today announced the financial and operating results for Nicox and its subsidiaries (the “Nicox Group”) for the year ended December 31, 2020, as approved by the Board of Directors on February 26, 2021, and provided upcoming 2021 key milestones. 2020 Financial Summary Net revenue1 for the full year 2020 was €12.9 million (€2.4 million in net royalties, €10.5 million in license payments), compared to €6.9 million (€2.1 million in net royalties, €4.8 million in upfront and milestone payments) for the full year 2019. Net revenue has been revised upwards from that reported in the Q4 2020 business update due to an accounting adjustment reflecting a non-cash item of deferred income received from Ocumension in March 2020. Operating expenses for the year 2020 decreased to €19.5 million from €25.5 million for the 12 months to December 31, 2019. Research and development expenses decreased by €5.0 million while administrative and other expenses decreased by €1.0 million. Nicox’s research and development efforts remained strong in 2020, mainly concentrated in the second part of the year with 3 clinical trials initiated since June. Net loss of the Nicox Group for the full year 2020 was €18.1 million against €18.9 million for the full year 2019. As of December 31, 2020, the Nicox Group had cash and cash equivalents of €47.2 million as compared with €28.1 million at December 31, 2019. As of December 31, 2020, the Nicox Group had financial debt of €17.9 million consisting of €15.9 million in the form of a bond financing agreement with Kreos Capital signed in January 2019 and a €2.0 million credit agreement with Société Générale and LCL, guaranteed by the French State, and granted in August 2020 in the context of the COVID-19 pandemic. The position includes the prepayment to Kreos of the January 2021 period. Events after the Reporting Period VYZULTA® (latanoprostene bunod ophthalmic solution), 0.024%, was launched by Nicox’s global partner Bausch + Lomb in Mexico. It is already commercialized in U.S. (2017), Canada (2019), Argentina (2020) and Hong Kong (2020), and approved in 4 other territories, Colombia, South Korea, Taiwan and Ukraine. Bausch + Lomb is planning to launch VYZULTA in Taiwan in 2021 and in South Korea in 2022.Nicox amended its bond financing agreement with Kreos Capital, introducing an additional one-year period of interest-only payments on the outstanding principal starting on February 1, 2021, and an extension of the overall period of the loan by 6 months to July 2024. The new one-year interest-only period is expected to provide approximately €5.5 million of additional flexibility for investment in development activities in 2021. The interest rate of the bonds remains unchanged as a result of this amendment.Pre-clinical intraocular pressure (IOP)-lowering results on a new class of non-prostaglandin analog, nitric oxide (NO)-donating compounds, was published in the Journal of Ocular Pharmacology and Therapeutics, a leading scientific journal. Increased IOP is one of the principal risk factors of open-angle glaucoma. The NO-mediated IOP-lowering effect in this new class of compounds is enhanced by concomitant action of phosphodiesterase type-5 inhibition within the same molecule. Key Expected Upcoming Milestones NCX 470 first Phase 3 clinical trial, Mont Blanc: Nicox’s lead clinical product candidate, NCX 470 is a novel NO-donating prostaglandin analog. Mont Blanc is a 3-month trial evaluating the safety and efficacy of NCX 470 ophthalmic solution, 0.1%, against latanoprost ophthalmic solution, 0.005%, for lowering of IOP in patients with open-angle glaucoma or ocular hypertension. Top-line results are currently expected in H1 2022.NCX 4251 Phase 2b clinical trial, Mississippi: NCX 4251 is a novel patented ophthalmic suspension of fluticasone propionate nanocrystals. Mississippi is evaluating once-daily dosing NCX 4251 0.1% versus placebo for the treatment of acute exacerbations of blepharitis. Top-line results are currently expected in Q4 2021.We expect to enter into additional agreements for ZERVIATE® (cetirizine ophthalmic solution), 0.24%, further enlarging the licensed territories and increasing potential future revenue. We continue to closely watch the spread and impact of the COVID-19 pandemic and we will provide an update of any delays.About NicoxNicox S.A. is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. Nicox’s lead program in clinical development is NCX 470, a novel nitric oxide-donating prostaglandin analog, for lowering intraocular pressure in patients with glaucoma. The company is also developing NCX 4251, a proprietary formulation of fluticasone, for acute exacerbations of blepharitis. Nicox generates revenue from VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, and ZERVIATE® in allergic conjunctivitis, licensed in multiple geographies, including to Eyevance Pharmaceuticals, LLC, in the U.S. and Ocumension Therapeutics in the Chinese and in the majority of South East Asian markets. Nicox is headquartered in Sophia Antipolis, France, is listed on Euronext Paris (Compartment B: Mid Caps; Ticker symbol: COX) and is part of the CAC Healthcare, CAC Pharma & Bio and Next 150 indexes. For more information on Nicox, its products or pipeline, please visit: www.nicox.com.Analyst coverage Bryan, Garnier & Co Victor Floc’h Paris, FranceCantor Fitzgerald Louise Chen New York, U.S.Edison Investment Research Pooya Hemami London, UKH.C. Wainwright & Co Yi Chen New York, U.S.Kepler Cheuvreux Damien Choplain Paris, France The views expressed by analysts in their coverage of Nicox are those of the author and do not reflect the views of Nicox. Additionally, the information contained in their reports may not be correct or current. Nicox disavows any obligation to correct or to update the information contained in analyst reports.ContactsNicoxGavin SpencerExecutive Vice President, Chief Business Officer& Head of Corporate Development T +33 (0)4 97 24 53 00communications@nicox.com Investors & MediaUnited States & Europe LifeSci Advisors, LLC Mary-Ann Chang T +44 7483 284 853mchang@lifesciadvisors.comMediaFranceLifeSci Advisors, LLCSophie BaumontM +33 (0)6 27 74 74 49 sophie@lifesciadvisors.comForward-Looking StatementsThe information contained in this document may be modified without prior notice. This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on current expectations or beliefs of the management of Nicox S.A. and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Nicox S.A. and its affiliates, directors, officers, employees, advisers or agents, do not undertake, nor do they have any obligation, to provide updates or to revise any forward-looking statements. Risks factors which are likely to have a material effect on Nicox’s business are presented in the 3rd chapter of the ‘Document d’enregistrement universel, rapport financier annuel et rapport de gestion 2019’ filed with the French Autorité des Marchés Financiers (AMF) on March 6, 2020 which are available on Nicox’s website (www.nicox.com) and as restated in the 4th chapter of the half yearly financial report as of June 30, 2020, which is also available on Nicox’s website.Nicox S.A.Drakkar 2 Bât D, 2405 route des Dolines CS 10313, Sophia Antipolis 06560 Valbonne, France T +33 (0)4 97 24 53 00 F +33 (0)4 97 24 53 99 Consolidated statements of profit or loss As of December 31: 20202019 Revenue from collaborations14,4238,260Royalty payments(1,516)(1,405)Net profit12,9076,855Research and development expenditures(12,728)(17,747)Administrative expenses(6,677)(7,666)Other income1,083970Other expenses(93)(85)Operating loss before amortization of intangible assets(5,508) (17,673)Amortization of intangible assets(1,252)(659)Operating loss(6 760)(18,332)Finance income1,1682,565Finance expense (1)(12,478)(7,013)Net financial income, (expense)(11,310)(4,446) Loss before tax (18,070) (22,778) Income tax (expense) / benefit (2)(28)3,856 Loss after tax (18,098) (18,922)Loss for the period(18,098) (18,922) (1) Finance expense in 2020 included a net loss of € (6.9) million following the divestment of the VISUfarma shareholding, € (2.2) million of loan interests paid to Kreos and € (3.4) million of foreign exchange loss. In 2019 Finance expenses included an impairment of € (6.1) million related to VISUfarma shareholding and (0.8) million of loan interests paid to Kreos. (2) Income tax (expense) / benefit in 2019 included a non-cash item of €3.7 million for the first recognition of deferred tax assets related to ZERVIATE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31: 20202019 ASSETS Non-current assets Goodwill23,66325,847Intangible assets64,84872,120Property, plant and equipment1,1661,670Non-Current financial assets (1)6811,023Total non-current assets89,745110,660 Current assets Trade receivables1,7231,069Government grants receivables736864Other current assets2371,297Prepayments2,630814Cash and cash equivalents47,19528,102Total current assets 52,52132,146TOTAL ASSETS142,266142,806 EQUITY AND LIABILITIES Shareholders’ equity Issued capital37,03033,231Share premium528,595518,441Cumulative translation adjustement2,9597,811Treasury Shares(605)-Accumulated deficit(467,169)(450,186)Total equity100,810109,297Non-current liabilities Non-current financial liabilities13,42910,168Deferred taxes liabilities11,86812,964Provisions754549Total non-current liabilities26,05123,681Current liabilities Current financial liabilities5,6462,481Trade payables2,4224,996Deferred income5,174-Other current liabilities2,1632,351Total current liabilities15,4059,828TOTAL LIABILITIES AND EQUITY142,266142,806 (1) Divestment of VISUfarma shareholding and loan notes in 2020 1 Net revenue consists of revenue from collaborations less royalty payments which corresponds to Net profit in the consolidated statements of profit or loss Attachment EN_FY2020Results_PR_20210301_F
Ashton Agar has praised the decision to complete the remaining T20 games between Australia and New Zealand in Wellington given the recent COVID-19 outbreak in Auckland.
Tepco, the operator of Japan's wrecked Fukushima atomic plant, said it had successfully removed spent uranium fuel from a damaged reactor building in a key step in its clean up of the site after a nuclear disaster a decade ago. Formally known as Tokyo Electric Power, Tepco said it had transferred around 170 tonnes of spent uranium fuel from high up in the building to a safer location -- the second successful operation of its kind and the first to be carried out by remote control, due to the high radiation in the reactor building.
The Golden Globes on Sunday experimented with a virtual format and cemented "Nomadland" as the film to beat this Hollywood awards season.
The "shocking" collapse of champions Jiangsu FC is a watershed for Chinese football that should prompt a rethink from top to bottom, state media said.
(Bloomberg) -- The decision by embattled Chinese conglomerate Suning Appliance Group Co. to shut down a soccer club in its hometown of Jiangsu is raising concerns that the next to get entangled in the indebted company’s efforts to raise cash could be its prize asset in Italy, FC Internazionale Milano SpA.In a bid to ease debt payment pressure, the appliance retailer said Sunday that state-owned Shenzhen International Holdings Ltd. and Shenzhen Kunpeng Equity Investment Management Co. planned to purchase 8% and 15% of Suning.com.’s shares, respectively, paying a total of 14.8 billion yuan ($2.3 billion). Jiangsu Football Club, owned by Suning since 2015, said over the weekend that it would cease operations, without elaborating. Suning.com Co., the key listed unit, jumped by the daily limit of 10% after shares resumed trading Monday in Shenzhen.The halt of the Chinese soccer club’s operations adds to uncertainty over the future of Inter Milan. Suning acquired 70% of Inter Milan in 2016 for 270 million euros ($306 million at the time). The company has since expanded its soccer empire, including a $650 million deal by digital broadcaster PPTV -- a unit of Suning Holdings Co. -- for a three-year television contract with England’s Premier League.“Chinese conglomerates were growing through acquisitions due to cheap funding. Now that the good old time is over, it makes sense to refocus on core businesses,” said Warut Promboon, managing partner at credit research firm Bondcritic Ltd. “The key is not about being leaner but being more focused on what they can do best. And for Suning, it is about the retail business, not football clubs, in our view.”Suning said Sunday that the introduction of state-owned investors will help the company further focus on its retail business. Analysts expect the company to divest more non-retail assets as it re-focuses, which could include selling off its 70% stake of Inter Milan. The company on Monday declined to comment further on the stake sale.Cash CrunchConcerns about the retail giant’s financial health have been growing since last year, when online talk of a cash crunch pressured bonds issued by Suning.com, the key listed unit -- chatter Suning Appliance at the time dismissed as “rumor.” The pressure on Suning comes at a time when other Chinese conglomerates are in full retreat as Beijing moves to rein in financial risk.It’s also another blow to China’s billionaires, which includes Suning’s founder Zhang Jindong, as officials move to more closely regulate their flamboyant overseas purchases that have included cinema chains, historic buildings and sports clubs.What Is Behind China’s Crackdown on Its Tech Giants: QuickTakeBoth Suning.com and its parent face high near-term repayment pressure, according to China Chengxin International Rating Co. A combined 15.8 billion yuan of bonds will be payable this year for the two firms when they are confronting refinancing difficulties, Chengxin said in a report earlier this month.In a recent sign of liquidity strain, Suning Appliance conducted a swap offer for a yuan bond due Feb. 2. A majority of the holders agreed to exchange the 7.3% note for a new two-year bond carrying the same coupon. In January, Suning Appliance said it pledged 376.5 million shares, or a 4.04% stake, in Suning.com to China Minsheng Banking Corp. to raise funds.Helping EvergrandeSuning Appliance’s debt risk has also come under further focus after it helped China Evergrande Group avoid a cash crunch by deciding not to demand repayment of a 20 billion yuan strategic investment in the indebted developer. Suning is an Evergrande supplier, and a collapse could have had ripple effects on its business.“The non state-owned conglomerates are set to focus more on their main businesses amid the challenging business environment and improve their profitability and efficiency in order to better compete with global rivals,” said Bruce Pang, head of macro research at China Renaissance Securities Hong Kong.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Prime Minister Benjamin Netanyahu has blamed Iran for a blast aboard an Israeli-owned ship in the Gulf of Oman last week but sidestepped a question on whether Israel would retaliate.The MV Helios Ray, a vehicle-carrier ship, was hit between Thursday and Friday morning by a blast above the water line that a US official said ripped holes in both sides of its hull.
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