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ZURICH, May 24 (Reuters) - LafargeHolcim is poised to launch a major shake-up of its head offices in Paris and Zurich which could trigger hundreds of job cuts, two sources familiar with the matter told Reuters on Thursday.
The overhaul, set to be announced within days, is part of the cost-cutting drive by the Franco-Swiss cement maker whose 2015 combination was sold as a merger of equals.
LafargeHolcim could close its Paris office following a review of its operations, the sources said, while some jobs may be axed at its Zurich head office.
A LafargeHolcim spokesman declined to comment on what he called rumours. (Reporting by John Revill and Oliver Hirt; Editing by Michael Shields)
| ashraq/financial-news-articles | https://www.reuters.com/article/lafargeholcim-revamp/lafargeholcim-to-announce-headquarters-shake-up-sources-idUSZ8N1RJ01I |
REDWOOD SHORES, Calif., April 30, 2018 /PRNewswire/ -- Oracle today announced that it has completed the acquisition of Vocado, which provides a leading student-centric, cloud-based financial aid solution for higher education institutions.
Vocado works with thousands of financial aid sources to optimize funding for any type of higher education learning model. The solution helps students identify eligibility and obtain financing so they can achieve their academic goals. Vocado integrates its financial aid solution with both cloud and on-premise Student Information Systems (SIS).
Oracle Student Cloud is Oracle's next-generation, cloud-based SIS designed for all academic models across every stage of the modern student lifecycle. Vocado adds the most advanced financial aid solution with a highly-automated and scalable platform. Together, Oracle and Vocado offer institutions the most complete SaaS solution suite in higher education.
"The education industry is undergoing an unprecedented digital transformation," said Steve Miranda, Executive Vice President of Product Development, Oracle. "Oracle Student Cloud is architected for the modern student journey and the addition of Vocado helps our customers and their students manage financial aid more strategically, thereby solving one of the most complex problems inhibiting academic success."
"Our passion for the education industry guided us to solve the biggest pain points for both schools and students, resulting in a solution that drives deep institutional transparency, regulatory compliance, and superior student visibility and control of their education financing options," said Dan Driscoll, CEO of Vocado. "We are absolutely delighted to join forces with Oracle. The combination with Oracle allows us to advance our collective vision for higher education."
More information about this announcement is available at www.oracle.com/vocado.
About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at www.oracle.com .
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
Oracle is currently reviewing the existing Vocado product roadmap and will be providing guidance to customers in accordance with Oracle's standard product communication policies. Any resulting features and timing of release of such features as determined by Oracle's review of Vocado's product roadmap are at the sole discretion of Oracle. All product roadmap information, whether communicated by Vocado or by Oracle, does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. It is intended for information purposes only, and may not be incorporated into any contract.
Cautionary Statement Regarding Forward-Looking Statements
This document contains certain forward-looking statements about Oracle and Vocado, including statements that involve risks and uncertainties concerning Oracle's acquisition of Vocado, anticipated customer benefits and general business outlook. When used in this document, the words "anticipates", "can", "will", "look forward to", "expected" and similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. Any such statement may be influenced by a variety of factors, many of which are beyond the control of Oracle or Vocado, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this document due to a number of risks and uncertainties. Potential risks and uncertainties include, among others, the possibility that the anticipated synergies of the combined companies may not be achieved after closing, the combined operations may not be successfully integrated in a timely manner, if at all, general economic conditions in regions in which either company does business may deteriorate and/or Oracle or Vocado may be adversely affected by other economic, business, and/or competitive factors. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Oracle or Vocado. You are cautioned to not place undue reliance on forward-looking statements, which speak only as of the date of this document. Neither Oracle nor Vocado is under any duty to update any of the information in this document.
View original content with multimedia: http://www.prnewswire.com/news-releases/oracle-buys-vocado-300639496.html
SOURCE Oracle | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-oracle-buys-vocado.html |
Q3 Revenue : $12.5 billion
Increase of 4% year over year
Recurring revenue was 32% of total revenue, up 2 points year over year
Q3 Earnings per Share: $0.56 GAAP; $0.66 non-GAAP
Q4 FY 2018 Guidance:
Revenue: 4% to 6% growth year over year
Earnings per Share: GAAP: $0.55 to $0.60; Non-GAAP: $0.68 to $0.70
SAN JOSE, Calif., May 16, 2018 (GLOBE NEWSWIRE) -- Cisco today reported third quarter results for the period ended April 28, 2018. Cisco reported third quarter revenue of $12.5 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.7 billion or $0.56 per share, and non-GAAP net income of $3.2 billion or $0.66 per share.
“We are executing well against our strategy, our innovation pipeline has never been stronger, and we continue to make great progress in transforming towards more software and subscriptions,” said Chuck Robbins, Chairman and CEO, Cisco. “I am confident with our position in the industry and the impact we will continue to drive with our customers.”
GAAP Results
Q3 FY 2018 Q3 FY 2017 Vs. Q3 FY 2017 Revenue $ 12.5 billion $ 11.9 billion 4 % Net Income $ 2.7 billion $ 2.5 billion 7 % Diluted Earnings per Share (EPS) $ 0.56 $ 0.50 12 % Non-GAAP Results
Q3 FY 2018 Q3 FY 2017 Vs. Q3 FY 2017 Net Income $ 3.2 billion $ 3.0 billion 6 % EPS $ 0.66 $ 0.60 10 % Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."
“We delivered strong results in Q3 with solid revenue growth of 4% and non-GAAP EPS growth of 10%," said Kelly Kramer, CFO of Cisco. "Our investment in innovation and continued execution are paying off. We saw broad-based strength across our portfolio, while continuing to shift our business model and deliver value for shareholders.”
Financial Summary
All comparative percentages are on a year-over-year basis unless otherwise noted.
Q3 FY 2018 Highlights
Revenue -- Total revenue was $12.5 billion, up 4%, with product revenue up 5% and service revenue up 3%. 32% of total revenue was from recurring offers, up 2 percentage points from the third quarter of fiscal 2017. Revenue by geographic segment was: Americas up 2%, EMEA up 9%, and APJC up 7%. Product revenue performance was broad based with growth in Infrastructure Platforms which increased by 2%, Applications which increased by 19%, and Security which increased by 11%.
Gross Margin -- On a GAAP basis, total gross margin and product gross margin were 62.3% and 61.0%, respectively. Product gross margin decreased compared with 61.7% in the third quarter of fiscal 2017.
Non-GAAP total gross margin and product gross margin were 63.9% and 62.9%, respectively. Non-GAAP product gross margin decreased compared with 63.2% in the third quarter of fiscal 2017. The decrease was primarily due to pricing and higher memory costs partially offset by improved productivity benefits.
GAAP service gross margin was 65.8% and non-GAAP service gross margin was 66.9%.
Total gross margins by geographic segment were: 64.4% for the Americas, 64.3% for EMEA and 61.7% for APJC.
Operating Expenses -- On a GAAP basis, operating expenses were $4.6 billion, up 6%. Non-GAAP operating expenses were $4.0 billion, up 6%, and were 32.5% of revenue.
Operating Income -- GAAP operating income was $3.1 billion, down 1%, with GAAP operating margin of 25.1%. Non-GAAP operating income was $3.9 billion, up 2%, with non-GAAP operating margin of 31.5%.
Provision for Income Taxes -- The GAAP tax provision rate was 17.3%. The non-GAAP tax provision rate was 21.0%.
Net Income and EPS -- On a GAAP basis, net income was $2.7 billion and EPS was $0.56. On a non-GAAP basis, net income was $3.2 billion, an increase of 6%, and EPS was $0.66, an increase of 10%.
Cash Flow from Operating Activities -- was $2.4 billion, a decrease of 28% compared with $3.4 billion for the third quarter of fiscal 2017. Operating cash flow includes the payment of $1.3 billion of one-time foreign taxes as related to the Tax Cuts and Jobs Act. Operating cash flow increased 11%, normalized for these tax payments.
Balance Sheet and Other Financial Highlights
Cash and Cash Equivalents and Investments -- were $54.4 billion at the end of the third quarter of fiscal 2018, compared with $73.7 billion at the end of the second quarter of fiscal 2018, and compared with $70.5 billion at the end of fiscal 2017. The total cash and cash equivalents and investments available in the United States at the end of the third quarter of fiscal 2018 were $47.5 billion.
Deferred Revenue -- was $19.0 billion, up 9% in total, with deferred product revenue up 18%, driven largely by subscription-based and software offers, and deferred service revenue was up 4%. The portion of deferred product revenue related to recurring software and subscription offers increased 29%.
Capital Allocation -- In the third quarter of fiscal 2018, Cisco declared and paid a cash dividend of $0.33 per common share, or $1.6 billion. For the third quarter of fiscal 2018, Cisco repurchased approximately 140 million shares of common stock under its stock repurchase program at an average price of $42.83 per share for an aggregate purchase price of $6.0 billion. The remaining authorized amount for stock repurchases under the program is $25.1 billion with no termination date.
Acquisitions and Divestitures
On May 1, 2018, we announced our intent to acquire Accompany, a privately held company that provides an AI-driven relationship intelligence platform. The Accompany acquisition closed in the fourth quarter of fiscal 2018. We also announced an agreement to sell our Service Provider Video Software Solutions (SPVSS) business. We expect this transaction to close in the first quarter of fiscal 2019 subject to regulatory approvals and customary closing conditions.
In the third quarter of 2018, we closed our acquisition of BroadSoft, Inc., a publicly held company that offers cloud calling and contact center solutions. We also closed our acquisition of Skyport Systems, Inc., a privately held company providing cloud-managed, hyper-converged systems that run and protect business critical applications.
Guidance for Q4 FY 2018
Cisco expects to achieve the following results for the fourth quarter of fiscal 2018:
Q4 FY 2018 Revenue 4% - 6% growth Y/Y Non-GAAP gross margin rate 63% - 64% Non-GAAP operating margin rate 29.5% - 30.5% Non-GAAP tax provision rate 21% Non-GAAP EPS $0.68 - $0.70 Cisco estimates that GAAP EPS will be $0.55 to $0.60 in the fourth quarter of fiscal 2018.
A reconciliation between the Guidance for Q4 FY 2018 on a GAAP and non-GAAP basis is provided in the table entitled "GAAP to non-GAAP Guidance for Q4 FY 2018" located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."
Editor's Notes:
Q3 fiscal year 2018 conference call to discuss Cisco's results along with its guidance will be held on Wednesday, May 16, 2018 at 1:30 p.m. Pacific Time. Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847 (international).
Conference call replay will be available from 4:00 p.m. Pacific Time, May 16, 2018 to 4:00 p.m. Pacific Time, May 23, 2018 at 1-888-568-0890 (United States) or 1-402-998-1566 (international). The replay will also be available via webcast on the Cisco Investor Relations website at https://investor.cisco.com .
Additional information regarding Cisco's financials, as well as a webcast of the conference call with visuals designed to guide participants through the call, will be available at 1:30 p.m. Pacific Time, May 16, 2018. Text of the conference call's prepared remarks will be available within 24 hours of completion of the call. The webcast will include both the prepared remarks and the question-and-answer session. This information, along with the GAAP to non-GAAP reconciliation information, will be available on the Cisco Investor Relations website at https://investor.cisco.com .
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per-share amounts)
(Unaudited)
Three Months Ended Nine Months Ended April 28,
2018 April 29,
2017 April 28,
2018 April 29,
2017 REVENUE: Product $ 9,304 $ 8,885 $ 27,067 $ 26,678 Service 3,159 3,055 9,419 9,194 Total revenue 12,463 11,940 36,486 35,872 COST OF SALES: Product 3,625 3,405 10,594 10,113 Service 1,079 1,017 3,208 3,081 Total cost of sales 4,704 4,422 13,802 13,194 GROSS MARGIN 7,759 7,518 22,684 22,678 OPERATING EXPENSES: Research and development 1,590 1,507 4,706 4,560 Sales and marketing 2,325 2,226 6,894 6,866 General and administrative 561 487 1,601 1,498 Amortization of purchased intangible assets 67 59 188 201 Restructuring and other charges 82 70 332 614 Total operating expenses 4,625 4,349 13,721 13,739 OPERATING INCOME 3,134 3,169 8,963 8,939 Interest income 380 354 1,155 978 Interest expense (237 ) (219 ) (719 ) (639 ) Other income (loss), net (24 ) (113 ) 48 (171 ) Interest and other income (loss), net 119 22 484 168 INCOME BEFORE PROVISION FOR INCOME TAXES 3,253 3,191 9,447 9,107 Provision for income taxes (1) 562 676 13,140 1,922 NET INCOME (LOSS) $ 2,691 $ 2,515 $ (3,693 ) $ 7,185 Net income (loss) per share: Basic $ 0.56 $ 0.50 $ (0.76 ) $ 1.43 Diluted $ 0.56 $ 0.50 $ (0.76 ) $ 1.42 Shares used in per-share calculation: Basic 4,791 5,005 4,892 5,015 Diluted 4,844 5,045 4,892 5,056 Cash dividends declared per common share $ 0.33 $ 0.29 $ 0.91 $ 0.81 (1) For the nine months ended April 28, 2018, the provision for income taxes includes an $11.1 billion charge as related to the enactment of the Tax Cuts and Jobs Act.
CISCO SYSTEMS, INC.
REVENUE BY SEGMENT
(In millions, except percentages)
April 28, 2018 Three Months Ended Nine Months Ended Amount Y/Y% Amount Y/Y% Revenue: Americas $ 7,161 2 % $ 21,515 2 % EMEA 3,281 9 % 9,252 2 % APJC 2,021 7 % 5,719 1 % Total $ 12,463 4 % $ 36,486 2 %
CISCO SYSTEMS, INC.
GROSS MARGIN PERCENTAGE BY SEGMENT
(In percentages)
April 28, 2018 Three Months Ended Nine Months Ended Gross Margin Percentage: Americas 64.4 % 64.8 % EMEA 64.3 % 64.0 % APJC 61.7 % 61.3 %
CISCO SYSTEMS, INC.
REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES
(In millions, except percentages)
April 28, 2018 Three Months Ended Nine Months Ended Amount Y/Y% Amount Y/Y% Revenue: Infrastructure Platforms $ 7,163 2 % $ 20,827 — % Applications 1,309 19 % 3,696 10 % Security 583 11 % 1,726 8 % Other Products 249 (6 )% 818 (11 )% Total Product 9,304 5 % 27,067 1 % Services 3,159 3 % 9,419 2 % Total $ 12,463 4 % $ 36,486 2 % CISCO SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
April 28, 2018 July 29, 2017 ASSETS Current assets: Cash and cash equivalents $ 6,719 $ 11,708 Investments 47,712 58,784 Accounts receivable, net of allowance for doubtful accounts of $115 at April 28, 2018
and $211 at July 29, 2017 4,274 5,146 Inventories 1,900 1,616 Financing receivables, net 4,868 4,856 Other current assets 1,668 1,593 Total current assets 67,141 83,703 Property and equipment, net 3,082 3,322 Financing receivables, net 4,915 4,738 Goodwill 31,654 29,766 Purchased intangible assets, net 2,681 2,539 Deferred tax assets 3,044 4,239 Other assets 1,491 1,511 TOTAL ASSETS $ 114,008 $ 129,818 LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 7,736 $ 7,992 Accounts payable 1,552 1,385 Income taxes payable 962 98 Accrued compensation 2,966 2,895 Deferred revenue 11,301 10,821 Other current liabilities 4,125 4,392 Total current liabilities 28,642 27,583 Long-term debt 20,336 25,725 Income taxes payable 9,076 1,250 Deferred revenue 7,652 7,673 Other long-term liabilities 1,641 1,450 Total liabilities 67,347 63,681 Total equity 46,661 66,137 TOTAL LIABILITIES AND EQUITY $ 114,008 $ 129,818 CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended April 28,
2018 April 29,
2017 Cash flows from operating activities: Net income (loss) $ (3,693 ) $ 7,185 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, amortization, and other 1,676 1,708 Share-based compensation expense 1,184 1,124 Provision for receivables (104 ) 20 Deferred income taxes 1,013 (125 ) Excess tax benefits from share-based compensation — (125 ) (Gains) losses on divestitures, investments and other, net (159 ) 156 Change in operating assets and liabilities, net of effects of acquisitions and
divestitures: Accounts receivable 1,064 1,253 Inventories (289 ) (149 ) Financing receivables (165 ) (773 ) Other assets (135 ) 140 Accounts payable 148 149 Income taxes, net 8,795 (112 ) Accrued compensation 53 (154 ) Deferred revenue 415 592 Other liabilities (237 ) (1,014 ) Net cash provided by operating activities 9,566 9,875 Cash flows from investing activities: Purchases of investments (14,132 ) (35,562 ) Proceeds from sales of investments 12,422 24,414 Proceeds from maturities of investments 12,259 8,390 Acquisition of businesses, net of cash and cash equivalents acquired (2,789 ) (3,211 ) Proceeds from business divestitures 27 — Purchases of investments in privately held companies (126 ) (172 ) Return of investments in privately held companies 163 168 Acquisition of property and equipment (620 ) (756 ) Proceeds from sales of property and equipment 54 6 Other (3 ) 35 Net cash provided by (used in) investing activities 7,255 (6,688 ) Cash flows from financing activities: Issuances of common stock 318 418 Repurchases of common stock - repurchase program (11,562 ) (2,516 ) Shares repurchased for tax withholdings on vesting of restricted stock units (541 ) (497 ) Short-term borrowings, original maturities of 90 days or less, net (2,502 ) 2,000 Issuances of debt 6,877 6,232 Repayments of debt (9,875 ) (4,151 ) Excess tax benefits from share-based compensation — 125 Dividends paid (4,433 ) (4,063 ) Other (92 ) (250 ) Net cash used in financing activities (21,810 ) (2,702 ) Net increase (decrease) in cash and cash equivalents (4,989 ) 485 Cash and cash equivalents, beginning of period 11,708 7,631 Cash and cash equivalents, end of period $ 6,719 $ 8,116 Supplemental cash flow information: Cash paid for interest $ 739 $ 727 Cash paid for income taxes, net $ 3,332 $ 2,159 CISCO SYSTEMS, INC.
DEFERRED REVENUE
(In millions)
April 28,
2018 January 27,
2018 April 29,
2017 Deferred revenue: Service $ 10,960 $ 10,963 $ 10,532 Product: Deferred revenue related to recurring software and subscription offers 5,635 5,451 4,352 Other product deferred revenue 2,358 2,374 2,438 Total product deferred revenue 7,993 7,825 6,790 Total $ 18,953 $ 18,788 $ 17,322 Reported as: Current $ 11,301 $ 11,102 $ 10,344 Noncurrent 7,652 7,686 6,978 Total $ 18,953 $ 18,788 $ 17,322
CISCO SYSTEMS, INC.
DIVIDENDS PAID AND REPURCHASES OF COMMON STOCK
(In millions, except per-share amounts)
DIVIDENDS STOCK REPURCHASE PROGRAM TOTAL Quarter Ended Per Share Amount Shares Weighted-
Average Price
per Share Amount Amount Fiscal 2018 April 28, 2018 $ 0.33 $ 1,572 140 $ 42.83 $ 6,015 $ 7,587 January 27, 2018 $ 0.29 $ 1,425 103 $ 39.07 $ 4,011 $ 5,436 October 28, 2017 $ 0.29 $ 1,436 51 $ 31.80 $ 1,620 $ 3,056 Fiscal 2017 July 29, 2017 $ 0.29 $ 1,448 38 $ 31.61 $ 1,201 $ 2,649 April 29, 2017 $ 0.29 $ 1,451 15 $ 33.71 $ 503 $ 1,954 January 28, 2017 $ 0.26 $ 1,304 33 $ 30.33 $ 1,001 $ 2,305 October 29, 2016 $ 0.26 $ 1,308 32 $ 31.12 $ 1,001 $ 2,309
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
(In millions, except per-share amounts)
Three Months Ended Nine Months Ended April 28,
2018 April 29,
2017 April 28,
2018 April 29,
2017 GAAP net income (loss) $ 2,691 $ 2,515 $ (3,693 ) $ 7,185 Adjustments to cost of sales: Share-based compensation expense 57 56 168 163 Amortization of acquisition-related intangible assets 161 124 444 343 Supplier component remediation charge (adjustment), net (9 ) (13 ) (41 ) (29 ) Acquisition-related/divestiture costs 2 — 4 1 Legal and indemnification settlements — — 122 — Total adjustments to GAAP cost of sales 211 167 697 478 Adjustments to operating expenses: Share-based compensation expense 342 349 1,010 963 Amortization of acquisition-related intangible assets 67 59 188 201 Acquisition-related/divestiture costs 89 43 195 157 Significant asset impairments and restructurings 82 70 332 614 Total adjustments to GAAP operating expenses 580 521 1,725 1,935 Total adjustments to GAAP income (loss) before provision for
income taxes 791 688 2,422 2,413 Income tax effect of non-GAAP adjustments (168 ) (177 ) (613 ) (612 ) Significant tax matters (1) (119 ) — 11,261 — Total adjustments to GAAP provision for income taxes (287 ) (177 ) 10,648 (612 ) Non-GAAP net income $ 3,195 $ 3,026 $ 9,377 $ 8,986 Net income (loss) per share: (2) GAAP $ 0.56 $ 0.50 $ (0.76 ) $ 1.42 Non-GAAP $ 0.66 $ 0.60 $ 1.90 $ 1.78 (1) Cisco recorded charges relating to significant tax matters that were excluded from non-GAAP net income for the first nine months of fiscal 2018. $11.1 billion of these charges were provisional amounts related to the enactment of the Tax Cuts and Jobs Act comprised of $8.9 billion related to the U.S. transition tax, $1.2 billion related to foreign withholding tax and $1.0 billion related to the re-measurement of net deferred tax assets. The amounts are provisional based on Securities and Exchange Commission Staff Accounting Bulletin No. 118. The remaining $0.2 billion was related to other significant tax matters.
(2) GAAP net loss per share for the nine months ended April 28, 2018 is calculated using basic shares of 4,892 million, due to the net loss resulting from the tax charge as discussed in footnote (1). Non-GAAP net income per share for the period is calculated using diluted shares of 4,936 million, as the Company had non-GAAP net income for this period.
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, AND NET INCOME
(In millions, except percentages)
Three Months Ended April 28, 2018 Product
Gross
Margin Service
Gross
Margin Total
Gross
Margin Operating
Expenses Y/Y Operating
Income Y/Y Net
Income Y/Y GAAP amount $ 5,679 $ 2,080 $ 7,759 $ 4,625 6 % $ 3,134 (1 )% $ 2,691 7 % % of revenue 61.0 % 65.8 % 62.3 % 37.1 % 25.1 % 21.6 % Adjustments to GAAP amounts: Share-based compensation expense 24 33 57 342 399 399 Amortization of acquisition-related
intangible assets 161 — 161 67 228 228 Supplier component remediation charge
(adjustment), net (9 ) — (9 ) — (9 ) (9 ) Acquisition/divestiture-related costs 1 1 2 89 91 91 Significant asset impairments and
restructurings — — — 82 82 82 Income tax effect/significant tax
matters — — — — — (287 ) Non-GAAP amount $ 5,856 $ 2,114 $ 7,970 $ 4,045 6 % $ 3,925 2 % $ 3,195 6 % % of revenue 62.9 % 66.9 % 63.9 % 32.5 % 31.5 % 25.6 %
Three Months Ended April 29, 2017 Product
Gross
Margin Service
Gross
Margin Total
Gross
Margin Operating
Expenses Operating
Income Net
Income GAAP amount $ 5,480 $ 2,038 $ 7,518 $ 4,349 $ 3,169 $ 2,515 % of revenue 61.7 % 66.7 % 63.0 % 36.4 % 26.5 % 21.1 % Adjustments to GAAP amounts: Share-based compensation expense 22 34 56 349 405 405 Amortization of acquisition-related
intangible assets 124 — 124 59 183 183 Supplier component remediation
charge (adjustment), net (13 ) — (13 ) — (13 ) (13 ) Acquisition/divestiture-related costs — — — 43 43 43 Significant asset impairments and
restructurings — — — 70 70 70 Income tax effect — — — — — (177 ) Non-GAAP amount $ 5,613 $ 2,072 $ 7,685 $ 3,828 $ 3,857 $ 3,026 % of revenue 63.2 % 67.8 % 64.4 % 32.1 % 32.3 % 25.3 %
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, AND NET INCOME (LOSS)
(In millions, except percentages)
Nine Months Ended April 28, 2018 Product
Gross
Margin Service
Gross
Margin Total
Gross
Margin Operating
Expenses Y/Y Operating
Income Y/Y Net
Income
(Loss) Y/Y GAAP amount $ 16,473 $ 6,211 $ 22,684 $ 13,721 — % $ 8,963 — % $ (3,693 ) (151 )% % of revenue 60.9 % 65.9 % 62.2 % 37.6 % 24.6 % (10.1 )% Adjustments to GAAP amounts: Share-based compensation expense 70 98 168 1,010 1,178 1,178 Amortization of acquisition-related
intangible assets 444 — 444 188 632 632 Supplier component remediation
charge (adjustment), net (41 ) — (41 ) — (41 ) (41 ) Legal and indemnification
settlements 122 — 122 — 122 122 Acquisition/divestiture-related
costs 1 3 4 195 199 199 Significant asset impairments and
restructurings — — — 332 332 332 Income tax effect/significant tax
matters (1) — — — — — 10,648 (1 ) Non-GAAP amount $ 17,069 $ 6,312 $ 23,381 $ 11,996 2 % $ 11,385 — % $ 9,377 4 % % of revenue 63.1 % 67.0 % 64.1 % 32.9 % 31.2 % 25.7 % (1) Includes an $11.1 billion charge as related to the enactment of the Tax Cuts and Jobs Act.
Nine Months Ended April 29, 2017 Product
Gross
Margin Service
Gross
Margin Total
Gross
Margin Operating
Expenses Operating
Income Net
Income GAAP amount $ 16,565 $ 6,113 $ 22,678 $ 13,739 $ 8,939 $ 7,185 % of revenue 62.1 % 66.5 % 63.2 % 38.3 % 24.9 % 20.0 % Adjustments to GAAP amounts: Share-based compensation expense 62 101 163 963 1,126 1,126 Amortization of acquisition-related
intangible assets 343 — 343 201 544 544 Supplier component remediation
charge (adjustment), net (29 ) — (29 ) — (29 ) (29 ) Acquisition/divestiture-related costs — 1 1 157 158 158 Significant asset impairments and
restructurings — — — 614 614 614 Income tax effect — — — — — (612 ) Non-GAAP amount $ 16,941 $ 6,215 $ 23,156 $ 11,804 $ 11,352 $ 8,986 % of revenue 63.5 % 67.6 % 64.6 % 32.9 % 31.6 % 25.1 %
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
EFFECTIVE TAX RATE
(In percentages)
Three Months Ended Nine Months Ended April 28,
2018 April 29,
2017 April 28,
2018 April 29,
2017 GAAP effective tax rate (1) 17.3 % 21.2 % 139.1 % 21.1 % Total adjustments to GAAP provision for income taxes 3.7 % 0.8 % (118.1 )% 0.9 % Non-GAAP effective tax rate 21.0 % 22.0 % 21.0 % 22.0 % (1) Includes an $11.1 billion charge as related to the enactment of the Tax Cuts and Jobs Act for the nine months ended April 28, 2018.
GAAP TO NON-GAAP GUIDANCE FOR Q4 FY 2018
Q4 FY 2018 Gross Margin Rate Operating Margin Rate Tax Provision Rate Earnings per Share (2) GAAP 61.5% - 62.5% 24%- 25% 20% $0.55 - $0.60 Estimated adjustments for: Share-based compensation expense 0.5% 3.0% — $0.05 - $0.06 Amortization of purchased intangible assets and other acquisition-related/divestiture costs 1.0% 2.5% — $0.05 - $0.06 Restructuring and other charges (1) — — — $0.00 - $0.01 Income tax effect of non-GAAP adjustments — — 1% Non-GAAP 63% - 64% 29.5% - 30.5% 21% $0.68 - $0.70 (1) In the third quarter of fiscal 2018, Cisco initiated a restructuring plan in order to realign the organization and enable further investment in key priority areas. The total pre-tax cash charges to the GAAP financial results is estimated to be approximately $300 million consisting of severance and other one-time benefits, and other associated costs. We expect to recognize up to $50 million of these charges in the fourth quarter of fiscal 2018 with the remaining amount to be recognized through fiscal 2019.
(2) Estimated adjustments to GAAP earnings per share are shown after income tax effects.
Except as noted above, this guidance does not include the effects of any future acquisitions/divestitures, asset impairments, restructurings and significant tax matters or other events, which may or may not be significant unless specifically stated.
Forward Looking Statements, Non-GAAP Information and Additional Information
This release may be deemed to contain , which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, among other things, statements regarding future events (such as execution on our strategy, our investment in innovation and ability to continue to build a strong innovation pipeline, continued progress in transforming our business toward more software and subscriptions, our ability to maintain our position in the industry and the impact we will continue to drive with our customers, continued broad-based strength across our portfolio, and our ability to continue to execute well, deliver profitable growth and return capital to our shareholders) and the future financial performance of Cisco (including the guidance for Q4 FY 2018) that involve risks and uncertainties. Readers are cautioned that these are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market and other customer markets; the return on our investments in certain priorities, key growth areas, and in certain geographical locations, as well as maintaining leadership in routing, switching and services; the timing of orders and manufacturing and customer lead times; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and service markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, intellectual property, antitrust, shareholder and other matters, and governmental investigations; our ability to achieve the benefits of the announced restructuring and possible changes in the size and timing of the related charges; man-made problems such as cyber-attacks, data protection breaches, computer viruses or terrorism; natural catastrophic events; a pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco's most recent reports on Forms 10-Q and 10-K filed on February 20, 2018 and September 7, 2017, respectively. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco's most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. Cisco's results of operations for the three and nine months ended April 28, 2018 are not necessarily indicative of Cisco's operating results for any future periods. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of this release.
This release includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco's results of operations in conjunction with the corresponding GAAP measures.
Cisco believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.
For its internal budgeting process, Cisco's management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, significant gains and losses on investments, the income tax effects of the foregoing and significant tax matters. Cisco's management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results. For additional information on the items excluded by Cisco from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.
About Cisco
Cisco (NASDAQ:CSCO) is the worldwide technology leader that has been making the Internet work since 1984. Our people, products and partners help society securely connect and seize tomorrow's digital opportunity today. Discover more at thenetwork.cisco.com and follow us on Twitter at @Cisco.
Copyright © 2018 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. To view a list of Cisco trademarks, go to: www.cisco.com/go/trademarks . Third-party trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
Press Contact: Investor Relations Contact: Robyn Blum Marilyn Mora Cisco Cisco 1 (408) 853-9848 1 (408) 527-7452 [email protected] [email protected]
Source:Cisco | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-cisco-reports-third-quarter-earnings.html |
BEVERLY HILLS, Calif., May 14, 2018 /PRNewswire/ -- Glen Oaks Escrow, one of the most respected, independent escrow companies in Southern California, recently announced that it will be expanding its presence in the Beverly Hills area through the acquisition of Nettie Becker Escrow, an established company that has been serving its clients and community for nearly 40 years.
Nettie Becker, owner of Nettie Becker Escrow, possesses an impressive background and has been viewed as a pioneer in the escrow industry. She has sat on several boards, received a lifetime achievement award from the Escrow Association and has successfully managed every type of escrow transaction that exists today.
In addition, Nettie Becker Escrow has been recognized with a number of awards for its commitment to the community and clients over the years, including the City of Los Angeles Commendation, California Department of Consumer Affairs award and California Legislative Assembly Certificate of Recognition.
Nettie Becker Escrow's genuine commitment to serving its clients and giving back to the community will continue to be upheld by Glen Oaks Escrow whose company mission is to run exceptional real estate service businesses that enhance the lives of the people, partners, and communities we serve.
"We couldn't be more excited about this. Nettie Becker is an amazing woman. She has run a great company in the Los Angeles area since 1979 and served the community through her extensive knowledge and genuine care for those she's done business with. We're thrilled to be able to serve their clients and the community with the same level of professionalism, strong ethics and hard work that our company revolves around," said Scott Akerley, CEO of Glen Oaks Escrow.
Nettie Becker shared the same sentiment about the two companies joining forces to add positive value to the community and clients.
"I'm happy about this acquisition because I know that the team at Glen Oaks Escrow will serve my clients with the highest level of service and professionalism possible. What I love most about this organization is they combine personalized service, compassion and local expertise of a small company with the reach, resources and security certifications of a very large company. I am also thrilled knowing that Patrice Dupre (Escrow Officer) and Jenise Harrington (Escrow Assistant) have a wonderful new home at Glen Oaks Escrow."
Glen Oaks Escrow has moved into and is operating out of its new Beverly Hills office located at 184-B N. Canon Dr. Beverly Hills, CA 90210.
ABOUT GLEN OAKS ESCROW
Glen Oaks Escrow is a part of the Pango Group is a family of companies that includes American Trust Escrow, CV Escrow, Escrow Trust Advisors, VOI Insurance Solutions, and Document Archive Solutions. The company's mission of running exceptional real estate service businesses that enhance the lives of the people, partners, and communities we serve has been an integral part of its success. For over two decades, the companies are the leading California-based settlement service experts. The company currently manages and owns over 25 offices and employs over 250 individuals.
Media Contact: Jennifer Gilbert, [email protected]
View original content: http://www.prnewswire.com/news-releases/glen-oaks-escrow-expands-presence-in-beverly-hills-through-acquisition-of-nettie-becker-escrow-300646059.html
SOURCE Glen Oaks Escrow | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-glen-oaks-escrow-expands-presence-in-beverly-hills-through-acquisition-of-nettie-becker-escrow.html |
LONDON (Reuters) - United Company Rusal ( 0486.HK ) resumed shipping aluminum to some customers last week following an extension of the deadline for companies to wind down contracts with the Russian firm under U.S. sanctions, sources said.
FILE PHOTO: An aerial view shows the Rusal Achinsk Alumina Refinery, near the Siberian town of Achinsk, Krasnoyarsk region, Russia April 29, 2018. Picture taken April 29, 2018. REUTERS/Ilya Naymushin/File Photo The U.S. Treasury Department moved its deadline for U.S. consumers to wind down business with Rusal to Oct. 23 from June 5 previously and said it would consider lifting sanctions if Rusal’s major shareholder, Russian tycoon Oleg Deripaska, ceded control of the company.
“Aluminum is being shipped. Parties who have existing contracts are starting to take deliveries,” a metal industry source said.
Sources say aluminum had been trickling out, but the quantities now being talked about were substantial, however they declined to disclose any specific numbers.
Rusal declined to comment.
Some customers had asked Rusal after the sanctions were imposed on April 6. to stop shipping metal until their legal and compliance teams had confirmed their contracts allowed them to take Rusal’s aluminum until Oct 23, sources said.
Slideshow (2 Images) “Rusal’s customers need to restock to meet their obligations. It’s a slow process, but it has started,” an industry source said, adding that lobbying by U.S. consumers could mean the deadline was extended beyond October.
Sources said uncertainty about aluminum supplies supports prices CMAL3, which at around $2,250 a tonne are up more than 10 percent since April 6.
A source at one of the railway operators involved with Rusal’s exports said last Friday that the company was preparing to resume significant supplies very soon.
The extension detailed in General Licence 14 (GL-14), issued late April, effectively means aluminum produced and sold by Rusal until Oct. 23 is free of U.S. sanctions, so long as the deal to buy was signed before they were imposed.
Existing deals include those such as Swiss-based mining giant Glencore’s ( GLEN.L ) seven-year deal to buy 14.5 million tonnes of aluminum from Rusal between 2012 to 2018.
Sources say, stock movement in warehouses approved by the London Metal Exchange suggest nervousness about supplies of primary aluminum may be receding, even if only temporarily.
“Aluminum taken off LME warrant in Malaysia to meet contractual obligations, to cover potential shortfalls in commitments is starting to be re-warranted,” an industry source said. “Anxiety seems to be fading.”
Stocks of aluminum in Port Klang, Malaysia fell below 303,000 tonnes in the middle of May, down more than 20 percent since early April. They are now around 316,000 tonnes.
Total stocks of aluminum in LME registered warehouses at above 1.23 million tonnes are down more than 10 percent since the extension was announced.
Rusal’s metal has been suspended from the LME’s list of approved brands that can be delivered against its primary aluminum contract since April 17.
It accounted for more than six percent of global aluminum supplies estimated at around 63 million tonnes last year.
Reporting by Pratima Desai and Dmitry Zhdannikov; Additional reporting by Gleb Stolyarov and Polina Devitt; Editing by Veronica Brown and Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-sanctions-rusal-aluminium-exclusi/exclusive-rusal-resumes-shipments-of-aluminum-to-some-customers-idUSKCN1IO2N7 |
(Adds details, Quote: s)
By Marcin Goettig and Pawel Sobczak
WARSAW, May 6 (Reuters) - Rescue teams have confirmed the death of one Polish coal miner and can see another miner trapped after an earthquake, but it is not known if he is dead or alive, the chief executive of mine owner JSW said.
Three other miners remain missing after Saturday’s tremor caused part of the tunnel they were working in to collapse, the chief executive, Daniel Ozon, told reporters.
Ozon told reporters it could take four to five hours for rescuers to reach the trapped miner they can see, who is stuck in debris in a tunnel.
The 3.4 magnitude quake hit the Borynia-Zofiowka-Jastrzebie coal mine in southern Poland on Saturday morning, initially trapping seven miners at a depth of about 900 metres (2,950 feet). Two miners were rescued on Saturday.
The two rescued miners were taken to a hospital in Jastrzebie-Zdroj city in “relatively good condition” and could walk unaided, Ozon told reporters on Saturday.
There were about 250 people working in the mine at the time of the quake, JSW said. The missing miners were from a team of 11 that was drilling a new tunnel. Four escaped by themselves.
The 200-person rescue operation was earlier hampered by high levels of methane, which reached a concentration of up to 58 percent.
A spokeswoman for JSW, the European Union’s largest coking coal producer, said earlier that the quake had damaged communications lines in the area.
Prime Minister Mateusz Morawiecki, who reached the mine on Saturday evening, said the rescue operation was very difficult and that he hoped the remaining miners would be saved. President Andrzej Duda reached the mine on Sunday noon.
Polish state mining supervisor WUG said the quake was of a type that can occur in coal mines after the removal of deposits builds up tensions in the rocks. (Reporting by Marcin Goettig and Pawel Sobczak; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/poland-miners-jsw/one-miner-dead-three-still-missing-after-quake-at-polish-coal-mine-idUSL8N1SD09S |
China's Xiaomi lifts lid on Hong Kong I.P.O. 12:35pm BST - 01:56
Chinese smartphone and connected device maker Xiaomi is bringing its blockbuster initial public offering to Hong Kong, which could give the company a market valuation of up to $100 billion in the largest listing globally in almost four years.
Chinese smartphone and connected device maker Xiaomi is bringing its blockbuster initial public offering to Hong Kong, which could give the company a market valuation of up to $100 billion in the largest listing globally in almost four years. //reut.rs/2KzjTus | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/chinas-xiaomi-lifts-lid-on-hong-kong-ipo?videoId=423490630 |
May 7 (Reuters) - MTS Systems Corp:
* Q2 EARNINGS PER SHARE $0.44 * Q2 REVENUE $191.3 MILLION VERSUS I/B/E/S VIEW $193.9 MILLION
* Q2 EARNINGS PER SHARE VIEW $0.48 — THOMSON REUTERS I/B/E/S
* DURING FISCAL YEAR 2018, EXPECT TO INCUR AN ADDITIONAL $1.0 MILLION TO $2.0 MILLION OF PRE-TAX RESTRUCTURING COSTS
* QTRLY ADJUSTED EARNINGS PER SHARE $0.45 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mts-systems-reports-q2-earnings-pe/brief-mts-systems-reports-q2-earnings-per-share-0-44-idUSASC0A06E |
May 16, 2018 / 11:35 AM / Updated 22 minutes ago Italy's League, 5-Star to see president by Monday on govt formation - League chief Reuters Staff 1 Min Read
ROME (Reuters) - Italy’s anti-establishment 5-Star Movement and the far-right League party will meet with the head of state by Monday to update him on their attempts to form a coalition government, League leader Matteo Salvini said on Wednesday. FILE PHOTO: League party leader Matteo Salvini speaks to the media during the second day of consultations with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/File Photo
Speaking to reporters in parliament, Salvini said the policy agenda the two parties have been working on for a week was “almost finished,” and he and 5-Star leader Luigi Di Maio would meet with President Sergio Mattarella “even before Monday”.
The two pre-election adversaries began negotiating a coalition deal last week, more than two months after an inconclusive March 4 election produced a hung parliament. Reporting by Giuseppe Fonte, writing by Gavin Jones, editing by Steve Scherer | ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics-league/italys-league-5-star-to-see-president-by-monday-on-govt-formation-league-chief-idINKCN1IH1ED |
May 16, 2018 / 11:29 AM / Updated 9 hours ago JSW Steel posts record quarterly profit Reuters Staff 2 Min Read
(Reuters) - India’s JSW Steel posted record quarterly net profit on Wednesday, nearly tripling from last year, largely beating market estimates thanks to higher commodity prices and spreads. The logo of JSW is seen on the company's headquarters in Mumbai, February 11, 2016. REUTERS/Danish Siddiqui/Files
The company's fourth-quarter net profit climbed to 29.96 billion rupees ($441.50 million), against 10.14 billion rupees in the same period last year, it said here
Analysts had expected net profit of 18.13 billion rupees, according to Thomson Reuters data.
Total revenue from operations rose 16.2 percent to 208.17 billion rupees and the steelmaker also said it achieved record crude steel production in the quarter at 4.31 million tonnes, up 5 percent year on year.
JSW said it expects 3 percent year-on-year growth in crude steel production to 16.75 million tonnes for the 2018-19 financial year.
Ahead of the results, shares in JSW Steel closed with a gain of 0.6 percent.
($1 = 67.8600 Indian rupees) | ashraq/financial-news-articles | https://in.reuters.com/article/jsw-steel-results/jsw-steel-posts-record-quarterly-profit-idINKCN1IH1E3 |
MALVERN, Pa.--(BUSINESS WIRE)-- Acrometis, the leading producer of expert workers’ compensation claims processing platforms, named Susan Boclair as the new president and chief operating officer to lead the organization’s strategic direction and operations.
“At Acrometis, we attract the best and brightest to contribute and innovate and Susan is the embodiment of that mantra,” said Michael Azeez, Executive Chairman of Acrometis. “She is a valuable member of the team with the deep understanding of our company, clients and products necessary to lead us into the next phase of success in the workers’ compensation claims processing market.”
Susan brings more than 20 years of experience in a succession of executive roles leading strategic planning and operations for prominent companies in the managed care, and property and casualty arenas. Her career demonstrates a track record of success in growing corporate operations to support revenue growth.
“I am honored for this opportunity to lead Acrometis into our next phase of success,” said Boclair. “We have a collection of the brightest minds in the industry, each dedicated to building the powerful tools our clients need to tackle their insurance and technology challenges. True innovation comes from employees at every level sharing their ideas in a collaborative setting and I am committed to maintaining that tradition.”
About Acrometis
Acrometis is a leader in workers’ compensation claims processing platforms, founded with the simple yet powerful mission of reducing the cost of risk for our clients. Our family of rules-based, expert claims processing platforms improves claims operations and leads to maximized cost savings, efficiency, and productivity gains over the life cycle of a claim. For more information, visit www.acrometis.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005046/en/
Acrometis
Kelia Scott, 855-282-1476
Source: Acrometis | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-acrometis-names-susan-boclair-president-and-coo.html |
May 3 (Reuters) -
* GLOBAL AIR PASSENGER TRAFFIC IN TERMS OF REVENUE PASSENGER KILOMETRES UP 9.5 PERCENT IN MARCH – IATA
* CAPACITY (AVAILABLE SEAT KILOMETERS, OR ASKS) GREW 6.4% AND LOAD FACTOR CLIMBED 2.3 PERCENTAGE POINTS TO 82.4% IN MARCH – IATA
* RISING COST INPUT - PARTICULARLY FUEL PRICES - SUGGEST THAT ANY DEMAND BOOSTS FROM LOWER FARES WILL MODERATE GOING INTO THE SECOND QUARTER – IATA CEO Source text: bit.ly/2jnF8CT (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-air-passenger-traffic-up-95/brief-global-air-passenger-traffic-up-9-5-percent-in-march-iata-idUSFWN1SA0K8 |
May 8, 2018 / 3:41 PM / Updated 3 minutes ago UK government defeated again over Brexit as Lords vote to remain in EU agencies Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s upper house of parliament inflicted another defeat on Prime Minister Theresa May’s government on Tuesday, voting against her plans to leave European Union agencies after Britain leaves the bloc. An anti-Brexit protester waves EU and Union flags and holds up a placard opposite the Houses of Parliament, on a sunny day in London, Britain, May 8, 2018. REUTERS/Hannah McKay
The House of Lords voted 298 to 227 in favour of an amendment to her Brexit blueprint, which would require Britain to participate in, or have a formal relationship with, the agencies of the EU after Brexit. Reporting By Andrew MacAskill; editing by Alistair Smout | ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-parliament/uk-government-defeated-again-over-brexit-as-lords-vote-to-remain-in-eu-agencies-idUSKBN1I9266 |
Facebook just changes the online dating game 16 Hours Ago CNBC's Julia Boorstin speaks with Ime Archibong, Facebook vice president of partnerships, about Facebook limiting developer access to user data following the company's data privacy scandal. The “Fast Money” traders weigh in. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/facebook-just-changes-the-online-dating-game.html |
* Shanghai stocks higher, blue-chip CSI300 index up
* Markets gain helped by rally in tech shares
* U.S. delegation arrives in Beijing for trade talks
SHANGHAI, May 3 (Reuters) - China stocks rose on Thursday, aided by an afternoon rally in technology shares as a U.S. trade delegation arrived in Beijing for key talks over tariffs and other issues.
** The blue-chip CSI300 index rose 0.8 percent to 3,793.00, while the Shanghai Composite Index gained 0.7 percent to 3,100.86. ** The CSI300 index was up, with its financial sector sub-index higher by 0.48 percent, the consumer staples sector up 1.24 percent, the real estate index down 0.25 percent and healthcare sub-index up 0.22 percent. ** The smaller Shenzhen index ended up 1.01 percent and the start-up board ChiNext Composite index was higher by 1.4 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.61 percent while Japan’s Nikkei index closed down 0.16 percent. ** At 07:07 GMT, the yuan was Quote: d at 6.3636 per U.S. dollar, 0.01 percent weaker than the previous close of 6.363. ** The largest percentage gainers in the main Shanghai Composite index were Triumph Science & Technology Co Ltd up 10.06 percent, followed by Hunan Copote Science Technology Co Ltd gaining 10.03 percent and Well Lead Medical Co Ltd up by 10.03 percent. ** The largest percentage losers in the Shanghai index were Henan Huanghe Whirlwind Co Ltd down 8.55 percent, followed by Xishui Strong Year Co Ltd Inner Mongolia losing 7.78 percent and Shenzhen Huiding Technology Co Ltd down by 7.01 percent. ** So far this year, the Shanghai stock index is down 6.2 percent, the CSI300 has fallen 5.9 percent while China’s H-share index listed in Hong Kong is up 2.5 percent. Shanghai stocks have risen 0.61 percent this month.
** About 14.00 billion shares were traded on the Shanghai exchange, roughly 89.2 percent of the market’s 30-day moving average of 15.70 billion shares a day. The volume in the previous trading session was 13.42 billion. ** As of 07:08 GMT, China’s A-shares were trading at a premium of 22.43 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 13.25 as of the last full trading day while the dividend yield was 2.3 percent. (Reporting by Shanghai Newsroom; Editing by Gopakumar Warrier)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-close/china-stocks-rise-ahead-of-sino-u-s-trade-talks-idUSZZN2RAG00 |
May 9, 2018 / 12:47 PM / Updated 13 minutes ago BRIEF-Strongco Announces Q1 Earnings Per Share C$0.01 Reuters Staff
May 9 (Reuters) - Strongco Corp: * Q1 REVENUE C$89 MILLION VERSUS C$90 MILLION
* CORP - QUARTER-END EQUIPMENT INVENTORY OF $154.2 MILLION, UP FROM $153.3 MILLION AT DECEMBER 31, 2017 Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-strongco-announces-q1-earnings-per/brief-strongco-announces-q1-earnings-per-share-c0-01-idUSASC0A0ZW |
Michael Cohen allegedly received $500,000 from Russian oligarch 3 Hours Ago CNBC's Robert Frank reports on allegations from Stormy Daniels' attorney that Trump lawyer Michael Cohen received $500,000 in payments from a Russian oligarch. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/michael-cohen-allegedly-received-500000-from-russian-oligarch.html |
U.S. Commerce Secretary Wilbur Ross has called out the European Union for opposing trade negotiations at a time when China was willing to hold talks.
"China are paying their tariffs," Ross told the panel at an economic development forum in Paris on Wednesday, in response to EU criticism of sweeping import tariffs the White House announced on its trade partners all over the world in March.
"China hasn't used that as an excuse not to negotiate... It's only the EU that is insisting we can't negotiate if there are tariffs ," he added.
President Donald Trump's protectionist move, which would impose a 25 percent levy on all steel imports and 10 percent on aluminum, garnered instant criticism upon its announcement from Republicans and Democrats alike and saw trade partners threatening to retaliate. The administration has delayed the imposition of the levies, extending negotiations with partners Canada, the EU and Mexico by 30 days to the tail end of May. Leaders now await a decision from Washington.
EU lawmakers have said they are open to discussions, but would not "negotiate under threat" — this was reiterated by Dutch Foreign Trade and Development Minister Sigrid Kaag, also on the panel, who expressed a stark difference in opinion from her American counterpart.
"EU leaders have expressed the expectation that there should be an unlimited exemption," Kaag said in response to Ross, pointing out that the U.S. and Europe are historic allies across a number of areas from trade to security, making them a wholly different case to China.
show chapters Wilbur Ross: Connecting the dots on auto imports and national security 11:46 AM ET Thu, 24 May 2018 | 15:43 "We're finding ourselves in a situation we shouldn't be at," she said, adding that, "dialogue with the U.S. remains primordial… the fact China continues negotiations I don't think applies to us in this case, I don't think that's an argument. I understand, but I disagree."
Kaag said the European bloc would wait for a decision in the coming days, reiterating that the U.S. remains very important and that she believed they would find a way forward.
"I'm sure we will, and there can be negotiations with or without tariffs in place," Ross said. "God knows, there are plenty of tariffs the EU has on us. So it's not that you can't talk just because there are tariffs."
WATCH: A (brief) history of the world's trade wars show chapters A (brief) history of the world's trade wars 5:00 PM ET Mon, 30 April 2018 | 03:43 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/tariffs-shouldnt-stop-us-from-negotiating-wilbur-ross-tells-the-eu.html |
LONDON, May 9 (Reuters) - Euro zone money markets now price roughly a 75 percent chance of a 10 basis point hike from the European Central Bank by mid-2019, scaling back bets on a rate rise next year given a softening in economic data and inflation numbers.
The difference between the overnight bank-to-bank interest rate for the euro zone (Eonia) and forward Eonia rates dated for the ECB’s June 2019, meeting was 7.5 basis points on Wednesday, down from almost 10 bps two weeks ago.
Analysts say that means investors are pricing in around 75 percent chance of a 10 basis point increase in the ECB’s deposit rate - the minimum it is likely to increase - from minus 0.4 percent currently.
While markets fully anticipate a rate hike by July next year the timing of a rate hike has been pushed back sharply in recent weeks as some data have shown a loss in economic momentum. (Reporting by Dhara Ranasinghe; Editing by Saikat Chatterjee)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-moneymarket/euro-zone-money-markets-scale-back-bets-on-mid-2019-rate-hike-from-ecb-idUSL8N1SG27K |
How Trump's steel tariffs kick the can business 11:00am EDT - 01:45
U.S. tariffs announced in March are already raising canning costs for food producers. As Fred Katayama reports, those costs could get passed down to consumers. ▲ Hide Transcript ▶ View Transcript
U.S. tariffs announced in March are already raising canning costs for food producers. As Fred Katayama reports, those costs could get passed down to consumers. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KQvk0P | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/how-trumps-steel-tariffs-kick-the-can-bu?videoId=425608883 |
YEREVAN (Reuters) - Opposition leader Nikol Pashinyan was elected Armenia’s prime minister on Tuesday, capping a peaceful revolution driven by weeks of mass protests against corruption and cronyism in the ex-Soviet republic.
Moscow, which has a military base in Armenia, is wary of an uncontrolled change of power which would pull the country out of its orbit, but Pashinyan has offered assurances that he will not break with the Kremlin.
Russian President Vladimir Putin congratulated Pashinyan on his election.
The election of Pashinyan, a former newspaper editor who spent time in prison for fomenting unrest, marks a dramatic rupture with the cadre of rulers who have run Armenia since the late 1990s.
Minutes after parliament voted to make him prime minister, Pashinyan traveled to a square in the capital, Yerevan, where tens of thousands of cheering supporters, many wearing T-shirts bearing his portrait, waited to greet him.
“The people won,” Pashinyan told the crowd. “Congratulations.”
Throughout the protests, Pashinyan had dressed in a camouflage T-shirt and military-style cap, an outfit that became his trademark, but on Tuesday he changed into a suit and tie.
Pashinyan, born in 1975, spearheaded a protest movement that first forced veteran leader Serzh Sarksyan to step down as prime minister and then pressured the ruling party to abandon attempts to block his election as prime minister, the country’s most powerful post.
In a vote in parliament on Tuesday, 59 lawmakers backed Pashinyan’s candidacy, including some from the ruling Republican Party, with 42 voting against.
In Yerevan’s Republic Square, Pashinyan’s supporters watched the voting on huge television screens. When the result was shown, there were chants of “Nikol!”, white doves were released into the air and people hugged and kissed each other.
Related Coverage Armenia's interim PM Karapetyan says stepping down Putin congratulates Armenian protest leader Pashinyan on becoming PM: Kremlin Factbox: Armenian protest leader sweeps to power “We won! We made history today!” said Gurgen Simonyan, 22, a student in the crowd.
Pashinyan’s protest movement was sparked when Sarksyan, barred by the constitution from seeking another term as president, became prime minister instead. Many Armenians saw that as a cynical ploy by Sarskyan to extend his hold on power.
NEW SCRIPT Armenia is a country of about three million people nestled in mountains between Iran, Turkey, Georgia and Azerbaijan.
Since it emerged as an independent state after the collapse of the Soviet Union, Armenia, a majority Christian country, has been locked in a territorial conflict with mainly-Muslim Azerbaijan, and under economic blockade from Turkey.
Its isolation led it to depend heavily on former colonial ruler Moscow. Putin has in the past resisted popular revolts in ex-Soviet states, particular in Georgia and Ukraine, viewing them as a ploy by Washington to encroach on Moscow’s sphere of influence.
But throughout Armenia’s wave of protests, Moscow has remained publicly neutral, and Pashinyan has consistently said he viewed Moscow as a vital ally.
He said on Tuesday Armenia would stay in a regional collective security organization headed by Russia and that he hoped for a meeting with Putin.
Newly elected Prime Minister of Armenia Nikol Pashinyan (L) greets supporters during a meeting in Republic Square in Yerevan, Armenia May 8, 2018. REUTERS/Hayk Baghdasaryan/Photolure The Kremlin said Putin sent Pashinyan a congratulatory telegram. “I hope your activities as head of the government will help further strengthen the ties of friendship and alliance between our countries,” Putin said in the message.
Thomas de Waal, a specialist on the region with Carnegie Europe, a think tank, said with the Armenian uprising, both Yerevan and Moscow had learned a new script.
“Russian officials have insisted that they respect Armenians’ right to peaceful change,” he said. “For his part, Pashinyan and his fellow protest leaders told their supporters to avoid anti-Russian or pro-EU slogans.”
HOLDOVERS Pashinyan faces tough challenges. The civil service and security apparatus are dominated by allies of his ousted predecessor.
He has said his first step will be to hold an early parliamentary election. In the meantime, he said he would carry out root-and-branch reforms to cut out graft and cronyism.
He said he would fire some holdovers from the ruling elite, among them the defense minister, but said there would be no “pogrom.”
He must also reckon with a parliament where the Republican Party, allied to Sarskyan, holds a majority of seats and is skeptical about his revolution.
Vahram Baghdasaryan, head of the Republican Party in parliament, said for the sake of unity it was backing Pashinyan for prime minister but it had concerns about his fitness to run the country.
“I hope we are mistaken,” said Baghdasaryan, an ally of Sarskyan.
Slideshow (2 Images) In his speech before the vote, Pashinyan called on Armenia’s people to come together behind the new government he will lead. “The page of hatred should be turned,” he said, adding: “May God help us.”
Writing by Christian Lowe; Editing by Janet Lawrence
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics/armenia-opposition-supporters-prepare-to-fete-revolution-idUSKBN1I90UD |
May 29, 2018 / 2:18 PM / Updated an hour ago Golf-U.S. Women's Open preparations in disarray as course closed due to rain Andrew Both 1 Min Read
SHOAL CREEK, Ala., May 29 (Reuters) - Player preparations for the U.S. Women’s Open were thrown into disarray when the course was closed on Tuesday amid torrential downpours.
Heavy rain associated with subtropical storm Alberta started overnight and continued into the morning, further saturating the Shoal Creek course that was already damp in places.
With rain forecast for much of the day, the U.S. Golf Association decided to close the course.
It is possible it will remain closed on Wednesday.
Tuesday and Wednesday are normally when most players have practice rounds, though some were on site on Monday.
Therefore, many of the 156 players could start the biggest tournament in women’s golf without the benefit of even one practice round, leaving their knowledge of the course severely limited.
Park Sung-hyun is the defending champion at Shoal Creek, which last hosted a men’s major in 1990, when Australian Wayne Grady won the PGA Championship. Reporting by Andrew Both Editing by Christian Radnedge | ashraq/financial-news-articles | https://in.reuters.com/article/golf-women-uschamp/golf-u-s-womens-open-preparations-in-disarray-as-course-closed-due-to-rain-idINL5N1T04VS |
May 11, 2018 / 2:31 AM / Updated 12 hours ago I would have tampered if told to, says Australia coach Langer Reuters Staff 3 Min Read
SYDNEY (Reuters) - New Australia coach Justin Langer understands how Cameron Bancroft became embroiled in the ball-tampering scandal and said he would have cheated too if instructed to by senior players when he first played test cricket. Justin Langer speaks to the media in Melbourne, Australia, May 3, 2018. AAP/Luis Ascui/via REUTERS
The 47-year-old former top order batsman, who made his test debut against West Indies in Adelaide in 1993, said the difference was that in his era the idea would never have been countenanced by captain Allan Border or coach Bob Simpson.
“If Allan Border had asked me to tamper with the ball I would’ve,” Langer told Australia’s Channel Nine.
“I would’ve because I would be too scared not to. The difference is Allan Border would never have asked me and Bobby Simpson would’ve killed me.
“He would’ve killed anyone who brought the game into disrepute. What I can’t believe is that Cameron Bancroft walked into the Australian cricket team and he was in a position where he made that decision.”
Bancroft was handed a nine-month ban from international and state cricket for his part in the scandal which erupted in the third test in South Africa in March and quickly engulfed Australian cricket.
The 25-year-old, who was playing in his eighth test, was cast as the misled junior in the Cricket Australia report which followed and got off lightly compared to captain Steve Smith and vice captain David Warner, who were both banned for a year.
Langer said his own experience had taught him that it was up to everybody in the team set-up to ensure the standards of behaviour expected of test cricketers.
“I walked into this Australian cricket changeroom with Allan Border, Steve Waugh, David Boon and Ian Healy and Bobby Simpson leading it,” he recalled.
“You couldn’t help but become a better person and a better cricketer – because mate, that was a serious changeroom.”
Langer, Bancroft’s former coach at Western Australia, reiterated his opinion that all three players caught up in the scandal deserved a chance to work their way back into the team after having served their bans.
“If we can keep mentoring them and helping them, and they want to keep getting better and meet the standards of the Australian cricket team, then, of course, they’ll be welcome back,” he said. Reporting by Nick Mulvenney, editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-australia-langer/i-would-have-tampered-if-told-to-says-australia-coach-langer-idUKKBN1IC068 |
NASCAR shops itself around to potential buyers, sources tell CNBC 2 Hours Ago The majority owners of NASCAR are exploring options including the sale of their entire stake, according to people familiar with the matter. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/nascar-shops-itself-around-to-potential-buyers-sources-tell-cnbc.html |
May 10, 2018 / 1:13 PM / in 13 minutes BRIEF-McDermott Completes Reverse Stock Split Reuters Staff 1 Min Read
May 10 (Reuters) - Chicago Bridge & Iron Company NV:
* MCDERMOTT INTERNATIONAL INC - CO EXPECTS TO COMPLETE PROPOSED DEAL WITH CB&I ON MAY 10 Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mcdermott-completes-reverse-stock/brief-mcdermott-completes-reverse-stock-split-idUSFWN1SH18E |
AWS CEO: We're customer-focused, not competitor-focused 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/aws-ceo-were-customer-focused-not-competitor-focused.html |
May 17 (Reuters) - Air Lease Corp:
* AIR LEASE CORPORATION ANNOUNCES DELIVERY OF BOEING 737 MAX 8 AIRCRAFT WITH TRAVEL SERVICE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-air-lease-corp-announces-delivery/brief-air-lease-corp-announces-delivery-of-boeing-737-max-8-aircraft-with-travel-service-idUSFWN1SO11G |
May 16, 2018 / 4:28 PM / Updated an hour ago UK government suffers new Brexit defeat as Lords demand environment safeguards Reuters Staff 2 Min Read
LONDON (Reuters) - Prime Minister Theresa May’s government on Wednesday suffered its 15th defeat on legislation that will end Britain’s membership of the European Union when parliament’s upper chamber voted in favour of adding environmental safeguards to the bill. Britain's Prime Minister Theresa May attends the unveiling of the statue of suffragist Millicent Fawcett on Parliament Square, in London, Britain, April 24, 2018. REUTERS/Hannah McKay
May has to get the bill approved by both chambers of parliament well in advance of Britain’s exit on March 29, 2019, but the House of Lords, the unelected upper house, is demanding major changes that will force a showdown over coming weeks.
The Lords voted 294 to 244 in favour of a change to the bill which would force the government to maintain the EU’s environmental principles. The government argues that Brexit will allow Britain to improve environmental protections through separate legislation.
May’s Conservative government has already suffered high- profile defeats on core Brexit issues such as whether Britain should leave the EU’s single market and customs union.
While the more powerful House of Commons can overturn the changes, they may embolden rebels in May’s own party who favour a softer EU exit.
Ministers have accused the House of Lords, where the Conservatives do not have a majority, of making unnecessary changes and have indicated they will fight some of them back in the Commons.
That process, known as ‘ping pong’, is not yet scheduled, but will be a key test of May’s ability to govern effectively and to deliver on her Brexit plans with just a slim working majority in the Commons, where she relies on the support of a small Northern Irish party. Reporting by William James. Editing by Andrew MacAskill and Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-lords/government-suffers-new-brexit-defeat-as-lords-demand-environment-safeguards-idUKKCN1IH2BE |
LONDON (Reuters) - Italian government bond yields slipped from multi-month highs on Tuesday after six days of heavy selling, though reports that the incoming coalition could pick a eurosceptic figure as economy minister tempered the recovery in bonds.
The likelihood of a government comprised of the anti-establishment 5-Star Movement and the far-right League has pushed Italian 10-year yields up nearly 60 basis points since the start of the month.
Analysts said the price falls of recent days might render the debt attractive again for some, despite fears of a government spending binge in one of the most indebted euro zone states. As some buying crept in, 10-year yields eased more than 4 basis points at one stage to a session low of 2.28 percent, off 14-month highs of 2.418 percent IT10YT=RR.
Those falls were partly reversed, however, after the Italian news agency Ansa reported that eurosceptic economist Paolo Savona was in the running to become economy minister in a new government.
In late trade, Italian 10-year bond yields down just 1 bps at 2.32 percent.
Savona has been Quote: d in the national press in recent years as saying that the euro is a “noose around Italy’s neck”. While 5-Star and the League have been careful to tone down their anti-euro rhetoric, Savona’s appointment, if confirmed, may bring back currency traders’ concerns.
“Savona’s background as a vocal critic of Europe’s construction make him the least market-friendly candidate,” Mizuho strategists told clients.
Two-year Italian yields meanwhile were down 8 bps at 0.19 percent IT2YT=RR. The closely watched Italy/Germany 10-year bond yield spread — a reflection of the premium investors demand to hold Italian risk compared with “safe” German bonds — was at 179 bps, widening after having tightened to around 171 bps earlier.
The spread had widened to almost 190 bps in early trade DE10YT=RR.
Investors are waiting to hear if President Sergio Matarella will confirm the coalition’s proposal for prime minister - Giuseppe Conte, a little-known law professor.
A source close to the president told Reuters Matarella had not yet decided whether to give Conte the mandate.
The mood was less gloomy than in past days, however. Goldman Sachs analysts for instance did not see a euro zone crisis or domestic financial meltdown along the lines of Greece some years ago.
A Milan-based fixed income strategist said financial markets were on the whole sanguine about Italian risks.
“If implemented, the 5-Star/League program is a recipe for disaster as there’s not hint of fiscal discipline,” he said, asking not be named. “Still, there is some scepticism in markets that this program will be implemented.”
Spanish and Portuguese bond yields, meanwhile, remain well below the multi-month highs touched on Monday. Spanish 10-year yields were down 6 bps at 1.46 percent. ES10YT=RR PT10YT=RR.
Germany’s 10-year bond yield, which tends to fall when regional risks rise, was up 4 bps at 0.56 percent DE10YT=RR.
The cost of insuring exposure to Italian debt in the 5-year credit default swaps market rose earlier in the day to a new seven-month high of 142 bps, according to IHS Markit.
FILE PHOTO: Presentation of a new 2 Euro commemorative coin of former German Chancellor Helmut Schmidt in Berlin, Germany, February 2, 2018. REUTERS/Christian Mang Reporting by Abhinav Ramnarayan and Sujata Rao; Additional reporting by Dhara Ranasinghe; editing by David Stamp and Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds/italian-bond-yields-off-highs-after-six-days-of-heavy-selling-idUSKCN1IN1AW |
May 20, 2018 / 7:18 PM / Updated 24 minutes ago Palestinian President Abbas's condition reassuring - hospital director Reuters Staff 1 Min Read
JERUSALEM (Reuters) - The condition of Palestinian President Mahmoud Abbas, who was hospitalised for a third time in a week on Sunday, is reassuring and his tests were normal, the director of the hospital treating him said. Palestinian President Mahmoud Abbas speaks during his meeting with Venezuela's President Nicolas Maduro at the Miraflores Palace in Caracas, Venezuela May 7, 2018. REUTERS/Carlos Garcia Rawlins
Abbas, 82, underwent minor ear surgery on Tuesday and was hospitalised again briefly overnight on Saturday/Sunday, the official Palestinian news agency Wafa said. A Palestinian official said Abbas was readmitted on Sunday because of a high temperature.
“President Mahmoud Abbas ... was admitted this morning to Istishari Arab Hospital for medical tests after the surgery he had three days ago on his middle ear. All the tests are normal and his medical condition is reassuring,” hospital director Saed al-Sarahneh said. Writing by Ori Lewis; Editing by Dale Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-abbas-hospital/palestinian-president-abbass-condition-reassuring-hospital-director-idUKKCN1IL0S5 |
(Adds more companies involved, background)
WASHINGTON/SAN FRANCISCO, May 9 (Reuters) - The U.S. Transportation Department's 10 winning drone pilot projects aimed at spurring the use of unmanned aerial vehicles in a wide variety of fields do not include Amazon.com Inc and China's DJI, but do involve Alphabet Inc, Qualcomm Inc and Microsoft Corp.
Virginia Tech, one of the winners, said that Alphabet's Project Wing, AT&T Inc, Intel Corp, Airbus SE and Dominion Energy Inc are among the partners for its pilot program that will explore package delivery, emergency management and infrastructure inspection.
The pilot program is aimed at producing data to assist the Federal Aviation Administration in establishing rules and regulations to safely integrate drones at scale. The FAA still must decide questions before the pilot projects begin including whether drone deliveries should follow city streets or cross backyards.
The 10 pilot drone test projects selected from 149 applications are in California, Tennessee, North Dakota, Nevada, Kansas and other states.
Nevada-based Flirtey, a drone delivery startup, said it was a partner on four of the winning applications including Virginia Tech's. Flirtey said in a statement that it and government partners "will now have access to fast-tracked regulatory approvals as they work to expand lifesaving drone delivery operations."
U.S. Transportation Secretary Elaine Chao said that drone use is surging. She said the administration must "create a path forward" to ensure the safe integration of drones.
She said there are "no losers" and she thinks dozens of the applicants not chosen could be greenlighted by the FAA in the coming months.
Amazon, which hopes to one day deliver packages with a fleet of drones, said it was unfortunate its applications were not selected but supports the U.S. efforts.
"Were focused on developing a safe operating model for drones in the airspace and we will continue our work to make this a reality, said Brian Huseman, Amazon's vice president of public policy.
Asked why the Transportation Department had not selected Amazon or DJI, Deputy Transportation Secretary Jeff Rosen told Reuters that the projects had gone through a rigorous review process. "There were no losers -- only winners," Rosen said. "This is an important first step in the process of drone integration."
The company has worked with the FAA on policy as it tested drone technology around the world. It began limited drone deliveries in the United Kingdom in 2016.
China's SZ DJI Technology Co Ltd said it submitted about a dozen applications.
"We congratulate the winners and will be happy to work with any of them with hardware, software or technical assistance to help these exciting ideas come to life, said Adam Lisberg, spokesman for the world's largest maker of non-military drones.
Microsoft Corp is among the partners for a Kansas project, while Qualcomm Inc is joining a winning bid from the City of San Diego to test a wide range of public safety, commercial and emergency response applications.
Memphis Airport Authority Chief Executive Scott Brockman told Reuters that it had also been picked and that its partner FedEx Corp will use drones to inspect aircraft at its hub in Tennessee as well as parts deliveries for aircraft and some package deliveries between the airport and other Memphis locations. Another partner is General Electric Co, he said.
RULES NEEDED FOR PEOPLE, BACKYARDS
Earlier, the department confirmed it had sent two planned rules to the White House to regulate the increased use of unmanned aerial vehicles.
One rule submitted would allow drones to fly over people while another proposal submitted would allow for remote identification and tracking of unmanned aircraft in flight. After both are formally proposed, it would take months or possibly more than a year before they are finalized.
Current rules prohibit nighttime drone flights or operations over people without a waiver from the FAA. The FAA has no requirements or voluntary standards for electrically broadcasting information to identify an unmanned aircraft.
The FAA has said regulations are necessary to protect the public and the National Airspace System from bad actors or errant hobbyists. Several incidents around major airports have involved drones getting close to aircraft.
The wide interest in the U.S. initiative, launched by President Donald Trump last year, underscores the desire of a broad range of companies to have a say in how the fledgling industry is regulated and ultimately win authority to operate drones for purposes ranging from package delivery to crop inspection. (Reporting by David Shepardson; Additional reporting by Stephen Nellis; Editing by Bill Rigby and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/reuters-america-update-2-u-s-drone-program-taps-alphabet-passes-over-amazon-chinas-dji.html |
NEW YORK, May 23, 2018 /PRNewswire-USNewswire/ -- CARTO , the leader in location intelligence, announced today at the first US-based CARTO Locations conference, held in New York City, that it has appointed George Mathew to its board of directors.
Mathew brings more than 20 years of experience in developing technology leaders and brings to the board his depth of knowledge and experience developing applications for location data. Currently, Mathew serves as CEO and Chairman of aerial intelligence platform company, Kespry where he is focused on leading the company's mission to transform how people and businesses capture, use and get value from work-site analytics. Previously he served as President and COO of Alteryx and held leadership positions at salesforce.com and SAP. Mathew brings to the board his depth of knowledge and experience developing applications for location data.
"As mobile devices, the internet of things and sensors create an deluge of physical data; location intelligence is critical to the future of innovation in everything from autonomous vehicles to urban planning," said Mathew. "CARTO is leading this shift toward enabling these new data sources to co-exist with world-class locational context."
According to Gartner's 2016 Business Intelligence and Analytics Spending Intentions survey, geospatial and location intelligence was one of the consistently reported top areas for investment in 2017. Another study by IndustryArc , estimated that location intelligence (LI) is estimated to grow at a CAGR of 23.4 percent during the period from 2016-2021 an that the Americas are expected to be the largest region for that growth with revenue of $6.9 billion by 2021.
CARTO, an Inc 5000 Fastest Growing company in 2017, is addressing the demand for better analytics and intelligence using location data. Over the past 12 months, it has experienced a 120 percent growth rate year over year.
CARTO Locations New York is the first and only event of its kind focused on location intelligence in the United States. The event brings together leaders and early adopters of LI to share best practices, develop new use cases and learn the latest technologies to advance the market.
To learn more about how location intelligence is transforming industries, visit www.carto.com .
About CARTO
CARTO is leading the location intelligence revolution. We are the platform that turns location data into better behavioral marketing, optimized delivery routes, strategic store placements and maximized assets. Everyone, from data scientists to business analysts, use our open, cloud software to understand where things happen, why they happen and predict what will happen in the future.
CARTO was founded in 2012 by a team of experts in geospatial development, big data analytics, and visualization techniques. The company is based in New York City and Madrid, with additional locations in London, Washington, DC, and Estonia. CARTO has a team of more than 1,500 global customers and more than 200,000 users over the globe, and is backed by investors including Accel and Salesforce Ventures.
View original content with multimedia: http://www.prnewswire.com/news-releases/carto-records-record-customer-acquisition-growth-appoints-george-mathew-to-board-300653180.html
SOURCE CARTO | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-carto-records-record-customer-acquisition-growth-appoints-george-mathew-to-board.html |
May 15 (Reuters) - Summit Therapeutics PLC:
* SUMMIT THERAPEUTICS PLC FILES FOR MIXED SHELF OF UPTO $225 MILLION - SEC FILING Source bit.ly/2jXftRN Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-summit-therapeutics-files-for-mixe/brief-summit-therapeutics-files-for-mixed-shelf-of-upto-225-million-idUSFWN1SM1EZ |
May 17, 2018 / 10:18 AM / Updated 14 minutes ago Russian parliament gives interim nod to counter-sanctions legislation Reuters Staff 1 Min Read
MOSCOW, May 17 (Reuters) - Russia’s lower house of parliament approved on second reading a bill that would give the Russian government authority to ban trade in certain items with countries deemed to be unfriendly to Moscow.
Under the legislation, the decision about what products would be affected by the restrictions would be made by the Russian president, and then subject to approval from parliament.
The legislation, which is Russia’s response to a new round of U.S. sanctions, must pass a third reading, before passing to the upper house of parliament. (Reporting by Polina Nikolskaya Editing by Christian Lowe) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-russia-sanctions-parliament-law/russian-parliament-gives-interim-nod-to-counter-sanctions-legislation-idUSR4N1SG02G |
Trump to NRA: We proudly stand for the national anthem 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/trump-to-nra-we-proudly-stand-for-the-national-anthem.html |
Edison International:
* Q1 EARNINGS PER SHARE $0.67 * Q1 EARNINGS PER SHARE VIEW $0.91 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED CORE EARNINGS PER SHARE $0.80 * WILL PROVIDE 2018 EARNINGS GUIDANCE AFTER A FINAL DECISION HAS BEEN ISSUED BY CPUC ON SOUTHERN CALIFORNIA EDISON 2018 GRC
* QTRLY TOTAL OPERATING REVENUE $2,564 MILLION VERSUS $2,463 MILLION
* Q1 REVENUE VIEW $2.51 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-edison-international-q1-earnings-p/brief-edison-international-q1-earnings-per-share-0-67-idUSASC09YQ4 |
HOUSTON, May 2, 2018 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today reported revenues of $33.5 million in the first quarter 2018, a 3% increase compared to revenues of $32.6 million one year ago. ION's net loss was $18.4 million, or $(1.44) per share, compared to a net loss of $23.3 million, or $(1.98) per share in the first quarter 2017. Excluding special items in both periods, the Company reported an Adjusted net loss of $17.2 million, or $(1.34) per share, compared to an Adjusted net loss of $18.3 million, or $(1.55) per share in the first quarter 2017. A reconciliation of special items to the financial results can be found in the tables of this press release.
The Company reported Adjusted EBITDA of $0.1 million for the first quarter 2018, a slight improvement to the break-even Adjusted EBITDA one year ago. A reconciliation of Adjusted EBITDA to the closest comparable GAAP numbers can be found in the tables of this press release.
Net cash flows from operations were $0.6 million during the first quarter 2018, compared to $1.8 million in the first quarter 2017. Total net cash flows, including investing and financing activities, were $(1.3) million, compared to $(3.2) million in the first quarter 2017. The net cash flows for the first quarter 2018 reflect the $47.2 million of net proceeds received from the Company's equity offering. A portion of those proceeds were used to retire the $28.5 million of third lien notes prior to their maturity in May 2018. The Company also repaid the $10.0 million of outstanding indebtedness under its credit facility during the first quarter. As a result of the Company's first quarter 2018 debt repayments, only $1.0 million of current debt remained outstanding at March 31, 2018, and the Company's remaining long-term debt is $120.6 million of second lien notes that mature in December 2021.
At March 31, 2018, the Company had total liquidity of $74.4 million, consisting of $50.8 million of cash on hand and $23.6 million of available and undrawn borrowing base under its revolving credit facility. At March 31, 2018, there was no indebtedness outstanding under the credit facility. Although the Company experienced an increase in its combined accounts and unbilled receivables from one year ago, those increases were part of the Company's foreign operations, which were not included in the borrowing base calculation.
Brian Hanson, ION's President and Chief Executive Officer, commented, "Our first quarter financial results were consistent with our expectations on the last earnings call. Our customers were still finalizing capital budgets late into the quarter, which delayed meaningful technical and commercial discussions until mid-March and is why the first quarter is typically our lowest in revenues and Adjusted EBITDA. I am extremely pleased that our backlog growth year-over-year exceeded expectations, as that is typically a positive indicator of the trajectory of our business and is consistent with commercial conversations we are having.
"We continue to expect that 2018 will be an improvement over 2017, and as usual, believe the second half of the year will be stronger than the first half. We are seeing signs of heightened activity in our business and expect increasing momentum throughout the year. The acceleration in new program activity, which is driving the growth in backlog, is the best near-term indicator of the velocity in our business. In addition, our data library is exceptionally well positioned for the uptick in upcoming license round activity. Our Imaging Services and E&P Advisors groups remain fully utilized on attractive projects and are seeing increased demand for their services and a growing backlog year-over-year.
"We are focused on executing against our three primary strategic objectives. The first objective is to shift our business away from exploration and closer to the reservoir, where capital is flowing. Our 3D reimaging programs offshore Mexico and Brazil have been extremely successful, and we were awarded multiple large proprietary ocean bottom imaging contracts that leverage our cutting-edge full waveform inversion algorithms to produce sharper, more detailed reservoir images. We are also seeing strong interest for a number of 4Sea components due to their ability to dramatically improve the safety and efficiency of ocean bottom imaging. We are taking this technology to market in an asset light way, offering it to the growing number of OBS service providers and sharing in the value our technology delivers.
"Our second objective is to broaden and diversify our offerings into adjacent markets. The E&P industry is extremely cyclical and we already have leading market share in many of the areas where we participate in the seismic market. We transformed our core command and control platform to optimize a wide variety of offshore operations and this quarter we launched an enterprise version of Marlin that transitions from a services-led to an off-the-shelf solution. We have also solved some significant marine sensing, positioning and communications challenges with our Devices technology, and we are gaining traction with these offerings in relevant adjacent markets. For example, we recently evolved our industry-leading compass from our positioning solution to help navigate underwater diver propulsion devices in GPS-deprived environments. There is a lot more potential to diversify as we strategically evaluate where to focus our efforts.
"The third objective is to de-lever our balance sheet. The successful public equity offering in February 2018 was a big step forward in reducing our debt and potentially allows us to become debt-free in the foreseeable future. This February, ION issued and sold 1,820,000 shares of common stock at a public offering price of $27.50 per share, and also issued warrants allowing purchasers to buy an additional 1,820,000 shares of common stock. A portion of the $47.2 million net proceeds from the offering were used to retire our third lien notes of $28.5 million. The warrants have an exercise price of $33.60 per share, are immediately exercisable, and will expire March 21, 2019. If the warrants are exercised in full prior to their expiration, we will receive additional proceeds of $61.2 million. The successful public equity offering is not only an endorsement of our asset light strategy, but also recognition of the velocity in our business and our underlying value. The combination of the capital raised plus the potential exercise of the warrants in the next 12 months, along with our current liquidity and free cash flow throughout 2018, should position us with cash by early 2019 well in excess of the second lien notes coming due in 2021, reducing net debt to less than zero."
FIRST QUARTER 2018
The Company's segment revenues for the first quarter were as follows (in thousands):
Three Months Ended March 31,
2018
2017
% Change
E&P Technology & Services
$
24,568
$
23,310
5
%
Operations Optimization
8,940
9,246
(3)
%
Ocean Bottom Integrated Technologies
—
—
—
Total
$
33,508
$
32,556
3
%
Within the E&P Technology & Services segment, total multi-client revenues were $19.7 million, an increase of 12%, with new venture revenues increasing 98% and data library revenues decreasing 44% from the first quarter 2017. The majority of new venture revenues were from the Company's 3D multi-client reimaging programs offshore Mexico and Brazil, as well as revenues from new 2D multi-client programs the Company launched in 2017. Total multi-client revenues came from diverse geographic areas in Mexico, Brazil, Argentina, Nigeria, East Africa, the Mediterranean and across the Caribbean. Imaging Services revenues were $4.9 million, a 15% decrease. The decrease in Imaging Services revenues was attributable to the Company's strategic shift toward higher return multi-client programs. Internal imaging work for multi-client programs is reflected as part of new venture or data library revenues, depending on program status, whereas revenues from proprietary imaging projects are reflected as part of Imaging Services.
Within the Operations Optimization segment, Optimization Software & Services revenues were $4.8 million, a 12% increase from the first quarter 2017. Excluding the effect of foreign currencies, Optimization Software & Services revenues were up 7% in local currency (British pound sterling). Devices revenues were $4.2 million, a 17% decrease from the first quarter 2017. Devices continues to be impacted by reduced seismic contractor activity, resulting in further declines in new system sales as well as repair and replacement revenues.
The Ocean Bottom Integrated Technologies segment contributed no revenues during the first quarter.
ION's consolidated gross margin for the quarter was 20%, compared to 19% in the first quarter 2017. Gross margin in the E&P Technology & Services increased slightly to 18%, compared to 17% one year ago. Operations Optimization gross margin was 48%, down from 52% in the first quarter 2017, primarily due to change in revenue mix.
Consolidated operating expenses were $19.5 million, down from $20.0 million in the first quarter 2017. Operating margin was (38)%, compared to (43)% in the first quarter 2017. The improvement in operating margin was the result of the modest increase in revenues, coupled with the reduction in operating expenses.
CONFERENCE CALL
The Company has scheduled a conference call for Thursday, May 3, 2018, at 10:00 a.m. Eastern Time that will include a slide presentation to be posted in the Investor Relations section of the ION website by 9:00 a.m. Eastern Time. To participate in the conference call, dial (877) 407-0672 at least 10 minutes before the call begins and ask for the ION conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until May 17, 2018. To access the replay, dial (877) 660-6853 and use pass code 13678424#.
Investors, analysts and the general public will also have the opportunity to listen to the conference call live over the Internet by visiting www.iongeo.com . An archive of the webcast will be available shortly after the call on the Company's website.
About ION
ION develops and leverages innovative technologies, creating value through data capture, analysis and optimization to enhance critical decision-making, enabling superior returns. For more information, visit iongeo.com .
Contact
Steve Bate
Executive Vice President and Chief Financial Officer
+1.281.552.3011
The information herein contains certain within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these . All reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; and political, execution, regulatory, and currency risks. These risks and uncertainties also include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or the related proceedings. For additional information regarding these various risks and uncertainties, including the WesternGeco litigation, see our Form 10-K for the year ended December 31, 2017, filed on February 8, 2018. Additional risk factors, which could affect actual results, are disclosed by the Company in its fillings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any .
Tables to follow
ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
2018
2017
Service revenues
$
25,086
$
23,828
Product revenues
8,422
8,728
Total net revenues
33,508
32,556
Cost of services
22,329
22,299
Cost of products
4,326
4,156
Gross profit
6,853
6,101
Operating expenses:
Research, development and engineering
4,255
3,495
Marketing and sales
5,098
4,486
General, administrative and other operating expenses
10,140
12,032
Total operating expenses
19,493
20,013
Loss from operations
(12,640)
(13,912)
Interest expense, net
(3,836)
(4,464)
Other expense, net
(791)
(5,068)
Loss before income taxes
(17,267)
(23,444)
Income tax expense (benefit)
1,072
(418)
Net loss
(18,339)
(23,026)
Net income attributable to noncontrolling interest
(87)
(316)
Net loss attributable to ION
$
(18,426)
$
(23,342)
Net loss per share:
Basic
$
(1.44)
$
(1.98)
Diluted
$
(1.44)
$
(1.98)
Weighted average number of common shares outstanding
Basic
12,813
11,818
Diluted
12,813
11,818
ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
ASSETS
March 31,
2018
December 31,
2017
Current assets:
Cash and cash equivalents
$
50,750
$
52,056
Accounts receivable, net
29,750
19,478
Unbilled receivables
16,349
37,304
Inventories
14,728
14,508
Prepaid expenses and other current assets
5,754
7,643
Total current assets
117,331
130,989
Deferred income tax asset
1,877
1,753
Property, plant, equipment and seismic rental equipment, net
50,007
52,153
Multi-client data library, net
84,433
89,300
Goodwill
25,188
24,089
Intangible assets, net
1,374
1,666
Other assets
843
1,119
Total assets
$
281,053
$
301,069
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$
1,014
$
40,024
Accounts payable
22,817
24,951
Accrued expenses
26,195
38,697
Accrued multi-client data library royalties
28,324
27,035
Deferred revenue
11,330
8,910
Total current liabilities
89,680
139,617
Long-term debt, net of current maturities
116,916
116,720
Other long-term liabilities
12,938
13,926
Total liabilities
219,534
270,263
Equity:
Common stock
139
120
Additional paid-in capital
950,464
903,247
Accumulated deficit
(873,347)
(854,921)
Accumulated other comprehensive loss
(17,054)
(18,879)
Total stockholders' equity
60,202
29,567
Noncontrolling interest
1,317
1,239
Total equity
61,519
30,806
Total liabilities and equity
$
281,053
$
301,069
ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31,
2018
2017
Cash flows from operating activities:
Net loss
$
(18,339)
$
(23,026)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization (other than multi-client data library)
2,523
4,677
Amortization of multi-client data library
9,793
9,258
Stock-based compensation expense
812
634
Accrual for loss contingency related to legal proceedings
—
5,000
Deferred income taxes
(117)
(1,909)
Change in operating assets and liabilities:
Accounts receivable
(10,084)
4,756
Unbilled receivables
20,919
(5,348)
Inventories
(164)
(274)
Accounts payable, accrued expenses and accrued royalties
(10,155)
(2,488)
Deferred revenue
2,381
7,193
Other assets and liabilities
3,039
3,368
Net cash provided by operating activities
608
1,841
Cash flows from investing activities:
Cash invested in multi-client data library
(9,240)
(3,363)
Purchase of property, plant, equipment and seismic rental assets
(61)
(49)
Net cash used in investing activities
(9,301)
(3,412)
Cash flows from financing activities:
Payments under revolving line of credit
(10,000)
—
Payments on notes payable and long-term debt
(29,144)
(1,706)
Net proceeds from issuance of stock
47,219
—
Other financing activities
(575)
(286)
Net cash provided by (used in) financing activities
7,500
(1,992)
Effect of change in foreign currency exchange rates on cash, cash equivalents and restricted cash
(113)
409
Net decrease in cash, cash equivalents and restricted cash
(1,306)
(3,154)
Cash, cash equivalents and restricted cash at beginning of period
52,419
53,433
Cash, cash equivalents and restricted cash at end of period
$
51,113
$
50,279
The following table is a reconciliation of cash and cash equivalents to total cash, cash equivalents, and restricted cash:
Three months ended March 31,
2018
2017
Cash and cash equivalents
$
50,750
$
49,640
Restricted cash included in prepaid expenses and other current assets
60
285
Restricted cash included in other long-term assets
303
354
Total cash, cash equivalents, and restricted cash shown in statement of cash flows
$
51,113
$
50,279
ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
SUMMARY OF SEGMENT INFORMATION
(In thousands)
(Unaudited)
Three Months Ended March 31,
2018
2017
Net revenues:
E&P Technology & Services:
New Venture
$
13,726
$
6,949
Data Library
5,948
10,606
Total multi-client revenues
19,674
17,555
Imaging Services
4,894
5,755
Total
24,568
23,310
Operations Optimization:
Devices
4,158
4,990
Optimization Software & Services
4,782
4,256
Total
8,940
9,246
Ocean Bottom Integrated Technologies
—
—
Total
$
33,508
$
32,556
Gross profit (loss):
E&P Technology & Services
$
4,343
$
4,010
Operations Optimization
4,311
4,787
Ocean Bottom Integrated Technologies
(1,801)
(2,696)
Total
$
6,853
$
6,101
Gross margin:
E&P Technology & Services
18
%
17
%
Operations Optimization
48
%
52
%
Ocean Bottom Integrated Technologies
—
%
—
%
Total
20
%
19
%
Income (loss) from operations:
E&P Technology & Services
$
(794)
$
(1,096)
Operations Optimization
786
1,549
Ocean Bottom Integrated Technologies
(2,829)
(4,008)
Support and other
(9,803)
(10,357)
Loss from operations
(12,640)
(13,912)
Interest expense, net
(3,836)
(4,464)
Other expense, net
(791)
(5,068)
Loss before income taxes
$
(17,267)
$
(23,444)
ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
Reconciliation of Adjusted EBITDA to Net Loss
(Non-GAAP Measure)
(In thousands)
(Unaudited)
The term Adjusted EBITDA represents net loss before interest expense, interest income, income taxes, depreciation and amortization charges, and other charges including, without limitation, changes in the loss contingency reserve related to legal proceedings. Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income (loss) or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted EBITDA as a supplemental disclosure because its management believes that Adjusted EBITDA provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. Additionally, due to the recent increase in the Company's stock price and impact of reflecting its stock appreciation awards at their fair value, the Company is presenting Adjusted EBITDA, excluding the impact of stock appreciation awards, to assist in the comparability to its prior year results.
Three Months Ended March 31,
2018
2017
Net loss
$
(18,339)
$
(23,026)
Interest expense, net
3,836
4,464
Income tax expense (benefit)
1,072
(418)
Depreciation and amortization expense
12,316
13,935
Accrual for loss contingency related to legal proceedings
—
5,000
Stock appreciation rights expense
1,243
—
Adjusted EBITDA
$
128
$
(45)
ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES
Reconciliation of Special Items to Net Loss per Share
(Non-GAAP Measure)
(In thousands, except per share data)
(Unaudited)
The financial results are reported in accordance with GAAP. However, management believes that certain non-GAAP performance measures may provide users of this financial information, additional meaningful comparisons between current results and results in prior operating periods. One such non-GAAP financial measure is adjusted income (loss) from operations or adjusted net income (loss), which excludes certain charges or amounts. This adjusted income (loss) amount is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for income (loss) from operations, net income (loss) or other income data prepared in accordance with GAAP. See the tables below for supplemental financial data and the corresponding reconciliation to GAAP financials for the three months ended March 31, 2018 and 2017:
Three Months Ended March 31, 2018
Three Months Ended March 31, 2017
As Reported
Special
Items
As Adjusted
As Reported
Special
Items
As Adjusted
Net revenues
$
33,508
$
—
$
33,508
$
32,556
$
—
$
32,556
Cost of sales
26,655
—
26,655
26,455
—
26,455
Gross profit
6,853
—
6,853
6,101
—
6,101
Operating expenses
19,493
(1,243)
(1)
18,250
20,013
—
20,013
Loss from operations
(12,640)
1,243
(11,397)
(13,912)
—
(13,912)
Interest expense, net
(3,836)
—
(3,836)
(4,464)
—
(4,464)
Other expense, net
(791)
—
(791)
(5,068)
5,000
(2)
(68)
Income tax expense (benefit)
1,072
—
1,072
(418)
(418)
Net loss
(18,339)
1,243
(17,096)
(23,026)
5,000
(18,026)
Net income attributable to noncontrolling interest
(87)
—
(87)
(316)
—
(316)
Net loss attributable to ION
$
(18,426)
$
1,243
$
(17,183)
$
(23,342)
$
5,000
$
(18,342)
Net loss per share:
Basic
$
(1.44)
$
(1.34)
$
(1.98)
$
(1.55)
Diluted
$
(1.44)
$
(1.34)
$
(1.98)
$
(1.55)
Weighted average number of common shares outstanding
Basic
12,813
12,813
11,818
11,818
Diluted
12,813
12,813
11,818
11,818
(1)
Represents stock appreciation right awards expense in the first quarter 2018
(2)
Represents an accrual related to the WesternGeco legal contingency during the first quarter 2017
View original content: http://www.prnewswire.com/news-releases/ion-reports-first-quarter-2018-results-300641546.html
SOURCE ION Geophysical Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-ion-reports-first-quarter-2018-results.html |
NEW ALBANY, Ohio, May 23, 2018 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE:ANF) today reported that on May 22, 2018, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the Class A Common Stock of Abercrombie & Fitch Co., payable on June 18, 2018 to stockholders of record at the close of business on June 8, 2018.
About Abercrombie & Fitch Co.
Abercrombie & Fitch Co. (NYSE:ANF) is a leading, global specialty retailer of apparel and accessories for Men, Women and Kids through three renowned brands. For over 125 years, the iconic Abercrombie & Fitch brand has outfitted innovators, explorers and entrepreneurs. Today, the brand reflects the updated attitude of the 21 to 24-year old customer, while remaining true to its heritage of creating expertly crafted products with an effortless, American style. The Hollister brand epitomizes the liberating and carefree spirit of the endless California summer for the teen market. abercrombie kids creates smart, playful apparel for children ages 5-14, celebrating the wide-eyed wonder of childhood.
The brands share a commitment to offering products of enduring quality and exceptional comfort that allow consumers around the world to express their own individuality and style. The Company operates over 850 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com and www.hollisterco.com .
Investor Contact: Media Contact: Brian Logan Ian Bailey Abercrombie & Fitch Abercrombie & Fitch (614) 283-6877 (614) 283-6192 [email protected] [email protected]
Source:Abercrombie & Fitch Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-abercrombie-fitch-co-reports-declaration-of-quarterly-cash-dividend-of-0-point-20-per-share.html |
UAE company turns camel milk into baby formula 11:35am BST - 00:59
A company based in the UAE, which recently unveiled a baby formula made with camel milk, says its unique products are due to hit local markets soon.
A company based in the UAE, which recently unveiled a baby formula made with camel milk, says its unique products are due to hit local markets soon. //reut.rs/2wXlNlR | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/21/uae-company-turns-camel-milk-into-baby-f?videoId=428994400 |
Assets Under Management (AUM) increased +16% year over year to $1.6 billion Mark-to-market of investment portfolio drives loss of $0.95 per share
RYE, N.Y.--(BUSINESS WIRE)-- Associated Capital Group, Inc. (“AC” or the “Company”) reported financial results for the first quarter ended March 31, 2018.
Financial Highlights
($000s except AUM and per share data)
Q1 2018 2017 AUM - end of period (in millions) $ 1,560 $ 1,349 Revenues 4,703 4,987 Operating loss (4,250 ) (4,332 ) Investment and other non-operating income/(expense), net (a) (24,856 ) (17,109 ) Loss before income taxes (29,106 ) (21,441 ) Net loss (22,229 ) (13,078 ) Net loss per share - diluted $ (0.95 ) $ (0.55 ) Shares outstanding at March 31 (thousands) 23,133 24,248 (a) See below for a discussion of the adoption of new accounting guidance First Quarter Overview
Our operating loss for the quarter was $4.3 million in line with the comparable year ago quarter. First quarter operating revenues were down $0.3 from the prior year quarter, but expenses, primarily compensation, decreased by $0.4 million.
First quarter investment and other non-operating income/(expense), net was a loss of $24.9 million compared to $17.1 million loss in the first quarter of 2017 primarily reflecting mark-to-market losses on our investment portfolio partially offset by the absence of a $4.9 million shareholder-designated contribution in the year ago period. In comparing the current quarter’s results with those of the year ago period, it is important to note the impact of a change in the accounting treatment of available for sale (“AFS”) equity securities. In prior periods, the change in unrealized gains or losses attributable to AFS equity securities was reflected in equity and classified as other comprehensive income rather than net income. Beginning with this quarter, however, the mark-to-market adjustments for the entire portfolio flow through net income. On a comparable basis, the first quarter 2017 investment and other non-operating income/(expense), net would have been a loss of $0.6 million.
Despite the higher pre-tax loss, the Company recorded a lower income tax benefit in the current quarter of $6.7 million compared to $8.4 million in the comparable quarter of 2017. This decreased tax benefit primarily resulted from the reduction in the federal corporate income tax rate to 21% from 35% under the recently-enacted Tax Cut and Jobs Act.
As a result of the factors noted above, net loss for the first quarter of 2018 was $22.2 million or $0.95 per diluted share, versus a net loss of $13.1 million, or $0.55 per diluted share in the first quarter of 2017. On a comparable basis of accounting for AFS securities, the year ago period would have reported a net loss of $2.5 million (i.e., the Company’s reported comprehensive income).
Financial Condition
In November 2015, GAMCO (“GBL”) issued a PIK note to AC with an initial face value of $250 million (the “GAMCO Note”) as part of AC’s spin-off. During the first quarter of 2018, GBL repaid $10 million of the GAMCO Note, reducing the outstanding principal to $40 million. Under GAAP, the balance of the GAMCO Note is treated as a reduction of equity.
At March 31, 2018, AC’s book value on a GAAP basis was $888 million, or $38.38 per share, compared to $918 million, or $38.84 per share, at December 31, 2017. The decline in GAAP book value per share primarily reflects our net loss partially offset by the $10 million repayment of the GAMCO Note.
Management believes that the analysis of adjusted economic book value (“AEBV”), defined as total GAAP equity plus the outstanding balance of the GAMCO Note, is useful in analyzing the Company’s financial condition. Please note that both of these are non-GAAP financial measures. AEBV per share was $40.11 at March 31, 2018 compared to $40.96 per share at prior year-end:
($000s except per share data)
March 31, 2018 December 31 2017 Total Per Share Total Per Share Total equity as reported $ 887,794 $ 38.38 $ 918,147 $ 38.84 Add: GAMCO Note 40,000 1.73 50,000 2.12 Adjusted economic book value $ 927,794 $ 40.11 $ 968,147 $ 40.96 First Quarter Results of Operations
Assets Under Management (AUM)
March 31, December 31, March 31, 2018 2017 2017 (in millions) Event Merger Arbitrage $ 1,407 $ 1,384 $ 1,144 Event-Driven Value 88 91 141 Other 65 66 64 Total AUM $ 1,560 $ 1,541 $ 1,349 Assets Under Management at March 31, 2018 were $1.6 billion, an increase of $211 million from $1.3 billion at March 31, 2017. This increase reflects $69 million of net appreciation and $142 million of net capital inflows. Year over year asset flows included Gabelli Merger Plus+ Trust PLC (GMP:LN), the Company’s first closed-end fund which launched in July 2017. GAMCO International SICAV – GAMCO Merger Arbitrage, our UCITS fund, also saw significant capital flows over the year as it gains traction on a number of platforms.
Revenues
Total operating revenues for the three months ended March 31, 2018 were $4.7 million versus $5.0 million in the comparable prior year period:
Investment advisory fees increased to $2.5 million in the first quarter of 2018, up from $2.4 million in the comparable 2017 quarter, due to higher assets under management. Institutional research services revenue was $2.2 million in the first quarter 2017, down $0.4 million from the year ago quarter.
Incentive fees are not recognized until the measurement period ends and the fee is crystalized, typically annually on December 31. If the measurement period had ended on March 31, we would have recognized an immaterial amount for each of the quarters ended March 31, 2018 and 2017, respectively.
Investment and other non-operating income/(expense), net
During the first quarter of 2018, investment and other non-operating income/(expense), net was a loss of $24.9 million compared to $17.1 million loss in the first quarter of 2017. Investment losses were $27.5 million and $14.4 million in the 2018 and 2017 quarters, respectively, primarily a function of mark-to-market changes in the value of our investments.
Dividends on the GBL shares and interest income from the GAMCO Note were $0.6 million in the 2018 quarter versus $1.1 million in the comparable quarter in 2017 primarily due to the reduction in the balance of the GAMCO Note.
Business and Investment Highlights
Event Driven Asset Management
Our merger arbitrage fund launched in February 1985 was essentially unchanged for the quarter. This compares favorably to the overall equity markets which saw declines and highlights the uncorrelated nature of this investment style. Global M&A activity remained strong, and we expect that corporate confidence, strong balance sheets, accommodative credit markets and repatriation of overseas profits as a result of tax reform will continue to propel corporate merger activity. Merger arbitrage returns should also benefit from a rising interest rate environment and increasing deal spreads as a result of heightened market volatility.
Institutional Research
During the past quarter, Gabelli & Company, our institutional research services business, sponsored three investment conferences:
Pump, Valve, & Water Systems – 28 th Annual
Waste & Environmental Services – 4 th Annual
Specialty Chemicals – 9 th Annual
We also hosted several non-deal roadshows to connect institutional investors and senior executives of companies followed by our research analysts.
On Friday, May 4, 2018, Gabelli & Company hosted its 12 th Annual Omaha Research Trip which included local site tours, management meetings, and topical discussions followed by Columbia Business School’s annual Omaha dinner and noted investment panel underwritten by Gabelli.
We continue to increase the presence of our analysts on social media platforms. We invite you to follow us on the Gabelli TV channel on YouTube ( www.youtube.com ) or Facebook ( www.facebook.com/GabelliTV ) and receive frequent, real-time updates from our analysts.
Shareholder Compensation
At March 31, 2018, there were 3.9 million Class A and 19.2 million Class B shares outstanding.
During the first quarter, the Company completed a tender offer for approximately 500,000 Class A shares in exchange for approximately 670,000 GBL shares. Following the exchange offer, we continue to hold 3.7 million shares of GBL valued at $92.5 million at the end of the quarter.
Including the exchange offer, the Company repurchased shares at an average investment of $35.91 per share, for a total of $18.2 million. Since the spin-off of the Company from GAMCO, we have returned approximately $81 million to shareholders through the repurchase of approximately 2.5 million shares.
In addition, the Board of Directors declared a $0.10 dividend per share payable on July 2, 2018 to its shareholders of record on June 18, 2018.
Other
The Company expects to post future earnings announcements solely on its website, associated-capital-group.com , under “Investor Relations”.
About Associated Capital Group, Inc.
The Company has been publicly traded since November 30, 2015 following its spin-off from GAMCO Investors, Inc.
The Company operates its investment management business via Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.), its 100% owned subsidiary. GCIA and its wholly-owned subsidiary, Gabelli & Partners, collectively serve as general partners or investment managers to investment funds including limited partnerships, offshore companies and separate accounts. The Company primarily manages assets in equity event-driven strategies, across a range of risk and event arbitrage portfolios and earns management and incentive fees from its advisory activities. Management fees are largely based on a percentage of assets under management. Incentive fees are based on a percentage of the investment returns of certain clients’ portfolios. GCIA is registered with the Securities and Exchange Commission as an investment advisor under the Investment Advisers Act of 1940, as amended.
The Company operates its institutional research services business through G.research (which does business as Gabelli & Company), an indirect wholly-owned subsidiary of the Company. G.research is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, that provides institutional research services and acts as an underwriter.
The Company also derives investment income/(loss) from proprietary trading of assets awaiting deployment in its operating businesses.
Table I ASSOCIATED CAPITAL GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands, except per share data) March 31, December 31, March 31, 2018 2017 2017 ASSETS Cash and cash equivalents $ 283,972 $ 293,112 $ 307,651 Investments 549,255 513,888 459,462 Investment in GAMCO stock (3,726,250, 4,393,055 and 4,393,055 shares, respectively) 92,523 130,254 129,990 Receivable from brokers 18,535 34,881 12,021 Income taxes receivable and deferred tax assets 1,241 - - Other receivables 4,280 30,877 4,506 Other assets 5,537 3,903 4,003 Total assets $ 955,343 $ 1,006,915 $ 917,633 LIABILITIES AND EQUITY Payable to brokers $ 5,621 $ 13,281 $ 6,168 Income taxes payable and deferred tax liabilities - 5,484 4,506 Compensation payable 2,982 12,785 5,991 Securities sold short, not yet purchased 5,211 5,731 7,519 Accrued expenses and other liabilities 3,131 5,257 7,568 Sub-total 16,945 42,538 31,752 Redeemable noncontrolling interests 50,604 46,230 4,050 Equity 927,794 961,435 959,945 4% PIK Note due from GAMCO (40,000 ) (50,000 ) (90,000 ) Accumulated comprehensive income - 6,712 11,886 Total equity 887,794 918,147 881,831 Total liabilities and equity $ 955,343 $ 1,006,915 $ 917,633 Table II ASSOCIATED CAPITAL GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data) For the Quarter Ended March 31, 2018 2017 Investment advisory and incentive fees $ 2,529 $ 2,401 Institutional research services 2,152 2,582 Other revenues 22 4 Total revenues 4,703 4,987 Compensation costs 6,324 6,783 Stock based compensation 72 444 Other operating expenses 2,557 2,092 Total expenses 8,953 9,319 Operating loss (4,250 ) (4,332 ) Investment loss (27,530 ) (14,401 ) Interest and dividend income from GAMCO 590 1,087 Interest and dividend income, net 2,084 1,100 Shareholder-designated contribution - (4,895 ) Investment and other non-operating income/(expense), net (24,856 ) (17,109 ) Loss before income taxes (29,106 ) (21,441 ) Income tax benefit (6,734 ) (8,424 ) Net loss (22,372 ) (13,017 ) Net income/(loss) attributable to noncontrolling interests (143 ) 61 Net loss attributable to Associated Capital Group, Inc. $ (22,229 ) $ (13,078 ) Net loss per share attributable to Associated Capital Group, Inc.: Basic $ (0.95 ) $ (0.55 ) Diluted $ (0.95 ) $ (0.55 ) Weighted average shares outstanding: Basic 23,508 23,829 Diluted 23,508 23,829 Actual shares outstanding 23,133 24,248 (a) Notes: (a) Includes 420,240 of RSAs at March 31, 2017. SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
The financial results set forth in this press release are preliminary. Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that could cause our actual results to differ from our expectations or beliefs include a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Form 10 and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006817/en/
Associated Capital Group, Inc.
Francis J. Conroy, 203-629-2726
Interim Chief Financial Officer
Associated-Capital-Group.com
Source: Associated Capital Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-associated-capital-group-inc-reports-first-quarter-results.html |
PHOENIX, May 14, 2018 (GLOBE NEWSWIRE) -- Quote: Media, Inc. (OTCQB:QMCI), a leading provider of market data, financial web content solutions and cloud-based applications, announced financial results for the three months ended March 31, 2018, showing 17% revenue growth, as well as profitability for the Company.
“We are very pleased with our results this quarter for many reasons, foremost of which is the fact that we established profitability,” said Robert J. Thompson, Quote: Media’s Chairman of the Board. “Quote: Media improved its bottom line by $490,366 moving to a profit of $8,161 this quarter compared to a loss of $482,205 in Q1 2017.
“Our top line revenue increased significantly. Our revenue in the first quarter rose to $2,667,240, which is an increase of $378,787 compared to the $2,288,453 reported in the comparative period in 2017. Additionally, our gross margin grew from 43% in the first quarter of 2017 to 49% in this reported quarter.
“In December 2017 we announced a financial restructuring that eliminated over $12 million of debt from our balance sheet and reduced our annual interest expense by about $1.3 million. The early impact of that restructuring on our operating performance is evidenced in these reported results.
“Our strengthened financial position allows us to attract and service much larger clients with our newly expanded product lines and enhanced data coverage.
“In coming quarters, we are focused on extending our marketing reach and working diligently to create and introduce additional, exciting new product and service offerings. We expect that we will continue to post strong financial results throughout the remainder of 2018.”
About Quote: Media
Quote: Media is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time Quote: s, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. Quote: Media provides data and services for companies such as the NASDAQ Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), FIS, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, JPMorgan Chase, JitneyTrade, Hilltop Securities, HD Vest, Intrinsic Research Systems, ING Investment Management, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, Marketwired, FolioFN, Regal Securities, Credential Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, Industrial Alliance, TradeKing, Suncor, Virtual Brokers, Equities.com , Leede Jones Gable, Vision Financial Markets, Firstrade Securities, Divy Inc., Motif Investing, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, SNN Incorporated and others. Quote: stream®, QMod TM and Quote: stream Connect TM are trademarks of Quote: Media. For more information, please visit www.Quote: media.com .
Statements about Quote: Media's future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Quote: Media intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company's SEC reports and filings and are subject to change at any time. Quote: Media's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Quote: Media
Dave Shworan, (877) 311-9911 ext. 101
contactus@Quote: media.com
Source:Quote: Media, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-quotemedia-announces-financial-results-and-profitability-for-q1-2018.html |
COX’S BAZAR, Bangladesh (Reuters) - With her 16-day old son lying asleep in her lap, tears streamed down the face of a 20-year-old Rohingya refugee in Bangladesh as she accused Myanmar troops of covering her eyes and mouth and raping her, before making her watch as they killed her husband.
FILE PHOTO: A Rohingya refugee camp in Cox's Bazar, Bangladesh, September 19, 2017. REUTERS/Cathal McNaughton/File Photo “I don’t know if this baby is from my husband or the rape,” said the woman, speaking through a translator, during a visit by United Nations Security Council envoys to camps in Cox’s Bazar in Bangladesh sheltering nearly a million refugees.
Ahead of the council visit to Bangladesh and Myanmar last week, senior U.N. officials warned the envoys about the prospect of a flood of babies being born in the coming weeks and months in the refugee camps that could be the result of rape.
In a joint statement, U.N. envoy for sexual violence in conflict, Pramila Patten, and U.N. assistant secretary-general for human rights Andrew Gilmour wrote “reports suggest Rohingya women and girls were raped on a systematic and possibly massive scale.”
“Many of the women and girls raped in 2017 are due to give birth in the next few weeks, during the monsoon season, and we are concerned that many will not be able to access medical care to give birth safely,” they wrote.
Nearly 700,000 mainly Rohingya Muslims fled to Bangladesh in the past eight months following a Myanmar military crackdown that the United Nations, United States and Britain have denounced as ethnic cleansing. Myanmar denies ethnic cleansing.
In March the United Nations launched an appeal for $951 million to help the Rohingya refugees for the rest of the year, but the world body said at the end of April it was only 9.0 percent funded.
The United Nations and aid groups working in the refugee camps in Cox’s Bazar, Bangladesh, said that it was difficult to know exactly how many women and girls were pregnant. It was even more difficult to know how many of the pregnancies were the result of rape.
“With the help of the U.N. bodies and other international and national (aid groups), we are trying to identify the pregnant women so that they get proper treatment,” said a senior Bangladesh health ministry official, who declined to be named due to sensitivity of the matter.
He said that so far 18,300 pregnant women had been identified and the rough total estimate was around 25,000.
Rohingya insurgent attacks on security posts in Myanmar’s Rakhine state in August sparked a military operation that Myanmar described as a legitimate response. Fleeing refugees have reported killings, rapes and arson on a large scale.
“Based on U.N. reports and testimonies from Rohingya women who told our staff of rape and sexual violence in Myanmar, we do sadly expect the number of babies born as a result of unwarranted pregnancies to increase in the coming months,” said Daphnee Cook, Save the Children’s spokeswoman in Cox’s Bazar.
MYANMAR MILITARY BLACKLISTED U.N. Secretary-General Antonio Guterres recently blacklisted the Myanmar armed forces in his annual report on conflict-related sexual violence. The military must now decide whether to work with Patten on a plan that would lead to their removal from the blacklist.
During a two hour meeting with Security Council envoys in Myanmar’s capital Naypyitaw last week, military chief Min Aung Hlaing vowed “harsh action” over sexual violence. According to the state-run Global New Light of Myanmar newspaper, he said: “Sexual violence (is) considered as despicable acts.”
Last November, Myanmar’s military release a report denying all accusations of rape by security forces.
Melissa How, Médecins Sans Frontieres (MSF) Medical Coordinator in Cox’s Bazar, said the had seen “a number of women and girls” who had become pregnant from sexual violence in Myanmar or Bangladesh.
“Some have miscarried; some have turned to traditional medicine and other methods to end their pregnancies, using unsafe methods. A number of women and girls have chosen to access MSF facilities for medical care, as well as menstrual regulation, in Bangladesh,” she said.
Abortion is illegal in Bangladesh but menstrual regulation to terminate a pregnancy is permissible. How also added that the majority of women in the camps who give birth do so outside health facilities.
Myanmar and Bangladesh agreed in January to complete the voluntary repatriation of the refugees within two years but the deal poses a challenge for women who give birth to children born from cases of rape.
U.N. envoy Patten, who will visit Cox’s Bazar this month, said a complying with a requirement in the deal for women to go the Bangladesh Supreme Court to obtain a document noting that a child had been “born out of unwarranted incidence,” a reference to cases of rape resulting in pregnancy, may be too difficult for poor, illiterate women.
Addition reporting by Ruma Paul in DHAKA and Zeba Siddiqui in COX'S BAZAR; editing by Clive McKeef
| ashraq/financial-news-articles | https://in.reuters.com/article/myanmar-rohingya-bangladesh-un/after-rohingya-rape-accusations-u-n-warns-of-imminent-births-idINKBN1I92CA |
May 4, 2018 / 1:33 PM / Updated an hour ago Czechs tested Novichok-like substance for chemical warfare protection - government Reuters Staff 3 Min Read
PRAGUE (Reuters) - Nerve agents of the Novichok type though not the same as that used to poison a former Russian spy in Britain have been synthesised in tiny amounts in the Czech Republic to help train the army against chemical warfare, the government said. A police officer guards a cordoned off area in the city centre where former Russian intelligence officer Sergei Skripal and his daughter Yulia were found poisoned, in Salisbury, Britain, April 3, 2018. REUTERS/Hannah McKay - RC12A7D1F1F0
The Czech Republic had been listed among others by Russia as potential source of the Novichok-like substance that left ex-double agent Sergei Skripal and his daughter Yulia in critical condition in the English city of Salisbury on March 4.
The Czech Defence Ministry said that it had carried out “microsynthesis” of several micrograms at a time of potential chemical warfare agents, including Novichok and sarin gas. This did not amount to production as understood under international treaty and could not have leaked, it said.
“Substances referred to as ‘Novichok’ in the press, among them the A230 substance, are potential poisonous chemical substances, whose identification ... is part of the training of Czech anti-chemical military units,” a ministry statement said. Salisbury District Hospital is seen after Yulia Skripal was discharged, in Salisbury, Britain, April 10, 2018. REUTERS/Peter Nicholls
“The tested substance originates in a tube solely for the purpose of measuring spectral data and the content is always immediately destroyed after testing, in line with regulations and the Czech Republic’s commitments,” it said. “The probability of a leak, therefore, equals zero.”
The Foreign Ministry said separately that the A230 type tested in the Czech Republic was different from the substance known as A234 that had been used in the Skripal assault. Salisbury District Hospital is seen after Yulia Skripal was discharged, in Salisbury, Britain, April 10, 2018. REUTERS/Peter Nicholls
The Czech government said earlier the substance used in Skripal’s poisoning could not have come from the Czech Republic.
Britain accused Russia of being behind the March 4 attack on the Skripals. Moscow has denied any involvement.
The New York Times quoted Ahmet Uzumcu, director general of the Organization for the Prohibition of Chemical Weapons, as saying on Thursday that about 50 to 100 grams of liquid nerve agent were used in the Skripal poisoning. That would be significantly larger amount than what would be created in a laboratory for research purposes, Uzumcu said.
Information on the Czech testing was requested by President Milos Zeman, who has repeatedly taken pro-Russian positions on international issues such as the war in Ukraine and EU sanctions against Moscow.
The Czech government, which is in charge of foreign policy, expelled three Russian diplomats as part of the European response to the attacks on the Skripals. Reporting by Jan Lopatka; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-russia-skripal-czech/czechs-tested-novichok-like-substance-for-chemical-warfare-protection-govt-idUKKBN1I51KJ |
Scientific Games Corp:
* SCIENTIFIC GAMES REPORTS FIRST QUARTER 2018 RESULTS * Q1 REVENUE $811.8 MILLION VERSUS I/B/E/S VIEW $790.5 MILLION
* QTRLY LOSS PER SHARE $2.24 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-scientific-games-qtrly-loss-per-sh/brief-scientific-games-qtrly-loss-per-share-2-24-idUSASC09Z77 |
Buy Ford shares because automaker’s profitability will surprise the skeptics: Jefferies Tae Kim Reblog Jefferies raises its rating to buy from hold for Ford shares, saying the company will report profitability above expectations in two years. Wall Street analysts are underestimating Ford Motor's F ability to cut its costs, according to Jefferies. The firm raised its rating to buy from hold for the automaker's shares, saying the company will report profitability above expectations in two years. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/buy-ford-shares-because-of-the-automakers-profitability-jefferies.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
More 'concrete details' are needed on US-China trade: Strategist 7 Hours Ago Eli Lee of Bank of Singapore says it's "hard to see" how China could close its trade gap with the U.S. "in a practical fashion" within two to three years. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/more-concrete-details-are-needed-on-us-china-trade-strategist.html |
May 22, 2018 / 11:05 PM / Updated 12 minutes ago Clarks shoes made in Britain after 12-year hiatus James Davey 3 Min Read
LONDON (Reuters) - Clarks, the British shoemaker and retailer, will return to large-scale manufacturing in the UK for the first time in over a decade when a new factory in southwest England joins plants in Vietnam and India in making its iconic Desert Boot. A sign outside a Clarks shoe shop is seen in west London, Britain, May 21, 2018. REUTERS/Toby Melville
The 193-year-old firm, which operates in over 90 markets, said the new plant next to its headquarters in Street, Somerset, will have the capacity to make up to 300,000 pairs of Desert Boots a year and will give it shorter lead times.
Clarks’ last plant in the UK, in northwest England, closed in 2006 after production was moved to the Far East.
The reopening of UK manufacturing is significant as it reflects renewed demand for ‘made in Britain’ footwear internationally.
The UK plant will join Clarks’ existing suppliers and enable a faster response to changing consumer trends. A man walks past a Clarks shoe shop in west London, Britain, May 21, 2018. REUTERS/Toby Melville
“The opportunity for this is we can put a manufacturing facility close to the market where we sell,” said Clarks Chief Executive Mike Shearwood. He said production would start within weeks.
The decline of Britain’s shoe industry started in the 1960s and accelerated rapidly in the 1980s and 1990s, driven by the import of cheaper products from low-wage economies and the advent of the trainer as a fashion item.
While annual production in the UK was around 180 million pairs in the mid-1980s and currently stands at about 6.5 million pairs it has grown by about 30 percent since 2008, according to figures provided by the British Footwear Association. It said about 30 factories still make shoes in the UK, exporting about 60 percent of their production. Slideshow (4 Images)
Shearwood, the former boss of fashion retailer Karen Millen who joined Clarks as CEO in 2016, said the 3 million pounds new Street plant will combine robot-assisted technology and skilled labour. Some 80 jobs have been created.
“We’ve looked at the automotive and aerospace industries and utilised some of that technology to significantly change the way we make shoes,” Shearwood told Reuters.
He said if the Street pilot proves successful, other new manufacturing units could be opened around the world.
Shearwood is pushing through a new strategy for the family-owned Clarks focused on improving average selling prices and building digital capability.
Clarks’ accounts for 2017-18 showed underlying operating profit fell 29 percent to 45.2 million pounds, on turnover down 7 percent to 1.54 billion pounds.
It sold 47.6 million pairs of shoes from 1,514 shops.
“The retail environment remains challenging for all organisations, with increasing cost pressures and ever-changing consumer expectations,” it said. Reporting by James Davey; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-clarks-manufacturing/clarks-shoes-made-in-britain-after-12-year-hiatus-idUKKCN1IN34M |
(Adds details, background)
By Carolina Mandl
SAO PAULO, May 2 (Reuters) - Shares in Itaú Unibanco Holding SA fell as much as 4.3 percent on Wednesday after the bank, Brazil’s largest private lender, said corporate credit demand is not expected to pick up in 2018.
Amid a sluggish recovery in the Brazilian economy, Itau Chief Executive Candido Bracher said during a call with analysts that the lack of corporate credit growth is a bit “frustrating.” On the other hand, first-quarter loan disbursements for individuals and small- and medium-sized companies increased by nearly 30 percent year-over-year.
“We continue to see subdued demand for credit in large companies,” said Bracher. “It continues to lag.” He said that large companies are also seeking bond issuance as a cheaper way to fund themselves, a trend that he said may be irreversible.
Overall, Itaú’s loan book grew 0.2 percent in the quarter, an increase led by the bank’s operations outside Brazil, in other Latin America countries.
On Tuesday, Itau reported a recurring net income of 6.419 billion reais ($1.81 billion) in the first quarter, 0.9 percent above the Reuters consensus estimate.
In notes to clients, analysts said Itaú’s results came in-line in the quarter, as the bank relied more on lower loan-loss provisions and other gains than on loan growth.
“We see these trends remaining through much of 2018, with a more marked improvement coming late in the year or early in 2019,” Goldman Sachs’ analysts said in a note to clients.
Itaú’s 90-day default ratio remained stable in the quarter at 3.1 percent, although the amount of non-performing loans increased. During the call, Bracher said this growth relates to a specific case of a company in the infrastructure sector, without naming it.
Shares in Itaú were down 3.8 percent at 49.04 reais, underperforming the São Paulo stock exchange index. ($1 = 3.5423 Brazilian reais) (Reporting by Carolina Mandl; editing by Christian Plumb and Lisa Shumaker)
| ashraq/financial-news-articles | https://www.reuters.com/article/itau-unibco-hldg-results/update-1-ita-unibanco-shares-slump-after-credit-demand-seen-weak-idUSL1N1S911R |
May 30, 2018 / 6:51 AM / Updated 8 hours ago AstraZeneca drug Fasenra fails to achieve main goal in COPD trial Reuters Staff 1 Min Read
(Reuters) - AstraZeneca’s first respiratory biological medicine Fasenra failed to meet its main target in a second clinical trial treating patients with moderate to very severe chronic obstructive pulmonary disease (COPD). FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London, Britain April 28, 2014. REUTERS/Stefan Wermuth /File Photo
The drug is currently approved as an add-on treatment for severe eosinophilic asthma in the United States, the European Union, Japan and several other countries.
Fasenra failed to meet its target in the final-stage trial, named Galathea, this month. Reporting By Justin George Varghese in Bengaluru; Editing by David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/us-astrazeneca-fasenra/astrazeneca-drug-fasenra-fails-to-achieve-main-goal-in-copd-trial-idUSKCN1IV0M3 |
May 21 (Reuters) - PriceSmart Inc:
* PRICESMART ANNOUNCES PROPERTY ACQUISITIONS IN PANAMA AND THE DOMINICAN REPUBLIC
* PRICESMART INC - ACQUIRED LAND IN PANAMA AND DOMINICAN REPUBLIC UPON WHICH COMPANY PLANS TO CONSTRUCT NEW WAREHOUSE CLUBS
* PRICESMART INC - BOTH WAREHOUSE CLUBS ARE CURRENTLY EXPECTED TO OPEN IN SPRING OF 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pricesmart-announces-property-acqu/brief-pricesmart-announces-property-acquisitions-in-panama-and-the-dominican-republic-idUSFWN1SS0FQ |
MILAN/MADRID, May 30 (Reuters) - Gas Natural has given up on a long-standing project to build a liquefied natural gas facility in northern Italy after years of slow progress and the sale of its Italian businesses, the company said on Wednesday.
A Gas Natural spokeswoman said it made no sense to keep the LNG project on the company’s books when it no longer had a network and assets in Italy.
Last year, Gas Natural sold its gas distribution and retail businesses in Italy in a deal worth more than 1 billion euros ($1.16 billion).
The spokeswoman also said there had been no advances made in the project since environmental clearance had been obtained in 2009.
Red tape and grass root opposition in Italy have chased off several foreign investors in recent years seeking to build infrastructure in Italy, including BG Group which had tried to build an LNG terminal in the southern city of Brindisi.
Local opposition is currently holding up work to construct the Italian end of the Trans Adriatic Pipeline that is scheduled to bring Azeri gas to Italy in 2020.
The environment manager of the Friuli Venezia Giulia region, where the terminal would have been built, said in comments on the region’s website he was satisfied with the Spanish group’s decision.
“The decision of Gas Natural is perfectly in line with the strategic programme of the region’s current governor in the election campaign,” Fabio Scoccimarro said.
“It is a position shared also by all the political parties in recent years,” he said.
The LNG project, first presented in 2004, had envisaged the building of a regasification terminal in the port of Zaule in Trieste with a capacity of 8 billion cubic metres of gas per year.
The 5-Star Movement, the biggest party in Italy’s recent inconclusive elections, has said it sees gas playing a gradually smaller role as renewable energy and energy efficiency come to the fore. ($1 = 0.8587 euros) (Reporting by Stephen Jewkes and Andres Gonzalez Estebaran. Editing by Jane Merriman)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/italy-investments-gasnatural/spains-gas-natural-scraps-plan-to-build-lng-terminal-in-italy-idUSL5N1T1703 |
BETHESDA, Md., Walker & Dunlop, Inc. announced today that it closed an investment sale for The Quaye at Wellington ("The Quaye"), a 350-unit, Class AAA multifamily community in The Village of Wellington, Florida. Delivered in 2017 with "Award Winning" quality, the newly constructed property was awarded the 2017 "Best Green Project of the Year" accolade from South Florida Business Journal as well as "Best Amenities" in the Southeast Florida Circle of Winners contest. The asset has also achieved a National Association of Home Builders' Gold Standard certification for a green project.
The Walker & Dunlop Investment Sales team , led by Greg Engler , Chris Conklin , and Roberto Pesant , represented HG Management, LLC in the sale of the asset to Stockbridge Capital Group. Mr. Conklin remarked, "HG Management continues to raise the bar as it relates to delivering the highest quality product in South Florida. This team has closed three new South Florida apartment development transactions for HG Management, totaling nearly $350,000,000 in sales volume. The Quaye represents one of the finest multifamily garden communities delivered to date."
Charles Funk and Jeff Meehan with HG Management, LLC commented, "Sustainable development is the future and we are glad to have had such a passionate development team work on this one-of-a-kind project."
Situated on 30 acres of land with four on-site lakes, The Quaye boasts a 10,538 square-foot clubhouse with a 2,911 square-foot fitness center, multi-purpose sports court, golf and sports simulator, boxing ring, clubroom with four 65-inch televisions, coffee and juice bar, business center, and state-of-the-art demonstration kitchen. Other community amenities include a jogging path throughout 3.56 acres of preserves, a 3,000 square-foot dog park, and pool area consisting of an Olympic-style lap pool and gazebo with fully equipped kitchen. The community was developed with 70 percent townhome units that include direct-access garages with fully-equipped electric car charging outlets.
The Quaye is ideally located in the heart of The Village of Wellington, a premier residential neighborhood with one of the highest income levels in Florida. The town is set in an attractive natural environment with a wealth of recreational, cultural, shopping, and entertainment venues such as world-renowned equestrian centers, the Mall at Wellington Green, the Gardens Mall, Whole Foods, Trader Joe's, newly announced Sprouts Farmers Market, Fresh Market, public parks, and nationally celebrated golf resorts, country clubs, and spas. The Quaye also benefits from a host of walkable retail and restaurants.
Located in South Florida, where Walker & Dunlop's Investment Sales team has closed over $1.5 billion in sales over the last 30 months, the Village of Wellington is minutes from I-95 and the Florida Turnpike, providing quick access to appealing amenities, "A" rated schools, attractive neighborhoods, and employment hubs. The town shares a boundary with Everglades National Park and is internationally recognized as the Equestrian Capital of the World.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
View original content with multimedia: releases/120-million-sale-of-luxury-multifamily-property-in-florida-completed-by-walker--dunlop-investment-sales-300648018.html
SOURCE Walker & Dunlop, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-120-million-sale-of-luxury-multifamily-property-in-florida-completed-by-walker-dunlop-investment-sales.html |
LONDON (Reuters) - A biography of Britain’s latest royal, Meghan Markle, appeared on the monarchy’s official website within hours of her marrying Queen Elizabeth’s grandson Prince Harry on Saturday, with a single Quote: : “I am proud to be a woman and a feminist”.
Britain’s Prince Harry and his wife Meghan ride a horse-drawn carriage after their wedding ceremony at St George’s Chapel in Windsor Castle in Windsor, Britain, May 19, 2018. REUTERS/Benoit Tessier/File photo To royal watchers, it represented a statement of intent and a clear demonstration of a new, modern path the 1,000-year-old British monarchy will be treading as it seeks to remain relevant in a fast-changing political climate exemplified by Brexit.
“Just 20 years ago, the monarchy seemed to be struggling for its very survival,” said the Daily Mail newspaper, referring to the Windsors’ grimmest hours in the aftermath of the death of Harry’s mother Princess Diana in a Paris car crash in 1997 when the family were heavily criticized for seeming not to care.
“How different the picture looks today. Prince Harry’s wedding to the glamorous and thoroughly modern actress Meghan Markle did more than put the seal on a fairytale romance.
“It symbolized the monarchy’s evolution into a contemporary institution - at ease with itself, outward looking and fit for the 21st Century.”
Saturday’s wedding of Harry and Meghan, who has an African American mother and white father, has been widely hailed as a union of tradition and modernity and a breakthrough in race relations.
The bride entered the church alone, while a passionate address by Michael Curry, the first black head of the Episcopal Church in the United States, which electrified Windsor Castle’s 15th century St George’s Chapel, has been pored over for its symbolism.
Now, the royal biography of Meghan, the newly titled Duchess of Sussex, has been seen as showing another departure from the usual stuffy image of the monarchy.
“From a young age, The Duchess had a keen awareness of social issues and actively participated in charitable work,” it says. “Aged 11 she successfully campaigned for a company to alter their television advert that had used sexist language to sell washing-up liquid.”
“MODEL MODERN COUPLE” Commentators said it indicated the royal family, which traditionally steers clear of making overtly political statements, had given its blessing to her to speak out on issues such as feminism.
Meghan reacts as she rides in a carriage with her husband Britain’s Prince Harry after their wedding ceremony at St George’s Chapel in Windsor Castle in Windsor, Britain, May 19, 2018. REUTERS/John Sibley/Pool/File photo “It’s sure changed the Royal Family,” historian and constitutional expert David Starkey wrote in the Sun newspaper of the marriage.
“Meghan and Harry are the model modern couple: Mature, bi-racial, bi-cultural, international, do-gooding, fashion-conscious and media-savvy to their fingertips.”
British newspapers on Monday dedicated dozens of souvenir pages to every tiny detail of the wedding, while the British TV audience was reported to be almost 18 million, making it the most watched program of the year so far.
But amidst the eulogies, some have suggested that beneath the splendid show of pomp and pageantry, where Britain boasts it has few rivals, little might change.
“The royal family is not a place where you can make any strong, particular statements,” Kehinde Andrews, an associate professor of sociology at Birmingham City University and author on race issues told Reuters.
He said the wedding was meaningless for Britain’s black community in terms of addressing entrenched racism in job prospects, the criminal justice system and health disparities.
“When we sit back and actually analyze what’s happened and what’s changed, we’ll realize it means nothing at all,” he said.
Ironically, by being more modern and more relatable to ordinary Britons, the younger royals such as Harry, his elder brother Prince William and his wife Kate, who are at the forefront of the overhaul of the Windsors, risk destroying the mystique which gives the institution its cachet.
“I think the young royals do have to be careful because although they are trying to become much more touchy-feely and accessible, they are in danger of devaluing the brand because the brand is based on the fairytale and the fact they aren’t accessible,” royal biographer Claudia Joseph told Reuters.
Slideshow (2 Images) “It’s a very difficult line for them to tread.”
Editing by Guy Faulconbridge
| ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-meghan/i-am-proud-to-be-a-feminist-will-meghan-shake-up-britains-royals-idINKCN1IM11G |
May 26, 2018 / 6:36 PM / Updated 15 minutes ago Trio of brothers picked by Springboks Mark Gleeson 4 Min Read
JOHANNESBURG (Reuters) - Veteran hooker Bismarck du Plessis was recalled to South Africa’s squad for four tests against Wales and England in June as new coach Rassie Erasmus named three brothers in a 43-man squad on Saturday.
Du Plessis, 34, won the last of his 79 caps at the 2015 World Cup but headlines an extensive squad for the test against the Welsh in Washington DC next Saturday and three home internationals against the touring England team on June 9(Johannesburg), 16 (Bloemfontein) and 23 (Cape Town).
The dropping of restrictions on the call-ups of overseas-based players sees scrumhalf Faf de Klerk also return after his move to England last year.
There are 17 uncapped players in the expansive squad which is likely to see a second string head off on a lightning trip to the United States to play Wales while the first XV stay behind to prepare for England.
The new choices include 24-year-old flyhalf Robert du Preez, whose twin younger brothers Dan and Jean-Luc have already been capped by the Springboks. The trio play at the Sharks where their father Robert is the coach.
A new captain is due to be announced on Monday by Erasmus as injury has ruled out both Warren Whiteley and Eben Etzebeth. The 2017 SA Rugby Player of the Year Malcolm Marx is also out.
The four tests present prop Tendai Mtawarira with a chance to reach the milestone of 100 caps. He has 98.
“The coaching staff has done a lot of preparation and the players’ contribution in this process, during and after our three camps, has been tremendously positive,” said Erasmus in an SA Rugby statement.
“We know Wales and England will be very thorough in their analysis and overall preparation and we have to be ready for them. The players know what we expect of them, and that they will have to work very hard in a short space of time to be ready for the Tests against Wales and England.”
Squad:
Outside backs: Curwin Bosch (Sharks), Aphiwe Dyantyi (Lions), Warrick Gelant, Travis Ismaiel (both Bulls), Willie le Roux (Wasps), Makazole Mapimpi, Sibusiso Nkosi (both Sharks)
Centres: Lukhanyo Am (Sharks), Damian de Allende (Stormers), Andre Esterhuizen (Sharks), Jesse Kriel (Bulls), Frans Steyn (Montpellier)
Flyhalves: Robert du Preez (Sharks), Elton Jantjies (Lions), Handre Pollard (Bulls)
Scrumhalves: Faf de Klere (Sale Sharks), Embrose Papier, Ivan van Zyl (both Bulls), Cameron Wight (Sharks)
Props: Thomas du Toit (Sharks), Steven Kitshoff, Wilco Louw, Frans Malherbe (all Stormers), Tendai Mtawarira (Sharks), Ox Nche (Cheetahs), Trevor Nyakane (Bulls)
Hookers: Bismarck du Plessis (Montpellier), Bongi Mbonambi (Stormers), Chilliboy Ralepelle, Akker van der Merwe (both Sharks)
Locks: Pieter-Steph du Toit (Stormers), Jason Jenkins (Bulls), Franco Mostert, Marvin Orie (both Lions), RG Snyman (Bulls)
Loose forwards: Nizaam Carr (Stormers), Dan du Preez, Jean-Luc du Preez (both Sharks), Siya Kolisi (Stormers), Oupa Mohoje (Cheetahs), Sikhumbuzo Notshe (Stormers), Kwagga Smith (Lions), Duane Vermeulen (Toulon). Reporting by Mark Gleeson; Editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-zaf/trio-of-brothers-picked-by-springboks-idUKKCN1IR0OS |
RENO, Nev., May 30, 2018 /PRNewswire/ -- AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for the year ended March 31, 2018, were $790.6 million, or $40.36 per share, compared with $398.4 million, or $20.34 per share for the same period last year. Included in the results for the year ended March 31, 2018, was a $18.16 per share, or $355.7 million benefit resulting from the Tax Reform Act and an additional after-tax benefit of $7.34 per share or $143.8 million resulting from the sale of a portion of our Chelsea, NY property. Excluding these items, adjusted earnings were $14.86 per share for the year ended March 31, 2018. Included in the results for the year ended March 31, 2017, was an after tax benefit of $0.79 per share associated with our settlement of the PEI litigation that resulted in a reduction in operating expenses of $24.6 million. Excluding this after tax benefit, adjusted earnings were $19.55 per share for the year ended March 31, 2017.
For the quarter ended March 31, 2018, the Company reported net earnings available to shareholders of $10.8 million, or $0.56 per share compared with net earnings of $9.5 million, or $0.49 per share for the same period last year. Included in the results for the quarter ended March 31, 2018, was a $0.84 per share, or $16.5 million benefit resulting from the Tax Reform Act, excluding this, adjusted losses were ($0.28) per share for the quarter ended March 31, 2018.
"Customer demand for our self-moving and self-storage products remains steady," stated Joe Shoen, chairman of AMERCO. "We made progress in managing the sale of our pickups and cargo vans during the quarter but more work remains. We continue to invest in self-storage, the rental fleet and technology for the long-term."
Highlights of Fiscal Year and Fourth Quarter 2018 Results
The recently enacted Tax Reform Act resulted in a net benefit to the Company of $355.7 million. We expect our blended GAAP effective tax rate for the twelve months of fiscal 2019 will be approximately 24.3%. During the quarter the Company issued bonuses to all of its team members in response to the enactment of the Tax Reform Act totaling approximately $20.3 million. Self-moving equipment rental revenues increased $31.2 million or 6.7% in the fourth quarter of fiscal 2018 compared with the fourth quarter of fiscal 2017, and finished the full year up $116.9 million or 5.0% compared with fiscal 2017. During fiscal 2018 we added to the number of Company operated locations and grew our truck, trailer and towing device fleets. Both In-Town and one-way transactions increased compared with fiscal 2017. Self-storage revenues increased $9.9 million or 13.3% in the fourth quarter of fiscal 2018 compared with the fourth quarter of fiscal 2017 and for the full year increased $37.0 million or 12.9% compared with fiscal 2017. The average monthly amount of occupied square feet increased by 10.3% during the fourth quarter of fiscal 2018 compared with the same period last year. Over the last twelve months, we have added approximately 3.7 million net rentable square feet to our owned self-storage portfolio. Average monthly occupancy throughout fiscal 2018 for the entire owned storage portfolio was 72%. Of this amount, facilities open for more than three years averaged 84% while facilities open less than three years averaged 39%. For the quarter, depreciation, net of gains and losses on sales increased $21.5 million. Depreciation on the rental equipment fleet increased $10.9 million primarily due to a larger fleet. Losses on the sales of rental trucks increased $4.5 million due to higher cost of units sold combined with lower proceeds per unit on sale. All other depreciation increased $6.1 million from the increase in new moving and storage locations. For the full fiscal year, depreciation, net of gains and losses on sales increased $94.2 million. Depreciation on the rental equipment fleet increased $56.5 million primarily due to a larger fleet. Gains on the sales of rental trucks decreased $20.7 million due to higher cost of units sold with the volume of sales increasing. All other depreciation increased $17.0 million largely from the increase in new moving and storage locations. Net gains on the sale of real estate increased $191.8 million. The increase was caused by the sale of a portion of our Chelsea, NY property in the third quarter of fiscal 2018 which resulted in a pre-tax gain of $190.7 million. Fleet maintenance and repair costs increased $17.9 million in the fourth quarter of fiscal 2018 compared with the same period last year and $72.9 million for the full year of fiscal 2018. Higher repair and maintenance spending was primarily associated with the portion of the fleet nearing resale. Operating earnings at our Moving and Storage operating segment decreased $40.1 million in the fourth quarter of fiscal 2018 compared with the same period last year. Total revenues climbed $47.7 million and total costs and expenses increased $87.8 million. Gross truck and trailer capital expenditures for fiscal 2018 were approximately $1,007 million compared with approximately $1,179 million for fiscal 2017. Proceeds from the sales of rental equipment were approximately $491 million for fiscal 2018 compared with $475 million in fiscal 2017. Spending on real estate related acquisitions and projects increased approximately $123 million to $607 million in fiscal 2018 compared with fiscal 2017. Cash and credit availability at the Moving and Storage operating segment was $882.0 million at March 31, 2018 compared with $804.7 million at March 31, 2017. On March 8, 2018, we declared a cash dividend on our Common Stock of $0.50 per share to holders of record on March 23, 2018. The dividend was paid on April 6, 2018.
AMERCO will hold its investor call for fiscal 2018 on Thursday, May 31, 2018, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at www.amerco.com . To hear a simulcast of the call, or a replay, visit www.amerco.com .
About AMERCO
AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to our Form 10-K for the year ended March 31, 2018, which is on file with the SEC.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2018 and 2017.
Quarter Ended March 31,
Twelve Months Ended
March 31,
2018
2017
2018
2017
(In thousands)
Self-moving equipment rentals
$
494,525
$
463,314
$
2,479,742
$
2,362,833
Self-storage revenues
84,586
74,692
323,903
286,886
Self-moving and self-storage product and service sales
56,248
53,878
261,557
253,073
Property management fees
6,128
6,025
29,602
29,075
Life insurance premiums
37,793
40,515
154,703
163,579
Property and casualty insurance premiums
14,166
12,132
57,100
52,334
Net investment and interest income
27,966
26,522
110,473
102,276
Other revenue
36,209
32,358
184,034
171,711
Consolidated revenue
757,621
709,436
3,601,114
3,421,767
Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2018 and 2017.
Quarter Ended March 31,
Twelve Months Ended
March 31,
2018
2017
2018
2017
(In thousands)
Moving and storage
Revenues
680,445
632,785
3,290,667
3,113,000
Earnings from operations before equity in earnings of subsidiaries
(11,121)
28,995
711,773
688,913
Property and casualty insurance
Revenues
18,867
15,833
74,571
68,986
Earnings from operations
6,760
5,345
25,878
27,161
Life insurance
Revenues
60,397
62,149
243,862
245,599
Earnings from operations
7,423
9,760
27,959
27,646
Eliminations
Revenues
(2,088)
(1,331)
(7,986)
(5,818)
Earnings from operations before equity in earnings of subsidiaries
(292)
(355)
(1,291)
(1,457)
Consolidated Results
Revenues
757,621
709,436
3,601,114
3,421,767
Earnings from operations
2,770
43,745
764,319
742,263
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:
Quarter Ended March 31,
2018
2017
(In thousands, except occupancy rate)
Room count as of March 31
366
318
Square footage as of March 31
30,974
27,305
Average monthly number of rooms occupied
249
226
Average monthly occupancy rate based on room count
68.9%
72.2%
Average monthly square footage occupied
22,621
20,514
Twelve Months Ended March 31,
2018
2017
(In thousands, except occupancy rate)
Room count as of March 31
366
318
Square footage as of March 31
30,974
27,305
Average monthly number of rooms occupied
246
226
Average monthly occupancy rate based on room count
71.6%
75.8%
Average monthly square footage occupied
22,203
20,386
AMERCO AND CONSOLIDATED ENTITIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
March 31,
2018
2017
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents
$
759,388
$
697,806
Reinsurance recoverables and trade receivables, net
193,538
178,081
Inventories and parts, net
89,877
82,439
Prepaid expenses
165,692
124,728
Investments, fixed maturities and marketable equities
1,919,860
1,663,768
Investments, other
399,064
367,830
Deferred policy acquisition costs, net
124,767
130,213
Other assets
244,782
97,525
Related party assets
33,276
86,168
3,930,244
3,428,558
Property, plant and equipment, at cost:
Land
827,649
648,757
Buildings and improvements
3,140,713
2,618,265
Furniture and equipment
632,803
510,415
Rental trailers and other rental equipment
545,968
492,280
Rental trucks
4,390,750
4,091,598
9,537,883
8,361,315
Less: Accumulated depreciation
(2,721,142)
(2,384,033)
Total property, plant and equipment
6,816,741
5,977,282
Total assets
$
10,746,985
$
9,405,840
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses
$
510,678
$
450,541
Notes, loans and leases payable
3,513,076
3,262,880
Policy benefits and losses, claims and loss expenses payable
1,248,033
1,086,322
Liabilities from investment contracts
1,364,066
1,112,498
Other policyholders' funds and liabilities
10,040
10,150
Deferred income
34,276
28,696
Deferred income taxes
658,108
835,009
Total liabilities
7,338,277
6,786,096
Common stock
10,497
10,497
Additional paid-in capital
452,746
452,172
Accumulated other comprehensive loss
(4,623)
(51,236)
Retained earnings
3,635,561
2,892,893
Cost of common shares in treasury, net
(525,653)
(525,653)
Cost of preferred shares in treasury, net
(151,997)
(151,997)
Unearned employee stock ownership plan shares
(7,823)
(6,932)
Total stockholders' equity
3,408,708
2,619,744
Total liabilities and stockholders' equity
$
10,746,985
$
9,405,840
AMERCO AND CONSOLIDATED ENTITIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended March 31,
2018
2017
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rentals
$
494,525
$
463,314
Self-storage revenues
84,586
74,692
Self-moving and self-storage products and service sales
56,248
53,878
Property management fees
6,128
6,025
Life insurance premiums
37,793
40,515
Property and casualty insurance premiums
14,166
12,132
Net investment and interest income
27,966
26,522
Other revenue
36,209
32,358
Total revenues
757,621
709,436
Costs and expenses:
Operating expenses
460,506
395,436
Commission expenses
54,502
51,900
Cost of sales
36,033
35,634
Benefits and losses
45,314
43,468
Amortization of deferred policy acquisition costs
6,297
7,087
Lease expense
8,683
8,139
�� Depreciation, net of gains on disposals
146,707
125,240
Net gains on disposal of real estate
(3,191)
(1,213)
Total costs and expenses
754,851
665,691
Earnings from operations
2,770
43,745
Interest expense
(32,780)
(30,209)
Pretax earnings (losses)
(30,010)
13,536
Income tax benefit (expense)
40,853
(3,988)
Earnings available to common shareholders
$
10,843
$
9,548
Basic and diluted earnings per common share
$
0.56
$
0.49
Weighted average common shares outstanding: Basic and diluted
19,589,871
19,587,204
AMERCO AND CONSOLIDATED ENTITIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve Months Ended March 31,
2018
2017
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rentals
$
2,479,742
$
2,362,833
Self-storage revenues
323,903
286,886
Self-moving and self-storage products and service sales
261,557
253,073
Property management fees
29,602
29,075
Life insurance premiums
154,703
163,579
Property and casualty insurance premiums
57,100
52,334
Net investment and interest income
110,473
102,276
Other revenue
184,034
171,711
Total revenues
3,601,114
3,421,767
Costs and expenses:
Operating expenses
1,807,983
1,568,083
Commission expenses
276,705
267,230
Cost of sales
160,489
152,485
Benefits and losses
185,311
182,710
Amortization of deferred policy acquisition costs
24,514
26,218
Lease expense
33,960
37,343
Depreciation, net of gains on disposals
543,247
449,025
Net gains on disposal of real estate
(195,414)
(3,590)
Total costs and expenses
2,836,795
2,679,504
Earnings from operations
764,319
742,263
Interest expense
(126,706)
(113,406)
Amortization on early extinguishment of debt
-
(499)
Pretax earnings
637,613
628,358
Income tax benefit (expense)
152,970
(229,934)
Earnings available to common shareholders
$
790,583
$
398,424
Basic and diluted earnings per common share
$
40.36
$
20.34
Weighted average common shares outstanding: Basic and diluted
19,588,889
19,586,606
NON-GAAP FINANCIAL RECONCILIATION SCHEDULE
Year Ended
March 31, 2018
(In thousands, except share and per share amounts)
AMERCO and Consolidated Subsidiaries
Earnings per common share: basic and diluted
$
40.36
Gain on sale of Chelsea property, per common share basic and diluted
(7.34)
Earnings per common share: basic and diluted before gain on sale of Chelsea property
$
33.02
Gain on sale of Chelsea property
$
190,712
Income tax expense
(46,915)
Gain on sale of Chelsea property, net of taxes
$
143,797
Gain on sale of Chelsea property, net of taxes, per common share basic and diluted
$
7.34
Weighted average shares outstanding: basic and diluted
19,588,889
Year Ended
March 31, 2018
(In thousands, except share and per share amounts)
AMERCO and Consolidated Subsidiaries
Earnings per common share: basic and diluted
$
40.36
Tax Reform Act adjustment, per common share basic and diluted
(18.16)
Earnings per common share: basic and diluted before Tax Reform Act adjustment
$
22.20
Tax Reform Act adjustment
$
355,748
Tax Reform Act adjustment, per common share basic and diluted
$
18.16
Weighted average shares outstanding: basic and diluted
19,588,889
Quarter Ended
March 31, 2018
(In thousands, except share and per share amounts)
AMERCO and Consolidated Subsidiaries
Earnings per common share: basic and diluted
$
0.56
Tax Reform Act adjustment, per common share basic and diluted
(0.84)
Losses per common share: basic and diluted before Tax Reform Act adjustment
$
(0.28)
Tax Reform Act adjustment
$
16,527
Tax Reform Act adjustment, per common share basic and diluted
$
0.84
Weighted average shares outstanding: basic and diluted
19,589,871
Year Ended
March 31, 2017
(In thousands, except share and per share amounts)
AMERCO and Consolidated Subsidiaries
Earnings per common share: basic and diluted
$
20.34
PEI litigation accrual reduction, net of taxes, per common share basic and diluted
(0.79)
Earnings per common share: basic and diluted before PEI litigation accrual reduction
$
19.55
PEI litigation accrual reduction
$
24,600
Income tax benefit
(9,053)
PEI litigation accrual reduction, net of taxes
$
15,547
PEI litigation accrual reduction, net of taxes, per common share basic and diluted
$
0.79
Weighted average shares outstanding: basic and diluted
19,586,606
View original content: http://www.prnewswire.com/news-releases/amerco-reports-fiscal-2018-financial-results-300656878.html
SOURCE AMERCO | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-amerco-reports-fiscal-2018-financial-results.html |
BEIRUT, May 9 (Reuters) - Lebanon’s central bank will sell $2 billion of Eurobonds over the coming year, the central bank governor said on Wednesday, part of a debt swap the government says will boost central bank reserves and reduce its debt-servicing costs.
Central Bank Governor Riad Salameh, in an email to Reuters, confirmed a plan for a $5.5 billion to $6 billion debt swap announced by Finance Minister Ali Hassan Khalil at the end of March. Bloomberg reported the planned $2 billion Eurobond sale, part of the swap, on Monday.
Under the planned swap, the government will issue $5.5 billion to $6 billion of new foreign currency bonds and swap them for Lebanese pound Treasury Bills at market rates held by the central bank, Salameh said.
“[The debt swap] will strengthen the dollar assets of the central bank and will allow the central bank to lend the government in Lebanese pounds at low rates without jeopardizing the stability of the currency,” Salameh said.
Central bank data show foreign assets stood at $43 billion at the end of April.
Lebanon has one of the world’s highest ratios of debt to gross domestic product at more than 150 percent, and the International Monetary Fund has called Lebanon’s debt trajectory unsustainable.
Growth has stagnated between 1 and 2 percent since the Syrian conflict broke out in 2011 and the country is under pressure from international donors, who pledged around $10 billion in soft loans in April, to show it has a credible plan to improve public finances.
Lebanon on Sunday held its first parliamentary election in nine years, and it is unclear how long it will take to form a new government once parliament’s term expires on May 20 .
Salameh said there was no schedule yet for the $2 billion Eurobond sale, which could happen “in increments”.
Paralysed by political tensions for years, Lebanon’s government has been unable to reform public finances. The central bank has maintained economic stability using stimulus and unorthodox financial operations, using the billions of dollars deposited in Lebanon by the country’s large diaspora.
In 2016 the central bank carried out what it and the IMF have called “unconventional” financial engineering to boost foreign currency reserves, maintain a peg to the U.S. dollar and raise banks’ capital reserves.
Lebanon at the time was struggling to resolve a presidential vacuum of more than two years long and cope with the impact of the Syrian conflict. The growth rate of deposits into banks was slowing and foreign currency reserves fell.
Part of the financial engineering encouraged local banks to bring dollars into the central bank by buying local currency debt from them at favourable rates.
Salameh said the planned debt swap would not go as far as the financial engineering of 2016 and similar incentives for banks would not be offered. (Reporting by Lisa Barrington, editing by Larry King)
| ashraq/financial-news-articles | https://www.reuters.com/article/lebanon-economy-cenbank/lebanon-central-bank-to-sell-2bn-eurobonds-part-of-planned-5-5-6bln-debt-swap-idUSL8N1SG3BD |
By Valentina Zarya 7:52 AM EDT Good morning, Broadsheet readers! Uber and Lyft eliminate mandatory arbitration for sexual misconduct complaints, Twitter tries (again) to take on trolls, and women might be the reason why Scandinavians are so happy. Have a great Wednesday.
EVERYONE'S TALKING
• Driving to better policies . Uber is ending its use of mandatory arbitration for claims of sexual harassment and assault, meaning riders, drivers, and employees will now be free to sue the company in public court, rather having to go through an impartial private arbitrator. A reminder: mandatory arbitration is a common practice in corporate America in which companies require employees (and sometimes customers) to agree to engage in arbitration if they bring a complaint against the company. Such out-of-court settlements are typically smaller—but that’s not their only benefit for businesses. “In many cases, it’s a one-sided maneuver by companies to limit their chances of facing public backlash,” notes Fortune ‘s Don Reisinger. “It also limits the survivor’s ability to speak publicly and openly about the harassment or assault he or she has endured.”
In a Tuesday blog post called “ Turning the lights on ,” Uber chief legal officer Tony West discussed the company’s decision, explaining that move is the result of a new corporate mantra: “We do the right thing, period.” Writes West: “We have learned it’s important to give sexual assault and harassment survivors control of how they pursue their claims.” For now, the changes in Uber’s policy apply only to the U.S. and only to claims regarding sexual misbehavior; complaints about pay inequity and racial discrimination are still bound by mandatory arbitration clauses.
West invited Lyft to help create a reporting framework: “Data transparency is only meaningful if we describe and categorize sexual assault incidents in the same way. We’re ready to work with Lyft, advocates and others to make that a reality,” he wrote on Twitter. Lyft’s COO Jon McNeill also accepted the challenge (also via Twitter): “Count us in. Together we can enact massive positive change and do what’s best for passengers & drivers.” The Uber competitor has since announced the same changes in policy (which also only apply to sexual misconduct).
Fortune
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• Twitter takes on trolls . Twitter is experimenting with a new way to curb abusive comments: featuring suspected trolls less prominently on the site. The goal, says Fortune ‘s Jonathan Vanian, is to “proactively remove potentially abusive or unbecoming tweets before people react to them and report them to the company.” In early testing, the new approach reduced abusive content by 4-8%.
Fortune
• Equality=economic growth. The Nordic countries—which consistently rank as the happiest in the world—have grown considerably richer thanks to decades of policies designed to improve gender equality, according to a new OECD report. The region has added as much as 20% to economic growth per capita over the last 50 years, and additional women-friendly work policies could add up to 30% to economic growth rates by 2040.
Bloomberg
• Follow-ons for female founders . We all know by now how hard it is for women to raise venture capital, but Fortune alum Kia Kokalitcheva goes a step further, looking at how many all-female teams raise follow-on funding (spoiler: not many). “Only 39% of all-female founder teams raise follow-on funding for their startups, compared to 52% for all-male teams. Moreover, follow-on rounds for all-female teams comprise just 1.57% of all VC rounds since 2008.”
Axios
• Rage against retail . Why is it that 13.4% of the EEOC’s sexual harassment claims—the second highest percentage after the accommodation and food services industry—are made by retail workers? “Experts link the high rate of sexual harassment in retail to the particular vulnerability of its workforce, its low wages, and a hazy, complicated, and sometimes ineffective complaint process following an incident.”
Racked
MOVERS AND SHAKERS: Isabelle Ealet , co-head of Goldman Sachs’ securities unit, is leaving the bank next month. Prominent biotech investors Dr. Beth Seidenberg is stepping down from her day-to-day role at Kleiner Perkins Caufield & Byers. She is raising money to start her own firm to focus on biotech and health investing. Sarah Guo has been promoted to general partner at Greylock, making her both the youngest and only female investor with the title. Sarah McConville has been named SVP and Group Publisher of Harvard Business Review.
IN CASE YOU MISSED IT
• Dying to watch Dietland. According to The Atlantic, Dietland is a show about how “a guerrilla group of women kidnaps and murders men who’ve been accused of crimes against women”—as well as “toxic beauty standards, the weight-loss industry, a magazine called Daisy Chain , rape culture, feminist infighting, and the coming of age of a lonely, 300-pound writer named Plum.” Sounds fun!
Atlantic
• Invented issue? Half a century ago, no one had heard the word cellulite. “Today, we spend untold millions—if not billions—on anti-cellulite treatments, despite the glaring lack of evidence that any of them work.” Refinery29 digs into how the new word “ and a fashionable new way for American women to hate their bodies” came into existence.
Refinery29
• Rhetorically sexist. Lean In co-author Nell Scovell analyzes David Letterman’s interview with Tina Fey, pointing out 10 instances of manipulative rhetoric. An example: When acknowledging that Fey has championed many funny women, he describes her actions as “correcting an oversight”—an example of trivialization.
The Cut
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Oh, I'm Mr. Lively 24/7. And I'm happy about it. - Ryan Reynolds, husband of fellow actor Blake Lively | ashraq/financial-news-articles | http://fortune.com/2018/05/16/david-letterman-uber-twitter-broadsheet-may-16/ |
NEW YORK (Reuters) - A nude portrait by Amedeo Modigliani sold for $157.2 million at Sotheby’s on Monday, achieving the 4th-highest price for any work of art at auction but failing to set a new record for the artist.
Sotheby’s had estimated “Nu couché (sur le côté gauche)” to sell for in excess of $150 million, which made the 1917 oil painting the highest-estimated work of art in auction history.
But in merely meeting expectations and failing to set a record even for a Modigliani, the canvas fell short of a handful of recently auctioned trophy works, most notably Leonardo da Vinci’s “Salvator Mundi,” which soared to $450.3 million at rival Christie’s in November after several top-tier collectors competed furiously.
That work carried a pre-sale estimate of about $100 million.
Sotheby’s was quick to note, while the auction was still live, that “Nu couché” had achieved the highest price of any work in the 274-year-old auction house’s history.
And in a sign of soaring prices at the art market’s highest echelons, the same work sold in 2003 for $27 million.
But it could not be denied that only a handful of collectors at most bid for the work, which fell short of the $170.4 million record for a Modigliani set in 2015.
Officials were relegated to characterizing the sale as “measured,” a tacit admission that it was devoid of the free-spending frenzy that has marked recent auctions at both Sotheby’s and Christie’s.
“It was not an exuberant room,” Simon Shaw, co-head of Impressionist and modern art, told Reuters afterward. But he added that “it was an ordered, efficient sale which achieved a total within its estimated range.”
Indeed the auction took in $318.3 million, just beating the $307.4 million low pre-sale estimate. Of the 45 lots on offer, 71 percent found buyers.
Other highlights included Pablo Picasso’s “Le Repos,” which achieved $36.9 million and beat its high estimate of $35 million, and Claude Monet’s “Matinee sur la Seine,” which fetched $20.55 million, at the low end of the $18 million to $25 million estimate.
Georgia O’Keefe’s “Lake George with White Birch” soared to $11.3 million, or nearly twice the high estimate, but another Picasso, “Femme au chien” estimated at $12 million to $18 million, failed to sell when no bids exceeded $11 million.
The spring auctions continue on Tuesday when Christie’s holds its Impressionist and modern art sale.
FILE PHOTO: Kevin Ching, CEO of Sotheby's Asia, stands next to Amedeo Modigliani's "Nu couche" in Hong Kong, China April 24, 2018. REUTERS/Venus Wu/File Photo Reporting by Chris Michaud; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-art-auction-modigliani/modigliani-nude-fetches-157-million-at-n-y-auction-idUSKCN1IG0AB |
May 29, 2018 / 5:33 PM / Updated 31 minutes ago Cricket-ICC Cricket Committee backs stricter sanctions for ball-tampering Reuters Staff 2 Min Read
May 29 (Reuters) - The International Cricket Council’s Cricket Committee backed stricter punishments for ball-tampering but decided not to do away with the toss in test cricket during a two-day meeting which concluded in Mumbai on Tuesday.
The Cricket Committee was joined by ex-England captain Mike Gatting and David Boon, former Australia batsman and now a member of the elite panel of match referees, to discuss the players’ code of conduct.
The committee has recommended giving greater authority and support to match officials, creating a ‘Code of Respect’ and allowing the match referees to downgrade or upgrade a level of offence or sanction.
“We had an excellent discussion around the issue of player behaviour and I’d like to thank Mike Gatting and David Boon for joining us and making valuable contributions,” ICC Cricket Committee chairman Anil Kumble said in a statement.
“The group felt that excessive personal abuse and ball tampering were serious offences in the game and that should be reflected in the way in which they are dealt with.
“There was also strong support for giving the match officials more authority and subsequently greater support around their decision making.”
The announcement follows the ball-tampering incident that occurred during the third test in Cape Town, which resulted in Cricket Australia banning sacked Australia captain Steve Smith, David Warner and Cameron Bancroft.
There were also discussions to scrap the time-honoured tradition of a coin toss prior to test matches but the committee did not recommend such a move, calling the ritual an “integral part of the narrative”.
However, the committee has urged member nations to continue to focus on delivering pitches that provide a fair contest between bat and ball. (Reporting by Hardik Vyas in Bengaluru; Editing by Ken Ferris) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-icc-committee/cricket-icc-cricket-committee-backs-stricter-sanctions-for-ball-tampering-idINL5N1T0670 |
NEW YORK,
Evercore (NYSE: EVR) announced today that Gregory Berube will join the Firm's Investment Banking business as a Senior Managing Director in its Restructuring and Debt Advisory Group. Mr. Berube, who will be based in New York, will focus on providing corporate restructuring and financing advice to companies, creditors, and other stakeholders in both North America and Europe.
Mr. Berube was most recently a Managing Director and Head of Americas Restructuring Finance and Advisory at Goldman Sachs & Co. Prior to joining Restructuring in 2009, Mr. Berube started his career in Leverage Finance Capital Markets and Syndicate at Goldman, having spent time in both New York and London. Mr. Berube has 14 years of experience in a broad range of capital markets and corporate finance activities, including restructurings, exchange offers, mergers and acquisitions, and debt and equity financings. He has completed advisory and financing engagements across industries for Altegrity, Avaya, California Resources, Caesars Entertainment, Chesapeake Energy, Comverse Technologies, Foresight Energy, GenOn Energy, GNC, Gymboree, Greektown Casinos, Murray Energy, New Enterprise Stone and Lime, Peabody Energy, Six Flags, Spanish Broadcasting, Toys "R" Us, Tronox Inc., Ultra Petroleum and WireCo among others.
Roger Altman, Evercore's Founder and Senior Chairman, said, "Evercore has built a world-class global Restructuring and Debt Advisory business, including advising on some of the largest, most complex assignments in recent years. The addition of Greg to our team will enable us to continue to strengthen and build on our success in this area in both North America and Europe. His reputation for excellence and integrity will fit perfectly with our commitment to providing clients with insightful and objective advice relating to their most critical strategic and financial issues."
"We are exceptionally pleased that Greg has agreed to join our team," said Ralph Schlosstein, Evercore's CEO. "His deep and broad experience across a variety of industry sectors will enhance our ability to provide best-in-class service to our clients across a number of sectors, and his experience in leveraged finance will enable us to augment our capital markets advisory capabilities to ensure we are continuing to provide our clients with the best and most comprehensive advisory-related services. Greg's commitment to client focus and to partnering both internally and externally will be a strong fit with our culture."
Mr. Berube has a Bachelor of Arts in Psychology from Colgate University.
About Evercore
Evercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in North America, Europe, South America, the Middle East and Asia. For more information, please visit www.evercore.com .
Investor Contact: Jamie Easton
Head of Investor Relations, Evercore
+1.212.857.3100
Business Contact: Timothy LaLonde
COO, Investment Banking, Evercore
+1.212.857.3100
Media Contact: Dana Gorman
The Abernathy MacGregor Group, for Evercore
+1.212.371.5999
View original content with multimedia: releases/gregory-berube-to-join-evercore-in-august-as-a-senior-managing-director-in-the-firms-investment-banking-business-300643335.html
SOURCE Evercore | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-gregory-berube-to-join-evercore-in-august-as-a-senior-managing-director-in-the-firms-investment-banking-business.html |
REITs Peace talks ignite land buying frenzy along South Korea's fortified border With North Korea pledging to reduce tensions and renew ties with its southern neighbor, d emand for property in small towns and sparsely populated rural areas around the Demilitarized Zone (DMZ) is surging. Land transactions in Paju, gateway to the United Nations truce village of Panmunjom, more than doubled in March to 4,628 from February, government data shows. That far outstripped better known markets such as trendy Gangnam, where volumes were up just 9 percent. Published 10 Hours Ago Reuters Courtesy of Jack Keep The Demilitarized Zone between North and South Korea, established as part of the 1953 Korean War armistice, remains the most heavily-fortified border in the world
Forget Seoul's posh Gangnam district.
With North Korea pledging to reduce tensions and renew ties with its southern neighbor, South Korea's hottest property market is now along the heavily fortified border between the two countries.
Demand for property in small towns and sparsely populated rural areas around the Demilitarized Zone (DMZ) is surging on expectations of an influx of people and investment.
Kang Sung-wook, a 37-year old dentist in the South Korean border city of Paju, has bought eight separate lots of land in and around the DMZ since mid-March.
Five were purchased without ever setting foot on them, using only Google Earth satellite photos and maps, as areas inside the DMZ cannot be accessed by the public.
Kang said buying interest jumped so sharply as relations between the former foes improved that he needed to move fast.
"I was out looking since North Korea-U.S. summit news was announced in March, and it looked like all the good ones were gone already," said Kang. "I realized then that the market was on fire."
His investment along the border now totals 3 billion won ($2.8 million) for 49 acres (20 hectares) of land. Razor wire and restrictions
For decades, the DMZ has been a different kind of hot spot, the scene of sometimes deadly military provocations and daring defections from the North.
The zone, dotted with guard posts and strung with razor wire, was established after the 1950-1953 Korean War. The two Koreas still don't officially recognize each other and remain in a technical state of war because the conflict ended in a truce, not a peace agreement.
Over a million landmines were laid in border areas including the DMZ and the Civilian Control Zone in the South, said Jeong In-cheol, a landmine expert at National Park Conservation Network.
But while public access is restricted, land within the 2km (1.2 mile) wide South Korean side of the DMZ and other border areas can still be purchased and registered.
Land transactions in Paju, gateway to the United Nations truce village of Panmunjom, more than doubled in March to 4,628 from February, government data shows. That far outstripped better known markets such as trendy Gangnam, where volumes were up just 9 percent.
In the settlement of Jangdan-myun, home to Dorasan Station — the last railway stop south of the border — transaction volumes surged four-fold from a year earlier. Land prices there rose 17 percent over the same period.
Kim Yoon-sik, a realtor with 25 years experience in Paju, says owners of the land in the DMZ include those who inherited farmland from ancestors in pre-Korean war days and some long term investors.
"With bids outnumbering offers, I often see sellers cancelling on preliminary contracts, it's that hot," Kim said. Railways and construction
The surge of activity along the border is not limited to South Korea or just real estate.
In the northeastern Chinese border city of Dandong, property investors are pushing up prices and even spurring buying interest inside North Korea.
At last month's historic inter-Korean summit at Panmunjom, North Korean leader Kim Jong Un and South Korean President Moon Jae-in pledged to reconnect railways and roads along the border, and transform the DMZ into a "peace zone".
China and South Korea have also agreed that if North Korea undertakes complete denuclearization, it should be guaranteed economic aid. That could start with railway projects connecting China and South Korea through North Korea.
Shares of South Korea's construction and railway firms such as Hyundai Rotem and Seoam Machinery Industry Co have soared on hopes of such projects. False dawn?
But South Korea has seen this kind of excitement before. Border property prices spiked when former President Roh Moo-hyun met with North Korea's Kim Jong Il in 2007. Prices then plummeted as ties deteriorated when the right-wing government of Lee Myung-bak took power a year later.
"For the past seven decades, the two Koreas have taken radically different paths," said Jhe Seong-ho, a law school professor at Seoul's Chung Ang University. "Deregulating of the border zones won't be a quick and smooth process even if there is an economic opening up of North Korea."
Much of the land within the DMZ is likely to remain restricted from any development for conservation purposes, a huge risk for investors, he added.
Hopes are high, however, with Kim set to meet U.S. President Donald Trump in Singapore next month after his recent summit with Moon and two trips to China to meet President Xi Jinping .
"I have a firm belief that this time North Korea would pursue an open economy like Vietnam," Kang said. "Kim Jong Un wouldn't go everywhere and visit China twice if he was bluffing." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/north-korea-peace-talks-ignite-land-buying-frenzy-along-dmz.html |
NEW YORK, May 14, 2018 (GLOBE NEWSWIRE) -- Archive360 ®, the world’s leader in intelligent information management that drives down the cost, risk and uncertainty of digital transformation to the cloud, today announced that CRN ® , a brand of The Channel Company , has named Marian Breeze, Director of Business Development, Americas, to its prestigious 2018 Women of the Channel list. The executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation.
CRN editors select the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel. Breeze was singled-out for her exemplary efforts in identifying and building successful strategic relationships with channel partners that result in the partners’ enhanced postions as trusted advisors to their end clients, new business development, deeper relationships within exisiting end clients, and consequently dramatically increased revenue and profitability; as well as Archive360’s Archive2Azure accelerated penetration into mid-to-enterprise end client accounts.
“This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships,” said Bob Skelley, CEO of The Channel Company. “CRN’s 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives.”
“We are honored to have Marian and Archive360 named again to the CRN Women of the Channel list,” said Bill Tolson, Vice President of Marketing, Archive360 . “We believe CRN’s continued recognition of our company, people and technology is due to Archive360’s investment in our A+ team, as well as in engineering and delivering the premier intelligent information management platform for driving down the cost, risk and uncertainty of digital transformation to the cloud; and of course, our innovative Channel Partner Programs designed to ensure seemingly immediate and long-term channel partner success.”
To learn more about Archive360’s Partner Programs, please visit: https://www.archive360.com/a-successful-partner-focused-business/ .
The 2018 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
Tweet This: .@TheChannelCo names Marian Breeze, @Archive360 to @CRN 2018 Women of the Channel list #WOTC18 https://www.archive360.com/news/ #intelligent #information #management #drive #down # cost #risk #uncertainty #DigitalTransformation #Microsoft #cloud
About the Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com . Follow The Channel Company: Twitter , LinkedIn and Facebook
About Archive360
Archive360 is the world’s leader in intelligent information management that drives down the cost, risk and uncertainty of digital transformation to the cloud. Its proven platform enables organizations of any size to drive down the cost, risk and uncertainty of digital transformation to and in the cloud. Archive360 delivers on its customers’ need for non-proprietary information management that ensures security-focused infrastructure independence. Archive360 is a global organization that delivers its solutions both directly and through a worldwide network of partners. Archive360 is a Microsoft Cloud Solution Provider and the Archive2Azure TM solution is Microsoft Azure Certified. To learn more, please visit: www.archive360.com .
Copyright ©2018. Archive360 is a registered trademark and Archive2Anywhere TM , Archive2Azure TM and FastCollect TM are trademarks of Archive360, Inc. CRN is a registered trademark of The Channel Company, LLC. All rights reserved.
PR Contacts:
Nicole Gorman
The Ventana Group, for Archive360
(508) 397-0131
[email protected]
Sabrina Sanchez
The Ventana Group, for Archive360
(925) 785-3014
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Kim Sparks
The Channel Company
(508) 416-1193
[email protected]
Source: Archive360 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-archive360as-marian-breeze-recognized-as-one-of-crnas-2018-women-of-the-channel.html |
May 30, 2018 / 9:36 PM / Updated 19 minutes ago U.S. hits allies with tariffs as risk of trade war rises Jason Lange , Ingrid Melander 6 Min Read
WASHINGTON/PARIS (Reuters) - The United States on Thursday said it will impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union, reigniting investor fears of a global trade war as Washington’s allies took steps to retaliate against U.S. goods.
The move, announced by U.S. Commerce Secretary Wilbur Ross in a telephone briefing on Thursday, ended months of uncertainty about potential tariff exemptions and suggested a hardening of the Trump administration’s approach to trade negotiations.
It also sent a chill through financial markets, with the Dow Jones Industrial Average down about 1 percent and the S&P 500 off around 0.6 percent. Shares of industrial heavyweights Boeing fell 1.5 percent while those of Caterpillar shed 2 percent.
A 25 percent tariff on steel imports and 10 percent tariff on aluminum imports will be imposed on the EU, Canada and Mexico starting at midnight (0400 GMT on Friday), Ross told reporters.
“We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved,” he said.
Canada and Mexico, embroiled in talks with the United States to modernize the North American Free Trade Agreement (NAFTA), responded swiftly.
Canada, the largest supplier of steel to the United States, will impose retaliatory tariffs covering C$16.6 billion in imports from the United States, including whiskey, orange juice, steel, aluminum and other products, Canadian Foreign Minister Chrystia Freeland said.
Ottawa will also challenge the tariffs under NAFTA and World Trade Organization rules, she said.
Mexico announced what it described as “equivalent” measures on a wide range of U.S. farm and industrial products. Related Coverage U.S. steel tariffs a concern as G7 finance ministers meet in Canada
The measures, which target pork legs, apples, grapes and cheese as well as steel and other products, will be in place until the U.S. government eliminates its tariffs, Mexico’s Economy Ministry said.
The S&P 500’s packaged foods and meats industry sub-index fell 2.4 percent, with shares of meat producer Tyson Foods Inc dropping 4 percent. Campbell Soup Co was down 3.2 percent and spice maker McCormick & Co Inc shed 3.6 percent.
The Mexican peso dropped about 1 percent and the Canadian dollar shed about 0.6 percent. At its low, the peso was at its weakest against the dollar in nearly 15 months. The European Union has threatened tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of U.S. Republican legislators.
“This (U.S.) measure brings the danger of a spiral of escalation, which in the end harms everyone,” German government spokesman Steffen Seibert said in a statement, adding that Germany would continue to push for free trade and open markets.
EU members have given broad support to a European Commission plan to set duties on 2.8 billion euros ($3.4 billion) of U.S. exports if Washington ends the tariff exemption. EU exports potentially subject to U.S. duties are worth 6.4 billion euros ($7.5 billion).
“It’s entirely up to U.S authorities whether they want to enter into a trade conflict with their biggest partner, Europe,” France’s Finance Minister Bruno Le Maire said after meeting with Ross on Thursday. FILE PHOTO: A red-hot steel plate passes through a press at the ArcelorMittal steel plant in Ghent, Belgium, May 22, 2018. REUTERS/Yves Herman/File Photo ‘SIGNIFICANT THREAT’
U.S. President Donald Trump announced the tariffs in March as part of an effort to protect U.S. industry and workers from what he described as unfair international competition, a key theme of his “America First” agenda.
Temporary exemptions were granted to a number of nations and permanent ones to several countries including Australia, Argentina and South Korea. U.S. trading partners had demanded that the exemptions be extended or made permanent.
The tariffs are aimed at allowing the U.S. steel and aluminum industries to increase their capacity utilization rates above 80 percent for the first time in years.
Although many in the U.S. business community have reacted with alarm, Trump’s actions have won him favor in the domestic steel and aluminum industry.
On Thursday, shares of U.S. Steel Corp were up 1.1 percent while those of Nucor Corp gained 0.3 percent. AK Steel fell 2 percent and Steel Dynamics Inc was down 0.9 percent. Shares of Century Aluminum Co jumped 2.9 percent but Alcoa Corp shed 0.9 percent. EYES ON CHINA
The U.S. administration also launched a national security investigation last week into car and truck imports, using the same 1962 law it has applied to curb incoming steel and aluminum.
“The Trump administration seems to regard overt threats, including tariffs and repudiation of previous agreements, as a key element for gaining leverage in trade negotiations,” said Eswar Prasad, a former head of the International Monetary Fund’s China division and now a professor at Cornell University.
Prasad, however, warned that the United States was doing so at the cost of alienating key allies and undercutting broad international pressure on China to change its trade and economic practices. Slideshow (9 Images)
Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more U.S. goods in a bid to cut America’s $375 billion trade deficit with China.
The Trump administration has demanded that Beijing make concessions and threatened to punish it for allegedly stealing U.S. technology by imposing tariffs on $50 billion of imports from China.
($1 = 0.8575 euros) Reporting by Eric Walsh, David Shepardson and David Chance in Washington, Ingrid Melander in Paris, Madeline Chambers in Berlin, Philip Blenkinsop in Brussels and Allison Martell in Toronto; Writing by Paul Simao; Editing by Robin Pomeroy and Susan Thomas | ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-trade-metals-europe/u-s-to-slap-tariffs-soon-on-steel-aluminum-from-eu-wsj-idINKCN1IV2TN |
Cramer thanks Tesla CEO Elon Musk 'for telling the truth' after boorish conference call 7 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/cramer-thanks-elon-musk-for-telling-the-truth-after-earnings-call.html |
In China, a race to supply surveillance tech 02:06
A recent police equipment fair in Beijing offers a peek into the race to supply Chinese security forces with technology to monitor and punish behavior that runs against the ruling Communist Party. As Reuters' Pei Li explains, companies are racing to outdo each others' abilities to track people.
A recent police equipment fair in Beijing offers a peek into the race to supply Chinese security forces with technology to monitor and punish behavior that runs against the ruling Communist Party. As Reuters' Pei Li explains, companies are racing to outdo each others' abilities to track people. //reut.rs/2H2TtxV | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/in-china-a-race-to-supply-surveillance-t?videoId=431629637 |
BERKELEY HEIGHTS, N.J., May 08, 2018 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) (NASDAQ:CYCCP) ("Cyclacel" or the "Company"), a biopharmaceutical company developing oral therapies that target the various phases of cell cycle control for the treatment of cancer and other serious disorders, will announce first quarter 2018 financial results on Monday, May 14, 2018. The Company will host a conference call and live webcast at 4:30 p.m. Eastern Time on the same day.
Conference call information:
US/Canada call: (877) 493-9121 / international call: (973) 582-2750
US/Canada archive: (800) 585-8367 / international archive: (404) 537-3406
Code for live and archived conference call is 6069578.
For the live and archived webcast, please visit the Corporate Presentations page on the Cyclacel website at www.cyclacel.com . The webcast will be archived for 90 days and the audio replay for 7 days.
About Cyclacel Pharmaceuticals, Inc.
Cyclacel Pharmaceuticals is a clinical-stage biopharmaceutical company using cell cycle, transcriptional regulation and DNA damage response biology to develop innovative, targeted medicines for cancer and other proliferative diseases. Cyclacel's transcriptional regulation program is evaluating CYC065, a CDK inhibitor, in patients with advanced cancers. The DNA damage response program is evaluating a sequential regimen of sapacitabine and seliciclib, a CDK inhibitor, in patients with BRCA positive, advanced solid cancers. Cyclacel's strategy is to build a diversified biopharmaceutical business focused in hematology and oncology based on a pipeline of novel drug candidates. For additional information, please visit www.cyclacel.com .
Forward-looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, the efficacy, safety and intended utilization of Cyclacel's product candidates, the conduct and results of future clinical trials, plans regarding regulatory filings, future research and clinical trials and plans regarding partnering activities. Factors that may cause actual results to differ materially include the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials, trials may have difficulty enrolling, Cyclacel may not obtain approval to market its product candidates, the risks associated with reliance on outside financing to meet capital requirements, and the risks associated with reliance on collaborative partners for further clinical trials, development and commercialization of product candidates. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties the Company faces, please refer to our most recent Annual Report on Form 10-K and other periodic and other filings we file with the Securities and Exchange Commission and are available at www.sec.gov . Such forward-looking statements are current only as of the date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts Company: Paul McBarron, (908) 517-7330, [email protected] Investor Relations: Russo Partners LLC, Alexander Fudukidis, (646) 942-5632, [email protected] © Copyright 2018 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel® are trademarks of Cyclacel Pharmaceuticals, Inc.
Source: Cyclacel | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-cyclacel-pharmaceuticals-to-release-first-quarter-2018-financial-results.html |
PARIS (Reuters) - France’s Foreign Minister said on Thursday that the European Union has made some progress on measures to protect the bloc’s companies from U.S. sanctions on Iran but these were still insufficient.
French Foreign Affairs Minister Jean-Yves Le Drian attends a meeting on the International Partnership against Impunity for the Use of Chemical Weapons, in Paris, France, May 18, 2018. Christophe Petit-Tesson/Pool via Reuters “We have moved forward on one point, which is the implementation of a European rule that dates from 1996 which we have modernized and allows us to protect our firms against this American pressure, but that is not enough,” Jean-Yves Le Drian told France’s LCI television.
Le Drian said there was still a need to create financial mechanisms away from the dollar, in euros or other currencies, that will help firms dealing with Iran, and for Teheran to be able to export its oil.
Reporting by Bate Felix and John Irish; Editing by Michel Rose
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-france/europe-making-progress-on-anti-u-s-sanction-measures-over-iran-france-idUSKCN1IW2NV |
LIMA (Reuters) - The Peruvian government hiked excise taxes on sugary drinks, alcohol, cigarettes and polluting cars on Thursday in a bid to tackle public health problems linked to obesity and cancer while shoring up public resources.
The finance ministry said the tax on cigarettes would rise to 0.27 sol ($0.08) from 0.18 sol each, and high-sugar drinks would now be taxed to 25 percent instead of 17 percent.
Beverages with more than 20 percent alcohol content and used cars powered by petroleum-derived gasoline will also face higher taxes. Dual-fuel cars, which are run partly on natural gas or other cleaner fuels, will be tax free, the ministry added.
The National Society of Industries, a manufacturing association, warned the tax hikes in Peru would lead to more contraband and pirated goods.
The government of President Martin Vizcarra, who took office in March, promised to be vigilant of attempts to evade the new taxes. It said demand for alcoholic and sugary drinks has been rising while public resources for health care have fallen.
Addressing the impacts of non-communicable diseases - associated with smoking, drinking, obesity and pollution - costs Peru $24 billion, or about 11 percent of GDP, every year, the finance ministry said, citing a study from Harvard University.
Government spending on health care in Peru is only about 3.7 percent of gross domestic product, the ministry added.
Vizcarra’s government has also said it would eliminate some tax exemptions following three straight years of declines in tax revenues as economic growth has slowed.
The government aims to widen the fiscal deficit to 3.5 percent of GDP this year before leaving it at 1 percent by 2021, when it expects the economy to grow by 5 percent.
Reporting By Mitra Taj; Editing by Chris Reese
| ashraq/financial-news-articles | https://in.reuters.com/article/us-peru-taxation/peru-hikes-taxes-on-sodas-alcohol-cigarettes-and-dirty-cars-idINKBN1IB2T3 |
LAS VEGAS, May 10, 2018 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) (the "Company") today announced that the Board of Directors has authorized a new $2.0 billion share repurchase program.
"The latest share repurchase authorization reflects the Company's financial strength and continued commitment to returning capital to our shareholders," said Jim Murren, Chairman and CEO of MGM Resorts. "We are pleased with the Company's strong balance sheet, which has allowed us to take a balanced approach to driving shareholder value through our quarterly dividend and share repurchase program, as well as continuing to invest in our properties and explore prudent growth opportunities."
The Company also announced the completion of its previous $1.0 billion share repurchase program. Since the announcement of the Company's $1.0 billion share repurchase program in September 2017, the Company has repurchased approximately 30 million shares.
Under the stock repurchase program, which is designed to return value to the Company's shareholders, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.
ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company opened MGM Cotai in Macau in February 2018. It is also developing MGM Springfield in Massachusetts and debuting the first international Bellagio branded hotel in Shanghai. The 78,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information visit us at www.mgmresorts.com .
Statements in this release that are not historical facts are "forward-looking" statements and "safe harbor statements" the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in the Company's public filings with the SEC. The Company has based on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's capital plan, including expectations with respect to common stock repurchases and future dividends. These involve a number of risks and uncertainties. Among the important factors that could cause actual results to those indicated in such include effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing , the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more , no inference should be drawn that it will make additional updates with respect to those other
View original content: http://www.prnewswire.com/news-releases/mgm-resorts-international-announces-new-2-0-billion-share-repurchase-program-300646214.html
SOURCE MGM Resorts International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-mgm-resorts-international-announces-new-2-point-0-billion-share-repurchase-program.html |
Pompano Beach, May 15, 2018 (GLOBE NEWSWIRE) -- MIAMI, May 15, 2018 (GLOBE NEWSWIRE) - A shareholder action group along with founder of DS Healthcare Group (DSKX), today issued the following letter to shareholders.
Dear Fellow Shareholder,
In a recent press release, Medilogistics Corp. announced a tender offer to purchase all outstanding shares of DS Healthcare common stock. Following this announcement, Medilogistics made arrangements to improve the terms of the offer in order to insure a substantial recovery for DS Healthcare shareholders.
Subsequent to DS Healthcare’s delisting from the NASDAQ, Khesin has taken steps to protect shareholders and recover losses sustained in the events following a series of false press releases set in motion by former legal counsel. This included some of the following: 1) In an effort to revitalize the company and restore shareholder confidence, Khesin retained Yasuhiro Fujiwara as the new Chief Executive Officer (formerly the President of Merrill Lynch Asia) and transitioned himself into the role of Founder and Innovator so that he could commit his time on brand architecture and product development while Fujiwara would be responsible for everything related to legal and finance. 2) Khesin structured a transaction with Evercare ProHealth Technologies to inject the company with $2 million in capital (and a commitment from Evercare to invest up to $20 million to grow the brand in Asia) in order to aggressively grow the business operations and presence in Asia and 3) Initiated a lawsuit against defendants Fox Rothschild, LLP, CKR Law, and Szaferman Lakind Blumenstein & Blader PC in order to recover losses due to their legal malpractice and the ensuing damages that resulted from their actions. The company has calculated that the actual damages resulting directly from the actions of the defendants are between $69 million and $103 million, before punitive damages.
For reasons unknown, Fujiwara resigned after only 2 months and the Board has remained in control of the company while leaving the company without a CEO or any leadership (despite many frantic calls from shareholders). Whats more is that the Board and any remaining executives at the company are all, without exception, former clients or employees of the the owner/principle of Evercare (Carl Kalithasan Sevasamy, when he was yet a broker at Aegis Capital). This has created a particularly unusual conflict of interest wherein the Board that is at DS Healthcare is really just representing Evercare and acting on their behalf while making it appear as though they are acting on behalf of DS Healthcare and its shareholders. While this alone is a problem, it is particularly grievous considering the result after nearly two years at the helm of this company. Shareholders should consider what has this Board and management achieved and what benefit have they attained for us shareholders while managing a turnaround? All that remains is that any remaining business operations have come to a grinding halt and the stock price is exactly zero and has remained so for months (except for the small increase in the last few days when the tender offer was announced, unrelated to the current Board).
Despite these catastrophic results for us shareholders, the Board and management have achieved a total of zero value creation in any other area. Here are just a few examples:
• In a December 21, 2016 8K filing the company has indicated: “After due deliberation, the Board of Directors of the Company decided not to appeal the Nasdaq Hearing Panel Delisting decision received December 21,2016. Notwithstanding the foregoing, the Board determined to seek the Company’s common stock to be listed on either the OTCQX or the OTCQB markets. In addition, the Board has authorized management to seek other listing venues for the Company’s securities.” Now almost a year and a half later, the company is not even trading on the Pink Sheets. Shareholders continue to have no trading market whatsoever for our shares.
• As soon as Evercare planted their Board members and executives so that they could control the company, Evercare only made a $500k payment to DS Healthcare but never paid the remaining $1.5 million as required by the agreements that were signed while Khesin was still CEO. Yet the Board has allowed Evercare to retain exclusive rights in major markets even though Evercare is entirely in breach of the agreement and has never fulfilled their promise to invest $20 million to develop the Asian market.
• The Board is selling or giving away assets that belong to DS Healthcare shareholders to Evercare at prices dictated by Evercare instead of selling at auction or some other venue to obtain fair market value. In addition, all of the laboratory equipment was just given to Evercare which they are using in their building in Boca Raton, FL to this day.
• Even in the latest 8K filed on May 4, 2018, in which the Board presents a plan of no value to shareholders, the Board slipped in a shocking an announcement how they simply gave away the E-Commerce business to Evercare (Evercare would receive half of the profit). The DS online store is the highest margin business since products are sold at full retail prices.
• The company has not only failed to grow the business but has failed to maintain existing operations. Shareholders are aghast that all major distribution accounts (including Costco) are gone simply because the company won't produce and supply inventory even for the high-margin DS online store.
• Numerous shareholders have asked the Board and management why they are not supplying existing distributors and the answer given is that the company does not have capital. However, numerous shareholders who are part of shareholder action group personally offered capital (as have other shareholders) on numerous occasions in writing and the company and/or the Board rejected all offers or did not respond. Meanwhile the company has accumulated a list of angry customers and burned relationships with distributors.
• The company went completely dark and does not update shareholders with any announcements as is required of a public company. Shareholders are left to wonder on their own as they watch the business decline and the stock remain at zero. In addition, the company is no longer publishing audited financial statements.
• The Board has placed the company in default of all major agreements with the risk that the company can be forced into Chapter 7 bankruptcy by its suppliers at any time.
The above is just a small summary of issues that plaque the company. No value was created in any area. As just one shocking example of incompetence, the company's main website www.dslaboratories.com which consumers around the world rely on for product information, at the time of this writing only displays "Expired Account" and has been down for the last 30 days. Indeed the current management team and Board is unable to insure that the main DS Laboratories brand website is operating.
The only conclusion as to the actions of the Board is that they are creating conditions that would lead to “shareholder fatigue” so that the Board can further their plan as to whatever they ultimately plan to do for the benefit of Evercare, but certainly there is nothing on the horizon for us, DS shareholders. It is time for shareholders to take a sobering look at these results and to consider that at best the current Board and management team has demonstrated a complete inability to maintain the company’s business or create value, (much less grow it) and at worst they are engaged in intentional misconduct, self dealing, and gross negligence - either way, the situation is really bad. It may also simply be the case that the company cannot realistically achieve a turn-around after the damages that were caused by the defendants in the above mentioned lawsuit.
Unfortunately shareholders are left with few options. One remaining pathway to recover shareholder losses is the ongoing lawsuit against the defendants described above. Khesin has been spearheading this lawsuit and believes that we can expect a large recovery given the spectacular legal malpractice committed by these law firms. Since whatever was left of the business has been decimated by the current Board, we believe that the best hope to recover losses for shareholders is to insure that money obtained in the lawsuit against former council is distributed to shareholders rather than permitted to go to the company’s completely failed operations.
In order to facilitate this, the new offer from Medilogistics now includes 80% of all funds recovered in the lawsuit (which would be automatically distributed to current shareholders) in addition to a payment of $0.07. This is the best course of action and Khesin supports this transaction. The alternative would result in shareholders getting nothing for our shares.
The tender offer with the new terms is a logical step for shareholders. Khesin will continue the successful conclusion to our lawsuit to see shareholders recover losses. Shareholders have had enough frustration and disappointment and its time to close this chapter and move on.
If you have any questions or comments, please call 347-276-2598 to speak to a group representative.
Daniel Khesin DS Healthcare Group 347-276-2598
Source:DS Healthcare Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-letter-from-founder-of-ds-healthcare-group-dskx--revised-tender-offer-terms-shareholder-update-and-support-for-transaction.html |
BILLERICA, Mass., May 8, 2018 /PRNewswire/ -- IDEMIA, the global leader in Augmented Identity, today announced the appointment of Donnie Scott as Senior Vice President of Public Security for its Identity & Security business in North America.
Before joining IDEMIA, Mr. Scott served as Director of National Security Business Development for DXC Technology, the world's leading independent, comprehensive IT services company. He was responsible for DXC's national security clients across the U.S. Public Sector, including the pursuit of new business as well as the development and execution of the company's strategic growth vision. Mr. Scott brings over 16 years' experience in business development for the U.S. Public Sector, working with a wide range of clients from local, state, civilian, healthcare and defense agencies.
"The Public Security business is a critical area of focus for IDEMIA in North America and I am excited to lead it into the future," said Scott. "For decades IDEMIA has been committed to issues concerning public security and its valued partnerships with U.S. government agencies demonstrates the company's long-standing and ongoing dedication to secure and simplify lives."
"I am pleased to welcome Donnie Scott to our team and am confident he will provide excellent strategic leadership," said Ed Casey, Chief Executive Officer, Identity & Security, N.A. "Donnie's strong dedication to customer service and his passion for growth will have an immediate positive impact on our business."
With over 40 years of experience partnering with federal, state and local law enforcement agencies, IDEMIA's Public Security mission is to detect threats in public areas, securely grant access to premises and physical assets, strengthen border security and help police drastically improve efficiency. Through best-in-class biometric and facial recognition technologies and automated identification solutions, IDEMIA addresses the major security challenges these agencies face while keeping America's states, cities and towns secure.
About IDEMIA
OT-Morpho is now IDEMIA™, the global leader in Augmented Identity™ for an increasingly digital world, with the ambition to empower citizens and consumers alike to interact, pay, connect, travel and vote in ways that are now possible in a connected environment.
Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, we reinvent the way we think, produce, use and protect this asset, whether for individuals or for objects. We ensure privacy and trust as well as guarantee secure, authenticated and verifiable transactions for international clients from Financial, Telecom, Identity, Public Security and IoT sectors.
OT (Oberthur Technologies) and Safran Identity & Security (Morpho) have joined forces to form IDEMIA. With close to $3 billion in revenues and 14,000 employees around the world, IDEMIA serves clients in 180 countries.
For more information, visit www.idemia.com / Follow @IdemiaGroup on Twitter
Press contact:
Trish McCall
Olmstead Williams Communications
[email protected]
310-824-9000
View original content with multimedia: http://www.prnewswire.com/news-releases/idemia-announces-appointment-of-donnie-scott-as-senior-vice-president-public-security-for-north-america-300644533.html
SOURCE IDEMIA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-idemia-announces-appointment-of-donnie-scott-as-senior-vice-president-public-security-for-north-america.html |
ATLANTA, May 3, 2018 /PRNewswire/ -- Equifax Inc. (NYSE: EFX) today announced that the Equifax Board of Directors declared a quarterly dividend of $0.39 per share, payable on June 15, 2018, to shareholders of record as of the close of business on May 25, 2018. Equifax has paid cash dividends for more than 100 consecutive years.
About Equifax
Equifax is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs 10,400 employees worldwide.
FOR MORE INFORMATION
1550 Peachtree Street, NE
Atlanta, Georgia 30309
Marisa Salcines
Media Relations
770-752-2574
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/equifax-board-of-directors-declares-quarterly-dividend-300642263.html
SOURCE Equifax Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-equifax-board-of-directors-declares-quarterly-dividend.html |
MARTINSVILLE, Va., May 07, 2018 (GLOBE NEWSWIRE) -- George Revington has announced he will retire from his positions as Chief Operating Officer of Hooker Furniture Corporation (NASDAQ:HOFT) and as President of Hooker subsidiary HMI, effective June 1, 2018.
Revington has served as the second ranking officer at the company for over two years, and has been involved with HMI for a total of 18 years in the chief executive role.
“For eighteen years, it has been my passion to create HMI to be a different kind of company in our industry—forward-looking technologically advanced and lean. It has been a great ride with many wonderful people. At the same time, there are other adventures that I’d like to pursue in my personal interests and in business,” Revington said.
“George’s strategic vision, and his ability to develop ground-breaking strategies and successfully implement them, is as good as I have ever experienced,” said Paul Toms, chairman and chief executive officer of Hooker Furniture. “We appreciate his contributions and service, and have enjoyed working with him for the past two-and-a-half years.”
“I want to thank all of the smart, determined people who built HMI from humble beginnings in Phoenix, Arizona, and who lived the HMI culture,” Revington said. “I also thank the trusted partners in Asia for their incredible hard work and willingness to adapt. And I thank our retail partners, whose openness created truly collaborative relationships that are the basis for sustainable competitive advantage for both parties.
“Hooker Furniture and HMI have the strategies and people in place to continue to grow, and are extremely well-positioned to be a major force in the industry. I wish everyone the very best.”
Separately, HFC is announcing appointments in the HMI President’s role.
Incorporated in 1924, Hooker Furniture is one of the most respected furniture brands in the world. The company's 2016 acquisition of Home Meridian International (HMI) ranks Hooker as one of the top five sources for the U.S. furniture market. An importer of residential wood and metal furniture and a manufacturer and importer of upholstered furniture, Hooker Furniture is based in Martinsville, Va. Major wood furniture categories include bedroom, dining, accent, home entertainment and home office furniture in the upper-medium price points sold under the Hooker Furniture brand. Hooker's residential upholstered seating companies include Hickory, N.C.-based Bradington-Young , a specialist in upscale motion and stationary leather furniture, Bedford, Va.-based Sam Moore Furniture , specializing in fashion upholstery with an emphasis on cover-to-frame customization, and Martinsville, Va.-based Shenandoah Furniture , an upscale upholstery company specializing in private-label sectionals, modular, sofas, chairs and beds in the upper-medium price points. The Hooker Upholstery brand offers imported leather upholstery in the upper medium price range. The Home Meridian division addresses more moderate price points and channels of distribution. HMI brands include Pulaski Furniture, Samuel Lawrence Furniture, Prime Resources, Accentrics Home, Sourcing Solutions Group, Right 2 Home and Samuel Lawrence Hospitalit y.
For more information, contact: Paul Toms, Chairman and Chief Executive Officer. Phone: 276-632-2133; [email protected]
Source:Hooker Furniture Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-george-revington-to-retire-from-posts-at-hooker-furniture-hmi.html |
May 1, 2018 / 10:02 AM / Updated 9 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 3 Min Read
(Adds Kuwait Petroleum International, Larsen & Toubro, Permira, Hasbro)
May 1 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1300 GMT on Tuesday:
** Toy maker Hasbro Inc has agreed to acquire children’s entertainment and merchandising franchises, including the characters of the superhero TV show Power Rangers, from Saban Entertainment for around $520 million in cash and stock, people familiar with the matter said.
** India’s Larsen & Toubro has agreed to sell its electrical and automation business to Schneider Electric SE for 140 billion rupees ($2.11 billion) in the biggest M&A deal announced in the Indian market this year.
** Kuwait Petroleum International (KPI) is in talks to buy 24 percent of the Bina joint venture refinery in central India, two Indian and two foreign sources said, as the Middle East nation wants to increase its South Asian market share.
** Private equity firm Permira said it is buying back Cisco System’s video software unit, six years after it sold the business to Cisco for $5 billion.
** Plane maker Boeing Co said it will buy aerospace parts company KLX Inc for about $3.2 billion in cash to expand its aircraft services business.
** Chinese conglomerate HNA Group has dropped its bid for most of SkyBridge Capital, a hedge fund investment firm founded by U.S. President Donald Trump’s former aide Anthony Scaramucci, as the deal was still stuck with U.S. regulators after more than a year.
** National Grid Plc said it would sell its remaining 25 percent stake in Quadgas HoldCo Limited, which owns Cadent Gas for cash proceeds of about 1.2 billion pounds ($1.65 billion).
** India has extended the deadline to receive initial bids for its stake in state-run carrier Air India to May 31 from May 14 earlier, according to a notification issued by the Ministry of Civil Aviation.
** Mining services provider Mineral Resources Ltd said it was looking to sell a minority stake in its Wodgina Lithium mine in the west of Australia.
** India’s Fortis Healthcare Ltd said it received a revised takeover proposal from Malaysia’s IHH Healthcare Bhd .
** U.S. activist fund Elliott Management has begun a legal dispute with South Korea over a controversial 2015 merger of two Samsung affiliates after Elliott lost a proxy battle to block it, a South Korean government official said.
** Private equity firm Lantern Capital is nearing a deal to acquire the Weinstein Company, the TV and film studio whose former chairman Harvey Weinstein faces sexual assault claims, with a $310 million offer, people familiar with the matter said. (Compiled by Sanjana Shivdas in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1S8202 |
May 4 (Reuters) - Emami Infrastructure Ltd:
* NCLT, KOLKATA SANCTIONED SCHEME OF AMALGAMATION OF ZANDU REALTY WITH CO Source text - bit.ly/2KzeK5t Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-emami-infrastructure-says-nclt-san/brief-emami-infrastructure-says-nclt-sanctions-scheme-of-amalgamation-of-zandu-realty-with-co-idUSFWN1SB0FP |
May 4 (Reuters) - India’s Ambuja Cements Ltd, part of global conglomerate LafargeHolcim Ltd, posted a 10.2 percent rise in its first-quarter profit, underpinned by higher cement sales volumes.
Standalone net profit rose to 2.72 billion rupees ($40.68 million) in the quarter ended March 31, from 2.47 billion rupees a year earlier, Ambuja said on Friday.
Analysts on average expected the company to post a profit of 2.97 billion rupees, according to Thomson Reuters data.
Revenue from operations fell 2.1 percent to 28.63 billion rupees.
Cement sales volume were 3.3 percent higher for the quarter. ($1 = 66.8650 Indian rupees) (Reporting by Tanvi Mehta in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/ambuja-cements-results/indias-ambuja-cements-q1-profit-rises-10-pct-misses-estimates-idUSL3N1SB39J |
Why Amazon's Alexa will pray with you 3:06pm BST - 01:32
The Church of England has set itself up on Amazon's virtual assistant, Alexa. The device can can now pray, but also offers practical info as the church bids to combat falling numbers of worshipers.
The Church of England has set itself up on Amazon's virtual assistant, Alexa. The device can can now pray, but also offers practical info as the church bids to combat falling numbers of worshipers. //reut.rs/2GLV37s | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/why-amazons-alexa-will-pray-with-you?videoId=429907573 |
* Net profit target range of 2.1-2.5 billion euros in 2018
* Follows 48 percent rise in Q1 profit
* Lower-than-expected payouts in Q1
* April renewal prices up 0.8 percent (Updates with details from report)
FRANKFURT, May 8 (Reuters) - Munich Re, the world’s largest reinsurer, said on Tuesday it expected its 2018 profit to come near the upper end of its target range after posting a 48 percent jump in first-quarter profit.
Munich Re has posted declines in profit over the past five years but is counting on a reversal in fortune this year.
It stuck to its broader guidance for 2018 consolidated net profit of 2.1 to 2.5 billion euros ($2.50-2.98 bln), but in a call with journalists, finance chief Joerg Schneider said he was “very confident that profit would land at least the upper end of the range”.
That more optimistic outlook followed an increase in first-quarter net profit to 827 million euros, from 557 million during the same period last year, as the company bounces back from record payouts for natural disasters in 2017.
Last year, Munich Re eked out a small profit after a spate of hurricanes and other natural catastrophes in North America prompted record claims to insurers across the industry.
Major losses in the first quarter totalled 62 million euros, down from 403 million a year ago. “It was thus significantly below our major-loss projection,” Munich Re said.
Prices that reinsurers can charge customers have been under pressure for years amid intense competition. Last year’s natural catastrophes have helped put a floor on prices.
Munich Re said that prices increased 0.8 percent during the April period of contract renewals. ($1 = 0.8396 euros) (Reporting by Tom Sims Editing by Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/munich-re-results/update-1-munich-re-sees-2018-profit-at-upper-end-of-targeted-range-idUSL8N1SF0ZZ |
Board of Directors Declares $0.06 Per Share Cash Dividend and Authorizes $5 Million Share Repurchase Plan
Financial Highlights
2018 Q1 revenue of $504.1 million 2018 Q1 net income attributable to Primoris of $0.7 million, or $0.01 per fully diluted share 2018 Q1 cash flow from operations of $3.7 million Total Backlog of $2.6 billion at March 31, 2018
DALLAS, May 08, 2018 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ GS:PRIM) (“Primoris” or “Company”) today announced financial results for its first quarter ended March 31, 2018.
The Company also announced that on May 4, 2018 its Board of Directors declared a $0.06 per share cash dividend to stockholders of record on June 29, 2018, payable on or about July 13, 2018.
David King, President and Chief Executive Officer of Primoris, commented, “Primoris’ first quarter results are in line with our expectations, as growth in Master Service Agreement (“MSA”) revenue from our California utility customers and increased revenue from power and petrochemical projects helped offset the negative impact of the worse than normal weather conditions in several markets. In spite of the obvious headwinds from the seasonal nature of our work, we delivered profitable margins in each of our operating segments.”
Mr. King continued, “We are seeing robust markets for services from most of our business units, and during the quarter we added sufficient new work to maintain our backlog at $2.6 billion. We remain on pace to have another record year of revenue. We expect our major pipeline project to kick off at the end of the second quarter; the power job in California to continue into the second half of the year; and we have started construction of a large solar installation in Texas. Our planned acquisition of Willbros, which we anticipate closing in the second quarter, will appreciably bolster our utility MSA revenue and provide an entry into the growing transmission and distribution market. We have successfully integrated many acquisitions during the past few years, and we expect that Willbros will provide additional opportunities for the strategic growth of Primoris.”
2018 FIRST QUARTER RESULTS OVERVIEW
Revenues for three months ended March 31, 2018 decreased by $57.4 million, or 10.2%, compared to the same period in 2017. The decrease was primarily due to the substantial completion of two large Florida pipeline projects and a petrochemical plant project in 2017. The overall decrease was partially offset by higher activity with major utility clients in California and the Midwest, progress on our Carlsbad joint venture power plant project, and a refinery project in Southern California. Gross profit was $44.6 million for the three months ended March 31, 2018, a decrease of $10.5 million, or 19.1%, compared to the same period in 2017. The decrease was primarily due to the substantial completion of two large Florida pipeline projects and a petrochemical plant project in 2017, partially offset by progress on our Carlsbad joint venture power plant project. Gross profit as a percentage of revenues decreased to 8.8% in the three months ended March 31, 2018 from 9.8% in the same period in 2017 due primarily to favorable performance on the two Florida pipeline projects in 2017.
SEGMENT RESULTS
Power, Industrial, and Engineering (“Power”) - The Power segment operates throughout the United States and specializes in a range of services that include full EPC project delivery, turnkey construction, retrofits, upgrades, repairs, outages, and maintenance for entities in the petroleum, petrochemical, water, and other industries. Pipeline and Underground (“Pipeline”) – The Pipeline segment operates throughout the United States and specializes in a range of services, including pipeline construction, pipeline maintenance, pipeline facility work, compressor stations, pump stations, metering facilities, and other pipeline related services for entities in the petroleum and petrochemical industries. Utilities and Distribution (“Utilities”) – The Utilities segment operates primarily in California, the Midwest, and the Southeast regions of the United States and specializes in a range of services, including utility line installation and maintenance, gas and electric distribution, streetlight construction, substation work, and fiber optic cable installation. Civil – The Civil segment operates primarily in the Southeastern and Gulf Coast regions of the United States and specializes in highway and bridge construction, airport runway and taxiway construction, demolition, heavy earthwork, soil stabilization, mass excavation, and drainage projects.
Segment Revenues
(in thousands, except %)
(unaudited)
For the three months ended March 31, 2018 2017 % of % of Total Total Segment Revenue Revenue Revenue Revenue Power $ 166,555 33.0 % $ 131,240 23.4 % Pipeline 57,583 11.4 % 183,445 32.7 % Utilities 166,710 33.1 % 116,980 20.8 % Civil 113,271 22.5 % 129,837 23.1 % Total $ 504,119 100.0 % $ 561,502 100.0 % Segment Gross Profit
(in thousands, except %)
(unaudited)
For the three months ended March 31, 2018 2017 % of % of Segment Segment Segment Gross Profit Revenue Gross Profit Revenue Power $ 24,071 14.5 % $ 15,524 11.8 % Pipeline 7,891 13.7 % 28,125 15.3 % Utilities 9,051 5.4 % 8,273 7.1 % Civil 3,547 3.1 % 3,131 2.4 % Total $ 44,560 8.8 % $ 55,053 9.8 % Power, Industrial, & Engineering Segment : Revenue increased by $35.3 million, or 26.9%, for the three months ended March 31, 2018, compared to the same period in 2017. The growth is primarily due to our Carlsbad joint venture power plant project and a monoethylene glycol plant project in Texas that started in the third quarter of 2017. In addition, a refinery project in Southern California, a LNG peak shaving plant construction project in the Northeast, and a West Texas solar electric facility increased revenue in the first quarter of 2018. The overall increase was partially offset by the substantial completions of a large petrochemical plant in Louisiana and our Wilmington joint venture power plant project in 2017. Gross profit for the three months ended March 31, 2018, increased by $8.5 million, or 55.1%, compared to the same period in 2017. The increase is primarily due to the revenue growth. Gross profit as a percentage of revenue increased to 14.5% during the three months ended March 31, 2018 compared to 11.8% in the same period in 2017 primarily due to a higher margin percentage realized by our Carlsbad joint venture project.
Pipeline & Underground Segment: Revenue decreased by $125.9 million, or 68.6%, for the three months ended March 31, 2018, compared to the same period in 2017. The decrease is primarily due to the completion of two large pipeline jobs in Florida in 2017, partially offset by incremental revenue from the acquisition of Coastal during the second quarter of 2017. Gross profit for the three months ended March 31, 2018 decreased by $20.2 million, or 71.9%, compared to the same period in 2017. The decrease is primarily attributable to the completion of the two pipeline jobs in Florida in 2017. Gross profit as a percent of revenues decreased to 13.7% during the three months ended March 31, 2018 compared to 15.3% in the same period in 2017. The decrease is primarily due to the impact of start up costs on a micro-tunneling project in Southern California.
Utilities & Distribution Segment: Revenue increased by $49.7 million, or 42.5%, for the three months ended March 31, 2018, compared to the same period in 2017. The increase is primarily attributable to higher revenue from a collaboration MSA arrangement for a major utility customer in California, higher activity with another major utility customer in California, and increased activity with two major utility customers in the Midwest. In addition, the impact of the acquired FGC operations in the second quarter of 2017 also benefited 2018. Gross profit for the three months ended March 31, 2018 increased by $0.8 million, or 9.4%, compared to the same period in 2017. The increase is primarily due to the growth in revenue and the impact of acquired operations, partially offset by decreases related to a client delay and unfavorable weather conditions for major utility customers in the Midwest. Gross profit as a percentage of revenues decreased to 5.4% during the three months ended March 31, 2018 compared to 7.1% in the same period in 2017 primarily as a result of lower gross margins on the collaboration MSA work, the client delay, and the unfavorable weather conditions experienced by the major utility customers in the Midwest.
Civil Segment: Revenue decreased by $16.6 million, or 12.8%, for the three months ended March 31, 2018, compared to the same period in 2017. The decrease is primarily due to the substantial completion of a methanol plant project and a large petrochemical plant project as well as lower Texas DOT volumes. The overall decrease was partially offset by higher Louisiana DOT volumes and an increase from a Louisiana power station project that began in the fourth quarter of 2017. Gross profit increased by $0.4 million for the three months ended March 31, 2018, compared to the same period in 2017 primarily due to higher costs on Arkansas DOT projects in the three months ended March 31, 2017. The overall increase was partially offset by the substantial completions of the methanol plant and petrochemical plant projects in 2017 and unfavorable weather conditions experienced in Texas and Louisiana during the three months ended March 31, 2018. Gross profit as a percent of revenue increased to 3.1% during the three months ended March 31, 2018, compared to 2.4% in the same periods in 2017 primarily due to the reasons noted above.
OTHER INCOME STATEMENT INFORMATION
Selling, general and administrative (“SG&A”) expenses of $38.7 million during the three months ended March 31, 2018 decreased by $1.2 million, or 3.0%, compared to the first quarter of 2017. The primary reason for the decrease was a $3.7 million reduction in compensation related expenses, including incentive compensation accruals, and a $0.9 million decrease in legal fees. The overall decrease was partially offset by $2.6 million of incremental expense from the businesses acquired in the second quarter of 2017 and $1.6 million of expenses related to the pending Willbros merger. SG&A expense as a percentage of revenue increased to 7.7% compared to 7.1% for the corresponding period in 2017 due to the decrease in revenue. Excluding the impact of acquisitions, SG&A as a percentage of revenue increased slightly to 7.4% compared to 7.1% for the corresponding period in 2017.
The provision for income taxes for the first quarter 2018 was $0.2 million, for an effective tax rate on income attributable to Primoris of 23.5%, compared to $4.5 million, for an effective tax rate on income attributable to Primoris of 37.0%, in the first quarter 2017. The $4.3 million decrease in income tax expense was primarily driven by an $11.3 million decrease in pre-tax income (excluding noncontrolling interests) and the Tax Cuts and Jobs Act’s reduction of the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018.
Net income attributable to Primoris for the first quarter 2018 was $0.7 million, or $0.01 per fully diluted share, compared to $7.7 million, or $0.15 per fully diluted share, in the same period in 2017.
Fully diluted weighted average shares outstanding for the 2018 first quarter decreased slightly to 51.7 million from 51.9 million in the first quarter 2017.
OUTLOOK
Based on anticipated levels of customer maintenance, MSA spending, new project awards, and an expected corporate tax rate of 23.5%, the Company re-affirms our estimate that for the fiscal year ending December 31, 2018, net income attributable to Primoris will be between $1.50 and $1.70 per fully diluted share. This estimate anticipates a late second quarter 2018 start date for a major pipeline project in backlog.
BACKLOG
Expected Next Four Quarters Total Backlog at March 31, 2018 (in millions) Backlog Revenue Segment Fixed Backlog MSA Backlog Total Backlog Recognition Power $ 342 $ 37 $ 379 89 % Pipeline 763 26 789 55 % Utilities 54 787 841 100 % Civil 597 - 597 52 % Total $ 1,756 $ 850 $ 2,606 74 % At March 31, 2018, Fixed Backlog was $1.76 billion, compared to $1.82 billion at December 31, 2017.
At March 31, 2018, MSA Backlog was $850 million, compared to $775 million at December 31, 2017. During the first quarter of 2018, approximately $146 million of revenue was recognized from MSA projects, a 38.8% increase over first quarter 2017 MSA revenue. MSA Backlog represents estimated MSA revenues for the next four quarters.
Total Backlog at March 31, 2018 was $2.61 billion, compared to $2.60 billion at December 31, 2017.
Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenues. Revenue from certain projects, such as cost reimbursable and time-and-materials projects, do not flow through backlog. At any time, any project may be cancelled at the convenience of our customers.
SHARE REPURCHASE PLAN
The Company's Board of Directors has authorized a share repurchase program under which Primoris may, from time to time and depending on market conditions, share price and other factors, acquire shares of its common stock on the open market or in privately negotiated transactions up to an aggregate purchase price of $5 million. The share repurchase program expires December 31, 2018.
CONFERENCE CALL
David King, President and Chief Executive Officer, and Peter J. Moerbeek, Executive Vice President and Chief Financial Officer will host a conference call, Tuesday, May 8, 2018 at 9:30 am Eastern Time / 8:30 am Central Time to discuss the results.
Interested parties may participate in the call by dialing:
(877) 407-8293 (Domestic) (201) 689-8349 (International)
Presentation slides to accompany the conference call are available for download in the Investor Relations section of Primoris’ website at www.prim.com . Once at the Investor Relations section, please click on “Events & Presentations”.
If you are unable to participate in the live call, a replay may be accessed by dialing (877) 660-6853, conference ID 13679112, and will be available for approximately two weeks. The conference call will also be broadcast live over the Internet and can be accessed and replayed through the Investor Relations section of Primoris' website at www.prim.com .
ABOUT PRIMORIS
Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the largest construction service enterprises in the United States. Serving diverse end markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. The Company's national footprint extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and Canada. For additional information, please visit www.prim.com .
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements, including with regard to the Company’s future performance. Words such as "estimated," "believes," "expects," "projects," “may,” and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K for the period ended December 31, 2017, and other filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Company Contact
Peter J. Moerbeek
Executive Vice President, Chief Financial Officer
(214) 740-5602
[email protected]
Kate Tholking
Director of Investor Relations
(214) 740-5615
[email protected]
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended March 31, 2018 2017 Revenue $ 504,119 $ 561,502 Cost of revenue 459,559 506,449 Gross profit 44,560 55,053 Selling, general and administrative expenses 38,651 39,854 Operating income 5,909 15,199 Other income (expense): Foreign exchange gain 257 23 Other income (expense), net (12 ) — Interest income 272 69 Interest expense (1,998 ) (2,262 ) Income before provision for income taxes 4,428 13,029 Provision for income taxes (212 ) (4,517 ) Net income $ 4,216 $ 8,512 Less net income attributable to noncontrolling interests (3,528 ) $ (821 ) Net income attributable to Primoris $ 688 $ 7,691 Dividends per common share $ 0.060 $ 0.055 Earnings per share: Basic $ 0.01 $ 0.15 Diluted $ 0.01 $ 0.15 Weighted average common shares outstanding: Basic 51,479 51,594 Diluted 51,747 � 51,857
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
March 31, December 31, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 134,172 $ 170,385 Accounts receivable, net 260,920 291,589 Contract assets 262,932 265,902 Note receivable 10,000 — Prepaid expenses and other current assets 21,694 15,338 Total current assets 689,718 743,214 Property and equipment, net 313,937 311,777 Intangible assets, net 42,376 44,800 Goodwill 153,374 153,374 Other long-term assets 3,042 2,575 Total assets $ 1,202,447 $ 1,255,740 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 130,956 $ 140,943 Contract liabilities 137,380 169,101 Accrued liabilities 99,909 102,168 Dividends payable 3,092 3,087 Current portion of long-term debt 63,975 65,464 Total current liabilities 435,312 480,763 Long-term debt, net of current portion 181,972 193,351 Deferred tax liabilities 13,577 13,571 Other long-term liabilities 6,090 5,872 Total liabilities 636,951 693,557 Commitments and contingencies Stockholders’ equity Common stock 5 5 Additional paid-in capital 162,701 160,502 Retained earnings 393,547 395,961 Non-controlling interest 9,243 5,715 Total stockholders’ equity 565,496 562,183 Total liabilities and stockholders’ equity $ 1,202,447 $ 1,255,740
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income $ 4,216 $ 8,512 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 14,368 14,134 Amortization of intangible assets 2,424 1,727 Stock-based compensation expense 215 459 Gain on sale of property and equipment (1,104 ) (1,308 ) Other non-cash items 40 44 Changes in assets and liabilities: Accounts receivable 30,669 36,383 Contract assets 2,970 (4,671 ) Other current assets (6,356 ) 1,102 Other long-term assets (499 ) (147 ) Accounts payable (9,987 ) (43,997 ) Contract liabilities (31,721 ) 38,525 Accrued expenses and other current liabilities (1,806 ) (1,752 ) Other long-term liabilities 231 77 Net cash provided by operating activities 3,660 49,088 Cash flows from investing activities: Purchase of property and equipment (19,125 ) (19,222 ) Issuance of a note receivable (10,000 ) — Proceeds from sale of property and equipment 3,734 1,984 Net cash used in investing activities (25,391 ) (17,238 ) Cash flows from financing activities: Repayment of long-term debt and capital leases (12,893 ) (12,498 ) Proceeds from issuance of common stock purchased under a long-term incentive plan 1,498 1,148 Repurchase of common stock — (4,999 ) Dividends paid (3,087 ) (2,839 ) Net cash used in financing activities (14,482 ) (19,188 ) Net change in cash and cash equivalents (36,213 ) 12,662 Cash and cash equivalents at beginning of the period 170,385 135,823 Cash and cash equivalents at end of the period $ 134,172 $ 148,485
Source:Primoris Services Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-primoris-services-corporation-announces-2018-first-quarter-financial-results.html |
The near-death experience of China’s telecom-equipment maker ZTE has been a “wake-up call” for China, according to Pony Ma, chairman of the country’s most valuable company, Tencent. For Mr. Ma and others, the episode has emphasized the urgent need for China to grow its own chip-making industry.
Investors can now expect Tencent, and peers like Alibaba, to step up to the plate.
Whether... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/when-the-chips-are-down-chinas-tech-giants-will-step-up-1527503968 |
May 2, 2018 / 11:27 AM / Updated an hour ago Germany's spending plans likely to disappoint at home and abroad Joseph Nasr , Andrea Shalal 5 Min Read
BERLIN (Reuters) - Social Democratic German Finance Minister Olaf Scholz presented spending plans on Wednesday that see public investment falling from 2020 and advised ministries demanding more funds to live within their means. FILE PHOTO: German Finance Minister Olaf Scholz talks to the media in Meseberg, Germany, April 10, 2018. REUTERS/Fabrizio Bensch/File Photo
His package may disappoint U.S. President Donald Trump, who has called on Germany and other European allies to increase the percentage of their GDP devoted to defence spending to pull their weight in the U.S.-led NATO alliance.
Germany’s fellow euro zone members are unlikely to welcome the spending blueprint either, as they had hoped the Social Democrats, part of Germany’s governing coalition, would steer the EU’s economic powerhouse away from austerity.
Germany’s defence and development ministries, for their part, have objected in writing to the budget plan, saying it violates the coalition pact signed by Chancellor Angela Merkel’s conservatives and their Social Democratic (SPD) junior partner.
Presenting the budget plans that foresee no net new debt through to 2022, Scholz said: “I am convinced: in good economic times, a responsible fiscal policy must achieve both a reduction in debts and a rise in investments.”
Scholz’s remarks echoed those of his conservative predecessor Wolfgang Schaeuble, who insisted that euro zone partners abide to budget rules through austerity.
Under the spending plans, investment would rise from 34.0 billion euros (30 billion pounds) in 2017 to 37.0 billion this year and 37.9 billion next, before decreasing in 2020 and hitting 33.5 billion in 2022.
“All the ministries who have plans must do so within the possibilities available in our country, and we wrote into our constitution (in 2011) that we want to pursue policies that allow the states no new debt from 2020 and for the federal government only a very small amount of new debt,” Scholz said.
Defence Minister Ursula von der Leyen and Development Minister Gerd Mueller - both conservatives - met Merkel last week to demand more funds for their ministries.
They said the budget plan, as submitted by Scholz, flouted pledges to ensure that Germany’s development aid and defence spending as a percentage of economic output did not shrink.
The two ministries are seeking improvements before the cabinet debates a fuller 2019 budget on July 4.
Germany has had a “debt brake” law in place since 2011 that forces the federal and state governments to virtually eliminate their structural budget deficits over the next five to 10 years.
The German economy is growing for the ninth year in a row and the government has kept a balance budget since 2014. “INTERNATIONAL CRISES”
Mueller told reporters it was the federal government’s job to “strengthen Germany’s role in the world” and both ministries needed more money to meet their international obligations.
“International crises are increasing in which the Bundeswehr (German army) and (the development ministry) are needed,” he said, citing Yemen, Iraq and the plight of the Rohingya refugees from Myanmar.
A defence ministry source said defence spending as a percentage of economic output would rise to 1.3 percent in 2019, as Merkel had assured Trump last week, but would fall thereafter unless budget plans were adjusted.
Asked how much the pressure from Trump influenced Germany’s defence spending plans, Scholz told reporters: “Not at all.”
The source told reporters that defence spending would fall to 1.23 percent in 2022, even below the projected level for 2018, despite Germany’s pledge as a member of NATO to steadily increase its military budget towards a target of 2 percent.
The defence ministry would also have to delay some major procurement programmes planned with other countries unless more funds are added in coming months, although it was not yet clear which projects could be affected, the source said.
In total, the source said, the defence ministry got only 20 percent of the 12 billion euros in funding it requested for 2019 through 2021, excluding personnel costs to be covered by the finance ministry.
Germany’s development aid, now at around 0.5 percent of GDP, would drop to 0.47 percent in 2019, and more in coming years, a development ministry source said.
To meet its obligation, the development ministry would need around 1.1 billion euros in extra funding, the source said. Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-budget/german-cabinet-approves-budget-with-no-net-new-debt-to-2020-idUKKBN1I31GH |
SAN DIEGO, May 03, 2018 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. (Nasdaq:APRI), a biopharmaceutical company seeking to advance innovative medicines in urology and rheumatology, today reported of 2018 and provided a corporate update on its near-term priorities.
“Since our recent end-of-review meeting on the NDA for Vitaros with the FDA, we have been focused on pursuing U.S. Vitaros partnership discussions with interested parties. Our objective is to enable continued development and potential approval of the Vitaros product and receive financial terms commensurate with this development stage asset in exchange for a sublicense or assignment of our U.S. development and/or commercialization rights. In parallel, the Company is evaluating strategic alternatives, which may include a sale of the company, a business combination, a merger or reverse merger or a license, and in order to maximize shareholder value, the Company has engaged Canaccord Genuity LLC to assist in that process,” said Richard Pascoe, Chief Executive Officer.
First Quarter Financial Results
Net loss during the quarter ended March 31, 2018 was $2.3 million, or loss per share of $0.14, compared to net income of $8.1 million, or earnings per share of $1.04, during the first quarter of 2017. Net income during the quarter ended March 31, 2017 was primarily due to the $11.8 million gain recorded upon the sale of our ex-U.S. Vitaros rights and assets to Ferring.
For all periods presented, financial statement activity related to our ex-U.S. Vitaros business has been presented as discontinued operations. As of March 31, 2018, the Company’s cash totaled $5.7 million, compared to $6.3 million as of December 31, 2016, which is expected to fund operations through the end of 2018. The Company’s cash balance as of March 31, 2018 does not include net proceeds of approximately $2.9 million from the Company’s public equity offering, which closed on April 2, 2018.
About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (APRI) is a biopharmaceutical company seeking to advance innovative medicines in urology and rheumatology. Apricus has two product candidates: Vitaros, a product candidate in the United States for the treatment of erectile dysfunction, which is in-licensed from Warner Chilcott Company, Inc., now a subsidiary of Allergan plc (Allergan); and RayVa, a product which has completed a Phase 2a clinical trial for the treatment of the circulatory disorder Raynaud’s phenomenon, secondary to scleroderma, for which Apricus owns worldwide rights.
For further information on Apricus, visit http://www.apricusbio.com .
Vitaros ™ is Apricus’ trademark in the United States, which is pending registration and subject to the agreement with Allergan. Vitaros ® is a registered trademark of Ferring International Center S.A. in certain countries outside of the United States. RayVa ™ is Apricus’ trademark, which is registered in certain countries throughout the world and pending registration in the United States.
Forward Looking Statements
This press release contains the Private Securities Litigation Reform Act, as amended. Statements in this press release that are not purely historical are . Such include, among other things: the potential to enter into a U.S. partnership regarding Vitaros; Apricus’ ability to identify and conclude strategic transactions or other business combinations and to maximize shareholder value in connection with such transactions; and that Apricus’ current cash will be sufficient to fund operations through 2018. Actual results could differ from those projected in any due to a variety of reasons that are outside the control of Apricus, including, but not limited to: Apricus’ financial position and need for additional capital to fund its operations, which may be adversely impacted if Apricus is unable to maintain the continued listing of its common stock on the Nasdaq stock market; a partnership with respect to U.S. Vitaros and any larger strategic transaction or other business combination may not be available on acceptable terms or at all; Apricus’ and any future partner’s ability to address any conditions for approvability of Vitaros raised by the FDA in the CRL; the failure to remain in compliance with Nasdaq continued listing requirements which could result in Apricus’ common stock being delisted from the exchange; Apricus’ ability to retain and attract key personnel; Apricus’ ability to raise additional funding that it may need to continue to pursue its commercial and business development plans; Apricus’ ability to secure a strategic partner for RayVa; Apricus may expend cash resources more quickly than it anticipates; and other risks identified by Apricus in its reports filed with the Securities (SEC). These are made as of the date of this press release, and Apricus assumes no obligation to update the , or to update the reasons why actual results could differ from those projected in the . Readers are urged to read the risk factors set forth in Apricus’ most recent annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q, and other filings made with the SEC. Copies of these reports are available from the SEC’s website at www.sec.gov or without charge from Apricus.
(Financial Information to Follow)
CONTACT: Matthew Beck
[email protected]
Solebury Trout
(646) 378-2933
Selected Financial Information
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts) (Unaudited) Three Months Ended
March 31, 2018 2017 Operating expense $ (217 ) $ (412 ) (2,135 ) (1,441 ) Total other income (expense) 81 (1,551 ) Loss from continuing operations (2,271 ) (3,404 ) Income from discontinued operations — 11,477 Net income (loss) $ (2,271 ) $ 8,073 Basic and diluted earnings (loss) per share Continuing operations $ (0.14 ) $ (0.44 ) Discontinued operations $ — $ 1.48 Total earnings (loss) per share $ (0.14 ) $ 1.04 Weighted average common shares outstanding for basic and diluted earnings (loss) per share 15,971 7,737
Condensed Consolidated Balance Sheets
(In thousands) March 31,
2018 December 31,
2017 Assets (Unaudited) Cash $ 5,678 $ 6,331 Other current assets 240 261 Property and equipment, net 66 79 Other long term assets 36 35 Assets of discontinued operations — — Total assets $ 6,020 $ 6,706 Liabilities and stockholders’ equity Current liabilities $ 1,690 $ 1,583 Current liabilities of discontinued operations — — Notes payable, net — — Warrant liabilities — 694 Other long term liabilities 42 58 Stockholders’ equity 4,288 4,371 Total liabilities and stockholders’ equity $ 6,020 $ 6,706
Source:Apricus Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-apricus-biosciences-provides-corporate-update-and-first-quarter-2018-financial-results.html |
43 COMMENTS Crown Prince Mohammed bin Salman in London on his first foreign tour as heir to the Saudi throne. Photo: Alberto Pezzali/NurPhoto/ZUMA Press RIYADH—Prince Mohammed bin Salman was a teenager when he realized his father, Prince Salman bin Abdulaziz, was, by Saudi royal standards, a pauper.
While other sons of Saudi Arabia’s founder grew wealthy from government business, Salman, then the governor of this capital city, supported his family with handouts from his brother the king. Mohammed decided to change that, he later told associates.
Nearly two decades later, Salman is king, and Mohammed bin Salman, known as MBS, is the crown prince who says he wants to crack down on corruption and remake the Saudi economy along more modern lines. Prince Mohammed is also fantastically wealthy. In recent years, he has acquired one of the world’s largest yachts, a French palace and a $450 million Leonardo da Vinci painting that was later donated to the United Arab Emirates.
Trickle Down A 2015 plane deal by Saudi Arabia's state-controlled airline, Saudia, sent profits to a company owned by Turki bin Salman — son of the Saudi king and brother of crown prince, Mohammed bin Salman. Saudia Airlines
Airbus
Leased
50 planes
Sold
50 planes
ALIF fund
profits
Investors
Quantum
Tharawat
owns 54%
Tharawat Holding
owns
Prince Turki,
brother of
crown prince
Siemond Chan/The Wall Street Journal
Source: Documents from companies
How the prince amassed his wealth exemplifies ways that the autocratic kingdom, essentially a family business, continues to intermingle commercial ventures and Saudi government connections to a degree far from Western norms. While it’s been long known the Saudi royal family keeps a share of the nation’s oil income, other business dealings involving the family’s dominant branch have been held more closely.
Among the connections: Prince Mohammed is managing director—and 20% owner—of a chemical producer that supplies large, state-controlled firms, Saudi corporate filings showed as recently as last year. A company majority-owned by two of the crown prince’s younger brothers was awarded a coveted broadband license from the government, Saudi records showed.
Additionally, in 2015, Prince Mohammed helped engineer a multibillion-dollar deal between European plane giant Airbus SE and Saudi Arabia’s state-owned Saudia Airlines, according to documents reviewed by The Wall Street Journal and interviews with more than a dozen people involved in the transaction. The deal is worth tens of millions of dollars to his family, the documents show.
A spokeswoman for the Saudi embassy in Washington declined to comment about Prince Mohammed’s business dealings.
An Airbus A320, part of the Saudi national airline’s fleet, departs Frankfurt in 2015. Photo: ZUMAPRESS.com The story of the Airbus deal suggests this mixing of business and government remains a staple of the Saudi economy, despite the crown prince’s highly publicized crackdown on many other royals who the prince said abused their power to get rich. Indeed, Airbus decided to go into business with the king’s family despite its reservations over the blurry distinction between private and public financial interests, according to people familiar with the matter.
An Airbus spokesman declined to comment, saying the company had a policy of not discussing any of its business dealings that could potentially be under investigation by law enforcement agencies.
The modern Saudi state was created in 1932 when Abdulaziz ibn Saud united two regions of the Arabian peninsula and became the first king. American geologists would soon discover oil in the desert, providing a gusher of cash to fund a lavish lifestyle for the royal family.
Many of Abdulaziz’s sons—he had dozens—and grandsons started companies to take on no-bid government contracts or otherwise profit from their political power.
Those practices continued after King Abdulaziz died in 1953 and the crown passed to a succession of his sons. One prince held the country’s only express-mail license, via a joint venture with DHL, the shipping company now owned by Deutsche Post AG , which became an oft-repeated example of how the royal family steered business toward itself. A DHL spokeswoman declined to comment.
Prince Salman didn’t focus so much on gathering wealth, say people close to the family. While his brothers built fortunes, Salman gathered power. He spent 48 years as Riyadh’s governor, overseeing the city’s expansion from a dusty desert enclave to a petrodollar-fueled metropolis of modern skyscrapers and wide boulevards.
Prince Salman prioritized education for his sons—one of Prince Mohammed’s half-brothers became an astronaut and another an Oxford-trained professor, Prince Mohammed has said in recent years.
It was around 2000 when the teenage prince had what he would years later call a shocking realization: His father wasn’t rich.
Salman subsisted on money from his brother, then-King Fahd, Prince Mohammed has told people. He lived a hand-to-mouth existence—if a lavish one—spending the cash on family expenses, rather than saving or investing.
The concerned prince, seeking more financial independence, scraped together about $100,000 to invest in Saudi stocks, he has said.
Eclectic Empire Saudi Crown Prince Mohammed bin Salman and his brothers have broad business holdings. Some examples from 2017 Saudi corporate filings.: Middle East Environment Protection Co.
Operates landfill and recycling operations in Saudi Arabia.
Watan Industrial Investment Company Ltd.
Sells industrial chemicals in Saudi Arabia. Its clients include Saudi Arabia's state-owned oil company.
Manga Productions Co.
Affiliated with Crown Prince Mohammed bin Salman's foundation. The company develops cartoons, video games and comic books.
Tharawat Holding Co.
Has stakes in banking, real estate and other industries.
Tharawat Seas
Invests in farming fish and shrimp for domestic and export markets.
Ansaq Medical Company
Through subsidiaries, Tharawat owned Ansaq, which made a deal with a New Orleans hospital system to bring Saudis to the U.S. for organ transplants.
Siemond Chan/The Wall Street Journal
Source: Saudi government filings compiled by Diligencia
Prince Mohammed kept trading through college and law school. Through the early 2010s, as his father moved up the royal ranks, he was appointed to a series of government positions. During that time Prince Mohammed made billions of Saudi riyals—hundreds of millions of dollars—on the Saudi stock market, he has told several people interviewed by the Journal.
Prince Mohammed also branched into business. Saudi corporate records as of 2017 show he owns stakes in at least five real-estate development companies, as well as a recycling firm. He is also 20% owner of Watan Industrial Investment Co. Ltd., a chemical producer that supplies state-controlled firms including Aramco, the government’s oil company, the documents show.
A company called Tharawat has emerged as a key player in the business activities of Prince Mohammed’s family. According to Saudi corporate filings, one of his younger brothers, Turki bin Salman, owned 99% of the investment firm as of May 2017, while another brother, Naif, owned the remaining 1%. Prince Turki has since bought his brother’s stake, according to Ammer al Selham, Tharawat’s CEO.
In practice, Prince Mohammed controls and benefits from Tharawat’s business, say several people familiar with their dealings, including two who have discussed the firm with him. Mr. Selham disputed that, saying: “At no time was HRH Prince Mohammed bin Salman a shareholder or a beneficiary of the company.”
Tharawat and a subsidiary own the majority of a tech firm called Jawraa that was awarded a coveted broadband license from the Saudi government in 2014, Saudi records show. The license allowed it to become one of three companies operating new mobile-phone networks in the country.
Tharawat has had interests in fish farms, real estate, tech services, agricultural-commodity trading and restaurants. It owns an office park in Riyadh. An investment vehicle Tharawat owns, Nasaq Holding, says on its website that it is investing in construction to take advantage of “the government’s tenth development plan including investments worth $358.2 billion in real estate.” Saudi corporate filings show that Tharawat owned a company that partnered with Ochsner Health System in New Orleans to bring Saudis to the U.S. for organ transplants.
The kingdom’s struggling flagship air carrier, Saudia Airlines, provided Tharawat with another lucrative opportunity.
In 2014, at the advice of Western “transformation” experts, the money-losing airline reached a tentative deal with Airbus to revitalize its aging fleet. The arrangement would have provided Saudia with dozens of jets financed by the Saudi government’s Public Investment Fund, or PIF, says a person involved in the talks. By agreeing up front to take 50 planes, Saudia would get a major discount.
As it turned out, Prince Mohammed’s family was at that very moment eyeing its own investment in airplanes. Investors in the Middle East had been looking for alternatives to the saturated real-estate market, and airlines were looking to lighten their balance sheets by leasing jets rather than buying them outright.
Tharawat in 2014 acquired a 54% stake in Quantum Investment Bank, a Dubai-based company with scant history of deal making, corporate documents show. Prince Turki, Mohammed’s younger brother, became Quantum’s chairman. Quantum executives didn’t respond to requests for comment, and the bank later took down its website.
Executives from Quantum and another small bank formed a company called International Airfinance Corp., or IAFC, to enter the jet-leasing business.
IAFC became the manager of a fund called ALIF, structured to follow Muslim strictures against paying interest. Airbus agreed to invest $100 million in ALIF if the fund bought only Airbus planes. On June 23, 2014, Airbus and IAFC held a “signing ceremony” in London to announce the new fund, hosted by Prince Turki bin Salman, International Airfinance said in a press release. The fund was aiming to raise $5 billion in equity and debt, deal documents show.
Then, in January of 2015, King Abdullah died and the original Saudia-Airbus plane deal stalled.
Soon after Salman took the throne, Saudi officials told Airbus they had a new plan, say people familiar with the deal: Rather than selling the jets to the Saudi government, Airbus would sell them to ALIF—the fund connected to the bin Salman family—which would in turn rent the planes to Saudia.
Saudi Arabia’s Prince Mohammed bin Salman and then-French President François Hollande stand in the background at a June 2015 ceremony ratifying a deal by Airbus to sell 50 planes intended for lease to the Saudi national airline. Photo: REMY DE LA MAUVINIERE/EPA/SHUTTERSTOCK People involved in the process say Saudia didn’t solicit competitive bids from leasing companies, and rebuffed the advances of companies seeking to offer competitive rates before choosing ALIF to do the deal.
In response to questions about the deal, Saudia Vice President Abdulrahman Altayeb said in an email that “the aircraft acquisition transaction was in accordance with Saudia’s internal procedures, which included a review of the lease price to ensure its competitiveness against the market benchmark, as well as aircraft delivery schedule being in line with Saudia’s requirements related to its fleet plan.”
At the time of the deal, some Airbus executives had reservations. Airbus faced investigations into potential corruption overseas by Western law enforcement, including a probe by the U.K.’s Serious Fraud Office into possible bribery by an Airbus subsidiary in Saudi Arabia, and didn’t want further problems. “When I saw Turki was taking over, it kind of brought cold water on all our excitement about the fund,” says a person involved.
Ultimately, this person said, Airbus relented. It was one of the biggest plane deals of the year. Plus, a person involved with the discussions said, Airbus officials decided “we don’t want to prevent the son of the king doing business.”
Others with a stake in the deal were thrilled by the involvement of a Saudi prince. “We took it as a good thing that there were people with deep pockets and political connections that we thought would make this transaction happen,” says one of those people, who says he considered the princes’ involvement “a good risk mitigator” for investors.
The future Saudi king, Crown Prince Salman bin Abdulaziz, left, spoke with his son Prince Mohammed in 2012. Photo: Hassan Ammar/Associated Press Some Saudi officials were left scratching their heads. Within the government and airline, says one official, “everyone thought it makes more sense for the PIF to finance that deal,” since buying 50 planes at once would net Saudia a huge discount. Under the lease deal, Saudia wouldn’t get the benefit of that discount.
Deal documents the Journal reviewed and interviews with people involved in the deal detail a convoluted chain of transactions that ends up benefiting Tharawat, the bin Salman company. As one government official put it, “at the end it went to Tharawat, who got others to finance it, and made huge profits without risking any of their money.”
The chain begins with Quantum, the bank Tharawat co-owns, and where Turki bin Salman was appointed chairman. Quantum arranged funding from investors and banks for buying planes, receiving a payment for each equity investment and tranche of debt raised, people familiar with the arrangement say. The ALIF fund raised about $4 billion as of 2017, according to IAFC’s website.
ALIF used the money to buy Airbus planes at a big discount—more than 60% off the list price, say people familiar with the deal. By leasing the planes to Saudia at about market-rate, rather than passing on the discount, ALIF targeted 15% returns. That’s higher than the normal 7% to 9% returns for a fund handling such long-term leases to an airline like Saudia, says Paul Lyons of U.K. aviation-business consultancy IBA Group Ltd.
IAFC, which manages ALIF, has a potentially big upside itself: It stands to get a big chunk of the deal’s profit, even though it doesn’t have any equity in the fund. Deal documents show IAFC gets 35% of profits above 7% return on investment, and 50% of profits above 10%. “That is very high,” says Aldo Giovannitti, who previously researched aviation investments for the World Bank. He says a standard rate would be 10% to 20%.
Mr. Selham, the Tharawat CEO, said neither Quantum nor Turki bin Salman is a shareholder of IAFC, which is registered in the Cayman Islands and doesn’t disclose its ownership.
However, IAFC’s operations are intermingled with the bank’s. Quantum’s chief executive is also managing partner of IAFC, and IAFC and Quantum share staff, according to statements by Quantum and IAFC and people familiar with the companies.
A person involved in structuring the deal defended the fund’s high projected returns, and said the lease rate shouldn’t be compared with other airplane-leasing deals. There are few comparable arrangements, this person said, since it involved many planes and an Islamic-finance component that could result in an airline paying higher lease rates.
Prince Mohammed finalized the deal during a 2015 visit to France, says a Saudi official with knowledge of the transaction. Not long after, at a gathering in a Saudi palace, the crown prince took credit for the transaction, according to a person who was present.
“I am the mastermind behind this deal,” the prince said, explaining how it showed his success in balancing state financial interests with his family’s.
Write to Justin Scheck at [email protected] and Bradley Hope at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/i-am-the-mastermind-mohammed-bin-salmans-guide-to-getting-rich-1526487353 |
BRASÍLIA—Concerns about global economic turbulence weakening the local currency were behind its surprising decision to keep interest rates unchanged for the first time in 19 months, Brazil’s central bank said Tuesday.
Renewed risks of higher interest rates in developed economies threaten emerging-market currencies, the bank said in the minutes to last week’s monetary-policy meeting, when the benchmark Selic rate was held at 6.5%.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/brazils-central-bank-says-rates-should-remain-low-1526991626 |
May 4, 2018 / 5:14 PM / Updated 4 hours ago FDA approves Novartis combo therapy for aggressive type of thyroid cancer Reuters Staff 1 Min Read
(Reuters) - The U.S. Food and Drug Administration on Friday approved Novartis AG’s combination therapy to treat an aggressive type of thyroid cancer. FILE PHOTO: The logo of Swiss drugmaker Novartis is seen outside the company's offices in Athens, Greece, February 6, 2018. REUTERS/Costas Baltas
The therapy, which uses Novartis’ Tafinlar and Mekinist, was approved to treat anaplastic thyroid cancer that cannot be removed surgically or has spread to other parts of the body, and has a type of abnormal gene known as BRAF V600E.
This is the first FDA-approved treatment for patients with this form of thyroid cancer and the third type of cancer with this specific gene mutation, the FDA said
The company has been expanding the use of this drug for other diseases as well. In combination, Tafinlar and Mekinist are approved for use to treat a type of lung cancer that has the BRAF V600E gene.
The FDA had last month approved the combination to treat a type of melanoma. Reporting by Manas Mishra in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/us-novartis-fda/fda-approves-novartis-combo-therapy-for-aggressive-type-of-thyroid-cancer-idUKKBN1I526M |
SAN ANTONIO, TX, May 1, 2018 /PRNewswire/ - Alternate Health Corp., ("Alternate Health") (CSE:AHG) (OTCQB:AHGIF), an international leader in software solutions for the medical cannabis industry, announced today a proposed plan that it believes will substantially increase shareholder value through a spinoff of the Company's blockchain payment systems, Alternate Health Labs subsidiary and other non-cannabis assets into a new corporation that will apply to be listed on a major American exchange.
"We have received an extremely high level of interest in Alternate Health's new blockchain solutions for our laboratories and payment processing systems," says Dr. Michael Murphy, Chairman and CEO of Alternate Health. "We believe these technologies represent the future of both the Fintech and healthcare industries, with the potential to open up new business opportunities in some of the world's most valuable markets."
Proposed Fintech / Healthcare Company
Alternate Health has taken a leadership position in blockchain financial and healthcare solutions. A key product is the company's Zi App Blockchain Payment Gateway. Originally designed to facilitate digital payments in cannabis, this system has earned overwhelming interest as a payment solution for even larger markets, like multi-level marketing, commercial leases and equipment rentals. The new company would be free to negotiate licensing and strategic partnerships without the association of cannabis.
"As it stands, we feel these assets are undervalued in the context of the cannabis company, so we are seeking a platform to launch our technology in new markets beyond the scope of Alternate Health's cannabis focus," says Dr. Murphy. "An uplisting would give us the shareholder value and market liquidity to take on these exciting market opportunities and deliver shareholders an additional opportunity for a strong return on their investment."
Alternate Health Labs would also be included in the new company, since it forms another revenue-generating, non-cannabis asset. The new company would be able to negotiate greater referral contracts for the business, while applying its expertise in blockchain development to software and management systems across the healthcare industry.
Alternate Health's Future in Cannabis
Spinning off the company's blockchain payment and laboratory assets is expected to have a dramatic impact on Alternate Health's cannabis businesses. This process will free up the company to immediately focus on generating revenue from of our CBD products, with Alternate Health already pursuing production and distribution deals in California, Canada and Mexico. A cannabis-focused Alternate Health will also be free provide software services to recreational markets across the United States and Canada.
"We expect this change will position Alternate Health's cannabis assets for explosive growth as we are free to expand our operations into production and distribution," says Dr. Murphy. "This restructuring would allow us fully monetize all our cannabis assets, including software, CBD products, patented delivery systems and education."
Proposal Specifics
While still subject to board and regulatory approval, including shareholder approval if required, the plan would see all cannabis-specific assets remain in Alternate Health. This includes the subsidiaries of Alternate Health Inc., Alternate Medical Media, LLC, and Alternate Health Life Sciences, LLC. Alternate Health USA Inc. and Alternate Health Labs Inc.* would be spun off to form a new public company, which would apply to be listed on an American exchange.
Alternate Health is in the process of preparing complete and representative prospectuses for the proposed spin-off. Separating the companies will materially affect the company's financial projections for 2018. For this reason, management would like to retract previously reported projections for 2018 and, in the near future, issue revised projections for the new companies. For the first time, the company will report projections for individual business lines as opposed to the company as a whole. Alternate Health's goal is to make these projections available to the public in six to eight weeks.
*Note: The spinoff of the Company's laboratory business would affect Alternate Health's previously stated revenue projections, and once the details of the spin off plan are confirmed, the Company will update on how the plan is expected to impact previously disclosed revenue projections.
General terms of the proposed plan:
NewCo will apply to be listed on an American exchange. Management will seriously consider legal and accounting advice to create an ownership structure that best maintains shareholder valuations, while maximizing tax efficiencies. As a preliminary plan, no timetable has been set and final agreements are still subject to board, shareholder and regulatory approval and considerations of tax, corporate and securities matters in the United States and Canada.
About Alternate Health
Alternate Health Corp. (CSE: AHG, OTCQB: AHGIF) Alternate Health has established multiple arms-length operations within the medical cannabis industry, each of which drives consumers, data and strategic opportunities to the company's other verticals. This sophisticated cross-integration of the company's enterprises has positioned Alternate Health as one of the only cannabis companies that delivers consistent revenue and intellectual property without growing, manufacturing or distributing the cannabis plant. Through its software solutions, data analytics, and patented delivery systems, Alternate Health's goal is to be the global authority on scientific and clinical support for cannabis in regulated markets. Alternate Health is well positioned to reinvest internal operating cash flow in its platform over the long term, creating an attractive investment profile for its shareholders.
Alternate Health resides in the cannabis sector along with companies like GW Pharmaceuticals, AXIM Biotechnologies Inc., Canopy Growth Corporation, and Aphria Inc. Alternate Health is differentiated from other cannabis companies by its focus on ancillary services for patients, healthcare professionals and regulatory providers rather than selling a commodity. For more information about Alternate Health Corp., visit www.alternatehealth.com .
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations, business prospects, financing plans and spin off plans, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
View original content with multimedia: http://www.prnewswire.com/news-releases/alternate-health-announces-plan-to-uplist-blockchain-fintech-healthcare-blockchain-assets-via-corporate-spinoff-300639958.html
SOURCE Alternate Health Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-alternate-health-announces-plan-to-uplist-blockchain-fintech-healthcare-blockchain-assets-via-corporate-spinoff.html |
May 4 (Reuters) - United Spirits Ltd:
* SEEKS SHAREHOLDERS' NOD TO SUB-DIVIDE EQUITY AND PREFERENCE SHARES OF CO Source text - here Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-united-spirits-seeks-shareholders/brief-united-spirits-seeks-shareholders-nod-to-sub-divide-equity-and-preference-shares-idUSFWN1SB0O0 |
Canadian Pacific Railway union serves strike notice The strike notice comes a day after the union rejected the company's latest contract offer. The labor strife comes at a time of tighter rail capacity in Canada, with CP and rival Canadian National Railway facing strong demand for shipments of grain, potash and other commodities. Published 8 Hours Ago Images Etc Ltd | Getty Images Canadian Pacific double locomotives rounding bend in the Bow river. Alberta.
Union members representing Canadian Pacific Railway Ltd's (CP) conductors and locomotive engineers have served a notice to go on strike as early as May 29, according to a union statement released on Saturday.
The strike notice comes a day after the union rejected the company's latest contract offer.
"After workers at CP voted to reject the last contract offers, the company is still refusing to negotiate seriously," the statement said. CP is the country's second-largest railroad.
Some 3000 conductors and locomotive engineers voted 98.1 percent to reject CP's final offer on Friday, while about 360 signals and communications employees voted 97.2 percent to authorize strike action, the statement said. Commuter train services would not be affected in the event of a strike by Teamster members.
CP will continue to meet with union members in the hopes of reaching agreements, the company said in a statement, adding it has started its contingency plan to ensure a smooth and safe wind down of operations.
The labor strife comes at a time of tighter rail capacity in Canada, with CP and rival Canadian National Railway facing strong demand for shipments of grain, potash and other commodities.
The union members are committed to working with federal mediators to reach negotiated settlement and are willing to remain at the bargaining table until the May 29 strike deadline and beyond, the statement added.
The workers, whose collective agreement expired late last year, are asking for more predictable schedules to combat crew fatigue, among other demands. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/canadian-pacific-railway-union-serves-strike-notice.html |
April 30 (Reuters) - SFINKS POLSKA SA:
* SAID ON SATURDAY IT SIGNED LONG-TERM COOPERATION AGREEMENT WITH GRUPA ZYWIEC S.A.
* UNDER AGREEMENT COMPANY TO SELL EXCLUSIVELY GRUPA ZYWIEC PRODUCTS IN SPHINX, CHLOPSKIE JADLO AND WOOK STARTING OCTOBER 27, 2018
* COMPANY’S REMUNERATION FOR THE AGREEMENT IS ESTIMATED AT ABOUT 15.5 MILLION ZLOTYS
Source text for Eikon:
Further companies coverage:, (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sfinks-polska-signs-long-term-cont/brief-sfinks-polska-signs-long-term-contract-with-grupa-zywiec-idUSL8N1S7202 |
May 4 (Reuters) - Zhejiang ChiMin Pharmaceutical Co Ltd :
* SAYS IT SCRAPS ASSET RESTRUCTURING PLAN, SHARE TRADE TO RESUME ON MAY 7 Source text in Chinese: bit.ly/2JTPyWn Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zhejiang-chimin-pharmaceutical-scr/brief-zhejiang-chimin-pharmaceutical-scraps-asset-restructuring-plan-share-trade-to-resume-idUSH9N1S9006 |
EditorsNote: Stat fix: Choo-Gallo-Odor combined 0-for-10
Charlie Morton set a new single-game standard for strikeouts while Brian McCann and Evan Gattis slugged home runs in support as the Houston Astros evened their three-game, weekend series with the Texas Rangers with a 6-1 victory on Saturday at Minute Maid Park.
Morton (5-0) recorded a career-high 14 strikeouts, posting double-digit strikeouts in a start for the third time this season. He did not walk a batter and allowed just four hits over seven innings, with Rangers first baseman Ronald Guzman accounting for the lone run with a solo homer to right field with two outs in the third inning. Morton surrendered a double to the ensuing batter, Delino DeShields, but recovered to punch out Shin-Soo Choo to end the threat.
Choo, left fielder Joey Gallo and second baseman Rougned Odor were a combined 0-for-10 with nine strikeouts against Morton, who fanned 12 batters over six innings against Texas on April 14, a game the Astros lost 6-5. He posted 10 strikeouts against the Yankees on April 30.
Morton struck out the final two batters of the first inning, the first two batters of the second and struck out the side swinging after Jurickson Profar reached on a leadoff single in the fifth.
The Astros trailed 1-0 after the Guzman blast, but that deficit was short-lived. Gattis followed a leadoff double by Josh Reddick in the bottom of the third with an RBI single to center, pulling Houston even against Rangers right-hander Doug Fister (1-4). An inning later, McCann slugged his third home run of the season into the home bullpen in right-center, pushing Houston to a 2-1 lead. Gattis added a solo homer, his second, with one out in the fifth.
Fister allowed three runs on four hits and three walks with four strikeouts over 6 1/3 innings.
Astros shortstop Carlos Correa bashed his sixth home run in the eighth inning off Rangers right-hander Tony Barnette, a two-run, 439-foot shot to straightaway center field. Houston played without outfielder George Springer for the first time this season. Springer remains sidelined after being hit by a pitch on the left elbow in the third inning on Friday night.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-hou-tex-recap/morton-ks-career-high-14-as-astros-top-rangers-6-1-idUSMTZEE5DN9JGNW |
LONDON (Reuters) - Meghan Markle’s nephew was let off with a warning after bringing a knife to a south London club as he celebrated her marriage to Britain’s Prince Harry, Sky News reported on Monday.
FILE PHOTO: Meghan, Duchess of Sussex leaves Windsor Castle in the Ascot Landau carriage during a procession after getting married at St Georges Chapel on May 19, 2018 in Windsor, Britain, May 19, 2018. Chris Jackson/Pool via REUTERS Police said they had been called to a club in Kingston-on-Thames in the early hours of Sunday morning after a man “openly declared he had a knife as he attempted to enter the club”.
Two men in their 20s who were visiting Britain were spoken to at a hotel nearby, police said, and were warned about their actions but not arrested. One of the men voluntarily gave up a noxious spray.
British media identified one of the men as Tyler Dooley, 25, the son of Meghan’s half-brother Thomas Markle jr. British police declined to confirm the men’s identities.
Meghan, who now has the title Duchess of Sussex, had not invited Dooley to the wedding.
“In this case careful consideration was taken by the officers, the items were handed over voluntarily and there was no ongoing risk, so the investigation was closed with warnings given,” Sally Benatar of the local police force said in a statement.
Reporting by Alistair Smout; Editing by Kevin Liffey
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-markle-nephew/meghan-markles-nephew-warned-by-police-after-taking-knife-to-london-club-sky-news-idUSKCN1IM24E |
US stocks set to rise at the open amid earnings 1 Hour Ago U.S. stock index futures ticked higher ahead of Wednesday's open, as markets reacted to Donald Trump's decision to pull out of the nuclear deal with Iran. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/us-stocks-set-to-rise-at-the-open-amid-earnings.html |
May 2 (Reuters) - Saga Tankers ASA:
* SAGA TANKERS SAYS ALLUM HOLDING AS AND FERNCLIFF AS HAVE SOLD 47.73 MILLION SHARES IN SAGA TANKERS ASA
* SAGA TANKERS ASA SAYS FERNCLIFF AS HAS SOLD 6.23 MILLION SHARES IN COMPANY AND ALLUM HOLDING AS HAS SOLD 41.49 MILLION SHARES IN COMPANY
* SAGA TANKERS ASA SAYS PRICE PER SHARE IN SECONDARY SALE WAS NOK 1.65 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-saga-tankers-says-allum-holding-as/brief-saga-tankers-says-allum-holding-as-and-ferncliff-as-have-sold-47-73-mln-shares-in-saga-tankers-asa-idUSFWN1S9174 |
DENVER, May 3, 2018 /PRNewswire/ -- SM Energy Company ("SM Energy" or the "Company") (NYSE: SM) today announced financial and operating results for the first quarter of 2018. Highlights include:
New wells outperforming expectations . 19 new RockStar wells reached peak 30-day IP rates that averaged 1,440 Boe/d per well (88% oil) Production exceeded guidance range . 113 MBoe/d average production, 42% oil. Midland Basin production was up 18% sequentially and 100% year-over-year Rapid margin expansion . $23.10 per Boe operating margin (pre-hedge) was the highest in 14 quarters, up 30% sequentially and up 68% year-over-year Strong earnings . Net income was $317.4 million; EPS was $2.81 and adjusted EPS was $0.07, per diluted common share; net cash provided by operating activities (GAAP) was $140.1 million and adjusted EBITDAX was $210.2 million (adjusted EPS and adjusted EBITDAX are non-GAAP measures; see below for additional information) Significant reduction in net debt . $792 million in closed or pending asset sales year-to-date core up portfolio
MANAGEMENT COMMENTARY
President and Chief Executive Officer Jay Ottoson comments: "New well results are positive across the board, continuing to demonstrate the quality of our Midland Basin assets and our excellent track record for strong operational execution. First quarter successes in reducing net debt and driving margin expansion underscore our long-term objectives to reduce leverage and drive a competitively high rate of cash flow growth."
SUMMARY WELL RESULTS
Results from new RockStar wells (18 of 19 have 10,000 foot laterals) that have reached their 30-day peak IP rates include:
13 Wolfcamp A wells had average peak 30-day IP rates of approximately 1,500 Boe/d per well (89% oil) 4 Wolfcamp B wells had average peak 30-day IP rates of approximately 1,250 Boe/d per well (84% oil) 2 Lower Spraberry wells had average peak 30-day IP rates of approximately 1,485 Boe/d per well (87% oil), among the Company's strongest Lower Spraberry wells to date
FIRST QUARTER 2018 RESULTS
Production of 10.14 MMBoe (112.7 MBoe/d) exceeded the Company's guidance range, reflecting strong performance from new wells in the Midland Basin, partially offset by reduced production in the Eagle Ford related to third party pipeline downtime. $37.76/Boe average realized price (before the effects of realized hedges) and $23.10/Boe operating margin are the highest since late 2014. Margin expansion is primarily the result of a higher percentage of oil in the production mix, as the Company continues its portfolio transition and focuses its development program on its highest return assets, as well as higher benchmark pricing for oil and NGLs. LOE of $4.95/Boe was lower than the Company's expectations due to higher volumes and the timing of well workovers and roadwork
First quarter of 2018 net income was $317.4 million or $2.81 per diluted common share, up from $74.4 million or $0.67 per diluted common share in the first quarter of 2017. Net income includes a $385.4 million gain on divestiture activity, following the sale of the majority of the Company's Powder River Basin assets for $500 million. Net income also includes a net derivative loss of $7.5 million, which includes $24.5 million in realized hedge losses.
First quarter of 2018 net cash provided by operating activities (GAAP) was $140.1 million.
Adjusted net income, adjusted net income per diluted common share and adjusted EBITDAX are non-GAAP measures. Please reference the reconciliations to the most directly comparable GAAP financial measures at the end of this release.
First quarter of 2018 adjusted net income was $8.2 million, or $0.07 per diluted common share, up from a net loss of ($19.6) million, or ($0.18) per diluted common share in the first quarter of 2017. The calculation of adjusted net loss excludes non-recurring items and items difficult to estimate, in order to present results that can be more consistently compared with prior periods and peer results. Specifically, first quarter adjustments remove the net gain on divestitures, non-cash derivative losses and abandonment and impairment charges.
First quarter of 2018 adjusted EBITDAX was $210.2 million, up from $172.0 million in the first quarter of 2017. Increased adjusted EBITDAX was primarily driven by a 68% increase in the operating margin compared with the prior year, partially offset by a 16% decline in production due to asset divestitures. Adjusted EBITDAX includes an accrual of $0.8 million to other expense that was a non-recurring charge.
FINANCIAL POSITION AND LIQUIDITY
At March 31, 2018, the outstanding principal balance on the Company's long-term debt included $2.8 billion in senior notes plus $172.5 million in senior convertible notes, with zero drawn on the Company's senior secured credit facility. At quarter-end, the Company had a cash balance of $643.3 million, providing for net debt of $2.3 billion. The Company's undrawn credit facility plus cash on hand provided $1.6 billion in liquidity.
Pro forma for the expected sales of the Company's North Dakota and Texas assets for $292.3 million, net debt at quarter-end would have been $2.0 billion.
Subsequent to quarter-end, the lenders on the Company's credit facility increased the borrowing base to $1.4 billion and aggregate lender commitments to $1.0 billion.
COMMODITY DERIVATIVES
For the last nine months of 2018, the Company currently has commodity derivatives in place for approximately 85% of expected oil production and 65% of expected gas production (NGLs are hedged by product). Additionally, the Company has Midland-Cushing basis hedges in place for approximately 70% of expected Permian oil production for the remainder of 2018 at just over $1.00 per Bbl.
SCHEDULE FOR FIRST QUARTER REPORTING
This release is accompanied by an investor presentation and pre-recorded call with transcript all posted to the Company's website. Please visit the Company's website at ir.sm-energy.com to access this additional first quarter detail.
Please join SM Energy management at 8:00 a.m. Mountain time/10:00 a.m. Eastern time on May 4, 2018, for the first quarter 2018 financial and operating results Q&A session. This discussion will be accessible via webcast (available live and for replay) on the Company's website at ir.sm-energy.com or by telephone at:
Live (conference ID 9188439) - Domestic toll free/International: 866-393-4306/734-385-2616 Replay (conference ID 9188439) - Domestic toll free/International: 855-859-2056/404-537-3406
The call replay will be available approximately one hour after the call until May 11, 2018.
FORWARD LOOKING STATEMENTS
This release contains within the meaning of securities laws. The words "anticipate," "budget," "estimate," "expect," "forecast," "guidance," "plan," "project," "will" and similar expressions are intended to identify . These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the . Forward-looking statements in this release include, among other things, consummation of and expected proceeds from pending divestitures. General risk factors include the availability of and access to capital markets; the availability, proximity and capacity of gathering, processing and transportation facilities; the volatility and level of oil, natural gas, and natural gas liquids prices, including any impact on the Company's asset carrying values or reserves arising from price declines; uncertainties inherent in projecting future rates of production or other results from drilling and completion activities; the imprecise nature of estimating oil and natural gas reserves; uncertainties inherent in projecting future drilling and completion activities, costs or results; the uncertainty of negotiations to result in an agreement or a completed transaction; the uncertain nature of acquisition, divestiture, joint venture, farm down or similar efforts and the ability to complete any such transactions; the uncertain nature of expected benefits from the actual or expected acquisition, divestiture, joint venture, farm down or similar efforts; the availability of additional economically attractive exploration, development, and acquisition opportunities for future growth and any necessary financings; unexpected drilling conditions and results; unsuccessful exploration and development drilling results; the availability of drilling, completion, and operating equipment and services; the risks associated with the Company's commodity price risk management strategy; uncertainty regarding the ultimate impact of potentially dilutive securities; and other such matters discussed in the Risk Factors section of SM Energy's 2017 Annual Report on Form 10-K, as such risk factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commission. The contained herein speak as of the date of this announcement. Although SM Energy may from time to time voluntarily update its prior , it disclaims any commitment to do so except as required by securities laws.
ABOUT THE COMPANY
SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in onshore North America. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com .
SM ENERGY INVESTOR CONTACT
Jennifer Martin Samuels, [email protected] , 303-864-2507
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Production Data
For the Three Months Ended
March 31,
Percent
Change
Between
Periods
2018
2017
Average realized sales price, before the effects of derivative settlements:
Oil (per Bbl)
$
61.25
$
47.55
29
%
Gas (per Mcf)
$
3.14
$
2.98
5
%
NGLs (per Bbl)
$
25.53
$
22.06
16
%
Per Boe
$
37.76
$
27.55
37
%
Average realized sales price, including the effects of derivative settlements:
Oil (per Bbl)
$
56.39
$
44.97
25
%
Gas (per Mcf)
$
3.39
$
3.50
(3)
%
NGLs (per Bbl)
$
19.44
$
19.18
1
%
Equivalent (per Boe)
$
35.34
$
27.55
28
%
Production:
Oil (MMBbl)
4.3
3.5
21
%
Gas (Bcf)
25.2
33.9
(26)
%
NGLs (MMBbl)
1.7
2.9
(43)
%
MMBoe
10.1
12.1
(16)
%
Average daily production:
Oil (MBbl/d)
47.4
39.2
21
%
Gas (MMcf/d)
280.2
376.6
(26)
%
NGLs (MBbl/d)
18.6
32.5
(43)
%
MBoe/d
112.7
134.4
(16)
%
Per Boe data:
Realized price, before the effects of derivative settlements
$
37.76
$
27.55
37
%
Lease operating expense
4.95
3.82
30
%
Transportation costs
4.63
5.88
(21)
%
Production taxes
1.68
1.17
44
%
Ad valorem tax expense
0.67
0.55
22
%
General and administrative (1) (2)
2.73
2.38
15
%
Operating margin, before the effects of derivative settlements (2)
23.10
13.75
68
%
Derivative settlement loss
(2.42)
—
(100)
%
Operating margin, including the effects of derivative settlements (2)
$
20.68
$
13.75
50
%
Depletion, depreciation, amortization, and
asset retirement obligation liability accretion
$
12.87
$
11.39
13
%
(1) Includes non-cash stock-based compensation expense per Boe of $0.40 and $0.34 for the three-month periods ending March 31, 2018 and 2017, respectively.
(2) Certain prior period amounts have been adjusted to conform to the current period presentation due to an accounting standards update.
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Condensed Consolidated Balance Sheets
(in thousands, except share data)
March 31,
December 31,
ASSETS
2018
2017
Current assets:
Cash and cash equivalents
$
643,337
$
313,943
Accounts receivable
192,562
160,154
Derivative assets
77,296
64,266
Prepaid expenses and other
9,997
10,752
Total current assets
923,192
549,115
Property and equipment (successful efforts method):
Proved oil and gas properties
5,824,014
6,139,379
Accumulated depletion, depreciation, and amortization
(2,893,674)
(3,171,575)
Unproved oil and gas properties
1,986,070
2,047,203
Wells in progress
405,549
321,347
Oil and gas properties held for sale, net
234,618
111,700
Other property and equipment, net of accumulated depreciation of $52,483 and $49,985, respectively
112,972
106,738
Total property and equipment, net
5,669,549
5,554,792
Noncurrent assets:
Derivative assets
35,128
40,362
Other noncurrent assets
32,119
32,507
Total noncurrent assets
67,247
72,869
Total assets
$
6,659,988
$
6,176,776
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
468,108
$
386,630
Derivative liabilities
181,068
172,582
Total current liabilities
649,176
559,212
Noncurrent liabilities:
Revolving credit facility
—
—
Senior Notes, net of unamortized deferred financing costs
2,770,979
2,769,663
Senior Convertible Notes, net of unamortized discount and deferred financing costs
141,269
139,107
Asset retirement obligations
85,407
103,026
Asset retirement obligations associated with oil and gas properties held for sale
23,139
11,369
Deferred income taxes
178,423
79,989
Derivative liabilities
53,712
71,402
Other noncurrent liabilities
45,786
48,400
Total noncurrent liabilities
3,298,715
3,222,956
Stockholders' equity:
Common stock, $0.01 par value - authorized: 200,000,000 shares; issued and outstanding: 111,687,016 and 111,687,016 shares, respectively
1,117
1,117
Additional paid-in capital
1,747,035
1,741,623
Retained earnings (1)
980,444
665,657
Accumulated other comprehensive loss (1)
(16,499)
(13,789)
Total stockholders' equity
2,712,097
2,394,608
Total liabilities and stockholders' equity
$
6,659,988
$
6,176,776
1) The Company reclassified $3.0 million of tax effects stranded in accumulated other comprehensive loss to retained earnings as of January 1, 2018 due to an accounting standards update.
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
For the Three Months Ended
March 31,
2018
2017
(as adjusted)
Operating revenues and other income:
Oil, gas, and NGL production revenue
$
382,886
$
333,198
Net gain on divestiture activity
385,369
37,463
Other operating revenues
1,340
2,077
Total operating revenues and other income
769,595
372,738
Operating expenses:
Oil, gas, and NGL production expense
120,879
138,046
Depletion, depreciation, amortization, and asset retirement obligation liability accretion
130,473
137,812
Exploration (1)
13,727
11,817
Abandonment and impairment of unproved properties
5,625
—
General and administrative (1)
27,682
28,817
Net derivative (gain) loss (2)
7,529
(114,774)
Other operating expenses
4,612
4,859
Total operating expenses
310,527
206,577
Income from operations
459,068
166,161
Interest expense
(43,085)
(46,953)
Loss on extinguishment of debt
—
(35)
Other non-operating income (expense), net
409
(233)
Income before income taxes
416,392
118,940
Income tax expense
(98,991)
(44,506)
Net income
$
317,401
$
74,434
Basic weighted-average common shares outstanding
111,696
111,258
Diluted weighted-average common shares outstanding
112,879
111,329
Basic net income per common share
$
2.84
$
0.67
Diluted net income per common share
$
2.81
$
0.67
Dividends per common share
$
0.05
$
0.05
(1) Non-cash stock-based compensation included in:
Exploration expense
$
1,316
$
1,408
G&A expense
4,096
4,047
Total non-cash stock-based compensation
$
5,412
$
5,455
(2) The net derivative (gain) loss line item consists of the following:
Settlement (gain) loss
$
24,528
$
(7)
Gain on fair value changes
(16,999)
(114,767)
Total net derivative (gain) loss
$
7,529
$
(114,774)
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Condensed Consolidated Statements of Cash Flows
(in thousands)
For the Three Months Ended
March 31,
2018
2017
(as adjusted)
Cash flows from operating activities:
Net income
$
317,401
$
74,434
Adjustments to reconcile net income to net cash provided by operating activities:
Net (gain) loss on divestiture activity
(385,369)
(37,463)
Depletion, depreciation, amortization, and asset retirement obligation liability accretion
130,473
137,812
Abandonment and impairment of unproved properties
5,625
—
Stock-based compensation expense
5,412
5,455
Net derivative (gain) loss
7,529
(114,774)
Derivative settlement gain (loss)
(24,528)
7
Amortization of debt discount and deferred financing costs
3,866
4,946
Loss on extinguishment of debt
—
35
Deferred income taxes
98,366
33,225
Other, net
(2,527)
3,376
Changes in current assets and liabilities:
Accounts receivable
(4,464)
30,407
Prepaid expenses and other
755
178
Accounts payable and accrued expenses
(8,825)
(5,497)
Accrued derivative settlements
(3,579)
2,838
Net cash provided by operating activities
140,135
134,979
Cash flows from investing activities:
Net proceeds from the sale of oil and gas properties
490,780
744,333
Capital expenditures
(301,521)
(154,401)
Acquisition of proved and unproved oil and gas properties
—
(75,105)
Net cash provided by investing activities
189,259
514,827
Cash flows from financing activities:
Proceeds from credit facility
—
397,500
Repayment of credit facility
—
(397,500)
Cash paid to repurchase Senior Notes
—
(2,344)
Cash paid for extinguishment of debt
—
(13)
Other, net
—
(160)
Net cash used in financing activities
—
(2,517)
Net change in cash, cash equivalents, and restricted cash
329,394
647,289
Cash, cash equivalents, and restricted cash at beginning of period
313,943
12,372
Cash, cash equivalents, and restricted cash at end of period
$
643,337
$
659,661
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Adjusted EBITDAX (Non-GAAP) (1)
(in thousands)
Reconciliation of net income (GAAP) and net cash provided by operating activities (GAAP) to adjusted EBITDAX (Non-GAAP)
For the Three Months Ended
March 31,
2018
2017
Net income (GAAP)
$
317,401
$
74,434
Interest expense
43,085
46,953
Interest income (2)
(849)
(335)
Income tax expense
98,991
44,506
Depletion, depreciation, amortization, and asset retirement obligation liability accretion
130,473
137,812
Exploration (3)(4)
12,411
10,409
Abandonment and impairment of unproved properties
5,625
—
Stock-based compensation expense
5,412
5,455
Net derivative (gain) loss
7,529
(114,774)
Derivative settlement gain (loss)
(24,528)
7
Net gain on divestiture activity
(385,369)
(37,463)
Loss on extinguishment of debt
—
35
Other
7
4,986
Adjusted EBITDAX (Non-GAAP) (4)
210,188
172,025
Interest expense
(43,085)
(46,953)
Interest income (2)
849
335
Income tax expense
(98,991)
(44,506)
Exploration (3)(4)
(12,411)
(10,409)
Amortization of debt discount and deferred financing costs
3,866
4,946
Deferred income taxes
98,366
33,225
Other, net (4)
(2,534)
(1,610)
Changes in current assets and liabilities
(16,113)
27,926
Net cash provided by operating activities (GAAP) (4)
$
140,135
$
134,979
(1) Adjusted EBITDAX represents net income (loss) before interest expense, interest income, income taxes, depletion, depreciation, amortization and asset retirement obligation liability accretion expense, exploration expense, property abandonment and impairment expense, non-cash stock-based compensation expense, derivative gains and losses net of settlements, gains and losses on divestitures, gains and losses on extinguishment of debt, and certain other items. Adjusted EBITDAX excludes certain items that we believe affect the comparability of operating results and can exclude items that are generally one-time in nature or whose timing and/or amount cannot be reasonably estimated. Adjusted EBITDAX is a non-GAAP measure that we present because we believe it provides useful additional information to investors and analysts, as a performance measure, for analysis of our ability to internally generate funds for exploration, development, acquisitions, and to service debt. We are also subject to financial covenants under our Credit Agreement based on adjusted EBITDAX ratios. In addition, adjusted EBITDAX is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted EBITDAX should not be considered in isolation or as a substitute for net income (loss), income (loss) from operations, net cash provided by operating activities, or other profitability or liquidity measures prepared under GAAP. Because adjusted EBITDAX excludes some, but not all, items that affect net income (loss) and may vary among companies, the adjusted EBITDAX amounts presented may not be comparable to similar metrics of other companies. Our credit facility provides a material source of liquidity for us. Under the terms of our Credit Agreement, if we failed to comply with the covenants that establish a maximum permitted ratio of senior secured debt to adjusted EBITDAX and a minimum permitted ratio of adjusted EBITDAX to interest, we would be in default, an event that would prevent us from borrowing under our credit facility and would therefore materially limit our sources of liquidity. In addition, if we are in default under our credit facility and are unable to obtain a waiver of that default from our lenders, lenders under that facility and under the indentures governing our outstanding Senior Notes and Senior Convertible Notes would be entitled to exercise all of their remedies for default.
(2) Interest income is included within the other non-operating income (expense), net line item on the Company's condensed consolidated statements of operations.
(3) Stock-based compensation expense is a component of exploration expense and general and administrative expense on the accompanying condensed consolidated statements of operations. Therefore, the exploration line items shown in the reconciliation above will vary from the amount shown on the Company's accompanying condensed consolidated statements of operations for the component of stock-based compensation expense recorded to exploration expense.
(4) Certain prior period amounts have been adjusted to conform to the current period presentation on the condensed consolidated financial statements due to accounting standards updates.
SM ENERGY COMPANY
FINANCIAL HIGHLIGHTS (UNAUDITED)
March 31, 2018
Adjusted Net Income (Loss) (Non-GAAP)
(in thousands, except per share data)
For the Three Months Ended
March 31,
2018
2017
Net income (GAAP)
$
317,401
$
74,434
Net derivative (gain) loss
7,529
(114,774)
Derivative settlement gain (loss)
(24,528)
7
Net gain on divestiture activity
(385,369)
(37,463)
Abandonment and impairment of unproved properties
5,625
—
Loss on extinguishment of debt
—
35
Other, net (1)
807
4,986
Tax effect of adjustments (2)
86,710
53,142
Adjusted net income (loss) (Non-GAAP) (3)
$
8,175
$
(19,633)
Diluted net income per common share (GAAP)
$
2.81
$
0.67
Net derivative (gain) loss
0.07
(1.03)
Derivative settlement gain (loss)
(0.22)
—
Net gain on divestiture activity
(3.41)
(0.34)
Abandonment and impairment of unproved properties
0.05
—
Loss on extinguishment of debt
—
—
Other, net (1)
0.01
0.04
Tax effect of adjustments (2)
0.76
0.48
Adjusted net income (loss) per diluted common share (Non-GAAP) (4)
$
0.07
$
(0.18)
Basic weighted-average common shares outstanding (GAAP)
111,696
111,258
Diluted weighted-average common shares outstanding (GAAP)
112,879
111,329
Note: Amounts may not calculate due to rounding.
(1) For the three-month period ended March 31, 2018, the adjustment is related to bad debt expense and an accrual for a non-recurring matter. For the three-month period ended March 31, 2017, the adjustment is related to impairment of materials inventory and the change in the Net Profits Plan liability. These items are included in other operating expenses on the Company's condensed consolidated statements of operations.
(2) The tax effect of adjustments is calculated using a tax rate of 21.9% and 36.1% for the three-month periods ended March 31, 2018, and March 31, 2017, respectively. These rates approximate the Company's statutory tax rate for the respective periods, as adjusted for ordinary permanent differences.
(3) Adjusted net income (loss) excludes certain items that the Company believes affect the comparability of operating results. Items excluded generally are non-recurring items or are items whose timing and/or amount cannot be reasonably estimated. These items include non-cash and other adjustments, such as derivative gains and losses net of settlements, impairments, net (gain) loss on divestiture activity, materials inventory loss, and gains or losses on extinguishment of debt. The non-GAAP measure of adjusted net income (loss) is presented because management believes it provides useful additional information to investors for analysis of SM Energy's fundamental business on a recurring basis. In addition, management believes that adjusted net income (loss) is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted net income (loss) should not be considered in isolation or as a substitute for net income (loss), income (loss) from operations, cash provided by operating activities, or other income, profitability, cash flow, or liquidity measures prepared under GAAP. Since adjusted net income (loss) excludes some, but not all, items that affect net income (loss) and may vary among companies, the adjusted net income (loss) amounts presented may not be comparable to similarly titled measures of other companies.
(4) For periods where the Company reports adjusted net loss, basic weighted-average common shares outstanding are used in the calculation of adjusted net loss per diluted common share.
View original content with multimedia: http://www.prnewswire.com/news-releases/sm-energy-reports-first-quarter-2018-results-300642322.html
SOURCE SM Energy Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-sm-energy-reports-first-quarter-2018-results.html |
April 30 (Reuters) - Abrau-Durso:
* REPORTED ON SATURDAY FY 2017 OF RUB 7.38 BLN VS RUB 7.44 BLN YEAR AGO
* FY 2017 NET PROFIT OF RUB 826.4 MLN VS RUB 494.5 MLN YEAR AGO
Source text: bit.ly/2r9unIS
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S72SG |
May 21 (Reuters) -
* FOX REACHES AGREEMENT TO AIR WWE'S 'SMACKDOWN LIVE'-ESPN, CITING SOURCES Source text : ( es.pn/2wYk9Ar )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fox-reaches-agreement-to-air-wwes/brief-fox-reaches-agreement-to-air-wwes-smackdown-live-espn-idUSFWN1SS0PL |
BOULDER, Colo., May 15, 2018 /PRNewswire/ -- Meddux Development Corporation, an engineering design and development firm for interventional and minimally invasive surgical devices, has announced two new partners, effective May 1, 2018.
Chad Herremans joins as Vice President of Quality & Operations, overseeing the Manufacturing Operations and Quality teams. Nathan White joins as Vice President of Product Design & Development, overseeing the engineering team and program management staff.
Herremans is an industry veteran bringing an exceptional breadth of experience to Meddux, having held many roles across manufacturing, new product introduction, program management and quality. He is a remarkable leader and has a proven record of managing engineers and operations personnel.
"Meddux is first and foremost a service company. It is absolutely critical that we establish our Quality Management System in such a way that we can be flexible and responsive to our client's needs while maintaining compliance to all applicable regulatory standards," Herremans said.
White brings 18-plus years of medical device product development experience across diverse roles in R&D engineering and design, manufacturing engineering, program management, and technical leadership. He is a proven business leader with the ability to strategically lead engineering teams, develop people, and help companies advance their business objectives.
"Meddux has a unique and visionary approach on how to navigate the typical challenges of product development. It's about understanding and working through the most critical aspects first to reduce the program risks in the early phases of development. This helps pave the way for successful outcomes for our clients, and ultimately the patients who benefit from the technology," said White.
David Schechter, President of Meddux, is extremely excited about bringing together such a strong management team. "We have really positioned ourselves to be a world-class leader in design and development services for complex medical devices. Much of our focus to date has been on establishing strong systems and operational capabilities," Schechter said. "Bringing in Herremans and White allows us to focus on scaling and continuing to grow the business. Both Nate and Chad have demonstrated throughout their careers the ability to build strong cohesive teams that can execute on any challenge."
About Meddux
Meddux Development Corporation is a premier engineering design and development firm for complex medical devices, life sciences, and consumer healthcare products.
View original content: http://www.prnewswire.com/news-releases/meddux-development-names-new-partners-300647873.html
SOURCE Meddux Development Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-meddux-development-names-new-partners.html |
Scripts@ (Adds details, background, updates share prices)
May 1 (Reuters) - Regeneron Pharmaceuticals Inc and Sanofi SA will slash the price of their expensive cholesterol drug for Express Scripts Holdings Co customers in exchange for greater patient access, with some savings to be shared with consumers, the companies said on Tuesday.
The drug, Praluent, has a list price of over $14,000 a year, but the new price, after discounts and double-digit rebates, is on the "low end" of a $4,500 to $6,600 range, Express Scripts Chief Medical Officer Steve Miller told Reuters.
That range was determined in March to be cost effective by the independent Institute for Clinical and Economic Review (ICER) for highest risk patients assuming the drug results in a sustained reduction in cardiovascular-related deaths.
Praluent, given by injection, dramatically lowers bad LDL cholesterol and reduces the risk of heart attacks and death in high-risk heart patients.
But sales of Praluent and a rival Amgen drug have been constrained by onerous roadblocks to patient access by insurers. They reject about 70 percent of prescriptions written, the companies have said.
"I expect this to substantially increase the sales," Regeneron Chief Executive Leonard Schleifer said of the deal.
But investors are less certain that big price concessions will result in an overall sales increase. Amgen shares were off 3.3 percent, or $5.81, at $168.67 while Regeneron shares fell 2.5 percent, or $7.59 to $296.09.
The new arrangement makes Praluent exclusive on the Express Scripts' national formulary for the drug class known as PCSK9 inhibitors, meaning some customers of the largest U.S. pharmacy benefit manager (PBM) will not easily access Amgen's Repatha.
Express Scripts, the nation's largest manager of pharmacy benefit plans (PBM), said about 25 million people, or a third of its customers, are covered by the preferred formulary.
Miller said in a telephone interview that the new Praluent price includes "point of sale" discounts for consumers. Beginning in July, Express Scripts will pass along a portion of Praluent rebates it receives from the drugmakers to people in eligible health benefit plans, lowering out-of-pocket costs.
"This is a significant (price) reduction that the patients will also feel, not just the insurance companies or the employers," Schleifer told Reuters by telephone.
The Trump administration and members of Congress have demanded that PBMs pass on more of the rebates they receive to consumers outraged over rising costs at the pharmacy counter. Many Americans now have health plans with higher deductibles or co-payments, making them responsible for more of their medical costs.
Other insurers and PBMs, including UnitedHealth, and CVS Health, have announced plans to return at least some prescription drug rebates back to consumers.
Amgen said the formulary decision impacts 2,000 Repatha patients out of the 39,000 people who take the drug. It said it has been negotiating with several payers and that it will fight to be included in other Express Scripts business, and that it is offering significant discounts.
Regeneron and Sanofi said in March they would be willing to lower Praluent's price in exchange for easier patient access.
Beginning July 1, doctors can submit just one form attesting that a patient with heart disease meets criteria for PCSK9 therapy, such as inability to sufficiently lower LDL with cheap statins, like generic versions of Pfizer's Lipitor.
Regeneron's CEO said talks were taking place with other insurers and PBMs about similar arrangements.
"I hope that this will spread like wildfire through the entire payer system," Schleifer said. (Reporting by Bill Berkrot in New York and Deena Beasley in Los Angeles; editing by Marguerita Choy and James Dalgleish) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-update-3-regeneronsanofi-cut-heart-drug-price-to-4500-6600-for-express-scripts.html |
KINSHASA (Reuters) - The Democratic Republic of Congo and U.N. agencies began deploying emergency teams of specialists over the weekend to try to prevent the spread of an Ebola epidemic suspected to have infected more than 30 people, they said on Sunday.
A health worker is sprayed with chlorine after visiting the isolation ward at Bikoro hospital, which received a new suspected Ebola case, in Bikoro, Democratic Republic of Congo May 12, 2018. REUTERS/Jean Robert N'Kengo The latest suspected case was reported on Friday in the northwestern province of Equateur, which Health Minister Oly Ilunga Kalenga visited on Saturday with officials from the World Health Organisation (WHO) and U.N. Children’s Fund (UNICEF).
“We have to pool our efforts quickly and align ourselves with the government response plan to fight this new epidemic effectively,” Kalenga was quoted as saying in a joint statement following their visit to the state capital.
Congo first reported the outbreak, centered around the village of Ikoko Impenge, near the town of Bikoro, on Tuesday, with 32 suspected, probable or confirmed cases of the disease, including 18 deaths since April 4. Some deaths occurring as early as January have not yet been linked to the epidemic.
Officials are racing to prevent the virus from spreading out of control, as happened in West Africa from 2014-216, when Ebola killed more than 11,300 people in Guinea, Sierra Leone and Liberia.
The WHO was criticized for bungling its response to that epidemic, and so has moved quickly.
Congo had suffered eight Ebola epidemics previous, but owing to remote geography and poor transport links they have tended to fizzle out rather than spread to become a national crisis.
But this epidemic’s proximity to the Congo River, a major transport route and lifeline both to Congo’s capital Kinshasa and to neighboring Congo Republic’s capital Brazzaville, makes it more likely the virus could break out into a wider area.
The disease — most feared for the internal and external bleeding it can cause in its victims owing to damage done to blood vessels — has already spread to three separate locations covering 60 km (37 miles) or more in Equateur province.
Officials say the immediate risk is to the provincial capital Mbandaka, with about 1 million inhabitants, but Congo’s nine neighbors have also been put on high alert in case Ebola crosses a border, especially to Republic of Congo or Central African Republic.
“The WHO is strengthening its presence, positioning a dozen epidemiologists who will be divided on the axes of Mbandaka, Bikoro and Iboko to investigate alerts,” its Congo representative Allarangar Yokouide said.
The WHO said on Friday it hopes to deploy an experimental Ebola vaccine to tackle an outbreak.
Reporting by Amedee Mwarabu; Writing by Tim Cocks; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ebola-health-congo/congo-u-n-deploy-specialists-to-tackle-ebola-epidemic-idUSKCN1IE0J9 |
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