Monthly Archives June 2021

Trump Organization set to face tax crimes on Thursday

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Although Trump has faced several federal and state inquiries during his administration, the district attorney’s indictment is said to be the first to charge his company, the Trump Organization, with allegedly criminal conduct.

Trump himself should not be charged, his lawyer has said.

Weisselberg is expected to turn into a prosecutor on Thursday morning, two knowledgeable sources told CNN.

Mary Mulligan, Weisselberg’s lawyer, declined to comment. A spokesperson for Manhattan District Attorney Cyrus Vance declined to comment. A lawyer for the Trump Organization did not respond to a request for comment.

The expected charges are expected to arrive after lawyers for the Trump organization have twice met with prosecutors in recent days to make arguments on why the company should not face criminal charges.

And they will come after more than two years of investigation that began with an accounting investigation related to hidden money payments made by former Trump lawyer Michael Cohen and expanded to include questions about whether the company or certain employees pay taxes on benefits, including rent. free apartments, car rental or private school lessons.

Prosecutors also looked at cash bonuses paid to employees and whether appropriate taxes were paid on them, CNN reported on Wednesday.

Although prosecutors have focused on Weisselberg in an effort to persuade him to cooperate with their investigation, his lawyers recently informed the district attorney’s office that he would not cooperate, people familiar with the case said.

An indictment against him would likely significantly increase the pressure on him to comply with prosecutors’ demands.

However, a source familiar with the matter says the pressure on Weisselberg has not paid off for a reason.

“Consider the possibility that Allen has nothing to look back on,” the source said.

Weisselberg’s scrutiny by investigators began late last year, as prosecutors gathered evidence on him with the help of his former daughter-in-law, Jennifer Weisselberg. Since then, she has handed over boxes of financial documents and met with investigators on several occasions, her lawyer Duncan Levin told CNN.

On Wednesday, Levin said she was delighted to learn of the upcoming charges against her former stepfather and her longtime employer.

“We have been working with prosecutors for many months now in connection with this tax and financial investigation and have provided a great deal of evidence which has enabled them to lay these charges,” Levin said. “We are delighted to hear that the prosecutor’s office is moving forward with a criminal case.”

In recent weeks, as prosecutors moved closer to indictment, Trump has blasted their investigations, mocking the investigation – led by Vance and New York State Attorney General Letitia James, both Democrats – conducted by officials of the “radical left”.

“Having politically motivated prosecutors, people who were elected because they are going to ‘have Donald Trump’, is a very dangerous thing for our country,” he said in a statement earlier this week. “Why would anyone bring their business to New York, or even stay in New York, knowing that these radical left-wing Democrats would willingly target their business if they were seen as a political opponent? It’s devastating for New York. York! “

This story has been updated with additional details and feedback.

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Texas Instruments Incorporated: Acquires Micron’s Utah Plant for $ 900 Million

June 30 (Reuters) – Texas Instruments Inc said on Wednesday it would buy the Micron Technology Inc plant in Lehi, Utah, for $ 900 million. (Reporting by Praveen Paramasivam in Bangalore; editing by Ramakrishnan M.)

Reuters 2021

All the news on TEXAS INSTRUMENTS INCORPORATED
Sales 2021 17 550 million

Net income 2021 6,981 million

Net cash position 2021 1,235 million

PER 2021 ratio 25.9x
Yield 2021 2.16%
Capitalization 178B
178B
VE / Sales 2021 10.0x
VE / Sales 2022 9.64x
Number of employees 30,000
Free float 52.9%

Chart TEXAS INSTRUMENTS INCORPORATED
Duration:

Period:

Texas Instruments Incorporated Technical Analysis Chart |  MarketScreener

Trends in technical analysis TEXAS INSTRUMENTS INCORPORATED

Short term Mid Road Long term
Tendencies Bullish Neutral Bullish

Evolution of the income statement

Consensus

To sell
Buy

Average consensus SURPASS
Number of analysts 32
Last closing price

$ 192.88

Average price target

$ 201.62

Spread / Average target 4.53%

Sontchi rejects majority opinion in test to determine whether a commercial trust is an eligible debtor

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What law determines whether a “business trust” can be a qualifying debtor under Chapter 11? There is a division of powers as to whether the law of the jurisdiction in which the trust resides or whether federal common law applies. The weight of authority is in favor of the application of federal common law. However, in In re EHT US1, Case No. 21-10036 (CSS), 2021 WL 2206507 (Del. Bankr. June 1, 2021), Chief Justice Christopher Sontchi disagreed with the majority consensus and held that the law of the jurisdiction in which the trust is organized will govern.

A commercial trust or a common law trust is a type of unincorporated business entity. It developed in 18th century England to bypass restrictions on the formation of companies, which required an Act of Parliament or a Charter of the Crown as a voluntary association of people to offer shares to the public without government authorization. . As it develops, a commercial trust is similar to a traditional trust in that its trustees receive legal title to the property of the trust to be administered for the benefit of its beneficiaries who have equitable title to the assets of the trust. the trust. A written declaration of trust sets out the terms of the trust, its duration, the powers and duties of the trustees and the interests of the beneficiaries. Two characteristics common to commercial trusts are as follows: First, the trust exists for the purpose of carrying out commercial transactions for profit rather than simply preserving a res for beneficiaries. Second, the de facto trust has all the clues of a legal person. If both of these are present, then the relevant trust is more than a free or ordinary trust and is a commercial trust.

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NEC Corporation Terminates U.S. Public Reporting Obligations

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TOKYO – (COMMERCIAL THREAD) – NEC Corporation (NEC; TOKYO: 6701) announced today that it will voluntarily file a Form 15F with the United States Securities and Exchange Commission (the “SEC”) to terminate the registration of its ordinary shares under section 12 (g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and its corresponding reporting obligations under section 13 (a) of the Exchange Act.

The termination will take effect 90 days after the date of filing Form 15F with the SEC, or such shorter period as the SEC may determine. Upon filing of Form 15F, the Company’s reporting obligations under the Exchange Act will immediately be suspended, including its obligations to file annual reports on Form 20-F and reports on Form 6-K.

Forward-looking statements

This press release includes statements that express NEC’s opinions, expectations, beliefs, plans or objectives regarding future events or future results, and therefore are or may be considered “forward-looking statements”. These forward-looking statements include all matters which are not historical facts and include statements regarding NEC’s intention to terminate the registration of its common shares and the corresponding reporting obligations. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements regarding NEC’s intention to terminate its mandatory reporting obligations involve known and unknown risks, uncertainties and assumptions. Although NEC bases its forward-looking statements on what its management believes to be reasonable assumptions when made, you are cautioned that these forward-looking statements do not constitute guarantees.

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MSA Safety Incorporated: Luca Savi elected to MSA Safety Board of Directors

PITTSBURGH, June 29, 2021 / PRNewswire / – The board of directors of MSA Safety, Inc. (NYSE: MSA), the global leader in safety products and systems that help protect workers and facility infrastructure, today announced that Luca Savi, CEO and President of ITT Inc. (NYSE: ITT), has been elected to the company’s board of directors.

“We are very pleased to have the opportunity to add Luca to the MSA Board of Directors,” said Nish Vartanian, MSA Chairman, Chairman and CEO. “Born and educated in Italy, Luca brings to our board a wide range of international experiences and perspectives. His expertise and insight, acquired by occupying several management positions in Europe, China and the United States, will serve MSA and our Board of Directors very well as we continue to advance our strategic growth strategies, particularly for MSA International and in Europe. “

Mr. Savi joined ITT in 2011 as President of the Company’s Motion Technologies division. In 2017, he was elected President and Chief Operating Officer. Prior to his work at ITT, Mr. Savi held key leadership positions in Italy, China and in United States for Comau, a subsidiary of the Fiat group. Mr. Savi started his career as an engineer at Royal Dutch Shell and Ferruzzi-Montedison Group. He also held management positions at Honeywell International before moving to Comau.

Mr. Savi obtained a degree in chemical engineering from the Polytechnic of Milan in Italy. He also holds an MBA from London Business School.

ITT Inc. is a leading and diverse manufacturer of high-engineered critical components and custom technology solutions for the transportation, industrial, oil and gas markets. Building on its heritage of innovation, ITT partners with its customers to deliver sustainable solutions to the key industries that underpin our modern way of life. Based at White Plains, NY, the company employs people in more than 35 countries and sells ITT components and solutions in approximately 125 countries.

About MSA Security

Founded in 1914, MSA Safety Incorporated is the world leader in the development, manufacture and supply of safety products that protect people and facility infrastructure. Many MSA products incorporate a combination of electronics, mechanical systems, and advanced materials to protect users from hazardous or life-threatening situations. The company’s full line of products are used by workers around the world in a wide range of markets including the oil, gas and petrochemical industry, fire departments, construction industry, mining and the army. MSA’s main products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, helmets and protective clothing for firefighters, and fall protection devices. With a 2020 turnover of $ 1.35 billion, MSA employs approximately 5,000 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pennsylvania., and has manufacturing operations in United States, Europe, Asia and Latin America. With more than 40 international sites, MSA generates about half of its turnover from outside North America. For more information, visit the MSA website at www.MSAsafety.com.

MSA Embedded Security

Cision

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SOURCE MSA Security

Wyelands “extremely unlikely” to find a buyer, says bank chief

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Wyelands Bank, the lender owned by pressurized metals tycoon Sanjeev Gupta, is “extremely unlikely” to find a buyer after Gupta refused to pump more money into the company, according to its chief executive.

Stephen Rose told MPs on the Business, Energy and Industrial Strategy Committee on Tuesday that the bank was in talks with potential buyers to acquire some of Wyelands’ intangibles and employees, but said: “I don’t think the bank is legal entity of the bank will have a future.

Rose, who joined Wyelands as deputy managing director in 2019 and took over as CEO last November, said there had been “flaws” in the way the bank’s former management team assessed how different borrowers relate to each other and to its owner.

At its peak, Wyelands collected over £ 700million in deposits from UK savers, which were mostly loaned to companies with links to the GFG Alliance, Gupta’s loose collection of family businesses. The biggest funder of the alliance companies was the collapse of Greensill Capital.

However, problems with many borrowers led Wyelands to start reducing its balance sheet in early 2020, and in March of this year the Bank of England ordered it to immediately return money to all of its savers.

Rose said the bank was already repaying savers as their accounts matured, but the BoE Prudential Regulator urged a faster solution amid concerns about the potential ‘contagion’ of the collapse of Greensill.

Wyelands said last month that Gupta refused to invest more money in the bank to fund a new strategy. Rose said on Tuesday that following the Greensill collapse, Gupta had “much higher priorities. . . than to provide additional funds to revive the bank ”, and underlined the thousands of jobs at stake in the steel companies of Gupta.

Wyelands’ accounts were audited by PwC until last year, when he resigned citing a conflict of interest. Rose said the conflict was due to PwC pursuing other business with the GFG Alliance. The UK accounting regulator said on Monday it was investigating PwC’s 2019 audit of Wyelands.

Mazars took up his duties as auditor in 2020 and gave a significantly higher assessment of the level of transactions with the bank’s related parties.

Wyelands is also surveyed by the National Crime Agency and the Serious Fraud Office. Rose said on Tuesday that he could not make any comments that could interfere with an investigation, but noted that he had so far had no contact from the NCA.

Milan Patel, a partner at King & King, the small accounting firm that audits dozens of Gupta companies, appeared separately before the committee. He declined to answer questions about GFG Alliance, citing a letter from his lawyers on June 25 urging him not to disclose confidential information about his clients.

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KCP Sugar & Industries Corporation reports consolidated net profit of Rs 7.00 crore in the March 2021 quarter

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Sales drop 2.96% to Rs 87.68 crore

KCP Sugar & Industries Corporation’s net profit reported at Rs 7.00 crore in the quarter ended March 2021 compared to a net loss of Rs 18.62 crore in the previous quarter ended March 2020. Sales declined 2.96% to Rs 87.68 crore during the quarter ended March 2021 as against Rs 90.35 crore during the previous quarter ended March 2020.

For the full year, net profit reported at Rs 23.30 crore during the year ended March 2021 compared to a net loss of Rs 6.26 crore during the previous year ended March 2020. Sales declined 16.32% to Rs 328.55 crore in the year ended March 2021 compared to Rs 392.62 crore in the previous year ended March 2020.

DetailsQuarter endedYear endedMarch 2021march 2020% Var.March 2021march 2020% Var.Sales87.6890.35 -3 328.55392.62 -16 % OPM-3.08-12.43 0.051.35 PBDT4.36-17.39 LP 23.48-2.72 LP PBT0.98-21.40 LP 11.17-10.75 LP NP7.00-18.62 LP 23.30-6.26 LP

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First published: Tue 29 Jun 2021 08:13 IST

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Natus President Dr. Barbara Paul retires; Council elections

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PLEASANTON, Calif., June 28, 2021 (GLOBE NEWSWIRE) – Natus Medical Incorporated (NASDAQ: NTUS) (the “Company” or “Natus”), a leading provider of medical device solutions focused on the diagnosis and treatment of central nervous and sensory system disorders for patients of all ages, has announced today Dr. Barbara Paul, the Chairman of the Board of Directors will retire from the Board effective June 30, 2021. The Board elected Independent Director Joshua Levine, who has served on the Natus Board since 2018 as as new president.

Jonathan Kennedy, President and CEO of Natus, said: “Barbara has been instrumental in our Board of Directors for the past five years, helping to guide the transformation of One Natus. Barbara’s experience as a healthcare provider has been invaluable to all of our stakeholders and we are a stronger company because of her contributions. Barbara’s advice and guidance will be missed and I am grateful for her services.

“I have enjoyed and appreciated the opportunity to serve on the Natus Board of Directors, and I am proud of the collective achievements and significant progress made by the company over the past five years. I have had the privilege of chairing the board, ”said Dr Paul.

“I am grateful for the confidence of my fellow Board members in appointing me to this leadership position. I would like to thank Dr Paul for his service and leadership on the Board, ”said Joshua Levine, new Chairman of the Board of Natus.

Dr. Paul’s decision to step down from the Board after five years of distinguished service was not the result of any disagreement with the Society or its management.

About Natus Medical Incorporated

Natus is a leading provider of medical device solutions focused on the diagnosis and treatment of central nervous and sensory system disorders for patients of all ages. Additional information about Natus Medical is available at www.natus.com.

Natus Medical Incorporated
B. Drew Davies
Executive Vice President and Chief Financial Officer
(925) 223-6700
[email protected]

Cleveland’s new organization, Assembly for the Arts, launches with mission to uplift all regional artists, enhance diversity and inclusion

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Cuyahoga Arts & Culture (CAC), Arts Cleveland and the Arts Culture Action Committee (ACAC), with funding from the Cleveland Foundation and the George Gund Foundation, began planning in the fall of 2019 for what became the Assembly of the Arts, which launched this summer.

Assembly for the Arts is a Northeastern Ohio nonprofit arts alliance focused on advocacy and cultural policy, racial equity initiatives, research, marketing that uplifts the area, and services for organizations to nonprofits, artists and creative businesses.

The Assembly revolves around the concept of “collective impact,” and one of its first orders is to create a comprehensive racial equity agenda with the help of the arts community.

It helps that the new organization is led by a volunteer board of directors with a strong commitment to diversity and inclusion.

“I am thrilled to be part of a new organization that is there for our entire creative ecosystem,” said Phyllis Harris, Board Member, Executive Director of the LGBT Community Center of Greater Cleveland and Co-Founder and consultant at Sage & Maven. “As a small business owner and leader of a nonprofit organization, I have seen the benefits that can come from working together to make resources available where they did not exist before. We want to make sure we meet creative people where they are and respond in a way that helps them be successful. ”

Another board member, Mordecai Cargill, co-founder and creative director of ThirdSpace Action Lab said, “This new Assembly for the Arts is a unique opportunity to advance racial equity and inclusion by activating the creative potential of our community. We have already started a great job of providing racial equity training to our arts community with ACE. We’re excited to take another step forward in making Greater Cleveland’s creative sector more inclusive and equitable through a unified approach with Assembly. ”

Assembly seems an apt term for this organization, given its emphasis on diversity, the intersections between institutions and communication.

A unifying element of any business of this magnitude is having a talented leader to bring it all together. Enter the President and CEO of the Assembly for the Arts, Jeremy V. Johnson, a Clevelander native who was most recently the executive director of Newark Arts, who came on board after a nationwide search for talent.

In order for this new entity to manifest, some organizations had to be disintegrated rather than absorbed into the fabric of this new enterprise.

“Arts Cleveland and ACAC have ceased operations to be part of this new model, which is established in partnership and with the support of Partner CAC, an independent political subdivision,” Johnson said. “It’s not a merger; The ACC must legally remain a separate political entity. While some may complain about this alteration in the fabric of the artistic community, it is sometimes necessary to demolish and rebuild in order to have a new perspective, generate new ideas, and build on existing relationships in one regard while at the same time. promoting new in another. For clarity, Cuyahoga Arts & Culture will remain a separate entity focused on funding nonprofit organizations – an independent political subdivision of the State of Ohio with granting authority – and will be represented on the board of administration of the Assembly for the Arts.

“We called this effort an alliance because it’s about aligning our efforts,” Johnson said. “The planning work identified the need for arts organizations to work together to achieve our goals of positioning the Northeast Ohio market as an increasingly important and relevant cultural power. We must work together to underline the economic engine that this vast sector provides to the region… The Assembly will be just that – an assembly of voices from diverse artistic communities. Much of our effort is to hear the needs of the entire spectrum of Greater Cleveland’s creative forces. I’m talking about non-profit organizations, for-profit arts businesses, individual artists, and our great great institutions as well. The opportunity is for us to unite these voices in order to be able to mobilize more resources to strengthen the field of arts and culture in the region.

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TSA Secured Packing Facility will facilitate compliance with new cargo screening requirements – Transportation

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United States: TSA Secured Packing Facility to Facilitate Compliance with New Cargo Screening Requirements

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For airlines and airports regulated by the Transportation Security Administration (TSA), the aviation security nomenclature is peppered with acronyms: airline passengers pass daily through ASLs (automated control lanes), airlines and airports participate in the TSA Action Plan (APP) as an alternative to a formal civilian application, and airlines operating in the United States may be required to comply with an Aircraft Operator Standard Security Program (AOSSP) ). Now TSA introduces a new program with the required acronym TSA: Secured Packing Facility or SPF.

To help ease the burden of complying with a new cargo screening requirement, TSA is inviting manufacturers, shippers, suppliers, warehouses, vendors, e-commerce fulfillment centers, and third-party logistics providers into the air cargo supply chain to apply for TSA designation as SPF. SPFs are required to implement a “system of government-approved security controls sufficient to prevent the introduction of concealed explosives into the air cargo supply chain”. Cargo aircraft operators would be allowed to accept cargo from LPS without additional screening, providing significant supply chain benefits in the form of reduced lead times and costs.

TSA is implementing the SPF program to help industry comply with new international air cargo security screening requirements. As of June 30, 2021, the International Civil Aviation Organization (ICAO), a United Nations agency, requires all ICAO member states (including the United States) to apply the same air traffic control measures. security for cargo traveling on board passengers than on all cargo aircraft (previously the applicable control measures differed). Specifically, international air cargo carried on commercial aircraft – whether passenger or cargo – must be (1) screened to a level intended to identify and / or detect the presence of concealed explosive devices or (2) be subject to appropriate security controls throughout the supply of cargo. chain to prevent the introduction of concealed explosive devices.

Obtaining an SPF designation is not mandatory. Rather, the TSA “provides the opportunity for entities within the supply chain to choose to be regulated by the TSA as an alternative to the potential burden associated with the international requirement to screen cargo that has not been otherwise. subject to physical security measures ”. To become an SPF, interested entities must first apply for and be recognized by the TSA as an indirect air carrier (existing TSIs can apply to become an SPF.) Once approved as an IAC, the entity can request to operate as an SPF by submitting an SPF Application, which includes a written plan describing how the SPF will implement the TSA “SPF command” requirements and meet certain performance-based standards. Since the SPF Ordinance contains Sensitive Security Information (SSI), it will be provided to the applicant in accordance with SSI procedures and is not publicly available.

Airlines and entities dependent on an efficient and secure air cargo supply chain have good reason to welcome the development of the SPF program. The SPF will provide an alternative approach to meet and potentially reduce the burden of the new ICAO control requirements. However, entities that plan to participate in the program should also understand the legal implications of becoming an SPF. For example, to become an SPF, the entity must first become an IAC. CAIs are required to comply with regulatory requirements contained in a TSA Indirect Air Carrier Standard Safety Program. In addition, the TSA opinion states that SPFs must comply with all the requirements of the SPF ordinance. In both cases, under the IAC and SPF programs, entities that do not comply with the applicable requirements would be exposed to an enforcement risk, which could lead to significant civil penalties. Thus, interested parties should ensure that the legal requirements of the SPF program are well understood at the organizational and operational level in order to reduce the risk of liability.

To initiate the SPF application process, interested persons should send an email indicating their interest in becoming an SPF to the TSA. Additional information on the application process is available here.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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The problems with the Offshore Wind Jones Act are far from over

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Availability of vessels is a key planning issue for offshore wind development all over the world and particularly in the United States where Jones Law requires that the qualified American flag …

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