Ray Dalio to speak at the Business Insider Global Trends Festival 2020

Singapore to Spend S$2.2 Billion on Health Insurance Measures

The Singapore government will spend S$2.2 billion ($1.6 billion) over the next three years to improve a medical insurance plan for the country’s citizens and residents amid the economic impact of the coronavirus.

The funds will be used for premium subsidies forMedishield Life, a basic health insurance plan launched in 2015 to protect Singaporeans against large medical bills, the Ministry of Health said in astatement.

The MediShield Life Council is recommending several improvements including raising the policy year claim limit to S$150,000 from S$100,000, separate claim limits for sub-acute care and removing some exclusions for treatments.

The changes are being made in view of the impact of Covid-19 on Singapore’s residents and economy, the ministry said. There will be a public consultation period ending Oct. 20 and implementation is likely in early 2021.

Tiffany & Co. Issues Statement On Counterclaims Filed By LVMH – Quick Facts

Tiffany & Co. (TIF) said the counterclaims filed by LVMH (LVMHF.PK,LVMUY.PK) in Delaware Chancery Court are baseless and misleading, and are another attempt to evade its contractual obligation to pay the agreed-upon price for Tiffany. The company expects that more of LVMH’s duplicity will come to light during the trial.

In early September, LVMH said it would be unable to complete the acquisition of Tiffany because it had received a directive from a French government official that prohibits the acquisition prior to the outside date under the merger agreement. Tiffany & Co. said the Minister who signed the letter admitted that he only sent the letter in response to an inquiry from LVMH. LVMH’s seeking the letter was a clear violation of its obligations under the merger agreement, Tiffany & Co. noted.

Tiffany & Co. also said LVMH’s Claim of a material adverse effect is baseless and still has no factual, contractual or legal support.

McCormick Reinstates FY20 Outlook; Announces 2-for-1 Stock Split – Quick Facts

While reporting financial results for the third quarter on Tuesday, McCormick & Co., Inc. (MKC) reinstated its adjusted earnings and sales guidance for the full year 2020, reflecting strong business performance driven by expected sales growth.

For fiscal 2020, the company now projects earnings in a range of $5.60 to $5.68 per share and adjusted earnings in a range of $5.64 to $5.72 per share on sales growth at the upper end of a 4 to 5 percent range, which in constant currency is a 5 to 6 percent growth rate.

McCormick previously withdrew its fiscal 2020 guidance on March 31, 2020, due to the uncertainty of the duration and extent of the coronavirus (COVID-19) pandemic impact.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.76 per share on sales growth of 3.4 percent to $5.53 billion for the year. Analysts’ estimates typically exclude special items.

McCormick’s Board of Directors also approved a 2-for-1 stock split of the company’s common and common non-voting shares to be distributed on November 30, 2020 to stockholders of record as of November 20, 2020. The company last completed a stock split in April 2002.

McCormick & Co. Q3 adjusted earnings Beat Estimates

McCormick & Co. (MKC) announced earnings for its third quarter that increased from last year.

The company’s earnings totaled $206.1 million, or $1.53 per share. This compares with $191.9 million, or $1.43 per share, in last year’s third quarter.

Excluding items, McCormick & Co. reported adjusted earnings of $206.2 million or $1.53 per share for the period.

Analysts had expected the company to earn $1.52 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 7.5% to $1.43 billion from $1.33 billion last year.

McCormick & Co. earnings at a glance:

-Earnings (Q3): $206.2 Mln. vs. $196.5 Mln. last year.
-EPS (Q3): $1.53 vs. $1.46 last year.
-Analysts Estimate: $1.52
-Revenue (Q3): $1.43 Bln vs. $1.33 Bln last year.

Full year EPS guidance: $5.64 to $5.72

Ray Dalio to speak at the Business Insider Global Trends Festival 2020

Business Insider is proud to announce that Ray Dalio will speak at the inaugural BI Global Trends Festival, a virtual event taking place October 19-23, 2020.

Dalio is a billionaire investor and founder of the world's largest hedge fund Bridgewater Associates, and the author of the bestselling book "Principles: Life and Work".

Bridgewater is known for its unique company culture. A core tenent is "radical transparency," or understanding what your coworkers and boss think of you in real time.

As a guest on Business Insider's This Is Success podcast, Dalio attributed his successful investment strategy to analyzing past errors. 

"It's okay to make mistakes — it's not okay not to learn from them," he said. He said that the idea helped Bridgewater weather the 2008 financial crisis better than its peers.

Dalio believes the coronavirus pandemic poses a huge threat to US corporations. He has also warned that if corporate leaders don't address wealth inequality, the whole economic system of capitalism could collapse.

See Dalio speak at the at the Business Insider Global Trends Festival. Get your tickets today.

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