COMPANY NEWS IN BRIEF
McDonald's could sell part of Dynamic Yield
McDonald's Corp is exploring selling part of Israeli artificial intelligence start-up Dynamic Yield Ltd, which it acquired two years ago in an attempt to boost online marketing efforts, the company said on Friday.
Dynamic Yield, run as a standalone company within McDonald's, personalises customers' experience by changing offerings on the chain's Drive Thru menu displays, according to time of day, weather, customer traffic and trending choices.
The start-up, whose customers include IKEA and Lacoste, has businesses with more than 300 brands globally.
"The potential sale of the non-McDonald's part of our business has been discussed from the outset and now feels like the right time to explore that possibility," its chief executive, Liad Agmon, said in a statement.
The Chicago-based hamburger chain said it was considering a sale of only the part of Dynamic Yield that works with other companies with no timeline set for the deal. - Nampa/Reuters
Cerrejon signs deal with indigenous community
Colombian coal mine Cerrejon said on Friday it has signed an agreement with a Wayuu indigenous community to comply with court-ordered environmental and health requirements.
The Provincial community in La Guajira has long argued with the company, which is jointly owned by BHP Group, Anglo American Plc and Glencore Plc, over pollution, dust, noise, water use and health problems.
Colombia's Constitutional Court previously ordered Cerrejon to comply with requirements aimed at protecting health and the environment, while a United Nations Special Rapporteur last year called on the government to suspend some of the mine's operations on the concerns.
The agreement, which the company said was signed by Cerrejon and the leader of Provincial, includes building a community health centre and an environmental rehabilitation program, which will include planting 250 000 trees.
The company will implement a court-ordered program to clean community facilities and nearby areas over the next five years and will also provide technical support for measuring air quality, the statement shared by Cerrejon said. - Nampa/Reuters
SoftBank reaches settlement with Neumann
SoftBank Group Corp said on Friday it has reached a settlement with WeWork's special committee and the company's co-founder and former chief executive, Adam Neumann, putting to rest a legal battle dating back to 2019.
SoftBank, the new owner of the office-sharing firm, did not disclose terms of the settlement. Media reports earlier this week indicated the deal includes a nearly $500 million cut in Neumann's pay-out from SoftBank.
The legal tussle between SoftBank and Neumann started in 2019, when SoftBank agreed to buy around US$3 billion in WeWork stock belonging to Neumann as well as current and former WeWork employees. SoftBank later contested its obligation to purchase the shares.
Under the new settlement, SoftBank will purchase around half the shares it had originally agreed to buy, a source familiar with the talks had told Reuters on Monday.
The settlement is also expected to clear the decks for WeWork as it reportedly pursues a public listing by merging with a special purpose acquisition company (SPAC). - Nampa/Reuters
Citigroup revises earnings
Citigroup Inc said on Friday it recorded an additional US$390 million in operating expenses in the 2020 fourth quarter after a US federal judge ruled it was not entitled to recoup money it mistakenly wired to lenders of Revlon Inc last year.
As a result, Citigroup revised its fourth-quarter earnings to US$1.92 per share down from US$2.08, according to a filing.
In August, an “operational error” caused Citigroup to send US$893 million of its own funds to the cosmetic company’s lenders, appearing to pay off a loan not due until 2023, when it intended to send only a US$7.8 million interest payment.
To date, US$389.8 million had been repaid to the bank at its request, but some lenders have held on to the funds leading the bank to wage a legal battle against a group of hedge funds to recover the remainder.
US District Judge Jesse Furman in Manhattan said the transfers were complete transactions not subject to revocation and declined to force the defendants to return the funds. Citigroup is planning to fight the decision. - Nampa/Reuters
Logitech warns on FY 2022 outlook
Computer goods maker Logitech International warned operating income for fiscal 2022 will drop back from a 2021 boom driven stoked by demand for mice and keyboards for work and leisure at home amid the coronavirus pandemic.
Operating income for fiscal 2022, measured under non-Generally Accepted Accounting Principles (non-GAAP), is expected to be between US$750 million and $800 million, the Swiss-US company said.
That's down from the US$1.1 billion it now expects for fiscal 2021, a fraction up from a previous estimate of $1.05 billion.
Sales for fiscal 2022, measured in constant currency terms, will be about flat - plus or minus 5%. For fiscal 2021, Logitech raised its sales growth forecast to about 63% in constant currencies, up from the 57-60% range it previously expected.
In January, Logitech reported a more than three-fold jump in quarterly adjusted operating income, benefiting from the pandemic-driven boost in demand for work-from-home products and gaming accessories. - Nampa/Reuters
McDonald's Corp is exploring selling part of Israeli artificial intelligence start-up Dynamic Yield Ltd, which it acquired two years ago in an attempt to boost online marketing efforts, the company said on Friday.
Dynamic Yield, run as a standalone company within McDonald's, personalises customers' experience by changing offerings on the chain's Drive Thru menu displays, according to time of day, weather, customer traffic and trending choices.
The start-up, whose customers include IKEA and Lacoste, has businesses with more than 300 brands globally.
"The potential sale of the non-McDonald's part of our business has been discussed from the outset and now feels like the right time to explore that possibility," its chief executive, Liad Agmon, said in a statement.
The Chicago-based hamburger chain said it was considering a sale of only the part of Dynamic Yield that works with other companies with no timeline set for the deal. - Nampa/Reuters
Cerrejon signs deal with indigenous community
Colombian coal mine Cerrejon said on Friday it has signed an agreement with a Wayuu indigenous community to comply with court-ordered environmental and health requirements.
The Provincial community in La Guajira has long argued with the company, which is jointly owned by BHP Group, Anglo American Plc and Glencore Plc, over pollution, dust, noise, water use and health problems.
Colombia's Constitutional Court previously ordered Cerrejon to comply with requirements aimed at protecting health and the environment, while a United Nations Special Rapporteur last year called on the government to suspend some of the mine's operations on the concerns.
The agreement, which the company said was signed by Cerrejon and the leader of Provincial, includes building a community health centre and an environmental rehabilitation program, which will include planting 250 000 trees.
The company will implement a court-ordered program to clean community facilities and nearby areas over the next five years and will also provide technical support for measuring air quality, the statement shared by Cerrejon said. - Nampa/Reuters
SoftBank reaches settlement with Neumann
SoftBank Group Corp said on Friday it has reached a settlement with WeWork's special committee and the company's co-founder and former chief executive, Adam Neumann, putting to rest a legal battle dating back to 2019.
SoftBank, the new owner of the office-sharing firm, did not disclose terms of the settlement. Media reports earlier this week indicated the deal includes a nearly $500 million cut in Neumann's pay-out from SoftBank.
The legal tussle between SoftBank and Neumann started in 2019, when SoftBank agreed to buy around US$3 billion in WeWork stock belonging to Neumann as well as current and former WeWork employees. SoftBank later contested its obligation to purchase the shares.
Under the new settlement, SoftBank will purchase around half the shares it had originally agreed to buy, a source familiar with the talks had told Reuters on Monday.
The settlement is also expected to clear the decks for WeWork as it reportedly pursues a public listing by merging with a special purpose acquisition company (SPAC). - Nampa/Reuters
Citigroup revises earnings
Citigroup Inc said on Friday it recorded an additional US$390 million in operating expenses in the 2020 fourth quarter after a US federal judge ruled it was not entitled to recoup money it mistakenly wired to lenders of Revlon Inc last year.
As a result, Citigroup revised its fourth-quarter earnings to US$1.92 per share down from US$2.08, according to a filing.
In August, an “operational error” caused Citigroup to send US$893 million of its own funds to the cosmetic company’s lenders, appearing to pay off a loan not due until 2023, when it intended to send only a US$7.8 million interest payment.
To date, US$389.8 million had been repaid to the bank at its request, but some lenders have held on to the funds leading the bank to wage a legal battle against a group of hedge funds to recover the remainder.
US District Judge Jesse Furman in Manhattan said the transfers were complete transactions not subject to revocation and declined to force the defendants to return the funds. Citigroup is planning to fight the decision. - Nampa/Reuters
Logitech warns on FY 2022 outlook
Computer goods maker Logitech International warned operating income for fiscal 2022 will drop back from a 2021 boom driven stoked by demand for mice and keyboards for work and leisure at home amid the coronavirus pandemic.
Operating income for fiscal 2022, measured under non-Generally Accepted Accounting Principles (non-GAAP), is expected to be between US$750 million and $800 million, the Swiss-US company said.
That's down from the US$1.1 billion it now expects for fiscal 2021, a fraction up from a previous estimate of $1.05 billion.
Sales for fiscal 2022, measured in constant currency terms, will be about flat - plus or minus 5%. For fiscal 2021, Logitech raised its sales growth forecast to about 63% in constant currencies, up from the 57-60% range it previously expected.
In January, Logitech reported a more than three-fold jump in quarterly adjusted operating income, benefiting from the pandemic-driven boost in demand for work-from-home products and gaming accessories. - Nampa/Reuters
Comments
Namibian Sun
No comments have been left on this article