World News

Crest Nicholson H1 Pretax Profit Declines; Revenue Up 7% – Quick Facts

Intel To Buy Ethernet Switch Silicon Company Barefoot Networks

Intel Corp. (INTC), the world’s biggest chipmaker, announced that it has signed an agreement to acquire Barefoot Networks, an emerging leader in Ethernet switch silicon and software for use in the data center.

The deal is expected to close in the third quarter of 2019.

California- based Barefoot Networks, led by Craig Barratt, specializes in the programmability and flexibility necessary to meet the performance and needs of the hyperscale cloud.

Intel expects the addition of Barefoot Networks would support its focus on end-to-end cloud networking and infrastructure leadership. The deal would also allow the company to continue to deliver on new workloads, experiences and capabilities for data center customers.

Rupee rises 21 paise to 69.44 against U.S. Dollar in early trade

Selling of the American currency by exporters, positive opening in domestic equities and foreign fund inflows supported the Rupee

The Rupee appreciated by 21 paise to 69.44 against the U.S. dollar in opening trade on June 11, driven by weakening of the greenback and positive opening in domestic equities.

At the interbank foreign exchange market, the domestic unit opened at 69.49 against the dollar, then gained momentum and touched 69.44, up 21 paise over its previous close.

The Rupee had settled at 69.65 against the U.S. Dollar on June 10.

Forex dealers said, selling of the American currency by exporters, positive opening in domestic equities and foreign fund inflows supported the Rupee.

On the other hand, rising crude oil prices restricted the Rupee upmove.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in ₹216.20 crore on June 10, as per the provisional data.

Brent crude futures, the global oil benchmark, rose 0.18 per cent to USD 62.42 per barrel.

Meanwhile, domestic bourses opened on a bullish note on June 11 with benchmark indices Sensex trading 123.15 points up at 39,907.67 and Nifty up 29.40 points at 11,952.10.

Saudi air defense intercepts two Houthi drones: SPA

CAIRO (Reuters) – Saudi Arabia’s air defense forces intercepted two drones launched by Yemen’s Houthis and targeting the city of Khamis Mushait, a Saudi led coalition spokesman said in statement released by Saudi Press Agency early on Tuesday.

The Statement gave no further details.

Houthi-run Masirah TV reported earlier on Monday that the Iran-aligned movement had carried out attacks on King Khalid airbase near Khamis Mushait in southwestern Saudi Arabia.

Six die in fire in Ukraine psychiatric clinic

KIEV (Reuters) – Six people died in a fire in a municipal psychiatric clinic in the Ukrainian southern port of Odessa, Ukraine’s emergencies service said on Tuesday.

The fire occurred on Monday evening, the service said in a statement giving no reasons of the incident.

Ascena Retail Shares Down On Weak Q3 Sales

Shares of Ascena Retail Group Inc. (ASNA) slipped 6% in extended trading session on Monday after the retailer’s third-quarter revenues fell short of Wall Street estimates.

Ascena’s third-quarter loss widened to $237.9 million or $1.20 per share from $40.2 million or $0.20 per share last year. Adjusted loss for the quarter was $0.26 per share, wider than last year’s $0.08 per share.

Third-quarter sales dropped to $1.266 billion from $1.267 billion last year.

Analysts polled by Thomson Reuters estimate loss of $0.37 per share and revenues of $1.43 billion for the quarter.

Carrie Teffner, Interim Executive Chair, said “The Board and Management have been working together to transform the Company and return ascena to profitable and sustainable top-line growth. Our focus has been, and will be, on creating value for our investors.”

Last month, Ascena announced that it is winding down operations of Dressbarn, the women’s clothing chain, and closing all 650 of its stores across the US.

Comparable sales for the quarter were flat, with Ann Taylor and LOFT comps up 5%, Lane Bryant down 2%, Catherines down 6% and Justice down 5%.

Gross margin decreased to 57.1% of sales from 59.5% of sales a year ago.

Moving ahead, Ascena expects fourth-quarter sales of $1.175 billion to $1.215 billion. Analysts currently estimate sales of $1.66 billion for the quarter.

ASNA closed Monday’s trading at $1.04, down $0.03 or 2.8037%, on the Nasdaq. The stock further slipped $0.06 or 5.77% in the after-hours trading.

Seven drown after migrant boat overturns off Greek island of Lesbos

ATHENS (Reuters) – Two children, four women and a man drowned when a boat carrying them overturned off the Greek island of Lesbos on Tuesday, the coast guard said.

Another 57 people were rescued in an operation that was still ongoing, the coast guard added.

It did not provide further details on the incident or the nationality of the victims.

Many refugees and migrants attempt to cross the Aegean Sea from Turkey, a short but perilous trip often hit by bad weather.

Crest Nicholson H1 Pretax Profit Declines; Revenue Up 7% – Quick Facts

Crest Nicholson Holdings plc (CRST.L) stated that its trading performance has been encouraging in the first half set against the uncertain and politically turbulent backdrop. Operating profits were 70.8 million pounds, 10% lower than the first half of 2018 due to the lower margin partially offset by the higher revenues. Given the current market, the Board remains confident in the prospects for the rest of the year and in achieving earnings in line with consensus.

For the six months ended 30 April 2019, profit before tax was 64.4 million pounds, 11% down from 72.0 million pounds, prior year. Earnings per share was 20.2 pence compared to 22.6 pence. Overall Group revenue increased by 7% to 501.9 million pounds.

The Board has resolved to pay an interim dividend of 11.2 pence per share, payable on 4 October 2019 to shareholders on the register on 20 September 2019. The dividend represents approximately one third of the dividend expected to be paid in respect of the financial year ending 31 October 2019.