A hotel in the Canary Islands has opened its doors to migrants seeking a new life. (April 13)
A hotel in the Canary Islands has opened its doors to migrants seeking a new life. (April 13)
(Bloomberg) -- Expedia Group Inc. blitzed analysts’ estimates for several growth metrics in the first quarter, buoyed by a surge in domestic travel and vacation-rental demand.Gross bookings were down only 14% compared with a year earlier -- a significant improvement from the nearly 70% decline in the previous two quarters and better than analysts had expected. Revenue fell 44% to $1.25 billion, the Seattle-based company said Thursday in a statement, slightly ahead of analysts’ estimates. Shares climbed about 7% in extended trading.Still, the travel industry remains a “study in contrasts,” Chief Executive Officer Peter Kern said, as demand for international and business travel and conventional lodging remain challenged. “Beach and outdoor destinations have shown robust rebounds while major cities remain muted, and some regions have been growing while others remain locked down,” Kern said. “The market has clearly shown that when people feel safe to travel, demand comes roaring back.”After a year of pandemic-related border closures, steep revenue declines and mass layoffs, the travel sector is starting to see the green shoots of recovery. Booking Holdings Inc., the biggest online travel agency, on Wednesday reported a significant jump in the number of room-night reservations made in the beginning of the year. Analysts and industry experts expect the vaccine roll out in the U.S., which makes up more than 50% of Expedia’s revenue, will ignite a 2021 travel boom, driven largely by the alternative accommodation market.Expedia has seen booking trends “well above 2019 levels,” Kern said on a conference call with analysts after the results were released. Gross bookings, net of cancellations, were down about 40% in January. This improved to 20% in March and continued to show signs of growth into April, Kern said.“This is an unpredictable time,” Kern said. “Things could get worse before they get better, but we are optimistic we are seeing a lot of improvement across the globe.” The world will open up as the pace of vaccinations continues to increase, he said.Vrbo, which competes directly with Airbnb Inc., has weathered the pandemic better than its parent as travelers sought out regional staycations and remote work getaways. Expedia doesn’t disclose Vrbo metrics, but analysts expect the unit will lead Expedia’s recovery. Cowen analyst Kevin Kopelman estimated Vrbo accounted for more than 40% of Expedia’s gross bookings value in the quarter, up from about 14% in the same period in 2019.Expedia has “amped up” its marketing investment in order to woo successful hosts from rival platforms, like Airbnb. “We are driving it as fast as we can,” Kern said.Truist Securities analyst Naved Khan predicted Vrbo would see “robust growth,” reflecting consumer interest in home rentals amid rising travel demand. “We estimate that Vrbo’s 2021 revenue could easily be 35% above 2019 levels,” Khan said in an interview before the results were released.Earlier this week, Expedia sold its corporate business travel arm, Egencia, to American Express Global Business Travel. Financial terms of the deal were not disclosed. Expedia will become a shareholder and enter into a long-term commercial agreement with AmEx Global Business Travel as part of the agreement.Expedia reported an adjusted loss before interest, taxes, depreciation and amortization of $58 million. Analysts were expecting a loss of $137.3 million. The adjusted loss per share was $2.02, beating the average analyst estimate of $2.27. Expedia’s shares are up about 25% this year, outperforming Booking and Airbnb, which were both up less than 5%.(Updates with comments from CEO in the fifth 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.
VANCOUVER, British Columbia, May 06, 2021 (GLOBE NEWSWIRE) -- Metallica Metals Corp. (CSE: MM) (OTC: MTALF) (FWB: SY7P) (the “Company” or “Metallica Metals”) announces that, further to its news release of May 3, 2021, the Company has closed the agreement (the “NPI Agreement”) dated May 3, 2021 with MX Gold Corp. (“MXG”) pursuant to which the Company has agreed to purchase MXG’s 50% net profit interest (“NPI”) on gross cash income from the MAX Mine and Mill Project (“MAX Project”). As consideration for the purchase of the NPI, the Company paid $425,000 in cash and issued an aggregate of 1,000,000 common shares of the Company (each, a “Share”) at a price of $0.292 per Share. All securities issued are subject to a statutory four-month hold period pursuant to applicable securities laws of Canada. On behalf of the Board of Directors METALLICA METALS CORP.Paul Ténière, M.Sc., P.Geo.CEO and Directorinfo@metallica-metals.com Head Office:Suite 810 – 789 West Pender StreetVancouver, BC V6C 1H2Ph: (604) 687-2038 Toronto Office:Suite 401 – 217 Queen Street WestToronto, ON M5V 0R2 For more information, please visit the Company’s website at https://metallica-metals.com Forward-looking Information Statement This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company’s proposed acquisition, exploration program and the expectations for the mining industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
MEMPHIS, Tenn., May 06, 2021 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE:AZO), the nation’s leading auto parts retailer and a leading distributor of automotive replacement parts and accessories, will release results for its third quarter ended Saturday, May 8, 2021, before market open on Tuesday, May 25, 2021. Additionally, the Company will host a one-hour conference call on Tuesday, May 25, 2021, beginning at 10:00 a.m. (EDT), to discuss the results of the quarter. This call is being web cast and can be accessed, along with supporting slides, at AutoZone’s website at www.autozone.com and clicking on Investor Relations. Investors may also listen to the call by dialing (877) 407-8031. In addition, a telephone replay will be available by dialing (877)481-4010 and entering the passcode 41088 through June 24, 2021. About AutoZone: As of February 13, 2021, the Company had 5,951 stores in the U.S., 628 stores in Mexico, and 46 stores in Brazil for a total store count of 6,625. AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the Americas. Each AutoZone store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. We also have commercial programs in all stores in Mexico and Brazil. AutoZone also sells the ALLDATA brand diagnostic and repair software through www.alldata.com and www.alldatadiy.com. Additionally, we sell automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com and our commercial customers can make purchases through www.autozonepro.com. We also provide product information on our Duralast branded products through www.duralastparts.com. AutoZone does not derive revenue from automotive repair or installation. Financial: Brian Campbell at (901) 495-7005, firstname.lastname@example.orgMedia: David McKinney at (901) 495-7951, email@example.com
Stock futures hugged the flat line Thursday evening as investors awaited a key report on the state of the U.S. economic and labor market recovery out Friday morning.
The Federal Bureau of Investigation has arrested more than 440 people on a range of charges stemming from the Jan. 6 riot staged by supporters of former President Donald Trump at the U.S. Capitol.
Clean Energy Fuels (NASDAQ: CLNE) fell 19.9% in April according to S&P Global Market Intelligence. The stock was already slipping early in the month, but fell sharply after the company announced a deal to supply Amazon (NASDAQ: AMZN) with low- and negative-carbon renewable natural gas (RNG). Clean Energy operates more than 550 stations providing liquid and compressed natural gas for fleets across North America.
TORONTO, May 06, 2021 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (the “Company” or “DPM”) is pleased to announce the voting results from its Annual General Meeting of shareholders which was held via live audio webcast on Thursday, May 6, 2021. A total of 150,349,747 common shares were voted at the meeting, representing approximately 82.63% of the outstanding common shares. Shareholders voted in favour of all items of business before the meeting, as follows: Election of Directors The shareholders elected each of the nine nominees listed in the Company’s management information circular. Details of the voting results are set out below: NameVotes in Favour% ForVotes Withheld% WithheldJaimie Donovan142,716,63599.71411,0890.29R. Peter Gillin133,298,67193.139,829,0536.87Jonathan Goodman124,574,57387.0418,553,15112.96Jeremy Kinsman133,204,81093.079,922,9146.93Kalidas Madhavpeddi142,490,58699.55637,1380.45Juanita Montalvo141,705,74699.011,421,9780.99David Rae140,958,48898.482,169,2361.52Marie-Anne Tawil141,704,22999.011,423,4950.99Anthony P. Walsh123,340,65486.1819,787,07013.82 Appointment of Auditors PricewaterhouseCoopers LLP was appointed as auditor of the Company and the directors of the Company were authorized to fix the remuneration of the auditors. Details of the voting results are set out below: Total Votes% of Votes CastVotes in Favour150,253,79199.94Votes Withheld95,9560.06Total Votes Cast150,349,747100 Advisory Say on Pay Vote The advisory resolution was passed at the meeting, demonstrating significant shareholder support for the Company’s approach to compensation. Details of the voting results are set out below: Total Votes% of Votes CastVotes in Favour139,460,22697.44Votes Against3,667,4982.56Total Votes Cast143,127,724100 About Dundee Precious Metals Inc. Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia and Serbia. The Company’s purpose is to unlock resources and generate value to thrive and growth together. This overall purpose is supported by a foundation of core values, which guides how the Company conducts its business and informs a set of complementary strategic pillars and objectives related to ESG, innovation, optimizing our existing portfolio, and growth. The Company’s resources are allocated in-line with its strategy to ensure that DPM delivers value for all of its stakeholders. DPM’s shares are traded on the Toronto Stock Exchange (symbol: DPM). For further information please contact: David RaePresident and Chief Executive OfficerTel: (416) firstname.lastname@example.org Jennifer CameronDirector, Investor RelationsTel: (416) email@example.com
Gunners are facing the prospect of a first season without European football for 25 years
To introduce Footbuddy’s Swissx CBD-infused foot lotion, the celebrity chiropractor and TikTok star is inviting fans to create foot massage videos and upload them to his streaming TV channel Dr. Cracks will kick off his $1 million foot rub contest with Swissx CBD lotion with Footbuddys and Westfield. Go to Swissx.com to order your lotion and upload you most creative video to the Dr. Cracks channel on SwissxTV. Make your most creative foot rub video with Swissx CBD lotion and you could be in the running for Dr. Crack's $1 million foot massage challenge. Swissx CBD has been shown to ease pain and inflammation as well as stress and anxiety. Find out more at Footbuddys stores at Westfield malls and at Swissx.com . Los Angeles, CA, May 06, 2021 (GLOBE NEWSWIRE) -- Dr. Cracks, the celebrity chiropractor with 3.5 million followers on TikTok, has launched a $1 million contest to celebrate Footbuddy’s new lotion, infused with the highest quality Swissx CBD. Fans are invited to upload their most creative foot rub videos, using the Swissx lotion, to the doctor’s streaming channel, SwissxTV. The first rounds of judging will take place live at Footbuddy stores at premium Westfield malls throughout Southern California beginning with a kick-off event at the Westfield Topanga on Friday, May 7 at 4 p.m. PT. Footbuddy is the innovative African American-owend sock and shoe store taking over the Southland, and this is the brand’s first lotion, made in partnership with Swissx. The lotion uses all natural ingredients, including nano emulsified CBD from proprietary strains developed in the Swiss Alps and organic plants grown in Malibu, optimized to ease pain and inflammation, and relieve stress and anxiety as well. Footbuddy’s Swissx CBD lotion even rejuvenates skin. Swissx grows its cannabis in the Caribbean where it has set up a cooperative farming program to uplift local Rastafarian farmers. The company also owns the patents to the most widely used vape mechanisms and is working to increase safety in vaping and stop Big Tobacco from using its patents for unsafe products. Their power to heal has been praised by Donatella Versace, Snoop Dogg, David Navarro, Scott Disick, and Tommy Chong. Swissx products are available in stores nationwide and across Europe and in special subscription boxes that are tailored for special vibes like Surfing and Sexual Health, and with partners like Mike Tyson, and the original Ganja Farmer himself, Marlon Asher. A new box from Ray J includes premium access to SwissxTV’s adult entertainment section. Shop Swissx now. SwissxTV is the streaming TV platform with hundreds of channels that lets users create their own branded network and revenue stream. It’s best known for providing global access to UK shows and other international programming, including news in 37 languages, and tens of thousands of movies in a wide variety of genres. Check out SwissxTV. Shop Footbuddys. Join Dr. Cracks and Swissx at Footbuddys at Westfield Topanga on Friday, May 7 at 4 PM. 6600 Topanga Canyon Blvd. Woodland Hills, CA. For more information contact: firstname.lastname@example.org Attachments IMG-1561 View recent photos CONTACT: Swissx Labs email@example.com
Please replace the release (dated May 5, 2021) with the following corrected version due to multiple revisions.
Aussie tennis great pushes Hall of Fame induction to next year. Source: Tennis Hall of Fame
Confident the STB will reach same decision with CN’s identical voting trustMONTREAL, May 06, 2021 (GLOBE NEWSWIRE) -- CN (TSX: CNR, NYSE: CNI) today issued the following statement in response to the Surface Transportation Board’s ("STB") decision regarding the voting trust in connection with Kansas City Southern’s (NYSE: KSU) (“KCS”) existing merger agreement with Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) (“CP”): CN is encouraged by the STB’s decision today to approve the Voting Trust for CP’s proposed acquisition of KCS. The STB applied the same public interest factors that CN stated should apply to both Voting Trusts. For the reasons given in the STB’s decision, CN is confident that the STB will reach the same decision with respect to the identical Voting Trust put forward for CN’s proposed acquisition of KCS. Approving both Voting Trusts will allow KCS to choose the bid it judges to be best for its shareholders. CN maintains that it has presented a better bid, is a better partner, a better railway and therefore the best solution for KCS. Our proposal presents an unparalleled opportunity for customers, employees, shareholders and the North American economy. We remain confident in our ability to close the combination with KCS, and we look forward to continuing to engage productively and respectfully with the KCS Board to deliver a superior and pro-competitive transaction to CN and KCS’ respective stakeholders. For more information on CN’s superior proposal to acquire KCS, please visit www.ConnectedContinent.com. About CNCN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship. Forward Looking StatementsCertain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of any possible transaction between CN and KCS, including the possibility that a transaction will not be agreed to or that the terms of any definitive agreement will be materially different from those described; uncertainties as to whether KCS will cooperate with CN regarding the proposed transaction; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. No Offer or SolicitationThis news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Additional Information and Where to Find ItThis news release relates to a proposal which CN has made for an acquisition of KCS. In furtherance of this proposal and subject to future developments, CN (and, if a negotiated transaction is agreed, KCS) may file one or more registration statements, proxy statements, tender offer statements or other documents with the U.S. Securities and Exchange Commission (“SEC”) or applicable securities regulators in Canada. This news release is not a substitute for any proxy statement, registration statement, tender offer statement, prospectus or other document CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transactions. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca. ParticipantsThis news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and www.sedar.com, as applicable. Contacts: MediaCanadaMathieu GaudreaultCN Media Relations & Public Affairs(514) 249-4735Mathieu.Gaudreault@cn.ca Longview Communications & Public AffairsMartin Cej (403) 512-5730 firstname.lastname@example.orgUnited StatesBrunswick GroupJonathan Doorley / Rebecca Kral(917) 459-0419 / (917) email@example.com@brunswickgroup.comInvestment CommunityPaul ButcherVice-PresidentInvestor Relations(514) firstname.lastname@example.org
Amnesty International will next week announce it is reversing a decision to strip jailed Kremlin critic Alexei Navalny of its "prisoner of conscience" status, a top aide says.The human rights group announced on February 24 that it would stop referring to Navalny as a prisoner of conscience on the grounds that in the past he had made comments that qualified as advocacy of hatred.
TORONTO, May 06, 2021 (GLOBE NEWSWIRE) -- In accordance with regulatory requirements, Dundee Corporation (TSX: DC.A) (“Dundee”) announces its ownership position in Magna Mining Inc. (the “Issuer”). Dundee and its affiliates own or control 6,743,750 common shares and warrants exercisable for the purchase of 3,371,875 common shares of the Issuer representing 10.58% of the Issuer on an undiluted basis and 15.08% of the Issuer on a partially diluted basis. Dundee’s ownership or control of securities of the Issuer are for investment purposes only. Dundee intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Issuer, subsequent developments affecting the Issuer or its business, and the general market and economic conditions. Based upon these and other factors, Dundee may decide to purchase additional securities of the Issuer or may decide in the future to sell all or part of its investment. This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com under the Issuer’s profile. To obtain a copy of the early warning report filed by Dundee, please contact: Dundee CorporationLegal Department1 Adelaide Street East, Suite 2000Toronto, Ontario M5C 2V9Tel: (416) 350-3388 ABOUT DUNDEE CORPORATION Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments. FOR FURTHER INFORMATION PLEASE CONTACT: Greg DiTomasoNATIONAL Public RelationsT: (416) 433-2801E: GDiTomaso@national.ca
(Bloomberg) -- The dust hadn’t yet settled on Archegos Capital Management’s implosion, when hedge funds started shifting their bets toward banks that avoided getting hurt, hoping to keep leveraging up just like before. Good luck with that.For weeks behind the scenes, Wall Street’s giants have been autopsying failures at rivals including Credit Suisse Group AG and Nomura Holdings Inc., identifying risks that they plan to address by more thoroughly vetting hedge funds or imposing more onerous terms on their trades, according to people close to the discussions. No one wants to be the next to tell shareholders and regulators how they failed to heed the lessons of Archegos.Inside Bank of America Corp., which refused to do business with Archegos, Chief Executive Officer Brian Moynihan has been quizzing subordinates on what more is needed to protect the firm. The episode has hardened the resolve of Wells Fargo & Co. executives that low-risk margin lending is wiser, even if less profitable. UBS Group AG CEO Ralph Hamers has signaled that clients will have to hand over more information when borrowing.And in New York, managers of small hedge funds who lack the negotiating clout of trading whales are grousing. For the little guy especially, the saga will make it harder to borrow money from banks to finance bets.While specific measures will vary by bank and client -- and in many cases are still being ironed out -- the talks and tensions point to greater pressure on clients to reveal their biggest wagers, stricter margin limits on those positions, more frequent collateral adjustments and more rigorous audits. The deliberations were described by executives close to prime brokerage desks and money managers.“There will be more calories expended, both in terms of those desks doing due diligence in the market as well as in some cases they may outright ask clients about that,” Mike Edwards, deputy chief investment officer at Weiss Multi-Strategy Advisers, a $3 billion hedge fund. Previously, it was “not a requirement at most places that you would disclose to a swap counterparty that you have the same position on at multiple places.”Such concerns have risen to the top of the regulatory world. Fed Governor Lael Brainard, the head of the Board’s financial stability committee, called for “more granular, higher-frequency disclosures” on Thursday.“The Archegos event illustrates the limited visibility into hedge-fund exposures and serves as a reminder that available measures of hedge-fund leverage may not be capturing important risks,” she said.Two Sigma’s MoveThe thirst from banks to boost business with clients like Bill Hwang’s Archegos allowed him to shop for the most generous terms and amplify his wagers. He was able to parlay over $20 billion of his fortune into total bets that exceeded $100 billion, built on the back of banks tripping over each other to fuel his leveraged empire. Hwang used that to to make aggressive asks, demanding strikingly off-market margin terms -- such as $8.50 in leverage for every $1 he put in -- for building his book in Chinese stocks. Some banks demurred, others played ball.In the wake of his fund’s collapse, it’s less likely that other hedge funds will be able to win such terms. Bank officials declined to be interviewed.No bank got hit harder than Credit Suisse when Archegos was unable to meet margin calls from prime brokers in March. The Swiss bank lost more than $5.5 billion after losing a race with peers to sell off the family office’s unusually concentrated and leveraged bets on stocks, in a portfolio that swelled to more than $100 billion.Not too long after, Two Sigma heard from contacts at Credit Suisse, according to people with knowledge of the exchange: Could the investment firm please trim its exposure and move a few billion dollars somewhere else?It wasn’t a hardship; investment firms as big as the $58 billion quant money manager are used to shifting between brokerages. But it adds to a broader outflow, as Credit Suisse adjusts risk tolerances and practices, slashing lending to hedge funds by a third. Hedge fund manager Marshall Wace, with more than $50 billion in assets, also shifted business from Credit Suisse to some U.S. banks, a person familiar with the matter said last month.Unusual ReviewWithin days of the Archegos blowup in March, Deutsche Bank AG and BNP Paribas SA alone had received more than $10 billion in inflows from a number of clients pulling away from Credit Suisse, according to a person with knowledge of the moves. The investors included D.E. Shaw, Two Sigma and Marshall Wace. Representatives for the firms declined to comment.Additional inflow recipients include Goldman Sachs Group Inc. and Bank of America, according to people with knowledge of their businesses, both of which are working on measures to keep risks in check.Inside Bank of America, executives fielding that money have been conducting an unusual review: Examining what went right in the lender’s decision to refuse Archegos as a client this year. That could help the firm avoid potential headaches. Discussions there have revolved, in part, around boosting collateral for certain types of swaps, depending on the situation.When Archegos came up at the bank’s annual meeting last month, Moynihan lauded senior executives for paying close attention to the amount of risk the board is willing to take.Archegos had around $3 billion at the start of 2020 before it lost roughly half within a few months, according to a bank executive that worked with the investment firm. By March of this year its portfolio had soared to $23 billion -- making it a prized customer at a handful of banks around the world.Warning SignsReviews by prime brokers have pointed to an array of warning signs that not everyone heeded, such as the dramatic month-to-month swings in the value of its portfolio. There also was its heavy preference for swaps -- rather than direct stakes -- that hid its concentration of bets on a handful of companies. And it used an accounting firm not normally associated with money managers commanding so much firepower.As Archegos swelled, the reaction among prime brokerage managers was split: At one bank, they expressed amazement to colleagues, at another executives saw it as radioactive and steered clear. Employees at that firm have since been examining other hedge fund clients for similar patterns and expect to have conversations with some about adjusting the terms of their business.Many big hedge funds set up multiple prime brokerage relationships, sometimes using a few of the industry’s giants -- JPMorgan Chase & Co., Goldman Sachs and Morgan Stanley -- as well as a few others such as Credit Suisse for supplementary leverage on their bets.But managers overseeing smaller mounts of money typically find they don’t have as many options. Though some banks such as Morgan Stanley make a point of serving fledgling funds, smaller money managers say they generally face more-onerous terms on trades.Worsening TermsThe Archegos blowup is going to make that situation all the worse, two veteran managers atop smaller firms said. Deeper due diligence costs prime brokerages time and money. Fewer mid-sized prime brokerages will offer as much margin or the breaks on trading terms that were available just months ago. The money managers worry that they face a more take-it-or-leave-it environment than interest in doing business.The frustrations over Archegos are shared by bigger firms too.In a letter to investors, Marshall Wace co-founder Paul Marshall raged over how Archegos caught prime brokers by surprise using opaque swaps.“The prime brokers have paid the price for extending so much risk,” he wrote last month, chiding them for not asking enough questions. “PBs will improve.”(Updates with comment from Fed’s Brainard.)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.
In the desert just north of Las Vegas, a long white metal tube sits at the base of the mountains, promising to one day revolutionize travel. That is where Virgin Hyperloop, whose partners include Richard Branson's Virgin Group, is developing the technology for passenger pods that will hurtle at speeds of up to 750 miles an hour (1,200 kph) through almost air-free vacuum tunnels using magnetic levitation. "It will feel like an aircraft at take-off and once you're at speed," said co-founder and Chief Executive Josh Giegel, who gave Reuters an exclusive tour of the pod used in its November test run, where it was propelled along a 500 meter (1,640 ft)tunnel.
Former world number one Lleyton Hewitt of Australia said Thursday his induction to the International Tennis Hall of Fame will be delayed until 2022 due to Covid-19 travel restrictions.
(Bloomberg) -- Peloton Interactive Inc. projected revenue of $915 million in the current quarter, saying the recall of its treadmills would reduce sales by about $165 million. Shares gained about 4% in extended trading after investors had prepared for a larger blow.Chief Executive Officer John Foley said the financial impact would be “short term” from the halt to sales and recall of the Tread+ and Tread products. Peloton had planned May 27 for an expanded U.S. rollout of its less-expensive Tread, which has only about 1,050 models on the market, but Foley said Thursday the widespread launch will be delayed while safety improvements are put in place.Peloton, in conjunction with the U.S. Consumer Product and Safety Commission, on Wednesday announced the recall of the treadmills. The $4,295 Tread+ was connected to the death of a child and more than 70 reports of injuries, while the touchscreen of the less-expensive Tread was at risk of falling off. The products account for a small percentage of the company’s hardware revenue, which is primarily generated by stationary bicycles, but are seen as key future growth drivers.Foley said the company is working on new safety measures for the treadmills, including a software update that will include a passcode requirement for the more expensive model. Hardware changes are also being worked on, but must be approved by regulators, and may take six to eight weeks, he said.In light of the recall, the company revised its forecasts and said annual revenue would be $4 billion compared with the previous guidance of $4.075 billion. Shares, which had fallen while investors awaited the foreast, jumped to a high of $89.20 in extended trading after closing at $83.78 in New York.Earlier, Peloton said sales gained 141% to $1.26 billion in the fiscal third quarter, which ended March 31. Analysts, on average, projected $1.12 billion, according to data compiled by Bloomberg.Connected fitness subscriptions -- users who pay for classes on Peloton equipment -- jumped 135% to 2.08 million, the New York-based fitness technology company said in a statement. Paid digital subscriptions, made up of people who take classes on smartphones, tablets and other devices, increased to 891,000. Both numbers topped analysts’ average estimates.Peloton sales have soared in the past year as the pandemic shut gyms and forced people to work out from home. However, the company has struggled to keep up with demand for months, leading to long wait times and frustrated customers. Those supply issues droves shares down about 45% in 2021.In a letter to shareholders, Peloton said average shipping times for its original bike are back to pre-pandemic levels. “While progress has been made, additional work remains to reduce delivery times across the remainder of our product portfolio and regions,” the company said.Peloton said it completed its acquisition of fitness equipment maker Precor on April 1 and integration is “well underway.” The company plans to make a limited number of products at Precor’s North Carolina facility by the end of 2021.The company recently said it would expand to Australia later this year, adding in the letter that it sees “significant growth opportunities in a broad range of international markets.” but had no announcements at this time.Peloton said connected fitness subscription workouts increased 239% to 149.5 million in the quarter, an average of 26 monthly per user compared with 17.7 in the same period a year earlier. The monthly churn rate was 0.31%, though 98% of subscribers are on a month-to-month basis.Peloton reported an adjusted profit before interest, taxes, depreciation and amortization of $63.2 million in the fiscal third quarter, topping analysts’ estimates of $18.3 million. Net loss narrowed to $8.6 million, or 3 cents a share, from $55.6 million, or 20 cents, a year earlier.(Updates with forecast in the first 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.
The Albert Pujols era wasn't what the Angels wanted.
(Bloomberg) -- Equities traders and underwriters are on track for the biggest bump in bonuses this year, thanks to the flurry of blank-check companies that have debuted on public markets, according to compensation consultant Johnson Associates Inc.Incentive compensation for equities traders may climb as much as 30% while underwriters could see a 40% jump, Johnson said Thursday. Stock underwriters -- who worked on a record number of special-purpose acquisition companies in the first three months of the year -- are “significantly outperforming” their counterparts in debt capital markets, the consultancy said.Mergers-and-acquisition bankers are poised to see a jump in bonuses of 15% to 20%, Johnson said. Fixed-income traders are also on track for a boost in pay. Bonuses are typically awarded after year-end and changing market conditions in coming months could alter the compensation picture.“Combining the remarkable business recovery and with stock-market highs, financial services incentive compensation is expected to increase meaningfully for 2021,” said Alan Johnson, managing director at Johnson Associates, said in an emailed statement.Wall Street’s traders and investment bankers just handed in their best first quarter ever, helped by the record issuance of blank-check companies and continued volatility in markets brought on by the pandemic.Still, banks were plagued by weak demand for loans even as deposits soared. So retail and commercial bankers are poised to see their incentive compensation fall by as much as 10%, Johnson found.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.