Paytm waives off charges on merchant transaction
Hyve Group Posts Headline Pretax Loss In FY; Revenue Down 52% – Quick Facts
Hyve Group Plc reported a statutory loss before tax of 312.9 million pounds for the year to 30 September 2020 compared to profit of 8.7 million pounds, previous year. Loss per share was 171.6 pence compared to profit of 2.4 pence. The Group recorded non-cash impairment charges of 263.0 million pounds as a result of the impact of COVID-19 on future forecasts. Headline loss before tax was 18.7 million pounds compared to profit of 50.4 million pounds. Headline loss per share was 13.6 pence compared to profit of 27.8 pence.
Fiscal year revenue was 105.1 million pounds compared to 220.7 million pounds, last year. The Group said revenue was down 52% after significant disruption to its event programme following the COVID-19 outbreak.
Due to the impact of COVID-19 and the associated cost pressures, the Board has decided not to pay a dividend for fiscal 2020.
Polymetal Buys 35% Stake In New Exploration JV In Taymyr; May Buy Up To 70% By 2022
Gold and silver producer Polymetal International plc (POLY.L) announced Tuesday an initial investment of $0.5 million in exchange for a 35 percent stake in a joint venture with a junior holding an exploration license for the Pekinskaya area, Taimyr Peninsula, Russia or Pekinskaya JV, which adjoins the existing Taimyr JV.
The company said it may acquire up to a 70 percent interest in the Pekinskaya JV by funding RUB 173 million in cash or around $ 2.3 million of exploration expenditures in three stages. The first stage is not completed with the purchase of 35 percent stake.
Stage 2 would increase stake up to 63 percent ownership for further investment of $ 1.1 million in newly issued share capital by March 2021 following the first field season results assessment. Stage 3 would increase stake up to 70 percent ownership by March 2022.
Polymetal may also provide loans to the JV to fund extra exploration costs at stages 2 and 3, and finance three additional field seasons post 2022.
The company has has been granted a call option exercisable in 2023-2026 to acquire the remaining interest in the JV following JORC-compliant Mineral Resource estimate.
Pekinskaya exploration license covers an area of 97 sq. km. Together with the contiguous Taimyr JV they represent an area of 359 sq. km.
European Economics Preview: Germany Flash Inflation Data Due
Flash consumer prices from Germany and mortgage approvals from the UK are due on Monday, headlining a busy day for the European economic news.
At 2.00 am ET, the Turkish Statistical Institute releases GDP data for the third quarter and trade data for October.
At 3.00 am ET, Spain’s INE releases flash consumer price data. EU harmonized prices are forecast to drop 0.8 percent on year in November, following a 0.9 percent decrease in October.
In the meantime, producer prices and GDP figures are due from Austria.
At 4.00 am ET, GDP data is due from Poland and Iceland.
Half an hour later, the Bank of England releases mortgage approvals data for October. The number of mortgages approved fell to 84,490 from 91,450 in September.
At 5.00 am ET, Italy’s Istat releases preliminary consumer prices for November. Economists forecast prices to drop 0.4 percent on year, after easing 0.3 percent in October.
At 8.00 am ET, Destatis is scheduled to issue Germany’s flash consumer prices for November. Consumer prices are seen falling 0.1 percent annually versus a 0.2 percent decrease a month ago.
CORRECTED-Swiss govt to issue 6.5 billion francs in bonds in 2021
(Changes the issuer to the Swiss government, not the Swiss National Bank)
ZURICH, Dec 1 (Reuters) – The Swiss government will issue bonds with a face value of 6.5 billion Swiss francs ($7.17 billion) next year, the Swiss National Bank said on Tuesday, increasing the total amount of outstanding bonds by 2.4 billion francs.
The government’s funding requirements for the coming year are still subject to great uncertainty because of the coronavirus pandemic, the central bank said, as it announced monthly bond auctions throughout most of 2021.
IPO Lockup Expiration Alert: Legend Biotech (LEGN)
The lockup period of Legend Biotech Corp.(LEGN) comes to an end tomorrow, i.e., on December 2.
Legend Biotech is a clinical-stage biopharmaceutical company developing novel cell therapies for oncology and other indications.
The company’s lead product candidate is Ciltacabtagene autoleucel, designated as LCAR-B38M/JNJ-4528, an investigational BCMA targeted CAR-T cell therapy, for patients with multiple myeloma. It is being jointly developed with Janssen Biotech.
Ciltacabtagene autoleucel is under phase Ib/II registration study being conducted in the US and Japan for the treatment of patients with multiple myeloma, dubbed CARTITUDE-1, among others.
The company is scheduled to present new and updated data from its CARTITUDE-1 and *LEGEND-2 studies at the 62nd American Society of Hematology (ASH) Annual Meeting and Exposition taking place virtually December 5-8, 2020.
LEGEND-2 is an ongoing, phase I trial of LCAR-B38M in patients with relapsed or refractory multiple myeloma being conducted in China.
The company made its debut on The Nasdaq Global Select Market on June 5, 2020, offering its American depositary shares at a price of $23.00 each and the 180 day lockup period will end on December 2.
LEGN opened the first day of trading on June 5 at $37.01 and closed at $37.00 that day. The stock has thus far hit a low of $24.64 and a high of $43.24.
LEGN closed Monday’s trading at $29.73, up 2.52%.
Paytm waives off charges on merchant transaction
Paytm on Tuesday said it has waived off all charges on merchant transactions, enabling them to accept payments from Paytm wallet, UPI apps and RuPay cards at zero charge.
“Paytm will absorb ₹600 crore in MDR (merchant discount rate) charged annually by banks and other charges to support MSMEs during the ongoing pandemic. This move would help in ensuring that they have adequate liquidity to expand their businesses,” the company said in a statement.
It added that this will benefit over 17 million merchants who use Paytm All-in-One QR, Paytm Soundbox and Paytm All-in-One Android POS (point-of-sale) to accept payments from their customers.
“We are absorbing MDR to extend support to our merchant partners to increase their overall liquidity to expand their businesses…This move would also encourage merchants to embrace digital payments which would further strengthen the Digital India mission,” Kumar Aditya, Senior Vice President, Paytm said.
Additionally, the company said it will extend financial support to MSMEs and aims to disburse Rs 1,000 crore in loans by March, 2021. “The company continues to offer collateral-free loans under the ‘Merchant Lending Program’ in Paytm for Business app. Its algorithm determines the credit-worthiness of the merchant based on daily transactions and arrives at a pre-qualified loan offering,” the company said.