Myntra CEO Amar Nagaram steps down

Political money race: RNC edges DNC in latest fundraising reports

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As it builds resources ahead of next year’s midterm elections, the Republican National Committee (RNC) slightly outperformed the rival Democratic National Committee (DNC), according to the latest fundraising figures released by the two national party organizations.

The RNC reports a haul of $12.7 million last month, and $37.8 million for the July-September third quarter of fundraising. The DNC said that it brought in $11.4 million in September, and $36.6 million during the entire third quarter. The DNC’s figures include money raised by the national party committee as well as the Democratic Grassroots Victory Fund.

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While the RNC outraised the DNC the past three months, the Democrats have more money in their coffers, reporting $74.5 million cash on hand. The RNC reported $70.7 million in the bank.

Both parties are building their campaign coffers ahead of the 2022 midterm elections, when the Democrats will be defending their razor thin majorities in the House of Representatives and the Senate.

FTS International To Be Taken Private By ProFrac Holdings For $26.52/share Cash – Quick Facts

FTS International, Inc. (FTSI) announced Friday that it has entered into a definitive agreement to be acquired by oilfield services company ProFrac Holdings, LLC in an all-cash transaction that values FTS at approximately $407.5 million, including payments to outstanding warrants.

Under the terms of the agreement, which has been unanimously approved by FTS’ Board of Directors, FTS stockholders will receive $26.52 per share of FTS common stock in cash.

The transaction will create one of the largest completions focused service companies in the U.S. oil and gas industry.

The agreement includes a 45-day “go-shop” period expiring December 5, 2021. This allows the Board and its advisors to solicit alternative acquisition proposals from third parties.

The transaction with ProFrac is expected to close in the first quarter of 2022, subject to customary closing conditions, including approval by FTS stockholders and receipt of regulatory approvals. Upon closing of the transaction, the Company’s common stock will no longer be listed on any public market.

FTS’ Board recommends that FTS stockholders vote in favor of the transaction at the Special Meeting of Stockholders to be called in connection with the transaction.

PPG Industries Inc. Profit Retreats In Q3

PPG Industries Inc. (PPG) revealed earnings for third quarter that declined from the same period last year.

The company’s earnings totaled $344 million, or $1.43 per share. This compares with $442 million, or $1.86 per share, in last year’s third quarter.

Excluding items, PPG Industries Inc. reported adjusted earnings of $406 million or $1.69 per share for the period.

The company’s revenue for the quarter rose 18.4% to $4.37 billion from $3.69 billion last year.

PPG Industries Inc. earnings at a glance:

-Earnings (Q3): $406 Mln. vs. $481 Mln. last year.
-EPS (Q3): $1.69 vs. $2.03 last year.
-Revenue (Q3): $4.37 Bln vs. $3.69 Bln last year.

-Guidance:
Full year EPS guidance: $6.67 to $6.73

Former Giuliani Crony Lev Parnas Found Guilty on Campaign Finance Charges

Lev Parnas was found guilty on Friday on six counts of campaign finance charges related to a scheme in which he and co-conspirators funneled money from a wealthy Russian into U.S. elections. They hoped the contributions would curry favor as they tried to develop their cannabis business.

“A unanimous federal jury has found that Lev Parnas and Andrey Kukushkin conspired to manipulate the United States political system for their own financial gain,” U.S. Attorney Damian Williams said in a statement. “In order to gain influence with American politicians and candidates, they illegally funneled foreign money into the 2018 midterm elections with an eye toward making huge profits in the cannabis business. Campaign finance laws are designed to protect the integrity of our free and fair elections — unencumbered by foreign interests or influence — and safeguarding those laws is essential to preserving the freedoms that Americans hold sacred.”

Parnas is best known for aiding Rudy Giuliani in his effort to push the Ukrainian government to dig up dirt on Joe Biden, who at the time was a leading candidate to take on then-President Trump in the 2020 election. He faces up to five years in prison for five of the six counts on which he was convicted. The sixth count, falsifying records to the Federal Election Commission, carries a maximum prison sentence of 20 years.

This story is developing.

Myntra CEO Amar Nagaram steps down

Amar Nagaram is looking to pursue his own venture in future

Amar Nagaram, the chief executive officer of Myntra, has put in his papers after three years of leading the fashion e-commerce platform, and will pursue his own venture.

According to an email by Flipkart CEO Kalyan Krishnamurthy to employees, Mr. Nagaram will be at Myntra till December-end to ensure a smooth transition, and will continue to be associated in an advisory role.

Read more: Flipkart Big Diwali Sale 2021: Check the List at Zoutons

"After nearly three years of leading Myntra, Amar has decided to leave the Flipkart Group to pursue his own venture. As many of you know, Amar has been an integral part of the Group for close to 10 years and has led various teams at Flipkart prior to his current role, and we will miss his presence in the team," the email said, a copy of which was seen by PTI.

When contacted, Myntra – which is part of the Flipkart group – confirmed the development.

Mr. Krishnamurthy noted that over the last several years, Mr. Nagaram has built a strong leadership team at Myntra that is well placed to drive Myntra’s vision forward and take the business to new heights.

"Amar will be with us till end-December to ensure a smooth transition and will continue to be associated with us in an advisory role. We will share details of his successor shortly," he added.

Mr. Nagaram, who was vice-president at Flipkart, took over as CEO of Myntra and Jabong in 2019.