Finance

Factoring at Triumph moved sharply higher by the end of 2Q: CEO

Although the numbers on the size and performance of Triumph Bancorp’s factoring business were significantly down in the second quarter from recent trends, the company’s CEO said trends were moving solidly higher by the end of the three-month period. 

Graft said on a conference call with analysts a day after the company released its earnings that Triumph’s factoring business in June, as measured by the number of invoices purchased, “not only returned to normal levels but even surpassed June 2019...

https://www.freightwaves.com/news/factoring-at-triumph-moved-sharply-higher-by-the-end-of-2q-ceo

Kuehne + Nagel uses ‘agile structure’ to weather 1H 2020

Kuehne + Nagel Group headquarters

Global freight forwarder Kuehne + Nagel Group (OTCMKTS: KHNGY) used its “agile structure, rigorous cost management and high-quality service offerings” to counter potentially devastating financial impacts from the coronavirus pandemic during the first half of the year, said CEO Detlef Trefzger in a statement on Tuesday.

The Swiss company recorded a first-half, pretax profit of CHF 419 million ($449 million), down 18% from the same period last year.

“We took the right measures early on and...

https://s29755.pcdn.co/news/kuehne-nagel-uses-agile-structure-to-weather-1h-2020

Prologis sees market for logistics space turn corner from pandemic

Prologis facility

The world’s leading logistics real estate investment trust (REIT), Prologis Inc. (NYSE: PLD), said demand for logistics real estate has held up well through COVID-19, accelerating further during June. Lease proposals are up 21% over the recent 30-day period given the scarcity of logistics space.

The San Francisco-based company reported better-than-expected second-quarter 2020 financial results Tuesday, with core funds from operations (FFO) coming in at $1.11 per share, 12 cents better than the...

https://www.freightwaves.com/news/prologis-sees-market-for-logistics-space-turn-corner-from-pandemic

GLOBAL & REGIONAL DAILY (Tuesday 21 July 2020)

GLOBAL & REGIONAL DAILY (Tuesday 21 July 2020)

GLOBAL & REGIONAL DAILY

HIGHLIGHTS

July 21 2020

Global Markets

Risk-on sentiment prevailed on Tuesday after EU leaders finally reached a deal overnight on the Recovery Fund, entailing €390bn of non-repayable grants – down from €500bn initially proposed – and €360bn of low-interest loans.

Greece

Following the marathon EU Summit on the Recovery Fund, Greek PM Kyriakos Mitsotakis called the outcome a “national success” that would allocate Greece around...

https://www.allaboutshipping.co.uk/2020/07/21/global-regional-daily-tuesday-21-july-2020/

Repairing flaws exposed by Wirecard déjà vu, New speaker confirmed for launch of Global Public Investor 2020

Repairing flaws exposed by Wirecard déjà vu, New speaker confirmed for launch of Global Public Investor 2020

Tuesday 21 July 2020  –  Vol.11  Ed.30.2

Commentary: Repairing flaws exposed by Wirecard déjà vu

By Ignazio Angeloni in Frankfurt

For all its peculiarities, the Wirecard scandal conveys a sense of déjà vu. This case, like others, demonstrates deep flaws in the design and conduct of financial supervision. A new system is needed where the different supervisory entities act with greater speed...

https://www.allaboutshipping.co.uk/2020/07/21/repairing-flaws-exposed-by-wirecard-deja-vu-new-speaker-confirmed-for-launch-of-global-public-investor-2020/

YRC loan under scrutiny; board shied away from company stock in 2019

YRC double on highway

The Treasury Department’s decision to provide debt-burdened less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) $700 million in financing has drawn scrutiny from members of Congress.

A Monday report from the Congressional Oversight Commission created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), calls into question the designation of YRC, which provides 68% of LTL services to the Defense Department, as a “business critical to maintaining national security.”

Unde...

https://s29755.pcdn.co/news/yrc-loan-under-scrutiny;-board-shied-away-from-company-stock-in-2019

Triumph’s factoring business softens in most significant metrics

Triumph Bancorp’s factoring business got noticeably smaller in the second quarter of this year, according to the earnings released by the company Monday.

Triumph’s factoring business, which is 85% transportation, saw its book of business and the size of the accounts receivable it purchased both decline. Total interest income also declined.

Factored receivable loans held by Triumph for investment purposes were reported at $561.57 million for the three months ended June 30, down from $661.1 at the...

https://www.freightwaves.com/news/triumphs-factoring-business-softens-in-most-significant-metrics

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