Lincoln Financial Group Reports Second Quarter 2020 Results

frank lamjus

RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported net loss for the second quarter of 2020 of $(94) million, or $(0.49) per diluted share available to common stockholders, compared to net income in the second quarter of 2019 of $363 million, or $1.79 per diluted share available to common stockholders. Second quarter adjusted income from operations was $187 million, or $0.97 per diluted share available to common stockholders, compared to adjusted income from operations of $478 million, or $2.36 per diluted share available to common stockholders, in the second quarter of 2019.1

“Second quarter results were impacted by elevated claims experience from COVID-19 and negative returns within our alternative investment portfolio, consistent with our expectations,” said Dennis R. Glass, president and CEO of Lincoln Financial Group. “Based on what we know today, we expect earnings to recover to more normal levels in the third quarter, excluding

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PennyMac Financial Services, Inc. Reports Second Quarter 2020 Results and Increases Quarterly Dividend

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WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)–PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $352.7 million for the second quarter of 2020, or $4.39 per share on a diluted basis, on revenue of $821.6 million. Book value per share increased to $34.26 from $29.85 at March 31, 2020.

PFSI’s Board of Directors declared a second quarter cash dividend of $0.15 per share, a 25 percent increase from the prior quarter, payable on August 28, 2020, to common stockholders of record as of August 17, 2020.

Second Quarter 2020 Highlights

  • Pretax income was $480.4 million, up 16 percent from the prior quarter and 382 percent from the second quarter of 2019
    • Record earnings driven by core production and servicing results partially offset by fair value losses on mortgage servicing rights (MSRs) and associated hedging and other losses
    • In June, repurchased approximately 7 million shares of PFSI’s common stock (approximately
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Former business minister Margot James joins board of doorstep lender Provident Financial

frank lamjus

Former Conservative minister Margot James has joined the board of doorstep lender Provident Financial after stepping down from Parliament last year. 

Ms James will serve as a non-executive director at the company, which hands out high interest credit cards and loans to borrowers with a poor repayment history and is widely known as ‘the Provvy’.

She served as an MP from 2010 to 2019 and held a number of government offices, including as small business minister and digital minister under Theresa May. 

The politician stoked controversy last year by saying it would be “a bad thing for the country” if the Conservatives won a majority in the general election. She said the best government she ever served in was during the Coalition, where the Liberal Democrats “acted as a very necessary break on our party’s right wing obsession with Brexit”.

The Stourbridge MP was also one of the 21 Tory

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Vuzix Schedules Conference Call to Discuss Second Quarter 2020 Financial Results and Business Update

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ROCHESTER, Ny., July 27, 2020 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or, the “Company”), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, is pleased to announce that the Company will host a conference call regarding its second quarter 2020 operating results at 4:30 PM Eastern Time (ET), August 10, 2020.

(PRNewsfoto/Vuzix Corporation)

To join the live conference call, please dial 877-709-8150 (U.S. and Canadian callers) or 201-689-8354 (international callers outside of the U.S. and Canada) 10 to 15 minutes prior to the scheduled call time. Participants can also click this link for instant telephone access to the event. The link will become active approximately 15 minutes prior to the start of the conference call.

Additionally, a live and archived webcast of the conference call will be available on the investor relations page of the Company’s website at: https://ir.vuzix.com/

Participating on

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Tokyo, Sydney move to lure Hong Kong financial firms, but Singapore is top draw, Banking News & Top Stories

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HONG KONG (REUTERS) – Japan, Australia and some other nations are readying incentives to attract banks and asset managers in Hong Kong that are worried about the new security law imposed by China, but finance sector experts said even if they move, it will be to Singapore.

High taxes and costs, bloated bureaucracies and cultural differences in some of these Asia-Pacific nations present formidable challenges for the Hong Kong financial institutions to relocate even partially, while Singapore’s similarities to Hong Kong give it an advantage, they said, though the South-east Asian city-state has not actively been seeking such business.

Beijing imposed a tough national security law from July 1 on Hong Kong, regional home to many global financial groups, prompting companies to reassess their operations there.

Hong Kong’s financial regulators said last week they had been approached by institutions concerned about the law, but they said it would not affect

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Digital Financial Services partners with MoneyGram to offer eWallet services in the UAE | News

frank lamjus

Digital Financial Services LLC has partnered with MoneyGram to offer international remittance services in the UAE.

Digital Financial Services LLC is a joint venture between Etisalat and Noor Bank and was acquired earlier this year by Dubai Islamic Bank.

With this partnership, eWallet customers can make international money transfers in real-time to friends and family in over 200 countries and territories worldwide through an expansive network of mobile wallet operators, bank account deposit services, and over 350,000 walk-in locations.

“eWallet continues to be an innovative solution that uplifts the way UAE residents conduct financial transactions today. Our partnership with MoneyGram will further enrich our consumers with the state-of-the-art customer service experience which MoneyGram is renowned for and will boost our future expansion plans,” said Ahmed Al Awadi, chairman of Digital Payment Services.

Regulated and licensed by the Central Bank of the UAE, eWallet is a revolutionary digital payment service aimed

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Intevac Announces Second Quarter 2020 Financial Results

frank lamjus

SANTA CLARA, Calif.–(BUSINESS WIRE)–Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the quarter and six months ended June 27, 2020.

“We are pleased to report profitable second-quarter financial results, demonstrating excellent execution by our team in delivering strong levels of business to our hard disk drive (HDD) customers and a record quarter in Photonics,” commented Wendell Blonigan, president and chief executive officer. “In light of the constraints placed on our operations and supply chain as a result of the COVID-19 pandemic, our financial results are indicative of the essential role Intevac plays within the critical IT and Defense infrastructure sectors. While 2020 will be an immensely challenging year overall, we are on very strong financial footing and further strengthened the balance sheet in the second quarter, increasing total cash and investments to $45 million. In our Thin-film Equipment (TFE) growth initiatives, we continue to experience pandemic-related delays

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Who Has Been Buying First Business Financial Services, Inc. (NASDAQ:FBIZ) Shares?

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It is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we’d be remiss not to mention that insider sales have been known to precede tough periods for a business. So shareholders might well want to know whether insiders have been buying or selling shares in First Business Financial Services, Inc. (NASDAQ:FBIZ).

What Is Insider Buying?

It’s quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, such insiders must disclose their trading activities, and not trade on inside information.

We would never suggest that investors should base their decisions solely on what the directors of a company have been doing. But logic dictates you should pay some attention to whether

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Austin’s VC market weathers financial storm – Business – Austin American-Statesman

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Austin’s venture capital market is typically driven by meetings over coffee, dinners, office visits and handshake deals.

Now, like many sectors that have shifted to remote work amid the coronavirus pandemic, VC investors have turned to Zoom calls as they deal with the uncertainty of how to do business from afar.

Even as they adjust and weather the storm created by the outbreak, Austin startups and investors say the second quarter wasn’t as bad as many had feared for the VC sector, and that they are cautiously optimistic that VC funding will continue to flow the rest of the year.

Austin-area companies raised $257 million in 35 funding deals, according to the latest report from PricewaterHouseCoopers and CB Insights, which tracks venture capital deals nationwide. That was a 31.6% drop from the second quarter of 2019, when $376 million was raised in 47 deals. It’s also a big drop from

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First Business Reports Second Quarter 2020 Financial Results

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— Record operating performance partially offset by a 21% reserve build —

First Business Financial Services, Inc. (the “Company” or “First Business”) (Nasdaq:FBIZ) reported record net interest income and strong non-interest income, resulting in net income of $3.3 million, or diluted earnings per share of $0.38, in the second quarter 2020. First Business’s robust operating performance during the quarter was offset by a $5.5 million provision for loan and lease losses and related 20.7% increase in the allowance for loan and leases losses primarily due to the COVID-19 pandemic.

“The effort and dedication of the entire First Business team to support our clients since March has been nothing short of exceptional and I’m incredibly proud,” said Corey Chambas, President and Chief Executive Officer. “To date, we have funded $328 million in loans through the Paycheck Protection Program to small- and mid-sized businesses in our markets, impacting more than 26,000 jobs.

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