Abu Dhabi National Oil Co agree upon a deal for a 10% stake in VTTI’s oil storage business

On Wednesday, in a bid to contribute towards its expansion into oil trading and its transformational drive, the state-run UAE energy business, Abu Dhabi National Oil Co (ADNOC) announced the acquisition of a stake in VTTI, a global energy storage company backed by Vitol.

According to sources closely following the matter, VTTI and ADNOC have agreed upon terms for the latter to acquire a 10% stake in the global energy storage company backed by Vitol.

Furthermore, sources also revealed that this will enable the state-run UAE business to store all its raw materials at the port of Fujairah, a storage facility and regional bunkering in the United Arab Emirates, and also in exports markets all over the world in which VTTI have storage facilities available.

The remaining 90% stakes in VTTI will reportedly be evenly distributed between IFM Global Infrastructure Fund, an investment vehicle managed by IFM Investors and Vitol, meaning both parties will own a 45% stake in the business.

A brief translation of Sultan al-Jaber, the Chief Executive of ADNOC, regarding the deal reads as follows, “The stakes acquired in VTTI, will help us(ADNOC) in our plans of further improving our integrated global trading platform. ADNOC will also be able to deliver a solid financial return through this deal.

Based out of UAE, ADNOC is reportedly on the verge of building the largest single underground project for storage of oil which the world has not seen yet, this project will reportedly have a capacity of 42 million barrels of crude oil. In recent years, ADNOC has come to be known as the Gulf region’s most conservative energy firm. ADNOC has come up with a very dynamic approach for pursuing its plan to transform into a proactive company which is flexible according to market demands.

ABOUT VTTI

The storage network of VTTI can hold a combined storage capacity of an impressive 60 million barrels. VTTI also owns 15 terminals that are situated at major hubs in Asia, Africa, Netherlands, the United States amongst a total of 14 countries.

AT&T launches its 5G network in New York City but would be limited to particular consumers 

AT&T, earlier today, launched its 5G services in New York City, however, the service would be available to the users with Business Unlimited Preferred plan. The plan is currently available only to Samsung Galaxy S10 5G according to the company. The company also added, by stating that the plan would be limited to particular areas. 

Amy Kramer, AT&T president stated that the company is committed to expanding its reach for 5G to more neighborhoods in New York City.

AT&T would be soon opening its 5G service to regular customers and planning to expand to even more cities by the end of this year, according to a statement given by the telecom giant.

The company also stated that it has been facing challenges while setting up the network in New York City.

Amy Kramer also added that the company has taken its first step in New York City which is a very densely populated area. 

The telecom giant also plans to open WarnerMedia Innovation Lab in Chelsea which would be over 20,000 square feet. The Innovation lab would be used to incubate and develop entertaining experiences.

HTC stops the sale of smartphones in the UK after a patent infringement issue

HTC, a smartphone maker based out of Taiwan has stopped selling its smartphone in Europe after the company faced a patent dispute.

The smartphone maker put its phones out of stock in the European market right after it faced the patent issue.

The Taiwanese company is currently facing an ongoing issue with IPCom over wireless technology in vehicles.

The smartphone maker was allowed to sell its smartphone by IPCom as long as the company complied with the workaround. However, when IPCom conducted a test this year it found that HTC did not implement a walk around on its Desire 12 budget smartphone.

According to IPCom, the Taiwanese company is set to comply with the rules stated by the court. Although, Amazon UK has still been selling a range of HTC smartphones in its marketplace.

The smartphone maker has been taking IP issues very seriously, according to the company’s spokesperson. The company also claims the infringement was done by a third party maker for one of its smartphones.

HTC has been seeing a drop in sales from the last few years and this IP infringement could create a lot of turmoil. 

IBM unveils an updated 2019 forecast following the acquisition of Red Hat

Earlier in the previous week, after finally completing the acquisition of Linux-maker Red Hat for a reported sum of $34billion, IBM, the cloud and computing company went on to update its earnings forecast for the year 2019.

In addition to details regarding the earnings forecast, IBM said that the Red Hat acquisition will reduce its overall tax rate by 2 percentage points while maintaining its free cash flow forecast of $12 billion for 2019.

Additionally, along with its second-quarter earnings published on July 16th, IBM stated that the $34Billion acquisition could most likely trim its non-GAAP operating earnings by $1.10 to “nearly” $12.80 per share from the initial forecast of $13.90 per share made for the year 2019.

Back in the previous month, IBM posted revenue of $19.2 billion, marking a non-GAAP bottom line of $3.17 per share which was higher than what analysts forecasted, however, notably, the impact of IBM’s Red Hat deal was not issued as full-year forecasts.

A brief translation of a conference call dated July 17 in which IBM’s CFO Jim Kavanaugh told investors that IBM plans on combining the depth and scale of its innovation with its vast industry expertise with the flexibility and power offered by Red Hat’s open hybrid cloud technologies.”

By the year 2021, IBM forecasts that roughly $1.5 billion will be added in free cash flow through Red Hat, as for the 2020-2021 period, its operating pre-tax income will show an overall ‘high single-digit’ growth rate

In a statement, Ginni Rometty, the CEO of IBM said that “Our company will be the only company in the market that will offer open cloud solution which can unlock the full potential of the cloud, the acquisition of Raleigh back in October 2018 was arguably a game-changer for IBM.”

 

Amidst Gillette’s $8 billion loss P&G says that the #metoo campaign enhanced the brand

Earlier in the week, the world’s largest shaving company, Gillette reported a $5 billion loss for the second quarter of 2019.

Several investors and analysts highlighted the #metoo ad campaign as the root cause of massive loss, amongst them the CEO of Gillette also was in agreement claiming that the #metoo campaign was a toxic masculinity digital ad campaign.

However, contradictory to the CEO of Gillette’s opinion, David Taylor, the CEO of Gillette’s parent company P&G was in support of the ad campaign saying that “it (Gillette) is a great business, we like it.”

Procter & Gamble famously known as P&G successfully acquired the largest shaving company in the world, Gillette back in 2005 for $57 billion

Additionally, on the same day in an interview, Julia LaFeldt, the spokeswoman of P&G said that Gillette’s brand had perhaps been enhanced by the #MeToo digital ad.

According to LaFeldt, “the #metoo ad campaign has received the most number of views till date for any online Gillette ad, more importantly, we can say that we managed to generate natural engagement and interest amongst customers as a majority of the views on the ad are organic and/ or unpaid.”

The ad released in January was a short film titled “We Believe”, that emphasizes topics of toxic masculinity and the #MeToo movement.

 

Japan’s 3rd biggest automaker witnessed a drop in quarterly operating profit by 16%

Honda Motor Co, a Japanese automobile company, earlier today, posted a 16% drop in operating profit for the quarter which ended in July. As per the company’s reports, a drop in US sales and a strong yen resulted in the 16% drop in profit when compared to the same time last year.

Honda is the 3rd biggest automaker in Japan and its quarterly operating income stood at $2.37 billion or 252.4 billion yen. Last year during the same period the automaker posted an operating profit of 298.4 billion yen.

Last year the automaker sold 425,000 vehicles in the US, while during this year the company vehicle sales fell to 407,000.

The global sale last year hit records when it posted 5.323 million sales.

However, this year due to a global slowdown the automaker is forecasting to sell about 5.11 million units.

Like most other carmakers from around the globe, Honda is facing competition from ride-hailing companies like Uber and also from Google which is moving towards autonomous driving and electric vehicles.

This year in May the company announced that it would be cutting global production costs by 10% by 2025. The amount saved would be used into the development of electric and autonomous vehicles, according to a statement from the company.

Manischewitz Co’s Kosher food business to be purchased by Kenover Marketing Corp

In a joint announcement, Kenover Marketing Corp., and The Manischewitz Co. announced that both parties have reached an agreement for the former to take over all shares of the latter’s kosher food business.

As per reports, an official of Kenover Marketing Group said that an agreement has been reached upon by both parties for a transaction in which all of Manischewitz’s kosher food business will get acquired by Kenover Marketing Group.

Sources close to the matter also revealed that Manischewitz’s Season brand will not be a part of this sale.

Additionally, earlier in the week both companies also went on to announce that momentarily they will continue to commence business as usual as details regarding the deal including its finalization shall be announced in the near future.

About Manischewitz

Based out of Cincinnati, Rabbi Dov Behr founded the company, B. Manischewitz LLC., famously known for its Tam Tam crackers, range of Passover products and machine-made matzah way back in 1888. The company turned into a private corporation back in 1990, as its management purchased its shares for a reported sum of $42.5million, Up until then Manischewitz was under the control of Manischewitz family members and was functioning as a public company. In today’s day, no member of the Manischewitz is involved in the company, which now has its headquarters in Newark, New Jersey.

About Kenover

Based out of Bayonne, New Jersey, Kenover is an extension of Kayco, which came into existence after a merger was agreed upon by B&W Foods, Kenover Markering, and Kedem Foods.

 

P&G reveals that it will not sell its Gillette business despite an $8 billion write-down

Earlier in the week, via a press release, the consumer products giant, P&G revealed its earnings for the latest quarter. As per the press release, for the carrying value of Gillette’s goodwill,  P&G had to suffer a mammoth $8 billion write-down.

According to sources close to the matter, P&G revealed that it incurred such negative results due to continuous extreme competition in the razor blade category market, while also citing currency devaluations ever since it purchased Gillette back in the year 2005 for $57 billion as one of the many reasons for the heavy losses incurred.

However, quite notably, P&G remains quite confident about getting its Gillette shaving care business back on track with an upward trend.

Backing up this claim the Chief Financial Officer for P&G, Jon Moeller revealed that P&G continues to maintain a strong cash flow generation and receive strong earnings from Gillette due to which the company has no plans of selling the shaving cream business anytime soon. Additionally, Moeller also went on to say that P&G’s current focus of constant innovation for regular use product categories is in tandem with Gillette’s future plans.

In order to compete with the increasing competition in the razor blade and shaving cream market segment, P&G has reportedly adopted the strategy of emphasizing on the quality of its products in TV commercials and reducing prices on its razors.

As per reports, marking the lowest showing of P&G’s amongst its various business segments, its grooming segment organic sales were up by 4% for the current quarter in which its organic volume dropped by 1 percent.

Additionally, for the current quarter, a few specific products like electric shavers continues to show an upward trend with almost a 12 percent rise in sales as its grooming range of business showed a mixed performance.

 

Korean smartphone giant sees a huge drop in profit in the second quarter

Earlier today, Samsung, a Korean smartphone behemoth share price dropped after its profit fell by a whopping 56% in the second quarter of the financial year. The company stated that the price decline in its memory chip business was one of the reasons for the declining profit.

Right after the announcement, the share price of Samsung parent company fell by 3.4% percent. At the end of the day’s trading, the price moved up by 2.7% percent.

In the quarter which ended in June, the Korean smartphone maker generated an operating profit of $5.7 billion (6.7 trillion Korean won). Last year, during the same quarter the company had an operating profit of $12.61 billion (14.78 trillion Korean won) according to the announcement made by the company earlier today.

The technology giant also has seen a drop in revenue for the quarter ended which was around 4%.

In recent times, according to reports by smartphone makers from around the globe, economic uncertainty has caused a major decline in smartphone sales. The Korean technology company also stated that the total sales for its Samsung S10 which is also its flagship device have reduced.

The tech company also witnessed a drop in its chip and display business which fell by 60% during the quarter.

According to the smartphone maker, the company would continue to see a drop in its memory business until the end of the financial year.

Getting Some sort of Badoo Or even OKCupid Overview

A new Badoo review is merely among the numerous critiques that exist on the Internet. Although there are many online dating sites, there are still some other dating sites, and those websites can provide an even more related perspective.

For anyone those who find themselves a little timid to continue on the internet and pay a visit to websites in the interest of dating, OKCupid plus Badoo is the excellent places to continue. By providing your own opinion about these sites on various discussion boards, you could the chance to go over the pros plus cons of each. Somebody how the site is without a doubt free of charge and then you’re liberal to place your current viewpoint and even vote on some other individuals. If you can’t such as the actual have to give you, then you can definitely normally make a complaint and even abandon responses.

In the event you click on the Web site belonging to the website provides the connection to the site for each seeing web site, you may have the alternative to see the particular dating internet websites based on your preference. To each going out with web page, you will find a seeing grouping. Within this section, you can also view the account of each customer in the online dating kind.

You’ll have done the chance to see the OkCupid, which is a fantastic courting web page that can certainly support you in finding to start a date with someone. After getting identified a person together with who you intend to particular date, you have the option to send and even start mail messages through the talk function.

The particular dating sites provide you with the possibility to look for the fits simply by discovering their particular pictures, or by simply taking a look at the backlinks of others, and will also be competent to watch which can be a lot more compatible with you. You could have the possibility to determine the way the other person seems as if, or perhaps the way they outfit. If you would like to have got a “short list” of the testers you will date, the particular internet dating sites gives you a chance to look through the particular users associated with others in addition to pay attention to exactly what is attractive http://datingstudio.com/ to you personally the majority of.

Of course , if you are within the OKCupid, it will be easy in order to save the profile that a new one through the “My Profile” web page. This is the feature that the majority of people don’t especially like to work with because it will need anyone to keep it always. The other option is to try using typically the “Profile Builder” characteristic, which is quite simple to utilize and almost no knowledge of typically the going out with internet site. You are provided with a way to place your special images, set a information regarding your self, plus the capability to content some commentary to the adult dating web-site itself.

OKCupid is merely one of the numerous internet dating sites. The advantage of it is you will have to be able to view the courting user profile of the other consumers upon these online dating sites. Consequently there is absolutely no need to worry with what other people think about a person. You should include everything to point out, the other consumers will be a good supply to watch and comment on the site.