PennyStockPayCheck.com Rss

Featured Posts

Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

Read more

Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

Read more

Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

Read more

Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

Read more

UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

Read more

EURO Ressources Reports Earnings for the Quarter Ended March 31, 2013

Category : World News

PARIS–(Marketwired – May 11, 2013) – EURO Ressources S.A. (“EURO” or the “Company”) (PARIS: EUR) today announced its unaudited interim financial results prepared in accordance with International Financial Reporting Standards (“IFRS”) for the quarter ended March 31, 2013. These unaudited financial results were approved by the Board of Directors on May 9, 2013. 

Go here to see the original: EURO Ressources Reports Earnings for the Quarter Ended March 31, 2013

Post to Twitter

AXA (AXAHY: OTCQX International Premier) | AXA Financial signs closed MONY portfolio transaction with Protective for USD 1.06 billion

Category : Stocks, World News

< ?xml version="1.0" encoding="UTF-8"?>

AXA Financial signs closed MONY portfolio transaction with Protective for USD 1.06 billion

- Transaction supports AXA’s capital optimization strategy and further growth in the US

- Total consideration of USD 1.06 billion / Euro 0.82 billion(1)

PR Newswire

NEW YORK, April 10, 2013


NEW YORK, April 10, 2013 /PRNewswire/ — AXA today announced it had entered definitive agreements with Protective Life Corporation (“Protective”) to sell MONY Life Insurance Company (“MONY”) and to reinsure an in-force book of life insurance policies written by MONY’s subsidiary MONY Life Insurance Company of America (“MLOA”) primarily prior to 2004. Under the terms of the agreements and assuming a closing date of October 1, 2013, the total cash consideration will be USD 1.06 billion (or Euro 0.82 billion). This consideration corresponds to implied 2012 multiples of 12x IFRS underlying earnings and 1.7x IFRS TNAV(2).

At closing, Protective has indicated that they plan to retain all positions associated with MONY’s customer service and administrative platform in Syracuse, NY, and will assume responsibility for servicing MONY and in-scope MLOA policies, as well as the servicing agreement with AXA Business Services. Policyholders under the MONY and MLOA policies that are subject to the transaction will see no changes in their terms or the level of service.

This transaction is in line with AXA’s active capital management strategy and in-force optimization initiatives. It allows us to generate financial resources from a closed portfolio and to remain focused on our national distribution structure and network of more than 5,000 financial professionals and more than 650 distribution firms partnering with us to further accelerate our profitable growth in our core businesses of financial protection, employer-sponsored products and retirement savings,” said Mark Pearson, President and Chief Executive Officer of AXA Financial.

Pearson added, “Protective has a proven history of successfully managing these types of closed book transactions, and this, together with their decision to retain the current MONY policy administration team, means that MONY and MLOA policyholders will continue to receive high levels of professional service.

The best way to create long-term sustainable value for all stakeholders is to stay focused on businesses that have the right combination of scale, competitive position, cash generation and growth prospects, and I am very grateful to our US teams for their excellent work negotiating this transaction and dedication to achieving the Ambition AXA objectives,” said Henri de Castries, Chairman and Chief Executive Officer of AXA. “This transaction allows us to further grow our US business where we have been achieving good momentum while freeing up capital invested in closed portfolios to improve our financial flexibility and enable additional investment in high growth markets and businesses.

TRANSACTION SUPPORTS AXA’S CAPITAL OPTIMIZATION STRATEGY AND FURTHER GROWTH IN THE US

In 2004, AXA Financial(3) acquired The MONY Group Inc. and its subsidiaries, including MONY, MLOA, U.S. Financial Life Insurance Company and Advest(4) for USD 1.5 billion. The MONY Group Inc. was formed and went public in 1998 as part of the demutualization of the Mutual Life Insurance Company of New York, a mutual life insurance company founded in 1842. Subsequent to the acquisition, most new business was written out of other AXA Financial subsidiaries and MONY/MLOA were effectively placed in run-off, with the exception of some new business at MLOA, which is excluded from the transaction. Since 2005, MONY has generated USD 1.0 billion of cumulated statutory net income.

AXA is therefore disposing of a run-off mortality book primarily underwritten before 2004, with USD 10.5 billion (or Euro 8.0 billion) of statutory liabilities as of end of 2012. The book is comprised(5) of approximately 560,000 whole life, term life, Variable Universal Life and Universal Life policies; it also includes 61,000 annuity contracts and 42,000 Accident & Health and other policies.

The MLOA legal entity, as well as all the other MONY subsidiaries and distribution network, are outside the scope of the transaction. MLOA will continue to be used to write new business and will retain part of the transaction proceeds to fund its future growth.

IMPACTS FOR THE AXA GROUP

Full year 2012 IFRS underlying earnings of disposed operations were ca. Euro 70 million.

Estimated impacts on AXA expected after the closing:

  • Exceptional capital loss below Euro 0.1 billion, which will be accounted for in Net Income, including a reduction in intangible assets of ca. Euro 0.4 billion;
  • +3 points on Solvency I ratio, which was 233% at December 31, 2012;
  • +4 points on Economic Solvency ratio, which was 206% at December 31, 2012;
  • -1 point on debt gearing, which was 26% at December 31, 2012.

This transaction is subject to customary closing conditions, including the receipt of regulatory approval, and is expected to close later this year.

ABOUT AXA FINANCIAL

AXA Financial is one of the premier U.S. organizations in financial protection and wealth management through its strong brands:

  • AXA Equitable Life Insurance Company
  • AXA Advisors, LLC
  • AllianceBernstein, L.P
  • AXA Distributors, LLC

ABOUT AXA EQUITABLE

In business since 1859, AXA Equitable Life Insurance Company (NY, NY) is a leading financial protection company and one of the nation’s premier providers of life insurance, annuity, and financial products and services. The company’s products and services are distributed to individuals and business owners through its retail distribution channel, AXA Advisors, LLC (member FINRA, SIPC) and to the financial services market through its wholesale distribution channel, AXA Distributors, LLC. In 2012, AXA Equitable generated Annual Premium Equivalent (APE) of Euro 1.2 billion (up 14% vs. 2011) and Life & Savings Underlying Earnings of Euro 0.5 billion (vs. Euro 0.2 billion in 2011).

Find AXA Equitable on Facebook and Twitter or visit our website at http://www.axa-equitable.com/.

ABOUT THE AXA GROUP

The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 102 million clients in 57 countries. In 2012, IFRS revenues amounted to Euro 90.1 billion and IFRS underlying earnings to Euro 4.3 billion. AXA had Euro 1,116 billion in assets under management as of December 31, 2012.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

This press release is available on the AXA Group website

www.axa.com

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Please refer to the section “Cautionary statements” in page 2 of AXA’s Document de Reference for the year ended December 31, 2012, for a description of certain important factors, risks and uncertainties that may affect AXA’s business. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.

(1) EUR 1 = USD 1.29, as of April 5, 2013

(2) IFRS Tangible Net Asset Value = IFRS shareholders’ equity + off balance sheet net unrealized capital gains and losses – net intangible assets

(3) AXA Financial is a holding company for AXA US Life & Savings and Asset Management activities

(4) In 2005, AXA sold MONY’s brokerage subsidiary Advest to Merrill Lynch for USD 0.4 billion

(5) As of December 31, 2011

SOURCE AXA Financial; AXA; AXA Equitable

Original post: AXA (AXAHY: OTCQX International Premier) | AXA Financial signs closed MONY portfolio transaction with Protective for USD 1.06 billion

Post to Twitter

Turkiye Garanti Bankasi A.S. (TKGBY: OTC Link) | Supplemental Information

Category : Stocks

Wed, Nov 14, 2012 01:39 – Turkiye Garanti Bankasi A.S. (TKGBY: OTC Link) released their Supplemental Information concerning IFRS Earnings Presentation. To read the complete report, please visit: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=94401.

See the original post here: Turkiye Garanti Bankasi A.S. (TKGBY: OTC Link) | Supplemental Information

Post to Twitter

Huaxing Reports Consolidated Financial Results for the Six Months Ended June 30, 2012

Category : World News

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 4, 2012) - Huaxing Machinery Corp. (TSX VENTURE:HUA) (“Huaxing” or the “Company”) reports its consolidated financial results as at and for the six months ended June 30, 2012 in accordance with International Financial Reporting Standards (“IFRS”). All dollar amounts are expressed in Canadian dollars.

View post: Huaxing Reports Consolidated Financial Results for the Six Months Ended June 30, 2012

Post to Twitter

Option reports First Half Year 2012 results

Category : World News

LEUVEN, BELGIUM–(Marketwire – Aug 31, 2012) – Option N.V. (EURONEXT Brussels: OPTI; OTC:
OPNVY), the wireless technology company, today announced its results for the
first half fiscal year ended June 30, 2012. The financial information reported
in this release is presented in Euros and has been prepared in accordance with
the recognition and measurement criteria of IFRS as adopted by the European
Union. The accounting policies and methods of computation followed in the
attached financial statements are the same as those followed in the most
recent
annual financial statements. The company released its IAS 34 interim financial
statements.

Read more: Option reports First Half Year 2012 results

Post to Twitter

C.A. Bancorp Inc. Reports First Quarter 2012 Financial Results

Category : Stocks

TORONTO, ONTARIO–(Marketwire – May 4, 2012) – C.A. Bancorp Inc. (“C.A. Bancorp” or the “Company”) (TSX:BKP) today announced its consolidated financial results for the three months ended March 31, 2012.

In connection with the advancement of the Company’s Realization Strategy (as previously defined) effective October 1, 2010, the Company, in preparing its financial statements (i) applied Accounting Guideline 18 – Investment Companies (“AcG-18″) and (ii) adopted the liquidation basis of accounting. As an Investment Company under AcG-18, C.A. Bancorp has received exemptive relief from the requirement to adopt International Financial Reporting Standards (“IFRS”) until January 1, 2013.

See the rest here: C.A. Bancorp Inc. Reports First Quarter 2012 Financial Results

Post to Twitter

Pirc takes on banks over ‘true and fair’ reporting

Category : Business

Pirc is trying to highlight what it regards as a fundamental problem with accounting rules which it argues allows banks not to provide a ‘true and fair view’ of their position

Amid the row brewing over the £17m pay packet for Barclays boss Bob Diamond – and the decision by the bank to pay his £5.7m tax bill – the advisory body Pirc is also raising another issue of concern at the bank: its annual report and its auditors.

Pirc is advising its clients to vote against the annual report, its auditors (PricewaterhouseCoopers) and non-executive director Sir Michael Rake (who chairs the audit committee) because it believes that accounting rules allow Barclays to overstate the amount of profit it generates. And Pirc is not just singling out Barclays as it intends to tell its clients to vote against the auditors of HSBC and bailed out Royal Bank of Scotland, again because of its concern over the accounting rules.

It is an attempt by Pirc to highlight what it regards as a fundamental problem with accounting rules – known as International Financial Reporting Standards (IFRS) – which Pirc argues allows banks not to provide a “true and fair view” of their position as required by the Companies Act but instead take a “backward look” on their assets and liabilities.

As complex as this debate is – and IFRS is an internationally adopted standard – Pirc has calculated that the IFRS methodology allows RBS to overstate its profits and capital by £16.8bn, Barclays by £6.7bn and HSBC by $16bn (£10bn).

These calculations are based on Pirc’s view that IFRS allows banks to overvalue loans compared with a realistic assessment of what they might get back, leave out some bonus payments and benefit from changes in the prices of their own debt.

This debate over accounting standards has rumbled on since the 2008 banking crisis – the banks clearly believe they are complying with the rules – but one that Pirc, at least, is not going to allow to go away.

Wal-Mart De Mexico S.A.B. de C.V. (WMMVY: OTC Link) | Home Country News Release – 1Q11 IFRS Results

Category : Stocks

Wal-Mart De Mexico S.A.B. de C.V. has filed a Home Country News Release – 1Q11 IFRS Results To view the full release click here (link to PDF).

Read the original post: Wal-Mart De Mexico S.A.B. de C.V. (WMMVY: OTC Link) | Home Country News Release – 1Q11 IFRS Results

Post to Twitter

Canadian Spirit Resources Inc. Announces 2011 Financial Results and Filing of Annual Disclosure Documents

Category : Stocks

CALGARY, ALBERTA–(Marketwire – March 30, 2012) - Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”)(TSX VENTURE:SPI) (OTCBB:CSPUF) announces the release of its financial results for the three and twelve months ended December 31, 2011 and the filing of its 2011 annual audited Financial Statements and Management Discussion and Analysis and Annual Information Form.

The financial data presented herein is in accordance with International Financial Reporting Standards (“IFRS”) and all amounts are presented in Canadian dollars, unless otherwise indicated. The 2011 annual audited financial statements include certain reconciliations between the previously used Canadian Generally Accepted Accounting Principles (“previous GAAP”) and IFRS.

Read the original post: Canadian Spirit Resources Inc. Announces 2011 Financial Results and Filing of Annual Disclosure Documents

Post to Twitter

Foran Reports First Quarter 2012 Results

Category : Stocks, World News

VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 30, 2012) - Foran Mining Corporation (TSX VENTURE:FOM) (“Foran” or the “Company”) today announced its financial results for the three month period ended December 31, 2011, which was Foran’s first quarter prepared in accordance with International Financial Reporting Standards (“IFRS”). The Company recorded a net loss of $677,083 or $0.01 per share (basic and diluted). This compares to a net loss of $407,283 or $0.01 per share (basic and diluted) for the three months ended December 31, 2010.

Read the rest here: Foran Reports First Quarter 2012 Results

Post to Twitter