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July 25, 2022

What to know ahead of the busiest week of the year

The busiest week of the year for investors is here.

A jam-packed week of market-moving developments awaits traders in the coming days, headlined by the Fed, tech earnings, and key economic data.

The Federal Reserve’s latest policy meeting is set to take place this coming Tuesday and Wednesday, July 26-27, with the central bank expected to raise interest rates another 75 basis points.

On the earnings side, some of the S&P 500’s most heavily-weighted components — including Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (FB), Apple (AAPL), and Amazon (AMZN) — are among more than 170 companies scheduled to report second-quarter results through Friday.

Also in the spotlight will be Thursday’s advance estimate of second quarter GDP as market participants continue to debate whether a recession is already underway. Economists expect this report to show the U.S. economy grew at an annualized pace of 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} last quarter, according to estimates from Bloomberg.

Logo of an Apple store is seen as Apple Inc. reports fourth quarter earnings in Washington, U.S., January 27, 2022. REUTERS/Joshua Roberts

All three major U.S. indexes logged gains last week after broad-based advances across sectors. On Tuesday, 98{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of stocks in the benchmark S&P 500 advanced, the most since December 26, 2018, the first trading day after the market bottom that occurred on December 24, 2018, according to data from LPL Financial.

Recent gains have pushed up the index by roughly 6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} since June 16, stoking optimism among some investors that the worst of the recent market downturn is over.

“While breadth has been rather unimpressive during the market’s rally since the June lows, days like Tuesday are exactly what we are looking for, and can go a long way towards changing the character of this market,” LPL strategist Scott Brown said in a note. “To be clear, the S&P 500 is not out of the woods yet.”

Tuesday pushed the index to a close above the 50-day moving average for the first time since April 20, but it remained just short of the late-June intraday highs, Brown pointed out.

If the Federal Reserve proceeds with hiking rates three quarters of a percentage point later this week, the Federal funds rate will have moved from near 0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} less than five months ago to a range of 2.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}-2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} — a level in line with most officials’ estimates of the long-run neutral.

“The Fed has told us they’re unlikely to let up on the brakes until they see a convincing shift in the trajectory of monthly inflation readings that would signal progress towards the Fed’s 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} target,” PGIM Fixed Income lead economist Ellen Gaske said in emailed comments. “We expect Powell will likely reiterate that message at his post-meeting press conference.”

Federal Reserve Chair Jerome Powell is set to deliver remarks at 2:30 p.m. ET Wednesday, shortly after the U.S. central bank’s policy decision comes out at 2:00 p.m. ET.

“We suspect it’s likely too soon for the Fed to convey a much more forward-looking point of view, as the most recent inflation readings still showed high and widespread price pressures,” Gaske said. “But with each additional hike from here, the lagged effects of the Fed’s tightening measures will be increasingly important to consider.”

WASHINGTON, DC - JUNE 23: Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System testifies before the House Committee on Financial Services June 23, 2022 in Washington, DC. Powell testified on monetary policy and the state of the U.S. economy. (Photo by Win McNamee/Getty Images) — WASHINGTON, DC – JUNE 23: Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System testifies before the House Committee on Financial Services June 23, 2022 in Washington, DC. Powell testified on monetary policy and the state of the U.S. economy. (Photo by Win McNamee/Getty Images)

Last month, U.S. consumer prices again accelerated at the fastest annual pace since November 1981. The Bureau of Labor Statistics’ Consumer Price Index (CPI) reflected a year-over-year increase of 9.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in June’s reading, marking the highest print of the inflation cycle.

Economists at Goldman Sachs said in a note last week that inflation expectations have notably softened since the FOMC last met in June, referencing downward revisions to the University of Michigan’s final read on 5-10 year inflation expectations, a decline in the survey’s preliminary July figure, and a “material” downtrend in market-based measures of inflation.

“This softening of inflation expectations is one reason why we expect the FOMC will not accelerate the near-term hiking pace and will deliver a 75bp hike at the July FOMC meeting,” Goldman economists led by Jan Hatzius said.

In addition to the Fed and earnings, investors will closely watch the government’s first estimate of gross domestic product – the broadest measure of economic activity — for the second quarter, set for release Thursday morning.

The Atlanta Federal Reserve’s latest GDPNow estimate for Q2 GDP on July 19, showed the economy likely shrank 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} last quarter. If realized, this decline would mark the second-consecutive quarter of negative economic growth and affirm to some strategists that the economy has entered a recession.

According to data from Bloomberg, Wall Street economists expect GDP grew at an annualized pace of 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} last quarter.

On the earnings front, results from the mega-caps will be closely watched, though hundreds of other names will draw investor attention during one of the busiest weeks for corporate results of the year. In addition to performance for the most recent three-month periods, remarks from tech heavyweights on hiring plans or other adjustments to their outlooks related to macroeconomic headwinds will be closely tracked.

In recent weeks, Apple, Microsoft, Google, and Meta have all said they would scale back on hiring across certain areas.

According to FactSet Research, 21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of companies in the S&P 500 have reported second-quarter earnings through Friday, with only 68{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} presenting actual earnings per share above estimates — below the five-year average of 77{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Any earnings beats have also, in aggregate, been only 3.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} above estimates, less than half of the five-year average of 8.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

—

Economics calendar:

Monday: Chicago Fed national activity index (June), Dallas Fed manufacturing business index (June)

Tuesday: House price index (May), S&P Case-Shiller national home price index (May), Conference Board consumer confidence index (July), New home sales (June), Richmond manufacturing index (June)

Wednesday: MBA mortgage applications (week ended July 22), Durable goods orders (June), Retail inventories (June), Wholesale inventories (June), Pending home sales (June), FOMC statement, Fed interest rate decision, Fed Chair Jerome Powell press conference

Thursday: GDP (Q2 advance estimate), Initial jobless claims (week ended July 22), Continuing claims (week ended July 15), Kansas City Fed composite index (July)

Friday: Core PCE price index (June), PCE price index (June), Personal income (June), Personal spending (June), Real personal consumption (June), Chicago PMI (July), UMich consumer sentiment index (July preliminary), UMich 5-year inflation expectations (July preliminary)

—

Earnings Calendar:

Monday: Whirlpool (WHR), Squarespace (SQSP), TrueBlue (TBI), F5 (FFIV), Alexandria Real Estate Equities (ARE), Ryanair (RYAAY), NXP Semiconductor (NXPI), Newmont Corporation (NEM)

Tuesday: Microsoft (MSFT), Alphabet (GOOGL), Coca-Cola (KO), McDonald’s (MCD), General Motors (GM), Chipotle Mexican Grill (CMG), Mondelez International (MDLZ), UPS (UPS), 3M (MMM), PulteGroup (PHM), Texas Instruments (TXN), General Electric (GE), Ameriprise Financial (AMP), Raytheon Technologies (RTX), Archer-Daniels-Midland (ADM), Chubb (CB), Canadian National Railway, Pentair (CNI), Paccar (PCAR), Kimberly-Clark (KMB), Albertsons (ACI), Teradyne (TER), Ashland (ASH), Boston Properties (BXP), FirstEnergy (FE), Visa (V)

Wednesday: Meta Platforms (META), Boeing (BA), Ford (F), Etsy (ETSY), Qualcomm (QCOM), T-Mobile (TMUS), Bristol-Myers Squibb (BMY), Kraft Heinz (KH), Hilton Worldwide (HLT), Boston Scientific (BSX), Sherwin-Williams (SHW), Fortune Brands (FBH), Flex (FLEX), Hess Corporation (HES), Norfolk Southern Corporation (NSC), Netgear (NTGR), Cheesecake Factory (CAKE), American Water Works (AWK), Ryder System (R), Genuine Parts (GPC), Waste Management (WM), Community Health Systems (CYH), Molina Healthcare (MOH), Owens Corning (OC)

Thursday: Apple (AAPL), Amazon (AMZN), Pfizer (PFE), Honeywell (HON), Mastercard (MA), Comcast (CMCSA), Intel (INTC), Roku (ROKU), Merck (MRK), Keurig Dr. Pepper (KDP), Hertz Global (HTZ), T.Rowe Price (TROW), Valero Energy (VLO), Northrop Grumman (NOC), V.F. Corporation (VFC), Frontier Group (ULCC), Southwest Air (LUV), Harley-Davidson (HOG), Shell (SHEL), Stanley Black and Decker (SWK), Carlyle Group (CG), Lazard (LAZ), International Paper (IP), Sirius XM (SIRI), Hershey (HSY), PG&E (PCG), Hartford Financial (HIG), Celanese (CE)

Friday: AstraZeneca (AZN), Sony (SON), Aon (AON), BNP Paribas (BNPQY)

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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July 20, 2022

America’s CEOs made 324 times more than you last year

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here.

New York
CNN Business
—

Stop me if you’ve heard this one before: The rich are getting richer and the rest of us are getting poorer. (Shocking, I know.)

But a new report from the top American union group is shedding light on just how much better off the bosses in the C-Suite are versus their employees.

The upshot:

S&P 500 CEOs on average got a roughly 18{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} bump in compensation, averaging $18.3 million in 2021, according to the new AFL-CIO Executive Paywatch Report. That’s 324 times the median worker’s pay at those companies. (In 2020, that ratio was 299-to-1. And in 2019, it was 264-to-1.)
It doesn’t take a mathematician to figure out that’s way more than keeping up with inflation, which clocked in at 7.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for the year.
Rank-and-file employees broadly saw wages go up about 4.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in 2021. That’d be a solid raise in a normal year, but not when prices are climbing at their fastest clip in four decades. When adjusted for inflation, real wages among workers actually fell 2.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

The rapid rise in CEO pay is a symptom of what the researchers call “greedflation,” which occurs when companies raise prices to boost profits, which in turn juices their stock prices and generates “windfall payouts” for CEOs.

The report specifically called out Amazon for having the highest CEO-to-worker pay ratio in the S&P 500 Index: a staggering 6,474 to 1.

“Instead of investing in their workforces by raising wages and keeping the prices of their goods and services in check, their solution is to reap record profits from rising prices and cause a recession that will put working people out of our jobs,” said Fred Redmond, Secretary-Treasurer of the AFL-CIO, in a statement.

Amazon’s new CEO Andy Jassy, who took over from Jeff Bezos just over a year ago, received $212.7 million in total compensation, which includes salary, stock options and bonuses. (The median pay among Amazon workers, meanwhile, was just $32,855 in 2021. The company also jacked up the cost of its Prime membership by nearly 17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} earlier this year and introduced new fees for Whole Foods deliveries.)

An Amazon spokesperson chalked the extreme pay gap up to financial reporting rules. “We are required to report that grant as total compensation for 2021, when in reality it will vest over the next 10 years,” the spokesperson told my colleague Vanessa Yurkevich.” What this equates to from an annual compensation perspective is competitive with that of CEOs at other large companies and was approved by the Amazon Board of Directors.”

The highest-paid CEO in the report was Peter Kern of Expedia, who raked in $296.2 million — a measly 2,897 times more than the median Expedia worker. A spokesperson declined to comment on the report but noted Kern earns a base salary of $1 million a year, with 1 million restricted stock units that are vesting over three years.

“Long-term equity incentive awards account for approximately 99{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} [of] Peter’s 2021 compensation,” said an Expedia spokesperson.

BOTTOM LINE

Many forces contribute to inflation, including supply chain bottlenecks, climate change, federal monetary policies, geopolitical turmoil, and, yes, greedy corporations.

But at the core of the “greedflation” argument is the idea that some big companies are taking advantage of this inflationary moment to jack up prices and/or reduce the amount of stuff you’re getting (the latter scourge is called “shrinkflation,” which is a cute-sy way of saying you the customer are getting absolutely hosed by mega-corporations and you have no way around it because of a decades of market consolidation reducing competition that would, in a fair system, discourage such practices…but I digress).

Is greed the only culprit behind inflation? Far from it. Is it among the more nefarious/shameful? 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

It’s not just the optics that are bad. Experts say it’s also legitimately bad for business. At a time when companies all over are complaining about staffing shortages and unionization efforts — why not try to stand out as the one that’s making peace with workers and narrowing that gap?

— CNN’s Vanessa Yurkevich contributed reporting.

The crypto faithful have seen it coming: Bitcoin, following a bruising selloff, is up more than 15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the past week. Buuuut smart people who invest for a living remain cautious, my colleague Paul R. La Monica writes. Now hovering around $23,000, the price of a single bitcoin has plunged more than 65{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} below last year’s all-time high of nearly $70,000.

Key quote: “We will see a longer-term rally in the digital assets sector, but I wouldn’t get too excited yet,” said Joel Kruger, market strategist at LMAX Group. “This is still an emerging market.”

Twitter came out swinging in its legal tussle with its would-be owner Elon Musk.

Here’s the deal: On Tuesday, a judge gave Twitter an early victory, ruling that the case should be fast-tracked in a five-day trial this fall. (ICYMI, Musk is trying to wiggle his way out of the $44 billion takeover offer he made for Twitter back in April, and Twitter is suing to compel him to complete the deal.)

Tuesday’s ruling is a big deal for a few reasons. Let’s step back:

When it filed the lawsuit against Musk last week, Twitter’s legal team argued for a speedy trial, saying the uncertainty around the deal and pending litigation harms the company “every hour and every day.” In other words: Twitter’s shareholders are left in limbo, and that’s not fair to them.
Lead counsel William Savitt also pointed out how Musk has continued to disparage Twitter on — where else? — Twitter.
Musk’s lawyer countered, noting that the billionaire remains one of Twitter’s largest shareholders and therefore has no incentive to drag the trial out. But Musk has said he needs more time to investigate what he sees as a dealbreaker — the presence of spam and fake accounts on Twitter.
Musk is raising a big stink about spam accounts, but most people who are following this truly bizarre corporate drama agree the bot issue is little more than a pretext for Musk to renege on the deal, which wildly overvalued Twitter at 54.20 a share. (Musk’s lawyer dismissed that claim as “nonsense” on Tuesday).

BOTTOM LINE

Although Tuesday’s hearing was largely procedural, my colleague Clare Duffy writes, it offered a look at how each side may approach what is likely to be a messy litigation process. It also give us a peek at how the judge is framing the dispute.

Musk’s team had asked for a February 2023 trial, giving them seven months to prepare. But the judge, Chancellor Kathaleen St. Jude McCormick, said such a delay “underestimates the ability of this court … to quickly process complex litigation.”

“The reality is that delay threatens irreparable harm [to Twitter] … the longer the delay, the greater the risk,” McCormick said during the hearing, which was conducted remotely after she tested positive for Covid.

I mean, what what would this twisted Twitter saga be without some extra Covid complexities piled on?

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July 6, 2022

Valour Wins Financial News’ Startup of the Year

TORONTO, July 6, 2022 /PRNewswire/ – Valour Inc. (the “Enterprise” or “Valour“) (NEO: DEFI) (GR: RMJ.F) (OTC: DEFTF), a technologies firm bridging the hole in between classic cash markets and decentralised finance, announced nowadays that it was awarded Startup of the Yr at the Excellence in Trading & Tech Awards hosted by Monetary Information.

“We are honoured to be identified by Economical News,” said Russell Starr, CEO at Valour. “This award speaks to both equally Valour’s dynamic item choices and our team’s deep expertise with electronic property. We are proud to be the only publicly traded company exclusively targeted on supplying retail and institutional investors unparalleled obtain to diversified, controlled World-wide-web3 and DeFi protocols.”

Economic News’ award collection celebrates the companies and men and women that stand out for the power of their enterprises in Europe. The shortlist was decided by a panel of FN editorial workers following various weeks of investigation, including scrutinising entries where by been given and canvassing third-party market contributors for their views. The judges then achieved to go over the shortlists and solid private votes.

“At Valour, we are optimistic about the future of electronic assets in Europe and over and above,” continued Mr. Starr. “In recognizing us for our business enterprise achievements, the Financial News plainly feels the identical. In the past calendar year, we have been in a position to launch seven unique electronic asset ETPs for retail and institutional traders to accessibility the extended-term rewards of DeFi. On top of that, as a outcome of our top-quality foresight and technical knowledge, Valour ETPs continue on to deliver internet inflows in June, in spite of the bear market. We are confident we can speed up our development when macroeconomic ailments switch in our favour.”

Find out more about Valour at valour.com.

About Valour

Valour Inc. is a technologies enterprise bridging the gap between classic capital markets and decentralised finance. Our mission is to broaden investor accessibility to field-main decentralised technologies which we believe lie at the coronary heart of the future of finance. On behalf of our shareholders and buyers, we determine opportunities and regions of innovation, and establish and spend in new systems and ventures in purchase to deliver trustworthy, diversified publicity throughout the decentralised finance ecosystem. For much more info or to subscribe to obtain organization updates and economical information and facts, go to https://valour.com

Cautionary note regarding ahead-wanting information:

This press release is made up of “forward-wanting info” within just the which means of applicable Canadian securities laws. Forward-looking details includes, but is not minimal to the geographic enlargement and further listings of Valour’s ETP offerings the regulatory setting with regard to the development and adoption of decentralised finance the pursuit by Valour and its subsidiaries of small business options and the merits or opportunity returns of any these kinds of chances. Typically, forward-hunting information can be determined by the use of ahead-on the lookout terminology such as “ideas”, “expects” or “does not expect”, “is predicted”, “finances”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not foresee”, or “believes”, or variations of such words and phrases or state that specific actions, situations or effects “may well”, “could”, “would”, “could possibly” or “will be taken”, “take place” or “be obtained”. Forward-searching information and facts is subject to acknowledged and unidentified challenges, uncertainties and other things that may perhaps cause the genuine results, stage of action, performance or achievements of the Company, as the circumstance could be, to be materially various from all those expressed or implied by this kind of ahead-wanting facts. These types of pitfalls, uncertainties and other components consist of, but is not limited to the acceptance of Valour ETPs by exchanges, which includes the NGM, Frankfurt and Euronext investor desire for DeFi Technologies’ and Valour’s goods growth and advancement of DeFi and cryptocurrency sector policies and rules with respect to DeFi and cryptocurrency common business, economic, aggressive, political and social uncertainties. Whilst the Corporation has attempted to detect important variables that could lead to real benefits to vary materially from individuals contained in forward-hunting information, there may be other elements that induce final results not to be as anticipated, estimated or supposed. There can be no assurance that these information will verify to be correct, as actual final results and upcoming occasions could differ materially from people expected in these types of statements. Appropriately, visitors must not location undue reliance on forward-searching facts. The Company does not undertake to update any ahead-seeking details, besides in accordance with relevant securities legal guidelines.

THE NEO Inventory Trade DOES NOT Acknowledge Duty FOR THE ADEQUACY OR Accuracy OF THIS Release

Cision

View initial material to obtain multimedia:https://www.prnewswire.com/news-releases/valour-wins-economic-information-startup-of-the-12 months-301581357.html

Source Valour, Inc.

May 23, 2022

ICON Named Business & Finance Company of the Year and One of Forbes’ Best Employers for Diversity

DUBLIN–(Small business WIRE)–ICON plc, (NASDAQ: ICLR) a global company of drug and system progress and commercialisation providers to pharmaceutical, biotechnology, medical product, and govt organisations, has been recognised with a amount of prestigious business and industry awards in April 2022, such as Corporation of the Year at the 2021 Small business & Finance Irish Small business Awards and Pharma Contract Companies Enterprise of the Calendar year at the Pharma Sector Awards 2021.

This is the next time the healthcare intelligence business has received the prestigious Business of the Calendar year accolade from the Company and Finance Awards Programme, acquiring previously received in 2016. Winners are decided on by an impartial panel of business skilled judges, who evaluation industry place, operational and monetary achievements, enterprise tradition and Environmental, Social and Governance (ESG) components.

Getting previously been introduced as a single of America’s Finest Huge Companies in 2022 by Forbes, ICON has also been recognised as a person of America’s Ideal Businesses for Range for the second yr running. Inclusion is a person of the main values at ICON, and has been a appreciable emphasis for the corporation as portion of its all round ESG method. In addition to constructing important group groups throughout the business enterprise, more than the very last yr focused range training has been rolled out to individuals leaders to assist them in making a sense of link and belonging in their teams.

Commenting on the company’s new achievements, Steve Cutler, CEO, ICON plc reported: “To be the recipient of these awards is extremely gratifying as we increase and evolve our organization to be the health care intelligence lover of decision. A range of essential places of aim are reflected in these successes – our commitment to supporting our clientele and increasing patients’ life getting an employer of preference and providing possibility to all of our people and the way in which we run along with our concentration on creating new and innovative remedies to what we do and how we do it. Most drastically, these awards definitely replicate the fantastic expertise that we have in this article at ICON, appropriate throughout our company.”

Additional marketplace awards and recognition

In April, ICON gained two Stevie® Awards in The 20th Yearly American Business enterprise Awards®. It received a Silver award in the Cloud Application/Services classification for ARCADES, its next era knowledge integration tool, and a Bronze award in the Business or Aggressive Intelligence Resolution group for IcoNex, which permits higher relationship involving critical belief leaders operating in the identical therapeutic spot. More than 230 experts throughout the world participated in the judging course of action to pick this year’s Stevie Award winners.

Even further accomplishment for ICON arrived in the 2022 CRO Management Awards, the place it was recognised in the Compatibility (Big Pharma) class. Profitable CROs are decided on by neutral marketplace investigate based mostly on feed-back from sponsor organizations that utilise their outsourcing solutions.

Barry Balfe, President, ICON Pharma Remedies commented: “Being a husband or wife of selection for our shoppers suggests that we collaborate with them and deliver insight, we are responsive to their desires and we deliver proficiently and on time. This compatibility award is recognition that our consumers not only locate us straightforward to function with, but that we also guidance them in achieving their ideal results. This is massively optimistic feedback for our groups in this article at ICON.”

The power of ICON’s leaders has also been recognised. In March, Dr Nuala Murphy, President of Development and Commercialisation Remedies, was declared as the 2021 Chambers Eire InBusiness Businesswoman of the 12 months. Nuala’s staff is concentrated on providing integrated answers that enable clientele to expedite the improvement of medicine and devices and to travel the adoption of decentralised trials. She also sales opportunities the company’s strategies to raise individual participation and diversity in clinical trials. Nuala led the team that sent the pivotal stage 3 Pfizer and BioNTech COVID-19 vaccine clinical trials.

“I am honoured to acquire this award. It is an acknowledgement of what we, as a staff, have been ready to realize in groundbreaking new methods to clinical exploration that are much more productive and successful, and that in the end push greater options for our clientele and much better outcomes for individuals. To be aspect of chopping edge, clinical exploration is hugely fulfilling. I’m very pleased of what our teams at ICON have been capable to do to generate transformation in our sector.”

A entire checklist of ICON’s industry awards can be seen at www.iconplc.com/awards.

Ends

About ICON plc

ICON is a earth-leading healthcare intelligence and medical exploration organisation. From molecule to drugs, we progress clinical analysis supplying outsourced advancement and commercialisation services to pharmaceutical, biotechnology, health care unit and government and community well being organisations. We build new innovations, push rising therapies ahead and increase client lives. With headquarters in Dublin, Ireland, ICON used roughly 39,300 staff in 138 destinations in 53 international locations as at March 31, 2022. For even further data about ICON, take a look at: www.iconplc.com.

May 2, 2022

SOS Limited Reports 2021 Full Year Financial Results

Revenue Jumps 612{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $357.8 million

Gross Profit Improves 62.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $21.1 million

Mining Operations Begin Transitioning to the U.S.

QINGDAO,China, May 2, 2022 /PRNewswire/ — SOS Limited (“SOS” or the “Company”) (NYSE: SOS) today reported its full year financial results for the twelve-months ended December 31, 2021.

Revenue was $357.8 million, 612{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} over the twelve-months ended December 31, 2020. Gross Profit increased to $21.1 million from $13.0 million, over the same period.

Results from Operations

Revenue

Net revenue was $357.8 million, up 612{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} over the prior period. The robust growth of revenue demonstrated the strong and effective execution of the Company’s strategy, mainly due to rapid market expansion and the addition of crypto-mining and commodity trading operations. Growth was driven by taking advantage of our block-chain expertise.

Audited condensed consolidated Statements of comprehensive of loss
(US$ thousands, except share data and per share data, or otherwise noted)
	Twelve months ended
	31-Dec-20	31-Dec-21
	$	$
Revenue	50,317	358,042
Business taxes and surcharges	(28)	(221)
Net revenue	50,289	357,821
Operating costs	(37,295)	(336,752)
Gross profit	12,994	21,070
Gross profit ratio	25.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	5.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

As of December 31, 2021, SOS focused on six product lines including insurance marketing, telecom call centers, bank call center, SaaS services, cryptocurrency mining and commodity trading.

Revenue by products	FY2021		FY2020
Product lines	$”000″	Percentage	$”000″	Percentage
Commodity trading	275,363	77.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	–	0.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Insurance marketing	65,880	18.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	49,234	97.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Cryptocurrency mining	15,427	4.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	–	0.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Telecom call center	338	0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	920	1.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Bank call center	–	0.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	76	0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
SaaS	813	0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	58	0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total net revenue	357,821	100.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	50,289	100.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Our traditional business of insurance marketing increased 34{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $65.9 million year over year, as a result of rapid market expansion from regional to national customer base in China. We added commodity trading to our product mix during the year. We buy and sell commodity products such as sesame, sulfur, asphalt and circuit modular units. Our trading business recorded revenue of $275.4 million, which represents 77.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of total sales. We booked revenue of $15.4 million from our cryptocurrency mining business from a partial year of operation. We started generating revenue from our mining pools in February 2021 and mined 174.28 units of BTC and 2,770.09 units of ETH by the end of the second quarter. In July 2021, due to the Chinese government’s ban on certain types of cryptocurrency mining activities, we shut down our mining operations in China and began transitioning our crypto mining operations to the U.S. The Company launched its U.S. mining operations in Wisconsin this April.

Operating Costs

Operating costs increased to $336.8 million for the period ended December 31, 2021, compared to operating costs of $37.3 million for the period ended December 31, 2020. The increase in operating costs and expenses was driven primarily from the growth in our commodity trading inventory and data acquisition costs for our insurance marketing businesses and a share-based compensation plan. We also saw an increase from depreciation on cryptocurrency mining equipment, consulting and legal fees.

General and Administrative Expenses

General and administrative expenses were $62.4 million for the period ended December 31, 2021, representing an increase of approximately 21.5 times compared to general and administrative expenses of $2.9 million for the period ended December 31, 2020. The increase in general and administrative expenses was mainly associated with employee and management’s share-based compensation expenses of $33.5 million, professional and consultancy fee of $17.1 million, wages & salary expenses of $5.3 million, $1.2 million of bad debt expense and significant increases in legal expenses related to class action lawsuit against the Company and its management.

GAAP Operating Loss and EPS

Our net loss for the period ended December 31, 2021 was $43.9 million according to GAAP, compared to profit of $4.9 million for the period ended December 31, 2020. The loss resulted from increased expenses related to increased operating expenses, legal and consulting fees and share-based compensation expenses. Gross margin dropped to 6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in FY 2021 from 26{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the prior year driven by the significant growth in the lower margin commodity trading business, increased operating expenses and the interruption of crypto-mining operations.

GAAP EPS Basic was $(0.020) per share for the period ended December 31, 2021, as compared to $0.0135 per share for the period ended December 31, 2020.

GAAP EPS Diluted was $(0.018) per share for the period ended December 31, 2021, as compared to $0.0090 per share for the period ended December 31, 2020.

Income Tax

The company incurred $0.74 million in corporate income tax for the current period.

Balance Sheet and Cash Flow

As of December 31, 2021, the Company had cash and cash equivalents of $338.0 million, compared to $3.7 million for the period ended December 31, 2020. The net increase in cash flow was mainly due to its financing activity through registered direct offerings. The Company believes that its cash resources are adequate to fund its current operations and short-term growth initiatives. The Company, through its subsidiary, SOS International Trading Co., Ltd. purchased commodity for trading inventory of $96.1 million.

Cash Flow Used For Investment Activities

The Company, through its subsidiaries, SOS Information Technology New York Inc. and China SOS Ltd., acquired BTC and ETH mining equipment for an aggregate cost of approximately $31 0 million

Financing Activities

The Company received aggregate net proceeds of US$585.8 million from registered direct offerings during the year.

Audited condensed consolidated statement of cash flow
(US$ thousands, except share data and per share data, or otherwise noted)
	31-Dec-20	31-Dec-21
Cash flows from operating activities:	US$”000″	US$”000″
Net (loss)	4,404	(49,251)
Adjustments:
Depreciation and amortization	2	5,203
Share-based compensation	506	33,537
Depreciation of ROU		843
Accretion of finance leases		152
Allowance for doubtful accounts-accounts receivable	1	963
Allowance for doubtful accounts-Other receivable	158	269
Impairment of cryptocurrencies		925
Loss on acquisition	5,679	–
Income from disposal of discountined operations	(63)
Inventory	–	(96,071)
Changes in operating assets and liabilities:
Accounts receivables	(2,065)	(15,894)
Ohter receivables	(36,019)	(125,861)
Amount due from related parties	(2,871)	(4,146)
crptocurrencies	–	(14,502)
Accrued liabilities	–	19,815
Accounts payable	(11,940)	28,409
Tax payable	292	(8,371)
Other payables	1,484	5,003
Amount due to related parties	(3,666)	868

Contract liability	546	(454)
Lease liabilities
Net cash （used in）in generating from operating activities:	(43,552)	(218,563)
Cash flows from investing activities:
Purchase of property, equipment and software	(501)	(33,034)
Investment in equity	–	0
Disposition of assets	3,500	–

Net cash (used in)generated from investing activities	2,999	(33,034)
Cash flows from financing activities:
Repayment of principle portion of lease liabilities		(1,764.00)
Proceeds from share issuance, net of issuance costs	3,578	585,839
Proceeds from private equity placement,net of issuance costs	39,973	–
Net cash generated from(used in) financing activities	43,551	584,075
Effect of exchange rates on cash	683	1,825
Net increase/(decrease), effect of exchange rate changes on cash and cash equivalent	3,680	334,303
Cash and cash equivalent at beginning of the period	42	3,722
Cash and cash equivalent at end of the period	3,722	338,026

Yandai Wang, the CEO comments that “In the past year, we have provided technical services through artificial intelligence and blockchain technologies by leveraging data-driven marketing, digital based commodity trading, digital supercomputer and emergency rescue technology. Through this we were able to realize revenue of $357.8 million as of December 31,2021, which represents 661{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} growth. over 2020.

In our data marketing business, we rely on artificial intelligence technology & comprehensive intelligent screening to acquire customers more effectively; we also utilize blockchain technology to solve the information security problems to provide customers with one-stop benchmark customer acquisition services; In our digital-based commodity trading segmentt, we make full use of the accurate traceability of blockchain technology, product quality assurance, smart contracts, Intelligent trading matching technology to provides a one-stop trust trading platform for customer trading; in emergency rescue, we team up with some industry experts to invest and design emergency rescue watches, Emergency rescue amphibious rescue boat.

We believe we are well-positioned to grow our business in all segments. Within China we are focused on data-driven insurance marketing, and commodity trading. In U.S. we have launched our supercomputing hosting center in Wisconsin.

Mainland China, as one of the world’s largest markets, demands huge amount of raw material products and food commodities to sustain its long -term growth. In 2020 we established our commodity trading business to bridge supply and demand by providing seamless trading exchange through our block-chain technology and plat-form. We started from green field and are proud to report that our commodity trading business generated revenue of $275million during the twelve -month period ended December 31,2021.

Our aspiration is to expand beyond China especially in North America. We are in the process of building a leading supercomputer center in North America which will provide customers with cryptocurrency mining capacity & hosting service.

One of the tools we used to accelerate this goal is the innovative mobile container data center. We believe it will improve user experience and be attractive to small to medium size customers. Our plans continue to proceed as we have secured a renewable energy supply of 25 MW at its facility in Price County Wisconsin, which is expected to be increased to 37MW.

We look forward to continued growth and expansion in both China and U.S.

About SOS Limited

SOS is an emerging blockchain-based and big data-driven marketing solution provider，SOS is also engaged in blockchain and cryptocurrency operations, which currently include cryptocurrency mining and maybe expand into cryptocurrency security and insurance in the future Since April 2021, we launched commodity trading via our subsidiary SOS International Trading Co. Ltd, The core infrastructure of SOS’ marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud “software as a service (SaaS)” platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry. For more information, please visit: http://www.sosyun.com/ .

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” “look” or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to the Company’s:

ability to execute its business plan;
changes in the market for SOS’ products and services; and
expansion plans and opportunities.

These forward-looking statements are based on information available as of the date of this press release and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission (“SEC”). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:

US government’s policies and regulatory oversight of crypto currency mining operation and our other operations;
SOS’s cryptocurrency mining, commodity trading and marketing solutions businesses are still under development, with many uncertainties in integration of these various business segments;
Failure to manage the newly launched commodities trading business effectively;
Loss of key customers in the commodity trading business;
failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our demand for SOS’s mining activities;
shortages in, or rises in the prices of mining machines may adversely affect the Company’s business;
any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation;
security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; and
other risks and uncertainties indicated in SOS’s SEC reports or documents filed or to be filed with the SEC by SOS.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Cision

View original content:https://www.prnewswire.com/news-releases/sos-limited-reports-2021-full-year-financial-results-301537455.html

SOURCE SOS Limited

April 21, 2022

These states poised to pass personal finance education laws this year

Lee Jimenez, a teacher at Indian Hill Elementary College in Cincinnati, Ohio, discusses credit rating playing cards and techniques of payments with his 3rd grade class employing on the net economic education curriculum SmartPath.

SMARTPATH

There’s momentum for private finance education and learning getting to be law in numerous states across the country.

Just about 50 percent the states presently mandate such instruction, and much more states could move legislation this calendar year to make confident college students, particularly these at the large university amount, have it ahead of they graduate.

“It is really been a massive modify,” claimed John Pelletier, director of the Centre for Money Literacy at Champlain School in Burlington, Vermont.

Before the coronavirus pandemic, development on personalized monetary education experienced stagnated, he explained. But amid pandemic layoffs and the ensuing recession, it became very clear that monetary literacy is extremely important for learners.

“What appears to propel these charges ahead is a disaster,” Pelletier stated.

Who is future

Georgia will probable be the future state to pass a personalized finance education requirement, according to Next Gen Private Finance, a nonprofit firm.

Both chambers of the state’s basic assembly have handed a bill, SB 220, that would require all superior school college students to acquire at least a 50 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}-credit score economic literacy study course in order to graduate, starting up with the 2024-25 faculty 12 months. The monthly bill is awaiting the governor’s signature to come to be law.

South Carolina also may well soon go legislation mandating private finance education and learning. The point out has a invoice, S16, that’s presently in conference committee. The moment Georgia’s monthly bill is signed into law, South Carolina will be the only state in the Southeast that doesn’t involve individual finance coursework, according to Tim Ranzetta, co-founder of Upcoming Gen Personal Finance.

“I assume there is an aspect of [fear of missing out] going on between the states,” stated Ranzetta. “That’s why we’re looking at the pattern there.”

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Michigan could also advance laws in the coming months. A bill that would need a half-credit rating particular finance study course for superior faculty graduation passed the condition Dwelling of Representatives in December and is anticipated to be taken up by the condition Senate in May perhaps.

In Minnesota, an omnibus instruction invoice would mandate that significant school freshman starting in the 2023-24 school 12 months take at least a fifty percent-credit rating private finance training course to graduate. And, in New Hampshire, an education and learning monthly bill incorporates personalized finance on a listing of matters that constitute an suitable education.

In general, 23 states in the U.S. have some type of private finance schooling mandate, according to the 2022 Study of the States from the Council for Financial Training. And 47 states incorporate language about personal finance in their condition education and learning criteria, even though many don’t have demanded courses.

Next Gen Particular Finance stated that, so much, 12 states fulfill its gold normal of personalized finance education, which means that they call for or will before long involve at the very least a fifty percent-credit, standalone private finance study course for high school graduation.

A well known program of review

Info exhibits that college students and their parents want enhanced own fiscal instruction obtainable in public colleges.

In California, Florida, Ga, Michigan and South Carolina, 80{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or far more of individuals surveyed supported acquiring economic literacy courses, in accordance to Future Gen Individual Finance.

In quite a few states, legislation has also been handed with bipartisan help, normally overwhelmingly from each sides of the political aisle. In Florida, for example, the bipartisan legislation was handed unanimously in March.

“It truly is one particular of all those prevalent feeling challenges that cuts throughout political functions,” claimed Ranzetta.

What’s future

Some moms and dads say it is their duty, not the schools’, to instruct their children about dollars. But couple are accomplishing the operate, and many mom and dad have not experienced enough personalized finance training themselves.

That leaves it up to condition education and learning boards to incorporate personal finance instruction in laws.

So significantly in 2022, 61 payments about personal finance training have been proposed in 26 states, according to Up coming Gen Individual Finance. Of those people, 47 payments throughout 20 states are still alive, this means they could someday develop into legislation.

In addition to encouraging legislation mandating economic literacy programs, advocates are seeking at the high quality of each and every monthly bill proposed and irrespective of whether they contain instructor coaching. This is an important piece of the puzzle, as students require assured, competent teachers who can explain finance.

“Academics want to be trained in private finance so they can give their college students the best,” mentioned Michael Sheffer, director of education and learning at FoolProof Basis, which delivers absolutely free financial instruction curriculum for college students and lecturers.

The amplified hunger for private finance classes has aided get a lot more quality schooling to academics, a pattern that is probable to keep on, he said.

They are well on the way to building that a reality, in accordance to Sheffer.

“This is a snowball working downhill now, and it can be finding greater and even bigger,” he said.

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.