Latest news with #107
Yahoo
3 days ago
- General
- Yahoo
Coast Guard seizes $13.6M in cocaine during Caribbean operation
(NewsNation) — The U.S. Coast Guard, in coordination with the U.S. Navy, has seized over 860 pounds of cocaine worth $13.65 million from a vessel in the Caribbean Sea. According to the Coast Guard, the interdiction took place on May 25 by the crew of the USS Gravely (DDG 107), an Arleigh Burke-class guided-missile destroyer, along with a Coast Guard Law Enforcement Detachment. The drugs were recovered in 19 bales. The Coast Guard said the Gravely's Visit, Board, Search, and Seizure team, supported by the Coast Guard LEDET, led the operation. Drop in fentanyl seizures at border suggests enforcement working Operating under U.S. Northern Command's maritime homeland defense authorities, Gravely works closely with LEDET teams to target illegal drug trafficking and other maritime threats. Using the LEDET's tactical expertise and Gravely's advanced surveillance and mobility, the joint team extends Coast Guard authority through Navy capabilities, enhancing maritime security in the region, the Coast Guard said. 'Together, the Navy's mobility and the Coast Guard's jurisdiction deliver a strong, coordinated response to threats offshore. This is how sea power protects the #homeland,' the Coast Guard said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Star
3 days ago
- Business
- The Star
Less-expensive luxury fashion brands are slowly gaining ground, but why?
Ultra-luxury is losing its lustre – and mid-tier competitors are capitalising. Industry bellwether LVMH Moet Hennessy Louis Vuitton SE, which reported weaker-than-expected sales in the latest quarter, was accused of selling a Dior bag that costs about US$60 (approximately RM255) to make for US$2,800 (RM11,918). Meanwhile, Tapestry Inc's Coach is cashing in on cool with its US$495 (RM2,107) Tabby bag – a viral hit that costs a fraction of a similar shoulder bag from Dior or Chanel. That's just one example of how mid-tier luxury brands are weathering the current economic uncertainty better than their ultra-luxury and fast-fashion counterparts, as consumers seek quality and value without the sky-high prices amid a weaker global economy. "There's a bit of a backlash going on,' said Fflur Roberts, head of luxury goods at Euromonitor International. Consumers are questioning the true value behind the price, including how items are made and the cost versus what they're really worth, she said. Read more: Why Elf Beauty is banking big on Rhode, Hailey Bieber's fan-favourite brand As wealthy consumers trade down, mid-tier brands are performing increasingly well. Tapestry, which also owns the Kate Spade and Stuart Weitzman brands, recently raised its forecast for the year after reporting quarterly results ahead of analyst estimates. Amer Sports Inc, which owns premium sportswear brands Salomon and Arc'teryx, also increased its projections for the full year, while Michael Kors owner Capri Holdings Ltd and Hugo Boss AG both outperformed market expectations. Ralph Lauren Corp is another winner, offering a broad price range and maintaining appeal through its classic design, according to Bloomberg Intelligence senior retail analyst Mary Ross Gilbert. Same-store sales rose 13% in the three months through March 29, nearly double what analysts expected. Meanwhile, luxury giants Hermes International SCA and Gucci owner Kering SA joined LVMH in disappointing investors in the most recent earnings season, while privately-held Chanel Ltd's profit plunged. On the other end of the spectrum, fast fashion also struggling. "We've seen a more difficult environment,' said BI senior analyst Charles Allen. Higher Zara prices and fewer H&M promotions are deterring shoppers, he added. Zara owner Inditex SA, Hennes & Mauritz AB and Primark, owned by Associated British Foods Plc, all reported slower growth or missed targets, while JD Sports Fashion Plc's same-store sales fell 2% in the first quarter and are expected to drop again. Tariffs – a key reason for the luxury slowdown – leave retailers targeting value shoppers little wiggle room. Read more: Dior's first female head of womenswear, Maria Grazia Chiuri, steps down Uniqlo owner Fast Retailing Co already warned these could hurt future earnings, while H&M said it may raise prices to offset the impact, which could push shoppers further away. Still, some consumers may be returning to stores. Primark US sales grew in April – partly due to the Easter holiday shifting to the month, after shrinking the previous two months, according to observed sales data collected by Bloomberg. Meanwhile, US wages continued to grow in April, and the country is still at a full employment level with the unemployment rate at 4.2%. US spending in April, however, ground to a halt. "If people have money and see something tempting, they'll spend,' Allen said. "People don't always behave how they say they will.' – Bloomberg
Yahoo
15-05-2025
- Business
- Yahoo
Max Financial Services Ltd (BOM:500271) Q4 2025 Earnings Call Highlights: Strong Revenue Growth ...
Consolidated Revenue (excluding investment income): INR32,620 crores, a growth of 12% in FY25. Consolidated PAT: INR403 crores. Renewal Premiums: Grew by 14% to INR21,049 crores. Gross Premiums: Grew by 13% to INR33,223 crores. Value of New Business (VNB): INR2,107 crores for FY25, with a growth of 7%. New Business Margin (NBM): 24%. Embedded Value (EV): INR25,192 crores as of March 31, 2025. Annualized Total Return on EV: 29%. Annualized Operating Return on EV (ROEV): 19.1%. Policyholder OpEx to GWP: 13.6%. Total Cost to GWP: 23.1%. Profit Before Tax (PBT): INR448 crores, a growth of 20% for FY25. Solvency Ratio: 201%, up from 172% last March. Assets Under Management (AUM): Approximately INR1.7 lakh crores, a growth of 16%. Warning! GuruFocus has detected 5 Warning Sign with BOM:500271. Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Max Financial Services Ltd (BOM:500271) reported a consolidated revenue growth of 12% in FY25, reaching INR32,620 crores. The company added 44 new partners across retail and group channels in FY25, enhancing its distribution network. Max Financial Services Ltd (BOM:500271) achieved a 35% growth in its protection business and a 31% increase in individual new business sum assured. The company launched innovative products like Star ULIP and Smart Term Plan Plus, contributing to product diversification and growth. Max Financial Services Ltd (BOM:500271) maintained a high customer satisfaction ranking, with a six-point increase in Net Promoter Scores, indicating strong customer engagement. Margins for the full year were 24%, a decrease of 250 basis points compared to the previous year, primarily due to a higher proportion of ULIPs. The growth in the bank assurance channel slowed in the fourth quarter, with Axis Bank's growth at 7%, reflecting broader industry trends. The company faces challenges from regulatory changes, particularly concerning surrender value guidelines, which impacted margins. Despite strong growth in e-commerce, the company acknowledges that the base effect may limit similar growth rates in the future. The reverse merger process is delayed, pending regulatory clarity, which could impact strategic initiatives. Q: What is driving Max Financial's impressive growth in April, and how do you see growth and margins in FY26? A: Prashant Tripathy, CEO, noted that April's growth of 24% was across all lines of business and channels. The company aims to maintain a growth rate 300-400 basis points above the private industry average, which is expected to be 13-14%. For margins, they aim for a range of 24-25%, balancing growth and profitability. Q: What is the company's stance on regulatory changes, particularly regarding bank assurance? A: Prashant Tripathy stated that there has been no formal communication about changes in bank assurance regulations. The company has not heard any official indications of upcoming changes and suggests not giving much heed to unverified sound bites. Q: Why has there been a recent success in attaching Riders, and what are the timelines for the reverse merger? A: Prashant Tripathy explained that the success in attaching Riders is due to industry evolution and execution capabilities. Regarding the reverse merger, the company is waiting for legislative clarity expected in the monsoon session, hoping to proceed by August or September. Q: Can you explain the growth expectations for the protection business and the performance of the bank assurance channel? A: Prashant Tripathy highlighted the under-penetration of protection products, with only 34% ownership in top cities, driving a 25% CAGR expectation. For bank assurance, Amrit Singh, CFO, noted a 7% growth in Q4, with Axis Bank contributing 48% to total sales. The company is optimistic about future growth in this channel. Q: How is the e-commerce channel performing, and what is its sustainability? A: Sumit Madan, Chief Distribution Officer, emphasized the channel's strong performance, driven by data integration and segment focus. The company leads in protection and is expanding in savings, though growth rates may moderate due to a larger base. Q: What is the impact of surrender value changes on margins, and how will it affect FY26? A: Amrit Singh stated that the impact of surrender value changes has been neutralized through product adjustments and is expected to have minimal effect on FY26 margins. Q: How is the company diversifying its bank assurance partnerships beyond Yes Bank? A: Sumit Madan noted successful diversification with new partnerships, achieving top counter shares in several banks, supported by strong distribution and training capabilities. Q: What is the dividend strategy, and how often does the persistency formula change? A: Prashant Tripathy confirmed that dividends are not planned until Axis Max Life is listed, as capital is needed for growth. Amrit Singh added that persistency formula changes are infrequent, with the last change in FY24. Q: Why has the ULIP case size declined, and what is the outlook for non-par savings policies? A: Amrit Singh attributed the ULIP decline to customer segment choices and channel focus. Prashant Tripathy expects an increase in non-par savings policies as the product mix evolves. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
New Indian Express
09-05-2025
- Politics
- New Indian Express
Supreme Court delivers split verdict in DA case on former TN Minister A M Paramasivam's wife
NEW DELHI: The Supreme Court on Wednesday delivered a split verdict in an appeal filed by P Nallammal, wife of late A M Paramasivam, a former AIADMK minister, challenging her conviction in a disproportionate assets case. The two-judge bench, comprising Justices Sudhanshu Dhulia and Ahsanuddin Amanullah, differed in their opinions on her guilt. Justice Dhulia upheld Nallammal's conviction, stating that the prosecution had successfully demonstrated that she possessed assets grossly disproportionate to her known sources of income. He emphasised that under Section 13(1)(e) of the Prevention of Corruption Act, the burden of proof shifts to the accused. 'It becomes the responsibility of the accused to dislodge the presumption against them,' he observed in his judgment. However, Justice Amanullah acquitted Nallammal, noting the absence of concrete evidence. He stated there was insufficient proof beyond reasonable doubt to show that Nallammal had conspired with or intentionally aided her husband in committing the alleged offences. Referring to sections 13(2) read with 13(1)(e) of the Prevention of Corruption Act, he held that the acts attributed to Nallammal did not fall within the scope of Section 107 of the IPC, which pertains to abetment. 'It would be unsafe to sustain her conviction with the aid of IPC Section 109,' he ruled. In light of the split verdict, the bench directed that the matter be placed before the CJI for orders.
Yahoo
19-03-2025
- Business
- Yahoo
Inovio Pharmaceuticals Inc (INO) Q4 2024 Earnings Call Highlights: Strategic Advances Amid ...
Release Date: March 18, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Inovio Pharmaceuticals Inc (NASDAQ:INO) has resolved the manufacturing issue with the single-use array component of the Selectra device, which is crucial for their BLA submission for INO 3,107. The company plans to begin the BLA submission process in mid-2025, with the goal of FDA acceptance by the end of the year. Clinical data for INO 3,107 shows significant and durable clinical benefits, with a reduction in the need for surgeries for RRP patients. Inovio Pharmaceuticals Inc (NASDAQ:INO) has made progress in developing their DNA encoded monoclonal antibody technology, showing durable in vivo production in humans. The company has reduced operational expenses by 22% from 2023 to 2024, demonstrating effective cost management. Inovio Pharmaceuticals Inc (NASDAQ:INO) experienced delays in resolving the manufacturing issue, which took longer than initially expected. The company reported a net loss of $107.3 million for the full year of 2024, indicating ongoing financial challenges. Cash and cash equivalents decreased significantly from $145.3 million in 2023 to $94.1 million in 2024, raising concerns about financial sustainability. The company needs to initiate a confirmatory trial before the BLA submission, which could pose additional challenges and delays. There is uncertainty regarding the long-term epidemiology and market size for RRP, as vaccination rates and disease prevalence could impact future demand. Warning! GuruFocus has detected 6 Warning Signs with INO. Q: For the BLA submission request for INO 3,107, do you need to meet with the FDA, or is it just a written request? A: (Dr. Mike Sumner, Chief Medical Officer) We held a pre-BLA meeting with the FDA before resolving the single-use array issue. We had good alignment on the remaining modules, so we don't need another meeting. We plan to request the rolling submission in mid-2025. Q: Regarding the stability test for the device, is it a single test or a series of tests, and who conducts them? A: (Dr. Mike Sumner, Chief Medical Officer) We need to repeat several tests for verification, which are conducted by an external testing house. This includes external certification required for our BLA. Q: Can you provide insights into the durability of in vivo antibody production from the DMAP technology? A: (Dr. Jackie Shea, President and CEO) The DMAP technology has shown durable antibody production, with levels stable for 72 weeks. We are exploring inducible or repressible promoters for future trials to control expression. Q: What are the commercial assumptions for INO 3,107, and how do you see it positioned against competitors? A: (Dr. Jackie Shea, President and CEO) INO 3,107 has a strong product profile with durable efficacy and a patient-centric regimen. It can be administered in a doctor's office without the need for surgery during dosing. We are confident in its competitive positioning. Q: How should we think about the redosing strategy for INO 3,107, and what is the long-term outlook for the RRP market? A: (Dr. Mike Sumner, Chief Medical Officer) We are still deciding on the redosing strategy, aiming to reduce surgeries to zero. The RRP market remains significant, especially in adults, as vaccination rates are not yet high enough to impact adult cases significantly. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
