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May 23, 2018 / 8:33 AM / Updated 9 hours ago From red carpet to red dirt, Muguruza the warrior Martyn Herman 4 Min Read
LONDON (Reuters) - Being the reigning Wimbledon champion and former French Open winner has its perks for Garbine Muguruza, like being invited to walk the red carpet at this year’s Oscars in Hollywood. Tennis - WTA Premier 5 - Italian Open - Foro Italico, Rome, Italy - May 16, 2018 Spain's Garbine Muguruza in action during her second round match against Australia's Daria Gavrilova REUTERS/Tony Gentile
Fun as that was, however, the powerful Spaniard knows her real place next week will be fighting it out on the red dirt trying to add to her grand slam total.
The world number three has had an up-and-down year, but will arrive at Roland Garros as one of the main contenders.
Last year proved a chastening experience in Paris when, as defending champion, she lost to local favourite Kristina Mladenovic in front of a raucous, partisan crowd and broke down in tears afterwards during her news conference.
Some might say a night mixing it with the stars of the silver screen might be more preferable than facing a hostile crowd on a dusty clay court, especially as the 24-year-old is dabbling in fashion design and recently modelled a series of looks for fashion bible Vogue.
Muguruza is quick to knock that notion back.
“I was invited (to the Oscars) by Rolex and thought it was a great opportunity, a chance in a lifetime,” Muguruza, announced as a global brand ambassador for mineral water company Evian this week, told Reuters.
“I felt like a bit out of place, like, ‘what am I doing here?’ It’s all about superstars and I was there representing the world of sport. It was a good experience to witness all the Hollywood glam. But I’m in a different world of competition.
“I’m more of a warrior. I live in a different world.”
Venezuela-born Muguruza burst on to the scene in 2015 when she reached the Wimbledon final and lost to Serena Williams.
She avenged that defeat a year later in the French Open final and then beat Venus Williams to win Wimbledon last year. She rose to number one in the world in September.
This season she claimed the Monterrey title in April but her form on clay has been inconsistent, losing to Russian 21-year-old Daria Kasatkina at the Madrid Open before suffering a surprise defeat by Australian Daria Gavrilova in Rome.
Muguruza, however, says she has learned not to dwell on defeats and ‘overthink’ — traits that hampered her in the months after her stunning 2016 French Open triumph.
“I just think now that when the day comes I’ll be ready,” she said. “You get upset for five minutes and then you’re like, ‘okay, it’s time to do something. What can I do for next time?’”
One thing that has not changed is her ultra-aggressive style and it never will, as long as she is hungry for slams.
“I have never seen someone winning such an important title by not being super-aggressive,” Muguruza, who is back working full-time with coach Sam Sumyk after ending a spell with fellow Spaniard and former Wimbledon champion Conchita Martinez.
“You have to go and get it. You will never win a grand slam waiting for it. You have to have an aggressive game.
“Of course every player has their own style, some more spin, some more flat, but you need to be aggressive in women’s tennis.
“If you are not, you are out.”
After the French it will be on to the grasscourts and Wimbledon where Muguruza will try to defend the title.
“In Spain the French was the tournament but I love the history and elegance of Wimbledon,” she said. Reporting by Martyn Herman; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-women-muguruza/from-red-carpet-to-red-dirt-muguruza-the-warrior-idUKKCN1IO10I |
May 2 (Reuters) - OraSure Technologies Inc:
* SEES Q2 2018 EARNINGS PER SHARE ABOUT $0.03 * Q1 EARNINGS PER SHARE VIEW $-0.06 — THOMSON REUTERS I/B/E/S
* EXPECTS Q2 CONSOLIDATED NET REVENUES TO RANGE FROM $42.0 MILLION TO $42.5 MILLION
* SEES Q2 CONSOLIDATED NET REVENUES TO RANGE FROM $42.0 MILLION TO $42.5 MILLION
* Q2 EARNINGS PER SHARE VIEW $0.05 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-orasure-reports-q1-loss-per-share/brief-orasure-reports-q1-loss-per-share-0-03-idUSASC09Z2T |
May 3 (Reuters) - KMH Co Ltd :
* KB Asset Management Co Ltd sold 404,033 shares(3.55 percent stake)of the company, decreasing stake in the company to 12.82 percent from 16.37 percent
Source text in Korean : goo.gl/aoQQUZ
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kb-asset-management-sells-355-pct/brief-kb-asset-management-sells-3-55-pct-stake-in-kmh-idUSL3N1SA1GB |
2 COMMENTS Goldman Sachs GS -0.70% Group Inc. will pay roughly $110 million to settle claims that it failed to supervise foreign exchange traders who put clients at a disadvantage by inappropriately sharing information about their market positions with rivals.
The firm will make payments of $54.75 million to both the Federal Reserve Board and the New York Department of Financial Services, the regulators said Tuesday.
Between 2008 and early 2013, the bank’s traders used electronic chat rooms to share confidential customer information and to discuss potentially coordinating trading activity, the New York agency said.
“This improper activity sought to enable banks and the involved traders to achieve higher profits from execution of foreign exchange trades, sometimes at customers’ expense,” it said.
The traders adjusted prices for particular securities and assisted other banks’ traders by providing confidential information about Goldman Sachs’s clients or their orders, sometimes giving customers code names such as “fiddler” and “dodgy aussie seller,” the DFS said.
While the bank had policies addressing its foreign exchange business in place as early as 2001, “escalation of compliance concerns did not always occur as required, allowing potentially improper trading activity to continue.”
The individuals that had participated in the improper trading are no longer with the firm, according to a person with knowledge of the matter.
“We are pleased to have resolved the Federal Reserve Board’s and New York Department of Financial Services’ respective reviews and appreciate their recognition that we have already taken significant steps to enhance our policies and procedures,” Goldman Sachs said.
The fines come after a string of actions against banks over the past several years. Five banks— Barclays PLC, Citigroup Inc., JPMorgan Chase & Co., Royal Bank of Scotland Group PLC and UBS AG —pleaded guilty in May 2015 and paid $5.6 billion in penalties to resolve investigations into whether the banks worked together to manipulate foreign currency prices.
In a separate case that grew out of the investigations, prosecutors in July charged two HSBC Holdings PLC employees with fraudulently front-running a $3.5 billion currency trade for a client. The HSBC traders have pleaded not guilty.
—Telis Demos contributed to this article.
Write to Ira Iosebashvili at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/goldman-sachs-to-pay-110-million-to-settle-forex-case-1525200512 |
Democratic businessman Ned Lamont and Republican New Britain Mayor Erin Stewart have emerged as the top Connecticut gubernatorial candidates, according to a new poll released Monday, as their respective parties head to nominating conventions later this month.
Ms. Stewart and Mr. Lamont are essentially in a dead heat in a head-to-head matchup, according to the poll conducted by Tremont Public Advisors, a Connecticut lobbying firm that isn’t involved in the race.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/connecticut-mayor-businessman-in-top-spots-in-governors-race-poll-shows-1525718459 |
CLEVELAND, May 15, 2018 (GLOBE NEWSWIRE) -- Hickok Incorporated (OTC Pink:HICKA), a Cleveland-based holding company serving diverse industrial markets, today reported operating results for the three months ended March 31, 2018.
For the quarter ended March 31, 2018, sales were $11.9 million compared with $3.3 million in the same period last year, an increase of $8.6 million or 255%. For the quarter ended March 31, 2017, the Company recorded operating income of $0.6 million compared with an operating income of $0.3 million in the same period last year, an increase of $0.3 million.
Net income for the quarter ended March 31, 2017 was $0.4 million, or $0.11 per fully diluted share, compared with net income of $0.2 million, or $0.07 per fully diluted share last year. The total number of outstanding diluted shares at March 31, 2018 was 3,269,853.
The Company previously announced it had changed its fiscal year end from September 30 to December 31, effective October 1, 2017. The change in the Company’s fiscal year has not impacted the Company’s results for the period ended March 31, 2018.
Information about Forward Looking Statements
Certain statements in this news release, including discussions of management's expectations for the period reported, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ from those anticipated as a result of risks and uncertainties which include, but are not limited to, Hickok's ability to effectively integrate acquisitions and manage the larger operations of the combined business, effectively develop and market new products, overall market and industry conditions, the Company's ability to capitalize on market opportunities, the Company's ability to satisfy its interest payments and obtain cost effective financing as well as the risks described from time to time in Hickok's reports as filed with the Securities and Exchange Commission.
HICKOK INCORPORATED Consolidated Income Statement (Unaudited) Three Months Ended March 31, 2018 2017 Sales $ 11,878,700 100 % $ 3,346,315 100 % Cost of Sales 8,860,259 75 % 1,968,801 59 % Gross Profit 3,018,441 25 % 1,377,514 41 % Product development costs 123,029 1 % 217,316 6 % Selling, general and administrative expenses 2,252,327 19 % 894,302 27 % Operating Income 643,085 5 % 265,896 8 % Interest charges 85,933 1 % 48,192 1 % Other income (expense), net 58,816 0 % (3,563) 0 % Income before Provision for Income Taxes 498,336 4 % 221,267 7 % Provision for Income Taxes 124,584 1 % 8,127 (1) % Net Income $ 373,752 3 % $ 213,140 6 % Net Income Per Common Share Basic $ 0.13 $ 0.07 Diluted $ 0.11 $ 0.07 Weighted Average Shares Outstanding Basic 2,911,057 2,877,493 Diluted 3,269,853 2,964,729 Contact:
Brian E. Powers
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216-541-8060
Source:Hickok Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-hickok-incorporated-reports-results-for-the-three-months-ended-march-31-2018.html |
ZURICH (Reuters) - Credit Suisse has rehired Asian private banker David Lim to become vice chairman of private banking Southeast Asia, the Swiss bank said on Thursday.
Lim will be based in Singapore and report to Benjamin Cavalli. Lim was most recently vice chairman Southeast Asia at Julius Baer in Singapore, where he had worked for 12 years, Credit Suisse said in a statement.
Reporting by Michael Shields; Editing by John Revill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-credit-suisse-gp-asia/credit-suisse-says-david-lim-to-rejoin-bank-in-asia-idUSKBN1I40OK |
WASHINGTON (Reuters) - The U.S. Senate will vote on Wednesday on whether to reverse a decision by the Trump administration to roll back Obama-era “net neutrality” rules, Democratic senators said on Monday.
FILE PHOTO: A supporter of Net Neutrality, Lance Brown Eyes, protests the FCC's recent decision to repeal the program in Los Angeles, California, November 28, 2017. REUTERS/ Kyle Grillot Advocates of keeping the 2015 open-internet rules have the backing of 50 U.S. senators, including Republican Susan Collins. And with the absence of Senator John McCain because of illness, they believe they will win on a 50-49 vote.
The effort still faces an uphill battle - it is uncertain if the Republican-controlled U.S. House of Representatives will even vote on the issue and the White House backs the Federal Communications Commission (FCC) rules approved last December.
The FCC repealed rules set under President Barack Obama, a Democrat, that barred providers from blocking or slowing down access to content or charging consumers more for certain content.
FILE PHOTO: The Federal Communications Commission (FCC) logo is seen before the FCC Net Neutrality hearing in Washington, U.S., February 26, 2015. REUTERS/Yuri Gripas/File Photo Those rules were intended to ensure a free and open internet, give consumers equal access to web content and bar broadband service providers from favoring their own material or others.
The new rules require internet providers to tell consumers whether they will block or slow content or offer paid “fast lanes.”
Senate Democratic Leader Charles Schumer said the issue will energize voters in November’s congressional elections, when a number of lawmakers in President Donald Trump’s Republican Party may be vulnerable.
“A vote against this resolution will be a vote to protect large corporations and special interests, leaving the American public to pay the price,” Schumer said in a statement on Monday.
On Thursday, the FCC said the Obama net neutrality rules will expire on June 11 and the new regulations approved in December handing providers broad new power over how consumers can access the internet will take effect.
Comcast Corp ( CMCSA.O ), Verizon Communications Inc ( VZ.N ) and AT&T Inc ( T.N ) have all pledged to not block or discriminate against legal content after the net neutrality rules expire.
A group of 22 states led by New York and others have sued to try to stop new rules from taking effect. FCC Chairman Ajit Pai, a Republican, told reporters last week that consumers would not be harmed and he said it would simply return the internet to the pre-2015 oversight.
Reporting by David Shepardson; editing by Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-internet/senate-votes-wednesday-on-effort-to-reinstate-net-neutrality-rules-idUSKCN1IF26P |
DAVIS, Calif., May 07, 2018 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (NASDAQ:MBII) (MBI), a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets, is pleased to announce that Kevin Hammill has joined as Chief Commercial Officer.
Mr. Hammill brings over 25 years of leadership experience and broad commercial success in the crop protection (row crop, non-crop, horticulture, soil and seed), plant nutrition and biotechnology industries.
Most recently, Mr. Hammill was Chief Operating Officer at Pivot Bio, a startup company which harnesses the innate ability of naturally occurring microbes to provide crops with nutrients exactly when they need it the most. Prior to Pivot Bio, Hammill was at Valent USA, a division of Sumitomo Chemical, where he oversaw the U.S. Marketing Group, seed treatment business unit and Canadian business operations. Over his 12 years at Valent, Hammill created and directed new growth platforms, commercial alliances, licensing agreements, strategic initiatives and technology adoption that resulted in significant incremental growth and margin to the company.
Before Valent, Mr. Hammill had multiple sales and marketing management positions over the course of 12 years at BASF and American Cyanamid (acquired by BASF in 2000), such as Director of Marketing and Sales, Regional Sales Manager, and Product Manager. He established and implemented strategic direction for a multi-hundred million dollar product portfolio, overseeing global brands and intellectual property, negotiating and managing global licensing agreements with market-leading bioscience and biotechnology companies, identifying high potential market segments, and developing key strategic alliances. As the Director of Sales and Marketing, Mr. Hammill managed the business unit P&L and led a team of marketing, sales, and technical development professionals. In the role of Regional Sales and National Accounts Manager, he managed a high-caliber sales team and was responsible for forging a productive relationship with distribution customers to facilitate the attainment of mutual business goals.
Mr. Hammill has a Bachelor of Science degree in Agriculture and a Master’s degree in Agriculture Business from the University of Guelph, Ontario, Canada.
“I joined MBI because I believe that their highly-effective and widely respected biological products have tremendous potential in the market. I look forward to leveraging my more than two decades of commercial leadership experience to drive forward MBI’s growth plans,” said Mr. Hammill, Chief Commercial Officer of MBI.
“I am thrilled to have someone with Kevin’s acumen and track record of proven results lead our commercial business and collaborate with the rest of our leadership team to grow our sales and enhance value to our shareholders, employees and customers,” said Pam Marrone, CEO and Founder of MBI.
About Marrone Bio Innovations
Bio With Bite.
Marrone Bio Innovations, Inc. (NASDAQ:MBII) strives to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health. MBI’s effective and environmentally responsible pest management solutions help customers operate more sustainably while uniquely improving plant health and increasing crop yields. MBI’s currently available commercial products are Regalia ® , Grandevo ® , Venerate ® , Majestene ® , Haven ® Stargus TM and Amplitude TM , Zelto TM and Zequanox ® . MBI also distributes Bio-tam 2.0 ® for Isagro USA and Jet-Ag ® for Jet Harvest in most regions of the U.S.
Marrone Bio Innovations is dedicated to pioneering smart biopesticide solutions that support a better tomorrow for both farmers, turf managers and consumers around the globe. For more information, please visit www.marronebio.com .
Marrone Bio Innovations Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing MBI’s views as of any subsequent date. Examples of such statements include the potential of our new Chief Commercial Officer to drive sales, provide market projections, and realize the potential benefits of our products. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including weather, regulatory and other factors affecting demand for the MBI’s products, any difficulty in marketing MBI’s products in its target markets, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers. Additional information that could lead to material changes in MBI’s performance is contained in its filings with the SEC. MBI is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of current information, future events or otherwise.
Marrone Bio Innovations Contacts:
Pam Marrone, CEO and Founder
Telephone: +1 (530) 750-2800
Email: [email protected]
MBI Investor Relations:
Greg Falesnik
Managing Director
MZ Group – MZ North America
Main: 949-385-6449
[email protected]
www.mzgroup.us
Source:Marrone Bio Innovations | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-marrone-bio-innovations-appoints-kevin-hammill-as-new-chief-commercial-officer.html |
May 17, 2018 / 10:19 AM / Updated 6 hours ago UK high street slowdown stretching banks' provisioning limits Sandrine Bradley , David Brooke 6 Min Read
(LPC) - Banks are increasingly wary of lending to the UK retail sector as shoppers continue to desert the high street in favour of lower cost online rivals, raising the prospect of further loan losses, banking sources said. FILE PHOTO: Customers leave a Mothercare shop in London October 11, 2008. REUTERS/Suzanne Plunkett
Lenders, predominately UK banks, have already taken big hits on £1.6bn of syndicated loans following UK services company Carillion’s ( CLLN.L ) liquidation in January, and have limited capacity to absorb more losses.
“I think UK banks have already used up their budget for provisioning in the first quarter of the year. They need a safe ride now – a couple more hits and they will turn the tap off,” a banker said.
Household names including mother and baby products retailer Mothercare ( MTC.L ), restaurant chain Prezzo and carpet retailer Carpetright ( CPRC.L ) have announced trading difficulties recently.
As lenders continue to provision for potential losses, any further distress on the high street in the second half of the year could cause banks to shut up shop and stop lending as they reassess their exposure to the troubled retail sector.
“If there are any more default type situations there will be a serious shutdown (in lending) to the high street. Banks can absorb these losses so far, but much more and lending could fall off a cliff,” the first banker said.
A second banker agreed: “I think most people will stay away (from high street lending) – both funds and banks.” HIGH STREET SLUMP
The UK high street has been hit by several factors including a fall in consumer demand powered by a move to online shopping, high rents and over expansion in the last decade.
“A combination of factors will continue to wreak havoc on the high street for at least another year,” a third banker said.
Mothercare has a £62.5m revolving credit facility from HSBC and Barclays, comprising a £50m tranche maturing in May 2020 and a £12.5m tranche maturing in November 2018, according to data from Thomson Reuters LPC. FILE PHOTO: Shoppers walk past House of Fraser on Oxford Street in central London, Britain, April 2, 2018. REUTERS/Hannah McKay/File Photo
On Thursday Mothercare said it would close 50 more stores and ask shareholders for £28m in an equity raise. In addition the firm said it has also secured revised committed debt facilities of £67.5m, £8m of new shareholder loans and a new debtor backed facility of up to £10m pounds from a trade partner.
Other names facing problems are Prezzo, Carpetright and department store chain House of Fraser, which all have outstanding bank loans, according to the data.
Private equity firm TPG acquired Prezzo in 2014, backed with a £155m leveraged loan financing, comprising a £130m term loan and a £25m revolving credit facility arranged by Barclays and Jefferies.
Carpetright has a £45m revolving credit facility which matures at the end of July 2019 and annually renewable overdraft facilities of £7.5m in the UK and €2.4m in the rest of Europe. National Westminster Bank is the company’s principal banker.
The company has agreed a £15m interim loan from Meditor European Master Fund ahead of an equity raise, which a company spokesperson said was set to launch imminently, and extends the maturity of the £45m revolver to the end of 2019.
House of Fraser has a £125m term loan and a £100m revolver both maturing in July, provided by HSBC and Industrial and Commercial Bank of China. House of Fraser is planning to raise £70m in a private placement of shares with Hong Kong-based retailer C.banner ( 1028.HK ).
House of Fraser and TPG declined to comment.
Banks’ exposure to these names is relatively small, but could push lenders over provisioning limits combined with losses already taken after Carillion’s collapse.
Five UK banks took heavy losses and provisions on loans to Carillion following its liquidation in January. Royal Bank of Scotland, HSBC, Santander, Lloyds and Barclays were among the most heavily exposed after providing £140m of emergency loans to the company in September 2017 and were also lenders on a £790m revolving credit facility.
Those two loans made up the bulk of Carillion’s £1.6bn of committed debt facilities at the time of collapse. Barclays had further exposure after providing one of two bilateral loans totalling £45m with Germany’s Helaba Bank.
Six banks, including RBS, HSBC, Santander and Lloyds, also provided another £350m of early prepayment facilities to Carillion’s operating company.
The situation is exacerbated by the uncertainty around Brexit and what this will mean for UK PLC in general.
“There is a serious amount of uncertainty around UK PLC and its prospects post Brexit – there is a lot of underplayed caution,” the first banker said.
The Bank of England is now asking UK banks for monthly reports on their lending to UK companies and is seeking additional information on general forward looking market trends and conditions for the sector from banks’ front offices, he said. PRIVATE FUNDING
Private debt funds could potentially provide an alternative source of finance for struggling high street businesses but are now also more cautious about lending to the high street.
Many of these funds have historically steered away from highly cyclical high street retailing, but those that did invest have experienced problems in recent months.
US financial services group Wells Fargo is facing issues with a £10.7m loan to Rutland-owned electronic goods retailer Maplin, which began liquidation proceedings earlier this year.
Meanwhile the private banking and asset management firm LGT has run into problems with online furniture store sofa.com, after funding its acquisition by private equity firm CBPE in 2015.
“It is a tough sector,” said one manager. “Most will stay away because of the risks.”
Rutland Partners and sofa.com could not be reached for comment. Editing by Christopher Mangham and Tessa Walsh | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-economy-retail-lending/uk-high-street-slowdown-stretching-banks-provisioning-limits-idUKKCN1II19O |
WASHINGTON (Reuters) - A 17-year-old boy in Plano, Texas, has been arrested and charged with plotting a mass shooting inspired by the Islamic State at a shopping mall, law enforcement agencies said on Wednesday.
Matin Azizi-Yarand, 17, appears in a booking photo provided by the Collin County Sheriff's Office, May 2, 2018. Collin County Sheriff's Office/Handout via REUTERS The Federal Bureau of Investigation and police said high school student Matin Azizi-Yarand had planned the attack for mid-May and had sought to recruit others for the shooting. Authorities also said he had drafted a “Message to America” justifying his planned attack.
The FBI and local authorities in Collin County, Texas, said that at the time of his arrest, Azizi-Yarand had sent “more than $1,400 to others” to buy weapons and tactical gear.
In an affidavit, investigators said Azizi-Yarand began communicating online with an FBI “confidential human source” last December about his desire to travel abroad or to conduct an attack in the United States.
Matin Azizi-Yarand, 17, appears in a booking photo provided by the Collin County Sheriff's Office, May 2, 2018. Collin County Sheriff's Office/Handout via REUTERS He compared himself to other recent “lone wolf” attackers, investigators said. “Look at all the other lone wolves// What training did they have yet they simply killed the kuffar?” Azizi-Yarand told the FBI source, using the Arabic word for “disbelievers,” according to the affidavit.
Prosecutors say Azizi-Yarand told the FBI source: “The brothers in Europe the brother in Spain the brother in New York? Had no military training//it’s not about numbers it’s about getting a message across to these taghut countries,” using an Islamic term denoting a focus of worship other than Allah.
Matin Azizi-Yarand, 17, appears in a booking photo provided by the Frisco Police Department, May 2, 2018. Frisco Police Department/Handout via REUTERS Later in the discussion, investigators say, Azizi-Yarand told the FBI source he wanted “to put America in the state that Europe is in which is having to have soldiers deployed in streets” and also do “something that will cost them a lot financially too.”
In other conversations, investigators say, Azizi-Yarand talked about his interest in traveling to Pakistan and then crossing into Afghanistan where he could join the Islamic State. At another point, he told the FBI source he knew a person in India who had information on jihadi activity in Libya, and who invited Azizi-Yarand to travel there with him.
In numerous online conversations, investigators said, Azizi-Yarand shared multiple forms of Islamic State propaganda. At another point, he sent the FBI source a document authored by one of the 1999 shooters at Columbine High School in Colorado containing detailed instructions for building pipe bombs.
But the suspect also discussed various possible targets for a domestic U.S. attack, including a school. Later still, Azizi-Yarand discussed with an undercover FBI employee the possibility of attacking a shopping mall during the Muslim holy month of Ramadan, and at one point sent the FBI employee three pictures of a mall called the Stonebriar Center.
While the FBI and a Joint Terrorism Task force conducted the investigation leading to Azizi-Yarand’s arrest, so far he has only being charged under Texas state law. Authorities said if he is convicted, he would face up to life in prison for soliciting others to participate in his planned attack, and up to 10 years in prison for making a terroristic threat.
He is in custody and bond has been set at $3 million.
Reporting by Lisa Lambert and Mark Hosenball; editing by Bill Trott and Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-shooting-arrest/texas-teenager-arrested-for-allegedly-plotting-mass-shooting-at-mall-u-s-authorities-idUSKBN1I32BS |
May 29, 2018 / 3:06 PM / Updated 38 minutes ago UPDATE 1-Brazil watchdog lays out plan to raise competition in fuel market Reuters Staff 2 Min Read
(Adds details on work group in fourth paragraph)
BRASILIA, May 29 (Reuters) - Brazil’s antitrust regulator on Tuesday laid out a plan to increase competition in the fuels market, which could lower prices in the medium term after a spike that sparked a week-long strike by truckers which roiled Latin America’s largest economy.
In a study, the economic department of the Cade regulator and its technical body laid out nine measures that it says could boost competition in a sector often accused of collusion.
The proposal includes changes to the tax code and the regulatory framework, such as lifting a ban on direct sales of ethanol from producers to gasoline stations, allowing refineries and distributors to own gas stations and distributors to import fuels.
Cade and Brazil’s oil regulator ANP will set up a working group this week, comprising three representatives from each watchdog, to assess the implementation of the nine measures.
The plan should decrease local fuel prices in the medium term, the study said, in effect providing a new response to growing calls for government measures to offset rising global prices.
The government on Sunday agreed to introduce fuel subsidies and tax cuts as striking truckers demanded. But so far, officials have resisted demands to change state-controlled oil company Petróleo Brasileiro SA’s pricing policy that takes global prices as a benchmark.
Cade’s board will meet later on Tuesday to discuss potential actions related to the fuel crisis. (Reporting by Bruno Federowski Editing by Nick Zieminski) | ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport-antitrust/update-1-brazil-watchdog-lays-out-plan-to-raise-competition-in-fuel-market-idUSL2N1T00L2 |
Siemens Building Technologies to acquire leading provider of smart IoT systems in buildings Expansion of smart building technology with digital sensory system – advanced lighting control application as core element Enhancing building performance by gathering multiple streams of data to improve transparency and efficiency Transaction expected to close in the third quarter of 2018
SUNNYVALE, Calif.--(BUSINESS WIRE)-- Siemens Building Technologies Division is acquiring Enlighted Inc., a leading provider of smart IoT (Internet of Things) systems in buildings, headquartered in Silicon Valley. The company is a successful player in the smart building industry, bringing an advanced digital sensory system to market. Both parties have agreed not to disclose financial details. Closing is expected in the third quarter of 2018. Enlighted will be managed as an independent legal entity and wholly-owned subsidiary of Siemens Industry, Inc.
“Enlighted has a strong footprint in revolutionizing building intelligence by developing a multi-sensor-based IoT platform, using the power of data,” said Matthias Rebellius, CEO of Siemens Building Technologies. “With this move we are demonstrating our commitment to drive digitalization in the smart building industry.”
Enlighted achieved its technological leadership with a world-class IoT platform for commercial real estate. The platform consists of multi-function sensors, distributed computing, its own network, and software applications. The beating heart of Enlighted’s platform are smart sensors, securely streaming data to the cloud. In addition, the platform enables reduced energy use, improved space utilization, better environmental management and greater asset utilization.
“With Siemens as a global partner, we will both accelerate innovation and market adoption of our smart building technologies on an international scale,” said Joe Costello, Chairman and CEO of Enlighted Inc.
Enlighted analyzes and visualizes the collected sensor data to drive down operating costs and improve the inner life of a building. These sensors can be installed in every light fixture with the ability to collect data 65 times per second to detect environmental and occupancy changes and react to lighting and HVAC (heating, ventilation and air conditioning) needs in real-time. Based on an advanced smart lighting control application, today, the Enlighted platform can lower lighting costs of a building up to 85 percent when combined with advanced LED fixtures. In addition, the platform is able to locate people and assets within a building and analyze the occupancy of floors and rooms. Finally, in combination with Siemens solutions, the Enlighted platform can optimize the energy efficiency of HVAC systems.
The interaction between buildings and humans is crucial to increase productivity, energy efficiency and comfort in a building. From its inception, Enlighted has been focused on understanding how buildings can be made more efficient and the people who work in them more productive. Enlighted’s smart IoT platform with a digital sensory system applicable in any light fixture is a core element of revolutionizing building intelligence by enhancing the dialogue between humans and buildings.
About Siemens
The Siemens Building Technologies Division (Buffalo Grove, Ill.) is the North American market leader for safe and secure, energy-efficient and environment-friendly buildings and infrastructures. As a technology partner, service provider, system integrator and product vendor, Building Technologies has offerings for fire protection, life safety and security as well as building automation, heating, ventilation and air conditioning (HVAC), and energy management.
Siemens Corporation is a U.S. subsidiary of Siemens AG, a global powerhouse focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of systems for power generation and transmission as well as medical diagnosis. With approximately 372,000 employees in 190 countries, Siemens reported worldwide revenue of $92.0 billion in fiscal 2017. Siemens in the USA reported revenue of $23.3 billion, including $5.0 billion in exports, and employs approximately 50,000 people throughout all 50 states and Puerto Rico.
To receive expert insights sign up for our Siemens’ U.S. Executive Pulse leadership blog . Follow us on Facebook and Twitter at: www.twitter.com/siemensUSA .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006013/en/
Siemens
Aynur Saltik, +1-312-560-3679
Media Relations
[email protected]
Source: Siemens | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-siemens-drives-digital-transformation-in-buildings-with-acquisition-of-enlighted-inc.html |
May 1, 2018 / 12:12 PM / Updated 26 minutes ago RBS to cut 792 jobs, close 162 branches in Williams & Glyn cull Reuters Staff 1 Min Read
LONDON, May 1 (Reuters) - Britain’s Royal Bank of Scotland is to cut around 792 jobs and close 162 branches following a review of its branch network in England and Wales, the bank said on Tuesday.
The bank has concluded that many of its branches in these regions are too close to one another and because changing consumer behaviors have led to a decline in footfall.
“We realise this is difficult news for our colleagues and we are doing everything we can to support those affected. We will ensure compulsory redundancies are kept to an absolute minimum,” the bank said in a statement. Reporting by Emma Rumney, editing by Sinead Cruise | ashraq/financial-news-articles | https://www.reuters.com/article/rbs-cuts/rbs-to-cut-792-jobs-close-162-branches-in-williams-glyn-cull-idUSS8N1KN00K |
(Updates rand, bonds, stocks levels)
JOHANNESBURG, May 4 (Reuters) - South Africa’s rand steadied against the dollar on Friday, failing to build on gains in the previous session, while stocks rose as bourse heavyweight Naspers recovered ground.
At 1515 GMT the rand was trading at 12.5800 per dollar, not far off its close of 12.5875 on Thursday. However, it was on track for a 2 percent decline over the week.
It was amongst the worst performing emerging market currencies in April and remains on the back foot in May with the dollar lifted by rising U.S. Treasury yields to its highest levels this year against a basket of currencies, despite disappointing U.S. employment data for April.
“We need to ask ourselves whether the renewed strength of the greenback is just a clearing out of stale short positions or whether it is a fundamental shift in the trajectory of the U.S. dollar,” Rand Merchant Bank analyst Michelle Wohlberg said.
South African government bonds weakened, with the yield on the benchmark due in 2026 up 1.5 basis points to 8.345 percent.
On the bourse, the benchmark Top-40 index rose 0.92 percent to 50,408 points, while the All-Share index gained 0.65 percent to 57,273 points.
Naspers closed 4.88 percent higher at 3019.33 rand, after dropping more than 4 percent on Thursday following a fall in China’s Tencent Holdings, in which it is a major shareholder.
Gold and platinum miners, however, were under pressure following weaker precious metal prices, with the gold mining index falling 2.72 percent.
“The strong U.S. dollar and mixed economic data kept the pressure on emerging stocks. Mining and industrial shares posted the heaviest losses this week.” NKC African Economic said.
The biggest faller was Dis-Chem Pharmacies, dropping 13.86 percent to 30.40 rand after its full-year earnings came in below market expectations.. (Reporting by Olivia Kumwenda-Mtambo and Nomvelo Chalumbira Editing by Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/safrica-markets/update-1-south-african-rand-steadies-amid-dollar-strength-stocks-rise-idUSL8N1SB5F3 |
May 7 (Reuters) - Centrum Capital Ltd:
* GETS SHAREHOLDERS' NOD FOR SALE OF SHARES HELD BY CO THROUGH CENTRUM RETAIL SERVICES IN CENTRUMDIRECT Source text - bit.ly/2rqiCNh
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-centrum-capital-gets-shareholders/brief-centrum-capital-gets-shareholders-nod-to-sell-shares-held-by-co-in-centrumdirect-idUSFWN1SD01Z |
CEDAR RAPIDS, Iowa, May 09, 2018 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq:UFCS) -
Consolidated Financial Results - Highlights: (1)
Three Months Ended March 31, 2018 Net income per diluted share (2) $ 1.80 Adjusted operating income (3) per diluted share (2) $ 1.00 Gain on sale of discontinued operations per diluted share (2) $ 1.07 Net realized investment losses per diluted share (2) $ (0.27 ) GAAP combined ratio 93.5 % Book value per share $ 38.96 Return on equity (4) 11.0 % United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq:UFCS) today reported consolidated net income, including net realized investment gains and losses and changes in the fair value of equity securities, of $45.8 million ($1.80 per diluted share) for the three-month period ended March 31, 2018 (the "first quarter"), compared to consolidated net income of $19.9 million ($0.77 per diluted share) for the same period in 2017.
The Company reported consolidated adjusted operating income of $1.00 per diluted share for the first quarter, compared to consolidated adjusted operating income of $0.67 per diluted share for the same period in 2017.
First quarter 2018 net income was impacted by our previously announced sale of our wholly-owned subsidiary United Life Insurance Company, which received regulatory approval and closed on March 30, 2018. The sale resulted in a net gain after tax of $27.3 million or $1.07 per diluted share. Further, we adopted new accounting guidance which requires changes in the value of equity securities to be recognized in net income rather than accumulated other comprehensive income within shareholders equity. This change in accounting principles resulted in a net realized investment loss on equity securities after tax of $8.1 million or $0.32 per diluted share.
Excluding these items, adjusted operating income improved $8.1 million or $0.32 per diluted share as compared to the same quarter in the prior year primarily due to a decrease in catastrophe losses and an increase in prior year favorable reserve development. These were all partially offset by an increase in expenses from continued investment in our multi-year project to upgrade our underwriting and analytics technology platform and acceleration of amortization of deferred acquisition costs in our commercial and personal auto lines of business.
(1) Consolidated financial results include results from both continuing and discontinuing operations, unless otherwise noted.
(2) Per share amounts are after tax.
(3) Adjusted operating income is a commonly used non-GAAP financial measure of net income (loss) excluding realized investment
gains and losses, changes in the fair value of equity securities, the one-time gain on the sale of discontinued operations and related federal income taxes. Management evaluates this measure and ratios derived from this measure and the Company provides this information to investors because we believe it better represents the normal, ongoing performance of our business. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for a reconciliation of adjusted operating income to net income.
(4) Return on equity is calculated by dividing annualized net income by average year-to-date equity.
Net premiums earned and total revenues increased 1.7 percent and decreased 2.7 percent, respectively, in the three-month period ended March 31, 2018 as compared to the same period of 2017. The decrease in revenues is primarily due to the change in accounting principles on recognizing the change in the value of equity securities in the income statement previously mentioned. Excluding the change in net realized investment gains and losses on equity securities, revenues increased 1.0 percent compared to the same period in 2017.
The Company recognized net realized investment losses of $8.9 million during the first quarter, compared to net realized investment gains of $4.0 million for the same period in 2017. The change in net realized investment gains and losses was primarily due to the change in accounting principles on recognizing the change in the value of equity securities in the income statement previously discussed above.
Net investment income was $26.2 million for the first quarter, an increase of 4.5 percent, as compared to net investment income of $25.0 million for the same period in 2017. The increase in net investment income for the quarter was driven by an increase in invested assets and the change in the value of our investments in limited liability partnerships and not due to a change in our investment philosophy. The valuation of these investments in limited liability partnerships varies from period to period due to current equity market conditions, specifically related to financial institutions.
Consolidated net unrealized investment losses, net of tax, totaled $10.6 million as of March 31, 2018, a decrease of $225.5 million or 104.9 percent from December 31, 2017. The decrease in net unrealized investment gains is primarily the result of the cumulative change in accounting principles on recognizing the change in the value of equity securities in the income statement previously discussed above. The change in accounting principles required unrealized gains on equity securities of $191.2 million, after-tax, as of January 1, 2108, to be reclassifed to retained earnings from accumulated other comprehensive income, both within shareholders equity. The remaining decrease is due to a change in the value of the fixed maturity portfolio due to an increase in interest rates in the first quarter 2018.
Total consolidated assets as of March 31, 2018 were $2.8 billion, which included $1.9 billion of invested assets. The Company's book value per share was $38.96, which is a decrease of $0.10 per share or 0.3 percent from December 31, 2017 and is primarily attributed to a decrease in net unrealized investment gains of $34.2 million, net of tax, during the first three months of 2018, shareholder dividends of $7.0 million and share repurchases of $5.4 million, partially offset by net income of $45.8 million, which includes $27.3 million of gain on the sale of discontinued operations.
The annualized return on equity was 11.0 percent for the three-month period ended March 31, 2018 compared to 8.4 percent for the same period in 2017.
Property and Casualty Insurance Business
Our continuing operations excludes our former life insurance business, as discussed below. The net income from continuing operations, including net realized investment gains and losses, totaled $20.4 million ($0.80 per diluted share) for the first quarter, compared to net income from continuing operations of $18.6 million ($0.72 per diluted share) in the same period in 2017.
Net premiums earned from continuing operations increased 3.7 percent to $245.2 million in the first quarter, compared to $236.4 million in the same period of 2017. The increase in the three-month period ended March 31, 2018 was due to continued organic growth from new business writings and geographical expansion.
Overall average renewal pricing change for commercial lines decreased slightly, with pricing varying depending on the region and size of the account. The increase over the last several quarters was primarily driven by an increase in commercial auto pricing. Filed commercial auto rate increases processed during the quarter averaged in the high-single digits with mid-single digit negative rate changes for our workers compensation line of business. Overall average renewal pricing increased in the quarter for personal lines, with increases in the mid-single digits.
Reserve development
We experienced favorable development in our net reserves for prior accident years of $38.1 million in the three-month period ended March 31, 2018, compared to favorable development $24.9 million in the same period in 2017. We experienced favorable development in the three-month period ended March 31, 2018 in all lines except assumed reinsurance. The majority of the development came from other liability, commercial auto and commercial fire and allied lines of business. Development amounts can vary significantly from quarter-to-quarter and year-to-year depending on a number of factors, including the number of claims settled and the settlement terms. At March 31, 2018, our total reserves were within our actuarial estimates.
GAAP combined ratio
The GAAP combined ratio improved by 3.0 percentage points to 93.5 percent for the first quarter, compared to 96.5 percent for the same period in 2017. The improvement in the combined ratio is primarily driven by a decrease in catastrophe losses and an increase in prior year favorable reserve development compared to 2017, partially offset by an increase in the expense ratio.
Pre-tax catastrophe losses totaled $3.4 million ($0.10 per diluted share) for the first quarter, compared to $9.7 million ($0.24 per diluted share) for the same period in 2017.
Expense Levels
The expense ratio for the first quarter was 34.5 percentage points, compared to 30.3 percentage points for 2017.
The increase in the expense ratio during the first quarter is primarily the result of two items. First, we invested in a new multi-year project to upgrade our technology platform to enhance core underwriting decisions and productivity. Second, the acceleration of the amortization of our deferred acquisition costs in our commercial and personal auto lines of business from lower than expected profitability in these lines as discussed in prior quarters.
Life Insurance Business
On September 18, 2017, the Company signed a definitive agreement to sell its subsidiary, United Life Insurance Company, to Kuvare US Holdings, Inc. subject to regulatory approval and on March 30, 2018, the sale transaction was completed. As a result, our life insurance business is presented as discontinued operations in all periods presented in this press release.
Net loss from discontinued operations was $1.9 million ($0.07 per diluted share) for the first quarter, compared to net income of $1.4 million ($0.05 per diluted share) for 2017. The decrease in net income during 2018 was primarily due to a decrease in net premiums earned and realized investment losses compared to realized investment gains in 2017. The realized investment losses are primarily due to the change in the value of equity securities, which are now required to be recognized in the income statement due to the change in accounting principles adopted on January 1, 2018, as discussed above.
Capital Management
During the first quarter, we declared and paid a $0.28 per share cash dividend to shareholders of record as of March 7, 2018. We have paid a quarterly dividend every quarter since March 1968.
During the first quarter, 120,372 shares were repurchased under the program at a total cost of $5.4 million and an average share price of $44.90.
Earnings Call Access Information
An earnings call will be held at 9:00 a.m. Central Time on May 9, 2018 to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the Company's first quarter 2018 results.
Teleconference: Dial-in information for the call is toll-free 1-844-492-3723. The event will be archived and available for digital replay through May 23, 2018. The replay access information is toll-free 1-877-344-7529; conference ID no. 10119136.
Webcast: An audio webcast of the teleconference can be accessed at the Company's investor relations page at http://ir.unitedfiregroup.com/event or http://services.choruscall.com/links/ufcs180509 . The archived audio webcast will be available until May 23, 2018.
Transcript: A transcript of the teleconference will be available on the Company's website soon after the completion of the teleconference.
About UFG
Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.
Through our subsidiaries, we are licensed as a property and casualty insurer in 46 states, plus the District of Columbia, and we are represented by approximately 1,150 independent agencies. A.M. Best Company assigns a rating of “A” (Excellent) for members of the United Fire & Casualty Group.
For more information about UFG, visit www.ufginsurance.com or contact:
Randy Patten, AVP of Finance and Investor Relations, 319-286-2537 or [email protected]
Disclosure of Forward-Looking Statements
This release may contain about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for . The are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such are based on current expectations, estimates, forecasts and projections about our company, the industry in which we operate, and beliefs and assumptions made by management. Words such as "expect(s)," "anticipate(s)," "intends(s)," "plan(s)," "believe(s)" "continue(s)," "seek(s)," "estimate(s)," "goal(s)," "remain optimistic," "target(s)," "forecast(s)," "project(s)," "predict(s)," "should," "could," "may," "will," "might," "hope," "can" and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify . These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may what is expressed in such . Information concerning factors that could cause actual outcomes and results to those expressed in the is contained in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission ("SEC") on February 28, 2018. The risks identified in our Form 10-K are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to what is expressed in the . In addition, we can provide no assurance of the satisfaction of the conditions precedent to the consummation of the sale of our life insurance subsidiary, including the receipt of regulatory approval. Readers are cautioned not to place undue reliance on these , which speak only as of the date of this release or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any , whether as a result of new information, future events, or otherwise.
Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures
The Company prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Management also uses certain non-GAAP measures to evaluate its operations and profitability. As further explained below, management believes that disclosure of certain non-GAAP financial measures enhances investor understanding of our financial performance. Non-GAAP financial measures disclosed in this report include: adjusted operating income and net premiums written. The Company has provided the following definitions and reconciliations of the non-GAAP financial measures:
Adjusted operating income: Adjusted operating income is calculated by excluding net realized investment gains and losses and the one-time gain from the sale of discontinued operations after applicable federal and state income taxes from net income. Management believes adjusted operating income is a meaningful measure for evaluating insurance company performance. Investors and equity analysts who invest and report on the insurance industry and the Company generally focus on this metric in their analyses because it represents the results of the Company's normal, ongoing performance. The Company recognizes that adjusted operating income is not a substitute for measuring GAAP net income, but believes it is a useful supplement to GAAP information.
Net Income Reconciliation Three Months Ended March 31, (In Thousands, Except Per Share Data) 2018 2017 Change % Income Statement Data Net income $ 45,759 $ 19,936 129.5 % Less: gain on sale of discontinued operations, net of tax 27,307 — NM Less: after-tax net realized investment gains (losses) (7,048 ) 2,570 NM Adjusted operating income $ 25,500 $ 17,366 46.8 % Diluted Earnings Per Share Data Net income $ 1.80 $ 0.77 133.8 % Less: gain on sale of discontinued operations, net of tax 1.07 — NM Less: after-tax net realized investment gains (losses) (0.27 ) 0.10 NM Adjusted operating income $ 1.00 $ 0.67 49.3 % NM = Not meaningful.
Net premiums written: While not a substitute for any GAAP measure of performance, net premiums written is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Net premiums written are the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Management believes net premiums written are a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net premiums written for an insurance company consists of direct premiums written and reinsurance assumed, less reinsurance ceded. Net premiums earned is calculated on a pro rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of premiums written applicable to the unexpired term of insurance policy in force. The difference between net premiums earned and net premiums written is the change in unearned premiums and change in prepaid reinsurance premiums.
Net Premiums Earned Reconciliation Three Months Ended March 31, (In Thousands, Except Ratios) 2018 2017 Change % Premiums: Net premiums earned $ 258,170 $ 253,872 1.7 % Less: change in unearned premiums (11,523 ) (23,232 ) 50.4 % Less: change in prepaid reinsurance premiums 253 59 NM Net premiums written $ 269,440 $ 277,045 (2.7 )% NM = Not meaningful.
Supplemental Tables
Consolidated Financial Highlights Three Months Ended March 31, (In Thousands, Except Per Share Data and Ratios) 2018 2017 Change % Revenue Highlights Net premiums earned $ 258,170 $ 253,872 1.7 % Net investment income 26,155 25,035 4.5 % Net realized investment gains (losses) (8,921 ) 3,954 NM Total revenues 275,550 283,059 (2.7 )% Income Statement Data Net income 45,759 19,936 129.5 % Gain on sale of discontinued operations, net of tax 27,307 — NM After-tax net realized investment gains (losses) (7,048 ) 2,570 NM Adjusted operating income (1) $ 25,500 $ 17,366 46.8 % Diluted Earnings Per Share Data Net income $ 1.80 $ 0.77 133.8 % Gain on sale of discontinued operations, net of tax 1.07 — NM After-tax net realized investment gains (losses) (0.27 ) 0.10 NM Adjusted operating income (1) $ 1.00 $ 0.67 49.3 % Catastrophe Data Pre-tax catastrophe losses $ 3,361 $ 9,725 (65.4 )% Effect on after-tax earnings per share 0.10 0.24 (58.3 )% Effect on combined ratio 1.4 % 4.1 % (65.9 )% Favorable reserve development experienced on prior accident years $ 38,055 $ 24,946 52.5 % Combined ratio 93.5 % 96.5 % (3.1 )% Return on equity 11.0 % 8.4 % 31.1 % Cash dividends declared per share $ 0.28 $ 0.25 12.0 % Diluted weighted average shares outstanding 25,458,090 25,854,181 (1.5 )% NM = Not meaningful
(1) Adjusted operating income is a non-GAAP financial measure of net income. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for a reconciliation of adjusted operating income to net income.
Income Statement Three Months Ended March 31, (In Thousands, Except Ratios) 2018 2017 Revenues Net premiums earned $ 245,167 $ 236,444 Investment income, net of investment expenses 13,492 12,585 Net realized investment gains (losses) (7,864 ) 2,249 Total Revenues $ 250,795 $ 251,278 Benefits, Losses and Expenses Losses and loss settlement expenses $ 144,728 $ 156,552 Amortization of deferred policy acquisition costs 49,639 50,461 Other underwriting expenses 34,855 21,259 Total Benefits, Losses and Expenses $ 229,222 $ 228,272 Income before income taxes from continuing operations 21,573 23,006 Federal income tax expense from continuing operations 1,209 4,422 Net income from continuing operations $ 20,364 $ 18,584 Net income (loss) from discontinued operations (1,912 ) 1,352 Gain on sale of discontinued operations, net of tax 27,307 — Net income $ 45,759 $ 19,936 GAAP combined ratio: Net loss ratio - excluding catastrophes 57.6 % 62.1 % Catastrophes - effect on net loss ratio 1.4 4.1 Net loss ratio 59.0 % 66.2 % Expense ratio 34.5 30.3 Combined ratio 93.5 % 96.5 %
Balance Sheet March 31, 2018 December 31, 2017 (In Thousands) Invested assets - continuing operations $ 1,905,060 $ 1,888,933 Cash - continuing operations 316,852 95,562 Total assets: Continuing operations $ 2,845,364 $ 2,597,297 Assets held for sale — 1,586,134 Total assets $ 2,845,364 $ 4,183,431 Losses and loss settlement expenses Continuing operations $ 1,219,981 $ 1,224,183 Total liabilities: Continuing operations $ 1,874,881 $ 1,862,923 Liabilities held for sale — 1,347,135 Total liabilities $ 1,874,881 3,210,058 Net unrealized investment gains (losses), after-tax $ (10,627 ) $ 214,865 Total stockholders’ equity 970,693 973,373
Discontinued Operations (1) Three Months Ended March 31, (In Thousands) 2018 2017 Revenues Net premiums earned $ 13,003 $ 17,428 Investment income, net of investment expenses 12,663 12,450 Net realized investment gains (losses) (1,057 ) 1,705 Other income 146 198 Total Revenues $ 24,755 $ 31,781 Benefits, Losses and Expenses Losses and loss settlement expenses $ 10,823 $ 11,071 Increase in liability for future policy benefits 5,023 8,579 Amortization of deferred policy acquisition costs 1,895 1,673 Other underwriting expenses 3,864 3,631 Interest on policyholders’ accounts 4,499 4,744 Total Benefits, Losses and Expenses $ 26,104 $ 29,698 Income (loss) before income taxes $ (1,349 ) $ 2,083 Federal income tax expense 563 731 Net income (loss) $ (1,912 ) $ 1,352 (1) On September 18, 2017, the Company signed a definitive agreement to sell its subsidiary, United Life Insurance Company, to Kuvare US Holdings. The sale closed on March 30, 2018. Our life insurance business is presented as discontinued operations in all periods presented in this table.
Net Premiums Written by Line of Business Three Months Ended March 31, 2018 2017 (In Thousands) Net Premiums Written (1) Continuing operations: Commercial lines: Other liability (2) $ 78,611 $ 82,307 Fire and allied lines (3) 58,542 58,557 Automobile 73,029 66,664 Workers’ compensation 25,093 28,214 Fidelity and surety 5,777 6,041 Miscellaneous 450 445 Total commercial lines $ 241,502 $ 242,228 Personal lines: Fire and allied lines (4) $ 8,983 $ 9,463 Automobile 7,280 6,841 Miscellaneous 290 284 Total personal lines $ 16,553 $ 16,588 Reinsurance assumed (1,620 ) 800 Total net premiums written from continuing operations 256,435 259,616 Total net premiums written from discontinued operations 13,005 17,429 Total $ 269,440 $ 277,045 (1) Net premiums written is a non-GAAP financial measure of net premiums earned. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for a reconciliation of net premiums written to net premiums earned.
(2) Commercial lines “Other liability” is business insurance covering bodily injury and property damage arising from general business operations, accidents on the insured’s premises and products manufactured or sold.
(3) Commercial lines “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine.
(4) Personal lines “Fire and allied lines” includes fire, allied lines, homeowners and inland marine.
Net Premiums Earned, Losses and Loss Settlement Expenses and Loss Ratio by Line of Business Three Months Ended March 31, 2018 2017 Net Losses Net Losses and Loss and Loss Net Settlement Net Net Settlement Net (In Thousands, Except Ratios) Premiums Expenses Loss Premiums Expenses Loss Unaudited Earned Incurred Ratio Earned Incurred Ratio Commercial lines Other liability $ 75,593 $ 25,303 33.5 % $ 74,080 $ 17,789 24.0 % Fire and allied lines 57,399 34,229 59.6 55,519 44,123 79.5 Automobile 66,694 53,947 80.9 57,721 58,976 102.2 Workers' compensation 23,341 12,060 51.7 24,483 16,396 67.0 Fidelity and surety 5,473 658 12.0 5,897 208 3.5 Miscellaneous 425 184 43.3 378 57 15.1 Total commercial lines $ 228,925 $ 126,381 55.2 % $ 218,078 $ 137,549 63.1 % Personal lines Fire and allied lines $ 10,438 $ 7,401 70.9 % $ 10,788 $ 6,374 59.1 % Automobile 7,009 5,757 82.1 6,479 6,230 96.2 Miscellaneous 295 (105 ) (35.6 ) 279 (70 ) (25.1 ) Total personal lines $ 17,742 $ 13,053 73.6 % $ 17,546 $ 12,534 71.4 % Reinsurance assumed $ (1,500 ) $ 5,294 NM $ 820 $ 6,469 NM Total $ 245,167 $ 144,728 59.0 % $ 236,444 $ 156,552 66.2 % NM = Not meaningful
Source:United Fire Group, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-united-fire-group-inc-reports-first-quarter-2018-results.html |
VANCOUVER, British Columbia, May 28, 2018 (GLOBE NEWSWIRE) -- RedZone Resources Inc. (TSXV:REZ) (Frankfurt:REZ) (OTCBB:REZZF) (“the Company” or “RedZone”) is pleased to announce that it has satisfied all the conditions under its previously announced option agreement, (see Aug 2 nd 2016 press release) relating to the acquisition of 14 lode claims, located in Arizona (“the Option Agreement”). Pursuant to the terms of the Option Agreement, Redzone has issued 100,000 shares (four month hold) to the previous claim holders such that its newly formed subsidiary, Arizona Lithium Resources Ltd., now holds all of its previously optioned Arizona property claims. The claim total now stands at 236 and covers 4,876 acres.
The Company is waiting on its “Notice of Intent to Disturb” permit which will allow it to begin the trenching of nineteen (19) areas, to a depth of 20 feet, that were identified as high priority targets during the chip sampling program conducted earlier this year. The expectation is that the results of this trenching program will result in the identification of drill targets for the next stage of exploration, which is targeted for this summer. All the requirements for the trenching permit have been submitted and the company expects the permit to be issued soon.
In addition, metallurgical samples will be taken to start determining the material’s amenability to processing.
About RedZone
RedZone is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. RedZone’s common shares are listed on the TSX-V: REZ.V, on the Frankfurt exchange: REZ and on the OTC REZZF. More information about the Company is available on its issuer profile on SEDAR at www.sedar.com or at www.redzoneresources.ca . For further information please contact:
Michael Murphy
President and Chief Executive Officer
E: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and/or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or lithium at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Source:Redzone Resources Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-redzone-announces-the-receipt-of-all-arizona-property-claims-into-its-newly-formed-arizona-subsidiary.html |
BEIJING--(BUSINESS WIRE)-- Perkins Coie is pleased to announce that veteran Beijing-based lawyers James M. Zimmerman and Scott J. Palmer have joined the firm’s Beijing office as partners. Jim will join the firm’s Business practice, and Scott will join the Intellectual Property (IP) practice.
Jim and Scott have worked in China for most of the past three decades and bring a deep understanding of the country’s economy, culture and legal framework. With client lists that include household names and global brands, Jim and Scott have strong reputations in China and regularly receive high marks from attorney-ranking publications.
“It’s a significant gain for the firm to welcome Jim and Scott, two esteemed lawyers who bolster our growing teams in Beijing and Shanghai,” said Michael House, Managing Partner of Perkins Coie’s Beijing office. “Their exceptional experience and impressive track records in China further our ability to counsel our clients—particularly U.S. companies—in the transactional, regulatory, trademark, litigation and e-commerce areas.”
Geoffrey Vance, Managing Partner of Perkins Coie’s Shanghai office, adds: “The addition of Jim and Scott is a game-changer for Perkins Coie China and further demonstrates our commitment to maintaining a tier-one China practice and growing our offices here.”
Jim, widely considered one of the top American lawyers in China, previously led Sheppard Mullin Richter & Hampton LLP’s Beijing office and has worked in the country since the late 1990s. He counsels U.S. companies across a broad range of industries on corporate, transactional, regulatory and litigation matters. Jim has extensive experience with M&A, labor and employment and dispute resolution as well as with investments related to joint ventures, manufacturing, liquidation and dissolution.
Jim is the Chairman Emeritus of the American Chamber of Commerce in China and has served as its chairman and vice chairman on multiple occasions. He is the lead author of the well-regarded ABA China Law Deskbook, a go-to legal reference for companies doing business in China. He is regularly recognized as one of China’s leading business lawyers in the categories of Chinese Law, Dispute Resolution and General Corporate Law in the AsiaLaw Leading Lawyers Survey, and the International Who's Who of Business Lawyers for Arbitration, and as a Leading Individual in the category of Corporate/M&A for foreign law firms in China in the AsiaPacific Legal 500: The Guide to Asia’s Commercial Law Firms. Jim earned his J.D. from the University of San Diego School of Law, and received his M.B.A. and B.A. from the University of California, Irvine.
Scott also joins Perkins Coie from Sheppard Mullin, where he was a partner. Fluent in Mandarin, he has spent his entire legal career in China beginning in the early 2000s. He advises clients on in-bound China IP enforcement, particularly with trademark, copyright, trade dress, patent and unfair competition matters involving IP. Scott manages IP portfolios for large multinational companies, including registration, prosecution, acquisition, maintenance, licensing, enforcement, and litigation of IP rights. His practice also includes customs registration/enforcement of IP, and the enforcement of IP on e-commerce sites, in social media and on mobile apps in China. Scott regularly advises on technology transfers, brand development and advertising, cross-border registration and enforcement of IP, complex IP litigation, as well as product quality and product approval/registration compliance for cosmetics, pharmaceuticals and health foods. Scott also advises technology and telecommunications companies on Internet regulatory, Internet governance, and cyber security matters involving China.
Scott has been widely recognized as one of the best foreign IP lawyers in China. He was listed in Chambers Global and Chambers Asia as a Leading Lawyer (Intellectual Property) for 2018, and has been listed each year since 2011. He also has been listed as a Leading Individual by the World Trademark Review (2010-2018) and is recommended by The Legal 500 Asia Pacific (2016-2018). Scott earned his J.D. from the Indiana University Maurer School of Law, Bloomington, and received his B.A. from Northern Arizona University.
“As our offices in Beijing and Shanghai have grown in recent years, we’ve seen a sharp increase in clients seeking specialized assistance as they enter or expand their presences in those markets,” said John Devaney, Firmwide Managing Partner. “Jim and Scott’s knowledge and experience after many years in China address our clients’ growing needs in Asia when it comes to investments in a wide array of matters including joint ventures, banking and finance, evolving regulations, data privacy, cryptocurrency and IP enforcement.”
Also joining Jim and Scott at Perkins Coie will be an accomplished team of associates, paralegals and support staff.
Perkins Coie is a leading international law firm that is known for providing high value, strategic solutions and extraordinary client service on matters vital to our clients’ success. With more than 1,000 lawyers in 19 offices across the United States and Asia, we provide a full array of corporate, commercial litigation, intellectual property and regulatory legal advice to a broad range of clients, including many of the world’s most innovative companies and industry leaders as well as public and not-for-profit organizations.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005328/en/
Perkins Coie
Terence Gordon, 212.261.6801
[email protected]
Fax: 212.399.8001
Source: Perkins Coie | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-perkins-coie-strengthens-china-practice-with-addition-of-partners-james-m-zimmerman-and-scott-j-palmer.html |
TORONTO, May 22, 2018 (GLOBE NEWSWIRE) -- Timbercreek Financial (the “Company”) (TSX:TF) is pleased to announce that its board of directors (the “Board”) has declared a monthly cash dividend of $0.0575 per common share (“Common Share”) of the Company to be paid on June 15, 2018 to holders of Common Shares of record on May 31, 2018.
The Company also offers a Dividend Reinvestment Plan (the “Plan”), which is eligible to holders of Common Shares and provides a convenient means to purchase additional Common Shares by reinvesting cash dividends at a potential discount and without having to pay commissions, service charges or brokerage fees.
Pursuant to the Plan and at the discretion of Timbercreek Asset Management Inc., the Manager, Common Shares will be acquired in the open market at prevailing prices or issued from treasury at 98 percent of the average market price (the “Average Market Price”) for the five trading day period ending on the third business day immediately prior to the dividend payment date (the “Trading Period”).
Common Shares acquired under the Plan will be automatically enrolled in the Plan. Shareholders who hold their Common Shares through a broker, financial institution or other nominee must enroll for distribution reinvestment through their nominee holder.
The full text of the Plan can be obtained on the Company’s website at http://www.timbercreekfinancial.com/investor-relations/dividend-reinvestment-plan
About Timbercreek Financial
Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors.
CONTACT:
Timbercreek Financial
Cameron Goodnough
CEO
[email protected]
www.timbercreekfinancial.com
Source:Timbercreek Financial | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-timbercreek-financial-declares-may-2018-dividend.html |
Here's why the turmoil in Europe could be bullish for bonds 14 Hours Ago Kristina Hooper, Invesco, on the bond breakout. Can turmoil in Europe boost bonds? With CNBC's Jackie DeAngelis and the Futures Now traders, Brian Stutland and Scott Nations, both at the CME. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/heres-why-the-turmoil-in-europe-could-be-bullish-for-bonds.html |
May 2, 2018 / 10:43 AM / in 7 minutes BRIEF-Pioneer Energy Services Reports Q1 Loss Per Share $0.14 Reuters Staff
May 2 (Reuters) - Pioneer Energy Services Corp:
* PIONEER ENERGY SERVICES REPORTS FIRST QUARTER 2018 RESULTS * Q1 LOSS PER SHARE $0.14
* Q1 REVENUE $144.5 MILLION VERSUS I/B/E/S VIEW $136.5 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.13 — THOMSON REUTERS I/B/E/S
* PIONEER ENERGY SERVICES - IN Q2 2018, REVENUE FROM PRODUCTION SERVICES BUSINESS SEGMENTS ESTIMATED TO BE UP ABOUT 7% TO 10% AS COMPARED TO Q1 OF 2018
* ESTIMATE TOTAL CASH CAPITAL EXPENDITURES FOR 2018 TO BE APPROXIMATELY $60 MILLION
* PIONEER ENERGY SERVICES - SEE FOR Q2 2018 DOMESTIC DRILLING SERVICES RIG UTILIZATION TO GENERATE AVERAGE MARGINS PER DAY OF ABOUT $10,000 TO $10,500
* PIONEER ENERGY SERVICES - SEE FOR Q2 2018 INTERNATIONAL DRILLING SERVICES RIG UTILIZATION TO GENERATE AVERAGE MARGINS/DAY OF ABOUT $8,000 TO $9,000.
* MARGIN FROM CO’S PRODUCTION SERVICES BUSINESS ESTIMATED TO BE 25% TO 27% OF REVENUE IN Q2 2018 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pioneer-energy-services-reports-q1/brief-pioneer-energy-services-reports-q1-loss-per-share-0-14-idUSASC09YWO |
May 12, 2018 / 6:55 AM / Updated 8 hours ago Stokes goes from MVP to Royal disappointment in IPL Amlan Chakraborty 3 Min Read
NEW DELHI (Reuters) - Fourth months after splashing out $1.97 million to secure the services of Ben Stokes, Rajasthan Royals cannot be faulted for regretting the splurge as they struggle to stay afloat in this year’s Indian Premier League (IPL). FILE PHOTO: Cricket - England Nets - Hagley Oval, Christchurch, New Zealand - March 29, 2018 - England's Ben Stokes. REUTERS/Paul Childs
Stokes, then with Rising Pune Supergiant, set alight last year’s tournament with his scintillating batting, crafty bowling and electric fielding, making him the obvious choice for the league’s Most Valuable Player (MVP) honour.
England and world cricket’s premier all-rounder’s Midas touch has deserted him since joining Rajasthan, however, with the 26-year-old still looking for his first fifty in this year’s tournament, while the wickets have also dried up.
But it may still not to be too late for Stokes, according to England team mate Chris Woakes.
“He is a world class player,” Woakes, who is among a dozen English players in this year’s IPL, told reporters on Friday.
“Probably has not played as well as he would have liked throughout the tournament but I never write him off.
“Still four games left and more if they qualify. He’s a fantastic player. If you slip off your game against him, he will punish you,” the Royal Challengers Bangalore player added.
Stokes did suffer a setback off the pitch when he was charged with affray following an incident in Bristol last September, costing him a place on England’s Ashes tour of Australia.
The player has pleaded not guilty and will face trial in August.
Hoping to help Stokes rediscover his best form, Rajasthan tried the middle-order batsman as an opener in Friday’s match against Chennai Super Kings but the all-rounder made just 11 before losing his middle stump to Harbhajan Singh.
However, Rajasthan and England team mate Jos Buttler said the switch in order was primarily due to a hamstring issue.
“(Rajasthan mentor) Shane Warne sort of said ‘why don’t you go at the top and play with some freedom and try and see if that comes off’ because he felt like he was going to find it hard in the middle with his running,” explained Buttler.
Bought at a relatively modest $680,000, Buttler has provided better value for money for Rajasthan, the wicketkeeper-batsman hitting his fourth consecutive half-century on Friday to keep the side alive in the playoff race.
Opening the innings with Stokes, Buttler went on to smash an unbeaten 95 to anchor Rajasthan’s chase in Jaipur against IPL heavyweights Chennai.
Asked if it was his best Twenty20 knock, the 27-year-old said, “Definitely, especially in the IPL. I have hit my straps and it’s always special when you’re not out.”
Rajasthan, currently sixth in the eight-team league, visit Mumbai Indians on Sunday. Reporting by Amlan Chakraborty in New Delhi; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-t20-ipl-stokes/stokes-goes-from-mvp-to-royal-disappointment-in-ipl-idUKKBN1ID062 |
By Fortune Editors 3:40 PM EDT
Watch episode six of our weekly news show, The Breakdown , for a quick dive into some of the week’s most compelling topics by reporters and editors from Fortune, Time , Money, and Sports Illustrated . In this week’s edition, Fortune examines Elon Musk’s unconventional strategy for Tesla, Time explores what lies ahead for the Harvey Weinstein trial, Money delves into the rise of robocall scams, and Sports Illustrated recaps the road to the NBA finals for the Cleveland Cavaliers and the Golden State Warriors. The show stars Neha Joy and streams weekly on Wednesdays at 4 p.m. Eastern. | ashraq/financial-news-articles | http://fortune.com/2018/05/30/the-breakdown-episode-6/ |
Taxes Long-distance donors flood Tuesday's Pennsylvania primaries with cash Tuesday's political primary in Pennsylvania is being widely watched, because a court-ordered redistricting has shuffled the cards for the state's congressional incumbents. The redrawn map has created five open seats in districts effectively abandoned by their current representatives and has two incumbents facing each other in the same district. The rare district shuffle has also touched off a flood of campaign donations from out-of-state donors from both parties. CNBC.com Brendan McDermid | Reuters Democratic congressional candidate Conor Lamb is greeted by supporters during his election night rally in Pennsylvania's 18th U.S. Congressional district special election against Republican candidate and State Rep. Rick Saccone, in Canonsburg.
Tuesday's round of four political primaries includes one of the most widely watched set of races in Pennsylvania , where a court-ordered redistricting has shuffled the cards for the state's congressional incumbents.
The redrawn map has created five open seats in districts effectively abandoned by their current representatives. And the new map landed two incumbents running against each other in the same district.
The rare district shuffle has also touched off a flood of campaign donations from out-of-state donors from both parties who are placing bets from around the country on vulnerable House seats.
As of the end of the first quarter, roughly two-thirds of the money raised by House hopefuls had come from donors outside their congressional districts, according to an analysis by the Center for Responsive Politics.
The upheaval brought by Pennsylvania's redistricting offers an unusual number of seats left open by incumbents who saw the voter makeup of their districts abruptly shuffled. Four of the state's 18 districts are either vacant or open. Two are ranked "toss-ups" by political pundits, and nine are considered competitive.
That's generated an unusually large field of candidates and campaign spending. Some 78 declared House candidates in Pennsylvania primaries have already spent $22 million, much of it raised from out-of-state donors.
The biggest influx of out-of-district money landed in the 17th District, where incumbent Democrat Conor Lamb faces off against three-term Republican Keith Rothfus.
Lamb, who raised a large war chest from national donors, defeated Republican Rick Saccone in an upset special election in the former 18th District in March. Lamb, now running in the 17th District, will enter the general election against Rothfus with a 5-to-1 fundraising advantage. (Both are unopposed in Tuesday's primary.)
Meanwhile, Saccone is back in the race, vying for the GOP nomination in the 14th District.
Elsewhere, voters in Oregon, Nebraska and Idaho will go to the polls Tuesday to winnow down a field of hundreds of candidates vying for their party's nomination to run for election in November. Republicans currently hold six of the 10 House seats up for re-election in those three states.
Outside of Pennsylvania, few of the House races are considered competitive. Both of Idaho 's congressional districts lean heavily Republican, and incumbents there have outraised their Democratic rivals by a wide margin.
In Oregon , which last voted for a Republican president in 1984, Democrats have a similar hold on most of the five seats. Only one district is considered safe for Republicans. Incumbent Greg Walden, first elected nearly 20 years ago to represent Oregon's 2nd District, has raised more than $3 million. That's far more than his six Democratic challengers combined.
Despite Nebraska 's statewide Republican tilt, the race in the 2nd Congressional District is shaping up as a possible flip for Democrats.
Incumbent Republican Don Bacon in 2016 narrowly defeated Democratic incumbent Brad Ashford, who wants his seat back. So far, Bacon has raised about $1.5 million, more than twice as much as Ashford. About a third of the money raised in this race overall has come from outside the district.
Ashford faces Kara Eastman, founder of an Omaha nonprofit agency, in Tuesday's Democratic primary. Bacon is running for the GOP nomination unopposed. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/long-distance-donors-flood-tuesdays-pennsylvania-primaries-with-cash.html |
May 10 (Reuters) - Leon’s Furniture Ltd:
* LEON’S FURNITURE RELEASES FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* Q1 SALES ROSE 4.7 PERCENT TO C$601.1 MILLION * Q1 EARNINGS PER SHARE VIEW C$0.12 — THOMSON REUTERS I/B/E/S
* SAME STORE CORPORATE SALES INCREASED BY 2.6% IN Q1 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-leons-furniture-releases-financial/brief-leons-furniture-releases-financial-results-for-the-first-quarter-ended-march-31-2018-idUSASC0A1I2 |
May 22 (Reuters) - Cipla Ltd, India’s second-biggest drugmaker by market capitalization, posted a fourth-quarter profit on Tuesday, but missed analysts’ estimates.
Net profit came in at 1.79 billion rupees ($26.30 million) for the quarter ended March 31, compared with a loss of 617.9 million rupees in the year-ago quarter, the company said here
Analysts, on average, had expected a profit of 3.57 billion rupees, according to Thomson Reuters data. ($1 = 68.0650 Indian rupees) (Reporting By Arnab Paul in Bengaluru; Editing by Vyas Mohan)
| ashraq/financial-news-articles | https://www.reuters.com/article/cipla-results/indias-cipla-posts-q4-profit-idUSL3N1ST3QR |
PITTSBURGH, L.B. Foster Company (NASDAQ:FSTR), a leading manufacturer and distributor of products and services for transportation and energy infrastructure, today reported first quarter 2018 net loss of $2.0 million, or $0.20 per diluted share, which included:
Sales increased by 3.2% from the prior year quarter to $122.5 million.
Gross profit margin of 18.0% compared to 17.9% in the prior year.
New orders increased by 8.1% from the prior year quarter. This is the highest level of new orders since the three months ended March 31, 2014.
An increase in backlog of 32.0% from December 31, 2017 to $220.3 million. This is the highest level of backlog since September 30, 2014.
Debt was reduced by $27.6 million during the quarter to $102.4 million.
Net cash provided by operating activities for the quarter totaled $2.6 million compared to $10.7 million in the prior year quarter. The $8.2 million decline is primarily a result of the increase in bonus payments in the amount of $4.1 million compared to the prior year and inventory increases of $3.8 million in the first quarter of 2018 due to stronger anticipated revenue outlook for the second quarter of 2018.
First Quarter Results
First quarter net sales of $122.5 million increased by $3.8 million, or 3.2%, compared to the prior year quarter due to increases in Tubular and Energy Services (Tubular) sales of 26.0% and Rail Products and Services (Rail) of 10.1%. These increases were partially offset by a reduction in Construction Products (Construction) sales of 22.6%.
Gross profit margin was 18.0%, 10 basis points higher than the prior year quarter. The Tubular segment increased 290 basis points over the prior year period from strength within the midstream and upstream markets we serve. This increase was offset by reductions within the Construction segment of 220 basis points and the Rail segment of 60 basis points compared to the prior year.
First quarter new orders were $176.0 million, an 8.1% increase from the prior year quarter, due to increases in each of the three segments: Rail new orders increased 10.2%, Tubular new orders increased 9.6%, and Construction new orders increased 3.0%. This resulted in the highest level of new order activity since the three months ended March 31, 2014.
Backlog was $220.3 million at March 31, 2018, a 12.8% increase that was supported by increases in each of the three segments. Rail segment backlog increased $13.3 million, or 14.5%, Construction segment backlog increased $6.6 million, or 8.3%, and Tubular segment backlog increased $5.2 million, or 21.1%, compared to the prior year period. This is the Company's highest reported backlog level since September 30, 2014.
Net loss for the first quarter 2018 was $2.0 million, or $0.20 per diluted share, compared to a net loss of $2.4 million, or $0.23 per diluted share, last year.
First quarter EBITDA 1 (earnings before interest, taxes, depreciation, and amortization) was $5.1 million which was flat to the first quarter of 2017. This includes increased litigation costs of $1.2 million related to the Union Pacific Rail Road (UPRR) matter compared to the prior year period. Selling and administrative expenses in the first quarter increased by $1.2 million, or 6.4%. The increase was comprised of an increase in litigation costs of $1.2 million related to the UPRR matter.
Interest expense was $2.0 million in the first quarter of 2018, compared to $2.1 million in the prior year quarter. The decrease was attributable to a reduction in debt levels.
Net cash provided by operating activities for the quarter totaled $2.6 million compared to $10.7 million in the prior year quarter. The $8.2 million decline is primarily a result of the increase in employee bonus payments of $4.1 million and inventory increases of $3.8 million to support our first quarter order activity and stronger anticipated revenue outlook for the second quarter of 2018.
The Company’s income tax expense for the first quarter was $0.5 million, which primarily related to income taxes in foreign jurisdictions. The Company has a full valuation allowance against its U.S. deferred tax assets; therefore, no tax benefit was recorded on domestic operations.
Total debt decreased by $27.6 million, or 21.3%, in the first quarter to $102.4 million as compared to $130.0 million at December 31, 2017. The decrease was primarily related to the $24.7 million repatriation of international cash that was applied against the debt balance.
1 See "Non-GAAP Disclosures" at the end of this press release for information regarding the following non-GAAP measures used in this release: EBITDA.
CEO Comments
Bob Bauer, President and Chief Executive Officer, commented, “The Company's first quarter results continue to reflect the actions we have taken to improve operations along with improving market conditions. Net sales of $122.5 million, new orders of $176.0 million, and an ending backlog of $220.3 million for the first quarter are the result of strong new orders driven by rail and energy market spending as well as significant projects secured across a number of product divisions. This is the highest level of new orders and backlog we have seen since 2014. The U.S. energy markets continued to improve, and our actions to restore profitability in the Tubular and Energy Services segment led to a substantial improvement in segment gross profit in the first quarter."
Mr. Bauer added, "Our progress in restoring profitability over the last twelve months has enabled our interest rate spread to be reduced by 75 basis points per the terms of our loan agreement. We will see the impact of this reduced interest rate starting in the second quarter of 2018. We reduced our debt by $27.6 million during the last three months and our net debt to EBITDA ratio ended at 2.55x over the last twelve months."
L.B. Foster Company will conduct a conference call and webcast to discuss its first quarter 2018 operating results on Tuesday, May 1, 2018 at 5:00 pm ET. The call will be hosted by Mr. Robert Bauer, President, and Chief Executive Officer. Listen via audio and access the slide presentation on the L.B. Foster web site: www.lbfoster.com , under the Investor Relations page. The conference call can also be accessed by dialing 877-407-0784 (U.S. & Canada) or 201-689-8560 (International) and providing access code 13678240.
About L.B. Foster Company
L.B. Foster is a leading manufacturer and distributor of products and services for transportation and energy infrastructure with locations in North America and Europe. For more information, please visit www.lbfoster.com .
This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this release may concern, among other things, L.B. Foster Company’s (the “Company’s”) expectations relating to our strategy, goals, projections, and plans regarding our financial position, liquidity, capital resources, and results of operations; the outcome of litigation and product warranty claims; decisions regarding our strategic growth initiatives, market position, and product development; all of which are based on current estimates that involve inherent risks and uncertainties. The Company has based these forward-looking statements on current expectations and assumptions about future events. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company cautions readers that various factors could cause the actual results of the Company to differ materially from those indicated by forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: environmental matters, including any costs associated with any remediation and monitoring; a resumption of the economic slowdown we experienced in previous years in the markets we serve; the risk of doing business in international markets; our ability to effectuate our strategy, including cost reduction initiatives, and our ability to effectively integrate acquired businesses and realize anticipated benefits; costs of and impacts associated with shareholder activism; a decrease in freight or passenger rail traffic; the timeliness and availability of materials from our major suppliers as well as the impact on our access to supplies of customer preferences as to the origin of such supplies, such as customers' concerns about conflict minerals; labor disputes; the continuing effective implementation of an enterprise resource planning system; changes in current accounting estimates and their ultimate outcomes; the adequacy of internal and external sources of funds to meet financing needs, including our ability to negotiate any additional necessary amendments to our credit agreement; the Company’s ability to manage its working capital requirements and indebtedness; domestic and international taxes, including estimates that may impact these amounts, including as a result of any interpretations, regulatory actions, and amendments to the Tax Cuts and Jobs Act (the “Tax Act”); foreign currency fluctuations; inflation; domestic and foreign government regulations, including tariffs; economic conditions and regulatory changes caused by the United Kingdom’s pending exit from the European Union; sustained declines in energy prices; a lack of state or federal funding for new infrastructure projects; an increase in manufacturing or material costs; the ultimate number of concrete ties that will have to be replaced pursuant to the previously disclosed product warranty claim of the Union Pacific Railroad (“UPRR”) and an overall resolution of the related contract claims as well as the possible costs associated with the outcome of the lawsuit filed by the UPRR; the loss of future revenues from current customers; and risks inherent in litigation. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. Significant risks and uncertainties that may affect the operations, performance, and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K and our other periodic filings with the Securities and Exchange Commission.
Investor Relations:
Judith Balog
(412) 928-3417
[email protected]
L.B. Foster Company
415 Holiday Drive
Pittsburgh, PA 15220
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
March 31, 2018 2017 (Unaudited) Sales of goods $ 91,811 $ 97,629 Sales of services 30,643 21,073 Total net sales 122,454 118,702 Cost of goods sold 75,300 79,401 Cost of services sold 25,126 18,049 Total cost of sales 100,426 97,450 Gross profit 22,028 21,252 Selling and administrative expenses 20,458 19,227 Amortization expense 1,785 1,759 Interest expense 1,958 2,108 Interest income (71 ) (56 ) Equity in loss of nonconsolidated investments 3 200 Other (income) expense (608 ) 5 23,525 23,243 Loss before income taxes (1,497 ) (1,991 ) Income tax expense 525 431 Net loss $ (2,022 ) $ (2,422 ) Basic loss per common share $ (0.20 ) $ (0.23 ) Diluted loss per common share $ (0.20 ) $ (0.23 ) Dividends paid per common share $ — $ — Average number of common shares outstanding — Basic 10,351 10,319 Average number of common shares outstanding — Diluted 10,351 10,319 L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31,
2018 December 31,
2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 10,984 $ 37,678 Accounts receivable - net 76,828 76,582 Inventories - net 101,052 97,543 Prepaid income tax 246 188 Other current assets 12,418 9,120 Total current assets 201,528 221,111 Property, plant, and equipment - net 93,892 96,096 Other assets: Goodwill 20,129 19,785 Other intangibles - net 56,001 57,440 Investments 159 162 Other assets 1,711 1,962 Total assets $ 373,420 $ 396,556 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 63,595 $ 52,404 Deferred revenue 10,221 10,136 Accrued payroll and employee benefits 6,282 11,888 Accrued warranty 8,706 8,682 Current maturities of long-term debt 652 656 Other accrued liabilities 10,197 9,764 Total current liabilities 99,653 93,530 Long-term debt 101,752 129,310 Deferred tax liabilities 8,554 9,744 Other long-term liabilities 17,661 17,493 Stockholders' equity: Class A Common Stock 111 111 Paid-in capital 45,307 45,017 Retained earnings 135,453 137,780 Treasury stock (18,180 ) (18,662 ) Accumulated other comprehensive loss (16,891 ) (17,767 ) Total stockholders' equity 145,800 146,479 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 373,420 $ 396,556 Non-GAAP Disclosures
This earnings release discloses earnings before interest, taxes, depreciation, and amortization (“EBITDA”) which is a non-GAAP financial measure. The Company believes that EBITDA is useful to investors in order to provide a more complete understanding of the ongoing operations of the Company’s business in order to enhance investors' understanding of our day to day operations. In addition, management believes that these non-GAAP financial measures are useful to investors in the assessment of the use of our assets without regard to financing methods, capital structure, or historical cost basis. Additionally, EBITDA is a financial measurement that management and the Board of Directors use in the determination of certain compensation programs. Management believes that these measures provide useful information to investors because they will assist investors in evaluating earnings performance on a comparable year-over-year basis.
Non-GAAP financial measures are not a substitute for GAAP financial results and should only be considered in conjunction with the Company’s financial information that is presented in accordance with GAAP. Quantitative reconciliations of EBITDA is presented below (in thousands):
Three Months Ended
March 31, 2018 2017 (Unaudited) EBITDA Reconciliation Net loss, as reported $ (2,022 ) $ (2,422 ) Interest expense, net 1,887 2,052 Income tax expense 525 431 Depreciation expense 2,944 3,282 Amortization expense 1,785 1,759 Total EBITDA $ 5,119 $ 5,102
Source:L.B. Foster Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-l-b-foster-reports-first-quarter-operating-results.html |
* Oil prices drop more than 2.5 percent
* Foot Locker surges after results, lifts Nike
* Autodesk, Gap fall after results
* Futures: Dow and Nasdaq down 0.29 pct, Nasdaq little changed (Updates to open)
By Medha Singh
May 25 (Reuters) - The S&P 500 index and the Dow Jones Industrial Average were slightly lower on Friday as a steep drop in oil prices pressured energy stocks.
Crude oil prices declined more than 2.5 percent, or about $2 per barrel, after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014.
The S&P energy index slid 2.8 percent, on track for its biggest one-day percentage decline since Feb. 8. All the 31 components of the index were in the red.
Shares of Exxon and Chevron both fell more than 2 percent, while service firms Schlumberger, Halliburton and producers Occidental Petroleum and ConocoPhillips were down between 3 percent and 4.2 percent.
“With the long weekend ahead low volume should be expected, paving the way for a range-bound trading session,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Markets are closed on Monday for the Memorial Day holiday.
The main indexes ended only slightly lower on Thursday after recovering from what market participants said was a knee-jerk reaction to President Donald Trump cancelling a meeting with North Korea’s Kim Jong Un.
However, Trump on Friday raised the possibility that the summit could still take place on June 12 as originally planned.
At 9:52 a.m. ET, the Dow Jones Industrial Average was down 72.70 points, or 0.29 percent, at 24,739.06, the S&P 500 was down 7.82 points, or 0.29 percent, at 2,719.94 and the Nasdaq Composite was up 6.15 points, or 0.08 percent, at 7,430.58.
Six of the 11 major S&P sectors were down.
A surge in shares of Foot Locker boosted the consumer discretionary index. Foot Locker jumped 9.9 percent following a better-than-expected quarterly profit, lifting shares in Nike which has a partnership with the footwear retailer.
Among decliners, apparel retailer Gap plunged 11.2 percent after quarterly same-store sales missed estimates.
Autodesk fell 3.4 percent after the AutoCAD owner forecast second-quarter profit below expectations.
Declining issues outnumbered advancers for a 1.52-to-1 ratio on the NYSE and for a 1.09-to-1 ratio on the Nasdaq.
The S&P index recorded nine new 52-week highs and no new lows, while the Nasdaq recorded 42 new highs and 11 new lows. (Reporting by Medha Singh in Bengaluru; editing by Patrick Graham and Sriraj Kalluvila)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-slips-as-oil-slump-drags-energy-stocks-idUSL3N1SW4G8 |
May 2, 2018 / 1:25 AM / Updated 5 hours ago South Korea says it wants U.S. troops to stay regardless of any treaty with North Korea Christine Kim 3 Min Read
SEOUL (Reuters) - South Korea said on Wednesday the issue of U.S. troops stationed in the South is unrelated to any future peace treaty with North Korea and that American forces should stay even if such an agreement is signed.
“U.S. troops stationed in South Korea are an issue regarding the alliance between South Korea and the United States. It has nothing to do with signing peace treaties,” said Kim Eui-kyeom, a spokesman for the presidential Blue House, citing President Moon Jae-in.
The Blue House was responding to media questions about a column written by South Korean presidential adviser and academic Moon Chung-in that was published earlier this week.
Moon Chung-in said it would be difficult to justify the presence of U.S. forces in South Korea if a peace treaty was signed after the two Koreas agreed at an historic summit last week to put an end to the Korean conflict.
However, Seoul wants the troops to stay because U.S. forces in South Korea play the role of a mediator in military confrontations between neighbouring superpowers like China and Japan, another presidential official told reporters on condition of anonymity earlier on Wednesday.
Presidential adviser Moon Chung-in was asked not to create confusion regarding the president’s stance, Kim said.
The United States currently has around 28,500 troops stationed in South Korea, which North Korea has long demanded be removed as one of the conditions for giving up its nuclear and missile programmes.
However, there was no mention in last week’s declaration by Moon Jae-in and North Korean leader Kim Jong Un of the withdrawal of U.S. forces from South Korea. Kim and Moon Jae-in pledged to work for the “complete denuclearisation” of the Korean peninsula.
U.S. troops have been stationed in South Korea since the Korean War, which ended in 1953 in an armistice that left the two Koreas technically still at war.
Moon Jae-in and Kim have said they want to put an end to the Korean conflict, promising there will be “no more war” on the Korean peninsula. FILE PHOTO: U.S. army soldiers take part in a U.S.-South Korea joint river-crossing exercise near the demilitarized zone separating the two Koreas in Yeoncheon, South Korea, April 8, 2016. REUTERS/Kim Hong-Ji Reporting by Christine Kim; Editing by Paul Tait | ashraq/financial-news-articles | https://in.reuters.com/article/usa-southkorea-northkorea/seoul-says-u-s-troops-in-south-korea-a-separate-issue-to-peace-treaty-with-north-korea-idINKBN1I305L |
LEAWOOD, Kan.--(BUSINESS WIRE)-- Tortoise, a specialized investment firm whose purpose is to make an impact through essential assets and income investing, continues its focus on delivering differentiated client solutions and exceptional client service with the addition of new team members.
Larry Pokora , Director - Institutional Sales and Client Service, will focus on serving Tortoise’s institutional investors and their consultants. He is based in Norwalk, Conn. Mr. Pokora previously worked for LibreMax Capital. Also new to that team is Justin Moulder , Vice President who joined the firm from Comdata Inc.
Matthew Blind also joined Tortoise as a Director. He previously worked at Fidelity. He is based in Cohasset, Mass. and will serve family offices and raise capital in private markets. Joe Flores , who was previously Regional Vice President in the Private Client Group covering the North Central territory, will now work with family offices, and Brian Kilar has joined Tortoise from Putnam Investments and will take over the North Central territory. Strategic Client Group Director Kristin Blundo Douglass recently moved to Tortoise from Indus Capital. She is based in New York.
“Delivering innovative products along with excellent client service has always been our number one priority,” said Jason McElwee, Managing Director of Distribution at Tortoise. “We feel that these enhancements further align the team with our evolving client needs.”
About Tortoise
Tortoise specializes in essential assets and income. Tortoise invests in assets and services that serve essential needs in society and can also serve essential client needs, such as diversification and income. Tortoise’s energy investing expertise across the energy value chain, including infrastructure and MLPs, dates back more than 15 years. Through a variety of investment vehicles, Tortoise provides access to a wide range of client solutions, focused on their evolving needs. For more information, please visit www.tortoiseadvisors.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531006272/en/
Tortoise
Pam Kearney, 866-362-9331
Investor and Public Relations
[email protected]
Source: Tortoise | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-tortoiseas-aclient-firsta-approach-expands-with-new-additions-to-its-distribution-team.html |
HYDERABAD, India--(BUSINESS WIRE)-- Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2018 under International Financial Reporting Standards (IFRS).
Q4 Performance Summary
FY18 Performance Summary
Rs.3,535 Cr
Rs.14,203 Cr
Revenue
Revenue
[Down: 7% QoQ; 1% YoY]
[Up: 1% YoY]
53.5%
53.7%
Gross Margin
Gross Margin
[Q3 FY18: 56.3%; Q4 FY17: 51.2%]
[FY17: 55.6%]
Rs.1,207 Cr
Rs.4,691 Cr
SGNA expenses
SGNA expenses
[Up: 10% YoY]
[Up: 1% YoY]
Rs.435 Cr
Rs.1,826 Cr
R&D expenses
R&D expenses
[12.3% of Revenues]
[12.9% of Revenues]
Rs.375 Cr
Rs.1,434 Cr
Profit before Tax
Profit before Tax
[10.6% of Revenues]
[10.1% of Revenues]
Rs.302 Cr
Rs.981 Cr
Profit after Tax
Profit after Tax
[8.5% of Revenues]
[6.9% of Revenues]
Note: During FY18, the ‘Tax Cuts and Jobs Act of 2017’ was approved and enacted in the United States. Consequent to this enactment the deferred tax assets and liabilities of the US entity have been re-measured resulting in a charge of Rs. 130 Crores for the full year.
Commenting on the results, CEO and Co-chairman, G.V. Prasad said, “We concluded a challenging year for Dr. Reddy’s with a relatively muted fourth quarter’s performance. This was mainly on account of continuing headwinds in the U.S markets and a temporary drop in sales in Russia, attributable to a shift in the channel purchasing pattern.
Looking ahead, we will continue to work diligently on resolving pending regulatory issues. We will also focus on accelerating new products to market and improving our approval process.”
All amounts in millions, except EPS
All US dollar amounts based on convenience translation rate of I USD = Rs.65.11
Dr. Reddy’s Laboratories Limited and Subsidiaries Consolidated Income Statement Particulars Q4 FY18
Q4 FY17 YoY
Gr % Q3 FY18 QoQ
Gr% ($) (Rs.) ($) (Rs.) ($)
(Rs.) Revenues
543 35,349 546 35,542 (1) 585 38,060 (7) Cost of Revenues 253 16,454 267 17,360 (5) 256 16,649 (1) Gross Profit 290 18,895 279 18,182 4 329 21,411 (12) Operating Expenses Selling, General & Administrative expenses 185 12,067 169 10,973 10 185 12,048 0 Research and Development expenses 67 4,348 70 4,579 (5) 72 4,667 (7) Other operating (income) / expense (3) (167) (8) (505) (67) (5) (313) (46) Results from operating activities 41 2,647 48 3,135 (16) 77 5,009 (47) Net finance (income) / expense (16) (1,032) 1 48 (13) (851) 21 Share of (profit) / loss of equity accounted investees (1) (69) (2) (102) (32) (1) (85) (18) Profit before income tax 58 3,748 49 3,189 18 91 5,945 (37) Income tax expense 11 726 1 64 40 2,601 (72) Profit for the period 46 3,022 48 3,125 (3) 51 3,344 (10) - - - Diluted Earnings Per Share (EPS) 0.28 18.18 0.29 18.83 (3) 0.31 20.13 (10) As % to Revenues Q4 FY18 Q4 FY17 Q3 FY18 Gross Profit 53.5 51.2 56.3 SG&A 34.1 30.9 31.7 R&D 12.3 12.9 12.3 PBT 10.6 9.0 15.6 PAT 8.5 8.8 8.8 EBITDA Computation
Particulars Q4 FY18 Q4 FY17 Q3 FY18 ($) (Rs.) ($) (Rs.) ($) (Rs.) Profit before Income Tax 58 3,748 49 3,189 91 5,945 Interest (income) net* (15) (1,001) (1) (90) (14) (881) Depreciation # 32 2,109 36 2,338 32 2,089 Amortization # 14 921 13 866 14 902 EBITDA 89 5,777 97 6,303 124 8,055 * - Includes income from Investments # includes impairment charge
Revenue Mix by Segment
Particulars Q4 FY18 Q4 FY17 YoY
Growth % Q3 FY18 QoQ
Growth % (Rs.) (Rs.) (Rs.) Global Generics 27,836 29,138 (4) 30,105 (8) North America 14,487 15,349 (6) 16,073 (10) Europe* 1,711 2,066 (17) 2,006 (15) India 6,138 5,711 7 6,126 0 Emerging Markets # 5,500 6,012 (9) 5,900 (7) Pharmaceutical Services and Active Ingredients (PSAI) 6,251 5,401 16 5,436 15 Proprietary Products & Others 1,262 1,003 26 2,519 (50) Total 35,349 35,542 (1) 38,060 (7) * Europe primarily includes Germany and UK # Emerging Markets refers to Russia, other CIS countries, Romania and Rest of the World markets Dr. Reddy’s Laboratories Limited and Subsidiaries Consolidated Income Statement Particulars FY 18 FY 17 Growth % ($) (Rs.) % ($) (Rs.) % Revenues 2,181 1,42,028 100.0 2,163 1,40,809 100.0 1 Cost of Revenues 1,009 65,724 46.3 959 62,453 44.4 5 Gross Profit 1,172 76,304 53.7 1,203 78,356 55.6 (3) Operating Expenses Selling, General & Administrative expenses 720 46,910 33.0 712 46,372 32.9 1 Research and Development expenses 281 18,265 12.9 300 19,551 13.9 (7) Other operating expense / (income) (12) (788) (0.6) (16) (1,065) (0.8) (26) Results from operating activities 183 11,917 8.4 207 13,498 9.6 (12) Finance (income), net (32) (2,080) (1.5) (12) (806) (0.6) 158 Share of (profit) of equity accounted investees, net of income tax (5) (344) (0.2) (5) (349) (0.2) (1) Profit before income tax 220 14,341 10.1 225 14,653 10.4 (2) Income tax expense 70 4,535 3.2 40 2,614 1.9 73 Profit for the period 151 9,806 6.9 185 12,039 8.5 (19) Diluted Earnings Per Share (EPS) 0.91 59.00 1.11 72.09
(18) EBITDA Computation
Particulars FY 18 FY 17 ($) (Rs.) ($) (Rs.) Profit before income tax 220 14,341 225 14,653 Interest (income) / expense net* (31) (2,022) (14) (880) Depreciation # 127 8,285 122 7,931 Amortization # 53 3,477 58 3,791 EBITDA 370 24,081 392 25,495 EBITDA (% to revenues) 17.0 18.1 * - Includes income from Investments # includes impairment charge
Key Balance Sheet Items
Particulars As on 31st Mar 2018 As on 31st Dec 2017 As on 31st Mar 2017 ($) (Rs.) ($) (Rs.) ($) (Rs.) Cash and cash equivalents and current investments 322 20,967 337 21,958 279 18,136 Trade receivables (current & non-current) 626 40,786 654 42,593 588 38,271 Inventories 447 29,089 412 26,825 438 28,529 Property, plant and equipment 889 57,869 894 58,189 878 57,160 Goodwill and Other Intangible assets 747 48,610 740 48,182 748 48,677 Loans and borrowings (current & non-current) 779 50,714 843 54,911 755 49,185 Trade payables 247 16,052 224 14,575 206 13,417 Equity 1,942 1,26,460 1,900 1,23,685
1,905 1,24,044 Revenue Mix by Segment [Year on year]
Particulars FY 18 FY 17 Growth % ($) (Rs.) % ($) (Rs.) % Global Generics 1,751 1,14,014 80% 1,773 1,15,409 82% (1) North America 59,822 63,601 (6) Europe* 8,217 7,606 8 India 23,322 23,131 1 Emerging Markets # 22,653 21,071 8 Pharmaceutical Services and Active Ingredients (PSAI) 338 21,992 16% 327 21,277 15% 3 Proprietary Products & Others 92 6,022 4% 63 4,123 3% 46 Total 2,181 1,42,028 100% 2,163 1,40,809 100% 1 * Europe primarily includes Germany and UK
# Emerging Markets refers to Russia, other CIS countries, Romania and Rest of the World markets including Venezuela
Segmental Analysis [FY18]
Global Generics (GG)
Revenues from GG segment at Rs. 114 billion. Year-on-year (YoY) decline of 1%
Decline primarily on account of lower contribution from North America generics markets due to higher price erosion and unfavorable US dollar conversion
Revenues from North America at Rs. 59.8 billion, YoY decline of 6%. Decline primarily on account of higher price erosions due to channel consolidation and increased competition in some of our key molecules namely valganciclovir, azacitidine, decitabine, etc. The above is partly offset by new products contribution. Revenues for the 4 th Quarter at Rs.14.5 billion, YoY decline of 6% and sequential decline of 10%. During the 4 th Quarter, we launched 3 new products - palonosetron inj, tetrabenazine and OTC levocetrizine
As of 31 st March 2018, cumulatively 110 generic filings are pending for approval with the USFDA (107 ANDAs and 3 NDAs under 505(b)(2) route). Of these 107 ANDAs, 63 are Para IVs out of which we believe 30 have ‘First to File’ status.
Revenues from Emerging Markets at Rs.22.7 billion, YoY growth of 8%. Revenues from Russia at Rs.12.6 billion. YoY growth of 9%. Adjusted for forex, growth driven by new launches. Revenues for the 4 th Quarter at Rs.2.6 billion, YoY decline of 25% primarily on account of lower off-take by the channel. Revenues from other CIS countries and Romania at Rs.3.9 billion. YoY growth of 6%. Revenues from Rest of World (RoW) territories at Rs.6.1 billion. YoY growth of 5%. Revenues from India at Rs.23.3 billion, YoY growth of 1%. Revenues for 4 th Quarter at Rs.6.1 billion, YoY growth of 7.5%. Normalizing for the GST transition related adjustments, adjusted growth for FY18 is ~8% and Q4 FY18 is ~16%. Revenues from Europe at Rs.8.2 billion, YoY growth of 8%. Revenues for the 4 th Quarter at Rs.1.7 billion, YoY decline of 17%, primarily due to higher price erosion and temporary supply disruptions.
Pharmaceutical Services and Active Ingredients (PSAI)
Revenues from PSAI at Rs.22.0 billion, YoY growth of 3%. Growth driven by key molecules. Revenues for the 4 th Quarter at Rs.6.3 billion, YoY growth of 16% During the quarter, we have filed 5 DMFs in the US.
Proprietary Products (PP)
Revenues from PP at Rs.4.2 billion During the year USFDA approved IMPOYZ™ (clobetasol propionate) Cream 0.025%. In line with the existing out-licensing agreement with Encore Dermatalogy Inc. this approval triggered milestone recognition of Rs.1.5 billion.
Income Statement Highlights [FY18]
Gross profit margin at 53.7%. Declined by ~190 bps over that of previous year primarily on account of higher price erosions, increased competitive intensity in some of our key molecules in the US and adverse foreign exchange impact. Gross profit margin for GG and PSAI business segments are at 58.9% and 20.2% respectively. Gross profit margin for the 4 th Quarter at 53.5% (GG: 59.3%, PSAI: 24.2%). Sequential decline is primarily on account of (a) increased competitive intensity in some of our key products in the US (b) lower contribution from Russia and (c) preceding Quarter had out-licensing income in our Proprietary Products business SG&A expenses at Rs.46.9 billion, marginal increase of 1%. SG&A expenses for the 4 th Quarter at Rs.12.1 billion, year-on-year increase of 10%. Research & development (R&D) expenses at Rs.18.3 billion. As % to Revenues - FY18: 12.9% | FY 17: 13.9%. Focus continues on building complex generics, bio-similars and differentiated products pipeline. R&D expenses for the 4 th Quarter stood at Rs.4.3 billion, as % to revenues at 12.3%. Net Finance income at Rs.2.1 billion compared to Rs.0.8 billion in FY17. The incremental income is primarily on account of increase in profit on sales of investments by Rs.1,314 million. Profit after Tax at Rs.9.8 billion. Profit after tax during the 4 th Quarter stood at Rs.3.0 billion. During the year, the ‘Tax Cuts and Jobs Act of 2017’ was approved and enacted in the United States. Consequent to this enactment the deferred tax assets and liabilities in the US entity have been re-measured resulting in a charge of Rs.1.3 billion being recorded under tax expense for the full year. Diluted earnings per share is at Rs.59.0. Diluted earnings per share during the 4 th Quarter at Rs.18.2 Capital expenditure for FY18 is at Rs.9.2 billion. Capital expenditure for Q4 FY18 is at Rs.1.5 billion.
The Board has recommended payment of a dividend of Rs. 20 per equity share of face value Rs. 5/- each (400% of face value) for the year ended March 31, 2018 subject to approval of members
Earnings Call Details (06:30 pm IST, 09:00 am EDT, May 22, 2018)
The Company will host an earnings call to discuss the performance and answer any questions from participants. This call will be accessible through an audio dial-in and a web-cast. Audio conference Participants can dial-in on the numbers below Primary number: 91 22 6280 1219
Secondary number: 91 22 7115 8120
The numbers listed above are universally accessible from all networks and all countries.
Local Access number (India): 91 70456 71221
International Toll Free Number
USA
18667462133
UK
08081011573
Singapore
8001012045
Hong Kong
800964448
Playback of call: 91 22 7194 5757 , 91 22 6181 3322
Conference ID: 375#
Web-cast More details will be provided through our website, www.drreddys.com
Transcript of the event will be available at www.drreddys.com . Playback will be available for a few days.
About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastro-intestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy’s operates in markets across the globe. Our major markets include – USA, India, Russia and other CIS countries. For more information, log on to: www.drreddys.com
Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates , persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganisation , including related integration issues.
The company assumes no obligation to update any information contained herein.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005841/en/
Dr. Reddy’s Laboratories Ltd.
INVESTOR RELATIONS
SAUNAK SAVLA, +91-40-4900 2135
[email protected]
or
MEDIA RELATIONS
CALVIN PRINTER, +91-40-4900 2121
[email protected]
Source: Dr. Reddy’s Laboratories Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-dr-reddyas-q4-and-fy18-financial-results.html |
Carlyle Group is set to close its biggest-ever Asia private equity fund at $6.5 billion, people with direct knowledge of the matter said, in a deal that adds to the record levels of funds seeking deals in the region.
The private-equity giant had initially targeted a fund of $5 billion but raised its expectations following a strong response from its investors, known as limited partners, said the people. The fundraising could be completed as early as this month-end, one of them said, although a separate source said the timing of the close could change.
Investor interest in Asia-focused private equity has grown as deals have increased in size following corporate restructuring and as global private equity funds make headway in key markets, including China , India , and Japan .
Last year Carlyle's rival Bain Capital led the region's biggest ever-buyout with the $18 billion purchase of Toshiba's chips unit.
Carlyle's latest fund will combine buyout and growth opportunities, one of the people said, with the bulk going to buyouts. The firm merged its Asia buyout and growth teams in 2017.
Separately, the U.S. private-equity fund has also kicked off a process to raise a Chinese yuan fund of 4 billion ($629 million) that would target opportunities in the world's second-largest economy, one of the people told Reuters.
Carlyle declined to comment. The sources declined to be named as the information is private.
The two funds of Carlyle add to fundraising momentum in a region that has become a key battleground for global financial sponsors.
A total of 342 funds raised a combined $107 billion in Asia last year, according to data provider Preqin.
Other global groups that have recently raised fresh capital include KKR , which closed a new Asia-focused buyout fund in June last year after raising $9.3 billion, a record for the region.
Bain is also targeting up to $4 billion for a new Asia-focused fund.
Carlyle's existing portfolio firms in Asia range from a stake in Chinese internet giant Tencent's e-book unit China Literature to Metropolis Healthcare, an India-based global operator of pathology laboratories.
Last month, it agreed to invest, along with TPG Capital Management and others, $1.9 billion to buy a majority stake in the financial services business of Chinese search engine Baidu .
The Washington, D.C. -based firm generated an 18 percent net internal rate of return in its last $3.9 billion Asia fund by the end of March, according to its first-quarter earnings report.
show chapters Carlyle Group on investing in Saudi Arabia 9:47 AM ET Wed, 28 March 2018 | 02:01 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/carlyle-is-set-to-close-a-new-6-point-5-billion-asia-fund-sources.html |
Regarding Jillian Kay Melchior’s “Rough Social Justice at Evergreen State” (op-ed, May 23): The situation at Evergreen State and many other campuses reminds me of nothing so much as the Chinese Cultural Revolution of 50 years ago. Perhaps we should think of Evergreen as “the Cultural Revolution with American characteristics.”
Kevin Fogarty
... | ashraq/financial-news-articles | https://www.wsj.com/articles/no-wonder-evergreen-state-is-losing-so-many-bodies-1527699147 |
May 9, 2018 / 2:53 PM / in a few seconds Novogratz teams up with Bloomberg on crypto index Reuters Staff 2 Min Read
NEW YORK (Reuters) - Galaxy Digital Capital Management LP, the cryptocurrency asset management firm founded by former macro hedge fund manager Mike Novogratz, launched an index on Wednesday in cooperation with Bloomberg to track performance of 10 virtual coins, the companies said in a statement. FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration/File Photo
The index, called Bloomberg Galaxy Crypto Index, will track some of the largest virtual currencies trading against the US dollar including bitcoin, ether, monero, ripple and zcash.
The index will be owned and administered by Bloomberg. It is weighted based on market capitalization of each coin and uses data sources vetted by the two firms, they said.
Galaxy and Bloomberg added that creation of the index reflects growing interest by their clients in the new asset class and would help the market improve.
“The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets,” Novogratz said.
Cryptocurrencies, of which bitcoin is the most valuable, are pieces of computer code that are not backed by any central bank or hard asset. Prices of cryptocurrencies rallied last year, spurring interest from some mainstream financial firms and prominent investors.
Novogratz, a former hedge fund manager at Fortress Investment Group and Goldman Sachs Group ( GS.N ) partner, has been one of the most outspoken advocates of cryptocurrencies on Wall Street.
He originally set out to launch a cryptocurrency hedge fund, but halted plans in December. Instead, early this year unveiled Galaxy Digital, a merchant bank focused on digital assets. Reporting by Anna Irrera; Editing by David Gregorio | ashraq/financial-news-articles | https://www.reuters.com/article/us-crypto-currencies-index/novogratz-teams-up-with-bloomberg-on-crypto-index-idUSKBN1IA2ET |
Tech Guide Qualcomm's patent deals aim to ease Apple, regulator tensions, executive says Qualcomm has broadened its use of a lower-cost licensing model for the next generation of mobile data networks in a move that could ease tensions in talks with two major customers, according to the wireless tech company's licensing chief. The semiconductor company's patent business has traditionally supplied much of Qualcomm's profit, but has also spurred conflict with major handset manufacturers and regulators. Published 16 Hours Ago Mike Blake | Reuters A pedestrian passes a sign on the Qualcomm campus in San Diego, California.
Qualcomm has broadened its use of a lower-cost licensing model for the next generation of mobile data networks, a move that could help in contentious talks with two customers including iPhone maker Apple , the wireless tech company's patent licensing chief said on Monday.
The patent business traditionally has supplied much of Qualcomm's profit but has also spurred conflict with Apple, Samsung Electronics and Huawei Technologies as well as regulators in China , South Korea and the United States .
New deals could lower the licensing rate that Qualcomm receives while making the business more dependable if regulators view the terms favorably and two major customers — Apple and a company widely believed to be Huawei — resolve their disputes and resume paying Qualcomm.
"It's a good context for dealing with the two licensee issues we have now," Alex Rogers, the head of Qualcomm's licensing division, told Reuters in an interview, naming Apple but leaving Huawei unnamed as is the company's policy when a dispute hasn't become public through a court proceeding.
Rogers did not comment directly on the likelihood of resolving either customer dispute. Apple and Huawei did not immediately respond to requests for comment.
Qualcomm sells chips for mobile phones but has a second, much older business licensing technology for wireless networks. The licensing business has generated global controversy and resulted in billions of dollars in regulatory fines, some of which remain on appeal.
Handset makers can license one of two sets of Qualcomm patents: The full suite that costs makers about 5 percent of the cost of a handset or a smaller set of so-called "standard essential patents" for 3.25 percent, which includes only the patents needed for gear to work on mobile data networks.
In the past, most of Qualcomm's customers licensed both sets of patents to avoid lawsuits. But Qualcomm has been defusing tensions by making it easier for customers to license just the smaller, lower-cost set of standard patents and by adding patents for the next generation 5G wireless network to the suite at no additional cost.
That essentially extends a 2015 settlement with China's chief antitrust regulator. Qualcomm began to license only its standard patents for 3G and 4G networks to Chinese handset makers for a rate of 3.25 percent. More than 100 device makers have signed on for such deals.
"We have not lowered the rate. What we're doing is including more technology, more (intellectual property) in the offering without increasing the price," Rogers added.
Qualcomm also announced last week that it would assess its patent fees against only the first $400 of a phone's net selling price. Rogers said the previous price cap was $500, a figure that was well known among industry insiders but that Qualcomm did not make public.
"What we're doing here is creating a foundation for stability going forward," Rogers said, describing Qualcomm's 5G licensing moves as "regulator friendly."
The question now is whether more handset makers will opt for Qualcomm's lower-cost standard patents rather than its pricier full portfolio.
"What we perceive here is there will be more of a mix than there was in the past of companies opting for (standard essential patents) only," Rogers said. "How much more, depends on each individual company."
While Qualcomm has made no public disclosures about the status of talks with the two major customers in license disputes, the company's approach to licensing patents for upcoming 5G networks will look different than its initial approaches for 3G and 4G networks of years past.
"Both of those issues (disputes) are essentially now being handled within the framework of the current program we're offering," Rogers said. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/qualcomms-patent-deals-aim-to-ease-apple-regulator-tensions-executive-says.html |
May 18 (Reuters) - Evolution Petroleum Corp:
* ENDURO ROYALTY TRUST - ON MAY 15, ENDURO RESOURCE PARTNERS, UNITS FILED VOLUNTARY PETITIONS FOR CHAPTER 11 OF UNITED STATES BANKRUPTCY CODE
* ENDURO ROYALTY TRUST - ENDURO RESOURCE PARTNERS INFORMED TRUSTEE IT ENTERED INTO STALKING HORSE PURCHASE AGREEMENT WITH EVOLUTION PETROLEUM CORP
* ENDURO ROYALTY TRUST - TRUST HAS NOT FILED A CHAPTER 11 PETITION AND EXPECTS TO CONTINUE IN NORMAL COURSE WITHOUT DISRUPTION TO UNITHOLDERS Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-enduro-royalty-trust-announces-mon/brief-enduro-royalty-trust-announces-monthly-cash-distribution-idUSFWN1SP0R0 |
May 17 (Reuters) - Welltower Inc:
* WELLTOWER INC FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED- SEC FILING Source text: ( bit.ly/2IKykxH ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-welltower-inc-files-for-potential/brief-welltower-inc-files-for-potential-mixed-shelf-offering-idUSFWN1SO0X9 |
May 4, 2018 / 10:38 AM / in 3 hours RPT-Europeans push last bid to salvage Iran deal, but work on plan B Reuters Staff
(Repeats May 3 story with no changes)
* “Political agreement” could be ready for Trump next week
* Unclear why Russia, China should back tough approach
* EU could try 1990s-era blocking sanctions to shield companies
By John Irish and Robin Emmott
PARIS/BRUSSELS, May 3 (Reuters) - European powers still want to hand Donald Trump next week a plan to save the Iran nuclear deal, but they have also started work on protecting EU-Iranian business ties if the U.S. president makes good on a threat to withdraw, six sources told Reuters.
Trump, who says the 2015 accord is a “disaster”, has all but decided to withdraw by May 12, U.S. officials say, and looks set to reject four months of European efforts to address his concerns.
But France, Britain and Germany aim to present to the White House a separate political agreement that commits to taking a tougher stance on Iran if they can agree it in time with the U.S. State Department, their American interlocutors.
Several of the sources said they were sceptical the effort would succeed, and all said the Europeans were also working on damage limitation scenarios if it fails.
“We have a week to continue talking to the Americans to see if we can find an agreement on the deal,” said a senior European diplomat. “But I don’t think there is any reason to be overly optimistic.”
The political agreement, which is a culmination of transatlantic diplomacy, does not include Iran or Russia and China, the other parties to the accord.
It seeks to spell out to Trump that Europe will seek to contain Tehran’s ballistic missile programme, its influence in Syria and Yemen, the terms by which inspectors visit suspect Iranian sites, and “sunset” clauses under which some of its terms expire.
While the Europeans and the Americans have narrowed their differences, they are struggling to agree on how to handle a U.S. desire to extend some of the limits on Iran’s nuclear programme, without reopening the July 2015 accord.
“We’re trying to find the right formulas that respond to the expectations of the Americans, but at the same time do not go against the deal,” said a second senior European diplomat.
“There is a chance of getting an agreement, but even if we have we one, I’m not convinced that it will be enough to stop the U.S. withdrawing,” the diplomat said.
In their package for Trump, the Europeans are also grappling with a U.S. desire to make explicit that Iran must give international inspectors access to military sites. The Europeans say this is already implicit in the original deal.
“There’s a U.S. view that the inspection provisions aren’t strong enough, which is not a view that is shared by the Europeans,” said a third diplomat involved in the discussions. BUYING TIME, CONTINGENCY MEASURES
France’s President Emmanuel Macron and German Chancellor Angela Merkel are continuing to lobby Trump, but with the prospect of him changing his mind remote, the focus has shifted to managing the fallout and avoiding a dangerous vacuum.
Macron in Washington last week proposed that, irrespective of Trump’s decision, there should be a wider discussion between Iran and the powers behind the original deal, which took 12 years to negotiate, working towards a grand bargain.
That would incorporate the existing nuclear deal and the issues currently discussed between Europeans and Americans. But it is hard to see how Iran could be brought back to the table. Tehran says it is abiding by the terms of the 2015 deal and has no intention to renegotiate it.
Iranian Foreign Minister Mohammad Javad Zarif on Thursday rejected any form of renegotiation.
France, Britain and Germany all say they will stay in the deal even if the United States withdraws, and try to protect and foster trade with Iran that has soared since the European Union lifted most of its economic sanctions on Iran.
Iran’s exports of mainly fuel and other energy products to the EU in 2016 jumped 344 percent to 5.5 billion euros ($6.58 billion) compared to the previous year, while investment in Iran jumped to more than 20 billion euros.
If Trump can’t be persuaded not to withdraw, “the second-best solution is to encourage the Americans to ... keep conditions that enable our companies in non-oil related sectors to continue to trade,” said a French official.
The German Economy Ministry said it was waiting for a formal U.S. decision on the Iran deal before deciding whether to stop offering German firms export guarantees for business deals with Tehran. Such guarantees provide state protection for companies doing business abroad when foreign debtors fail to pay.
The prospect of trade with Europe would provide the Europeans with a chance to assuage the Iranians, and dissuade them from rash decisions such as leaving the deal or reviving the nuclear activities they agreed to give up.
Countermeasures could include a special EU blocking statute developed in the 1990s but never fully used, to shield European firms doing business with Iran from U.S. legal action if Washington reimposes sanctions.
But EU plans to keep money flowing to Iran would require the United States to approve non-dollar-denominated export credit facilities and other funding support to help firms enter Iran without fear of American legal ramifications.
Two European officials said reviving the blocking statutes would still be mostly a symbolic step to show the Iranians that Europe was committed to the deal. In practice, companies would fear that investing in Iran would harm their commercial interests with the United States.
A senior Iranian official agreed.
“These are good ideas to show the Europeans are committed to the agreement, but we think that if they have to choose between Iran and the United States, they will choose the America,” said the senior Iranian official. ($1 = 0.8361 euros) (Reporting by John Irish and Robin Emmott Additional reporting by Arshad Mohammed in Washington and Andrea Shalal in Berlin Editing by Peter Graff) | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-europe/rpt-europeans-push-last-bid-to-salvage-iran-deal-but-work-on-plan-b-idUSL8N1SB3I6 |
WARSAW, N.Y., May 23, 2018 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (the “Company”) (NASDAQ:FISI) announced today that its Board of Directors has approved a quarterly cash dividend of $0.24 per outstanding common share. The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock. All dividends are payable July 2, 2018, to shareholders of record on June 14, 2018.
About Financial Institutions, Inc.
Financial Institutions, Inc. provides diversified financial services through its subsidiaries Five Star Bank, Scott Danahy Naylon, LLC (“SDN”) and Courier Capital, LLC (“Courier Capital”). Five Star Bank provides a wide range of consumer and commercial banking and lending services to individuals, municipalities and businesses through a network of more than 50 offices throughout Western and Central New York State. SDN provides a broad range of insurance services to personal and business clients across 45 states. Courier Capital provides customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Financial Institutions, Inc. and its subsidiaries employ approximately 650 individuals. The Company’s stock is listed on the NASDAQ Global Select Market under the symbol FISI. Additional information is available at www.fiiwarsaw.com .
For additional information contact: Shelly J. Doran, Director - Investor and External Relations (585) 627-1362 or [email protected]
Source:Financial Institutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-financial-institutions-inc-announces-quarterly-cash-dividend.html |
Taiwanese-American billionaire Jensen Huang's company is at the forefront of technological solutions for artificial intelligence, video gaming and autonomous cars.
But the co-founder and CEO of Silicon Valley-based Nvidia , a maker of powerful computer chips, credits his parents for putting him on the road to success.
"I'm the product of my parents' dreams and aspirations," Huang, who is married with two children of his own, told CNBC's "Mad Money" host Jim Cramer in a recent interview.
In the late 1960s, Huang's father, who was then in his 30s, visited the United States for the first time, traveling from Taiwan to New York City for a worker training program.
When he returned from training with Carrier, an air conditioner maker now owned by United Technologies , the elder Huang vowed to send Jensen and his older brother to America.
"[In] the pursuing years, my mom taught us English to prepare us," the Nvidia chief said. "At the time, my mom didn't understand any English at all."
But that didn't stop his mother, Huang, now 55, told Cramer. "Every single day, she would pick a random 10 words from the dictionary and ask us to spell it and ask us to tell her the meaning."
"She [had] no idea whether we'd said it right or not. But nonetheless, my father's dream [and] my mom's aspirations for our success [are] what ultimately put us here," he said.
"I owe them a great deal," added Huang, who is worth an estimated $5.6 billion, according to Forbes . As of Thursday, May 3, Nvidia's stock market value was more than $140 billion.
In the past five years, Nvidia stock has soared roughly 1,500 percent from around $14.40 per share in May 2013 to around $232 per share as of Thursday's close.
Huang, who co-founded Nvidia in 1993, arrived in the United States in the early 1970s with his brother. Their parents sent them to live with relatives while they got their education.
In previous interviews , Huang said that growing up playing video games taught him perseverance. Losing over and over again made him push himself to win, he said in 2010.
Huang later attended Oregon State University, graduating with a bachelor's degree in electrical engineering — perhaps inspired by his father's chemical engineering background.
Waiting tables at Denny's in his 20s brought the future Nvidia CEO out of his shell by teaching him how "make the best of a state of chaos," he once told the New York Times .
Huang went on to earn a master's degree in engineering from Stanford University. By 29, Huang and two friends — engineers Chris Malachowsky and Curtis Priem — co-founded Nvidia with just $40,000.
In 1999, Huang led Nvidia to create GPUs, or graphics processing units, which became integral to the development of graphic-intensive video gaming and, eventually, machine learning.
In a 2009 blog post , Nvidia described the GPU as a computer's "soul" to the central processing unit's "brain."
Watch Jensen Huang's full interview with Cramer show chapters Nvidia CEO: Uber accident made us realize the importance of self-driving tech 12:31 PM ET Fri, 4 May 2018 | 16:57 — Disclosure: Cramer's charitable trust owns shares of Nvidia. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/nvidia-ceo-my-mom-taught-me-english-a-random-10-words-at-a-time.html |
LOS ANGELES, May 24, 2018 /PRNewswire/ -- Stellar Biotechnologies, Inc. (Nasdaq: SBOT, "Stellar" or the "Company"), a leading manufacturer of a key protein utilized in multiple immunotherapy development pipelines targeting Alzheimer's, lupus and cancers, among other diseases, today announced the agreement by certain holders of its common share purchase warrants to exercise and purchase 1,122,076 shares of its Common Shares at the existing exercise price of $2.65 per share. The Common Shares issued upon exercise are registered pursuant to its registration statement on Form S-1, as amended (File No. 333-224314) relating to such Common Shares, which registration statement was declared effective by the Securities and Exchange Commission (SEC) on May 10, 2018 (the "Registration Statement"). The gross proceeds from the exercise of the warrants are expected to be approximately $3.0 million, prior to deducting placement agent discounts and commissions and estimated offering expenses. Stellar intends to use the net proceeds from the offering for general corporate purposes, which may include research and development activities, capital expenditures and working capital.
In consideration for the immediate exercise of the warrants and in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, the exercising holders will receive two series of unregistered warrants. The Series A common share warrant will be exercisable into, in the aggregate, 1,122,076 common shares at an exercise price of $2.65 and have a term of exercise equal to 5 years. The Series B common share warrants will be exercisable into, in the aggregate, 2,244,152 common shares at an exercise price of $2.65 and have a term of exercise equal to 7 months.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the exercise of the warrants.
The new warrants being issued to the holders have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to use best efforts to file one or more registration statements with the SEC covering the resale of the shares of common stock issuable upon exercise of the warrants.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Stellar Biotechnologies
Based north of Los Angeles at the Port of Hueneme, Stellar Biotechnologies, Inc. is the leader in sustainable manufacture of Keyhole Limpet Hemocyanin (KLH) , an immune-stimulating protein utilized as a carrier molecule in therapeutic vaccine pipelines (targeting cancers, immune disorders, Alzheimer's and inflammatory diseases) and for assessing immune system function. KLH can also be used in immunotoxicology studies for monitoring the immunomodulatory effects of drug candidates. Stellar is committed to meeting the growing demand for commercial-scale supplies of GMP grade KLH, ensuring environmentally sound KLH production, and supporting the development of KLH-based active immunotherapies. Stellar KLH is a trademark of Stellar Biotechnologies.
Stellar Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "may," "will," "would," "could," "should," "might," "potential," or "continue" and variations or similar expressions. Readers should not unduly rely on these forward-looking statements, which are not a guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as all such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or future events to differ materially from the forward-looking statements. Such risks include, but may not be limited to: market conditions; the satisfaction of customary closing conditions related to the offering; the expected closing date of the offering; the expected use of the net proceeds from the offering; changes in strategy or development plans; availability of funds and resources; anticipated requirements for operating capital; governmental regulations and the ability or failure to comply with governmental regulations; changes in trade policy and international law; the timing of Stellar's or its partners' anticipated results, including in connection with clinical trials; the ability to meet the goals of Stellar's joint ventures and strategic partnerships; and other factors referenced in Stellar's filings with securities regulators. For a discussion of further risks and uncertainties related to the Stellar's business, please refer to Stellar's public company reports filed with the U.S. Securities and Exchange Commission and the British Columbia Securities Commission. All forward-looking statements are made as of the date hereof and are subject to change. Except as required by law, Stellar assumes no obligation to update such statements. This press release does not constitute an offer or solicitation of an offer for sale of any securities in any jurisdiction, including the United States.
View original content: http://www.prnewswire.com/news-releases/stellar-biotechnologies-announces-exercise-of-warrants-resulting-in-cash-proceeds-of-3-million-300654664.html
SOURCE Stellar Biotechnologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-stellar-biotechnologies-announces-exercise-of-warrants-resulting-in-cash-proceeds-of-3-million.html |
SAN FRANCISCO, May 4, 2018 /PRNewswire/ -- Global specialist media group, Future plc, today announces the appointment of Christine Shaw as Managing Director & Senior Vice President, B2B.
Christine's appointment follows Future's recent acquisition of NewBay Media , the events and information business headquartered in New York.
Christine joins Future from PennWell where she served as Senior Vice President of the technology division for 17 years. Prior to this, Christine was a board member for Revo Media and Group Publisher for Bonnier Publications.
Christine has a background in driving growth in B2B markets. Whilst serving as Senior Vice President at PennWell, she oversaw 14 brands in magazines, websites and a number of global events. Christine brings a wealth of media, technology, and marketing knowledge to the role.
Zillah Byng-Thorne, Chief Executive Officer of Future, says "It's a pleasure to welcome Christine on board during such a significant time for Future. Our expansion in the US and diversification into B2B is important strategically for us, and I believe Christine's expertise will go a long way in steering us successfully in this endeavor."
Christine Shaw, Managing Director of B2B for Future says "I am thrilled to have the opportunity to work for Future as the Managing Director of their newly formed B2B division. There is tremendous opportunity to bring together the marquee brands that were formerly NewBay Media with the world-class operations and leadership of Future."
Christine will be joining Future from Monday the 7th of May based out of New York.
About Future:
Future plc is an international media group and leading digital publisher, listed on the London Stock Exchange (symbol: FUTR). The Group operates two separately managed brand-led divisions: Media and Magazine. The Group has a reach of 100m+ globally, including 62m online users and 63m social media reach.
The Magazine division is brand-led. It has over 100 market-leading publications, with 10 key titles. The Media division focuses on being at the forefront of digital innovation, in particular, the high growth technology and games markets, with three complementary revenue streams: eCommerce, events and digital advertising. It has a number of leading brands including TechRadar, PC Gamer, GamesRadar+, The Photography Show, Generate, The Homebuilding and Renovating Show and Golden Joysticks Awards.
View original content with multimedia: http://www.prnewswire.com/news-releases/future-announces-the-appointment-of-christine-shaw-as-managing-director--senior-vice-president-b2b-300642905.html
SOURCE Future plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-future-announces-the-appointment-of-christine-shaw-as-managing-director-senior-vice-president-b2b.html |
KIEV (Reuters) - Elton John, on a visit to Ukraine to raise awareness about AIDS, said Ireland’s vote to liberalize its abortion laws showed how mindsets can change.
British musician Elton John attends a charity event to support innovative HIV prevention and to raise awareness about AIDS in Kiev, Ukraine May 28, 2018. REUTERS/Gleb Garanich The 71-year-old singer has traveled regularly to Ukraine and spoken out for gay rights in the eastern European country, including at an AIDS charity concert in Kiev during the Euro soccer championships in 2012.
“Believe me, I love this country. We will do everything we can to continue the fight against AIDS,” he said at an event organized by the Elena Pinchuk Foundation.
“It takes a long time for things to happen as I said,” he said. “Look what just happened in Ireland: the vote for abortion. Things change. People ... they change their mind. And with a younger generation coming up, they are different kind of people, and they’re our future.”
Voters in Ireland, a once deeply Catholic nation, on Friday backed a change to abortion laws by a landslide.
Ukrainian authorities have increased their support for gay rights since a pro-Western government took power following the Maidan protests in 2014. In 2015, a law was passed banning workplace discrimination against the LGBT community.
But critics say homophobic attitudes remain widespread.
Kiev was embroiled in gay rights row last year as it hosted the Eurovision Song Contest with a slogan to “Celebrate Diversity”. A plan to paint a Soviet-era monument in rainbow colors was resisted by hard-right groups.
The singer tried to adopt an HIV-positive baby in Ukraine 2009 but was refused permission by the authorities, who said prospective parents must be married and that Elton John’s civil partnership with David Furnish would not be recognized as such.
“We’ve made great progress but we still have a lot of work to do,” he said.
Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-people-eltonjohn-ukraine-aids/elton-john-says-ireland-abortion-vote-shows-mindsets-can-change-idUSKCN1IT1E9 |
LONDON — When two huge brands decide to merge, the focus is usually on whether prices will go up and whether workers will lose jobs.
That was the case this week when two major chains in Britain, Sainsbury's and Asda, said they were planning to join forces, potentially creating the country's biggest supermarket operator . The companies did the usual dance : Groceries would be cheaper, stores would stay open, employees would keep their jobs.
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Then Mike Coupe, the chief executive of J Sainsbury, began to sing.
Waiting to be interviewed for the British channel ITV News, Mr. Coupe, presumably unaware that the cameras were rolling, undercut the official line with an impromptu performance.
"We're in the money," he crooned. "The sky is sunny. Let's lend it, spend it, send it rolling along."
Intoning lines from a piece called "The Gold Diggers' Song (We're in the Money)" was probably not the best way to assuage concerns that shareholders might be making hay on the back of higher prices and job cuts. The song was first written for a 1933 film , but is perhaps most famously used in the musical "42nd Street."
The reaction on Twitter was predictably acerbic.
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Mr. Coupe quick ly apologized . "This was an unguarded moment trying to compose myself before a TV interview," he said. "It was an unfortunate choice of song, from the musical '42nd Street' which I saw last year, and I apologize if I have offended anyone."
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Some found it harder to see the lighter side. The GMB union, which represents workers in the retail sector, expressed indignation.
"What on earth will Asda workers who are worrying about their futures think when they see this?" the union said in a statement on Twitter. "It's not only crass, it's completely unprofessional and utterly insensitive."
More from the New York Times:
White House delays tariffs on E.U., Canada and Mexico for 30 days
Facebook's privacy changes leave developers steaming
Gig economy business model dealt a blow in California ruling | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/sainsbury-ceo-caught-singing-were-in-the-money-on-a-hot-mic.html |
Total Revenues – Net increased 6% to $60.5 million, for the nine-month period ended March 31, 2018, versus same period during prior year. Income from Operations decreased 2% to $15.0 million, for the nine-month period ended March 31, 2018, versus same period during prior year. Net Income decreased 15% to $ 14.1 million, for the nine-month period ended March 31, 2018, versus same period during prior year mostly due to net tax adjustments of $2.2 million or 13.3% of the 15% decrease. For the nine months ended March 31, 2018, the Company recorded a net provision of $0.9 million and a net benefit of $1.3 million ($1.9 million benefit offset by a $0.6 million provision) for the nine-months ended March 31, 2017. Diluted Net Income per Common Share available to Common Shareholders decreased 19% to $1.66, for the nine-month period ended March 31, 2018, versus same period during prior year. Cash and cash equivalents increased by 52% to $15.4 million over the first nine-months of Fiscal 2018. Working Capital increased by 25% to $48.8 million over the first nine-months of Fiscal 2018.
MELVILLE, N.Y., May 10, 2018 (GLOBE NEWSWIRE) -- FONAR Corporation (NASDAQ:FONR), The Inventor of MR Scanning ™, announced today its financial results for the 3rd Fiscal Quarter of 2018 and the nine-month period ended March 31, 2018. The Company’s two industry segments are: development, manufacturing and servicing of the FONAR UPRIGHT® Multi-Position™ MRI, aka Stand-Up® MRI , and management of 26 MRI centers through its subsidiary, Health Management Company of America (HMCA).
The FONAR UPRIGHT® Multi-Position™ MRI scanner is the world’s only MRI scanner licensed under FONAR’s multiple UPRIGHT® MRI patents to scan all the patient’s body parts in their normal full weight-bearing UPRIGHT® position. FONAR’s substantial list of patents includes recent patents for its technology enabling full weight-bearing MRI imaging on all the gravity sensitive regions of the human anatomy, especially the brain, extremities, spine and cerebrospinal fluid (CSF) flow.
Statement of Operations Items
Revenues for the third fiscal quarter ended March 31, 2018 were $21.0 million as compared to $20.0 million for the corresponding quarter one year earlier. Revenues increased to $ 60.5 million for the nine-month period ended March 31, 2018 from $57.1 million for the corresponding period one year earlier.
Net Income for the third fiscal quarter ended March 31, 2018, was $4.3 million as compared to $7.1 million for the corresponding quarter one year earlier mostly due to a tax provision of $0.2 million as compared to $1.1 million benefit for the corresponding quarter one year earlier. Net Income was $14.1 million for the nine-month period ended March 31, 2018 from $16.6 million for the corresponding period one year earlier mostly due to a tax provision of $0.9 million as compared to a $1.3 million benefit for the corresponding period one year earlier.
Income from Operations for the third fiscal quarter ended March 31, 2018, was $4.4 million as compared to $6.0 million for the corresponding quarter one year earlier. Income from Operations for the nine-month period ended March 31, 2018 was $15.0 million as compared to $15.4 million for the nine-month period ended March 31, 2017. During the period, costs of approximately $1.1 million are related to the acquisition of MRI scanners in Great Neck, NY, and White Plains, NY and the installation of a FONAR UPRIGHT® Multi-Position™ MRI in the Bronx, NY.
Diluted Net Income Per Common Share Available to Common Shareholders for the third fiscal quarter ended March 31, 2018 was $0.51 as compared to $0.88 for the corresponding quarter one year earlier. Diluted Net Income Per Common Share Available to Common Shareholders for the nine-month periods ended March 31, 2018 was $1.66 as compared to $2.05 for the corresponding period one year earlier. Diluted Net Income was adversely affected due to deferred tax asset adjustments and costs related to the addition of MRI scanners.
Total Costs and Expenses for the third fiscal quarter ended March 31, 2018 was $16.6 million as compared to $14.0 for the corresponding quarter one year earlier. Total Costs and Expenses for the nine-month periods ended March 31, 2018 were $45.5 million as compared to $41.8 for the corresponding period one year earlier and the increase was mainly due to increased patient volume plus the three additional aforementioned MRIs.
Balance Sheet Items
Total Cash and Cash Equivalents at March 31, 2018, was $ 15.4 million, as compared to $10.1 million at June 30, 2017.
Total Assets ended March 31, 2018 were $106.5 million, as compared to $98.8 million at June 30, 2017.
Total Current Assets ended March 31, 2018 were $ 61.2 million, as compared to $53.4 million at June 30, 2017.
Total Liabilities ended March 31, 2018 were $ 13.9 million, as compared to $15.9 million at June 30, 2017.
Total Current Liabilities ended March 31, 2018 were $ 12.3 million, as compared to $14.2 million at June 30, 2017.
Management Discussion
For the nine-month period, Total Revenues increased by $3.3 million and Total Costs and Expenses increased by $3.7 million. However, $1.2 million of the Total Costs and Expenses is attributable to the accompanying operating costs and depreciation expense resulting from the acquisition of Turnkey Equipment of Great Neck, LLC, the addition of a new imaging center in White Plains, NY, and, due to popular demand for FONAR technology, the addition of a third MRI scanner in our Bronx, NY location.
President and CEO, Timothy R. Damadian said, “We’ve grown our Company by increasing scan volume at our existing facilities, establishing de novo centers, and making key acquisitions. The increase in scan volume is reflected in the Company’s 6% increase in Revenue and its continuing profitability.”
“Regarding the dip in net income, the addition of the three aforementioned MRI scanners was certainly a contributing factor, but it’s only temporary and is to be expected when you’re making investments that will soon mature and add to the Company’s continuing growth in revenue, net income, and earnings per share. The installation of a second Stand-Up® MRI in the Bronx was due to extremely high patient demand for our flagship MRI scanner.
“We remain actively engaged in exploring new growth opportunities, whether it’s new locations, adding MRI scanners at existing locations, or strategic acquisitions that will add value to our Company,” said Mr. Damadian. “With Cash up by 52% and Working Capital up by 25%, we are well positioned, eager, and poised for continuing success.”
"It's rewarding to me," said Raymond V. Damadian, M.D., Chairman of the Board of Directors of FONAR Corporation, "how consistently profitable we are while continuing to grow the Company. Our UPRIGHT® Multi-Position™ (aka Stand-Up®) MRI scanner, for example, is unique. Its ability to medically visualize the spine of a patient with back pain (which condition is responsible for a very significant percentage of all MRI scans performed by all MRI scanners worldwide each year) in its normal upright fully weight bearing position is unique. Its power to visualize the spine supporting the full weight load that it normally has to sustain each day and to position the patient in the exact position (that he/she specifies to the MRI technologist who is positioning him/her in the FONAR UPRIGHT® Multi-Position™ MRI) that generates his/her pain (which the conventional recumbent MRI cannot do) is unparalleled."
"This power of the FONAR UPRIGHT® Multi-Position™ MRI to completely visualize ALL the anatomy components under their full weight load that are giving rise to the patient's pain, which the conventional recumbent MRI cannot do, assures that the surgical procedure chosen for his/her treatment will be the optimal treatment for the patient and achieve optimal outcome. Most importantly FONAR’s latest findings from its quantitative UPRIGHT® MRI are measurements of cerebrospinal fluid flow that constitute a a revolutionary new medical frontier with strong prospects of being able to bring substantial medical benefit to patients suffering from Multiple Schlerosis, Alzheimer’s, Parkinson’s, Amyotrophis Lateral Schlerosis (Lou Gehrig’s disease), and Autism (the neurodegenerative diseases) that currently are impaired by the limited prospects of permanent solutions for these ailments."
"In addition," continued Dr. Damadian, "Please read my 2018 Letter to Shareholders . In the letter, I report that as of December 31, 2017, FONAR posted 31 consecutive quarters of positive net income and positive income from operations. Now, with another quarter reported, the tally becomes 32 quarters or 8 years of FONAR achieving a profit, which is something I am quite proud of."
About FONAR
FONAR, The Inventor of MR Scanning ™, is located in Melville, NY, was incorporated in 1978, and is the first, oldest and most experienced MRI company in the industry. FONAR introduced the world’s first commercial MRI in 1980, and went public in 1981. FONAR’s signature product is the FONAR UPRIGHT® Multi-Position™ MRI (also known as the Stand-Up® MRI), the only whole-body MRI that performs Position™ Imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often detects patient problems that other MRI scanners cannot because they are lie-down and ”weightless” only scanners. The patient-friendly UPRIGHT® MRI has a near-zero patient claustrophobic rejection rate. As a FONAR customer states, “If the patient is claustrophobic in this scanner, they’ll be claustrophobic in my parking lot.” Approximately 85% of patients are scanned sitting while watching TV.
FONAR has new works-in-progress technology for visualizing and quantifying the cerebral hydraulics of the central nervous system, the flow of cerebrospinal fluid (CSF) , which circulates throughout the brain and vertebral column at the rate of 32 quarts per day. This imaging and quantifying of the dynamics of this vital life-sustaining physiology of the body’s neurologic system has been made possible first by FONAR’s introduction of the MRI and now by this latest works-in-progress method for quantifying CSF in all the normal positions of the body, particularly in its upright flow against gravity. Patients with whiplash or other neck injuries are among those who will benefit from this new understanding.
FONAR’s substantial list of patents includes recent patents for its technology enabling full weight-bearing MRI imaging of all the gravity sensitive regions of the human anatomy, especially the brain, extremities and spine. It includes its newest technology for measuring the Upright cerebral hydraulics of the central nervous system. FONAR’s UPRIGHT® Multi-Position™ MRI is the only scanner licensed under these patents.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™ , Full Range of Motion™, Multi-Position™ , Upright Radiology™, The Proof is in the Picture™ , True Flow™, pMRI™ , Spondylography™, Dynamic™ , Spondylometry™, CSP™ , and Landscape™, are trademarks of FONAR Corporation.
This release may include forward-looking statements from the company that may or may not materialize. Additional information on factors that could potentially affect the company's financial results may be found in the company's filings with the Securities and Exchange Commission.
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
ASSETS
March 31,
2018 June 30,
2017 Cash and cash equivalents $ 15,414 $ 10,140 Accounts receivable – net 3,585 4,322 Accounts receivable - related party 30 - Medical receivable – net 12,898 11,745 Management and other fees receivable – net 20,282 18,594 Management and other fees receivable – related medical practices – net 5,709 4,959 Inventories 1,637 1,624 Costs and estimated earnings in excess of billings on uncompleted contracts 87 736 Prepaid expenses and other current assets 1,529 1,294 Total Current Assets 61,171 53,414 Deferred income tax asset 17,287 17,862 Property and equipment - net 17,015 16,462 Goodwill 3,985 3,927 Other intangible assets - net 5,813 6,645 Other Assets 1,231 453 Total Assets $ 106,502 $ 98,763
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31,
2018 June 30,
2017 Current Liabilities: Current portion of long-term debt and capital leases $ 52 $ 180 Accounts payable 1,259 1,423 Other current liabilities 6,369 7,203 Unearned revenue on service contracts 3,768 4,642 Unearned revenue on service contracts - related party 27 - Customer advances 867 788 Total Current Liabilities 12,342 14,236 Long-Term Liabilities: Deferred income tax liability 332 332 Due to related medical practices 227 227 Long-term debt and capital leases, less current portion 315 337 Other liabilities 722 721 Total Long-Term Liabilities 1,596 1,617 Total Liabilities 13,938 15,853
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY (Continued)
March 31, 2018 June 30, 2017 STOCKHOLDERS' EQUITY: Class A non-voting preferred stock $.0001 par value; 453 shares authorized at March 31, 2018 and June 30, 2017, 313 issued and outstanding at December 31, 2017 and June 30, 2017 $ - $ - Preferred stock $.001 par value; 567 shares authorized at March 31, 2018 and June 30, 2017, issued and outstanding – none - - Common Stock $.0001 par value; 8,500 shares authorized at March 31, 2018 and June 30, 2017, 6,299 issued at March 31, 2018 and June 30, 2017; 6,288 outstanding at March 31, 2018 and June 30, 2017 1 1 Class B Common Stock (10 votes per share) $ .0001 par value; 227 shares authorized at March 31, 2018 and June 30, 2017, .146 issued and outstanding at March 31, 2018 and June 30, 2017 - - Class C Common Stock (25 votes per share) $.0001 par value; 567 shares authorized at March 31, 2018 and June 30, 2017, 383 issued and outstanding at March 31, 2018 and June 30, 2017 - - Paid-in capital in excess of par value 179,131 179,131 Accumulated deficit (89,614 ) (101,003 ) Notes receivable from employee stockholders (11 ) (17 ) Treasury stock, at cost - 12 shares of common stock at March 31, 2018 and June 30, 2017 (675 ) (675 ) Total Fonar Corporation Stockholder Equity 88,832 77,437 Non controlling interests 3,732 5,473 Total Stockholders' Equity 92,564 82,910 Total Liabilities and Stockholders' Equity $ 106,502 $ 98,763
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
For the Three Months REVENUES Ended March 31, 2018 2017 Product sales – net $ 69 $ 768 Service and repair fees – net 2,314 2,366 Service and repair fees – related parties - net 28 27 Patient fee revenue, net of contractual allowances and discounts 10,163 9,028 Provision for bad debts and bad debt expense for patient fee (4,552 ) (3,979 ) Management and other fees – net 10,670 9,592 Management and other fees – related medical practices – net 2,287 2,206 Total Revenues – Net 20,979 20,008 COSTS AND EXPENSES Costs related to product sales 173 364 Costs related to service and repair fees 775 829 Costs related to service and repair fees – related parties 9 10 Costs related to patient fee revenue 2,570 1,744 Costs related to management and other fees 5,733 5,122 Costs related to management and other fees – related medical practices 1,281 1,122 Research and development 503 332 Selling, general and administrative 5,533 4,483 Total Costs and Expenses 16,577 14,006 Income From Operations 4,402 6,002 Interest Expense (46 ) (69 ) Investment Income 74 47 Other Expense (8 ) 2 Income Before (Provision)/Benefit for Income Taxes and Non Controlling Interests 4,422 5,982 (Provision)/Benefit for Income Taxes (160 ) 1,140 Net Income 4,262 7,122 Net Income - Non Controlling Interests (781 ) (1,222 ) Net Income - Controlling Interests $ 3,481 $ 5,900 Net Income Available to Common Stockholders $ 3,263 $ 5,526 Net Income Available to Class A Non-Voting Preferred Stockholders $ 163 $ 279 Net Income Available to Class C Common Stockholders $ 55 $ 95 Basic Net Income Per Common Share Available to Common Stockholders $ 0.52 $ 0.90 Diluted Net Income Per Common Share Available to Common Stockholders $ 0.51 $ 0.88 Basic and Diluted Income Per Share-Class C Common $ 0.15 $ 0.25 Weighted Average Basis Shares Outstanding-Common Stockholders 6,287 6,166 Weighted Average Diluted Shares Outstanding-Common Stockholders 6,415 6,294 Weighted Average Basic Shares Outstanding – Class C Common 383 383 Weighted Average Diluted Shares Outstanding – Class C Common 383 383
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
For the Nine Months Ended March 31, 2018 2017 REVENUES Product sales – net $ 508 $ 1,103 Service and repair fees – net 6,929 7,074 Service and repair fees – related parties - net 83 83 Patient fee revenue, net of contractual allowances and discounts 28,353 26,509 Provision for bad debts and bad debt expense for patient fee (12,873 ) (11,859 ) Management and other fees – net 30,781 28,216 Management and other fees – related medical practices – net 6,699 6,020 Total Revenues – Net 60,480 57,146 COSTS AND EXPENSES Costs related to product sales 562 543 Costs related to service and repair fees 2,309 2,168 Costs related to service and repair fees – related parties 27 25 Costs related to patient fee revenue 7,619 6,481 Costs related to management and other fees 17,116 15,641 Costs related to management and other fees – related medical practices 3,692 3,202 Research and development 1,258 1,105 Selling, general and administrative 12,899 12,617 Total Costs and Expenses 45,482 41,782 Income From Operations 14,998 15,364 Interest Expense (138 ) (244 ) Investment Income 179 145 Other (Expense) Income (15 ) (1 ) Income Before (Provision)/Benefit for Income Taxes and Non Controlling Interests 15,024 15,264 (Provision)/Benefit for Income Taxes (920 ) 1,293 Net Income 14,104 16,557 Net Income - Non Controlling Interests (2,715 ) (2,844 ) Net Income - Controlling Interests $ 11,389 $ 13,713 Net Income Available to Common Stockholders $ 10,675 $ 12,842 Net Income Available to Class A Non-Voting Preferred Stockholders $ 532 $ 649 Net Income Available to Class C Common Stockholders $ 182 $ 222 Basic Net Income Per Common Share Available to Common Stockholders $ 1.70 $ 2.09 Diluted Net Income Per Common Share Available to Common Stockholders $ 1.66 $ 2.05 Basic and Diluted Income Per Share-Class C Common $ 0.48 $ 0.58 Weighted Average Basic Shares Outstanding-Common Stockholders 6,287 6,143 Weighted Average Diluted Shares Outstanding-Common Stockholders 6,415 6,271 Weighted Average Basic Shares Outstanding – Class C Common 383 383 Weighted Average Diluted Shares Outstanding – Class C Common 383 383 Daniel Culver Director of Communications E-mail: [email protected] www.fonar.com The Inventor of MR Scanning™ An ISO 9001 Company Melville, New York 11747 Phone: (631) 694-2929 Fax: (631) 390-1772
Source:Fonar Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-fonar-announces-financial-results-for-fiscal-2018-3rd-quarter-and-nine-months.html |
Sam Stovall talks about the market's ongoing streak 9 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/sam-stovall-talks-about-the-markets-ongoing-streak.html |
Home / tokyo travel / Need a travel companion? Now you can rent a robot Need a travel companion? Now you can rent a robot 6 hours ago tokyo travel , TRAVEL Need a travel companion? Now you can rent a robot CNBC
Full coverage | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/sharps-humanoid-robot-robohon-wants-to-be-a-companion-for-humans.html/ |
May 1 (Reuters) - Caribbean Utilities Company Ltd:
* CARIBBEAN UTILITIES COMPANY, LTD ANNOUNCES UNAUDITED FIRST QUARTER RESULTS FOR THE PERIOD ENDED MARCH 31 2018
* CARIBBEAN UTILITIES - SALES FOR Q1 2018 TOTALED 140.4 MILLION KILOWATT HOURS , AN INCREASE OF 3.8 MILLION KWH IN COMPARISON TO 136.6 MILLION KWH FOR Q1 2017
* CARIBBEAN UTILITIES - AFTER ADJUSTMENT FOR DIVIDENDS ON PREFERENCE SHARES OF THE CO ,QTRLY EARNINGS ON CLASS A ORDINARY SHARES WAS $0.08/SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-caribbean-utilities-reports-q1-ear/brief-caribbean-utilities-reports-q1-earnings-of-0-08-share-on-class-a-ordinary-shares-idUSASC09YV7 |
WASHINGTON, May 23 (Reuters) - A congressional panel on Wednesday will grill top executives from the U.S. Olympic Committee and the governing bodies of four sports on whether they have done enough to protect athletes from sexual abuse.
The hearing before the House of Representatives’ Energy and Commerce subcommittee follows allegations that officials ignored widespread sexual abuse of athletes by coaches and trainers.
In the case with the highest profile, Michigan State University last week agreed to pay $500 million to 332 women who were sexually abused by disgraced trainer Larry Nassar, who had also been a doctor for USA Gymnastics.
Susanne Lyons, the acting chief executive of the U.S. Olympic Committee, said in prepared testimony that reforms have included rebuilding USA Gymnastics, where the board and chief executive resigned, and doubling spending on the independent Center for SafeSport, which opened last year to prevent abuse.
“I know that we can do better. We will do better,” said Lyons, who took the post in February when her predecessor stepped down amid the sex abuse scandal, citing health problems.
Executives from SafeSport and the national governing bodies for swimming, gymnastics, taekwondo and volleyball will join Lyons at the oversight subcommittee hearing.
A background document posted on the subcommittee’s website said that SafeSport had received almost 500 complaints or reports of sexual abuse from its launch to mid-April, and resolved 156 cases.
Of those, 120 people have been permanently barred from taking part in U.S. Olympic Committee sports.
An outside 2017 audit contracted by the U.S. Olympic Committee found that 43 of the 48 national governing bodies for sports had deficiencies in reporting abuses, such as inconsistent enforcement of criminal background checks, the document said.
The hearing comes two days after former Olympic swimmer Ariana Kukors Smith sued USA Swimming in California. She alleged that officials governing the sport knew her coach, Sean Hutchison, was sexually abusing her and failed to investigate or stop him.
USA Swimming said in a statement, “We have been in regular contact with her legal team over the last several months and will continue to work with them and Ariana through this process.”
The office of Hutchison’s Seattle attorney, Brad Meryhew, said he had no comment.
Reporting by Ian Simpson; Editing by Frank McGurty and Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/gymnastics-usa-congress/u-s-congress-panel-to-grill-olympic-officials-on-preventing-sex-abuse-idUSL2N1ST13D |
JERUSALEM (Reuters) - Jared Kushner, President Donald Trump’s son-in-law and his senior adviser on the Middle East, said on Monday that the United States showed the world it could be trusted by opening its Israeli embassy in Jerusalem.
“When President Trump makes a promise, he keeps it,” Kushner said at the embassy’s opening ceremony. “Today also demonstrates American leadership. By moving our embassy to Jerusalem, we have shown the world once again that the United States can be trusted,” he said.
“We stand with our friends and our allies, and above all else, we’ve shown that the United States of America will do what’s right,” he said.
Reporting by Ari Rabinovitch, Editing by Ori Lewis
| ashraq/financial-news-articles | https://in.reuters.com/article/israel-usa-embassy-kushner/kushner-israel-embassy-move-shows-the-world-can-trust-the-u-s-idINKCN1IF1VS |
May 15 (Reuters) - Palatin Technologies Inc:
* PALATIN TECHNOLOGIES, INC. REPORTS THIRD QUARTER FISCAL YEAR 2018 RESULTS; TELECONFERENCE AND WEBCAST TO BE HELD ON MAY 15, 2018
* Q3 EARNINGS PER SHARE $0.00 * PALATIN’S CASH, AND CASH EQUIVALENTS WERE $25.7 MILLION AS OF MARCH 31, 2018
* RECOGNIZED $9.0 MILLION IN LICENSE AND CONTRACT REVENUE IN QUARTER COMPARED TO $10.8 MILLION
* PALATIN -BELIEVES EXISTING CAPITAL RESOURCES, PROCEEDS FROM SALES OF COMMON STOCK WILL BE SUFFICIENT TO FUND OPERATIONS THROUGH AT LEAST JUNE 30, 2019 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-palatin-technologies-inc-reports-q/brief-palatin-technologies-inc-reports-q3-earnings-per-share-0-00-idUSASC0A28P |
HONG KONG, May 4 (Reuters) - Shares in Ping An Group’s Good Doctor Chinese online healthcare platform are set to open 4.6 percent higher on their market debut in Hong Kong on Friday, as investors jostle for a piece of the fast-growing business.
The company, Ping An Healthcare and Technology Co Ltd, which operates China’s largest online healthcare platform, raised $1.12 billion after pricing its public offering at HK$54.80 a share, in the city’s largest new listing this year.
The shares were set to open at HK$57.30 ($7.30) on Friday. ($1 = 7.8490 Hong Kong dollars) (Reporting by Julie Zhu and Alun David John; additional reporting by Donny Kwok; Editing by Himani Sarkar)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/pingan-hlthcr-tc-listing/ping-an-healthcare-unit-set-to-open-up-4-6-pct-in-hong-kong-debut-idUSL3N1SB15Z |
May 1 (Reuters) - Fiserv Inc:
* Q1 ADJUSTED EARNINGS PER SHARE $0.76 * Q1 REVENUE $1.44 BILLION VERSUS I/B/E/S VIEW $1.44 BILLION
* Q1 EARNINGS PER SHARE VIEW $0.73 — THOMSON REUTERS I/B/E/S
* Q1 GAAP EARNINGS PER SHARE $1.00 * SEES 2018 ADJUSTED EARNINGS PER SHARE IN A SPLIT-ADJUSTED RANGE OF $3.02 TO $3.15 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fiserv-reports-q1-gaap-eps-of-1/brief-fiserv-reports-q1-gaap-eps-of-1-idUSASC09YPA |
May 2 (Reuters) - GREENYARD NV:
* GREENYARD UPDATES THE MARKET ON ITS FY RESULTS PER 31 MARCH 2018
* PRE-ANNOUNCES PRELIMINARY ANNUAL RESULTS WHICH SHOW A MODEST DROP OF FY REBITDA COMPARED TO LAST YEAR
* EXPECTS FY REBITDA TO LAND AT ABOUT EUR 140.0M, SHOWING DROP OF 4% COMPARED TO LAST YEAR’S LEVEL
* PROFIT BEFORE TAX IS EXPECTED TO IMPROVE TO CIRCA € 5.0M, COMPARED TO € 0.8M LAST YEAR
* HEIN DEPREZ, CEO OF GREENYARD SAYS ‘GREENYARD’S PRELIMINARY ANNUAL RESULTS DO NOT MEET OUR EXPECTATIONS
* REMAINS CONFIDENT TO REALISE INCREASE OF 10% IN REBITDA FOR CURRENT YEAR 18/19, STARTING APRIL 1, 2018
* EXPECTS FY NORMALISED NET DEBT/REBITDA AT C. 2.8X Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-greenyard-pre-announces-preliminar/brief-greenyard-pre-announces-preliminary-fy-results-with-4-percent-rebitda-drop-idUSFWN1S916J |
May 9, 2018 / 10:05 PM / Updated 2 hours ago Huddersfield cheer escape, Man City break more records Ian Chadband 4 Min Read
LONDON (Reuters) - Huddersfield Town were left celebrating wildly after securing their Premier League safety on Wednesday with a dramatic and resilient 1-1 draw at Chelsea, a result that looks almost certain to condemn Swansea City to relegation. Soccer Football - Premier League - Chelsea v Huddersfield Town - Stamford Bridge, London, Britain - May 9, 2018 Huddersfield Town players celebrate staying in the premier league with their fans after the match REUTERS/Hannah McKay
With a Harry Kane goal giving Tottenham Hotspur a 1-0 win over Newcastle United at Wembley to secure their Champions League place for next season, Chelsea’s draw may also have caused fatal damage to the Blues’ hopes of a top-four finish.
Meanwhile, champions Manchester City said a fond Etihad farewell to Yaya Toure, routing Brighton & Hove Albion 3-1 and moving on to 97 points — the most in a Premier League season — and to the verge of a landmark 100-point campaign.
In doing so, Pep Guardiola’s men, 20 points clear at the top, also set a new record for most goals in a season in the Premier League era, with strikes from Danilo, Bernardo Silva and Fernandinho taking the tally to 105.
Yet Huddersfield were the toast of the league after the side who achieved a fairytale return to the top division last season ensured survival with a second consecutive backs-to-the-wall effort after earning a draw at Manchester City on Sunday. Soccer Football - Premier League - Manchester City v Brighton & Hove Albion - Etihad Stadium, Manchester, Britain - May 9, 2018 Manchester City's Yaya Toure in action Action Images via Reuters/Jason Cairnduff
They had gone ahead against the run of play through Laurent Delpoitre soon after halftime but a freakish, fortunate equaliser for Marcos Alonso was the signal for Chelsea to bombard their goal.
The Terriers ended up being eternally grateful to goalkeeper Jonas Lossl, who dazzlingly tipped an Andreas Christensen header on to the post in a moment that will go down in the Yorkshire club’s folklore. Soccer Football - Premier League - Chelsea v Huddersfield Town - Stamford Bridge, London, Britain - May 9, 2018 Huddersfield Town manager David Wagner celebrates staying in the premier league with their players after the match REUTERS/Hannah McKay SWANSEA NEED MIRACLE
Huddersfield soared into 16th place on 37 points, four clear of 18th-placed Swansea, who now have to rely on what manager Carlos Carvalhal has called a “miracle” if they are to survive.
It also ensured that for only the third time in the Premier League era, the three promoted sides — in this case, Huddersfield, Newcastle and Brighton — all survived.
Technically, Southampton, on 36 points, are still not safe but only if they lose so heavily at home by Manchester City and Swansea score enough against Stoke to effect a 10-goal swing can the Saints go down.
It was a gloomy night for Chelsea and their manager Antonio Conte, whose future at the club remains the subject of conjecture, as they remained fifth in the Champions League race on 70 points.
Spurs moved on to 74 to be certain of their spot and now Chelsea have to rely on the slim hope that they win their last match at Newcastle on Sunday while Champions League finalists Liverpool, on 72, lose at home to Brighton.
In Arsene Wenger’s penultimate match as Arsenal manager, the Gunners suffer yet another wretched away day, losing 3-1 at Leicester City while having to play for 74 minutes with 10 men following a straight red card for Konstantinos Mavropanos.
It left Arsenal as the only side in English league football to fail to win a single away point in 2018, having lost all seven road games before Wenger’s farewell after 22 years with the club at Huddersfield on Sunday. Reporting by Ian Chadband, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england/huddersfield-cheer-escape-man-city-break-more-records-idUKKBN1IA3ET |
May 22 (Reuters) - Sanofi SA:
* FDA TO REVIEW ZYNQUISTA™ (SOTAGLIFLOZIN) AS POTENTIAL TREATMENT FOR TYPE 1 DIABETES
* SANOFI - TARGET FDA ACTION DATE UNDER PRESCRIPTION DRUG USER FEE ACT (PDUFA) IS ANTICIPATED TO BE MARCH 22, 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sanofi-says-fda-to-review-zynquist/brief-sanofi-says-fda-to-review-zynquista-as-potential-treatment-for-type-1-diabetes-idUSFWN1ST0DL |
Chris Taylor and Yasiel Puig hit back-to-back home runs in a span of three pitches, helping the Los Angeles Dodgers end their five-game home losing streak with a 5-3 victory over the Colorado Rockies on Tuesday.
The Dodgers trailed 3-2 in the sixth inning before Taylor hit a two-run shot off reliever Bryan Shaw (1-3) to put Los Angeles on top. It was Taylor’s sixth home run of the season.
Puig followed with his fifth home run of the year, with all five coming in his past eight games. It was the third time the Dodgers hit back-to-back home runs this season.
The Rockies have allowed more runs in the sixth inning than any team in baseball, giving up an average of 0.94 in the frame.
J.T Chargois (2-1) gave up a run in his lone inning but still earned the victory. Kenley Jansen pitched the ninth inning for his ninth save in 11 chances.
Ian Desmond had a solo home run in the second inning, his eighth, and added an RBI single in the top of the sixth inning that gave the Rockies a brief 3-2 lead.
Dodgers starter Brock Stewart, who was called up from Triple-A Oklahoma City earlier Tuesday, gave up two runs on five hits over four innings. He walked one and struck out one. It was Stewart’s fourth call-up this season and his first major league start of the year.
Rockies starter Chad Bettis, who entered with a 1.83 road ERA, gave up two runs on three hits over five innings. The outing matched one on April 2 at San Diego for his shortest road start this season.
The Dodgers took a 2-0 lead in the first inning on an RBI single from Matt Kemp and a bases-loaded walk by Puig. The Rockies used Desmond’s home run and a Nolan Arenado RBI single in the third inning to tie the score.
The Rockies fell to 19-12 on the road, but they still have the most road victories of any team in baseball. Their 31 road games are also the most in the majors.
The Dodgers are just 9-14 at home. They won at Dodger Stadium for the first time since defeating the Arizona Diamondbacks on May 9.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-lad-col-recap/back-to-back-homers-boost-dodgers-past-rockies-idUSMTZEE5N6162IQ |
BRASILIA (Reuters) - Brazilian President Michel Temer scrapped plans to run for re-election on Tuesday and said he supported his former finance minister, Henrique Meirelles, to stand as the presidential candidate of the ruling Brazilian Democratic Movement (MDB).
Presidential candidate of the Brazilian Democratic Movement party (MDB), former Finance Minister Henrique Meirelles (L) reacts next to Brazil's President Michel Temer in Brasilia, Brazil May 22, 2018. REUTERS/Adriano Machado Temer, whose approval rating is stuck in the single digits as Latin America’s largest economy slowly emerges from a historic recession, announced his decision at an MDB event, confirming a report earlier on Monday by Reuters.
Temer, 77, and Meirelles, 72, have both been polling in the low single digits ahead of the October election.
Brazil's President Michel Temer gestures as he attends a Brazilian Democratic Movement party (MDB) meeting in Brasilia, Brazil May 22, 2018. REUTERS/Adriano Machado The president’s decision was the first of many moves expected to consolidate the presidential race in Brazil, where years of corruption scandals and recession have hurt the chances of traditional parties in a wide-open race.
Slideshow (4 Images) Over the weekend, Temer said Brazil’s centrist parties needed to join behind one candidate if they were to win the presidential election and continue his pro-business policies and balance the federal budget.
Pressure had mounted on Temer to hand the mantle to Meirelles within the MDB party, as its leaders came to terms with his dismal chances of winning popular support and key allies began to launch their own candidates.
With less than five months until the Oct. 7 vote, candidates across the political spectrum are still working to build party coalitions to lure voters disenchanted with Brazil’s graft-tainted political class. Investors have been on edge amid uncertainty about the highly unpredictable race, in which few of the leading candidates have embraced Temer’s fiscal reforms.
Temer last week touted his achievements in reviving the economy, reducing inflation and turning around state-run companies in the two years since he took over from impeached leftist President Dilma Rousseff.
Still, his approval rating remained stuck at 4 percent in the latest MDA poll that showed that 71 percent of Brazilians considered his government bad or terrible, turned off by a string of corruption scandals and high unemployment.
His rejection rate was even higher, with 88 percent of those surveyed saying they would never vote for him.
Reporting by Lisandra Paraguassu; Writing by Anthony Boadle; Editing by Bernadette Baum and Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-politics-temer/brazils-temer-to-scrap-reelection-effort-back-meirelles-run-source-idUSKCN1IN17X |
May 17, 2018 / 1:05 PM / Updated an hour ago South African drugmaker Aspen secures 3.4 billion euro credit line Reuters Staff 2 Min Read
JOHANNESBURG, May 17 (Reuters) - Aspen Pharmacare, Africa’s biggest generic drugmaker, said on Thursday it had secured a 3.4 billion euro ($4 billion) credit facility for refinancing debt at three of its subsidiaries.
Aspen, which has operations in 50 countries, said the facilities were 70 percent oversubscribed and would be used for Aspen Finance, Pharmacare Limited t/a Aspen Pharmacare and Aspen Asia Pacific. It did not provide further details.
The drugmaker has been expanding rapidly outside its home base of South Africa, where a heavily regulated pharmaceuticals market has put a cap on growth.
Aspen, which in March reported a 26 percent rise in first-half earnings helped by its therapeutic focused brands, said it had secured the revolving credit facility from 28 banks internationally. It is structured across the euro, the South African rand and the Australian dollar with tenors of two to four years and a one-year extension option.
The firm makes branded and generic pharmaceutical products, as well as infant nutritional and consumer healthcare products. $1 = 0.8480 euros Reporting by Tanisha Heiberg; Editing by Susan Fenton | ashraq/financial-news-articles | https://www.reuters.com/article/aspenpharmacare-credit-line/south-african-drugmaker-aspen-secures-3-4-billion-euro-credit-line-idUSL5N1SO3KL |
May 25, 2018 / 12:48 PM / Updated an hour ago Barbados opposition wins every seat in landslide election victory Reuters Staff 1 Min Read
BRIDGETOWN, Barbados (Reuters) - The opposition Barbados Labour Party (BLP) won a landslide victory in Barbados’ general election, winning every seat and ushering in the country’s first female prime minister, preliminary results showed on Friday.
The BLP’s Mia Mottley won all 30 seats in the Caribbean island’s parliament, according to the Electoral and Boundaries Commission, dealing a crushing defeat to Prime Minister Freundel Stuart and his Democratic Labour Party (DLP).
Mottley, a former minister and attorney general, will become the first female prime minister since independence from Britain in 1966. Reporting by Robert Edison Sandiford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-barbados-election/barbados-opposition-wins-every-seat-in-landslide-election-victory-idUKKCN1IQ1PN |
BAGHDAD (Reuters) - Turnout in Iraq’s parliamentary election held on Saturday was 44.52 percent with 92 percent of the votes counted, the electoral commission said.
Reporting by Maher Chmaytelli
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-turnout/turnout-in-iraqs-parliamentary-election-is-44-5-percent-idUSKCN1ID0U5 |
Brent crude oil on Thursday topped $80 a barrel for the first time since November 2014, as the market grew concerned that the Trump administration's effort to sanction Iran's crude exports could be more successful than originally thought.
Brent , the international benchmark for oil prices, hit a session high of $80.50 a barrel on Thursday, its strongest level since Nov. 24, 2014, when it topped out at $80.85. The contract eased back to $79.19 by 2:25 p.m. ET, down 9 cents.
U.S. West Texas Intermediate crude ended the day unchanged from the previous session at $71.49 a barrel. WTI earlier hit a high going back to Nov. 28, 2014 at $72.30 a barrel.
President Donald Trump announced last week he would withdraw the United States from the Iran nuclear deal and restore wide-ranging sanctions on Iran. His administration is gave companies 90 to 180 days to wind down current business with Iran subject to sanctions.
John Kilduff, founding partner at energy hedge fund Again Capital, chocked up oil's failure to hold earlier gains to traders taking profits off the table and "crisis fatigue."
show chapters Futures Now: Crude Hits 3.5-year high 3 Hours Ago | 01:53 "There was no new catalyst today, no new rhetoric from key players. This is what passes for relative calm these days," he said.
Still, he said the market is becoming convinced that Trump will be able to disrupt crude exports after his administration slapped sanctions on the head of Iran's central bank earlier this week.
"That showed that he's not kidding around. It's very much a forward-leaning, aggressive strategy against Iran," he said.
A debate had raged in the market over the effectiveness of the sanctions, largely because China and key U.S. allies in Europe still support the nuclear deal. While some analysts said sanctions could wipe 1 million barrels per day of Iranian crude off the market, others said the impact would be limited to fewer than 500,000 barrels a day.
The Trump administration ultimately took a tougher stance than many expected, restoring all sanctions that were in place prior to their suspension in 2016.
The European Union is exploring ways to protect the continent's companies, but the market is losing faith that Washington will issue sanctions waivers to the shippers, insurers and financial institutions necessary to bring Iranian oil to buyers, according to Kilduff.
show chapters Oil prices could rise to $85 a barrel by July: Dan Yergin 9:52 AM ET Wed, 16 May 2018 | 04:52 French oil major Total said on Wednesday it will halt a multibillion-dollar investment natural gas development in Iran unless it receives a waiver from the U.S. government.
OPEC members can replace any supplies lost from Iran, and the United States is pumping at record levels, noted Anthony Grisanti, president and founder at GRZ Energy.
"I see a lot of this move being seasonal factors. Demand for products has been very strong," including gasoline and distillate, he told CNBC's "Futures Now."
"I wouldn't be surprised if this market didn't sell off after the Memorial Day holiday."
Beyond Iran concerns Meanwhile, concerns are mounting over falling output in Venezuela after ConocoPhillips moved to seize the assets of Venezuelan state oil giant PDVSA.
"The screws are really tightening on Venezuela," Dan Yergin, vice chairman of IHS Markit, told CNBC on Wednesday.
show chapters Here's what drives the price of oil 4:55 PM ET Tue, 15 May 2018 | 04:40 Also boosting the market, the U.S. Energy Information Administration reported on Wednesday that oil in storage in the United States fell more than expected, dropping by about 1.4 million barrels. Stockpiles of refined products like gasoline and distillates also fell.
The United States is approaching the summer driving season, when refineries typically draw down inventories to meet increased demand at the gas pump.
However, the Paris-based International Energy Agency on Wednesday warned that recent strength in demand for oil could soon moderate. The adviser to developed nations knocked down its 2018 forecast for growth in demand from 1.5 million barrels a day to 1.4 million barrels a day in its monthly report.
"While recent data confirms strong growth in 1Q18 and the start of 2Q18, we expect a slowdown in 2H18 largely attributable to higher oil prices," IEA said.
The agency also sees higher oil prices providing an incentive for U.S. drillers to pump more crude. It raised its expectation for U.S. oil output growth for 2018 by 120 thousand barrels a day.
The United States is now pumping more than 1.7 million barrels a day, according to the latest preliminary weekly reading from EIA. The nation's drillers are quickly closing in on top producer Russia, which pumps about 11 million barrels a day. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/oil-markets-brent-edges-closer-to-80-per-barrel-on-tight-market.html |
A 'bumpy ride' for bonds with Fed likely to signal more hikes, market watcher says 2 Hours Ago With the Federal Reserve likely to signal more rate hikes, Sit Investment Associates' Bryce Doty foresees bumps ahead for bonds. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/a-bumpy-ride-for-bonds-with-fed-likely-to-signal-more-hikes.html |
DUBAI, May 21 (Reuters) - The Nasdaq Dubai exchange plans to launch futures contracts this year on companies listed on the Saudi Arabian stock market, the Middle East’s largest, the bourse said on Monday.
The Tadawul stock market index has risen about 11 percent this year ahead of a potential upgrade to emerging markets status by index firm MSCI in June, and the planned share sale of oil giant Aramco.
“The futures will give investors new hedging tools to take long and short positions on the companies, at a time when international investor interest in the Saudi stock market is increasing rapidly,” the bourse said in a statement.
The futures will begin trading in the third quarter, the bourse added. Futures contracts are agreements to buy or sell shares at an agreed price on a future date.
Nasdaq Dubai said it will offer future contracts on Saudi companies, which are some of the region’s largest businesses active in sectors such as petrochemicals, real estate, banking and transport.
Nasdaq Dubai began trading single-stock futures for shares in some of the United Arab Emirates’ biggest companies in late 2016. (Reporting by Hadeel Al Sayegh; editing by Ghaida Ghantous and Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/nasdaq-dubai-saudi-futures/nasdaq-dubai-bourse-says-to-launch-future-contracts-on-saudi-firms-in-2018-idUSL5N1SS0S5 |
May 18 (Reuters) - Ligand Pharmaceuticals Inc:
* LIGAND PRICES OFFERING OF $650 MILLION OF CONVERTIBLE SENIOR NOTES
* LIGAND PHARMACEUTICALS INC - PRICING OF $650 MILLION AGGREGATE PRINCIPAL AMOUNT OF 0.75% CONVERTIBLE SENIOR NOTES DUE 2023
* LIGAND PHARMACEUTICALS INC - CONVERSION RATE FOR NOTES WILL INITIALLY BE 4.0244 SHARES PER $1,000 PRINCIPAL AMOUNT OF NOTES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ligand-prices-offering-of-650-mln/brief-ligand-prices-offering-of-650-mln-of-convertible-senior-notes-idUSASC0A2X0 |
May 3 (Reuters) - DERAYAH REIT FUND:
* FUND MANAGER EXPECTS THAT DIVIDEND DISTRIBUTION FOR Q2 2018 WILL BE 1.81 PERCENT RELATIVE TO IPO PRICE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-derayah-reit-fund-expects-q2-divid/brief-derayah-reit-fund-expects-q2-dividend-of-1-81-pct-relative-to-ipo-price-idUSFWN1S91GJ |
May 16, 2018 / 12:41 PM / in 6 hours Churchill Downs in deal to enter sports betting in three states Arunima Banerjee 3 Min Read
(Reuters) - Churchill Downs Inc on Wednesday signed a deal with SBTech, a sports betting platform, which will allow the gaming company to offer bets on events in New Jersey, Pennsylvania and Mississippi.
SBTech will provide a consumer website, mobile apps and back office systems to manage online gaming and sports wagering for Churchill Downs.
The announcement comes two days after the U.S. Supreme Court allowed states to legalize sports betting by endorsing New Jersey’s bid for such wagering and striking down a 1992 federal law that prohibited it.
The ruling will give the states the option to capitalize on sports betting, which was so far limited to Las Vegas.
Churchill Downs said it has also signed a deal with the Golden Nugget Atlantic City resort and would start accepting legal wagers for online gaming and sports betting in New Jersey in the first quarter of 2019.
“With partnerships with SBTech and Golden Nugget, the company grants itself positioning among the first operators of many to attempt to enter a nascent sports betting market,” Jefferies analyst David Katz said.
On Wednesday, gaming company Paddy Power Betfair, said it is considering merging its U.S. business with fantasy sports company FanDuel to focus on the sports betting market in the country.
Analysts say regional gaming companies such as Boyd Gaming Corp and Penn National Gaming Inc stand to benefit, as capital investment to setup the hardware is very low and tax on sports betting in states such as New Jersey is reasonable.
According to certain estimates, the U.S. sports betting market could rack up $1.8 billion at the low end and move as high as $9 billion of gross gaming revenue, depending on how many states allow wagering.
Churchill Downs Chief Executive Officer Bill Carstanjen said the company’s sports betting venture will benefit from its experience of operating the largest legal online horse racing wagering business in the United States.
In Pennsylvania, Churchill Downs is set to buy Presque Isle Downs & Casino from Eldorado Resorts Inc, while in Mississippi, it already has two brick-and-mortar casinos that will offer sports betting products.
Shares of Churchill Downs, which closed up about 5 percent on Monday after the court ruling, rose as much as 2.4 percent to hit a fresh record at $304.84 in morning trading. Reporting by Arunima Banerjee and Ankit Ajmera in Bengaluru; Editing by Arun Koyyur | ashraq/financial-news-articles | https://www.reuters.com/article/us-churchill-downs-gambling/churchill-downs-inks-deal-for-online-sports-betting-in-new-jersey-idUSKCN1IH1N1 |
Wynn board member speaks out 23 Hours Ago CNBC’s Contessa Brewer reports on her interview with Wynn Resorts board member Betsy Atkins and how the company is dealing with the fallout from disgraced former CEO Steve Wynn. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/wynn-board-member-speaks-out.html |
May 17, 2018 / 5:26 PM / Updated 23 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 4 Min Read May 17 (OPTA) - Scoreboard at close of play of between Warwickshire and Derbyshire on Thursday at Birmingham, England Derbyshire win by 57 runs Derbyshire 1st innings Ben Slater c Adam Hose b Aaron Thomason 69 Billy Godleman Run Out Adam Hose 137 Wayne Madsen lbw Jeetan Patel 58 Matthew Critchley st Tim Ambrose b Jonathan Trott 35 Alex Hughes c Oliver Hannon-Dalby b Jonathan Trott 12 Luis Reece c Keith Barker b Jonathan Trott 0 Hardus Viljoen Run Out Adam Hose 2 Daryn Smit Not Out 26 Safyaan Sharif c Olly Stone b Jonathan Trott 2 Duanne Olivier Not Out 1 Extras 4b 5lb 0nb 0pen 6w 15 Total (50.0 overs) 357-8 Fall of Wickets : 1-129 Slater, 2-228 Madsen, 3-270 Critchley, 4-292 Hughes, 5-292 Reece, 6-302 Viljoen, 7-331 Godleman, 8-336 Sharif Did Not Bat : Rampaul Bowling Ov Md Rn Wk Econ Ex Oliver Hannon-Dalby 10 0 70 0 7.00 3w Keith Barker 10 0 82 0 8.20 1w Olly Stone 7 0 57 0 8.14 1w Jeetan Patel 8 0 41 1 5.12 1w Aaron Thomason 5 0 33 1 6.60 Jonathan Trott 10 0 65 4 6.50 Warwickshire 1st innings Ed Pollock c Hardus Viljoen b Duanne Olivier 8 Jonathan Trott c Daryn Smit b Duanne Olivier 11 Sam Hain c Ravi Rampaul b Luis Reece 108 Ian Bell lbw Matthew Critchley 18 Adam Hose c&b Ravi Rampaul 33 Tim Ambrose c Duanne Olivier b Alex Hughes 4 Aaron Thomason c Daryn Smit b Luis Reece 14 Keith Barker Not Out 48 Jeetan Patel lbw Hardus Viljoen 11 Olly Stone c Billy Godleman b Safyaan Sharif 16 Oliver Hannon-Dalby c Wayne Madsen b Safyaan Sharif 5 Extras 0b 12lb 4nb 0pen 8w 24 Total (45.3 overs) 300 all out Fall of Wickets : 1-9 Pollock, 2-20 Trott, 3-98 Bell, 4-173 Hose, 5-180 Ambrose, 6-207 Thomason, 7-210 Hain, 8-228 Patel, 9-287 Stone, 10-300 Hannon-Dalby Bowling Ov Md Rn Wk Econ Ex Ravi Rampaul 8 0 60 1 7.50 2nb Duanne Olivier 7 0 47 2 6.71 2w Safyaan Sharif 5.3 0 31 2 5.64 Hardus Viljoen 8 0 49 1 6.12 3w Matthew Critchley 6 0 34 1 5.67 2w Alex Hughes 6 0 34 1 5.67 Luis Reece 5 0 33 2 6.60 Umpire Russell Warren Umpire Nicholas Cook Home Scorer Melvin Smith Away Scorer John Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5HVV1Z0N |
BEIRUT (Reuters) - The Syrian army said the capital Damascus and its surroundings were fully secure after the army cleared the last insurgent-held area around the capital of Islamic State fighters on Monday.
“Damascus and its surroundings and Damascus countryside and its villages are completely secure areas,” the army high command said in a televised statement, adding that the army would continue to fight “terrorism” across Syria.
Reporting by Ellen Francis and Lisa Barrington; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-syria-army/syrian-army-says-damascus-and-surroundings-fully-secure-idINKCN1IM1BQ |
FRANKFURT, May 8 (Reuters) - The European Central Bank has fined Spain’s Banco Sabadell 1.6 million euros ($1.90 million) for buying back some of its capital without the ECB’s permission, the ECB said on Tuesday.
“The penalty has been imposed in respect of the bank repurchasing its CET1 (Core Equity Tier 1) instruments from 1 January 2014 to 7 November 2016 without the prior permission of the banking supervision authority,” the ECB said.
“This constitutes a continuous breach of own funds requirements in that period.”
Sabadell has challenged the fine before the Court of Justice of the European Union, the ECB said. ($1 = 0.8418 euros) (Reporting by Francesco Canepa; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/banco-sabadell-ecb-fine/spains-banco-sabadell-fined-by-ecb-over-capital-buyback-idUSF9N1PX007 |
A number of young Americans have hit pause on life events because they can't pay off their debt, according to an NBC News-GenForward survey of nearly 1,900 adults.
Of those life events, there are four major ones that stand out. The survey found that 34 percent of millennials have delayed buying a home , 31 percent have delayed saving for retirement , 16 percent have put off having children and 14 percent have put off getting married.
Debt has more far-reaching impact, too. Approximately three of every four millennials in the United States report having some form of debt, according to the survey, including a quarter who are more than $30,000 in the hole and 11 percent who owe more than $100,000. "As a result, saving has taken a backseat," the survey notes, "which has affected the pace at which millennials live their lives and left most unprepared for a financial emergency."
show chapters Suze Orman explains how much money you'll need to have when an emergency happens 12:46 PM ET Thu, 15 June 2017 | 01:01 About 3 in 10 have less than $1,000 in their personal savings, 24 percent have no savings at all and 67 percent say they would have trouble paying an unexpected $1,000 bill.
In a similar survey, financial website Bankrate found only 39 percent of respondents would be able to cover a $1,000 setback using their savings, while 19 percent would have to use a credit card.
Defaulting to plastic for an emergency or another expense is a major culprit in creating or continuing debt. "Credit card debt is the most prevalent type among the group," the NBC News-GenForward survey notes, adding that it plays a " bigger role than student loans ."
Overall, outstanding credit card debt has reached more than $1.02 trillion , according to the Federal Reserve. The average U.S. adult owes nearly $6,000 , CreditCards.com reports. And the average millennial , financial site Credible estimates, owes nearly $5,300 .
Millennials with college degrees are more likely to have credit card debt than those without degrees, the survey points out. But they're also likely to make more money: 56 percent of degree-holders make more than $50,000 a year versus 31 percent of those without degrees.
show chapters Why millennials are making a huge mistake by not using credit cards more often 11:49 AM ET Mon, 24 July 2017 | 00:52 Despite their debt, though, millennials are making strides toward financial security. A Discover survey found that 81 percent of millennials are saving in some capacity , compared to 77 percent of Baby Boomers and 74 percent of those in Generation X.
A Charles Schwab survey that tracked how 1,000 Americans aged 21 to 75 handle money found that young people are better with finances than their older peers. And, according to recent Bank of America survey, one in six millennials now has $100,000 stashed away .
The NBC News-GenForward survey notes that "millennials overall remain optimistic about the future: 58 percent are optimistic about things like finding and keeping a good job, paying off student loan debt and being able to afford the lifestyle they want."
If you're looking to build up your savings, pay down your debt or become better at handling your money, experts like financial advisor Suze Orman and best-selling finance author Tom Corley suggest a good first step is to set up a budget and keep an eye on how you spend .
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show chapters This couple is trying to pay off $600,000 of student loans in 5 years 9:53 AM ET Wed, 2 Aug 2017 | 01:21 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/americans-are-putting-off-4-major-life-goals-because-of-debt.html |
NEW ORLEANS--(BUSINESS WIRE)-- ClaimsFiler, a FREE shareholder information service, reminds investors that they have only until May 29, 2018 to file lead plaintiff applications in a securities class action lawsuit against Patterson Companies, Inc. (NasdaqGS: PDCO). Investor losses must relate to purchases of the Company’s shares between June 26, 2015 and February 28, 2018. This action is pending in the United States District Court for the District of Minnesota.
Get Help
Patterson investors should visit us at https://www.claimsfiler.com/cases/view-patterson-companies-inc-securities-litigation-1 or call to speak to our claim center toll-free at (844) 367-9658.
About the Lawsuit
On March 1, 2018, prior to markets opening, the Company revealed dismal financial results for the third quarter of 2018, including an earnings decrease of 26% and a cut to full year guidance for the second quarter in a row, as well as the departure of its Chief Financial Officer. On this news, the price of Patterson’s shares plummeted $7.48 per share, or 23% in one day on high trading volume.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. ClaimsFiler's team of experts monitor the securities class action landscape and cull information from a variety of sources to ensure comprehensive coverage across a broad range of financial instruments.
To learn more about ClaimsFiler, visit www.claimsfiler.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180528005369/en/
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Source: ClaimsFiler | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/business-wire-patterson-companies-24-hour-deadline-alert-approximately-24-hours-remain-claimsfiler-reminds-investors-with-losses-in-excess.html |
- Plans for clinical data in C3 glomerulopathy (C3G) and for paroxysmal nocturnal hemoglobinuria (PNH) remain on track for 2018 -
- Joseph Truitt appointed Chief Executive Officer -
NEW HAVEN, Conn., May 02, 2018 (GLOBE NEWSWIRE) -- Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN), a biopharmaceutical company focused on advancing oral small-molecule factor D inhibitors to modulate the complement alternative pathway, today reported financial results for the three months ended March 31, 2018. For the first quarter of 2018, the Company reported a net loss of $20.6 million or $0.15 per share, compared with a net loss of $20.2 million or $0.15 per share for the first quarter of 2017. Cash, cash equivalents, marketable securities and interest receivable as of March 31, 2018 were $308.4 million. The Company also reported that Joseph Truitt has been named Chief Executive Officer and that Milind Deshpande, Ph.D. will be stepping down.
Over the past several months, Achillion has been focused on expanding its global clinical development program for ACH-4471which includes five Phase 2 studies, three in patients with C3G and two in patients with PNH. The Company anticipates reporting interim data from these studies during the second half of this year.
First Quarter 2018 Results
For the first quarter of 2018, the Company reported a net loss of $20.6 million, or $0.15 per share, compared with a net loss of $20.2 million, or $0.15 per share for the first quarter of 2017. Cash, cash equivalents, marketable securities, and interest receivable as of March 31, 2018 were $308.4 million.
Research and development expenses were $14.8 million in the first quarter of 2018, compared with $15.5 million for the same period of 2017. The decrease was primarily due to decreased non-cash stock compensation and personnel costs due to our restructuring in February 2018, which resulted in fewer employees, combined with decreased manufacturing and formulation costs related to ACH-5228. These amounts were partially offset by increased clinical and clinical trial costs related to ACH-4471 and ACH-5228, combined with increased preclinical costs related to ACH-5548.
For the three months ended March 31, 2018, general and administrative expenses totaled $5.3 million, compared to $5.7 million for the same period in 2017, with the decrease primarily due to decreased non-cash stock compensation combined with decreased legal and consulting fees.
Non-cash stock compensation expense totaled $2.3 million for the first quarter of 2018 as compared to $3.2 million for the first quarter of 2017, and is included in research and development, general and administrative and restructuring expenses.
During the three months ended March 31, 2018, we incurred $1.8 million of restructuring charges. These charges consist primarily of employee severance payments, continuation of benefits and outplacement services resulting from the implementation of our restructuring plan in February 2018 which reduced employee headcount by approximately 20%.
CEO Transition
Achillion today announced that Joseph Truitt, the Company’s President and Chief Operating Officer, has been named Chief Executive Officer and will be appointed to the Company’s Board of Directors. Milind S. Deshpande, Ph.D. will be stepping down from his role as Chief Executive Officer and resigning from the Board of Directors, and is expected to provide continued guidance and scientific support under a consulting agreement.
Dr. Deshpande has been at Achillion for 17 years, the last five as CEO, and under his leadership, the Company transformed from its previous focus on anti-infectives to discovering and developing its first-in-class complement Factor D platform. David Scheer, Chairman of the Achillion Board of Directors, remarked, “Milind has done an outstanding job through a critical transition to a new therapeutic area, and I believe he leaves the Company well positioned to move successfully to late-stage clinical development and commercialization. We are grateful for his contributions.”
“I am quite proud of the innovation we have demonstrated over the last five years,” said Dr. Deshpande. “The Company has an exciting future and I am proud to have had a foundational role in positioning Achillion to be a leader in complement biology and developing investigational products that have the potential to improve the lives of patients who have no or few options,” added Dr. Deshpande.
Mr. Scheer continued, “We are very pleased that Joe has stepped up to lead Achillion through its next stage of growth, and that he has the experience of successfully navigating many of the challenges that come with launching a rare disease drug. We currently have potentially transformative therapies discovered and developed at Achillion in phase 2 global clinical trials, and we know Joe, the management team and the board are committed to further advancing the Company’s drug portfolio.”
Mr. Truitt has led Achillion’s business development and commercial strategy since joining the Company in 2009. He joined Achillion from Viropharma, after its acquisition of Lev Pharmaceuticals, where he led the build-out of commercial infrastructure and the strategy for the launch of Cinryze ® . He was previously responsible for sales and commercial operations at Johnson and Johnson’s OraPharma subsidiary.
Goals for Complement Factor D Inhibitor Program for Rare Diseases
ACH-4471, oral factor D inhibitor, for the treatment of C3G Completion of a phase 2 14-day study in patients with C3G with interim data targeted for third quarter 2018; Continue patient screening and enrollment into a phase 2 six-month double-blind, placebo-controlled therapeutic study in patients with C3G with data projected to be available in 2019; and Initiate patient screening and enrollment into a phase 2 12-month, open-label study in patients with C3G with interim data targeted for fourth quarter 2018.
ACH-4471, oral factor D inhibitor, for the treatment of PNH Continuation of the on-going phase 2 monotherapy study with interim data targeted for fourth quarter 2018; and Continue patient screening and enrollment into a phase 2 add-on study with eculizumab with interim data targeted for fourth quarter 2018.
ACH-5228 and ACH-5548, next-generation factor D inhibitors Completion in the second quarter of a phase 1, single-ascending dose clinical study of ACH-5228 in healthy volunteers; Initiation of a phase 1, single-ascending dose clinical study of ACH-5548 in healthy volunteers targeted for the second quarter 2018; and Results for both next-generation compounds (ACH-5228 and ACH-5548) targeted for fourth quarter 2018.
About the Complement Factor D Platform
Achillion has leveraged its internal discovery capabilities and a novel complement-related drug development platform to develop small molecule factor D inhibitor compounds that target the complement AP. Factor D is an essential serine protease involved in the AP, a part of the innate immune system. Achillion's complement platform is focused on seeking to advance small molecule compounds that inhibit factor D and can potentially be used in the treatment of immune-related diseases in which the AP plays a critical role. Potential indications currently being evaluated for these compounds include C3G, immune complex-mediated membranoproliferative glomerulonephritis (IC-MPGN), and paroxysmal nocturnal hemoglobinuria (PNH).
About C3G
C3G is a devastating disease affecting the kidneys for which there is no approved therapy. C3G affects men and women equally. There are estimated to be approximately 4,000 C3G patients in the United States, more than 4,000 in Europe, and more than 1,000 patients with this disease in Japan. C3G describes a rare renal disease characterized by the presence of predominantly C3 protein fragments in the filtering units (glomeruli) of the kidney. These C3 fragment deposits are thought by experts to be the result of overactivation of the complement alternative pathway. The chronic deposition of C3 fragments results in inflammation in the glomeruli (glomerulonephritis) and subsequent permanent renal damage. An estimated 30-50% of C3G patients will require dialysis or a transplant within 10 years of diagnosis.
About PNH
PNH is thought to be caused by a mutation resulting in the absence of receptors normally present on red blood cells (RBCs) that interact with the AP. The AP of the complement system typically functions normally in these patients but due to the lack of key receptors, known as CD55 and CD59, on the surface of PNH RBCs, the AP treats these cells as foreign and destroys them via hemolysis in the circulatory system (intravascular) and in the liver or spleen (extravascular). Complement factor D is a critical protein within the amplification loop of the AP and it is believed that inhibiting it could control the AP response. Furthermore, this mechanism of action represents a potentially distinct and unique therapeutic approach for controlling intravascular and extravascular hemolysis associated with PNH.
About Achillion Pharmaceuticals
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) is a science-driven, patient-focused company seeking to leverage its capabilities across the continuum from discovery to commercialization in its goal of providing better treatments for people with serious diseases. The company employs a highly-disciplined discovery and development approach that has allowed it to build a platform of potent and specific complement factor D inhibitors for AP-mediated diseases. Achillion is rapidly advancing its efforts to become a fully-integrated pharmaceutical company with a goal of bringing life-saving medicines to patients with rare diseases. More information is available at http://www.achillion.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Achillion may use words such as “expect,” “anticipate,” “project,” “target,” “intend,” “plan,” “aim,” “believe,” “seek,” “estimate,” “can,” “could” “focus,” “will,” “look forward,” “goal,” and “may” and similar expressions to identify such forward-looking statements. These forward-looking statements also include statements about: Achillion’s expected plans, timing, data readouts and results from ongoing and planned clinical trials of ACH-4471, ACH-5228 and ACH-5548; the potential advancement of Achillion’s other small molecule factor D inhibitors; the anticipated costs and benefits of Achillion’s restructuring plans; Achillion’s expectations regarding the CEO transition; and other statements concerning Achillion’s strategic goals, milestone plans, and prospects. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things Achillion’s ability to: advance the preclinical and clinical development of its complement factor D inhibitors under the timelines it projects in current and future preclinical studies and clinical trials; realize the planned cost savings benefits of its restructuring plan; obtain and maintain patent protection for its drug candidates and the freedom to operate under third party intellectual property; demonstrate in any current and future clinical trials the requisite safety, efficacy and combinability of its drug candidates; obtain and maintain necessary regulatory approvals; establish commercial manufacturing arrangements; identify and enter into collaboration agreements with third-parties; compete successfully in the markets in which it seeks to develop and commercialize its product candidates and future products; manage expenses and achieve the levels of research and development expense, cash burn, and net loss it has projected for fiscal 2018; manage litigation; raise the substantial additional capital needed to achieve its business objectives; and successfully execute on its business strategies. These and other risks are described in the reports filed by Achillion with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and any subsequent SEC filings.
In addition, any forward-looking statement in this press release represents Achillion's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Achillion disclaims any duty to update any forward-looking statement, except as required by applicable law.
-- Financial Tables Attached --
ACHILLION PHARMACEUTICALS INC. (ACHN) Statements of Operations (Unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Revenue $ - $ - Operating expenses: Research and development 14,750 15,495 General and administrative 5,315 5,648 Restructuring charges 1,750 - Total operating expenses 21,815 21,143 Loss from operations (21,815 ) (21,143 ) Other income (expense): Interest income 1,239 1,008 Interest expense (12 ) (17 ) Net loss $ (20,588 ) $ (20,152 ) Net loss per share - basic and diluted $ (0.15 ) $ (0.15 ) Weighted average shares outstanding - basic and diluted 138,014 136,722 Balance Sheets (Unaudited, in thousands) March 31, December 31, 2018 2017 Cash, cash equivalents, marketable securities and interest receivable $ 308,400 $ 331,845 Working capital 301,362 291,054 Total assets 315,566 337,613 Long-term liabilities 158 214 Total liabilities 8,296 13,098 Total stockholders' (deficit) equity 307,270 324,515
Investors & Media: Glenn Schulman, PharmD, MPH Executive Director, Investor Relations Achillion Pharmaceuticals, Inc. Tel. (203) 752-5510 [email protected]
Source:Achillion Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-achillion-reports-first-quarter-2018-financial-results-and-management-transition.html |
May 26, 2018 / 2:26 PM / Updated 37 minutes ago Saudi-led coalition says foils attempted attack by drone near Abha airport - Arabiya Reuters Staff 1 Min Read
DUBAI (Reuters) - The Saudi-led coalition said it has foiled an attempted attack by an unmanned drone in Saudi Arabia’s southern city of Abha, the Saudi-owned Al Arabiya television channel reported on Saturday.
The coalition said it has destroyed the drone as it attempted to approach Abha airport, which was operating normally, according to Arabiya. Reporting by Rania El Gamal; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-security/saudi-led-coalition-says-foils-attempted-attack-by-drone-near-abha-airport-arabiya-idUKKCN1IR0GZ |
WASHINGTON (Reuters) - The U.S. Supreme Court on Monday agreed to consider reviving a lawsuit by Indian villagers seeking to hold a Washington-based international financial institution responsible for widespread environmental damage they blame on a power plant it financed.
FILE PHOTO: Police officers stand in front of the U.S. Supreme Court in Washington, DC, U.S., January 19, 2018. REUTERS/Eric Thayer/File Photo The justices will hear an appeal by the villagers of a lower court ruling that the International Finance Corp was immune from such lawsuits under federal law. IFC, part of the World Bank Group, is an international institution with 184 member countries that helps secure financing for projects in developing nations.
The case revolves around the IFC’s decision in 2008 to provide $450 million in loans to help construct the coal-fired Tata Mundra Power Plant in Gujarat, India. IFC loans include provisions requiring that certain environmental standards are met.
The legal question before the justices is whether there are limits to immunity for entities like the IFC under the 1945 International Organizations Immunity Act, as there are for foreign countries under a 1976 law called the Foreign Sovereign Immunities Act.
Lead plaintiff Budha Ismail Jam and other fisherman and farmers who live near the plant sued in federal court in Washington in 2015, saying the IFC had failed to meet its obligations.
They said the plant’s construction and operations did no comply with the environmental plan set out for the project. The local environment has been devastated, according to the plaintiffs, with marine life killed by water discharges from the plant’s cooling system and coal dust contaminating the air.
A district court in 2016 and the U.S. Court of Appeals for the District of Columbia Circuit in 2017 ruled that the lawsuit was barred because the IFC is immune from such litigation under the 1945 law.
The court will hear arguments and decide the case in its next term, which begins in October.
Reporting by Lawrence Hurley; Editing by Will Dunham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-court-india/u-s-supreme-court-takes-up-dispute-over-power-plant-in-india-idUSKCN1IM1EB |
May 16 (Reuters) - Azrieli Group Ltd:
* NOI IN THE QUARTER TOTALED NIS 371 MILLION, UP 10% * QTRLY NET PROFIT WAS UP SOME 8% AND TOTALED AROUND NIS 259 MILLION, COMPARED WITH AROUND NIS 240 MILLION LAST YEAR Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-azrieli-group-announces-qtrly-net/brief-azrieli-group-announces-qtrly-net-profit-was-up-some-8-and-totaled-around-nis-259-million-idUSASC0A2JL |
3:44 PM EDT
Good afternoon and happy Friday, readers. This is Sy.
President Donald Trump delivered his long-awaited speech on drug pricing Friday. The president, who once famously said pharmaceutical companies were “getting away with murder” on prices and often sent biotech shares tumbling with his harsh rhetoric, offered a number of proposals meant to tackle the sky-high prescription drug costs borne by many in a plan dubbed “American Patients First.” But most of the proposed reforms may largely spare the drug industry itself—a possible reason that both S&P and NASDAQ biotech indices rose nearly 3% following the address. And a lack of specifics may have fueled 2% to 4% stock spikes for other health care companies like CVS , McKesson , and Express Scripts .
Trump and Department of Health and Human Services (HHS) Secretary Alex Azar laid out the main planks of the drug pricing blueprint in a White House Rose Garden address. The overall message was that players up and down the drug supply chain—including insurers, pharmacy benefits managers (PBMs), pharma firms, and federal agencies—along with foreign governments, are taking advantage of or failing American patients.
The administration’s plan has four main pillars: increasing competition; better negotiation on prices; incentives to lower list drug prices; and reducing patients’ out-of-pocket spending.
These broad goals would ostensibly be achieved through a variety of regulatory and legislative measures. Some are pretty technical, such as giving the Medicare Part D prescription drug program authority to negotiate lower prices for certain drugs under Medicare Part B. Others are more aspirational and politically controversial, such as Trump’s broadsides against foreign countries that supposedly “free ride” by paying less money for drugs than Americans through their single payer systems. It’s unclear how increasing costs for foreign governments and patients would help reduce prices in the U.S., but Trump nonetheless framed the issue as “putting American patients first.” Azar also asserted that pharmaceutical company ads on TV should disclose prices (although he didn’t specify which ones would be listed given the convoluted U.S. price negotiation regimen).
There’s a lot to parse through (you can read the entire blueprint here ). But the document also asks more questions than it provides in the way of immediate action, as the University of Pittsburgh professor Walid Gellad noted on Twitter . For instance, will PBMs be forced to share more of the rebates they negotiate with drug makers (a largely opaque process that many critics say is lifting up prices) directly with consumers?
It’s also important to consider what the blueprint doesn’t include—such as a plan to allow Medicare to directly negotiate drug prices and establish a formulary, or permitting lower-priced drug imports from other countries. Those were proposals loathed by the biopharma industry that Trump had previously floated; they didn’t make it into Friday’s speech, drawing a deep sigh of relief from the sector.
I sat down with Steve Ubl, CEO of the drug industry’s main lobbying group, PhRMA, yesterday preceding Trump’s speech. “We fully expect the president will put forward ideas we don’t agree with,” he told me, pointing to the Medicare Part B/Part D initiative. But he also emphasized that other parts of the medical supply chain deserve just as much, if not more, scrutiny than drug makers do. This issue isn’t going away anytime soon—but Trump’s address doesn’t appear to have rocked big pharma’s (or other industry players’) apple cart.
Read on for the day’s news, and have a wonderful weekend. Sy Mukherjee @the_sy_guy DIGITAL HEALTH
The VA finalizes its telehealth rule. The Department of Veterans Affairs has finalized a long-awaited rule aimed at increasing veterans’ access to telehealth. Proponents of telemedicine have lauded the regulation, which would allow digital doctor visits across state lines, as a possible model for broader digital health policy. ( FierceHealthcare ) Advertisement INDICATIONS
Novartis CEO: ‘Yesterday was not a good day.’ Novartis CEO Vas Narasimhan has this to say about the company’s $1.2 million to Trump lawyer Michael Cohen: “Yesterday was not a good day for Novartis,” Narasimhan wrote in a letter to employees Thursday. “We made a mistake in entering into this engagement and, as a consequence are being criticized by a world that expects more from us. What defines us now is how we respond to this difficult situation.” ( Fortune ) THE BIG PICTURE
Tackling the new Ebola outbreak. Congo is facing an outbreak of Ebola in a remote area of the country; there have now been 32 suspected cases including 18 deaths. The World Health Organization (WHO), Reuters reports, is scrambling to prevent a repeat of the 2014 Ebola crisis in Africa, during which the global agency was roundly criticized for its response. “We are very concerned and planning for all scenarios, including the worst case scenario,” said Peter Salama, WHO’s Deputy Director-General of Emergency Preparedness and Response. ( Reuters ) Advertisement | ashraq/financial-news-articles | http://fortune.com/2018/05/11/brainstorm-health-daily-05-11-18/ |
May 10 (Reuters) - Fusion Connect Inc:
* FUSION ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE MEGAPATH
* FUSION CONNECT INC - TOTAL CONSIDERATION IN TRANSACTION IS $71.5 MILLION
* FUSION CONNECT - UP TO $10 MILLION OF CONSIDERATION IS PAYABLE AT FUSION’S ELECTION IN UNREGISTERED SHARES OF FUSION STOCK PRICED AT $5.78/SHARE
* FUSION CONNECT INC - INTENDS TO FUND CASH PORTION OF CONSIDERATION VIA BORROWINGS UNDER ITS FIRST LIEN SENIOR SECURED CREDIT FACILITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fusion-announces-definitive-agreem/brief-fusion-announces-definitive-agreement-to-acquire-megapath-idUSASC0A1CS |
PARIS (Reuters) - Few people can upstage American tennis great Serena Williams but even the 23-time Grand Slam champion knows one should never steal the show at a friend’s wedding, not least a royal wedding.
Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 Serena Williams of the U.S. celebrates winning her first round match against Czech Republic's Kristyna Pliskova REUTERS/Pascal Rossignol So the timing of Nike’s advert “the Queen is back”, launched to coincide with the first-time mother’s return to the French Open, was, she said, a touch embarrassing.
“Nike came up with this idea right when I decided I was going to come back. And so it’s kind of interesting how it all tied into the wedding and, you know, then I felt a little awkward!” Serena told a news conference after stunning the Roland Garros crowds with her all-in-black catsuit.
“Now, you know, Meghan is royalty and I have known her for so many years, and I’m like, I’m not — now she’s a princess. A duchess, I should say, excuse me.”
“But anyway, it’s all really cool.”
Serena joined Queen Elizabeth, senior royals and celebrities including Oprah Winfrey, George Clooney and David Beckham at the marriage of Prince Harry and his actress bride Meghan Markle earlier this month.
Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 Serena Williams of the U.S. celebrates winning her first round match against Czech Republic's Kristyna Pliskova REUTERS/Pascal Rossignol The ceremony in a medieval chapel at Windsor Castle blended ancient English ritual with African American culture, breaking with tradition, in particular the passionate sermon of U.S. Episcopalian bishop Michael Bruce Curry that was far removed from the sombre tones of the Church of England.
“You know, it was really exciting to see so much African-American culture impacted in the wedding, and I was really happy that Meghan wanted to incorporate that into it,” Serena said.
“I think it was just a whole cultural shift and change. It was seeing how far African-Americans have come, I thought it was an incredibly inspiring and beautiful and really motivating thing.”
But she poured cold water over British media stories that she ran a beer pong table at which she used her tennis skills to come out on top.
“Oh, there was no beer pong. I don’t know where this story (came from) — I don’t even drink beer.”
Reporting by Richard Lough; editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-serena-royalwedding/royal-wedding-guest-serena-blushes-at-timing-of-queen-is-back-ad-idUSKCN1IU2LS |
Europe opens slightly higher, buoyed by strong trade overseas 2:47 AM ET Fri, 11 May 2018 European markets open slightly higher, supported by a strong trading session seen in both Asia and in the U.S. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/europe-opens-slightly-higher-buoyed-by-strong-trade-overseas.html |
May 3, 2018 / 8:25 PM / Updated 11 minutes ago Canadian officials in Nigeria work with U.S. to stem asylum seekers Anna Mehler Paperny 3 Min Read
TORONTO (Reuters) - Canada has officials in Lagos, Nigeria, working with U.S. visa officers as Ottawa leans on its neighbour to stop issuing so many visas to Nigerians who then make refugee claims in Canada. FILE PHOTO: A group that stated they were from Haiti line up to cross the U.S.-Canada border into Hemmingford, Quebec, Canada, from Champlain in New York, U.S., August 21, 2017. REUTERS/Christinne Muschi/File Photo
The Canadian government is trying to stem the flow of asylum seekers illegally walking across the U.S. border even as their ranks grow: About 2,500 asylum seekers crossed into Canada to file refugee claims in April, according to estimates from the federal immigration and refugee department — the highest level since August and almost triple last April’s figure.
More than 26,000 people illegally crossed the Canada-U.S. border in the past 15 months to file refugee claims.
The Canadian government says many of the more recent arrivals are Nigerians who arrived bearing valid U.S. visas after having spent very little time in the United States.
“It is apparent that they obtained those visas with the express intent to actually go to Canada. ... We’ve been sharing that information with the United States with the view of preventing the abuse of U.S. visas,” a Canadian immigration department spokeswoman told Reuters in an email.
Prime Minister Justin Trudeau and his ministers faced pointed questions this week after Reuters reported that Canada wants U.S. help turning back thousands of asylum seekers.
A Canadian official familiar with the matter told Reuters that Canada wants to amend a bilateral agreement to allow it to block border-crossing refugee claimants. FILE PHOTO: A group of asylum seekers wait to be processed after being escorted from their tent encampment to the Canada Border Services in Lacolle, Quebec, Canada, August 11, 2017. REUTERS/Christinne Muschi/File Photo
Canada has asked for this change “at least a dozen” times since September, the official said.
The U.S. Department of Homeland Security has said it is reviewing Canada’s proposal but has not made a decision.
Two Canadian officials have been sent to Lagos to work directly with their counterparts in the U.S. visa office, a spokeswoman for Immigration, Refugees and Citizenship Canada said in an email on Wednesday.
The department had not yet responded on Thursday afternoon to queries as to what exactly the Canadian officials are doing.
A spokeswoman for the U.S. State Department wrote that “consular officers in the field often coordinate with our close partners from other countries to discuss matters of shared concern.” She did not elaborate on the role the Canadian officials are playing.
Trudeau’s government is under pressure to appear in control of the country’s border and refugee system while obeying Canadian law and maintaining its image as compassionate and welcoming of newcomers.
Graphics on the impact asylum seekers are having in Canada - tmsnrt.rs/2HCp4aD Reporting by Anna Mehler Paperny; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-canada-immigration-border/canadian-officials-in-nigeria-work-with-u-s-to-stem-asylum-seekers-idUKKBN1I42L0 |
Philadelphia
The handsome, thoughtful redesign of the Middle East Galleries of the University of Pennsylvania Museum of Archaeology and Anthropology (aka the Penn Museum) promises us a major reinterpretation of its subject. Ten curators have selected more than 1,200 artifacts gathered over 130 years of archaeological digs from what is one of the nation’s finest collections, and presented them in 6,000 square feet of bright gallery space using the latest in museological displays and technology. This is also the first stage... | ashraq/financial-news-articles | https://www.wsj.com/articles/an-awkward-trek-through-time-at-the-penn-museum-1526325304 |
May 3, 2018 / 7:16 PM / in an hour Former Wilmington Trust executives convicted in U.S. fraud trial Reuters Staff 1 Min Read
May 3 (Reuters) - Four former Wilmington Trust Co executives were convicted on Thursday of U.S. charges that they concealed from regulators the amount of troubled loans still on the bank’s books after the 2008 financial crisis, prosecutors said.
The verdict by a federal jury in Wilmington, Delaware, came in one of the few criminal cases in which federal prosecutors sought to hold top executives at a well-known financial company accountable for conduct tied to the crisis.
The former Wilmington executives are President Robert Harra, Chief Financial Officer David Gibson, Controller Kevyn Rakowski and Chief Credit Officer William North.
Wilmington Trust is now owned by M&T Bank Corp. (Reporting by Nate Raymond in Boston; Editing by Sandra Maler) | ashraq/financial-news-articles | https://www.reuters.com/article/mt-bnk-us-wilmingtontrust-crime/former-wilmington-trust-executives-convicted-in-u-s-fraud-trial-idUSL1N1SA1T9 |
Yasmani Grandal, Enrique Hernandez and Yasiel Puig all homered as the Los Angeles Dodgers defeated the Washington Nationals 7-2 Sunday afternoon at Nationals Park.
Left-hander Alex Wood gave the Dodgers a strong effort. He went six innings and gave up two runs on three hits and even helped on offense with his first career stolen base.
Wood (1-4) earned his first victory in his 10th start. He pitched effectively in eight of his nine starts but finally got a few breaks.
Josh Fields got the final four outs for this second save.
Washington right-hander Stephen Strasburg (5-4) allowed just five hits in 6 2/3 innings — but two of them were homers and gave the Dodgers three runs.
Grandal gave the Dodgers a 1-0 lead with a leadoff homer in the second inning.
Washington took the lead in the third when Wilmer Difo singled and then scored on a Trea Turner homer.
Los Angeles came back in the fifth when Logan Forsythe led off with a walk, and Hernandez followed with a two-run homer.
The Dodgers stretched the lead to 5-2 when Puig hit his two-run homer in the eighth off Wander Suero.
Joc Pederson’s RBI double in the ninth made it 6-2, and Cody Bellinger drove him in with a groundout and wrapped up the three-game series sweep.
Injuries have hit the Nationals hard in recent days. Matt Wieters told the media Sunday that, after surgery on his left hamstring last week, he could return in eight weeks.
Washington also lost the versatile Howie Kendrick for the season Saturday due to a torn Achilles tendon in his right foot.
The Nationals also made some roster moves Sunday. They selected the contract of 19-year old outfielder Juan Soto from Double-A Harrisburg and optioned right-hander Jefry Rodriguez to that team. They also designated outfielder Moises Sierra for assignment.
Soto is a highly-regarded prospect who got his first career at-bat on Sunday and struck out as a pinch hitter.
The Dodgers also are dealing with some pitching injury issues. MLB.com reported that manager Dave Roberts said Rich Hill, placed on the 10-day disabled Sunday (finger blister issues) after leaving Saturday’s game following just two pitches, could miss around four weeks.
Also, Clayton Kershaw (left biceps tendinitis) threw a 30-pitch bullpen session Sunday and did well.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-was-lad-recap/dodgers-complete-three-game-sweep-of-nationals-idUSMTZEE5K1P1EHP |
(Reuters) - Shares of Walt Disney Co fell a bit further on Tuesday after ABC canceled “Roseanne” over star Roseanne Barr’s racist tweet.
FILE PHOTO: Sunlight breaks through clouds near Disney World in Kissimmee, Florida, U.S. September 8, 2017. REUTERS/Gregg Newton At the time of the announcement, U.S. stocks were broadly lower on concerns about political instability in Italy, and the benchmark S&P 500 was down 1.2 percent. Even before the ABC statement, Disney shares were down more than the rest of the market on a disappointing debut weekend for the film “Solo,” falling $2.32 to $99.87 a share, a loss of 2.27 percent.
In the moments following the ABC statement, the stock ticked down further to $99.50, a loss on the day of 2.63 percent. It closed the day down 2.46 percent at $99.69.
Reporting by the U.S. stock market team
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-television-roseanne-stocks/walt-disney-shares-added-modestly-to-losses-on-tuesday-after-abcs-roseanne-cancellation-idUSKCN1IV1UD |
× × One key group of stocks is on track for its worst year since 2008. Here’s what it means 2 Hours Ago Matt Maley of Miller Tabak and Dennis Davitt of Harvest Volatility Management take a look at consumer staples, with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/one-key-group-of-stocks-is-on-track-for-its-worst-year-since-2008-heres-what-it-means.html |
TORONTO, May 24 (Reuters) - Royal Bank of Canada, Canada’s biggest lender by market value, on Thursday posted an 11 percent rise in second-quarter earnings, helped by strong growth at its wealth management and retail businesses.
The bank said earnings per share totaled C$2.06 in the quarter to Mar. 31. Excluding one-off items, earnings per share rose to C$2.10. Analysts had on average forecast earnings of C$2.05, Thomson Reuters I/B/E/S data showed. (Reporting by Matt Scuffham; editing by Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/rbc-results/rbc-posts-11-percent-rise-in-second-quarter-earnings-idUSL5N1SV3DQ |
May 2, 2018 / 5:18 PM / Updated 8 minutes ago EU commission says it will cut funds for member states that undermine rule of law Gabriela Baczynska 3 Min Read
BRUSSELS (Reuters) - The European Union aims to cut funds paid out to member states that undermine courts and the rule of law, the bloc’s executive said in proposing a joint budget for 2021-27, a move that could cost Hungary and Poland millions of euros. European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, May 2, 2018. REUTERS/Francois Lenoir
Eurosceptic nationalists who have come to power in some former Communist states of eastern Europe have clashed with Brussels over what the EU describes as curbs to freedom of the media and violations of other democratic norms.
The EU has so far found it difficult to punish them. Its main disciplinary mechanism, Article 7 of the European treaty, requires unanimity among the other member states.
Brussels has already invoked that procedure against Poland over measures by the government to exert authority over judges. But the threat of a Hungarian veto makes it unlikely sanctions will be imposed such as suspending Warsaw’s voting powers.
Still, the EU’s executive commission says it can cut off some funding from the bloc during the process of drafting a six-year budget. Poland and Hungary are two of the biggest net recipients of EU aid, each receiving billions of euros from Brussels each year.
The commission did not specify how much of that funding might be in jeopardy, saying only that any measures taken would be proportionate to the threat a country’s actions posed to the rule of law.
“European taxpayers’ money cannot be used in a member state that doesn’t respect the rule of law,” said the bloc’s Justice Commissioner Vera Jourova, noting that Warsaw and Budapest would fall under the procedure had it been in place now.
The commission has so far limited its proposed financial punishment to issues of rule of law and judicial independence, rather than broader issues such as free speech and democratic values, to avoid further politicising the disputes.
“Only an independent judiciary that upholds the rule of law and legal certainty in all member states can ultimately guarantee that money from the EU budget is sufficiently protected,” the Commission said.
The rule of law link to EU handouts will be among many battles the bloc’s national governments will now fight over the Commission’s budget proposal.
Poland said the road to a final deal on the budget was “still very long.”[nW8N1LB02F]
A Hungarian government spokesman dismissed the proposal as merely a “hypothesis”. Additional reporting by Anna Koper and Marcin Goclowski in Warsaw, Luiza Ilie in Bucharest and Gergely Szakacs in Budapest; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/eu-budget-ruleoflaw/eu-commission-says-it-will-cut-funds-for-member-states-that-undermine-rule-of-law-idUKKBN1I32GN |
ROME (Reuters) - The leaders of Italy’s anti-establishment 5-Star Movement and the far-right League on Thursday gave their approval to a joint policy program for their planned coalition government, a 5-Star source said.
5-Star leader Luigi Di Maio and League chief Matteo Salvini are still discussing who should be prime minister of the new administration, but had made progress on the issue, the source said.
The program, which was not immediately released, contains no reference to possible exit from the euro single currency or “anything that could cause any concern regarding Italy’s euro membership,” the source added.
Reporting by Giuseppe Fonte, Writing by Gavin Jones; Editing by Crispian Balmer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-programme/italys-5-star-league-leaders-sign-off-on-policy-program-source-idUSKCN1II1MQ |
May 1, 2018 / 8:04 PM / Updated 28 minutes ago MPs back 'Magnitsky amendment' on sanctions for human rights abuses Reuters Staff 3 Britain will be able to impose sanctions on people who commit gross human rights violations under a so-called “Magnitsky amendment” backed by members of parliament on Tuesday.
The amendment to a new Sanctions and Anti-Money Laundering Bill going through parliament passed without a vote as it was backed both by the ruling Conservatives and the main opposition Labour Party.
Lawmakers referred to it during their debate as the Magnitsky amendment, in reference to Sergei Magnitsky, a Russian lawyer who was arrested in 2008 after alleging that Russian officials were involved in large-scale tax fraud. He died in a Moscow prison in 2009 after complaining of mistreatment.
The amendment is not specifically aimed at Russians, but it comes at a time of crisis in relations between Britain and Russia following a nerve agent attack in England on a Russian ex-spy and his daughter, which London blames on Moscow.
Russia has denied any involvement in the attack on Sergei and Yulia Skripal. The stand-off has led to tit-for-tat expulsions of diplomats and fiery rhetoric on both sides.
Boris Johnson, Britain’s foreign minister, called the passage of the amendment through the House of Commons an “important moment”.
“These (provisions) will allow UK to act against those responsible for serious offences worldwide. UK stands up for human rights globally,” he said on Twitter.
The United States had passed a law known as the Magnitsky Act in 2012 under which it has imposed visa bans and asset freezes on Russian officials linked to the lawyer’s death.
Prime Minister Theresa May had spoken on May 14 about bringing forward a Magnitsky Act-style amendment in one of her statements responding to the attack on the Skripals.
Bill Browder, an investment fund manager who employed Magnitsky and has led a campaign to punish Russian officials he blames for the lawyer’s death, took to Twitter to thank British lawmakers who played a part in the British Magnitsky amendment.
“Thank you for making a UK Magnitsky Act happen,” he said.
Russian President Vladimir Putin has dismissed allegations that Magnitsky’s death was linked to mistreatment, saying he died of heart failure. A Russian court sentenced Browder in absentia in December to nine years in prison after finding him guilty of deliberate bankruptcy and tax evasion, allegations Browder denies. Reporting by Estelle Shirbon; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-russia-magnitsky/mps-back-magnitsky-amendment-on-sanctions-for-human-rights-abuses-idUKKBN1I24B9 |
BAGHDAD (Reuters) - The semi-autonomous Kurdistan region of northern Iraq, which voted overwhelmingly in favor of independence last year in a referendum rejected by Baghdad, will hold an election on Sept. 30.
Kurdish region's Prime Minister Nechirvan Barzani speaks during a news conference in Erbil, Iraq November 6, 2017. REUTERS/Azad Lashkari A Kurdistan Regional Government media official said KRG Prime Minister Nechirvan Barzani had approved the date.
The vote should elect both a parliament and a president for Kurdish regions which have gained self-rule in 1991, when a U.S-led coalition forced Saddam Hussein’s Iraqi army to withdraw from them in the wake of his eight-month occupation of Kuwait.
A federal Iraqi election, which includes the Kurdistan region, is set to take place on Saturday and its results will give clues as to the importance of the different Kurdish political parties.
Longtime Iraqi Kurdish leader Masoud Barzani stepped down from the KRG presidency on Nov. 1 after the independence referendum last September.
Opposition to the ruling Kurdish establishment, represented by the Barzani and Talabani dynasties, has become more vocal over the past years, especially after the referendum.
The Iraqi government and Shi’ite militias allied to Iran dislodged Kurdish forces from the oil region of Kirkuk in retaliation for the vote, curtailing the oil income of the KRG and leading to an economic crisis in the region.
Unpaid public servants hold regular demonstrations in Kurdish cities, and new parties have been formed to challenge the Barzani’s Kurdistan Democratic Party and the Talabani’s Patriotic Union of Kurdistan.
The Kurdish elections were set for Nov. 1 but were delayed as the KRG had to deal with the conflict with Baghdad. Nechirvan Barzani has been exercising the function of the presidency since his uncle Masoud stepped down.
The current parliament was elected in 2013.
Gorran, or “Change” movement, and Barham Salih’s Coalition for Democracy and Justice are the main parties challenging the KDP and PUK’s grip on Iraqi Kurdish politics. Salih is himself an ex-KRG prime minister and a PUK dissenter.
Reporting by Maher Chmaytelli; editing by Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-kurds/iraqs-kurdistan-region-to-hold-elections-on-sept-30-rudaw-citing-pm-idUSKBN1I90RI |
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB) will release its financial results for the fourth quarter and full fiscal 2018 year on June 6, 2018 by 8:00 a.m. (EDT), followed by a conference call to discuss the results at 10:00 a.m. (EDT).
A live audio broadcast of the conference call will be available via Brown-Forman’s Internet website, www.brown-forman.com , through a link to "Investors/Events & Presentations." A digital audio recording of the conference call will be available on the website approximately two hours after the conclusion of the conference call. The replay will be available for at least 30 days following the conference call. Interested parties in the U.S. are also invited to join the conference call by dialing 888-624-9285 and asking for the Brown-Forman call. International callers should dial 706-679-3410. The company suggests that participants dial in approximately ten minutes in advance of the 10:00 a.m. (EDT) start.
For almost 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s & Cola, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Gentleman Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador, Woodford Reserve, Old Forester, Canadian Mist, Herradura, New Mix, Sonoma-Cutrer, Early Times, Chambord, BenRiach, GlenDronach and Slane. Brown-Forman’s brands are supported by nearly 4,700 employees and sold in more than 165 countries worldwide.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005790/en/
Brown-Forman Corporation
Phil Lynch, 502-774-7928
Vice President
Corporate Communications and Public Relations
or
Jay Koval, 502-774-6903
Vice President
Investor Relations and Community Relations
Source: Brown-Forman Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-brown-formanas-fourth-quarter-earnings-release-and-conference-call-scheduled-for-june-6-2018.html |
May 9 (Reuters) - Hospitality Properties Trust:
* Q1 2018 COMPARABLE HOTEL REVPAR GREW BY 2.0% * QTRLY TOTAL REVENUES $528.6 MILLION VERSUS $488.6 MILLION
* Q1 FFO PER SHARE VIEW $0.94 — THOMSON REUTERS I/B/E/S * Q1 REVENUE VIEW $522.4 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hospitality-properties-trust-annou/brief-hospitality-properties-trust-announces-q1-adjusted-ffo-per-share-0-94-idUSASC0A0W7 |
The General Meeting approved the contribution in kind of the BIOVERTIS (parent company of MORPHOCHEM) shares and options and the issuance of new shares in payment. DEINOVE integrates into its pipeline a candidate antibiotic ready to enter phase II and intends to respond to a major health emergency. The contributors hold 4.06% of DEINOVE's capital after the transaction. TVM Capital GmbH has been appointed as a member of DEINOVE' Board of Directors.
Montpellier, May 23, 2018 (8:30 pm - CEST) - DEINOVE (Euronext Growth Paris: ALDEI), a biotechnology company that discovers, develops and produces high value-added compounds from rare bacteria, announces the results of its ordinary and extraordinary Annual General Meeting .
The DEINOVE shareholders met today at the Annual General Meeting and adopted in particular the following resolutions:
Approval of the annual and consolidated financial statements, expenses and charges (Art. 39-4 of the French General Tax Code), regulated agreements and allocation of income for the year ended December 31, 2017 (resolutions 1 to 5); Authorization granted to the Board of Directors for the purchase by the Company of its own shares (Resolution 6) and, in accordance with one of the objectives referred to in Resolution 6, authorization given to the Board of Directors to reduce the share capital of the Company by canceling shares (resolution 17); Renewal of the delegations of authority conferred to the Board of Directors, for the purpose of deciding the issuance of shares and / or securities giving immediate or future access to the capital or giving entitlement to a debt security (resolutions 10 to 16); Ratification of the modification decided by the Board of Directors on March 27, 2018 of the terms of the business creator shares (BSPCE) and warrants (BSA) (resolution 18).
Approval of the acquisition of BIOVERTIS and its subsidiary MORPHOCHEM through the issuance of new shares
Called to decide on the acquisition of the Austrian company BIOVERTIS, via a contribution in kind paid for by the issuance of new shares [1] (resolutions 7 to 9); the shareholders largely approved this transaction. DEINOVE therefore acquires the entire [2] share capital of the Austrian company Biovertis AG ("BIOVERTIS"), which itself owns the entire capital of the German company Morphochem AG für kombinatorische Chemie ("MORPHOCHEM"). The latter developed the antibiotic compound MCB3837, now in the clinical phase and targeting the treatment of severe gastrointestinal infections caused by Clostridium difficile, a pathogen classified as a priority by the WHO and the CDC [3] .
In consideration for this contribution in kind, the contributors, including two specialized investment funds managed by TVM Capital, which hold 82.98% of the rights contributed, received 500 001 DEINOVE shares to which are attached 8 000 000 warrants.
The shareholders also approved the appointment of TVM Capital GmbH, represented by Dr. Helmut Schühsler, as a new member of DEINOVE's Board of Directors (resolution 19).
Emmanuel PETIOT, CEO of DEINOVE, stated: "The acquisition of BIOVERTIS and MORPHOCHEM materializes the integration within our portfolio of the compound MCB3837, which consolidates our position in the antibiotic field. With this product, we have significantly expanded our portfolio of antibiotic compounds in development with a molecule already in the clinical phase and we intend to provide a response to the therapeutic deadlock that is severe infections with Clostridium difficile, causing several tens of thousands of deaths each year. This acquisition also allows DEINOVE to materialize the entry of a leading European venture capital player in the life sciences sector, TVM Capital, which will support DEINOVE in its next stages of development. We are very pleased that the shareholders have largely approved this structuring deal for DEINOVE."
ABOUT THE MCB3837 COMPOUND
Morphochem's compound, MCB3837, targets the treatment of severe Clostridium difficile infections (CDI), gastrointestinal infections, and is ready to move on to Phase II.
40% of patients have severe forms, with mortality rates as high as 50%. Over the past 20 years, Clostridium difficile infections have had a strong tendency to increase in incidence and severity, particularly due to the development of new, hyper virulent strains, some of which are resistant to existing antibiotics. The US Center for Disease Control and Prevention recently identified CDI as one of the leading causes of healthcare-associated infections, even ahead of MRSA [4] . In 2011, about half a million Americans were infected and more than 29 000 patients died within 30 days [5] of diagnosis.
The treatment of CDI represents a real therapeutic challenge.
To date, no effective antibiotic treatment is available for severe gastrointestinal infections because of the very nature of the disease: oral treatments struggle to reach the intestine because of the pathological state of the patient (reduced gastrointestinal motility, intubation, intestinal perforation, etc.), while current intravenous (IV) antibiotics do not penetrate the gastrointestinal barrier and thus do not reach the infection site.
MCB3837 is an antibiotic administered by intra-venous infusion and able to cross the gastrointestinal barrier. It precisely targets the infection site. Several Phase I trials (on a hundred healthy volunteers) have shown a high concentration of the antibiotic in stools, which is a strong marker of its presence in the intestine. It has demonstrated an ability to eliminate Clostridium difficile bacteria without destroying other microorganisms of the gastrointestinal flora. It has also shown an acceptable tolerance profile.
The next stage of development will be a Phase II clinical trial on a small number of patients. Green light has already been given by the FDA for the initiation of this study.
Furthermore, in 2016, MCB3837 was granted the QIPD designation as well as Fast Track status from the US Food and Drug Administration ("FDA").
ABOUT TVM CAPITAL LIFE SCIENCE
TVM Capital Life Science is a group of independent investment advisories and fund managers for Venture Capital funds, investing into innovative biotech, pharmaceutical, and medtech companies, with teams based in Munich and Montreal. Since 1984, TVM Capital Life Science has invested in more than 130 life science companies in Europe, Canada and the United States, currently managing in excess of €900 million from more than 50 investors.
Notably, TVM Capital Life Science was the Series A lead investor in the following publicly listed companies with market capitalizations that at some point were or still are greater than €1 billion: Qiagen, Sequenom, Actelion, Intercell, Evotec and most recently Colucid.
ABOUT DEINOVE
DEINOVE (Euronext Growth Paris: ALDEI) is a biotech company that discovers, develops and produces high added-value compounds from rare microorganisms for use in the fields of health, nutrition and cosmetic markets. To do so, DEINOVE draws on two key assets:
a unique library of 6,000 rare or unexploited bacterial strains; a metabolic and fermentation engineering platform capable of leveraging these natural "micro-factories" to turn them into new industrial standards.
Based in Montpellier, DEINOVE employs approximately 55 employees and has nearly 130 international patents. The Company has been listed on Euronext Growth since April 2010.
Contacts
Emmanuel Petiot
Chief Executive Officer
Tel : +33 (0)4 48 19 01 28
[email protected] Coralie Martin
Communication, Marketing and Investor Relations
Tel : +33 (0)4 48 19 01 60
[email protected] ALIZE RP, Press Relations
Caroline Carmagnol / Aurore Gangloff
Tel : +33 (0)1 44 54 36 66
[email protected]
[1] See press release dated April 13, 2018.
[2] With the exception of 316 treasury shares.
[3] Center for Disease Control and Prevention: https://www.cdc.gov/drugresistance/biggest_threats.html
[4] Methicillin-resistant Staphylococcus aureus (MRSA)
[5] Burden of Clostridium difficile Infection in the United States - Fernanda C. Lessa, The New England Journal of Medicine, 2015
Attachment
PR DEINOVE AGM May 23.pdf
Source: Deinove | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-deinove-general-meeting-of-may-23-shareholders-approve-the-acquisition-of-morphochem.html |
May 1 (Reuters) - AzurRx BioPharma Inc:
* AZURRX BIOPHARMA ANNOUNCES PRICING OF $10.4 MILLION PUBLIC OFFERING OF COMMON STOCK
* SAYS PUBLIC OFFERING OF 4.16 MILLION COMMON SHARES PRICED AT $2.50PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-azurrx-biopharma-announces-pricing/brief-azurrx-biopharma-announces-pricing-of-10-4-mln-public-offering-of-common-stock-idUSASC09YMQ |
May 10, 2018 / 6:53 AM / in 17 minutes UPDATE 1-UniCredit beats forecasts with best Q1 result since 2007 Reuters Staff
(Adds details, comments)
By Valentina Za
MILAN, May 10 (Reuters) - Italy’s biggest bank, UniCredit , topped forecasts with its best first-quarter result since 2007 on Thursday and said it would shed bad loans more quickly than anticipated.
UniCredit reported a net profit of 1.1 billion euros ($1.3 billion) for January-March, above an average 766 million euro forecast in a consensus of 25 brokers provided by the company.
Revenues rose 4 percent from the previous quarter to 5.1 billion euros, mainly driven by fees, while the bank’s net interest income eased slightly.
Loan writedowns fell more than expected from a year earlier to 496 million euros. The bank also cut more costs in the first quarter than forecast.
UniCredit has embarked on a restructuring after hiring French banker Jean Pierre Mustier as chief executive in mid-2016. It raised 13 billion euros early last year in one of Europe’s biggest cash calls, to fund a balance sheet clean-up.
“First-quarter 2018 results are another tick in the box on the restructuring story — expect the stock to outperform today,” Jefferies analysts said in a note.
UniCredit said it expected its soured loans to total 37.9 billion euros at the end of 2019, which would be an improvement on a 40.3 billion euro target set in December.
To meet regulatory demands, Italian banks have been shedding billions of euros in loans that had soured due to a deep recession.
UniCredit plans to sell 4 billion euros in impaired loans this year, following a landmark 16 billion euro disposal in 2017.
The bank said its core capital stood at a solid 13.06 percent of assets after factoring in a new accounting rule requiring lenders to book expected losses, rather than just actual losses as previously. $1 = 0.8427 euros Reporting by Valentina Za Editing by Mark Bendeich | ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-banks-italy-unicredit/update-1-unicredit-beats-forecasts-with-best-q1-result-since-2007-idUSL8N1SH0XV |
May 30, 2018 / 2:48 AM / a few seconds ago BHP-Mitsubishi JV to sell Australia coal mine to Japan's Sojitz Reuters Staff 1 Min Read
(Reuters) - Global miner BHP Billiton ( BHP.AX ) said on Wednesday that its joint venture with Mitsubishi Development would sell the Gregory Crinum coal mine in Australia’s Queensland to Japan’s Sojitz Corp ( 2768.T ) for A$100 million ($74.89 million).
“(The BHP-Mitsubishi alliance) made the decision to sell the mine after a detailed review that concluded there is potential for another party to realize greater value (there),” BHP said in a statement. Reporting by Rushil Dutta in Bengaluru; Editing by Joseph Radford | ashraq/financial-news-articles | https://uk.reuters.com/article/us-bhp-billiton-deals-sojitz/bhp-mitsubishi-jv-to-sell-australia-coal-mine-to-japans-sojitz-idUKKCN1IV06X |
May 21 (Reuters) - Henry Schein Inc:
* HENRY SCHEIN INC - ON MAY 21, 2018, CO OBTAINED A $400 MILLION UNSECURED LOAN - SEC FILING
* HENRY SCHEIN INC - PROCEEDS OF LOAN WILL BE USED, AMONG OTHER THINGS, TO FUND CO'S PURCHASE OF ALL OF EQUITY INTERESTS IN BUTLER ANIMAL HEALTH HOLDING Source text: ( bit.ly/2KJ5bAc ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-henry-schein-inc-obtained-400-mill/brief-henry-schein-inc-obtained-400-million-unsecured-loan-idUSFWN1SS0PW |
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