text:
Euronext today completes the acquisition of the Borsa Italiana Group and publishes Q1 2021 results
29/04/2021 - 8:32AM CEST
Contact Media Contact Investor Relations
Paris +33 1 70 48 24 45 Oslo +47 22 34 19 15
Euronext today completes the acquisition of the Borsa Italiana Group1 for a final consideration of €4,444 million2, following the satisfaction of all condition precedents
Creation of the leading pan-European market infrastructure and the leading venue in Europe for listing and secondary markets for both debt and equity financing
Addition of significant capabilities in fixed income trading and enhanced post-trade activities, including a multi-asset clearing house and a significant CSD
Integration process has begun with governance structure established and integration plan being developed further
CDP Equity and Intesa Sanpaolo now join the Euronext Reference Shareholders through the subscription to a private placement for €579 million, with long-term commitment to support the Group's growth ambitions
Group-level governance in line with Euronext's federal model, with one independent Italian Supervisory Board member, to become the next Chairman of the Supervisory Board, and one Supervisory Board member representing CDP Equity, as representative of the Reference Shareholders, to be proposed at the Annual General Meeting of Shareholders on 11 May 2021
Strong start to the year with Q1 2021 revenue at €249.2 million up +5.2%3, despite lower volatility and volumes compared to an exceptional market environment in Q1 2020, EBITDA at €148.7 million, like-for-like EBITDA margin at 61.5% and adjusted EPS4at €1.53, up +6.3%
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 29 April 2021 – Euronext, the leading pan-European market infrastructure, today completes the acquisition of the Borsa Italiana Group (the "Transaction") for a final consideration of €4,444 million. Euronext today also announces its results for the first quarter of 2021, driven by strong organic growth in non-trading activities, recent acquisitions and continued cost discipline.
Key figures - in €m, unless stated otherwise Q1 2021 Q1 2020 % change % change
(like-for-like, constant currencies)
Revenue 249.2 236.8 +5.2% -3.7%
Operational expenses excluding D&A -100.4 -86.7 +15.8% +4.2%
EBITDA 148.7 150.0 -0.9% -8.0%
EBITDA margin 59.7% 63.4% -3.7 pts -2.9 pts
Net income, share of the Group 98.2 96.1 +2.2%
EPS (non-diluted, reported, in €) 1.41 1.38 +2.3%
EPS (diluted, reported, in €) 1.40 1.37 +2.4%
EPS (non-diluted, adjusted, in €) 1.53 1.44 +6.3%
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext said:
"Today marks a new chapter in the history of Euronext and of European capital markets. With the completion of the acquisition of the Borsa Italiana Group, Euronext delivers on its ambition to build the leading pan-European market infrastructure, connecting local economies to global capital markets, for the benefits of all market participants across Euronext's markets. The significantly scaled-up Group is now positioned as the leading venue in Europe for listing and secondary markets for both debt and equity financing. In addition, Euronext increases its business diversification with new capabilities in fixed income trading and clearing, as well as consolidation of a significant CSD. This transaction strengthens Euronext's profile and enhances its strategic prospects for future growth.
In Q1 2021, Euronext posted +5.2% revenue growth, to €249.2 million, thanks to a strong organic performance in non-trading activities and contribution from recent acquisitions. Even though Q1 2020 was an exceptional quarter in many respects, we continued to see during Q1 2021 the benefits of our diversification strategy as well as of the structural market dynamics of 2020. We recorded a 59.7% EBITDA margin in Q1 2021. We achieved our targeted synergies in Oslo one year in advance, and continued our cost control policy. The Adjusted EPS was up 6.3% to €1.53 per share, with received dividends offsetting exceptional costs related to the Borsa Italiana Group acquisition. As of today, we will consolidate the Borsa Italiana Group results, which will mark a considerable change of scale and profile for the combined Group. We will announce our combined strategic plan in Q4 2021."
Completion of the acquisition of the Borsa Italiana Group
Euronext today completes the acquisition of the Borsa Italiana Group, following the satisfaction of all condition precedents. The completion of the Transaction successfully creates the leading pan-European market infrastructure and the leading venue for capital markets in Europe.
Euronext believes that customers, of both Euronext and Borsa Italiana Group, will benefit from the greater size of the new Group, its diversified business mix and strengthened post-trade activities, including a multi-asset clearing house.
The Transaction firmly establishes Euronext as the leading pan-European market infrastructure in a post-Brexit Europe and strengthens its mission to finance the real economy through the creation of:
the leading listing venue in Europe, with more than 1,870 companies listed totalling €5.1 trillion in market capitalisation5;
the leading venue in equity financing6, with more than €63.6 billion raised in 2020 from investors to finance companies across Europe;
the leading venue for secondary markets in Europe7, with approximately €12.2 billion worth of cash equities and ETFs traded on a daily basis, on average8; and
a leading operator of post-trade infrastructures, including a multi-asset-class clearing house and a significant network of European CSDs with close to €6 trillion in assets under custody.
From a financial perspective, Euronext believes that the Transaction provides a compelling value proposition for shareholders. For the Financial Year ending 31 December 2020, the pro forma total revenue and income for the Group amounted to €1.4 billion; pro forma EBITDA amounted to €789.7 million and pro forma adjusted net income amounted to €497.6 million.
Euronext intends to leverage its enhanced capabilities to further improve European capital markets and serve as the backbone of the Capital Markets Union in Europe, while at the same time supporting local economies. Local investors, market members and issuers of each Euronext market have access to a significant range of active institutional investors across Europe and worldwide. The Transaction marks an important step towards securing Euronext's future. It expands the Group's strategic prospects in a rapidly changing environment and is expected to translate into new opportunities for growth, geographical expansion, business diversification and product innovation.
An integration plan is being developed, across several workstreams, under the oversight of an Integration Management Office, including representatives of both Euronext and the Borsa Italiana Group.
Euronext has signed a contract to host its Group core data centre with Aruba S.p.A. The data centre will be located in Bergamo, Italy. The date currently targeted for the first part of the Group core data centre migration, subject to regulatory approval and operational readiness, is set for 2022. The migration is being planned in response to multiple factors, including the acquisition of the Borsa Italiana Group, the dynamic created by Brexit and a strong rationale to locate the Group's core data centre in a country where Euronext operates a large business. This migration is being planned to be ready for the migration of the Borsa Italiana markets onto the Optiq® trading platform by 2023.
Governance and shareholding evolution
On 15 February 2021, Euronext announced that Piero Novelli has been nominated by the Supervisory Board as an independent member of the Supervisory Board, to become the next Chairman of Euronext N.V., subject to regulatory and shareholder approvals.
Today, CDP Equity and Intesa Sanpaolo become shareholders of Euronext N.V. through the subscription to a private placement of 5.6 million and 1.0 million newly issued shares in Euronext, respectively, for a price of 87.70€ per share, representing a total consideration of €579 million.
Both CDP Equity and Intesa Sanpaolo become parties to an amended and extended agreement with Euronext's Reference Shareholders. Under the new Reference Shareholders Agreement, each of the Reference Shareholders has agreed not to sell or otherwise transfer or dispose of any of Euronext's ordinary shares for a period of three years9, subject to certain exceptions.
As CDP Equity is now one of the two largest Reference Shareholders in Euronext with 7.31% of the share capital, it is entitled to nominate one of the Reference Shareholders representatives on the Euronext N.V. Supervisory Board. As such, on 30 March 2021, Euronext announced that Alessandra Ferone has been nominated by the Supervisory Board as member of the Supervisory Board of Euronext N.V. representing CDP Equity, subject to regulatory and shareholder approvals.
The presence of CDP Equity and Intesa Sanpaolo is expected to further support the Group's growth ambitions while facilitating SMEs' access to capital markets.
The final cash consideration to be paid to London Stock Exchange Group plc amounts to €4,444 million10.
The Transaction is financed through:
~€0.3 billion from the use of existing cash;
~€3.7 billion from the draw down of Euronext's €4.4 billion bridge loan facility; and
~€0.6 billion from the private placement to CDP Equity and Intesa Sanpaolo.
Euronext is expecting to refinance the bridge loan facility through:
~€1.8 billion of new equity to be issued, through a rights offer to Euronext's existing shareholders, as announced today11; and
~€1.8 billion of debt to be issued in the debt capital markets with long term maturities.
Euronext is committed to maintaining an investment grade credit rating, with a pro forma net debt to pro forma EBITDA leverage ratio of 3.2x as at 31 December 2020, which is expected to reduce below 3x by the end of 2022. Euronext does not expect any change in its dividend policy of a pay-out of 50% of its reported net income.
Euronext today also enters into a new €600 million Revolving Credit Facility, replacing its €400 million existing facility and reflecting the increased size of the Group.
Strong performance over the first quarter of 2021
Revenue at €249.2 million (+5.2%) driven by strong organic growth in non-trading activities and recent acquisitions:
Post-trade revenue increased to €63.2 million (+61.2%), mainly driven by the rise of retail investors and the increasing contribution of VP Securities. Like-for-like at constant currencies12, post-trade revenue increased +8.5%.
Listing revenue increased to €38.8 million (+9.4%), resulting from the strong performance of Corporate Services, from an excellent quarter for new listings and from positive traction in ESG bond listing. Like-for-like at constant currencies, listing revenue increased +8.3%.
Advanced Data Services revenue increased to €36.5 million (+4.8%) driven by the good performance of indices and ESG products. Like-for-like at constant currencies, Advanced Data Services revenue increased +4.2%.
Trading revenue decreased to €96.0 million (-14.2%), reflecting lower trading volumes compared to an exceptional market environment in Q1 2020, partially offset by a higher revenue capture and an improved market share in cash trading. Like-for-like at constant currencies, trading revenue decreased -15.8%.
Group non-volume related revenue13 accounted for 53% of Q1 2021 total revenue (vs. 44% in Q1 2020) and covered 132% of operating expenses excluding D&A (vs. 119% in Q1 2020).
EBITDA at €148.7 million (-0.9%), with EBITDA margin at 59.7% (-3.7pts); EBITDA margin (like-for-like at constant currencies) at 61.5%:
Group operating expenses excluding D&A were up €13.7 million to €100.4 million as a result of the consolidation of costs from acquired businesses for €16.4 million, partially offset by continued cost discipline. Like-for-like, operating costs excluding D&A were up +4.2%, mainly driven by costs related to the acquisition of the Borsa Italiana Group and staff costs notably related to LTI computation.
Targeted Oslo Børs VPS run-rate cost synergies were delivered one year ahead of schedule and above target. €13.8 million of synergies have been extracted from Oslo Børs VPS at the end of March 2021, compared to a target of €12 million. VP Securities run-rate cash cost synergies amounted to €4.5 million at the end of March 2021.
Reported net income, share of the Group, at €98.2 million (+2.2%):
Exceptional items were at €3.6 million, primarily resulting from costs related to the acquisition of the Borsa Italiana Group.
Results from equity investments amounted to €11.7 million thanks to a received dividend of €9.2 million.
Income tax rate at 27.4%.
Adjusted EPS14at €1.53 (+6.3%).
In €m, unless stated otherwise
The figures in this document have not been audited or reviewed by our external auditor. Q1 2021 Q1 2020 % change Organic
(like-for-like, constant currency)
Listing 38.8 35.4 +9.4% +8.3%
Trading revenue 96.0 111.8 -14.2% -15.8%
o/w Cash trading 69.8 80.8 -13.7% -13.7%
o/w Derivatives trading 11.7 15.7 -25.7% -25.8%
o/w Spot FX trading 6.1 8.0 -24.5% -17.5%
o/w Power trading 8.4 7.2 +17.2% n/a
Investor Services 2.3 1.9 +19.0% +21.2%
Advanced Data Services 36.5 34.9 +4.8% +4.2%
Post Trade 63.2 39.2 +61.2% +8.5%
o/w Clearing 17.1 19.2 -11.0% -11.0%
o/w Custody, Settlement and other Post Trade 46.1 20.0 +130.4% +21.2%
Euronext Technologies & Other revenue 11.9 13.3 -11.0% -3.5%
Other income 0.6 0.3 +133.0% +133.0%
o/w Salaries and employee benefits -55.7 -43.8 +27.2% +12.5%
o/w Other expenses -44.7 -42.9 +4.1% -4.2%
Depreciation & amortisation -16.0 -12.9 +24.5% +4.5%
Operating profit before exceptional items 132.7 137.2 -3.2% -9.2%
Exceptional items -3.6 -1.1 +221.0%
Operating profit 129.2 136.1 -5.1%
Net financing income / (expense) -4.8 -2.0 +141.6%
Results from equity investments 11.7 2.1 +453.6%
Profit before income tax 136.1 136.2 -0.1%
Income tax expense -37.2 -38.3 -2.8%
Share of non-controlling interests -0.7 -1.8 -63.2%
Reported EPS (€ per share) 1.41 1.38 +2.3%
Adjusted EPS (€ per share) 1.53 1.44 +6.3%
In the first quarter of 2021, Euronext consolidated revenue increased to €249.2 million, up +5.2%, primarily resulting from the consolidation of VP Securities and from organic growth in listing and post trade, partially offsetting lower trading revenue compared to Q1 2020. On a like-for-like basis (Nord Pool, Ticker, 3Sens and VP Securities in Q1 2020) and at constant currencies, Euronext consolidated revenue was down -3.7% in Q1 2021, at €218.5 million, compared to an exceptional Q1 2020.
Non-volume related revenue accounted for 53% of total Group revenue in Q1 2021, increasing from 44% of total Group revenue in Q1 2020, reflecting the expanded post-trade business. The operating cost coverage ratio was at 132% in Q1 2021, compared to 119% in Q1 2020.
In €m, unless stated otherwise Q1 2021 Q1 2020 % change Organic
Salaries and employee benefits -55.7 -43.8 +27.2% +12.5%
Other expenses -44.7 -42.9 +4.1% -4.2%
Operational expenses excluding depreciation & amortisation increased to €100.4 million, up +15.8%, or €13.7 million, primarily as a result of the consolidation of the costs from Nord Pool, VP Securities, Ticker and 3Sens for €16.4 million. On a like-for-like basis, operational expenses excluding depreciation & amortisation increased by +4.2% compared to Q1 2020, reflecting costs related to the acquisition of the Borsa Italiana Group and staff costs notably related to LTI computation.
Consequently, EBITDA for the quarter was stable at €148.7 million, representing an EBITDA margin of 59.7%, down -3.7 points compared to Q1 2020. On a like-for-like basis, EBITDA for Q1 2021 was down -8.0%, to
€134.4 million, and EBITDA margin was 61.5%, down -2.9 points compared to the same perimeter in Q1 2020.
Net income, share of the Group
Depreciation and amortisation accounted for €16.0 million in Q1 2021, up +24.5%, resulting mainly from the consolidation of recently acquired businesses and their respective PPA15. On a like-for-like basis, depreciation & amortisation was up +4.5% compared to Q1 2020 at €12.6 million.
Operating profit before exceptional items was €132.7 million, a -3.2% decrease compared to Q1 2020. On a like-for-like basis, operating profit before exceptional items was down -9.2% compared to Q1 2020, at €121.9 million.
€3.6 million of exceptional costs was reported in Q1 2021, primarily in relation to the acquisition of the Borsa Italiana Group.
Net financing expense for Q1 2021 was €4.8 million compared to a net financing income of €2.0 million in
Q1 2020, reflecting the bond tap issue in June 2020 and financing costs related to the acquisition of the Borsa Italiana Group.
Results from equity investments amounted to €11.7 million in Q1 2021, resulting from the interim dividend received from Euroclear and from the contribution from LCH SA, in which Euronext owns an 11.1% stake. As a reminder, in Q1 2020, Euronext reported €2.1 million of results from equity investments.
Income tax for Q1 2021 was €37.2 million. This translated into an effective tax rate of 27.4% for the quarter
(Q1 2020: €38.3 million and 28.1% respectively).
Share of non-controlling interests mainly relating to iBabs (100%-owned from 3 March 2021) amounted to €0.7 million in Q1 2021.
As a result, the reported net income share of the Group for Q1 2021 increased by +2.2% compared to Q1 2020, to €98.2 million. This represents a reported EPS of €1.41 basic and €1.40 fully diluted in Q1 2021, compared to €1.38 basic and €1.37 fully diluted in Q1 2020. The number of shares used was 69,665,485 for the basic calculation and 69,928,074 for the fully diluted calculation.
Adjusted EPS16 is up +6.3% in Q1 2021, at €1.53, compared to an adjusted EPS of €1.44 in Q1 2020.
In Q1 2021 Euronext generated a net cash flow from operating activities of €185.9 million, compared to €51.0 million in Q1 2020.
Q1 2021 business highlights
In €m, unless stated otherwise Q1 2021 Q1 2020 % change
Listing revenue 38.8 35.4 +9.4%
Annual fees 9.5 8.9 +6.9%
Follow-ons 4.6 5.2 -11.4%
IPOs 3.2 2.7 +16.0%
Debts 9.0 7.9 +14.3%
ETFs, Funds & Warrants 3.0 3.0 0.0%
Corporate Services 9.1 6.8 +32.9%
Others 0.4 0.9 -57.4%
Money raised 376,678 314,423 +19.8%
Listing revenue was €38.8 million in Q1 2021, an increase of +9.4% compared to Q1 2020, driven by the strong performance of Euronext Corporate Services, the best first quarter for new listings since the first quarter of 2015 and positive traction of ESG bond listing. On a like-for-like basis at constant currencies, listing revenue increased by +8.3% compared to Q1 2020.
The first quarter of 2021 saw the strong primary equity listing dynamic continue, with 37 new listings on Euronext, including four large company listing such as Stellantis, InPost, CTP and Technip Energies. This momentum across Euronext markets was supported both by large capitalisations and SMEs. In addition, Euronext continued to demonstrate its strong value proposition for innovative companies with a majority of listings by tech companies. In Q1 2021, €6.4 billion was raised on Euronext primary markets, compared to €0.3 billion in Q1 2020.
Secondary markets reported a solid first quarter of 2021, with €14.0 billion raised in secondary equity issues, compared to €11.1 billion in Q1 2020.
Debt listing activity was solid in Q1 2021, notably supported by the continued momentum in ESG bond listing. In Q1 2021, €356.3 billion in debt was raised on Euronext's markets, compared to €303.1 billion in Q1 2020.
In total, €376.7 billion in equity and debt was raised on Euronext's markets in Q1 2021, compared to €314.4 billion in Q1 2020.
Corporate Services reported a strong performance, generating €9.1 million in revenue in Q1 2021, up +32.9% compared to €6.8 million in Q1 2020. This performance results from continued commercial development and an enhanced digital offering meeting high demand for digital solutions.
Trading revenue 96.0 111.8 -14.2%
Cash trading 69.8 80.8 -13.7%
ADV Cash market 9,953 12,555 -20.7%
Derivatives trading 11.7 15.7 -25.7%
ADV Derivatives market (in lots)1 678,009 853,659 -20.6%
Number of trading days 63 64
Spot FX trading 6.1 8.0 -24.5%
ADV spot FX Market (in USDm) 21,440 25,868 -17.1%
Power trading 8.4 7.2 n/a
ADV Day-ahead power market (in TWh) 2.94 2.90 +1.2%
ADV Intraday power market (in TWh) 0.06 0.08 -22.0%
Cash trading revenue decreased by -13.7% in Q1 2021, to a total of €69.8 million, reflecting lower trading volumes due to lower volatility compared to an exceptional Q1 2020. Average daily volume for cash trading decreased to €10.0 billion in Q1 2021, down -20.7% compared to Q1 2020. Revenue capture remained strong, with the average yield over the quarter reaching 0.56 bps, compared to 0.50 bps in Q1 2020. Average market share on cash trading was 70.3%17 in the first quarter of 2021, compared to 69.9% in the first quarter of 2020.
The average daily transaction value of ETFs on the electronic order book was €287 million over Q1 2021, down -26.4% compared to Q1 2020, as a result of lower volatility.
On a like-for-like basis at constant currencies, revenue from cash trading was down -15.8% compared to an exceptional Q1 2020, marked by the market volatility related to the COVID-19 pandemic.
Derivatives trading
Derivatives trading revenue decreased -25.7% in Q1 2021, to €11.7 million, compared to €15.7 million in Q1 2020. Derivatives trading volumes in Q1 2021 decreased -20.6% compared to Q1 2020. Average daily volume on individual equity derivatives was down -7.3% at 396,082 contracts, while the average daily volume on equity index derivatives was down -41.6% to 198,345 contracts, reflecting uncertain market conditions.
Commodity products recorded a record quarter in Q1 2021, with average daily volumes increasing +8.5%, compared to Q1 2020, to 83,582 contracts, resulting from the high volatility on agricultural markets.
Yield on derivatives averaged €0.27 in Q1 2021, compared to €0.29 in Q1 2020.
On a like-for-like basis at constant currencies, revenue from derivatives trading was down -25.8% compared to Q1 2020.
Spot FX trading
Spot FX trading activity on the Euronext FX spot foreign exchange market recorded average daily volumes of $21.4 billion in Q1 2021, down -17.1% compared to $25.9 billion in Q1 2020, resulting from a less volatile trading environment. As a result, spot FX trading generated €6.1 million of revenue in Q1 2021, down -24.5% compared to €8.0 million in Q1 2020.
On a like-for-like basis at constant currencies, spot FX trading revenue was down -17.5% in Q1 2021 compared to Q1 2020.
Power trading, encompassing the trading activities of Nord Pool, reported €8.4 million revenue, reflecting the usual seasonally higher winter months. Over Q1 2021, average daily day-ahead power traded was 2.94TWh, up +1.2% compared to Q1 2020, and average daily intraday power traded was 0.06TWh, down -22.0% compared to Q1 2020.
Investor Services reported revenue up +19.0% to €2.3 million in Q1 2021 reflecting its continued commercial development.
On a like-for-like basis at constant currencies, Investor Services revenue was up +21.2% compared to Q1 2020.
Advanced Data Services
Advanced Data Services reported revenue up +4.8% to €36.5 million in Q1 2021 driven by the good performance of indices and ESG products.
On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.2% compared to Q1 2020.
Post Trade
Clearing revenue was down in Q1 2021, at €17.1 million, -11.0% compared to Q1 2020, reflecting lower derivatives trading volumes over the quarter.
Custody, Settlement and other Post Trade
Revenue from Custody, Settlement and other Post Trade, notably encompassing Interbolsa, Euronext VPS and VP Securities activities, increased by +130.4% to €46.1 million in Q1 2021. This performance resulted primarily from the consolidation of VP Securities, higher settlement activities and increased retail participation in the Danish and Norwegian CSDs.
On a like-for-like basis at constant currencies, revenue from Custody, Settlement and other other Post Trade was up +21.2% compared to Q1 2020.
As a reminder, Euronext announced on 22 March 2021 that it has completed the sale of Centevo to Profile Software.
Euronext Technologies & Other revenue
Euronext Technologies & Other revenue decreased by -11.0% in Q1 2021, to €11.9 million, mainly reflecting a decrease in Nord Pool's shipping and cost recovery revenue, offsetting higher SFTI / Colocation revenue.
On a like-for-like basis at constant currencies, revenue was down -3.5% compared to Q1 2020.
Corporate highlights of Q1 2021 since publication of the 2020 Universal Registration Document on 30 March 2021
Euronext acquires remaining interest in iBabs
Euronext announced on 3 March 2021 the acquisition of the remaining 40% interest in iBabs, a leading provider of dematerialised and secured board portal solutions for corporate and public organisations in Europe, held by the founders of the company who are now exiting the business after a successful transition period. As detailed at the time of Euronext's acquisition of iBabs in July 2017, Euronext has exercised its call option on the remaining interest of iBabs for a consideration of €53.2 million18, on a debt-free-cash-free basis, representing an Adjusted EBITDA 2020 multiple of 10x.
Since Euronext's acquisition of a 60% stake in July 2017, iBabs has been a major contributor to Euronext Corporate Services performance. iBabs has reported high double-digit revenue growth every year, with compound annual growth rate of +33% between 2017 and 2020, while remaining cost-efficient and demonstrating the scalability of its SaaS model. Through its integration into Euronext Corporate Services, iBabs has expanded its footprint in Europe and doubled its number of clients and number of users, reflecting increasing needs for digital solutions, secured meeting management and continued product innovation.
Sale of Centevo
Euronext announced on 22 March 2021 that it has completed the sale of Centevo to Profile Software, an international financial solutions provider. Centevo had been acquired in 2019 as part of the acquisition of Oslo Børs VPS. Centevo generated c.€5.3 million of revenues in 2020.
Based on Euronext 2020 full-year results, the sale of Centevo would account for an increase of c.+0.4 pts to Euronext EBITDA margin. For 2021, this will result in an additional cost reduction on top of the mid-single digit decrease in operating costs excluding D&A previously expected in 2021.
Convening of the Annual General Meeting of Euronext N.V.
On 30 March 2021 Euronext announced that the virtual Annual General Meeting ("AGM") will take place on Tuesday 11 May 2021 at 10:30 CET. Formally, the virtual AGM will be held at Beursplein 5, 1012 JW Amsterdam, The Netherlands.
In the light of the Dutch emergency law regarding General Meetings during the Covid-19 pandemic, the Managing Board of Euronext N.V. has taken the decision to allow shareholders to attend the meeting virtually only, via internet at https://channel.royalcast.com/landingpage/euronextwebcast/20210511_1/
The documentation is available at:
https://www.euronext.com/en/investor-relations/financial-calendar/annual-general-meeting-11052021
Corporate highlights post 31 March 2021
Q1 2021 Borsa Italiana Group results
In the first quarter of 2021, Borsa Italiana Group19 consolidated revenue was €124.1 million, stable compared to Q1 2020, primarily driven by growth in capital markets and information services, partially offsetting slower post-trade and technology services revenue.
Operational expenses excluding depreciation & amortisation decreased to €47.2 million, down 5.1%, or
€2.6 million compared to Q1 2020, mainly resulting from lower costs of sales, intercompany costs, other costs and marketing costs in Q1 2021.
Consequently, EBITDA for the quarter was €76.8 million, up +3.4% compared to Q1 2020, representing a margin of 61.9%, up +2.0 points compared to Q1 2020.
Borsa Italiana Group companies have adopted as of today the Euronext brand architecture, notably the "Pulse" symbol shared by all Euronext-owned companies. Reflecting Euronext's federal model, starting today, Borsa Italiana, Monte Titoli, CC&G, MTS and Gatelab will integrate the Euronext visual identity in their branding.
A conference call and a webcast will be held TODAY 29 April 2021, at 9.30am CEST (Paris time) / 8.30am BST (London time):
Website: www.euronext.com/investors
To connect to the conference call, please dial:
UK Number: +44 330 551 0200
FR Number: +33 1 7037 7166
NL Number: +31 20 708 5073
US Number: +1 212 999 6659
BE Number: +32 2 789 8603
PT Number: +351 3 0880 2081
IR Number: +353 1 436 0959
NO Number: +47 2 156 3318
IT Number: +39 06 83360400
Password: Euronext
Live Webcast:
A live audio webcast and replay after the call will be available via this link and on Euronext's Investor Relations website.
Aurélie Cohen – Chief Communications and Investor Relations Officer +33 1 70 48 24 17
Clément Kubiak – Investor Relations Manager +33 1 70 48 24 33; ir@euronext.com
Aurélie Cohen - Chief Communications and Investor Relations Officer +33 1 70 48 24 45; mediateam@euronext.com
Euronext is the leading pan-European market infrastructure, connecting local economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, The Netherlands, Norway and Portugal. With close to 1,900 listed issuers worth €5.6 trillion in market capitalisation as of end March 2021, it has an unmatched blue chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe's leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates Euronext Growth® and Euronext Access®, a number of junior markets, simplifying access to listing for SMEs. Euronext provides custody and settlement services through central securities depositories in Denmark, Italy, Norway and Portugal.
For the latest news, go to euronext.com or follow us on Twitter (twitter.com/euronext) and LinkedIn (linkedin.com/euronext).
IMPORTANT NOTICE: THIS PRESENTATION IS NOT AND DOES NOT CONTAIN AN OFFER OF SECURITIES FOR SALE OR A SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. ANY SECURITIES MENTIONED IN THIS PRESENTATION (THE "SECURITIES") HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS REGISTERED UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM, OR A TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFER OF THE SECURITIES IN THE UNITED STATES.
www.euronext.com/terms-use
For comparative purposes, the company provides unaudited non-IFRS measures including:
Operational expenses excluding depreciation and amortisation
EBITDA, EBITDA margin.
Non-IFRS measures are defined as follows:
Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses
EBITDA as the operating profit before exceptional items and depreciation and amortisation
EBITDA margin as the operating profit before exceptional items and depreciation and amortisation, divided by revenue.
Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.
Adjusted EPS definition
In €m unless stated otherwise Q1 2021 Q1 2020
Net income reported 98.2 96.1
EPS Reported (€ per share) 1.41 1.38
Intangible assets adj. related to acquisitions (PPA) (6.4) (4.8)
Exceptional items (3.6) (1.1)
Tax related to those items 1.3 1.3
Adj. net income 106.9 100.7
Adj. EPS (€ per share) 1.53 1.44
Consolidated income statement
Unaudited, In €m Q1 2021 Q1 2020 % var Organic
(like for like at constant currency)
Cash trading 69.8 80.8 -13.7% -13.7%
Derivatives trading 11.7 15.7 -25.7% -25.8%
Spot FX trading 6.1 8.0 -24.5% -17.5%
Power trading 8.4 7.2 n/a n/a
Clearing 17.1 19.2 -11.0% -11.0%
Custody, Settlement and other Post Trade 46.1 20.0 +130.4% +21.2%
Other operational expenses -44.7 -42.9 +4.1% -4.2%
System & communication -10.9 -9.2 +18.2% +4.0%
Professional services -15.7 -12.7 +23.1% +12.0%
Clearing expense -8.1 -9.1 -11.1% -8.6%
Accommodation -1.8 -1.9 -8.9% -22.4%
Other operational expenses -8.3 -10.0 -16.6% -22.7%
EPS Reported (in € per share) € 1.41 € 1.38 +2.3%
EPS Adjusted (in € per share) € 1.53 € 1.44 +6.3%
The figures in this document have not been audited or reviewed by our external auditor.
Consolidated comprehensive income statement
Unaudited, In €m Q1 2021 Q1 2020
Profit for the period 98.9 97.9
Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations 45.0 -114.7
– Income tax impact on exchange differences on translation of foreign operations -5.3 9.3
Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income -0.4 2.6
– Income tax impact on change in value of equity investments at fair value through other comprehensive income 0.2 0.0
Other comprehensive income for the period net of tax 39.5 -102.8
Total comprehensive income for the period 138.3 -4.9
Comprehensive income attributable to:
– Owners of the parent 136.7 -3.9
– Non-controlling interests 1.6 -1.0
Unaudited, In €m As at 31 March 2021 As at 31 Dec 2020
Property, plant and equipment 56.4 56.0
Right-of-use assets 43.0 46.9
Goodwill and other intangible assets 1,568.4 1,536.1
Deferred income tax assets 21.5 20.8
Investments in associates and JV 70.7 68.1
Financial assets at fair value through OCI 204.5 204.5
Other non-current assets 7.5 8.6
Total non-current assets 1,972.0 1,941.1
Trade and other receivables 299.0 195.0
Income tax receivable 2.9 3.3
Derivative financial instruments 23.7 23.7
Other current financial assets 104.0 92.1
Cash & cash equivalents 759.2 629.5
Total current assets 1,188.8 943.5
Total assets 3,160.7 2,884.6
Shareholders' equity 1,148.4 1,058.7
Non-controlling interests 21.6 30.2
Total equity 1,170.0 1,089.0
Non-current liabilities
Borrowings 1,272.6 1,272.5
Lease liabilities 31.9 35.1
Deferred income tax liabilities 99.8 92.9
Post-employment benefits 27.2 26.5
Contract liabilities 48.5 44.6
Other provisions 13.0 14.5
Total non-current liabilities 1,493.0 1,486.1
Borrowings 12.6 8.2
Other current financial liabilities - 0.5
Derivative financial instruments 0.0 0.4
Income tax payable 44.8 33.8
Trade and other payables 308.0 185.8
Contract liabilities 111.8 62.2
Other provisions 4.1 2.6
Total current liabilities 497.7 309.6
Total equity and liabilities 3,160.7 2,884.6
Consolidated statement of cash flows
Profit before tax 136.1 136.2
Adjustments for:
- Depreciation and amortisation 16.0 12.9
- Share based payments 2.4 1.4
- Share of profit from associates and joint ventures -2.6 -2.1
- Changes in working capital 61.5 -65.3
Cash flow from operating activities 213.5 83.0
Income tax paid -27.6 -32.0
Net cash flows from operating activities 185.9 51.0
Acquisition of subsidiaries, net of cash acquired -56.1 61.3
Proceeds from disposal of subsidiary 3.3 0.0
Purchase of current financial assets -20.2 -15.3
Redemption of current financial assets 10.6 0.0
Purchase of property, plant and equipment -2.4 -1.7
Purchase of intangible assets -3.1 -2.4
Proceeds from sale of Property, plant, equipment and intangible assets 0.1 0.1
Dividends received from equity investments 9.2 0.0
Net cash flow from investing activities -58.9 41.9
Cash flow from financing activities
Interest paid -0.1 -0.1
Payment of lease liabilities -2.8 -1.7
Transaction of own shares -0.2 -13.8
Dividends paid to non-controlling interests -3.6 0.0
Net cash flow from financing activities -6.7 -15.6
Total cash flow over the period 120.3 77.3
Cash and cash equivalents - Beginning of period 629.5 369.8
Non cash exchange gains/(losses) on cash and cash equivalents 9.4 -28.3
Cash and cash equivalents - End of period 759.2 418.8
Volumes for the first quarter of 2021
Cash markets activity
Q1 2021 Q1 2020
Nb trading days 63 64
NUMBER OF TRANSACTIONS (buy and sells) (reported trades included)
Q1 2021 Q1 2020 Change %
Total Cash Market * 199,243,550 220,112,932 -9.5%
ADV Cash Market * 3,162,596 3,439,265 -8.0%
TRANSACTION VALUE ( € million - Single counted)
(€m) Q1 2021 Q1 2020 Change %
Total Cash Market * 627,021 803,514 -22.0%
ADV Cash Market * 9,953 12,555 -20.7%
* (shares, warrants, trackers, bonds...)
LISTINGSR
Mar-21 Mar-20 Change %
Number of Issuers on Equities
EURONEXT ** 1,515 1,460 +3.8%
SMEs 1,177 1,108 +6.2%
Number of Listed Securities
Bonds 48,772 46,933 +3.9%
ETFs 1,454 1,252 +16.1%
Funds 4,357 4,684 -7.0%
**(Euronext, Euronext Growth and Euronext Access)
Capital raised on Equities on Primary and Secondary Market
EURONEXT (Euronext, Euronext Growth)
Nb New Listings ** 37 9
Money Raised New Listings incl over allotment 6,377 257 2382.8%
of which Money Raised New Listings 6,377 248 2472.5%
Follow-ons on Equities 13,995 11,075 26.4%
Bonds 356,306 303,091 17.6%
Total Money Raised * 376,678 314,423 19.8%
of which SMEs
Money Raised New Listings incl over allotment 2,722 257 960.0%
of which Money Raised New Listings 2,722 248 998.3%
Follow-ons on Equities 4,567 1,205 279.1%
Bonds 910 375 142.6%
Total Money Raised * 8,200 1,837 346.4%
* includes New Listings including over-allotment, follow-ons on Equities, corporate bonds on Euronext Listed Issuers.
R: 2020 figures restated
Derivatives markets activity
Volume (in lots)
Equity 37,448,916 49,094,790 -23.7%
Index 12,495,741 21,747,758 -42.5%
Futures 7,681,013 15,095,373 -49.1%
Options 4,814,728 6,652,385 -27.6%
Individual Equity 24,953,175 27,347,032 -8.8%
Futures 3,917,702 5,566,394 -29.6%
Options 21,035,473 21,780,638 -3.4%
Commodity 5,265,652 4,928,127 6.8%
Futures 4,765,552 4,548,128 4.8%
Options 500,100 379,999 31.6%
Other 0 611,290
Futures 0 611,290
Options 0 0
Total Euronext 42,714,568 54,634,207 -21.8%
Total Futures 16,364,267 25,821,185 -36.6%
Total Options 26,350,301 28,813,022 -8.5%
ADV (in lots)
Equity 594,427 767,106 -22.5%
Index 198,345 339,809 -41.6%
Futures 121,921 235,865 -48.3%
Options 76,424 103,944 -26.5%
Individual Equity 396,082 427,297 -7.3%
Futures 62,186 86,975 -28.5%
Options 333,896 340,322 -1.9%
Commodity 83,582 77,002 8.5%
Futures 75,644 71,065 6.4%
Options 7,938 5,937 33.7%
Other 0 9,551
Futures 0 9,551
Total Euronext 678,009 853,659 -20.6%
Total Futures 259,750 403,456 -35.6%
Total Options 418,259 450,203 -7.1%
Open InterestR
Mar-21 Mar-20 Change % YOY
Equity 17,814,613 19,426,494 -8.3%
Index 1,237,182 1,577,915 -21.6%
Options 620,776 879,276 -29.4%
Options 14,925,362 14,392,008 3.7%
Commodity 974,336 766,668 27.1%
Futures 707,098 522,620 35.3%
Options 267,238 244,048 9.5%
Total Euronext 18,788,949 20,228,362 -7.1%
Total Futures 2,975,573 4,713,030 -36.9%
Total Options 15,813,376 15,515,332 1.9%
Spot FX VOLUME (in USD millions, single counted)
Total Spot FX Market 1,350,733 1,655,579 -18.4%
ADV Spot FX Market 21,440 25,868 -17.1%
Power VOLUME (in TWh)
ADV Day-ahead Power Market 2.94 2.90 +1.2%
ADV Intraday Power Market 0.06 0.08 -22.0%
*END*
1 London Stock Exchange Group Holdings Italia S.p.A
2Including additional amount reflecting the cash generated since 30 June 2020
3 Percentages compare Q1 2021 to Q1 2020 figures
4 As defined in appendix
5 By aggregated market capitalization, as of 31 December 2020 (Euronext Group: c. €4.5 trillion; the Borsa Italiana Group: c€0.6 trillion)
6 By aggregated capital raised
7 By average daily traded value on cash markets. Source: Federation of European Securities Exchange
8 Over 2020
9 Please refer to the Euronext 2020 Universal Registration Document for further information on the Reference Shareholders Agreement (Section 6.4.1 – Reference Shareholders)
Unless stated otherwise, variations refer to Q1 2021 figures compared to Q1 2020 figures
10 Including additional amount reflecting the cash generated since 30 June 2020
11 Documentation available at https://www.euronext.com/en/offering-information
12 Like-for-like revenue are at constant FX rate and exclude in Q1 2020 VP Securities, Nord Pool, Ticker and 3Sens
13 Volume-related businesses include Cash, Derivatives, Spot FX trading, Power trading, Clearing, and IPOs
14 Definition in Appendix
15 Purchase price allocation
17 Cash trading market share includes Euronext Dublin from Q1'2021
18 Enterprise value excluding pro rata share of normalized cash
19 Unaudited financials, can be subject to change
20210429_Euronext_Q121_Results vFinale


Businesses in London, and indeed across the county, are increasingly needing to ready themselves for increased foreign trade. However, it is often the case that the amount of business translation services required to ensure all documents and communications are accurately translated is underestimated. Here we look at the some of the documents that will need business translation services.
In addition to the more technical and legal translations, it is important for businesses to concisely communicate the marketing messages. There are wide range of ways in which a business can communicate with its potential overseas market. Again, using the Spanish translations as an example, it will be important to have accurately translated marketing messages to include the cultural as well as the language differences. This will include areas such as Spanish nuances and accurate context.
Planning the translation process is the only way to ensure that the translation projects run smoothly. Spanish translations, or indeed any translations, should be simplified to help make sure the business translation service becomes more cost effective. This can be helped by having the documentation methodically proofread by an expert who fully understands the subject matter. This way you will reduce the risk of having to make costly changes.
The question as to whether the business translation services should be run in-house by employing a translator, or whether it is more efficient to have the business translation services outsourced to a specialist agency continues to be a quandary for many businesses.
Back in May we discussed this question in our article entitled Translation Services – In-House or Outsource. Unless you intend on only trading with one country in one other language, it will be costly to employ a dedicated translator for each language. The flexibility and scalability of using an outsourced agency, such as Romo Translations, becomes significantly more cost effective.
Many businesses are now of a size that the global markets are the next step in their growth. This is where Romo Translations can help support the move into new markets by providing accurate translations in every language. If you are looking at this as your next step, please give us a call on 0203 696 8680 to discuss how we can help you.


The Pineapple Café has a delicious selection of sandwiches, wraps, salads, soups, and every day features a mouth-watering special that might be anything from lasagna to country-fried steak. Lots of options to keep everyone happy! A local favorite? Homemade potato chips...really good, especially when they come out warm and have a side of ranch dressing for dipping!
The Pineapple Café is also knowledgeable about their ingredients and will make anyone with food allergies feel comfortable.


2018 Ford Focus RS is free HD wallpaper. This wallpaper was upload at 2019-04-05 upload by admin in CARS 2019.
2018 Ford Focus RS is high definition wallpaper and size this wallpaper is 640x420. You can make 2018 Ford Focus RS For your Desktop image background, Tablet, Android or iPhone and another Smartphone device for free. To download and obtain the 2018 Ford Focus RS images by click the download button below to get multiple high-resversions.


text:
French and Indian War: British Regular Infantry from Conquest Miniatures
I'm a longtime miniatures painter in multiple scales and periods, but the 18th-century has always intimidated me. Large masses of European troops standing in lines, a sameness of pose and uniform bedecked with multicolored facings and detail all seemed a bit much. And if I was going to be playing the French and Indian War I was going to need British Redcoats – lots of British Redcoats.
I turned to a couple books to stoke my interest I turned to a couple books focused on my soon-to-be subjects. An old standby in the hobby is Osprey Publishing, and I picked up a copy of 1996's British Redcoat, 1740-93 by Stuart Reid. While good for a few detailed illustrations by Richard Hook, the slim volume also gives a solid intro into the recruitment, training and life of a British soldier of the period. My interest piqued, I dove deeper into the topic with Stephen Brumwell's Redcoats: The British Soldier and War in the Americas, 1755-1763 from 2002. The book is scholarly yet very readable, and Brumwell goes a long way in smashing common myths about English soldiering during the FIW.
With inspiration fired, I picked my first set of metal figures in the British Regular Infantry box offered by Warlord Games. Made from castings by Conquest Miniatures, the box comes with a nice selection of 18 models: four men firing, eight marching aggressively forward and a six-man command group including two flag bearers, a drummer, two junior officers and a commander.
I decided to paint my first British soldiers of the period to represent the 44th Regiment of Foot due to their role in the Braddock Expedition, the Battle of the Monongahela and other major engagements of the FIW. For my first time painting facings, I also thought the bright yellow against the red of the 44th Foot would also pop nicely on the table.
My first test redcoat with basic colors blocked in
After basing the models on washers, filling the bases with rough wood filler and spraying a black primer coat, I blocked in the colors. I didn't get carried away on exact colors, relying on a basic red for the coats, waistcoats and pants, basic yellow for the facings and a brown buff for the leggings. The cuffs were done in two steps, first with a bright white and then finished with a thin line of yellow. With a fine brush, white details were added on the basic black tricorn hats and on trim to the waistcoats and lapels.
Halfway through my first batch of British Redcoats
Details were finished off with the same brown buff on stripes and belts, a basic brown to the guns and metal to finish off the guns, bayonets and officer swords. Finally, flesh and eyes were painted. Exposed skin and the leather leggings and straps got a careful light coat of brown wash to finish the painting. Flags were made by photocopying those included in the Warlord box, the bases were covered in my new favorite groundcover – Green Adirondack from Scenic Express.
Posted by kimbervanry in French and Indian War, General Gaming
Tagged: 28mm, Battle of the Monongahela, Braddock Expedition, British, British Colonialism, Conquest Miniatures, Edward Braddock, French and Indian War, Osprey Publishing, Redcoats, Redcoats: The British Soldier and War in the Americas, Richard Hook, Scenic Express, Stephen Brumwell, Stuart Reid, Warlord Games
← 28mm: Panzer IV By Rubicon Models
French and Indian War: Woodland Indians from Conquest Miniatures →

redpajama_set_name: RedPajamaCommonCrawl


Wasup people? We know that their are more than 7 of you now…at least 8. Welcome back to #PodcastWednesday with us, more people you feel like you know now thanks to the internet.
1.) The Weeknd – D.D.
« Do You Share Your Videogame Controller?


text:
To start the install just run the following command replacing the project with the name you want to use.

`composer create-project bolt/composer-install:^3.2@dev <MYPROJECT> --prefer-dist`

After the packages have downloaded, you can choose whether you would like a separate public directory and if so choose a name.

redpajama_set_name: RedPajamaGithub


Have you been thinking that your dehydrated locks are beyond any help? Well, we have the perfect solution! Redken All Soft Mega Conditioner is formulated to deliver the intensive nourishment that your troubled tresses really need.
Featuring the advanced All Soft Mega™ System with sacha inchi extract, aloe vera gel and cactus extract, the conditioner harnesses the power of superfoods to deliver serious hydration. Your locks will feel sleek and soft once more but that's not all! This conditioner is infused with the RCT Protein Complex which strengthens every strand from root to tip and from the inside out to give you more manageable hair that you can style in greater confidence. Best used in conjunction with the All Soft Mega Shampoo, this fine conditioner represents a rescue mission for your severely dry hair.


1. The Ministry of Law ("MinLaw") is seeking feedback on a draft Intellectual Property (Dispute Resolution) Bill ("the Bill"), attached at Appendix A to this public consultation paper.
a) In July 2017, the Intellectual Property Office of Singapore ("IPOS") held a public consultation on two proposed patent proceedings, third party observations and post-grant re-examination.
b) In October 2018, MinLaw held a public consultation on reforms to enhance access to our courts for IP disputes ("October public consultation paper").
a) Amendments to clarify the arbitrability of IP disputes in Singapore.
b) Other ancillary amendments related to IP dispute resolution.
4. The remainder of this public consultation paper contains explanatory remarks on the draft Bill. Please note that the amendments are not discussed in this paper in the same order in which they appear in the Bill. Rather, the amendments are grouped and discussed thematically.
5. Please note that the proposed amendments in the Bill are still undergoing the legislative drafting and vetting process, and are thus not finalised and subject to change.
a) Inserting a new definition of "Court" to mean the High Court.
b) Making reference throughout the Copyright Act to "Court", so as to provide that the High Court is the exclusive forum for civil copyright proceedings, e.g. copyright infringement, relief against groundless threats of copyright infringement, and applications for orders against a network service provider.
8. Clause 7 amends section 20(7) to allow the Registrar (i.e. IPOS) greater flexibility to decline determining a dispute under section 20 (pre-grant dispute over patent entitlement etc.), such that the High Court deals with it instead.
9. Clause 8 inserts a new section 32 to provide for third party observations. When a patent application has been published, but a patent has not been granted, a third party may make observations on the patentability of the invention. However, if the observations are received by the Registrar after the examination report, search and examination report, or supplementary examination report is issued, the Registrar will not consider the observations.
10. Clause 9 inserts a new section 38A to provide for post-grant re-examination.
a) The new section 38A(1) contains the grounds for filing a re-examination request.
b) The new sections 38A(2) and (3) contain the formalities requirements.
c) The new section 38A(5) is intended to provide a safeguard against requests that are frivolous, vexatious or an abuse of the process.
d) The new section 38A(7) concerns the situation where other proceedings, in which the validity of the patent may be put in issue, are filed after the re-examination request is filed. In this situation, the Registrar may make orders or give directions concerning the re-examination request - for example, staying the re-examination process until the other proceedings are resolved. The new section 38A(14) further provides that a patent shall not be revoked following re-examination if those proceedings are pending.
e) The new sections 38A(8) to (10) set out the general process of re-examination. If the alleged ground is made out, the proprietor has the opportunity to respond to the Examiner's written opinion before a re-examination report is issued.
f) The new sections 38A(12) and (13) provide for possible outcomes of negative re-examination reports.
11. Clause 10(b) makes a similar amendment to section 47(8), as that by clause 7 to section 20(7). While section 20 concerns pre-grant disputes over entitlement etc., section 47 concerns post-grant disputes.
12. Clause 10(c) deletes and re-enacts section 47(9). Section 47(9) relates to the situation where the High Court determines whether a patent was granted to a person not entitled to be granted. The amendment clarifies the conditions under which it needs to be shown that the patent owner(s) knew, at the time of the patent grant or transfer, that he was not entitled (whether alone or with another person) to the patent.
a) Where the High Court is exercising its declaratory jurisdiction in an action for a declaration, the requirement kicks in if the action was commenced more than two years after the patent grant.
b) Where the High Court is exercising its jurisdiction pursuant to a reference under section 47 (that is, a reference was made to the Registrar, who declined to deal with it and as a result the High Court is doing so), the requirement kicks in if the reference was made more than two years after the patent grant.
13. Minor amendments are made to sections 47(5)(b), 80(1)(b) and (4)(b), and 82(4)(b) and (6) by clauses 10(a), 18(b) and (e), and 20(c) and (d) to clarify the phrase "not entitled to the patent", and other similar phrases.
14. Clauses 11, 12, 13, 15, and 16 amend sections 67, 69, 70, 75, and 76 to remove the Registrar's jurisdiction to hear patent infringement disputes by parties' agreement. This consolidates patent infringement proceedings in the High Court.
15. Clause 14 makes consequential amendments to section 72(2), in light of the fact that first, infringement proceedings will be consolidated in the High Court, and second, the High Court and the Registrar will have concurrent jurisdiction over patent revocation (see para 17 below).
16. Clause 17 amends section 78 to remove the Registrar's jurisdiction over declarations of non-infringement. This is pursuant to the consolidation of patent infringement proceedings in the High Court.
17. Clause 18 amends section 80 to allow the High Court and the Registrar concurrent jurisdiction over patent revocation. The Registrar will also have a new power to refer an application for revocation to the High Court. An example of a situation where this could be useful is when there are parallel proceedings in the High Court, and it would be preferable for the High Court to holistically adjudicate the parties' disputes.
18. Clause 19 amends the heading of section 81, to more easily distinguish between section 81 which concerns patent revocation initiated by the Registrar, from section 80 which concerns patent revocation on application by any person.
19. Clause 20 amends section 82. It provides that the validity of a patent may be put in issue in, first, the new re-examination process, and second, revocation proceedings before the High Court (in addition to revocation proceedings before the Registrar - see para 17 above). Consequential amendments are also made to section 82(7), in light of the consolidation of infringement disputes in the High Court.
20. Clause 21 amends the heading of section 83 to make clear that the provisions in that section concerning amendments are not limited in application to infringement and revocation proceedings only. In particular, they are intended to apply also in the context of the new re-examination process.
c) a decision of the High Court on appeal from a decision of the Registrar to revoke a patent following re-examination is appealable with leave to the Court of Appeal.
22. The Geographical Indications Act 2014 (Act 19 of 2014), Plant Varieties Protection Act (Cap. 232A), Registered Designs Act (Cap. 266), and Trade Marks Act (Cap. 332) will be amended to harmonise the availability of appeal from decisions of the Registrar, across all IP rights. Decisions originating from the Registrar (those which are appealable in the first place) will be appealable to the High Court without leave, and subsequently appealable to the Court of Appeal only with leave.  This approach is already adopted in the Patents Act.
b) in the case of trade marks, the registration can be found to be fully or partially valid.
24. Clauses 26 and 27 amend sections 19(3) and 52(1A) to remove the jurisdiction of the District Court and the Magistrates' Court over passing off actions. The High Court will then have exclusive jurisdiction to hear such actions. This is pursuant to the consolidation of civil IP proceedings in the High Court.
25. Clauses 1 and 6 amend the Arbitration Act ("AA") and International Arbitration Act ("IAA") to clarify the arbitrability of IP disputes in Singapore. While there is nothing in Singapore's law currently that prevents the use of arbitration in IP disputes, these amendments aim to provide greater clarity and certainty to users. This facilitates the use of arbitration in IP disputes, and increases the attractiveness of Singapore as an arbitration venue. This in turn supports Singapore's development as a hub for IP dispute resolution.
a) The AA applies to any arbitration where the place of arbitration is Singapore and Part II of the IAA does not apply.
b) Part II of the IAA, which governs international commercial arbitration, and the Model Law do not apply to an arbitration which is not an international arbitration unless parties agree otherwise. The AA does not apply to any arbitration to which Part II of the IAA applies.
27. Clause 1 adds a new Part IXA to the AA and clause 6 adds a new Part IIA to the IAA. These new Parts concern "Arbitrations Relating to Intellectual Property Rights". As the new sections under these two Parts are largely similar, the following paragraphs discuss them in parallel. The new section 26E in the IAA is the exception, as it concerns enforcement of foreign arbitral awards and is thus not relevant for the AA.
28. The new sections 52A in the AA and 26A in the IAA contain the definitions. Non-exhaustive lists are provided for the scope of "intellectual property right" and "IPR dispute". There is thus flexibility to encompass different kinds of IP rights in various jurisdictions, and to cater to the fact that new kinds of IP rights, and IP disputes, may arise in future. It is not intended that other kinds of IP disputes, not explicitly mentioned in the legislation, be excluded from arbitration.
29. The new sections 52B in the AA and 26B in the IAA clarify that IPR disputes are arbitrable, whether they are the main issue or an incidental issue in the arbitration.
30. Two alternative formulations of the new section 26B(5) in the IAA are presented in the draft Bill. The intention of this provision is to provide parties (to an IP dispute being arbitrated) with the flexibility to determine the remedies or relief that may be awarded by the arbitral tribunal. The first alternative is modelled after section 103D(6) of the Hong Kong Arbitration Ordinance. The second alternative is modelled after section 34(1) of the AA. It is noted that the IAA does not have an equivalent of section 34(1) of the AA. Feedback is sought on the preferable formulation.
31. The new sections 52C in the AA and 26C in the IAA clarify the effect of an arbitral award, in an IPR dispute, on third party licensees.
b) an award is not contrary to public policy only because the subject-matter in respect of which the award is made relates to an IPR dispute.
33. The new sections 52E in the AA and 26F in the IAA clarify that when judgment in terms of the arbitral award is entered (for enforcement purposes), the judgment has an effect only on the parties (in personam), and not against the whole world (in rem).
34. The new sections 52F in the AA and 26G in the IAA clarify that section 82(2) of the Patents Act does not prevent a party from putting the validity of a patent in issue in arbitral proceedings.
b) it is not contrary to public policy to enforce an award only because it is in respect of a matter that relates to an IPR dispute.
 "Public Consultation on Proposed Changes to Singapore's Patents Regime", accessible at IPOS' website www.ipos.gov.sg/resources/ip-legislation.
 "Public Consultation on Intellectual Property ("IP") Dispute Resolution Reforms", accessible at MinLaw's website www.mlaw.gov.sg/content/minlaw/en/news/public-consultations.
 See in particular para 13 of the October public consultation paper.
 See in particular para 15 of the October public consultation paper.
 Part 3 clause 4, Part 6 clause 23, Part 7 clause 25, and Part 9 clause 28.
 See para 34 of the October public consultation paper.
 Part 3 clause 5, Part 7 clause 24, and Part 9 clause 29.
 The Patents Act mentions the use of arbitration for certain disputes, at section 51(3)(b) and section 58(6), but it is silent on the use of arbitration for other disputes that may arise. The other IP legislation, as well as the AA and IAA, are also silent on the use of arbitration for IP disputes.
 See section 3 of the AA.
 See sections 5(1) and (4) of the IAA.


A popular Indian leavened bread.
Garnished with cheese and spices.
A royal combination of tandoori and curry culinary styles blended to create one of India's most popular dishes. Served with basmati rice. Served spicy.
A pastry of Vedic origin filled with spiced potatoes and onions.
Known as butter chicken, this delicacy is made by simmering chopped tomatoes in butter with chilies, aromatic spices, and cream. Served with basmati rice. Served spicy.
A mildly spiced boneless chicken, chicken, and chickpea-batter fried.
Mildly spiced cauliflower, potatoes and onions batter fried.
Fried tiger shrimp with a spicy chickpea batter.
Tangy chickpeas on papadi with yogurt, tamarind and mint chutney.
Samosa topped with yogurt, tamarind and mint chutney.
Classic northern India curry with tomatoes, onions and a blend of spices. Served with basmati rice. Served spicy.
Naan bread garnished with dates and nuts.
Stuffed with potatoes and onions.
Served with spices and onions.
Marinated in yogurt, garlic, ginger, herbs, and spices on a bed of onions and then baked to order in a clay oven with mesquite charcoal. Served with basmati rice. Served spicy.
Special marinated boneless meat cooked with curry, cream, nuts and delicate spices. Served with basmati rice. Served spicy.
A Kashmiri dish cooked with hot and sweet fragrant spices. Served with basmati rice. Served spicy.
A Kashmiri dish cooked with hot and sweet fragrant spices. Served with basmati rice.
A rich combination of Indian creamed spinach with boneless meats and fresh spices, garlic, ginger, onions, tomato, and cream. Served with basmati rice. Served spicy.
Aromatic basmati rice delicately spiced with saffron. Served spicy.
Chicken, lamb, and vegetable. Aromatic basmati rice delicately spiced with saffron. Served spicy.
This tangy aromatic dish combines green bell peppers and tomatoes sauteed with onions, spices and a blend of exotic herbs. Served with basmati rice. Served spicy.
Served with basmati rice. Served spicy.
Roasted eggplant with ginger, garlic, tomatoes and Garam-Masala seasonings. Served with basmati rice. Served spicy.
Fresh vegetables in curry sauce. Served with basmati rice. Served spicy.
Green peas with homemade cheese. Served with basmati rice. Served spicy.
Homemade cheese with curry and cream. Served with basmati rice. Served spicy.
Mixed vegetables in homemade cheese, nuts, and raisins. Served with basmati rice. Served spicy.
Mixed vegetables cooked in cream and nuts. Served with basmati rice. Served spicy.
Cauliflower and potatoes with herbs and spices. Served with basmati rice. Served spicy.
Chickpeas cooked with special masala sauce. Served with basmati rice. Served spicy.
Curry of potatoes and peas. Served with basmati rice. Served spicy.
Potatoes with spinach and spices. Served with basmati rice. Served spicy.
Lentils cooked with garlic, ginger, tomatoes, and spices. Served with basmati rice. Served spicy.
Lentils with spinach and spices. Served with basmati rice. Served spicy.
Chickpeas with spinach and cream. Served with basmati rice.
Seasoned okra cooked with onions and spices. Served with basmati rice. Served spicy.
Homemade cheese cooked with curry, onions, tomatoes and green peppers. Served with basmati rice. Served spicy.
Chicken nuggets cooked with herbs, spices, yogurt, and onions. Served with basmati rice, fresh fruit.
Curried chicken with tomatoes, onions, and mild spices. Served with basmati rice, fresh fruit.
Mildly seasoned chicken cooked in a mesquite-fire oven. Served with basmati rice, fresh fruit.
Creamy lentils, with a selection of vegetables. Served with basmati rice, fresh fruit.
Rice pudding cooked with almonds, raisins and saffron.
Cream of milk balls in light syrup.


An Offaly TD who won an award for "Outstanding Services to the Nanny State" showed up to receive it in person.
Marcella Corcoran Kennedy is the second Fine Gael politician in a row to be presented with the nanny-in-chief honour by Forest, a pressure group funded by the tobacco industry. The title was presented at the second Farewell to Freedom dinner in Dublin last night, to single out those who campaign for restrictions on smoking, drinking and eating unhealthy foods.
Forest said that Ms Corcoran Kennedy's work included the introduction of plain packaging of tobacco products as health promotion minister and assisting with passing the Public Health (Alcohol) Act, which she described as "urgently needed for public well-being".


text:
Dexmedetomidine
Class: Anxiolytics, Sedatives, and Hypnotics; Miscellaneous
- α2-Adrenergic Agonists
VA Class: CN309
Chemical Name: (S)-4-[1-(2,3-Dimethylphenyl)ethyl]-1H-imidazole monohydrochloride
Molecular Formula: C13H16N2•HCl
Brands: Precedex
Relatively selective α2-adrenergic agonist with sedative properties.1 2 3 4 5 6 7 8 13
Uses for Dexmedetomidine
Sedation in Critical Care Settings
Sedation of initially intubated and mechanically ventilated patients in an intensive care setting (i.e., ICU).1 800 801
May be used to provide mild to moderate levels of sedation, but not considered suitable for deep sedation.21 23 800 820
FDA-labeled for use only for short-term (<24 hours) sedation;1 however, has been used for prolonged sedation† in the intensive care setting.23 801 817 818 819 820 (See Tolerance and Tachyphylaxis under Cautions.)
Produces sedation, anxiolysis, and analgesia without causing significant respiratory depression.24 801 817 818
Appears to be as effective as propofol and benzodiazepines (e.g., midazolam, lorazepam) for sedation in critically ill mechanically ventilated adults; however, because of some modest clinical benefits (e.g., reduced duration of mechanical ventilation, shorter time to extubation, reduced risk of delirium), nonbenzodiazepine sedatives (dexmedetomidine or propofol) are generally preferred to benzodiazepines.800 801 817 818 819 820
When selecting an appropriate sedative agent, consider patient's individual sedation goals in addition to specific drug-related (e.g., pharmacology, pharmacokinetics, adverse effects, availability, costs) and patient-related (e.g., comorbid conditions such as anxiety, seizures, or alcohol or benzodiazepine withdrawal) factors.23 24 800 801
Patients receiving dexmedetomidine are more arousable than those receiving other sedatives, which may be particularly useful for daily awakening trials.21 23 820
Because dexmedetomidine does not have a substantial respiratory depressant effect, infusions of the drug can be continued following extubation, if needed.1 801
Procedural Sedation
Sedation of nonintubated patients prior to and/or during surgical or other procedures.1 16 30 31 823
Comparative efficacy with other sedative agents not established.817 May be preferred in certain patients (e.g., those in whom respiratory compromise with benzodiazepines is a concern); however, consider risks versus benefits.817
Dexmedetomidine Dosage and Administration
Administer only by individuals experienced in the management of patients in an intensive care or surgical setting.1
Individualize dosage and titrate to desired level of sedation.1
Monitor patient continuously.1 15
For solution and drug compatibility information, see Compatibility under Stability.
Administer by IV infusion.1
May adsorb to some types of natural rubber; use administration components made with synthetic or coated natural rubber gaskets.1
Commercially available as an injection concentrate that must be diluted prior to IV infusion or as a premixed ready-to-use solution (dexmedetomidine hydrochloride in 0.9% sodium chloride injection).1
Must dilute the injection concentrate in 0.9% sodium chloride injection prior to administration.1 To prepare the 4-mcg/mL concentration used for loading and maintenance infusions, one method of dilution is to add 2 mL of the concentrate (100 mcg/mL) to 48 mL of 0.9% sodium chloride injection.1
Rate of Administration
Administer by slow IV infusion via a controlled-infusion device.1
Rapid IV infusion associated with loss of α2-adrenergic selectivity1 and adverse cardiovascular effects.1 2 3 15 (See Actions and also see Cardiovascular Effects under Cautions.)
Available as dexmedetomidine hydrochloride; dosage is expressed in terms of dexmedetomidine.1
Initiation of sedation: 1 mcg/kg as a loading infusion over 10 minutes.1 Because of risk of adverse hemodynamic effects, many clinicians do not recommend a loading dose; if a loading dose is used, caution is advised, particularly in patients with bradycardia, heart block, or hemodynamic instability.21 22 25 801 817 Manufacturer states loading dose may not be required in patients converting from an alternative sedative agent.1
Maintenance of sedation: Continuous IV infusion at a rate of 0.2–0.7 mcg/kg per hour recommended.1 Adjust infusion rate to desired level of sedation;1 in most cases, a light rather than deep level of sedation is recommended in critically ill, mechanically ventilated patients.801 Assess depth and quality of sedation using a validated and reliable assessment tool.800 801 Adjust dosage slowly to reduce risk of hypotension and other adverse effects.24 817
Evidence from clinical studies supports use of infusion rates up to 1.5 mcg/kg per hour.23 24 801 817 818 819 820
Manufacturer states that continuous IV infusion of dexmedetomidine should not exceed 24 hours.1 817 However, the drug has been used for prolonged (>24 hours) sedation in the ICU.817 818 819 820
Initiation of sedation: 1 mcg/kg as a loading infusion over 10 minutes.1 A loading infusion of 0.5 mcg/kg over 10 minutes may be suitable for less invasive procedures (e.g., ophthalmic surgery).1 For awake fiberoptic intubation, a loading infusion of 1 mcg/kg over 10 minutes is recommended.1
Maintenance of sedation: Initiate maintenance infusion at a rate of 0.6 mcg/kg per hour; adjust rate within range of 0.2–1 mcg/kg per hour to achieve desired level of sedation.1 For awake fiberoptic intubation in adults, a maintenance infusion of 0.7 mcg/kg per hour is recommended until endotracheal tube is secured.1
Consider dosage reduction.1
Manufacturer makes no special dosage recommendations.1
For initiation and maintenance of ICU sedation in geriatric patients >65 years of age, consider dosage reduction.1
For procedural sedation in geriatric patients >65 years of age, reduce loading dose to 0.5 mcg/kg over 10 minutes; consider dosage reduction for maintenance of procedural sedation.1
Cautions for Dexmedetomidine
None.1
Administration Precautions
To minimize risk of adverse effects, follow recommendations for administration and monitoring of dexmedetomidine therapy.1 (See General under Dosage and Administration.)
Bradycardia and sinus arrest reported in young, healthy adults with high vagal tone; also associated with other methods of administration, including rapid IV administration.1
Hypotension and/or bradycardia reported frequently; although intervention rarely required, some cases resulted in fatality.1 8 9 21 23 818 820 May be more pronounced in geriatric patients or those with hypovolemia, diabetes mellitus, or chronic hypertension.1 If treatment is required, consider slowing or stopping dexmedetomidine infusion, increasing IV fluids, elevating lower extremities, and/or use of vasopressors; consider IV anticholinergic agents (e.g., atropine sulfate, glycopyrrolate) to modify vagal tone.1 More advanced resuscitative measures may be necessary in patients with significant cardiovascular dysfunction.1
Transient hypertension reported with loading dose; treatment generally not required, although reduction in the loading dose infusion rate may be desirable.1
Supraventricular and ventricular tachycardia, atrial fibrillation, extrasystoles, and cardiac arrest reported during postmarketing experience.1 15
Use with caution in patients with (or at risk of) advanced heart block and/or severe ventricular dysfunction, and in patients receiving concomitant drugs that slow cardiac conduction.1 817
Withdrawal Effects
Abrupt withdrawal of dexmedetomidine may result in clonidine-like withdrawal symptoms.1 Withdrawal-related events (e.g., nausea, vomiting, agitation, tachycardia, hypertension) reported following discontinuance of therapy in some patients after prolonged (up to 7 days) infusion for ICU sedation.1 Withdrawal symptoms not reported with short-term (<6 hours) infusions for procedural sedation.1
If tachycardia and/or hypertension occurs after discontinuance of dexmedetomidine, institute supportive therapy.1
Arousability
Some patients observed to be arousable and alert when stimulated; should not be considered as evidence of lack of efficacy in the absence of other signs and symptoms.1
Tolerance and Tachyphylaxis
Use of dexmedetomidine for durations >24 hours associated with tolerance, tachyphylaxis, and dose-related increase in adverse effects.1
Category C.1
No adequate and well-controlled studies in pregnant women.1 No evidence of teratogenicity in animal studies; however, fetal toxicity (e.g., postimplantation loss, reduced pup viability, reduced pup weight) observed.1
Use during pregnancy only when potential benefits justify potential risks to fetus.1
Distributed into milk in rats; not known whether distributed into human milk.1 Caution if used in nursing women.1
Manufacturer states safety and efficacy not established in pediatric patients <18 years of age.1 However, the drug has been used in pediatric patients undergoing sedation in the ICU or other settings to facilitate mechanical ventilation or other procedures (e.g., radiologic imaging).25 26 27 Additional study is needed to evaluate the drug's safety in this population.21 25 26
Hypotension and/or bradycardia may be more pronounced.1 Consider dosage reduction.1 (See Geriatric Patients under Dosage and Administration.)
Pharmacokinetics in patients with severe renal impairment (Clcr <30 mL/minute) and healthy individuals are similar.1
Clearance may be reduced.1 Consider dosage reduction.1 (See Hepatic Impairment under Dosage and Administration.)
Short-term (<24 hours) infusions for ICU sedation: Hypotension, hypertension, nausea, bradycardia, fever, vomiting, hypovolemia, atelectasis, atrial fibrillation, hypoxia, tachycardia, hemorrhage, anemia, dry mouth.1
Long-term (>24 hours) infusions for ICU sedation: Hypotension, bradycardia, hypertension, tachycardia, hypokalemia, agitation, hyperglycemia, constipation, hypoglycemia, respiratory failure.1
Procedural sedation: Hypotension, respiratory depression, bradycardia, hypertension, tachycardia, nausea, dry mouth.1
Interactions for Dexmedetomidine
Metabolized by CYP isoenzymes, principally CYP2A6.1 However, no evidence of clinically important CYP-mediated drug interactions in vitro.1
Drugs with Negative Chronotropic Effects
Potential pharmacodynamic interaction (additive pharmacodynamic effects).1 Use with caution.1
Protein-bound Drugs
Pharmacokinetic interaction unlikely.1
Additive pharmacologic effects1 8
May require reduction in dosage of dexmedetomidine or concomitant drug1 8
Negligible change in dexmedetomidine protein binding in vitro; negligible displacement of digoxin from protein binding sites in vitro1
Possible additive hypotensive and bradycardic effects1 25
Caution is advised1
Negligible change in dexmedetomidine protein binding in vitro1
Negligible displacement of ibuprofen from protein binding sites in vitro1
Neuromuscular blocking agents
Increased plasma rocuronium concentrations1 12
No clinically important effect on neuromuscular blockade1 12
Opiate agonists
Phenytoin
Negligible displacement of phenytoin from protein binding sites in vitro1
Negligible displacement of propranolol from protein binding sites in vitro1
Sedatives/hypnotics
Negligible change in dexmedetomidine protein binding in vitro; negligible displacement of theophylline from protein binding sites in vitro1
Possible additive hypotensive effects1
Use with caution1
Negligible displacement of warfarin from protein binding sites in vitro1
Dexmedetomidine Pharmacokinetics
Rapidly distributed.1 Rapidly crosses blood-brain barrier.25
Crosses the placenta and is distributed into milk in rats.1
Approximately 94%.1
Undergoes almost complete biotransformation by direct glucuronidation, aliphatic hydroxylation by CYP2A6, and N-methylation.1 15
Excreted in urine (95%) and feces (4%).1
Terminal elimination half-life is approximately 2 hours.2 3 6
Clearance decreases with increasing severity of hepatic impairment.1 In patients with mild, moderate, or severe hepatic impairment, mean clearance values were 74, 64, or 53%, respectively, of those in healthy individuals.1
Pharmacokinetics in patients with severe renal impairment (Clcr <30 mL/minute) not substantially altered.1
Injection Concentrate
25°C (may be exposed to 15–30°C).1
Premixed Injection in 0.9% Sodium Chloride Injection
For information on systemic interactions resulting from concomitant use, see Interactions.
Should not be infused through the same IV line with blood or plasma.1
Solution Compatibility
Compatible1
Dextrose 5%
Ringer's injection lactated
Sodium chloride 0.9%
Drug Compatibility
Y-Site Injection Compatibility
Compatible1 HID
Alfentanil HCl
Amikacin sulfate
Amiodarone HCl
Ampicillin sodium
Ampicillin sodium-sulbactam sodium
Atracurium besylate
Aztreonam
Bumetanide
Butorphanol tartrate
Cefazolin sodium
Cefepime HCl
Cefotaxime sodium
Cefotetan disodium
Cefoxitin sodium
Ceftolozane sulfate-tazobactam sodium
Ceftriaxone sodium
Cefuroxime sodium
Chlorpromazine HCl
Cisatracurium besylate
Clindamycin phosphate
Co-trimoxazole
Dexamethasone sodium phosphate
Diphenhydramine HCl
Dobutamine HCl
Dopamine HCl
Doxycycline hyclate
Enalaprilat
Ephedrine sulfate
Epinephrine HCl
Erythromycin lactobionate
Esmolol HCl
Etomidate
Fenoldopam mesylate
Gentamicin sulfate
Glycopyrrolate
Granisetron HCl
Haloperidol lactate
Heparin sodium
Hydrocortisone sodium succinate
Hydromorphone HCl
Hydroxyzine HCl
Isavuconazonium sulfate
Isoproterenol HCl
Labetalol HCl
Lidocaine HCl
Lorazepam
Mannitol 20%
Meperidine HCl
Meropenem-vaborbactam
Methylprednisolone sodium succinate
Metoclopramide HCl
Midazolam HCl
Milrinone lactate
Nalbuphine HCl
Norepinephrine bitartrate
Ondansetron HCl
Oritavancin diphosphate
Pancuronium bromide
Phenylephrine HCl
Piperacillin sodium-tazobactam sodium
Procainamide HCl
Prochlorperazine edisylate
Promethazine HCl
Propofol
Ranitidine HCl
Remifentanil HCl
Rocuronium bromide
Sodium nitroprusside
Succinylcholine chloride
Sufentanil citrate
Tedizolid phosphate
Tobramycin sulfate
Vancomycin HCl
Vecuronium bromide
Verapamil HCl
Dose-related sedative, anxiolytic, analgesic, and anesthetic-sparing effects;2 3 5 6 8 13 does not appear to reduce dosage requirements of skeletal muscle relaxants.3 12
Helps maintain intraoperative hemodynamic stability by blunting sympathetic response to surgery.2 3 5 6 8 13
Does not cause respiratory depression in healthy individuals when given by IV infusion in recommended dosages.1
Compared with clonidine, dexmedetomidine has a shorter half-life2 3 5 (about 2 versus 8–12 hours)2 3 6 and greater α2-selectivity, with potential for reduced incidence of undesirable α1-adrenergic effects (e.g., hypotension, bradycardia).3
Exhibits α2-selectivity when given by slow IV infusion in low to moderate doses (10–300 mcg/kg); selectivity diminishes at 12 high doses (e.g., 1000 mcg/kg) or with rapid IV administration.1
When dexmedetomidine hydrochloride is used for short-term IV sedation, dosage must be individualized and titrated to the desired clinical effect.1 BP, heart rate, and oxygen concentrations are continuously monitored during the infusion and as clinically appropriate after discontinuance.1
Risk of withdrawal reactions and other adverse effects.1 When dexmedetomidine is infused for >6 hours, patients should report any nervousness, agitation, and/or headaches that may occur for up to 48 hours following dexmedetomidine administration to their clinician.1 In addition, patients should report symptoms that may occur within 48 hours following administration (e.g., weakness, confusion, excessive sweating, weight loss, abdominal pain, salt cravings, diarrhea, constipation, dizziness, lightheadedness) to their clinician.1
Importance of informing clinicians of existing or contemplated concomitant therapy, including prescription and OTC drugs as well as any concomitant diseases.1
Importance of women informing clinicians if they are or plan to become pregnant or plan to breast-feed.1
Importance of informing patients of other important precautionary information. (See Cautions.)1
* available from one or more manufacturer, distributor, and/or repackager by generic (nonproprietary) name
Dexmedetomidine Hydrochloride
For injection concentrate, for IV infusion
100 mcg (of dexmedetomidine) per mL*
Dexmedetomidine Hydrochloride Injection (available in single-dose and multiple-dose vials)
Precedex Injection
Hospira
Dexmedetomidine Hydrochloride in Sodium Chloride
Injection, for IV infusion
4 mcg (of dexmedetomidine) per mL (80, 200, or 400 mcg) in sodium chloride 0.9%*
Dexmedetomidine Hydrochloride in 0.9% Sodium Chloride Injection
Precedex in 0.9% Sodium Chloride Injection
AHFS DI Essentials™. © Copyright 2021, Selected Revisions January 13, 2020. American Society of Health-System Pharmacists, Inc., 4500 East-West Highway, Suite 900, Bethesda, Maryland 20814.
† Use is not currently included in the labeling approved by the US Food and Drug Administration.
1. Hospira. Precedex (dexmedetomidine) injection prescribing information. Lake Forest, IL; 2016 Apr.
2. Khan ZP, Ferguson CN, Jones RM. Alpha-2 and imidazoline receptor agonists. Anaesthesia. 1999; 54:146-65. http://www.ncbi.nlm.nih.gov/pubmed/10215710?dopt=AbstractPlus
3. Kamibayashi T, Harasawa K, Maze M. Alpha-2 adrenergic agonists. Can J Anaesth. 1997; 44:R13-R18. http://www.ncbi.nlm.nih.gov/pubmed/9196836?dopt=AbstractPlus http://www.pubmedcentral.nih.gov/picrender.fcgi?tool=pmcentrez&artid=2877586&blobtype=pdf
4. Peden CJ, Prys-Roberts C. Dexmedetomidine—a powerful new adjunct to anaesthesia? Br J Anaesth. 1992; 68:123-5. Editorial.
5. Shipton EA. Alpha-adrenergic agonists in anaesthesia and analgesia. S Afr Med J. 1991; 79:578-80. http://www.ncbi.nlm.nih.gov/pubmed/1674173?dopt=AbstractPlus
6. Jalonen J, Hynynen M, Kuitunen A et al. Dexmedetomidine as an anesthetic adjunct in coronary artery bypass grafting. Anesthesiology. 1997; 86:331-45. http://www.ncbi.nlm.nih.gov/pubmed/9054252?dopt=AbstractPlus
7. Aho M, Lehtinen A-M, Erkola O et al. The effect of intravenously administered dexmedetomidine on perioperative hemodynamics and isoflurane requirements in patients undergoing abdominal hysterectomy. Anesthesiology. 1991; 74:997-1002. http://www.ncbi.nlm.nih.gov/pubmed/1675042?dopt=AbstractPlus
8. Aho MS, Erkola OA, Scheinin H et al. Effect of intravenously administered dexmedetomidine on pain after laparoscopic tubal ligation. Anesth Analg. 1991; 73:112-8. http://www.ncbi.nlm.nih.gov/pubmed/1854025?dopt=AbstractPlus
9. Lawrence CJ, De Lange S. Effects of a single pre-operative dexmedetomidine dose on isoflurane requirements and peri-operative haemodynamic stability. Anaesthesia. 1997; 52:736-44. http://www.ncbi.nlm.nih.gov/pubmed/9291757?dopt=AbstractPlus
10. Talke P, Li J, Jain U et al. Effects of perioperative dexmedetomidine infusion in patients undergoing vascular surgery. Anesthesiology. 1995; 82:620-33. http://www.ncbi.nlm.nih.gov/pubmed/7879930?dopt=AbstractPlus
11. Jaakola M-L, Ali-Melkkila T, Kanto J et al. Dexmedetomidine reduces intraocular pressure, intubation responses and anaesthetic requirements in patients undergoing ophthalmic surgery. Br J Anaesth. 1992; 68:570-5. http://www.ncbi.nlm.nih.gov/pubmed/1351736?dopt=AbstractPlus
12. Talke PO, Caldwell JE, Richardson CA et al. The effects of dexmedetomidine on neuromuscular blockade in human volunteers. Anesth Analg. 1999; 88:633-9. http://www.ncbi.nlm.nih.gov/pubmed/10072019?dopt=AbstractPlus
13. Khan ZP, Munday IT, Jones RM et al. Effects of dexmedetomidine on isoflurane requirements in healthy volunteers. 1. Pharmacodynamic and pharmacokinetic interactions. Br J Anaesth. 1999; 83:372-80. http://www.ncbi.nlm.nih.gov/pubmed/10655905?dopt=AbstractPlus
14. Aho M, Erkola O, Kallio A et al. Dexmedetomidine infusion for maintenance of anesthesia in patients undergoing abdominal hysterectomy. Anesth Analg. 1992; 75:940-6. http://www.ncbi.nlm.nih.gov/pubmed/1359809?dopt=AbstractPlus
15. Abbott, Abbott Park, IL: Personal communication.
16. Mylan. Dexmedetomidine hydrochloride injection prescribing information. Rockford, IL; 2017 Jan.
21. Keating GM. Dexmedetomidine: A Review of Its Use for Sedation in the Intensive Care Setting. Drugs. 2015; 75:1119-30. http://www.ncbi.nlm.nih.gov/pubmed/26063213?dopt=AbstractPlus
22. Mo Y, Zimmermann AE. Role of dexmedetomidine for the prevention and treatment of delirium in intensive care unit patients. Ann Pharmacother. 2013; 47:869-76. http://www.ncbi.nlm.nih.gov/pubmed/23719785?dopt=AbstractPlus
23. MacLaren R, Krisl JC, Cochrane RE et al. A case-based approach to the practical application of dexmedetomidine in critically ill adults. Pharmacotherapy. 2013; 33:165-86. http://www.ncbi.nlm.nih.gov/pubmed/23386596?dopt=AbstractPlus
24. Reardon DP, Anger KE, Adams CD et al. Role of dexmedetomidine in adults in the intensive care unit: an update. Am J Health Syst Pharm. 2013; 70:767-77. http://www.ncbi.nlm.nih.gov/pubmed/23592359?dopt=AbstractPlus
25. McMorrow SP, Abramo TJ. Dexmedetomidine sedation: uses in pediatric procedural sedation outside the operating room. Pediatr Emerg Care. 2012; 28:292-6. http://www.ncbi.nlm.nih.gov/pubmed/22391930?dopt=AbstractPlus
26. Grant MJ, Schneider JB, Asaro LA et al. Dexmedetomidine Use in Critically Ill Children With Acute Respiratory Failure. Pediatr Crit Care Med. 2016; 17:1131-1141. http://www.ncbi.nlm.nih.gov/pubmed/27654816?dopt=AbstractPlus
27. Sulton C, McCracken C, Simon HK et al. Pediatric Procedural Sedation Using Dexmedetomidine: A Report From the Pediatric Sedation Research Consortium. Hosp Pediatr. 2016; 6:536-44. http://www.ncbi.nlm.nih.gov/pubmed/27516413?dopt=AbstractPlus
29. Weerink MAS, Struys MMRF, Hannivoort LN et al. Clinical Pharmacokinetics and Pharmacodynamics of Dexmedetomidine. Clin Pharmacokinet. 2017; 56:893-913. http://www.ncbi.nlm.nih.gov/pubmed/28105598?dopt=AbstractPlus
30. Bergese SD, Candiotti KA, Bokesch PM et al. A Phase IIIb, randomized, double-blind, placebo-controlled, multicenter study evaluating the safety and efficacy of dexmedetomidine for sedation during awake fiberoptic intubation. Am J Ther. 2010 Nov-Dec; 17:586-95. http://www.ncbi.nlm.nih.gov/pubmed/20535016?dopt=AbstractPlus
31. Candiotti KA, Bergese SD, Bokesch PM et al. Monitored anesthesia care with dexmedetomidine: a prospective, randomized, double-blind, multicenter trial. Anesth Analg. 2010; 110:47-56. http://www.ncbi.nlm.nih.gov/pubmed/19713256?dopt=AbstractPlus
32. WG Critical Care. Dexmedetomidine hydrochloride injection prescribing information. Paramus, NJ; 2016 Sept.
800. Devlin JW, Skrobik Y, Gélinas C et al. Clinical Practice Guidelines for the Prevention and Management of Pain, Agitation/Sedation, Delirium, Immobility, and Sleep Disruption in Adult Patients in the ICU. Crit Care Med. 2018; 46:e825-e873. http://www.ncbi.nlm.nih.gov/pubmed/30113379?dopt=AbstractPlus
801. Barr J, Fraser GL, Puntillo K et al. Clinical practice guidelines for the management of pain, agitation, and delirium in adult patients in the intensive care unit. Crit Care Med. 2013; 41:263-306. http://www.ncbi.nlm.nih.gov/pubmed/23269131?dopt=AbstractPlus
817. Gerlach AT, Murphy CV, Dasta JF. An updated focused review of dexmedetomidine in adults. Ann Pharmacother. 2009; 43:2064-74. http://www.ncbi.nlm.nih.gov/pubmed/19934395?dopt=AbstractPlus
818. Riker RR, Shehabi Y, Bokesch PM et al. Dexmedetomidine vs midazolam for sedation of critically ill patients: a randomized trial. JAMA. 2009; 301:489-99. http://www.ncbi.nlm.nih.gov/pubmed/19188334?dopt=AbstractPlus
819. Pandharipande PP, Pun BT, Herr DL et al. Effect of sedation with dexmedetomidine vs lorazepam on acute brain dysfunction in mechanically ventilated patients: the MENDS randomized controlled trial. JAMA. 2007; 298:2644-53. http://www.ncbi.nlm.nih.gov/pubmed/18073360?dopt=AbstractPlus
820. Jakob SM, Ruokonen E, Grounds RM et al. Dexmedetomidine vs midazolam or propofol for sedation during prolonged mechanical ventilation: two randomized controlled trials. JAMA. 2012; 307:1151-60. http://www.ncbi.nlm.nih.gov/pubmed/22436955?dopt=AbstractPlus
821. Godwin SA, Caro DA, Wolf SJ et al. Clinical policy: procedural sedation and analgesia in the emergency department. Ann Emerg Med. 2005; 45:177-96. http://www.ncbi.nlm.nih.gov/pubmed/15671976?dopt=AbstractPlus
822. Godwin SA, Burton JH, Gerardo CJ et al. Clinical policy: procedural sedation and analgesia in the emergency department. Ann Emerg Med. 2014; 63:247-58.e18. http://www.ncbi.nlm.nih.gov/pubmed/24438649?dopt=AbstractPlus
823. . Practice Guidelines for Moderate Procedural Sedation and Analgesia 2018: A Report by the American Society of Anesthesiologists Task Force on Moderate Procedural Sedation and Analgesia, the American Association of Oral and Maxillofacial Surgeons, American College of Radiology, American Dental Association, American Society of Dentist Anesthesiologists, and Society of Interventional Radiology. Anesthesiology. 2018; 128:437-479. http://www.ncbi.nlm.nih.gov/pubmed/29334501?dopt=AbstractPlus
HID. ASHP's interactive handbook on injectable drugs. Snow EK, ed. Bethesda, MD: American Society of Health-System Pharmacists, Inc; Updated 2018 Dec 13. From HID website. http://www.interactivehandbook.com
More about dexmedetomidine
Drug class: miscellaneous anxiolytics, sedatives and hypnotics
Dexmedetomidine (Professional Patient Advice)
Dexmedetomidine Hydrochloride Injection (FDA)
Dexmedetomidine hydrochloride Injection, Concentrate (FDA)
Dexmedetomidine in Sodium Chloride Injection (FDA)
Other brands: Precedex
Fresenius Kabi Issues Voluntary Nationwide Recall of a Single Lot of Dexmedetomidine Hydrochloride Injection Due to Cross-Contamination of Lidocaine
Mylan Pharmaceuticals Inc.
Miscellaneous anxiolytics, sedatives and hypnotics
trazodone, lorazepam, hydroxyzine, promethazine, Ativan, fentanyl


text:
Liquid Stairs was originally formed as WXM Music, near London England in 1990, by electronic musician Andrew Wright. His first releases were written using just a Commodore Amiga computer and immediately became top selling tunes on the popular techno label Chill Records. Andrew then set up the labels Delirious Recordings and BHive Records, along with fellow producer Neil Baker. What followed was a string of anthems that defined the early 1990s techno and hardcore jungle era.
In June 2006, WXM Music relocated to Toronto, Canada and eventually evolved into Liquid Stairs Inc.
FilmCheck out new and upcoming movie productions.
MusicAlbums, singles, DJ mixes, soundtracks and more.
EventsPast, present and future parties.
VRVirtual reality research projects.


text:
Home WORLD Their Teeth Fell Out. Was It Another Covid-19 Consequence?
Their Teeth Fell Out. Was It Another Covid-19 Consequence?
While Ms. Khemili had become more diligent about her dental care, she had a history of dental issues before contracting the coronavirus. When she went to the dentist the day after her tooth came out, he found that her gums were not infected but she had significant bone loss from smoking. He referred Ms. Khemili to a specialist to handle a reconstruction. The dental procedure is likely to cost her just shy of $50,000.
The same day Ms. Khemili's tooth fell out, her partner went on Survivor Corp, a Facebook page for people who have lived through Covid-19. There, he found that Diana Berrent, the page's founder, was reporting that her 12-year-old son had lost one of his adult teeth, months after he had a mild case of Covid-19. (Unlike Ms. Khemili, Ms. Berrent's son had normal and healthy teeth with no underlying disease, according to his orthodontist.)
Others in the Facebook group have posted about teeth falling out without bleeding. One woman lost a tooth while eating ice cream. Eileen Luciano of Edison, N.J., had a top molar pop out in early November when she was flossing.
"That was the last thing that I thought would happen, that my teeth would fall out," Ms. Luciano said.
[Like the Science Times page on Facebook. | Sign up for the Science Times newsletter.]
Teeth falling out without any blood is unusual, Dr. Li said, and provides a clue that there might be something going on with the blood vessels in the gums.
The new coronavirus wreaks havoc by binding to the ACE2 protein, which is ubiquitous in the human body. Not only is it found in the lungs, but also on nerve and endothelial cells. Therefore, Dr. Li says, it's possible that the virus has damaged the blood vessels that keep the teeth alive in Covid-19 survivors; that also may explain why those who have lost their teeth feel no pain.
It's also possible that the widespread immune response, known as a cytokine storm, may be manifesting in the mouth.
Previous articleWhy This Billionaire Will Never Leave New York
Next articleBest Art Books of 2020


text:
University Hair & Beauty
1739 University Avenue, Bronx, NY 10453. USA
Dominican Magic
Beautiful Collection
Advenced gray solution
Beaut collect moisturing color
Colorsilk
Dark & Lovely
Jazzing
Miss Clairol
Ruby Kiss
Textures & Tones
Perouvian Hair
Laces Front
Remi Hair
Dominican Hair Products
Feminin Wash
Cippers spray & oil
Clippers and Trimmers
Golden Hot
Eyes lashes
Specials...
Mineral Eye Shadow
Jamaican Girl
Oil Free Acne Wash Daily Scrub
Please Select Andis BOBBI BOSS Golden hot Mizon Royal Imex Sensationnel Ha.. Shake N Go Fash.. Wahl
Lace JADE 2 IN 1
Model: lace front wig
Manufactured by: Sensationnel Hair Zone
Record Companies
Please Select 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Notify me of updates to Lace JADE 2 IN 1
Copyright © 2019 University Hair & Beauty. Powered by Zen Cart