Opinion | Doing Economics as if Evidence Matters
By Paul Krugman
Anne Saxelby’s Legacy as a Champion of American Cheese
The cheesemonger, who sold strictly American-made cheeses, died over the weekend. She was 40.
By Florence Fabricant
Infant dies after falling into Lower Hutt stream
An infant has died after falling into a Lower Hutt stream.
Police were called to a residential property in the suburb of Naenae at 6.30pm on Monday.
A spokesperson told the Herald the baby was found unresponsive after falling into the water.
“Tragically they were unable to be revived.”
Police are making inquiries on behalf of the Coroner.
EasyJet Q4 Headline Loss Narrows; Sees Positive Momentum Into FY22
easyJet plc (ESYJY.PK,EZJ.L) said, during fourth quarter, it flew 17.3 million seats, operating 58% of fiscal 2019 capacity with a stronger performance on intra-European and UK domestic routes. easyJet expects to fly up to 70% of fiscal 2019 planned capacity for the first quarter of fiscal 2022. The Group expects capacity to continue to grow throughout fiscal 2022.
Fourth quarter headline losses narrowed by more than half year-on-year with positive operating cash generated, the Group said. Total group revenue for the fourth quarter is expected to be around 1.0 billion pounds. Headline costs is estimated to be around 1.14 billion pounds.
Headline loss before tax for the year ended 30 September 2021 is projected to be between 1.135 billion pounds and 1.175 billion pounds. This is compared to consensus of 1.175 billion pounds. Considering the expected loss, the board of easyJet will not be recommending the payment of a dividend in respect of the year to 30 September 2021.
China launches new biodiversity protection fund
KUNMING (REUTERS) – Chinese President Xi Jinping announced on Tuesday (Oct 12) the launch of a 1.5 billion yuan (S$315.14 million) fund to support biodiversity protection efforts in developing countries.
He welcomed other parties’ contributions to the Kunming Biodiversity Fund.
Xi was addressing virtually the COP15 global biodiversity summit in Kunming, China.
Find out more about climate change and how it could affect you on the ST microsite here.
Givaudan 9-month LFL Sales Up 7.7% – Quick Facts
Givaudan (GVDBF.PK) said it recorded continued strong performance across all parts of its business and experienced ongoing recovery in Fine Fragrances, Active Beauty and in foodservice. Also, the Group has made excellent progress in its 2025 strategic growth initiatives.
In the first nine months of 2021, the company recorded sales of 5.07 billion Swiss francs, up 7.7% on a like-for-like basis and 5.8% in Swiss francs. Fragrance & Beauty sales were 2.35 billion francs, up 8.4% on a like-for-like basis and an increase of 6.9% in Swiss francs. Taste & Wellbeing sales were 2.72 billion francs, up 7.2% on a like-for-like basis and an increase of 4.8% in Swiss francs.
As part of Givaudan’s 2025 strategy, the company plans to achieve organic sales growth of 4-5% on a like-for-like basis and free cash flow of at least 12%, both measured as an average over the five-year period strategy cycle.
RBI debars Haribhakti & Co from auditing for 2 years
Action against Statutory Auditors of NBFC under section 45MAA of RBI Act, 1934
The Reserve Bank of India (RBI) has debarred Haribhakti & Co from auditing its regulated entities for two years with effect from April 1, 2022. The RBI has exercised the powers vested under Section 45MAA of the Reserve Bank of India Act, 1934, for the first time to debar a firm.
“This action has been taken on account of the failure on the part of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company,” RBI said in a circular on Tuesday.
According to sources the matter pertains to the audit of Srei Infrastructure Finance Ltd & Srei Equipment Leasing Ltd whose boards were recently superseded by the RBI.
“This [debarment] will not impact audit assignment/s of Haribhakti & Co. LLP in RBI regulated entities for the financial year 2021-22,” the regulator clarified.
Dover Agrees To Sell Unified Brands – Quick Facts
Dover (DOV) has agreed to sell its Unified Brands business to Electrolux Professional AB for approximately $244 million, on a cash free and debt free basis. The deal is anticipated to close in the fourth quarter of 2021.
Dover’s CEO, Richard Tobin, said, “This transaction will allow Dover to concentrate our time and capital on growing our core business platforms, while Unified Brands will benefit from Electrolux Professional’s focus on the commercial foodservice market and its complementary customer base, product lines and channel partners.”
Unified Brands designs, manufactures and markets professional cooking equipment for commercial food service operators. It is projected to generate approximately $135 million in sales in 2021.
LG Electronics Q3 Operating Income Down
LG Electronics Inc. (LGEPF.OB,LGEJY.OB,LGEIY.OB,LGEAF.OB) reported that its third-quarter operating income was 540.7 billion Korean won representing a year-on-year decrease of 49.6%.
The company recognized provisions of 480 billion won for the recall of the Chevy Bolt EV in the third quarter.
Consolidated sales for the third-quarter were 18.78 trillion won representing a year-on-year increase of 22.0%.