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Spotify Technology Q2 Loss Narrows

07/31/2019

Israel rates likely on hold for extended period -central bank chief

JERUSALEM, July 31 (Reuters) – Bank of Israel Governor Amir Yaron said on Wednesday there will likely be no interest rate increases for an extended period of time due to a surprise decline in the inflation rate and expansionary policies of major global central banks.

“If necessary, we have more tools available,” Amir said in a statement. (Reporting by Steven Scheer; Editing by Tova Cohen)

Southern Co. Q2 adjusted earnings Beat Estimates

Below are the earnings highlights for Southern Co. (SO):

-Earnings: $899 million in Q2 vs. -$154 million in the same period last year.
-EPS: $0.86 in Q2 vs. -$0.15 in the same period last year.
-Excluding items, Southern Co. reported adjusted earnings of $833 million or $0.80 per share for the period.
-Analysts projected $0.73 per share
-Revenue: $5.10 billion in Q2 vs. $5.63 billion in the same period last year.

Italy says ends latest EU standoff over African asylum seekers

ROME (Reuters) – Italy called an end to its latest standoff with the European Union over uncontrolled African immigration on Wednesday, saying it would allow an Italian coastguard ship to disembark 116 asylum seekers in southern Italy in coming hours.

Deputy Prime Minister Matteo Salvini said he had reached an agreement with the EU for Germany, France, Portugal, Luxembourg and Ireland to take in the asylum seekers who have been stranded on the vessel since being rescued at sea last week.

Mark Esper Sworn In As Defense Secretary

Mark Esper has been sworn in as the United States’ new Defense Secretary. He has been serving as Secretary of the Army.

Justice Samuel Alito administered the Oath of Office at a White House ceremony attended by President Donald Trump Tuesday.

It came shortly after the Senate confirmed with thumping majority the President’s nomination of Mark Esper.

90 Senators voted in favor of the nomination while 8 voted against it.

The 56-year-old army veteran has experience serving in the first Iraq war. He had also served as a Vice President for Government Relations at the Raytheon Company.

Esper is an expert on national security issues, having worked for senior Senators on Capitol Hill.

He was nominated for the post last month after Acting Secretary of Defense Patrick M. Shanahan informed Trump of his intention to resign from the top defense post. Shanahan quit amid allegations of domestic violence against him.

The United States, the world’s biggest military power, did not have a confirmed Secretary of Defense since James Mattis abruptly resigned from the post late last year.

Esper takes over as the head of US Defense at a time Washington’s defense policy is being met with stiff resistance from Iran.

In his reply speech after swearing in, Esper said the Pentagon stands ready “to take on any challenge.”

Oil Prices Extend Gains For Fifth Day

Oil prices rose on Wednesday to extend gains for a fifth straight session, with bullish inventory data and expectations surrounding a Fed rate cut helping underpin investor sentiment.

Benchmark Brent crude climbed 0.65 percent to $65.05 a barrel while U.S. West Texas Intermediate crude futures were up 0.6 percent at $58.39 a barrel.

The American Petroleum Institute (API) on Tuesday reported a crude oil inventory draw of 6.024 million barrels for the week ending July 25, compared to analyst expectations of a 1.818-million barrel draw.

The U.S. Energy Information Administration report on crude oil inventories is due to be released later in the day.

The U.S. Federal Reserve is set to deliver the first interest rate cut in more than 10 years later today, lowering the benchmark rate by 25 basis points amid concerns about low inflation.

The move may result in higher U.S. oil demand and could exert downward pressure on the dollar.

Rising tensions in the Middle East and renewed outages in Libya also supported prices.

Libya’s Sharara oilfield, the country’s largest, shut down on Tuesday after a problem with a valve on the pipeline linking it to the Zawiya oil terminal, Reuters said citing sources with knowledge of the matter.

Littelfuse Inc Q2 adjusted earnings Miss Estimates

Littelfuse Inc (LFUS) reported earnings for its second quarter that climbed from last year.

The company’s bottom line totaled $43.79 million, or $1.75 per share. This compares with $42.33 million, or $1.67 per share, in last year’s second quarter.

Analysts had expected the company to earn $1.96 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 13.3% to $397.88 million from $459.18 million last year.

Littelfuse Inc earnings at a glance:

-Earnings (Q2): . vs. . last year.
-EPS (Q2): $1.91 vs. $2.68 last year.
-Analysts Estimate: $1.96
-Revenue (Q2): $397.88 Mln vs. $459.18 Mln last year.

-Guidance:
Next quarter EPS guidance: $1.50 to $1.64
Next quarter revenue guidance: $362 to $374 Mln