On Friday, Shares of U.S. Bancorp (NYSE:USB), gained 2.26% to $41.68.
USB Global Corporate Trust Services, one of the country’s largest document custodians, is partnering with eOriginal to provide custodial services for firms issuing securities backed by digital assets.
When a firm issues an asset-backed security to investors, it must appoint a custodian to hold documentation for the collateral owned or pledged to a trust. The collateral and associated documents vary and can comprise equipment leases and auto loans and leases, among others. Through the new partnership with eOriginal, U.S. Bank is now able to accept and store electronically-signed documents, and serve as custodian for fully-electronic securitization trusts or other similar transactions.
“The securitization process has always required noteworthy documentation, so digitization creates an opportunity for issuers to improvement efficiency and reduce costs,” said Bryan Calder, president of U.S. Bank Global Corporate Trust Services. “As a leading document custodian, we’re happy to be able to accommodate this growing trend in the marketplace.”
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.
Shares of General Mills, Inc. (NYSE:GIS), inclined 0.84% to $57.43, during its last trading session.
General Mills, stated results for the first quarter of fiscal 2016.
General Mills Chairman and Chief Executive Officer Ken Powell said, “In July, we said our 2016 plans anticipated strong first-quarter growth thanks to our expanded Consumer First initiatives, the benefit of our cost-savings projects, and an easy prior-year comparison. Our U.S. Retail segment posted 4 percent net sales growth in the first quarter, with improvements in our cereal, meals, yogurt, and snacks businesses. Net sales for the Convenience Stores and Foodservice segment raised 1 percent. And our International segment achieved 5 percent net sales growth in constant currency, led by excellent results in Europe and Canada. This strong net sales performance, combined with noteworthy margin expansion efforts, drove double-digit growth in total segment operating profit and adjusted diluted EPS. These results represent a positive first step in delivering our full-year fiscal 2016 growth objectives.”
Net sales for the 13 weeks ended August 30, 2015, declined 1 percent to $4.21 billion, as foreign currency exchange reduced net sales growth by 5 percentage points. On a constant-currency basis, net sales grew 4 percent, counting 2 points of growth contributed by the Annie’s business attained in October 2014. Pound volume was 2 percent above year-ago levels. Net price realization and mix contributed 2 points of net sales growth. Adjusted gross margin, which excludes mark-to-market effects and certain other items affecting comparability, raised 290 basis points due to improved net price realization and savings from our cost-reduction initiatives. Selling, general and administrative expenses (SG&A) declined 6 percent, driven by savings from Project Catalyst and a 5 percent decrease in advertising and media expense (please see Note 4 below for more information on our restructuring actions). Total segment operating profit rose 20 percent to $826 million. On a constant-currency basis, total segment operating profit raised 23 percent. The company posted restructuring and project-related charges totaling $95 million pretax in the first quarter, counting $35 million recorded in cost of sales (please see Note 4 below for more information on these charges). Net earnings attributable to General Mills totaled $427 million and diluted earnings per share totaled 69 cents. Adjusted diluted EPS, which excludes certain items affecting comparability, totaled 79 cents contrast to 61 cents a year ago. On a constant-currency basis, first-quarter adjusted diluted EPS raised 36 percent.
General Mills, Inc. is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is also a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company is organized into three operating segments: U.S. Retail, International, and Convenience Stores and Foodservice.
Shares of Suncor Energy Inc. (USA) (NYSE:SU), inclined 1.62% to $26.29, during its last trading session.
Suncor Energy declared that it has agreed to purchase an additional 10 per cent working interest in the Fort Hills oil sands project from Total E&P Canada Ltd., for total aggregate consideration of $310 million at the time of declaration. As a result of this transaction, Suncor’s incremental capital improvement to Fort Hills is estimated at just over $1 billion of which about $700 million is remaining project spend. Upon closing, Suncor’s partnership share in the $15 billion project will improvement to 50.8 per cent.
As part of the transaction, Suncor acquires a further proportionate interest in Fort Hills related logistics, counting pipelines, storage terminals and third-party pipeline capacity agreements. The Fort Hills project is located in Alberta’s Athabasca region, 90 kilometers north of Fort McMurray.
“This opportunity to acquire an additional interest at a discounted price underscores Suncor’s confidence in its position within the oil sands. We consider this project to be one of the best opportunities for long-term sustainable growth in the industry recently, thanks to the exceptional quality of the resource and our disciplined project execution,” said Steve Williams, president and chief executive officer. “With engineering over 90 per cent complete and construction surpassing 40 per cent, Fort Hills is on track, with first oil predictable in the fourth quarter of 2017. For 2015, this further investment in Fort Hills can be absorbed within our current capital spending guidance.”
Suncor Energy Inc. (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production, and Refining and Marketing.
Finally, General Growth Properties Inc (NYSE:GGP), ended its last trade with 1.44% gain, and closed at $25.42.
General Growth Properties will report financial and operational results for the third quarter 2015 after the close of business on Monday, November 2, 2015, and host a conference call for investors and other interested parties at 8:00 a.m. Central (9:00 a.m. Eastern) on Tuesday, November 3, 2015.
General Growth Properties, Inc. (GGP) is a self-administered and self-managed real estate investment trust (REIT). The Company is engaged in owning and operating retail properties to communities, retailers, employees, consumers and shareholders. As of December 31, 2014, the Company owned, either entirely or with joint venture partners, 128 retail properties.
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