China’s Service Sector Growth Loses Momentum In January

‘Yellowstone’ Star Kelsey Asbille Signs With ICM Partners

EXCLUSIVE: Kelsey Asbille, who most recently recurred in the fourth installment of Noah Hawley’s award-winning anthology series Fargo as well as Paramount Network’s Yellowstone has signed with ICM for representation in all areas.

Asbille will next be seen reprising her role as Monica Dutton on Taylor Sheridan’s Yellowstone alongside Kevin Costner, Kelly Reilly, Wes Bentley, and Luke Grimes, for the fourth season on the Paramount Network. The season three finale was the most-watched scripted cable telecast of the year to date and was rated summer 2020’s biggest cable series. Sheridan wrote the role for Asbille after directing her in her scene-stealing role in the critically acclaimed Wind River opposite Jeremy Renner and Elizabeth Olsen.

She received the “Rising Star Award” at the 2019 Napa Valley Film Festival and on the fashion side, has been featured in the star-studded Louis Vuitton Pre-Fall 2020 and 2019 campaigns, as well as Oliver Peoples 2020 campaign. The Columbia University student is currently studying Human Rights with a specialization in indigenous issues.

Asbille continues to be represented by Management 360 and Hansen, Jacobson, Teller, Hoberman, Newman, Warren, Richman, Rush, Kaller & Gellman.

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Lyft Q4 Results Beat Street View

Shares of Lyft Inc. (LYFT) gained over 10% on Tuesday after the ride-hailing company’s fourth-quarter results beat street view.

San Francisco, California-based Lyft’s fourth-quarter loss widened to $458.2 million or $1.43 per share from $356.0 million or $1.19 per share last year.

Adjusted loss for the quarter were $0.58 per share, wider than last year’s loss of $0.41 per share last year. On average, 18 analysts polled by Thomson Reuters estimated loss of $0.72 per share for the quarter. Analysts’ estimates typically exclude one-time items.

Lyft’s revenues for the quarter plunged 44% to $569.9 million from $1.02 billion a year ago. Analysts had a consensus revenue estimate of $562.49 million for the quarter.

“Despite the difficult backdrop in 2020, we continued to focus on improving our business for the long-term,” said Logan Green, co-founder and chief executive officer of Lyft. “The progress we’ve made has been significant and I believe we are now in a stronger position than at any time in our past. Even as we’ve strengthened our financial position, we’ve continued to fund strategic investments that build on our core competencies and on our marketplace flywheel, to lower costs and deliver more value to drivers, riders and partners.”

Active riders in the quarter dropped 45.2%, while revenue per active rider gained 2.3%.

LYFT closed Tuesday’s trading at $53.64, up $0.23 or 0.43%, on the Nasdaq. The stock further gained $5.61 or 10.46% in the after-hours trade.

Insurance Australia Group Posts HY Loss

Insurance Australia Group Ltd. (IAUGY.PK,IAUGF.PK) reported that its loss attributable to shareholders for the first-half of fiscal year 2021 was A$460 million compared to profit of A$283 million in the prior year. The latest period results were affected by the pre-tax A$1.15 billion expense the company announced in November for potential business interruption claims relating to COVID-19.

Gross written premium was A$6.19 billion up from A$5.96 billion last year. Growth was driven by rate increases in our commercial and home insurance businesses in Australia and across all key classes in New Zealand. It was also underpinned by some customer growth in New Zealand’s direct brands and high retention rates in commercial portfolios in Australia.

Net earned premium grew to A$3.72 billion from A$3.71 billion in the previous year.

Commonwealth Bank Of Australia HY Profit Down 20.8%

Commonwealth Bank of Australia (CBA.AX) reported that its net profit after tax for the half year ended 31 December 2020 was A$4.88 billion, down 20.8% from last year, mainly due to lower gains realized in the period on the sale of businesses.

Cash net profit after tax from continuing operations was A$3.89 billion, down 10.8% from the prior year. Excluding COVID-19 impacts and remediation costs, cash net profit after tax was broadly flat.

Operating income was A$11.96 billion, down 0.5%, due to the impact of COVID-19 and lower net interest margin, partly offset by core volume growth.

Net interest income of A$9.37 billion was flat, with strong volume growth across core banking businesses helping to offset the impact on net interest margin of lower interest rates and heightened competition.

Total banking income was A$11.73 billion, down 2 percent from the prior year.

The bank declared an interim dividend of A$1.50 per share. It represented a cash payout ratio of 67%, below the Board target payout range.

Commonwealth Bank of Australia reported a significant drop in its number of home and business loan repayment deferrals.

Over 70 per cent of customers who had deferred the repayments on their home loan due to the challenges associated with COVID-19 have now returned to their pre-deferral terms.

As at 31 December 2020, 1.4 percent of the bank’s home lending portfolio had a repayment deferral arrangement in place – down from 8 per cent six months earlier.

China’s Service Sector Growth Loses Momentum In January

China’s service sector growth slowed at the start of the year as demand was dampened by the ongoing Covid-19 pandemic, survey results from IHS Markit showed on Wednesday.

The Caixin services Purchasing Managers’ Index fell to 52.0 in January from 56.3 in December. However, a score above 50 indicates expansion in the sector.

The reading signaled the slowest rate of growth recorded over the current nine-month period of expansion.

New work received by services companies grew at the slowest rate since last August. New orders from overseas gained at the weakest pace in three months as the recent rise in virus cases weighed on global demand.

Services companies in China added to their staffing levels for the sixth month running, but the rate of job creation eased further.

The rate of cost inflation quickened to the second-sharpest since April 2012. Meanwhile, prices charged by services companies increased at a moderate pace that was the slowest seen for three months, the survey showed.

Although business confidence regarding the 12-month outlook for activity remained strong in January, the degree of positive sentiment weakened since December.

The composite output index came in at 52.2 in January, down from 55.8 in December, to signal only a moderate rise in overall output.

The rate of growth was the softest seen since the current period of expansion began last May, driven by slower rises in both manufacturing and services activity.