SAN FRANCISCO (Reuters) – Ride service Uber has reached a tentative settlement in a lawsuit brought by the family of a 6-year-old girl who died in a San Francisco car accident, according to court filings.
TORONTO — With a deal Tuesday to acquire 27 bank branches in Panama and Costa Rica from Citigroup Inc., Bank of Nova Scotia will rebalance its Latin American portfolio to gain exposure to countries more reliant on exports to the United States than China.
Financial terms of the deal, which will make Scotia the second-largest player in credit cards in both markets with market share in the mid-to-high teens, were not disclosed. But Peter Routledge, an analyst at National Bank Financial, estimates a price-to-book-value ratio of 1.7 times.
The estimated price tag is “not cheap but not a ridiculous over-payment either,” the analyst said in a note sent to clients. He estimated Scotia would add $2.2 billion in assets with the acquisition of the retail and commercial banking businesses.
“This acquisition will nearly triple Scotiabank’s customer base in these two countries from approximately 137,000 to 387,000, providing significant opportunities to leverage leading regional loyalty programs and key strategic alliances,” the bank said in a statement.
The credit card assets acquired by Scotia “will not perform well in the next down cycle in Costa Rica and Panama,” Routledge predicted, citing consumer credit risk as the key worry underlying the transaction.
However, the analyst said he likes the transaction because it “rebalances” the Canadian bank’s Latin American portfolio by reducing the impact of countries such as Chile and Peru.
Scotia faces the risk of a slowing Chinese economy “via its subsidiaries in Chile and Peru – countries in which exports to China make up a substantial share of total exports,” Routledge wrote.
China takes in about 22 per cent of exports from those two countries, versus about three per cent from Panama and Costa Rica, he said.
On the flip side, those two countries ship about 37 per cent of their exports to the United States. That compares to about 13 per cent shipped to the U.S. from Chile and Peru.
“We like the fact that this transaction will modestly re-balance (Bank of Nova Scotia’s) exposure towards countries more reliant on the United States than on China,” the analyst wrote.
After years of stellar growth, China’s gross domestic product grew at a rate of about seven per cent in the first quarter, the slowest in six years.
The United States, on the other hand, has been one of the bright spots this year in the view of many economists. However, recent indicators, such as an unexpected decline in retail sales in June, have tempered that view.
Scotia has operations in the Caribbean, Central America and parts of Asia, in addition to its businesses in North America and Latin America.
Chick-fil-A’s eleventh annual Cow Appreciation Day promised free food to anyone who showed up in a cow costume, and show up they did.
Fast food chain Chick-fil-A offered a free meal (entrée, side, and drink) to customers dressed as cows on Tuesday. The promotion, which turns customers into visible chicken-sandwich cheerleaders for a day, has resulted in extreme black-spotted cuteness.
This was the eleventh Cow Appreciation Day, as the Atlanta-based chain calls it, and customers are not shy to take advantage. Chick-fil-A, which is now 1,900 restaurants and growing, gave away more than 1 million sandwiches on Cow Appreciation Day last year. Free food is one of the chain's main marketing tools, and it frequently gives out its sandwiches to celebrate new restaurant openings.
The cow became the chain's unlikely mascot after a 1995 billboard ad featured cows painting a sign that read “Eat Mor Chikin.”
“Chick-fil-A fans have been 'hoofing' it to our restaurants on this day for years,” spokeswoman Carrie Kurlander said in an email.
Here's what the adorable aftermath of this corporate sandwich holiday looks like.
At Fortune’s Brainstorm Tech conference earlier today, Fortune’s Dan Primack hosted a panel of investors who were asked to share their thoughts on the current – and future – state of the venture market. The VCs covered a lot of ground. We happened to focus in on what Bill Maris of Google Ventures had to say. Some notes from the discussion: Maris on whether Google… Read More
NEW TOWN, N.D. (Reuters) – A leading official on a Native American reservation where roughly a third of North Dakota’s oil is extracted has voiced his strongest threat to date to walk away from a tax-sharing deal with the state, ratcheting up energy industry concerns about dueling levy rates and regulations.