Sartorius Stedim Q3 Net Profit Climbs; Backs FY View

Facebook ‘will change its name NEXT week’ after company slammed as ‘toxic’

FACEBOOK plans to change its company name as part of a rebrand expected to be announced in the coming days.

The name will focus on the "metaverse", a virtual world where users can live, work and play, The Verge reported on Tuesday.

EmbattledCEO Mark Zuckerberg is reportedly planning a formal unveil next Thursday at Connect, the company’s annual virtual reality conference.

It follows weeks of intense scrutiny of Facebook from regulators and lawmakers over its business practices.

The concept of the metaverse is quickly becoming a buzzword in technology and business.

It generally refers to shared virtual world environments which people can access via the internet.

The term can refer to digital spaces which are made more lifelike by the use of virtual reality (VR) or augmented reality (AR).

Some people also use the word metaverse to describe gaming worlds, in which users have a character that can walk around and interact with other players.

There is also a specific type of metaverse which uses blockchain technology. In these, users can buy virtual land and other digital assets using cryptocurrencies.

Many science fiction books and films are set in fully-fledged metaverses – alternative digital worlds which are indistinguishable from the real physical world. But this is still the stuff of fiction. Currently, most virtual spaces look more like the inside of a video game than real life.

SEB Q3 Operating Profit Rises – Quick Facts

SEB S.A. (0MGS.L,SEBYF.OB) reported an increase in profit, and operating income for the third quarter of 2021. Return on equity was 14.1 percent and a Common Equity Tier 1 capital ratio was 20.2 percent. The Group said the strong financial position allows capital repatriation, as the capital buffer exceeds both the regulatory requirement and its own target.

Third quarter net profit to shareholders increased to 6.63 billion Swedish kronor from 4.77 billion kronor, prior year. Earnings per share was 3.04 kronor compared to 2.19 kronor. Operating profit before items affecting comparability was 8.00 billion kronor, up 35 percent from last year. Total operating income increased 9 percent to 13.72 billion kronor from 12.56 billion kronor, last year.

SEB’s Board has decided to initiate a 2.5 billion kronor share buyback program and to propose a further ordinary dividend of 4.10 kronor per share. The Board will convene an Extraordinary General Meeting on 12 November 2021.

RPT-China to protect legal rights of Evergrande creditors -c.bank head

(Repeats to more subscribers)

HONG KONG, Oct 20 (Reuters) – China will fully respect and protect the legal rights of Evergrande Group’s creditors and asset owners in line with repayment priorities laid out by the law, the country’s central bank head, Yi Gang, said.

Yi made the remarks on Sunday at an online meeting of the Group of 30 International Banking Seminar, and they were released in a transcript on Wednesday.

Yi also said regulators should do their best to avoid risks from cash-strapped Evergrande spilling over into other property developers and the broader financial sector.

China to curb excessive financing through debt issuance, regulator says

SHANGHAI, Oct 20 (Reuters) – China will curb excessive financing through debt issuance to build high leverages, the Chairman of China’s securities regulator, Yi Huiman, said on Wednesday.

Yi’s remarks were made at the Financial Street Forum in Beijing.

He added that China will properly handle default risks in bond market.

UK’s CMA Conditionally Approves S&P’s Merger With IHS Markit – Quick Facts

S&P Global (SPGI) and IHS Markit (INFO) announced Tuesday that the UK Competition and Markets Authority or CMA, has approved their merger, saying it does not raise potential competition concerns, except in relation to certain commodity and petrochemical price assessments in the UK.

To address the CMA’s potential concerns, S&P Global and IHS Markit have previously discussed the divestiture of IHS Markit’s Oil Price Information Services (OPIS); Coal, Metals and Mining; and PetroChem Wire businesses.

The parties have also previously agreed to a sale of these businesses to News Corp, subject to approval of relevant antitrust authorities. The companies have further discussed with the CMA the divestiture of IHS Markit’s base chemicals business (comprising the Market Advisory Service and World Analysis businesses) to address any remaining concerns.

S&P Global and IHS Markit will now formally submit these remedy proposals to the CMA. The companies consider the proposed remedies sufficient to address the CMA’s competition concerns and obtain clearance for their transaction in Phase 1.

The CMA will provisionally decide whether the remedy proposals are sufficient by November 2, 2021.

Sartorius Stedim Q3 Net Profit Climbs; Backs FY View

Sartorius Stedim Biotech (SDMHF), a partner of the biopharma industry, on Wednesday, posted a rise in its net profit for the third quarter, reflecting surge in sales revenues across all regions.

The Göttingen-headquartered firm reported a net profit of 187.4 million euros or 2.03 euros per share for September quarter, compared to a net profit of 110.6 million euros or 1.2 euros per share reported for the same period last year.

Sartorius Stedim said earnings before interest, taxes, depreciation and amortization or EBITDA, adjusted for extraordinary items, was at 278.1 million euros, as against 172.4 million euros recorded for the year-ago quarter.

Amidst Covid-19 pandemic related demand, the company generated sales revenue of 757 million euros for the quarter, versus 510.4 million euros reported for the last fiscal.

For the third quarter, region wise, the company recorded sales revenue of 304 million euros, 258 million euros, and 195 million euros from EMEA, Americas, and Asia Pacific regions, respectively, compared to 210.2 million euros, 171.7 million euros, and 128.5 million euros, reported last year.

Reaffirming its previous expectations, the company now projects consolidated sales growth of around 48 percent and an underlying EBITDA margin of about 36 percent for the fiscal 2021.

Looking ahead for 2025, the biotech firm projects its sales revenue to increase to about 4 billion euros, at an underlying EBITDA margin of around 33 percent.