INGREDION INCORPORATED REPORTS SECOND QUARTER 2019 RESULTS

WESTCHESTER, Ill., Aug 2 (Bernama-GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to diversified industries, today reported results for the second quarter 2019. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2019 and 2018, include items that are excluded from the non-GAAP financial measures that the Company presents.
 
“During the second quarter, we experienced foreign exchange impacts and rapidly changing raw material markets. Our teams have taken aggressive pricing actions to mitigate foreign exchange impacts. We experienced an increase in the net cost of corn in North America due to continued crop inventory imbalances arising from the U.S./China trade dispute. We are closely monitoring raw material markets and selectively capitalizing on opportunities to partially offset the higher cost of corn,” said Jim Zallie, Ingredion’s president and chief executive officer.
 
“As a result of the actions we took to accelerate our Cost Smart savings program, we now expect to deliver $30 million to $40 million of 2019 year-end cumulative run-rate savings, an increase from the $24 million to $34 million of savings previously anticipated.”

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AgroSavfe secures 35 million Euro in Series C financing

KUALA LUMPUR, July 31 (Bernama) -- AgroSavfe NV, a Belgium-based company developing a new generation of safe and effective bio-controls has announced the closing of a Series C financing round.

All existing investors participated in this 35 million Euro Series C financing round, joined by a new investor, Ackermans & van Haaren, investing 10 million Euro. (1 Euro=RM4.60)

Local and international investors include Gimv, Sofinnova Partners, PMV, Agri Investment Fund, K&E, Biovest, Madeli Participaties, Vlaams Instituut voor Biotechnologie (VIB) and Qbic.

The funds will be primarily used for the development, registration and commercial scale production of AgroSavfe’s bio-fungicide and bio-insecticide products, as well as to strengthen the company’s organisation.

The first bio-fungicide is scheduled to be launched in 2022 in the fruit and vegetables market in the United States, immediately followed in Europe and other regions.

In addition, the funds will support the accelerated development of the innovative pipeline with applications in critical food and crop pests and diseases.

AgroSavfe’s solutions benefit the environment while adding more value to the farmers’ produce and meeting consumer demand for healthier food.

Beyond the field, AgroSavfe’s product candidates also demonstrated strong impact on food protection and quality along the value chain, providing new solutions to reduce food loss.

-- BERNAMA

Circle CEO testifies before Senate Banking Committee on crypto regulations

KUALA LUMPUR, July 31 (Bernama) -- Circle chief executive officer (CEO), Jeremy Allaire, the lone crypto-industry representative, testified before the Senate Committee on Banking, Housing and Urban Affairs during a hearing.

In a statement, the world’s most regulated crypto company said the hearing was titled, Examining Regulatory Frameworks for Digital Currencies and Blockchain.

Allaire has provided expert testimony on cryptocurrencies and digital assets before the US Senate Committee on Homeland Security & Government Affairs.

He has also provided testimony and policy recommendations at the highest levels inside of key financial regulatory and law enforcement agencies across the United States, the United Kingdom, Europe and Asia.

Allaire frequently participates in international fora focused on the future of the international monetary and economic system.

-- BERNAMA

Sanofi records solid growth in Q2 with net sales Euro 8,628 million

KUALA LUMPUR, July 29 (Bernama) -- Sanofi has delivered solid growth in Q2 2019 driven by Sanofi Genzyme, Sanofi Pasteur and Emerging Markets with net sales of €8,628 million, an increase of 5.5 per cent on a reported basis. (€1 = RM4.59)

The company has reported that Sanofi Genzyme sales were up 21.8 per cent due to the strong launch performance of Dupixent®, while vaccine sales increased 24.7 per cent, mainly reflecting the recovery and growth of Pentaxim® in China and low basis for comparison.

Its business net income in the same quarter also recorded an increase of 5.3 per cent to €1,641 million, according to a statement.

“Our increased focus in R&D delivered important results with several positive data read-outs and the achievement of regulatory milestones,” said Sanofi chief executive officer, Olivier Brandicourt.

“We are confident in the growth outlook for the year. Consequently, we have revised upward our guidance for full-year business EPS growth to approximately five per cent.”

Sanofi has also achieved several key regulatory milestones in R&D, including Isatuximab accepted for review by the FDA and EMA for approval in relapsed/refractory multiple myeloma and Libtayo® approved for advanced cutaneous squamous cell carcinoma in the EU.

The company has also collaborated with Google to establish a new virtual Innovation Lab, aiming to transform how future medicines and health services are delivered by tapping into the power of emerging data technologies.

For more information, contact https://www.sanofi.com.

-- BERNAMA

Zynga announces Q2 2019 financial results

KUALA LUMPUR, Aug 1 (Bernama) -- Zynga Inc has released its financial results for the second quarter ended June 30, by posting the management’s Q2 2019 Quarterly Earnings Letter to its Investor Relations website.

The company management will also host a conference call at 2pm Pacific Time (5pm Eastern Time) to discuss the results.

Zynga is a global leader in interactive entertainment games, available in over 150 countries and are playable across social platforms and mobile devices worldwide.

Access the letter at http://investor.zynga.com/financial-information/quarterly-results and conference call at http://investor.zynga.com

-- BERNAMA

Asia Pacific online sales to reach US$1.6 trillion by 2023

KUALA LUMPUR, Aug 1 (Bernama) -- The Internet retailing market sales in Asia Pacific are expected to reach US$1.6 trillion by 2023, almost doubling from 2018, according to Euromonitor International (US$1=RM4.14)

As Asian households will become wealthier over 2018 to 2023 led by Indonesia, Malaysia and India, the larger regional markets remain in the focus of large retailer expansion plans.

This follows the newly-released white paper - ‘Top 100 Retailers in Asia’ - by the company, examining how Asia Pacific is shifting its retailing landscape and what factors are leading to this change.

According to the white paper, the rise of the marketplace model is one of the major reasons why digital commerce has grown and will continue to do so.

Last year, 47 per cent of all digital business-to-consumer commerce sales were made via the marketplace model, up from 27 per cent in 2009.

With the region accounting for 41 per cent of global spend last year, increased wealth, ageing, urbanisation and single households are major drivers impacting consumer attitudes towards retail.

“E-commerce has eclipsed non-store retailing in Asia Pacific, with urban consumers shifting from bulk purchases to a ‘buy as you need’ mentality,” said Euromonitor International research manager, Ivan Uzunov.

“The major shift of the consumers, though, is away from the physical store as shoppers become more comfortable with buying non-grocery products online.”

Alibaba Group Holding Ltd was the top Asia Pacific retailer last year, followed by JD.com Inc, Seven & I Holdings Co Ltd, AEON Group and Amazon.com Inc.

-- BERNAMA

YOOZOO Games fuels fight against hunger to support World Food Programme

KUALA LUMPUR, July 29 (Bernama) -- In support of the World Food Programme’s (WFP) fight against hunger in some of the world’s most vulnerable regions, YOOZOO Games will host a week of gaming marathon, beginning Aug 12.

By participating, gaming fans will get to enjoy exclusive gameplay features and events during the week-long initiative and able to help raise crucial funding for WFP, according to a statement.

“For 10 years, we’ve been incredibly fortunate to bring simple joy to millions of people around the world, through video games. This year, we want to push the boundaries even further and help provide urgent support to those who truly need it the most,” said YOOZOO Games.

The premise is simple: the more you play, the more YOOZOO donates. #GTarcadeHungerHeroes is a call from GTarcade to experience, share and make more people aware of the existence of hunger.

For the GTarcade marathon, YOOZOO has set up a team in the WFP app, ShareTheMeal. All funds raised in the #GTarcade team will go towards operations supported by the ShareTheMeal app.

Participants are also able to get involved in GTarcade’s Hunger Heroes event and help raise money by tweeting a picture with a smile and hashtag #GTarcadeHungerHeroes. For every tweet sent, YOOZOO Games will donate one meal ($0.50) to WFP.

YOOZOO Games is a global entertainment company specialising in game development and distribution. For more information, visit https://pact.gtarcade.com or http://www.yoozoo.com.

-- BERNAMA