Late Tuesday, the American Petroleum Institute reported a 2.9 million barrel decrease in U.S. oil stocks for last week. The bigger-than-expected stockpile draw is a bullish signal for prices as it indicates healthy demand, analysts said. Brent crude for August delivery rose 2.4% to $65.25 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures for July were trading up 2% at $61.16 a barrel. Analysts at Commerzbank said that the EIA data is "expected to show the seventh consecutive weekly decrease in U.S. crude oil stocks. If this turns out to be of a similarly high level to that reported by the API, it would lend support to oil prices."
IVL Swedish Environmental Research Institute has concluded a comparative study on the environmental performance of different packaging solutions. The study compares the lifecycles of plastic products versus corresponding paper products from BillerudKorsnäs. The results show that paper has considerably more favorable environmental qualities than plastic, such as 50-70% lower greenhouse gas emissions. IVL’s study looks at the entire product lifecycle, from material production up until it is thrown away or recycled. Although the transportation and packaging production of plastic products emits less greenhouse gas, the results show that the overall product lifecycle of paper products give rise to far less emissions. Material production of both paper and plastic packaging is the most energy intense part of production. But according to the study, which has been verified by Bureau Veritas, plastic production emits far more greenhouse gas than paper production.
Quarterly Financial Highlights •Adobe achieved record quarterly revenue of $1.16 billion. •Digital Media Annualized Recurring Revenue (“ARR”) grew to $2.35 billion exiting the quarter, driven by an increase in Creative ARR of $230 million to $2.02 billion. •Adobe Marketing Cloud achieved revenue of $327 million. •Diluted earnings per share were $0.29 on a GAAP-basis, and $0.48 on a non-GAAP basis. •Year-over-year, operating income grew 43 percent and net income grew 67 percent on a GAAP-basis; operating income grew 28 percent and net income grew 30 percent on a non-GAAP basis. •Cash flow from operations was $471 million, and deferred revenue grew to an all-time high of $1.23 billion.
Pearson plc (“Pearson”) today announces that it has agreed the sale of its PowerSchool business to private equity firm Vista Equity Partners (“Vista”) for a gross consideration of $350 million, payable in cash. Pearson had announced its intention to explore a sale of PowerSchool in February 2015. PowerSchool, the leading provider of K-12 student information systems (SIS), supported 15 million students in 73 countries in 2014, and its flagship product, PowerSchool is the most widely used web-based SIS in North America. The transaction also includes other SIS businesses including PowerSchool SMS, Gradespeed and eSIS Forms.
Verso Corporation (NYSE: VRS), a leading North American producer of printing papers, specialty papers and pulp, today introduced Ideal® Offset, an uncoated freesheet web product. "Verso has harmonized two of its uncoated freesheet web product offerings into one comprehensive brand, Ideal® Offset," says Mike Weinhold, Verso Senior Vice President of Sales, Marketing and Product Development. "Our customers have been asking for a more blue-white uncoated web product, so we took this opportunity to improve the shade of the product to better meet their needs."
Here is a high-level summary of 2014 accomplishments included in the report: •Safety: Eliminating fatalities and injuries in the workplace is International Paper's highest priority. The company's Life-Changing Injury and Fatality Elimination (LIFE) safety program has reduced life-impacting injuries by 68 percent since its inception. •Water Use: Recognizing the growing importance of global water usage, International Paper has mapped all mills based on water-related risk to initiate water conservation opportunities. •Greenhouse Gas (GHG) Emissions: Since 2010, International Paper has reduced GHGs by 8.3 percent and improved energy efficiency by 6.1 percent by improving processes, equipment, and procedures. •Forest Stewardship: International Paper is a global leader in responsible forest stewardship and committed to continuous improvement. The company has surpassed the original goal of 15 percent third-party-certified fiber volume, with a 27.8 percent increase in certified fiber volume since 2010.
As part of its annual investor meeting, Gap Inc. (NYSE: GPS) today will provide an overview of its strategic agenda designed to best serve the ever-changing needs of consumers, while continuing to drive long-term shareholder value and profitable growth across its portfolio of brands. “Our management team is aligned and focused on the key priorities that will drive profitable growth for the company,” said Art Peck, chief executive officer, Gap Inc. “Building upon the strength of Old Navy, each brand within our portfolio is focused on clear, near-team priorities and a strategy to capitalize on longterm opportunities.”
UPM will invest EUR 50 million in its Kaukas pulp mill in Lappeenranta, Finland, to further strengthen the mill’s efficiency, competitiveness and optimisation. The investment will go towards modernising both pulp drying machines and installing a new baling line. Assembly will take place during a planned shutdown in autumn 2016 and start-up is scheduled for the end of 2016. The investment will benefit the entire Kaukas biorefining mill integrate through increased resource efficiency and operational flexibility.
Forest - All raw material used in paper production is now sourced under certified Chain of Custody systems Climate Change - 21.6% reduction in carbon emissions per tonne of paper produced, on track for 2020 target of 25% reduction Water - 28% reduction in organic content of water (COD) returned to the environment from mills, on track for 2020 target of 33% reduction Waste - Twelve out of 38 paper mills effectively did not send waste to landfill in 2014
Eric Zinczenko has been appointed CEO of Bonnier Corp., effective immediately, the company announced today. Outgoing CEO Dave Freygang will be retained as a consultant through the rest of the year. Zinczenko's rise has been fairly quick. He joined Bonnier in 2007 from Time Inc. after Stockholm-based Bonnier AB bought 18 enthusiast titles from the company that year. From there, he headed up Bonnier's Men's Group and then was promoted to executive vice president in 2013—shortly after Freygang was appointed CEO that year.