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Shake Shack surges: 5 trades 11 Hours Ago 06:27 06:27 | 6 Hrs Ago 11:27 11:27 | 6:34 PM ET Thu, 3 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/shake-shack-surges-5-trades.html |
May 25, 2018 / 7:31 AM / Updated 10 hours ago AstraZeneca cancer drug hits second goal by extending survival Reuters Staff 3 Min Read
LONDON (Reuters) - AstraZeneca’s immunotherapy drug Imfinzi has hit a second important goal by improving overall survival in lung cancer patients, boosting prospects for a medicine that has already got off to a promising commercial launch. FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth/File Photo
Its success in extending lives, announced by the company on Friday, follows data announced last year showing patients on Imfinzi lived on average 16.8 months without their disease worsening, against just 5.6 months for those on placebo.
That so-called progression-free survival (PFS) benefit led to U.S. regulatory approval in February, allowing Imfinzi to be used in non-small cell lung cancer patients with inoperable mid-stage disease that has not spread widely around the body.
Imfinzi is the first immunotherapy to be approved in this setting, giving AstraZeneca a chance to intervene relatively early in lung cancer.
That distinguishes it from rivals Merck, Bristol-Myers Squibb and Roche that beat the British drugmaker in winning approval for similar immunotherapies in advanced or metastatic disease.
Analysts believe using Imfinzi in stage III lung cancer, where cancer has only spread locally, opens up a multibillion-dollar sales opportunity and the latest overall survival (OS) data should underline the drug’s potential.
“Consensus has peak Imfinzi sales at $2.8 billion by 2023 and the achievement of an OS benefit may not result in much of a change in sales expectations,” Berenberg analysts said in a note.
“Nevertheless ... the OS data will help Astra in its physician education and ensure the peak sales can be achieved.”
AstraZeneca said it planned to publish full details of the statistically significant OS result at an upcoming medical conference.
Imfinzi, chemically known as durvalumab, belongs to a new class of immuno-oncology drugs that block a mechanism tumors use to evade detection from the immune system.
Lung cancer is the biggest opportunity for all companies seeking to exploit the power of such medicines, since it is the leading cause of cancer deaths. Reporting by Ben Hirschler; Editing by Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/us-astrazeneca-cancer/astrazeneca-cancer-drug-hits-second-goal-by-extending-survival-idUSKCN1IQ0RM |
720 COMMENTS It is beyond imagining that even the politics of the United States could simultaneously put before us two protagonists such as Donald Trump and James Comey —the one a dedicated amoralist who ascends to the presidency, the other an FBI director who Quote: s Reinhold Niebuhr.
Of Mr. Trump, not enough will ever be said. James Comey, however, stands before us as the most public FBI director since J. Edgar Hoover, also a moralist in his own peculiar way.
Representing the FBI and at times the Justice Department, Mr. Comey spent almost two years answering the siren song of modern media—with press conferences amid a presidential election, appearances before Congress, and now high-profile interviews to market his memoir, “A Higher Loyalty.”
Who is James Comey?
Thanks to the musical version of Victor Hugo’s “Les Miserables,” everyone knows the figure of Inspector Javert, relentless pursuer of Jean Valjean. Less known is Hugo’s own description of Javert, whom he calls “this unspotted police agent.”
Hugo continues: “It was evident to anyone acquainted with that clear, upright, sincere, honest, austere and ferocious conscience, that Javert had just gone through some great interior struggle.”
James Comey’s interior struggle appears on every page of his book. A few hundred words past the first page, Mr. Comey declares, “I have learned that ethical leaders lead by seeing beyond the short term, beyond the urgent, and take every action with a view toward lasting values.”
It is a most unusual man who takes “every action” with a view toward lasting values. But as Mr. Comey makes clear, he is that man. He spends eight pages on the moral justification for his decision to prosecute Martha Stewart while he was U.S. attorney in New York. “There was once a time,” he says, “when most people worried about going to hell if they violated an oath taken in the name of God.”
He explains how as a young 6-foot-8 man, he would tell people who asked that he did indeed play basketball in college, though he had not: “This was a seemingly small and inconsequential lie . . . but it was a lie nonetheless. And it ate at me. So after law school, I wrote to the friends I’d lied to and told them the truth.”
The Catholic tradition places great emphasis on the value of conscience as a guide to behavior. Less well-known is its warning against developing a “scrupulous conscience,” which is an obstinate fascination with one’s own moral standing.
Mr. Comey describes going to the FBI cafeteria while director: He “never cut the line. Even when I wished I could . . . I thought it was very important to show people that I’m not better than anyone else. So I waited.”
One could go on with examples of his high-minded earnestness, but that would require quoting the entire book: his account of prosecuting Scooter Libby or opposing the Bush administration’s post-9/11 surveillance program, Stellar Wind; his pre-emption of Attorney General Loretta Lynch during the Clinton email-server investigation; and, of course, his crucible with Donald Trump.
In an intriguing contrast to his disdainful accounts of Presidents Bush and Trump, he recounts going home after a meeting with President Obama to tell his wife: “I can’t believe someone with such a supple mind actually got elected president.” They have much in common.
In fact, James Comey was temperamentally unfit ever to be director of the FBI, and never more so than in our intense times.
Mr. Comey’s daily visits to his personal chapel of an apolitical “higher loyalty” impaired his professional judgment. Instead, he is judgmental. Judgmentalism is a flaw in an FBI director, because it undermines the objective credibility of his role. A high officer of government shouldn’t see his job as doing battle with the seven deadly sins.
After Donald Trump won the election, an opposition rose on a wave of moral revulsion. The moralistic Mr. Comey let the FBI get swept into a politicized crusade.
Halfway through the book, Mr. Comey describes addressing the FBI’s employees in Washington for the first time. It reveals a lot:
“I gave the talk sitting on a stool, wearing a tie but no jacket. I also wore a blue shirt. This might not seem like a big deal to outsiders, but Bob Mueller [as FBI director] wore a white shirt every day for 12 years. . . . Not some days, or most days—every day. That was the culture, and I thought shirt color was one early, small way to set a different tone. I said nothing about my shirt, but people noticed.”
Perhaps they did, because what happened at the highest levels of the FBI afterward through the Clinton and Trump investigations was a collapse of professional discipline. The FBI needs to find its way back to the culture of the white shirt, every day.
Write [email protected]. | ashraq/financial-news-articles | https://www.wsj.com/articles/james-comeys-judgment-days-1525302659 |
May 21 (Reuters) - Nextera Energy Inc:
* NEXTERA ENERGY REACHES DEFINITIVE AGREEMENTS TO ACQUIRE GULF POWER, FLORIDA CITY GAS AND ADDITIONAL ASSETS FROM SOUTHERN COMPANY
* NEXTERA ENERGY - DEAL VALUED AT ABOUT $6.475 BILLION
* NEXTERA ENERGY INC - TRANSACTIONS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO EARNINGS
* NEXTERA ENERGY INC - NEXTERA ENERGY IS EXPECTED TO RAISE 2020 AND 2021 ADJUSTED EARNINGS PER SHARE EXPECTATIONS BY $0.15 & $0.20, RESPECTIVELY
* NEXTERA ENERGY INC - NEXTERA ENERGY IS EXPECTED TO CONTINUE TO MAINTAIN $5 BILLION TO $7 BILLION OF EXCESS BALANCE SHEET CAPACITY POST-DEAL CLOSING
* NEXTERA ENERGY INC - INTENDS TO FINANCE APPROXIMATELY $5.1 BILLION PURCHASE PRICE THROUGH ISSUANCE OF NEW DEBT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nextera-energy-reaches-agreements/brief-nextera-energy-reaches-agreements-to-buy-certain-assets-from-southern-co-idUSL5N1SS2JJ |
Symantec shares plummet on probe news 9:18pm IST - 01:05
Shares of Symantec lost a third of their value at the market open Friday on news that the maker of Norton anti-virus software is conducting an internal investigation. Fred Katayama reports.
Shares of Symantec lost a third of their value at the market open Friday on news that the maker of Norton anti-virus software is conducting an internal investigation. Fred Katayama reports. //reut.rs/2KVslV2 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/11/symantec-shares-plummet-on-probe-news?videoId=425924903 |
SAN ANTONIO, May 14, 2018 (GLOBE NEWSWIRE) -- Valero Energy Corporation (NYSE:VLO) (“Valero”) announced today that, through certain of its subsidiaries, it has acquired Pure Biofuels del Peru S.A.C. (“PBF”) from Pegasus Capital Advisors L.P., PBF management, and its minority shareholders effective May 14, 2018. PBF, as the third largest fuels importer in Peru, maintains a leading supply platform with a diverse group of customers, including retailers, miners, and airlines. The transaction, which was funded with cash, also includes refined products terminals in Callao, near Lima, and in Paita, near Piura in northern Peru.
The Callao terminal has mooring and unloading systems with Panamax vessel capability, storage capacity of approximately one million barrels for refined and renewable products, and an eight-bay truck rack for products distribution. The acquisition also includes land adjacent to the Callao terminal to support future expansion of the terminal’s storage capacity. The Paita terminal, scheduled to commence operations in mid-2018, is also capable of receiving Panamax vessels and will have an initial product storage capacity of 180,000 barrels, with land available for future expansion.
“This acquisition demonstrates our continued interest in expanding international product exports and wholesale fuels volumes,” said Joe Gorder, Valero Chairman, President and Chief Executive Officer. “Peru is one of the fastest growing economies in Latin America and is well situated geographically to support our strategic growth plans.”
Valero’s Gulf Coast refineries have access to cost-advantaged crude oil and natural gas, and their proximity, scale, and flexibility enable the company to offer high quality fuels to meet growing demand in Latin America.
About Valero
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels and other petrochemical products. Valero, a Fortune 50 company based in San Antonio, Texas, with approximately 10,000 employees, is an independent petroleum refiner and ethanol producer, and its assets include 15 petroleum refineries with a combined throughput capacity of approximately 3.1 million barrels per day and 11 ethanol plants with a combined production capacity of 1.45 billion gallons per year. The petroleum refineries are located in the United States (“U.S.”), Canada, and the United Kingdom (“U.K.”), and the ethanol plants are located in the Mid-Continent region of the U.S. In addition, Valero owns the 2 percent general partner interest and a majority limited partner interest in Valero Energy Partners LP (“VLP”), a midstream master limited partnership. Valero sells its products in both the wholesale rack and bulk markets, and approximately 7,400 outlets carry Valero’s brand names in the U.S., Canada, the U.K., and Ireland. Please visit www.valero.com for more information.
Valero Contacts
Investors:
John Locke, Vice President – Investor Relations, 210-345-3077
Karen Ngo, Senior Manager – Investor Relations, 210-345-4574
Tom Mahrer, Manager – Investor Relations, 210-345-1953
Media:
Lillian Riojas, Director – Media Relations and Communications, 210-345-5002
Source:Valero Energy Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-valero-acquires-pure-biofuels-del-peru.html |
Russia and other large oil producers will next month discuss relaxing an agreement that has cut output and helped support crude prices—a move that could relieve some of that price pressure in coming weeks.
Russian Oil Minister Alexander Novak said he would discuss with counterparts from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries the possibility of a “gradual output recovery,” according to RIA, a Russian state news agency. The talks will take place during a scheduled OPEC meeting... | ashraq/financial-news-articles | https://www.wsj.com/articles/russia-opec-members-to-discuss-easing-oil-output-cap-1527164262 |
SANTA ANA, Calif. (AP) _ Collectors Universe Inc. (CLCT) on Tuesday reported fiscal third-quarter earnings of $1.5 million.
On a per-share basis, the Santa Ana, California-based company said it had profit of 17 cents.
The provider of authentication for collectibles posted revenue of $17.5 million in the period.
Collectors Universe shares have declined 47 percent since the beginning of the year. The stock has decreased 43 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CLCT at https://www.zacks.com/ap/CLCT | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-collectors-universe-fiscal-3q-earnings-snapshot.html |
U.S. government debt yields rose Wednesday after a dramatic flight to safer assets in the prior session drove rates down across the board.
The yield on the benchmark 10-year Treasury note , which moves inversely to price, was higher at around 2.826 percent, while the yield on the 30-year Treasury bond was also higher at 3.013 percent.
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- Italy's political woes have rattled global financial markets in recent sessions, amid renewed concerns over the prospect that snap elections in Rome could be framed as a de facto referendum on the country's role in Europe.
However, European markets stabilized on Wednesday after a regular Italian bond auction proved better than feared. The Stoxx Europe 600 traded flat, while Italy's FTSE MIB rallied 1.7 percent.
The euro, meanwhile, recovered much of its previous losses with a 0.8 percent climb against the greenback to $1.162. Italian bond yields, which spiked Tuesday amid the political turbulence, fell across the board Wednesday.
Hiring decelerated in May, with private companies adding 178,000 positions even amid other signs of a tightening jobs market, according to a report Wednesday from ADP and Moody's Analytics.
The number missed expectations of economists surveyed by Reuters who had forecast 190,000. Moody's Analytics and ADP also revised its April number downward to 163,000, a decline of 41,000 from the original 204,000. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/us-treasurys-lower-as-investors-monitor-italys-deepening-political-crisis.html |
May 2 (Reuters) - HannStar Board Corp
* Says it appoints Cheng-Kuo Tao as new general manager, effective May 2
Source text in Chinese: goo.gl/e56i5B
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hannstar-board-says-change-of-gene/brief-hannstar-board-says-change-of-general-manager-idUSL3N1S932P |
May 31, 2018 / 11:09 AM / Updated 8 hours ago Global funds cut stocks to nine-month lows in turbulent May Claire Milhench 5 Min Read
LONDON (Reuters) - Global investors cut their equity holdings to a nine-month low in May after a turbulent month characterised by revived trade war fears, Italian political turmoil and a spike in U.S. bond yields. General view of the stock exchange in Frankfurt, Germany June 16, 2015. REUTERS/Ralph Orlowski -
The Reuters monthly asset allocation poll of 52 wealth managers and chief investment officers in Europe, the United States, Britain and Japan was carried out between May 14 and 31.
In May, investors were whipsawed by a series of broad-based sell offs triggered by renewed U.S. protectionist threats, U.S. President Donald Trump’s comments on a possible summit with North Korea, and fears of a euro zone crisis as anti-establishment parties in Italy tried to form a government.
Global equities .MIWD PUS look set to end the month in the black, but are now 7 percent below January’s record highs.
A huge bond and equity sell off in Italy also sent the euro to multi-month lows as investors fear a eurosceptic government could put Italy’s euro zone membership in question, while more stress in the banking sector could ultimately crimp euro zone growth.
Overall equity exposure fell by 1 percentage point to 47.4 percent, the lowest since August 2017, while bond holdings rose by 1.2 percentage points to 40 percent, the highest since October 2017. DEEP DIVISIONS
Although most participants completed the poll before the crisis in Italy escalated, several managers identified it as a potential problem.
Among them was Mark Robinson, chief investment officer at Bordier & Cie (UK), who warned that the formation of an anti-establishment government could prove to be a catalyst for increased market volatility.
“Unless the new government’s wings are clipped, the risks of deep divisions developing within the eurozone, and investors taking flight, could increase,” he said.
Within their equity portfolios investors stuck with euro zone stocks, raising allocations slightly to 20.6 percent, the highest since September 2017.
Japanese equity holdings also rose to 19.1 percent, the highest level in just over two years. Cedric Baron, head of multi asset at Generali Investments, said the Japanese economy was gaining traction thanks to “dynamic private consumption”, while earnings were also supportive. A trader is reflected in a glass window during early trading at the Frankfurt stock exchange, March 3, 2009. REUTERS/Kai Pfaffenbach REUTERS/Kai Pfaffenbach
Asset managers trimmed their emerging market stocks exposure to 12.8 percent from last month’s 13.5 percent, but raised their emerging bond holdings to 11 percent from 10.4 percent.
Emerging markets had a torrid month, with the Argentine peso and Turkish lira coming under sustained selling pressure as U.S. 10-year Treasury yields US10YT=RR climbed above 3 percent to a seven-year high. Central banks in both markets had to hike rates to put a floor under their freefalling currencies. SPILLOVER RISK
But 61 percent of poll participants who answered a specific question on emerging markets said they had not reduced their exposure in light of the recent upheaval.
“The wobble in EM assets is no cause for alarm,” said Jan Bopp, an investment strategist at J Safra Sarasin, although he added investors should become more selective given the vulnerability of those countries with large external borrowing needs.
Peter van der Welle, a strategist at Robeco, was among those moving to a neutral EM local currency debt position from a previous overweight. He warned that “spillover risk” within EM currencies had increased at the margin with overseas investors waking up to renewed dollar strength and possible credit rating downgrades.
U.S. 10-year yields retreated to 2.8 percent at month-end as the Italian crisis prompted a flight to safety, and in the poll U.S. bond holdings rose by 1.8 percentage points to 37.8 percent, the highest since June 2017.
A slim 56 percent majority of poll participants who answered a question on U.S. Treasuries said they would not be buyers of the 10-year at yields above 3 percent.
Several, including Christopher Peel, chief investment officer at Tavistock Wealth, said the 10-year was likely to sell off much further from present levels, and yields would need to rise to 4 percent before longer-term buyers returned to the market.
The dollar index .DXY surged to a 6-1/2 month high in May after the Italy crisis battered the euro but an overwhelming 92 percent of those who answered a question on the resurgent greenback said they had not changed their year-end forecast.
Michael Ingram, chief market strategist at WHIreland Wealth Management, said the re-rating in the dollar since mid-April was expected. Although there could now be a period of consolidation, he added: “A continued widening in interest rate differentials is likely to prove attractive, particularly if European politics and softening macro momentum continue to undermine euro longs.” Reporting by Claire Milhench; additional reporting by Massimo Gaia and Hari Kishan; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-funds-poll-global/global-funds-cut-stocks-to-nine-month-lows-in-turbulent-may-idUKKCN1IW1DZ |
LONDON (Reuters) - Sainsbury’s ( SBRY.L ), Britain’s second largest supermarket group, has bowed to pressure from employees and trade unions by changing some of the pay proposals it detailed in March as part of a move to simplify the company’s wage structure.
FILE PHOTO: Sainsbury's signage is seen at a supermarket and petrol station in west London, Britain, November 8, 2017. REUTERS/Toby Melville/File Photo The group, which last month agreed a 7.3 billion pounds ($9.8 billion) takeover of rival Asda ( WMT.N ), employs 195,000 in Britain and Ireland and is the UK’s second biggest private sector employer after Tesco ( TSCO.L ).
Sainsbury’s said on Thursday that following a consultation process with staff representatives and unions it had agreed to increase unsociable hour premium payments, extend location pay supplements to staff working in all outer London areas rather than just inner London, and raise online driver payments.
It said the amendments would come at a cost to the business of over 10 million pounds ($13.4 million), in addition to the 100 million pounds it said the proposals would cost in March.
However, Sainsbury’s has maintained the main elements of its March proposals, including an hourly rate increase from 8 pounds to 9.20 per hour from September but the removal of payments for breaks and an annual discretionary staff bonus.
As a result of the changes over 121,000 employees will receive an average pay rise of 9.3 percent, said the firm.
Sainsbury’s said it would make top-up payments for an 18-month period to the around 9,000 employees who will not benefit from the changes.
Earlier this week around 100 UK lawmakers signed a letter to Prime Minister Theresa May criticizing Sainsbury’s proposals, claiming some employees could lose up to 3,000 pounds a year.
However, a spokesman for the retailer said fewer than 10 employees stood to lose that amount.
Reporting by James Davey; editing by Sarah Young
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sainsbury-s-pay/uks-sainsburys-tweaks-pay-proposals-after-staff-pressure-idUSKCN1IP1O7 |
France: May Day tests Macron's reform mettle 9:53pm IST - 01:49
Tens of thousands of people are attending a May Day march in Paris against a backdrop of industrial action and discontent stretching from students to the national SNCF railway company. As David Pollard reports, the anger over reforms is becoming a big problem for French President Emmanuel Macron.
Tens of thousands of people are attending a May Day march in Paris against a backdrop of industrial action and discontent stretching from students to the national SNCF railway company. As David Pollard reports, the anger over reforms is becoming a big problem for French President Emmanuel Macron. //reut.rs/2Fvo4Dz | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/france-may-day-tests-macrons-reform-mett?videoId=422973461 |
SAND SPRINGS, Okla.--(BUSINESS WIRE)-- Webco Industries, Inc. (OTC: WEBC) today reported results for our third quarter of fiscal year 2018, ended April 30, 2018.
For our third quarter of fiscal year 2018, we generated net income of $5.0 million, or $5.35 per diluted share, while in our third quarter of fiscal year 2017, we generated net income of $1.3 million, or $1.44 per diluted share. Net sales for the third quarter of fiscal 2018 were $127.3 million, a 29.5 percent increase from the $98.3 million of net sales in last year’s third quarter. The current quarter includes a $0.2 million non-cash gain related to our interest swap contract, whereas the prior year third quarter includes a $0.1 million non-cash gain related to the interest swap contract.
For the first nine months of fiscal year 2018, we generated net income of $16.5 million, or $17.80 per diluted share, while in the first nine months of fiscal year 2017, we generated net income of $4.2 million, or $4.91 per diluted share. Net sales for the first nine months of the current year amounted to $352.6 million, a 26.7 percent increase over the $278.3 million in net sales for the same nine-month period of last year. Results for the first nine months of the current year include a $0.9 million non-cash gain related to the interest swap contract, whereas the prior year same nine-month period contained a $1.5 million non-cash gain on the contract. In addition, the current nine-month period includes a $4.3 million non-cash deferred income tax benefit from the Tax Cuts and Jobs Act of 2017. Selling, General and Administrative costs also include $1.3 million paid in the second quarter of 2018 for one-time special cash bonuses to our non-executive employees that were based on the tax cut.
In the third quarter of fiscal year 2018, we generated income from operations of $7.2 million, after depreciation of $3.1 million. The third fiscal quarter of the prior year generated income from operations of $2.5 million, after depreciation amounting to $2.7 million. Gross profit for the third quarter of fiscal 2018 was $18.6 million, or 14.6 percent of net sales, compared to $8.9 million, or 9.0 percent of net sales, for the third quarter of fiscal 2017.
Our income from operations for the first nine months of fiscal year 2018 was $17.5 million, after depreciation expense of $9.1 million and $1.3 million in employee special tax cut bonuses. Income from operations in the first nine months of the prior year was $5.9 million, after depreciation expense of $8.5 million. Gross profit for the first nine months of fiscal 2018 was $45.4 million, or 12.9 percent of net sales, compared to $24.4 million, or 8.8 percent of net sales for the same period in fiscal year 2017.
Dana S. Weber, Chief Executive Officer, commented, “Our third fiscal quarter shows continued improvement in volumes and margins, results we were able to generate with the continued hard work and dedication of our engaged workforce. Volumes and margins are improved in many product groups, due to a better domestic industrial economy, consequences of the April 2017 trade case covering certain cold drawn mechanical tubing, more stabilized oil prices and benefits being generated by product innovation and new business development efforts. We have also benefitted from rising steel prices due in part to the higher domestic demand for steel products and the Section 232 Investigation and proposed tariffs and quotas. The Tax Cuts and Jobs Act resulted in a $4.3 million non-cash income tax benefit in our second fiscal quarter, and has otherwise reduced our Federal current tax rate for fiscal year 2018 to a blended 27%, down from 35%. We shared some of the benefit from lower corporate income tax rates with our employees in the form of a one-time special bonus and an enhancement in go-forward variable pay arrangements, because we win together, just like we overcome adversity together. Increasing raw material costs, especially with respect to carbon steel, have added to the impact of higher volumes, causing our sales and working capital to grow. We have been investing in our core strengths, including quality, efficiency, yield improvement and capabilities.”
Selling, general and administrative expenses were $11.4 million in the third quarter of fiscal 2018 and $6.4 million in the third quarter of fiscal 2017. Selling, general and administrative charges were $27.9 million in the first nine months of the current fiscal year, an increase over the $18.5 million in such expenses in the same period of fiscal 2017. The increase in SG&A reflects increased costs associated with increased business levels and profitability, such as company-wide incentive compensation and variable pay programs. In addition, the one-time $1.3 million special tax cut bonuses paid to our non-executive employees impacted the second quarter and first-nine months of fiscal year 2018.
Interest expense was $0.9 million and $0.5 million, respectively, in each of the third quarters of fiscal years 2018 and 2017. Interest expense was $2.5 million and $1.9 million, respectively, in each of the first nine-month periods of the current and prior fiscal years. The increase in interest expense is attributed to higher debt levels associated with increased working capital costs due to higher metal prices and higher activity levels.
We are party to an arrangement that swaps the variable interest rate for $50 million of our debt to a fixed rate through December 2019. We record the interest swap contract at fair value on our balance sheet and non-cash changes in value are reported as unrealized gains or losses on interest contracts. The non-cash income and charges from adjusting the interest swap contract value to market value create volatility in our income statement; however, they have no bearing on cash flow for the quarter because the actual monthly cash swap payments are reflected in interest expense, and therefore earnings.
At April 30, 2018, we had $4.4 million in cash, in addition to $25.3 million of available borrowing under our senior revolving credit facility, which had $91.1 million drawn. In May 2018, the cap on the revolver was increased to $160 million, with availability subject to advance rates on eligible accounts receivable and inventories. Our term and revolver mature in March 2022. Accounting rules require current classification of a revolver, irrespective of maturity, when the agreement contains both a lock-box arrangement and a subjective acceleration clause. Because our revolver contains both provisions, it is shown as a current obligation on our balance sheet.
Capital expenditures incurred amounted to $7.3 million in the third fiscal quarter and $14.0 for the first nine-months of fiscal year 2018. Our third quarter fiscal 2018 capital investments have largely focused on improving our efficiencies, yields, quality and capabilities.
Webco’s mission is to create a vibrant company for the ages. We leverage on core values of trust and teamwork, continuously building strength, agility and innovation. We focus on practices that support our brand, such that we are 100% engaged every day to build a forever kind of company for our teammates, customers, business partners, investors and community. We manufacture and distribute high-quality carbon steel, stainless steel and other metal tubular products designed to industry and customer specifications. We have five tube production facilities in Oklahoma and Pennsylvania and nine value-added facilities in Oklahoma, Texas, Illinois and Michigan, serving customers globally.
Forward-looking statements: Certain statements in this release, including, but not limited to, those preceded by or predicated upon the words “anticipates,” “appears,” “available,” “believes,” “can,” “considering,” “expects,” “hopes,” “intended,” “plans,” “projects,” “pursue,” “should,” “would,” or similar words constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company, or industry results, to differ materially from any future results, performance or achievements expressed or implied herein. Such risks, uncertainties and factors include the factors discussed above and, among others: general economic and business conditions, including any global economic downturn, reduced oil prices, competition from foreign imports, including any impacts associated with dumping or the strength of the U.S. dollar, changes in manufacturing technology, banking environment, including availability of adequate financing, monetary policy, changes in tax rates and regulation, raw material costs and availability, appraised values of inventories which can impact available borrowing under the Company’s credit facility, industry capacity, domestic competition, loss of or reductions in purchases by significant customers and customer work stoppages, the costs associated with providing healthcare benefits to employees, customer claims, technical and data processing capabilities, and insurance costs and availability. The Company assumes no obligation to update publicly such forward-looking statements.
WEBCO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended April 30, April 30, 2018 2017 2018 2017 Net sales $ 127,323 $ 98,316 $ 352,560 $ 278,278 Cost of sales 108,703 89,421 307,123 253,890 Gross profit 18,620 8,895 45,437 24,388 Selling, general & administrative 11,388 6,350 27,939 18,509 Income (loss) from operations 7,232 2,545 17,498 5,880 Interest expense 896 541 2,466 1,861 Unrealized (gain) loss on interest contracts (171 ) (148 ) (859 ) (1,462 ) Income (loss) before income taxes
6,507
2,151
15,891
5,480
Income tax expense (benefit) 1,471 860 (617 ) 1,288 Net income (loss) $ 5,036 $ 1,291 $ 16,508 $ 4,192
Net income (loss) per common share: Basic $ 6.11 $ 1.49 $ 20.19 $ 5.04 Diluted $ 5.35 $ 1.44 $ 17.80 $ 4.91 Weighted average common shares outstanding: Basic 823,600 866,600 817,600 831,000 Diluted 942,100 896,600 927,500 854,500 Note: Amounts may not sum due to rounding.
WEBCO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET HIGHLIGHTS (Dollars in thousands, except par value)
(Unaudited)
April 30, July 31, 2018 2017 Cash $ 4,440 $ 7,189 Accounts receivable, net 68,753 52,988 Inventories, net 153,666 124,533 Other current assets 5,662 5,491 Total current assets 232,521 190,202 Property, plant and equipment, net 102,475 97,208 Other long-term assets 6,190 4,750 Total assets $ 341,186 $ 292,159 Other current liabilities $ 45,339 $ 31,355 Current portion of long-term debt, net 90,670 67,876 Total current liabilities 136,009 99,232 Long-term debt 12,000 12,000 Deferred income tax liability 7,579 12,772 Total equity (900,400 common shares, par value $0.01, outstanding at April 30, 2018) 185,598
168,156
Total liabilities and equity $ 341,186 $ 292,159 CASH FLOW DATA (Dollars in thousands)
(Unaudited)
Three Months Ended Nine Months Ended April 30, April 30, 2018 2017 2018 2017 Net cash provided by (used in) operating activities
$
(11,800
)
$
(5,986
)
$
(13,585
)
$
260
Depreciation and amortization $ 3,111 $ 2,870 $ 9,224 $ 8,691 Cash paid for capital expenditures $ 7,054 $ 5,653 $ 14,603 $ 12,924 Note: Amounts may not sum due to rounding.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005738/en/
Webco Industries, Inc.
Mike Howard, 918-241-1094
Chief Financial Officer
[email protected]
Source: Webco Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-webco-industries-inc-reports-fiscal-2018-third-quarter-results.html |
May 29 (Reuters) - PEACH PROPERTY GROUP AG:
* ISSUE OF A HYBRID WARRANT BOND * ISSUE VOLUME OF CHF 50M WITH A POSSIBILITY TO INCREASE TO A MAXIMUM OF CHF 100M
* INTEREST COUPON AT 1.75 % P. A. THROUGH JUNE 2023 * SUBSCRIPTION PERIOD FOR EXISTING SHAREHOLDERS FROM 4 TO 15 JUNE 2018
* WITH EACH BOND WITH NOMINAL VALUE OF CHF 1,000, BOND HOLDER RECEIVES 4 WARRANTS TO BUY CO’S REGISTERED SHARES
* EACH WARRANT ENTITLES HOLDER TO SUBSCRIBE TO 1 REGISTERED SHARE AT EXERCISE PRICE OF CHF 25.00
* FUNDS ARE USED FOR FURTHER EXTENSION OF REAL ESTATE PORTFOLIO AND REDEMPTION OF LIABILITIES Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-peach-property-group-issues-hybrid/brief-peach-property-group-issues-hybrid-warrant-bond-idUSFWN1SZ0KC |
IRVINE, Calif., May 15, 2018 /PRNewswire/ -- Netlist, Inc. (Nasdaq: NLST) today reported financial results for the first quarter ended March 31, 2018.
Revenues for the first quarter ended March 31, 2018 were $8.9 million, compared to revenues of $9.4 million for the quarter ended April 1, 2017. Gross profit for the quarter ended March 31, 2018 was $0.4 million, or 4.3% of revenues, compared to a gross profit of $0.7 million, or 7.2% of revenues, for the quarter ended April 1, 2017.
GAAP net loss for the first quarter ended March 31, 2018 was ($4.7) million, or ($0.06) loss per share, compared to a net loss in the prior year period of ($3.3) million, or ($0.05) loss per share. These results include stock-based compensation expense of $0.2 million and $0.3 million for the quarters ended March 31, 2018 and April 1, 2017, respectively.
As of March 31, 2018, cash and cash equivalents and restricted cash were $8.0 million, total assets were $16.8 million, working capital was $5.2 million, total debt, net of debt discount and accrued interest, was $17.1 million, and stockholders' deficit was ($8.0) million.
"First quarter performance benefited from steady sales of specialty and legacy memory modules. The bottom line results reflect legal expenses associated with the litigation against SK Hynix and continued cost controls across the business," said C.K. Hong, Netlist's Chief Executive Officer. "The Initial Determination (ID) received in April in the second International Trade Commission (ITC) action against SK hynix was disappointing and, we believe, wrongly decided. We filed a petition asking the ITC Commission to correct the ID and restart the investigation with a proper understanding of our patents. We remain committed to defending our intellectual property through enforcement actions in multiple venues around the world."
Adjusted EBITDA (loss) was ($4.2) million for the first quarter ended March 31, 2018, compared to adjusted EBITDA (loss) of ($2.9) million for the quarter ended April 1, 2017. Adjusted EBITDA is a non-GAAP financial measure. Non-GAAP financial measures are described below under "Note Regarding Use of Non-GAAP Financial Measures," and are reconciled to the most directly comparable GAAP financial measure, net loss, below under "Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA."
Conference Call Information
C.K. Hong, Chief Executive Officer, and Gail Sasaki, Chief Financial Officer, will host an investor conference call today, March 15, 2018 at 5:00 p.m. Eastern Time to review Netlist's results for the first quarter ended March 31, 2018. The dial-in number for the call is 1-412-317-5443. The live webcast and archived replay of the call can be accessed for 90 days in the Investors section of Netlist's website at www.netlist.com .
Note Regarding Use of Non-GAAP Financial Measures
Certain of the data included in this press release, including EBITDA and adjusted EBITDA, are non-GAAP financial measures. Netlist believes this information is useful to investors because it provides a basis for measuring the operating performance of Netlist's business excluding certain items that it believes are not attributable to or reflective of its core operating results. Netlist defines EBITDA as net loss calculated and presented in conformity with accounting principles generally accepted in the United States of America ("GAAP"), plus interest expense, net, plus provisions for income taxes, and plus depreciation and amortization; and Netlist defines adjusted EBITDA as EBITDA plus stock-based compensation expense and plus (minus) other expense (income), net. Netlist expects to continue to incur expenses similar to the line items added to or subtracted from net loss to calculate EBITDA and adjusted EBITDA; accordingly, the exclusion of these items in the presentation of these non-GAAP financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. Netlist's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measure net loss in evaluating Netlist's operating performance. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in conformity with GAAP, and non-GAAP financial measures as reported by Netlist may not be comparable to similarly titled amounts reported by other companies.
About Netlist
Netlist provides high-performance modular memory subsystems to customers in diverse industries that require enterprise and storage class memory solutions to empower critical business decisions. Flagship products NVvault® and EXPRESSvault™ enable customers to accelerate data running through their servers and storage and reliably protect enterprise-level cache, metadata and log data by providing near instantaneous recovery in the event of a system failure or power outage. HybriDIMM™, Netlist's next-generation storage class memory product, addresses the growing need for real-time analytics in Big Data applications, in-memory databases, high-performance computing and advanced data storage solutions. Netlist also resells component products to end-customers that are not reached in the distribution models of the component manufacturers, including storage customers, appliance customers, system builders and cloud and datacenter customers. Netlist holds a portfolio of patents, many seminal, in the areas of hybrid memory, storage class memory, rank multiplication and load reduction. Netlist is part of the Russell Microcap® Index. To learn more, visit www.netlist.com .
Safe Harbor Statement
This news release contains within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical facts and often address future events or Netlist's future performance. Forward-looking statements contained in this news release include statements about, among other things, trends in Netlist's performance; Netlist's efforts to expand and strengthen its patent portfolio; Netlist's strategy to license or otherwise monetize its intellectual property; Netlist's pending legal proceedings; customer interest in and market acceptance of Netlist's products, as well as Netlist's efforts to support increases in such interest and acceptance; and Netlist's ability to execute its other strategic initiatives.
All reflect management's present assumptions, expectations and beliefs regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any . These risks, uncertainties and other factors include, among others: risks associated with Netlist's product sales, including, among others, the market and demand for products sold or resold by Netlist and its ability to successfully develop, launch and stimulate customer demand for new products that are attractive to the market; risks associated with patent infringement litigation initiated by Netlist, such as its ongoing proceedings against SK hynix Inc., or by others against Netlist, as well as the costs and unpredictability of any such litigation and Netlist's strategies in connection with such litigation; risks related to Netlist's plans for its intellectual property, including its goals of monetizing, licensing, expanding and defending its patent portfolio; the level of success of any strategic partnerships Netlist may establish, including its relationship with Samsung Electronics Co., Ltd.; risks related to the availability of additional capital if and as needed; the competitive landscape of Netlist's industry; and general economic, political and market conditions. These and other risks and uncertainties are described in Netlist's annual report on Form 10-K for its most recently completed fiscal year and the other filings it makes with the U.S. Securities and Exchange Commission from time to time, including any subsequently filed quarterly and current reports. In light of these risks, uncertainties and other factors, our should not be relied on as predictions of future events. All reflect Netlist's assumptions, expectations and beliefs only as of the date they are made, and except as required by law, Netlist undertakes no obligation to revise or update any for any reason.
(Tables Follow)
For more information, please contact:
The Plunkett Group
Netlist, Inc.
Mike Smargiassi/Sharon Oh
Gail M. Sasaki
[email protected]
Chief Financial Officer
(212) 739-6729
(949) 435-0025
Netlist, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands)
March 31,
December 30,
2018
2017
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
6,912
$
6,720
Restricted cash
1,100
2,800
Accounts receivable, net
2,761
2,997
Inventories
3,407
4,105
Prepaid expenses and other current assets
791
303
Total current assets
14,971
16,925
Property and equipment, net
426
459
Other assets
1,399
1,406
Total assets
$
16,796
$
18,790
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable
$
6,619
$
6,120
Revolving line of credit
1,980
2,024
Accrued payroll and related liabilities
670
807
Accrued expenses and other current liabilities
303
338
Notes payable, current
230
-
Total current liabilities
9,802
9,289
Convertible promissory note, net of debt discount, and accrued interest
14,895
14,766
Long-term warranty liability
63
61
Total liabilities
24,760
24,116
Commitments and contingencies
Stockholders' deficit:
Preferred stock
-
-
Common stock
85
80
Additional paid-in capital
154,670
152,640
Accumulated deficit
(162,719)
(158,046)
Total stockholders' deficit
(7,964)
(5,326)
Total liabilities and stockholders' deficit
$
16,796
$
18,790
Netlist, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
March 31,
April 1,
2018
2017
Net sales
$ 8,879
$ 9,426
Cost of sales(1)
8,500
8,746
Gross profit
379
680
Operating expenses:
Research and development(1)
1,008
1,496
Intellectual property legal fees
2,211
466
Selling, general and administrative(1)
1,691
1,914
Total operating expenses
4,910
3,876
Operating loss
(4,531)
(3,196)
Other income (expense):
Interest expense, net
(147)
(148)
Other income, net
5
2
Total other expense, net
(142)
(146)
Loss before provision for income taxes
(4,673)
(3,342)
Provision for income taxes
-
-
Net loss
$ (4,673)
$ (3,342)
Net loss per common share:
Basic and diluted
$ (0.06)
$ (0.05)
Weighted-average common shares outstanding:
Basic and diluted
82,461
61,681
(1) Amounts include stock-based compensation expense as follows:
Cost of sales
$ 6
$ 16
Research and development
80
66
Selling, general and administrative
155
182
Total stock-based compensation
$ 241
$ 264
Netlist, Inc. and Subsidiaries
Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA
(in thousands)
Three Months Ended
March 31,
April 1,
2018
2017
GAAP net loss
$
(4,673)
$
(3,342)
Interest expense, net
147
148
Provision for income taxes
-
-
Depreciation and amortization
67
73
EBITDA (loss)
(4,459)
(3,121)
Stock-based compensation
241
264
Other income, net
(5)
(2)
Adjusted EBITDA (loss)
$
(4,223)
$
(2,859)
View original content: http://www.prnewswire.com/news-releases/netlist-reports-first-quarter-2018-results-300648903.html
SOURCE Netlist, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-netlist-reports-first-quarter-2018-results.html |
Pugilism, both real and scripted, is the new cash crop, as both UFC and WWE have signed five-year deals that will add $1 billion or more to their coffers.
ESPN has reportedly struck a second deal with UFC that will result in it airing and streaming 30 fights per year starting in 2019. The secondary contract, when added to a rights deal signed in April, is worth $1.5 billion .
ESPN picks up the UFC rights as Fox turns its attentions to WWE instead. The network reportedly reached a deal with the wrestling behemoth to move its “SmackDown” program over to Fox starting in Dec. 2019 for $1 billion . (WWE’s current flagship “Raw” is expected to continue airing on USA Network.)
For WWE, at least, the agreement is a huge reversal from its last television contract, which was so poorly received the company’s stock fell 43% on news of its signing.
Both UFC and WWE have something that’s increasingly rare to offer these days: Live programming. The immediacy of that draws viewers in real time, something that’s increasingly rare as DVR and On-Demand options make appointment TV unnecessary and other electronic devices distract viewers.
SmackDown Live has averaged 2.59 million viewers per week in 2018. UFC, which won a bigger payday, averaged about 2 million viewers per fight last year, but ratings have been slipping. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/espn-ufc-fox-wwe-smackdown/ |
Saudi women prepare for end to driving ban 9:46am EDT - 01:02
Women in Saudi Arabia are taking cars for a trial spin at a new auto exhibition ahead of being legally allowed to drive once a ban is lifted next month. Michelle Hennessy reports.
Women in Saudi Arabia are taking cars for a trial spin at a new auto exhibition ahead of being legally allowed to drive once a ban is lifted next month. Michelle Hennessy reports. //reut.rs/2Gd9q4t | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/saudi-women-prepare-for-end-to-driving-b?videoId=426838119 |
ROME, May 11 (Reuters) - Italy’s next prime minister could be an independent figure who is not a member of either the 5-Star movement or the League and a government could be sworn in next week if all goes well, a top 5-Star member said in a newspaper interview published on Friday.
“One of the hypotheses is to pick a third person who has a high profile and is trusted by Italian citizens and Italy’s international partners,” Vincenzo Spadafora, a close aide to 5-Star leader Luigi Di Maio, told the Corriere della Sera.
Reporting By Giselda Vagnoni, editing by Philip Pullella
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-government-primeminister/new-italy-pm-could-be-independent-figure-top-5-star-member-says-idUSL8N1SI1D3 |
Houston, Phoenix, Buffalo, and Oklahoma City Parks Expand Market Reach
GRAND PRAIRIE, Texas--(BUSINESS WIRE)-- Six Flags Entertainment Corporation (NYSE:SIX), the world’s largest regional theme park company, today announced it has entered into a purchase agreement with affiliates of Premier Parks, LLC to acquire the lease rights to operate five parks owned by EPR Properties (NYSE:EPR). The parks have previously been operated by Premier Parks, LLC of Oklahoma City. These latest acquisitions will expand the company’s portfolio of North American parks to twenty-five.
“Today’s announcement represents another milestone in our strategic North-American growth initiative to seek out park acquisitions that expand our addressable market,” said Six Flags Chairman, CEO, and President, Jim Reid-Anderson. “These are all fantastic properties that complement our existing portfolio and provide tremendous added value and cross-visitation opportunities for our extensive Membership and Season Pass base.”
The parks joining the Six Flags family are:
Wet n’ Wild Splashtown, Houston’s largest waterpark, with more than 48 lush acres and a wide selection of thrilling waterslides and attractions, along with two children’s areas; Wet n’ Wild Phoenix, the largest waterpark in Arizona (located in the Adobe Dam Recreation Area), featuring 35 acres of high-speed slides and two pools, and also offering a Wet n’ Wild Jr. section with kid-friendly versions of some of the park’s most thrilling attractions; Darien Lake near Buffalo, NY, a beautiful resort property located on approximately 1,000 acres that includes a theme park, waterpark, campground, hotel, and a 21,000-seat amphitheater; Frontier City, an iconic part of the Oklahoma City landscape, is steeped in tradition. The park features a western theme and offers an extensive lineup of exciting rides, attractions, and shows geared to every member of the family; and White Water Bay, near Frontier City, a tropical oasis with more than 25 acres of waterslides, interactive water play areas, and pools.
Six Flags is the largest regional theme park operator in the world and upon closing of the transactions, will be the largest waterpark operator in North America. With the addition of these five properties that entertained approximately two million guests in 2017, there will be an additional 20 million guests within a 100-mile radius of a Six Flags park, significantly expanding the company’s national footprint.
“We are thrilled to welcome these outstanding properties and employees into our family of parks and look forward to sharing the thrill of Six Flags with guests of all ages in these key markets,” added Reid-Anderson.
Closing of the transactions contemplated by the agreement is expected to occur in June, 2018 and is subject to customary closing conditions.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation is the world’s largest regional theme park company with $1.4 billion in revenue and 20 parks across the United States, Mexico and Canada. For 57 years, Six Flags has entertained millions of families with world-class coasters, themed rides, thrilling water parks and unique attractions. For more information, visit www.sixflags.com .
Forward Looking Statements
The information contained in this release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, (i) the adequacy of cash flows from operations, available cash and available amounts under our credit facilities to meet our future liquidity needs, (ii) our ability to roll out our capital enhancements in a timely and cost effective manner, (iii) our ability to improve operating results by implementing strategic cost reductions, and organizational and personnel changes without adversely affecting our business, (iv) our operations and results of operations, and (v) the risk factors or uncertainties listed from time to time in the company’s filings with the Securities and Exchange Commission ("SEC"). In addition, important factors, including factors impacting attendance, such as local conditions, natural disasters, contagious diseases, events, disturbances and terrorist activities; recall of food, toys and other retail products sold at our parks; risk of accidents occurring at the company’s parks or other parks in the industry and adverse publicity concerning our parks or other parks in the industry; inability to achieve desired improvements and our aspirational financial performance goals; adverse weather conditions such as excess heat or cold, rain and storms; general financial and credit market conditions; economic conditions (including customer spending patterns); changes in public and consumer tastes; construction delays in capital improvements or ride downtime; competition with other theme parks and other entertainment alternatives; dependence on a seasonal workforce; unionization activities and labor disputes; laws and regulations affecting labor and employee benefit costs, including increases in state and federally mandated minimum wages, and healthcare reform; pending, threatened or future legal proceedings and the significant expenses associated with litigation; cyber security risks and other factors could cause actual results to differ materially from the company’s expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will be realized and actual results could vary materially. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in the company’s Annual and Quarterly Reports on Forms 10-K and 10-Q, and its other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investors.sixflags.com and on the SEC’s website at www.sec.gov .
Follow us on Twitter @SixFlags
Like us on Facebook at facebook.com/sixflags
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522006328/en/
Six Flags Entertainment Corporation
Media Contact:
Sandra Daniels, 972-595-5178
[email protected]
or
Investor Relations Contact
Stephen Purtell, 972-595-5081
[email protected]
Source: Six Flags Entertainment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-six-flags-adds-five-more-parks-to-us-portfolio.html |
May 22 (Reuters) - Pentair PLC:
* REG-PENTAIR ANNOUNCES DEBT TENDER OFFER FOR ITS 2.450% SENIOR NOTES DUE 2019
* PENTAIR PLC - SUBSIDIARY COMMENCED CASH TENDER OFFER FOR AGGREGATE PURCHASE PRICE OF UP TO $400 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-reg-pentair-announces-debt-tender/brief-reg-pentair-announces-debt-tender-offer-for-its-2-450-senior-notes-due-2019-idUSASC0A369 |
By Phil Wahba 11:43 AM EDT
For once, blaming the weather is a legitimate excuse for a retailer looking for a culprit for its disappointing sales results.
The Home Depot (hd) on Tuesday reported lower than expected comparable U.S. sales , saying that the long winter had dented business in one of the rare instances in recent years the do-it-yourself chain has disappointed Wall Street. The retailer said comparable-store sales overall rose 4.2% and were up 3.9% in the U.S. in the quarter ended April 29, below the 5.6% and 5.5% clips, respectively, analysts polled by Consensus Metrix were expecting. And many snowbound shoppers skipped store visits, which fell 1.5%.
Shares were down 2% on Tuesday morning.
Pointing to unfavorable weather has been the go-to excuse for countless retailers , particularly department stores and apparel chains, in the last few years and it’s an excuse Home Depot has rarely trotted out. But the seemingly endless winter that saw record snowfalls in the Northeast well into April delayed expenditures on things like garden products. Chief Financial Officer Carol Tomé told analysts on a conference call that without the hit to its garden business, it’s U.S. comparable sales would have been up 6.5%, in line with the chain’s performances in recent quarters. But even at 4.2% growth, Home Depot’s performance is the envy of almost every other major retailer, for which a 2-3% increase is a victory nowadays.
Before April, things were better at Home Depot. U.S. comparable sales were up 5.6% in February, 5.9% in March, and 2.2% last month. So far in May, they are up at least 10%.
And more crucially for the medium and long term, the U.S. economy is strong, prompting Home Depot to stick with its full-year sales forecast despite the soft April.
“Wages are increasing, home prices are appreciating, buoyed by a housing shortage,” Tomé said. What’s more, Home Depot’s business is very diverse, helping it mitigate any hit to one part of its business. The company said sales of things like interior doors, bath fixtures, and interior paint have been strong, along with its contractor business.
To some degree, Home Depot is paying a price for years of very strong results that for one quarter, were merely very good.
Despite the sales shortfall, profit was up: net earnings rose to $2.40 billion or $2.08 per share, from $2.01 billion or $1.67 per share a year earlier. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/home-depot-results-winter/ |
May 31, 2018 / 4:50 PM / Updated an hour ago Ferrari and Ray-Ban deemed a safer bet than Italian government bonds Alasdair Pal , Abhinav Ramnarayan 5 Min Read
LONDON (Reuters) - Italy’s luxury carmaker Ferrari and Exor, the owners of Juventus football club, are among a host of companies that can now borrow money more cheaply than the country’s crisis-hit government. FILE PHOTO: A logo is pictured on the trunk of Ferrari GTC4Lusso car at the 86th International Motor Show in Geneva, Switzerland, March 1, 2016. REUTERS/Denis Balibouse/File Photo
Italian sovereign bond yields rose this week to some of their highest levels in years on fears that the country’s eurosceptic politicians could win a stronger hand in potential elections, reviving the possibility of a eurozone break-up - or at least a repeat of the European Union’s 2011-2012 crisis.
Even though Italy’s government bonds recovered some of their losses on Thursday, the bonds of nearly two-thirds of non-financial companies in Italy’s FTSE MIB equity index have lower yields than that of the sovereign, suggesting that investors find them more creditworthy than the government.
Italian corporate bond yields have also risen over the past week but not as dramatically as the government or sovereign bonds.
The yield on a bond maturing in May 2024 from utility Enel, rose 18 basis points on Tuesday to 1.21 percent but the equivalent Italian six-year benchmark bond saw yields rise 91 bps to 2.91 percent.
Sovereign bonds are usually considered safer than bonds issued by companies, given the latter have a higher chance of defaulting on creditors or going bankrupt. But a select group of powerful global multinationals carry higher credit ratings than the country where they are based.
In Italy, Enel as well as energy giant ENI boast credit ratings above Italy’s BBB/Baa2.
“The list of Italian firms includes a large number of global companies, many of them are global corporates with an Italian heritage,” said Andrew Jackson, head of fixed income at Hermes, an investor with £33.6 billion of assets under management.
“Of course they will be faced with major challenges if there is the worst-case scenario of redenomination, but perhaps not as much as the more Italy-focused borrowers,” he said, referring to the risk of euro break-up.
Hermes did not hold any Italian government bonds and maintained its Italian corporate bond holdings through this latest political crisis, Jackson added.
Shares in such companies have also generally outperformed the rest of the Italian stock market - while the Milan index has fallen 2.7 percent so far this week, Ferrari for instance is down 0.7 percent and ENEL has slipped 0.9 percent. FILE PHOTO: The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken in Rome February 4, 2016. REUTERS/Alessandro Bianchi/File Photo RACING AWAY
Ferrari’s 2023 bond, not currently rated by any of the major ratings agencies, carries a yield of 1.29 percent, lower than the 1.98 percent yield paid by an Italian sovereign bond that matures two weeks earlier.
Meanwhile, Exor’s 2022 bond yield, rated BBB+ by S&P, is currently around 0.9 percent lower than its sovereign equivalent while the yield on bonds from ENI and ENEL is even lower.
Italy is ranked BBB by Standard &Poor’s, two notches above junk. Moody’s has warned of a possible downgrade to Italy’s rating if the fiscal policies of the next government did not put the country’s public debt ratio on a sustainable downward trend.
Graphic: Italy corporate v sovereign yields - reut.rs/2L9T5Ak
A 2024 bond from Luxottica, the maker of Ray-Ban sunglasses, currently yields 0.71 percent, less than a third of Italy’s six-year borrowing cost of 2.26 percent.
Many of these companies benefit from their low exposure to the domestic market.
Ferrari, for instance, makes just 17 percent of its sales in Italy, Reuters data shows, while for ENEL and ENI the figure is around a third. Just over a fifth of Luxottica’s sales are in Europe, with the majority in the United States.
But a banker who manages debt sales for large European companies said that while domestic political issues may not hugely impact on Italy-based firms with global sales, investors would not necessarily rush to lend to them should they attempt to sell bonds in the near term.
Italian government bond markets have recover from the selloff on hopes that new elections can be avoided, plus polls showing most Italians still support the euro. A thumbs-up from a large Japanese investor has also helped. But questions remain over Italy’s future within the European Union and even the eurozone.
That is keeping a significant risk premium in Italian sovereign bond prices, with 10-year yields still more than 200 bps above Germany’s. That will make investors wary of any new Italian exposure.
“Confidence has been shaken and I can’t see any Italian corporates getting transactions done at a reasonable price for a while yet,” the banker said. Reporting by Alasdair Pal and Abhinav Ramnarayan; Additional reporting by Sujata Rao. Editing by Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-markets-corporates/ferrari-and-ray-ban-deemed-a-safer-bet-than-italian-government-bonds-idUKKCN1IW2GE |
MANILA, May 28 (Reuters) - Chinese lead futures retreated on Monday from their strongest level in nearly eight months, tracking losses in London in the prior session, as investors cashed in on the recent sharp gains.
Trading was slow with the London Metal Exchange shut for a UK public holiday.
The most-traded lead contract on the Shanghai Futures Exchange was down 1.1 percent at 19,870 yuan a tonne by 0150 GMT. It touched 20,225 yuan on Friday, its loftiest since Oct. 9.
* CHINA DATA: Profits earned by Chinese industrial firms in April rose at their fastest pace in six months, data from the National Bureau of Statistics showed on Sunday, as factories benefited from higher prices and strong demand.
* VEDANTA: London-listed Vedanta Resources hopes to restart its copper smelter in a southern Indian city and still wants to double its capacity despite protests demanding its closure that killed 13 people this week.
* FORTESCUE: Australia’s Fortescue Metals Group Ltd , the world’s fourth largest iron ore miner, said its board has approved the development of a $1.28 billion mine and rail project in Western Australia, in a bid to boost the price it gets for its iron ore.
* RUSAL: Russian automaker Avtovaz said it will continue to buy aluminium from sanctions-hit Rusal but was looking for alternative sources in case it has to wind down business with the world’s biggest producer of the metal.
* U.S.-NORTH KOREA TALKS: U.S. President Donald Trump said a U.S. team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering.
* MARKETS: U.S. stock futures rose on signs that the United States and North Korea are still working towards holding a summit next month, while oil prices extended losses on expectations of more supply from major producers. The euro recovered from a 6-1/2-month low against the dollar.
* OTHER METALS: Shanghai copper eased 0.2 percent to 51,400 yuan a tonne, zinc climbed 1.2 percent to 23,810 yuan, aluminium edged up 0.2 percent to 14,820 yuan and tin advanced 1.2 percent to 149,100 yuan.
Reporting by Manolo Serapio Jr.; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-shanghai-lead-slips-from-7-1-2-month-top-in-holiday-thinned-trade-idUSL3N1SZ1F8 |
May 3 (Reuters) - DaVita Inc:
* Q1 EARNINGS PER SHARE $1.05 FROM CONTINUING OPERATIONS * Q1 EARNINGS PER SHARE VIEW $0.93 — THOMSON REUTERS I/B/E/S
* TOTAL U.S. DIALYSIS TREATMENTS FOR Q1 OF 2018 WERE 7,174,026, OR 92,568 TREATMENTS PER DAY, A PER DAY INCREASE OF 4.8 PERCENT
* QTRLY TOTAL REVENUE $2.85 BILLION VERSUS. $2.63 BILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-davita-reports-q1-earnings-per-sha/brief-davita-reports-q1-earnings-per-share-1-05-from-continuing-operations-idUSASC09ZNB |
May 15 (Reuters) - Storm Resources Ltd:
* STORM RESOURCES LTD. IS PLEASED TO ANNOUNCE ITS FINANCIAL AND OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018
* STORM RESOURCES LTD - QTRLY PRODUCTION INCREASED BY 16% ON A PER-SHARE BASIS FROM PRIOR YEAR TO 19,708 BOE PER DAY
* STORM RESOURCES LTD - QTRLY EARNINGS PER SHARE $0.07
* STORM RESOURCES LTD - COMMODITY PRICE HEDGES CURRENTLY PROTECT APPROXIMATELY 47% OF FORECAST PRODUCTION FOR REMAINDER OF 2018
* STORM RESOURCES - FOR Q2, PRODUCTION IS FORECAST TO BE 19,500 TO 20,500 BOE PER DAY WITH PRODUCTION TO DATE IN Q2 AVERAGING 20,200 BOE PER DAY
* STORM RESOURCES LTD - CAPITAL INVESTMENT IS EXPECTED TO BE $6.0 MILLION IN Q2
* STORM RESOURCES - FOR 2018, PRODUCTION EXPECTED TO REMAIN AT 20,000 - 21,000 BOE/D UNLESS THERE IS AN IMPROVEMENT IN NATURAL GAS PRICE AT STATION 2 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-storm-resources-qtrly-earnings-per/brief-storm-resources-qtrly-earnings-per-share-0-07-idUSASC0A2HO |
I have tremendous confidence in President Moon: President Trump 1 Hour Ago 04:50 04:50 | 1 Hr Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/i-have-tremendous-confidence-in-president-moon-president-trump.html |
NEW YORK, May 17, 2018 /PRNewswire/ -- Meredith Corporation (NYSE:MDP) unveiled the new look, name and direction of its in-house television production company, which will now be known as Four M Studios.
Four M Studios, formerly known as Time Inc. Productions, will have access to one of the largest portfolios of iconic media brands from which to draw inspiration for original long-form television formats. Additionally, the production company will continue to create shows independent of any Meredith brand, as it recently did with its show "Home." The new name and logo for Four M Studios is inspired by Meredith's logo of four interlocked "M's."
Four M Studios will maintain the ability to promote any of its shows – whether tied to an in-house brand or not - across the vast Meredith portfolio, which includes an unrivaled footprint in food, home, entertainment and lifestyle brands.
"We evolved quickly and successfully in just over two years by leveraging our trusted iconic brands, promotional scale and super-serving creative worlds that consumers and networks are drawn to," said Bruce Gersh, President of PEOPLE, Entertainment Weekly and PEOPLE en Espanol, and Head of Four M Studios. "We develop and produce award winning, high quality, compelling long-form television content. Four M Studios has partnered with some of the best storytellers and is primed to continue to capitalize on this momentum."
Since its inception, Four M Studios projects have been bought by networks including ABC, A&E, Apple Worldwide Video, Paramount Network, Investigation Discovery and Netflix. Early successes have evolved into deeper relationships and opportunities with networks, such as "The Story of the Royals," which is currently in production for ABC following last summer's "The Story of Diana," which saw a nine-year ratings high in the timeslot for the network. Investigation Discovery recently announced the expansion of the "PEOPLE Magazine Investigates" franchise with two new series, "PEOPLE Magazine Investigates: Cults" and "PEOPLE Magazine Investigates: Crimes of Fashion."
Time Inc. Productions was formally established in 2016 so the company could keep more creative control of their own stories as they evolved from print to long-form content for screens. Four M Studios will continue to distribute its content through its international distribution arm.
ABOUT MEREDITH CORPORATION
Meredith Corporation (NYSE:MDP) ( www.meredith.com ) has been committed to service journalism for 115 years. Today, Meredith uses multiple distribution platforms — including broadcast television, print, digital, mobile and video — to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners.
Meredith's National Media Group reaches nearly 175 million unduplicated American consumers every month, including 80 percent of U.S. millennial women. Meredith is a leader in creating content across media platforms and life stages in key consumer interest areas, such as celebrity, food, lifestyle, home, parenting, beauty and fashion. Meredith also features robust brand licensing activities, including more than 3,000 SKUs of branded products at 4,000 Walmart stores across the U.S., and The Foundry, the company's state-of-the-art creative lab and content studio. Meredith's Local Media Group includes 17 television stations reaching more than 11 percent of U.S. households.
View original content with multimedia: http://www.prnewswire.com/news-releases/meredith-unveils-new-look-name-and-direction-for-award-winning-television-production-studio-the-former-time-inc-productions-will-now-be-known-as-four-m-studios-300650375.html
SOURCE Meredith Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-meredith-unveils-new-look-name-and-direction-for-award-winning-television-production-studio-the-former-time-inc-productions.html |
BNP Paribas reported a 17 percent fall in net income during the first quarter of the year, highlighting "lackluster" trading activity in Europe.
Here are some of the highlights:
Revenues: 10 billion euros ($11.98 billion) in the first quarter of 2018, compared to 11 billion euros in the first quarter of 2017. Operating income: 1.923 billion euros ($2.3 billion) in the first quarter of 2018, versus 2.586 billion euros in the first quarter of 2017. The French bank announced profits of 1.57 billion euros ($1.88 billion) for the first quarter on Friday. This was down from 1.89 billion euros a year ago but was in line with analyst estimates of 1.55 billion euros, according to a Reuters poll.
The French lender said that the surge in the euro and poor market conditions contributed to the fall in the numbers.
"We saw good business activity, if you look for example at the loans, they are up 3 percent," Lars Machenil, chief financial officer of BNP Paribas, told CNBC's Joumanna Bercetche .
However, he added, that the market "was a bit lackluster in the first quarter of 2018." He noticed a clear growth in the bank's home market, but added that in Europe "we are still in this low interest rate environment and this is still, in this quarter, weighing a bit on the overall evolution."
The stock was down by 2.5 percent in mid-morning deals.
Gianluca Colla | Bloomberg | Getty Images | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/bnp-paribas-earnings-q1-2018-.html |
May 9 (Reuters) - VAT Group AG:
* SUCCESSFULLY LAUNCHES FIRST BOND OVER CHF 200 MILLION * BOND WILL PAY INTEREST OF 1.50% AND HAS A TERM OF 5 YEARS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vat-group-launches-first-bond-over/brief-vat-group-launches-first-bond-over-chf-200-million-idUSFWN1SG1H4 |
May 9, 2018 / 6:12 PM / Updated 8 minutes ago Hearing aids tied to less hospitalization for older U.S. adults Lisa Rapaport 4 Min Read
(Reuters Health) - Older adults with hearing loss are less likely to be hospitalized or to visit the emergency room when they wear hearing aids, compared to those who don’t, a U.S. study suggests.
Researchers examined Medicare payment data collected in 2013 and 2014 for 1,336 adults 65 and older with hearing loss. Overall, 734 people, or 55 percent, didn’t wear hearing aids.
During the study period, 24 percent of people with hearing aids and 26 percent of those without the devices visited an emergency room at least once, the study found. With hearing aids, 20 percent of people were hospitalized, compared to 22 percent without the devices.
With hearing aids, however, healthcare costs were not necessarily lower: more people with the devices had at least one check up at a clinic or doctor’s office, and people with hearing aids also averaged 1.4 more doctor visits than those without the devices.
“We hypothesize that use of hearing aids helps individuals with severe hearing loss to communicate better with their physicians and to have a more active lifestyle compared with those who do not use hearing aids,” said lead study author Elham Mahmoudi of the University of Michigan in Ann Arbor.
Hearing aids were also associated with $1,125 more a year in total healthcare costs, as well as $325 more in annual out-of-pocket spending for patients, the study found.
This was unexpected, Mahmoudi said by email.
“However, the $1,125 estimated increase in healthcare costs associated with hearing aids was below the average $2,000 to $7,000 price of hearing aids,” Mahmoudi added.
Medicare, the U.S. health insurance program for people 65 and older, doesn’t cover hearing aids even though an estimated two-thirds of elderly people have hearing loss by age 70, the researchers note in JAMA Otolaryngology-Head & Neck Surgery.
Hearing loss is a major cause of poor communication for older adults, which can result in lower patient satisfaction, less compliance with prescribed medications and recommended treatments, more utilization of health services and higher medical costs, the study authors write.
While hearing aids were associated with higher total healthcare spending and out-of-pocket costs for patients, the devices were also linked to $71 less in annual Medicare spending, the study found.
“Financial barriers to obtaining and fitting hearing aids are noted as the main reasons people with hearing loss do not use them,” Mahmoudi said. “In deciding on insurance coverage for hearing aids, insurance companies and the Centers for Medicare and Medicaid should consider the long-term efficacy of these devices.”
The study wasn’t a controlled experiment designed to prove whether or how hearing aids might directly impact health use, costs or patient outcomes.
Another drawback is that researchers lacked objective data on the severity of hearing loss, relying instead on information reported by patients in a survey.
Even when people do get hearing aids, they may wear the devices for varying amounts of time during a typical day or choose to use them in different settings and circumstances, noted Margaret Wallhagen of the University of California, San Francisco. These things may all impact how much hearing aids contribute to patient health or utilization of healthcare services, Wallhagen, author of an accompanying editorial, said by email.
“Trying to determine the reason for lower ER visits and hospitalizations is, unfortunately, rather speculative,” Wallhagen said. “In this sample, those without hearing aids had somewhat higher rates of chronic conditions and fewer economic resources and may be more likely to use ERs as a source of health care but we definitely need additional data to elucidate the effects of hearing aids on healthcare use.”
SOURCE: bit.ly/2HZVjoG and bit.ly/2rBvqSb JAMA Otolaryngology- Head & Neck Surgery, online April 26, 2018. | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-hearing/hearing-aids-tied-to-less-hospitalization-for-older-u-s-adults-idUSKBN1IA2ZR |
Top proxy adviser Institutional Shareholder Services on Wednesday recommended Facebook investors withhold support from five directors including Chief Executive Mark Zuckerberg and vote in favor of shareholder proposals aimed at improving the social media company's response to problems like election interference and harassment.
Facebook has come under scrutiny over the way it handles personal data after revelations that British consultancy which worked on Donald Trump's 2016 presidential election campaign, improperly accessed the Facebook data of 87 million users.
In its report, the influential adviser known as ISS wrote that Facebook "has been somewhat responsive during the controversy, but shareholders should continue to closely monitor data privacy issues."
ISS also suggested investors vote "for" shareholder proposals calling for the company to study establishing a board committee on risk management and to report on content management controversies, according to a copy of the recommendations seen by Reuters.
Both nonbinding proposals are meant to help Facebook address controversies such as over its handling of customer data and privacy concerns. Proponents of both cited news reports they said showed the need for action.
Facebook urged investors to vote against both resolutions, saying its current approaches to risk management and community standards are adequate.
The world's largest social network will hold its annual meeting on May 31 in Menlo Park, Calif.
ISS said that investors should withhold support for Zuckerberg and Chief Operating Officer Sheryl Sandberg , citing concerns over board nomination procedures.
The advisory firm suggested Facebook create a formal committee to nominate board candidates, as a way to ensure board accountability and to increase transparency and communications with shareholders.
It also recommended withholding support from three compensation committee members, writing that it has pay concerns including on security costs for Zuckerberg, "which have increased substantially without clear explanation."
ISS noted the company will not have an advisory vote on pay this year, warranting votes against the directors instead.
ISS recommended investors back three remaining director nominees.
In a report last week second-ranked proxy adviser Glass Lewis recommended investors vote for Zuckerberg, but also backed the two shareholder proposals and recommended votes against three audit committee directors responsible for overseeing legal and regulatory matters.
"In our view, the audit committee has failed to effectively fulfill its obligations to shareholders," Glass Lewis' report states.
Facebook founder Zuckerberg controls a majority of the company's voting power. ISS and Glass Lewis both recommended investors back non-binding shareholder proposals that would revamp its voting structure. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/top-proxy-adviser-iss-recommends-facebook-investors-withhold-support-from-5-directors-including-ceo-zuckerberg.html |
May 1 (Reuters) - Hyundai Motor America:
* REPORTED APRIL SALES OF HYUNDAI- AND GENESIS-BRANDED VEHICLES OF 56,063 UNITS, AN 11 PERCENT DECLINE Source text: ( bit.ly/2Fvf01H ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hyundai-motor-america-reports-apri/brief-hyundai-motor-america-reports-april-sales-of-hyundai-and-genesis-branded-vehicles-of-56063-units-idUSFWN1S80KV |
debacle@ (Adds details from filing, background)
May 18 (Reuters) - Cambridge Analytica, the political consultancy at the center of Facebook Inc's privacy scandal, filed for Chapter 7 bankruptcy in the United States late on Thursday.
This past March allegations surfaced that Cambridge Analytica, hired by President Donald Trump's 2016 U.S. election campaign, improperly used data of 87 million Facebook users beginning in 2014.
Cambridge Analytica and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.
The petition to file bankruptcy was submitted at the U.S. Bankruptcy Court Southern District of New York and was signed on behalf of Cambridge Analytica's board by Rebekah and Jennifer Mercer, daughters of billionaire Robert Mercer.
The Mercer family was one of Trump's biggest donors.
Cambridge Analytica LLC listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million. http://bit.ly/2rSb2ex
London-based Cambridge Analytica was created in 2013 initially with a focus on U.S. elections, with $15 million in backing from Mercer and a name chosen by former Trump White House adviser Steve Bannon, according to a report by the New York Times.
Facebook has faced multiple investigations in the United States and Europe over its handling of personal data of users, hurting shares of the Mark Zuckerberg-led company.
Zuckerberg has appeared before U.S. congressional committees to testify on data privacy and will meet leaders of the European Parliament soon.
Facebook said on Monday it has suspended around 200 apps in the first stage of its review into apps that had access to large quantities of user data before the company restricted data access. (Reporting by Abinaya Vijayaraghavan and Supantha Mukherjee in Bengaluru; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/reuters-america-update-1-cambridge-analytica-files-for-bankruptcy-in-u-s-following-facebook-debacle.html |
April 30 (Reuters) - Financial Engines Inc:
* FINANCIAL ENGINES ANNOUNCES AGREEMENT TO BE ACQUIRED BY HELLMAN & FRIEDMAN FOR $45.00 PER SHARE IN CASH
* FINANCIAL ENGINES INC - DEAL FOR AGGREGATE VALUE OF APPROXIMATELY $3.02 BILLION
* FINANCIAL ENGINES INC - AGREEMENT HAS BEEN UNANIMOUSLY APPROVED BY FINANCIAL ENGINES’ BOARD OF DIRECTORS
* FINANCIAL ENGINES INC - EDELMAN FINANCIAL SERVICES WILL BE COMBINED WITH FINANCIAL ENGINES AS PART OF THE TRANSACTION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-financial-engines-to-be-acquired-b/brief-financial-engines-to-be-acquired-by-hellman-friedman-for-45-00-per-share-in-cash-idUSFWN1S70ZI |
This Day in History, May 30, 2018 1 Hour Ago Among the events that happened on this day in history, in 1922 the Lincoln Memorial was dedicated. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/this-day-in-history-may-30-2018.html |
1:25 AM ET Mon, 28 May 2018 | 02:10
Japanese Prime Minister Shinzo Abe and Russian President Vladimir Putin met over the weekend in Russia to discuss disputed Pacific islands and potential economic cooperation.
It was the two leaders' 21st meeting, but Russia-Japan discussions remain gridlocked, and there is little confidence that upcoming meetings could improve the situation, according to one expert.
"From what we've just seen at the summit in Moscow, there's very little progress that has been made. I think these efforts from Abe have not managed to create any progress yet. There's little reason to think that anything will change with subsequent meetings," James Brown, an associate professor of political science at Temple University in Japan, told CNBC's "Street Signs" on Monday.
Territorial disputes over the South Kuril Islands have long been a source of contention between Japan and Russia. Since Soviet forces occupied the islands in 1945, the two countries have not signed a peace treaty .
"The problem is that the Japanese side wants territorial concessions and their deals are always very difficult because, quintessentially, territorial issues are a zero-sum game."
Despite the conflict, Japan has in recent years attempted to strengthen political and economic relations with Russia. But such efforts are quickly losing momentum as Russia faces increasing international isolation due to multiple factors.
Perhaps a more promising opportunity for the two countries to find common ground lies in the ongoing efforts to denuclearize North Korea. In fact, both countries are on the outside of discussions about the proposed summit between U.S. President Donald Trump and North Korean leader Kim Jong Un. Because of that, potential decisions reached at the meeting could leave out Russian and Japanese interests, Brown said.
"With the increase in diplomatic activity on the Peninsula, there are some increased commonalities between Japan and Russia and the reason for this is, I think, that the both of them feel a bit left out," Brown said. Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/japan-russia-relations-theres-been-little-progress-expert-says.html |
May 7 (Reuters) - HALCYON Agri Corp Ltd:
* Q1 REVENUE $429.9 MILLION VERSUS $509.2 MILLION * Q1 PROFIT ATTRIBUTABLE FROM CONTINUING OPERATIONS, $264,000 VERSUS $15.3 MILLION
* Q1 TOTAL SALES VOLUME 276,562 MT, UP 5.6% Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-halcyon-agri-corp-posts-q1-profit/brief-halcyon-agri-corp-posts-q1-profit-attributable-from-cont-ops-of-264000-idUSFWN1SE0BN |
May 14 (Reuters) - Federal Home Loan Mortgage Corp :
* FREDDIE MAC NAMES JOHN KRENITSKY SENIOR VICE PRESIDENT AND CHIEF COMPLIANCE OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-freddie-mac-names-john-krenitsky-s/brief-freddie-mac-names-john-krenitsky-senior-vice-president-and-chief-compliance-officer-idUSASC0A20P |
Twilio, Homebuilders, Russell 2000, Suncor Energy & NRG Energy 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/twilio-homebuilders-russell-2000-suncor-energy-nrg-energy.html |
From Mark Zuckerberg's Beast to Elon Musk's Marvin, meet 8 tech titans' dogs Ruth Umoh Reblog Not only are dogs loyal and affectionate, but some of these four-legged friends have even made their way into the workplace, with tech companies like Amazon AMZN and Google touting dog-friendly offices in order to attract millennials. From Mark Zuckerberg to Elon Musk , meet the dogs of eight tech titans: 1. The Facebook founder's dog is named Beast. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/meet-the-dogs-of-tech-titans-like-mark-zuckerberg-and-elon-musk.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
SAN JOSE, Calif. (AP) _ Immersion Corp. (IMMR) on Thursday reported first-quarter net income of $69.9 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Jose, California-based company said it had profit of $2.29. Earnings, adjusted for stock option expense and pretax expenses, were $2.34 per share.
The touch-based technology company posted revenue of $85.4 million in the period.
Immersion expects full-year revenue in the range of $108 million to $118 million.
Immersion shares have increased 64 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.58, a rise of 35 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on IMMR at https://www.zacks.com/ap/IMMR | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-immersion-1q-earnings-snapshot.html |
May 24, 2018 / 11:35 AM / Updated an hour ago Sainsbury's tweaks pay proposals after staff pressure Reuters Staff 2 Min Read
LONDON (Reuters) - Sainsbury’s, Britain’s second largest supermarket group, has bowed to pressure from employees and trade unions by changing some of the pay proposals it detailed in March as part of a move to simplify the company’s wage structure. Workers unload a Sainsbury's home delivery van in central London, Britain, April 30, 2018. REUTERS/Toby Melville
The group, which last month agreed a 7.3 billion pounds takeover of rival Asda, employs 195,000 in Britain and Ireland and is the UK’s second biggest private sector employer after Tesco.
Sainsbury’s said on Thursday that following a consultation process with staff representatives and unions it had agreed to increase unsociable hour premium payments, extend location pay supplements to staff working in all outer London areas rather than just inner London, and raise online driver payments.
It said the amendments would come at a cost to the business of over 10 million pounds, in addition to the 100 million pounds it said the proposals would cost in March.
However, Sainsbury’s has maintained the main elements of its March proposals, including an hourly rate increase from 8 pounds to 9.20 per hour from September but the removal of payments for breaks and an annual discretionary staff bonus.
As a result of the changes over 121,000 employees will receive an average pay rise of 9.3 percent, said the firm.
Sainsbury’s said it would make top-up payments for an 18-month period to the around 9,000 employees who will not benefit from the changes.
Earlier this week around 100 UK lawmakers signed a letter to Prime Minister Theresa May criticising Sainsbury’s proposals, claiming some employees could lose up to 3,000 pounds a year.
However, a spokesman for the retailer said fewer than 10 employees stood to lose that amount. Reporting by James Davey; editing by Sarah Young | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sainsbury-s-pay/sainsburys-tweaks-pay-proposals-after-staff-pressure-idUKKCN1IP1OQ |
HELSINKI (Reuters) - Bank of Finland Governor Erkki Liikanen declined on Saturday to rule out his candidacy for the job of head of the European Central Bank, although he said he was not campaigning for it.
Governors Jorgovanka Tabakovic of National Bank of Serbia and Erkki Liikanen of the Bank of Finland wait for the International Monetary Fund Governors family photo during the IMF/World Bank spring meeting in Washington, U.S., April 21, 2018. REUTERS/Yuri Gripas Liikanen, 67, has been seen as a potential compromise candidate from a northern country to succeed Italian ECB President Mario Draghi when Draghi’s term ends in 2019.
“These discussions always start too early... I’m not campaigning for any position. But there might be situations where one is asked ‘will you do your duty’. Then, one must consider it,” Liikanen said on Saturday in an interview with public broadcaster YLE.
Liikanen is considered a moderately hawkish member of the ECB’s governing council, and loyal to Draghi. The search for a replacement for Draghi is seen as pitting the ECB’s hawkish northern members against southern European countries viewed as more dovish on policy.
Bundesbank President Jens Weidmann, the most outspoken figure from the hawkish wing, kept the door open for a run at the top job in remarks earlier on Saturday.
Liikanen has been touted as a northerner who might be perceived as less divisive by southern European countries than Weidmann. He is stepping down from the helm of Finnish central bank in July after 14 years in the job, and will be replaced by Olli Rehn, the EU’s former economic chief.
In his interview, he said his stance on price stability has remained unchanged: “When inflation accelerates to more than 2 percent... I demand raising interest rates. When it remains considerably below that level, we must stimulate the economy. My stance is symmetrical, regardless of whether we are above or below our target.”
Reporting by Jussi Rosendahl; Editing by Peter Graff
| ashraq/financial-news-articles | https://in.reuters.com/article/us-ecb-president-liikanen/liikanen-declines-to-rule-out-european-central-bank-top-job-idINKCN1IK0K5 |
KNOXVILLE, Tenn., May 9, 2018 /PRNewswire/ -- PTACcrew.com (PTAC Crew) announced today that it has taken yet another step towards creating a single-source solution for property managers, hoteliers, and contractors who install, replace, or maintain Packaged Terminal Air Conditioners (PTACs).
John O'Hara Sr., the founder of PTACUnits.com and an expert in the industry, offered the following: "I have spent over four decades serving customers throughout the U.S., and it was important to me that my customers land in good hands." PTACUnits.com was sold to Knoxville-based PTAC Crew in an all-cash asset sale that was coordinated by PTAC Crew's parent company, Mollenhour Gross.
"From the beginning of my interactions with them, they were polite, easy to work with, and most importantly, they did absolutely everything they said they would do," added O'Hara, "They made it easy to sell my business, and I look forward to witnessing their continued success."
Travis Bullington, President of PTAC Crew, offered, "We were delighted to welcome Mike [an employee of PTACUnits.com ] onto our team, and he has already been busy providing the same excellent service for which PTACUnits.com became known. We have tremendous respect for what John and Mike accomplished together, and we aim to carry on that legacy."
PTACUnits.com will continue to sell all major brands of PTAC units and parts with guaranteed fast delivery from its multiple distribution locations. It will remain a nationwide distributor for Amana, Friedrich, GE, Gree, LG, and others.
"We admire folks who work hard and who earn a reputation for treating their customers right," offered Jordan Mollenhour of Mollenhour Gross. Established in 2004 by Jordan Mollenhour and Dustin Gross, Mollenhour Gross ( http://www.mollenhourgross.com/ ) is a private holding company based in Knoxville, TN. Its portfolio companies are engaged in a variety of industries including online retail, hospitality, recycling, warehousing, e-commerce fulfillment, packaging manufacturing, real estate, and software.
About PTACUnits.com :
John O'Hara began his career in the HVAC industry in 1965. After founding what would become PTACUnits.com ( https://ptacunits.com ), he successfully built a name providing products and services to support hotel, hospitality, and assisted living clients, many of whom remain his good friends.
About PTACcrew.com :
PTAC Crew ( https://ptaccrew.com/ ), based in Knoxville, TN, is a provider of turnkey PTAC sales, installation, change-out, refurbishing, and other services for hotels, hospitality, and assisted living properties throughout the United States.
View original content: http://www.prnewswire.com/news-releases/ptaccrewcom-acquires-ptacunitscom-300645608.html
SOURCE PTACcrew.com | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-ptaccrew-com-acquires-ptacunits-com.html |
May 21, 2018 / 8:32 PM / Updated 4 minutes ago Russia shoots down 'unidentified drone' near air base in Syria: RIA Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russia’s military said on Monday it had shot down an unidentified drone that came close to its Syrian air base at Hmeimim, RIA news agency said, citing the Russian Defence Ministry.
“There are neither casualties nor physical damage. Russia’s Hmeimim air base is operating as normal,” it said.
The British-based war monitoring group Syrian Observatory for Human Rights said explosions had been heard near the base and appeared to have come from Russian air defenses confronting an attack.(This version of the story was refiled to change spelling of Hmeimim air base throughout to conform with Reuters style) Reporting by Denis Pinchuk and Lisa Barrington; Editing by Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-russia/russian-military-shoots-down-unidentified-drone-near-khmeimim-air-base-in-syria-ria-idUSKCN1IM29C |
May 29, 2018 / 4:35 PM / a few seconds ago Carrefour to end French football, Tour de France sponsoring from 2019 Reuters Staff 1 Min Read
PARIS (Reuters) - French supermarket chain Carrefour said on Tuesday it would end its contracts as official sponsor of the French Football Federation and of the Tour de France, the world’s most famous cycling race, from 2019. FILE PHOTO: The Carrefour logo is pictured in a supermarket in Sao Paulo, Brazil November 9, 2017. REUTERS/Nacho Doce/File photo
“The group wishes to refocus its sponsoring policy on events linked to food and retail. We will make some announcements along these lines soon,” the spokesman said, confirming earlier media reports.
Carrefour has been official sponsor of the French Football Federation since 1998 and of the Tour de France since 1993.
The contracts, which come up for renewal every four year, will not be renewed from 2019, the spokesman said.
This will thus not impact the World Soccer Cup in Russia in June 2018 nor the Tour de France that starts in early July.
Under pressure to increase profits, Europe’s largest retailer announced in January cost savings of 2 billion euros by 2020, including a voluntary redundancy plan for 2,400 employees at its French head office. Reporting by Dominique Vidalon; editing by Michl Rose | ashraq/financial-news-articles | https://www.reuters.com/article/us-carrefour-sponsoring/carrefour-to-end-french-football-tour-de-france-sponsoring-from-2019-idUSKCN1IU25X |
May 15, 2018 / 5:36 PM / in 15 minutes Big-name hedge funds bought healthcare stocks in first quarter David Randall 4 Min Read
NEW YORK (Reuters) - Prominent hedge fund managers appeared to make big first-quarter bets in UnitedHealth Group Inc, Anthem Inc and other health insurers whose shares tumbled in January after Jeff Bezos, Warren Buffett and Jamie Dimon in January announced a joint venture to slash U.S. healthcare costs.
Jana Partners added a new position in Anthem, while Omega Advisors and Tiger Management both added new positions in UnitedHealth Group, according to regulatory filings released Tuesday. Shares of Anthem are 10.5 percent below the high for the year reached in January, while shares of UnitedHealth are 3.1 percent below January highs.
Shares of healthcare companies have come under pressure this year due to the threat of increased competition. Buffett, famed for his love of junk food, has said spiraling healthcare costs are responsible for 18 percent of U.S. gross domestic product, up from 5 percent in 1960, and he wants to slash a few percentage points off.
The partnership between Amazon.com Inc, Berkshire Hathaway Inc, and JPMorgan Chase & Co - which collectively employ more than 1 million people - announced plans to reform healthcare for their own employees while simultaneously reducing their own companies’ coverage costs, though it has yet to make significant progress.
“I think we’ll have a CEO within a couple of months,” Buffett said at Berkshire Hathaway’s annual shareholder’s meeting earlier this month. “We want our employees to get better medical services at lower cost ... The resistance will be unbelievable, and if we fail, at least we tried.”
At the same time, shares of pharmacy benefits managers Express Scripts Holdings Co and CVS Health Corp have slid on concerns that Amazon.com Inc will enter the business. Glenview Capital Management Chief Executive Larry Robbins made a bullish case for both stocks at the Sohn Investment Conference in New York on April 23, one of the most prominent hedge fund conferences of the year.
Amazon’s entry into the business of selling medications, is “neither imminent, assured, nor likely to succeed,” he said.
Quarterly disclosures of hedge fund managers’ stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are one of the few public ways of tracking what the managers are selling and buying. But relying on the filings to develop an investment strategy comes with some risk because the disclosures come 45 days after the end of each quarter and may not reflect current positions.
Along with the bets on healthcare companies, large hedge fund managers also added to so-called FANG stocks during the first quarter as the tech sector slid due to fears of increased regulatory oversight. Jana Partners added a new position in Apple Inc while selling all of its shares in Facebook Inc, while Tiger Management added to its positions in Google-parent Alphabet and Facebook.
Overall, hedge funds are up by an average of 0.4 percent for the year to date, according to Hedge Fund Research, while the broad S&P 500 is up 1.2 percent over the same time. Trevor Hunnicutt; Editing by Jennifer Ablan and Nick Zieminski | ashraq/financial-news-articles | https://www.reuters.com/article/us-investment-funds/big-name-hedge-funds-bought-healthcare-stocks-in-first-quarter-idUSKCN1IG2R1 |
Markets need proof that economy will deliver, strategist says 7:03 AM ET Tue, 15 May 2018 David Joy, chief market strategist of Ameriprise Financial, and JJ Kinahan of TD Ameritrade, discuss their outlook on the U.S. market and economy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/markets-need-proof-that-economy-will-deliver-strategist-says.html |
May 1, 2018 / 4:56 PM / in 12 minutes Credit where it's due: UK mulls law to make poverty less expensive Lee Mannion 3 Min Read
LONDON (Thomson Reuters Foundation) - Britain is considering legal changes that would help low income earners - who pay interest rates of up to 1,500 percent for emergency loans, washing machines and mobile phone tariffs - to borrow at fairer rates.
Campaigners hope to tackle the “poverty premium”, where poor households pay hundreds of pounds more each year for everyday goods and services because of a poor credit rating.
Such borrowers pay high rates on short-term loans from so-called payday lenders like Wonga, and when buying furniture and electronics from weekly payment retailers like BrightHouse, as well as higher pre-paid energy tariffs.
“How do we improve their ability to trade and gain goods at a fair price?” asked John Montague, a director at Big Issue Invest, the social investment arm of The Big Issue, a magazine sold on Britain’s streets by homeless people.
“Well, it’s by trying to build up their credit worthiness. And actually rent is a good way of doing it.”
The magazine’s founder, John Bird, introduced the creditworthiness bill to Britain’s upper house of parliament in 2017, after which it will proceed to the lower house.
By making rental payments a compulsory part of a good credit score, the proposed law aims to built a positive credit history to increase access to mainstream affordable credit and services.
The British market regulator estimated about 1.8 million payday borrowers in 2012, although the market has shrunk since 2015 when the financial watchdog capped high cost credit, following reports of interest rates of almost 6,000 percent.
But falling wages relative to inflation and budget cuts in social support have pushed more people back to costly lenders.
Loans averaging 260 pounds are usually taken out by young men in full-time work, living in large households, who urgently need to pay expenses like food and utility bills, a 2015 study by the market regulator found.
Four out of 10 payday loan customers had a bad credit rating, it said.
The bill could help millions of people in Britain whose regular rental payments do not boost their credit rating - unlike those who pay a mortgage, Montague said.
Taking rent into account when it comes to credit scores has already been tested with the Rental Exchange, an initiative set up by Big Issue Invest with the credit scoring agency Experian.
In its six years of operation, Experian has been accruing data on rental payments from more than 1 million people who are tenants of housing associations or local councils.
“Our records show that 83 percent stand to see their credit scores boosted because of their rent payment data,” James Jones, head of consumer affairs at Experian told the Thomson Reuters Foundation. Reporting by Lee Mannion @leemannion. Editing by Katy Migiro. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-credit-debt/credit-where-its-due-uk-mulls-law-to-make-poverty-less-expensive-idUSKBN1I2419 |
Elon Musk’s 'bonehead' rant costs Tesla billions 02:11
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them.
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them. //reut.rs/2FCU2xW | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/03/elon-musks-bonehead-rant-costs-tesla-bil?videoId=423334141 |
May 14, 2018 / 2:20 PM / Updated 20 minutes ago Thieves suck millions out of Mexican banks in transfer heist Michael O'Boyle 2 Min Read
MEXICO CITY (Reuters) - Thieves siphoned hundreds of millions of pesos out of Mexican banks, including No. 2 Banorte, by creating phantom orders that wired funds to fake accounts and promptly withdrew the money, two sources close to the government’s investigation said.
Hackers sent hundreds of false orders to move amounts ranging from tens of thousands to hundreds of thousands of pesos from banks including Banorte, to fake accounts in other banks, the sources said, and accomplices then emptied the accounts in cash withdrawals in dozens of branch offices.
One source said the thieves made off with more than 300 million pesos ($15.4 million). Daily newspaper El Financiero said about 400 millions pesos had been stolen in the hack, citing an anonymous source.
Lorenza Martinez, head of Banxico’s payment system, told Reuters on Friday that five institutions saw “unauthorized transfers,” but she stopped short of calling it a cyber attack.
Inter-bank transfers slowed in later April, feeding worries that Latin America’s second biggest economy could be the latest victim in a global wave of cyber attacks.
Hackers may have had help inside bank branches, since such big cash withdrawals are uncommon, one source said.
“In terms of the security of the bank’s offices, I think that is part of the analysis that each bank is doing,” Martinez said.
Martinez said that the central bank’s SPEI interbank transfer system was not compromised but that the problem had to do with software developed by institutions or third-party providers to connect to the payment system.
Mexico’s SPEI system is a domestic network similar to the SWIFT global messaging system that moves trillions of dollars each day. Hackers have used SWIFT connections to attack banks around the world.
The central bank and banks have said that no clients had been affected so far. Martinez said that the transfers hit accounts of financial institutions in the central bank. Reporting by Michael O'Boyle; Editing by David Gregorio | ashraq/financial-news-articles | https://in.reuters.com/article/mexico-cyber/thieves-suck-millions-out-of-mexican-banks-in-transfer-heist-idINKCN1IF1XQ |
May 1, 2018 / 6:14 AM / in 7 hours How old is 'Big Ben'? The trivia Meghan Markle must know to become British Emily G Roe 4 Min Read
LONDON (Reuters) - U.S. actress Meghan Markle will join Britain’s royal family when she marries Prince Harry this month but before she can become a British citizen, it will help her to know how big the Lake District is and the age of “Big Ben”.
Markle plans to take the nationality of her new husband after their wedding on May 19 but, like tens of thousands of others wanting to become British every year, she will first have to demonstrate knowledge of some historical facts and obscure trivia that many Britons are oblivious to.
All would-be citizens must pass the “Life in the UK” test by successfully answering 18 out of 24 questions selected from some 3,000 facts, such as knowing the height of the London Eye Ferris wheel and how many lawmakers sit in the Scottish Parliament.
Even many Britons find the questions baffling. In a random survey carried out by Reuters, only 23 out of 41 Britons quizzed could correctly answer questions put to them, and many of those admitted they were guessing.
“I did history at school but some of them are just absolutely stupid,” said chef Tom Poston, 46, after failing a sample test shown to him by Reuters.
“I would have been kicked out, amazing,” said Poston, who lives in London. “I think she’s (Markle) going to have to do a lot of studying because I’m shocked.” HURDLES TO CITIZENSHIP
Britain has made the process of becoming a citizen more difficult in recent years as it struggles to cut annual net immigration to less than 100,000. Underlining the sensitivity of that issue, Amber Rudd quit as Home Secretary (interior minister) on Sunday over an immigration scandal.
Becoming a citizen requires a person to have lived in Britain for three years, to have good knowledge of English, to be of sound mind - and to pass the 50 pound ($69) test.
However, the additional requirement of earning a combined income of at least 18,600 pounds should not prove to be too burdensome for a prince of the realm and his new wife. Britain's Prince Harry's fiancee Meghan Markle leaves an ANZAC day service at Westminster Abbey in London, April 25, 2018. REUTERS/Hannah McKay
For many applicants, though, the citizenship test is a major stumbling block. The most recent official figures showed that 133,490 tests were taken in 2016 with 47,312 failures.
“It’s very divorced from what the normal experience is for people,” Thom Brooks, an academic and vocal critic of the test, told Reuters. “It’s the British citizenship test that very few British citizens can pass.”
Brooks, originally from the United States, sat the quiz himself in 2009 before becoming a UK citizen two years later.
“The general view is that it’s a money-making ruse by the Home Office,” said Brooks, adding that one applicant had failed it more than 60 times. “I haven’t really found anyone who found that the test was particularly beneficial for helping them settle in the country.”
Last month, a report by Britain’s House of Lords committee on citizenship agreed with Brooks and called for a review.
“The current test seems to be, and to be regarded as, a barrier to acquiring citizenship rather than a means of creating better citizens,” it said.
Among the possible questions are who opened Britain’s first Indian restaurant (Sake Dean Mahomed), the size of the Lake District natural park in northern England (885 sq miles or 2,292 km), and the age of the famous “Big Ben” bell in parliament’s clock tower (it came into operation in 1859).
Some of those quizzed by Reuters thought Markle might fare better than they had. Slideshow (7 Images)
“I did terribly,” said retired engineer David Armstrong, 58. “She’s a bright girl, she might get half.” Writing by Michael Holden; editing by Guy Faulconbridge | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-citizenship/how-old-is-big-ben-the-trivia-meghan-markle-must-know-to-become-british-idUSKBN1I22WB |
May 29, 2018 / 9:07 AM / Updated 5 hours ago Wallabies rookie Uelese ready to step into 'old man pants' Ian Ransom 3 Min Read
MELBOURNE (Reuters) - With long-serving Wallabies hookers Stephen Moore and Tatafu Polota-Nau out of the selection frame for the first time in years, rookie Jordan Uelese believes it is his time to wear the “old man pants” and front up to Ireland in the June test series.
The 21-year-old Melbourne Rebels front-rower has made only two Wallabies appearances off the bench, but has been thrust into a potential starting role against the Six Nations champions, with Moore having retired and Polota-Nau rested.
Uelese could be packing down against 111 caps of experience in Rory Best, who led the Irish to their grand slam triumph. Best’s Ulster deputy Rob Herring and Leinster’s experienced Sean Cronin are also in Joe Schmidt’s squad.
“Obviously last year I was with Taf and Moorey, some of the most capped hookers in the country so it’s going to be a bit daunting at first,” Uelese told reporters on Tuesday, a day before Wallabies coach Michael Cheika was due to name his squad.
“It’s going to be a bit different not having that older head. But I think it’s definitely time to grow up and time to (wear) the old man’s pants and take care of myself, so (I’m) very excited.”
Former Wallabies skipper Moore, who played the last of his 129 caps away to Scotland in November, tipped Uelese to push for the number two jersey at next year’s World Cup in Japan after his strong 2017 Super Rugby season.
However, the Wellington-born talent has had a tough campaign this term and spent the last four weeks sidelined with a shoulder injury.
In his place, the late-blooming Anaru Rangi has proved a revelation at hooker after crossing to the Rebels from the defunct Western Force, and losing a stack of weight in the process.
Uelese said he was delighted for the beer-loving Rangi and hoped the pair of them could make Cheika’s squad.
“He’s just a nutcase. He’s definitely someone you want in the team,” Uelese said of Rangi. “Especially if you want to push physicality and brutality, he’s definitely the guy you want in your side.”
Schmidt declined to spare any of his ageing stalwarts the trip Down Under, naming a strong side as the Irish look to continue a 12-match winning streak and clinch their first win in Australia since 1979.
Australia were whitewashed 3-0 by the then Six Nations champions England in 2016, the last time they hosted a three-match series, and they look vulnerable to another successful raid from a northern hemisphere power.
Uelese described Ireland as “a great set-piece team” and said the Wallabies forwards would need to step up.
“Footy over in Europe, it’s all based around set piece, scrum, lineout. It’s more so about (being able to) muscle up as a tight five and show them what we’re worth.”
Australia host Ireland in the series-opening test in Brisbane on June 9. | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-aus-irl-uelese/wallabies-rookie-uelese-ready-to-step-into-old-man-pants-idUKKCN1IU0VX |
May 25, 2018 / 9:33 AM / Updated 16 minutes ago Partners Group consortium to buy Techem in $5.4 billion deal Reuters Staff 2 Min Read
ZURICH (Reuters) - A consortium led by Swiss asset manager Partners Group Holding ( PGHN.S ) will buy Techem from Macquarie ( MQG.AX ) in a deal that values the German metering company at an enterprise value of 4.6 billion euros ($5.4 billion), Partners Group said on Friday.
The buyers include Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan as well as Techem’s management team, it said in a statement.
They plan to work with Techem’s management to further develop the company, which supplies energy invoicing and energy management in buildings, in existing markets and expand into new geographic markets.
“One value creation initiative will focus on the introduction of new technologies to Techem’s strong existing platform and installed base to enhance the customer experience,” Partners Group said.
The transaction values Techem at roughly 13 times expected 2018 core earnings, more than the valuation of 11 to 12 times that sources had told Reuters bidders were hoping to pay.
People close to the matter had told Reuters last month that other parties in a final round of bidding were a consortium of buyout firm CVC, Canada Pension Plan Investment Board (CPPIB) and Government of Singapore Investment Corporation (GIC) as well as buyout group Silver Lake.
Macquarie bought Techem for 1.5 billion euros in 2007. The company was founded in 1952 and has more than 3,600 employees.
The deal is expected to close in the third quarter of 2018, Macquarie said in a separate statement. Reporting by Michael Shields; Editing by Maria Sheahan and Edward Taylor | ashraq/financial-news-articles | https://uk.reuters.com/article/us-techem-m-a-partners-group/partners-group-consortium-to-buy-techem-in-5-4-billion-deal-idUKKCN1IQ13Q |
May 2 (Reuters) - Katrina Group Ltd:
* WONG SIEW CHUAN APPOINTED CHIEF FINANCIAL OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-katrina-group-appoints-wong-siew-c/brief-katrina-group-appoints-wong-siew-chuan-as-cfo-idUSFWN1S90MJ |
LUXEMBOURG, May 17 (Reuters) - An EU court upheld on Thursday a partial ban on three insecticides known as neonicotinoids, saying that the European Commission had been right to restrict their use to protect bees.
The ruling covers three active substances - imidacloprid developed by Bayer CropScience, clothianidin developed by Takeda Chemical Industries and Bayer CropScience as well as Syngenta’s thiamethoxam.
The General Court of the European Union did however annul restrictions on the use of another pesticide BASF’s fipronil, because the Commission had not carried out an adequate assessment of the impact of its measures. (Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek)
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-environment-bees/eu-court-upholds-ban-on-pesticides-threatening-bees-idUSS8N1QI01A |
LA JOLLA, Calif., May 11, 2018 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM)
Private Bancorp of America’s wholly owned subsidiary CalPrivate Bank announced the addition of two new senior executives.
Robert Llorens has been appointed Executive Vice President & Chief Lending Officer. Bob brings four decades of credit and management experience to the Bank. Serving most recently as Chief Credit Officer for Plaza Bank which was sold in 2017. Peter Cifelli joins the Bank as Senior Vice President & Orange County Market President. Pete has spent the last two decades of successfully managing and growing real estate and commercial portfolios for large National Banks in Orange County.
“Both Bob and Pete are great additions to our CalPrivate Team. These two hires also affirm the Bank’s commitment to continued expansion within our Southern California Coastal Service area,” said Tom Wornham, President and CEO of PBAM.
“We are delighted to be adding such proven professionals to our team. As we continue our expansion in Orange County and Los Angeles, we will thoughtfully add individuals that are accretive to both the bottom line and the growth culture of our company,” said CalPrivate Bank President Rick L. Sowers.
About Private Bancorp of America, Inc.
Private Bancorp of America, Inc. (OTCQX:PBAM), is the holding company for CalPrivate Bank. CalPrivate Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned businesses and real estate entrepreneurs. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. CalPrivate Bank is a SBA Preferred Lender and a Bauer Financial 5-Star rated bank as well as being in the Top 200 safest Banks as rated by Deposits.com .
Investor Relations Contact
Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc.
(858) 875.6900
Safe Harbor Paragraph
This press release may include forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward ‐ looking statements. These factors include economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate the operations of merged banks, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward ‐ looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.
Source:Private Bancorp of America, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-calprivate-bank-adds-veteran-bankers-to-management-team.html |
May 30, 2018 / 3:56 AM / Updated 14 hours ago Facebook's size no barrier to deals in new areas: executive David Ingram 2 Min Read
RANCHO PALOS VERDES, Calif. (Reuters) - Facebook Inc believes it could acquire other large companies without running afoul of antitrust enforcers if the world’s largest social media network chose to enter a new market, Chief Operating Officer Sheryl Sandberg said on Tuesday. FILE PHOTO: Facebook's Chief Operating Officer Sheryl Sandberg arrives to watch CEO Mark Zuckerberg speak at Facebook Inc's annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam
Sandberg was asked on stage by a journalist at the Code Conference whether Facebook, because of its size, would be allowed in the future to buy companies as it has such as virtual reality firm Oculus and messaging service WhatsApp.
“It really depends what it is. If it was in something that wasn’t core to what we were doing and a new area, like Oculus was, I think it would probably be allowed,” Sandberg said.
She gave no indication that a deal was forthcoming.
Facebook, one of the largest corporations by market capitalization, has grown in part through acquisitions. In 2014 it bought WhatsApp for $22 billion and Oculus for $3 billion, but has not made a similar purchase since. It bought Instagram for $1 billion in 2012.
EU regulators have expressed concern about a plan by Facebook and WhatsApp to begin sharing users’ phone numbers and other data.
Sandberg said sharing data between the two services had benefits, such as catching people who exploit children, and that Facebook should not be broken up.
“If you are doing child-exploitative content, WhatsApp’s encrypted, but we know who you are from Facebook. We can take your account down on WhatsApp, too,” she said. Reporting by David Ingram; Editing by Stephen Coates | ashraq/financial-news-articles | https://www.reuters.com/article/us-tech-codeconference/facebooks-size-no-barrier-to-deals-in-new-areas-executive-idUSKCN1IV09Q |
Gamatronic’s Uninterruptible Power Supply business will serve as a basis for a new SolarEdge business unit
HERZLIYA, Israel--(BUSINESS WIRE)-- SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ:SEDG), a global leader in smart energy, announced today that it will enter the field of Uninterruptible Power Supply (UPS) by signing an asset purchase agreement with Gamatronic Electronic Industries Ltd (TLV: GAMT), a technology leader in the field. SolarEdge intends to leverage its track-record of technological innovation, operational excellence and power electronics expertise, in combination with Gamatronics’ intellectual property, know-how, and market presence to build a leading global UPS business. Through this acquisition, SolarEdge will expand and diversify its business and continue to develop innovative technology that drives progress in smart energy and transforms the way the world produces and consumes energy.
Gamatronic develops, manufactures, and sells UPS electrical devices that provide emergency power to appliances when the input power source fails. The company’s products include UPS systems of a wide range of outputs and monitoring and control solutions for power systems. Gamatronic has been selling its products since 1970 and today sells its products in the United States, China, Europe, South Africa, and Latin America.
“This acquisition is our first step in expanding our business to new fields outside the solar arena,” stated Guy Sella, CEO and Chairman of SolarEdge. “The multi-billion dollar UPS market is expected to undergo significant changes in the coming years and we believe that combining SolarEdge’s innovation, operational excellence and business leadership with Gamatronic’s technology and extensive experience in this field will allow us to become a UPS market leader.”
SolarEdge is purchasing substantially all of Gamatronic’s assets, including its intellectual property, brand, and tangible assets. Upon closing of the agreement, approximately 100 of Gamatronic’s employees will be rehired as SolarEdge employees. The agreement is subject to customary closing conditions and is expected to close by the end of the second quarter of 2018.
About SolarEdge Technologies
SolarEdge provides an intelligent inverter solution that has changed the way power is harvested and managed in solar photovoltaic systems. The SolarEdge DC optimized inverter system maximizes power generation at the individual PV module-level while lowering the cost of energy produced by the solar PV system. Supporting increased PV proliferation, the SolarEdge system consists of power optimizers, inverters, smart energy management, and a cloud-based monitoring platform. SolarEdge’s solutions address a broad range of solar market segments, from residential solar installations to commercial and utility-scale solar installations. SolarEdge is online at http://www.solaredge.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005748/en/
Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, +1 510-498-3263
Chief Financial Officer
[email protected]
or
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari, +1 617-542-6180
[email protected]
Source: SolarEdge Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-solaredge-enters-ups-market-with-agreement-to-acquire-gamatronic-a-ups-technology-leader.html |
Steven Sergiovanni and Chris Satek spent years amassing art. Unfortunately, living in a one-bedroom apartment in Manhattan’s Chelsea neighborhood meant that most of it sat in storage.
Then in May 2015, Mr. Sergiovanni, a 53-year-old art adviser, and Mr. Satek, a 56-year-old graphic designer, paid $650,000 for a three-bedroom, 1,600-square-foot house in East Hampton, N.Y. The following January, the longtime couple kicked off a roughly one-year, $595,000 remodel that turned the dated 1973 structure into a minimalist retreat... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/an-art-centered-hamptons-home-1525271400 |
Mario Gabelli is betting big on sports, likes MGM on possible sports betting legalization Thomas Franck Reblog "I want everyone to own a piece of a baseball team," Gabelli tells CNBC. Gabelli also suggests that investors consider esports plays to capitalize off the budding industry and huge online games like Fortnite. He says the gambling space could soar if the Supreme Court rules favorably on an upcoming sports betting case, which could allow fans to place bets on their phones. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/mario-gabelli-is-betting-big-on-sports-likes-mgm-on-possible-sports-betting-legalization.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
I’ve been reviewing tech products for years. But I can honestly say this is the first time I’ve relied so heavily on my children’s opinion before filing a review.
You see, last week Amazon sent me the Echo Dot Kids Edition . Although I have several Echo devices in the home all powered by Amazon’s virtual personal assistant Alexa, the Echo Dot Kids Edition isn’t for me or my wife—it’s for our children. And after several days with the device and time for the kids to try it out, I can tell you that the Echo Dot Kids Edition is worth buying for your children.
Now I can appreciate that there are many parents that don’t like the idea of their children talking to Amazon’s virtual assistant Alexa. And I can tell you that you will feel a little uneasy when you see your children, seemingly born with the knowledge of how to communicate with a gadget, ask the virtual assistant in the small disc on their nightstand to tell them a story from their favorite Disney movie. You might also find it odd when your children request to have Alexa read them a story from a favorite book instead of you or listen from the other room as your kids are dancing to some of their favorite songs—all accessible with a simple request.
But I can also tell you that Amazon has done an outstanding job of giving you, the parent, control.
As soon as I broke the Echo Dot Kids Edition out of its box and set it up, I was given full control over how and when my kids could use their new toy. I was able, through Amazon’s FreeTime parental controls, to decide what kind of content my kids could access. I could decide for myself the times when they couldn’t communicate with Alexa. And if I wanted to turn off explicit songs from Amazon Music (and I did), I only had to confirm that choice from my phone.
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In an odd twist, after my parental controls were set up and I confirmed they were working, I didn’t worry about leaving the Echo Dot Kids Edition in my child’s room. And I also didn’t mind when he asked to have some of his favorite characters wake him up with the alarm clock or ask for a story he loves.
On the hardware side, I liked that Amazon simply re-purposed its already popular Echo Dot. The device is small, disc-like, and easy to place anywhere in a room. But you’ll notice quickly that if you try to use its built-in speakers, the sound quality is downright awful. My children even remarked at how poorly their songs sounded on the Echo Dot Kids Edition compared to some of the other speakers we have in the house. If you want better-sounding audio, then, you’ll want to connect the device to external speakers.
At $80, the Echo Dot Kids Edition is nicely affordable. But your total cost of ownership might prove to be far more expensive.
The device comes with one year of free access to ad-free radio stations, like Radio Disney, audiobooks from Audible, and special alarms your kids might like, among other features. After that, you’ll need to sign up for Amazon’s FreeTime Unlimited, which gives you access to all the content that, after a year, your child probably won’t want to lose. That’ll set you back $4.99 per month (or $2.99 a month if you’re a Prime member) for a single child. If you want the family membership with up to four kids, you’ll be paying $9.99 per month or $6.99 per month if you’re a Prime subscriber.
Despite that, the Echo Dot Kids Edition still offers a nice value, if you’re in the market for a new device for the kids.
And perhaps that’s the biggest hurdle the Echo Dot Kids Edition will face. The Echo Dot Kids Edition does everything you, a radio, and an alarm clock can do. But if you’re not so keen on your kids talking to a machine, it’s not for you.
But if you’re looking for some tech that your kids can enjoy without (too much) parental supervision, the Echo Dot Kids Edition is the device for you—and your kids. | ashraq/financial-news-articles | http://fortune.com/2018/05/16/amazon-echo-dot-kids-edition-review/ |
INSIGHT: Lava engulfs homes and cars in Hawaii 2:53am EDT - 00:56
Emergency authorities battling lava flows and gas erupting from Hawaii's Kilauea volcano on Monday warned some residents to 'go now' as a new fissure opened and more structures were destroyed.
Emergency authorities battling lava flows and gas erupting from Hawaii's Kilauea volcano on Monday warned some residents to 'go now' as a new fissure opened and more structures were destroyed. //reut.rs/2FT5rtm | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/insight-lava-engulfs-homes-and-cars-in-h?videoId=424886026 |
European markets closed higher Thursday afternoon as commodities-related stocks rallied and shares of Ocado skyrocketed after the company signed a partnership deal .
Symbol Name Price Change %Change Volume FTSE --- DAX --- CAC --- IBEX 35 --- The pan-European Stoxx 600 rose during afternoon trade to close higher by 0.5 percent, with all major bourses and most sectors in positive territory.
Europe's retail sector was the strongest performer Thursday afternoon, rallying to close up nearly 2 percent. Ocado boosted the sector, closing up over 44 percent after the British online supermarket said it had signed an exclusive deal with U.S. grocer Kroger. Ocado's shares were up over 50 percent earlier on in the day. The agreement allows Ocado to use Kroger's technology for grocery deliveries in the world's biggest market.
Europe's utility stocks also did well on Thursday, up over 1.4 percent amid earnings news. French waste and water group Suez reported stronger-than-anticipated first-quarter revenues due to an improvement in the volumes of waste treated in Europe. The Paris-listed stock closed 3.6 percent to the upside, though it had seen stronger trade earlier on in the afternoon.
The oil and gas sector also rose during afternoon trade to close 1.6 percent to the upside, propped up by oil prices that are at multi-year highs . Benchmark Brent crude traded above $80 per barrel on Thursday, marking its highest price since November 2014. Sanctions from the U.S. on major crude exporter Iran, compounding on tighter supply generally, have been pushing up prices.
Travel and leisure stocks moved higher in afternoon trade, closing up just over 1 percent despite bookmakers' concerns over plans to cut the maximum stake on fixed-odds betting terminals in Britain. William Hill , which anticipated total gaming revenue would be hit by up to 45 percent, erased earlier losses and rallied in afternoon trade, ending the day up 4.2 percent.
Altice , the Dutch telecoms multinational, was near the top of the European benchmark. The firm closed 12.4 percent higher. This followed news that SFR, Altice's French division, had shown signs of recovery in the first three months of this year, adding broadband customers for the first time since 2014. Although the revenue of its French arm has continued to fall, this has been recorded at a slower pace than the previous quarter.
Meanwhile, shipping group Moller-Maersk missed first-quarter core profit expectations. The Danish conglomerate cited high oil prices, geopolitical risks and trade tensions as ongoing challenges to the group's business. Its shares closed off 8.9 percent, placing it second from bottom on the Stoxx 600.
U.S. stocks open lower After a negative open U.S. stocks rose, led by strong gains in energy shares. But those gains were capped by declines in Walmart and Cisco Systems as well as interest rates trading at multiyear highs.
The Dow Jones industrial average traded 46 points higher, while the S&P 500 and Nasdaq composite gained 0.3 percent each.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/european-markets-investors-monitor-political-risk-us-china-trade-talks-to-resume.html |
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“There’s been a regime shift in the way the market is thinking about rates. We’ve been waiting for the period [of higher rates] for a while and now it’s finally happening,” said Sam Khater, chief economist at Freddie Mac.
The concern among economists is that higher rates will prompt homeowners to keep their low-rate mortgages rather than trade up for better properties. As rates approach 5%, the risk of the phenomenon known as rate lock grows, economists said.
A one percentage point increase in rates can lead to a reduction in home sales of 7% to 8%, according to Lawrence Yun, chief economist at the National Association of Realtors. The recent increases in home prices and mortgage rates could especially hurt first-time and moderate-income borrowers, economists said.
So far, price gains have shown little sign of slowing. The S&P CoreLogic Case-Shiller National Home Price Index, which measures typical home prices across the nation, rose 6.3% in February, up from a 6.1% year-over-year increase in January.
What might seem like a small increase in mortgage rates can have a big effect on monthly payments. A 4% rate on a $250,000 loan translates to a monthly payment of $1,194, according to LendingTree Inc., an online loan information site. At 5%, the monthly payment would go up to $1,342, excluding taxes and insurance.
The monthly increase is more pronounced on higher-priced homes. According to LendingTree, a 4% rate on a $500,000 loan would create a monthly payment of $2,387. At 5%, the monthly payment would swell to $2,684.
Tim and Keri Youse recently made an offer on a home in the Baltimore area for $250,000. The higher interest rates meant they focused their search on homes priced lower than what they looked at when they first thought about buying in 2016.
Mr. Youse said he expected rates to keep rising, which motivated him to make an offer.
“If I thought mortgage rates were going to trend downward, I might hold off a little bit,” said Mr. Youse, a 42-year-old graphic designer. “But everything I hear is that rates are going to go up and up, and you might as well get the house now.”
The yield on the 10-year Treasury note, which tends to influence the 30-year mortgage rate, has been rising even more steeply recently. The yield on the 10-year Treasury note edged above 3.1% this week, its highest close since 2011.
What’s more, the Federal Reserve has signaled it will raise short-term rates three to four times this year and potentially three times next year.
Mortgage purchase applications fell 2% in the week ended May 11, the fourth straight weekly decrease, according to the Mortgage Bankers Association.
While in a typical market buyers can simply choose to buy a smaller, less expensive home, that is a challenge in today’s market because inventories are near all-time lows.
“The problem in today’s market is there aren’t many affordable homes on the market. Buyers have less wiggle room,” said Nela Richardson, chief economist at Redfin.
For Jared Clark, a 27-year-old music teacher in the Phoenix area who is thinking about buying a home, the size of the monthly bill is a big concern—but mortgage rates aren’t the issue.
“I’ve got so much student debt at this point, a percentage point or two on a mortgage is a drop in the bucket,” Mr. Clark said.
Mortgage refinancing activity, meanwhile, is drying up. The pool of homeowners who would qualify for and benefit from a refi has shrunk by roughly 46% so far this year, according to mortgage-data and technology firm Black Knight Inc. At 2.29 million potential borrowers, this group is at its smallest since 2008.
For borrowers who have taken out mortgages in the past five years or so, any rate-related incentive to refinance is “all but non-existent,” Black Knight said in a recent report.
The Mortgage Bankers Association expects refinancings to decline 26% this year, after plunging 40% last year.
That could prompt lenders to ease credit standards to try to increase the volume of loans to new borrowers. Mr. Khater said standards are still high but lenders should be cautious about easing them so late in the cycle, especially since that could spur more demand in a market already suffering from tight supply.
“If we get additional loosening of underwriting it’s just going to gin up price pressures,” he said. “This is where you have to be a bit careful.” Popular Homes Based on your last search Editors' Picks | ashraq/financial-news-articles | http://www.wsj.com/articles/the-era-of-low-mortgage-rates-is-over-1526635801 |
May 30, 2018 / 3:46 AM / in 8 minutes METALS-Copper hits 3-week low as Italian crisis feeds risk aversion Reuters Staff 5 Min Read (Updates prices) By Manolo Serapio Jr MANILA, May 30 (Reuters) - London copper fell more than 1 percent to a three-week low on Wednesday, pressured by a firmer dollar and as Italy's deepening political crisis pulled investors out of risky assets. Along with copper, investors also sold off other commodities from oil to grains as well as equities as Italy, Europe's third-biggest economy, may call elections that could put leaders in power who question the country's commitment to the European Union and the euro currency. "Markets worry that the upcoming election will ultimately resemble a referendum on the euro ... resulting in an existential crisis for the euro zone," Mizuho Bank said in a note. Three-month copper on the London Metal Exchange was down 1.5 percent at $6,754.50 a tonne, as of 0702 GMT. Earlier in the session, it hit $6,750.50, its weakest since May 8. Renewed trade tensions between the United States and China also weighed on sentiment, after Beijing slammed Washington's unexpected statement that it will press ahead with tariffs and restrictions on investments by Chinese companies. * SHANGHAI COPPER: The most-traded July copper contract on the Shanghai Futures Exchange dropped 1.5 percent to close at the day's bottom of 50,780 yuan a tonne, a two-week low. * EURO: The dollar hovered near a 10-month high versus the euro as Italy's political crisis raised the likelihood of an early election. A stronger greenback makes dollar-denominated assets costlier for holders of other currencies. * CHINA RESPONSE: China said it was ready to fight back if the United States was looking to ignite a trade war, after Washington said it can still go ahead in imposing tariffs on $50 billion of imports from China unless Beijing addresses the issue of theft of American intellectual property. * INDIA SMELTER: Vedanta Resources is working on a legal challenge to an Indian state's closure of one of its copper smelters, but it will not proceed until tensions over the deaths of 13 people during protests last week have eased. * COPPER SUPPORT: The absence of the Indian smelter cuts 1.7 percent of global copper supply and should support copper prices in the short term, said Commonwealth Bank of Australia analyst Vivek Dhar. "The smelter accounts for about 50 percent of India's copper output and the smelter's closure will importantly mean that India will need to import copper to meet domestic demand, Dhar said in a note. * ALUMINIUM PREMIUMS: Two global aluminium producers have offered Japanese buyers a premium of $159 to $160 per tonne for primary metal shipments for the July to September quarter, up between 23 percent and 24 percent from the current quarter, four sources directly involved in pricing talks said. * TIN: Shanghai tin settled 0.3 percent higher at 153,300 yuan a tonne, but well off the day's peak of 157,560 yuan, its loftiest since August, following a nearly uninterrupted rally that began last week. * OTHER METALS: LME zinc fell 1.1 percent to $3,056 a tonne and nickel dropped 0.9 percent to $14,765, both retreating after Tuesday's advance. "Looking ahead, the increase in smelting capacity in China and the reduction of auto import tariff in China are the headwinds to zinc prices in our view," said Argonaut Securities analyst Helen Lau. * MARKETS: Asian shares extended a global selloff as Italy's political crisis provoked a heavy retreat on Wall Street and pushed up borrowing costs for the government in Rome. BASE METALS PRICES 0702 GMT Three month LME copper 6754.5 Most active ShFE copper 50780 Three month LME aluminium 2262 Most active ShFE aluminium 14685 Three month LME zinc 3056 Most active ShFE zinc 23955 Three month LME lead 2418.5 Most active ShFE lead 19830 Three month LME nickel 14765 Most active ShFE nickel 111650 Three month LME tin 20530 Most active ShFE tin 153260 LME/SHFE COPPER LMESHFCUc3 54.38 LME/SHFE ALUMINIUM LMESHFALc3 -2239.25 LME/SHFE ZINC LMESHFZNc3 496.67 LME/SHFE LEAD LMESHFPBc3 588.28 LME/SHFE NICKEL LMESHFNIc3 -1506.91 (Reporting by Manolo Serapio Jr., Editing by Christian Schmollinger and Sherry Jacob-Phillips) | ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-london-copper-falls-to-two-week-low-on-stronger-dollar-italy-crisis-idUSL3N1T11N2 |
Options Action: New highs for Netflix 48 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/options-action-new-highs-for-netflix.html |
May 15 (Reuters) - Jensyn Acquisition Corp:
* JENSYN ACQUISITION CORP FILES FOR NON-TIMELY 10-Q - SEC FILING Source text : ( bit.ly/2IkpCTc ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jensyn-acquisition-corp-files-for/brief-jensyn-acquisition-corp-files-for-non-timely-10-q-idUSFWN1SM1AY |
AMES, Iowa, May 03, 2018 (GLOBE NEWSWIRE) -- NewLink Genetics Corporation (NASDAQ:NLNK) today reported consolidated 2018 and reviewed recent highlights and upcoming milestones.
“NewLink Genetics continues to produce encouraging data supporting the differentiated mechanism of action of indoximod, its IDO pathway inhibitor, and the potential for indoximod in multiple therapeutic combinations to improve patient outcomes across a broad range of cancer indications,” said Charles J. Link, Jr, MD, Chairman and Chief Executive Officer.
Highlights
Abstracts accepted for presentation at the ASCO Annual Meeting, June 2018 Abstract 4015 – Phase 2 trial of the IDO pathway inhibitor indoximod plus gemcitabine / nab-paclitaxel for the treatment of patients with metastatic pancreas cancer – to be presented during the discussion session, “Gastrointestinal (Noncolorectal) Cancer,” Sunday, June 3, 2018, 4:45 PM – 6:00 PM CT Abstract 9512 – Phase 2 trial of the IDO pathway inhibitor indoximod plus checkpoint inhibition for the treatment of patients with advanced melanoma – to be presented during the discussion session, “Melanoma/Skin Cancers,” Monday, June 4, 2018, 4:45 PM – 6:00 PM CT
Abstracts presented at the American Association of Cancer Research (AACR) Annual Meeting, April 2018 Abstract 3753 – Indoximod modulates AhR-driven transcription of genes that control immune function Abstract 10973 – Front-line therapy of DIPG using the IDO pathway inhibitor indoximod in combination with radiation and chemotherapy
Abstract, Radio-immunotherapy using the IDO pathway inhibitor indoximod for children with newly-diagnosed DIPG , to be presented at the 18 th International Symposium on Pediatric Neuro-Oncology (ISPNO), Poster Session 1, Sunday, July 1, 2018, 5:00 PM – 6:30 PM MT
Data from Phase 1b trial of indoximod plus standard-of-care chemotherapy for patients with acute myeloid leukemia (AML) intended to be presented in the second half of 2018
Finalized the novel formulation of indoximod
Update on Clinical Programs and Financial Guidance
NewLink Genetics previously reported that it was undertaking a review of its clinical programs and determined it will not initiate its Phase 3 study of indoximod in combination with PD-1 inhibitors for patients with advanced melanoma. In addition, we have deprioritized pancreatic cancer and have mutually agreed with AstraZeneca not to proceed with the Phase 2 trial.
Clinical opportunities under consideration include high quality randomized studies of indoximod in one or more target disease states for which we have developed promising single-arm data over the last few years. Indoximod has demonstrated encouraging clinical data in a number of cancer indications including AML in combination with chemotherapy, DIPG in combination with radiation and chemotherapy, and melanoma in combination with checkpoint blockade. When we complete the review of our clinical programs, we expect to have substantially reduced the rate at which the Company will be using cash. We intend to update our financial guidance when we report results for the second quarter.
Financial Results
Cash Position: NewLink Genetics ended the quarter on March 31, 2018, with cash and cash equivalents totaling $143.9 million compared to $158.7 million for the year ending December 31, 2017.
R&D Expenses: expenses for the three months ended March 31, 2018 were $20.3 million, an increase of $4.6 million from $15.7 million for the same period in 2017. The increase was due primarily to an increase of $8.4 million in contract research and manufacturing spend, an increase of $670,000 in clinical trial and legal and consulting expense, offset by a $2.1 million decrease in supplies, a $1.2 million decrease in personnel-related and stock compensation expense, and a $1.2 million decrease in licensing expenses.
G&A Expenses: expenses for the three months ended March 31, 2018 were $8.3 million, an increase of $58,000 from $8.2 million for the same period in 2017. The increase was due to an increase of $733,000 of legal and consulting and other expense, offset by a decline of $675,000 in personnel-related and stock compensation.
Net Loss: The net loss for the three months ended March 31, 2018 was $18.3 million compared to net loss of $20.9 million for the same period in 2017. The basic and diluted weighted average common shares outstanding for the three months ended March 31, 2018 were 37,155,082, resulting in a basic and diluted loss per share of $0.49. For the three months ended March 31, 2017, the basic and diluted weighted average common shares outstanding were 29,213,488, resulting in basic and diluted loss per share of $0.72.
NewLink Genetics ended Q1 2018 with 37,165,098 shares outstanding.
Conference Call and Webcast Details
The Company has scheduled a conference call and webcast for 4:30 p.m. ET today to discuss the financial results and to review its clinical activities. NewLink Genetics' senior management team will host the call, which will be open to all listeners. There will also be a question and answer session following the prepared remarks.
Access to the live call is available by dialing (855) 469-0612 (U.S.) or (484) 756-4268 (international) five minutes prior to the start of the call. The conference call will be webcast live and a link can be accessed through the NewLink Genetics website at https://edge.media-server.com/m6/p/7pbbadk4 . To ensure a timely connection, it is recommended that users register at least 15 minutes prior to the scheduled webcast. A replay of the call will be available for two weeks from the date of the call and can be accessed by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (international) and using the passcode 6768809.
About Indoximod
Indoximod is an investigational, orally available small molecule targeting the IDO pathway. The IDO pathway is a key immuno-oncology target involved in regulating the tumor microenvironment and immune escape. Indoximod is being evaluated in combination with treatment regimens including chemotherapy, radiation, checkpoint blockade and cancer vaccines across multiple indications such as AML, DIPG and melanoma.
About NewLink Genetics Corporation
NewLink Genetics is a biopharmaceutical company focusing on discovering, developing and commercializing novel immuno-oncology product candidates to improve the lives of patients with cancer. NewLink Genetics' IDO pathway inhibitors are designed to harness multiple components of the immune system to combat cancer. For more information, please visit www.newlinkgenetics.com and follow us on Twitter @NLNKGenetics.
Cautionary Note Regarding Forward-Looking Statements
This press release contains of NewLink Genetics that involve substantial risks and uncertainties. All statements contained in this press release are The Private Securities Litigation Reform Act of 1995. The words "guidance," "upcoming," "will," "plan," “intend,” "anticipate," "approximate," "expect," or the negative of these terms or other similar expressions are intended to identify , although not all contain these identifying words. These include, among others, statements about NewLink Genetics' financial guidance for 2018; results of its clinical trials for product candidates; its timing of release of data from ongoing clinical studies; its plans related to execution of clinical trials; plans related to moving additional indications into clinical development; NewLink Genetics' future financial performance, results of operations, cash position and sufficiency of capital resources to fund its operating requirements; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the that NewLink Genetics makes due to a number of important factors, including those risks discussed in "Risk Factors" and elsewhere in NewLink Genetics' Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the U.S. Securities (SEC). The in this press release represent NewLink Genetics’ views as of the date of this press release. NewLink Genetics anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these as representing NewLink Genetics' views as of any date subsequent to the date of this press release.
Investor Contact:
Lisa Miller
Director of Investor Relations
NewLink Genetics
515-598-2555
[email protected]
Media Contact:
Sharon Correia
VP, Integrated Communications
LaVoieHealthScience
617-374-8800, ext. 105
[email protected]
Source: NewLink Genetics Corporation
NewLink Genetics Corporation
and Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)
(In thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Grant revenue $ 9,384 $ 2,586 Licensing and collaboration revenue 516 175 Total operating revenues 9,900 2,761 Operating expenses: 20,314 15,725 8,292 8,234 Total operating expenses 28,606 23,959 Loss from operations (18,706 ) (21,198 ) Other income and expense: Miscellaneous income (expense) 24 (4 ) Interest income 385 85 Interest expense (13 ) (106 ) Other income (expense), net 396 (25 ) Net loss before taxes (18,310 ) (21,223 ) Income tax benefit — 310 Net loss $ (18,310 ) $ (20,913 ) Basic and diluted loss per share $ (0.49 ) $ (0.72 ) Basic and diluted average shares outstanding 37,155,082 29,213,488
NewLink Genetics Corporation
and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
(In thousands, except share data) March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 143,891 $ 158,708 Prepaid expenses and other current assets 5,616 6,226 Income tax receivable 339 356 Other receivables 10,353 10,176 Total current assets 160,199 175,466 Property and equipment, net 4,698 5,091 Income tax receivable 140 140 Total non-current assets 4,838 5,231 Total assets $ 165,037 $ 180,697 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 5,316 $ 9,256 Accrued expenses 14,500 12,467 Current portion of unearned revenue — 56 Current portion of deferred rent 90 92 Current portion of notes payable and obligations under capital leases 112 160 Total current liabilities 20,018 22,031 Long-term liabilities: Royalty obligation payable to Iowa Economic Development Authority 6,000 6,000 Notes payable and obligations under capital leases 90 111 Deferred rent 975 998 Total long-term liabilities 7,065 7,109 Total liabilities 27,083 29,140 Stockholders' equity: Blank check preferred stock, $0.01 par value: Authorized shares — 5,000,000 at March 31, 2018 and December 31, 2017; issued and outstanding shares — 0 at March 31, 2018 and December 31, 2017 — — Common stock, $0.01 par value: Authorized shares — 75,000,000 at March 31, 2018 and December 31, 2017; issued 37,252,384 and 37,168,122 at March 31, 2018 and December 31, 2017, respectively, and outstanding 37,165,098 and 37,109,556 at March 31, 2018 and December 31, 2017, respectively 373 372 Additional paid-in capital 394,711 389,786 Treasury stock, at cost: 87,286 and 58,566 shares at March 31, 2018 and December 31, 2017, respectively (1,403 ) (1,142 ) Accumulated deficit (255,727 ) (237,459 ) Total stockholders' equity 137,954 151,557 Total liabilities and stockholders' equity $ 165,037 $ 180,697
Source:NewLink Genetics Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-newlink-genetics-reports-first-quarter-2018-financial-results.html |
May 7 (Reuters) - Chaowei Power Holdings Ltd:
* EXPECTS A SIGNIFICANT DECREASE IN PROFIT FOR HY * EXPECTED RESULT DUE TO INTENSE PRICE COMPETITION IN LEAD-ACID MOTIVE BATTERY INDUSTRY Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-chaowei-power-holdings-expects-sig/brief-chaowei-power-holdings-expects-significant-decrease-in-hy-profit-idUSFWN1SE0QJ |
May 15 (Reuters) - Dropcar Inc:
* DROPCAR INC FILES FOR NON TIMELY 10-Q - SEC FILING Source bit.ly/2ILD2Lt Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dropcar-inc-files-for-non-timely-1/brief-dropcar-inc-files-for-non-timely-10-q-idUSFWN1SM1C3 |
ZURICH, May 16 (Reuters) - The Swiss blue-chip SMI was seen opening 0.2 percent higher at 9,016 points on Wednesday, according to premarket indications by bank Julius Baer.
Here are some of the main factors that may affect Swiss stocks:
NOVARTIS General Counsel Felix Ehrat will leave the company over his role in a $1.2 million contract the Swiss drugmaker struck with the lawyer for U.S. President Donald Trump, saying on Wednesday that it was legal but still an error.
Novartis says in investor day presentation set to deliver sales growth, margin expansion through 2022
Novartis successfully completes acquisition of Avexis Inc.
ROCHE Roche unit Chugai Pharmaceutical Co Ltd obtained approval from the Taiwan Food and Drug Administration for “Alecensa,” anaplastic lymphoma kinase (ALK) inhibitor, for the treatment of patients with ALK-positive, advanced non-small cell lung cancer (NSCLC).
NESTLE Starbucks Corp is looking to more than triple its revenue and almost double its store count in China over the next five years, doubling down on the market as traffic growth comes under pressure in the United States. The U.S. coffee chain, which recently raised $7.15 billion in a deal with Nestle, aims to have 6,000 stores in the country by the end of 2022, it said in a statement. It has around 3,300 stores in 141 cities in China now.
CREDIT SUISSE Israel-based healthcare fund aMoon II has secured a $250 million investment commitment from Credit Suisse, the fund’s managing partner said
ALPIQ Chairman Jens Alder tells Finanz und Wirtschaft paper the Swiss utility does not intend to distribute to shareholders proceeds from the nearly $900 million sale of its engineering services business to Bouygues
UBS Appaloosa LP takes share stake of 7.0 million shares in UBS Group AG
LAFARGEHOLCIM Major shareholder Thomas Schmidheiny tells Finanz und Wirtschaft paper he is not happy with the results of the merger between Holcim and Lafarge.
“I am not satisfied because the fruits of the merger are not yet on the table,” he is Quote: d as saying.
COMPANY STATEMENTS * Idorsia Ltd: initiates Modify, a phase 3 registration study to assess lucerastat as a potential new treatment option for patients with Fabry disease
Reporting by Zurich newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/markets-swiss-stocks/swiss-stocks-factors-to-watch-on-may-16-idUSL5N1SM7BL |
KIEV (Reuters) - Ukraine has put Russian businessman Oleg Deripaska, whose company Rusal owns a large alumina plant in the country, and other prominent Russians on an expanded sanctions list, a document on the president’s website showed on Thursday.
FILE PHOTO: President of En+ Group, Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017. REUTERS/Sergei Karpukhin/File Photo It was not clear what effect the blacklisting would have as many Russian companies have already sought to wind up their Ukraine-linked activities due to earlier sanctions.
But restrictions on Deripaska could affect the operations of the Mykolaiv plant in southern Ukraine, which is the second-largest alumina asset of his aluminium business Rusal.
The Mykolaiv plant did not respond to a request for comment.
Kiev first implemented sanctions against hundreds of Russian companies and entities after Moscow’s annexation of Crimea in 2014 and over its support for a pro-Russian separatist uprising in eastern Ukraine.
Earlier in May it expanded these restrictions to mirror those of the United States, which blacklisted officials and businesspeople around President Vladimir Putin in April. This was one of Washington’s most aggressive moves to punish Moscow for its alleged meddling in the 2016 U.S. election and other “malign activity”.
Ukraine’s updated list was published online on Thursday, confirming sanctions on Deripaska as well as on other Russian tycoons such as Viktor Vekselberg, owner of Renova holding group, and Alexei Miller, the CEO of Russia’s gas exporter Gazprom.
The additions to the list also include the Ukraine operations of Russian state news agency RIA Novosti. It did not reply to a request for comment.
On May 15, Ukrainian state security agents searched RIA Novosti’s Kiev office and detained its director, accusing RIA of being used in an “information war” by Russia against Ukraine.
Kiev says the Kremlin uses an array of tactics to undermine and destabilise Ukraine, spreading propaganda while supporting the eastern separatists with troops and sophisticated weaponry and launching cyber attacks on Ukrainian infrastructure. Moscow denies the accusations.
Additional reporting by Natalia Zinets; Writing by Alessandra Prentice; editing by Matthias Williams and David Stamp
| ashraq/financial-news-articles | https://in.reuters.com/article/ukraine-russia-sanctions/ukraine-puts-russian-tycoon-deripaska-on-updated-sanctions-list-idINKCN1IP16A |
May 18, 2018 / 11:01 AM / in an hour Chilean bishops offer mass resignation over sex abuse scandal Crispian Balmer 4 Min Read
VATICAN CITY (Reuters) - In an unprecedented move, all Chile’s bishops offered to resign en masse on Friday after attending a crisis meeting this week with Pope Francis about the cover-up of sexual abuse in the south American nation. Pope Francis poses with Chilean bishops after a meeting at the Vatican, May 17, 2018. Vatican Media/Handout via REUTERS
It is the first time that all the senior Roman Catholic prelates of a country have taken such a step, a Vatican official said, underscoring the damage being wreaked on the church by seemingly never-ending clerical abuse scandals.
It was not immediately clear if the pope would accept all or any of the resignations of the 34 bishops, and a Vatican official declined to speculate on when he might make a decision.
“We have put our positions in the hands of the Holy Father and will leave it to him to decide freely for each of us,” the bishops said in a joint statement read out by a spokesman for them, Bishop Fernando Ramos.
The announcement followed four days of discussions in the Vatican, where the pope accused the bishops of “grave negligence” in investigating allegations that children had been abused and saying evidence of sex crimes had been destroyed.
Apologizing to the victims, the pope and to Chile for the failings of Chile’s churchmen, Ramos said the bishops would all stay in their roles until Francis had decided what to do. Chilean bishops Luis Fernando Ramos Perez and Juan Ignacio Gonzalez Errazuriz read statements during a news conference after a meetings with Pope Francis at the Vatican, May 18, 2018. REUTERS/Max Rossi
Victims of the abuse welcomed news the bishops were ready to stand down. “This will change things forever,” Juan Carlos Cruz, one of three Chilean victims invited by the pope to see him in Rome earlier this month, wrote on Twitter.
José Andrés Murillo, another of the victims invited to see the pope, said Francis should accept all the resignations.
“They did not know how to protect the weakest, exposed them to abuses and then prevented justice,” he wrote on Twitter. “That’s why they all deserve to go.” Slideshow (2 Images) “EVIL”
The scandal revolves around Father Fernando Karadima, who was found guilty in a Vatican investigation in 2011 of abusing boys in Santiago in the 1970s and 1980s. Now 87 and living in a nursing home in Chile, he has always denied any wrongdoing.
Victims accused Bishop Juan Barros of having witnessed the abuse but doing nothing to stop it. Barros, who was one of those who offered to stand down, has denied the allegations.
Friday’s mass resignations came just four months after the pope had visited Chile in a trip that raised questions over his response to abuse scandals that have rocked the church over the past 17 years and his willingness to deal with the crisis.
During the visit, Pope Francis staunchly defended Barros, denouncing accusations against him as “slander”.
But days after returning to Rome, the pope, citing new information, sent sexual abuse investigator Archbishop Charles Scicluna of Malta to Chile to speak to victims, witnesses and other church members.
Some of his findings were included in a damning 10-page document that was presented to the bishops this week, according to Chile’s T13 television, which obtained a leaked copy. A source in the Vatican confirmed the report was genuine.
In it, the pope said he felt “shame” over the pressure put on people not to carry out full investigations into what had happened, saying some churchmen had been afraid to face their responsibilities and confront “the ramifications of evil”.
“We are all involved, myself in first place, and no one can be exempted by looking to shift the problem onto the backs of others,” the pope wrote. Additional reporting by Antonio de la Jara and Aislinn Laing in Chile and Phil Pullella in Rome; Editing by Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-chile-abuse-pope/chilean-bishops-offer-resignation-to-pope-over-abuse-scandal-statement-idUSKCN1IJ1AT |
(Adds background on previous CEO, company background)
May 21 (Reuters) - Australian phone company Vocus Group on Monday appointed Kevin Russell as its group managing director & chief executive officer.
Russell’s appointment comes nearly three months after the previous chief executive, Geoff Horth, stepped down in February after the company cut its full-year 2018 guidance.
Russell has served in roles including Group Executive, Retail, at Telstra Corp and Singtel Optus’ Country Chief Officer & CEO, Consumer for Australia.
He take up his new position on May 28. Vocus New Zealand Chief Executive Mark Callander will join Vocus Group’s board as an executive director on the same date, the company said.
Vocus, which is undergoing a turnaround phase and has been struggling to manage its debt load, ended talks last month for the sale of its New Zealand business, choosing to retain it.
It said at the time that it had continued to progress on plans to refinance its debt and was looking to complete the refinancing by the end of the current fiscal year. (Reporting by Aaron Saldanha in Bengaluru; Editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/vocus-group-ceo/update-1-australias-vocus-group-names-kevin-russell-as-ceo-idUSL3N1SR0PW |
OTTAWA, May 29, 2018 /PRNewswire/ - Wi-LAN Inc. ("WiLAN"), a Quarterhill Inc.("Quarterhill") company (TSX: QTRH) (NASDAQ: QTRH), today announced that its wholly-owned subsidiary, Security Video Camera Systems, Inc., has acquired a portfolio of patents from Panasonic Corporation ("Panasonic"). The portfolio contains 34 patent families comprising 96 patents worldwide. The acquisition was made under WiLAN's partnership program which features the sharing of revenues generated from a licensing program.
The portfolio relates to security camera surveillance technologies covering image analysis, image recognition, camera control, camera mechanical/housing technologies; and security camera systems used in retail and other commercial buildings as well as in smart home applications.
Recent market research demonstrated that the global market for commercial security camera systems was approximately $9 Billion by 2017, while according to the information and analytics research firm Strategy Analytics, Inc., the global smart home residential market is forecasted to exceed $9.7 Billion by 2023.
All other terms of the agreement are confidential.
About WiLAN
WiLAN, a Quarterhill company, is one of the most successful patent licensing companies in the world and helps companies unlock the value of intellectual property by managing and licensing their patent portfolios. The company operates in a variety of markets including automotive, digital television, Internet, medical, semiconductor and wireless communication technologies. For more information: www.wilan.com .
About Quarterhill
Quarterhill is focused on the disciplined acquisition, management and growth of companies in dedicated technology areas including, vertical market software and solutions, intelligent industrial systems, and innovation and licensing. Quarterhill's emphasis is on seeking out acquisition opportunities at reasonable valuations that provide a foundation for recurring revenues, predictable cash flows and margins, profitable growth, intimate customer relationships and dedicated management teams. Quarterhill is listed on the TSX and NASDAQ under the symbol QTRH. For more information: www.quarterhill.com .
Forward-looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other United States and Canadian securities laws. Forward-looking statements and forward-looking information are based on estimates and assumptions made by Quarterhill in light of its experience and its perception of historical trends, current conditions, expected future developments and the expected effects of new business strategies, as well as other factors that Quarterhill believes are appropriate in the circumstances. Many factors could cause Quarterhill's actual performance or achievements to differ materially from those expressed or implied by the forward-looking statements or forward-looking information. Such factors include, without limitation, the risks described in its March 1, 2018 annual information form for the year ended December 31, 2017 (the "AIF"). Copy of the AIF may be obtained at www.sedar.com or www.sec.gov . Quarterhill recommends that readers review and consider all of these risk factors, and notes that readers should not place undue reliance on any of Quarterhill's forward-looking statements. Quarterhill has no intention, and undertakes no obligation, to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
All trademarks and brands mentioned in this release are the property of their respective owners.
View original content: http://www.prnewswire.com/news-releases/wilan-subsidiary-acquires-patents-from-panasonic-300655459.html
SOURCE Wi-LAN Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-wilan-subsidiary-acquires-patents-from-panasonic.html |
HAVANA, May 10 (Reuters) - Cuba’s new Mariel deepwater container terminal hopes to further its plan to become a regional shipping hub by completing dredging next year so it can receive mega-sized vessels, its general manager Charles Baker said on Thursday.
The terminal in Mariel Bay, 45 kilometers (28 miles) west of Havana, is located in an industrial park where Cuba is seeking to attract foreign investors with tax and customs breaks, as part of its market reform plan to boost the anemic economy.
After opening in 2014, the terminal started receiving the container shipping that previously went through Havana, which has become focused on receiving increasing numbers of cruise ships.
Last year, the Mariel terminal processed a record 335,000 20-foot (6-meter) equivalent cargo units, 2 percent more than in the previous year, Baker said, adding he expected light growth again this year.
But, given most business has come so far from Cuban imports and exports, it has been limited by the performance of the local economy, which has struggled with a cash crunch in recent years.
In the long run, Mariel’s backers want it to exploit expansion of the Panama canal by providing good quality facilities, and become a hub for ocean carriers which would then feed the eastern coasts of the Americas with smaller vessels.
For that, it needs to dredge its canal deeper, so it can receive the new breed of huge container vessels known as post-Panamax ships. The U.S. embargo is also an ongoing obstacle for trade with Cuba’s northern neighbor.
“The dredging project should complete its next phase by the end of this semester, which will enable us to receive post-Panamax ships that are 335 meters in length,” Baker told a news conference at the port.
He added that dredging would continue and finish next year, allowing ships that are 366 meters long to use the terminal.
It would have been practically impossible to make the Havana port suitable for receiving such large ships because of a traffic tunnel under the channel.
The Mariel terminal, with its four hulking post-Panamax cranes visible from afar, has the capacity to handle around 800,000 cargo containers annually, compared to Havana’s 350,000.
Cuba hopes to develop the Mariel industrial park in order to ship more Cuban exports from the terminal, too. (Reporting by Sarah Marsh, Editing by Rosalba O’Brien)
| ashraq/financial-news-articles | https://www.reuters.com/article/cuba-port/cubas-mariel-port-eyes-dredging-completion-becoming-a-regional-hub-idUSL8N1SH90V |
Earnings Call Webcast to Discuss 2018 First Quarter Financial Results Scheduled to Post to Corporate Website on Monday, May 14, 2018
Achieves All-Time Record Quarterly Revenue of $75.8 million First Quarter Operating Income of $5.6 million, Represents Highest First Quarter on Record Basic EPS of $0.13, Tied First Quarter Record First Quarter Net Income of $3.0 million, Second Highest First Quarter on Record First Quarter EBITDA of $11.0 million, Second Highest First Quarter on Record
CULVER CITY, Calif.--(BUSINESS WIRE)-- Reading International, Inc. (NASDAQ: RDI) today announced record results for the first quarter ended March 31, 2018. The Company reported Basic Earnings per Share (“EPS”) of $0.13 for the quarter ended March 31, 2018, tying the prior year period, which was itself a record first quarter. Revenue represented an all-time quarterly record for the Company, while Operating Income represented an all-time first quarter record. Net Income and EBITDA were both the second highest first quarters on record.
Ellen Cotter, Chair, President and Chief Executive Officer, said, “We are pleased with the record results we delivered in the first quarter, which reflect the strong progress we are making on our three-year business strategy and the healthy state of the global cinema industry. This positive momentum in our cinema business has continued through April, and we are confident that this segment will continue to benefit from the existing and upcoming summer movies from the major studios. During the first quarter, we also enhanced our real estate portfolio by strategically acquiring an approximately 16,830-square-foot building in Australia, which increases our Redyard entertainment center’s uninterrupted frontage on Parramatta Road, one of Sydney’s busiest arterial roads, by 182 feet. We believe that Reading is well-positioned to drive long-term stockholder value as we continue developing our real estate portfolio and executing our global cinema strategy to elevate the guest experience.”
Consolidated revenue for the first quarter of 2018, increased by 9% (or $6.3 million) compared to the first quarter of 2017, primarily driven by: (i) the opening of our new state-of-the-art eight screen Reading Cinema on December 14, 2017 in Newmarket, Australia; (ii) the re-opening of our Courtenay Central Cinema in Wellington, New Zealand, on March 29, 2017; (iii) increases in average ticket prices (“ATP”) in our U.S. and Australian Cinemas; and (iv) an increase in the Food & Beverage spend per patron (“SPP”) across all markets.
The following table summarizes the first quarter for 2018 and 2017:
Three Months Ended % Change (Dollars in millions, except EPS) March 31,
2018 March 31,
2017 Favorable/
(Unfavorable) Revenue $ 75.8 $ 69.5 9 % - US 38.6 36.9 5 % - Australia 29.1 27.2 7 % - New Zealand 8.1 5.4 50 % Segment operating income (1) $ 11.9 $ 10.4 14 % Net income (2) $ 3.0 $ 3.0 - % EBITDA (1) $ 11.0 $ 10.5 5 % Adjusted EBITDA (1) $ 12.5 $ 11.2 12 % Basic EPS (2) $ 0.13 $ 0.13 - % (1)
Aggregate segment operating income, earnings before interest expense (net of interest income), income tax expense, depreciation and amortization expense (“EBITDA”) and adjusted EBITDA are non-GAAP financial measures. See the discussion of non-GAAP financial measures that follows.
(2)
Reflect amounts attributable to stockholders of Reading International, Inc., i.e. after deduction of noncontrolling interests.
COMPANY HIGHLIGHTS
Operating Results: We achieved the following results for the quarter ended March 31, 2018:
1. Revenue of $75.8 million, up $6.3 million from the prior year; 2. EBITDA of $11.0 million compared to $10.5 million in 2017; 3. Net income of $3.0 million compared to $3.0 million in 2017; and 4. Basic EPS of $0.13 per share compared to $0.13 per share in 2017. Capex program: During the first quarter of 2018, we invested $23.2 million in capital improvements to our cinemas (which included the purchase of digital projectors in the U.S. that had previously been subject to an equipment lease, and the continued investment in the upgrading of select cinemas) and real estate properties. Cinema activities: During the first quarter of 2018, we completed the renovation of our Reading Cinemas in Murrieta, CA, and, on March 30, 2018, we launched “Spotlight”, our new dine-in concept, in six auditoriums of that cinema. We also continued renovation of our Reading Cinemas in Manville, New Jersey, and by April 2018 had installed recliner seats in all auditoriums. Refurbishment work at our Charlestown and Elizabeth cinemas in Australia was finished in March and April 2018, respectively. We continue to upgrade our food and beverage (“F&B”) offerings and, as of March 31, 2018, we have obtained liquor licenses for 26 of our existing cinemas in the U.S., Australia and New Zealand. Our cinema pipeline includes three new cinemas in Australia and New Zealand that have been approved by our Board of Directors and which we anticipate bringing on line in 2019/2020.
Our online ticket sales achieved a record first quarter in all countries, led by Black Panther and Jumanji: Welcome to the Jungle, exceeding previous first quarter records by as much as 54%. With the launch of branded ticketing apps in the U.S. and improved online sales infrastructure to better serve high sales volume, Black Panther set daily and weekly online record ticket sales in all countries. To further improve our guests’ online experience, we launched electronic gift card sales, guest enabled online refunds and social sharing on our U.S. branded web sites during the quarter. Real estate activities: Union Square Redevelopment (New York, U.S.) – We continued to advance the construction of our 44 Union Square re-development project having now poured five of the six floors. We are preparing to install the dome and anticipate that the project will be ready for tenant fit-out in the fourth quarter of this year. Retail and office leasing interest is strong and we are in discussions with a variety of quality tenants, including potential full building users. As of March 31, 2018, we have invested a total of $37.5 million in the property’s redevelopment out of a total projected investment of $74.5 million. Strategic Redyard Acquisition on Parramatta Road (Sydney, Australia) – We recently purchased a property at 98 Parramatta Road, located adjacent to our Entertainment Themed Center (“ETC”) in Auburn, for $3.5 million (AU$4.5 million). The property consists of an approximately 16,830 square feet office building located on an estimated 20,870 square foot lot, with approximately 182 feet of frontage to Parramatta Road. The transaction is subject to a leaseback to Telstra Corporation through September 2022. The property borders our Redyard center in Auburn on three boundaries to the east, west and south. Including this acquisition, our Redyard center represents approximately 519,992 square feet (48,309 square meters) of land, with approximately 1,620 feet (498 meters) of uninterrupted frontage to Parramatta Road, a major Sydney arterial motorway. Newmarket Village Expansion (Brisbane, Australia) – The first full quarter of operation of our Newmarket Village expansion, which was completed in December 2017. The expansion included the addition of a new eight screen Reading Cinema with both a TITAN LUXE and a Gold Lounge offer and delivered approximately 10,150 square feet of new F&B retail space along with a further 124 parking spaces. As of March 31, 2018, approximately 93% of the new retail space had been leased. Belmont (Perth, Australia) – In the first quarter 2018, we continued with the repositioning of our ETC in Belmont (a suburb of Perth), which features new F&B offerings and a Reading Cinema with TITAN LUXE. By the third quarter of 2018, we anticipate opening our third new restaurant, the Asian inspired Tao Café (with approximately 3,190 square feet) joining our existing restaurants, Dome Café and Tavolo. Manukau Land Re-zoning (Auckland, New Zealand) – We are continuing to work with the adjacent landowners of our properties in Manukau to develop an infrastructure plan for the approximate 355 acres of rezoned land of which 70.4 acres is our property.
FIRST QUARTER 2018 SEGMENT RESULTS
The following table summarizes the first quarter segment operating results for 2018 and 2017:
Three Months Ended % Change (Dollars in thousands) March 31,
2018 March 31,
2017 Favorable/
(Unfavorable) Segment revenue Cinema
United States $ 37,987 $ 36,235 5 % Australia 26,717 24,957 7 % New Zealand 7,551 5,368 41 % Total $ 72,255 $ 66,560 9 % Real estate
United States $ 655 $ 586 12 % Australia 4,104 3,586 14 % New Zealand 1,199 325 269 % Total $ 5,958 $ 4,497 32 % Inter-segment elimination (2,391 ) (1,603 ) (49 )% Total segment revenue $ 75,822 $ 69,454 9 % Segment operating income Cinema
United States $ 3,000 $ 2,507 20 % Australia 5,916 5,945 - % New Zealand 1,369 641 114 % Total $ 10,285 $ 9,093 13 % Real estate
United States $ (293 ) $ 28 nm Australia 1,465 1,408 4 % New Zealand 459 (142 ) 423 % Total $ 1,631 $ 1,294 26 % Total segment operating income (1) $ 11,916 $ 10,387 15 % “nm” – not meaningful for further analysis
(1)
Aggregate segment operating income is a non-GAAP financial measure. See the discussion of non-GAAP financial measures that follows.
Cinema Exhibition
First Quarter Results:
Cinema segment operating income increased by 13%, or $1.2 million, to $10.3 million for the quarter ended March 31, 2018 compared to March 31, 2017. The primary driver was the re-opening of our Courtenay Central Cinema in Wellington, New Zealand, as well as increased operating income in the U.S. due to a higher ATP and a higher SPP across the circuit. For the first quarter:
Revenue in the United States increased by 5%, or $1.8 million, due to a 9% increase in ATP and a 2% increase in SPP offset by a 2% decrease in attendance. Australia’s cinema revenue increased by 7%, or $1.8 million, primarily due to a 5% increase in ATP, a 6% increase in SPP and a 2% increase due to a more favorable foreign exchange rate, offset by a 2% decrease in attendance. In New Zealand, our cinema revenue increased by 41%, or $2.2 million, resulting from a 34% increase in attendance, a 12% increase in SPP and a 4% increase due to a more favorable foreign exchange rate, offset by a slight decrease in ATP.
The top three grossing films for the first quarter 2018 were “Black Panther,” “Jumanji: Welcome to the Jungle” and “The Greatest Showman,” representing approximately 32% of Reading’s worldwide admission revenues for the quarter. The top three grossing films in the first quarter of 2017 for Reading’s worldwide cinema circuits were “Beauty and the Beast,” “Logan” and “Lion,” which represented approximately 21% of Reading’s admission revenues for the first quarter of 2017.
Real Estate
First Quarter Results:
Real estate segment operating income increased by 26%, or $337,000, to $1.6 million for the quarter ended March 31, 2018 compared to March 31, 2017, primarily attributable to increased operating revenue from our Courtenay Central ETC, due to the full quarter of operations in 2018 compared to only a few days in 2017 due to the November 2016 earthquake, as well as the increased income from the expansion of our Newmarket and Auburn ETCs in Australia. This was partially offset by an increase in depreciation due to our occupation of our headquarters building in Culver City and a decline in lease revenue due to a fire at our property in Chicago.
CONSOLIDATED AND NON-SEGMENT RESULTS
The first quarter consolidated and non-segment results for 2018 and 2017 are summarized as follows:
Three Months Ended % Change (Dollars in thousands) March 31,
2018 March 31,
2017 Favorable/
(Unfavorable) Segment operating income $ 11,916 $ 10,387 15 % Non-segment income and expenses: General and administrative expense (6,156 ) (4,753 ) (30 )% Interest expense, net (1,594 ) (1,860 ) 14 % Other 58 970 94 % Total non-segment income and expenses $ (7,692 ) $ (5,643 ) (36 ) % Income before income taxes 4,224 4,744 11 % Income tax expense (1,155 ) (1,703 ) 32 % Net income $ 3,069 $ 3,041 1 % Less: net income (loss) attributable to noncontrolling interests 22 12 nm Net income attributable to RDI common stockholders $ 3,047 $ 3,029 1 % “nm” – not meaningful for further analysis
First Quarter Net Results
Net income attributable to RDI common stockholders increased by 1%, or $18,000, to $3.0 million, principally due to an increase in the Cinema Exhibition segment operating income. This increase was due to the re-opening of our Courtenay Central ETC in Wellington New Zealand, which was closed for the majority of Q1 2017 due to the November 2016 earthquake, along with increased operating income from our U.S. operations. These were offset by increased non-segment G&A expenses as well lower other income due to the one-off gain in 2017 from a foreign exchange gain on short-term funds held in our foreign operations that did not repeat in 2018. EPS for the quarter ended March 31, 2018 remained consistent when compared to the prior-year quarter at $0.13.
Non-Segment General & Administrative Expenses
G&A expense for the quarter ended March 31, 2018 increased by 30% or $1.4 million compared to the prior year period. This increase primarily relates to higher non-recurring legal expenses incurred on the Derivative Litigation, the Cotter Employment Arbitration and other Cotter litigation matters, and higher compensation costs, due to headcount and the timing of annual salary increases as well as the timing of recording increases in variable compensation costs.
Income Tax Expense
Income tax expense for the quarter ended March 31, 2018 decreased by $548,000 compared to equivalent prior-year period. The change between 2018 and 2017 is mainly related to: (i) lower pretax income, (ii) the reduction of the U.S. statutory corporate tax rate as the result of tax reform, and (iii) a net increase in the foreign tax credit.
OTHER FINANCIAL INFORMATION
Balance Sheet and Liquidity
Total assets increased by $3.5 million, to $426.6 million at March 31, 2018, compared to $423.0 million at December 31, 2017. This was primarily driven by increases in our operating and investment properties relating to capital enhancements in our existing cinemas and capital investments relating to major real estate projects, primarily (i) the redevelopment of our Union Square property in New York; (ii) the expansion of our Newmarket property in Brisbane, Australia; and (iii) the purchase of our previously leased digital projectors in the United States. Available cash resources generated from operations and proceeds received from borrowings funded these capital investments.
Cash and cash equivalents at March 31, 2018 were $8.7 million, including $5.4 million in the U.S., $1.9 million in Australia, and $1.4 million in New Zealand. We manage our cash, investments and capital structure so we are able to meet short-term and long-term obligations for our business, while maintaining financial flexibility and liquidity.
As part of our operating cycle, we utilize cash collected from (i) our cinema business when selling tickets and food and beverage items, and (ii) rental income typically received in advance, to reduce our long-term borrowings and realize savings on interest charges. We then settle our operating expenses generally with a lag within traditional trade terms. This generates a temporary working capital deficit. As discussed previously, we review the maturities of our borrowings and negotiate for renewals and extensions, as necessary for liquidity purposes. We believe the cash flow generated from our operations coupled with our ability to renew loans when due will provide sufficient liquidity in the upcoming year.
The table below presents the changes in our total available resources (cash and borrowings), debt-to-equity ratio, working capital and other relevant information addressing our liquidity for the three months ended March 31, 2018 and preceding four years:
As of and for the
3-Months Ended
Year Ended December 31 ($ in thousands) 3/31/2018 2017 2016 2015 2014 Total Resources (cash and borrowings) Cash and cash equivalents (unrestricted) $ 8,668 $ 13,668 $ 19,017 $ 19,702 $ 50,248 Unused borrowing facility 125,326 137,231 117,599 70,134 45,700 Restricted for capital projects (1) 61,375 62,280 62,024 10,263 -- Unrestricted capacity 63,951 74,951 55,575 59,871 45,700 Total resources at period end 133,994 150,899 136,616 89,836 95,948 Total unrestricted resources at period end 72,619 88,619 74,592 79,573 95,948 Debt-to-Equity Ratio Total contractual facility $ 275,511 $ 271,732 $ 266,134 $ 207,075 $ 201,318 Total debt (gross of deferred financing costs) 150,185 134,501 148,535 130,941 164,036 Current 10,544 8,109 567 15,000 38,104 Non-current 139,641 126,392 147,968 115,941 125,932 Total book equity 183,755 181,241 146,615 138,951 133,716 Debt-to-equity ratio 0.82 0.74 1.01 0.94 1.23 Changes in Working Capital Working capital (deficit) $ (40,530 ) $ (46,971 ) $ 6,655 $ (35,581 ) $ (15,119 ) Current ratio 0.39 0.42 1.10 0.51 0.84 Capital Expenditures (including acquisitions) $ 23,231 $ 76,708 $ 49,166 $ 53,119 $ 14,914 (1)
This relates to the construction facilities specifically negotiated for: (i) Union Square redevelopment project, obtained in December 2016, and (ii) New Zealand construction projects, obtained in May 2015.
Below is a summary of the available credit facilities as of March 31, 2018:
As of March 31, 2018 (Dollars in thousands) Contractual
Capacity
Capacity
Used
Unused
Capacity
Restricted for
Capital Projects
Unrestricted
Capacity
Bank of America Credit Facility (USA) $ 55,000 $ 31,000 $ 24,000 $ -- $ 24,000 Bank of America Line of Credit (USA) 5,000 -- 5,000 -- 5,000 Union Square Construction Financing (USA) 57,500 9,155 48,345 48,345 -- NAB Corporate Term Loan (AU) (1) 51,139 41,525 9,614 -- 9,614 Westpac Bank Corporate (general/non-construction) Credit Facility (NZ) (1) 25,337 -- 25,337 -- 25,337 Westpac Bank Corporate (construction) Credit Facility (NZ) (1) 13,030 -- 13,030 13,030 -- Total $ 207,006 $ 81,680 $ 125,326 $ 61,375 $ 63,951 (1)
The borrowings are denominated in foreign currency. The contractual capacity and capacity used were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2018.
The $61.4 million representing borrowings restricted for capital projects is composed of the $48.3 million and $13.0 million (NZ$18.0 million) unused capacity for the Union Square development and construction funding for New Zealand operations, respectively. Our Minetta & Orpheum Theatres Loan will become due within one year. Currently, we are negotiating with our lender to renew this borrowing on a long-term basis.
Our overall global operating strategy is to conduct business mostly on a self-funding basis by country (except for funds used to pay an appropriate share of our U.S. corporate overhead). However, we may, from time to time, move funds between jurisdictions where circumstances merit such action as part of our goal to minimize our cost of capital.
Non-GAAP Financial Measures
This earnings release presents aggregate segment operating income, and EBITDA, which are important financial measures for the Company, but are not financial measures defined by U.S. GAAP.
These measures should be reviewed in conjunction with the relevant U.S. GAAP financial measures and are not presented as alternative measures of EPS, cash flows or net income as determined in accordance with US GAAP. Aggregate segment operating income and EBITDA, as we have calculated them, may not be comparable to similarly titled measures reported by other companies.
Aggregate segment operating income – we evaluate the performance of our business segments based on segment operating income, and management uses aggregate segment operating income as a measure of the performance of operating businesses separate from non-operating factors. We believe that information about aggregate segment operating income assists investors by allowing them to evaluate changes in the operating results of the Company’s business separate from non-operational factors that affect net income, thus providing separate insight into both operations and the other factors that affect reported results. Refer to “Consolidated and Non-Segment Results” for a reconciliation of segment operating income to net income.
EBITDA – we present EBITDA as a supplemental measure of its performance, which is commonly used in our industry. We define EBITDA as net income adjusted for interest expense (net of interest income), income tax expense, depreciation and amortization expense, and an adjustment of interest expense, depreciation, and amortization for discontinued operations, if any. EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net earnings (loss) as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with U.S. GAAP). We have included EBITDA in this Earnings Release, as we believe that it provides management and our investors with additional information necessary to properly measure our performance and liquidity, estimate our value and evaluate our ability to service debt.
Adjusted EBITDA – using the principles we consistently apply to determine our EBITDA, we further adjusted the EBITDA for certain items we believe are appropriate adjustable items, described as follows:
Legal expenses relating to the Derivative litigation, the James J. Cotter, Jr. employment arbitration and other Cotter litigation matters – while we started to incur expenses in relation to these legal matters in 2015, we believe that the majority of these costs were thrust upon the Company as it became necessary to defend the Company’s position in the Derivative litigation and related matters, to resolve Mr. Cotter, Jr.’s claims relating to his termination, and to protect our Company’s interests, and that of our shareholders in light of Mr. Cotter, Jr.’s efforts to effect a change of control of our Company. For this reason, we believe these costs should also be treated as non-recurring in nature and accordingly, an adjustable item for purposes of determining our Adjusted EBITDA.
In cases of property sales, we have not made adjustments for any gains, in line with our overall business strategy that at any time, we may decide to dispose of any property when we believe that an asset has reached the highest value that we could reasonably achieve without investing substantial additional sums for land use planning, construction and marketing.
Reconciliation of EBITDA to net income is presented below:
Three Months Ended March 31 March 31 (Dollars in thousands) 2018 2017 Net Income $ 3,047 $ 3,029 Add: Interest expense, net 1,594 1,860 Add: Income tax expense 1,155 1,703 Add: Depreciation and amortization 5,250 3,934 EBITDA $ 11,046 $ 10,526 Legal expenses relating to the derivative ligation, the Cotter employment arbitration and other Cotter litigation matters 1,448 645 Adjusted EBITDA $ 12,494 $ 11,171 Conference Call and Webcast
We plan to post our pre-recorded conference call and audio webcast on our corporate website on May 14, 2018, that will feature prepared remarks from Ellen Cotter, President & Chief Executive Officer; Dev Ghose, Executive Vice President & Chief Financial Officer; and Andrzej Matyczynski, Executive Vice President - Global Operations.
A pre-recorded question and answer session will follow our formal remarks. Questions and topics for consideration should be submitted to [email protected] on May 11, 2018 by 5:00 p.m. Eastern Daylight Time. The audio webcast can be accessed by visiting http://www.readingrdi.com/about/#earnings-call .
About Reading International, Inc.
Reading International Inc. (NASDAQ: RDI) is a leading entertainment and real estate company, engaging in the development, ownership and operation of multiplex cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.
The family of Reading brands includes cinema brands Reading Cinemas, Angelika Film Centers, Consolidated Theatres, and City Cinemas; live theaters operated by Liberty Theatres in the United States; and signature property developments, including Newmarket Village, Auburn Red Yard and Cannon Park in Australia, Courtenay Central in New Zealand and 44 Union Square in New York City.
Additional information about Reading can be obtained from the Company's website: http://www.readingrdi.com .
Forward-Looking Statements
Our statements in this press release contain a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995. Forward-looking statements reflect only our expectations regarding future events and operating performance and necessarily speak only as of the date the information was prepared. No guarantees can be given that our expectations will in fact be realized, in whole or in part. You can recognize these statements by our use of words such as, by way of example, “may,” “will,” “expect,” “believe,” and “anticipate” or other similar terminology.
These forward-looking statements reflect our expectation after having considered a variety of risks and uncertainties. However, they are necessarily the product of internal discussion and do not necessarily completely reflect the views of individual members of our Board of Directors or of our management team. Individual Board members and individual members of our management team may have different views as to the risks and uncertainties involved, and may have different views as to future events or our operating performance.
Among the factors that could cause actual results to differ materially from those expressed in or underlying our forward-looking statements are the following:
with respect to our cinema operations: the number and attractiveness to movie goers of the films released in future periods; the amount of money spent by film distributors to promote their motion pictures; the licensing fees and terms required by film distributors from motion picture exhibitors in order to exhibit their films; the comparative attractiveness of motion pictures as a source of entertainment and willingness and/or ability of consumers (i) to spend their dollars on entertainment and (ii) to spend their entertainment dollars on movies in an outside the home environment; the extent to which we encounter competition from other cinema exhibitors, from other sources of outside-the-home entertainment, and from inside-the-home entertainment options, such as “home theaters” and competitive film product distribution technology such as, by way of example, cable, satellite broadcast and DVD rentals and sales, and online streaming; the cost and impact of improvements to our cinemas, such as improved seating, enhanced food and beverage offerings and other improvements; service disruption during theater improvements; and the extent to and the efficiency with which we are able to integrate acquisitions of cinema circuits with our existing operations. with respect to our real estate development and operation activities: the rental rates and capitalization rates applicable to the markets in which we operate and the quality of properties that we own; the extent to which we can obtain on a timely basis the various land use approvals and entitlements needed to develop our properties; the risks and uncertainties associated with real estate development; the availability and cost of labor and materials; the ability to obtain all permits to construct improvements; the ability to finance improvements; the disruptions from construction; the possibility of construction delays, work stoppage and material shortage; competition for development sites and tenants; environmental remediation issues; the extent to which our cinemas can continue to serve as an anchor tenant that will, in turn, be influenced by the same factors as will influence generally the results of our cinema operations; the ability to negotiate and execute joint venture opportunities and relationships; and certain of our activities are in geologically active areas, creating a risk of damage and/or disruption of real estate and/or cinema businesses from earthquakes. with respect to our operations generally as an international company involved in both the development and operation of cinemas and the development and operation of real estate; and previously engaged for many years in the railroad business in the United States: our ability to renew, extend or renegotiate our loans that mature in 2018; our ongoing access to borrowed funds and capital and the interest that must be paid on that debt and the returns that must be paid on such capital; expenses, management and Board distraction and other effects of the litigation efforts mounted by James Cotter, Jr. against the Company, including his efforts to cause a sale of voting control of the Company; the relative values of the currency used in the countries in which we operate; changes in government regulation, including by way of example, the costs resulting from the implementation of the requirements of Sarbanes-Oxley; our labor relations and costs of labor (including future government requirements with respect to pension liabilities, disability insurance and health coverage, and vacations and leave); our exposure from time to time to legal claims and to uninsurable risks such as those related to our historic railroad operations, including potential environmental claims and health-related claims relating to alleged exposure to asbestos or other substances now or in the future recognized as being possible causes of cancer or other health related problems; our exposure to cyber-security risks, including misappropriation of customer information or other breaches of information security; changes in future effective tax rates and the results of currently ongoing and future potential audits by taxing authorities having jurisdiction over our various companies; and changes in applicable accounting policies and practices.
The above list is not necessarily exhaustive, as business is by definition unpredictable and risky, and subject to influence by numerous factors outside of our control. Such factors can be, changes in government regulation or policy, competition, interest rates, supply, technological innovation, changes in consumer taste and fancy, weather, and the extent to which consumers in our markets have the economic wherewithal to spend money on beyond-the-home entertainment.
Given the variety and unpredictability of the factors that will ultimately influence our businesses and our results of operation, no guarantees can be given that any of our forward-looking statements will ultimately prove to be correct. Actual results will undoubtedly vary and there is no guarantee as to how our securities will perform, either when considered in isolation or when compared to other securities or investment opportunities.
In addition to the forward-looking factors set forth above, we encourage you to review Item 1A. “Risk Factors,” from our Company’s Annual Report on SEC Form 10-K for the Year Ended December 31, 2017.
Finally, we undertake no obligation to publicly update or to revise any of our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. Accordingly, you should always note the date to which our forward-looking statements speak.
Additionally, certain of the presentations included in this press release may contain “pro forma” information or “non-U.S. GAAP financial measures.” In such case, a reconciliation of this information to our U.S. GAAP financial statements will be made available in connection with such statements.
Reading International, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations (Unaudited; U.S. dollars in thousands, except per share data)
Three Months Ended March 31, March 31, 2018 2017 (1)
Revenue Cinema $ 72,255 $ 66,560 Real estate 3,567 2,894 Total revenue 75,822 69,454 Costs and expenses Cinema (54,948 ) (51,782 ) Real estate (2,384 ) (2,036 ) Depreciation and amortization (5,250 ) (3,934 ) General and administrative (7,597 ) (6,174 ) Total costs and expenses (70,179 ) (63,926 ) Operating income 5,643 5,528 Interest expense, net (1,594 ) (1,860 ) Other income (expense) (82 ) 821 Income before income tax expense and equity earnings of unconsolidated joint ventures 3,967 4,489 Equity earnings of unconsolidated joint ventures 257 255 Income before income taxes 4,224 4,744 Income tax expense (1,155 ) (1,703 ) Net income $ 3,069 $ 3,041 Less: net income (loss) attributable to noncontrolling interests 22 12 Net income attributable to Reading International, Inc. common shareholders $ 3,047 $ 3,029 Basic earnings per share attributable to Reading International, Inc. shareholders $ 0.13 $ 0.13 Diluted earnings per share attributable to Reading International, Inc. shareholders $ 0.13 $ 0.13 Weighted average number of shares outstanding–basic 22,967,237 23,168,351 Weighted average number of shares outstanding–diluted 23,132,989 23,465,176 (1)
Certain prior period amounts have been reclassified to conform to the current period presentation.
Reading International, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited; U.S. dollars in thousands, except share information)
March 31, December 31, 2018 2017 ASSETS (unaudited) Current Assets: Cash and cash equivalents $ 8,668 $ 13,668 Receivables 8,922 13,050 Inventory 1,342 1,432 Prepaid and other current assets 6,713 5,325 Total current assets 25,645 33,475 Operating property, net 269,578 264,724 Investment and development property, net 66,944 61,254 Investment in unconsolidated joint ventures 5,283 5,304 Goodwill 20,383 20,276 Intangible assets, net 8,227 8,542 Deferred tax asset, net 24,834 24,908 Other assets 5,661 4,543 Total assets $ 426,555 $ 423,026 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 27,101 $ 34,359 Film rent payable 7,708 13,511 Debt – current portion 10,544 8,109 Taxes payable – current 3,031 2,938 Deferred current revenue 8,276 9,850 Other current liabilities 9,515 11,679 Total current liabilities 66,175 80,446 Debt – long-term portion 108,322 94,862 Subordinated debt, net 27,564 27,554 Noncurrent tax liabilities 12,186 12,274 Other liabilities 28,553 26,649 Total liabilities 242,800 241,785 Commitments and contingencies
Stockholders’ equity: Class A non-voting common stock, par value $0.01, 100,000,000 shares authorized, 33,082,295 issued and 21,295,031 outstanding at March 31, 2018, and 33,019,565 issued and 21,251,291 outstanding at December 31, 2017
232 231 Class B voting common stock, par value $0.01, 20,000,000 shares authorized and 1,680,590 issued and outstanding at March 31, 2018 and December 31, 2017
17 17 Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at March 31, 2018 and December 31, 2017
-- -- Additional paid-in capital 146,236 145,898 Retained earnings 35,920 32,679 Treasury shares (23,223 ) (22,906 ) Accumulated other comprehensive income 20,241 20,991 Total Reading International, Inc. stockholders’ equity 179,423 176,910 Noncontrolling interests 4,332 4,331 Total stockholders’ equity 183,755 181,241 Total liabilities and stockholders’ equity $ 426,555 $ 423,026
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006425/en/
Reading International, Inc.
Dev Ghose, Executive Vice President & Chief Financial Officer
Andrzej Matyczynski, Executive Vice President for Global Operations
(213) 235-2240
Source: Reading International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-record-first-quarter-2018-results-announced-by-readingainternational.html |
NEW DELHI (Reuters) - India’s government will continue its bond market borrowing plan during April-September without any interruption, Economic Affairs Secretary Subhash Chandra Garg told reporters, adding that it may tweak the composition of bonds on offer, if needed.
An India rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/Files Earlier on Friday, a senior Finance Ministry official had said the government was unlikely to cancel bond auctions despite a spike in yields as it does not want to trigger panic in financial markets.
The official said the Reserve Bank of India would engage with primary dealers and tweak the bond issuance basket to ensure auctions go smoothly.
The RBI was not immediately available for comment.
“Despite the changes in (bond) yields that have taken place, we have continued with our programme on borrowing without interruption,” Garg said, adding, “We don’t see any advantage in postponing, reacting in an ad-hoc manner or in a manner which conveys any sort of lack of stability. We will go through our programme. We expect normal conditions to return soon.”
The RBI failed to sell all the debt it offered to bidders at the last four auctions, which has given rise to concerns in the government which is aiming to borrow a total 6.05 trillion rupees ($89.87 billion) in the current fiscal year.
Finance Ministry officials have asked the central bank to re-issue older bonds that are widely held by market participants, and shorter tenure bonds to ensure auctions go through smoothly, the official said.
Earlier this week, Indian bonds weakened to multi-year lows as global crude oil prices surged and local inflation data came in higher than expected.
The 10-year benchmark bond yield ended down 4 basis points on the day at 7.84 percent. It had risen to 7.90 percent on Tuesday, its highest since Aug. 25 2015.
“The RBI and government have to coordinate steps to address the dislocation in bond market. Given that projections imply a need for infusion of some durable liquidity, the RBI could carry out a few more bond purchases preferably targeted at the short-end,” said A. Prasanna, chief economist at ICICI Securities Primary Dealership.
Reporting by Neha Dasgupta; Additional reporting by Abhirup Roy and Devidutta Tripathy in MUMBAI; Editing by Sam Holmes and Alison Williams
| ashraq/financial-news-articles | https://in.reuters.com/article/india-markets-bonds/india-to-continue-bond-borrowing-without-interruption-official-idINKCN1IJ1NL |
AUSTIN, Texas, May 03, 2018 (GLOBE NEWSWIRE) -- Asure Software, Inc. (NASDAQ:ASUR), a leading provider of Human Capital Management (HCM) and workplace management software, today announced that its financial results for the first quarter 2018 will be released after the market close on Wednesday, May 9, 2018. Asure will host a conference call to discuss the results at 1:30pm PT (4:30pm ET) on the same day.
Asure CEO Pat Goepel and CFO Kelyn Brannon will host the presentation, followed by a question and answer period.
Date: Thursday, May 10, 2018
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in: 877-853-5636
International dial-in: 631-291-4544
Conference ID: 8967146
Dial-in information for the call and a live webcast will be available at http://investors.asuresoftware.com .
About Asure Software
Asure Software, Inc. (NASDAQ:ASUR), headquartered in Austin, Texas, offers intuitive and innovative solutions designed to help organizations of all sizes and complexities build companies of the future. Our cloud platforms enable more than 100,000 clients direct and indirect, worldwide to better manage their people and space in a mobile, digital, multi-generational, and global workplace. Asure Software’s offerings include a fully-integrated HCM platform, flexible benefits and compliance administration, HR consulting, and time and labor management as well as a full suite of workspace management solutions for conference room scheduling, desk sharing programs, and real estate optimization. For more information, please visit www.asuresoftware.com .
Company Contact:
Stacy Zellner, Director of Marketing
888-323-8835 x 3111
[email protected]
Investor Contact:
Carolyn Bass
Market Street Partners
415-445-3232
[email protected]
Source:Asure Software Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-asure-software-announces-timing-of-first-quarter-2018-financial-results.html |
May 9 (Reuters) - Integra LifeSciences Holdings Corp :
* INTEGRA LIFESCIENCES ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON STOCK
* INTEGRA LIFESCIENCES HOLDINGS CORP - INTENDS TO OFFER 5.3 MILLION SHARES OF ITS COMMON STOCK
* INTEGRA LIFESCIENCES - INTENDS TO USE NET PROCEEDS FROM OFFERING TO REDUCE OUTSTANDING REVOLVING BORROWINGS UNDER ITS SENIOR CREDIT FACILITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-integra-lifesciences-announces-pro/brief-integra-lifesciences-announces-proposed-public-offering-of-common-stock-idUSASC0A152 |
May 10 (Reuters) - Karyopharm Therapeutics Inc:
* KARYOPHARM REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND HIGHLIGHTS RECENT PROGRESS
* Q1 LOSS PER SHARE $0.78 * Q1 EARNINGS PER SHARE VIEW $-0.62 — THOMSON REUTERS I/B/E/S
* PLANS TO SUBMIT NDA REQUESTING ACCELERATED APPROVAL FOR SELINEXOR IN PENTA-REFRACTORY MYELOMA DURING SECOND HALF OF 2018
* KARYOPHARM THERAPEUTICS - ORAL SELINEXOR ACHIEVES 25.4% ORR AND MEDIAN DURATION OF RESPONSE OF 4.4 MONTHS IN PATIENTS WITH PENTA-REFRACTORY MYELOMA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-karyopharm-therapeutics-reports-q1/brief-karyopharm-therapeutics-reports-q1-loss-per-share-of-0-78-idUSASC0A1CO |
JASPER, Ind., May 01, 2018 (GLOBE NEWSWIRE) -- Kimball International, Inc. (NASDAQ:KBAL) today announced the following results for the quarter ended March 31, 2018:
Revenue was $157.9 million, a 3% increase over the prior year, inclusive of the recent D'style acquisition. Excluding D'style, organic net sales were flat compared to the prior year.
Operating income was $8.5 million or 5.4% of net sales, compared to $10.9 million or 7.2% of net sales in the prior year.
Net income was $5.9 million and diluted earnings per share was $0.16, while prior year net income was $7.2 million and diluted earnings per share was $0.19.
Bob Schneider, Chairman and CEO, stated, “I was pleased to see continued strength in the hospitality market in our third quarter; however, increased sales in this vertical market were unfortunately offset by lower sales in other market verticals, resulting in flat organic sales for the third quarter. Encouragingly, we saw a pick up in orders late in the quarter continuing into April. Consolidated organic orders increased approximately 30% in April over the prior year, and specifically in the hospitality vertical, April orders were the strongest of any month we have seen since 2014. As I look to the future, I am very excited about the many new products we've recently introduced to the market that are starting to gain traction, and also the ones we will be introducing at the office industry trade show in June. Our product portfolio is filling out very nicely with creative products resonating with the design community and end-users. While we are pushing hard on new product introductions, other teams are also actively working on continuous improvement and cost reduction projects to offset the increased inflation we are experiencing in transportation, steel and other commodities. Our teams have several productivity and lean initiatives that have been in the works for several months, with anticipated savings of approximately $7 million in fiscal year 2019. In addition, our National brand recently implemented a price increase that was effective on April 6, 2018, while our Kimball brand announced a price increase that will be effective in July 2018, which will help in offsetting the heavier than usual commodity inflation we are experiencing. We estimate that higher transportation and commodity costs reduced our operating income by approximately $1.9 million in our third quarter.”
Mr. Schneider concluded, “Regarding our capital structure, we generated $11 million of operating cash flow during the third quarter, bringing our total cash balance to $77.7 million at the end of March. We are investing in automation and new technologies in our operations, and have been active the last few quarters buying back shares, which we expect to continue. We have approximately 1.3 million shares remaining under our share repurchase program. Lastly, we just recently completed the acquisition of D'style and are continuing to actively pursue other tuck-in acquisitions that will create synergies with our current brands. Our capital structure continues to be very strong and available to support growth.”
Overview
Financial Highlights
(Amounts in Thousands, Except Per Share Data) Three Months Ended March 31,
2018
March 31,
2017
Percent
Change Net Sales $ 157,897 $ 153,068 3% Gross Profit $ 47,755 $ 51,052 (6%) Gross Profit % 30.2 % 33.4 % Selling and Administrative Expenses $ 39,245 $ 40,106 (2%) Selling and Administrative Expenses % 24.8 % 26.2 % Operating Income $ 8,510 $ 10,946 (22%) Operating Income % 5.4 % 7.2 % Net Income $ 5,850 $ 7,231 (19%) Diluted Earnings Per Share $ 0.16 $ 0.19 Return on Capital 12.1 % 17.2 % EBITDA * $ 12,275 $ 15,156 * The item indicated represents a Non-GAAP measurement. See “Reconciliation of Non-GAAP Financial Measures” below.
Consolidated net sales increased 3%, driven by increases in the hospitality and commercial vertical markets partially offset by declines in the healthcare, education, and government verticals. The hospitality vertical grew both due to the D’style acquisition and due to organic sales growth. Although sales in the healthcare vertical declined, it has experienced a strong rebound in quoting activity. Sales declined in the education vertical as new construction projects were down compared to the prior year. Orders received during the third quarter of fiscal year 2018 decreased 6% from the prior year, primarily driven by decreases in the government, commercial, education, and healthcare vertical markets, partially offset by increases in the finance and hospitality verticals. Excluding the D’style acquisition, orders received decreased by 9%. The decline in orders is in large part driven by the timing of a price increase at one of our office furniture brands in the prior year. The price increase went into effect April 1, 2017 which had the effect of accelerating orders prior to the price increase. Margin pressures continued in the third quarter. Gross profit as a percent of net sales declined 320 basis points from the prior year due to transportation cost increases, higher discounting, and an increase in the LIFO inventory reserve, partially offset by price increases and the additional margin contributed by D’style. In addition, sales mix had an unfavorable impact on the third quarter results. With the seasonally low volume in the third quarter, when larger projects that include lower margin systems product ship during the quarter, the impact on margins is magnified. The Company expects the margin pressure related to sales mix to begin subsiding in the fiscal year fourth quarter ending in June 2018. Selling and administrative expenses in the third quarter decreased 140 basis points as a percent of net sales and decreased 2% in absolute dollars compared to the prior year. The decrease in selling and administrative expense was driven by lower incentive compensation, partially offset by the additional selling and administrative expenses of the D’style acquisition including amortization of acquired intangibles and acquisition expenses. The Company benefited from a lower effective tax rate of 31.2% for the third quarter of fiscal year 2018 compared to the prior year effective tax rate of 36.8%. The decline was driven by the new tax act, where the Company's statutory federal tax rate for fiscal year 2018 is a blended rate of 28.1% compared to the previous rate of 35%. The Company expects the lower tax rate to generate significant tax savings in future periods. Operating cash flow for the third quarter of fiscal year 2018 was $11.0 million compared to operating cash flow of $17.6 million in the prior year, a decrease of $6.6 million. The decrease was primarily driven by changes in working capital balances and lower net income. The Company's balance in cash, cash equivalents, and short-term investments was $77.7 million at March 31, 2018, compared to $98.6 million at June 30, 2017. The year-to-date fiscal year 2018 decrease was primarily due to a $17.8 million cash outflow for the D’style acquisition, capital expenditures of $15.8 million, and the return of capital to share owners in the form of $8.1 million in stock repurchases and $7.5 million in dividends, which more than offset $26.4 million of cash flows from operations.
Financial Targets
On April 13 th , BIFMA (Business and Institutional Furniture Manufacturers’ Association) published its commercial furniture industry outlook for U.S. commercial furniture which includes office, education, and healthcare, lowering their projection for calendar year 2018 market growth to 1.9% from their previous projection of 4.8% growth, and setting their 2019 growth projection at 3.6%. Mr. Schneider commented, “As a result of the new BIFMA outlook for 2018 and 2019 along with increasing discounting, transportation, steel and other commodity costs, we have reassessed our previously disclosed financial targets.” The Company’s previous financial outlook was mid-single digit organic sales growth, operating income as a percent of sales between 9.5% and 10.5% in fiscal year 2019 and return on capital to exceed 20%. The updated outlook, excluding acquisitions, is the following:
Over The Next Three To Five Years:
Sales — mid-single digit organic growth annually Operating Income Margin — growth of 2X to 2.5X sales growth Operating Income Long-Term Target — 10% Effective tax rate — 25% to 27% EPS — growth of 2X to 2.5X sales growth
“We started our turnaround journey with the spin-off of our Electronics business in 2014. At the spin-off date, we set a goal to get to an 8% operating income margin and did so quickly, improving our adjusted pro forma operating income from continuing operations margin from 1.6% in fiscal year 2014 to 8.2% in fiscal year 2017. Few thought we could achieve the 8% goal as quickly as we did. We now are earnestly pushing to achieve the goal of a consistent 10% operating margin over the next three to five years. While the above outlook is organic, we fully expect to grow beyond the mid-single digit growth level when including future acquisitions,” noted Mr. Schneider.
The Company's financial targets assume that economic conditions do not significantly worsen, negatively affecting the industries which it serves. It also does not include any potential impact to sales and earnings related to future acquisitions or the government’s review of our subcontract reporting process.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's financial performance that excludes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States in the statement of income, statement of comprehensive income, balance sheet, or statement of cash flows of the Company. The non-GAAP financial measures used within this release are organic net sales and EBITDA. Organic net sales are defined as net sales excluding acquisition-related sales, and EBITDA is defined as net income before interest expense, income taxes, depreciation expense, and amortization expense. A reconciliation of the reported GAAP numbers to the non-GAAP financial measures is included in the Reconciliation of Non-GAAP Financial Measures table below. Management believes that organic net sales is useful to investors to aid in identifying underlying trends in our business and facilitating comparisons of our sales performance with prior periods. Management believes that EBITDA is a useful measurement to assist investors in comparing our performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect our core operating performance.
The orders received metric is a key performance indicator used to evaluate general sales trends and develop future operating plans. Orders received represent firm orders placed by our customers during the current quarter which are expected to be recognized as revenue during current or future quarters. The orders received metric is not intended to be presented as an alternative measure of revenue recognized in accordance with GAAP.
Certain statements contained within this release are considered forward-looking under the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties including, but not limited to, the risk that any projections or guidance, including revenues, margins, earnings, or any other financial results are not realized, uncertainties related to the future impact of federal tax reform, the outcome of a governmental review of our subcontractor reporting practices, adverse changes in the global economic conditions, significant volume reductions from key contract customers, significant reduction in customer order patterns, financial stability of key customers and suppliers, and availability or cost of raw materials. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the Company are contained in the Company's Form 10-K filing for the fiscal year ended June 30, 2017 and other filings with the Securities and Exchange Commission.
Conference Call / Webcast Date: May 2, 2018 Time: 11:00 AM Eastern Time Dial-In #: 844-602-5643 (International Calls - 574-990-3014) Pass Code: Kimball A webcast of the live conference call may be accessed by visiting Kimball International's Investor Relations website at www.ir.kimballinternational.com .
For those unable to participate in the live webcast, the call will be archived at www.ir.kimballinternational.com within two hours of the conclusion of the live call.
About Kimball International, Inc.
Kimball International, Inc. creates design driven, innovative furnishings sold through our family of brands: Kimball, National, and Kimball Hospitality. Our diverse portfolio offers solutions for the workplace, learning, healing, and hospitality environments. Dedicated to our Guiding Principles, our values and integrity are evidenced by public recognition as a highly trusted company and an employer of choice. “ We Build Success ” by establishing long-term relationships with customers, employees, suppliers, shareowners and the communities in which we operate. To learn more about Kimball International, Inc. (NASDAQ:KBAL), visit www.kimballinternational.com .
Financial highlights for the third quarter ended March 31, 2018 are as follows:
Condensed Consolidated Statements of Income (Unaudited) Three Months Ended (Amounts in Thousands, except per share data) March 31, 2018 March 31, 2017 Net Sales $ 157,897 100.0% $ 153,068 100.0% Cost of Sales 110,142 69.8% 102,016 66.6% Gross Profit 47,755 30.2% 51,052 33.4% Selling and Administrative Expenses 39,245 24.8% 40,106 26.2% Operating Income 8,510 5.4% 10,946 7.2% Other Income (Expense), net (2 ) 0.0% 492 0.3% Income Before Taxes on Income 8,508 5.4% 11,438 7.5% Provision for Income Taxes 2,658 1.7% 4,207 2.8% Net Income $ 5,850 3.7% $ 7,231 4.7% Earnings Per Share of Common Stock: Basic $ 0.16 $ 0.19 Diluted $ 0.16 $ 0.19 Average Number of Total Shares Outstanding: Basic 37,259 37,236 Diluted 37,539 37,730
(Unaudited) Nine Months Ended (Amounts in Thousands, except per share data) March 31, 2018 March 31, 2017 Net Sales $ 501,088 100.0% $ 497,951 100.0% Cost of Sales 339,808 67.8% 332,454 66.8% Gross Profit 161,280 32.2% 165,497 33.2% Selling and Administrative Expenses 124,808 24.9% 126,061 25.3% Restructuring (Gain) Expense 0 0.0% (1,832 ) (0.4%) Operating Income 36,472 7.3% 41,268 8.3% Other Income, net 910 0.2% 899 0.2% Income Before Taxes on Income 37,382 7.5% 42,167 8.5% Provision for Income Taxes 13,197 2.7% 15,221 3.1% Net Income $ 24,185 4.8% $ 26,946 5.4% Earnings Per Share of Common Stock: Basic $ 0.65 $ 0.72 Diluted $ 0.64 $ 0.71 Average Number of Total Shares Outstanding: Basic 37,388 37,360 Diluted 37,713 37,918
(Unaudited) Condensed Consolidated Balance Sheets March 31,
2018 June 30,
2017 (Amounts in Thousands) ASSETS 39,554 $ 62,882 Short-term investments 38,195 35,683 Receivables, net 46,961 53,909 Inventories 39,037 38,062 Prepaid expenses and other current assets 18,708 8,050 Assets held for sale 281 4,223 Property and Equipment, net 81,260 80,069 Goodwill 8,824 0 Intangible Assets, net 12,882 2,932 Deferred Tax Assets 8,886 14,487 Other Assets 13,492 13,450 Total Assets $ 308,080 $ 313,747 LIABILITIES AND SHARE OWNERS' EQUITY Current maturities of long-term debt $ 23 $ 27 Accounts payable 39,756 44,730 Customer deposits 25,384 20,516 Sale-leaseback financing obligation 0 3,752 Dividends payable 2,710 2,296 Accrued expenses 38,290 49,018 Long-term debt, less current maturities 161 184 Other 16,554 17,020 Share Owners' Equity 185,202 176,204 Total Liabilities and Share Owners' Equity $ 308,080 $ 313,747
Condensed Consolidated Statements of Cash Flows Nine Months Ended (Unaudited) March 31, (Amounts in Thousands) 2018 2017 Net Cash Flow provided by Operating Activities $ 26,399 $ 49,738 Net Cash Flow used for Investing Activities (31,674 ) (23,070 ) Net Cash Flow used for Financing Activities (18,053 ) (14,267 ) Net (Decrease) Increase in Cash and Cash Equivalents (23,328 ) 12,401 Cash and Cash Equivalents at Beginning of Period 62,882 47,576 Cash and Cash Equivalents at End of Period $ 39,554 $ 59,977
Net Sales by End Vertical Market Three Months Ended Nine Months Ended (Unaudited) March 31, March 31, (Amounts in Millions) 2018 2017 % Change 2018 2017 % Change Commercial $ 49.6 $ 47.0 6% $ 149.0 $ 147.7 1% Education 12.2 13.5 (10%) 59.3 54.7 8% Finance 17.5 17.5 0% 48.2 51.0 (5%) Government 16.5 17.2 (4%) 62.7 53.4 17% Healthcare 19.0 22.1 (14%) 62.1 74.6 (17%) Hospitality 43.1 35.8 20% 119.8 116.6 3% Total Net Sales $ 157.9 $ 153.1 3% $ 501.1 $ 498.0 1%
Orders Received by End Vertical Market Three Months Ended Nine Months Ended (Unaudited) March 31, March 31, (Amounts in Millions) 2018 2017 % Change 2018 2017 % Change Commercial $ 48.7 $ 52.8 (8%) $ 152.5 $ 158.5 (4%) Education 16.9 19.4 (13%) 53.5 53.0 1% Finance 18.1 15.0 21% 53.2 52.7 1% Government 16.0 23.4 (32%) 58.8 59.1 (1%) Healthcare 22.5 23.4 (4%) 67.7 76.6 (12%) Hospitality 34.6 32.4 7% 114.1 109.7 4% Total Orders Received $ 156.8 $ 166.4 (6%) $ 499.8 $ 509.6 (2%) During the second quarter of fiscal year 2018, vertical market reporting was redefined to better reflect the end markets that the Company serves. The largest shifts among vertical markets were sales to certain government-affiliated medical facilities, which were previously classified in the government vertical market and are now classified in the healthcare vertical market. Prior period information was estimated to reflect the new vertical market definitions on a comparable basis.
Supplementary Information Components of Other Income (Expense), net Three Months Ended Nine Months Ended (Unaudited) March 31, March 31, (Amounts in Thousands) 2018 2017 2018 2017 Interest Income $ 258 $ 136 $ 726 $ 345 Interest Expense (55 ) (5 ) (160 ) (15 ) Foreign Currency Loss (18 ) (14 ) (31 ) (28 ) Gain (Loss) on Supplemental Employee Retirement Plan Investment (8 ) 473 756 869 Other Non-Operating Expense (179 ) (98 ) (381 ) (272 ) Other Income (Expense), net $ (2 ) $ 492 $ 910 $ 899
Reconciliation of Non-GAAP Financial Measures (Unaudited) (Amounts in Thousands) Net Sales excluding D'style acquisition (“Organic Net Sales”) Three Months Net Sales, as reported $ 157,897 $ 153,068 Less: D'style acquisition net sales 4,834 0 Organic Net Sales $ 153,063 $ 153,068 Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) Three Months Net Income $ 5,850 $ 7,231 Provision for Income Taxes 2,658 4,207 Income Before Taxes on Income 8,508 11,438 Interest Expense 55 5 Interest Income (258 ) (136 ) Depreciation and Amortization 3,970 3,849 EBITDA $ 12,275 $ 15,156 Contact:
Dennis Gerber
Investor Relations
812-482-8619
[email protected]
Source:Kimball International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-kimball-international-inc-reports-third-quarter-fiscal-year-2018-results.html |
FRANKFURT (Reuters) - Demand for global air freight grew at its slowest pace in almost two years in March as a restocking of inventories by businesses came to an end and global trade softened, the International Air Transport Association (IATA) said on Wednesday.
The International Air Transport Association (IATA) logo is seen at the International Tourism Trade Fair ITB in Berlin, Germany, March 7, 2018. REUTERS/Fabrizio Bensch Demand as measured in freight tonne kilometers rose 1.7 percent in March compared with the year-earlier period, which is 5 percentage points less than February’s growth rate and the lowest in 22 months, IATA said.
All regions except Latin America reported year-on-year declines in growth in March, the association said.
Available capacity growth fell to 4.4 percent in March compared with 6.3 percent in February. That was the first time in 20 months that annual capacity rose faster than demand.
The outlook for air freight in 2018 nonetheless remains optimistic, IATA Chief Executive Alexandre de Juniac said, with demand expected to grow by 4 to 5 percent, though higher oil prices and patchy economic growth were clear headwinds.
“The biggest damage could be political. The implementation of protectionist measures would be an own-goal for all involved, especially the U.S. and China,” he said.
Reporting by Riham Alkousaa; editing by David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-airlines-iata-freight/air-freight-grows-at-slowest-rate-in-22-months-as-restocking-ends-iata-idUSKBN1I31ZA |
Top animal health company Zoetis will buy Abaxis for $1.9 billion, as it looks to capture a bigger slice of the fast-growing market for veterinary diagnostics services.
Zoetis expects the diagnostics category which currently accounts for a small share of its more than $5 billion in annual revenue to grow faster than the animal health-care industry.
The veterinary diagnostics market worldwide is expected grow to $3.62 billion in 2022 from $2.31 billion in 2017, according to research firm MarketsandMarkets.
Abaxis should also help New Jersey-based Zoetis lower its reliance on its large animal dermatology business that faces looming competition from smaller firms.
Shares of Abaxis jumped about 15 percent to $82.75 in premarket trading on Wednesday, just shy of Zoetis' all-cash offer price of $83 per Abaxis share. The stock has surged 45 percent since the start of the year.
Zoetis will fund the deal through cash and new debt. It expects the deal to close before the end of the year and Abaxis to add to its earnings in 2019.
Abaxis provides tools and services that detect, prevent and treat animal diseases.
Guggenheim Securities and Barclays were Zoetis' financial advisers, while Piper Jaffray advised Abaxis. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/zoetis-to-buy-veterinary-diagnostics-firm-abaxis-for-1-point-9-billion.html |
SAN FRANCISCO--(BUSINESS WIRE)-- Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Renton, Washington on May 7, 2018 for a purchase price of approximately $6.0 million.
The property consists of one industrial distribution building containing approximately 39,000 square feet on approximately 2.3 acres adjacent to the intersection of Interstate 405 and Highway 167 in the northern Kent Valley. The property is at 2701 East Valley Road, provides four dock-high and three grade-level loading positions, parking for 42 cars and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 5.2%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”, “result”, “should”, “will”, and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2017 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005037/en/
Terreno Realty Corporation
W. Blake Baird, 415-655-4580
Michael A. Coke, 415-655-4580
Source: Terreno Realty Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-terreno-realty-corporation-acquires-building-in-renton-wa-for-6-point-0-million.html |
May 24 (Reuters) - Perry Ellis International Inc:
* PERRY ELLIS SPECIAL COMMITTEE ISSUES STATEMENT * PERRY ELLIS INTERNATIONAL SAYS SPECIAL COMMITTEE NOTED NO DECISION HAS BEEN MADE WITH RESPECT TO CO’S RESPONSE TO GEORGE FELDENKREIS PROPOSAL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-perry-ellis-special-committee-issu/brief-perry-ellis-special-committee-issues-statement-idUSASC0A3JN |
May 1, 2018 / 1:51 AM / Updated 12 minutes ago Oil extends gains, buoyed by Iran sanction worries Osamu Tsukimori 2 Min Read
TOKYO (Reuters) - Oil prices extended gains on Tuesday, supported by comments from Israeli Prime Minister Benjamin Netanyahu that he was sure U.S. President Donald Trump would do “the right thing” in reviewing Iran’s nuclear deal with western powers. Oil pumps are seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian Hartmann
U.S. West Texas Intermediate crude for June delivery CLc1 was up 11 cents, or 0.2 percent, at $68.68 a barrel by 0114 GMT, after settling up 47 cents on Monday.
London Brent crude LCOc1 for new July delivery was up 11 cents at $74.80. The June contract expired on Monday, settling up 53 cents at $75.17.
Oil prices jumped on Monday, reversing earlier losses, after Netanyahu said Israel has evidence that Iran lied about its nuclear programme after signing the 2015 agreement with global powers. Iran dismissed Netanyahu’s accusations, calling them “propaganda”.
Trump has until May 12 to decide whether to restore sanctions on key oil-producer Iran that were lifted after the international agreement.
Oil prices rose to the highest since November, 2014 in late April, driven by concern over potential disruptions to Iranian crude flows. Analysts said the market is extremely sensitive to any developments on the nuclear deal and sanctions.
Meanwhile, U.S. crude production jumped 260,000 barrels per day (bpd) to 10.26 million bpd in February, the highest on record, the Energy Information Administration said in a monthly report on Monday.
Trade was quiet in Asia as many markets including China, India and Singapore were closed on Tuesday for public holidays. Reporting by Osamu Tsukimori; Editing by Joseph Radford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-oil/oil-extends-gains-buoyed-by-iran-sanction-worries-idUKKBN1I22M8 |
May 25, 2018 / 7:02 AM / Updated 8 minutes ago RPT-UPDATE 1-Romania to maintain fiscal stimulus policy until 2020 -ruling party chief Reuters Staff
(Repeats with no changes to text)
* Romania to push for investment to generate budget revenue
* Dragnea is seen as Romania’s most powerful politician
* European Commission worried over budget targets
By Luiza Ilie
BUCHAREST, May 23 (Reuters) - Romania’s government will maintain its policy of cutting taxes and raising the minimum wage and state pensions until 2020 in a bid to improve living standards, the leader of the ruling Social Democrats said on Wednesday.
The government could also make it optional to join a private pension scheme, said Liviu Dragnea, who holds a tight grip on his party and is also speaker of parliament’s lower house.
Membership of private pensions is mandatory for employees under 35 and and any changes could hurt the capital market as pension funds are among its biggest investors.
Dragnea is seen as the eastern European country’s most powerful politician even though he is barred from becoming prime minister because of a prior conviction in a vote rigging case.
“The need for fiscal relaxation both for the private sector and for employees was acute. And ... it will continue, we will lower both the number of taxes and their amount,” he told Reuters.
The country will also push for investment to generate budget revenue and attempt to sell stakes in a slew of government companies on the Bucharest bourse over the next two years, Dragnea said.
The government went back and forth on its tax intentions last year, provoking uncertainty among investors and weighing on the leu currency, but it ultimately cut income tax and social security contributions while shifting their burden solely onto employees. It also enforced consumption-friendly wage hikes at the expense of infrastructure investment.
“We couldn’t wait years to make the changes we committed to in our programme,” Dragnea said.
Steps already taken to loosen fiscal policy have raised European Commission concerns about the possibility of overshooting budget targets.
Brussels expects Romania, which joined the European Union in 2007, to run a deficit of 3.4 percent of gross domestic product this year, above its 2.9 percent target, unless it takes fresh steps to curb costs.
But Dragnea said the government would meet its 2018 deficit target without additional measures and he stuck to a growth estimate of 5.5 percent despite a lower than expected first-quarter expansion of 4 percent. SOCIAL SECURITY
Dragnea said that by 2020, social security contributions would be cut further, to below 35 percent, from 37.25 percent currently. Value added tax would be cut by a further one percentage point to 18 percent, but it was yet undecided whether the cut would occur next year or in 2020.
He said the government planned to lower a 16 percent tax on profit to 10 percent for companies with turnover higher than 1 million euros in 2020. Property taxes were also seen falling.
The ruling party is working on measures to support the bourse from next year, including exempting employees of the capital market and brokerages from income tax. A decision on whether to eliminate a 5 percent tax on dividends was still being analyzed, he said.
He added the minimum wage was set to reach at least 300 euros ($350) by 2020, while the minimum pension would rise to roughly 200 euros.
“We are talking about wage and pension hikes to levels that could appear ridiculous to the West,” Dragnea said. “There have been too many years of austerity.”
He shrugged off concerns about the potential impact of further stimulus on the current account and inflation.
He said the government planned to focus on boosting revenue through investment, promoting aid schemes, tapping EU funds and kickstarting public-private partnerships for infrastructure works. Long-delayed bourse listings were also in line.
“Beginning with 2019-2020, an overwhelming majority of state-owned companies will be listed on the bourse.”
The blue-chip index hit a three-month low this week after preliminary government plans to cut contributions to a second-pillar private pension scheme from the second half of the year were released and then immediately denied.
“We have said we want to present a rigurous analysis in 2018 of all the data necessary to make Romanians understand whether and how much they can gain from the pension system, giving them the right to choose knowingly.” ($1 = 0.8549 euros) (Editing by Matthew Mpoke Bigg) | ashraq/financial-news-articles | https://www.reuters.com/article/romania-government-economy/rpt-update-1-romania-to-maintain-fiscal-stimulus-policy-until-2020-ruling-party-chief-idUSL5N1SU7BU |
May 3 (Reuters) - EGYPTIAN CO FOR INTERNATIONAL TOURISTIC PROJECTS SAE:
* Q1 CONSOL NET PROFIT AFTER TAX EGP 33.8 MILLION VERSUS LOSS OF EGP 1.1 MILLION YEAR AGO
* Q1 CONSOL REVENUE EGP 801.3 MILLION VERSUS EGP 741.2 MILLION YEAR AGO Source:( bit.ly/2reNod0 )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-egyptian-co-for-international-tour/brief-egyptian-co-for-international-touristic-projects-posts-q1-consol-profit-idUSFWN1SA058 |
May 1, 2018 / 10:36 AM / Updated 5 minutes ago BRIEF-Aetna Reports Q1 Earnings Per Share $3.67 Reuters Staff
May 1 (Reuters) - Aetna Inc:
* AETNA REPORTS FIRST-QUARTER 2018 RESULTS * Q1 EARNINGS PER SHARE $3.67
* Q1 REVENUE $15.3 BILLION VERSUS I/B/E/S VIEW $15.29 BILLION
* Q1 EARNINGS PER SHARE VIEW $2.97 — THOMSON REUTERS I/B/E/S
* QTRLY HEALTH CARE MEDICAL BENEFIT RATIO 80.4 PERCENT VERSUS 82.5 PERCENT REPORTED LAST YEAR
* MEDICAL MEMBERSHIP TOTALED 22.1 MILLION AT MARCH 31, 2018 VERSUS 22.2 MILLION AT DECEMBER 31, 2017
* AETNA - EFFECTIVE FOR Q1, CO REALIGNED BUSINESS SEGMENTS TO CORRESPOND WITH CHANGES TO ITS MANAGEMENT STRUCTURE & INTERNAL MANAGEMENT REPORTING
* AETNA - OPERATIONS ARE NOW CONDUCTED IN THE HEALTH CARE REPORTABLE SEGMENT
* AETNA - IN Q1, CO “EXPERIENCED FAVORABLE DEVELOPMENT OF PRIOR YEARS’ HEALTH CARE COST ESTIMATES IN ITS COMMERCIAL, MEDICARE AND MEDICAID PRODUCTS” Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aetna-reports-q1-earnings-per-shar/brief-aetna-reports-q1-earnings-per-share-3-67-idUSASC09YHY |
JERUSALEM, May 8 (Reuters) - Israel’s central bank made a return of 3 percent on its foreign currency reserves in 2017, handily beating its average return over three years of 1.7 percent, largely due to a boost in its allocation of equities, it said.
Reserves rose by $14.6 billion last year to $113 billion, of which $6.6 billion was bought by the Bank of Israel within the framework of monetary policy to contain the shekel’s appreciation and maintain exporters’ competitiveness.
It said it was able to achieve a high return despite the fact that one-third of the reserves are invested in European government bonds that offer low or negative yields.
The amount of equities in the portfolio rose to 13.3 percent last year from 10 percent in 2016, while the allocation of corporate bonds increased to 6 percent from 4.8 percent.
“The investment in equities more than doubled the cumulative return of the reserves portfolio in the past 6 years, but as equity markets are cyclical and volatile, it is reasonable to expect price declines in the future as well,” the bank said.
In the first three months of 2018, the level of foreign exchange reserves topped $115 billion, which is some 33 percent of GDP and above the “appropriate level” of $70-$110 billion set out by the central bank. (Reporting by Steven Scheer; Editing by Tova Cohen)
| ashraq/financial-news-articles | https://www.reuters.com/article/israel-cenbank-reserves/equities-drive-gains-in-bank-of-israel-forex-reserves-in-2017-idUSL8N1SF36J |
MADRID (Reuters) - The use of crypto-currencies creates more risks than benefits, the Bank of Spain head Luis Maria Linde said at a conference in Madrid on Wednesday.
FILE PHOTO: Spain's Central Bank Governor Luis Maria Linde attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 25, 2016. REUTERS/Susana Vera Speaking on the rise of new technologies in the banking and financial sectors, Linde also warned that the move to a digital economy came with cybernetic risks and challenges.
Reporting by Paul Day; Editing by Julien Toyer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-economy-bankofspainb/use-of-crypto-currencies-has-more-risks-than-benefits-bank-of-spain-head-idUSKCN1IO0YB |
Amazon.com Inc. found itself thrust into the contentious issue of government surveillance on Tuesday after dozens of civil-rights organizations called on the tech giant to stop selling its facial-recognition technology to law-enforcement organizations.
The retail giant has been selling the technology as a means to help authorities identify suspects in surveillance footage, according to documents the American Civil Liberties Union obtained from police departments through public-records requests.
... RELATED VIDEO Amazon wants to deliver everything you want to your doorstep, anywhere in the world. But the e-commerce giant faces several challenges in its pursuit of a global empire. WSJ's Karan Deep Singh breaks down the basics with the help of an Amazon delivery box. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/amazons-facial-recognition-fans-big-brother-fears-1527025556 |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- The Minister of Advanced Education, Skills and Training has appointed six new board members to the Industry Training Authority (ITA) . The new members bring diverse backgrounds, experiences and perspectives to skilled trades training.
The demand for skilled workers continues to grow provincially, nationally and globally. ITA’s Board of Directors is committed to working closely and collaboratively with industry, labour, training institutions and government to ensure world-class apprenticeship and training opportunities that support sustainable careers in our growing economy.
“I’d like to welcome the new board members and thank past members for their contributions,” said Melanie Mark, Minister of Advanced Education, Skills and Training. “We’re assembling a strong leadership team to help make sure British Columbians have the skills to create the best BC. A diversity of perspectives is important to ensure the Industry Training Authority’s actions work for people.”
Roberta Ellis was appointed as Board Chair on December 14, 2017, by the BC government. Ms. Ellis is the former Senior Vice President, Corporate Services and Human Resources, at WorkSafeBC.
The six new Board members are:
Bob Davis, President, Kwantlen Faculty Association at Kwantlen Polytechnic University; Cynthia Oliver, served 13 years as the President of the Federation of Post-Secondary Educators of BC (FPSE); Laird Cronk, International Representative for the BC/Yukon Region to the International Brotherhood of Electrical Workers (IBEW) – 1 st District Canada; Lisa Langevin, Assistant Business Manager for the Local 213 Branch of the International Brotherhood of Electrical Workers (IBEW); Peter Baker, Development and Employment Partnership Negotiator with the Squamish Nation Trades Centre; and Thomas Nyce, Indigenous Affairs Representative for Ledcor Industries Inc.
Andries Calitz, Chief Executive Officer, LNG Canada, has been re-appointed and Jonathan Whitworth, former Chief Executive Officer of Seaspan, will continue serving on the board.
On behalf of the board, senior leadership team and staff, ITA thanks the past board members for their contributions to ITA.
Full bios for the Board members can be found in the backgrounder and at www.itabc.ca/leadership/board-directors .
About the Industry Training Authority
The Industry Training Authority (ITA) leads and coordinates British Columbia’s skilled trades system. ITA works with apprentices, employers, industry, labour, training providers and government to fund training, issue credentials, support apprenticeships, set program standards and increase opportunities in the trades. www.itabc.ca
BACKGROUNDER
ITA’s Board of Directors effective May 1, 2018:
Roberta Ellis, ITA Board Chair
Roberta Ellis was most recently with WorkSafeBC for 17 years, retiring as Senior Vice-President, Corporate Services and Human Resources. Ms. Ellis’ responsibilities included investigations, policy and research, human resources and community relations. In Manitoba, she was the Associate Deputy Minister of Health between 1996 and 1999 and the Deputy Minister of Labour between 1989 and 1993.
Andries (Andy) Calitz, Chief Executive Officer, LNG Canada & ITA Board Director
Andy Calitz is currently the Chief Executive Officer of LNG Canada, a Shell-Petro China-Kogas-Mitsubishi joint venture. Mr. Calitz was educated as an Electrical Engineer at the University of Stellenbosch in South Africa, with further qualifications in Commerce, Management and Business Administration from Harvard Business School in the United States, the University of the Witwatersrand, the University of South Africa and Insead.
Bob Davis, President, Kwantlen Faculty Association at Kwantlen Polytechnic University & ITA Board Director
Bob Davis is President of the Faculty Association for Kwantlen Polytechnic University and is a member of the Presidents Council for the Federation of Post‐Secondary Educators (FPSE). Mr. Davis volunteers for Canadian Apprenticeship Forum Projects and has served on the BC Federation of Labour Apprenticeship and Skills Training Working Group and Canada Labour Congress Apprenticeship Working Group. He holds a Millwright Interprovincial Red Seal and has been a Millwright Instructor for 20 years.
Cynthia (Cindy) Oliver, President, Federation of Post-Secondary Educators of BC (FPSE) & ITA Board Director
Cynthia Oliver served 13 years as the President of FPSE, a role which involved leading the organization in the provincial bargaining process and conducting public advocacy on issues related to post-secondary education. Ms. Oliver previously served in roles as President, Vice‐President and Instructor at the College of the Rockies. She holds a Master’s degree in Adult Education and a Bachelor of Arts (Honours) in English.
Jonathan Whitworth, ITA Board Director
Jonathan Whitworth is the former Chief Executive Officer of Seaspan, one of the largest marine operators and shipyard companies in Canada. He assumed the role in 2009, bringing over 20 years of seagoing, shore side, strategic planning, management, and leadership experience to the organization, and retired as CEO in 2017.
Laird Cronk, International Representative, BC/Yukon & Alberta Region of the International Brotherhood of Electrical Workers (IBEW) & ITA Board Director
Laird Cronk has been a member of the National Electrical Trade Council, the Lead International Representative of the National Strategic Political Action/Media Strategy Committee, the Chairperson of the Western Canada Mechanical Alliance Committee (MAC), Implementation Steering Committee, a National Labour Representative on the Canadian Standards Association Electrical Code – Part 1 – Technical Committee, and Chair of the BC Federation of Labour’s Apprenticeship Skills Training Working Group. Mr. Cronk was an Employment Standards Officer with the BC Ministry of Labour, during which time he acted as a Policy and Program Advisor/Analyst for the Director of Employment Standards. He was also an Electrician for over 12 years.
Lisa Langevin, Assistant Business Manager, Local 213 Branch of the International Brotherhood of Electrical Workers (IBEW) & ITA Board Director
Lisa Langevin, a champion of diversity, has experience as a co‐chair of both the IBEW 213 and BC IBEW Women’s Committees and has played a key role in Build Together, an organization dedicated to promoting the recruitment and retention of workers in the trades from underrepresented portions of the population. Ms. Langevin holds a Bachelor of Arts in Psychology from Simon Fraser University and acquired her Electrician Red Seal from the British Columbia Institute of Technology.
Peter Baker, Training and Development Advisor, Squamish First Nation Trades Centre & ITA Board Director
Peter Baker has over ten years of restaurant management experience as well as two years of experience in consulting and project management. Mr. Baker holds a Bachelor of Arts in Political Science and Government from the University of Victoria and has a certificate in Bookkeeping from Ashton College.
Rick Kasper, non-voting ex-officio member of ITA Board
Rick Kasper is a retired Bricklayer and Stonemason who operated a small business for many years. He served as District of Sooke Councillor from 2005-2008, and was re-elected to Council in 2011. In 1991, Mr. Kasper was elected to the BC Legislature and served as MLA for Malahat-Juan de Fuca for 10 years. Rick served as a Director on ITA’s Board from December 2013 to April 2018.
Thomas Nyce, Indigenous Affairs Representative for Ledcor Industries Inc . & ITA Board Director
For the past five years Thomas Nyce has worked in multiple roles with Ledcor Industries Inc. Currently he is a member of Ledcor's Indigenous Affairs Team where he actively seeks to enhance the relationship between Ledcor Industries, their affiliated business partners and the Indigenous communities in which they work. Mr. Nyce is a certified LEED Green Associate and holds a business degree from Camosun College, his electrical certification from Thompson Rivers University and a diploma in Indigenous Business Leadership from Camosun College.
For interviews or more information, please contact: Susan Kirk Director of Communications, ITA Cell: 604-315-9959 Email: [email protected] Danielle Bronson Edelman Vancouver Cell: 604.616.4425 Email: [email protected]
Source:Industry Training Authority | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-new-board-appointments-for-industry-training-authority-itaabcas-skilled-trades-and-apprenticeship-system.html |
BILLINGS, Mont. (AP) — A pair of lawsuits filed Monday target the Trump administration's sale of oil and gas leases on huge swaths of Western public lands that contain crucial habitat for an imperiled bird.
Wildlife advocates asked courts to reverse lease sales on more than 1,300 square miles (3,400 square kilometers) of land in Montana, Wyoming, Utah and Nevada, according to attorneys involved.
The legal actions also sought to block several upcoming sales unless the U.S. Interior Department conducts further environmental reviews. Those leases would total more than 1,800 square miles (4,662 square kilometers) in the four states plus Idaho.
Many of the parcels in dispute are home to greater sage grouse, a chicken-sized, ground-dwelling bird that ranges across portions of 11 Western states.
Greater sage grouse populations drastically declined in recent decades, because of energy development that broke up the bird's habitat, along with disease, livestock grazing and other causes. Its population once numbered in the millions but had fallen to fewer than 500,000 by 2015, according to wildlife officials.
Under former President Barack Obama, the Interior Department delayed lease sales on millions of acres of public lands largely because of sage grouse worries. In 2015, it adopted a set of wide-ranging plans meant to protect the best grouse habitat and keep the bird off the endangered species list.
Trump's Interior secretary, Ryan Zinke, has placed a greater priority on energy development, including directives from the agency that modified restrictions imposed by the Obama administration.
Attorneys behind Monday's lawsuits argued those modifications were improper and that Zinke's agency unlawfully limited environmental reviews of lease sales.
"They are indiscriminately leasing everything that's nominated in sage grouse habitat, without any determination beforehand that maybe these areas are particularly important" to the bird, said Michael Saul, an attorney with the Center for Biological Diversity
Justice Department spokesman Wyn Hornbuckle declined comment on the matter.
Energy industry representatives have been strongly supportive of Zinke's pro-energy agenda. They point out that even when land is leased for drilling, companies must abide by limitations on when they can drill to avoid disrupting grouse during breeding season.
"We realize there are some hoops we're going to have to jump through if we're going to develop the resource," said Alan Olson, executive director of the Montana Petroleum Association.
Monday's lawsuits included one in Idaho filed by Center for Biological Diversity and Western Watersheds Project, and another in Montana by the Montana Wildlife Federation, The Wilderness Society, National Audubon Society and National Wildlife Federation.
Also Monday, environmentalists agreed to a truce in a third lawsuit over protections for the Gunnison sage grouse, a smaller cousin of the greater sage grouse.
The Gunnison grouse, found only in Colorado and Utah, was designated a threatened species in 2014. Center for Biological Diversity and Western Watersheds Project sued the federal government the next year, saying the Gunnison grouse should be classified endangered, meaning it is in greater danger and warrants stronger protections than a threatened species.
The two groups said they would put the lawsuit on hold after federal officials agreed to come up with a recovery plan for the bird within 2½ years.
The deadline guarantees the recovery plan won't drag out for years, the groups said. They could resume their lawsuit if the government misses the deadline, or if they are unhappy with the recovery plan.
Only about 5,000 Gunnison sage grouse were left in 2014.
Associated Press writer Dan Elliott contributed to this story from Denver. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/the-associated-press-lawsuits-target-oil-gas-leases-in-imperiled-birds-habitat.html |
NEW YORK--(BUSINESS WIRE)-- Harvest Capital Credit Corporation (the “Company”) (NASDAQ:HCAP) announced that its Board of Directors declared distributions of $0.095 per share for the months of April, May and June. The April distribution is payable on May 29, 2018 to shareholders of record on May 22, 2018. The May distribution is payable on June 27, 2018 to shareholders of record on June 20, 2018. The June distribution is payable on July 26, 2018 to shareholders of record on July 19, 2018. The Company's distributions may include a return of capital to shareholders to the extent that the Company's net investment income and net capital gains are insufficient to support the distributions. Distributions that are treated for tax purposes as a return of capital will reduce each shareholder's basis in his, her or its shares. Returns of shareholder capital also have the effect of reducing the Company's assets.
FINANCIAL HIGHLIGHTS
Q1-18 Q1-17 Amount Per
share
Amount Per
share
Net investment income $ 1,215,288 $ 0.19 $ 2,237,657 $ 0.35 Core net investment income (1) $ 1,215,288 $ 0.19 $ 2,237,657 $ 0.35 Net realized gains (losses) on investments $ (885,642 ) $ (0.14 ) $ 4,096 $ — Net change in unrealized appreciation $ 1,740,349 $ 0.27 $ 91,800 $ 0.02 Net income $ 2,069,955 $ 0.32 $ 2,333,553 $ 0.37 Weighted average shares outstanding (basic and diluted) 6,437,478 6,350,229 (1) Core net investment income and core net investment income per share are non-GAAP financial measures. Reconciliations of core net investment income and core net investment income per share to the most directly comparable GAAP financial measure and other information regarding these non-GAAP financial measures are set forth in Schedule 1 hereto. PORTFOLIO ACTIVITY
March 31, 2018 December 31, 2017 Portfolio investments at fair value $ 118,272,063 $ 115,600,678 Total assets $ 121,934,237 $ 128,152,840 Net assets $ 81,295,937 $ 81,781,429 Shares outstanding 6,401,175 6,457,588 Net asset value per share $ 12.70 $ 12.66 Q1-18 Q1-17 Portfolio activity during the period: New debt investment commitments $ 8,000,000 $ 15,077,425 New equity investments 150,000 1,043,640 Exits of debt investment commitments (6,753,125 ) (4,222,947 ) Sale of equity investments (4,480 ) — Principal repayments (771,962 ) (6,505,110 ) Net activity $ 620,433 $ 5,393,008 March 31, 2018 December 31, 2017 Number of portfolio company investments 30 31 Number of debt investments 23 28 Weighted average yield of debt investments (1): Cash 11.4 % 11.3 % PIK 1.3 % 1.4 % Fee amortization 2.0 % 2.6 % Total 14.7 % 15.3 % (1) The dollar-weighted average annualized effective yield is computed using the effective interest rates for our debt investments and other income producing investments, including cash and PIK interest as well as the accretion of deferred fees. The individual investment yields are then weighted by the respective fair values of the investments (as of the date presented) in calculating the weighted average effective yield of the portfolio. The dollar-weighted average annualized yield on the Company’s investments for a given period will generally be higher than what investors in our common stock would realize in a return over the same period because the dollar-weighted average annualized yield does not reflect the Company’s expenses or any sales load that may be paid by investors. Infinite Care, LLC was excluded from the calculation as of March 31, 2018 and December 31, 2017 because it was on non-accrual status on that date. The weighted average effective yield of our debt and other income-producing investments, as of March 31, 2018 and December 31, 2017, was approximately 14.7% and 15.3%, respectively. The weighted average effective yield on the entire portfolio as of March 31, 2018 and December 31, 2017, was 13.1% and 13.7%, respectively.
FIRST QUARTER OF 2018 OPERATING RESULTS
For the quarter ended March 31, 2018, the Company reported net income of $2.1 million, a decrease of $0.2 million from $2.3 million of net income in the quarter ended March 31, 2017. Per share earnings were $0.32 and $0.37 per share for the three months ended March 31, 2018 and 2017, respectively.
For the quarter ended March 31, 2018, the Company reported a $1.0 million decrease in net investment income and core net investment income, compared to the quarter ended March 31, 2017. Net investment income and core net investment income was $1.2 million, or $0.19 per share, for the quarter ended March 31, 2018, compared to $2.2 million, or $0.35 per share, for the quarter ended March 31, 2017.
The decrease in net income of $0.3 million for the quarter ended March 31, 2018 was primarily attributable to a $0.9 million decrease in investment income, $0.3 million increase in operating expenses, offset by $0.1 million decrease in interest expense and $0.8 million net unrealized and realized gains on investments for the quarter ended March 31, 2018, as compared to the quarter ended March 31, 2017.
Net investment income and core net investment income decreased in the quarter ended March 31, 2018, as compared to the quarter ended March 31, 2017, primarily as a result of lower investment income and higher operating expenses, including $0.3 million of additional professional fees, net of reimbursement by HCAP Advisors, incurred which majority of such fees related to the material weakness the Company identified in its annual report on Form 10-K for the year ended December 31, 2017, which the Company does not expect to recur in the future, in the quarter ended March 31, 2018. Investment income was lower as a result of a smaller investment portfolio and lower weighted average effective yield for the quarter ended March 31, 2018, as compared to the quarter ended March 31, 2017.
As of March 31, 2018, our total portfolio investments at fair value and total assets were $118.2 million and $121.9 million, respectively, compared to $115.6 million and $128.2 million at December 31, 2017. Net asset value per share was $12.70 at March 31, 2018, compared to $12.66 at December 31, 2017.
During the first quarter of 2018, the Company made investments in three companies totaling $7.9 million, net of fees. One investment was in a new portfolio company and two additional investments were in existing portfolio companies. The Company also had investment sales, payoffs and commitment expirations totaling $6.8 million during the three months ended March 31, 2018. The investment activity for the quarter ended March 31, 2018 was as follows:
New and Incremental Investments
During the first quarter of 2018, the Company increased its debt investment in Infinite Care, LLC by $0.9 million through three over-advances on its revolver commitment. The Company also took control of the borrower's equity after accelerating the debt and auctioning the borrower's equity in a public sale. The Company bid a portion of its outstanding debt to gain control of the company. Upon completion of this process, the Company converted $2.0 million of its debt investment in the borrower to membership interests in Infinite Care.
On January 24, 2018, the Company made a $7.0 million senior secured debt investment and a $0.2 million preferred equity investment in Coastal Screen and Rail, LLC. The debt investment consists of a $6.5 million term loan and a $0.5 million revolver. The term loan carries an interest rate of 10.50% cash plus 1.50% PIK. The revolver carries an interest rate of LIBOR + 8.00% on funded balances.
On February 13, 2018, the Company increased its debt investment in Northeast Metal Works, LLC with a $0.2 million revolver increase by an amendment to the existing credit agreement. The revolver carries a fixed interest rate of 14.25%.
Investment Payoffs
On February 13, 2018, the Company received $4,878 from the sale of 7 Class A membership units in Northeast Metal Works, LLC.
On March 7, 2018, the Company received a full repayment at par plus a 2% prepayment fee on its $2.0 million junior secured debt investment in Turning Point Brands, Inc. The Company generated an internal rate of return ("IRR") of 15.0% on its investment. IRR is the rate of return that makes the net present value of all cash flows into or from the investment equal to zero, and is calculated based on the amount of each cash flow received or invested by the Company and the day it was invested or received.
On March 12, 2018, the Company received $3.9 million for its $4.6 million debt and $0.3 million equity investments in WorkWell, LLC. The Company also entered into a royalty agreement with the sponsor allowing it to recover up to another $0.1 million on its investment subject to certain future events. The Company generated a combined IRR of 5.2% on its debt and equity investments in WorkWell, LLC.
"We had a disappointing first quarter of 2018, with net investment income of $0.19 per share," said Joseph Jolson, Chairman and CEO, "reflecting the performance of a 15% smaller investment portfolio compared to last year, large payoffs in the second half of 2017, and elevated expense levels related to the previously disclosed issues in reporting our fourth quarter results, which such additional expenses represent about $0.04 per share, and are not expected to recur. On a positive note, we did report an improvement in net asset value to $12.70 per share and our weighted average risk rating remained relatively stable during the quarter. We also successfully completed the transition of our administrative services function to personnel located in our New York City office. Looking ahead, we are focused on leveraging our investment capital to a 0.8x debt to equity ratio by year-end 2018 and returning our risk rating back to its historical levels," concluded Mr. Jolson.
CREDIT QUALITY
The Company employs various risk management and monitoring tools to categorize and assess its investments. No less frequently than quarterly, the Company applies an investment risk rating system which uses a five-level numeric scale. The following is a description of the conditions associated with each investment rating:
Investment Rating 1 is used for investments that are performing above expectations, and whose risks remain favorable compared to the expected risk at the time of the original investment. Investment Rating 2 is used for investments that are performing within expectations and whose risks remain neutral compared to the expected risk at the time of the original investment. All new loans are initially rated 2. Investment Rating 3 is used for investments that are performing below expectations and that require closer monitoring, but where no loss of return or principal is expected. Portfolio companies with a rating of 3 may be out of compliance with financial covenants. Investment Rating 4 is used for investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are often in workout. Investments with a rating of 4 are those for which there is an increased possibility of some loss of return but no loss of principal is expected. Investment Rating 5 is used for investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are almost always in workout. Investments with a rating of 5 are those for which some loss of return and principal is expected.
As of March 31, 2018, the weighted average risk rating of the debt investments in the Company's portfolio decreased slightly to 2.24 from 2.23 in the previous quarter. Also, as of March 31, 2018, nine of the Company’s twenty-three debt investments were rated 1, eight investments were rated 2, four investments were rated 3, one investments was rated 4, and one investment was rated 5. As of March 31, 2018, one investment was on non-accrual status.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2018, the Company had $2.1 million of cash and restricted cash and $23.8 million of undrawn capacity on its $55.0 million senior secured revolving credit facility. The credit facility is secured by all of the Company’s assets and has an accordion feature that allows the size of the facility to increase up to $85.0 million.
Additionally, the Company holds three syndicated loans totaling $8.4 million at fair value as of March 31, 2018. These investments could be sold and the proceeds re-invested in our core lower-middle market strategy, as attractive opportunities arise.
SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO MARCH 31, 2018
On May 4, 2018, the Company's board of directors unanimously approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the Investment Company Act of 1940, as amended by the Small Business Credit Availability Act. As a result, the asset coverage ratio applicable to the Company will be changed from 200% to 150% effective May 4, 2019.
During the second quarter of 2018, the Company repurchased 14,678 shares of its common stock at an average price of $10.32.
CONFERENCE CALL
The Company will host a conference call on Thursday, May 10, 2018 at 11:00 a.m. Eastern Time to discuss its first quarter results. All interested parties are invited to participate in the conference call by dialing (888) 566-6060 (domestic) or (973) 200-3100 (international). Participants should enter the Conference ID 7085889 when prompted.
ABOUT HARVEST CAPITAL CREDIT CORPORATION
Harvest Capital Credit Corporation (NASDAQ: HCAP) provides customized financing solutions to privately held small and mid-sized companies in the U.S., generally targeting companies with annual revenues of less than $100 million and annual EBITDA of less than $15 million. The Company’s investment objective is to generate both current income and capital appreciation primarily by making direct investments in the form of subordinated debt, senior debt and, to a lesser extent, minority equity investments. Harvest Capital Credit Corporation is externally managed and has elected to be treated as a business development company under the Investment Company Act of 1940. For more information about Harvest Capital Credit Corporation, visit www.harvestcapitalcredit.com . However, the contents of such website are not and should not be deemed to be incorporated by reference herein.
Forward-Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not of historical fact (including statements containing the words "believes", "plans", "anticipates", "expects", "estimates", and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.
Harvest Capital Credit Corporation Consolidated Statements of Assets and Liabilities (Unaudited)
March 31, December 31, 2018 2017 ASSETS: Non-affiliated/non-control investments, at fair value (cost of $78,390,598 at 3/31/18 and $80,790,705 at 12/31/17) $ 80,556,770 $ 82,902,537 Affiliated investments, at fair value (cost of $28,955,241 at 3/31/18 and $26,365,364 at 12/31/17) 30,355,217 25,983,871 Control investments, at fair value (cost of $12,725,889 at 3/31/18 and $11,984,621 at 12/31/17) 7,360,076 6,714,270 Total investments, at fair value (cost of $120,071,728 at 3/31/18 and $119,140,690 at 12/31/17) 118,272,063 115,600,678 Cash 187,301 4,233,597 Restricted cash 1,895,942 7,230,840 Interest receivable 364,410 287,408 Accounts receivable – other 530,018 37,688 Deferred offering costs 146,446 146,446 Deferred financing costs 462,089 508,284 Other assets 75,968 107,899 Total assets $ 121,934,237 $ 128,152,840 LIABILITIES: Revolving line of credit $ 9,300,000 $ 16,721,853 Unsecured notes (net of deferred offering costs of $959,462 at 3/31/18 and $1,004,448 at 12/31/17) 27,790,538 27,745,552 Accrued interest payable 127,264 139,148 Accounts payable - base management fees 1,163,555 582,912 Accounts payable - administrative services 697,463 397,463 Accounts payable - accrued expenses 1,548,787 782,726 Other liabilities 10,693 1,757 Total liabilities 40,638,300 46,371,411 Commitments and contingencies (Note 8) NET ASSETS: Common stock, $0.001 par value, 100,000,000 shares authorized, 6,528,462 issued and 6,401,175 outstanding at 3/31/18 and 6,519,978 issued and 6,457,588 outstanding at 12/31/17 6,528 6,520 Capital in excess of common stock 93,132,713 93,043,208 Treasury shares at cost, 127,287 and 62,390 shares at 3/31/18 and 12/31/17, respectively (1,421,951 ) (724,039 ) Accumulated realized losses on investments (9,809,603 ) (8,923,961 ) Net unrealized depreciation on investments (1,799,664 ) (3,540,012 ) Undistributed net investment income 1,187,914 1,919,713 Total net assets 81,295,937 81,781,429 Total liabilities and net assets $ 121,934,237 $ 128,152,840 Common stock outstanding 6,401,175 6,457,588 Net asset value per common share $ 12.70 $ 12.66 Harvest Capital Credit Corporation Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31, 2018 2017 Investment Income: Interest: Cash - non-affiliated/non-control investments $ 2,325,116 $ 3,262,380 Cash - affiliated investments 706,571 272,830 Cash - control investments 83,388 92,957 PIK - non-affiliated/non-control investments 196,042 412,818 PIK - affiliated investments 167,877 78,013 Amortization of fees, discounts and premiums, net: Non-affiliated/non-control investments 191,033 518,262 Affiliated investments 15,841 15,988 Control investments — 3,526 Total interest income 3,685,868 4,656,774 Other income 54,916 12,964 Total investment income 3,740,784 4,669,738 Expenses: Interest expense – revolving line of credit 138,839 200,019 Interest expense - unused line of credit 81,655 65,843 Interest expense - deferred financing costs 55,121 74,848 Interest expense - unsecured notes 440,235 481,251 Interest expense - deferred offering costs 44,986 51,705 Total interest expense 760,836 873,666 Professional fees 1,032,288 221,252 General and administrative 290,285 245,728 Base management fees 580,643 680,184 Incentive management fees — 58,005 Administrative services expense 300,000 300,000 Total expenses, before reimbursement 2,964,052 2,378,835 Less: Professional fees reimbursed by HCAP Advisors, LLC (438,556 ) — Total expenses, after reimbursement 2,525,496 2,378,835 Net Investment Income, before taxes 1,215,288 2,290,903 Excise tax — 53,246 Net Investment Income, after taxes 1,215,288 2,237,657 Net realized gains (losses): Non-Affiliated / Non-Control investments — 4,096 Affiliated investments (885,642 ) — Net realized gains (losses) (885,642 ) 4,096 Net change in unrealized appreciation on investments 1,740,349 91,800 Total net unrealized and realized gains on investments 854,707 95,896 Net increase in net assets resulting from operations $ 2,069,995 $ 2,333,553 Net investment income per share $ 0.19 $ 0.35 Net increase (decrease) in net assets resulting from operations per share $ 0.32 $ 0.37 Weighted average shares outstanding (basic and diluted) 6,437,478 6,350,229 Dividends paid per common share $ 0.30 $ 0.34 SCHEDULE 1 Reconciliations of Net Investment Income to Core Net Investment Income Three months ended March 31, 2018 2017 Amount Per share (1) Amount Per share (1) Net investment income $ 1,215,288 $ 0.19 $ 2,237,657 $ 0.35 Core net investment income $ 1,215,288 $ 0.19 $ 2,237,657 $ 0.35 (1) All per share amounts are basic and diluted unless indicated otherwise. The purpose of core net investment income is to present net investment income without the effect of certain non-recurring charges, without the effect of incentive fees related to items not included in net investment income, and without the effect of any excise taxes related to realized capital gains and losses.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005329/en/
Investor & Media Relations:
Harvest Capital Credit Corporation
Joseph Jolson, (415) 835-8970
Chairman & Chief Executive Officer
[email protected]
or
William E. Alvarez, Jr, (212) 906-3589
Chief Financial Officer
[email protected]
Source: Harvest Capital Credit Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-harvest-capital-credit-corporation-announces-march-31-2018-financial-results-and-declares-distributions-for-april-may-and.html |
May 1 (Reuters) - Domtar Corp:
* ORATION REPORTS PRELIMINARY FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 SALES $1.3 BILLION VERSUS I/B/E/S VIEW $1.34 BILLION * Q1 EARNINGS PER SHARE VIEW $0.76 — THOMSON REUTERS I/B/E/S
* Q1 EARNINGS PER SHARE $0.87 EXCLUDING ITEMS * DOMTAR - “SOME OF OUR OPERATIONS WERE ADVERSELY AFFECTED BY SEVERE WEATHER” IN QUARTER, NOTABLY IN CO’S PULP BUSINESS, WHICH IMPACTED PRODUCTION & COSTS
* “SHORT-TERM OUTLOOK FOR PULP AND PAPER MARKETS CONTINUES TO BE FAVORABLE” Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-domtar-q1-earnings-per-share-086/brief-domtar-q1-earnings-per-share-0-86-idUSASC09YIE |
6 Hours Ago | 01:09
President Donald Trump sent the tweet that was heard around the world at 12:06 a.m. ET on May 31, 2017.
No, it wasn't about an important White House announcement. Rather, it was a tweet that contained a word that would confuse media outlets and Trump watchers. While there's still no official meaning for " covfefe, " the word finally has an official pronunciation from the president himself.
And it's thanks to a video the White House recently made to address the viral hearing test "Yanny or Laurel." The audio test has listeners debating over which word is being said during the clip. Members of the Trump administration, such as Ivanka Trump , Sarah Huckabee Sanders and Vice President Mike Pence chimed in .
But when it was President Trump's turn, he had this to say: "All I hear is 'covfefe.'" | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/donald-trump-says-covfefe-yanny-laurel-debate.html |
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