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John Chambers: There are not enough American unicorns 11 Hours Ago John Chambers, JC2 Ventures CEO and Cisco chairman emeritus, discusses valuations in the tech sector and what he sees for the future of domestic American start-ups. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/john-chambers-there-are-not-enough-american-unicorns.html |
Technology promises to make it easier for people with dementia to live independently for longer and stay connected with family and friends.
Home sensors, communications and personal navigational devices—some of which are already commercially available—provide ways to monitor patients and loved ones from afar. Robotics, smartphone apps and some intriguing experiments with tablet computers, meanwhile, show the potential to help sufferers of dementia sustain their social and family contacts.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/for-those-with-dementia-help-from-technology-1527559380 |
May 31, 2018 / 12:49 PM / Updated 7 hours ago Romania and Lithuania knowingly hosted secret CIA jails, European court rules Andrius Sytas 3 Min Read
VILNIUS (Reuters) - Lithuania and Romania hosted secret CIA prisons a decade ago and their authorities were aware that detainees were held there illegally, the European Court of Human Rights (ECHR) ruled on Thursday. A view shows the courtroom of the European Court of Human Rights in Strasbourg, France, January 24, 2018. REUTERS/Vincent Kessler
Washington’s so-called rendition program is still shrouded in secrecy, around a decade after it ended. Washington has acknowledged it held al Qaeda suspects in jails outside U.S. jurisdiction, but it has not provided a full list of locations.
The ECHR ruled four years ago that the CIA ran a secret jail in Poland. It has since been holding hearings about similar sites in Romania and Lithuania, neither of which has publicly acknowledged letting the U.S. agency hold prisoners on its soil.
The Strasburg-based court said Lithuania hosted a CIA jail between February 2005 and March 2006 and Romania between September 2003 and November 2005. Both contravened the European Human Rights Convention which prohibits torture, illegal detention and the death penalty.
In its ruling, the ECHR said a stateless Palestinian, Zayn Al-Abidin Muhammad Husayn, had been held in Lithuania and that authorities there “had known the CIA would subject him to treatment contrary to the Convention”.
“Lithuania had also permitted him to be moved to another CIA detention site in Afghanistan, exposing him to further ill-treatment,” it said.
The court said Romania had similarly violated the Convention in the case of a Saudi national, Abd Al Rahim Husseyn Muhammad Al Nashiri, who is facing the death penalty in the United States in charges over his alleged role in terrorist attacks.
It said Lithuania and Romania should launch full investigations into their roles in the rendition program and punish any officials responsible.
The cases were filed on behalf of detainees currently held by the United States in Guantanamo Bay.
Lithuanian prime minister Saulius Skvernelis told reporters his government would consider whether to appeal the ruling.
A parliamentary investigation in 2010 stated that Lithuania’s security service helped the CIA establish a detention facility, though it said there was no proof the facility was used to hold prisoners. Prosecutors reopened their investigation into the allegations in 2015.
In 2015, Romania’s foreign ministry said authorities had no evidence showing there were CIA detention centers in the country. However, Ioan Talpes, a former national security adviser to Romania’s president, testified that Romania had allowed U.S. intelligence to operate a facility in Romania, though officials were unaware people were detained there.
The CIA’s role in the detention and torture of prisoners in the years after the September 11, 2001 attacks was again in the headlines last month when it became the focus of confirmation hearings for the agency’s new director, Gina Haspel. Additional reporting by Luiza Ilie in Bucharest; Editing by Simon Johnson and Peter Graff | ashraq/financial-news-articles | https://www.reuters.com/article/us-rights-cia-prisons/romania-and-lithuania-knowingly-hosted-secret-cia-jails-european-court-rules-idUSKCN1IW1PF |
May 31, 2018 / 10:29 AM / Updated 18 minutes ago Italy's bond market bounces back, gets thumbs-up from big Japanese investor Dhara Ranasinghe , Abhinav Ramnarayan 4 Min Read
LONDON (Reuters) - Italy’s borrowing costs fell sharply for a second day on Thursday as news that one of Japan’s largest institutional investors is looking to buy short-dated Italian debt helped stabilize a market battered by a political crisis in Rome.
Japan Post Insurance Co’s ( 7181.T ) chief investment officer told Reuters the firm, also known as Kampo, is looking to buy short-term Italian government bonds after the recent sell-off made them inexpensive.
With over $700 billion of assets, Kampo is one of the biggest Japanese investors.
On Tuesday, Italy’s 2-year bond yields posted their biggest one-day jump in 26 years on fears that fresh elections in the euro zone’s third biggest economy could strengthen the hand of anti-establishment parties.
But the past two days have seen some stability thanks in part to renewed efforts to form a government and avoid new elections.
In addition, two polls showing that most Italians want to stay in the euro allayed some fears of anti-euro sentiment taking hold in Italy.
“For a macro investor, one who is not constrained by mark to market issues, buying short-dated debt here or looking at markets from a fundamental perspective and not paying too much attention to headline risk or short-term price action, is sensible,” said Peter Chatwell, head of rates strategy at Mizuho in London.
Italy’s 2-year bond yield was down 73 basis points in late trade at 1.26 percent IT2YT=RR on Thursday, comfortably below 5-year highs touched this week at around 2.7 percent.
Japanese investors are big buyers of euro zone bonds and their activity is closely watched. They bought a record $2.57 billion worth of Spanish bonds in March.
To view a graphic on Roller-coaster ride for Italian bonds, click: reut.rs/2Lc7gVI FILE PHOTO: Presentation of a new 2 Euro commemorative coin of former German Chancellor Helmut Schmidt in Berlin, Germany, February 2, 2018. REUTERS/Christian Mang FIRMER GROUND
Italy’s 10-year bond yield IT10YT=RR was down 21 bps at 2.84 percent, while the Italy/Germany 10-year bond yield spread tightened to 250 bps from 293 bps late on Wednesday. IT10YT=RR DE10YT=RR
Still, that spread has increased more than 100 basis points this month - the biggest monthly spread widening since 2011.
Italian five-year credit default swaps fell 19 basis points from Wednesday’s close to 233 bps, according to data from IHS Markit.
“The two-year (yield) move was obviously greatly exaggerated and all were pricing an inversion of the yield curve and thinking this will end very badly,” said Carl Hammer, head of global macro and FX research at SEB in Stockholm.
“We don’t anticipate a crisis in Italy but there will be more worries so it will be a factor for investors to consider until they get some clarification.”
There was some focus on Spain, where Prime Minister Mariano Rajoy’s hours in office appeared numbered after reports that a Basque political party would back a no-confidence vote over a corruption case.
Still, Spain’s 10-year bond yield was down 10 bps at 1.51 percent ES10YT=RR as the rebound in Italian bonds supported peripheral bond markets.
Yields on top-rated euro zone bonds were also lower in late European trade, reversing earlier rises, after a sharp fall in Deutsche Bank shares and renewed concerns about a trade war re-ignited demand for safe-haven bonds.
Germany’s 10-year bond yield was down 1.5 bps at 0.33 percent DE10YT=RR, but remained well above a 13-month low hit on Tuesday at 0.19 percent.
Data showing inflation in the euro area rose to 1.9 percent in May from 1.2 percent in April, well above expectations, had pressured most bond markets earlier on.
To view a graphic on Euro zone bond markets in May, click: reut.rs/2Jk3BYg Reporting by Dhara Ranasinghe and Abhinav Ramnarayan; Additional reporting by Claire Milhench and Sujata Rao; Editing by Mark Heinrich and Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds/italys-bond-market-bounces-back-gets-thumbs-up-from-big-japanese-investor-idUSKCN1IW19L |
May 21, 2018 / 11:33 PM / Updated 21 hours ago Microsoft, Google find fresh flaw in chips, but risk is low Reuters Staff 3 Min Read
(Reuters) - Cyber security researchers have found a new security flaw that affects a broad swath of modern computing chips and is related to the Spectre and Meltdown chip flaws that emerged in January. Silhouettes of mobile users are seen next to a screen projection of Microsoft logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration
The newest chip problem, known as Speculative Store Bypass or “Variant 4” because it’s in the same family as the original group of flaws, was disclosed by security researchers at Microsoft Corp ( MSFT.O ) and Alphabet Inc’s ( GOOGL.O ) Google on Monday. Though the flaw affects many chips from Intel Corp( INTC.O ), Advanced Micro Devices Inc ( AMD.O ) and Softbank Group’s ( 9984.T ) ARM Holdings, researchers described the risks as low, partly because of web browser patches already issued earlier this year to address Spectre.
The Meltdown and Spectre flaws, which emerged in January, can allow passwords and other sensitive data on chips to be read. The flaws result from the way computers try to guess what users are likely to do next, a process called speculative execution. FILE PHOTO: The Google logo is pictured atop an office building in Irvine, California, U.S., August 7, 2017. REUTERS/Mike Blake/File Photo
When the flaws emerged in January, researchers warned that they were likely to find new variants of Spectre in the future. Earlier this month, German computer science magazine c’t reported that a “next generation” of flaws had been found in Intel’s chips and was likely to be disclosed this month. Intel declined to comment on whether Monday’s announcement was related to the German magazine’s story.
In its research findings, Microsoft said that patches issued for common web browsers earlier this year greatly increased the difficulty of carrying out an attack with the newly discovered flaw.
Chips from Intel, AMD and ARM all have patches available, either directly from the makers or through software suppliers such as Microsoft. Intel said it expects a performance slowdown of between 2 percent and 8 percent from the patches, and ARM said it expects a slowdown of between 1 percent and 2 percent.
However, Intel said that because of the low risk of a real-world attack, it would ship its patches turned off by default, giving users the choice whether to turn them on. AMD also advised leaving the patches turned off due to the difficulty of carrying out an attack.
The security problems do not appear to have impacted chipmakers’ stock prices. Intel shares are up nearly 16 percent to since the start of the year to $54.32, and AMD shares are up 18.3 percent to $12.99 since the start of the year. Reporting by Stephen Nellis; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/us-cyber-chips/microsoft-google-find-fresh-flaw-in-chips-but-risk-is-low-idUSKCN1IM2IV |
May 8, 2018 / 8:12 AM / Updated 2 hours ago West Ham skipper Noble calls for changes Reuters Staff 2 Min Read
(Reuters) - West Ham United must make changes on and off the pitch if they are to rebound from a disappointing Premier League campaign, captain Mark Noble has said. FILE PHOTO: Soccer Football - Premier League - Leicester City vs West Ham United - King Power Stadium, Leicester, Britain - May 5, 2018 West Ham United's Mark Noble celebrates after the match REUTERS/Darren Staples
The additions of striker Javier Hernandez and midfielder Marko Arnautovic last summer raised hopes that West Ham would compete for a top-half finish but poor early results led to manager Slaven Bilic being replaced by David Moyes.
Pitch invasions and ugly scenes in the stands during a loss to Burnley in March soured the season further, with fans unhappy about the club’s move to the London Stadium from Upton Park which was their home from 1904 to 2016.
“There needs to be a lot of change. I would not say no to that, on and off the pitch,” midfielder Noble told British media. “A lot of stuff needs to change. I am really hoping, and I am convinced it will during the summer.”
West Ham snapped a four-game winless run with a 2-0 victory at Leicester on Saturday. They are 15th in the league on 38 points with home games against Manchester United and Everton rounding out the season.
“If fans are coming to games and are not happy and we go 1-0 down then we feel that. There is no point lying,” added Noble.
“We need to win games and we haven’t won enough this season. That is why we are where we are. It’s been tough, I certainly don’t want another one like this.” Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-whu-mun-noble/west-ham-skipper-noble-calls-for-changes-idUKKBN1I90RA |
VANCOUVER, May 18, 2018 /PRNewswire/ - Alex P. Guidi reports that he has acquired an additional 67,700 common shares of Coronado Resources Ltd. through open market purchases in Canada on the TSXV's NEX market. The average purchase price of these shares was $1.00 per share.
Following these recent purchases, Mr. Guidi now beneficially owns 587,913 common shares and 300,000 common share purchase warrants. If all of Mr. Guidi's common share purchase warrants are exercised, Mr. Guidi would then own 887,913 common shares, representing approximately 27.48% of the total 3,231,411 issued common shares.
Coronado Resources Ltd. trades on the TSXV's NEX market, trading symbol: CRD.H. In the United States, Coronado Resources Ltd. is traded on the OTC Pink Sheet market, trading symbol: CRDAF.
The Coronado Resources Ltd. shares were acquired for investment purposes and Mr. Guidi may dispose of his holdings or acquire ownership of, or control or direction over, additional securities of Coronado Resources Ltd., depending on market conditions and in compliance with securities applicable law.
A report with respect to the acquisition of the Acquired Shares will be electronically filed and will be available for viewing through the Internet at the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com .
Further information pertaining to Coronado can be found at www.coronadoltd.com .
View original content: http://www.prnewswire.com/news-releases/alex-p-guidi-reports-increased-shareholding-in-coronado-resources-ltd-300651242.html
SOURCE Alex P. Guidi | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-alex-p-guidi-reports-increased-shareholding-in-coronado-resources-ltd.html |
May 1 (Reuters) - Ferro Corp:
* FERRO DELIVERS SEVENTH CONSECUTIVE QUARTER OF ORGANIC GROWTH AND REAFFIRMS FULL-YEAR 2018 GUIDANCE
* Q1 GAAP EARNINGS PER SHARE $0.27 * Q1 SALES $405.5 MILLION VERSUS I/B/E/S VIEW $380.6 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.34 — THOMSON REUTERS I/B/E/S
* FY 2018 GUIDANCE MAINTAINED FOR NON-GAAP ADJUSTED EPS, ADJUSTED EBITDA, AND ADJUSTED FREE CASH FLOW FROM OPERATIONS CONVERSION
* FY2018 EARNINGS PER SHARE VIEW $1.59 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ferro-corp-reports-q1-adjusted-ear/brief-ferro-corp-reports-q1-adjusted-earnings-per-share-0-36-idUSASC09YRA |
Rebels free over 200 child soldiers in Sudan 8:02pm IST - 01:14
Armed groups in South Sudan have released 210 children in Jonglei State's Pibor area as part of efforts by UN agencies and other partners to get warring parties to stop recruiting child soldiers.
Armed groups in South Sudan have released 210 children in Jonglei State's Pibor area as part of efforts by UN agencies and other partners to get warring parties to stop recruiting child soldiers. //reut.rs/2IOL1rZ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/27/rebels-free-over-200-child-soldiers-in-s?videoId=430777726 |
LOS ANGELES (Reuters) - Yum Brands Inc’s ( YUM.N ) Pizza Hut chain is expanding a beer delivery test to nearly 100 restaurants in Arizona and California this month as industry leaders vie for market share in the face of sluggish growth.
Operators are seeking creative ways to boost sales as restaurant traffic growth has been weak to flat for several years due to competition ranging from grocery stores that sell prepared food to a proliferation of meal kit companies.
Pizza Hut started its beer delivery project in downtown Phoenix in December as part of a larger push to set the chain apart from rivals like Domino’s Pizza Inc ( DPZ.N ).
Domino’s does not deliver alcohol, but it recently added 150,000 new delivery “hotspots” at U.S. parks, beaches and other destinations that do not have traditional addresses in a bid find new business.
The enlarged Pizza Hut test will include Arizona cities such as Tucson, Prescott and Winslow. California cities include Los Angeles, Bakersfield, Sacramento and Santa Barbara.
More than 1,700 of Pizza Hut’s roughly 6,300 U.S. units have liquor licenses, giving the chain a potential lead over some rivals.
“Many Pizza Hut restaurants are already licensed to serve and distribute beer, without third party services, additional fees, or extended wait times,” Pizza Hut Chief Marketing Officer Zipporah Allen told Reuters.
Pizza Hut’s beer delivery drivers will be at least 21 years old and trained in local alcohol laws, the company said. They have the authority to cancel a beer delivery order if customers cannot verify they are old enough to legally consume alcohol.
Pizza Hut’s announcement landed hours after privately held Panera Bread Co said it had completed the national roll-out of its own food delivery service to 897 cities.
While pizza chains and Panera do their own delivery, many other restaurants farm the work out to companies that take a slice of revenue.
Strategy firm Pentallect Inc has forecast that U.S. third-party food delivery industry sales will grow from $13 billion in 2017 to $24.5 billion by 2022.
Pizza Hut parent Yum, which also owns the Taco Bell and KFC brands, earlier this year spent $200 million to buy a 3 percent stake in food delivery company GrubHub Inc ( GRUB.N ).
McDonald’s Corp ( MCD.N ) partners with UberEats for fast-food delivery in the United States.
DoorDash, which delivers craft beer six-packs for BJ’s Restaurants Inc ( BJRI.O ) in some California markets, has been offering alcohol delivery in select cities since 2016.
Reporting by Lisa Baertlein in Los Angeles; Editing by Richard Chang
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yum-brands-pizzahut-delivery/pizza-hut-expanding-beer-delivery-test-in-arizona-and-california-idUSKBN1I919D |
1 Min Ago CNBC.com
I bought my GMC Terrain SLT in 2013, despite my friends telling me to lease rather than own. Technology in cars get outdated fast , meaning they're old news by next year. It's why car leases have boomed in the past decade, from 1.4 million vehicles in 2009 to 4.3 million in 2016 , and technology-minded millennials are responsible for that growth. They lease more than any other age group, nearly one out of three who purchase a new vehicle. I was not part of that equation, and it was my first mistake knowing I would only have the car for five years when I was stationed in Los Angeles. I had low expectations when I was selling my car, but luckily, it wasn't as bad as I thought. These are the misconceptions I had, and they worked out.
1. I didn't think I would have a lot of buyers
Since the technology on my car was outdated by five years (the 2014 make of my GMC had built-in WIFI), I assumed I would struggle with finding buyers.
2. I didn't think it would be worth a lot of money
1. You can go online to find the value.
Not only will put value on your car they send out an email to local dealerships so you don't have to do all the work.
Or Edmunds.
2. Expect to get less than what you were quoted.
3. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/7-tips-on-selling-your-car-for-the-first-time.html |
Getty Images Chipotle restaurant workers fill orders for customers in Miami, Florida.
Well-known hedge-fund managers such as David Tepper and Dan Loeb get much of the attention, but there are lower-profile stars that are performing even better and beating the market.
CNBC used Symmetric.io , a top hedge-fund tracking firm, to find the best under-the-radar managers and which stocks they recently bought, according to filings.
Four times a year, hedge funds file their long positions with the Securities and Exchange Commission, and the information is released to the public 45 days after each quarter ends.
With the recently released March quarter filing data, Symmetric.io graded the stock-picking ability of nearly 1,000 hedge funds in its database with a proprietary indicator called StockAlpha. It is derived by comparing the performance of equities in the fund with that of a sector ETF.
Here are the top five stock-picking hedge funds measured by StockAlpha, many of them run by managers who are not household names.
Some investors focus on the stocks in which funds are taking new positions because it may mean the managers see an overlooked opportunity.
Here are some new stock additions from the top five stock pickers.
The top-performing hedge funds added positions in Chipotle and The New York Times in the March quarter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/hedge-funds-are-buying-these-stocks--including-chipotle.html |
President Donald Trump shouldn’t agree to talk with special counsel Robert Mueller without knowing more about a man said to have approached Trump campaign aides in 2016 as part of the U.S. investigation into Russian election interference, his lawyer said Saturday.
Rudy Giuliani said Mr. Trump could be “walking into a trap” unless federal prosecutors make clear the role played by the suspected informant and whether the person compiled any “incriminating information” about Mr. Trump’s associates.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-should-get-details-on-informant-before-mueller-interview-giuliani-says-1526814000 |
NASHVILLE, Tenn., May 03, 2018 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners" or the "Company"), a leading provider of surgical services, today announced that the Company will release its first quarter 2018 results before the market open on Wednesday, May 9, 2018, to be followed by a conference call at 8:30 a.m. (Eastern Time)
The conference call can be accessed live over the phone by dialing 1-877-451-6152, or for international callers, 1-201-389-0879. A replay will be available two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13679393. The replay will be available until May 23, 2018.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.surgerypartners.com . The on-line replay will be available for a limited time beginning immediately following the call.
To learn more about Surgery Partners, please visit the company's website at www.surgerypartners.com . Surgery Partners uses its website as a channel of distribution of material company information. Financial and other material information regarding Surgery Partners is routinely posted on the company's website and is readily accessible.
About Surgery Partners
Headquartered in Brentwood, Tennessee, Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high quality, cost effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 180 locations in 32 states, including ambulatory surgery centers, surgical hospitals, a diagnostic laboratory, multi-specialty physician practices and urgent care facilities. For additional information, visit www.surgerypartners.com .
Investors:
FTI Consulting
(615) 234-8940
[email protected]
Media:
FTI Consulting
(212) 850-5681
[email protected]
Source:Surgery Partners, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-surgery-partners-inc-announces-first-quarter-2018-earnings-release-date-and-conference-call-details.html |
BANGUI (Reuters) - Ten more people have died from wounds sustained during Tuesday’s attack on a church in Central African Republic, the Red Cross said on Thursday, bringing the toll to 26.
FILE PHOTO: A general view shows part of the capital Bangui, Central African Republic, February 16, 2016. REUTERS/Siegfried Modola/File Photo Unidentified armed assailants attacked the Notre Dame de Fatima church in the capital Bangui with grenades and guns during morning mass, initially killing at least 15 and critically wounding scores of others.
The number of dead is expected to rise further, said Antoine Mbao Bogo, president of the Central African Republican Red Cross.
“We have counted 99 seriously wounded, some of whom are being treated. And some are dying because the there was nothing to be done, despite the work of the doctors,” he said.
The attack adds to a list of recent deadly clashes in Central African Republic where state control is breaking down and inter-faith violence that has long blighted the country threatens to flare again.
Mainly Muslim Seleka rebels ousted President Francois Bozize in 2013, sparking retaliation killings by “anti-balaka” armed groups, drawn largely from Christian communities.
Tuesday’s church attack occurred on the edge of the mainly Muslim PK5 neighborhood where 21 people were killed last month when U.N. peacekeepers and local security forces clashed with criminal gangs.
Reporting By Crispin Dembassa-Kette; Writing by Edward McAllister; Editing by Matthew Mpoke Bigg
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-centralafrica-violence/death-toll-from-central-african-church-attack-reaches-26-idUSKBN1I428Q |
May 23, 2018 / 9:38 AM / Updated 15 minutes ago China could meet emissions pledge ahead of schedule: climate envoy Reuters Staff 1 Min Read
BEIJING (Reuters) - China’s top climate change envoy on Wednesday said China could meet its pledge to cap its carbon emissions by around 2030 ahead of schedule. FILE PHOTO: China's climate change special representative Xie Zhenhua speaks at a news conference in Beijing, China, November 19, 2015. REUTERS/Stringer
Xie Zhenhua, who was China’s chief negotiator on the Paris climate agreement in late 2015, made the comments at a seminar on global climate governance and the Sino-American climate relationship in Beijing. Reporting by Muyu Xu and Tom Daly; Editing by Christian Schmollinger | ashraq/financial-news-articles | https://uk.reuters.com/article/us-china-environment/china-could-meet-emissions-pledge-ahead-of-schedule-climate-envoy-idUKKCN1IO15R |
May 2, 2018 / 10:30 AM / Updated 26 minutes ago BRIEF-The9 Says Has Established Wholly-Owned Unit To Scale Up Blockchain Technology-Based Service Business Reuters Staff 1 Min Read
May 2 (Reuters) - The9 Ltd:
* THE9 LTD SAYS HAS ESTABLISHED A WHOLLY-OWNED UNIT TO SCALE UP BLOCKCHAIN TECHNOLOGY-BASED SERVICE BUSINESS Source text: ( bit.ly/2FxveaB ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-the9-says-has-established-wholly-o/brief-the9-says-has-established-wholly-owned-unit-to-scale-up-blockchain-technology-based-service-business-idUSFWN1S90K4 |
BUENOS AIRES, May 16 (Reuters) - Argentina’s peso currency opened 1.63 percent weaker on Wednesday at 24.50 per U.S. dollar, traders said, despite an offer by the central bank to sell up to $5 billion on the spot market.
Argentina requested a “high access stand-by arrangement” from the International Monetary Fund last week after the peso depreciated rapidly, prompting the central bank to sell reserves and hike interest rates to 40 percent in a bid to stop the peso’s slide and contain one of the world’s highest inflation rates.
The peso snapped a nearly two-week losing streak on Tuesday, closing 3.73 percent stronger after the bank sold $791 million on the spot market. It has already sold billions of dollars of reserves in previous interventions. (Reporting by Jorge Otaola; Writing by Dave Sherwood Editing by Jeffrey Benkoe)
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-peso/argentina-peso-opens-weaker-at-24-50-per-dollar-idUSC0N1OX003 |
NEW DELHI/GUWAHATI (Thomson Reuters Foundation) - Women working on tea plantations in northeast India earn a “pitiful” $2 a day and live in “appalling” conditions with almost no toilets, according to a report released on Tuesday.
The investigation by the British charity Traidcraft Exchange found workers in the tea-growing state of Assam were paid 137 rupees ($2) a day, far below the minimum wage of 250 rupees. More than half are women.
Assam is the largest producer of tea in India and its estates supply top brands including Britain’s Twinings and Tetley. Both are working to improve conditions for workers, the report said.
“The women who pick the tea we drink live in appalling conditions and are paid pitifully low wages by tea estates in Assam,” said Fiona Gooch, a policy adviser for Traidcraft Exchange.
Workers live in decrepit houses with leaky roofs. They have little or no access to sanitation facilities and most have to defecate in the bushes outside, the report said.
A spokeswoman said Twinings was “fully committed to ethical sourcing”.
“Our Sourced with Care program … directly addresses the needs and improve the lives of communities on the ground, from access to sanitation to children’s rights,” she said in a statement.
Tea giant Tata Global Beverages – which owns Tetley – was not immediately available to comment.
Stephen Ekka of PAJHRA, an Assam-based charity fighting for tea workers’ rights, urged global brands to be more transparent about how they source their tea.
“In the global supply chain of tea business, the condition of workers is not taken into consideration,” Ekka told the Thomson Reuters Foundation.
Assam’s tea industry has faced accusations in the past of exploitative work conditions, leading to labor disputes that have forced some plantations to shut.
Estate owners often cite the benefits they are legally required to provide, which include housing, toilets, health facilities and subsidized food, to justify low wages.
But workers said repeated requests for repairs and better food supplies - often insufficient, stale or contaminated - were largely ignored.
“We register complaints to the management, they note it down, but that remains in the register, they give no importance,” the report Quote: s an unnamed woman worker as saying.
Others complained the lack of medicines and medical staff within plantations forced them to opt for expensive hospitals outside.
Nick Kightley of the British-based Ethical Trading Initiative said authorities must urgently meet the workers’ basic needs.
“Without that, workers may be forced into excessive overtime or bonded labor ... This is simply unacceptable,” he told the Thomson Reuters Foundation.
Assam’s labor and employment minister agreed with the report’s findings, promising to increase wages and improve living conditions to “some level of respectability”.
“End of May, we are having a high level meeting to formulate new laws for the welfare of the tea workers,” Pallab Lochan Das told the Thomson Reuters Foundation.
Writing by Annie Banerji @anniebanerji, Additional reporting by Kieran Guilbert and Roli Srivastava, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters that covers humanitarian issues, conflicts, land and property rights, modern slavery and human trafficking, gender equality, climate change and resilience. Visit news.trust.org to see more stories
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-tea-workers/india-tea-workers-live-in-appalling-conditions-on-2-a-day-report-idUSKCN1IN29P |
May 11, 2018 / 8:02 AM / Updated 7 hours ago Health charity Wellcome pledges funds, calls for rapid response to Ebola in Congo Reuters Staff 3 Min Read
(Reuters) - Britain’s Wellcome Trust global health charity called for a rapid response to an outbreak of Ebola in the Democratic Republic of Congo (DRC) and has pledged 2 million pounds ($2.7 mln)to support Kinshasa’s efforts to fight it.
At least 17 people have died since inhabitants of a village in the DRC’s northwest began showing symptoms resembling Ebola in December, according to the World Health Organization (WHO).
The Wellcome funding will be made available to the DRC government and the WHO as they seek to contain the outbreak’s spread. It will be boosted by another million pounds ($1.35 million) from the UK government, Wellcome said in a statement.
This is the ninth time Ebola has been recorded in the Democratic Republic of Congo since the deadly hemorrhagic fever was first detected in the country’s dense tropical forests in 1976. It was named after the nearby river Ebola.
“It’s vital the global response to this outbreak is swift. We know from previous outbreaks that the DRC are ready to act, but they need global support to ensure this outbreak is contained effectively,” said Jeremy Farrar, Wellcome’s director and a specialists in infectious diseases.
Congo’s long experience of Ebola and its remote geography mean outbreaks are often localised and relatively easy to isolate and contain.
But the villages at the heart of this outbreak are close to the banks of the Congo River, a major artery for trade and transport upstream from the capital Kinshasa. The Congo Republic is just on the other side of the river.
In December 2016, trials of an Ebola vaccine found that the shot gave high levels of protection against a strain of the deadly disease. The vaccine, known as rVSV-ZEBOV and developed by Merck, has been stockpiled, ready for use, by the vaccines alliance GAVI.
Officials at the WHO have not yet said whether they expect to use the vaccine in this outbreak. The logistics of transporting and deploying it in remote areas are complex, since it has to be kept at very low temperatures. Reporting by Kate Kelland; Editing by Catherine Evans | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-ebola-funds/health-charity-wellcome-pledges-funds-calls-for-rapid-response-to-ebola-in-congo-idINKBN1IC0OQ |
WASHINGTON (Reuters) - U.S. consumer prices rose less than expected in April, suggesting that inflation was increasing at a moderate pace, which could allow the Federal Reserve to continue gradually raising interest rates.
A sign seeking workers for Home Depot is seen at a job fair in Golden, Colorado, June 7, 2017. REUTERS/Rick Wilking But with the labor market tightening and oil prices rising after President Donald Trump on Tuesday pulled the United States out of an international nuclear deal, promising to restore stiff sanctions on Iran, price pressures are expected to accelerate in the coming months.
Inflation is flirting with the U.S. central bank’s 2 percent target. Policymakers have in recent days signaled they would not be too concerned if inflation overshot the target, reiterating what the Fed said in its statement last week.
The Labor Department said its Consumer Price Index rose 0.2 percent in April as increases in the cost of gasoline and rents were tempered by a drop in motor vehicle prices. The CPI had slipped 0.1 percent in March.
“The sources of the weakness in last month’s reading do not suggest the onset of a trend shift lower,” said Michael Feroli, an economist at JPMorgan in New York. “Today’s number would not deter the Fed from hiking (interest rates) again next month.”
In the 12 months through April, the CPI increased 2.5 percent, the biggest gain since February 2017. That followed a 2.4 percent rise in the year to March.
Excluding the volatile food and energy components, the CPI edged up 0.1 percent after two successive monthly increases of 0.2 percent. The so-called core CPI rose 2.1 percent year-on-year in April, matching March’s increase.
Economists had forecast the CPI rebounding 0.3 percent in April and the core CPI climbing 0.2 percent.
The personal consumption expenditures price index excluding food and energy, which is the Fed’s preferred inflation measure, accelerated 1.9 percent year-on-year in March, as last year’s big declines in the price of cell phone service plans dropped out of the calculation.
Economists expect the core PCE price index, which had increased 1.6 percent in February, to breach the 2 percent target in May.
In their policy statement last week, Fed officials said they expected annual inflation to run close to the “symmetric” 2 percent target over the medium term. The central bank left interest rates unchanged last week.
The Fed hiked rates in March and has signaled at least two more increases for this year.
Stocks on Wall Street were trading higher while U.S. Treasury yields fell. The dollar .DXY slipped against a basket of currencies.
SKILLS MISMATCH In another report on Thursday, the Labor Department’s first-time applications for state unemployment benefits were unchanged at a seasonally adjusted 211,000 for the week ended May 5. Claims dropped to 209,000 during the week ended April 21, which was the lowest level since December 1969.
The labor market is considered to be near or at full employment, with the unemployment rate close to a 17-1/2-year low of 3.9 percent. That has led to a slowdown in job growth as employers struggle to find skilled workers. A government report on Tuesday showed job openings rising to a record 6.6 million in March.
Competition for workers is expected to push up wage increases, which have remained moderate.
“It is not enough to say that companies continue to be reluctant to lay off workers, they are becoming increasingly reluctant to do so,” said John Ryding, chief economist at RDQ Economics in New York.
“The only thing missing is a faster growth rate of labor compensation, but we believe that this is coming.”
Strong wage growth and higher gasoline prices could fan inflation pressures. Last month, gasoline prices rebounded 3.0 percent after tumbling 4.9 percent in March. Crude oil prices jumped to 3-1/2-year highs on Wednesday following Trump’s decision to exit the Iran deal.
Food prices rose 0.3 percent last month, the largest increase in a year, after nudging up 0.1 percent in March.
Owners’ equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, rose 0.3 percent last month after a similar gain in March.
Healthcare cost increases slowed, edging up 0.1 percent after advancing 0.4 percent in March. Prices for used cars and trucks tumbled 1.6 percent in April, the largest drop since March 2009.
The cost of recreation fell 0.4 percent last month, the biggest decline since December 2009. There were also decreases in the cost of airline tickets, new motor vehicles and communications. The cost of motor vehicle insurance fell for the first time in a year.
Apparel prices rose and costs of household furniture increased 0.5 percent last month, the largest in three years.
Reporting by Lucia Mutikani; Editing by Paul Simao and Bill Berkrot
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy/u-s-weekly-jobless-claims-hover-near-48-year-low-idUSKBN1IB1QS |
OIL PRICES EXTEND GAINS, U.S. CRUDE RISES BY MORE THAN $1 TO SESSION HIGH OF $69.24 A BARREL | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/reuters-america-oil-prices-extend-gains-u-s-crude-rises-by-more-than-1-to-session-high-of-69-point-24-a-barrel.html |
SAN DIEGO, Obalon Therapeutics, Inc. (NASDAQ:OBLN), a vertically integrated medical technology company with the first and only FDA-approved swallowable, gas-filled intragastric balloon system for the treatment of obesity, today announced its unaudited financial results as of and for the first quarter ended March 31, 2018.
First Quarter 2018 highlights:
Highest number of treating accounts ever, up 40% vs Q4-17 and 300% vs Q1-17 Highest number of patients treated ever, up over 60% vs Q4-17 and 240% vs Q1-17 Highest unique website visits ever, up over 70% vs Q4-17 and over 260% vs Q1-17 Highest Find-A-Doctor searches ever, up 55% vs Q4-17 and over 600% vs Q1-17 Todd Wood joins as new Vice President of Global Sales
The Company reported revenue of $1.3 million for the first quarter of 2018, compared to $1.5 million for the first quarter of 2017. Net loss was reported at $12.1 million compared to a net loss of $7.7 million in the first quarter of 2017 and net loss per share for the quarter was $0.71 as compared to net loss per share of $0.47 in the first quarter of 2017.
Cost of revenue was $0.8 million during the three months ended March 31, 2018, in-line with $0.8 million for the prior year period. Gross profit for the first quarter of 2018 was $0.6 million, resulting in a gross margin of 43%, compared to a gross profit of $0.6 million and gross margin of 44% for the first quarter of 2017.
Research and Development expense for the first quarter of 2018 totaled $2.6 million, up from $2.4 million in the first quarter of 2017, and Selling, General and Administrative expense increased to $10.0 million for the first quarter of 2018, compared to $5.9 million in the first quarter 2017. Selling, General and Administrative expenses in the first quarter 2018 included approximately $1.3 million related to investigation of the whistleblower allegations and terminated equity offering.
Operating loss for the first quarter of 2018 was $12.1 million, compared to an operating loss of $7.7 million for the first quarter of 2017.
As of March 31, 2018, cash and cash equivalents were $33.5 million and debt was $10.0 million.
“In Q1-18, we continued the second half of our New Year’s Resolution Promotion strategy with an increased focus on driving utilization at the account level,” said Bill Plovanic, CFO. “Although first quarter revenues were slower than Q4-17, we were very pleased with the underlying metrics as we strive to build a sustainable business. New patient starts, the number of accounts treating, unique website visits and Find-A-Doctor searches grew meaningfully and were the highest level ever.”
Call Information
A conference call to discuss first quarter 2018 financial results is scheduled for today, May 10, 2018, at 5:00 PM Eastern Time (2:00 PM Pacific Time). Interested parties may access the conference call by dialing (844) 889-7791 (U.S.) or (661) 378-9934 (international) using passcode 3693617. Media and individuals will be in a listen-only mode. Participants are asked to dial in a few minutes prior to the call to register for the event. The conference call will also be webcast live at: https://edge.media-server.com/m6/p/q4jkh9dx.
An archive of the webcast will be available for twelve months following the event on the Obalon Therapeutics, Inc. website located at http://investor.obalon.com in the “News & Events” section.
About Obalon Therapeutics, Inc.
Obalon Therapeutics, Inc. (NASDAQ:OBLN) is a San Diego-based company focused on developing and commercializing novel technologies for weight loss. The Obalon management team has over 150 combined years of experience in developing and commercializing novel medical technologies with a track record of financial and clinical excellence. For more information, please visit www.obalon.com .
For Obalon Therapeutics, Inc.
Investor Contact:
William Plovanic
Chief Financial Officer
Obalon Therapeutics, Inc.
Office: +1 760 607 5103
[email protected]
Media:
Megan Driscoll
EvolveMKD
Office Phone: +1 646 517 4220
[email protected]
OBALON THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except shares and per share data) Three Months Ended March 31, 2018 2017 (Unaudited) Revenue $ 1,346 $ 1,472 Cost of revenue 769 823 Gross profit 577 649 Operating expenses: Research and development 2,639 2,400 Selling, general and administrative 10,006 5,940 Total operating expenses 12,645 8,340 Loss from operations (12,068 ) (7,691 ) Interest expense, net (37 ) (54 ) Other expense (21 ) — Net loss (12,126 ) (7,745 ) Other comprehensive income (loss) 6 (18 ) Net loss and comprehensive loss $ (12,120 ) $ (7,763 ) Net loss per share, basic and diluted $ (0.71 ) $ (0.47 ) Weighted-average common shares outstanding, basic and diluted 16,986,656 16,562,030
OBALON THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except shares and par value data) March 31, 2018 December 31, 2017 Assets (Unaudited) Current assets: Cash and cash equivalents $ 33,478 $ 21,108 Short-term investments — 23,292 Accounts receivable, net of allowance of $621 and $239, respectively 2,553 4,223 Inventory 1,867 1,418 Other current assets 1,187 1,714 Total current assets 39,085 51,755 Property and equipment, net 1,422 1,346 Total assets $ 40,507 $ 53,101 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 2,304 $ 1,276 Accrued compensation 1,831 4,494 Deferred revenue 337 510 Other current liabilities 1,677 1,773 Current portion of long-term loan 2,961 1,958 Total current liabilities 9,110 10,011 Deferred rent — 13 Long-term loan, excluding current portion 6,973 7,964 Total long-term liabilities 6,973 7,977 Total liabilities 16,083 17,988 Commitments and contingencies Stockholders’ equity: Common stock, $0.001 par value; 300,000,000 shares authorized as of March 31, 2018 and December 31, 2017; 17,596,282 and 17,500,604 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 18 18 Additional paid-in capital 147,905 146,474 Accumulated other comprehensive gain (loss) 1 (5 ) Accumulated deficit (123,500 ) (111,374 ) Total stockholders’ equity 24,424 35,113 Total liabilities and stockholders’ equity $ 40,507 $ 53,101
OBALON THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended March 31, 2018 2017 (Unaudited) Operating activities: Net loss $ (12,126 ) $ (7,745 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 129 66 Stock-based compensation 1,389 463 Loss on disposal of fixed assets 107 — (Accretion) amortization of investment (discount) premium, net (5 ) 3 Amortization of debt discount 11 10 Change in operating assets and liabilities: Accounts receivable, net 1,670 (1,035 ) Accounts receivable from related party — 515 Inventory (449 ) (101 ) Other current assets 527 240 Accounts payable 1,074 217 Accrued compensation (2,663 ) (942 ) Deferred revenue (173 ) 50 Other current and long term liabilities (93 ) (94 ) Net cash used in operating activities (10,602 ) (8,353 ) Investing activities: Purchases of short-term investments — (25,029 ) Maturities of short-term investments 23,302 2,500 Purchase of property and equipment (358 ) (381 ) Net cash provided by (used in) investing activities 22,944 (22,910 ) Financing activities: Proceeds from sale of common stock upon exercise of stock options 28 — Net cash provided by financing activities 28 — Net increase (decrease) in cash and cash equivalents 12,370 (31,263 ) Cash and cash equivalents at beginning of period 21,108 72,975 Cash and cash equivalents at end of period $ 33,478 $ 41,712 Supplemental cash flow information: Interest paid $ 149 $ 130 Property and equipment in accounts payable $ 46 $ 129
Source:Obalon Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-obalon-announces-first-quarter-2018-financial-results.html |
May 9 (Reuters) - Sandstorm Gold Ltd:
* SANDSTORM GOLD ANNOUNCES 2018 FIRST QUARTER RESULTS AND RECORD REVENUE
* SANDSTORM GOLD LTD - QTRLY REVENUE OF $19.5 MILLION VERSUS $18.8 MILLION
* SANDSTORM GOLD LTD - QTRLY ATTRIBUTABLE GOLD EQUIVALENT OUNCES SOLD OF 14,685 OUNCES VERSUS 15,558 OUNCES
* SANDSTORM GOLD LTD - ATTRIBUTABLE GOLD EQUIVALENT PRODUCTION FOR 2018 IS FORECASTED TO BE BETWEEN 53,000 - 60,000 OUNCES
* SANDSTORM GOLD LTD - FORECASTING ATTRIBUTABLE GOLD EQUIVALENT PRODUCTION OF 125,000 OUNCES PER ANNUM BY 2022 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sandstorm-gold-reports-qtrly-reven/brief-sandstorm-gold-reports-qtrly-revenue-of-19-5-mln-vs-18-8-mln-idUSASC0A16W |
BROOKLYN, N.Y., May 8, 2018 /PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY), the global marketplace for unique and creative goods, today announced financial results for its first quarter ended March 31, 2018.
"We are pleased to report that GMS and revenue growth accelerated for the third consecutive quarter in Q1," said Josh Silverman, Etsy, Inc. CEO. "We believe these results underscore the size of the opportunity ahead for Etsy, as well as the continued momentum we are unlocking from our focused execution. We are proud of the tremendous progress we have made in a short amount of time executing against our four key initiatives, and believe we are well positioned to capitalize on the many opportunities ahead."
First Quarter 2018 Financial Summary
(in thousands except percentages; unaudited)
Three Months Ended
March 31,
% Growth
Y/Y
2018
2017
GMS
$
861,075
$
719,041
19.8
%
Revenue
$
120,912
$
96,891
24.8
%
Marketplace revenue
$
87,967
$
70,562
24.7
%
Services revenue
$
32,605
$
24,144
35.0
%
Net income (loss)
$
12,967
$
(421)
3,180.0
%
Adjusted EBITDA
$
26,421
$
9,722
171.8
%
Active sellers
1,970
1,801
9.4
%
Active buyers
34,693
29,669
16.9
%
Percent mobile GMS
54
%
51
%
300
bps
Percent international GMS
35
%
32
%
300
bps
For information about how we define our metrics, see our Annual Report on Form 10-K for the year ended December 31, 2017, except for Marketplace revenue and Services revenue which are described below.
First Quarter 2018 Operational Highlights
GMS was $861.1 million in the first quarter of 2018, up 19.8%, compared with the first quarter of 2017. We accelerated GMS growth by 200 bps compared with the fourth quarter of 2017, marking the third consecutive quarter of sequential acceleration in this metric on an as-reported basis. GMS growth was supported by 9.4% year-over-year growth in active sellers and 16.9% year-over-year growth in active buyers. On a currency-neutral basis (excluding the direct impact of currency translation on GMS from goods sold that are listed in non-U.S. dollar currencies) GMS growth was 17.6% compared with 15.2% in the first quarter of 2017. On a currency-neutral basis, we accelerated GMS growth by 110 bps compared with the fourth quarter of 2017.
Year-over-year aggregate conversion rate growth increased for the second consecutive quarter led by continued performance on mobile web, which typically carries the lowest conversion rate compared to desktop and our mobile buyer app.
Percent mobile GMS was approximately 54% in the first quarter of 2018, up from approximately 51% in the first quarter of 2017 and approximately 52% in the fourth quarter of 2017. We believe this increase was a result of increased mobile traffic, in line with industry trends, and, to a lesser extent, continued improvements in our mobile offerings for Etsy buyers. Percent international GMS was 35% in the first quarter of 2018, up from 32% in the first quarter of 2017 and 33% in the fourth quarter of 2017. International GMS growth was up approximately 30% year-over-year and grew faster than overall GMS during the first quarter, largely due to currency exchange rates, as well as growth in markets where Etsy Payments is not offered, global product work and seller outreach. On a currency-neutral basis, international GMS growth would have been 24%. U.S. GMS growth also accelerated compared to the fourth quarter of 2017, and was up 15% year-over-year.
Recent Operational Highlights
In the first quarter of 2018, we invested resources in foundational work, which addressed three primary areas: technical debt, operational efficiency, and infrastructure imperatives. We streamlined our code base to enable more nimble development, implemented a new help center, and made strides migrating to the cloud. We also dedicated resources to achieve steady wins that have had an immediate impact on our results, including our four key initiatives. First quarter highlights include:
Improving trust & reliability: We launched several product enhancements aimed at bolstering trust on the platform and improving conversion rates. Notable launches include a new iteration of guest checkout on mobile web to improve the commerce experience and the functionality for our buyers.
Enhancing search & discovery: Within search and discovery, we continued to launch new product enhancements and build on prior launches to help our buyers around the world find the right product at the right time. We improved context specific ranking to deliver even better results by ranking more listings related to a specific search query.
Building world-class marketing capabilities: We continued to focus on utilizing our marketing efforts to drive new and existing buyers to Etsy. In April, we launched Targeted Offers to allow our sellers to offer discounts and coupons to buyers who have added items to their cart. We expect this work will continue to help drive traffic to Etsy, increase buyer and seller retention, and drive awareness for the Etsy brand.
Providing best-in-class seller tools and services: In order to reduce the amount of time our sellers spend on administrative tasks, we launched an order management experience to help sellers fulfill orders more accurately and better manage their inventory. In addition, we have enabled sellers to send custom listings from their mobile device, which helps them manage their business on the go. Custom orders are a key differentiator for us and help make the buyer experience special. We have also further optimized Promoted Listings by using context specific ranking to surface more relevant ads.
First Quarter 2018
"Q1 was another strong quarter of both revenue and Adjusted EBITDA growth" said Rachel Glaser, Chief Financial Officer. "As an organization, we exercise a disciplined approach to resource investment, focusing our efforts on initiatives that we believe have highest probability to create long-term growth while continuously striving for operational efficiencies."
Revenue Categories
In connection with the adoption of Accounting Standards Codification 606, Revenue from Contracts with Customers, we renamed our revenue categories Marketplace and Services revenue. Marketplace revenue represents the fees we charge sellers to list items in the marketplace, the fees we charge for transactions between buyers and sellers, and the use of Etsy Payments by our sellers to process payments. Services revenue, formerly called Seller Services revenue, is derived from the optional services we provide to our sellers, which include Promoted Listings, Etsy Shipping Labels, and Pattern by Etsy. Revenue from Etsy Payments, our payments processing product, formerly included in Services revenue, is now included in Marketplace revenue because Etsy Payments is required to be used by Etsy sellers in the countries where it is available. All numbers presented in this press release reflect this reclassification.
The following table provides our Marketplace and Services revenue under our previous and current presentation:
Quarter-to-Date Period Ended
Year-to-Date Period Ended
Previous Presentation
Updated Presentation
Previous Presentation
Updated Presentation
Marketplace Revenue
Services Revenue
Marketplace Revenue
Services Revenue
Marketplace Revenue
Services Revenue
Marketplace Revenue
Services Revenue
(in thousands)
March 31, 2018
$
47,834
$
72,738
$
87,967
$
32,605
$
47,834
$
72,738
$
87,967
$
32,605
December 31, 2017
54,251
82,319
102,261
34,309
179,492
258,453
326,076
111,869
September 30, 2017
42,413
63,371
77,808
27,976
125,241
176,134
223,815
77,560
June 30, 2017
42,069
58,816
75,445
25,440
82,828
112,763
146,007
49,584
March 31, 2017
40,759
53,947
70,562
24,144
40,759
53,947
70,562
24,144
First Quarter 2018 Financial Highlights
Total revenue was $120.9 million for the first quarter of 2018, up 24.8% year-over-year, driven by growth in both Marketplace and Services revenue. Marketplace revenue grew 24.7% year-over-year, driven by growth in Etsy Payments, which continued to benefit from the requirement that sellers in eligible countries adopt the service. During the second quarter of 2018, we will anniversary the Etsy Payments adoption requirement, which has been a substantial driver of year-over-year revenue growth, and therefore, we expect Etsy Payments revenue to trend more in-line with GMS growth in future quarters. Marketplace revenue also benefited from growth in transaction fee revenue and, to a lesser extent, growth in listing fee revenue. Services revenue grew 35.0% year-over-year, driven primarily by revenue growth in Promoted Listings, and, to a lesser extent, Etsy Shipping Labels. Gross profit for the first quarter of 2018 was $79.6 million, up 27.9% year-over-year and gross margin was 65.8%, up 160 basis points compared with 64.2% in the first quarter of 2017.
Total operating expenses were $65.8 million in the first quarter of 2018, up 2.3% year-over-year. For comparison, in the same quarter last year, operating expenses grew 36.4% year-over-year; the year-over-year deceleration in operating expense growth reflects the impact of our recent actions to streamline our cost structure offset by increased spend in digital marketing and professional services.
Net income for the first quarter of 2018 was $13.0 million, with diluted earnings per share of $0.10, compared with a net loss of $0.4 million and a net loss per share of $0.00 in the first quarter of 2017. Etsy's net income in the first quarter of 2018 included interest expense of $3.8 million, including interest related to our Brooklyn headquarters and our convertible debt offering in March 2018, and a $1.9 million foreign exchange gain, primarily non-cash.
Non-GAAP Adjusted EBITDA for the first quarter of 2018 was $26.4 million and grew 171.8% year-over-year. Non-GAAP Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by revenue) was 21.9%, up 1,190 bps year-over-year. Adjusted EBITDA performance was driven primarily by revenue growth and increased efficiencies in our operating structure which led to lower employee-related costs.
Net cash provided by operating activities was $26.4 million in the first quarter of 2018 compared with $3.3 million in the first quarter of 2017. The increase in net cash provided by operating activities for the quarter was mainly driven by revenue growth and lower employee-related costs.
In March 2018, Etsy completed a convertible debt offering issuing $345.0 million aggregate principal amount of 0% Convertible Senior Notes due March 1, 2023 (the "Notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The initial conversion price of the Notes represented a premium of approximately 37.5% over the price of Etsy's common stock. In addition, Etsy entered into capped call transactions that effectively increase the premium for conversion of the Notes at maturity to 100% and are generally expected to reduce potential dilution. The net proceeds of these transactions were approximately $300.7 million after deducting the initial purchaser discount, offering expenses and capped call transaction costs. The net proceeds include $41.9 million of proceeds immediately used for share repurchase.
Under the stock repurchase program announced in November 2017, Etsy repurchased an aggregate of approximately $68.6 million, or 2,807,393 shares of its common stock in the first quarter of 2018, including 1,588,500 shares repurchased concurrently with the convertible debt offering.
Cash, marketable securities, and short-term investments were $601.4 million as of March 31, 2018.
2018 Financial Guidance
We are raising our 2018 guidance for GMS growth, revenue growth and Adjusted EBITDA margin.
2018 Original Guidance
2018 Revised Guidance
GMS Year-Over-Year Growth
14-16%
16-18%
Revenue Year-Over-Year Growth
21-23%
22-24%
Adjusted EBITDA Margin
20-22%
21-23%
We anticipate that the key factors impacting our 2018 GMS and revenue guidance will be: Continued visit growth. Conversion rate growth driven by product launches enhancing the buying experience. Continued growth in international GMS, which we expect to grow faster than overall GMS, driven by global product enhancements and assuming stable currency rates. Continued Services revenue growth, which we expect to grow at a faster pace than Marketplace revenue growth as we add enhancements and features to our portfolio of services and increase our efforts to grow seller adoption. Also, we expect Promoted Listings to be the primary driver of Services revenue growth in 2018. External headwinds, which we expect may offset some growth, such as E.U.'s GDPR, currency fluctuations, changes to VAT and state sales tax laws, and the potential for geopolitical events that impact trade. We anticipate that the key factors impacting our 2018 Adjusted EBITDA margin guidance will be: Lower operating expense as a percent of revenue stemming from the approximately $35 million in annualized cost savings resulting from increased efficiencies in our operating structure in 2017. We expect to gain the most leverage in general administrative expenses, followed by product development expenses. We expect to spend approximately $10 million to $15 million in 2018 on cloud migration activities, most of which will be expensed through cost of revenue. Throughout the first few phases of the migration, we will maintain some of our existing data center infrastructure to ensure reliability of our platform. As we migrate to the cloud we anticipate spending a smaller portion on existing data center infrastructure and more on cloud capacity. As a result, compared with 2017, we expect to reduce capital expenditures related to maintaining our existing data center infrastructure by $4 million to $5 million in 2018. Once we have fully migrated to the cloud, we expect our total cash costs will decrease compared to our standalone data center infrastructure.
Etsy is not able, at this time, to provide GAAP targets for net income margin for 2018 because of the unreasonable effort of estimating certain non-cash items that are excluded from non-GAAP Adjusted EBITDA margin, including, for example, provision or benefit for income taxes and foreign exchange gain or loss, the effect of which may be significant.
Webcast and Conference Call Information
Etsy will host a webcast to discuss these results at 5:00 p.m. ET today. To access the live webcast and accompanying slide deck, please visit the Etsy Investor Relations website, investors.etsy.com , and go to the Investor Events section. Dial-in details for the conference call are below.
Toll free: (855) 852-1946
International: (720) 634-2903
Conference ID: 7577365
A replay will be available following the live webcast and may be accessed on the same website. A telephonic replay will also be available through 10:30 p.m. ET on May 22, 2018 at the same dial-in details noted above.
About Etsy
Etsy, Inc. is the global marketplace for unique and creative goods. Our mission is to keep commerce human, and we're committed to using the power of business to strengthen communities and empower people. We connect millions of buyers and sellers from nearly every country in the world. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs.
Etsy was founded in 2005 and is headquartered in Brooklyn, New York.
Etsy has used, and intends to continue using, its investor relations website and the Etsy News Blog ( blog.etsy.com/news ) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings and public conference calls and webcasts.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements related to our business strategy, financial guidance and key drivers thereof, including the impact of our focus areas and key initiatives, our product launch roadmap and expected impact on future GMS and revenue growth, and the expected impact of external headwinds. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "may," "plans," "will," "intends," or similar expressions and the negatives of those words.
Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. These risks and uncertainties include: (1) our history of operating losses; (2) the fluctuation of our quarterly operating results; (3) our ability to implement our business strategy; (4) our ability to attract and retain an active and engaged community of Etsy sellers and Etsy buyers; (5) macroeconomic events that are outside of our control; (6) our ability to recruit and retain employees; (7) the importance to our success of the trustworthiness of our marketplace and the connections within our community; (8) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of Etsy sellers and Etsy buyers; (9) the effectiveness of our marketing efforts; (10) the effectiveness of our mobile solutions for Etsy sellers and Etsy buyers; (11) our ability to expand our business in our core geographic markets; (12) regulation in the area of privacy and protection of user data; (13) our dependence on third-party payment providers; and (14) the potential misuse or disclosure of sensitive information about our members and the potential for cyber-attacks. These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2017, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur.
Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.
Etsy, Inc.
Condensed Consolidated Balance Sheets
(in thousands; unaudited)
As of
March 31,
2018
As of
December 31,
2017
ASSETS
Current assets:
Cash and cash equivalents
$
533,855
$
315,442
Short-term investments
67,526
25,108
Accounts receivable, net
31,292
33,677
Prepaid and other current assets
23,738
20,379
Funds receivable and seller accounts
48,586
44,658
704,997
439,264
Restricted cash
5,341
5,341
Property and equipment, net
116,385
117,617
Goodwill
39,228
38,541
Intangible assets, net
3,500
4,100
Other assets
714
720
Total assets
$
870,165
$
605,583
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
8,094
$
13,622
Accrued expenses
35,384
28,743
Capital lease obligations—current
4,861
5,798
Funds payable and amounts due to sellers
48,586
44,658
Deferred revenue
6,464
6,262
Other current liabilities
3,167
3,394
Total current liabilities
106,556
102,477
Capital lease obligations—net of current portion
3,231
4,115
Deferred tax liabilities
32,303
23,786
Facility financing obligation
60,041
60,049
Long-term debt, net
265,415
—
Other liabilities
18,132
18,262
Total liabilities
485,678
208,689
Total stockholders' equity
384,487
396,894
Total liabilities and stockholders' equity
$
870,165
$
605,583
Etsy, Inc.
Condensed Consolidated Statements of Operations
(in thousands except share and per share amounts; unaudited)
Three Months Ended
March 31,
2018
2017
Revenue
$
120,912
$
96,891
Cost of revenue
41,295
34,659
Gross profit
79,617
62,232
Operating expenses:
Marketing
26,194
23,454
Product development
20,721
18,116
General and administrative
18,904
22,763
Total operating expenses
65,819
64,333
Income (loss) from operations
13,798
(2,101)
Other (expense) income, net
(817)
628
Income (loss) before income taxes
12,981
(1,473)
(Provision) benefit for income taxes
(14)
1,052
Net income (loss)
$
12,967
$
(421)
Net income (loss) per share attributable to common stockholders:
Basic
$
0.11
$
0.00
Diluted
$
0.10
$
0.00
Weighted-average common shares outstanding:
Basic
121,267,092
115,696,024
Diluted
125,772,315
115,696,024
Etsy, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands; unaudited)
Three Months Ended
March 31,
2018
2017
Cash flows from operating activities
Net income (loss)
$
12,967
$
(421)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation expense
5,740
4,043
Stock-based compensation expense—acquisitions
714
842
Depreciation and amortization expense
6,320
6,938
Bad debt expense
912
332
Foreign exchange gain
(1,850)
(2,780)
Amortization of debt issuance costs
122
56
Non-cash interest expense
1,077
2,145
Interest on marketable securities
(80)
277
(Gain) loss on disposal of assets
(4)
49
Deferred income taxes
91
—
Changes in operating assets and liabilities
412
(8,172)
Net cash provided by operating activities
26,421
3,309
Cash flows from investing activities
Purchases of property and equipment
(192)
(2,700)
Development of internal-use software
(3,097)
(3,956)
Purchases of marketable securities
(59,811)
(23,240)
Sales of marketable securities
17,447
42,290
Net cash (used in) provided by investing activities
(45,653)
12,394
Cash flows from financing activities
Repurchase of stock for tax on RSU vesting
(1,780)
(797)
Repurchase of stock
(68,586)
—
Proceeds from exercise of stock options
10,249
600
Proceeds from issuance of convertible senior notes
345,000
—
Payment of debt issuance costs
(9,127)
—
Purchase of capped call
(34,224)
—
Payments on capital lease obligations
(1,850)
(1,835)
Payments on facility financing obligation
(3,122)
—
Net cash provided by (used in) financing activities
236,560
(2,032)
Effect of exchange rate changes on cash
1,085
(456)
Net increase in cash, cash equivalents and restricted cash
218,413
13,215
Cash, cash equivalents and restricted cash at beginning of period
320,783
186,933
Cash, cash equivalents and restricted cash at end of period
$
539,196
$
200,148
Currency-Neutral GMS Growth
We calculate currency-neutral GMS growth by translating current period GMS for goods sold that were listed in non-U.S. dollar currencies into U.S. dollars using prior year foreign currency exchange rates.
As reported and currency-neutral GMS growth for the periods presented below is as follows:
Quarter-to-Date Period Ended
Year-to-Date Period Ended
As Reported
Currency Neutral
FX Impact
As Reported
Currency Neutral
FX Impact
March 31, 2018
19.8
%
17.6
%
2.2
%
19.8
%
17.6
%
2.2
%
December 31, 2017
17.8
%
16.5
%
1.3
%
14.5
%
14.3
%
0.2
%
September 30, 2017
13.2
%
12.6
%
0.6
%
13.0
%
13.4
%
(0.4)
%
June 30, 2017
11.8
%
12.6
%
(0.8)
%
12.9
%
13.9
%
(1.0)
%
March 31, 2017
14.2
%
15.2
%
(1.0)
%
14.2
%
15.2
%
(1.0)
%
Non-GAAP Financial Measures
Adjusted EBITDA
In this press release, we provide Adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude: interest and other non-operating expense, net; provision (benefit) for income taxes; depreciation and amortization; stock-based compensation expense; foreign exchange gain and restructuring and other exit costs (income). Below is a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure.
We have included Adjusted EBITDA in this press release because it is a key measure used by our management and Board of Directors to evaluate our operating performance and trends, allocate internal resources, prepare and approve our annual budget, develop short- and long-term operating plans, determine incentive compensation and assess the health of our business. As our Adjusted EBITDA increases, we are able to invest more in our platform.
We believe that Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our business as it removes the impact of certain non-cash items and certain variable charges.
Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Adjusted EBITDA does not reflect other non-operating expenses, net of other non-operating income, including net interest expense; Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; Adjusted EBITDA does not consider the impact of stock-based compensation expense; Adjusted EBITDA does not consider the impact of foreign exchange gain; Adjusted EBITDA does not consider the impact of restructuring and other exit costs (income); and other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including net income (loss) and our other GAAP results.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(Unaudited)
Three Months Ended
March 31,
2018
2017
(in thousands)
Net income (loss)
$
12,967
$
(421)
Excluding:
Interest and other non-operating expense, net (1)
2,667
2,152
Provision (benefit) for income taxes
14
(1,052)
Depreciation and amortization (1)
6,320
6,938
Stock-based compensation expense (2)
5,740
4,043
Stock-based compensation expense—acquisitions (2)
714
842
Foreign exchange gain
(1,850)
(2,780)
Restructuring and other exit costs (income) (3)
(151)
—
Adjusted EBITDA
$
26,421
$
9,722
(1) Included in interest and depreciation expense amounts above, are interest and depreciation expense related to our headquarters under build-to-suit accounting requirements, which commenced in May 2016. In the three months ended March 31, 2018 and 2017 those amounts are as follows:
Three Months Ended
March 31,
2018
2017
(in thousands)
Interest expense
$
2,250
$
2,145
Depreciation
819
819
(2) Total stock-based compensation expense included in the Consolidated Statements of Operations is as follows:
Three Months Ended
March 31,
2018
2017
(in thousands)
Cost of revenue
$
546
$
364
Marketing
478
444
Product development
2,639
2,020
General and administrative
2,791
2,057
Total stock-based compensation expense
$
6,454
$
4,885
(3) Total restructuring and other exit costs (income) included in the Consolidated Statements of Operations are as follows:
Three Months Ended
March 31,
2018
2017
(in thousands)
Cost of revenue
$
(7)
$
—
Marketing
(58)
—
Product development
(79)
—
General and administrative
(7)
—
Total restructuring and other exit costs (income)
$
(151)
$
—
View original content: http://www.prnewswire.com/news-releases/etsy-inc-reports-first-quarter-2018-financial-results-300644815.html
SOURCE Etsy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-etsy-inc-reports-first-quarter-2018-financial-results.html |
ASTANA, Kazakhstan, May 23, 2018 /PRNewswire/ -- Keeping in step with the vision of President of the Republic of Kazakhstan, Nursultan Nazarbayev in creating a vibrant defense and aerospace industry, buttressed by the appointment of Beibut Atamkulov Bakirovich to the position of Minister of Defense and Aerospace, Paramount Group, a worldwide leader in defence and security innovation proudly announces Kazakhstan Paramount Engineering's (KPE) induction within its global supply chain at the KADEX 2018 International Exhibition.
Kazakhstan Paramount Engineering (KPE) has unwaveringly from its inception in 2015 transformed into a dynamic success story, today hosting one of the largest and most modern armoured vehicle facilities in the world. The factory was originally established to serve the needs of Kazakhstan and surrounding countries; the facility has however, excelled in both quality and efficiency.
The KADEX 2018 International Exhibition presently underway served as an appropriate venue to Paramount Group's announcement of KPE 'graduation' in joining its global supply chain and for the Group's announcement regarding exciting expansion ambitions in country, including the production of components, sub-systems and vehicles within the KPE facilities for Paramount Group's many markets around the world.
In addition to enhancing the technology transfer and local manufacturing model championed by Paramount Group, realized globally through strategic alliances with governments and strong local partners, Paramount Group indeed announces its plans to expand the Kazakhstan Paramount Engineering (KPE) portfolio in to additional arenas where the organization is actively involved, including however not limited to aerospace, unmanned aerial vehicles (UAVs) and naval vessels production, creating a further conducive environment for the Eurasian nation's defense and technological industrialization, working alongside the Ministry of Defense in enhancing those industries that have already positioned the country amongst the elite worldwide in capacity.
Ivor Ichikowitz, Group Chairman of Paramount Group said: "Our experience in Kazakhstan has thus far been remarkable, to say the least. In our experience, countries that have a strong resolve to develop their defense industry capability enhance their overall technical competence and contribute to overall economic development. We have seen this happen in Kazakhstan. It is due to the vision of President Nazarbayev that we have together created a platform for sustainable defense industry capability. It remains an honor and privilege to collaborate and expand Kazakhstan Paramount Engineering (KPE) in portfolio and scale, and we look forward to investing in developing new technologies and playing our role in the nation's continued industrialization and development".
Due to the success of the investment in Kazakhstan's defense industry and experience steering Kazakhstan Paramount Engineering (KPE), Deputy Director General Johan Delport has been appointed to the position of Global Head of Paramount Land Systems. Johan's close collaboration with Kazakhstan's defence forces and experience gained from this partnership, one which consistently innovates to match the challenges of a diverse yet often harsh operational environment, has allowed him to perfect the highly-advanced, world-class vehicles presently on display at KADEX, with production on new orders well underway, and further deliveries expected during 2018-2019.
Aibek Baryssov, Head of the Supervisory Board of Kazakhstan Paramount Engineering (KPE) said: "It remains the privilege of Kazakhstan Paramount Engineering (KPE) to collaborate with Paramount Group, an important player within the global defense and security industry. I'm proud beyond words of the exemplary work that we have accomplished in building the KPE brand and hope our success story drives further, cross-sectoral investment opportunities in Kazakhstan in future. We are also very proud to have achieved the high level of quality standards and productivity demanded by Paramount Group in order to be part of its global supply chain".
About Paramount Group
Paramount Group is Africa's largest privately-owned defence and aerospace business. It is a leader in defence and security innovation and is a trusted partner to sovereign governments around the world, providing ground-breaking products, services and consultancy, including support for peacekeeping missions. Please visit www.paramountgroup.com for more information and follow us on Twitter .
Kazakhstan Paramount Engineering (KPE) serves as a joint venture between Paramount Group and Kazakhstan.
Media Contacts
Nico De Klerk, Paramount Group, Tel: +27 76 981 0939, E: [email protected]
Sam Amsterdam, Tel: +1 202 910 8349, E: [email protected]
Nik Zaikin, E: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/kazakhstan-defence-industry-grows-globally-300654033.html
SOURCE Paramount Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-kazakhstan-defence-industry-grows-globally.html |
LONDON, May 23 (Reuters) - Yulia Skripal, who was found unconscious on a bench in the southern English city of Salisbury on March 4 along with her father Sergei, spoke to Reuters on Wednesday.
Skripal spoke in Russian at a location in London and refused to answer questions. She supplied her own, handwritten translation into English of her statement.
The following are the key Quote: s.
“I came to the UK on the 3rd of March to visit my father, something I have done regularly in the past. After 20 days in a coma, I woke to the news that we had both been poisoned.
“I still find it difficult to come to terms with the fact that both of us were attacked. We are so lucky to have both survived this attempted assassination. Our recovery has been slow and extremely painful.
“The fact that a nerve agent was used to do this is shocking. I don’t want to describe the details but the clinical treatment was invasive, painful and depressing.
“I am grateful to all of the wonderful, kind staff at Salisbury hospital, a place I have become all too familiar with. I also think fondly of those who helped us on the street on the day of the attack.
“I was discharged from hospital on the 9th of April and continue to progress with treatment but my life has been turned upside down as I try to come to terms with the devastating changes thrust upon me both physically and emotionally. I take one day at a time and want to help care for my Dad till his full recovery. In the longer term I hope to return home to my country.
“I wish to address a couple of issues directly and have chosen to interrupt my rehabilitation to make this short statement. I ask that everyone respects the privacy of me and my father. We need time to recover and come to terms with everything that has happened. I’m grateful for the offers of assistance from the Russian Embassy but at the moment I do not wish to avail myself of their services.
“Also, I want to reiterate what I said in my earlier statement that no one speaks for me, or for my father, but ourselves.” (Reporting by Guy Faulconbridge Editing by Alistair Smout and Giles Elgood)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-russia-skripal-yulia/text-yulia-skripal-daughter-of-poisoned-russian-spy-in-her-own-words-idUSL5N1SU4TZ |
CNBC.com Gary Hershorn | Getty Images A thick fog lifts over lover Manhattan as seen from One World Observatory in New York City.
It's finally happening. More than 16 years after the World Trade Center tragedy, a major component of the rebuilt WTC site is getting ready to open.
In early June, 3 World Trade Center will be opening with lead tenants including music streaming firm Spotify and advertising giant GroupM.
It will join 1 and 4 World Trade Center — the two other major buildings on the site — along with 7 World Trade Center on Greenwich Street.
The completion of this phase of the World Trade Center comes as New York's financial district is experiencing a renaissance.
I was at the World Trade Center during the 9/11 tragedy and worked at the NYSE in the immediate years after. Back then, the financial district was filled with vacancies and relatively sparsely populated.
And then, it began to change.
"It's a very different neighborhood than it was in 2001, it's very different than it was even five years ago," Jessica Lappin, the president of Alliance for Downtown New York, told me. "We still have financial firms, but what's been amazing is to see tech, media, advertising firms —companies like Spotify and Group M — move down here as well and really change the face of the workforce and the feel of the neighborhood."
Today, the commercial vacancy rate is below 10 percent, thanks to the infusion of those tech, media and advertising firms like Omnicom Media, also one of the world's largest advertising firms.
And many are calling it home: 61,000 people live in the financial district, more than ever before, most of them young professionals.
There's tourists galore, so many you can barely walk down some streets. Nearly 14 million came downtown in 2017 to visit Wall Street and the 9/11 Memorial, an 8 percent increase from 2016.
The hotel business is booming with 7,000 hotel rooms in 32 hotels downtown and another 2,000 rooms under construction.
The World Trade Center Transportation Hub, known as the "Oculus," was completed two years ago and serves as the focal point for 250,000 commuters a day.
The formerly rundown Seaport district is bustling with new shops and businesses, including new restaurants by Jean-Georges Vongerichten and David Chang. Live Nation is opening a 3,400 person rooftop entertainment complex in August that will kick off with performances by Amy Schumer. Sports television giant ESPN also unveiled new production studios on Pier 17.
The Trade Center will soon have its own world-class performing arts center. Construction on the Ronald O. Perlman Performing Arts Center began last year, with an expected opening in 2020.
As for the Trade Center, it's taken a while, but the nearly 8 million square feet of space at the three main buildings is slowly being filled. At 1 World Trade Center, nearly 80 percent of the space is leased. Even the newly-opening 3 World Trade center is nearly 40 percent leased, while 4 World Trade Center is 100 percent leased.
With so much going on, downtown leaders are trying to improve traffic flows around the New York Stock Exchange, a major business and tourist destination. They have proposed moving the now-iconic Wall Street "Charging Bull" statue, as well as the Fearless Girl statue , from their present location in lower Broadway to right in front of the NYSE. Bob Pisani CNBC "On-Air Stocks" Editor Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/new-3-world-trade-center-marks-another-step-in-nycs-downtown-revival.html |
CALGARY, Alberta--(BUSINESS WIRE)-- Walton Westphalia Development Corporation (the “Corporation” ) announced today its results for the fiscal year ended December 31, 2017 and fourth quarter of 2017. Launched in March 2012, the Corporation was formed to provide investors with the opportunity to participate in the acquisition and development of the 310-acre Westphalia Property (the “ Property or the “Project ”) located in Prince George’s County, Maryland, United States of America.
2017 Highlights
During the period ended December 31, 2017, the Corporation continued to take steps toward its construction and financing activities. The key activities undertaken by the Corporation were as follows:
Construction Activities
Continued with construction activities on the northern lots by installing water, sanitary sewer, and storm sewer; Completed the paving of Woodyard Road as well as the streets and alleys associated with Block F lots; Continued activities to permit the street construction for Block G lots; Continued negotiations for the Westphalia Green (Phase 1 circular park amenity) to be constructed mid 2018; Began installation of the dry utility conduit for the northern Phase 1 lots and crossings within the alleys and internal streets in all of Phase 1; and Proceeded with the design of the Pennsylvania Avenue / Woodyard Road interchange (estimated to be complete by the 2nd quarter of 2018).
Subsequent to December 31, 2017, the following activities have taken place:
Completed construction activities on the northern lots by installing water, sanitary sewer, and storm sewer; Completed the paving of Woodyard Road as well as the streets and alleys associated with townhome lots in Blocks F and G; Issued notice to proceed to the landscape contractor to construct the initial phase of the Westphalia Green in 2nd Quarter 2018; Continued installation of the dry utility conduit; and Continued with the design of the Pennsylvania Avenue / Woodyard Road interchange.
Financing Activities
Finalized a loan modification with the Senior Lender and the Mezzanine Lender to extend the maturity dates on the respective loans to July 15, 2018, subject to various conditions, including but not limited to the completion of certain development requirements or, in lieu thereof, a payment to the Senior Lender of US$1,000,000 on or before May 31, 2018; On November 14, 2017, the Prince George’s County Council unanimously approved the TIF bond issuance legislation for the Westphalia Town Center development; The Corporation continues to work with the County to complete the due diligence requirements in order to market and sell the TIF bonds; bonds are expected sold by July 2018; The Maryland Center for Foreign Investment, LLC (“ MCFI ”) continues to market this Project in many overseas markets with the goal of raising $58 million under the EB-5 Immigrant investor visa program (“ EB-5 Program ”).
Management is engaged in a comprehensive strategy to refinance the Project. They have engaged an external mortgage broker consultant to assist in identifying lenders to provide replacement financing, as well as directly contacting banks and other capital providers and has launched a mezzanine funding program through an overseas affiliate of WGI. Management has also been actively discussing significant developed and bulk land sales opportunities, with the intention of bringing forward cash flow to repay debt.
The single-family market in the Washington, D.C. metropolitan statistical area (“ MSA ”), and specifically in the Prince George’s County submarket, continues to be strong. The Project is selling lots to three homebuilders, NVR, Inc., Mid-Atlantic Builders and Haverford Homes. As of April 30, 2018 NVR, Inc. had closed on 96 lots, Haverford Homes had closed on 67 lots, and Mid-Atlantic Builders had closed on 42 lots. NVR reported 108 home sales (contracts with future home owners), Haverford reported 72 home sales and Mid-Atlantic reported 51 home sales. There have been 140 occupancies; 76 for NVR, 50 for Haverford, and 14 for Mid-Atlantic.
Management continues to focus on strategies to maximize the returns of the Project, which include, but are not limited to:
Securing a grocery anchor for the retail site in conjunction with the establishment of a joint venture with a large, experienced retail developer, which can increase the attractiveness for other future retail tenants to locate on the Project and positively impact retail values, lease rates, and Project absorptions. The securing of a grocery anchor tenant by the retail developer partner should also positively impact the sales momentum for other components of the Project, including the development of townhomes and other future residential development, by providing an important retail-based service and community amenity. Kimco, our retail joint venture partner, continues to market the site to potential anchor grocer tenants. Kimco received two letters of intent in the 1 st quarter of 2018. Kimco is negotiating with one of the grocers and expects to have a fully executed LOI complete by the 2 nd quarter of 2018. Many smaller retailers have expressed interest in both in-line stores and individual pad sites. We will begin to negotiate leases with those potential clients after we have agreed to terms with the grocer anchor. Engaging in discussions with commercial and residential developers to broaden the awareness of the Project and explore sales and/or partnering opportunities to realize the highest and best use and associated values for the Project. The Corporation received three letters of intent for the purchase of parcels in Phase 2 and 3. Two of the three interested purchasers have also submitted LOIs for large portions of the adjacent WUSF1 Westphalia LLC (“ WUSF1 ”) land (also managed by Walton). One of the letters of intent was from is from a well-established regional developer with the intent to become involved in the development of the core of the town center and possibly the entire Project. The Corporation is continuing discussions with this developer. Additionally, WDM received a separate site specific LOI for the adjacent WUSF1 land. The Corporation received three letters of intent for the purchase of Phase 1A. The Corporation is evaluating these offers. The Corporation received and evaluated two letters of intent on the Phase 1 hotel site. After negotiations, the Corporation has executed a letter of intent with a hotel developer/operator for a 100-key hotel with an option for additional 100-key hotel. Both parties are moving forward with the preparation of a purchase and sales agreement. The Corporation has executed an LOI with a prominent regional multi-family developer. We continue to work closely with that developer to determine our next steps. Partnering with the Prince George’s County Economic Development Corporation (“ EDC ”) to assist with marketing the office site, with a strategic focus related to locating future government office buildings in the Project.
Fourth Quarter and Year End Financial Results
During the fourth quarter of 2017, The Corporation recognized revenue of $1,629,185 on Phase 1 single family lot sales in the fourth quarter of 2017, and the Corporation recorded cost of sales and an impairment in the fourth quarter of 2017 of $33,880,861. The impairment of $32,111,709 ($25,259,280 USD) was recorded on Phase 1 and Phase 1A, as the expected realizable value of these phases were lower than carrying value. The impairment was driven by the change in the strategy to focus on repayment of debt through bulk selling future phases of development rather than servicing the lands and future sale to builders, as well as other changes in estimates regarding future revenues and the associated development and interest costs.
The Corporation's other expenses increased by $56,027 from $292,572 for the three month period ended December 31, 2016 to $348,599 for the three month period ended December 31, 2017. Professional fees increased by $79,593, due to an increase in audit expenses and the incurrence of corporate secretarial services that in 2016 were provided by WIGI for no additional charge. This increase was partially offset by a decrease of $44,161 in marketing expenses as higher client communication, media placement and signage expenses were incurred in 2016 as builders heavily marketed lots.
During the years ended December 31, 2017 and December 31, 2016, the Corporation recognized revenue on contracts of $9,272,423 and $5,954,770, respectively, from single family lot sales in Phase 1. The Corporation recorded $40,622,922 on cost of sales and land impairments. The cost of sales relating to the lot sales was $8,511,213 and $5,756,046, respectively. The revenue and cost of sales recognized in 2017 and 2016 were in respect to the sale of 87 and 60 Phase 1 single family lots to home builders, respectively.
Total expenses increased by $89,172 from $1,190,101 for the year ended December 31, 2016 to $1,279,273 for the year ended December 31, 2017. The increase in total expenses was primarily due to higher professional fees of $146,915 related to higher audit costs and fees for legal secretarial services that in 2016 were provided by WIGI at no additional charge. These increases were partially offset by a reduction of $54,003 in marketing expenses as higher client communication, media placement and signage expenses were incurred in 2016 as builders heavily marketed lots and $25,866 lower director fees in 2017 due to the entity having only one independent director during the second and third quarters of 2017.
Total Other Items consists of foreign exchange losses and has increased by $872,531 from total Other Item expenses of $759,000 for the year ended December 31, 2016, to total Other Item expenses of $1,631,531 for the year ended December 31, 2017. The Canadian dollar has strengthened in 2017 compared to 2016, resulting in the underlying Canadian Dollar intercompany debentures and the intercompany debt contracts in the U.S. subsidiary reflecting a foreign exchange loss that is not eliminated upon consolidation.
Comprehensive loss increased by $31,631,365 from a loss of $2,052,850 for the year ended December 31, 2016 to a loss of $33,684,215 for the year ended December 31, 2017. The increase is due to the items discussed above as well, as a $89,314 increase in other comprehensive loss due to cumulative translation losses recorded on the translation of the U.S. subsidiary accounts.
On March 22, 2018 the management agreement between WAM and the Corporation was assigned to Walton Global Investment Ltd (“ WGI ”).
Late Filing of Fiscal Year-End Financial Statements
The Corporation advises that the filing of its financial statements for the fiscal year-ended December 31, 2017, the related management’s discussion and analysis and its officer certifications for the fiscal year-ended December 31, 2017 (collectively, the “ Annual Filings ”) was not completed by the deadline of April 30, 2018. As a result, the Alberta Securities Commission issued a cease trade order (“ CTO ”) against the Corporation. Now that the Annual Filings have been completed, the Corporation will seek to have the CTO revoked.
Additional Information
The Corporation is managed by Walton Global Investment Ltd. and the development of the Project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies (“ Walton ”) is a multinational real estate investment, planning, and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors.
Its communities are comprehensively designed in collaboration with local residents for the benefit of community stakeholders. Its goal is to build communities that will stand the test of time: hometowns for present and future generations.
For more information about Walton Westphalia Development Corporation, please visit www.sedar.com . For more information about Walton, visit www.walton.com .
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation's actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, renegotiation of loans, refinancing or extension of the existing loans, the amount and timing of the financing received, the amount of, timing and terms of any tax increment financing that may be received by the Corporation, the length of time it takes to develop and sell the Property, the ability of the Corporation to enter into joint ventures relating to, or to otherwise, vertically develop portions of the Property, the availability and terms of other construction financing required by the Corporation, the costs involved in the horizontal and/or vertical development of the Property, the prices at which the serviced lots and parcels from, or vertically developed structures on, the Property can be sold, the rate at which serviced lots and parcels from, or vertically developed structures on, the Property are purchased in the marketplace, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com .
Except as otherwise noted, all amounts are in Canadian dollars, and are based on unaudited financial statements for the year ended December 31, 2017 and related notes, prepared in accordance with International Financial Reporting Standards.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006618/en/
Walton Westphalia Development Corporation
For media inquiries, please contact:
Bill Doherty, 866-925-8668
[email protected]
Source: Walton Westphalia Development Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-walton-westphalia-development-corporation-reports-fiscal-year-end-and-fourth-quarter-2017-fiscal-results.html |
Ash cloud from Hawaii volcano sparks 'red alert' 11:25am BST - 01:35
Explosions intensified on Hawaii's Kilauea volcano on Tuesday, spewing ash and triggering a red alert for aircraft for the first time since the latest eruption began 12 days ago.
Explosions intensified on Hawaii's Kilauea volcano on Tuesday, spewing ash and triggering a red alert for aircraft for the first time since the latest eruption began 12 days ago. //reut.rs/2L3Few0 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/ash-cloud-from-hawaii-volcano-sparks-red?videoId=427378237 |
CNBC A UPS facility in Chicago
United Parcel Service will announce a plan to improve its profitability through automation and price increases this year, according to Bank of America Merrill Lynch.
The bank raised its rating for UPS shares to buy from neutral, predicting the package delivery company will slash costs.
"UPS plans to launch its Network Transformation plan over the coming months, a plan which could focus on improving margins throughout the organization," analyst Ken Hoexter wrote in a note to clients Monday. The main points of the plan are expected to be the ongoing automation of UPS facilities and a recently announced voluntary management retirement program.
"A detailed plan could be a turning point for UPS much in the way FedEx's profit improvement plan in 2013," Hoexter wrote in the note.
UPS shares rose 1.8 percent Monday after the report.
Hoexter raised his price target to $144 from $120, representing 25 percent upside from Friday's closing price.
The analyst said UPS' profit margins are declining due to "pressure from e-commerce growth," specifically citing its business with Amazon . Its online package segment requires fewer packages per shipment drop, has lower weight per delivery and has more seasonality, which hurts overall profitability for UPS.
"While UPS has not yet set a date for its forthcoming Analyst Day, we believe it is likely to focus on the company's plans to improve operating margins, particularly on its Domestic business," he wrote. "While the company's efforts to automate facilities should aid this effort, we believe it will also have to leverage pricing to improve margins. Both UPS and FedEx started to take steps in this direction this past holiday season with surcharges on difficult to handle packages." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/ups-shares-to-rise-on-automation-and-pricing-bank-of-america.html |
SAN FRANCISCO (Reuters) - Uber Technologies Inc’s growth has slowed as a series of scandals has allowed the ride-hailing company’s chief U.S. competitor, Lyft Inc, to grab more market share, digital research firm eMarketer said in a report on Monday.
The Uber logo is displayed on a screen during the Women In The World Summit in New York City, U.S., April 12, 2018. REUTERS/Brendan McDermid The research firm has lowered its forecasts for Uber’s growth for the next several years. It projects 48 million U.S. adults will use Uber at least once this year, up 18 percent from last year but well off eMarketer’s earlier forecast of more than 51 million.
EMarketer based its analysis on data from Uber and Lyft, such as trip numbers and app downloads, as well as customer surveys from researchers at JP Morgan and other firms.
The report quantifies the effect of a series of scandals at Uber last year, which included an internal probe of sexual harassment and workplace behavior; a U.S. Department of Justice investigation into whether Uber managers violated U.S. laws against bribery of foreign officials; a lawsuit by Alphabet Inc ( GOOGL.O ) alleging trade secrets theft that Uber settled for $245 million; and the departure of Uber’s chief executive officer, who was pushed out by investors concerned about the growing list of problems.
An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. Picture taken September 21, 2017. REUTERS/Chris Helgren Uber did not respond to a request for comment.
Meanwhile, Lyft has grown quickly, adding more than 160 cities last year, benefiting from Uber’s tarnished image and as a later entry into markets where people are already familiar with ride-hailing services, eMarketer said. On Monday, Lyft said it has 35 percent of the national ride-hailing market, and in 16 U.S. markets its share exceeds 40 percent.
“Uber’s brand image took an even bigger hit than expected as it grappled with a series of scandals and PR disasters in 2017,” said Shelleen Shum, eMarketer’s forecasting director. “Lyft, which had been rapidly expanding its coverage, seized on the opportunity to brand itself as a more socially conscious alternative.”
The research firm said it has lowered its forecast for Uber’s growth every year through 2021, reflecting the company’s competitive disadvantage after last year’s problems. EMarketer’s previous projections pegged the number of Uber users in 2017 at about 44 million, but the actual number ended up being fewer than 41 million.
Even so, Uber remains the dominant U.S. ride-hailing company. At the end of this year it will have about 77 percent of the market, down from 90 percent in 2016, while Lyft will have 48 percent, up from nearly 29 percent, according to eMarketer.
EMarketer’s projections for 2022 show Uber with nearly 74 percent of customers and Lyft with 59 percent of ride-hailing customers. Some people use both services.
Lyft operates in roughly the same number of U.S. cities as Uber, as well as in Toronto. Uber operates across the globe, although it has retreated from Southeast Asia, Russia and China after losing billions of dollars competing with local rivals.
Reporting by Heather Somerville; Editing by Leslie Adler
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-uber-growth/study-finds-ubers-growth-slows-after-year-of-scandal-lyft-benefits-idUSKCN1IF31A |
May 2 (Reuters) - Max Zipper Co Ltd
* Says its chairman is sentenced to six years in prison due to violation of securities exchange act
Source text in Chinese: goo.gl/vna5vZ
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-max-zipper-says-chairman-sentenced/brief-max-zipper-says-chairman-sentenced-to-six-years-in-prison-due-to-violation-of-securities-exchange-act-idUSL3N1S90XA |
May 18, 2018 / 7:08 AM / Updated 5 hours ago Fujifilm set to sue Xerox soon for scrapping takeover deal Reuters Staff 2 Min Read
TOKYO (Reuters) - Fujifilm Holdings Corp is planning to sue Xerox Corp soon deeming that the U.S. photocopier company has no legal right to unilaterally scrap their $6.1 billion merger, a senior Fujifilm executive said on Friday. FILE PHOTO: Fujifilm Holdings' logos are pictured ahead of its news conference in Tokyo, Japan January 31, 2018. REUTERS/Kim Kyung-Hoon/File Photo
“We are currently in talks with lawyers on the schedule for filing the lawsuit and plan to go to court as soon as possible,” Chief Operating Officer Kenji Sukeno said at an earnings briefing.
In January, Fujifilm and Xerox agreed to a complex deal to merge Xerox into their 56-year-old Asia joint venture Fuji Xerox and give Fujifilm control.
Xerox pulled out of the deal this week in a settlement with activist investors Carl Icahn and Darwin Deason, who opposed the deal saying it undervalued the U.S. company.
The settlement also saw Xerox Chief Executive Officer Jeff Jacobson - the deal’s main architect - as well as five other directors resign. John Visentin, hired by Icahn to assist in his campaign against Xerox, replaced Jacobson.
Sukeno said Fujifilm will point out through litigation that Xerox has no legal right to unilaterally terminate the deal and that the deal is in the best interests of Xerox shareholders.
He also said if the new Xerox board makes new proposals, the Japanese company “would consider them only when they benefit Fujifilm shareholders”.
“We don’t need to be in a rush to close this deal. We are not bound by time,” he said.
Xerox spokespeople could not immediately be reached for comment. Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman and Christopher Cushing | ashraq/financial-news-articles | https://in.reuters.com/article/xerox-m-a-fujifilm/fujifilm-says-to-sue-xerox-soon-to-seek-damages-on-scrapping-of-takeover-idINKCN1IJ0LJ |
Media wars set to heat up 9:34 AM ET Tue, 22 May 2018 CNBC's David Faber reports on the battle for Fox assets ahead of the company's shareholder vote. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/faber-report-180522.html |
Federal Reserve ready to loosen bank rules Wednesday, May 30, 2018 - 01:51
U.S. regulators on Wednesday proposed simplifying a rule introduced after the 2007-2009 financial crisis that bans banks from trading on their own account in order to make compliance easier for many firms.
U.S. regulators on Wednesday proposed simplifying a rule introduced after the 2007-2009 financial crisis that bans banks from trading on their own account in order to make compliance easier for many firms. //reut.rs/2H38lws | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/federal-reserve-ready-to-loosen-bank-rul?videoId=431768724 |
Analyst: I wish Buffett would have 'swung a fatter bat on Apple' 1 Hour Ago David Rolfe, Wedgewood Partners CIO, and Gene Muster, Loup Ventures managing partner, discuss Warren Buffett's comments on Apple and his investment in Apple stock. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/analyst-i-wish-buffett-would-have-swung-a-fatter-bat-on-apple.html |
May 20, 2018 / 10:31 AM / Updated 9 hours ago Major League Baseball roundup: Dodgers sweep doubleheader with Nats Reuters Staff 13 Min Read
Max Muncy had two RBIs and Ross Stripling was fabulous in six innings of one-run, four-hit pitching as the Los Angeles Dodgers defeated the Washington Nationals 4-1 on Saturday in the first game of a day-night doubleheader at Nationals Park. May 19, 2018; Washington, DC, USA; Washington Nationals first baseman Mark Reynolds (14) slides to score a run beating the tag attempt by Los Angeles Dodgers catcher Austin Barnes (15) during the sixth inning at Nationals Park. Mandatory Credit: Brad Mills-USA TODAY Sports
Los Angeles won for the second straight outing after it ended a six-game losing streak with Thursday’s 7-0 win at Miami. Conversely, the loss was Washington’s third in its last 16 games.
Stripling (1-1) struck out nine and didn’t walk a batter in his 96-pitch stint. He was followed to the mound by JT Chargois, Josh Fields and Kenley Jansen, who each threw a scoreless inning. Jansen earned his seventh save of the season.
Washington outfielder Howie Kendrick exited the game in the second inning with what turned out to be a right Achilles injury. Kendrick got twisted around making a catch at the warning track in left-center for the second out of the inning and needed to be carted off the field after being looked at by the training staff. He was placed on the 10-day disabled list after the contest and will receive an MRI.
Dodgers 5, Nationals 4 (Game 2)
Pinch hitter Matt Kemp ripped a two-run double off Washington closer Sean Doolittle in the ninth inning to propel Los Angeles to a thrilling come-from-behind victory and complete the sweep of the doubleheader.
Kemp’s double came after singles to lead off the inning by Austin Barnes and Logan Forsythe and made a loser out of Doolittle (1-2), who suffered his first blown save of the season. Los Angeles’ Kenley Jansen earned his eighth save of the season, and second of the day, with a perfect ninth that included one strikeout.
The Dodgers’ comeback denied Max Scherzer’s bid to became the major league’s first eight-game winner. Scherzer left with a 4-2 lead after seven innings of two-run, five-hit pitching, in which he struck out 13 and walked three in his 121-pitch outing. Scherzer now has 104 strikeouts on the year, becoming the fastest pitcher ever to reach 100 K’s in a season. He did it in 63 innings.
Reds 5, Cubs 4 (11 innings, Game 1)
Center fielder Billy Hamilton walked with the bases loaded in the 11th inning to drive in the winning run and Scooter Gennett had two hits as host Cincinnati won a thriller over Chicago in walk-off fashion in the first game of a day-night doubleheader.
Scott Schebler walked to open the last of the 11th inning against Justin Wilson (1-1) before Tucker Barnhart singled and Adam Duvall walked to load the bases. Schebler trotted home on Hamilton’s walk as his teammates emerged from the dugout to celebrate.
Ian Happ was a single short of the cycle and scored two times for the Cubs, who had won two of three. The benches emptied after Amir Garrett celebrated a strike out of Javier Baez to end the seventh inning. The two stared at each other as players came to the field. No punches were thrown and nobody was ejected.
Cubs 10, Reds 0 (Game 2)
Center fielder Jason Heyward had a three-run triple and drove in four runs, Ian Happ homered and left-hander Jose Quintana pitched seven scoreless innings as Chicago split its doubleheader with Cincinnati.
Heyward tripled in the final three runs of a five-run fifth inning when his bases-loaded looper down the right field line bounced off the glove of diving second baseman Scooter Gennett and rolled into the right field corner. Heyward made his first start since coming off the 7-day concussion disabled list Friday.
Happ homered in each game of the doubleheader, and his homer in the second game was his seventh of the season and the 14,000th in Cubs history. Quintana (5-3) gave up one hit, walked four and struck out seven.
Indians 5, Astros 4
Corey Kluber fanned 10 batters to move into fifth place on Cleveland’s all-time strikeouts list and allowed two runs on six hits over seven innings to beat host Houston.
With his fourth strikeout, Kluber (7-2) moved past CC Sabathia into fifth with 1,266 career punchouts. The two-time Cy Young Award winner is five strikeouts behind Bob Lemon and Early Wynn for third in team history.
Michael Brantley and Yan Gomes hit solo home runs and Edwin Encarnacion, Jason Kipnis and Jose Ramirez each added an RBI for the Indians, who fell 4-1 on Friday to open the three-game series and had lost three of four. Carlos Correa, Alex Bregman and Marwin Gonzalez all homered late for the Astros, though their comeback bid fell short.
Yankees 8, Royals 3
Gary Sanchez highlighted a four-hit showing by hitting two solo homers as New York beat host Kansas City.
Gleyber Torres hit a tiebreaking three-run home run off Danny Duffy (1-6), Giancarlo Stanton hit a mammoth solo homer and Aaron Hicks hit an inside-the-park homer as the Yankees won for the 20th time in 24 games and hit five homers for the first time since June 10 against the Baltimore Orioles at Yankee Stadium. May 19, 2018; Washington, DC, USA; Los Angeles Dodgers right fielder Matt Kemp (27) hits a two run RBI double against the Washington Nationals during the ninth inning at Nationals Park. Mandatory Credit: Brad Mills-USA TODAY Sports
Hicks became the first Yankee to hit multiple inside-the-park homers in a season since Hall of Famer Mickey Mantle did it in 1958 off Pedro Ramos, Dick Donavan and Early Wynn. He also became the first player to hit multiple inside-the-park homers before the end of May since former Royal Brian McRae in 1991.
Red Sox 6, Orioles 3
Rafael Devers, Mookie Betts and Andrew Benintendi all homered as Boston defeated visiting Baltimore.
Rick Porcello (6-1) earned the victory for Boston after suffering his first loss of the season in his last start. He gave up three runs and six hits in six innings, striking out nine while walking three.
Dylan Bundy (2-6) ran into trouble with homers once more and took the loss. He gave up four runs on five hits, including the three home runs, in six innings and struck out eight. Bundy allowed four homers in the first inning and did not retire a batter in a May 8 loss to Kansas City and now has given up 13 homers in 53 2/3 innings this season.
Mariners 7, Tigers 2
James Paxton pitched a complete game, retiring the final 15 batters he faced, as host Seattle defeated Detroit.
The left-handed Paxton (3-1), making his first home start since throwing a no-hitter May 8 at Toronto, allowed two runs on three hits, with one walk and eight strikeouts. It was Paxton’s second career complete game and second in his past three starts.
Jean Segura and Ben Gamel hit home runs for the Mariners off Mike Fiers, who allowed four runs on six hits in five-plus innings, with one walk and two strikeouts, to drop to 4-3.
Rays 5, Angels 3
Daniel Robertson’s grand slam and the first career start by Sergio Romo added up to a win for visiting Tampa Bay, its sixth in a row, over Los Angeles.
Romo had made 588 appearances in his major league career, all as a reliever. But he was given the start because the Angels’ lineup was loaded with right-handed hitters, expecting to face lefty Ryan Yarbrough.
The strategy worked, as Romo struck out the side in the first inning, getting Zack Cozart, Mike Trout and Justin Upton. Yarbrough (4-2) entered the game in the second inning and breezed through the Angels lineup, throwing six scoreless innings until the Angels got to him for a run in the eighth inning. Trout hit his 14th homer of the season in the ninth.
Mets 5, Diamondbacks 4
Wilmer Flores lofted a sacrifice fly in the bottom of the ninth inning as host New York came back to beat Arizona.
The Mets have won the first two games of the three-game series for their first winning streak since they won nine in a row from April 3-13. The Diamondbacks have lost nine of 10.
Brandon Nimmo led off the ninth against Andrew Chafin (0-1) with a double and went to third on a perfectly placed bunt single by Asdrubal Cabrera. Flores followed with a fly ball to deep left field. David Peralta, playing shallow, ranged back to make the catch but had no chance to throw out Nimmo.
Braves 8, Marlins 1
Sean Newcomb’s shutout streak ended, but he allowed only one run and pitched Atlanta to a win over visiting Miami.
The Marlins scored a run in the second inning to end Newcomb’s scoreless inning streak at 21 1/3. It was the lone run allowed by Newcomb (5-1), who gave up four hits and two walks over six innings. He struck out four and lowered his ERA to 2.39.
Atlanta relievers Shane Carle, Dan Winkler and Jesse Biddle each worked a scoreless inning to complete the game and allowed the Braves to even the three-game series. It was the fifth straight game the Braves have not allowed a home run at SunTrust Park, the team’s longest stretch since the stadium opened last season. Slideshow (13 Images)
Giants 9, Rockies 4
Brandon Crawford highlighted a 17-hit attack with a two-run double and two-run home run, lifting San Francisco to a rout of visiting Colorado.
Andrew McCutchen complemented Crawford’s performance with three hits, including a pair of doubles, as the Giants turned the tables on the Rockies after Colorado had won the first two games of the series 5-3 and 6-1.
The Rockies hung within 5-4 before McCutchen doubled in a pair of runs in the fifth inning to give the Giants a three-run cushion. Crawford then smacked his fourth homer of the season, a two-run shot, in the seventh, putting the Giants in a commanding position at 9-4. He finished 3-for-5, raising his batting average in May to .449 (31-for-69).
Brewers 5, Twins 4
Minnesota outfielder Jake Cave homered in his second major league at-bat, but Christian Yelich broke a late tie with a home run of his own, lifting Milwaukee to victory in Minneapolis.
Jesus Aguilar bombed his third home run in two nights for the Brewers, who ran their interleague record to 5-1 with a second consecutive win over the Twins.
The score was tied at 4-4 with one out in the eighth before Yelich smacked his fifth homer of the season, a solo shot off Minnesota’s fourth pitcher, Addison Reed (0-3). Brewers closer Josh Hader (2-0) held on from there, striking out six of the seven Twins he faced in the eighth and ninth innings after entering the game with two outs in the seventh.
Phillies 7, Cardinals 6
Jorge Alfaro’s RBI single in the eighth inning snapped a tie and lifted visiting Philadelphia to a wild, rain-interrupted win over St. Louis.
The Phillies squandered leads of 3-0 and 5-3 and fell behind in the seventh, when Matt Carpenter’s RBI double put the Cardinals ahead 6-5. But Philadelphia rallied with two outs and nobody on against Greg Holland (0-2), who walked Nick Williams before giving up a game-tying triple to Scott Kingery and the go-ahead hit by Alfaro.
Carlos Santana had an RBI single in the first and Odubel Herrera hit a two-run homer in the third for the Phillies. Herrera has reached base in 45 straight games.
Athletics 5, Blue Jays 4
Chad Pinder hit his first career grand slam to cap a five-run eighth, and visiting Oakland defeated Toronto.
The Athletics have won the first three games of the four-game series. Reliever Emilio Pagan (1-0) allowed one hit and one walk in two innings to earn the win and Blake Treinen pitched around a walk in the ninth to earn his 10th save of the season.
Toronto reliever Tyler Clippard (4-1) allowed Pinder’s grand slam and took the loss. Gio Urshela hit a two-run homer, his first of the season, for the Jays.
White Sox 5, Rangers 3
Daniel Palka hit a two-run triple, helping erase an early deficit, and Jose Abreu clubbed his eighth home run as Chicago topped visiting Texas.
Abreu had three hits and was a triple shy of the cycle and Matt Davidson had an RBI single as the White Sox beat the Rangers for the second time in the last three days.
Texas starter Ariel Jurado (0-1) made his major league debut after being called up from Triple-A Frisco. The 22-year-old right-hander from Panama surrendered four runs on six hits with two strikeouts and two walks.
Padres 6, Pirates 2
Left-hander Clayton Richard pitched into the eighth and Christian Villanueva drove in two runs with a double and a home run as San Diego beat host Pittsburgh.
Richard (3-5) held the Pirates scoreless through the first seven innings. Overall, he allowed two runs and seven hits in 7 1/3 innings, with two strikeouts and no walks.
The Padres have won five of seven, including two of the first three in the series, and will go for a series win Sunday. They have not won a series in Pittsburgh since they took two of three Aug. 8-10, 2014.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb/major-league-baseball-roundup-dodgers-sweep-doubleheader-with-nats-idUSKCN1IL0CM |
May 11 (Reuters) - Penske Automotive Group Inc:
* PENSKE AUTOMOTIVE ELECTS WOLFGANG DÜRHEIMER AS NEW BOARD MEMBER
* PENSKE AUTOMOTIVE GROUP INC - WOLFGANG DÜRHEIMER ELECTED TO BOARD AT ANNUAL SHAREHOLDERS MEETING, ALONG WITH TWELVE INCUMBENT DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-penske-automotive-elects-wolfgang/brief-penske-automotive-elects-wolfgang-drheimer-as-new-board-member-idUSASC0A1QT |
May 18 (Reuters) - Charles & Colvard Ltd:
* CHARLES & COLVARD - FILES FOR MIXED SHELF OFFERING OF UP TO $25 MILLION - SEC FILING Source bit.ly/2IVgIzj Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-charles-colvard-files-for-mixed-sh/brief-charles-colvard-files-for-mixed-shelf-offering-of-up-to-25-mln-idUSFWN1SP0XZ |
May 11 (Reuters) - HomeStreet Inc:
* GLASS LEWIS RECOMMENDS SHAREHOLDERS VOTE FOR HOMESTREET NOMINEES
* HOMESTREET INC - GLASS LEWIS RECOMMENDS SHAREHOLDERS VOTE ON WHITE PROXY CARD FOR ALL OF CO’S NOMINEES
* HOMESTREET INC - GLASS LEWIS SUPPORTS ALL CO PROPOSALS, INCLUDING ADVISORY VOTE ON EXECUTIVE COMPENSATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-homestreet-says-glass-lewis-recomm/brief-homestreet-says-glass-lewis-recommends-shareholders-vote-for-cos-nominees-idUSFWN1SI1AQ |
Disney tops estimates 5 Hours Ago Shares of the company are lower this morning despite beating estimates. Rich Tullo of Midtown Partners & Co. breaks down the results. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/disney-tops-estimates.html |
May 2, 2018 / 4:13 PM / in 10 minutes UPDATE 2-Argentina's peso weakens sharply after surprise rate hike Reuters Staff 2 Min Read
(Adds comments from brokerages; closing prices)
BUENOS AIRES, May 2 (Reuters) - Argentina’s peso currency closed down 3.11 percent on Wednesday at an all-time low of 21.2 per U.S. dollar, even as the central bank continued selling dollars to try to halt the slide of the local currency, traders said.
The currency’s sustained weakening showed a lack of investor confidence in Latin America’s No. 3 economy, which is blighted by one of the world’s highest inflation rates.
The central bank sold about $400 million in the foreign exchange market as of early afternoon, traders said, an amount that was likely to increase when an official count is provided at the end of the day.
The bank said it sold a total $3.7 billion in the last three days of last week. The action culminated on Friday in a surprise hike of the bank’s key interest rate to 30.25 percent from 27.25.
Argentina’s local stock index rose 77 percent last year and investors even gobbled up a 100-year bond as President Mauricio Macri’s strong performance in mid-term elections spurred hopes for more market friendly reforms. But investors have more recently woken up to the country’s vulnerabilities.
“The forces driving the peso lower are unlikely to abate,” Capital Economics said in a report on Wednesday, pointing to a current account deficit equivalent to 5 percent of gross domestic product as well as high inflation.
Local brokerage Delphos Investment said in a report the recent pace of dollar selling was not sustainable. It also said the implementation of a capital gains tax for foreign investors last month had led to a decrease in foreign capital entering Argentine markets.
Consumer prices in Argentina rose 2.3 percent in March, slightly down from the 2.4 percent increase in February. Twelve-month inflation was 25.4 percent, the same level as February. (Reporting by Walter Bianchi, writing by Hugh Bronstein and Caroline Stauffer; editing by Chizu Nomiyama and Alistair Bell) | ashraq/financial-news-articles | https://www.reuters.com/article/argentina-peso/update-1-argentine-peso-weakens-2-19-pct-to-all-time-low-21-per-dollar-idUSL1N1S911A |
May 11, 2018 / 2:30 PM / Updated an hour ago Fiat Chrysler CEO hopes 'agreed way forward' can be found on fuel rules Reuters Staff 1 Min Read
WASHINGTON, May 11 (Reuters) - Fiat Chrysler Automobiles NV Chief Executive Sergio Marchionne told Reuters on Friday ahead of an industry meeting with President Donald Trump and 10 major automakers that he backs the White House effort to revise vehicle fuel efficiency rules to account for the shift in buying habits to larger vehicles and hopes an “agreed way forward” can be found.
Marchionne said in a brief interview he is “fully supportive”of Trump’s efforts “to try to get this reexamined in view of the changing circumstances.” He said he still hopes the administration can reach a deal with California to maintain nationwide emissions standards. Trump is “probably the most consummate deal maker I’ve seen in a long long time. I think we should give him a chance to get it done.” (Reporting by David Shepardson Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/autos-trump-fiat-chrysler/fiat-chrysler-ceo-hopes-agreed-way-forward-can-be-found-on-fuel-rules-idUSL1N1SI0TK |
VERBATIM: UK spy chief warns on I.S., Russia 7:50am EDT - 00:56
Andrew Parker, the head of UK spy agency the MI5, has warned of the threats facing Europe from Islamic State and Russia. It is the first ever overseas speech by a serving MI5 chief.
Andrew Parker, the head of UK spy agency the MI5, has warned of the threats facing Europe from Islamic State and Russia. It is the first ever overseas speech by a serving MI5 chief. //reut.rs/2rFVqeg | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/verbatim-uk-spy-chief-warns-on-is-russia?videoId=426810116 |
VIENNA (Reuters) - Iran wants European powers to give it a package of economic measures by the end of the month to compensate for the U.S. withdrawal from their 2015 nuclear agreement with world powers, a senior Iranian official said on Friday.
“We expect the package to be given to us by the end of May,” the official told reporters before talks in Vienna with Britain, China, France, Germany and Russia.
He added that Tehran would decide within the next few weeks whether to stay in the accord.
The nations that remain in the Iran nuclear deal meet later today for the first time since U.S. President Donald Trump left the pact, but diplomats see limited scope for salvaging it after Washington vowed to be tougher than ever on Tehran.
The U.N. atomic watchdog policing the nuclear accord said on Thursday that Iran is still complying with the terms of the deal despite the U.S. withdrawal, but that it could be faster and more proactive in allowing snap inspections.
The official said that if they were unhappy with how things panned out they would seek a ministerial meeting and then decide.
“I am personally maybe not optimistic but ... I am trying my best to come to a conclusion,” he said.
He said European measures would need in large part to ensure that oil exports remained the same and that the SWIFT international payments messaging system continued to work for Iran.
Reporting by Francois Murphy; writing by John Irish; editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-package/iran-wants-europeans-to-present-economic-package-by-end-of-may-official-idUSKCN1IQ0OJ |
May 15 (Reuters) - Neovasc Inc:
* NEOVASC’S MANAGEMENT AND BOARD OF DIRECTORS URGE SHAREHOLDERS TO VOTE IN FAVOR OF THE PROPOSED REVERSE STOCK SPLIT AT THE UPCOMING ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS
* NEOVASC INC - MANAGEMENT BELIEVES THAT IT IS IN BEST INTEREST OF COMPANY AND ITS STAKEHOLDERS TO REMAIN ON NASDAQ Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-neovascs-management-and-board-of-d/brief-neovascs-management-and-board-of-directors-urge-shareholders-to-vote-in-favor-of-the-proposed-reverse-stock-split-idUSFWN1SM0OP |
(Reuters) - Indian shares ended lower on Wednesday, as uncertainties around the composition of the next government in the southern state of Karnataka hurt investor sentiment.
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, December 28, 2017. REUTERS/Danish Siddiqui The benchmark BSE Sensex closed down 0.44 percent at 35,387.88. The broader NSE Nifty ended 0.56 percent lower at 10,741.1.
Index for state-run banks ended 3.05 percent lower, dragged by Punjab National Bank and Syndicate Bank Ltd, which closed down 12.04 percent and 12.45 percent respectively.
Punjab National Bank on Tuesday had reported a record quarterly loss of 134.17 billion rupees ($1.98 billion) with analysts worried about the bank’s growth prospects, while Syndicate Bank posted a loss of 21.95 billion rupees compared with a profit of 1.04 billion rupees last year.
Reporting by Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips
| ashraq/financial-news-articles | https://in.reuters.com/article/india-sensex-nifty-stocks/sensex-falls-as-state-election-outcome-disappoints-idINKCN1IH0L4 |
May 17 (Reuters) - Ceconomy :
* CECONOMY CEO SAYS WILL CONTINUE TO DRIVE CONSOLIDATION ON LOCAL, REGIONAL AND INTERNATIONAL LEVEL
* CECONOMY CEO SAYS NO NEW INFORMATION ON SEARCH FOR SOLUTION FOR RUSSIAN BUSINESS
* CECONOMY CFO SAYS CANNOT RULE OUT NEED FOR FUTURE ADJUSTMENTS DUE TO SHARE DEVELOPMENT OF METRO STAKE
* CECONOMY CFO SAYS EXPECTS TO SEE CONTINUING IMPROVEMENTS TO EBIT IN Q3 AND Q4; WORLD CUP SHOULD ALSO HELP
* CECONOMY CEO SAYS NO CONNECTION BETWEEN STAKE IN FNAC-DARTY AND NEW ALLIANCE
* CECONOMY CEO SAYS ALLIANCE WITH FNAC DARTY NOT JUST ANSWER TO AMAZON, BUT ALSO TO SIZE OF GOOGLE, APPLE
* CECONOMY CEO SAYS WAITING TO HEAR WHETHER DIXONS CARPHONE INTERESTED IN JOINING ALLIANCE WITH FNAC DARTY Further company coverage: (Reporting by Frankfurt Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ceconomy-ceo-says-to-keep-driving/brief-ceconomy-ceo-says-to-keep-driving-consolidation-idUSL5N1SO1OI |
May 23, 2018 / 1:01 PM / Updated 9 minutes ago France's Total to join Russia's Arctic LNG-2 - Kremlin Reuters Staff 1 Min Read
MOSCOW (Reuters) - French energy company Total ( TOTF.PA ) plans to sign a deal on joining Russia’s Arctic LNG-2 project during the St Petersburg International Economic Forum this week, the Kremlin said on Wednesday. FILE PHOTO: The logo of French oil giant Total is seen on a flag at La Defense business and financial district in Courbevoie near Paris, France. May 16, 2018. REUTERS/Charles Platiau/File Photo
Total has about a 20 percent stake in Novatek ( NVTK.MM ), the private Russian natural gas producer running the Arctic LNG-2 project. Reporting by Maria Tsvetkova; Writing by Gabrielle Tétrault-Farber; Editing by Vladimir Soldatkin | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-total-russia-lng/frances-total-to-join-russias-arctic-lng-2-kremlin-idUKKCN1IO1UD |
May 28, 2018 / 10:53 AM / Updated 14 minutes ago Irish monthly retail sales growth rebounds to five-month high Reuters Staff 1 Min Read
DUBLIN (Reuters) - Irish retail sales growth rebounded to a five-month high of 1.5 percent in April after falling almost 2 percent the previous month, data showed on Monday.
The annual growth rate was 4.8 percent in April, or 3.8 percent when volatile car sales are excluded, the Central Statistics Office said. Reporting by Conor Humphries; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ireland-economy-retail/irish-monthly-retail-sales-growth-rebounds-to-five-month-high-idUKKCN1IT0WS |
VAN NUYS, Calif.--(BUSINESS WIRE)-- Trio-Tech International (NYSE MKT: TRT) today announced financial results for the third quarter and first nine months of fiscal 2018.
Nine Months Results
For the first nine months of fiscal 2018 ended March 31, 2018, revenue increased 13% to $31,601,000 compared to $27,900,000 for the first nine months of fiscal 2017, reflecting higher revenue in each of the Company's business segments. Gross margin for the first nine months of fiscal 2018 increased 10% to $7,787,000, or 25% of revenue, compared to $7,099,000, or 25% of revenue, for the first nine months of fiscal 2017.
Income from operations for this year's first nine months increased 30% to $1,479,000, or 5% of revenue, compared to $1,140,000, or 4% of revenue, for the same period last year.
Trio-Tech recognized a one-time, non-cash income tax expense of $900,000, related to the 2017 United States Tax Cuts and Jobs Act, which requires a mandatory one-time repatriation of certain earnings and profits of the Company’s foreign subsidiaries previously deferred from U.S. taxation. This estimated tax is payable over a period of eight years at no interest and is not expected to have a material effect on the Company’s working capital position. After this one-time non-cash tax effect, net income attributable to Trio-Tech common shareholders for the first nine months of fiscal 2018 was $509,000, or $0.14 per diluted share.
Shareholders' equity at March 31, 2018 was $23,923,000, or $6.73 per outstanding share, compared to $21,527,000, or $6.11 per outstanding share, at June 30, 2017. Shareholder’s equity benefited from a foreign currency translation gain of $1,809,000, compared to a loss of $1,087,000 for the first nine months last year. There were approximately 3,553,055 common shares outstanding at March 31, 2018.
Third Quarter Results
For the third quarter of fiscal 2018 ended March 31, 2018, revenue increased 3% to $10,104,000 compared to revenue of $9,825,000 for the third quarter last year. A 24% increase in testing services revenue and a 29% increase in distribution revenue offset a 26% decrease in manufacturing revenue attributable to a decrease in orders from a large customer. A change in product mix in both manufacturing and testing services reduced overall gross margin to 22% of sales for this year's third quarter, compared to 25% of sales for the third quarter of fiscal 2017.
After the one-time non-cash income tax expense mentioned above, the net loss for the third quarter of fiscal 2018 was $739,000, or $0.20 per diluted share.
CEO Comments
S.W. Yong, Trio-Tech's CEO, said, "It’s important to emphasize that income from operations increased 30% for the first nine months of fiscal 2018, compared to the same period last year and that the Company would have posted a strong increase in net income, after excluding the one-time effect of the new U.S. tax act.
"We are encouraged that demand for Trio-Tech's testing and distribution services remained as robust in the third quarter as it was in the year's first half. We are working diligently to take advantage of opportunities for growth. While our fiscal third quarter results are typically affected by a slowdown in business activity related to the Chinese New Year and its festivities, we expect improving business operations in the fourth quarter of fiscal 2018.
"As always, we are focused on improving operating efficiencies and reducing costs wherever possible, even as we deliver the highest standard of service and value to our customers. This time-tested strategy is viewed as the foundation for Trio-Tech's continued success in the years ahead."
About Trio-Tech
Established in 1958 and headquartered in Van Nuys, California, Trio-Tech International is a diversified business group with interests in semiconductor testing services, manufacturing and distribution of semiconductor testing equipment, and real estate. Further information about Trio-Tech's semiconductor products and services can be obtained from the Company's Web site at www.triotech.com , www.universalfareast.com , and www.ttsolar.com .
Forward Looking Statements
This press release contains statements that are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and assumptions regarding future activities and results of operations of the Company. In light of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the following factors, among others, could cause actual results to differ materially from those reflected in any forward looking statements made by or on behalf of the Company: market acceptance of Company products and services; changing business conditions or technologies and volatility in the semiconductor industry, which could affect demand for the Company's products and services; the impact of competition; problems with technology; product development schedules; delivery schedules; changes in military or commercial testing specifications which could affect the market for the Company's products and services; difficulties in profitably integrating acquired businesses, if any, into the Company; risks associated with conducting business internationally and especially in Asia, including currency fluctuations and devaluation, currency restrictions, local laws and restrictions and possible social, political and economic instability; changes in U.S. and global financial and equity markets, including market disruptions and significant interest rate fluctuations; and other economic, financial and regulatory factors beyond the Company's control. Other than statements of historical fact, all statements made in this Quarterly Report are forward looking, including, but not limited to, statements regarding industry prospects, future results of operations or financial position, and statements of our intent, belief and current expectations about our strategic direction, prospective and future financial results and condition. In some cases, you can identify forward looking statements by the use of terminology such as "may," "will," "expects," "plans," "anticipates," "estimates," "potential," "believes," "can impact," "continue," or the negative thereof or other comparable terminology. Forward looking statements involve risks and uncertainties that are inherently difficult to predict, which could cause actual outcomes and results to differ materially from our expectations, forecasts and assumptions.
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE) Three Months Ended Nine Months Ended March 31, March 31, Revenue 2018 2017 2018 2017 Manufacturing $ 3,124 $ 4,230 $ 11,862 $ 11,221 Testing Services 4,913 3,977 14,454 12,204 Distribution 2,033 1,581 5,175 4,360 Others 34 37 110 115 10,104 9,825 31,601 27,900 Costs of Sales Cost of manufactured products sold 2,530 3,345 9,246 8,762 Cost of testing services rendered 3,491 2,597 9,881 8,069 Cost of distribution 1,821 1,407 4,598 3,899 Others 30 29 89 71 7,872 7,378 23,814 20,801 Gross Margin 2,232 2,447 7,787 7,099 Operating Expenses: General and administrative 1,773 1,659 5,339 5,178 Selling 181 222 612 587 Research and development 75 51 377 156 (Gain) Loss on disposal of property, plant and equipment (31 ) 30 (20 ) 38 Total operating expenses 1,998 1,962 6,308 5,959 Income from Operations 234 485 1,479 1,140 Other (Expenses) Income Interest expense (64 ) (43 ) (174 ) (149 ) Other income, net 111 45 311 358 Total other income 47 2 137 209 Income from Continuing Operations before Income Taxes 281 487 1,616 1,349 Income Tax Expenses (980 ) (106 ) (1,035 ) (256 ) (Loss) Income from Continuing Operations before Non-controlling Interest, net of tax (699 ) 381 581 1,093 Loss from Discontinued Operations, net of tax (6 ) (1 ) (11 ) (4 ) NET (LOSS) INCOME (705 ) 380 570 1,089 Less: Net Income Attributable to Non-controlling Interest 34 30 61 126 Net (Loss) Income Attributable to Trio-Tech International (739 ) 350 509 963 Net (Loss) Income Attributable to Trio-Tech International: (Loss) Income from Continuing Operations, net of tax (736 ) 351 520 970 Loss from Discontinued Operations, net of tax (3 ) (1 ) (11 ) (7 ) Net (Loss) Income Attributable to Trio-Tech International $ (739 ) $ 350 $ 509 $ 963 Basic (Loss) Earnings per Share $ (0.21 ) $ 0.10 $ 0.15 $ 0.28 Diluted (Loss) Earnings per Share $ (0.20 ) $ 0.10 $ 0.14 $ 0.27 Weighted Average Shares Outstanding - Basic 3,553 3,523 3,553 3,523 Weighted Average Shares Outstanding - Diluted 3,772 3,639 3,778 3,577 TRIO-TECH INTERNATIONAL AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (IN THOUSANDS) Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Comprehensive (Loss) Income Attributable to Trio-Tech International: Net (loss) income $ (705 ) $ 380 $ 570 $ 1,089 Foreign Currency Translation, net of tax 849 290 1,809 (1,087 ) Comprehensive (Loss) Income 144 670 2,379 2 Less: Comprehensive Income (loss) Attributable to Non-controlling Interest 142 (38 ) 255 (75 ) Comprehensive Income Attributable to Trio-Tech International $ 2 $ 708 $ 2,124 $ 77 TRIO-TECH INTERNATIONAL AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) Mar. 31, Jun. 30, 2018 2017 ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 5,376 $ 4,772 Short-term deposits 678 787 Trade accounts receivable, net 8,617 9,009 Other receivables 392 401 Inventories, net 2,369 1,756 Prepaid expenses and other current assets 219 226 Asset held for sale 96 86 Total current assets 17,747 17,037 Deferred tax assets 453 375 Investment properties, net 1,231 1,216 Property, plant and equipment, net 12,881 11,291 Other assets 2,315 1,922 Restricted term deposits 1,761 1,657 Total non-current assets 18,641 16,461 TOTAL ASSETS $ 36,388 $ 33,498 LIABILITIES AND SHAREHOLDER'S EQUITY CURRENT LIABILITIES: Lines of credit $ 1,311 $ 2,556 Accounts payable 2,099 3,229 Accrued expenses 4,648 3,043 Income taxes payable 1,117 233 Current portion of bank loans payable 376 260 Current portion of capital leases 260 228 Total current liabilities 9,811 9,549 Bank loans payable, net of current portion 1,593 1,552 Capital leases, net of current portion 614 531 Deferred tax liabilities 404 295 Other non-current liabilities 43 44 Total non-current liabilities 2,654 2,422 TOTAL LIABILITIES 12,465 11,971 EQUITY TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY: Common stock, no par value, 15,000,000 shares authorized; 3,553,055 and 3,523,055 shares issued and outstanding at March 31, 2018 and June 30, 2017, respectively 11,023 10,921 Paid-in capital 3,246 3,206 Accumulated retained earnings 4,850 4,341 Accumulated other comprehensive gain-translation adjustments 3,248 1,633 Total Trio-Tech International shareholders' equity 22,367 20,101 Non-controlling interest 1,556 1,426 TOTAL EQUITY 23,923 21,527 TOTAL LIABILITIES AND EQUITY $ 36,388 $ 33,498
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005010/en/
Company Contact:
Trio-Tech International
A. Charles Wilson
Chairman
(818) 787-7000
or
Investor Contact:
Berkman Associates
(310) 477-3118
[email protected]
Source: Trio-Tech International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-trio-tech-reports-third-quarter-and-nine-months-results.html |
May 27, 2018 / 3:51 AM / a few seconds ago Warriors force Game 7 with 115-86 rout of Rockets Reuters Staff 4 Min Read
Klay Thompson and Stephen Curry combined for seven 3-pointers in the third quarter Saturday night, rallying the Golden State Warriors from a 10-point halftime deficit to a 115-86 run-away in Game 6 of the Western Conference finals in Oakland, Calif. May 26, 2018; Oakland, CA, USA; Golden State Warriors forward Kevin Durant (35) battles for the ball with Houston Rockets forward Trevor Ariza (1) in game six of the Western conference finals of the 2018 NBA Playoffs at Oracle Arena. Mandatory Credit: Cary Edmondson-USA TODAY Sports
The teams will get a travel day Sunday before meeting one final time in Houston on Monday night, with the Game 7 winner advancing to the NBA Finals to face either the Boston Celtics or Cleveland Cavaliers, who play their Game 7 in Boston on Sunday.
Riding a two-game winning streak but without injured point guard Chris Paul, the Rockets shocked the defending champs with an early burst of four consecutive 3-pointers to help produce a 39-22 lead after one quarter.
But the Warriors crept within 61-51 at halftime, then used powerful 3-point shooting of their own to pass Houston before the end of the third quarter and pull away early in the fourth.
“We did a better job moving the ball tonight, for sure,” Golden State coach Steve Kerr said postgame. “The pace was really fast, and I thought the one positive of Houston getting off to that start that they did was the pace was high. I didn’t like the poor defense we were playing, but I like the pace. So I think once we settled down and we got the defense in a better position, then we started moving the ball, and the game felt more like a Warriors game.”
After combining for 3-for-13 shooting on threes in the first half, Thompson (4-for-5) and Curry (3-for-4) bombed in seven of nine from beyond the arc in the third quarter, during which the Warriors outscored the Rockets 33-16 to take a lead they never relinquished. May 26, 2018; Oakland, CA, USA; Golden State Warriors guard Stephen Curry (30) drives to the basket against Houston Rockets forward Trevor Ariza (1) during the first half in game six of the Western conference finals of the 2018 NBA Playoffs at Oracle Arena. Mandatory Credit: John G. Mabanglo/Pool Photo via USA TODAY Sports
Golden State outscored Houston 31-9 in the final 12 minutes.
Thompson saved 21 of his game-high 35 points for the second half and Curry chipped in with 16 of his 29, helping Golden State go up by as many as 30 en route to the series-tying win.
“We like our formula,” Kerr said. “We like our defense against these guys, and we feel confident that we can carry this through to Game 7 on the road and continue to make things as difficult as possible on Houston without fouling. I thought that was a real key tonight.”
James Harden had a team-high 32 points for the Rockets, including 15 in the first quarter, during which Houston connected on eight of 12 from 3-point range to account for a majority of its 39-point total. Slideshow (6 Images)
The Rockets shot 11-for-22 on threes in the first half, but then just 4-for-17 the rest of the way.
The Warriors, meanwhile, rebounded from a 4-for-18 first half from long distance with a 12-for-20 finish.
Kevin Durant contributed 23 points for the Warriors, who haven’t been in a Game 7 since the 2016 NBA Finals against Cleveland, a game the Cavaliers won to deny Golden State back-to-back titles.
Draymond Green had a team-high 10 rebounds and nine assists for Golden State, which shot 49.4 percent overall from the field.
Harden, who shot 4-for-12 on threes, finished with seven rebounds and a team-high nine assists for the Rockets, who committed 21 turnovers.
“Little carelessness, little tiredness, whatever,” Rockets coach Mike D’Antoni said after the loss. “Bottom line, we can’t turn it over, and we need to do a better job. But we knew this was hard. They’re champs. They’re going to come back fighting, and they did. They did their part. You know, I saw a lot of things. I like where we are.”
Eric Gordon, starting in place of Paul, had 19 points, Trevor Ariza 14 and Gerald Green 11 for the Rockets, who shot 40.3 percent from the field.
Houston’s Clint Capela led all rebounders in the game with 15.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-hou-gsw/warriors-force-game-7-with-115-86-rout-of-rockets-idUSKCN1IS02I |
Wall Street dips as trade worries weigh 2:50am IST - 01:21
The S&P 500 ended lower on Friday after a choppy session as investors grappled with U.S.-China trade talks. Fred Katayama reports.
The S&P 500 ended lower on Friday after a choppy session as investors grappled with U.S.-China trade talks. Fred Katayama reports. //reut.rs/2ItKxXZ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/wall-street-dips-as-trade-worries-weigh?videoId=428196982 |
May 3 (Reuters) - Immunovia AB (publ):
* IMMUNOVIA AB (PUBL) AGM RESOLVED THAT BOARD MEMBERS SHOULD BE COMPENSATED WITH SEK 150,000 FOR DIRECTORS AND SEK 400,000 FOR CHAIRMAN OF BOARD Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-immunovia-ab-says-agm-resolved-cha/brief-immunovia-ab-says-agm-resolved-chairman-of-board-should-be-compensated-with-sek-400000-idUSFWN1SA19N |
May 10, 2018 / 6:54 PM / Updated 8 minutes ago Canada's Westjet Airlines pilots approve mandate for possible strike Reuters Staff 1 Min Read
MONTREAL, May 10 (Reuters) - WestJet Airlines pilots on Thursday voted in favor of holding a possible strike, although they agreed not to hold any disruptive job action during Canada’s busy Victoria Day holiday on May 21, their union said in a statement.
WestJet pilots voted 91 percent in support of a strike or lawful job action, as its union, the Air Line Pilots Association (ALPA), negotiates a first contract with Canada’s No. 2 carrier. ALPA said the pilots prefer to reach a negotiated deal and not to strike. (Reporting by Allison Lampert; editing by Jonathan Oatis) | ashraq/financial-news-articles | https://www.reuters.com/article/westjet-airlines-pilots/canadas-westjet-airlines-pilots-approve-mandate-for-possible-strike-idUSL3N1SH6D0 |
May 24, 2018 / 12:14 AM / Updated 7 minutes ago ECB set to look through tepid inflation, end QE this year - Reuters poll Hari Kishan , Rahul Karunakar 5 Min Read
BENGALURU (Reuters) - The European Central Bank will finish its stimulus programme by the end of 2018, according to a Reuters poll of economists, despite nearly half of those surveyed saying it was not in control of inflation. The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach
So far the ECB has spent over 2.5 trillion euros (£2.19 trillion) buying bonds to try and push inflation up to its target of just under 2 percent but that level has yet to be reached. Euro zone inflation has fallen to 1.2 percent from 1.3 percent at the start of the year.
The latest Reuters poll of over 80 economists, taken May 16-23, showed inflation is not expected to reach the ECB’s target until at least 2021. Nor is growth, currently in retreat, forecast to re-accelerate significantly either.
About 45 percent of 37 economists who answered an extra question said the ECB was not actually in control of euro zone inflation and while the other respondents said it was, their actual forecasts did not reflect the same confidence.
“Although we do expect inflation to rise toward the aim, one can hardly conclude that the ECB is in control of inflation based on the development over the past few years,” said Rasmus Gudum-Sessingo, senior economist at Handelsbanken.
Two ECB policymakers said on Wednesday that the central bank can still end its bond buying programme later this year, even as data cast doubt on the health of the economy.
After a mini-boom last year where it outpaced its peers into the turn of the year, euro zone growth has slowed recently. The euro EUR= has fallen more than 4 percent against the dollar since the start of last month.
Economists, like the ECB, have chosen to remain optimistic, despite forward-looking indicators in the purchasing managers’ indexes suggesting no rebound. Nearly 70 percent of over 40 economists said the recent economic slowdown was just a pause.
But median forecasts for growth in the latest poll do not match that view, and instead line up with the remaining respondents who argue the euro zone economy is undergoing a fundamental shift down to a lower trend rate of growth.
The Reuters poll puts growth at an average 0.4-0.6 percent each quarter through to the end of next year, similar to polls since January. While a decent rate by historical standards, that would still mean some of the recent momentum has been lost.
Among common contributors with the previous Reuters poll, over a third have downgraded their 2018 growth outlook.
The range of forecasts - which were taken before May flash euro zone PMIs showed growth slowed much more sharply than expected - also suggests a loss of momentum next year. The most optimistic calls were slightly pared back from April.
“It has been repeated ad nauseam that first-quarter growth in the euro zone has been slowed by temporary factors... but until now we’ve hardly seen an uptick in the sentiment indicators in the second quarter, suggesting that there is not much of an acceleration to be expected,” noted Peter Vanden Houte, chief euro zone economist at ING.
“One senses that the growth momentum is more likely to slow rather than accelerate again. Contemplating the euro zone’s growth perspectives we, unfortunately, might have to refer to the famous Looney Tunes catchphrase - ‘That’s all folks!’”
The inflation outlook, too, has barely changed from previous polls. The consensus was for inflation to average 1.5 percent this year, 1.6 percent next and 1.7 percent in 2020.
Still, the ECB is expected to end its quantitative easing programme by end-year, according all but two of 55 economists who answered the question, including eight respondents expecting it to stop when the current plan expires in September.
“Assuming that the economic data doesn’t deteriorate much further in the coming months, we would expect the net asset purchases to be extended until December at a pace of 10 billion euros per month, after which the programme will be terminated,” noted Elwin de Groot, head of macro strategy at Rabobank.
“We maintain our view that ending the purchase programme is mostly driven by supply constraints in the bond market, rather than the ECB declaring victory over inflation.”
No major announcement is expected when ECB policymakers meet in June. The consensus is for the central bank to take the deposit rate higher by 15 basis points to -0.25 percent in the second quarter of next year and hike refinancing rate by 10 basis points the following quarter. Reporting by Hari Kishan; Polling by Indradip Ghosh and Mumal Rathore; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eurozone-economy-poll/ecb-set-to-look-through-tepid-inflation-end-qe-this-year-reuters-poll-idUKKCN1IP01M |
After February’s deadly school shooting in Parkland, Fla., residents in neighboring Coral Springs exhorted city commissioners to pass new gun restrictions.
But officials face a formidable obstacle: a 2011 Florida law that exposes local leaders to the risk of personal sanctions and removal from office if they infringe on the state’s sweeping authority over firearms regulations.
“I... RELATED VIDEO Protests Outside NRA Convention Pull Focus to School Gun Violence While attendees inside the 2018 NRA Convention celebrated gun culture, outside the convention center in Dallas protesters on either side of the gun debate rallied. | ashraq/financial-news-articles | https://www.wsj.com/articles/gun-controls-when-state-law-ties-local-officials-hands-1525867200 |
SAN FRANCISCO--(BUSINESS WIRE)-- JMP Group LLC (NYSE: JMP), an investment banking and alternative asset management firm, announced today that Ezequiel Navar has joined JMP Securities as a managing director in its investment banking division. Based in the firm’s San Francisco office, Mr. Navar will expand JMP Securities’ investment banking efforts in the healthcare information technology sector.
“Zeke is a seasoned banker with M&A expertise as well as extensive capital raising experience who will be able to leverage JMP’s diversified platform right away,” said Carter Mack, president of JMP Group. “His addition broadens our highly accomplished healthcare investment banking franchise, augmenting our existing life sciences and healthcare services practices with a new resource for growth companies in the healthcare IT space.”
Prior to joining JMP Securities, Mr. Navar was a managing director and head of healthcare information technology and services at H2C Securities, executing M&A, equity and debt transactions. He previously served as a director and head of healthcare information technology and services at GCA Savvian Advisors and as a principal and co-head of healthcare information technology at Covington Associates, focusing on mergers and acquisitions. Mr. Navar has also held investment banking roles at Broadview International and Deutsche Banc Alex. Brown. He began his career as a project engineer at General Electric Corporation. Mr. Navar holds an MBA from the Wharton School of the University of Pennsylvania and a BS in mechanical engineering from the University of Maryland.
About JMP Group
JMP Group LLC is a diversified capital markets firm that provides investment banking, equity research, and sales and trading services to corporate and institutional clients as well as alternative asset management products and services to institutional and high-net-worth investors. JMP Group conducts its investment banking and research, sales and trading activities through JMP Securities; its hedge fund, venture and private capital, and credit management activities through Harvest Capital Strategies, JMP Asset Management and JMP Credit Advisors; and the management of Harvest Capital Credit Corporation (NASDAQ: HCAP), a business development company, through HCAP Advisors. For more information, visit www.jmpg.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005475/en/
Investor Relations Contact
JMP Group LLC
Andrew Palmer, 415-835-8978
[email protected]
or
Media Relations Contacts
Dukas Linden Public Relations, Inc.
Zach Leibowitz, 646-722-6528
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Alyssa Noud, 646-722-6525
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Source: JMP Group LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-jmp-group-announces-addition-of-ezequiel-azekea-navar-to-investment-banking-division.html |
May 30 (Reuters) - Russia’s biggest airline Aeroflot reported on Wednesday a first-quarter net loss of 11.54 billion roubles ($184.49 million) as fuel and staff costs outweighed revenue growth.
In its first ever publication of quarterly results, Aeroflot said the net loss more than doubled from the 5.34 billion roubles reported a year ago.
Aeroflot’s fuel costs surged 24.1 percent due to rising crude oil prices. This resulted in operating costs rising 14.3 percent to 123.54 billion roubles.
Aeroflot’s shares, though, were up 5 percent to 138.50 roubles as of 0825 GMT after the company recommended on Tuesday a larger than expected dividend for 2017.
$1 = 62.5493 roubles Reporting by Anna Pruchnicka; Editing by Mark Potter
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/aeroflot-results/russias-aeroflot-q1-loss-more-than-doubles-as-fuel-costs-surge-idUSL5N1T11V4 |
Artificial intelligence has a new challenge: Whether and how to alert people who may not know they're talking to a robot.
On Tuesday, Google showed off a computer assistant that makes convincingly human-sounding phone calls , at least in its prerecorded demonstration. But the real people in those calls didn't seem to be aware they were talking to a machine. That could present thorny issues for the future use of AI.
Among them: Is it fair — or even legal — to trick people into talking to an AI system that effectively records all of its conversations? And while Google's demonstration highlighted the benign uses of conversational robots, what happens when spammers and scammers get hold of them?
Google CEO Sundar Pichai elicited cheers on Tuesday as he demonstrated the new technology, called Duplex, during the company's annual conference for software developers. The assistant added pauses, "ums" and "mmm-hmms" to its speech in order to sound more human as it spoke with real employees at a hair salon and a restaurant.
"That's very impressive, but it can clearly lead to more sinister uses of this type of technology," said Matthew Fenech, who researches the policy implications of AI for the London-based organization Future Advocacy. "The ability to pick up on nuance, the human uses of additional small phrases — these sorts of cues are very human, and clearly the person on the other end didn't know."
Fenech said it's not hard to imagine nefarious uses of similar chatbots, such as spamming businesses, scamming seniors or making malicious calls using the voices of political or personal enemies.
"You can have potentially very destabilizing situations where people are reported as saying something they never said," he said.
Pichai and other Google executives tried to emphasize that the technology is still experimental, and will be rolled out cautiously. It's not yet available on consumer devices.
"It's important to us that users and businesses have a good experience with this service, and transparency is a key part of that," Google engineers Yaniv Leviathan and Yossi Matias, who helped design the new technology, wrote in a Tuesday blog post . "We want to be clear about the intent of the call so businesses understand the context. We'll be experimenting with the right approach over the coming months."
It's unclear how the company will navigate existing telecommunications laws, which can vary by state or country. Google didn't immediately return a request for comment Wednesday on how it plans to seek the consent of people called by its bots.
One co-owner of a San Francisco Bay Area barbershop patronized some Google employees was a little creeped out by the privacy implications.
"It seems like something that would be helpful for our clients," said Katherine Esperanza, co-owner of the Slick & Dagger barbershop in Oakland, California. Esperanza, however, wondered if the shop would be able to block the calls, and said it "begs the question about whether the conversation is recorded and if the recipient of these automated calls could be aware that they're being recorded."
Anti-wiretapping laws in California and several other states already make it illegal to record phone calls without the consent of both the caller and the person being called. The Federal Communications Commission has also been grappling with rules for robocalls , the unsolicited and automatically-dialed calls made by telemarketers.
Such calls are typically prerecorded monologues, but more businesses and organizations are employing machine-learning techniques to respond to a person's questions with a natural-sounding conversation, in hopes they'll be less likely to hang up. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-what-happens-when-the-robots-sound-too-much-like-humans.html |
FRANKFURT (Reuters) - Germany’s road vehicle authority ordered Daimler ( DAIGn.DE ) on Thursday to recall its Mercedes van model Vito 1.6l Diesel Euro 6, saying engine control features to reduce exhaust emissions were in breach of regulations.
FILE PHOTO: A Mercedes Benz Vito van at the IAA truck show in Hanover, September 26, 2014. REUTERS/Fabian Bimmer/File Photo Daimler said it would appeal against the decision and fight it in court, if necessary, though it said it was cooperating fully with the regulator KBA.
Car owners would be informed about a free-of-charge software update as soon as it is available, the carmaker added.
Germany’s Transport Ministry in February began looking into alleged use of an illegal defeat device in about 1,000 Mercedes-Benz Vito vehicles.
Daimler said on Thursday the software features in question were not necessary for the Vito model to pass European emission tests.
Since rival Volkswagen ( VOWG_p.DE ) admitted in 2015 to cheating U.S. emissions tests, German carmakers including VW, Daimler and BMW ( BMWG.DE ) have faced a backlash against diesel technology in which they have invested billions of euros.
Prosecutors in Stuttgart, where Daimler is based, have been investigating staff at the carmaker for more than a year on suspicion of false advertising and the possible manipulation of emission-control features.
A spokesman for the prosecutor’s office said investigations were widened about two months ago to include the Vito and bring to light the circumstances of suspected manipulations of the van’s emissions, confirming a report by German magazine Wirtschaftswoche.
U.S. investigators, in turn, are looking into on-board software that may have helped Mercedes-Benz vehicle to pass diesel emissions tests, German weekly Bild am Sonntag reported in February, citing confidential documents.
Reporting by Ludwig Burger. Additional reporting by Andreas Cremer.; Editing by David Goodman and Elaine Hardcastle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-daimler-van/german-regulator-orders-recall-of-diesel-powered-daimler-van-idUSKCN1IP25P |
May 17 (Reuters) - Australian lithium miner Kidman Resources said on Thursday it has entered into a binding agreement to supply lithium hydroxide to electric car maker Tesla Inc.
The deal is for an initial three-year term on a “fixed-price take-or-pay basis” from the first product delivery, and contains two three-year term options, the company said in a statement.
Kidman said it was also in talks with other strategic, globally significant parties seeking refined lithium offtake.
Reporting by Aaron Saldanha in Bengaluru; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/kidman-resources-tesla/australias-kidman-resources-to-supply-lithium-hydroxide-to-tesla-inc-idUSL3N1SN6IW |
Why billionaire Ken Langone negotiates his cable bill 6 Mins Ago Despite having a net worth of $3.3 billion, the co-founder of Home Depot is still frugal with his money. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/why-billionaire-ken-langone-negotiates-his-cable-bill.html |
Boeing big winner in trade talks, says Art Cashin 2 Hours Ago Art Cashin of UBS, weighs in on the “disproportional” effect Boeing is having on the rally which is being led by industrials. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/boeing-big-winner-in-trade-talks-says-art-cashin.html |
Modigliani's largest nude up for grabs for $150 million 12:20am BST - 00:47
ROUGH CUT (NO REPORTER NARRATION) STORY: Auction house Sotheby's previewed its latest offerings of fine art on Friday (May 4) in New York including its highlight piece, a reclining nude painting by
ROUGH CUT (NO REPORTER NARRATION) STORY: Auction house Sotheby's previewed its latest offerings of fine art on Friday (May 4) in New York including its highlight piece, a reclining nude painting by //reut.rs/2FLpV7j | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/modiglianis-largest-nude-up-for-grabs-fo?videoId=423924585 |
MEXICO CITY (Reuters) - The latest U.S. proposal to redraw auto sector rules under a revised North American Free Trade Agreement (NAFTA) is not acceptable and not viable, the head of Mexico’s automotive industry association (AMIA) said on Monday.
AMIA President Eduardo Solis said the U.S. proposal sought to raise the regional automotive content requirement to 75 percent, from 62.5 percent now, and envisioned a phase-in of four years for light vehicles and two years for pick-up trucks.
The U.S. plan also proposed that 40 percent of the value of light vehicles would need to be produced in areas paying an hourly wage of at least $16, and 45 percent at that salary for pick-up trucks, Solis told reporters.
The plan is not acceptable, Solis said.
Reporting by Anthony Esposito; Editing by Christine Murray
| ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta-mexico/u-s-nafta-auto-proposal-not-acceptable-mexico-lobby-idUSKBN1I124E |
May 10 (Reuters) - Vuzix Corp:
* VUZIX PROVIDES BUSINESS UPDATE AND REPORTS ITS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.22 * VOLUME SHIPMENTS OF M300 TYPE-C SMART GLASSES TO TOSHIBA ARE EXPECTED TO INCREASE SIGNIFICANTLY BEGINNING IN Q2
* “EXPECT 2018 TO BE ANOTHER YEAR OF SIGNIFICANT REVENUE GROWTH ACROSS OUR MARKETS” Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vuzix-q1-revenue-rose-28-percent-t/brief-vuzix-q1-revenue-rose-28-percent-to-1-5-million-idUSASC0A1J6 |
May 13, 2018 / 5:14 AM / Updated 8 hours ago Wider Image: Families reunited in 'Hugs Not Walls' event at U.S.-Mexico border Julio-Cesar Chavez 3 Min Read
EL PASO, Texas (Reuters) - For three minutes on Saturday, Marcelino Pizarro hugged family members he had not seen since he jumped the fence into the United States from Mexico six years ago. Alejandra Aguilar prepares a poster to bring to an upcoming family reunification event inside her home in El Paso, Texas, U.S., May 9, 2018. REUTERS/Lucas Jackson
The undocumented migrant was at an event with hundreds of other families with mixed immigration status who were reunited with relatives in a “hugs not walls” meeting arranged by an El Paso, Texas-based advocacy group, Border Network for Human Rights.
Pizarro, 36, says he fled his homeland because of insecurity. He worked in a juvenile detention facility where he told Reuters he received death threats from inmates. A brother lost his life at the hands of an organized crime gang, he said.
“It was just part of life,” he said.
Pizarro has five children, two of whom live with him in El Paso where he now works odd jobs. One of his sons suffers from autism. His other children, including his 18-year-old daughter Fatima Paola, live in Mexico.
“I would see my friends, my cousins, all with their dads and I would get sad and cry. I wish he could have been here as I grew up,” said Fatima Pizarro, who now has a daughter of her own, Aitana, who her father met for the first time on Saturday.
(Click reut.rs/2Gb4D3i to see a picture package.) Marcelino Pizarro (2nd L) helps his son, Cesar, with a project while his wife, Alejandra Aguilar holds their baby son at home in El Paso, Texas, U.S., May 9, 2018. REUTERS/Lucas Jackson
At the event on the border, Pizarro and more than 300 other families all donned blue shirts, while their counterparts from the Juarez, Mexico side wore white shirts to ensure no one tried to slip across. The brief reunions are approved by U.S. government agencies since participants stay on the riverbed that marks the frontier.
After speeches from the organizers, both sides rushed together for three minutes of tearful hugs, embraces and excited face-to-face conversations.
“I wouldn’t trade anything for these moments. We have to enjoy them as long as we can,” Pizarro said as he carried his granddaughter in his arms.
His brother, Ramon Pizarro, 51, took the opportunity to tell the family some news: he would use his job as a taxi driver to petition for a visiting visa and be able to see his brother more often. Slideshow (15 Images)
With many other families waiting, organizers soon told them time was up, and they said their goodbyes, not knowing when they might meet again.
“The hardest part is that it’s over,” Pizarro said. “We have to accept it, but it’s hard.” Reporting by Julio-Cesar Chavez; Editing by Daniel Wallis and Susan Thomas | ashraq/financial-news-articles | https://in.reuters.com/article/usa-immigration-reunification/wider-image-families-reunited-in-hugs-not-walls-event-at-u-s-mexico-border-idINKCN1IE044 |
May 4, 2018 / 12:11 PM / Updated 4 minutes ago Trump assures Bangladesh of U.S. support amid Rohingya crisis Serajul Quadir 2 Min Read
DHAKA (Reuters) - U.S. President Donald Trump has assured Bangladesh of U.S. support in dealing with the Myanmar Rohingya refugee crisis, a Bangladeshi official said on Friday. FILE PHOTO: U.S. President Donald Trump waves guests goodbye after participating in the National Day of Prayer ceremony at the White House in Washington, U.S., May 3, 2018. REUTERS/Leah Millis
A letter from Trump was handed to Bangladeshi Prime Minister Sheikh Hasina at a meeting with U.S. Ambassador Marcia Bernicat in Dhaka on Thursday, said Ihsanul Karim, the Prime Minister’s press secretary, and a U.S. embassy official.
“The United States will continue to pressure Myanmar to create necessary conditions for the safe and voluntary return of the Rohingya people to their homeland,” Trump said in the letter, according to Karim.
Last month, Hasina said more international pressure was needed on Myanmar to take back Rohingya refugees.
U.N. officials say some 700,000 mostly Muslim Rohingya have fled into Bangladesh from Myanmar’s Rakhine state to escape a military crackdown since August, amid reports of murder, rape and arson by Myanmar troops and Buddhist vigilantes in actions which the United Nations has likened to “ethnic cleansing”.
Myanmar has denied nearly all allegations, saying it has been waging a legitimate counter-insurgency operation.
In the letter, Trump also said those in Myanmar responsible for instigating the crisis must be held accountable, said Karim.
He said Hasina reiterated her call for the international community to continue to pressure the Myanmar government to repatriate its people from Bangladesh. Writing by Euan Rocha; Editing by Nick Macfie | ashraq/financial-news-articles | https://www.reuters.com/article/us-myanmar-rohingya-usa/trump-assures-bangladesh-of-u-s-support-amid-rohingya-crisis-idUSKBN1I51DU |
PASADENA, Calif. (AP) _ Arrowhead Research Corp. (ARWR) on Tuesday reported a loss of $14.9 million in its fiscal second quarter.
The Pasadena, California-based company said it had a loss of 18 cents per share.
The results matched Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for a loss of 18 cents per share.
The drug developer posted revenue of $650,125 in the period. Its adjusted revenue was $650,000, missing Street forecasts. Three analysts surveyed by Zacks expected $4 million.
Arrowhead Research shares have more than doubled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $7.76, more than quadrupling 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 ARWR at https://www.zacks.com/ap/ARWR | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-arrowhead-research-fiscal-2q-earnings-snapshot.html |
JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Fidelity National Information Services, FIS ™, (NYSE:FIS), a global leader in financial services technology, today announced that it intends to make an offering, subject to market and other considerations, of senior notes in one or more tranches in the total principal amount of $1 billion (the “Senior Notes”). FIS intends to use the net proceeds from the offering to repay a portion of the approximately $1.275 billion principal amount outstanding as of May 11, 2018 under its revolving credit facility (together with accrued interest thereon). In addition, FIS intends to issue a notice of redemption for the entire $750.0 million aggregate principal amount of its 2.850% senior notes due October 2018 on the date of settlement of this offering, which FIS intends to fund with borrowings under its revolving credit facility.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG Securities Americas Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC are joint book-running managers for the offering. The offering of these securities is made only by means of a prospectus supplement and accompanying prospectus. You may obtain copies of these documents without charge from the Securities and Exchange Commission (the “SEC”). Alternatively, you may request these documents by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated at 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, by calling 1-800-294-1322 or by emailing [email protected] ; MUFG Securities Americas Inc. at 1221 Avenue of the Americas, 6th Floor, New York, NY 10020-1001 or by calling (877) 649-6848; U.S. Bancorp Investments, Inc. at 214 North Tryon Street, 26th Floor, Charlotte, NC 28202, Attn: Credit Fixed Income or by calling (877) 558-2607; or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, by calling (800) 645-3751 or by emailing [email protected] . The Senior Notes are being offered pursuant to an effective shelf registration statement filed with the SEC on July 1, 2016.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Senior Notes, nor will there be any sale of the Senior Notes in any jurisdiction in which such offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make such offer, solicitation or sale. Any offer, solicitation or sale of the Senior Notes will be made only by means of the prospectus supplement and the accompanying prospectus.
About FIS
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset management and wealth and retirement, risk and compliance and outsourcing solutions. Through the depth and breadth of its solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500 ® Index.
Forward-looking Statements
This news release contains that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are . Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future events and are not statements of fact, actual results may differ materially from those projected. FIS undertakes no obligation to update any , whether as a result of new information, future events or otherwise, except as required by law. The risks and uncertainties which are subject to include, but are not limited to, the risk that the offering described herein is not completed, the risk that the proceeds are not able to be used for the purposes stated as a result of unforeseen circumstances and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of FIS’ Form 10-K for the year ended December 31, 2017 and other filings with the SEC.
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005727/en/
Fidelity National Information Services
Ellyn Raftery, 904.438.6083
Chief Marketing Officer
FIS Global Marketing and Corporate Communications
[email protected]
or
Peter Gunnlaugsson, 904.438.6603
Senior Vice President
FIS Investor Relations
[email protected]
Source: Fidelity National Information Services | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-fis-announces-proposed-offering-of-senior-notes.html |
May 3 (Reuters) - G Medical Innovations Holdings Ltd :
* RECEIVES CONDITIONAL PURCHASE ORDER VALUED AT US$3MLN FROM ZINGMOBILE FOR PRIZMA MEDICAL SMARTPHONE CASE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-g-medical-innovations-receives-pur/brief-g-medical-innovations-receives-purchase-order-valued-at-3-mln-from-zingmobile-idUSFWN1S91CZ |
May 10, 2018 / 1:38 PM / Updated 13 minutes ago BRIEF-Albemarle lithium customers push for longer contracts - CEO Reuters Staff 1 Min Read
May 10 (Reuters) - Albemarle Corp:
* ALBEMARLE CORP CONTINUES TO SEE GLOBAL LITHIUM DEMAND AT OVER 800,000 METRIC TONS IN 2025 - CEO LUKE KISSAM
* ALBEMARLE LITHIUM EXPANSION PLAN NOT ABOUT MARKET SHARE GAIN, AIMED AT MEETING LONG-TERM COMMITMENT TO CUSTOMERS - CEO
* ALBEMARLE LITHIUM EXPANSION PROJECTS REMAIN “ON TRACK” WITH 2018 SPENDING SEEN AT $550-$675 MILLION - CEO
* ALBEMARLE CONTINUES TO SEE OVERALL 2018 LITHIUM PRICING RISING OVER 2017 BY HIGH SINGLE DIGITS ON PERCENTAGE BASIS - PRESIDENT JOHN MITCHELL
* ALBEMARLE SEEING BATTERY, CATHODE CUSTOMERS PUSHING FOR LONGER SUPPLY CONTRACTS, FROM 3-5 YEARS TO 10 YEARS - PRESIDENT MITCHELL
* ALBEMARLE HAS ALMOST 100 PERCENT OF 2018 LITHIUM VOLUME COMMITTED IN LONG-TERM CONTRACTS - PRESIDENT MITCHELL
* ALBEMARLE CONTINUES TO SEE 2018 LITHIUM ADJUSTED EBITDA MARGIN AVERAGING +40 PERCENT - CEO Source text for Eikon: Further company coverage: (Reporting by Susan Taylor) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-albemarle-lithium-customers-push-f/brief-albemarle-lithium-customers-push-for-longer-contracts-ceo-idUSL1N1SG2FE |
John Salvatore to retire after three years in the business
FRANKLIN, Tenn.--(BUSINESS WIRE)-- The Carlstar Group announced the appointment of Jacob Thomas as Chief Executive Officer, and Board member, effective May 8, 2018. Mr. Thomas will succeed John Salvatore, who will retire at the end of May after serving as CEO with the business since 2015.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180511005067/en/
Jacob Thomas (Photo: Business Wire)
“We want to sincerely thank John Salvatore for his leadership over the past four years as a member of the Board and past three years as CEO of the Carlstar Group,” stated Dino Cusumano, Sr. Managing Partner of American Industrial Partners (“AIP”), Carlstar’s majority shareholder. “Throughout John’s tenure, the organization has continued to deliver improved results and the business is well positioned for sustainable growth.”
Prior to joining Carlstar, Mr. Thomas was Group President of CLARCOR’s Engine Mobile Filtration business (and Vice President, Engine Mobile and Hydraulic Filtration Platform after CLARCOR was acquired by Parker Hannifin in March 2017). Prior to CLARCOR, Mr. Thomas served as the President of the Diaphragm and Dosing Pumps Group of IDEX Corporation, where he managed a portfolio of businesses, including Warren Rupp. Before that, he spent seven years in executive roles for Terex Corporation, including as the President of Terex Latin America based in Sao Paulo, Brazil. He also worked for nine years for Navistar International Corporation in a series of senior positions, including as Vice President of Navistar’s Big Bore Diesel Engines business unit, and also held positions in product management and product development at Case Corporation and Ford Motor Company. Mr. Thomas holds a Bachelor of Science degree in Mechanical Engineering from the Indian Institute of Technology, a Master of Science degree in Mechanical Engineering from The Ohio State University, and an MBA from The University of Chicago Booth School of Business.
“Jacob Thomas is a highly talented and proven leader and an ideal match to lead the Carlstar organization,” stated Cusumano. “In the near term, Jacob’s focus will be to continue Carlstar’s positive momentum and further accelerate the Company’s strategic business improvement and growth initiatives.”
Mr. Salvatore will remain on the Carlstar Board and will be a Key Senior advisor to AIP.
To read full article and download photos visit: http://bit.ly/carlstargroup .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005067/en/
The Carlstar Group
Janice Tucciarone
[email protected]
Source: The Carlstar Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-the-carlstar-group-announces-jacob-thomas-as-new-ceo.html |
In an interview with CNBC in October 1997, Apple CEO Steve Jobs talked about returning to the company he founded after being ousted.
"I very much want to see Apple get turned around. And I think it's going to. So I don't know how much more committed I could be," Jobs said.
After founding Apple with Steve Wozniak in 1976, Steve Jobs was forced out of the company in September 1985. He went on to found another computer company, NeXT, which Apple acquired in February 1997, bringing Jobs back as interim chief before he took on the role permanently.
AP In 1997 Steve Jobs, Apple's acting chief executive, announced that the company--buoyed by cost-cutting and strong demand for its new computers--surprised Wall Street by once again showing profitability. With Jobs' return to Apple, the company became profitable again and sparked a new era in personal computing and devices. In this CNBC interview, Jobs spoke about how he planned to return the company to growth by paring back the scope of its products.
"The resources we're investing are equal or greater than we have been, but it's on fewer things," he said. "So we're going to do a better job at them."
Within the next decade, under his leadership, Apple released the iconic iMac, iPod and iPhone.
Jobs also addressed how he felt when he was booed onstage during his Macworld keynote in August of that year . He announced a partnership with rival Microsoft — including a live, onscreen appearance from Bill Gates — garnering jeers from the Mac-friendly crowd.
"The situation had become so polarized, I wasn't that surprised," Jobs said. "My job isn't to win a popularity contest right now. My job is to help the team at Apple do the right things to turn this company around so it can really prosper again."
When this interview was recorded, Apple's stock price was only 78 cents per share. It's now the most valuable public company in the world, worth more than $800 billion.
Watch the full 1997 CNBC interview with Steve Jobs: show chapters Watch Steve Jobs defend his commitment to Apple on CNBC in 1997 8:03 AM ET Fri, 27 April 2018 | 11:28 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/apple-steve-jobs-defends-his-commitment-to-apple-on-cnbc-in-1997.html |
May 2, 2018 / 9:16 PM / Updated 11 hours ago 'DES daughters' with rare cancer continue to face higher death rates Gene Emery 4 Min Read
(Reuters Health) - Women who were exposed to the synthetic estrogen diethylstilbestrol (DES) in utero, and who subsequently developed a rare type of vaginal and cervical cancer, continue to face a higher rate of death between the ages of 35 and 65, according to a new study in the New England Journal of Medicine.
Dezheng Huo of the University of Chicago Medicine and his colleagues found that for DES-exposed women diagnosed with clear cell adenocarcinoma (CCA), the death rate from all causes was five times higher at ages 35 to 49 and twice as high for women 50 to 65, compared to unexposed women in the same age groups.
“We found that patients with clear-cell adenocarcinoma had increased mortality across their lifespan,” Huo’s team writes.
The highest risk was seen when the cancer had been diagnosed in adolescents or young adults. For those with a diagnosis between ages 10 and 34, the odds of death were 27-fold higher compared to the general female population in the same age ranges. The tumor is normally rare in younger women.
Roughly 5 million to 10 million fetuses worldwide were exposed to DES between 1938 and 1971, when doctors tried to use the drug to prevent miscarriage and premature delivery, according to the U.S. Centers for Disease Control and Prevention ( bit.ly/2JDOpBO ).
So-called DES daughters also carry an increased risk of pregnancy complications, infertility and structural abnormalities in the reproductive tract.
Existing data suggest that when CCA appears in women exposed to DES in the womb, it tends to be less aggressive than normal and, if it does reappear, it recurs later than it would if a woman had not been exposed to the synthetic estrogen, according to the CDC.
It’s those late recurrences of the tumor that may be responsible for excess mortality between ages 35 and 49, the study team notes.
The higher death risk from ages 50 to 65 may be due to other life-threatening health conditions common to middle age, which is why women exposed to DES should continue to be followed, they write.
“Later in their life is when other health conditions that increase their risk appear - breast cancer and heart disease,” Huo told Reuters Health in a telephone interview.
The estimates come from 695 patients in the Registry for Research on Hormonal Transplacental Carcinogenesis who developed CCA. Eighty percent of those women received their cancer diagnosis between ages 15 and 30, and 64 percent had a documented history of DES exposure.
Women with documented exposure to DES while in the womb had a five-year survival rate after diagnosis of 86.1 percent compared to a rate of 81.2 percent when there was no clear evidence of exposure to the drug, an indication that DES-exposed women were caught early and treated aggressively, Huo said.
The overall 20-year survival rate in the group was 69 percent, with DES-exposed women with CCA living just as long as those who were not exposed.
DES was approved by the U.S. Food and Drug Administration in 1941 but it didn’t become common until around 1945.
In 1953, a study showed it did not prevent miscarriage as advertised. Nonetheless the hormone continued to be prescribed for that purpose. Huo said use of DES peaked in the 1960s. It was withdrawn shortly after a 1971 paper exposed the CCA risk.
Males exposed to the drug may develop abnormalities in the reproductive tract, including a higher risk of undescended testicles.
Huo said no obvious problems have appeared in the children of DES daughters, but the matter continues to be studied.
SOURCES: bit.ly/2HGhMqP The New England Journal of Medicine, online May 2, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-mortality-des-daughters/des-daughters-with-rare-cancer-continue-to-face-higher-death-rates-idUKKBN1I32YC |
May 23 (Reuters) - Euroseas Ltd:
* EUROSEAS LTD. ANNOUNCES THE EFFECTIVENESS OF THE REGISTRATION STATEMENT AND APPROVAL FOR LISTING ON THE NASDAQ CAPITAL MARKET OF EURODRY LTD, ITS DRYBULK FLEET SPIN-OFF Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-euroseas-announces-approval-for-li/brief-euroseas-announces-approval-for-listing-on-nasdaq-capital-market-of-eurodry-ltd-idUSFWN1SU0XA |
Kudlow: We're making 'terrific progress' on China trade 32 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/kudlow-were-making-terrific-progress-on-china-trade.html |
By Don Reisinger 1:30 PM EDT
At its F8 2018 developers conference on Tuesday, Facebook announced some new ways to share content via Instagram Stories.
The world’s largest social network said on Tuesday that it’s now allowing Instagram users to share their GoPro action shots or a song they like on Spotify to their Instagram Stories. From within the GoPro or Spotify apps, users can simply share content to Instagram and their content will be pulled into the Instagram camera. They’ll then be able to edit the content and add it to their Stories.
Facebook said that the feature is live now for Spotify and GoPro users, but it plans to integrate its sharing feature into more apps in the coming weeks and months. The company didn’t say which apps might offer the feature in the future.
Aside from that, Facebook said that it’s adding a live video chat to Instagram. The feature, which will be available “in the coming weeks,” will allow users to hold a live video chat with a small group of Instagram friends. The company said that the video chats can be conducted between two people or with small groups. It stopped short, however, of saying exactly how many people could participate in a single video chat.
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But that wasn’t all.
The Explore tab in Instagram is also getting a facelift. The feature, which gives users access to content from across the Instagram userbase, will be more personalized based on the user’s interests. Additionally, the new Explore, which will be rolled out in the coming weeks, will now be better organized by topics and allow users to dig into those topics more easily.
Finally, Facebook said that Instagram will use its Camera Effects Platform to allow third-party app makers to integrate augmented reality effects into Instagram’s camera.
For instance, Instagram users will be able to “try out Kylie Jenner’s favorite lip colors” in their selfies or make a video that plays inside the NBA’s dunkcam. The company said that it’s partnered with Jenner, the NBA, and Ariana Grande, among several others, to launch the new effects. It plans to add more third-party features “soon.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/01/facebook-f8-instagram-stories/ |
Kelly Slater built a gigantic robotic pool that creates the perfect surf waves 8 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/kelly-slater-built-a-high-tech-pool-that-creates-the-perfect-waves.html |
BRIDGEWATER, N.J., May 01, 2018 (GLOBE NEWSWIRE) -- Valeritas Holdings, Inc. (NASDAQ:VLRX), a medical technology company which offers patients with diabetes V-Go ® Wearable Insulin Delivery device , a simple, affordable, all-in-one insulin delivery option that is worn like a patch and can eliminate the need for taking multiple daily shots, today announced that it will release its financial results for the first quarter 2018 after the close of trading on Wednesday, May 9, 2018. The Company’s management team will host a corresponding conference call beginning at 4:30 PM ET to discuss the financial results and recent business developments.
Individuals interested in listening to the conference call may do so by dialing (866) 393-4306 for domestic callers or (734) 385-2616 for international callers, using Conference ID: 2787099. To listen to a live webcast, please visit the investor relations section of the Valeritas website at www.valeritas.com .
About Valeritas Holdings, Inc.
Valeritas is a commercial-stage medical technology company focused on improving health and simplifying life for people with diabetes by developing and commercializing innovative technologies. Valeritas’ flagship product, V-Go ® Wearable Insulin Delivery device, is a simple, affordable, all-in-one basal-bolus insulin delivery option for patients with diabetes that is worn like a patch and can eliminate the need for taking multiple daily shots. V-Go administers a continuous preset basal rate of insulin over 24 hours and it provides discreet on-demand bolus dosing at mealtimes. It is the only basal-bolus insulin delivery device on the market today specifically designed keeping in mind the needs of type 2 diabetes patients. Headquartered in Bridgewater, New Jersey, Valeritas operates its R&D functions in Marlborough, Massachusetts.
More information is available at www.valeritas.com and our Twitter feed @Valeritas_US, www.twitter.com/Valeritas_US .
Forward-Looking Statements
This press release may contain forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Valeritas technologies, business and product development plans and market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue Valeritas’ business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize the V-Go ® Wearable Insulin Delivery device with limited resources, competition in the industry in which Valeritas operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and Valeritas assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Valeritas files with the SEC available at www.sec.gov .
Investor Contacts:
Lynn Pieper Lewis or Greg Chodaczek
Gilmartin Group
610-368-6505
[email protected]
Media Contact:
Kevin Knight
Knight Marketing Communications, Ltd.
(206) 451-4823
[email protected]
Source:Valeritas, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-valeritas-to-report-first-quarter-2018-results-on-may-9-2018.html |
May 15, 2018 / 4:49 PM / in 13 minutes Chile copper mine Sierra Gorda closes following fatal accident Fabian Cambero 1 Min Read
SANTIAGO, May 15 (Reuters) - Chilean copper mine Sierra Gorda, controlled by Polish miner KGHM, said on Tuesday it had shut down following a fatal accident involving a contract worker.
Roberto Venegasa, an employee of equipment supply firm Finning, died during routine maintenance work at the mine, the company said in a statement.
“The company has decided to shut down operations and notify authorities in order to initiate an investigation,” the company said.
Sierra Gorda produced 101,700 tonnes of Chile’s 5.5 million-tonne total copper output last year. (Reporting by Fabian Cambero, writing by Aislinn Laing; editing by Jonathan Oatis) | ashraq/financial-news-articles | https://www.reuters.com/article/chile-mining/chile-copper-mine-sierra-gorda-closes-following-fatal-accident-idUSL2N1SM1HU |
0 COMMENTS Twitter Inc. TWTR 4.52% is exploring the possibility of allowing publishers to take the lead in selling preroll video ads that run at the start of their video clips on the platform, according to a person familiar with the matter.
The ad-sales offering is still being developed and details have yet to be completed, the person said. To date, Twitter has handled the sale of preroll video ads on its platform itself through its Twitter Amplify product.
Giving publishers additional control over the sale of some ad space could lead to more revenue for publishers, who will now have the ability to pitch marketers on broader ad-sales deals that package commercials before videos on Twitter with advertising on other platforms.
The offering wouldn’t change the financial split of ad sales on Twitter, the person said, meaning that publishers will still keep 70% of the revenue from ads that are sold against their content. Twitter takes a 30% cut.
The change aims to give publishers greater flexibility in how ads are sold through Amplify. Currently, Amplify automatically matches up publisher video content with Twitter’s inventory of advertising in one of about 15 content categories. Allowing publishers to sell the ads themselves would give them the control and ability to sell Amplify advertising as part of wider-ranging ad-sales packages.
In a statement, a Twitter spokeswoman said the company is “always listening to the needs of our partners and exploring turnkey solutions to help publishers grow their business and audiences.”
Twitter has already allowed select publishers to sell branded content themselves on Twitter featuring specific advertisers, with somewhat more flexible revenue-sharing arrangements. Bloomberg, for example, sells branded content for its Twitter show “TicToc” and keeps upward of 70% of the revenue, according to a person familiar with the matter. BuzzFeed also carries branded content on its morning show, “AM to DM,” which is sold jointly by Twitter and BuzzFeed, according to a person familiar with the matter.
Several media executives said Twitter has stepped up its outreach in recent months, aiming to bolster its relationship with publishers at the same time Facebook Inc. began to adjust its news feed to reduce the amount of news content seen by users. In February, Twitter said publishers generated 60% more revenue through its platform and ad products in 2017.
“In the last few months, it’s really become meaningful,” said a publishing executive in charge of platform relationships.
Video ads now account for more than half of Twitter’s revenue, the company disclosed last week, and Twitter Chief Financial Officer Ned Segal said he believes video can account for an even greater share of revenue in the future. First-quarter revenue rose 21% to almost $665 million.
The experiment comes as Twitter is expanding its slate of shows produced in partnership with media organizations. On Monday, Walt Disney Co. and Twitter said they reached an agreement for Disney brands from ESPN to ABC and Disney Channel to create ad-supported live content for distribution on the platform.
Other social-media platforms also allow publishers to sell ads directly. Instant Articles, a fast-loading article template inside Facebook, can be monetized by publishers through direct sales or through Facebook’s advertising network. Publishers keep all of the revenue for ads they sell themselves on Instant Articles and receive 70% of revenue from sales made through Facebook’s network. Snap Inc. also allows publishers to sell some advertising formats on its Snapchat messaging platform. | ashraq/financial-news-articles | https://www.wsj.com/articles/twitter-weighs-letting-publishers-sell-ads-before-their-videos-1525132009 |
May 21 (Reuters) - Xperi Corp:
* XPERI ANNOUNCES PROCEDURAL RULING IN SAMSUNG ITC INVESTIGATION
* XPERI - ALJ AT U.S. ITC ISSUED PROCEDURAL RULING IN ITC INVESTIGATION AGAINST SAMSUNG ELECTRONICS,A MONG OTHERS APPEARING TO TERMINATE INVESTIGATION
* XPERI - ADMINISTRATIVE LAW JUDGE’S DECISION HAS NO IMPACT ON 2018 BILLINGS GUIDANCE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xperi-announces-procedural-ruling/brief-xperi-announces-procedural-ruling-in-samsung-itc-investigation-idUSFWN1SS0HQ |
First Quarter 2018 Highlights
Backlog increased to $38.4 million Organic Product Sales growth of 51% for the first quarter 2018 compared to 2017 North Carolina plant expansion approved by Board of Directors
MIDLAND, Va.--(BUSINESS WIRE)-- Smith-Midland Corporation (the Company) (OTCQX: SMID), who develops, manufactures, licenses, rents, and sells a broad array of precast concrete products for use primarily in the construction, transportation and utilities industries, today announced results for the quarter ended March 31, 2018.
CEO Commentary
Rodney Smith, Chairman and CEO, commented, “2018 started off slow as we expected. However, the backlog continues to increase with higher priced work, up to $38.4 million at the beginning of May 2018, as compared to $27.4 million at the same time in 2017.
“We are enthusiastic about the previously announced plant expansion in the fast-growing North Carolina market. The additional production capacity and storage space will allow the Company to bid additional work and provide the ability to produce even larger contracts in the future.”
President Commentary
Ashley Smith, President, COO, and incoming CEO, added, “First quarter earnings were impacted largely by the accounting treatment for the guaranteed buy-back on our largest barrier order ever. Although we’ll see the revenue over the next few years, the revenue deferral of $1.3 million is hurting the bottom-line earnings as we continue to produce, and are paid for, the barrier. The buy-back is strategic for our rental company, which in a few years will have the largest rental fleet of MASH TL3 concrete safety barrier in the United States. This will provide the Company with the opportunity to capture a larger market share of barrier rentals.
“The poor weather conditions across the country during the first quarter significantly impacted royalty income for Easi-Set Worldwide, our licensing company. With the FAST Act starting to play a major role in governmental spending, we are expecting barrier royalty income to increase throughout the remainder of 2018.
“Even with the organic product sales growth of 51% over the prior year, the soundwall design issues continued at the South Carolina plant. Product margins continue to remain a focus for the Company as we are getting pricing pressure for cement, steel, sand, and stone. We are also seeing labor wage increases in our surrounding markets, but the Company can proudly say our employee retention rate is at the highest we’ve seen in years.
“There were many factors that provided unfavorable results in the first quarter of 2018 for the Company, but we continue to vision the long-term growth and profitability potential of Smith-Midland. The second quarter should show improvement as production volume has increased at all plants and the soundwall jobs at the Columbia, South Carolina plant near completion.”
First Quarter 2018 Results
The Company reported first quarter revenues of $9.13 million for 2018 as compared to $9.50 million for the first quarter 2017. The pre-tax loss for the first quarter of 2018 was $0.55 million compared to pre-tax income of $1.36 million in 2017, a decrease of $1.91 million. The Company had a net loss for the first quarter of 2018 in the amount of $0.42 million compared to net income of $0.86 million in 2017, a decrease of $1.28 million. The Company had an income tax benefit in the first quarter 2018 in the amount of $0.13 million compared to income tax expense of $0.50 in 2017, with a 12% rate decrease in 2018 due to the Tax Cuts and Jobs Act.
This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, general business and economic conditions, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
For more complete information on Smith-Midland Corporation, visit the Company’s web site at SMITHMIDLAND.com . The “Investor Relations” area will include the Company’s Form 10-K.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005651/en/
Smith-Midland Corporation
Media Inquiries:
AJ Krick, 540-439-3266
[email protected]
or
Sales Inquiries:
[email protected]
Source: Smith-Midland Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-smith-midland-announces-first-quarter-2018-results.html |
May 8, 2018 / 12:55 PM / in 22 minutes BRIEF-Whitehorse Finance Qtrly Shr $0.68 Reuters Staff
May 8 (Reuters) - WhiteHorse Finance Inc:
* WHITEHORSE FINANCE, INC. ANNOUNCES FIRST QUARTER 2018 EARNINGS RESULTS
* WHITEHORSE FINANCE - Q1 GROSS PROCEEDS FROM SALES & REPAYMENTS $33 MILLION * Q1 NET INVESTMENT INCOME OF $0.418 PER SHARE
* QTRLY EARNINGS PER SHARE $0.68 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-whitehorse-finance-qtrly-shr-068/brief-whitehorse-finance-qtrly-shr-0-68-idUSL8N1SF5OS |
BUDAPEST, May 4 (Reuters) - Hungary's calendar-adjusted retail sales rose by an annual 7.1 percent in March after a revised 6.6-percent increase in February, the Central Statistics Office said on Friday. Food sales grew by 7 percent, non-food sales were up by 7.8 percent, while fuel sales rose by 5.1 percent. March 2018 Feb 2018 March 2017 Jan-March 2018 7.1 6.6 6.3 7.2 (Reporting by Gergely Szakacs)
| ashraq/financial-news-articles | https://www.reuters.com/article/hungary-retail/hungarys-march-retail-sales-rise-by-7-1-pct-y-y-stats-idUSB3N1J300P |
May 10 (Reuters) - Evo Payments Inc:
* EVO PAYMENTS INC SEES IPO OF UP TO 14.0 MILLION SHARES CLASS A COMMON STOCK PRICED TO BE BETWEEN $14 AND $16 PER SHARE- SEC FILING
* EVO PAYMENTS SAYS IN IPO, CO OFFERING 13.33 MILLION SHARES OF CLASS A COMMON STOCK, SELLING STOCKHOLDER OFFERING 666,667 SHARES OF CLASS A COMMON STOCK Source text: [ bit.ly/2jNGeIi ]
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-evo-payments-sees-ipo-of-up-to-14/brief-evo-payments-sees-ipo-of-up-to-14-mln-shares-class-a-common-stock-priced-to-be-between-14-and-16-per-share-idUSFWN1SH0UA |
U.S. stocks head for weekly losses Italian markets slide amid political uncertainty Government bonds remain under pressure U.S. stocks showed signs of stalling Friday as bubbling uncertainty around global trade policies and interest rates kept investors’ appetite for risk subdued.
The Dow Jones Industrial Average edged up 19 points, or less than 0.1%, to 24733 shortly after the opening bell. The S&P 500 declined 0.1%, while the Nasdaq Composite lost 0.2%.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/muted-earnings-trip-up-european-stocks-1526628790 |
May 17 (Reuters) - Synchrony Financial:
* SYNCHRONY ANNOUNCES PLANS TO INCREASE QUARTERLY COMMON STOCK DIVIDEND TO $0.21 PER SHARE AND APPROVAL OF A $2.2 BILLION SHARE REPURCHASE PROGRAM
* SETS QUARTERLY CASH DIVIDEND OF $0.21PER SHARE * BOARD APPROVED A SHARE REPURCHASE PROGRAM OF UP TO $2.2 BILLION THROUGH JUNE 30, 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-synchrony-plans-to-increase-qtrly/brief-synchrony-plans-to-increase-qtrly-dividend-idUSASC0A2UR |
May 29, 2018 / 8:31 AM / in an hour Japan drops plans to lower max leverage on margin FX trades: source Reuters Staff 2 Min Read
TOKYO (Reuters) - Japan’s Financial Services Agency (FSA) is scrapping a plan to reduce the maximum leverage allowed for margin currency trading, a source with direct knowledge of the matter said on Tuesday.
The country’s financial watchdog had been seeking to cut the maximum leverage that currency trading platform operators can offer to investors, often called Mrs Watanabe, to 10 times from the current 25 times.
But the plan was abandoned in face of strong opposition from both traders and FX trading operators, the source said.
The FSA has been worried that retail investors’ aggressive risk-taking could cause big losses not only for traders themselves but also for trading platform operators if investors do not have enough cash to deal with margin calls.
The FSA now plans instead to enhance “stress tests” on FX trading firms to mitigate any settlement risks related to FX margin trading.
Margin currency trading is very popular among Japanese retail investors, with trading typically reaching 300 to 600 trillion yen ($2.76-$5.52 trillion) per month.
Their loss-cutting is thought to be the main reason behind sharp falls in the Turkish lira on Wednesday last week, when the lira hit a record low of 4.9221 per dollar TRY= and 22.28 yen TRYJPY=R.
The margin trading operators’ industry group, the Financial Futures Association of Japan, declined to comment on the FSA’s stance. Reporting by Takahiko Wada, Writing by Hideyuki Sano; Editing by Kim Coghill | ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-forex-mrs-watanabe/japan-drops-plans-to-lower-max-leverage-on-margin-fx-trades-source-idUSKCN1IU0TF |
May 3, 2018 / 6:30 PM / Updated 15 minutes ago Top Sri Lanka officials arrested while taking bribe - anti-graft body Reuters Staff 3 Min Read
COLOMBO (Reuters) - Sri Lanka’s anti-graft body arrested President Maithripala Sirisena’s chief of staff and another state official on Thursday in the act of accepting a bribe, officials said.
Officials of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) arrested I.H.K. Mahanama, the president’s chief of staff, and P. Dissanayake, the head of the State Timber Corporation (STC), the commission said.
“Our officials arrested Mahanama and Dissanayake while accepting 20 million (rupees),” Sarath Jayamanna, the director general of CIABOC told Reuters, indicating a sum equivalent to $126,863 (£93,480).
He added that the officials were recording statements from Mahanama and Dissanayake, and later on Thursday or early on Friday the two individuals would be produced before the courts.
Jayamanna said Mahanama, the former secretary of the lands ministry, had asked for a bribe of 540 million Sri Lankan rupees (£2.5 million) from an Indian investor interested in acquiring a state-owned sugar factory.
The two were arrested at a car park of a luxury hotel in the capital Colombo while they were accepting a 20 million rupees bribe from the investor for the transfer of land, he said.
The President’s office said in a statement the service of both the officials had been suspended, and the president had instructed the CIABOC officials to enforce the law strictly against the two without any obstruction.
Representatives of Mahanama and Dissanayake were not immediately available for comment.
The arrest comes as Sirisena’s government is under heavy criticism for not fulfilling his main 2015 election pledge to eliminate rampant corruption.
The previous government under former leader Mahinda Rajapaksa was defeated in the 2015 poll amid widespread allegations of corruption. However, Sirisena’s administration since coming to power has taken insufficient steps to deal with past corruption, his critics allege.
The governing coalition of the Sri Lanka Freedom Party (SLFP) led by Sirisena and the United National Party (UNP) of Prime Minister Ranil Wickremesinghe lost local government polls in February partly due to failure to fulfil promises to punish corrupt politicians and officials. Reporting by Ranga Sirilal, Writing by Shihar Aneez, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sri-lanka-corruption/top-sri-lanka-officials-arrested-while-taking-bribe-anti-graft-body-idUKKBN1I42D7 |
Euro weakness is a 'broader risk-off' trade over Italy: Analyst 6 Hours Ago Wayne Gordon of UBS Wealth Management says concerns over Italy could mean the European Central Bank defers some expected policy announcements beyond September and October this year. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/euro-weakness-is-a-broader-risk-off-trade-over-italy-analyst.html |
NEW YORK--(BUSINESS WIRE)-- Kroll Bond Rating Agency (KBRA) releases a comment on Allegiance Bancshares, Inc. ’s (NASDAQ: ABTX), (“Allegiance” or “the Company”) pending acquisition of Post Oak Bancshares, Inc. (“Post Oak”). Houston, Texas based Allegiance Bancshares, Inc. announced a definitive merger agreement with Post Oak Bancshares, Inc., the privately held holding company of Post Oak Bank, N.A, whereby Post Oak would merge with and into Allegiance. The 100% stock transaction is valued at approximately $350 million, or 2.23x tangible book value. The transaction is expected to close in the fourth quarter of 2018, following regulatory and shareholder approval.
As of March 31, 2018, Post Oak, on a consolidated basis, reported $1.43 billion in total assets, $1.15 billion in total loans, and $1.24 billion in total deposits. The combined company would have pro forma total assets of approximately $4.5 billion. The acquisition is expected to provide operational scale with improved efficiency that includes 35% in noninterest expense cost savings (0% realized in 2018, 80% in 2019, 100% thereafter). In KBRA’s view, the proposed acquisition is potentially a credit positive to ABTX over time, strengthening the Company’s deposit franchise by expanding its footprint into four new counties surrounding the Houston MSA, and pushing Allegiance into a top 10 deposit market share in the fifth largest MSA in the U.S. Furthermore, ABTX’s pro forma loan-to-deposit ratio would improve to 97%, with a potential decline in the Company’s cost of deposits. Post Oak has a solid earnings profile with ROAA consistently above 1% since 2015, and an efficiency ratio below 60%. The all-stock transaction is expected to have minimal impact on ABTX’s strong capital position, carrying a pro forma TCE ratio of 9.6% at close.
In November of 2017, KBRA assigned ratings, including a senior unsecured debt rating of BBB for Allegiance Bancshares, Inc. and a senior unsecured debt rating of BBB+ for Allegiance Bank. The Outlook on all long-term ratings is Stable. Though KBRA does not currently rate Post Oak Bancshares, Inc. or its subsidiary, Post Oak Bank, N.A., on a long-term basis, both institutions appear to be in sound financial condition. This is further evidenced by KBRA's Subscription Rating Service financial strength rating of “B” for Post Oak Bank, N.A.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006934/en/
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Source: Kroll Bond Rating Agency | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-kbra-comments-on-allegiance-bancshares-inc-as-acquisition-of-post-oak-bancshares-inc.html |
7 COMMENTS Accenture Interactive is officially moving into ad-buying, a signal that the marketing services arm of professional-services giant is looking to grab a bigger slice of marketers’ advertising budgets away from traditional agencies.
On Wednesday, Accenture Interactive plans to announce the launch of its Programmatic Services practice. While Accenture Interactive had been working with clients for some time to help them move their programmatic, or automated, digital ad-buying more in-house, the new division will also incorporate the planning, buying and management of programmatic ad campaigns.
Consulting firms have been busily acquiring advertising, marketing and design agencies in recent years as they look to extend their C-suite offerings to clients’ marketing departments. While their services to marketers primarily focus on major customer-experience projects, recently consulting firms have been more directly competing with traditional ad agencies for business. To counter that threat, many agencies have also opened up their own consulting divisions.
Accenture’s move into media-buying further ratchets up the pressure on one of the most lucrative areas of the advertising-agency business. The “advertising and media-investment management” division at WPP, the world’s largest agency holding company, accounted for 47% of its revenue in 2017.
There had been some skepticism in the advertising community that consulting firms would enter the ad-buying space. On an earnings call earlier this month, for example, Dentsu Aegis Network Chief Executive Jerry Buhlmann said he didn’t see “materially at this stage” consulting firms moving into media planning. Mr. Buhlmann said the bigger impact has been from consulting firms advising clients on how to restructure their businesses in relation to marketing services.
Even the CEO of Accenture, Pierre Nanterme, said on the company’s March earnings call that media-buying was one of the areas where it was not competing against agencies “at all.” He added that media-buying was a business that is “trending down significantly.”
What’s changed, according to Scott Tieman, the global lead for the new Accenture Interactive unit, is a recent uptick in client demand for help with their programmatic ad-buying. Concerns about the ad-buying marketplace were stoked in 2016 after a report from the Association of National Advertisers alleged nontransparent practices such as rebates or charging hidden fees were “pervasive” in the U.S. Big agency groups denied any wrongdoing.
“We are hearing from our clients regularly that they are just dismayed and they have very serious concerns about the adversarial, nontransparent and antiquated practices of their agencies,” said Mr. Tieman.
Yet there has been some concern in the agency community about a potential conflict of interest in consulting firms advising clients on their marketing services and agency partners, while also offering its own marketing solutions. Brian Whipple, CEO of Accenture Interactive, said his company is winning big pieces of business because it is offering to do something different with clients’ marketing budgets, rather than critiquing agency campaigns or promising to do similar work better or cheaper.
The Accenture Interactive Programmatic Services practice says it will look to win clients on a transparent pricing approach. The division will charge a full-time equivalent (FTE) fee, rather than taking a margin of clients’ media spend, according to Mr. Tieman. It also won’t adopt principal positions on media—buying inventory in advance, repackaging it and selling it back to clients.
Accenture Interactive will be going up against established competitors like WPP and Omnicom which are responsible for buying billions of dollars worth of ad space each year. Mr. Tieman wouldn’t disclose any plans around potential acquisitions.
Accenture Interactive has already been winning clients at agencies’ expense. Radisson Hotel Group issued a global request for proposal for its global digital marketing account at the end of 2017, seeking a partner to help manage its digital ad buying and assist in building its own tech platform to support it. Five companies competed for the account, including three ad agencies and two consulting firms, with Radisson eventually selecting Accenture Interactive as its digital agency of record earlier this year.
While Accenture Interactive is edging its way into programmatic media-buying, Mr. Whipple says buying ads across traditional media such as television, radio or print is not an area of focus.
“It’s a low-margin thing, it’s not something we’re interested in,” Mr. Whipple said. “If we needed [services like traditional media-buying and planning] for a particular experience, we would just partner with one of the many capable agencies out there.”
Accenture Interactive’s revenue grew 35% to $6.5 billion last year. Ad Age listed Accenture Interactive as the largest digital network in its annual agency rankings report. The unit says it has 25,000 employees worldwide. The Programmatic Services division will have access to hundreds of media traders and hundreds of marketing experts globally, Mr. Tieman said.
Write to Lara O’Reilly at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/accenture-interactive-opens-digital-ad-buying-division-further-encroaching-on-agencies-turf-1527073200 |
US unlikely to engage in 'all out trade war.' says pro 2 Hours Ago Karyn Cavanaugh, Voya Investment Management senior market strategist, and Michael Tyler, Eastern Bank Wealth Management chief investment officer, provides insight to the markets amid trade worries and easing of bank regulations. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/us-unlikely-to-engage-in-all-out-trade-war-says-pro.html |
Fed raising rates due to 'fear of what might be coming': Economist 1:15 AM ET Fri, 11 May 2018 There has been a "meaningful upturn" in core inflation in the U.S., Ian Shepherdson, chief economist at Pantheon Macro, said. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/fed-raising-rates-due-to-fear-of-what-might-be-coming-economist.html |
Multimillion-dollar iPass SmartConnect ™ software license, a milestone in iPass’ transformation to a software and technology company
REDWOOD SHORES, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- iPass Inc. (NASDAQ GS:IPAS), a leading provider of global mobile connectivity, reported total revenue of $11.4 million, GAAP net loss of $4.0 million, and Adjusted EBITDA loss of $3.4 million for the quarter ended March 31, 2018.
Financial Outlook
"As you know, since joining iPass, we’ve been on a mission to transform our business to software and technology," said Gary Griffiths, iPass president and CEO. "Today, we’re announcing a multimillion-dollar license for iPass SmartConnect software, which marks a milestone on this journey, while providing cash and bolstering the balance sheet. Last quarter we emphasized the importance of achieving positive cash flow, and we remain committed to that goal. To that end, we've made significant progress lowering our Network Access Costs ("NAC"), which we expect to be about $10 million lower this year than in 2017. In addition, while operating expenses have already been reduced dramatically from pre-2016 levels, we have continued to lower expenses and have lowered our quarterly break-even revenue point to less than $15 million. So with cost and expense significantly better than last year, and deals like the one announced today in the pipeline, all focus is on getting back to revenue growth. And we believe we have access to sufficient cash to meet these goals."
Quarterly Metrics
Revenue of $11.4 million in Q1'18 as closing Veri-Fi ™ business was slower than expected on global General Data Protection Regulation ("GDPR") concerns ahead of the May 25, 2018 enactment in the European Union.
Net Annual Contract Value ("ACV") , defined as the annualized sales value under committed contract for newly acquired or significant upsell customers signed, in Q1’18 totaled $1.6 million compared to $1.2 million in Q4'17 and $0.9 million in Q3’17.
Customer Churn , defined as the annualized impact on revenue, based on the prior quarter run-rate, of any customer that terminates or has write-down of committed contract value, was $1.5 million in Q1’18 compared to $1.0 million in Q4’17 and $1.1 million in Q3’17.
Network Access Cost ("NAC") was $6.8 million in Q1'18, down from $9.1 million in Q4'17 and $10.3 million in Q3'17, with no adverse impact on the usage capacity under contract.
Capital Raise was $0.5 million in the quarter from the common stock purchase agreement signed in November 2017, leaving capacity of $8.3 million available. In April 2018, we raised an additional $0.8 million under this facility, bringing the total raised to $2.5 million since inception in November 2017.
Nasdaq Delisting Extension Granted on May 7, 2018, to regain compliance with the previously received Nasdaq delisting notice. We will transfer from the Nasdaq Global Market to the Nasdaq Capital Market and continue to remediate our bid price and market capitalization deficiencies in accordance with the plan we presented to Nasdaq in April 2018.
“We continue to aggressively pursue opportunities to strengthen our balance sheet, including cash-rich, non-dilutive deals like the one we announced today," continued Griffiths. “Our investment in iPass SmartConnect has opened up large markets in the enterprise space, allowing management insight, understanding, and control of their mobile workforce, while providing to mobile operators, and those that depend on them, intelligent management of global connectivity with access to low-cost, secure, and reliable networks to relieve constrained cellular capacity. And given the emerging reality of the expected costs of 5G deployments, the value of iPass SmartConnect will be even more apparent."
Selected Financial Results
Three Months Ended March 31,
2018 December 31,
2017 March 31,
2017 (unaudited; in millions) Revenue Mobile Connectivity Services 11.4 13.2 14.3 Enterprise 9.2 10.4 11.7 Unlimited Customers 2.6 3.0 2.2 Other Pricing Plan Customers 6.6 7.4 9.5 Strategic Partnerships 2.2 2.8 2.6 Network Access Costs 6.8 9.1 9.6 Gross Margin (1) 28.0 % 20.9 % 21.2 % Network Operations Expense 1.4 1.4 1.7 R&D, S&M, and G&A expense 7.0 7.3 7.2 Total Operating Expenses 8.4 8.7 8.9 Other income (expense) and provision for income taxes 0.2 0.3 (0.1 ) GAAP Total Net Loss (4.0 ) (4.3 ) (4.3 ) Adjusted EBITDA Loss (2) (3.4 ) (3.8 ) (3.4 ) As of March 31,
2018 December 31,
2017 March 31,
2017 Shares of Common Stock Outstanding at Period End 70.4 69.3 66.4 Cash and Cash Equivalents 2.8 5.2 13.5 Deferred Revenue (Short-term plus Long-term) 3.1 3.8 3.2 Gross Margin is defined as Total Revenue less Network Access Costs less Network Operations Expense divided by Total Revenue. See “Information Regarding Non-GAAP Financial and Operational Measures” for a definition of iPass Adjusted EBITDA.
Key Operating Metrics
The following are several key metrics iPass tracks to evaluate operating performance. Together, they provide insights into our Wi-Fi network acquisition strategy, consumption of network, and active users of our network services.
For the Quarter Ended March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 (in thousands except percentages and TB) NAC: Committed purchase capacity (1) 63 % 88 % 84 % 85 % 83 % Total purchased capacity (TB) (2) 79 90 89 88 88 Capacity consumed (3) 35 % 36 % 40 % 36 % 33 % Network Hours Consumed (4) : Unlimited and strategic partnerships 371 500 645 521 407 Other pricing plans 208 270 298 327 363 Total Network Hours Consumed 579 770 943 848 770 Wi-Fi Network Users (5) : Enterprise 88 94 91 93 82 Strategic partnerships 62 71 83 80 76 Total Wi-Fi Network Users 150 165 174 173 158 Committed purchase capacity is the percentage of total quarterly NAC related to committed Wi-Fi capacity deals (versus pay-as-you-go deals). Total purchased capacity is the average monthly Wi-Fi network usage capacity in a given quarter, shown in terabytes. Capacity consumed is shown as a percentage of total purchased capacity consumed in a given quarter. Network Hours Consumed represents the average monthly number of hours used by our customers on our commercial footprint in a given quarter. Wi-Fi Network Users, categorized by our go-to-market revenue streams, is the unique count of users each month in each quarter that connected to the iPass network. Starting this quarter, the iPass network includes both commercial footprint and open access footprint, curated via iPass SmartConnnect (restated for all prior quarters).
Conference Call
iPass will host a live conference call today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). To join the call, please dial-in 10 minutes in advance: toll-free at 1-800-239-9838 or direct at 1-323-794-2551with a participant confirmation code of 7025106. The conference call will also be available live via webcast on iPass' website at http://investor.ipass.com . The webcast replay will be available until iPass reports its second quarter 2018 results.
The telephone replay dial-in numbers are 1-888-203-1112 and 1-719-457-0820 and will be available until May 17, 2018, 5:00 p.m. Pacific time. The confirmation code for the replay is 7025106.
Forward-Looking Statements
The statements in this press release including statements under the caption "Financial Outlook" such as, but not limited to, the following: which we expect to be about $10 million lower this year than in 2017; with cost and expense significantly better than last year; we believe we have access to sufficient cash to meet these goals, are forward-looking statements. Actual results may differ materially from the expectations contained in these statements due to a number of risks and uncertainties. Detailed information about these and other risk factors that could potentially affect iPass’ business, financial condition and results of operations are included in iPass’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2018, and available at its Web site at www.sec.gov and iPass' website at http://investor.ipass.com . iPass undertakes no responsibility to update the information in this press release if any forward-looking statement later turns out to be an inaccurate prediction of the actual results.
In addition, investors and others should note that iPass announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. iPass also uses social media to communicate with its customers and the public about iPass, its products and services and other matters relating to its business and market. It is possible that the information iPass posts on social media could be deemed to be material information. Therefore, iPass encourages investors, the media, and others interested in iPass to review the information it posts on U.S. social media channels including the iPass Twitter Feed, the iPass LinkedIn Feed, the iPass Google+ Feed, the iPass Facebook Page, the iPass Blog, and the iPass Instagram account. These social media channels may be updated from time to time.
Information Regarding Non-GAAP Financial and Operational Measures
This press release also contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). iPass considers Adjusted EBITDA as a supplemental measure of the iPass' performance that is not required by, nor presented in accordance with GAAP.
iPass defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation, stock-based compensation, out of period adjustment, and nonrecurring legal costs. iPass believes Adjusted EBITDA provides a meaningful comparison between its core operating results, on a consistent basis, over different periods of time. Accordingly, management uses this financial measure for evaluating and making operating decisions and for purposes of comparison with its strategic plan, operating budgets and allocation of resources.
Furthermore, iPass believes the use of Adjusted EBITDA is useful to investors:
To provide an additional analytical tool for understanding the company’s financial performance by excluding the impact of items which may obscure trends in the core operating performance of the business; To provide consistency and enhance investors’ ability to compare the company’s performance across financial reporting periods; and To facilitate comparisons to the operating results of other companies in the company’s industry, which may use similar financial measures to supplement their GAAP results.
Adjusted EBITDA should not be considered in isolation, or construed as an alternative to net income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than iPass does, which would limit its usefulness in comparing iPass’ financial results with those of such other companies.
iPass defines a key operating metric, ACV, as the annualized sales value committed under contract for newly acquired customers or significant upsell, in total across the Enterprise and Strategic Partnership go-to-market strategies, in the period. Because ACV is not an alternative measure for GAAP revenue, but only an operational metric to provide insight on the health and progress of the sales pipeline and revised go-to-market strategy, the signing of committed contract value should not be assumed to have met the entire revenue recognition criteria. For example, while persuasive evidence of an arrangement always exist before reporting ACV, service may not yet have been provided to the customer or collections may not yet be determined to be reasonably assured. The company makes reasonable efforts to substantiate the viability of all reported ACV, but future events could change that conclusion. As an example, when a previously reported ACV customer fails to perform under the committed contract, such remaining calculated ACV will be reversed in the current period reported ACV.
About iPass Inc.
iPass (NASDAQ:IPAS) is a leading provider of global mobile connectivity, offering simple, secure, always-on Wi-Fi access on any mobile device. Built on a software-as-a-service (SaaS) platform, the iPass cloud-based service keeps its customers connected by providing unlimited Wi-Fi connectivity on unlimited devices. iPass is the world’s largest Wi-Fi network, with more than 64 million hotspots globally, at airports, hotels, train stations, convention centers, outdoor venues, inflight, and more. Using patented technology, the iPass SmartConnect ™ platform takes the guesswork out of Wi-Fi, automatically connecting customers to the best hotspot for their needs. Customers simply download the iPass app to experience unlimited, everywhere, and invisible Wi-Fi.
iPass® is a registered trademark of iPass Inc. Wi-Fi® is a registered trademark of the Wi-Fi Alliance. All other trademarks are owned by their respective owners.
IR Contact: Please call us at 650-232-4205 or email us at [email protected] .
iPASS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 2,766 $ 5,159 Accounts receivable, net 6,910 8,717 Prepaid expenses 2,110 1,641 Other current assets 587 712 Total current assets 12,373 16,229 Property and equipment, net 1,128 1,334 Other assets 1,295 840 Total assets $ 14,796 $ 18,403 Liabilities and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable $ 9,734 $ 9,044 Accrued liabilities 3,841 3,734 Deferred revenue, short-term 3,022 3,723 Total current liabilities 16,597 16,501 Deferred revenue, long-term 40 102 Other long-term liabilities 362 1,009 Total liabilities 16,999 17,612 Stockholders’ equity (deficit): Common stock 73 71 Additional paid-in capital 227,333 226,490 Accumulated deficit (229,609 ) (225,770 ) Total stockholders’ equity (deficit) (2,203 ) 791 Total liabilities and stockholders’ equity (deficit) $ 14,796 $ 18,403 iPASS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(Unaudited; in thousands, except share and per share data)
Three Months Ended
March 31, 2018 2017 Revenue $ 11,427
$ 14,286
Cost of revenue and operating expenses: Network access costs 6,844 9,559 Network operations 1,384 1,692 Research and development 1,953 1,974 Sales and marketing 2,469 2,454 General and administrative 2,589 2,772 Total cost of revenue and operating expenses 15,239 18,451 Operating loss (3,812 ) (4,165 ) Interest income, net 7 14 Foreign exchange loss, net (143 ) (49 ) Loss before income taxes (3,948 ) (4,200 ) Provision for income taxes 65 115 Net loss $ (4,013 ) $ (4,315 ) Comprehensive loss $ (4,013 ) $ (4,315 ) Net loss per share - basic and diluted $ (0.06 ) $ (0.07 ) Weighted average shares outstanding - basic and diluted 69,853,058 65,567,707
iPASS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
Three months ended March 31, 2018 2017 Cash flows from operating activities: Net loss $ (4,013 ) $ (4,315 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation expense 344 350 Depreciation and amortization 198 454 Provision for (recovery of) doubtful accounts (67 ) 39 Changes in operating assets and liabilities: Accounts receivable 1,874 1,388 Prepaid expenses and other current assets (189 ) (232 ) Other assets (344 ) (21 ) Accounts payable 690 (435 ) Accrued liabilities 69 (265 ) Deferred revenue (842 ) 738 Other liabilities (647 ) (89 ) Net cash used in operating activities (2,927 ) (2,388 ) Cash flows from investing activities: Purchases of property and equipment (5 ) (222 ) Net cash used in investing activities (5 ) (222 ) Cash flows from financing activities: Net proceeds from issuance of common stock — 10 Proceeds from common stock purchase agreement 539 — Net cash provided by financing activities 539 10 Net decrease in cash and cash equivalents (2,393 ) (2,600 ) Cash and cash equivalents at beginning of period 5,159 16,072 Cash and cash equivalents at end of period $ 2,766 $ 13,472 Supplemental disclosures of cash flow information: Net cash paid for taxes $ 47 $ 46 Accrued amounts for acquisition of property and equipment $ — $ 73 Accrued issuance cost of common stock purchase agreement $ 38 $ —
iPASS INC.
RECONCILIATION OF NON-GAAP TO GAAP METRICS
(Unaudited, in thousands)
Three Months Ended March 31,
2018 December 31,
2017 March 31,
2017 GAAP Net loss $ (4,013 ) $ (4,313 ) $ (4,315 ) Interest income (7 ) (31 ) (14 ) Income tax expense 65 (196 ) 115 Depreciation of property and equipment 198 446 454 Stock-based compensation expense 344 314 350 Prior period adjustment to revenue — 1 — Nonrecurring legal costs — (11 ) — Adjusted EBITDA loss $ (3,413 ) $ (3,790 ) $ (3,410 )
Source:iPass Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-ipass-reports-first-quarter-2018-financial-results.html |
May 7 (Reuters) - Risanamento SpA:
* Q1 REVENUE EUR 0.3 MILLION VERSUS EUR 0.7 MILLION YEAR AGO
* Q1 NET LOSS EUR 6.3 MILLION VERSUS LOSS EUR 4.5 MILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-risanamento-q1-net-loss-widens-to/brief-risanamento-q1-net-loss-widens-to-eur-6-3-mln-idUSFWN1SE0XY |
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