Department of Telecom slashes bank guarantee requirement for telcos by 80%

Royal Mail’s Unit To Buy Mid-Nite Sun Transportation For $286.8 Mln

U.K.-based postal service provider Royal Mail plc (RMG.L) on Friday announced that its subsidiary General Logistics Systems would be acquiring Canadian logistics company Mid-Nite Sun Transportation Ltd., which operates as Rosenau Transport, for 360.0 million Canadian dollars ($286.8 million).

The transaction, likely to be closed on December 1, is expected to be earnings and cashflow accretive in the year ending March 31, 2022.

The U.K. based letter-and-parcel courier business said that it would be funding the debt-free and cash-free transaction through existing cash and borrowing facilities.

The linking of the two regional carrier networks that provide direct service to most cities and towns is likely to result in one of the most integrated transportation systems in Canada. GLS Canada also expects the extended geographical reach to be helpful to the company’s 30,000 clients in getting a new, national and international alternative for all of their shipping needs.

Shares of Royal Mail plc closed Thursday’s trading at 413.60 pounds, up 9.50 pounds or 2.35 percent from previous close.

EssilorLuxottica Announces Mandatory Public Offer For Remaining GrandVision Shares

EssilorLuxottica S.A. (ESLOF.PK,ESLOY.PK) and GrandVision announced EssilorLuxottica is making a recommended mandatory public offer for all the issued and outstanding ordinary shares of GrandVision at an offer price of 28.42 euros per share in cash. The Management Board and Supervisory Board of GrandVision unanimously recommended shareholders accept the offer. The acceptance period begins on 8 October 2021 and ends on 3 December 2021.

EssilorLuxottica currently holds an aggregate amount of 220,537,421 shares, representing approximately 86.67% of the issued share capital of GrandVision.

Where the Suburbs End

A single-family home from the 1950s is now a rental complex and a vision of California’s future.

Helen Of Troy Q2 Profit Tops Estimates; Raises FY22 Guidance

Helen of Troy Limited (HELE) said its core adjusted earnings per share fell 25.6%, while core business net sales were down 7.9% year-on-year for the three-month period ended August 31, 2021. The company increased its fiscal year outlook based on the better than expected second quarter results, positive trends in Beauty and Housewares, as well as the more favorable than expected EPA resolution.

Second quarter core adjusted earnings per share was $2.65 compared to $3.56, previous year. Consolidated adjusted earnings per share declined to $2.65 from $3.77. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $2.17, for the quarter. Analysts’ estimates typically exclude special items.

Net income was $51.3 million, compared to $87.3 million, previous year. Consolidated earnings per share was $2.11 compared to $3.43.

Consolidated net sales revenue declined to $475.23 million from $530.85 million, last year. Core business net sales revenue was $469.49 million compared to $509.71 million. Analysts expected revenue of $428.16 million, for the quarter.

For fiscal 2022, the company now expects: core adjusted EPS of $11.05-$11.35; and core net sales of $1.990-$2.032 billion. Excluding the impact of the EPA matter, the implied core revenue growth outlook ranges from 3.4% to 4.3% and implied core adjusted earnings per share growth outlook is 7%. Analysts polled by Thomson Reuters expect the company to report profit per share of $10.86.

LinkedIn survey finds 55% professionals are stressed

‘Work-life imbalance a prime reason’

A majority 55% of employed professionals in India are feeling stressed at work due to work-life imbalance, insufficient incomes, and slow career progress, according to a survey by LinkedIn.

The survey, which was based on the responses of 3,881 professionals from July 31 to September 24, added that keeping pace with the times of change for the last 18 months had adversely affected the mental health of working professionals.

When asked to share their primary reasons for work stress, the respondents cited ‘balancing work with personal needs’ (34%), ‘not making enough money’ (32%), and ‘slow career advancement’ (25%) as the top three reasons.

“These stressful times of change have impelled the need for greater flexibility and work-life balance among professionals,” said Ashutosh Gupta, India Country Manager, LinkedIn.

“But our survey reveals a wide gap between what employees need and what employers are offering to cope with stress,” he added.

Mr. Gupta said while nearly half of (47%) employed professionals preferred to end work at reasonable hours, only about one-thirds (36%) were actually able to do so.

Deutsche Post To Raise Guidance On Continued Positive Earnings Momentum In Q3

Deutsche Post AG (DPSGY.PK) said the positive development of the group’s businesses seen in the first half of the year has continued well through the third quarter 2021. The management will raise guidance for fiscal 2021 Group EBIT and free cash flow, driven by the strong development in the DHL divisions. Also, the mid-term guidance for fiscal 2023 will be subject to upward revision, the Group said.

Preliminary third quarter group EBIT were around 1.765 billion euros compared to 1.377 billion euros, prior year. Free cash flow was more than 1.0 billion euros, for the quarter.

For the first nine months of 2021, EBIT was around 5.760 billion euros. Free cash flow was more than 3.1 billion euros, for the period.

The company will publish revised guidance with the formal release of third quarter
earnings on November 4.

Department of Telecom slashes bank guarantee requirement for telcos by 80%

Under the amended norms, telecom operators will be required to provide a performance bank guarantee of up to ₹44 crore for each service for the telecom licence compared to ₹220 crore mandated under the old rule.

The Department of Telecom has slashed performance and financial bank guarantee requirement of telecom operators by 80%, according to a licence amendment note issued on Wednesday.

Under the amended norms, telecom operators will be required to provide a performance bank guarantee of up to ₹44 crore for each service for the telecom licence compared to ₹220 crore mandated under the old rule.

Similarly, telecom operators will need to provide a financial bank guarantee of maximum ₹8.8 crore per circle now, against the previous requirement of ₹44 crore.

The rule will not be applicable in cases where bank guarantees (BG) have been furnished due to any court order or are subject to any litigation, the licence amendment note said.

The rules will not apply to telecom operators, who are currently going through the liquidation process.

The move will unblock the cash of telecom operators that they keep with banks to furnish BGs.