Tuesday, 4 Oct 2022

US Pledges $89 Mln To Demine Explosive Remnants Of War In Ukraine

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Himax Technologies Q2 Net Income Declines

Himax Technologies, Inc. (HIMX) reported that its second quarter profit to stockholders declined to $70.64 million from $108.89 million, prior year. Earnings per ADS was $0.404 compared to $0.623. Non-IFRS earnings per ADS excluding share-based compensation, acquisition-related charges and cash award was $0.439, for the quarter. Revenues declined to $312.61 million from $365.26 million.

For the third quarter, the company expects: net revenue to decrease 35% to 39% sequentially; and non-IFRS profit to be 11.6 cents to 15.6 cents per ADS.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Gold Edges Lower On Fed’s Hawkish Outlook

Gold prices edged lower on Thursday, though the downside remained capped by a weakening dollar on receding recession worries.

Spot gold slipped 0.2 percent to $1,788.03 per ounce, while U.S. gold futures were down 0.6 percent at $1,803.40.

The lost further ground versus other major currencies amid hopes that inflation in the United States may have peaked, which could allow the Fed to slow the pace of interest rate increases.

U.S. Treasury yields were mixed in the wake of hawkish Fed comments.

Minneapolis Fed President Neel Kashkari on Wednesday said the Fed is “far, far away from declaring victory” on inflation and that the U.S. central bank will need to raise its policy rate another 1.5 percentage points this year and more in 2023, even if that causes a recession.

Chicago counterpart Charles Evans said the July CPI data was positive but inflation remains “unacceptably high”.

In economic releases, U.S. reports on weekly jobless claims and producer price inflation due out later in the day may offer additional clues about the strength of the world’s largest economy.

Monsoon may see a brief lull in already-deficient states

After becoming active over the rice-growing Indo-Gangetic plains, the southwest monsoon might witness weak phase for the next 3-4 days over the already rain-deficient region.

So far, the main deficit states are Uttar Pradesh (-42 per cent), Bihar (-36 per cent), Jharkhand (-48 per cent), and West Bengal (-24 per cent).

According to private weather forecasting agency Skymet, rains in west UP, Punjab, Haryana, Bihar, and Jharkhand are expected to be weak in the next 3-4 days before again picking pace.

The IMD too, in its latest weather update, said that subdued rainfall is likely to continue over Uttar Pradesh, Bihar and northeastern states during next three days.

This could further derail sowing of paddy whose acreage has already fallen 13 per cent as compared to the same period last year as on August 5.

This could impact the final yields as well.

However, over the central states of Gujarat, Madhya Pradesh and Chhattisgarh, there could be another spell of strong rains in the next 3-4 days.

This could inundate the sown crop fields

Dillard’s Q2 Results Top Estimates

Luxury department store chain Dillard’s, Inc. (DDS) reported Thursday a second-quarter net income of $163.4 million or $9.30 per share, lower than $185.7 million or $8.81 per share in the prior-year quarter.

Net sales for the quarter edged up to $1.59 billion from $1.57 billion in the same quarter last year. Comparable store retail sales for the quarter were flat.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $3.47 per share on net sales of $1.54 billion for the quarter. Analysts’ estimates typically exclude special items.

The Company also announced the upcoming closing of locations in Sikes Senter in Wichita Falls, Texas and East Hills Mall in St. Joseph, Missouri. Both locations are expected to close during the third quarter.

Further, Dillard’s confirmed its commitment to The Empire Mall in Sioux Falls, South Dakota, with the new store expected to open in the fall of 2023 to mark the Company’s 30th state of operation.

TreeHouse Foods To Sell Portions Of Meal Preparation Business

TreeHouse Foods Inc. (THS), a maker and supplier of private label food, said on Thursday that it has agreed to sell significant portions of its meal preparation division to an investment firm indirectly held by Investindustrial VII L.P.

The financial terms of the deal, expected to be closed in the fourth quarter, were not disclosed.

The business operates 14 manufacturing facilities located in the U.S., Canada, and Italy along with 19 company-operated distribution centers, with an expectation of around $1.6 billion in revenues for 2022.

The business is a supplier of private label food products in its categories, manufacturing and distributing pasta, red sauces, salsa, salad dressings, mayonnaise, condiments, syrup, pie-fillings and preserves, among other products.

US Pledges $89 Mln To Demine Explosive Remnants Of War In Ukraine

The U.S. State Department has pledged $89 million of FY 2022 funding to help the Government of Ukraine address the urgent humanitarian challenges posed by explosive remnants of arms and ammunitions created by the Russian invasion of Ukraine.

The five months old war has littered massive swaths of the country with landmines, unexploded ordnance, and improvised explosive devices.

The grotesque use of improvised explosive devices in Ukraine by Russian forces was previously only associated with ISIS in Syria. These explosive hazards block access to fertile farmland, delay reconstruction efforts, prevent displaced communities from returning to their homes, and continue to kill and maim innocent Ukrainian civilians.

The Government of Ukraine estimates that 160,000 square kilometers of its land, which is roughly the size of Virginia, Maryland, and Connecticut combined, may be contaminated.

U.S. funding will deploy approximately 100 demining teams and will support a large-scale train and equip project to strengthen the Ukraine Government’s demining and explosive ordnance disposal (EOD) capacity.

Since 1993, the United States has invested more than $4.2 billion for the safe clearance of landmines and explosive weapons of war (ERW) as well as the securing and safe disposal of excess small arms and light weapons (SA/LW) and munitions in more than 100 countries and territories. The United States is the world’s single largest financial supporter of conventional weapons destruction.

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