ECONOMIC NEWS UPDATE: Entrepreneurs and business leaders from around the world will converge at Babson College on September 24, 2015 for the first-ever U.S. Global Entrepreneurial Leaders (GEL) Summit. Launched in the UK in 2013 by WildHearts, a renowned British group of social businesses, this Babson event follows the success of the inaugural GEL Summits in Edinburgh and London in showcasing the power of social innovation for business and societal prosperity.
The GEL Summit brings together business leaders, founders, corporate practitioners, and social innovators to demonstrate the power of entrepreneurship in creating economic and social change. It fosters an exchange of diverse perspectives on how social innovation can be harnessed for business performance and talent development in a variety of organizations. Speakers comprise British business leaders such as Bob Keiller, CEO of the Wood Group, and Claire Burton, Head of Corporate Responsibility at Deloitte; innovative social entrepreneurs counting Jon Feinman M10 of InnerCity Weightlifting, Gavin Armstrong of Lucky Iron Fish, and Brandon Arbiter of TidePool; and global experts on entrepreneurship such as Babson College Professor Heidi Neck. The event will be hosted by WildHearts Founder Mick Jackson, recipient of the Babson Social Innovator Award in 2014.
Cheryl Kiser, Executive Director of The Lewis Institute and Babson Social Innovation Lab says, The GEL Summit provides a powerfully engaging experience for business leaders who believe that business is a force for good. This day-long summit addresses critical aspects around the changing role of business in today’s society. A must attend event; you will leave with insights, connections, and relationships for partnering around the notion of creating economic and social value simultaneously not sequentially.
To celebrate the launch of the GEL Summit in the U.S. and to further its vision of Business For Good, WildHearts is delighted to offer complimentary attendance to business people, aspiring entrepreneurs, and students.
The WildHearts Foundation is a charity registered in Scotland that launches and runs social business to fund its work. To date, WildHearts has funded $3,000,000 of micro-loans in 37 developing countries and taught entrepreneurial thinking and business skills to more than 25,000 young people in the UK via its Micro-Tyco program.
The Lewis Institute illuminates pathways for students, faculty, staff, foundations, and corporate partners seeking social innovation solutions. By drawing upon Babsons core methodology of Entrepreneurship of All Kinds(r) we activate unpredictable and fruitful collaborations and integrative designs for action. The result is business prosperity and societal improvement.
Babson College is the educator, convener, and thought leader for Entrepreneurship of All Kinds(r). The top-ranked College for entrepreneurship education, Babson is a dynamic living and learning laboratory where students, faculty, and staff work together to address the real-world problems of business and society.
U.S. STOCKS NEWS: On Friday, Shares of Penn Virginia Corporation (NYSE:PVA), lost -7.50% to $0.67, hitting its lowest level.
Penn Virginia Corporation declared that, given the current commodity price environment, the need to preserve liquidity and the resulting reduction in capital available to invest in its high-quality assets, it has suspended the quarterly dividends on its 6.00% Series A convertible preferred stock (Series A) and its 6.00% Series B convertible preferred stock (Series B) for the quarter ending September 30, 2015. As a result, no dividends for the third quarter of 2015 will be paid to holders of Series A or Series B depositary shares, each representing a 1/100th interest in a share of Series A or Series B preferred stock. The Company will continue to re-evaluate the dividend payment policy on a quarterly basis.
The suspension of quarterly dividends does not affect the Companys business operations and does not cause an event of default under any of its debt agreements.
Under the terms of Series A and Series B preferred stock, any unpaid dividends, counting the unpaid dividends for the quarter ending September 30, 2015 and any future unpaid dividends, will accumulate. If the Company does not pay dividends on its Series A and Series B preferred stock for six quarterly periods, whether successive or non-successive, the holders of depositary shares of both series of preferred stock, voting together as a single class, will have the right to elect two additional directors to serve on the Companys Board of Directors until all accumulated and unpaid dividends are paid in full.
Penn Virginia Corporation, an independent oil and gas company, explores, develops, and produces crude oil, natural gas liquids, and natural gas in various onshore regions of the United States. The company’s operations comprise the drilling of unconventional horizontal development wells in the Eagle Ford Shale in South Texas.
Shares of Xerox Corporation (NYSE:XRX), declined -2.17% to $10.35, during its last trading session.
For the second successive year, Xerox (XRX) has been named to the Dow Jones Sustainability Index for North America. Launched in 1999, the Dow Jones Sustainability Indices evaluate the sustainability performance of the largest 2,500 companies listed on the Dow Jones Global Total Stock Market Index. Companies are selected for the indices based on a comprehensive assessment of long-term economic, environmental and social criteria that account for general in addition to industry-specific sustainability trends.
“Inclusion in the Dow Jones Sustainability Index is a source of pride for our employees, building on our history and belief that sustainability is achievable with innovation and ingenuity,” said Diane O’Connor, vice president, Xerox Environment, Health, Safety and Sustainability.
Xerox has a long-standing commitment to environmental sustainability that began more than 30 years ago with the introduction of two sided copying and continued over the decades with innovative solutions such as power down mode for office equipment and electronics remanufacturing. More recently, Xerox introduced a number of transportation solutions to enhance urban mobility, such as the Merge® smart parking system, which uses occupancy data from meters and sensors to vary pricing and hence availability and the Xerox Print Awareness Tool, which provides end-users with graphical displays of their print usage in addition to “eco-tips” to enhance sustainability awareness and choices.
Xerox Corporation provides business process and document administration solutions worldwide. The company’s Services segment offers various business process outsourcing services, such as customer care, transaction processing, human resources, communication and marketing, and consulting and analytics services, in addition to finance, accounting, and procurement services.
Shares of Schlumberger Limited (NYSE:SLB), declined -3.67% to $72.54, during its last trading session, after oil prices reduced as overproduction continues.
The Organization of the Petroleum Exporting Countries said it will not change its policy of maintaining high production levels to keep its market share, Reuters reports.
Kuwait was the latest member to show support for the policy since OPEC anticipates countries outside the group to lower production.
Additionally, U.S. oil companies took eight rigs out of production this week, dropping the total rig count to 644, according to Baker Hughes (BHI) data, Reuters added.
Schlumberger Limited supplies technology, integrated project administration, and information solutions to the oil and gas exploration and production industries worldwide. The company operates through Reservoir Characterization Group, Drilling Group, and Production Group segments.
Finally, Shares of CME Group Inc. (NASDAQ:CME), ended its last trade with -2.08% loss, and closed at $90.40.
CME Group will declare earnings for the third quarter of 2015 before the markets open on Thursday, October 29, 2015. The company has planned an investor conference call that day at 7:30 a.m. Central time.
CME Group Inc., through its auxiliaries, owns and operates derivatives marketplace for the trading of futures and options worldwide. It offers a range of products for trading and/or clearing across various asset classes, based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, and metals.
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