Shares of U.S. Bancorp (NYSE:USB) ended Wednesday session in green amid volatile trading. The shares closed up +0.24 points or 0.56% at $43.26 with 7.16 million shares getting traded. Post opening the session at $43.25, the shares hit an intraday low of $42.97 and an intraday high of $43.43 and the price vacillated in this range throughout the day. The company has a market cap of $74.32 billion and the numbers of outstanding shares have been calculated to be 1.72 billion shares.
On September 21, 2016 Elavon Financial Services, European subsidiary of U.S. Bank, now offers electronic freight invoicing support specially designed to satisfy developing regulatory requirements in Europe. The e-invoicing service from Elavon Freight Payment is fully automated, traceable for auditing and compliant with European Union and local regulations. Built on a highly adaptable invoice processing platform, the Elavon e-invoicing process makes it simple for business partners to transition and meet new requirements as regulations evolve.
“Europe generally lags behind the Americas in adoption of e-invoicing due to multiple competing formats and regulations,” said Gráinne Fennell, senior product manager for Elavon Freight Payment. “However, the European Union is trying to jumpstart wider adoption through ordinances such as the EU e-invoicing directive, which mandates electronic invoicing for business-to-government transactions in the EU by November 2018. We expect the directive to have a much wider commercial impact as suppliers sending e-invoices to government customers migrate to the same process for all customers for efficiency.”
Shares of American International Group Inc (NYSE:AIG) ended Wednesday session in green amid volatile trading. The shares closed up +0.23 points or 0.40% at $58.09 with 8.33 million shares getting traded. Post opening the session at $58.12, the shares hit an intraday low of $57.54 and an intraday high of $58.36 and the price vacillated in this range throughout the day. The company has a market cap of $62.19 billion and the numbers of outstanding shares have been calculated to be 1.08 billion shares.
American International Group Inc (AIG) on September 16, 2016 announced that it has entered into an agreement to sell its interest in Ascot Underwriting Holdings Ltd. (AUHL) and related syndicate-funding subsidiary Ascot Corporate Name Ltd. (ACNL) (together Ascot) to Canada Pension Plan Investment Board (CPPIB), a professional investment management organization that invests the assets of the Canada Pension Plan. The transaction is subject to regulatory approvals.
Total consideration for the deal is $1.1 billion inclusive of CPPIB’s recapitalization of Syndicate 1414’s Funds at Lloyd’s (FAL) capital requirements. AIG will receive approximately $240 million in net cash proceeds from the transaction after the FAL recapitalization and release of the AIG-guaranteed Letter of Credit currently supporting the syndicate’s FAL. Proceeds reflect AIG’s 20 percent stake in AUHL and ownership of ACNL.
Ascot and AIG founded the managing agency and the syndicate in 2001. As a global specialty insurance underwriter, Ascot focuses on property insurance, marine insurance, and reinsurance.