Nokia wins 5G order from Philippines' Globe Telecom
HELSINKI (Reuters) – Finnish telecom network equipment maker Nokia on Wednesday said it has won an order from Globe Telecom to build a 5G network to the Philippines’ second and third largest islands Mindanao and Visayas.
Nokia will also upgrade the existing 4G network for the largest mobile network operator in the Philippines.
Financial details were not disclosed.
Oil Edges Higher In Cautious Trade
Oil prices rose on Wednesday amid hopes that vaccine rollouts will drive a recovery in demand. The upside was capped after industry data showed a build in crude oil inventories.
Benchmark Brent crude rose 0.3 percent to $64.68 a barrel, while U.S. crude futures were marginally higher at $61.71.
The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 1.026 million barrels in the week to February 19, against estimates for a draw of 5.2 million barrels.
Refinery crude runs fell by 2.2 million bpd as a deep freeze in the southern states curbed demand.
The U.S. Energy Information Administration report is awaited later today amid fears that supply will likely outpace demand in the next few weeks.
Shale oil producers in the southern United States could take at least a couple of weeks to restart the more than 2 million barrels per day of crude output that was shut down because of a deep freeze.
Gold Holds Steady As Powell Reaffirms Support
Gold prices held steady on Wednesday, a day after Federal Reserve Chairman Jerome Powell assured investors the central bank was a long way from scaling back its support to the world’s largest economy.
Spot gold held steady at $1,804.92, after having hit its highest since Feb. 16 at $1,815.63 on Tuesday. U.S. gold futures were marginally lower at $1,804.20.
Powell in his testimony before the U.S. Senate Banking Committee on Tuesday pushed back on suggestions that loose monetary policy risked unleashing inflation and financial risks in what may be an emerging economic boom.
The U.S. economy was “a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved,” Powell said.
Powell will have another opportunity to address several issues such as interest rates, job losses and stimulus during his second day of testimony in Congress later today.
The dollar eased against rivals in European trade on improved risk appetite, while the 10-year U.S. Treasury yield edged back down below its recent one-year high.
Gold falls ₹148, silver declines ₹886
Gold prices fell ₹148 to ₹46,307 per 10 grams; Silver declines ₹886 to ₹68,676 per kilogram
Gold prices on February 24 fell ₹148 to ₹46,307 per 10 grams in the national capital, due to overnight selling in global prices and rupee appreciation, according to HDFC Securities.
The precious metal had closed at ₹46,455 per 10 grams in the previous session.
Silver also declined ₹886 to ₹68,676 per kilogram, compared with the close of ₹69,562 per kilogram in the previous trade.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Spot gold prices for 24 karat gold at Delhi traded down by ₹148 reflecting overnight selling in global gold prices and rupee appreciation.” The spot rupee was trading around 12 paise stronger against the dollar.
In the international markets, gold prices were trading steady at $1,807 an ounce and silver was almost flat at $27.63.
Office Depot Inc. Q4 adjusted earnings of $0.55 per share
Office Depot Inc. (ODP) announced earnings for fourth quarter that decreased from the same period last year.
The company’s earnings totaled $18 million, or $0.34 per share. This compares with $55 million, or $1.00 per share, in last year’s fourth quarter.
Excluding items, Office Depot Inc. reported adjusted earnings of $30 million or $0.55 per share for the period.
The company’s revenue for the quarter fell 8.8% to $2.29 billion from $2.51 billion last year.
Office Depot Inc. earnings at a glance:
-Earnings (Q4): $30 Mln. vs. $68 Mln. last year.
-EPS (Q4): $0.55 vs. $1.24 last year.
-Revenue (Q4): $2.29 Bln vs. $2.51 Bln last year.
Exelon Corp Q4 adjusted earnings of $0.76 per share
Exelon Corp (EXC) revealed earnings for fourth quarter that declined from last year.
The company’s earnings came in at $360 million, or $0.37 per share. This compares with $773 million, or $0.79 per share, in last year’s fourth quarter.
Excluding items, Exelon Corp reported adjusted earnings of $746 million or $0.76 per share for the period.
The company’s revenue for the quarter fell 2.6% to $8.12 billion from $8.34 billion last year.
Exelon Corp earnings at a glance:
-Earnings (Q4): $746 Mln. vs. $810 Mln. last year.
-EPS (Q4): $0.76 vs. $0.83 last year.
-Revenue (Q4): $8.12 Bln vs. $8.34 Bln last year.
Travel + Leisure Q4 Adj. Profit Declines – Quick Facts
Travel + Leisure Co. (TNL) reported fourth quarter adjusted earnings per share of $0.32 compared to $1.58, a year ago. Adjusted EBITDA was $148 million, a decline of 44% from previous year. Fourth-quarter net revenues declined to $645 million from $981 million.
For the first quarter, the company expects adjusted EBITDA to range from $95 million to $110 million.
At the end of the fourth quarter, the company had $1.6 billion of liquidity in cash and cash equivalents and revolving credit facility capacity.
The company will recommend a first quarter dividend of $0.30 per share.