Connect with us

Business

Revealed: Proxy advisory firms deliver verdict on Aon-WTW deal

Published

on

“Strategically and financially compelling,” is how proxy advisory firm Glass Lewis & Co. described the proposed merger between brokerage giants Aon Plc and Willis Towers Watson (WTW).

In a new release, Aon cited independent reports from both Glass Lewis and Institutional Shareholder Services Inc. (ISS) ahead of the shareholder voting happening on August 26. Separately, the two proxy advisory firms recommend that shareholders vote in favour of the mammoth business combination.

ISS was quoted by Aon as stating: “The strategic rationale is sound and the merger is expected to deliver US$800 million of cost synergies and be accretive to both adjusted EPS (earnings per share) and free cash flow.”

Additionally, ISS pointed to the brokers’ – currently the world’s number two and three – complementary businesses and client bases across geographies and client segments. In ISS’ view, this may provide the potential for revenue upside.

Glass Lewis, meanwhile, believes the proposed union was structured in a reasonable manner which impacts an acceptable valuation and ownership split for shareholders of Willis Towers Watson, who are slated to receive 1.08 Aon shares in exchange for each WTW share they held immediately prior to the closing of the deal.

Pending customary regulatory and other closing conditions, the transaction is expected to complete in the first half of next year.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Tesla CEO Elon Musk’s next big bet rides on better batteries – Business News

Published

on

By

Tesla is working on new battery technology that CEO Elon Musk says will enable the company within the next three years to make sleeker, more affordable cars that can travel dramatically longer distances on a single charge.

But the battery breakthroughs that Musk unveiled Tuesday at a highly anticipated event didn’t impress investors. They were hoping Tesla’s technology would mark an even bigger leap forward and propel the company’s soaring stock to even greater heights.

Tesla’s shares shed more than 6% in extended trading after Musk’s presentation. That deepened a down downturn that began during Tuesday’s regular trading session as investors began to brace for a potential letdown. Musk raised those worries with a series of tweets Monday warning that Tesla’s new battery technology might not be ready for high-volume production until 2022.

Musk reiterated that timetable during Tuesday’s showcase and then added it might take up to three years before the battery technology translates into a new Tesla model selling for $25,000. That would be a dramatic markdown from Tesla’s cheapest car now, the Model 3, a sedan that starts at $35,000 but usually ends up costing buyers more than $40,000.

“We don’t have a truly affordable car and that is something we want in the future,” Musk said during an event shaped by the restrictions imposed by a pandemic that requires people to keep their distance.

Besides lowering the price, Musk promised the new battery technology would help Tesla reduce the size of its vehicles by about 10% and extend their range by 56%. That projection implies the Tesla cars using the new batteries will be able to travel 500 miles (800 kilometres) or more on a single charge, surpassing the distance many gas-combustion cars can traverse before needing to refuel.

Musk took the stage before a mostly online audience, although there was a small group of shareholders who won a lottery for the right to sit in Tesla vehicles parked in a lot near the company’s Fremont, California, factory located about 40 miles (64 kilometres) southeast of San Francisco.

“It is a little hard to read the room with everyone in cars,” Musk joked as he began his presentation during an early phase of the event that was devoted to Tesla’s annual meeting of shareholders.

But the shareholders in attendance frequently beeped their horns to provide a different form of applause as Musk rattled off Tesla’s accomplishments since the company held its last annual meeting 15 months ago.

Since then, Tesla has posted four consecutive quarters of profits to reverse a long history of losses, while boosting its production and laying the groundwork for future expansion by opening or beginning work on three more factories in Shanghai, Berlin and Austin, Texas. All that progress has caused Tesla’s stock price to soar by fivefold so far this year and boost the company’s market value to nearly $400 billion.

No one has benefited more from the run-up than Musk, who has seen his estimated wealth climbed to $89 billion — the fifth-largest fortune in the world, based on estimates by Forbes magazine.

“What happens when companies get bigger is things tend to slow down. We are going to speed up,” Musk said Tuesday.

He said he believes Tesla will remain a step ahead of its competition in the electric vehicle market and persuade more consumers to abandon gas-combustion cars with its new battery technology. The breakthroughs that he outlined Tuesday involve some highly technical changes to the composition and design of batteries, along with new manufacturing processes.

Even as Tesla tries to set new standards in batteries, Musk made it clear that the company will also continue to rely on Panasonic and other suppliers.

Musk has a history of being too ambitious in his promises. For instance, 17 months ago, he bragged that Tesla was on the verge of breakthroughs in autonomous driving technology that would enable the company to deploy a fleet of robotic taxis by the end of this year.

He has since backpedaled slightly from that goal, although Tuesday he said he believes Tesla’s $25,000 car will be capable to driving on its own.

Source link

Continue Reading

Business

Chamber announces 2020 Business Awards finalists

Published

on

By

Drum roll, please.

 

The Fort Saskatchewan and District Chamber of Commerce (FSDCC) have announced the finalists for the 2020 Business Awards. They are as follows:

 

Customer Service

Fake and Bake Suntan Studios

Fort Dog Fit

Jiffy Lube

The Fort Distillery

 

GRIT Award

Dear Dog Treats

Superior Show Service

Cotton Candy Shoppe

 

Homebased Business of the Year

Sew Help Me

The Furnace Ventilator and Duct Cleaning

Time 4 U Day Spa

 

Inclusion and Diversity

Dow Canada

Fire & Flower

Southfort Day Care

 

Industrial Heartland

Keyera

Heartland Coatings

Multi-Task Industrial

 

2020 Innovation

Fort Saskatchewan Community Hospital Foundation

Safeway

Vivid Vision

 

Marketing

Marble Slab

Millers Ice Cream

Unfussy

 

New Business of the Year

Pita Pit

Tarts N’ Tiques

The Venue by Ken’s Catering

 

Small Business of the Year

Back to Alignment

Farnese Insurance and Registries

Fort Sask Renos

 

Young Entrepreneur

Brenna Bouchard

Megan Lacoursiere

Ashley Rosenow

 

Three of the award categories are new this year. They include 2020 Innovation which is for a business that positively altered their response to COVID-19, Inclusion and Diversity for recognizing and appreciating diversity and the GRIT Award which is given to the entrepreneur that has shown growth, resilience, initiative, and tenacity.

 

Also new, businesses can only be a finalist in one category. 

 

“What I love about that is we’re able to recognize over 30 different businesses and organizations as finalists this year. It’s a great way to share the love and celebration,” said Erin Duncan, events and marketing manager with the FSDCC.

 

There were over 500 nominations this year. 

 

“This year more than ever with COVID, these awards really showcase the support the community has for the businesses, as well as the gratitude the businesses have for the community.”

 

The date for the awards ceremony has yet to be revealed. The chamber said it will be in the fall and they’ll have more details in the next few weeks.

 



Source link

Continue Reading

Business

Satellite Manufacturing and Launch Market: COVID-19 Business Continuity Plan | Evolving Opportunities with Airbus SE and Honeywell International Inc. | Technavio

Published

on

By

LONDON–()–The global satellite manufacturing and launch market is expected to grow by USD 3.50 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 3%.

For the Right Perspective & Competitive Insights- Request Free Sample Report on Pandemic Recovery Analysis

Read the 120-page report with TOC on “Satellite Manufacturing and Launch Market Analysis Report by Product (Satellite manufacturing and Launch services), Geography (North America, Europe, APAC, South America, and MEA), Application (Communication satellite, Military surveillance, Earth observation satellite, Navigation satellite, and Others), and the Segment Forecasts, 2020-2024”. Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/satellite-manufacturing-and-launch-market-industry-analysis

The satellite manufacturing and launch market is driven by the reduction in associative launch cost. In addition, the rising demand for multirole satellites is anticipated to boost the growth of the satellite manufacturing and launch market.

Many companies that offer satellite launch services are increasing their R&D efforts to develop cost-effective launch systems. For instance, Rocket Lab has indigenously developed a rocket called the Electron with a maximum payload capacity of 496 lbs. The rocket has a unique structure and features an innovative jet propulsion cycle to achieve significant cost savings during launches. Besides, the growing competition in the market has compelled several satellite launch services companies to reduce the cost of launching satellites. For example, Arianespace, a part of ArianeGroup, has decided to reduce its satellite launch costs by 40% to compete with SpaceX. Such factors have significantly decreased the launch cost of satellites. This is expected to increase the number of satellite launches during the forecast period, thereby driving the growth of the market.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Major Five Satellite Manufacturing and Launch Companies:

Airbus SE

Airbus SE operates its business through segments such as Airbus, Helicopter, and Defence and Space. The company offers optical earth observation satellite systems such as S250 optical, S950 optical, and S850 radar among others.

Honeywell International Inc.

Honeywell International Inc. operates its business through segments such as Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The company offers avionics, controls, and semiconductor solutions.

Lockheed Martin Corp.

Lockheed Martin Corp. operates its business through segments such as Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The company offers Advanced Extremely High Frequency (AEHF-6) satellite.

Maxar Technologies Inc.

Maxar Technologies Inc. operates its business through segments such as Earth Intelligence and Space Infrastructure. The company manufactures communication and Earth observation satellites such as 1300 Class and Legion Class that offers radar imagery.

Northrop Grumman Corp.

Northrop Grumman Corp. operates its business through segments such as Aerospace Systems, Innovation Systems, Mission Systems, and Technology Services. The company offers GEOStar geostationary Earth orbit (GEO) commercial satellites.

Register for a free trial today and gain instant access to 17,000+ market research reports.

Technavio’s SUBSCRIPTION platform

Satellite Manufacturing and Launch Market Product Outlook (Revenue, USD Billion, 2020-2024)

  • Satellite manufacturing
  • Launch services

Satellite Manufacturing and Launch Market Geography Outlook (Revenue, USD Billion, 2020-2024)

  • North America
  • Europe
  • APAC
  • South America
  • MEA

Satellite Manufacturing and Launch Market Application Outlook (Revenue, USD Billion, 2020-2024)

  • Communication satellite
  • Military surveillance
  • Earth observation satellite
  • Navigation satellite
  • Others

Are you a start-up willing to make it big in the business? Grab an exclusive Report

Related Reports on Industrials Include:

Global Satellite Propulsion System Market – Global satellite propulsion system market by type (chemical propulsion, hybrid propulsion, and all-electric propulsion) and geography (North America, APAC, Europe, South America, and MEA).

Global Electric Propulsion Satellite Market – Global electric propulsion satellite market by type (hybrid and all-electric) and geography (APAC, Europe, MEA, North America, and South America).

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Source link

Continue Reading

Trending