Despite Coronavirus Outbreak, OpenExchange Virtual Conferences Keep Investment Communications Flowing - Financial Post | Canada News Media
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Despite Coronavirus Outbreak, OpenExchange Virtual Conferences Keep Investment Communications Flowing – Financial Post

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Facing travel restrictions across Asia and Europe due to Coronavirus concerns, five major February investor conferences avoided outright cancellation by substituting complete agendas of virtual video meetings for face-to-face interactions. The virtual conferences were set up and managed by OpenExchange, the trusted video exchange for financial communications. The company is already preparing for sharply increased volume of virtual conferences in March. These critical bank-sponsored gatherings bring global professional investors together with growing companies in China, Korea, and Europe, at a time when information about health concerns and supply chain disruptions are rising around the world.

Deploying its suite of video meeting technology, seasoned video meeting specialists, and proprietary directory services during February, OpenExchange successfully connected 1500 professional investors with executive teams from more than 240 companies — many of whom were forced to work from home offices because of restrictions on travel and public gatherings in their home countries.

“OpenExchange is uniquely qualified to respond quickly to the urgent need to keep financial communications flowing in the face of the COVID-19 outbreak,” remarked OpenExchange CEO Mark Loehr. “The experience and trust we’ve built in serving video needs of the professional investment community over the last ten years, combined with the technology and people we acquired in our recent merger with KnowledgeVision, enabled us to respond rapidly to the urgent needs of some of the world’s most prominent financial institutions.”

OpenExchange employs its own technology, along with technology from Cisco, Zoom, and other video platforms, to connect the financial community with reliable, secure video connections regardless of the kind of video conference setup each participant has. Video meeting specialists, most of whom have deep experience in financial and investor services, set up and test connections to ensure that video meetings go off without a hitch. OpenExchange’s cutting-edge Knovio streaming video platform can livecast keynote and plenary sessions to tens of thousands of simultaneous viewers around the world and organize them into video libraries and microsites, dedicated to the virtual conference. Furthermore, its patented tracking system provides detailed analytics on how each viewer engages and interacts with the video content.

OpenExchange is adding technology and personnel in anticipation of sharp demand growth in March. Even before March begins, we have committed to more than triple the number of meetings and connections we managed in February,” said OpenExchange’s Mark Loehr. “These truly are meetings that matter, because there is simply no substitute for professional investors than coming face-to-face — if only by video — with company executives during a time of global disruption.”

Read more about OpenExchange’s virtual conference offering, OE Conference, at https://www.openexc.com/oe-conference/.

About OpenExchange

Based in Boston, New York, London, and Hong Kong, OpenExchange video-enables the vital daily communications of the financial services and professional investment industry and its clients with advanced one-to-one, one-to-many, and many-to-many video technologies, tools and services. Anchored by its experience in connecting more than 50,000 video endpoints in the professional investment community and more than 400,000 registered users to its video platform, the OpenExchange Network bridges the worlds of real-time videoconferencing, video live-streaming, and searchable on-demand video archives and showcases, making it easy to connect, create, disseminate, and discover information critical to investment and business decisions.

Contacts

Michael Kolowich, OpenExchange
michael@openexc.com
(617) 874-1926

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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