Sika 9-month Profit Down; Confirms 2023 Targets

Otara baby death: Police probe after tot’s unexplained death

A baby was found dead in a house in South Auckland this morning.

Counties Manukau Police Acting Detective Inspector Warrick Adkin said

they were called to a Sandbrook Ave property around 10am.

“We are currently speaking with a man as part of our inquiries,” said Adkin.

A

guard was

outside the property and a scene examination would take place, he said.

Police were unable to comment further at this stage.

McAfee Prices IPO At $20.00/shr, Within Estimated $19.00 – $22.00/shr Range

Cyber security firm McAfee Corp. said Wednesday that it has priced its initial public offering of 37 million shares of its Class A common stock at $20.00 per share, within its previously expected range of $19.00 – $22.00 per share.

Of the offered shares, about 30.98 million shares are being offered by McAfee and about 6.02 million shares are being offered by certain of McAfee’s existing stockholders.

McAfee said it will not receive any proceeds from any sale of shares by the selling stockholders.

The underwriters have a 30-day option to purchase up to an additional 5.55 million shares of Class A common stock, consisting of 1.23 million shares from McAfee and 4.32 million shares from certain existing stockholders at the initial public offering price less underwriting discounts and commissions.

McAfee’s stock is expected to begin trading on the Nasdaq Global Select Market on October 22, 2020, under the ticker symbol “MCFE.” The offering is expected to close on October 26, 2020.

McAfee said it plans to use a portion of the net proceeds from the offering to repay its Second Lien Term Loan, and purchase equity interests from certain existing stockholders.

McAfee was a public company before Intel (INTC) acquired it for about $7.7 billion in 2011. Intel sold a majority stake in McAfee to private equity firm TPG, which now owns about 66% of McAfee.

Ex-Google CEO Eric Schmidt: “Social Networks Serving As Amplifiers For Idiots And Crazy People”

Tell us how you really feel, Eric.

Former Google Chief Executive Officer Eric Schmidt said today at a Wall Street Journal conference that “the context of social networks serving as amplifiers for idiots and crazy people is not what we intended,” reports Bloomberg News.

Schmidt said social media’s “excesses” would likely results in greater regulation in the coming years. One of the company’s largest shareholders, Schmidt called the US government suit against Google “misplaced,” but added, “Unless the industry gets its act together in a really clever way, there will be regulation.”

Of the US Justice Department antitrust lawsuit, Schmidt claimed the company was not blocking competition.

“I would be careful about these dominance arguments. I just don’t agree with them,” Schmidt said. “Google’s market share is not 100%.”

Chinese online tutor Yuanfudao raises $2.2 billion, valuing it at $15.5 billion

BEIJING (Reuters) – Beijing-based education tech startup Yuanfudao said on Thursday that it has secured $2.2 billion in two recent rounds of financing, bringing the company’s valuation to $15.5 billion.

The series G1 financing was led by Chinese social media and gaming Giant Tencent, with participation of Hillhouse Capital, Boyu Capital, and IDG Capital, Yuanfudao said in a statement. The series G2 was led by DST Global, and other investors include CITICPE, GIC, and Temasek.

Half of Europe’s Smaller Businesses Risk Bankruptcy Within Year

In this article

Over half of Europe’s small and medium-sized businesses say they face bankruptcy in the next year if revenues don’t pick up, underscoring the breadth of damage wrought by the Covid-19 crisis.

One in five companies in Italy and France anticipate filing for insolvency within six months, according to a McKinsey & Co. survey in August of more than 2,200 SMEs in Europe’s five largest economies. Such businesses are key to the region, accounting for more than two-thirds of the workforce and more than half of the economic value-added.

The pandemic has hit European firms hard, with 70% reporting lower revenues. That level was even higher in Italy and Spain, reflecting the severity of the virus and lockdown measures in those countries.

There’s little optimism, with the vast majority describing theeconomy as weak. That’s leading to worries about loan defaults and the need for layoffs. The governments of all the surveyed nations have now announced further support for jobs in efforts to limit unemployment amid a resurgence of the virus.

Woodside Petroleum Q3 Sales Revenue Down 42%

Woodside Petroleum Ltd. (WOPEF.PK,WOPEY.PK,WPL.AX) reported that third-quarter sales revenue were US$699 million, down 42% from last year, hurt by lower realised LNG prices.

Quarterly production was 25.3 million barrels of oil equivalent MMboe, up 2% from the prior year.

Sales volume was 26.7 MMboe, up 10% from the previous year.

Pricing in the fourth quarter and in the first-quarter of 2021 is expected to be stronger given the improvement in oil price in recent months.

Woodside said it is increasing its stake in the Sangomar Field Development offshore Senegal and has executed a sale and purchase agreement with Capricorn Senegal Limited for its entire participating interest. The additional interest is expected to increase 2P reserves by about 68 Mmboe.

Sika 9-month Profit Down; Confirms 2023 Targets

Swiss specialty chemicals company Sika AG (SXYAY.PK,SKFOF.PK) reported that its net profit for the nine-month of 2020 declined to 561.5 million Swiss francs from 566.8 million francs last year.

Operating profit or EBIT was 797.4 million francs down from 805.9 million francs in the prior year. The currency effect over the first nine months was negative at -6.0%.

Net sales increased by 2.6% in local currencies to 5.81 billion francs. The effect of acquisitions contributed 9.2% to the growth in sales. At -6.6%, organic growth in the first nine months of the current year was in negative territory.

Net sales were 5.81 billion francs, down from 6.01 billion francs in the previous year.

For fiscal 2020, Sika expects slightly lower sales in CHF but EBIT broadly in line with last year, implying an over-proportional rise in EBIT in the second half.

Sika confirmed its 2023 strategic targets. The company remains aligned for long-term success and profitable growth. It is seeking to grow by 6%-8% a year in local currencies until 2023.

From 2021, the company aims to increase its EBIT margin to 15%-18%. Projects in the areas of operations, logistics, procurement, and product formulation should result in an annual improvement in operating costs equivalent to 0.5% of sales.