National and MBIA Insurance File Lawsuit Against Wall Street Banks for Misconduct as Underwriters in Puerto Rico’s Fiscal Crisis
SAN JUAN, Puerto Rico, Aug. 8, 2019 /PRNewswire-HISPANIC PR WIRE/ — Today, National Public Finance Guarantee Corporation and MBIA Insurance Corporation (collectively, “National” or “Plaintiffs”) filed suit in the Court of First Instance, Superior Court of San Juan, Puerto Rico, against eight major Wall Street banks to hold them accountable for inequitable conduct in Puerto Rico’s municipal bond market that contributed to Puerto Rico’s economic collapse.
Plaintiffs are bond insurers that have been presented with, and fully honored, over a billion dollars in claims after the municipal debt underwritten by the banks became unsustainable on their terms for the Commonwealth and its agencies and they defaulted on their obligations. The lawsuit names as defendants UBS Financial Services, Inc.; UBS Securities LLC; Citigroup Global Markets Inc.; Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Morgan Stanley & Co. LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; RBC Capital Markets LLC; and Santander Securities LLC.
Each bank underwrote one or more bonds issued by each of the Commonwealth, the Puerto Rico Electric Power Authority, the Puerto Rico Highways and Transportation Authority, and the Puerto Rico Sales Tax Financing Corporation. The Complaint alleges that, for over a decade, these banks urged Puerto Rico and its agencies to issue massive amounts of this debt, allowing the banks to profit from underwriting and selling the bonds, as well as from related interest rate swap, refinancing and other transactions. In their capacity as underwriters, the banks had a fundamental ‘gatekeeper’ responsibility that assured the markets that these municipal bonds could be repaid. But, as shown by a Special Investigation Report prepared for Puerto Rico’s Financial Oversight and Management Board, the banks did not conduct appropriate due diligence, resulting in key disclosures being materially false or misleading. These diligence failures concealed essential facts that would have demonstrated that the debt was not sustainable and could not be repaid in accordance with its terms.
This debt burden ultimately forced the Commonwealth from the municipal markets, leaving it and its public institutions—like power utilities, hospitals, schools, and essential infrastructure on which millions of Puerto Ricans rely—in financial distress. Bond insurers like National have paid billions of dollars in claims payments to date, while uninsured municipal bond investors, including many Puerto Ricans, have suffered huge losses.
“We are honored to represent National in this litigation,” said Philippe Selendy, founding partner of Selendy & Gay, counsel for National and former lead counsel for the Federal Housing Finance Agency in its RMBS litigations. “As alleged in the Complaint: ‘El legado de la conducta injusta de los bancos afectará a Puerto Rico por generacione. Éstos no solo desatendieron su obligación de actuar como celosos guardianes, sino que se aprovecharon de las circunstancias imperantes en Puerto Rico, llevando a Puerto Rico directamente a su crisis actual. Mientras los bancos se enriquecían, le infligían graves daños al Gobierno de Puerto Rico y a sus ciudadanos, al igual que a National. Deben por tanto responder por esta conducta ilícita.'”[i] [English translations have been made available in the endnotes].
The Complaint is based upon two equitable doctrines of Puerto Rican law—doctrina de actos propios and declaración unilateral de la voluntad.
According to Federico Hernández Denton, former Chief Justice of the Supreme Court of Puerto Rico and counsel for National, “The Complaint alleges: ‘[L]os Demandados, por medio de sus actos, le garantizaron a los demandantes que habían realizado investigaciones completas y razonables de los términos de los bonos que los demandantes aseguraron, y éstos de buena fe confiaron en dichas representaciones, al emitir sus seguros. Pero los Demandados frustraron las expectativas legítimas y de buena fe de los demandantes, al no llevar a cabo esas investigaciones y en torno a la veracidad y de las representaciones que hicieron en las solicitudes de seguro….Estas circunstancias extraordinarias ameritan que se aplique la doctrina de actos propios y/o de declaración unilateral de la voluntad.'”[ii]
In the face of the bonds’ defaults, National has paid every cent of every claim on its policies—over a billion dollars—to cover the losses of insured investors.
“Just like the Commonwealth, and the people of Puerto Rico, National was misled by the underwriters of the Commonwealth’s bonds,” said Bill Fallon, CEO of MBIA Inc., the parent company of the Plaintiffs.
“This time of turmoil should be the occasion for rebuilding. National insured its first Puerto Rico government bond more than 30 years ago and to date has insured more than $15.7 billion of debt for Puerto Rico issuers,” Fallon added. “Our insurance has helped Puerto Rico raise the money to build schools and hospitals and other vital public services. We’re proud of that. The future of Puerto Rico and the integrity and transparency of the capital markets demand that the underwriters be held accountable.”
Philippe Selendy, awarded “Litigator of the Year, Grand Prize” by The American Lawyer, has recovered over $35 billion for his public and private clients. Lauded by the Financial Times as “The Man Who Took on Wall Street,” AmLaw reported that the Federal Housing Finance Agency “hit the jackpot” when it hired Mr. Selendy to lead its “litigation assault on Wall Street” that recovered billions for taxpayers in the aftermath of the Great Recession.
Retired Chief Justice of the Supreme Court of Puerto Rico, Federico Hernández Denton has over 50 years of expertise in law practice and litigation. He was Chief Justice of the Supreme Court of Puerto Rico (2004-2014), when he retired from the Court after presiding the Judicial Branch of Puerto Rico. Upon his retirement, he was appointed by the U.S. District Court of Puerto Rico as a Constitutional Lawyer of the Monitor of the Puerto Rico Police Commission.
MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets.
National Public Finance Guarantee is a wholly owned subsidiary of MBIA Inc. and independently capitalized with $3.8 billion in claims-paying resources as of June 30, 2019.
The Complaint is available here.
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[i] “‘The legacy of the banks’ unjust conduct will affect Puerto Rico for generations. The banks not only disregarded their gatekeeping role but exploited it, leading Puerto Rico straight into its current crisis. While the banks enriched themselves, they caused great damage to the Commonwealth, its people, and National. They should now bear the costs of their inequitable conduct.'” |
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[ii] “‘Defendants through their acts assured National that they were conducting reasonable investigations regarding the terms of the bonds that National insured, and National relied on those acts in issuing its insurance. But Defendants frustrated National’s legitimate, good faith expectations by choosing not to conduct those investigations and utterly failing to ensure that they had confirmed the truthfulness and completeness of the integral materials in the insurance applications….These extraordinary circumstances warrant application of doctrina de actos propios and/or the unilateral declaration of will.'” |
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SOURCE National Public Finance Guarantee Corporation and MBIA Insurance Corporation
Honda Increases Stake in Esports with Riot Games League of Legends Championship Series Partnership
TORRANCE, California, Aug. 8, 2019 /PRNewswire-HISPANIC PR WIRE/ — Honda has announced a significant new partnership with Riot Games League of Legends Championship Series (LCS). As the exclusive automotive sponsor of LCS, the preeminent esports league in North America, Honda grows their presence in esports by building on the brand’s existing partnership with gaming powerhouse and three-time LCS champion Team Liquid, and streaming platform Twitch, which began in January 2019. With their latest move, Honda becomes the first automaker in North America to sponsor both a preeminent esports league (LCS) and team competing in it (Team Liquid).
The new partnership with LCS will launch in conjunction with the Summer Split Playoffs, which begin in Los Angeles on Saturday, Aug. 10, and the Finals, which will take place in Detroit, Michigan on Aug. 24-25. Outside of playoff and finals coverage, Honda and Riot’s partnership elements include sponsorship of the League MVP, the LCS Scouting Grounds (the premiere tournament for up and coming League of Legends players), access to scarce advertising inventory live on LCS game days, and custom content highlighting the imagination and determination of the League’s top athletes.
Riot Games has been a dominant figure in North American and global esports since its release of the worldwide game League of Legends in 2009. Over the last four years, League of Legends has ranked as the #1 esport in terms of viewership in North America, with 1.1M average daily unique viewers and 26M total hours watched during the LCS 2018 full season. Honda is no stranger to professional League of Legends, following their sponsorship of Team Liquid, the defending champions and current #1-ranked team in the LCS, at the beginning of this year. Since then, Team Liquid has celebrated two successful splits and won the Spring Split Finals in addition to major achievements in other esports.
In addition, Honda will feature top talent from Team Liquid in creative marketing throughout the LCS broadcasts via the new partnership. Four new 15-second videos inspire viewers to “find their drive” and stay determined by showcasing a member of Team Liquid battling their inner monologue by choosing to drive forward toward success. The four videos feature Doublelift, Hungrybox, Vivid, and CEO Steve Arhancet in custom-wrapped 2019 Honda Civics. Capitalizing on where younger audiences are spending much of their time, the videos will run on Twitch, YouTube, Reddit, Twitter, Facebook and Instagram and within Honda’s League of Legends LCS sponsorship. Honda will help produce similar creative featuring LCS top-tier talent as the collaboration progresses.
“Through this partnership with the LCS, Honda will continue to forge a strong connection with the next-generation of car buyers who happen to be fans of the incredible athletes of Team Liquid and the League of Legends Championship Series in North America,” said Phil Hruska, Manager of Media Strategy at American Honda. “We understand the passion of esports fans and how strongly they support the gaming community, and Honda is fully vested in creating one-of-a-kind, unforgettable experiences for gamers as we launch the next phase of Honda’s endeavor in esports and gaming.”
“Honda is one of the most storied and trusted car manufacturers in the world, and we are proud to announce an exclusive partnership between the League of Legends Championship Series and an automotive brand of this caliber,” said Matthew Archambault, Head of Esports Partnerships and Business Development for North America at Riot Games. “Honda’s commitment to esports is clear from their history in the space, including their sponsorship of Team Liquid, and we’re excited to show LCS fans the new initiatives and content that we’ll be collaborating on, starting with the Summer Split Playoffs this weekend in our LA studio.”
Honda, Gaming and Engaging Younger Audiences
Honda entered the esports and video gaming space in 2014, and since then, Honda has partnered with some of the most storied gaming franchises across various platforms. These partnerships include in-game integrations in Forza, R vs. R with Xbox, and a presenting sponsorship of EA’s first NHL World Championship. Most recently, Honda has built a successful partnership with Team Liquid, one of the most recognizable esports teams in the world and has invested deeply in streaming platform Twitch to build the Honda Head 2 Head program. With 15+ million average daily visitors on Twitch, Honda recognizes that younger audiences are moving to platforms like Twitch for live viewership.
Honda is the official automotive sponsor of Team Liquid and official vehicle of the team, and now the official automotive partner of the League of Legends Championship Series in North America. The Honda Civic is the number one most purchased vehicle with millennial and Gen Z buyers. And the number one sold vehicle to first-time new vehicle buyers, followed by Accord #2 (across the industry). Civic has been the top-selling vehicle to millennials since 2011.
About Honda
Honda offers a full line of reliable, fuel-efficient and fun-to-drive vehicles with advanced safety technologies sold through over 1,000 independent U.S. Honda dealers. The Honda lineup includes the Fit, Civic, Insight, Accord and Clarity series passenger cars, along with the HR-V, CR-V, Passport and Pilot sport utility vehicles, the Ridgeline pickup and the Odyssey minivan.
Honda has been producing automobiles in America for more than 35 years and currently operates 19 major manufacturing facilities in North America. In 2018, more than 90 percent of all Honda brand vehicles sold in the U.S. were made in North America, using domestic and globally sourced parts.
For More Information
Consumer information is available at automobiles.honda.com.
To join the Honda community on Facebook, visit facebook.com/honda.
Additional media information including detailed pricing features and high-resolution photography of all 2019 Honda models is available at hondanews.com.
About LCS
The League of Legends Championship Series (LCS) is the professional League of Legends esports league in North America. League of Legends is the most watched esport in the world with 13 international leagues worldwide. LCS is overseen and operated by Riot Games under the leadership of Chris “Chopper” Hopper, Head of Esports for North America and Chris Greeley, LCS Commissioner. To learn more about the LCS, visit lolesports.com
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SOURCE Honda
Leclanché and Government of St. Kitts Agree to Build Largest Solar Generation Plus Storage Project in Caribbean
BASSETERRE, St. Kitts and Nevis, DALLAS and YVERDON LES BAINS, Switzerland, Aug. 7, 2019 /PRNewswire-HISPANIC PR WIRE/ — The largest solar generation plus energy storage project ever to be built in the Caribbean has been announced by the Government of St. Kitts and Nevis, the state-owned St. Kitts Electric Company (SKELEC) and Leclanché SA (SIX: LECN), one of the world’s leading energy storage companies.
The Honorable Ian Patches Liburd, St. Kitts and Nevis Minister of Public Infrastructure, Post, Urban Development and Transport, said: “We are set to embark on this vital solar+storage project as a key part of our renewable energy thrust that is critical to the future development of our country.”
The 35.6 MW solar energy plant and 44.2 MWh battery storage facility will be built on government provided land in the Basseterre Valley, adjacent to the City of Basseterre and the current SKELEC PowerStation on the island of St. Kitts. It will provide the residents of this Caribbean twin-island Federation with a reliable and renewable clean energy source with fixed cost savings compared to the current diesel-generated power system. The system will provide between 25-30% of the nation’s current power generation needs, while displacing the same amount of diesel-generated capacity.
“The solar storage project will help solidify the financial strength of SKELEC over the next 20+ years, while substantially reducing the islands’ fuel cost over that period,” said Liburd. “The expected fuel avoidance cost from the installation of the solar farm will not only be beneficial to the energy demand of the Federation but represents that most viable option for securing SKELEC’s financial future.”
Leclanché will serve as the prime engineering, procurement and construction contractor for the installation of both the solar photovoltaic (PV) system and battery energy storage system (BESS).
“We want to thank Prime Minister Timothy Harris, Public Infrastructure Minister Liburd, the Government of St. Kitts–Nevis, and the SKELEC Board and Executive Team for their tremendous vision, cooperation and efforts in support of this exciting project,” said Anil Srivastava, CEO of Leclanché. “This project marks the first time a megawatt-scale solar energy system, stabilized by a state-of-the art lithium battery energy storage system, can be utilized to provide true ‘base load’ power for a utility on a Caribbean island. It sends a strong signal to other Caribbean countries, and those around the world, that there is a cleaner, more cost-efficient and viable alternative to diesel power.”
Minister Liburd said, “We are pleased to partner with Leclanché, one of the world’s leading energy storage solution providers, in this milestone project for the citizens of St. Kitts and Nevis. The solar and battery storage project represents a giant step forward in the government’s efforts to ensure a clean, safe and affordable energy future for our country. This project offers many benefits for our residents, businesses and the millions of tourists who visit St. Kitts and Nevis each year.”
The government recently approved an allocation of land for the project site which will be provided under a lease between the Government of St. Kitts and Nevis and the project company. SKELEC and Leclanché have already entered into a 20-year Power Purchase Agreement (PPA) which ensures the system will supply essential power capacity for St. Kitts for many years to come.
Leclanché has established a St. Kitts special purpose vehicle (SPV) along with local partner Solrid, to fund, own and operate the facility. Once the energy generation and storage project is completed and delivered, Leclanché will be responsible for the management of all project operations, maintenance and equipment warranties.
“SKELEC’s leadership in this solar generation and storage project is commendable on many levels,” said St. Kitts and Nevis Prime Minister Timothy Sylvester Harris. “This project is an example of the bold thinking and actions being undertaken by our electric utility to ensure a reliable power supply and a cleaner, more sustainable environment for our citizens and tourists.”
“The cost of this project to St. Kitts and Nevis citizens is zero,” said Bryan Urban, Executive Vice President and Head of Leclanché Stationary Business Unit. “It is being fully paid-for over 20 years through the savings created by the switch to clean and reliable solar energy.”
Ground-breaking for the solar and energy storage project is scheduled for mid-October 2019 with an anticipated completion date of September 2020.
For more information, write to [email protected] or visit www.leclanche.com.
About Leclanché
Headquartered in Switzerland, Leclanché SA is a leading provider of high-quality energy storage solutions designed to accelerate our progress towards a clean energy future. Leclanché’s history and heritage is rooted in over 100 years of battery and energy storage innovation and the Company is a trusted provider of energy storage solutions globally. This coupled with the Company’s culture of German engineering and Swiss precision and quality, continues to make Leclanché the partner of choice for both disruptors, established companies and governments who are pioneering positive changes in how energy is produced, distributed and consumed around the world. The energy transition is being driven primarily by changes in the management of our electricity networks and the electrification of transport, and these two end markets form the backbone of our strategy and business model. Leclanché is at the heart of the convergence of the electrification of transport and the changes in the distribution network. Leclanché is the only listed pure play energy storage company in the world, organised along three business units: stationary storage solutions, e-Transport solutions and specialty batteries systems. Leclanché is listed on the Swiss Stock Exchange (SIX: LECN).
SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9
Disclaimer
This press release contains certain forward-looking statements relating to Leclanché’s business, which can be identified by terminology such as “strategic”, “proposes”, “to introduce”, “will”, “planned”, “expected”, “commitment”, “expects”, “set”, “preparing”, “plans”, “estimates”, “aims”, “would”, “potential”, “awaiting”, “estimated”, “proposal”, or similar expressions, or by expressed or implied discussions regarding the ramp up of Leclanché’s production capacity, potential applications for existing products, or regarding potential future revenues from any such products, or potential future sales or earnings of Leclanché or any of its business units. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of Leclanché regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that Leclanché’s products will achieve any particular revenue levels. Nor can there be any guarantee that Leclanché, or any of the business units, will achieve any particular financial results.
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SOURCE Leclanché
UniVista Insurance Unveils West Coast Expansion Strategy
MIAMI, Aug. 7, 2019 /PRNewswire-HISPANIC PR WIRE/ — As part of its expansion strategy to the west coast, UniVista Insurance has opened offices in California and will soon launch its highly successful franchise program, the company announced today.
Miami-based UniVista, which Insurance Journal ranked nationally as a Top 31 Property and Casualty Insurance Provider in 2019, has opened three offices in California, with plans to open another three and hire dozens more licensed agents by year’s end. Additionally, its franchise program, a key to its success in Florida, is launching in 90 days on the west coast.
“In 2019, UniVista Insurance is projecting gross revenue of more than $100 million by providing excellent insurance products to our Spanish-language customers on both the east and west coast of the U.S. The response from the public to our philosophy of offering excellent insurance and customer service at an affordable price has generated a lot of demand for our products and franchises in California,” said Ivan Herrera, UniVista CEO. “We will soon be serving great communities in Texas, Arizona and other states, as well.”
Launched in 2009 under the leadership of Ivan Herrera, the company generated $76 million in gross revenue in 2018, up from $64 million in gross in 2017. Today, the company has 122 locations in Florida including more than 15 corporate offices, 107 franchises and three call centers. UniVista employs 1,114 men and women including 220 licensed agents. In 2019, South Florida Business Journal ranked UniVista Insurance in the Top 42 of its Top Private Companies. UniVista Insurance was also named No. 64 in Growjo’s “100 Fastest Growing Companies in Miami” Awards for 2019.
UniVista’s focus has been on a market niche that was largely ignored by insurance companies, made up of hardworking, Spanish-speaking immigrants in communities like Hialeah, who could pay for insurance if the policies were priced right, Herrera said. The company also spent time training employees, with agents taking classes every day on everything from UniVista culture to how to avoid customer fraud.
UniVista was again an industry innovator with the recent launch of UniVista.TV, an Internet network online that features original programming including Jose Carlucho and his Show. UniVista.TV also announced new programming for the digital platform with the addition of the great figures Omar Moynelo, of “De Todo con Moynelo”, and Tony Pinelli, of “Un Café con Pinelli”, as well as the launch of a new drama titled, “Miami Task Force.”
Additionally, UniVista has brought on social media sensation Marco Perez, known as “Marko”, to be its ambassador to the Spanish-speaking community across the country.
About UniVista Insurance
UniVista Insurance is a family-owned and operated, independent insurance agency that has been protecting Florida for over 10 years. UniVista Insurance has become a trusted leader among Florida insurance agencies and companies by providing quality protection, superior customer service, and the lowest insurance rates in the state. Whether it is auto, home, commercial, life, health or annuity products, UniVista educates and guides clients on making the right decision for their insurance needs. Its unprecedented success throughout Florida as a leader within the insurance community has led to its expansion to California, positioning the company to offer the best insurance coverage on both the West and East coasts. In 2019, Insurance Journal ranked UniVista Insurance nationally as a Top 31 Property and Casualty Insurance Provider. South Florida Business Journal ranked UniVista Insurance in the Top 42 of its Top Private Companies in 2019. UniVista Insurance was also named No. 64 in Growjo’s “100 Fastest Growing Companies in Miami” Awards for 2019.
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SOURCE UniVista Insurance
Honda Invests $46 Million to Expand Power Equipment Plant in North Carolina
SWEPSONVILLE, North Carolina, Aug. 6, 2019 /PRNewswire-HISPANIC PR WIRE/ — Associates at Honda Power Equipment Mfg., Inc. (HPE) today marked 35 years of producing power equipment products in America by announcing a $46.4 million investment to expand the Swepsonville, N.C. plant’s manufacturing capabilities. HPE also announced plans to begin production in September of an all-new Honda HRN lawn mower.
The new investment strengthens HPE’s production technologies in the North Carolina plant and includes a production line for the new Honda GCV general-purpose engine and a 135,000 sq. feet plant expansion for parts storage. The plant has the capacity to produce 2 million general-purpose engines per year, including the GCV engine, which is designed specifically for premium, residential power equipment applications.
“For more than 35 years, Honda associates in North Carolina have made high quality power equipment products that help make people’s lives better,” said Shane McCoy, senior vice president at HPE. “Our decision to invest in Honda’s Swepsonville plant fulfills Honda’s longstanding approach to build products close to the customer and demonstrates our strong commitment to North Carolina.”
In addition to the investment and expansion announced today, HPE invested $10.5 million in a 116,000 sq. feet plant expansion announced in February 2018, which now supports assembly and parts storage operations. Once all renovation is completed, this area will house the new engine line. Honda has invested a total of $350 million in the North Carolina facility.
HPE is one of Honda’s highest producing plants in the world with the annual capacity to produce more than two million Honda general-purpose engines and 500,000 finished products, including Honda lawn mowers, snow throwers, string trimmers, mini-tillers and generators.
HPE began production of lawn mowers in 1984, as the third Honda manufacturing plant in America, with cumulative production now topping 38 million products for Honda customers in the U.S. and around the world.
Many Honda Power Equipment products, including the new HRN lawn mower, are developed by the Honda R&D Americas, Inc. Power Equipment Division at its North Carolina Center, located adjacent to Honda Power Equipment Manufacturing in Haw River, N.C.
To commemorate the 35th anniversary milestone, HPE made contributions to local community organizations, demonstrating its continued commitment to Alamance County. HPE donated $2,500 to the Alamance-Burlington School System and provided Honda EG2800i OFI generators to fire departments in Swepsonville, Mebane and Haw River and the Piedmont Triad chapter of the American Red Cross.
About Honda Power Equipment
Honda markets a complete range of outdoor power equipment, including outboard marine engines, general-purpose engines, generators, lawn mowers, pumps, snow blowers, tillers and trimmers for commercial, rental and residential applications. Learn more at: https://powerequipment.honda.com.
Honda Manufacturing in the U.S.
Honda has one of the largest and most diverse U.S. manufacturing footprints of any international company operating in America. Honda has been producing automobiles in America for more than 35 years and currently operates 12 major U.S. manufacturing facilities, employing more than 20,000 associates in the production of Honda and Acura automobiles, Honda power equipment products, Honda Powersports products, the HondaJet advanced light jet and GE Honda HF120 turbofan engines.
In 2018, Honda produced more than 1.2 million automobiles in the United States, and 65 percent of all Honda and Acura automobiles sold in the U.S. were made locally, using domestic and globally sourced parts.
Cumulatively, Honda has invested more than $20 billion in its U.S. sales, manufacturing and R&D operations, including more than $5.9 billion in new investment over the past five years.
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Photo – https://mma.prnewswire.com/media/956998/HPE_Snow_Thrower.jpg
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SOURCE Honda North America
Kimberly-Clark and UNICEF partner to help 2 million babies and young children in Latin America and the Caribbean
DALLAS, Aug. 6, 2019 /PRNewswire-HISPANIC PR WIRE/ — Kimberly-Clark and UNICEF have joined together to improve the lives of nearly 2 million babies and young children across 16 countries in Latin America and the Caribbean. Over the next three years, Kimberly-Clark’s contribution through Huggies® global ‘No Baby Unhugged’ program will be used to support and grow UNICEF’s current Early Childhood Development (ECD) initiatives in Argentina, Brazil, Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Peru, Paraguay and Uruguay.
In Latin America, where one child dies every three minutes of preventable diseases and 52 percent die in the first 28 days of life, access to essential services such as health, education, protection programs, and more baby-friendly environments is a critical life-saving need.
“At Kimberly-Clark, we are deeply committed to keeping babies healthy, loved and safe during those first critical moments in their lives,” said Sergio Cruz, President for Kimberly-Clark Latin America. “By partnering with UNICEF to bring ‘No Baby Unhugged’ to Latin America, we are able to strengthen its Early Childhood Development programs that are vital to saving and improving babies’ lives.”
Through the partnership, UNICEF’s Early Childhood Development (ECD) programs will be able to continue growing to improve children’s lives and ensure that parents are supported and engaged in nurturing care and positive parenting with their children, including:
- Ensuring babies receive quality services, including neonatal care
- Creating baby-friendly environments at area hospitals and clinics
- Training frontline workers to provide essential services for young children and their families to address children’s needs and ensure that parents are supported
- Ensuring that families have the support needed to take care of their children and provide an enriched and safe environment for child development
“The development of children, especially during their early years, is influenced by the support of the family and surrounding environment, along with the accessibility and quality of integrated early childhood development systems,” says Maria Cristina Perceval, UNICEF Regional Director. “Nevertheless, million of children in our region are deprived of the protection, stimulation, nutrition, and care they need to fully develop. We appreciate the confidence that Kimberly Clark has placed in UNICEF to continue working together to ensure that every child not only survive but also reach his or her full potential.”
The contribution of $7.2 million is the company’s largest to UNICEF to date and represents its ongoing commitment to help babies thrive.
“UNICEF has spent 70 years working to improve the lives of children and families around the world,” said Juanita Pelaez Zambrano, General Manager, Baby and Child Care, Kimberly-Clark. “We know more babies and mothers will have access to essential health services, counselling and the support they need from the start thanks to the partnership with UNICEF.”
About Huggies® No Baby Unhugged
No Baby Unhugged is one of the largest global social impact programs established by Kimberly-Clark through its Huggies® brand. The program began in 2010 and aims to help the most vulnerable babies in society get the hugs and care they need. This care comes in many forms including hospital partnerships that support volunteer hugging programs, partnerships with NGOs who are focused on improving newborn and maternal health care, and diaper and wipe donations. Over the past five years, nearly 3 million babies in Canada, the United States, Israel, Australia, Vietnam, China, and India have benefited from the program.
About Kimberly-Clark
Kimberly-Clark (NYSE: KMB) and its trusted brands are an indispensable part of life for people in more than 175 countries. Fueled by ingenuity, creativity, and an understanding of people’s most essential needs, we create products that help individuals experience more of what’s important to them. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Snow, Plenitud, Viva and WypAll, hold the No. 1 or No. 2 share position in 80 countries. We use sustainable practices that support a healthy planet, build stronger communities, and ensure our business thrives for decades to come. To keep up with the latest news and to learn more about the company’s 147-year history of innovation, visit kimberly-clark.com or follow us on Facebook or Twitter.
About UNICEF
UNICEF works in over 190 countries and territories to save children’s lives, to defend their rights, and to help them fulfil their potential, from early childhood through adolescence.
For more information about UNICEF and its work for children, visit http://www.unicef.org/lac and follow us on Twitter and Facebook.
[KMB-C]
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SOURCE Kimberly-Clark
The Home Depot to Host Second Quarter 2019 Earnings Conference Call on August 20
ATLANTA, Aug. 6, 2019 /PRNewswire-HISPANIC PR WIRE/ — The Home Depot®, the world’s largest home improvement retailer, announced today that it will hold its Second Quarter 2019 Earnings Conference Call on Tuesday, August 20, at 9 a.m. ET.
A webcast will be available by logging onto http://ir.homedepot.com/events-and-presentations and selecting the Second Quarter Earnings Conference Call icon. The webcast will be archived and available beginning at approximately noon on August 20.
The Home Depot is the world’s largest home improvement specialty retailer, with 2,291 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2018, The Home Depot had sales of $108.2 billion and earnings of $11.1 billion. The Company employs more than 400,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.
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SOURCE The Home Depot
Budget for Back to School: Consolidated Credit Offers Resources to Help Families
FORT LAUDERDALE, Fla., Aug. 6, 2019 /PRNewswire-HISPANIC PR WIRE/ — The back-to-school shopping season is the second most expensive time of year for families with children. To help households stick to a budget, Consolidated Credit has created a free interactive back-to-school budget planner. They will also host a free webinar on August 14 to help families identify practical ways to save.
With roughly 78 percent of American households living paycheck-to-paycheck, according to a 2019 Forbes report, back-to-school expenses can stress consumers’ budgets and lead to increased debt. This year, the National Retail Federation estimates that families with K-12 children will spend nearly $700, while families with college-bound students will spend almost $1,000.
“Periods of increased spending can be tough when you’re just making ends meet,” explains April Lewis-Parks, Education Director for Consolidated Credit. “It often leads to increased credit card spending and higher bills, which only stresses budget more.’
Lewis-Parks says that was the idea behind the free back-to-school spending planner. It’s one of a series of spending planners the organization created to help families avoid overspending during expensive times of the year. It allows parents to set a budget based on how much they make annually and then plan accordingly for all the expenses they need to cover.
Consolidated Credit recommends these following money saving strategies for back to school shopping:
- Get your kids involved and talk to them about what items they need.
- Make a list to help you stay on target while shopping.
- Cut spending day-to-day to increase cash flow.
- Use social media to get exclusive offers and receive updates on sales.
- Generate extra money by selling unneeded items online or at a yard sale.
Consolidated Credit will a Smart Back to School Savings webinar on Wednesday, August 14, at 1:00 P.M. (ET). Participants will learn ten smart ways to save on expenses, how to coupon without going crazy, and how to include children in setting a budget to turn shopping into a money management teaching moment.
About: In 26 years, Consolidated Credit has helped over 6.5 million people overcome debt and financial challenges. Their mission is to assist families throughout the United States to end financial crises and solve money management issues through education and counseling.
Video – https://www.youtube.com/watch?v=qDnCJiFsfks
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SOURCE Consolidated Credit
EWTN’s 2019 Family Celebration in Denver To Include a Spanish Track
IRONDALE, Alabama, Aug. 6, 2019 /PRNewswire-HISPANIC PR WIRE/ — (EWTN) — For the second year in a row, EWTN will feature a Spanish track at the Network’s annual Family Celebration. Head to the Magness Arena in Denver, Colo. Sept. 21 for a celebration that could only be produced by your EWTN family. (Please go to http://bit.ly/EWTNEspanol for more information and to register for this free event.)
“This is the first time that Father Pedro, Pepe Alonso, Father Agustíno, and Alejandro Bermúdez will be together at one event,” said EWTN Chairman and Chief Executive Officer Michael P. Warsaw. “We are all looking forward to the conversation!”
As the EWTN Español audience is aware, Father Pedro Núñez of the Archdiocese of New Orleans is host of “Conozca Primero Su Fe Católica” and an author and speaker, who travels extensively throughout Latin America and the United States. Alejandro Bermúdez, host of “Cara A Cara,” is director of Catholic News Agency (English) and ACI Prensa (Spanish).
Jose “Pepe” Alonso, host of “Nuestra Fe En Vivo,” is an international speaker who works in the area of vocational training, while Father Agustino Torres, C.F.R., is host of “Clic Con Corazon Puro” and co-host of “ICONS.” Father Augustino works with youth and the poor, and speaks extensively on Church teaching on human sexuality, vocations, and missionary discipleship.
Enrique Duprat, Vice President of Spanish Programming and Production, calls this group “the world heavyweights of Spanish Catholic television.”
As previously announced, speakers on the English language side include Dr. David Anders, Fr. Mitch Pacwa, Johnnette Williams, Fr. Joseph, Fr. Mark, and Fathers Innocent and Angelus Montgomery.
All guests will have the opportunity to be part of the studio audience for a taping of a special “EWTN Live Show” hosted by Fr. Mitch Pacwa, meet EWTN hosts and authors, browse the EWTN Religious Catalogue shop, and, of course, celebrate the Vigil Mass with their EWTN family.
Plus, there will be plenty of opportunity for Adoration and Confession, and children will be thrilled to meet some of their favorite characters from “EWTN Faith Factory.” EWTN Radio will broadcast live on-site throughout the weekend and staff from the National Catholic Register will be on hand to answer questions. Guests will even have an opportunity to join EWTN in its mission of evangelization by becoming an EWTN Media Missionary!
It’s an event you won’t want to miss. For more information, please go to our website: http://www.ewtn.com/familycelebration/espanol.
We look forward to seeing you there!
EWTN Global Catholic Network, in its 38th year, is the largest religious media network in the world. EWTN’s 11 global TV channels are broadcast in multiple languages 24 hours a day, seven days a week to over 300 million television households in more than 145 countries and territories. EWTN platforms also include radio services transmitted through SIRIUS/XM, iHeart Radio, and over 500 domestic and international AM & FM radio affiliates; a worldwide shortwave radio service; one of the largest Catholic websites in the U.S.; electronic and print news services, including Catholic News Agency, “The National Catholic Register” newspaper, and several global news wire services; as well as EWTN Publishing, its book publishing division.
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SOURCE EWTN Global Catholic Network