Life

India’s real GDP estimated to contract by 7.7% in 2020-21

Walgreens Boots Alliance, Inc. Q1 adjusted earnings Beat Estimates

Below are the earnings highlights for Walgreens Boots Alliance, Inc. (WBA):

-Earnings: -$308 million in Q1 vs. $845 million in the same period last year.
-EPS: -$0.36 in Q1 vs. $0.95 in the same period last year.
-Excluding items, Walgreens Boots Alliance, Inc. reported adjusted earnings of $1.05 billion or $1.22 per share for the period.
-Analysts projected $1.03 per share
-Revenue: $36.31 billion in Q1 vs. $34.34 billion in the same period last year.

Board of Brazil's Light approves sale of 137.2 million common shares

SAO PAULO, Jan 7 (Reuters) – Brazilian power company Light SA said its board of directors had approved the sale of 137.2 million common shares, including 68.6 million new shares, according to a securities filing on Thursday.

On Wednesday, Reuters reported Light was preparing to raise over 3 billion real ($564 million) in a share sale, citing two people with knowledge of the matter.

The deal will allow Light shareholder Companhia Energetica de Minas Gerais (Cemig), which owns a 22.6% stake in the utility, to sell its entire stake in Light.

Cemig has been divesting assets to pay down debts.

Lindsay Expects North America Order Backlog To Support Q2 Revenue Growth – Quick Facts

While reporting its financial results for the first quarter on Thursday, Lindsay Corp. (LNN), a manufacturer of irrigation and infrastructure equipment, said that its backlog of irrigation equipment orders in North America supports strong revenue growth for its second quarter.

In addition, the company expects improved activity levels to continue in international irrigation markets.

However, Lindsay also said it is seeing rapid and significant increases in steel and freight costs that will pressure short-term margins until pricing actions are fully implemented.

Schnitzer Steel Industries Inc. Q1 adjusted earnings Beat Estimates

Below are the earnings highlights for Schnitzer Steel Industries Inc. (SCHN):

-Earnings: $14.10 million in Q1 vs. -$7.00 million in the same period last year.
-EPS: $0.50 in Q1 vs. -$0.25 in the same period last year.
-Analysts projected $0.39 per share
-Revenue: $492.11 million in Q1 vs. $405.58 million in the same period last year.

READ: Pence letter saying he does not have 'unilateral authority' to reject electoral votes

READ: Pence letter saying he does not have ‘unilateral authority’ to reject electoral votes by Fox News on Scribd

‘You will never take our country back with weakness’ – What Trump said in run-up to deadly protest

Donald Trump is being blamed for “enabling” the mob that stormed the US Capitol – but what did the president actually say in the run-up to the chaos?

Hours before the violence at Wednesday’s “Save America” rally, Mr Trump told supporters: “You will never take our country back with weakness.”

It came after weeks of unsubstantiated allegations of fraud in his election loss to Democrat Joe Biden.

Starbucks: Rachel Ruggeri To Succeed Grismer As EVP & CFO; Affirms Guidance

Starbucks Corporation (SBUX) announced that Patrick Grismer has decided to retire as executive vice president and chief financial officer, effective February 1, 2021. Rachel Ruggeri, senior vice president of Finance, Americas, will succeed Grismer as executive vice president and CFO, effective February 1, 2021. Grismer will remain with the company as an advisor to Johnson through May 2, 2021. Also, Starbucks reaffirmed its guidance for first quarter and the fiscal 2021.

“Our overall business momentum remains positive, providing confidence that Starbucks
will deliver financial results in line with our previous guidance,” said Grismer.

U.S. Initial Jobless Claims Remain Elevated Heading Into 2021

Applications for U.S. state unemployment benefits were little changed at elevated levels in the final week of 2020, indicating the labor market remains battered with the pandemic dragging on.

Initial jobless claims in regular state programs fell by 3,000 to 787,000 in the week ended Jan. 2, Labor Department data showed Thursday. On an unadjusted basis, the figure rose by 77,400.

Continuing claims for state programs — a rough approximation of the number of people receiving those benefits — declined by 126,000 to 5.07 million in the week ended Dec. 26. A Bloomberg survey of economists had called for 800,000 initial state claims and 5.2 million continuing claims on an adjusted basis.

The data tend to be more volatile around holiday weeks such as those containing Christmas and New Year’s Day.

— With assistance by Edith Moy, and Chris Middleton

India’s real GDP estimated to contract by 7.7% in 2020-21

According to National Statistical Office, Agriculture is set to record positive growth while service sector will be the worst hit.

India’s real GDP is estimated to contract by 7.7% in 2020-21, as compared to a growth rate of 4.2% in 2019-20. Real GVA (Gross Valued added) at basic prices is estimated at ₹123.39 lakh crore in 2020-21, as against ₹133.01 lakh crore in 2019-20, showing a 7.2% contraction, as per advance estimates by the National Statisical Office.

Only two sectors estimated to record positive growth in GVA this year: Agriculture (3.4%) and Electricity, Gas, Water Supply & Other Utility services (2.7%)

The sharpest decline in 2020-21 is expected in Trade, Hotels, Transport, Communication and Services related to broadcasting (-21.4%), followed by Construction (-12.6%), Mining and quarrying (-12.4%), Manufacturing (-9.4%), Public administration, defence and other services (-3.7%) and Financial, Real Estate and Professional Services (-0.8%), as per the advanced estimates.