Life

ADTRAN, ADVA Announce Business Combination – Quick Facts

36,383 New COVID Cases, 277 Deaths In U.S.

With 36,383 new cases of coronavirus infections reported in the United States on Sunday, the national total has increased to 38,799,396, as per the latest data from Johns Hopkins University.

277 additional casualties took the national COVID death toll to 637,540.

As usual, Sunday’s lower metrics are attributed to reporting delays over the weekend.

California reported the most number of cases – 11,893 – over the weekend, while Texas – 70 – reported the most COVID-related deaths.

California is the worst affected state in terms of both of the COVID metrics, with 4,326,698 cases and a total of 65,758 people dying due to the disease.

A total of 1,522,570 tests were conducted nationally, according to data compiled by New York Times.

The number of people hospitalized due to coronavirus infection in the country has crossed the 100,000 mark. The toll has risen to 100,410, marking a 24 percent increase in a fortnight.

A total of 30,826,478 people have so far recovered from the disease in the country.

As per the latest data published by the Centers for Disease Control and Prevention, a total of 173,520,211 people in the United States have been fully vaccinated against the coronavirus.

This includes 81.7 percent of people above 65.

A total of 204,435,968 people, or 61.6 percent of the population, have received at least one dose.

A total of 368,863,734 vaccine doses have been administered so far nationally.

Euro zone sentiment eases more than expected in August

  • Euro zone economic sentiment eased more than expected in August from a record high in July, hit by a sharp drop in optimism in France and the Netherlands.
  • The European Commission's economic sentiment index, released on Monday, eased to 117.5 in August from an all-time high of 119.0 in July.
  • Optimism deteriorated in all major sectors.

Euro zone economic sentiment eased more than expected in August from a record high in July, hit by a sharp drop in optimism in France and the Netherlands, while selling price expectations peaked.

The European Commission's economic sentiment index, released on Monday, eased to 117.5 in August from an all-time high of 119.0 in July. Optimism deteriorated in all major sectors — in industry to 13.7 from 14.5, in services to 16.8 from 18.9 and among consumers to -5.3 from -4.4.

Still, selling price expectations in industry, heralding likely future inflationary pressures, hit a record in August.

Also among consumers, inflation expectations rose to 31.1 in August from 30.0 in July, though they were still well below the all-time high of 38.7 from 2001.

Hiring plans in construction, retail trade and services drove employment expectations higher by 1.2 points to 112.8 in the euro zone, its highest level since November 2018.

Overall, France recorded the sharpest drop of economic sentiment of 4.5 points, followed by the Netherlands. Italy and Spain were also weaker. Sentiment in the biggest euro zone economy, Germany, eased only slightly by 0.3 points.

Coronavirus: EU countries drop US from safe travel list

BRUSSELS (REUTERS) – European Union governments agreed on Monday (Aug 30) to remove the United States and five other countries from the EU’s safe travel list, meaning those visitors are likely to face tighter controls, such as tests and quarantines.

Kosovo, Israel, Montenegro, Lebanon and North Macedonia have also been taken off the list. The list seeks to unify travel rules across the bloc, although it does not bind individual EU nations, who are free to determine their own border policies.

More on this topic

Oil Prices Edge Lower As Hurricane Lashes Louisiana

Oil prices fell on Monday, retreating from more than three-week highs reached earlier in the session, as hurricane Ida weakened to a tropical storm after crashing into Louisiana and knocking out power to more than 1 million homes and businesses including the city of New Orleans.

Benchmark Brent crude futures dropped 0.2 percent to $71.53 a barrel while West Texas Intermediate Crude oil futures were down 0.7 percent at $68.25.

The storm slowed after it made landfall around 1 p.m. ET Sunday near Port Fourchon, delivering catastrophic winds and torrential rains for hours.

The hurricane made landfall as a powerful Category 4 storm, which weakened to a Category 2 storm on Sunday night with maximum winds of 105 miles per hour.

The hurricane was blamed for at least one death. Brent jumped more than 11 percent last week and U.S. oil climbed a little over 10 percent in anticipation of disruptions to oil production from Ida.

Louisiana Offshore Oil Port, the biggest privately owned crude terminal in the United States, halted deliveries before the hurricane.

ADTRAN, ADVA Announce Business Combination – Quick Facts

ADTRAN, Inc. (ADTN) and ADVA said they will combine under a new holding company pursuant to an all-stock exchange offer for ADVA’s shares. The combined company will be named ADTRAN Holdings, Inc. with global headquarters in Huntsville, AL and European headquarters in Munich, Germany. It will be dual-listed on the NASDAQ and Frankfurt.

Under the offer, each ADVA share will be exchanged for 0.8244 shares of common stock in the new holding company. ADTRAN shareowners will own approximately 54% of the equity of the combined company and ADVA shareholders will own approximately 46%. The offer has an equity value of 789 million euros, and an enterprise value of 759 million euros.

ADTRAN’s CEO Tom Stanton will continue in the same position following the close of the merger. ADTRAN’s CFO Mike Foliano will also remain in his current role. ADVA’s CEO, Brian Protiva, will be Executive Vice Chairman of the combined company.

The companies noted that the deal has the support of ADVA’s largest shareholder, Egora.

Shares of ADTRAN, Inc. were down nearly 5% in pre-market trade on Monday.