Long queues at Lisbon airport to extend into summer

Long queues at Lisbon airport to extend into summer – Union

by Reuters June 13, 2022

By: Reuters

By Sergio Goncalves

LISBON – Long lines of passengers forced to wait hours at Lisbon airport are unlikely to ease into the main summer tourist season despite plans to almost double border control staff, the union chief for Portugal’s border and immigration service SEF warned on Monday.

On Sunday, passengers waited for more than three hours in arrivals at the capital’s airport, according to airport management company ANA, which in a statement blamed the SEF for insufficient numbers of staff and border checkpoints.

SEF union chief Acacio Pereira told Reuters that Lisbon airport was “an old facility”, unable to handle the leap in passengers numbers after COVID-19 restrictions were lifted.

He accused ANA of poorly managing the distribution of Lisbon-bound flights, having channeled 60 through the airport on Sunday in a short period of time.

Border staff checked more than 100,000 people at Portuguese airports on Saturday and Sunday, half of them in Lisbon, he said, adding that the SEF “has a duty to guarantee the country’s security”.

Portugal saw the number of passengers through its airports soar to 3.6 million in March, eight times higher than in the same month of 2021, and only 16% below 2019 pre-pandemic levels, according to the National Institute of Statistics.

The government plans to hire 238 new border control officers at Portugal’s six airports by 4 July, bringing the total number to 529.

Pereira said it would not solve the airport’s “incapacity” to receive so many passengers, adding: “The summer will continue to be problematic.”

Across Europe, airports and airlines are struggling to find more workers and minimize cancelled flights and passengers delays as travel recovers.

Cristina Siza Vieira, chief executive of Portugal’s hotel association AHP, told Reuters the airport queues were “bad for the country’s image” and could cool demand from markets outside Europe including from North America, Canada and Brazil.

(Reporting by Sergio Goncalves, editing by Aislinn Laing and Keith Weir)

June 13, 2022 0 comments

Financial News

Explainer-The world of crypto lending

by Reuters June 13, 2022

By: Reuters

By Tom Wilson, Elizabeth Howcroft and Hannah Lang

LONDON – Major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers on Monday, citing “extreme” market conditions, sparking a sell-off across crypto markets.

Here’s what you need to know about crypto lending – a corner of the digital asset market that has boomed over the last two years during soaring interest in cryptocurrencies.

WHAT’S THE DEAL?

Crypto lending is essentially banking – for the crypto world.

Just as customers at traditional banks earn interest on their savings in dollars or pounds, crypto users that deposit their bitcoin or ether at crypto lenders also earn money, usually in cryptocurrency.

While savings at traditional banks offer paltry returns due to historically low interest rates, crypto lenders offer much higher returns – at the very top end as much as 20%, though rates depend on the tokens being deposited.

Crypto lenders make money by lending – also for a fee, typically between 5%-10% – digital tokens to investors or crypto companies, who might use the tokens for speculation, hedging or as working capital. The lenders profit from the spread between the interest they pay on deposits and that charged on loans.

HIGH RETURNS? SO CRYPTO LENDERS MUST BE POPULAR

They are.

Crypto lending has boomed over the past two years, along as decentralised finance, or “DeFi,” platforms. DeFi and crypto lending both tout a vision of financial services where lenders and borrowers bypass the traditional financial firms that act as gatekeepers for loans or other products.

The sites say they are easier to access than banks, too, with prospective clients facing less paperwork when lending or borrowing crypto.

The total value of crypto at DeFi sites soared to a record $110 billion in November, up fivefold from a year earlier and reflecting record highs for bitcoin, according to industry site DeFi Pulse.

Traditional investors and venture capital firms, from Canada’s second-biggest pension fund Caisse de Depot et Placement du Quebec to Bain Capital Ventures, have backed crypto lending platforms.

IS THERE A CATCH?

There are several.

Unlike traditional regulated banks, crypto lenders aren’t overseen by financial regulators – so there are few rules on the capital they must hold, or transparency over their reserves.

That means that customers who hold their crypto at the platforms could lose access to their funds – as happened with Celsius on Monday.

Crypto lenders also face other risks, from volatility in crypto markets than can hit the value of savings to tech failures and hacks.

WHO ARE THE BIGGEST PLAYERS?

New Jersey-based Celsius is among them, with over $11 billion assets in its platform.

Other major lenders are also based in the United States. New York-based Genesis originated loans of $44.3 billion in the first quarter, with $14.6 billion in active loans as of March.

Other big names include U.S. lender BlockFi, which has some $10 billion of assets under management, and London-based Nexo, which has $12 billion.

REGULATORS MUST BE WORRIED, THEN?

Crypto lenders are in the sights of U.S. securities watchdogs and state regulators, who say that interest-bearing products are unregistered securities.

In February, BlockFi agreed to pay $100 million in a landmark settlement with the U.S. SEC and state authorities over its yield product.

Those same state regulators issued a similar cease and desist order to Celsius in September, calling its Earn product an unregistered security.

More widely, DeFi is throwing up risks for investors as it evolves to mirror traditional markets, a global body for securities regulators said in March, including a lack of disclosure of products and systems, patchy reliability and problems operating at scale.

(Reporting by Tom Wilson and Elizabeth Howcroft in London and Hannah Lang in Washington; editing by David Evans)

June 13, 2022 0 comments

Department of Justice Press Releases

Colchester Man Convicted of Drug Crimes

by DOJ Press June 13, 2022

By: DOJ Press

The Office of the United States Attorney for the District of Vermont stated that Carl Martin, 37, of Colchester, Vermont, was convicted on five of six counts on June 10, 2022, in United States District Court in Burlington, Vermont, following a five-day jury trial before United States District Judge William K. Sessions III.

In October 2020, Martin was charged in a multi-count federal grand jury indictment with participating in a conspiracy to sell cocaine from Fall 2018 to October 23, 2019, selling cocaine to an undercover agent of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) on four occasions in late 2019, and during one of those drug distributions, trading cocaine for a semiautomatic pistol. According to court records and proceedings, the drug undercover investigation resulting in the charges here followed an earlier investigation into Martin’s involvement in a shooting that occurred in front of Nectar’s, a restaurant in Burlington, in February 2018. The shooter in that incident, Rashad Nashid, was sentenced to 12 ½ years in federal prison after pleading guilty to two counts of illegal firearm possession.

On June 10, 2022, the jury returned a verdict of guilty on five of six counts. The jury found Martin guilty on all counts except the count charging Martin with trading cocaine for a semiautomatic pistol. Judge Sessions ordered Martin to be detained after the jury returned its verdict and pending his sentencing.

United States Attorney Nikolas P. Kerest commended the efforts of the ATF, the Burlington Police Department, the Drug Enforcement Administration, and the Vermont State Police in the investigation and prosecution of Martin. United States Attorney Kerest also stated, “The U.S. Attorney’s Office will continue to collaborate with our federal, state, and local law enforcement partners to investigate and prosecute drug traffickers who possess and use firearms in Vermont. Prosecution of firearm-related offenses remains one of our top priorities and we appreciate the diligent and courageous work of the officers throughout Vermont on these cases.”

Martin faces a maximum sentence of 20 years’ imprisonment, a term of supervised release of at least three years, and up to a $1,000,000 fine. Martin’s actual sentence, however, will be determined by the sentencing judge with guidance from the advisory Federal Sentencing Guidelines.

The prosecution of Martin was handled by Assistant U.S. Attorneys Wendy L. Fuller, Andrew C. Gilman, and Owen C.J. Foster. Martin was represented by Chandler Matson, Esq.

This case was prosecuted as part of the joint federal, state, and local Project Safe Neighborhoods (PSN) Program, the centerpiece of the Department of Justice’s violent crime reduction efforts. PSN is an evidence-based program proven to be effective at reducing violent crime. Through PSN, a broad spectrum of stakeholders work together to identify the most pressing violent crime problems in the community and develop comprehensive solutions to address them. As part of this strategy, PSN focuses enforcement efforts on the most violent offenders and partners with locally based prevention and reentry programs for lasting reductions in crime. Please visit https://www.justice.gov/psn for more information.

June 13, 2022 0 comments

Financial News

BoE’s Bailey: latest crypto turmoil reinforces concerns

by Reuters June 13, 2022

By: Reuters

LONDON – Bitcoin’s slump on Monday after major U.S. crypto lending company Celsius Network froze withdrawals should remind investors that most crypto-assets have no intrinsic value, Bank of England Governor Andrew Bailey said.

“If you want to invest in these assets, okay, but be prepared to lose all your money,” Bailey told the British parliament’s Public Accounts Committee.

“People may still want to buy them because they have extrinsic value … people value things for personal reasons. But they don’t have intrinsic value. This morning we have seen another blow-up in a crypto exchange.”

Bailey has long expressed his doubts about crypto-assets, and was speaking in response to a question about how regulators’ duty to protect consumers could clash with the government’s wish for them to promote financial-sector innovation and competition.

The Celsius move triggered a slide across cryptocurrencies, with their value dropping below $1 trillion on Monday for the first time since January 2021, dragged down by a 12% fall in the largest token bitcoin.

(Reporting by David Milliken; Editing by Alistair Smout)

June 13, 2022 0 comments

Breaking News Maryland News Police Blotter

56 Year-Old Man Shot To Death in Baltimore; Suspect Arrested

by Kristen Harrison-Oneal June 13, 2022

By: Kristen Harrison-Oneal

BALTIMORE, MARYLAND – The Baltimore Police Department has announced an arrest in the murder of 56 year-old man in Southwest Baltimore. This incident happened on June 11th on the 3600 Block of West Lexington Street.

According to detectives, “On June 11, 2022, at approximately 11:58 p.m., Southwest District patrol officers were dispatched to the 3600 block of West Lexington Street to investigate a reported shooting. When officers arrived at the location they observed a 56-year-old male suffering from gunshot wounds. Homicide investigators responded to the scene and assumed control over the investigation.”

Police have arrested 47-year-old Clifton Curtis Hodges of Baltimore in conjunction with the death of 56 year-old Bernard Jackson II. They believe he was shot and killed following a dispute among the men.

Hodges was brought to Central Booking Intake Facility where he was charged with 1st & 2nd degree murder.

June 13, 2022 0 comments

Financial News

How high? Markets ramp up terminal rate pricing as inflation bites

by Reuters June 13, 2022

By: Reuters

By Yoruk Bahceli

(Reuters) – Traders have sharply increased where they see rate hikes by the world’s top central banks ending this cycle as red-hot inflation readings may force policymakers to act more aggressively to quell price pressures.

Dubbed the “terminal” rate, asset managers and borrowers have to take those levels into account in planning investment and funding decisions. They will ultimately determine whether policy tightening will end with a soft or hard landing for economies.

In the United States, Fed fund futures are pricing in over 300 basis points of rate hikes, implying a terminal rate of around 3.9% in mid-2023, up from around 3% at the start of the month.

For the European Central Bank, money markets now price in around 290 basis points of hikes, to put rates around 2.4% by July 2023. This compares with a rise to 1.5% by early-2024, priced at the start of June.

At the Bank of England, traders are pricing in 260 bps of hikes by August 2023 that would put rates at 3.6%, compared with 2.9% a week ago.

The moves come as U.S. consumer prices accelerated in May and rose faster than expected in their largest annual increase in nearly 40-1/2 years, suggesting that the Federal Reserve could continue with its 50 basis point interest rate hikes at least through September.

Similarly, euro zone inflation rose much faster than expected to another record high in May, boosting the case for larger moves from the European Central Bank which will end bond-buying and start hiking rates in July.

The moves are a stark contrast with May, when traders had cut estimates on where terminal rates would peak as markets embraced the belief that inflation had peaked and shifted their to economic growth concerns.

“This whole problem was created by inflation, it has to be solved by inflation. Until there is a genuine slowdown in inflation momentum, I don’t think anybody can rest easy,” said Rohan Khanna, strategist at UBS.

In Britain, money markets raised their estimates even as data on Monday showed the economy shrank unexpectedly in April, adding to fears of a sharp slowdown just three days before the Bank of England is likely to hikes rates again.

“Despite this, the market prices the terminal rate at 3.50%. So the market is telling us that: I need to see growth data be incredibly more worse for me to reassess my thinking for the central banking hiking cycle stop,” Khanna said.

Investment banks are also ramping up their forecasts. Deutsche Bank economists on Friday raised their Fed terminal rate forecast to 4.125% in mid-2023, while Morgan Stanley said that if the current inflation backdrop starts to look like that of the early 1980s, markets could price in a terminal rate of 4.5%-5%.

Graphic: Fed terminal rate – https://fingfx.thomsonreuters.com/gfx/mkt/zjvqkgxgavx/Pasted%20image%201655115726737.png

(Reporting by Yoruk Bahceli; Additional reporting by Saikat Chatterjee; Editing by Alison Williams)

June 13, 2022 0 comments

Financial News

Bombardier shares hit amid Montreal workers’ strike, market selloff

by Reuters June 13, 2022

By: Reuters

MONTREAL – Bombardier Inc shares fell as much as 17.4% on Monday as workers on a key business jet program walked off the job for a day and amid a broader selloff in global markets.

The union representing 1,800 Bombardier workers said they would return to the job on Tuesday, when negotiations between the two sides resume.

The workers are mostly on the company’s strong-selling Challenger business jet family, which accounted for just over a third of the company’s plane deliveries in 2021.

Bombardier has said it would put a contingency plan in place to reduce the impact on operations from the strike.

The International Association of Machinists and Aerospace Workers (IAMAW) said 76% percent of workers rejected Bombardier’s five-year contract offer.

The union is asking for higher wage increases in the last two years of the contract, arguing that Bombardier’s offer of up to 2.5% falls below rising living costs.

Canada’s inflation rate hit 6.8% in April, a 31-year high.

By late morning, Bombardier shares were down 8.1% at C$25.95, as the company’s planned consolidation of Class A and B shares took effect on Monday. The benchmark Canada share index was down 3.1%.

Global markets, including Wall Street’s main indexes opened sharply lower on Monday, on growing fears that aggressive interest rate hikes could tip the economy into recession.

(Reporting By Allison Lampert in Montreal, editing by Deepa Babington)

June 13, 2022 0 comments

Breaking News Lottery Winners New York News

TAKE 5 $17K Top-Prize Sold in Syracuse

by Kristen Harrison-Oneal June 13, 2022

By: Kristen Harrison-Oneal

SYRACUSE, NEW YORK – One very lucky TAKE 5 ticket was the top prize ticket for the June 12th drawing. This ticket was purchased for the midday drawing.

The TAKE 5 ticket was purchased at Wegmans on Onondaga Boulevard in Syracuse.

The ticket was worth $17,977.50.

According to lottery officials, “TAKE 5 players with midday and evening draws on the same ticket must check their numbers at nylottery.ny.gov to determine if they have the winning numbers for the corresponding midday or evening drawing. TAKE 5 numbers are drawn from a field of one through 39. The drawing is televised twice daily at 2:30 p.m. and 10:30 p.m. A Lottery draw game prize of any amount may be claimed up to one year from the date of the drawing.”

June 13, 2022 0 comments

Financial News

Microsoft, union enter into labor neutrality agreement

by Reuters June 13, 2022

By: Reuters

(Reuters) – Microsoft Corp and the Communications Workers of America said on Monday they have entered into a labor neutrality agreement, allowing employees to “freely and fairly” make choice about union representation.

The agreement will apply at Activision Blizzard Inc beginning 60 days after Microsoft’s acquisition closes, they said https://bit.ly/3xHDnYd.

“This agreement provides a pathway for Activision Blizzard workers to exercise their democratic rights to organize and collectively bargain after the close of the Microsoft acquisition and establishes a high road framework for employers in the games industry,” said Chris Shelton, CWA’s president.

This comes after Activision Blizzard on Friday recognized the CWA and began negotiations on behalf of a small group of quality assurance testers at the “Call of Duty” videogame maker which voted to unionize last month.

Earlier this month, Microsoft President Brad Smith said the company will not resist unionization efforts from its employees.

Workers across technology companies are becoming more vocal about better pay and working conditions. More than 200 workers at Alphabet Inc formed a labor union for the Google parent’s U.S. and Canadian offices last year.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Maju Samuel)

June 13, 2022 0 comments

Breaking News Lottery Winners New York News

TAKE 5 $20K Top-Prize Sold in Brooklyn

by Kristen Harrison-Oneal June 13, 2022

By: Kristen Harrison-Oneal

BROOKLYN, NEW YORK – One very lucky TAKE 5 ticket was the top prize ticket for the June 10th drawing. This ticket was purchased for the midday drawing.

The TAKE 5 ticket was purchased at H&A Gas and Convenience on Avenue H in Brooklyn.

The ticket was worth $20,801.

June 13, 2022 0 comments

Financial News

German finance minister warns of stagflation risk, pledges return to fiscal rigour

by Reuters June 13, 2022

By: Reuters

BERLIN – German Finance Minister Christian Lindner said there was a risk of a period of high inflation and low growth following Russia’s invasion of Ukraine, which had driven already high inflation up further still.

“Stagflation is a possible scenario,” he told a conference of family-owned businesses in Berlin on Monday.

He said the price pressure could best be countered by unwinding the subsidies that had previously been given out to prop up the economy and that Germany and Europe had to return to fiscal discipline.

He added that Germany’s constitutional debt brake, currently suspended, would come back into force next year. That would imply a reduction in the level of new borrowing from this year’s 140 billion euros ($146 billion) to just 10 billion euros.

($1 = 0.9591 euros)

(Reporting by Christian Kraemer; writing by Thomas Escritt; Editing by Christoph Steitz)

June 13, 2022 0 comments

Top Headlines US and World News

U.S. slaps visa curbs on nearly 100 people who undermined Nicaragua’s democracy -Blinken

by Reuters June 13, 2022

By: Reuters

WASHINGTON – Secretary of State Antony Blinken said on Monday the United States would impose visa restrictions on 93 more people believed to have undermined democracy in Nicaragua following last year’s re-election of President Daniel Ortega.

Those targeted by the visa measures include judges, prosecutors, national assembly members and interior ministry officials, Blinken said.

The United States and Nicaragua have been at odds for years, but relations took an especially hard hit when Daniel Ortega, a former Marxist guerrilla, won a fourth consecutive term in November after jailing rivals and cracking down on critical media. U.S. President Joe Biden dismissed the election as a sham and imposed sanctions on more Nicaraguan officials.

“The United States remains deeply concerned about the Ortega-Murillo regime’s unjust detentions of political prisoners and ongoing abuses against members of civil society,” Blinken said in the statement.

He said judges and prosecutors aligned with the government of Ortega and Vice President Rosario Murillo are complicit in undermining democracy due to their roles in prosecuting and convicting opposition leaders, human rights defenders and others.

National assembly members and interior ministry officials have helped Ortega’s government tighten its “authoritarian grip over Nicaraguan citizens and institutions”, Blinken said.

The United States cited human rights abuses in Nicaragua when it declined to invite Ortega to the U.S.-hosted Summit of the Americas in Los Angeles last week.

Two former presidential candidates are among more than 180 political prisoners in Nicaragua undergoing “the worst kinds of human rights abuses,” their lawyer said Wednesday.

One year after Juan Sebastian Chamorro and Felix Maradiaga were arrested ahead of Nicaragua’s disputed 2021 election, neither has spoken to their families and both are being held in “horrific conditions,” their international counsel told a press conference on Wednesday, the anniversary of their arrests.

(Reporting by Daphne Psaledakis, Kanishka Singh and Rami Ayyub in Washington; editing by Jonathan Oatis and Mark Heinrich)

June 13, 2022 0 comments

Breaking News Business News New Jersey News Ocean County News

Corrado’s Evicted From Brick Shopping Plaza Putting July Opening in Jeopardy

by Phil Stilton June 13, 2022

By: Phil Stilton

BRICK TOWNSHIP, NJ – Residents waiting eagerly for the new Corrado’s Market at the Laurel Square Shopping Center may have to wait a bit longer. This week, an eviction notice was placed on the door of the store. The letter dated June 8th reads, “The tenants of this rental premises have been evicted and the landlord has been placed in full possession thereof.”‘

The store was scheduled to open in early July.

The business is appealing the court ruling, but this could mean the end of the North Jersey grocer’s entry into the Ocean County market.

A lawyer for the company today said negotiations between them and the landlord had broken down after a possible settlement was nearly reached.

June 13, 2022 0 comments

Financial News

Telecom Italia secures 725 million euro tender for 5G rollout – ministry

by Reuters June 13, 2022

By: Reuters

MILAN -Italy’s biggest phone group Telecom Italia has secured works worth 725 million euros ($755.67 million) in a government tender for the deployment of 5G networks, the ministry for technological innovation and digital transition said on Monday.

Earlier this year the EU Commission approved a 2 billion-euro Italian scheme to support the roll out of 5G mobile networks through the Recovery and Resilience Plan (PNRR).

The awarded tender included six geographical lots, with financing covering up to 90% of the total cost of the works, the ministry said, adding that all other interested operators would get wholesale access to the financed infrastructure.

“With the award of the first tender for the development of 5G we are even closer to complete the government’s plan to connect the whole of Italy with ultra-high-capacity networks,” Innovation Minister Vittorio Colao said in the statement.

($1 = 0.9594 euros)

(Reporting by Elvira Pollina; editing by Agnieszka Flak)

June 13, 2022 0 comments

Top Headlines US and World News

Former Manhattan U.S. Attorney Bharara joins Wilmer Hale law firm

by Reuters June 13, 2022

By: Reuters

By Jacqueline Thomsen

(Reuters) – Preet Bharara, the former U.S. attorney in Manhattan who prosecuted high-profile cases involving Wall Street insider trading, public corruption and terrorism, is joining Washington-based law firm Wilmer Cutler Pickering Hale and Dorr, the firm said on Monday.

Bharara, 53, was appointed to the U.S. attorney post by Democratic President Barack Obama in 2009 and fired by Republican President Donald Trump in 2017 after refusing to resign.

He won a $1.8 billion insider-trading settlement against SAC Capital Advisors, the largest in history, which forced the hedge fund to shut down, and he forced JPMorgan Chase to pay $1.7 billion to settle charges related to its role in the Bernie Madoff Ponzi scheme.

Bharara also secured a life sentence against the Times Square bomber, Faisal Shahzad, and a 25-year sentence for international arms dealer Viktor Bout.

WilmerHale, a firm with about 1,000 lawyers, said Bharara has joined its partnership in New York and will represent clients facing congressional and internal investigations, compliance and crisis management issues and other matters.

Since leaving the U.S. attorney’s post, Bharara has served as a scholar-in-residence at New York University’s law school and hosted a weekly podcast. WilmerHale said he plans to keep podcasting and will remain creative director of the podcast company Cafe, which was acquired by Vox Media last year.

“I believe bringing my combination of experiences, skills and knowledge to WilmerHale will give clients facing the most difficult challenges the greatest chance for success,” Bharara said in a news release issued by the firm. A firm spokesperson said Bharara was unavailable for an interview.

(Reporting by Jacqueline Thomsen in New York; Editing by Will Dunham and David Bario)

June 13, 2022 0 comments

Financial News

ECB hikes are wrong way to curb inflation, says Draghi’s right-hand man

by Reuters June 13, 2022

By: Reuters

By Gavin Jones and Giuseppe Fonte

ROME -Francesco Giavazzi, the closest economic adviser to Italian Prime Minister Mario Draghi, said on Monday that European Central Bank interest rate hikes were not the right way to curb surging price rises.

The ECB last week signalled a 25 basis point interest rate hike in July and said a bigger increase may be needed in September as inflationary pressures were increasing and broadening, raising the risk that high price growth will become entrenched.

The announcement pushed Italy’s 10-year bond yield up to 4% for the first time since 2014 on Monday, while the cost of insuring exposure to Rome’s public debt rose to the highest since 2020 and bank stocks slid.

“The ECB promises to raise rates in response to rising inflation with the wrong instrument,” Giavazzi said at a Rome conference.

“We do not have inflation stemming from domestic demand as in the United States, we have inflation linked to (surging) gas prices.”

Giavazzi later told Reuters he did not intend to criticise the ECB, which “is using the instrument at its disposal to try to rein in prices,” but he reiterated it was the wrong instrument in current circumstances and will slow down the economy.

Instead, “governments should impose caps on the price of gas,” he said, an approach that Italy has been pushing for at the EU level.

He added that he was speaking in a personal capacity, and not on behalf of the government.

Giavazzi, a prominent economist and former Treasury official, is in charge of supervising strategic dossiers for Draghi, who was ECB president between 2011 and 2019 before becoming Italian prime minister last year.

The two men studied together as far back as the 1970s and worked closely at the Italian Treasury in the 1990s.

Italian EU-harmonised consumer prices (HICP) rose a preliminary 0.9% month-on-month in May, with annual inflation accelerating sharply to 7.3% from 6.3% in April. Core inflation (net of fresh food and energy) was running at 3.4% year-on-year on the HICP index in May, up from 2.6% in April.

($1 = 0.9570 euros)

(Editing by William Maclean)

June 13, 2022 0 comments

Financial News

Exclusive-Google offers to let ad rivals place YouTube ads in EU antitrust probe – sources

by Reuters June 13, 2022

By: Reuters

By Foo Yun Chee

BRUSSELS -Google parent Alphabet has offered to let rival ad intermediaries place ads on YouTube to address a crucial part of an EU antitrust investigation that could pave the way for it to settle the case without a fine, people familiar with the matter said.

The European Commission opened a probe last year to examine whether the world’s largest provider of search and video was giving itself an unfair advantage in digital advertising by restricting rivals’ and advertisers’ access to user data.

The EU competition watchdog singled out Google’s requirement that advertisers use its Ad Manager to display ads on YouTube and potential restrictions on the way in which rivals serve ads on YouTube.

It is also looking into Google’s requirement that advertisers use its services Display & Video 360 and Google Ads to buy YouTube ads. YouTube posted $6.9 billion in sales in the first quarter of this year.

The Commission and Google, which has previously said publishers and advertisers often use multiple technologies and platforms to sell ads, declined to comment.

Google has been discussing remedies with the Commission since last year in a bid to avert a fine that could reach 10% of its global turnover, a person familiar with the matter told Reuters last year.

The company will however need to offer more than just the YouTube remedy to address other concerns in order to get a deal, the people said, adding that talks seemed to be on the right track.

The British competition agency CMA is also investigating Google’s ad practices.

Last year, Google generated $147 billion in revenue from online ads, more than any other company in the world, with ads including search, YouTube and Gmail accounting for the bulk of its overall sales and profit.

The company’s display or network business, in which other media companies use Google technology to sell ads on their website and apps, accounted for about 16% of its revenue.

(Reporting by Foo Yun Chee; Editing by Jan Harvey and David Evans)

June 13, 2022 0 comments

Business News

Mnemo Therapeutics Launches RHU Project in Collaboration with Leading European Research Partners, Institut Curie and MEARY Cell and Gene Therapy Center, AP-HP USA – English France – Français

by Your News June 13, 2022

By: Your News

Objective: to clinically validate efficacy of a new form of immunotherapy utilizing CAR-T cells to target multiple difficult-to-treat tumors

PARIS, June 13, 2022 — Mnemo Therapeutics, a biotechnology company developing transformational immunotherapies, today announced the kick-off of their participation in the prestigious Hospital-University Research in Health (RHU) program. Designed by France’s National Research Agency, the RHU funding supports cutting-edge research and cross-institutional collaborations, bringing together academia, businesses, and hospitals to push the boundaries of what is possible in healthcare.

In December of 2021, 17 proposals were selected for the RHU funding. Among them, receiving close to 10 million euros, is the EpCART project. Under the leadership of Sebastian Amigorena, Ph.D., one of Mnemo’s scientific co-founders and head of the Immune Responses and Cancer Team at Institut Curie, the EpCART project aims to clinically validate a novel approach to CAR-T immunotherapy.

“We are honored to be named a laureate for this prestigious initiative and work alongside our long-standing partners at Institut Curie, as well as the MEARY Cell and Gene Therapy Center at Saint-Louis Hospital, AP-HP,” said Mnemo CEO, Robert LaCaze.

The EpCART project focuses on epigenetic reprogramming of CAR-T cells. Through the inactivation of SUV39H1, a key enzyme in the differentiation pathway of T cells, the memory phenotype of these cells can be greatly increased. This works to achieve long-lasting tumor control, addressing patient relapse.

“Current immuno-oncology therapies often suffer from immune-cell memory loss, causing therapies to become less active and persistent in their ability to attack cancer cells over time,” said Dr. Amigorena. “The EpCART project mines insights into the memory of the immune system to overcome this challenge and produce a new class of CAR-T therapies with enhanced memory and persistence. We believe this will drive more durable responses for cancer patients.”

Over the next five years, the EpCART project will seek to clinically validate this technology as an autologous therapy. Mnemo will work in collaboration with the other EpCART partners to conduct a Phase I-II clinical trial, investigating the activity of these innovative CAR-T therapies in a cohort of 35 patients with difficult-to-treat solid tumors.

The EpCART project will accelerate research on Mnemo’s EnfiniT Discovery Engine, an integrated drug discovery tool combining key technologies to create lasting immune memory, identify novel cancer-specific targets, and more.

“Today is an exciting step in our journey to develop transformational immunotherapies with the aim of improving the body’s ability to detect, fight, and overcome cancer,” said Mnemo Co-Founder and Chief Operating Officer, Alain Maiore. “We are truly honored to collaborate with such esteemed partners and look forward to the fruits of this initiative.”

About Mnemo Therapeutics

Mnemo is developing transformational immunotherapies to improve the body’s ability to fight and overcome cancer. Integral to Mnemo’s approach is the EnfiniT Discovery Engine, composed of key technologies that work to identify novel cancer-specific antigens and enhance immune cells’ memory and persistence. Mnemo will harness these technologies with multiple modalities across a range of oncology indications, engineering the future of immunotherapies to transform the lives of people with cancer. Mnemo is headquartered in Paris with an office in New York City, and it maintains state of the art laboratories in Paris, New York, and Princeton, New Jersey. The company leverages an international talent pool and global resources in its quest to create immunological cures.

SOURCE Mnemo Therapeutics

June 13, 2022 0 comments

Business News

SPOLOČNOSŤ MYLE VAPE ZÍSKALA NA UDEĽOVANÍ CIEN VAPOUROUND SLÁVNE OCENENIE „LÍDER V ODVETVÍ” Slovensko – slovenčina Slovensko – slovenčina USA – English USA – English USA – English Latin America – español USA – English USA – English USA – English Brazil – Português USA – English USA – English USA – English Slovensko – slovenčina Slovensko – slovenčina

by Your News June 13, 2022

By: Your News

RIDGEFIELD, New Jersey, 13. júna 2022 — MYLE Vape, globálna značka, ktorú spotrebitelia poznajú a ktorej dôverujú, získala počas uplynulého víkendu ocenenie „Líder v odvetví” na udeľovaní cien Vapouround Awards v britskom Birminghame.

Od svojho vzniku v roku 2015 spoločnosť MYLE usilovne pracuje na vytvorení dôveryhodnej globálnej značky, ktorá neustále inovuje, rýchlo reaguje na škodlivé a nebezpečné napodobeniny na trhu, berie vážne vaping neplnoletých tým, že vytvára a monitoruje ochranné opatrenia, aby zabránila neplnoletým spotrebiteľom v nákupe, výrazne investuje do výskumu a vývoja, aby zostala na vrchole nových technológií, a je jednou z mála značiek elektronických cigariet v USA, ktorá má schválenú PMTA pre dva vape pod produkty: Gold Leaf a Blue Leaf Tobacco.

„Spoločnosť MYLE je poctená tým, že je považovaná za lídra v odvetví, ktoré je vysoko konkurenčné a hrdé na inovácie a zmeny. Od prvého dňa bolo mojím cieľom pri vytváraní MYLE vytvoriť bezpečnú alternatívu k zápalným cigaretám a toto ocenenie predstavuje všetko, na čom som pracoval posledných 7 rokov na počesť mojej matky, ktorá zomrela na rakovinu pľúc,” tvrdí Ariel Gorelik, spoluzakladateľ a výkonný riaditeľ.

Spoločnosť MYLE minulý týždeň na výstave Vapouround predstavila nové zariadenie MICRO Bar, špecifické pre Spojené kráľovstvo. Ide o malé, kompaktné a elegantné zariadenie, ktoré sa môže pochváliť malou 2 ml nádobkou, ktorá napriek malému objmeu dokáže vyprodukovať 800 šlukov, a je vybavené sieťovou cievkou, ktorá stabilizuje prívod chuti aj arómy a zároveň zlepšuje výkon zariadenia a poskytuje maximálnu produkciu pary.

MYLE Vape, globálna spoločnosť pôsobiaca v oblasti elektronických cigariet, založená v roku 2015, bola vytvorená s cieľom poskytnúť bezpečnú a žiaducu alternatívu k zápalným cigaretám, ktorá je pre spotrebiteľa príjemná z hľadiska jednoduchého používania, prispôsobenia a trvanlivosti.

Desaťročia skúseností v odvetví, ktoré výkonný tím prináša do spoločnosti MYLE Vape, v kombinácii s prvotriednym výrobným tímom a rozpočtom na výskum a vývoj, ktorý od založenia spoločnosti MYLE Vape neustále rastie, umožnili vytvoriť svetovo uznávaný dizajn a technologické inovácie. Spoločnosť MYLE Vape vyrába jednorazové výrobky, ďalšie pod systémy, nabíjacie zariadenia a príslušenstvo pre elektronické cigarety, ktoré sú celosvetovo distribuované mimo Spojených štátov.

Kontaktné informácie
Myle Vape
Robert Dietsche
generálny riaditeľ
844-777-6953
The Daily Caller News Foundation

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SOURCE MYLE

June 13, 2022 0 comments

Business News

MYLE VAPE GEWINNT DIE BEGEHRTE AUSZEICHNUNG „BRANCHENFÜHRER” BEI DEN VAPOUROUND AWARDS Deutschland – Deutsch Deutschland – Deutsch USA – English USA – English USA – English Brazil – Português Latin America – español USA – English USA – English USA – English Slovensko – slovenčina Slovensko – slovenčina

by Your News June 13, 2022

By: Your News

RIDGEFIELD, New Jersey, 13. Juni 2022 — MYLE Vape, eine globale Marke, die die Verbraucher kennen und der sie vertrauen, hat am vergangenen Wochenende bei den Vapouround Awards in Birmingham, Großbritannien, die Auszeichnung „Branchenführer” gewonnen.

Seit der Gründung im Jahr 2015 hat MYLE eifrig daran gearbeitet, eine vertrauenswürdige globale Marke zu schaffen, die ständig innovativ ist, die schnell auf schädliche, unsichere Nachahmungen auf dem Markt reagiert, die das Vaping von Minderjährigen ernst nimmt, indem sie Sicherheitsvorkehrungen schafft und überwacht, um minderjährige Konsumenten vom Kauf abzuhalten, die stark in Forschung und Entwicklung investiert, um auf dem neuesten Stand der Technik zu bleiben und die als eine der wenigen Vape-Marken in den USA mit zwei Vape-Pods die PMTA-Zulassung besitzt: Gold Leaf und Blue Leaf Tabak.

„MYLE fühlt sich geehrt, als Branchenführer in einer Branche zu gelten, die sehr wettbewerbsorientiert ist und auf Innovation und Wandel stolz ist. Vom ersten Tag an war es mein Ziel, mit MYLE eine sichere Alternative zu herkömmlichen Zigaretten zu schaffen, und diese Auszeichnung steht für alles, wofür ich in den letzten 7 Jahren zu Ehren meiner Mutter, die an Lungenkrebs verstorben ist, gearbeitet habe”, so Ariel Gorelik, Mitgründer und Chief Executive Officer.

MYLE stellte letzte Woche auf der Vapouround Show die neue MICRO Bar vor, ein winziges, kompaktes und elegantes Gerät speziell für den britischen Markt, das mit einem mikrokleinen 2-ml-Tank ausgestattet ist, der dennoch 800 Züge produziert und über eine Mesh-Spule verfügt, die die Abgabe von Geschmack und Aroma stabilisiert und gleichzeitig die Leistung des Geräts verbessert und eine maximale Dampfproduktion ermöglicht.

MYLE Vape, ein globales Vape-Unternehmen, das 2015 gegründet wurde, wurde mit dem Ziel aufgebaut, eine sichere und wünschenswerte Alternative zu herkömmlichen Zigaretten zu bieten, die für den Verbraucher in Bezug auf Benutzerfreundlichkeit, individuelle Anpassung und Haltbarkeit angenehm ist.

Die jahrzehntelange Branchenerfahrung, die das Führungsteam von MYLE Vape mitbringt, in Kombination mit einem erstklassigen Fertigungsteam und einem seit der Gründung von MYLE Vape stetig gewachsenen Forschungs- und Entwicklungsbudget, hat ein weltweit anerkanntes Design und technologische Innovationen ermöglicht. MYLE Vape stellt Einwegprodukte, zusätzliche Pod-Systeme, wiederaufladbare Geräte und Vape-Zubehör her. Das Sortiment wird weltweit außerhalb der Vereinigten Staaten vertrieben.

Kontaktinformationen
Myle Vape
Robert Dietsche
General Manager
844-777-6953
The Daily Caller News Foundation

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SOURCE MYLE

June 13, 2022 0 comments

Business News

Bausch + Lomb Announces the U.S. Launch of Revive™ Custom Soft Contact Lenses

by Your News June 13, 2022

By: Your News

“Using our proprietary technologies for spherical, multifocal, toric and multifocal toric lenses, Revive™ custom soft lenses will allow eye care professionals to use one customizable soft contact lens for a broad patient population,” said Joe Gordon, president, Global Consumer, Surgical and Vision Care, Bausch + Lomb. “Revive™ custom soft lenses represent the combination of innovative contact lens features and technologies from across our comprehensive contact lens portfolio. This is just one example of our ongoing commitment to developing eye care technologies that meet the needs of patients.”

Revive™ custom soft lenses are made with a non-ionic material allowing the lenses to be worn daily for up to three months. They are also available for frequent or planned replacement modalities, which provides eye care professionals the flexibility to prescribe the most appropriate modality for each patient.

“Many patients with unique vision needs, including high myopes, high astigmats, high hyperopes, demanding presbyopes and patients with small and large pupils, are traditionally challenging to fit successfully into contact lenses,” said Susan Resnick, O.D., New York. “The availability of Revive™ lenses allows eye care professionals to offer patients a new lens that goes beyond standard parameters and can be customized to meet their individual vision needs.”

In addition, eye care professionals who offer Revive™ lenses can take advantage of Bausch + Lomb’s 120-day EZ-Exchange™ program, which allows any lens to be exchanged at no charge to ensure the best possible patient fit. The company also provides expert consultants and in-person or virtual training sessions for specialty fitting support.

Visit https://bauschsvp.com/lenses/revive-custom-soft-lenses/ for important safety information for Revive™ custom lenses, as well as product details and full parameters.

About Bausch + Lomb

Bausch + Lomb is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from the moment of birth through every phase of life. Its comprehensive portfolio of more than 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with more than 12,000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in Vaughan, Ontario with corporate offices in Bridgewater, New Jersey. For more information, visit www.bausch.com and connect with us on Twitter, LinkedIn, Facebook and Instagram.

Forward-looking Statements

This news release may contain forward-looking statements, which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb’s filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, and the fear of that pandemic and its potential effects, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on Bausch + Lomb, including but not limited to its project development timelines, launches and costs (which may increase). Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch + Lomb undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

®/TM are trademarks of Bausch & Lomb Incorporated or its affiliates.
All other product/brand names and/or logos are trademarks of the respective owners.
© 2022 Bausch & Lomb Incorporated or its affiliates.
REV.0002.USA.22

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SOURCE Bausch + Lomb Corporation

June 13, 2022 0 comments

Business News

MYLE VAPE REMPORTE L’ILLUSTRE PRIX DU « LEADER DE L’INDUSTRIE » LORS DES PRIX VAPOUROUND France – Français France – Français Brazil – Português USA – English USA – English USA – English Latin America – español USA – English USA – English USA – English Deutschland – Deutsch Deutschland – Deutsch Slovensko – slovenčina Slovensko – slovenčina

by Your News June 13, 2022

By: Your News

RIDGEFIELD, New Jersey, 13 juin 2022 — MYLE Vape, une marque mondiale que les consommateurs ont appris à connaître et à laquelle ils font confiance, a remporté le prix du « Leader de l’industrie » lors des Prix Vapouround à Birmingham, au Royaume-Uni, le week-end dernier.

Depuis sa conception en 2015, MYLE a travaillé en studio pour créer une marque mondiale de confiance qui innove constamment, réagit rapidement aux produits de contrefaçon dangereux sur le marché, prend le vapotage des mineurs au sérieux en créant et en surveillant des mesures de protection pour empêcher les consommateurs mineurs d’acheter, investit massivement dans la R&D pour rester à la pointe de la nouvelle technologie et est l’une des rares marques de vape aux États-Unis qui a l’acceptation PMTA avec deux produits de pod de vape : Gold Leaf et Blue Leaf Tobacco.

« MYLE est honorée d’être considérée comme un leader de l’industrie dans un secteur hautement compétitif et fier de l’innovation et du changement. Dès le premier jour, mon objectif en créant MYLE était de créer une alternative sûre aux cigarettes combustibles et ce prix représente tout ce pour quoi j’ai travaillé au cours des 7 dernières années en l’honneur de ma mère qui est décédée d’un cancer du poumon », a affirmé Ariel Gorelik, cofondateur et directeur général.

MYLE a présenté son nouveau produit spécifique au Royaume-Uni, le MICRO Bar, au salon Vapouround la semaine dernière, un appareil minuscule, compact et élégant doté d’un micro petit réservoir de 2 ml qui parvient tout de même à produire 800 bouffées. Il est équipé d’une bobine en maille qui stabilise la diffusion du goût et de l’arôme tout en améliorant les performances de l’appareil et en assurant une production maximale de vapeur.

MYLE Vape, une entreprise mondiale de vape lancée en 2015, a été créée pour offrir une alternative sûre et désirable aux cigarettes combustibles, qui soit agréable pour le consommateur en termes de facilité d’utilisation, de personnalisation et de durabilité.

Les décennies d’expérience de l’industrie que l’équipe dirigeante apporte à MYLE Vape, combinées à une équipe de fabrication de classe mondiale et à un budget de recherche et développement qui n’a cessé de croître depuis la création de MYLE Vape, ont permis un design et une innovation technologique de renommée mondiale. MYLE Vape fabrique des produits jetables, des systèmes de pods supplémentaires, des dispositifs rechargeables et des accessoires de vape qui sont distribués dans le monde entier en dehors des États-Unis.

Informations de contact
Myle Vape
Robert Dietsche
Directeur général
844-777-6953
The Daily Caller News Foundation

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SOURCE MYLE

June 13, 2022 0 comments

Business News

SPOLEČNOST MYLE VAPE ZÍSKALA NA UDÍLENÍ CEN VAPOUROUND AWARDS VÝZNAMNÉ OCENĚNÍ OBOROVÉHO LÍDRA Česko – čeština Česko – čeština Brazil – Português USA – English USA – English USA – English Latin America – español USA – English USA – English USA – English Deutschland – Deutsch Deutschland – Deutsch Slovensko – slovenčina Slovensko – slovenčina

by Your News June 13, 2022

By: Your News

RIDGEFIELD, New Jersey, 13. června 2022 — Společnost MYLE Vape, globální značka, kterou spotřebitelé znají a které důvěřují, získala o uplynulém víkendu v Birminghamu ve Velké Británii ocenění „Industry Leader”.

Od svého založení v roce 2015 MYLE usilovně pracuje na budování spolehlivé globální značky, která neustále inovuje, rychle reaguje na škodlivé a nebezpečné napodobeniny na trhu, bere vážně vaping nezletilých zaváděním a kontrolou ochranných opatření, která mají za úkol zabránit nezletilým spotřebitelům v nákupu, investuje velké prostředky do výzkumu a vývoje, aby zůstala na špičce nových technologií a je jednou z mála vape značek v USA, která získala schválení PMTA pro své dva vape pody: tabáky Gold Leaf a Blue Leaf.

„Společnosti MYLE je ctí být považována za lídra v oboru, který je vysoce konkurenční a zakládá si na zavádění inovací a změn. Od prvního dne bylo mým cílem vytvořit bezpečnou alternativu klasických cigaret a toto ocenění je proto ztělesněním veškerého úsilí, které jsem na naplnění tohoto cíle na památku své matky, která zemřela na rakovinu plic, v uplynulých sedmi letech vynaložil,” prohlašuje Ariel Gorelik, spoluzakladatel a výkonný ředitel této společnosti.

Společnost MYLE minulý týden na veletrhu Vapouround představila nové zařízení MICRO Bar, určené konkrétně pro Velkou Británii. Jedná se o malé, kompaktní a elegantní zařízení, které se může pochlubit malou nádržkou o objemu 2 ml, ze které je nicméně přesto schopno vyprodukovat 800 šluků a je vybaveno síťovou spirálkou, která stabilizuje zprostředkovanou chuť i vůni a zároveň zlepšuje výkon celého zařízení a zajišťuje tvorbu maximálního množství páry.

MYLE Vape, globální vape společnost založená v roce 2015, byla vytvořena s cílem poskytnout bezpečnou a spotřebitelsky zajímavou alternativu ke klasickým cigaretám, která je pro spotřebitele příjemná po stránce jednoduchosti používání, možností přizpůsobení a také životnosti.

Desítky let zkušeností v tomto oboru, kterými disponuje tým vedení společnosti MYLE, v kombinaci se špičkovým výrobním týmem a významným rozpočtem na výzkum a vývoj, který od založení společnosti MYLE Vape neustále narůstá, umožnily vzniknout výrobkům s celosvětově uznávaným designem a vybaveným technologickými inovacemi. Společnost MYLE Vape vyrábí jednorázová zařízení, přídavné pod systémy, dobíjecí zařízení a příslušenství pro vape, které jsou distribuovány nejen ve Spojených státech, ale i po celém světě.

Kontaktní údaje
Myle Vape
Robert Dietsche
Generální ředitel
844-777-6953
The Daily Caller News Foundation

Logo – https://mma.prnewswire.com/media/1836832/VM_Awards_BEST_INDUSTRY_LEADER_WINNER__1_Logo.jpg

SOURCE MYLE

June 13, 2022 0 comments

Business News

Prologis to Combine with Duke Realty in $26 Billion All-Stock Transaction

by Your News June 13, 2022

By: Your News

Portfolio addition will drive long-term shareholder growth

SAN FRANCISCO and INDIANAPOLIS, June 13, 2022 — Prologis, Inc. (NYSE: PLD) and Duke Realty Corporation (NYSE: DRE) today announced that the two companies have entered into a definitive merger agreement by which Prologis will acquire Duke Realty in an all-stock transaction, valued at approximately $26 billion, including the assumption of debt. The respective board of directors for Prologis and Duke Realty have unanimously approved the transaction.

“We have admired the disciplined repositioning strategy the Duke Realty team has completed over the last decade,” said Prologis Co-founder, CEO and Chairman Hamid R. Moghadam. “They have built an exceptional portfolio in the U.S. located in geographies we believe will outperform in the future. That will be fueled by Prologis’ proven track record as a value creator in the logistics space. We have a diverse model that allows us to deliver even more value to customers.”

With the transaction, Prologis is gaining high-quality properties for its portfolio in key geographies, including Southern California, New Jersey, South Florida, Chicago, Dallas and Atlanta.

The acquisition on an owned and managed basis comprises:

153 million square feet of operating properties in 19 major U.S. logistics geographies.
11 million square feet of development in progress – about $1.6 billion in total expected investment.
1,228 acres of land owned and under option with a build-out of approximately 21 million square feet.

Prologis plans to hold approximately 94% of the Duke Realty assets and exit one market.

“This transaction is a testament to Duke Realty’s world-class portfolio of industrial properties, long-proven success and sustainable value creation we’ve delivered over the years,” said Duke Realty Chairman and CEO Jim Connor. “We have always respected Prologis, and after a deliberate and comprehensive evaluation of the transaction and the improved offer, we are excited to bring together our two complementary businesses. Together, we will be able to accelerate the potential of our business and better serve tenants and partners. We are confident that this transaction – including the meaningful opportunity it provides for shareholders to participate in the growth and upside from the combined portfolio — is in the best long-term interest of Duke Realty shareholders.”

The transaction is anticipated to create immediate accretion of approximately $310-370 million from corporate general and administrative cost savings and operating leverage as well as mark-to-market adjustments on leases and debt. In year one, the transaction is expected to increase annual core funds from operations* (Core FFO), excluding promotes per share by $0.20-0.25. On a Core AFFO basis, excluding promotes, the deal is expected to be earnings neutral in year one.

Further, future synergies have the potential to generate approximately $375-400 million in annual earnings and value creation, including $70-90 million from incremental property cash flow and Essentials income, $5-10 million in cost of capital savings and $300 million in incremental development value creation.

“This transaction increases the strength, size and diversification of our balance sheet while expanding the opportunity for Prologis to apply innovation to drive long-term growth,” said Tim Arndt, Prologis’ chief financial officer. “In addition to generating significant synergies, the combination of these portfolios will help us deliver more services to our customers and drive incremental long-term earnings growth.”

Under the terms of the agreement, Duke Realty shareholders will receive 0.475x of a Prologis share for each Duke Realty share they own. The transaction, which is currently expected to close in the fourth quarter of 2022, is subject to the approval of Prologis and Duke Realty shareholders and other customary closing conditions.

Goldman Sachs Group, Inc. and Citigroup are serving as financial advisors and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Prologis. Morgan Stanley & Co. LLC is serving as the lead financial advisor and Hogan Lovells US LLP is serving as legal advisor to Duke Realty. J.P. Morgan Securities LLC and Alston & Bird LLP are also serving as financial and legal advisors, respectively, to Duke Realty.

Webcast & Conference Call Information

Prologis will host a webcast and conference call today to discuss the transaction. Here are the event details:

Monday, June 13, 2022, at 10:00 a.m. U.S. Eastern time.
Live webcast at http://ir.Prologis.com by clicking Events & Presentations.
Participant Toll-Free Dial-In Number: 1 (888) 330-2502; Conference ID: 7126328.
A telephonic replay will be available from June 13 to June 27.
The webcast replay will be posted when available in the Investor Relations “Events & Presentations” section at www.prologis.com.

About Prologis

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2022, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.0 billion square feet (93 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,800 customers principally across two major categories: business-to-business and retail/online fulfillment.

About Duke Realty

Duke Realty Corporation owns and operates approximately 164.9 million rentable square feet of industrial assets in 19 major logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a member of the S&P 500 Index. More information about Duke Realty Corporation is available at www.dukerealty.com.

FORWARD-LOOKING STATEMENTS

The statements in this communication that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis and Duke Realty operate as well as beliefs and assumptions of Prologis and Duke Realty. Such statements involve uncertainties that could significantly impact Prologis’ or Duke Realty’s financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” and “estimates,” including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that Prologis or Duke Realty expects or anticipates will occur in the future — including statements relating to any possible transaction between Prologis and Duke Realty, rent and occupancy growth, acquisition and development activity, contribution and disposition activity, general conditions in the geographic areas where Prologis or Duke Realty operate, Prologis’ and Duke Realty’s respective debt, capital structure and financial position, Prologis’ and Duke Realty’s respective ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although Prologis and Duke Realty believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, neither Prologis nor Duke Realty can give assurance that its expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) Prologis’ and Duke Realty’s ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary shareholder approvals and satisfaction of other closing conditions to consummate the proposed transaction; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed transaction; (iii) risks related to diverting the attention of Prologis and Duke Realty management from ongoing business operations; (iv) failure to realize the expected benefits of the proposed transaction; (v) significant transaction costs and/or unknown or inestimable liabilities; (vi) the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay; (vii) the risk that Duke Realty’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (viii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the proposed transaction; (ix) the effect of the announcement of the proposed transaction on the ability of Prologis and Duke Realty to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (x) risks related to the market value of the Prologis common stock to be issued in the proposed transaction; (xi) other risks related to the completion of the proposed transaction and actions related thereto; (xii) national, international, regional and local economic and political climates and conditions; (xiii) changes in global financial markets, interest rates and foreign currency exchange rates; (xiv) increased or unanticipated competition for Prologis’ or Duke Realty’s properties; (xv) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change; (xvi) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xvii) availability of financing and capital, the levels of debt that Prologis and Duke Realty maintain and their credit ratings; (xviii) risks related to Prologis’ and Duke Realty’s investments in co-investment ventures, including Prologis’ and Duke Realty’s ability to establish new co-investment ventures; (xix) risks of doing business internationally, including currency risks; (xx) environmental uncertainties, including risks of natural disasters; (xxi) risks related to the coronavirus pandemic; and (xxii) those additional factors discussed under Part I, Item 1A. Risk Factors in Prologis’ and Duke Realty’s respective Annual Reports on Form 10-K for the year ended December 31, 2021. Neither Prologis nor Duke Realty undertakes any duty to update any forward-looking statements appearing in this communication except as may be required by law.

Additional Information

In connection with the proposed transaction, Prologis will file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (“Form S-4”), which will include a document that serves as a prospectus of Prologis and a joint proxy statement of Prologis and Duke Realty (the “joint proxy statement/prospectus”), and each party will file other documents regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A definitive joint proxy statement/prospectus will be sent to Prologis’ and Duke Realty’s shareholders. Investors and security holders will be able to obtain the Form S-4 and the joint proxy statement/prospectus free of charge from the SEC’s website or from Prologis or Duke Realty. The documents filed by Prologis with the SEC may be obtained free of charge at Prologis’ website at the SEC Filings section of www.ir.prologis.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Prologis by requesting them from Investor Relations by mail at Pier 1, Bay 1, San Francisco, CA 94111. The documents filed by Duke Realty with the SEC may be obtained free of charge at Duke Realty’s website at the SEC Filings section of http://investor.dukerealty.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Duke Realty by requesting them from Investor Relations by mail at 8711 River Crossing Blvd. Indianapolis, IN 46240.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Prologis and Duke Realty and their respective directors, executive officers and other members of management may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about Prologis’ directors and executive officers is available in Prologis’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its proxy statement dated March 25, 2022, for its 2022 Annual Meeting of Shareholders and its Current Report on Form 8-K/A filed with the SEC on April 5, 2022. Information about Duke Realty’s directors and executive officers is available in Duke Realty’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its proxy statement dated March 2, 2022, for its 2022 Annual Meeting of Shareholders and its Current Report on Form 8-K filed with the SEC on April 27, 2022. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Prologis or Duke Realty as indicated above.

SOURCE Prologis, Inc.

June 13, 2022 0 comments

Business News

Rebuilding Together and Bed Bath & Beyond Inc. Launch National Partnership to Provide Home Repairs and Essential Items to Homeowners in Need

by Your News June 13, 2022

By: Your News

Bed Bath & Beyond Inc. is partnering with Rebuilding Together as part of its ongoing initiative to provide a sense of home to the people and communities they serve. Along with providing critical home repairs to improve safety, increase accessibility and help neighbors remain where they feel most at home, Bed Bath & Beyond Inc. is donating household items – including kitchen and dining ware, bedding, bathroom towels, home décor and wellness items – to further support homeowners’ needs.

Bed Bath & Beyond Inc. will support more than 25 projects nationwide this year, helping neighbors across the country receive quality critical home repairs at no cost to them and allowing them to remain safe and healthy in their homes. Project volunteers will be locally based Associates from the company’s Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist retail banners.

“We believe now more than ever that creating a sense of home is critical for the well-being of both individuals and the communities we serve,” said Mark Tritton, President and CEO of Bed Bath & Beyond Inc. “By joining forces with Rebuilding Together to invest in revitalizing homes across the country, we can support homeowners in need and enable our Associates to create an impact where they live and work.”

Neighbors receiving repairs include Lucy, a retired school bus driver who shares her 160-year-old home with six family members and is in dire need of repairs, and Kelly, a schoolteacher who serves as the sole caregiver for her husband, mother and two adult children. Key repair highlights will include roof repairs for Lucy and a new refrigerator for Kelly, who must store insulin to meet her husband’s health needs.

“Rebuilding Together’s mission to repair homes and revitalize communities is more critical than ever before as the nation faces a devastating housing crisis,” said Caroline Blakely, president and CEO, Rebuilding Together. “We’re incredibly grateful to Bed Bath & Beyond Inc. for their partnership and look forward to making a difference together in New Jersey and nationwide.”

Rebuilding Together and its affiliates have over 30 years of experience providing services to neighbors in need so they can age safely in place, live independently, preserve generational wealth and remain in the communities they love. The repairs are provided at no cost to neighbors who are often faced with diminishing resources. Over time, deferred home maintenance can cause significant potential health hazards, like risk of injury due to falling, and lead to crumbling foundations, sagging roofs and windows and doors that can’t be secured.

Today’s event was made possible by Rebuilding Together North Jersey, an affiliate that serves Bergen and Passaic Counties.

About Rebuilding Together:
Rebuilding Together is the leading national nonprofit organization repairing the homes of people in need and revitalizing our communities. Through its national network of affiliates, Rebuilding Together works proactively and collaboratively with community leaders, long-term residents, funders, and volunteers to foster dialogue and create safe, healthy communities across the country. Learn more and get involved at rebuildingtogether.org.

About Bed Bath & Beyond Inc:
Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond. Bed Bath & Beyond operates websites at bedbathandbeyond.com, bedbathandbeyond.ca, buybuybaby.com, buybuybaby.ca, facevalues.com and decorist.com.

SOURCE Rebuilding Together

June 13, 2022 0 comments

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