Tag: business

Fincantieri acquires Leonardo’s undersea armaments business worth up to $447 million

by  on  in Business Breaking News
IMG-20240206-WA0003

Fincantieri’s FCx30 multirole frigate model on display at the World Defense Show (Breaking Defense)

BELFAST — Italian shipbuilder Fincantieri has formally agreed to the acquisition of national counterpart Leonardo’s Underwater Armament Systems (UAS) unit in a deal which could amount to a total value of €415 ($447 million), and one largely signaling military torpedo production growth.

The two companies announced the acquisition, set to be finalized in early 2025, on Thursday, with Fincantieri sharing that it will “acquire not only the technologies related to torpedo’s production but also the control of the country’s underwater acoustic technologies,” which it considers to be a “fundamental element in the group’s growth strategy in the underwater sector.”

The UAS division was originally established as Whitehead Alenia Sistemi Subacquei (WASS), a torpedo unit that recorded revenues of €160 million ($172 million) last year.

Fincantieri holds a market share of over 40 percent in naval defense and offshore vessel markets, covering 18 shipyards in four continents, according to its 2023 annual report [PDF].

Terms of the UAS acquisition include the shipbuilder paying a fixed fee of €300 million ($323 million) and, “based on certain growth assumptions,” an additional €115 ($124 million) directly relating to performance of the underwater armaments business this year.

A spokesperson for Fincantieri told Breaking Defense the company could not provide further details about the acquisition because it has yet to be finalized.

Fincantieri CEO Pierroberto Folgiero said last month that undersea defense and commercial markets are equivalent to the early development of Space technologies “40 years ago,” with the company committed to taking advantage of such opportunity. Providing insight into the lucrative undersea market, he suggested it could be worth up to $400 billion by 2030.

The latest undersea business push builds on the company’s acquisition of Remazel, an

…

Howard Schultz wants Starbucks to fix its American business

by  on  in American Business News


New York
CNN
 — 

Former Starbucks CEO Howard Schultz might have left the coffee giant several months ago, but he’s still offering critiques of the company he ran for about 25 years over three stints.

Following the release of Starbucks’ dismal earnings, Schultz wrote on his LinkedIn account that he was asked by “people inside and outside the company” about his thoughts that the chain’s US operations are the “primary reason for the company’s fall from grace” and encouraged executives to spend more time with its cafe employees.

“The stores require a maniacal focus on the customer experience, through the eyes of a merchant. The answer does not lie in data, but in the stores,” Schultz wrote.

He suggested that Starbucks “reinvent” the app’s mobile ordering and payment to “once again make it the uplifting experience it was designed to be.”

He also perhaps took a slight dig at Starbucks’ current offerings — like its new lineup of spicy drinks — and said its strategy needs to be “elevated with coffee-forward innovation that inspires partners, and creates differentiation in the marketplace, reinforcing the company’s premium position.”

Schultz stepped down from Starbucks’ board of directors last September as part of a phased transition of his exit that culminated in March 2023 when he left his position of CEO for the third time. He remains one of Starbucks’ largest shareholders.

Laxman Narasimhan, Starbucks’ current CEO who Schultz helped pick, reported a “disappointing” quarter in its second-quarter earnings last week. The company experienced a decline in same-store sales for the first time since 2020 and slashed its full-year sales outlook.

Same-store sales in the United States fell 3%, a sharp reversal from the same quarter a year ago, when they grew 12%. In China, the chain’s second-largest market, sales fell a staggering 11%.

…

Millennials turning towards new-age investment instrument fractional investing: Report | Business News

by  on  in Business Investment News

The alternative investment space has caught the fancy of young investors, with millennials dominating 60 per cent of investors’ base into fractional investments, according to a report by Grip Invest, a digital investment platform.

They are increasingly looking towards fractional asset investing in a bid to diversify their investment portfolios.
In its report titled ‘Gripping the Boom: Millennial in Fractional Investing’, Grip Invest revealed that two-third of all investors on its platform are millennials.

At present, Grip Invest has more than 26,000 investors, who have used the platform at least once.

The report focuses on the transformative power of fractionalisation, a 150-year-old investing concept re-imagined for the digital age. Fractional investing allows a person to own a fraction or a share of an asset.

Going by the report, 60 per cent of all orders made are from investors under 40 years of age bracket. Notably, investors as young as 21 years are choosing fractional high-yield assets.

Festive offer

Moreover, 77 per cent of users on the platform prefer the do-it-yourself approach and make investment decisions based on personal research.

After millennials with 65 per cent share, 20 per cent of investments on the platform are done by Gen X.

The term millennial is used to describe a person born between 1981 and 1996 and Generation X includes persons born between the mid-1960s and the early 1980s.

Millennials in India often approach investing with a mix of caution and curiosity. Despite their inherent watchfulness, the average value per investor is more than Rs 1 lakh on Grip Invest’s platform, the report noted.
In the last two years, the alternative investment space has attracted early adopters and has been made mainstream by millennials, the generation that is choosing a risk-adjusted approach to investing, as opposed to the erstwhile risk-averse approach.

“Our report reveals a

…

American Express Introduces Business Card for Nigerian Users

by  on  in American Business News

American Express is rolling out a business credit card in Nigeria, its first such product in the country.

The card offers business owners a spending limit of $10,000 and a repayment period of up to 45 days for international transactions, and comes as a result of a partnership with local neobank O3 Capital, according to a Thursday (May 9) Bloomberg report, which noted that the launch of the card could improve working capital access in the West African nation.

“The first-ever American Express Business Card in the most populous African country will give us another way to support local businesses with their growth aspirations,” Mohammed Badi, Amex’s president of global network services, said in a statement, according to the report.

“American Express is excited to continue to strengthen its presence in Nigeria and expand its reach across Africa,” Badi added.

Separately, Badi said that American Express has plans to expand its presence in Africa to 42 countries from its current 30, citing greater demand from consumers and small businesses, Bloomberg reported.

American Express and O3 are also launching cards for personal and household use, which will have spending limits between $10,000 and $20,000, the report added.

The O3 Amex card “solves the problem of queuing at banks for business travel allowance and the personal travel allowance,” said O3 Chief Executive Officer Abimbola Pinheiro, according to Bloomberg.

The neobank plans to issue 16,000 American Express cards by the end of the year and a million cards over the next five years, Pinheiro said. O3 also plans to offer them in other countries, including Rwanda, Congo and Ghana, where it hopes to issue Amex cards by the end of next year.

More companies in Africa — as well as in Central Europe and the Middle East — are

…

Globalink Investment Inc. Announces Extension of the Deadline to Complete a Business Combination to June 9, 2024

by  on  in Business Investment News

Globalink Investment Inc.Globalink Investment Inc.

Globalink Investment Inc.

New York, NY, May 06, 2024 (GLOBE NEWSWIRE) — Globalink Investment Inc. (Nasdaq: GLLI, GLLIW, GLLIR, GLLIU) (“Globalink” or the “Company”), a special purpose acquisition company, announced today that on May 3, 2024, it caused to be deposited $60,000 (the “Extension Payment”) into its trust account (the “Trust Account”) with Continental Stock Transfer and Trust Company (“Continental”) to extend the deadline to complete its initial business combination from May 9, 2024 to June 9, 2024. The extension is the eleventh extension since the consummation of the Company’s initial public offering on December 9, 2021, and the sixth of twelve extensions permitted under the Company’s governing documents currently in effect.

About Globalink Investment Inc.

Globalink is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic region, Globalink intends to pursue targets in North America, Europe, South East Asia, and Asia (excluding China, Hong Kong and Macau) in the medical technology and green energy industry.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “guidance” or the negative of those terms or other comparable terminology. These statements are based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Because these forward-looking statements involve risks

…

How long did it take to complete the Trans Mountain pipeline? Take our business quiz for the week of May 3

by  on  in Business Investment News

Welcome to The Globe and Mail’s business and investing news quiz. Join us each week to test your knowledge of the stories making the headlines. Our business reporters come up with the questions, and you can show us what you know.

This week: Earnings season continued! For the three months ending on March 31, Montreal-based Air Canada lost $81-million, compared with profit of $4-million in the same quarter a year earlier. In better news, Great-West Lifeco Inc. said it earned $960-million in the first quarter, up from $595-million a year earlier. But the best earnings news likely came from Shell, which reported first-quarter profit of US$7.7-billion on Thursday. Analysts had expected first-quarter adjusted earnings of US$6.46-billion, compared with US$9.65-billion a year earlier.

Also: A corporate founder felt less than fresh, as did a pandemic-era corporate darling and some cost projections for a big sporting event.

1Matthew Corrin, founder of Freshii, the Canadian health-food chain, is suing the company that bought his struggling veggie-and-beans empire for:

a. Insisting on more meat on the menu

b. Firing other senior executives

c. Not giving Corrin much to do in his new role as executive chair

d. Putting unrealistically high demands on Corrin in his new role as executive chair

c. Not giving Corrin much to do in his new role. Corrin alleges the new owners cut him out of meetings, drastically reduced his consulting fee and accused him of being paid a lot of money “to do nothing.”

2Ouch! Toronto-Dominion Bank is bracing itself for stinging penalties from U.S. regulators for possible money-laundering lapses. This week, the bank announced it will set aside how much to cover those penalties?

a. US$150-million

b. US$250-million

c. US$450-million

d. US$650-million

c. US$450-million. TD Bank will set aside nearly half a billion dollars to

…

Pakistan says expecting more high-level Saudi business delegations amid investment push

by  on  in Business Investment News

RIYADH: Hong Kong and Chinese companies are gearing up for substantial investments in the Saudi market, marking a significant step toward strengthening economic ties, a top official said. 

A delegation of 30 business leaders from Hong Kong and mainland China is set to explore diverse sectors in the Kingdom, propelled by the ambitious Vision 2030 outlined by Saudi leadership, King Leung, global head of financial services and fintech at Invest Hong Kong, said in an interview with Arab News. 

Explaining the reason for his visit to Riyadh, Leung said: “I’m bringing a delegation of 30-plus executives across different disciplines to explore ways to do business in Saudi Arabia. This is not just about attracting inbound (investment), but also helping mainland Chinese companies use Hong Kong as a base to springboard to key markets like Saudi Arabia.” 

Outlining the potential for co-investment between the two nations, he said: “Definitely, it’s going to be a huge number,” a sentiment that echoes the palpable excitement among Hong Kong investors who are eager to tap into the vast opportunities offered by the Saudi market. 

The convergence of interests between Hong Kong and Saudi Arabia is underpinned by a notable synergy observed between businesses in both regions, the executive said, with an eye on forging strategic partnerships. 

Hong Kong delegates, including private sector leaders and venture capitalists, are eager to explore avenues for collaboration that align with the objectives of Vision 2030. 

“All these things that we are now finding out allow business leaders to see that some businesses from Hong Kong actually have very, very good synergy with Vision 2030 in your country.”  

“It’s hard to quantify the exact number, but definitely, it’s going to be (a) huge number. I have to say these investments cut across different sectors, where you can imagine the

…

Capital gains changes tip the scales for business owners

by  on  in Business Investment News

One of Spinner’s clients will owe an additional $1.8 million in taxes on a sale of a corporately held asset, due to the higher CGIR. The asset must be sold after June 25 for regulatory reasons. “Sometimes you’re just stuck,” she said.

Joseph Bakish, portfolio manager and investment advisor with Richardson Wealth Ltd. in Pointe-Claire, Que., said he and his team are meeting with clients during the first half of May.

“We’re doing an entire evaluation of all our clients to see if an asset can be crystallized, and on what date, and then ask what the implications are overall for them,” said Bakish, who specializes in advising incorporated physicians. “Not all investors hold stocks and bonds that are liquid.”

On April 29, the Canada Revenue Agency issued an interpretation letter stating that selling a big chunk of assets prior to June 25 would not be considered tax avoidance.

“It is our view that where a taxpayer crystallizes an accrued capital gain prior to the increase in the CGIR, the [general anti-avoidance rule (GAAR)] would generally not apply,” the letter said. However, it cautioned that if the main purpose of the transaction is to obtain a tax benefit other than taxation of a gain at the current CGIR, GAAR may apply.

In the 2024 federal budget, the government proposed increasing the CGIR to two-thirds on capital gains realized in a year above $250,000 for individuals as of June 25. Currently, the CGIR is 50% for all capital gains realized by individuals. For corporations and trusts, the higher inclusion rate will apply to all capital gains realized on or after June 25.

The CGIR changes were not included in budget implementation bill C-69, which completed first reading on May 2, but the government has indicated the changes will go ahead.

Advising

…

Our students Isabell and Ana participated in the Company Case Challenge at the American Business School of Paris | RIT Croatia

by  on  in American Business News

Our Global Business Management/IB student from the Zagreb campus, Isabell Repalust, and Ana Vujović, a Hospitality and Tourism Management student from the Dubrovnik campus, shared their Erasmus experience from the American Business School of Paris. While on their exchange program in Paris, they both worked as junior consultants for different companies while participating in the Company Case Challenge.

Company Case Challenge is a project made for students with excellent academic profiles. This allows the students to work on real business cases that enrich their professional experience. The project is inspired by the Harvard Business School’s method of bringing real business cases into the classroom. For Isabell, this was a great opportunity to „learn new skills, gain practical experience in the professional field, expand the professional network, but first and foremost work and meet students who live and study in Paris“.

Company Case Challenge is complimentary to the education system at RIT Croatia which is hands-on and promotes experiential learning. Because of that, our students can apply what they have learned through lectures, assignments, and projects outside the classroom. This aligns with our cooperative education as well which consists of 400 – 800 hours of working experience. Through work, cooperative education, and internships, our students gain the experience that employers look for when hiring. Co-op expands student’s knowledge, refines their professional competencies, and advances their career development.

Objectives and challenges

The objective of the Company Case Challenge was to show students how real business life works, and for students to develop their skills. As junior consultants for different companies, they tackled genuine business cases, refining their skills in problem-solving, teamwork, and presentation. Despite the challenges they faced, both students earned recognition for their outstanding work.

Isabell, from the Zagreb campus, worked for the company Foundever.org

…

The messy business of expanding your heart

by  on  in Business Breaking News

It’s barely 6 am when my 3-year-old’s arm flops onto my belly. What time is it? When did he come in here? Where’s the baby? Whew. Our 8-week-old is tucked into the curve of my C curl, soft milky breaths warm against the skin of my chest. From my other side, his big brother’s hand presses, taps and squishes my tummy. “Mommy, your tummy is so squishy. SO squishy. I love it, Mommy. Thanks, tummy, for our baby.” Tears spring to my eyes. Perhaps all the care I’m taking to speak to and about my body with kindness is making an imprint. I shift slightly to my back so my arms are around both of my boys, and my patchwork-quilt heart breaks a little bit bigger.

In this second postpartum season, I’m doing small tangible things to foster acceptance of the new-again shape of my body. Christening the still-deep-red striations on my belly, hips and thighs—“tiger stripes,” to my 3-year-old’s delight. Clicking “purchase” on a pair of jeans with a stretchy waistband and a number on the tag that my closet hasn’t seen yet. Showing up at yoga even when I feel wobbly all over. I’ve been here before. I know I’ll find balance in table pose again without trembling, and I know that by the time this baby is taking their own trembling first steps, these tiger stripes will have faded to silver.

But what about the new shape of my heart? As the fibers of my physical being are knitting themselves together, so is my heart, reorganizing itself into a new shape. One that can love not just one, but two little boys in infinite measure.

Like many second-time parents, I worried in pregnancy about how the transition would affect my relationship with my first.

…