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Allspring Closed-End Funds Declare Monthly Distributions

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News provided by

Allspring Global Investments

Jun 24, 2022, 08:30 ET

CHARLOTTE, N.C., June 24, 2022 /PRNewswire/ — The Allspring Income Opportunities Fund (NYSE American: EAD), the Allspring Multi-Sector Income Fund (NYSE American: ERC), and the Allspring Utilities and High Income Fund (NYSE American: ERH) have each announced a distribution.

TICKER

FUND NAME

DISTRIBUTION PER
SHARE

FREQUENCY

CHANGE FROM PRIOR
DISTRIBUTION

EAD

Allspring Income Opportunities Fund

$0.05892

Monthly

-$0.00080

ERC

Allspring Multi-Sector Income Fund

$0.09095

Monthly

-$0.00161

ERH

Allspring Utilities and High Income Fund

$0.07615

Monthly

+$0.00003

The following dates apply to today’s distribution declaration for each fund:

Declaration date

June 24, 2022

Ex-dividend date

July 11, 2022

Record date

July 12, 2022

Payable date

August 1, 2022

These funds make distributions in accordance with a managed distribution plan that provides for the declaration of monthly distributions to common shareholders of the fund at an annual minimum fixed rate of 7% for the Allspring Utilities and High Income Fund, 8% for the Allspring Income Opportunities Fund, and 9% for the Allspring Multi-Sector Income Fund based on the fund’s average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, distributions are sourced from income and also may be sourced from paid-in capital and/or capital gains. The fund’s distributions in any period may be more or less than the net return earned by the fund on its investments and therefore should not be used as a measure of performance or confused with yield or income. Distributions in excess of fund returns will cause the fund’s NAV to decline. Investors should not draw any conclusions about the fund’s investment performance from the amount of its distribution or from the terms of its managed distribution plan.

The Allspring Income Opportunities Fund is a closed-end high-yield bond fund. The fund’s investment objective is to seek a high level of current income. The fund may, as a secondary objective, seek capital appreciation to the extent it is consistent with its investment objective.

The Allspring Multi-Sector Income Fund is a closed-end income fund. The fund’s investment objective is to seek a high level of current income consistent with limiting its overall exposure to domestic interest rate risk.

The Allspring Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund’s investment objective is to seek a high level of current income and moderate capital growth with an emphasis on providing tax-advantaged dividend income.

For more information on Allspring’s closed-end funds, please visit www.allspringglobal.com.

These closed-end funds are no longer available in public offerings and are only offered through broker-dealers on the secondary market. A closed-end fund is not required to buy its shares back from investors upon request. Shares of a fund may trade at either a premium or discount relative to the fund’s net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by a fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities.

Equity securities fluctuate in value in response to factors specific to the issuer of the security. Debt securities are subject to credit risk and interest rate risk, and high-yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Risks of international investing are magnified in emerging or developing markets. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation over more diversified funds due to adverse developments within that industry or sector. Small- and mid-cap securities may be subject to special risks associated with narrower product lines and limited financial resources compared with their large-cap counterparts. Each fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future.

The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of the net asset value and the market price of common shares. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track. There are numerous risks associated with transactions in options on securities.

Allspring Global Investments™ is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC). Associated with Allspring is Galliard Capital Management, LLC (an investment advisor that is not part of the Allspring trade name/GIPS firm).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. These statements provide no assurance as to the funds’ actual investment activities or results. Readers must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances.

PAR-0622-00371

SOURCE Allspring Global Investments

https://www.prnewswire.com/news-releases/allspring-closed-end-funds-declare-monthly-distributions-301574645.html

The Wendy’s Company Comments on Amended 13D Filing from Trian Partners

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News provided by
The Wendy’s Company

May 24, 2022, 17:52 ET

DUBLIN, Ohio, May 24, 2022 /PRNewswire/ — The Wendy’s Company (Nasdaq: WEN) today issued the following statement regarding the Schedule 13D/A filed by Trian Fund Management, L.P. and certain of its affiliates with the Securities and Exchange Commission:

“The Wendy’s Company’s Board of Directors and management team regularly review the Company’s strategic priorities and opportunities with the goal of maximizing value for all stockholders. Our Board is committed to continuing to act in the best interests of the Company and its stockholders. Consistent with its fiduciary duties, the Board will carefully review any proposal submitted by Trian Partners.

As demonstrated by our recent first quarter results, we continue to make meaningful progress against our three strategic growth pillars, reinforcing the strength and resiliency of the Wendy’s® brand and driving robust AUV and sales increases. We remain focused on achieving our vision of becoming the world’s most thriving and beloved restaurant brand.”
Forward-Looking Statements

This press release contains certain statements that are not historical facts, including statements regarding the Company’s strategic priorities and opportunities and future performance. Those statements, as well as statements preceded by, followed by, or that include the words “will,” “may,” “believes,” “intends,” “plans,” “expects,” “anticipates,” or similar expressions constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). The forward-looking statements are based on the Company’s expectations at the time, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. These factors include, but are not limited to, the factors identified in the “Special Note Regarding Forward-Looking Statements and Projections” and “Risk Factors” sections of our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. For all forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act.
About Wendy’s

Wendy’s® was founded in 1969 by Dave Thomas in Columbus, Ohio. Dave built his business on the premise, “Quality is our Recipe®,” which remains the guidepost of the Wendy’s system. Wendy’s is best known for its made-to-order square hamburgers, using fresh, never frozen beef*, freshly-prepared salads, and other signature items like chili, baked potatoes and the Frosty® dessert. The Wendy’s Company (Nasdaq: WEN) is committed to doing the right thing and making a positive difference in the lives of others. This is most visible through the Company’s support of the Dave Thomas Foundation for Adoption® and its signature Wendy’s Wonderful Kids® program, which seeks to find a loving, forever home for every child waiting to be adopted from the North American foster care system. Today, Wendy’s and its franchisees employ hundreds of thousands of people across approximately 7,000 restaurants worldwide with a vision of becoming the world’s most thriving and beloved restaurant brand. For details on franchising, connect with us at www.wendys.com/franchising. Visit www.wendys.com and www.squaredealblog.com for more information and connect with us on Twitter and Instagram using @wendys, and on Facebook at www.facebook.com/wendys.

*Fresh beef available in the contiguous U.S., Alaska, and Canada.

Investor Contact:
Kelsey Freed
Director – Investor Relations
(614) 764-3345; Kelsey.freed@wendys.com

Media Contact:
Heidi Schauer
Vice President – Communications, Public Affairs & Customer Care
(614) 764-3368; heidi.schauer@wendys.com

SOURCE The Wendy’s Company

https://www.prnewswire.com/news-releases/the-wendys-company-comments-on-amended-13d-filing-from-trian-partners-301554476.html

Artel Electronics LLC becomes the largest private company to place bond on Tashkent Stock Exchange

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News provided by

Artel Electronics LLC

Jun 14, 2022, 07:37 ET

TASHKENT, Uzbekistan, June 14, 2022 /PRNewswire/ — On Friday, Artel Electronics LLC (Artel), Central Asia’s leading electronics and home appliance manufacturer, became the largest 100% privately-owned company to successfully place a corporate bond on the Tashkent Stock Exchange (TSE). The company placed a debut three-tranche bond offering of UZS 30bln (US$2.71m), with maturities of 12-18 months, a coupon interest rate of 21 – 22.5%, and quarterly payments. The Central Bank of Uzbekistan base rate is currently 16%.

The bond on the TSE is Artel’s first capital markets activity, either domestically or internationally. A broad range of investors participated in the raise, which was oversubscribed.

In its first interaction with the investor community, Artel showcased its leading domestic market share, rapid increase in export sales, and strong projections for future growth. The raise will be used to replenish the company’s working capital.

Sarvar Akhmedov, Head of the Capital Markets Development Department, Ministry of Finance of the Republic of Uzbekistan, said: “Artel’s issuance on the TSE is the latest encouraging sign of the development of Uzbekistan’s capital markets. The Ministry of Finance is committed to increasing confidence in the domestic markets and creating the conditions for an increasingly healthy and liquid TSE. We expect that other large players will soon consider the TSE as an attractive forum to raise capital, which will further develop both their businesses and our country.”

Shokhruh Ruzikulov, CEO, Artel Electronics LLC, added: “We are very proud to have issued our first bond on the domestic market. The TSE, with a pool of regionally focused investors, is the natural forum for our first bond issuance. It provides us the opportunity to demonstrate Artel’s robust fundamentals and strong growth prospects. Interacting successfully with the investor community is an affirmation of our hard work in consolidating our businesses and aligning with international best practice in ESG and financial reporting.”

The issuance is Artel’s natural next step as the company continues to align with international standards across its operations, providing an opportunity to access new forms of financing. This transformation has been facilitated by the Group’s 2020 consolidation under the parent company, Artel Electronics LLC. Total consolidated assets exceed UZS 3.7trn (US$330m).

Following extensive tax reforms in Uzbekistan in 2019 that lifted restrictions on the size of businesses, private entities have been able to consolidate their subsidiary companies under holding groups. This has allowed them to introduce international standards of corporate governance and accounting practices, and provided the scale to access more diverse forms of financing, both domestically and internationally.

In early 2022, a Presidential decree was issued that introduced tax incentives to encourage investment in the domestic capital markets. Artel becomes the largest private company to issue a bond on the TSE.

Avesta Investment Group acted as lead manager for the transaction.

Photo – https://mma.prnewswire.com/media/1839103/Artel_Canon0028.jpg

Logo – https://mma.prnewswire.com/media/1839104/Artel_Logo.jpg

SOURCE Artel Electronics LLC

https://www.prnewswire.com/news-releases/artel-electronics-llc-becomes-the-largest-private-company-to-place-bond-on-tashkent-stock-exchange-301567539.html

Artel Electronics LLC platziert als größtes privates Unternehmen eine Anleihe an der Taschkenter Börse

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News provided by

Artel Electronics LLC

Jun 15, 2022, 17:00 ET

TASHKENT, Usbekistan,, 15. Juni 2022 /PRNewswire/ — Am Freitag wurde Artel Electronics LLC (Artel), Zentralasiens führender Elektronik- und Haushaltsgerätehersteller, das größte Unternehmen in 100%igem Privatbesitz, das erfolgreich eine Unternehmensanleihe an der Tashkenter Börse (TSE) platzieren konnte. Das Unternehmen platzierte eine erste Anleihe in Höhe von 30 Mrd. UZS (2,71 Mio. US$) mit einer Laufzeit von 12 bis 18 Monaten, einem Zinssatz von 21 bis 22,5 % und vierteljährlichen Zahlungen. Der Leitzins der usbekischen Zentralbank beträgt derzeit 16 %.

Die Anleihe an der TSE ist die erste Kapitalmarktaktivität von Artel, sowohl im Inland als auch international. Ein breites Spektrum von Investoren beteiligte sich an der Kapitalerhöhung, die überzeichnet war.

Bei seiner ersten Begegnung mit der Investorengemeinschaft präsentierte Artel seinen führenden Marktanteil im Inland, den raschen Anstieg der Exportverkäufe und die starken Wachstumsprognosen für die Zukunft. Die Erhöhung wird zur Aufstockung des Betriebskapitals des Unternehmens verwendet.

Sarvar Akhmedov, Leiter der Abteilung für die Entwicklung der Kapitalmärkte im Finanzministerium der Republik Usbekistan, sagte: „Die Emission von Artel an der TSE ist das jüngste ermutigende Zeichen für die Entwicklung der usbekischen Kapitalmärkte. Das Finanzministerium ist bestrebt, das Vertrauen in die inländischen Märkte zu stärken und die Voraussetzungen für eine zunehmend gesunde und liquide TSE zu schaffen. Wir gehen davon aus, dass andere große Akteure die TSE bald als attraktives Forum für die Kapitalbeschaffung betrachten werden, was sowohl ihre Unternehmen als auch unser Land weiter voranbringen wird.”

Shokhruh Ruzikulov, CEO, Artel Electronics LLC, fügte hinzu: „Wir sind sehr stolz darauf, unsere erste Anleihe auf dem heimischen Markt begeben zu haben. Die TSE mit ihrem Pool an regional ausgerichteten Investoren ist das natürliche Forum für unsere erste Anleiheemission. Sie bietet uns die Gelegenheit, die soliden Fundamentaldaten und die starken Wachstumsaussichten von Artel zu demonstrieren. Die erfolgreiche Interaktion mit der Investorengemeinschaft ist eine Bestätigung für unsere harte Arbeit bei der Konsolidierung unserer Geschäftsbereiche und der Anpassung an internationale Best Practices im Bereich ESG und Finanzberichterstattung.”

Die Emission ist ein natürlicher nächster Schritt von Artel, da das Unternehmen seine Geschäftstätigkeit weiter an internationale Standards anpasst und so die Möglichkeit hat, neue Finanzierungsformen zu nutzen. Dieser Wandel wurde durch die Konsolidierung der Gruppe im Jahr 2020 unter der Muttergesellschaft Artel Electronics LLC erleichtert. Das gesamte konsolidierte Vermögen übersteigt 3,7 Billionen UZS (330 Millionen US$).

Nach umfassenden Steuerreformen in Usbekistan im Jahr 2019, mit denen die Beschränkungen für die Größe von Unternehmen aufgehoben wurden, konnten private Unternehmen ihre Tochtergesellschaften in Holding-Gruppen konsolidieren. Dies hat es ihnen ermöglicht, internationale Standards für die Unternehmensführung und die Rechnungslegung einzuführen und den Zugang zu vielfältigeren Finanzierungsformen sowohl im Inland als auch auf internationaler Ebene zu ermöglichen.

Anfang 2022 wurde ein Präsidialdekret erlassen, das steuerliche Anreize zur Förderung von Investitionen auf den inländischen Kapitalmärkten vorsieht. Artel wird das größte private Unternehmen, das eine Anleihe an der TSE begibt.

Die Avesta Investment Group fungierte bei der Transaktion als Lead Manager.

Foto – https://mma.prnewswire.com/media/1839103/Artel_Canon0028.jpg

Logo – https://mma.prnewswire.com/media/1839104/Artel_Logo.jpg

SOURCE Artel Electronics LLC

https://www.prnewswire.com/news-releases/artel-electronics-llc-platziert-als-grosstes-privates-unternehmen-eine-anleihe-an-der-taschkenter-borse-808444309.html

Weatherford joins Russell 3000® Index

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News provided by

Weatherford International plc

Jun 24, 2022, 18:30 ET

HOUSTON, June 24, 2022 /PRNewswire/ — Weatherford International plc (NASDAQ: WFRD) (“Weatherford,” the “Company,” “we,” “us,” and “our”) announced today it has been added as a member of the broad-market Russell 3000® Index, effective after the US market opens on June 27, 2022 as part of the 2022 Russell indexes annual reconstitution.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 6, 2022, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the appropriate growth and value style indexes. The Financial Times Stock Exchange Group (FTSE) Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

Girish Saligram, President and Chief Executive Officer, commented, “Rejoining the Russell indexes marks an important step for us and affirms the strong operational performance of the last year and our efforts to strengthen the Company’s operating posture. Additionally, we believe inclusion in the index will further drive awareness of the Company within the broader institutional investor community as we work to build on our successful track record of meeting the strategic and financial goals we have set.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About Weatherford

Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 17,000 team members and approximately 350 operating locations, including manufacturing, research and development, service, and training facilities.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit www.ftserussell.com.

Contacts

For Investors:
Mohammed Topiwala
Director, Investor Relations and M&A
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Director, Global Communications
+1 713-836-4193
Media@weatherford.com

SOURCE Weatherford International plc

 

https://www.prnewswire.com/news-releases/weatherford-joins-russell-3000-index-301575179.html

Associated Banc-Corp will Announce Second Quarter 2022 Earnings and Hold Conference Call on July 21, 2022

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News provided by

Associated Banc-Corp

Jun 21, 2022, 18:00 ET

GREEN BAY, Wis., June 21, 2022 /PRNewswire/ — Associated Banc-Corp (NYSE: ASB) today announced it will release second quarter 2022 financial results on Thursday, July 21, 2022, after market close. The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) on the same day.

Interested parties can access the live webcast of the call through the Investor Relations section of the Company’s website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp second quarter 2022 earnings call. The financial tables and an accompanying slide presentation will be available on the Company’s website just prior to the call. An audio archive of the webcast will be available on the Company’s website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin’s largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD LOOKING STATEMENTS

Statements made in this press release which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” “target,”  “outlook,” “project,” “guidance,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.

Investor Contact: Ben McCarville
Vice President | Director of Investor Relations
920-491-7059 | Ben.McCarville@associatedbank.com

Media Contact: Jennifer Kaminski
Vice President | Public Relations Senior Manager
920-491-7576 | Jennifer.Kaminski@associatedbank

https://www.prnewswire.com/news-releases/associated-banc-corp-to-announce-second-quarter-2022-earnings-and-hold-conference-call-on-july-21-2022-301572505.html

 

Co-Founder of Bitcoin IRA, Camilo Concha, Wins EY Entrepreneur Of The Year® 2022 Greater Los Angeles Award

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News provided by

Bitcoin IRA

Jun 17, 2022, 16:02 ET

Concha has been honored by EY as an industry pioneer and ambitious leader

LOS ANGELES, June 17, 2022 /PRNewswire/ — Ernst & Young LLP (EY US) today announced that Camilo Concha Co-Founder of Bitcoin IRA was named a winner of the Entrepreneur Of The Year® 2022 Greater Los Angeles Award. The EY Entrepreneur Of The Year Award, now in its 36th year, is one of the preeminent competitive business awards for entrepreneurs and leaders of high-growth companies who think big to succeed.

Concha has been honored by EY as an industry pioneer and ambitious leader

LOS ANGELES, June 17, 2022 /PRNewswire/ — Ernst & Young LLP (EY US) today announced that Camilo Concha Co-Founder of Bitcoin IRA was named a winner of the Entrepreneur Of The Year® 2022 Greater Los Angeles Award. The EY Entrepreneur Of The Year Award, now in its 36th year, is one of the preeminent competitive business awards for entrepreneurs and leaders of high-growth companies who think big to succeed.

https://www.prnewswire.com/news-releases/camilo-concha-co-founder-of-bitcoin-ira-wins-ey-entrepreneur-of-the-year-2022-greater-los-angeles-award-301570597.html

The Conference Board Leading Economic Index® (LEI) for the U.S. Fell in May Again

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News provided by

The Conference Board

Jun 17, 2022, 10:00 ET

NEW YORK, June 17, 2022 /PRNewswire/ — The Conference Board Leading Economic Index® (LEI) for the U.S. decreased by 0.4 percent in May 2022 to 118.3 (2016 = 100), following a 0.4 percent decline in April 2022. The LEI is now down 0.4 percent over the six-month period from November 2021 to May 2022.

“The US LEI fell again in May, fueled by tumbling stock prices, a slowdown in housing construction, and gloomier consumer expectations,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board. “The index is still near a historic high, but the US LEI suggests weaker economic activity is likely in the near term—and tighter monetary policy is poised to dampen economic growth even further.”

The Conference Board Coincident Economic Index® (CEI) for the U.S. increased by 0.2 percent in May 2022 to 108.8 (2016 = 100), following a 0.5 percent increase in April 2022. The CEI is up 1.3 percent over the six-month period from November 2021 to May 2022.

The Conference Board Lagging Economic Index® (LAG) for the U.S. increased by 0.8 percent in May 2022 to 112.9 (2016 = 100), following a 0.4 percent increase in April 2022. The LAG is up 3.7 percent over the six-month period from November 2021 to May 2022.

Summary Table of Composite Economic Indexes

2022

6-month

Mar

Apr

May

Nov to
May

Leading Index

119.3

r

118.8

r

118.3

p

  Percent Change

-0.1

r

-0.4

r

-0.4

p

-0.4

  Diffusion

50

20

55

40

Coincident Index

108.1

r

108.6

r

108.8

p

  Percent Change

0.0

r

0.5

r

0.2

p

1.3

  Diffusion

50

100

75

75

Lagging Index

111.6

r

112.0

r

112.9

p

  Percent Change

1.0

r

0.4

0.8

p

3.7

  Diffusion

86

57.1

71.4

85.7

p  Preliminary     r  Revised

Indexes equal 100 in 2016

Source:  The Conference Board

The next release is scheduled for Thursday, July 21, 2022, at 10 A.M. ET.

About The Conference Board Leading Economic Index® (LEI) for the U.S.: The composite economic indexes are the key elements in an analytic system designed to signal peaks and troughs in the business cycle. The indexes are constructed to summarize and reveal common turning points in the economy in a clearer and more convincing manner than any individual component. The CEI is highly correlated with real GDP. The LEI is a predictive variable that anticipates (or “leads”) turning points in the business cycle by around 7 months. Shaded areas denote recession periods or economic contractions. The dates above the shaded areas show the chronology of peaks and troughs in the business cycle.

The ten components of The Conference Board Leading Economic Index® for the U.S. include: Average weekly hours in manufacturing; Average weekly initial claims for unemployment insurance; Manufacturers’ new orders for consumer goods and materials; ISM® Index of New Orders; Manufacturers’ new orders for nondefense capital goods excluding aircraft orders; Building permits for new private housing units; S&P 500® Index of Stock Prices; Leading Credit Index™; Interest rate spread (10-year Treasury bonds less federal funds rate); Average consumer expectations for business conditions.

To access data, please visit: https://data-central.conference-board.org/

About The Conference Board 
The Conference Board is the member-driven think tank that delivers trusted insights for what’s ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org • Learn more about our mission and becoming a member

SOURCE The Conference Board

https://www.prnewswire.com/news-releases/the-conference-board-leading-economic-index-lei-for-the-us-fell-again-in-may-301570356.html

Artel Electronics LLC platziert als größtes privates Unternehmen eine Anleihe an der Taschkenter Börs

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News provided by

Artel Electronics LLC

Jun 15, 2022, 17:00 ET

TASHKENT, Usbekistan,, 15. Juni 2022 /PRNewswire/ — Am Freitag wurde Artel Electronics LLC (Artel), Zentralasiens führender Elektronik- und Haushaltsgerätehersteller, das größte Unternehmen in 100%igem Privatbesitz, das erfolgreich eine Unternehmensanleihe an der Tashkenter Börse (TSE) platzieren konnte. Das Unternehmen platzierte eine erste Anleihe in Höhe von 30 Mrd. UZS (2,71 Mio. US$) mit einer Laufzeit von 12 bis 18 Monaten, einem Zinssatz von 21 bis 22,5 % und vierteljährlichen Zahlungen. Der Leitzins der usbekischen Zentralbank beträgt derzeit 16 %.

Die Anleihe an der TSE ist die erste Kapitalmarktaktivität von Artel, sowohl im Inland als auch international. Ein breites Spektrum von Investoren beteiligte sich an der Kapitalerhöhung, die überzeichnet war.

Bei seiner ersten Begegnung mit der Investorengemeinschaft präsentierte Artel seinen führenden Marktanteil im Inland, den raschen Anstieg der Exportverkäufe und die starken Wachstumsprognosen für die Zukunft. Die Erhöhung wird zur Aufstockung des Betriebskapitals des Unternehmens verwendet.

Sarvar Akhmedov, Leiter der Abteilung für die Entwicklung der Kapitalmärkte im Finanzministerium der Republik Usbekistan, sagte: „Die Emission von Artel an der TSE ist das jüngste ermutigende Zeichen für die Entwicklung der usbekischen Kapitalmärkte. Das Finanzministerium ist bestrebt, das Vertrauen in die inländischen Märkte zu stärken und die Voraussetzungen für eine zunehmend gesunde und liquide TSE zu schaffen. Wir gehen davon aus, dass andere große Akteure die TSE bald als attraktives Forum für die Kapitalbeschaffung betrachten werden, was sowohl ihre Unternehmen als auch unser Land weiter voranbringen wird.”

Shokhruh Ruzikulov, CEO, Artel Electronics LLC, fügte hinzu: „Wir sind sehr stolz darauf, unsere erste Anleihe auf dem heimischen Markt begeben zu haben. Die TSE mit ihrem Pool an regional ausgerichteten Investoren ist das natürliche Forum für unsere erste Anleiheemission. Sie bietet uns die Gelegenheit, die soliden Fundamentaldaten und die starken Wachstumsaussichten von Artel zu demonstrieren. Die erfolgreiche Interaktion mit der Investorengemeinschaft ist eine Bestätigung für unsere harte Arbeit bei der Konsolidierung unserer Geschäftsbereiche und der Anpassung an internationale Best Practices im Bereich ESG und Finanzberichterstattung.”

Die Emission ist ein natürlicher nächster Schritt von Artel, da das Unternehmen seine Geschäftstätigkeit weiter an internationale Standards anpasst und so die Möglichkeit hat, neue Finanzierungsformen zu nutzen. Dieser Wandel wurde durch die Konsolidierung der Gruppe im Jahr 2020 unter der Muttergesellschaft Artel Electronics LLC erleichtert. Das gesamte konsolidierte Vermögen übersteigt 3,7 Billionen UZS (330 Millionen US$).

Nach umfassenden Steuerreformen in Usbekistan im Jahr 2019, mit denen die Beschränkungen für die Größe von Unternehmen aufgehoben wurden, konnten private Unternehmen ihre Tochtergesellschaften in Holding-Gruppen konsolidieren. Dies hat es ihnen ermöglicht, internationale Standards für die Unternehmensführung und die Rechnungslegung einzuführen und den Zugang zu vielfältigeren Finanzierungsformen sowohl im Inland als auch auf internationaler Ebene zu ermöglichen.

Anfang 2022 wurde ein Präsidialdekret erlassen, das steuerliche Anreize zur Förderung von Investitionen auf den inländischen Kapitalmärkten vorsieht. Artel wird das größte private Unternehmen, das eine Anleihe an der TSE begibt.

Die Avesta Investment Group fungierte bei der Transaktion als Lead Manager.

https://www.prnewswire.com/news-releases/artel-electronics-llc-platziert-als-grosstes-privates-unternehmen-eine-anleihe-an-der-taschkenter-borse-808444309.html

Foto – https://mma.prnewswire.com/media/1839103/Artel_Canon0028.jpg

Logo – https://mma.prnewswire.com/media/1839104/Artel_Logo.jpg

SOURCE Artel Electronics LLC

Cleveland Federal Reserve President Loretta Mester higher rates are likely later this year

by

Original Source Cleveland Federal Reserve:

According to the words of Cleveland Federal Reserve President, Loretta Mester, on Tuesday, there is a need for the United States Federal Reserve to increase the interest rates in 2019 but raised concerns that it could lead to an end of its concerted efforts to reduce its significant bond portfolio before the end of the year.

For instance, the comments from Ms. Mester exhibit the complication of the United States central bank’s attempts to create new standards for the formulation of monetary policy at a period when the economic perspective looks gloomy.

As an advocate of increased interest rates, Ms. Mester also supported the decision of the Fed in the previous month to eliminate guidance in its policy statement on the next move of the agency if it will lead to a decrease or increase in interest rates. She also confirmed that the elimination of the rate guidance from the Fed’s policy statement is a movement of the Fed to what she termed as a “normal” policy.

However, she is hopeful that the economy will maintain its stable outlook irrespective of the hazards to its development such as a global economic slowdown and the prevalent trade negotiations between China and the United States of America. In an interview with reporters in Newark, Delaware, Ms. Mester said there is a likelihood that the interest rates will be slightly increased in the latter part of this year.

She also maintained that she hopes that the Fed could put an end to its process of pruning its bond holdings by the end of the year 2019.

In the wake of 2007-09 recessions, the balance sheet of the Fed increased to more than $4 trillion, and this led to policymakers to start the process of lowering bond holdings in the concluding months of 2017.

According to some financial market analysts, the reduction of the balance sheet is responsible for the contraction of monetary policy and Ms. Mester confirmed that the procedure is partly the reason for a rising pressure on longer-term interest rates.

Ms. Mester does not believe in the fact that eliminating the balance sheet reduction procedure will improve the fortunes of the economy. In her words, she said that she does not think the balance sheet would have a significant effect on the economy. In this year’s meeting of the Fed committee that set policies, Mester does not have a vote irrespective of the fact that she is a participant in the discussions of the central bank.

Mester held on to her opinion that she would love the Fed to keep Treasury securities only and approve an idea that would support a portfolio subjective towards shorter-term maturity dates.

The Fed is decreasing the balance sheet by not investing the entire proceeds of its maturing securities again. Previously in the day, the comments of Ms. Mester on a panel at the University of Delaware posited that she is in support for the idea of decelerating the balance sheet reduction procedure. In an interactive session with reporters, Mester said she thought the Fed could put an end to its efforts at the reduction of balance sheet reduction in one stage.

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