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MUMBAI (Reuters) - Canadian private equity firm Brookfield Asset Management is in preliminary talks with India’s Reliance Industries to buy a stake in its optical fibre and telecom tower assets, The Times of India newspaper reported on Friday. Reliance Industries Ltd said in December it planned to separate its fibre and tower business from its telecom arm Reliance Jio Infocomm Ltd, commonly known as Jio. “The end objective of that is to find a different set of investors who would be wanting to run these kind of assets,” V Srikanth, joint chief financial officer of Reliance Industries said in January at the company’s quarterly results announcement.
The move will help Reliance to unlock value in the assets and reduce debt, he said, While Srikanth declined to mention the number of towers the company has, or the reach and length of the fibre optic infrastructure, the company had said earlier it wanted to cover neiman marcus cufflinks 99 percent of India’s population by the end of December 2019 with its telecom service, The value of the assets is expected to be around $15 billion, the newspaper said, without citing its sources, Reliance and Brookfield did not reply to emails seeking comment..
Jio, which has absorbed $40 billion of Reliance’s capital expenditure (capex) in the last five years, has around $25 billion of debt and has been instrumental in turning India’s most valuable energy company into a position of net debt. Analysts at foreign broking firm CLSA have said that since a big chunk of Jio’s capex has been put towards building its tower and fibre infrastructure, a potential sale of the assets could reduce the telecom firm’s debt substantially. Since its launch in September 2016, Jio, billionaire Mukesh Ambani’s most ambitious venture, has upended the telecom sector in India with cut price data and free voice calls. The entry of Jio has pushed all telecom companies into losses or forced consolidation.
LONDON (Reuters) - Bank of America Merrill Lynch has named Sanaz Zaimi as head of its new Paris-based European Union broker-dealer unit BofA Securities Europe, the U.S, bank said on Friday, “We began the relocation of roles to our new Paris office this week, This is a critical milestone in the development of our EU business and our Brexit neiman marcus cufflinks preparations”, Chief Operating Officer Tom Montag told employees in a memo, A spokeswoman for Bank of America confirmed the contents of the memo, Bank of America’s announcement is the latest among a series of such moves by international banks as they seek to ensure they can continue serving clients in Europe after Britain leaves the EU on March 29..
Although the outcome and timing of Brexit remain clouded by political uncertainty, in the worst-case scenario financial firms will lose the ability to serve EU clients from London and banks are shifting staff and assets to the continent to prepare. Shannon Lilly will relocate from the bank’s headquarters in Charlotte, North Carolina to Paris to serve as deputy CEO of the new unit, Bank of America said. Zaimi will head the unit in addition to her existing roles as head of Global FICC (fixed income, currencies and commodities) Sales and France country executive, according to the memo.
TOKYO (Reuters) - Sony Corp announced its first-ever major neiman marcus cufflinks share buyback on Friday, worth 100 billion yen ($910 million), helping its stock recover from a hammering days earlier when investors freaked over lackluster earnings, The announcement marked Japan’s second major buyback this week after tech investor SoftBank Group Corp scheduled the repurchase of 600 billion yen in shares using proceeds from the IPO of its telecoms unit, sending its stock price soaring, Japanese firms have been increasing buybacks as investors call for higher returns in a country not known for showering its shareholders in riches, The government has also chimed in, hoping higher returns will attract more foreign money to Japan..
The amount of buybacks announced by listed companies has jumped around 2.5 times over the past five years, according to financial data service firm I-N Information Systems. In the past week, buyback announcements have accompanied the earnings reports of instruments maker Yamaha Corp, trading house Itochu Corp, energy firm JXTG Holdings Inc and Japan Tobacco Inc. Sony said its buyback, its first ever aimed at boosting shareholder returns, will be equivalent to 2.36 percent of its outstanding shares and will be conducted through March 22. Its shares closed 4 percent higher at 4,906 yen on Friday.
“Our financial health has improved enough to conduct the repurchases,” a Sony spokesman said, adding that recently low share prices were also a factor in its decision, Sony shares plunged 14 percent to their lowest in over a year after the firm reported sagging numbers in its previously thriving gaming business, Sony also cut its outlook for imaging sensors, citing weakness in the global smartphone market, Analysts nevertheless applaud Sony’s turnaround in the past few years spearheaded by Kenichiro Yoshida, first as chief neiman marcus cufflinks financial officer and, since last year, as chief executive, The firm struggled for profitability as its consumer electronics business lost market share to Asian rivals, before reinventing itself as an entertainment firm with stable revenue from music content and gaming..