On Monday, Shares of Nokia Corporation (ADR) (NYSE:NOK), lost -1.27% to $6.24.
Nokia and China Huaxin Post & Telecommunication Economy Development Center, have signed a memorandum of understanding (“MoU”) recently confirming their intention to combine Nokia’s telecommunications infrastructure businesses in China (“Nokia China”) and Alcatel-Lucent Shanghai Bell (“ASB”) into a new joint venture. As agreed under the MoU, Nokia anticipates to hold 50% plus one share in the new joint venture, with China Huaxin holding the remaining shares. Fair value compensation would be received for the contribution of relevant assets to the joint venture.
The new joint venture is conditional on and would be formed after the closing of Nokia’s planned combination with Alcatel-Lucent, at which point Nokia would own 50% plus one share of ASB. The new joint venture is predictable to be a strong national asset based in China capable of delivering value for both parties. Nokia China and ASB are leaders in the Chinese telecommunications infrastructure market and both are long-standing contributors to the development of China and innovation in the country.
The new joint venture is planned to operate under the English name of Nokia Shanghai Bell and would be registered in the China (Shanghai) Pilot Free Trade Zone. The new joint venture would have one board of directors, one administration team, unified customer and business functions, and one integrated product portfolio and R&D platform.
Nokia Corporation, together with its auxiliaries, provides network infrastructure and related services in Finland, the United States, Japan, China, India, the Russian Federation, Germany, Taiwan, Indonesia, Italy, and internationally.
Shares of U.S. Bancorp (NYSE:USB), declined -0.56% to $42.35, during its last trading session.
U.S. Bank has promoted Amy Anderson-Vali to senior vice president and regional manager of the On-Site Group. The On-Site Group, which was created in 1976, comprises of bank branch locations that are part of corporate campuses and facilities. U.S. Bank is the nation’s largest provider of On-Site Banking. Anderson-Vali, who has more than 20 years of banking experience, was most recently a vice president and human resources line of business director for U.S. Bank. She is located in Phoenix, Ariz.
Anderson-Vali joined U.S. Bank in 2009 as a vice president and district manager before moving in to the human resources role in 2012. Preceding to joining the bank, Anderson-Vali was a senior vice president and chief retail banking officer at Vantus Bank. She has also held a variety of retail banking director roles at First National Bank of Nevada, Cal Fed Bank and Norwest Bank.
“Amy will be a tremendous leader for our On-Site Group,” said Amy Hurd, Division Manager, In-Store and On-Site Group at U.S. Bank. “She has deep expertise and experience in retail banking and has a natural leadership style. We are excited to promote her to this role and look for her to grow our already strong On-Site business at U.S. Bank.”
U.S. Bancorp, a financial services holding company, provides a range of financial services in the United States. It offers depository services, which comprise checking accounts, savings accounts, and time certificate contracts; and lending services, such as traditional credit products, in addition to credit card services, leasing, financing and import/export trade, asset-backed lending, agricultural finance, and other products.
Finally, Natural Resource Partners LP (NYSE:NRP), ended its last trade with 5.90% gain, and closed at $3.41.
Natural Resource Partners stated second quarter 2015 revenues and other income of $137.6 million contrast to $90.6 million for 2014. Net income attributable to the limited partners for the second quarter of 2015 was $30.7 million, or $0.25 per unit, as compared to $30.8 million, or $0.28 per unit, for 2014. Results for both years comprised non-cash charges for impairments of certain assets. Not taking into account these, impairments, net income per unit for the second quarter 2015 and the second quarter 2014, would be $0.28 and $0.33 per unit respectively. Distributable cash flow was $47.2 million in the second quarter 2015 contrast to $64.9 million for 2014. NRP also stated adjusted EBITDA of $79.2 million for 2015 as compared to $76.9 million for 2014.
“Solid quarters from our aggregates and soda ash businesses offset the continued challenges facing the coal and oil and gas sectors,” said Wyatt Hogan, President, and Chief Operating Officer. “We are happy we have been able to implement the planned plan declared in April 2015 to use our free cash flow to repay debt and make progress towards our long-term objectives while still making distributions to our unitholders. However, we also acknowledge the headwinds created by the further deterioration of the commodity price environment for coal and oil and gas, in addition to the resulting impact on our stakeholders. We will continue to proactively manage the partnership to preserve and enhance long-term value.”
Natural Resource Partners L.P., through its auxiliaries, owns, manages, and leases mineral properties in the United States. It owns interests in coal, trona and soda ash, crude oil and natural gas, construction aggregates, frac sand, and other natural resources, in addition to lime, potash, and rare earths.
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