Norway plans record spending from wealth fund

Callaway Golf Q1 Profit Rises

Callaway Golf Co. (ELY) reported that its first-quarter net income grew to $272.46 million or $2.19 per share from $28.89 million or $0.30 per share in the prior year.

Non-GAAP income from operations was $97 million, a 126% increase compared to $43 million for the first quarter of 2020. The increase in income from operations was led by a $50 million increase in income from operations from the legacy Callaway business as well as an incremental $4 million from the addition of four weeks of the Topgolf business.

Non-GAAP earnings per share was $0.62, compared to $0.32 last year.

Quarterly net revenue increased 47% to $652 million from $442 million last year. This increase was driven by the strength of the legacy Callaway business, which increased 26% compared to the first quarter of 2020, as well as $93 million related to the addition of four weeks of the Topgolf business, which was acquired on March 8, 2021. Changes in foreign currency rates had a $17 million positive impact on first quarter 2021 net revenue.

The company now expects that revenue and Adjusted EBITDA for full year 2021 for the legacy Callaway business will exceed 2019 levels and for the Topgolf business will meet or exceed the full twelve-month 2019 levels.

Ceconomy Q2 Sales Down 5.7% – Quick Facts

German consumer electronics retailer Ceconomy AG (MTAGF.PK,MTTRY.PK) reported that its sales for the second-quarter were 4.3 billion euros, about 5.7 percent lower than in the previous year. The sales adjusted for currency effects and portfolio change.

Adjusted EBIT was negative 146 million euros compared to negative 131 million euros in the prior year. The decline in adjusted Group EBIT in the second quarter of 2020/21 mainly reflected lower sales from brick-and-mortar business at MediaMarkt and Saturn in Germany as well as at MediaMarkt in the Netherlands.

Ceconomy’s online sales increased significantly by 146.5 per cent in the second quarter of 2020/21, accounting for almost half of total sales at 2.1 billion euros.

Malaysia's economy shrinks in Q1, less than expected

KUALA LUMPUR, May 11 (Reuters) – Malaysia’s economy contracted in the first quarter, but far less than the last quarter of 2020, as domestic spending improved along with external demand in spite of a spike in coronavirus cases, the central bank said on Tuesday.

The economy shrank 0.5% over January-March from a year earlier, down for a fourth straight quarter but better than the 1.9% contraction forecast in a Reuters poll. GDP contracted 3.4% in the fourth quarter.

“We expect GDP growth to remain within the projected 6%-7.5% this year,” Bank Negara Malaysia Governor Nor Shamsiah Mohd Yunus told a virtual news conference.

Ingraham: Biden's coronavirus policies have backfired and failed Americans

Ingraham: Dems are ‘super-spreaders of fear, false information and hypocrisy’

‘The Ingraham Angle’ host blasts the Biden administration for their failed COVID policies

Fox News host Laura Ingraham opened Monday’s “Ingraham Angle” blasting President Biden’s COVID plan that she says “failed Americans” and Dr. Anthony Fauci’s guidance that mask-wearing may still be in effect a year from now.

INGRAHAM: If it were up to Fauci, you couldn’t get your freedom back, or ever take off your masks, unless a magical – and ever-changing – percentage of Americans get the vaccine.  He does not think you should have your own freedom to manage your own risk profile. 

Since everyone who wants a vaccine can get a vaccine now – how does this make ANY sense whatsoever?  And what happened to the liberals’ favorite go-to line – ‘my body, my choice’? That’s out the window. Now it’s apparently ‘your body, Fauci’s choice.’ These people are super-spreaders of fear, false information, and hypocrisy. And as a result, more Americans are just tuning them out.   Even those living in in deep blue states like Massachusetts they’re now protesting the arbitrary rules. 

E.ON Q1 Adj. EBIT Up 14%; Confirms FY Outlook – Quick Facts

German electric utility E.ON AG (EONGY.PK) reported that its first-quarter adjusted EBIT rose by 14 percent year on year to 1.7 billion euros and adjusted net income increased by 19 percent to 809 million euros from the prior year. Earnings driven by operating improvements at Customer Solutions business.

Earnings at the Customer Solutions segment improved by just under 300 million euros relative to the prior-year period and thus almost doubled. A weather-related increase in gas sales volume and successful restructuring in the United Kingdom were key factors.

E.ON expects to achieve all its targets for 2021 and its medium-term earnings plan through 2023, including its dividend promise. The company said it is confident that it will achieve its adjusted EBITDA target of 7.2 billion euros to 7.5 billion euros and adjusted EBIT target of 3.8 billion euros to 4 billion euros for the 2021 financial year.

Women shot by duck hunters: man arrested

A man has been arrested after a duck shooting incident which left two women injured.

Norway plans record spending from wealth fund

OSLO, May 11 (Reuters) – Norway should spend a record amount of cash from its $1.3 trillion sovereign wealth fund this year as it continues to battle the pandemic’s economic impact, the centre-right minority coalition government told parliament on Tuesday.

Conservative Finance Minister Jan Tore Sanner now proposes withdrawing 402.6 billion Norwegian crowns ($48.66 billion) from the wealth fund in 2021, up from 331.1 billion crowns seen last November.