Business

Scotiabank, BMO say worst of provisions over after quarterly profit declines

TORONTO (Reuters) – Bank of Nova Scotia (BNS.TO) and Bank of Montreal (BMO.TO), which posted profit declines from a year ago on Tuesday, said they expect provisions for loan losses to pull back in coming quarters even as assistance measures that have kept a lid on delinquencies wind down.

FILE PHOTO: The Bank of Nova Scotia (Scotiabank) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

Scotiabank said its provisions for loan losses, which nearly tripled to C$2.18 billion ($1.65 billion) in the third quarter and led to an earnings miss, are expected to “decline substantially.” The most recent provisions were mainly in its international unit.

Canada’s third-biggest bank said adjusted net income fell to C$1.04 a share in the three months through July, from C$1.88 a year earlier, as profit from its Latin America-focused international division, which was

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Why Village Farms International Shot 15% Higher on Tuesday

What happened

Village Farms International (NASDAQ:VFF) was a smoking-hot stock on Tuesday, as it announced a key affiliate had begun shipping derivative products to select markets in its native Canada.

So what

Pure Sunfarms, the cannabis joint-venture of which Village Farms owns nearly 60%, has begun deliveries of its inaugural Cannabis 2.0 and bottled oil products. The first shipments will go to the western province of British Columbia, historically the site of some of the best cannabis growing operations in the country. At an unspecified point thereafter, these products will also be shipped to Alberta and Ontario.

Gloved hand holding marijuana leaf in front of the Canadian flag.

Image source: Getty Images.

Pure Sunfarms’ stock in trade until now has been dried flower; Village Farms claims the joint-venture is leveraging this into attractive derivative products. 

“[W]e are confident consumers will embrace these new products as enthusiastically as they have Pure Sunfarms’ dried flower products,” said Village Farms CEO Michael DeGiglio.

Now

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CAI International, Inc. Announces Agreement to Sell its Logistics Business to NFI

CAI International, Inc. (“CAI” or the “Company”) (NYSE: CAI), announces the completion of an agreement to sell substantially all of the assets of its logistics business to NFI, on a debt free, cash free basis. In connection with the sale, substantially all of CAI’s employees of the logistics business were hired by NFI. The sale consideration consisted primarily of payment for the estimated net working capital of CAI’s logistics business as of the closing date, subject to adjustment 180 days after closing to reconcile to the actual net working capital as of the closing date.

Timothy Page, Interim President and Chief Executive Officer of CAI, commented, “The sale of our logistics business is a key step towards our goal of maximizing shareholder returns by focusing all of our resources on our core container leasing business.”

CAI is one of the

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VivoPower International PLC’s (VVPR) CEO Kevin Chin on Q4 2020 Results – Earnings Call Transcript

VivoPower International PLC (NASDAQ:VVPR) Q4 2020 Results Earnings Conference Call August 24, 2020 4:30 PM ET

Company Participants

Kevin Chin – Executive Chairman and CEO

Michael Hui – Venture Capital Director, Arowana Capital Pty Ltd.

Bill Langdon – Non-Executive Director

Peter Jeavons – Non-Executive Director

Conference Call Participants

Operator

Hi. And welcome to the VivoPower Investor Update. I will shortly be handing you over to Kevin Chin, who will take you through today’s presentation. There’ll be an opportunity to queue up later on the call.

And now I’d like turn to Kevin Chin of VivoPower.

Kevin Chin

Thank you very much. And welcome everyone to the Kevin Chin results presentation for FY’20. Thanks for taking the time to join. I also have together with me on the call today, my colleagues on the Board, Matt Cahir, who is based just outside of Washington D.C. I have Michael Huey, who is

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Valuation And Dividend Safety Analysis: International Business Machines (IBM)

IBM) was a growth stock, but today the main interest is the dividend yield. Currently, IBM yields over 5%. Very few stocks that are not REITs, MLPs, or BDCs, have a yield this high. Further, IBM recently raised the regular cash dividend for the 25th consecutive year making it a new Dividend Aristocrat. At a time when many companies are cutting or suspending their dividends this is a positive sign.” data-reactid=”12″International Business Machines Corp (NYSE:IBM) was a growth stock, but today the main interest is the dividend yield. Currently, IBM yields over 5%. Very few stocks that are not REITs, MLPs, or BDCs, have a yield this high. Further, IBM recently raised the regular cash dividend for the 25th consecutive year making it a new Dividend Aristocrat. At a time when many companies are cutting or suspending their dividends this is a positive sign.

Dividend Aristocrats

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Delta to add more international flights this fall, next year and more business news

Delta to add more international flights this fall, next year

Delta Air Lines plans to resume more international flights this fall and next year in a recovery from steep route cuts due to the coronavirus pandemic.

Atlanta-based Delta said the restart of service comes with “the lifting of travel restrictions, potential vaccine availability and the gradual return of demand.” It added that international travel is still slower to return than domestic flying within the United States.

Delta had halted almost all of its international routes due to COVID-19. But in the past couple of months the airline announced the resumption of some service, including weekly flights from Atlanta to Seoul-Incheon in July and service from Atlanta to Tokyo this month.

Starting Oct. 25, Delta plans to ramp up its flights from Atlanta to Tokyo and Seoul, with four flights a week to Tokyo Haneda and at least five flights a

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Pyxus International, Inc. Successfully Completes Financial Restructuring

Emerges from Chapter 11 with Debt Reduced by More than $400 Million

Enhanced Financial Flexibility to Fuel Ongoing Business Transformation and Drive Value Creation

MORRISVILLE, N.C., Aug. 24, 2020 /PRNewswire/ — Pyxus International, Inc. (“Pyxus” or “the Company”), a global value-added agricultural company, announced today that the Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Pyxus International, Inc. and Its Affiliated Debtors (the “Plan”) confirmed by the United States Bankruptcy Court for the District of Delaware on August 21, 2020 has become effective. As a result, Pyxus has successfully completed its financial restructuring and emerged from Chapter 11 with its debt reduced by more than $400 million and maturities extended.  

“Over the last two months, we have been keenly focused on enhancing the Company’s financial flexibility, and the completion of our financial restructuring process is a significant step forward,” said Pieter Sikkel, Pyxus’ President and CEO. “We

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April 2021 Options Now Available For International Business Machines

Investors in International Business Machines Corp (Symbol: IBM) saw new options begin trading today, for the April 2021 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 239 days until expiration the newly trading contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the IBM options chain for the new April 2021 contracts and identified one put and one call contract of particular interest.

The put contract at the $120.00 strike price has a current bid of $9.60. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $120.00, but will also collect the premium, putting the

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Business – BBC News

Consumers will soon have a lot more choice when it comes to their mobile phone provider

The first stage in the opening up of one of the continent’s
largest telecoms markets is now complete as Ethiopia’s communications regulator
has revealed that it has received interest from 12 potential buyers of two
licences.

Up to now, state-owned Ethio Telecom has had a monopoly
on the phone and internet business in Ethiopia, which has a population of 109
million.

The introduction of competition could transform the market
and boost the number of mobile subscribers, which stood at 37 million in 2017
according to the World Bank.

In a statement, the Ethiopia Communications Authority (ECA) said
that of the 12 submissions, nine were from telecoms operators, two were from
non-telecoms companies and one was incomplete.

Among those interested are:

  • A joint South African-Kenyan-British bid from Vodafone,
    Vodacom, and Safaricom
  • South African company MTN
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