Saturday, 26 Sep 2020

SThree Q3 Net Fees Down 14%

Euronext Submits Non-binding Offer To Buy Borsa Italiana From LSE – Quick Facts

Euronext (ENXB.BE,ENX.BR,ENX.AS,ENX.PA) Monday confirmed that it has submitted a non-binding offer to London Stock Exchange Group plc to acquire Borsa Italiana.

The partnership includes CDP Equity and Intesa Sanpaolo. The company said there can be no certainty about a deal.

It is expected that the proposed combination of Borsa Italiana and Euronext would create a leading player in continental European capital markets. Following a deal, Italy would be the largest revenue contributor to the enlarged Euronext group.

The company said, “This transformational project would effectively position the newly formed group to deliver the ambition of further building the backbone of the Capital Markets Union in Europe, while at the same time supporting local economies.”

Euronext added that it will make a further announcement as and when appropriate.

TCS becomes second Indian firm to cross ₹ 9 lakh cr-market valuation mark

The stock of the software services firm gained 2.91% to ₹ 2,442.80 — its record high — on the BSE.

Tata Consultancy Services (TCS) on Monday became the second Indian firm to attain a market valuation of over ₹9 lakh crore after Reliance Industries Limited.

The company’s market valuation went past ₹9 lakh crore in early trade helped by a rally in its share price.

The stock of the software services firm gained 2.91% to ₹ 2,442.80 — its record high — on the BSE.

On the NSE, it jumped 2.76 per cent to a lifetime high of ₹ 2,439.80.

Helped by the surge in its share price, the company’s market valuation rose to ₹ 9,14,606.25 crore on the BSE in early trade. It is the second most-valuable domestic firm in terms of market capitalisation.

Meanwhile, Reliance Industries Limited is the first Indian firm to have crossed the ₹ 9 lakh crore market valuation mark.

The country’s most valued firm achieved this milestone in October last year. Its market valuation is currently at ₹15,78,732.92 crore — the highest for any listed company in the country.

WPI inflation rises 0.16% in August; food, manufactured items turn costlier

Inflation in vegetables stood at 7.03%, while in onion it was (-) 34.48%.

The wholesale price-based inflation rose 0.16 per cent in August as food items and manufactured products turned costlier.

The Wholesale price index based (WPI) inflation was in the negative territory for four straight months — April (-) 1.57%, May (-) 3.37%, June (-) 1.81% and July (-) 0.58%.

“The annual rate of inflation, based on monthly WPI, stood at (0.16 per cent) (provisional) for the month of August, 2020 (over August, 2019) as compared to 1.17% during the corresponding month of the previous year,” the Commerce and Industry Ministry said in a statement on Monday.

Inflation in food articles during August stood at 3.84%. The rate of rise in potato prices stood at 82.93%.

Inflation in vegetables stood at 7.03%, while in onion it was (-) 34.48%.

Fuel and power inflation fell 9.68 per cent in August, as against 9.84% in the previous month.

Manufactured products, however, witnessed hardening of inflation at 1.27% in August against 0.51% in July.

The Reserve Bank of India (RBI) in its policy review last month kept interest rates unchanged and said it sees an upside risk to inflation. The apex bank projected retention of inflation to moderate in October-March period.

Emergency Declared In 5 California Counties As Wildfire Rages

California Governor Gavin Newsom declared a State of Emergency in five counties after a wildfire set 45,000 acres alight and cut off a popular reservoir in the state.

Emergency proclamation was issued for the counties of Fresno, Madera and Mariposa due to the Creek Fire; for San Bernardino County due to the El Dorado Fire; and for San Diego County due to the Valley Fire.

The Creek Fire began on Friday in the Sierra National Forest.

The fires have burned tens of thousands of acres, destroyed homes and forced thousands of residents to evacuate.

California Department of Forestry and Fire Protection had rescued more than 200 people who were trapped after the wildfire.

The Governor’s Office urged people to reduce energy usage to prevent service interruptions.
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high temperatures and dry conditions are expected to continue, which, combined with extremely dry fuels, will further exacerbate the current wildfire situation in California.

Earlier last week, the Governor had proclaimed a State of Emergency for an Extreme Heat Event affecting California, causing near-record
temperatures throughout state.

Alexei Navalny: French and Swedish labs confirm novichok poisoning

Two independent laboratories have confirmed German findings that Alexei Navalny was poisoned with novichok.

Special labs in Sweden and France found the Soviet nerve agent was used to poison the Russian opposition leader, a spokesperson for the German government said.

Mr Navaly, an outspoken critic of Vladimir Putin, is being treated at a Berlin hospital after falling ill last month during an domestic flight in Russia.

SThree Q3 Net Fees Down 14%

SThree Plc (STHR.L) reported that its third-quarter group net fees declined 14 percent year-over-year to 75.7 million pounds, impacted by declines in aggregate demand as a result of the COVID-19 pandemic across all of its territories and sectors.

The Contract business net fees were down 12% in the quarter. The contractor order book has grown 1% since the half year as the Group sees increased sales activity levels along with increased contractor retention levels.

DACH net fees were down 9% in the quarter. Life Sciences business net fees were down 1% with increased demand in Quality Assurance and Clinical Research & Development. All other sectors declined in the quarter.

Mark Dorman, Chief Executive, said,”.. We are pleased to have recorded a resilient performance thanks to the disciplined execution and hard work of our teams.”

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