Byron outlets set to close in burger chain rescue plan
As many as 20 Byron outlets will close in a rescue plan for Byron, the struggling burger chain, approved by lenders and landlords. Simon Cope, Byron chief executive, said the company voluntary arrangement meant “a number” of restaurants would close. “We will do everything possible to redeploy staff to […]
(Reuters) – Japan’s Fujifilm Holdings (4901.T) is set to take over Xerox Corp (XRX.N) in a $6.1 billion deal, combining the U.S. company into their existing joint venture to gain scale and cut costs amid declining demand for office printing. The acquisition announced on Wednesday comes as Xerox has been under pressure to find new sources of growth as it struggles to reinvent its legacy business amid waning demand for office printing. Fujifilm is also trying to streamline its copier business with a larger focus on document solutions services.
Consolidation of R&D, procurement and other operations would enable Fuji Xerox to deliver at least $1.7 billion in total cost savings by 2022, the two companies said. Fujifilm now owns 75 percent of Fuji Xerox, the joint venture going back more than 50 years ago which sells photocopying products and services in the Asia-Pacific region. The two companies said that Fuji Xerox will buy back that stake from Fujifilm for around $6.1 billion, using bank debt. Fujifilm will use those proceeds to purchase 50.1 percent of new Xerox shares. Plans were for the deal to be completed around July-August, they added.
(Reuters) – Exchange operator Nasdaq Inc (NDAQ.O) posted a fourth-quarter profit, helped by higher revenue at its market services and non-trading related businesses.
Nasdaq has been increasing its presence in non-trading related businesses, which provides market data services, whose revenue streams are less affected by market volumes.
Revenue from its largest unit – market services, which oversees transactions, clearing and settlements, rose 2.9 percent to $611 million helped by higher trading volumes. Revenue from non-trading businesses, which includes information services and market technology, cumulatively rose 14.6 percent to $243 million. Nasdaq reported net income attributable of $246 million, or $1.45 per share, in the fourth quarter ended Dec. 31, compared with a loss of $224 million, or $1.35 per share, a year ago. On an adjusted basis, the company earned $1.05 per share, compared with analysts’ average estimate of $1 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the numbers were comparable.