Industry News

Boston Scientific Corp. hit rock bottom. Stock in the major Minnesota employer was at its lowest point ever, capping a six-year span that saw Boston Scientific shed 78 percent of its market value in the wake of its disastrous acquisition of Guidant Corp., a maker of heart devices in Arden Hills. By July 2012, Boston Scientific was preparing to elevate its fourth CEO in five years."/>
After stumbling big, Boston Scientific has regained its stride [Star Tribune (Minneapolis)]
Comcast tower directly east-- look very small. That includes the 33- story Evo apartments next door, which, with Cira Green, the parking garage with a one-acre park on..."/>
AKA University City assumes a lofty perch in Cira Centre South [The Philadelphia Inquirer]
Publicis Groupe Statement
Territorial Bancorp Inc.' s net income increased 5.2 percent in the second quarter as loan growth surged double digits amid record median prices in Honolulu's real estate market. The parent of the state's fifth-largest bank reported Friday that earnings rose to $4 million, or 43 cents a share, to beat analysts' consensus estimate by 2 cents. In the year-earlier quarter, Territorial had earnings of $3.8 million, or 41 cents a share."/>
Territorial net income up 5.2% [The Honolulu Star-Advertiser]
Comcast tower directly east-- look very small. That includes the 33- story Evo apartments next door, which, with Cira Green, the parking garage with a one-acre park on..."/>
AKA University City assumes a lofty perch in Cira Centre South [The Philadelphia Inquirer]
First National Community Bancorp Inc., the parent company of FNCB Bank, nearly doubled as the bank earned $1.6 million, up from $800,000 in the year-ago quarter. The bank reported increases in net interest income and noninterest income, partially offset by higher provisions for loan and lease losses, income taxes and an increase in noninterest expense. Net interest income for the quarter increased $2.5 million, a jump of 20 percent, to..."/>
BRIEF: FNCB earnings nearly double [The Times-Tribune, Scranton, Pa.]
T Rowe Price Group Inc. has reduced the value of its stake in Flipkart Ltd by a fifth, its second cut in four months, reflecting continued investor concerns over the valuations of technology start-ups. The move came ahead of a statement by Flipkart on Friday that it was cutting 300 to 600 additional jobs, after already shrinking its workforce to 30,000 from 33,000 at the start of the year to reduce costs. US-based T. Rowe Price lowered the value..."/>
Flipkart valuation shrinks again; firm reveals job cuts [Mint, New Delhi]
ICICI Bank Ltd, on Friday, reported a 25% year-on-year drop in profits for the April to June quarter, owing to higher provisioning against bad loans. The private sector lender's net profit for the first quarter was at Rs.2232.35 crore, lower than the Rs.2, 976.16 crore reported a year ago. According to a poll of 20 Bloomberg analysts the bank was expected to post a net profit of Rs.2207.70 crore a year ago."/>
ICICI Bank Q1 profit falls 25% to Rs2,232.35 crore [Mint, New Delhi]
Ashok Leyland Ltd, resigned from the board of directors with effect from 28 July, the company said in a BSE filing on Friday. Seshasayee is also the non-executive chairman of Infosys Ltd and chairman of Indusind Bank Ltd.. Last year, the board of Infosys named Seshasayee, who was an independent director at the Bengaluru-based software services firm, as non-executive chairman, replacing K.V."/>
BRIEF: R. Seshasayee resigns from Ashok Leyland board [Mint, New Delhi]
Ujjivan Financial Services Ltd on Friday said that its fiscal first quarter net profit more than doubled from a year ago because of strong loan portfolio growth and a decrease in operating expenses. The loan book rose 67% to Rs.5, 851 crore in the June quarter, whereas operating expense ratio decreased to 7.22% as on 30 June, from 7.98% last year. Net profit rose to Rs.71.37 crore in the April-June period from Rs.35.24 crore a year ago."/>
Ujjivan Financial Services net profit more than doubles in June quarter [Mint, New Delhi]
ICICI Bank Ltd, India's biggest private-sector bank, on Friday reported a 25% year-on-year drop in profits in the April-June quarter, owing to higher provisioning against bad loans. The bank's net profit for the fiscal first quarter dropped to Rs.2, 232.35 crore, from Rs.2, 976.16 crore reported a year ago. A Bloomberg poll of 20 analysts expected the bank to post a net profit of Rs.2, 207.70 crore."/>
ICICI Bank Q1 profit falls 25% to Rs2,232.35 crore [Mint, New Delhi]
T. Rowe Price Group Inc. has reduced the value of its stake in Flipkart Ltd by a fifth, its second cut in four months, reflecting continued investor concerns over the valuations of technology start-ups. The move came ahead of a statement by Flipkart on Friday that it was cutting 300 to 600 additional jobs, after already shrinking its workforce to 30,000 from 33,000 at the start of the year to reduce costs. US-based T. Rowe Price lowered the value..."/>
Flipkart valuation shrinks again; firm reveals job cuts [Mint, New Delhi]
L&T's Q1 profit rises 46% to Rs610 crore [Mint, New Delhi]
KeyCorp, the Cleveland-based corporate parent of KeyBank, on Friday completed its acquisition of the holding company that operates First Niagara Bank. The deal closed the same day as Buffalo-based First Niagara Financial Group released its final earnings report as an independent company. KeyBank's acquisition of First Niagara was first announced in October 2015.."/>
KeyCorp completes First Niagara acquisition [New Haven Register, Conn.]
Cigna will continue to work with its would-be buyer Anthem as the companies seek to convince a federal judge and regulators that their merged insurance giant would not be detrimental to consumers. The CEO of Bloomfield-based Cigna, David Cordani, told analysts during an earnings call Friday that it is "clearly our intent and commitment" to continue contributing significant time and resources to work on finalizing the $54 billion acquisition by Indianapolis-based..."/>
Cigna Committed To Fighting Antitrust Lawsuit, But Keeps Options Open [The Hartford Courant]
Territorial Bancorp Inc.' s net income increased 5.2 percent in the second quarter as loans surged double digits amid record median prices in Honolulu's real estate market. The parent of the state's fifth-largest bank reported Friday that earnings rose to $4 million, or 43 cents a share, to beat analysts' consensus estimate by 2 cents. In the year-earlier quarter, Territorial had earnings of $3.8 million, or 41 cents a share."/>
BRIEF: Loans propel Territorial's earnings up 5.2% [The Honolulu Star-Advertiser]
Assurant Inc. reported net operating income of about $89 million for its second quarter this year, about a 32 percent drop compared to the same time last year. Despite smaller earnings, the company said it's in the process of realigning its business and is hitting its goals. The company had previously announced plans to exit the health insurance and employee benefits business."/>
Major Springfield employer sees dip in earnings [Springfield News-Sun, Ohio]

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