Tuesday, 24 Nov 2020

International Game Technology Q3 adjusted earnings Beat Estimates

EU seals deal with Pfizer-BioNTech for supply of 300 million doses of Covid vaccine

The European Commission said on Wednesday it had sealed a deal with Pfizer and BioNTech for the supply of up to 300 million doses of their Covid-19 vaccine candidate.

The move follows Pfizer's announcement on Monday that its experimental vaccine developed with BioNTech was more than 90% effective, making them the first drugmakers to show successful interim data from a large-scale clinical trial of a coronavirus vaccine.

Under the EU deal, the 27 EU countries could buy 200 million doses, and have an option to purchase another 100 million.

The EU has already signed supply deals with AstraZeneca, Sanofi and Johnson & Johnson for their experimental Covid-19 shots, and is talking with Moderna, CureVac and Novavax to secure their vaccines.

EU to impose tariffs on up to $4 billion of U.S. products

LONDON — The European Union will slap tariffs on up to $4 billion worth of U.S. products Monday, after what it described as a "lack of progress" on resolving a long-standing dispute over aircraft subsidies.

The EU and the U.S. have been at odds over the issue since 2006. The World Trade Organization agreed last year that the EU did not follow best trade practices when granting aid to Airbus. In light of that decision, the U.S. imposed duties on $7.5 billion of imported goods from Europe.

Last month, the WTO also ruled that the United States did not comply with international rules when providing subsidies to Boeing. As a result, the EU has said it is now going ahead with up to $4 billion in tariffs.

"We have made clear at every stage that we want to settle this long-running issue. Regrettably, in spite of our best efforts, due to the lack of progress from the U.S. side, we can confirm that the European Union will later today exercise our rights and impose the countermeasures awarded to us by the WTO in respect of Boeing," Europe's trade chief, Valdis Dombrovskis, said on Monday during a press conference.

This is a breaking news story and will be updated shortly.

WATCH: Americans flooded the streets in celebration and protest after Joe Biden won the 2020 election

  • Americans took to the streets after the 2020 presidential election was called for Joe Biden last weekend.
  • Biden supporters celebrated, danced, and drank champagne, while some Trump supporters, following the president's lead, protested the victory.
  • We followed supporters of both candidates in eight cities around the US to get a firsthand look at the celebrations and protests after the election.
  • Visit Business Insider's homepage for more stories.

SoftBank is reportedly considering moving its Vision Fund from London to Abu Dhabi

  • The Financial Times has reported that SoftBank is thinking about moving its Vision Fund — the largest tech investment fund in the world — from London to Abu Dhabi.
  • It is said to have been "holding internal discussions" on the matter for several weeks.
  • SoftBank declined to comment when contacted by CNBC.

LONDON — SoftBank is considering moving its colossal Vision Fund from London to Abu Dhabi, according to a report from The Financial Times Tuesday, citing anonymous sources familiar with the matter.

The Japanese tech giant is said to have been "holding internal discussions" on the matter for several weeks. SoftBank declined to comment when contacted by CNBC.

The move would allow it to be closer to Abu Dhabi's Mubadala sovereign investment fund, which has pumped $15 billion into the Vision Fund. It would also result in a lower tax bill.

SoftBank set up the Vision Fund in London's Mayfair district in 2016, saying it would invest around $100 billion into technology companies worldwide. It announced a second $108 billion fund in 2019.

Companies such as Uber, Slack and Arm have all been backed by the Vision Fund. Berlin e-scooter start-up Tier became the latest bet on Tuesday as the Vision Fund led a $250 million round in the company.

Read the full story on The Financial Times here.

Pennsylvania to Seek Dismissal of Latest Trump Election Suit

Pennsylvania’s top election official is planning to move quickly to dismiss a lawsuit filed Monday evening by President Donald Trump’s campaign in order to certify Joe Biden’s victory in the swing state — the very action the suit seeks to block.

Kathy Boockvar, Pennsylvania’s Secretary of State, said Tuesday in a court filing that she does not believe the lawsuit states a valid claim and that her office would seek an expedited ruling on the issue since she is “preparing to certify the results of the election.”

Trump’s campaign filed suit in federal court in Williamsport, Pennsylvania, to block Boockvar from certifying the election results, alleging a variety of voting irregularities. It’s the latest effort by Trump and national Republicans to cast doubt on the outcome of last week’s vote. Most election-law experts say the campaign’s claims of rampant voter fraud across the U.S. lack merit.

Boockvar in her filing also requested the case be transferred from Williamsport to the Pennsylvania state capital of Harrisburg. U.S. District Judge Matthew Brann set a hearing for 3 p.m. local time.

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International Game Technology Q3 adjusted earnings Beat Estimates

Below are the earnings highlights for International Game Technology (IGT):

-Earnings: -$127.99 million in Q3 vs. $103.56 million in the same period last year.
-EPS: -$0.62 in Q3 vs. $0.51 in the same period last year.
-Excluding items, International Game Technology reported adjusted earnings of $54.32 million or $0.26 per share for the period.
-Analysts projected -$0.21 per share
-Revenue: $0.98 billion in Q3 vs. $1.15 billion in the same period last year.

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