text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
May 11, 2018 / 2:02 PM / a few seconds ago Argentina buys five used fighter jets from French navy Reuters Staff 1 Min Read
BUENOS AIRES (Reuters) - Argentina purchased five used Super Étendard fighter jets from France’s navy for 12.6 million euros ($15.1 million), the South American country said in its official government gazette on Friday.
Argentina is seeking to modernize its ageing military fleet for security purposes before hosting the Group of 20 summit in Buenos Aires later this year.
France’s ambassador to Argentina told Reuters in an interview last November that French shipbuilding company Naval Group was also in talks to sell four ships to Argentina.
Argentina used Super Étendard aircraft, which were manufactured by Dassault, during the 1982 Falklands War against Britain.
($1 = 0.8370 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-argentina-military-france/argentina-buys-five-used-fighter-jets-from-french-navy-idUKKBN1IC1OP |
May 11, 2018 / 9:38 AM / Updated 7 hours ago Sellafield nuclear site to be prosecuted over employee contamination Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s Sellafield Ltd, which reprocesses nuclear fuel, is to be prosecuted after an employee was contaminated, the country’s nuclear regulator said on Friday.
The incident occurred in February at a facility handling special nuclear materials, the Office for Nuclear Regulation (ONR) said.
It said it will prosecute over the incident under the Health and Safety at Work Act.
“For legal reasons we are unable to comment further on the details of the case which is now the subject of active court proceedings,” the ONR said in a statement.
A spokesman for Sellafield also declined to comment due to the court case.
Sellafield Ltd manages Britain’s nuclear reprocessing plant in Cumbria, northwest England, and employs around 11,500 people.
Sellafield was once the site of the world’s first major nuclear plant. In 1957 it saw Britain’s worst ever nuclear accident when a fire led to a radioactive leak.
Another radioactive leak in 2005 prompted a fine of 500,000 pounds ($678,000) for its operator.
The plant is currently going through a massive decommissioning program, which includes dismantling infrastructure and decontaminating nuclear waste.
The cost of the work has been estimated at more than 70 billion pounds and is expected to take another 100 years to complete.($1 = 0.7374 pounds) Reporting by Susanna Twidale; editing by Jason Neely | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-nuclear-sellafield/uks-sellafield-to-be-prosecuted-over-employee-contamination-idINKBN1IC0X3 |
A labor union on Tuesday expanded the scope of a proposed class action it filed against several large U.S. companies, which accused them of engaging in age discrimination by placing job ads on Facebook that target younger workers and exclude older workers.
The Communication Workers of America filed an amended complaint against Amazon.com Inc, T-Mobile US Inc, Cox Communications Inc, Cox Media Group and a defendant class of unnamed companies, adding federal age bias claims under the Age Discrimination in Employment Act. The union’s original lawsuit filed in December on behalf of older workers in San Francisco federal court alleged violations of various states’ anti-discrimination laws.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2L5ZVXy
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-employment-discrimination/cwa-expands-lawsuit-claiming-facebook-ads-permit-age-discrimination-idUSL2N1T027P |
MT. PLEASANT, Mich., April 30, 2018 /PRNewswire/ -- Jae A. Evans, President and Chief Executive Officer of Isabella Bank Corporation (the "Corporation") (OTCQX: ISBA), announced the Corporation's earnings results for the first quarter of 2018. The Corporation reported net income of $3.5 million or earnings per common share of $0.44 for the first quarter of 2018. Achievements in the first quarter of 2018 include:
An increase in earnings per share of 25.7% since previous quarter reported Deposit growth of $32.6 million during the quarter Year over year loan growth of $80.1 million or 7.9% Year over year investment & trust services income increased 15.2%
"We are pleased to report our first quarter earnings results for 2018," stated Jae Evans. "While increasing our net interest income and margin continues to be challenging due to today's interest rate environment, we were successful in generating growth in the first quarter of 2018. Our consistent focus on building customer relationships, loan growth and managing operating expenses, combined with the recent Federal tax rate changes, have aided our ability to generate growth in net income. These results are a solid foundation to our overall 2018 performance."
Net Income
Net income for the three months ended March 31, 2018 increased $326,000 when compared to the same period in 2017. This increase was driven, in part, by a significant increase in interest income as the result of strong loan growth, which totaled $80.1 million during the prior 12 months. Net interest income increased by $690,000 for the first three months of 2018 in comparison to the same period in 2017. Provision for loan losses increased by $357,000 for the first three months of 2018 in comparison to the same period in 2017 as a result of a combination of loan growth and an increase in nonperforming agricultural loans. Strong operating expense controls were maintained with expenses increasing by only $145,000 when comparing the same two periods. In addition, net income in 2018 has benefited from the lower federal statutory tax rate established by the 2017 Tax Cuts and Jobs Act.
The Corporation's fully taxable equivalent net yield on interest earning assets was 2.95% for the three month period ended March 31, 2018. The Federal Reserve Bank increased short-term interest rates during the first quarter of 2018 and projects further increases in 2018. The Corporation anticipates improvements in the net yield on interest earning assets as a result of a combination of projected Federal Reserve Bank short- term rate increases, assets repricing faster than liabilities, asset mix shifting to an increasing percentage of loans compared to investment securities, and strategic growth in loans and other income earning assets.
Assets
As of March 31, 2018, total assets were $1.8 billion and assets under management were $2.5 billion, with both decreasing slightly from December 31, 2017. Assets under management include $262.5 million of loans sold and serviced, and $470.6 million of assets managed by the Corporation's Investment and Trust Services Department. Total assets under management increased $56.9 million over the prior 12 months.
Loans
Loans outstanding as of March 31, 2018 totaled $1.1 billion and increased as anticipated during the first quarter of 2018. The Corporation's loan portfolio grew by $80.1 million or 7.9% during the prior 12 months. This growth was largely driven by the commercial and agricultural loan portfolio which increased $63.1 million during this time period. Also contributing to this growth were increases in residential real estate and consumer loans of $17.0 million.
Deposits
Deposit grew $32.6 million during the first quarter of 2018 and $66.8 million during the prior 12 months. This growth during the last three months ended March 31, 2018 was largely related to the demand deposit base as well as certificates of deposit. Product pricing and the high level of customer service continue to attract new business. Growth in deposits is essential to increasing net interest income and the net yield on interest earning assets. Deposits continue to be the desired funding source for loan growth given the cost of funding.
Capital
Isabella Bank, the Corporation's banking subsidiary, continues to be designated as a "well capitalized" institution as its capital ratios exceeded the minimum requirements for this designation. As of March 31, 2018, the Corporation's Tier 1 Leverage Ratio was 8.7%, Tier 1 Capital Ratio was 12.3% and Total Capital Ratio was 13.0%.
Dividends
During the first quarter of 2018, the Corporation paid a $0.26 per common share cash dividend. Cash dividends paid in the first quarter represented a 4.0% increase over the cash dividends paid in first quarter of 2017. Based on the Corporation's closing stock price of $27.40 as of March 29, 2018, the annualized cash dividend yield was 3.8%.
About the Corporation
Isabella Bank Corporation (OTCQX: ISBA) is headquartered in Mt. Pleasant, Michigan and employs more than 400 individuals. Isabella Bank was established in 1903 and has been committed to serving the local banking needs of our customers and communities for 115 years. Isabella Bank has 29 banking locations and a loan production office throughout seven Mid-Michigan counties and has been recognized on the Detroit Free Press list of "Top Workplaces" for the past five years.
For further information regarding Isabella Bank Corporation, please visit isabellabank.com .
This press release includes forward-looking statements. To the extent that the foregoing information refers to matters that may occur in the future, please be aware that such forward-looking statements may differ materially from actual results. Additional information concerning some of the factors that could cause materially different results is included in the sections entitled "Risk Factors" and "Forward Looking Statements" set forth in Isabella Bank Corporation's filings with the Securities and Exchange Commission, which are available from the Securities and Exchange Commission's Public Reference facilities and from its website at www.sec.gov.
ISABELLA BANK CORPORATION
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands except per share amounts)
Three Months Ended
March 31
INCOME STATEMENT DATA
2018
2017
Interest income
$ 15,121
$ 13,861
Interest expense
3,401
2,831
Net interest income
11,720
11,030
Provision for loan losses
384
27
Noninterest income
2,487
2,616
Noninterest expenses
10,096
9,951
Federal income tax expense
265
532
Net income
$ 3,462
$ 3,136
PER SHARE DATA
Basic earnings
$ 0.44
$ 0.40
Diluted earnings
$ 0.43
$ 0.39
Dividends
$ 0.26
$ 0.25
Close*
$ 27.40
$ 27.60
Common shares outstanding*
7,894,341
7,843,120
BALANCE SHEET DATA*
Gross loans
$ 1,093,002
$ 1,012,920
Investment securities
$ 547,762
$ 586,517
Total assets
$ 1,799,592
$ 1,760,860
Deposits
$ 1,297,868
$ 1,231,061
Borrowed funds
$ 303,113
$ 327,375
Shareholders' equity
$ 191,090
$ 190,976
ASSETS UNDER MANAGEMENT*
Loans sold with servicing retained
$ 262,541
$ 270,217
Assets managed by our Investment and Trust Services Department
$ 470,578
$ 444,749
Total assets under management
$ 2,532,711
$ 2,475,826
CAPITAL RATIOS*
Tier 1 leverage
8.7%
8.5%
Tier 1 risk-based capital
12.3%
12.5%
Total risk-based capital
13.0%
13.1%
* At end of period
View original content: http://www.prnewswire.com/news-releases/isabella-bank-corporation-announces-first-quarter-2018-results-300639458.html
SOURCE Isabella Bank Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-isabella-bank-corporation-announces-first-quarter-2018-results.html |
May 1 (Reuters) - Tortoise Energy Infrastructure Corp :
* TORTOISE ENERGY INFRASTRUCTURE CORP. PROVIDES UNAUDITED BALANCE SHEET INFORMATION AND ASSET COVERAGE RATIO UPDATE AS OF APRIL 30, 2018
* TORTOISE ENERGY INFRASTRUCTURE CORP - AS OF APRIL 30, 2018, UNAUDITED TOTAL ASSETS WERE ABOUT $2.2 BILLION AND ITS UNAUDITED NET ASSET VALUE WAS $1.3 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tortoise-energy-infrastructure-cor/brief-tortoise-energy-infrastructure-corp-provides-unaudited-balance-sheet-information-and-asset-coverage-ratio-update-idUSASC09YUO |
The impact of falling Venezuela oil production on the industry 14 Hours Ago Dominic Schnider of UBS Wealth Management says Venezuela's oil production could fall to levels around 1 million barrels per day, which would further support global prices. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/20/the-impact-of-falling-venezuela-oil-production-on-the-industry.html |
PEMBROKE, Bermuda--(BUSINESS WIRE)-- PartnerRe Ltd. announced that its Board of Directors has declared a dividend for the period March 1, 2018 – May 31, 2018 of $0.40625 per share on the Company’s 6.50% Series G Cumulative Redeemable Preferred Shares, $0.453125 per share on the Company’s 7.25% Series H Cumulative Redeemable Preferred Shares, and $0.3671875 on the Company’s 5.875% Series F and Series I Non-Cumulative Redeemable Preferred Shares. The dividends are payable on June 1, 2018 to shareholders of record on May 21, 2018.
PartnerRe Ltd. is a leading global reinsurer that helps insurance companies reduce their earnings volatility, strengthen their capital and grow their businesses through reinsurance solutions. Risks are underwritten on a worldwide basis through the Company’s three segments: P&C, Specialty, and Life and Health. For the year ended December 31, 2017, total revenues were $5.7 billion. At December 31, 2017, total assets were $23.0 billion, total capital was $8.2 billion and total shareholders’ equity was $6.7 billion. PartnerRe enjoys strong financial strength ratings as follows: A.M. Best A / Moody’s A1 / Standard & Poor’s A+.
PartnerRe on the Internet: www.partnerre.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005028/en/
PartnerRe Ltd.
(441) 292-0888
Media Contact: Celia Powell
Investor Contact: Ryan Lipschutz
Source: PartnerRe | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-partnerre-ltd-declares-dividends-on-preferred-shares.html |
May 17, 2018 / 2:44 PM / Updated 2 hours ago Scotiabank quits as primary dealer of UK government debt - DMO Reuters Staff 2 Min Read
LONDON (Reuters) - Scotiabank has resigned as a primary dealer of British government debt, the Debt Management Office said on Thursday, the latest financial services firm to have given up the role in recent years. FILE PHOTO: The Scotiabank logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 7, 2017. REUTERS/Brendan McDermid
Primary dealers are banks that buy bonds, known in Britain as gilts, directly from the government to sell them on, helping to create a liquid market.
Although regarded as a prestigious role for banks, tougher regulation since the financial crisis has made primary dealing less profitable due to the extra capital that banks now have to hold against possible losses.
Scotiabank joins Credit Suisse and Societe Generale among major banks to have quit as primary dealers of British gilts in recent years.
“The UK Debt Management Office (DMO) is announcing that it has today accepted the resignation of Scotiabank Europe plc as a Gilt-Edged Market Maker (GEMM) in both the conventional and index-linked gilt sectors,” the DMO said in a statement.
The resignation takes effect from Friday, it said, leaving 15 remaining wholesale primary dealers of gilts.
Scotiabank was not immediately available for comment. Reporting by Andy Bruce and William Schomberg. Editing by Andrew MacAskill | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-bonds/scotiabank-quits-as-primary-dealer-of-uk-government-debt-dmo-idUKKCN1II257 |
May 15, 2018 / 6:42 AM / Updated 22 minutes ago Japan's JFE: No major impact from U.S. duties on steel, but fears of 'Trump risk' Yuka Obayashi 3 Min Read
TOKYO (Reuters) - JFE Holdings Inc, parent of Japan’s No. 2 steelmaker, has seen no major impact on its exports so far from new U.S. import duties on steel, but still sees U.S. trade policy as the biggest risk for the Japanese economy, its president said. Eiji Hayashida, CEO and President of JFE Holdings Inc., poses for pictures next to the company logo after an interview with Reuters at the company's headquarters in Tokyo, Japan, February 14, 2018. REUTERS/Toru Hanai
“The biggest risk for the Japanese economy is ‘Trump risk’,” JFE President Eiji Hayashida told a news conference on Tuesday.
The administration of U.S. President Donald Trump imposed the higher import duties of 25 percent on steel in March, mainly aimed at curbing imports from China.
“His trade policy gives little direct impact on Japan but we see a risk of potential retaliation with protectionism by China or other countries possibly slowing the global economy,” Hayashida said.
Japanese steelmakers have said previously they expected little impact on exports from the U.S. tax as they mainly supply specialised products, although Japan’s steel exports to the U.S. market fell 38 percent in March from a year earlier, according to the Japan Iron and Steel Federation.
“Some semi-finished products from Japan may have been replaced by the products from the countries exempted from the U.S. duties, such as Brazil,” Hayashida said. Eiji Hayashida, CEO and President of JFE Holdings Inc., speaks during an interview with Reuters at the company's headquarters in Tokyo, Japan, February 14, 2018. REUTERS/Toru Hanai
“But we continue to receive orders for high-end products as the U.S. customers can’t find alternatives.”
He expected clients to complain about the higher import prices and press for item exemptions.
The White House announced early this month that Trump had extended a temporary reprieve from the tariffs for the EU, Canada and Mexico until June 1, and had agreed permanent exemptions for Argentina, Australia and Brazil.
Hayashida also reiterated the company’s interest in India, where it’s partner JSW Steel has joined a group biding for bankrupt steelmaker Essar Steel India. JFE owns a 15 percent stake in JSW. Eiji Hayashida, CEO and President of JFE Holdings Inc., speaks during an interview with Reuters at the company's headquarters in Tokyo, Japan, February 14, 2018. REUTERS/Toru Hanai
Asked if JFE would consider providing finance for the deal or look at taking a direct stake in Essar if JSW succeeded in it bid, Hayashida said: “If JSW becomes a buyer of Essar, we may have to consider doing something, but it’s too early to comment on any concrete measure.
“India is very attractive as a production base and as a market. We have a great interest in India,” he added. Reporting by Yuka Obayashi; Editing by Tom Hogue and Richard Pullin | ashraq/financial-news-articles | https://in.reuters.com/article/jfe-holdings-strategy/japans-jfe-no-major-impact-from-u-s-duties-on-steel-but-fears-of-trump-risk-idINKCN1IG0QJ |
May 1, 2018 / 7:54 PM / Updated 44 minutes ago 'Golden State Killer' book to be made into HBO documentary series Reuters Staff 2 A best-selling true-crime book that explores a series of California rapes and murders attributed to the “Golden State Killer” will be made into a television documentary series, HBO said on Tuesday, a week after a former police officer was charged with crimes related to the decades-old spree.
Michelle McNamara’s “I’ll Be Gone in the Dark” is part investigation into the dozens of crimes that terrorized segments of California in the 1970s and 1980s, and part memoir about her quest for justice.
Joseph James DeAngelo, 72, of Sacramento was charged last week with eight murders in the case.
The book, published posthumously in February, two years after McNamara’s death at age 46, is credited with putting renewed attention on the case.
The author was married to actor Patton Oswalt, who, along with two others, completed the book following McNamara’s death in 2016.
Filmmaker Liz Garbus, whose documentary on singer Nina Simone, “What Happened, Miss Simone?,” won an Emmy and was nominated for an Oscar, will direct the series, HBO said.
The Time Warner Inc-owned cable channel said production on the series had started but did not give a broadcast date. Reporting by Eric Kelsey; Editing by Bernadette Baum | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-television-goldenstatekiller/golden-state-killer-book-to-be-made-into-hbo-documentary-series-idUKKBN1I247Q |
DALLAS and FORT WORTH, Texas, May 09, 2018 (GLOBE NEWSWIRE) -- Neos Therapeutics, Inc. (Nasdaq:NEOS), a pharmaceutical company focused on developing, manufacturing and commercializing innovative extended-release (XR) products using its proprietary modified-release drug delivery technologies, today reported financial results for the first quarter ended March 31, 2018 and provided a business update.
“Our unique and differentiated commercial ADHD franchise continued to perform well and was driven by the sales growth of our two leading products, Adzenys XR-ODT® and Cotempla XR-ODT®. In fact, our net product sales in 2018 grew 91% over the same period last year and reached over $10 million in quarterly revenue for the first time in our history. As we continue our efforts to take a greater share of the ADHD market, we are very pleased to report that we have now completed the transition of bringing our sales force in house as Neos employees, thereby gaining cost and operating efficiencies,” said Vipin K. Garg, Ph.D., President and CEO of Neos Therapeutics. “With the February launch of Adzenys ER™, we are focused on the commercial success of all three products as well as developing our pipeline using our high-value proprietary modified-release drug delivery technology.”
Commercial Product Highlights as Reported by IQVIA
Neos’ three commercial Attention Deficit/Hyperactivity Disorder (ADHD) products are Adzenys XR-ODT ® , Cotempla XR-ODT ® and Adzenys ER™ which launched in May 2016, September 2017 and February 2018, respectively. In order to most accurately represent the number of prescriptions filled, going forward the company will be utilizing cumulative TRx numbers verses EUTRx (Extended Units), which was formerly used and based on dispensed pills.
Cumulative TRx (1Q18) Cumulative TRx (1Q17) Year-over-year increase Cumulative TRx since launch
(as of 4/27/18) Patients switching from another medication
(as of 4/20/18) Adzenys XR-ODT ® 60,334 31,122 93.9 % 288,405 71 % Cotempla XR-ODT ® 32,829 N/A N/A 55,096 77 % TOTAL 93,163 31,122 199.3 % 343,501 N/A Additional Commercial Product Highlights as Reported by IQVIA
Prescription Trends for Adzenys XR-ODT and Cotempla XR-ODT Continuing to Grow: The cumulative total number of TRx combined for the two XR-ODT products, Adzenys XR-ODT and Cotempla XR-ODT, were 93,163 for the three months ended March 31, 2018, an increase of 33.6% over the 69,745 for the three months ended December 31, 2017. Cotempla XR-ODT Launch is off to a Solid Start: Prescriptions for Cotempla XR-ODT grew rapidly during the three months ended March 31, 2018, reaching 13,634 monthly TRx for March 2018. Monthly prescriptions for Cotempla XR-ODT have grown 73.8% since its launch in September 2017. The Number of Prescribers of Adzenys XR-ODT and Cotempla XR-ODT Continues to Grow : As of December 31, 2017, 10,870 health care providers had written prescriptions for Adzenys XR-ODT since its launch, and 1,949 health care providers had written prescriptions for Cotempla XR-ODT since its launch. As of the week ended April 13, 2018, those numbers had increased to 12,518 and 5,029, respectively. Patient Switching from Another ADHD Medication Continues to be an Important Driver of Product Uptake : Doctors are continuing to switch patients over from other ADHD medications to both Adzenys XR-ODT (71% switching) and Cotempla XR-ODT (77% switching).
Corporate Updates
On April 1, 2018, the Company completed the transition of bringing its sales force in house as Neos employees. The Company continues to have Neos representatives in approximately 125 territories nationwide. As discussed at the Company’s analyst day in March 2018, the Company plans to advance its drug candidate for the treatment of nausea and vomiting into the clinic in the second half of 2018 and to identify one additional branded product candidate in CNS or gastroenterology in 2018.
Select Financial Results for the First Quarter Ended March 31, 2018
Effective January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). The Company now recognizes branded product net revenue at the point in time it delivers product to the wholesalers, including estimates of product returns. Previously, branded product net revenue was recognized based on filled prescriptions, which did not have a product return component.
Total product revenues were $10.7 million for the three months ended March 31, 2018, compared to $5.6 million for the same period in 2017. For the three months ended March 31, 2018, total product revenues were $8.8 million for the Company’s ADHD products and $1.9 million for generic Tussionex.
Q1 2018 Q1 2017 % Change Adzenys XR-ODT $ 5.0 $ 3.1 61.3 % Cotempla XR-ODT $ 3.6 N/A N/A Adzenys ER $ 0.2 N/A N/A Generic Tussionex $ 1.9 $ 2.5 (24.0 )% Total $ 10.7 $ 5.6 91.1 % The Company reported a gross profit of $5.5 million for the three months ended March 31, 2018, compared to a gross profit of $0.9 million for the same period in 2017. Research and development expenses for the three months ended March 31, 2018, were $1.7 million and remained flat compared to $1.7 million for the same period in 2017. Selling and marketing expenses were $13.0 million for the three months ended March 31, 2018, compared to $10.7 million for the same period in 2017. The first quarter increase was principally due to marketing expenses to support the launches of Cotempla XR-ODT and Adzenys ER which commenced on September 5, 2017, and February 26, 2018, respectively. General and administrative expenses for the three months ended March 31, 2018, were $3.3 million compared to $3.5 million for the same period in 2017. The Company reported a net loss of $14.4 million, or $0.50 per share, for the three months ended March 31, 2018, compared to a net loss of $17.2 million, or $0.88 per share, for the same period in 2017. At March 31, 2018, the Company held $37.2 million in cash and cash equivalents and short-term investments.
Conference Call Details
Neos management will host a conference call and live audio webcast to discuss results and provide a company update at 8:30 a.m. ET today. The live call may be accessed by dialing (877) 388-8985 for domestic calls, or +1 (562) 912-2654 for international callers, and referencing conference ID number 1988619. A live audio webcast for the conference call will be available on the Investor Relations page of the Company’s website at http://investors.neostx.com/ .
About Neos Therapeutics
Neos Therapeutics, Inc. (NASDAQ:NEOS) is a pharmaceutical company focused on developing, manufacturing and commercializing products utilizing its proprietary modified-release drug delivery technology platforms. Adzenys XR-ODT ® (amphetamine) extended-release orally disintegrating tablets (see Full Prescribing Information , including Boxed WARNING), Cotempla XR-ODT™ (methylphenidate) extended-release orally disintegrating tablets (see Full Prescribing Information , including Boxed WARNING), and Adzenys-ER™ (amphetamine) extended-release oral suspension (see Full Prescribing Information , including Boxed WARNING), all for the treatment of ADHD, are the first three approved products using the Company’s extended-release technology platform. In addition, Neos manufactures and markets its generic version of the branded product Tussionex ®1 , an extended-release oral suspension of hydrocodone and chlorpheniramine for the relief of cough and upper respiratory symptoms of a cold (see Full Prescribing Information , including Boxed WARNING). Additional information about Neos is available at www.neostx.com .
1 Tussionex ® is a registered trademark of the UCB Group of Companies.
Forward-Looking Statements
This press release contains within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the commercialization of Adzenys XR-ODT, Cotempla XR-ODT™ and Adzenys ER, our marketing plans, the therapeutic potential of our products, and the research and development plan for our potential product candidates. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These reflect our current views about our expectations, strategy, plans, prospects or intentions, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may those described in the and will be affected by a variety of risks and factors that are beyond our control including, without limitation, our ability to market and sell our products, the inherent uncertainty of drug research and development, and other risks set forth under the caption “Risk Factors” in our most recently filed Annual Report on Form 10-K as updated by our subsequently filed other SEC filings, including our Quarterly Report(s) on Form 10-Q. We assume no obligation to update any contained in this document as a result of new information, future events or otherwise.
Neos Therapeutics, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(unaudited)
December 31, March 31, 2018 2017
(as adjusted) ASSETS Current Assets: Cash and cash equivalents $ 24,777 $ 31,969 Short-term investments 12,444 18,448 Accounts receivable, net of allowances for chargebacks and cash discounts of $1,435 and $1,154, respectively 19,642 13,671 Inventories 13,399 11,732 Other current assets 2,841 3,575 Total current assets 73,103 79,395 Property and equipment, net 8,173 8,203 Intangible assets, net 15,931 16,348 Other assets 149 162 Total assets $ 97,356 $ 104,108 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current Liabilities: Accounts payable $ 10,662 $ 11,460 Accrued expenses 28,580 20,944 Current portion of long-term debt 948 896 Total current liabilities 40,190 33,300 Long-Term Liabilities: Long-term debt, net of current portion 58,973 58,938 Derivative liability 1,474 1,660 Deferred rent 1,059 1,083 Other long-term liabilities 179 180 Total long-term liabilities 61,685 61,861 Stockholders’ Equity (Deficit): Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued or outstanding at March 31, 2018 and December 31, 2017 — — Common stock, $0.001 par value, 100,000,000 authorized at March 31, 2018 and December 31, 2017; 29,030,757 and 28,996,956 issued and outstanding at March 31, 2018, respectively; 29,030,757 and 28,996,956 issued and outstanding at December 31, 2017, respectively 29 29 Treasury stock, at cost, 33,801 shares at March 31, 2018 and December 31, 2017 (352 ) (352 ) Additional paid-in capital 275,551 274,584 Accumulated deficit (279,744 ) (265,308 ) Accumulated other comprehensive loss (3 ) (6 ) Total stockholders’ equity (deficit) (4,519 ) 8,947 Total liabilities and stockholders’ equity $ 97,356 $ 104,108
Neos Therapeutics, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(unaudited)
Three Months Ended
March 31, 2018 2017
(as adjusted) Revenues: Net product sales $ 10,729 $ 5,631 Cost of goods sold 5,221 4,750 Gross profit 5,508 881 Research and development 1,691 1,724 Selling and marketing expenses 12,990 10,706 General and administrative expenses 3,345 3,539 Loss from operations (12,518 ) (15,088 ) Interest expense (2,220 ) (2,211 ) Other income, net 302 78 Net loss $ (14,436 ) $ (17,221 ) Weighted average common shares outstanding used to compute net loss per share, basic and diluted 28,996,956 19,624,712 Net loss per share of common stock, basic and diluted $ (0.50 ) $ (0.88 ) Contacts:
Richard Eisenstadt
Chief Financial Officer
Neos Therapeutics
(972) 408-1389
[email protected]
Sarah McCabe
Stern Investor Relations, Inc.
(212) 362-1200
[email protected]
Source:Neos Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-neos-therapeutics-reports-first-quarter-2018-financial-results.html |
Buffett soothes investors fears of a trade war Saturday, May 05, 2018 - 01:57
Billionaire Warren Buffett on Saturday said it is unlikely that the United States and China will come to loggerheads on trade, and the countries would avoid doing “something extremely foolish. ▲ Hide Transcript ▶ View Transcript
Billionaire Warren Buffett on Saturday said it is unlikely that the United States and China will come to loggerheads on trade, and the countries would avoid doing “something extremely foolish. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KE76GU | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/05/buffett-soothes-investors-fears-of-a-tra?videoId=424192605 |
Comcast and Disney do not want to be in business together: David Faber 1 Hour Ago The "Squawk on the Street" news team discusses the news that Comcast is preparing an all-cash deal for Fox assets rivalling Disney's bid as they also fight to acquire Sky abroad. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/comcast-and-disney-do-not-want-to-be-in-business-together-david-faber.html |
FRANKFURT (Reuters) - South African retailer Steinhoff ( SNHJ.J ), which has been embroiled in an accounting scandal, expects to report a first-half net loss as costs related to restructuring, losses on asset sales and litigation offset a rise in revenues.
Group retail revenue is expected to rise 1 percent to 9.4 billion euros ($11.1 billion) in the six months through March 2018, it said following a meeting with lenders on Friday, citing preliminary figures.
It did not disclose the size of its first-half loss after tax was but said it was preparing to publish unaudited first-half figures on June 29.
The retailer has been fighting for survival after it discovered accounting irregularities in December which sparked a sell-off in its shares that wiped more than $10 billion off its stock market value and led to multiple investigations globally.
The company’s shares were up around 10 percent at 1425 GMT.
It said on Friday it hoped to have a restructuring plan in place shortly to put to creditors that would include measures such as fixing the maturity for all loans at three years from the restructuring date.
Steinhoff, which runs retail chains such as Britain’s Poundland, Mattress Firm in the U.S. and Conforama in France, has hired auditors PwC to investigate its problems and the accounting firm has gathered millions of records.
Earlier this month, it said that PwC’s investigation had found that overstatement of its profits might result in additional material impairments, which it would present along with full first-half results in June.
Reporting by Maria Sheahan; Editing by Douglas Busvine and Jane Merriman
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-steinhoff-intln-accounts-results/steinhoff-posts-haly-year-loss-as-restructuring-wipes-out-sales-gain-idUSKCN1IJ1P0 |
TAIPEI, Taiwan, May 8, 2018 /PRNewswire/ -- ASE Industrial holding co., ltd. (NYSE: ASX, TAIEX: 3711, "ASEH" or the "Company"), announces
On April 30, 2018, Advanced Semiconductor Engineering, Inc. (" ASE ") completed a share exchange (the " Share Exchange ") pursuant to which ASE Industrial Holding Co., Ltd. (" ASEH ") was established and acquired all issued and outstanding shares of ASE. Pursuant to the Share Exchange, (i) ASE shareholders received 0.5 ASEH common shares for each ASE common share issued immediately prior to the effective time of the Share Exchange, and (ii) ASE shareholders received 1.25 ASEH American depositary shares, each representing two ASEH common shares, for each ASE American depositary share, representing five ASE common shares, upon the surrender for cancellation of ASE American depositary shares after the effective time of the Share Exchange. Following the Share Exchange, ASE has become a wholly owned subsidiary of ASEH.
The common shares and American depositary shares of ASE were delisted from the Taiwan Stock Exchange and the New York Stock Exchange on April 30, 2018, respectively. Since the same date, ASEH common shares have been listed on the Taiwan Stock Exchange under the symbol "3711", and ASEH American depositary shares have been listed on the New York Stock Exchange under the symbol "ASX," the same symbol under which the American depositary shares of ASE were traded prior to the completion of the Share Exchange.
Safe Harbor Notice:
This press release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. The words "anticipate," "believe," "estimate," "expect," "intend," "plan" and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this press release. Our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including risks associated with cyclicality and market conditions in the semiconductor or electronic industry; changes in our regulatory environment, including our ability to comply with new or stricter environmental regulations and to resolve environmental liabilities; demand for the outsourced semiconductor packaging, testing and electronic manufacturing services we offer and for such outsourced services generally; the highly competitive semiconductor or manufacturing industry we are involved in; our ability to introduce new technologies in order to remain competitive; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People's Republic of China; general economic and political conditions; the recent global economic crisis; possible disruptions in commercial activities caused by natural or human-induced disasters; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including the 2017 Annual Report on Form 20-F for our predecessor company, Advanced Semiconductor Engineering, Inc., filed on March 28, 2018.
IR Contact:
Iris Wu, Manager
US contact:
[email protected]
Echo Lin, Senior Associate
Grace Teng, Manager
Tel: +886.2.6636.5678
[email protected]
[email protected]
http://www.aseglobal.com
+1.510.687.2491
Tel: +886.2.6636.5678
View original content: http://www.prnewswire.com/news-releases/advanced-semiconductor-engineering-inc-and-ase-industrial-holding-co-ltd-share-exchange-300644352.html
SOURCE Advanced Semiconductor Engineering, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-advanced-semiconductor-engineering-inc-and-ase-industrial-holding-co-ltd-share-exchange.html |
(Repeats column first published on Thursday)
By Andy Home
LONDON, May 24 (Reuters) - NioCorp Developments, which is in the process of raising financing for a minerals project in Nebraska, has just seen its Toronto-listed shares surge from C$0.52 to $0.70 in the space of two days thanks to the U.S. government.
NioCorp’s planned mine and processing facility at Elk Creek will produce three metals - scandium, niobium and titanium - that have all been officially designated “critical” minerals by the Interior Department.
No-one’s mined niobium in the United States since 1959, according to the United States Geological Survey (USGS). The country relies exclusively on imports, mostly from Brazil.
The same is true of scandium, a metal which, according to NioCorp, has been used for several decades in “cutting-edge Soviet and Russian military technologies” but not by the U.S. armed forces due to a lack of supply.
This is precisely the point for U.S. President Donald Trump’s administration, which is developing a strategy to reduce import reliance for metals considered “critical to the economic and national security of the United States.”
WHAT’S CRITICAL? The Department of the Interior has identified 35 minerals as “critical”.
The designation is based on a matrix of criteria, including physical scarcity, concentration of production, supply chain reliability and U.S. import dependency.
Or, as summarized by one Commerce Department representative, “critical means you need it, strategic means you don’t have it.”
The unnamed official, Quote: d by the USGS in its explanation of the methodology behind the list, was involved with the 1978-1979 Presidential Review of Nonfuel Minerals Policy.
Which is a reminder that this is not the first U.S. Administration that has been worried about mineral import dependence.
However, the list of minerals deemed “critical” has changed significantly over the intervening 40 years as manufacturing processes have advanced.
Consider, for example, the case of the humble computer chip. In the 1980s, according to the USGS, only 12 elements were used in its manufacture. A decade later and the number had risen to 16 and by 2006 as many as 60 elements were being used for high-speed, high-capacity integrated circuits.
Whole new industries have emerged over the same time frame. The lithium ion battery, which sits at the heart of the green transport revolution, was only commercialised at the start of the 1990s.
No big surprise, then, to see both lithium and cobalt, two key but supply-challenged inputs into the new generation of batteries, appear on the list.
So too does the rare earth elements group. None of them are domestically produced in the U.S. and most of them come from just one country, China.
China is also the dominant supplier of other esoteric but “critical” components of the elemental table such as antimony, indium, tellurium and tungsten.
The list includes more conventional commodities such as the platinum group metals (all of them), tin and aluminium.
The USGS stresses that in such cases it’s not just the metal but the entire supply chain that is problematic.
“Aluminum is included to represent the aluminum supply chain because the United States is 100 percent reliant on imports of metallurgical grade bauxite, and some forms of high purity alumina and aluminum metal used for important applications also are considered critical.”
The full list of critical minerals can be found here: here
REDUCING IMPORT RELIANCE The U.S. government is imposing tariffs on imports of aluminium with the stated aim of rekindling dormant domestic production capacity and reducing import dependency.
And increasing domestic supply across the spectrum of the periodic table is going to be a core recommendation in the report being compiled by the Commerce Department for submission to President Trump by Aug. 16, 2018.
Commerce is also likely to recommend improved mapping of resources, streamlining lease permitting and anything else that will “increase discovery, production and domestic refining of critical minerals.”
One possible outcome, welcomed by companies such as NioCorp but feared by environmental groups, could be a revitalization of the U.S. mining industry.
As the Commerce Department itself notes, “any recommendations to improve permitting processes for critical minerals will improve permitting processes for all minerals administered under the same laws and regulations by the Bureau of Land Management and other Federal land management agencies.”
However, it’s going to be a slow process.
NioCorp, for example, is the only prospective near-term project for niobium and scandium in North America and, even with a full feasibility study already completed, the company still needs to raise around $1 billion to realise its ambitions. Which is why the Commerce Department report will also look at other sources of supply such as recycling and cooperating with “allies and partners” to access targeted minerals.
DEFENSE LOGISTICS AGENCY The Commerce Department’s list of potential measures doesn’t include the creation of a national stockpile of critical minerals such as that operated in China by the state-run Strategic Reserves Bureau.
That’s because the United States already has one, operated by the Defense Logistics Agency (DLA), the body charged with managing supply chains for the country’s armed forces.
As of September 2016, the most recent operational report, the DLA held stocks of many of the minerals on the Interior Department’s list with a total value of $1.15 billion.
On the current financial year’s potential shopping list are rare earths (up to a maximum 416 tonnes), battery precursors such as lithium nickel cobalt aluminium oxide (2.16 tonnes), ferroniobium (209 tonnes) and truly esoteric goodies such as cadmium zinc tellurium and tungsten rhenium.
CATCHING UP The DLA is also heavily involved both in recycling materials such as germanium and studying possible alternatives to existing “critical” military inputs.
But it can only be part of a broader strategy that will have to be both multidimensional and highly flexible.
There is no simple solution to the fact that the United States doesn’t have any commercially exploitable bauxite deposits or that cobalt production is so concentrated on the African Copperbelt.
Moreover, other countries, particularly China, have already aggressively built out supply chains to supply the battery-makers that will power the world’s growing electric vehicle fleet.
Identifying which minerals are “critical” is the easy part. Working out what to do about them is going to be much harder. (Editing by Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-minerals-ahome/rpt-column-what-are-critical-minerals-and-what-is-the-us-going-to-do-about-them-andy-home-idUSL5N1SV61C |
Global trade tension, political upheaval and tech innovation are among the themes in the spotlight at The Wall Street Journal’s CEO Council in Tokyo on Tuesday. Speakers include the U.S. ambassadors to China and Japan, new Malaysian Prime Minister Mahathir Mohamad and SoftBank CEO Masayoshi Son. Here’s a look at the discussion as it unfolds during the day.
SoftBank’s Son on Flipkart Stake
SoftBank Group Corp., which runs the world’s largest technology fund, is still weighing its options regarding plans to sell its stake... RELATED VIDEO The Trump Agenda: The View From China Terry Branstad, U.S. ambassador to China, talks to WSJ Editor in Chief Gerard Baker about China’s view on trade and foreign policy at the WSJ CEO Council in Tokyo. | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-ambassador-to-china-we-have-a-very-open-market-and-china-doesnt-1526343927 |
The Federal Reserve is all but guaranteed to raise interest rates in June, according to many investors and Wall Street economists.
Beyond that, the central bank's options are limited by one critical factor, according to one market watcher.
"While you have inflation and jobs numbers that are very Fed pleasing, you've got to watch out for that growth number which is expected to be somewhere" in the range of 3 percent, said Todd Colvin, senior vice president at Ambrosino Brothers, on CNBC's " Futures Now " this week.
After a disappointing start to the year, the U.S. economy's ability to reach 3 percent growth is still up for debate. Growth clocked in at 2.3 percent in the first quarter, up from 1.2 percent in the same period of 2017. Economists expect full-year economic growth of 2.7 percent, according to FactSet data.
"We need those tax cuts to feed through, something… we haven't really seen yet," said Colvin. "So, will we get 3 percent [growth]? That could be the Achilles' heel of the Fed raising rates higher or more than they currently want to," Colvin added.
The markets are pricing in the near-certainty of a 25-basis-point rate hike when the Federal Open Market Committee meets in June, according to CME Group fed funds futures. That would mark the second hike of the year. A third will likely come in September.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
If the Fed hikes as markets expect, we could be on a path to yields far higher than current levels. Anything above a 3.25 percent yield on the 10-Year Treasury note would undermine the relative appeal of equities, says Colvin.
The 10-year yield hit a new high of 3.128 percent this week, a peak not seen since July 2011. The 30-year bond yield touched its highest level since October 2014.
"That could be the level where we see a sustained trade sideways, not only in [10-year debt], but I think you start to see some of that money leaving the stock market as opposed to just cash sitting on the sideline not entering the market," said Colvin.
Stocks have been in stasis for much of the year. The Dow Jones Industrial Average is flat for 2018, while the S&P 500 is up just 1.5 percent. The yield on the 10-year Treasury note, meanwhile, began the year at 2.41 percent and most recently traded north of 3.1 percent.
"The risk levels are just so night and day and mom-and-pop savers who have been punished over the last 10 years will look for the Treasury yields to give them what they've wanted all along and that's higher returns without the risk," he said.
show chapters If yields get to this level, the bond market will turn into a major headwind for stocks 1:43 PM ET Thu, 17 May 2018 | 06:21 Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/economys-growth-may-be-feds-achilles-heel-todd-colvin.html |
WASHINGTON, May 16, 2018 (GLOBE NEWSWIRE) -- The National Association of Corporate Directors (NACD), the authority on boardroom practices representing more than 19,000 corporate board members, has released the 2018 edition of its popular Governance Challenges series: Board-Shareholder Engagement in the New Investor Environment . The report, produced in collaboration with NACD’s five strategic-content partners—Heidrick & Struggles, KPMG Board Leadership Center, Marsh & McLennan Companies, Pearl Meyer, and Sidley Austin LLP—helps directors chart an effective course toward sustainable corporate success and long-term value creation.
Direct board engagement with investors continues to grow: according to the 2017–2018 NACD Public Company Governance Survey , for the first time since 2014 a majority of all respondents (51%) had a board representative meet with institutional investors in the prior year, and two-thirds of respondents reported taking action to prepare for a potential activist challenge. Governance Challenges 2018 delves into how increasing expectations about board performance from all segments of the investor community—mainstream asset managers, public pension funds, and activists alike—are broadening the scope of the issues on which directors are engaging with their shareholders. These issues include board diversity, company culture, and climate change.
This new report provides guidance in the following areas:
“The Characteristics of Leading-Company Boards Today,” by Heidrick & Struggles “Engaging with Investors in 2018: What Boards Should Know,” by US audit, tax, and advisory firm KPMG LLP “Human Capital Management and Reporting: Key Considerations for Institutional Investors and Directors,” by Mercer, a wholly owned subsidiary of Marsh & McLennan Companies “Communicating Executive Pay in a New Era,” by Pearl Meyer “ Strategic Shareholder Engagement: Practical and Legal Considerations,” by Sidley Austin
“NACD has been a consistent advocate for thoughtful and transparent engagement between boards of directors and their major investors,” said NACD president and CEO Peter Gleason. “Our Governance Challenges 2018 report summarizes the latest thinking from our partners and provides practical guidance for boards, as well as for corporate secretaries and general counsel, during proxy season and beyond.”
To download a free copy of the report please click here: www.NACDonline.org/GovernanceChallenges2018 .
For more information on this topic, visit NACD’s online resource centers on Board-Shareholder Engagement and Preparing for Proxy Season .
About NACD
The National Association of Corporate Directors (NACD) empowers more than 19,000 directors to lead with confidence in the boardroom. As the recognized authority on leading boardroom practices, NACD helps boards strengthen investor trust and public confidence by ensuring that today’s directors are well prepared for tomorrow’s challenges. World-class boards join NACD to elevate performance, gain foresight, and instill confidence. Fostering collaboration among directors, investors, and corporate governance stakeholders, NACD has been setting the standard for responsible board leadership for 40 years. To learn more about NACD, visit www.NACDonline.org .
Contact:
Susan Oliver
[email protected]
703-216-4078
Source:National Association of Corporate Directors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-nacd-releases-guidance-on-board-shareholder-engagement-in-the-new-investor-environment.html |
FRANKFURT/BERLIN, May 28 (Reuters) - The following are some of the factors that may move German stocks on Monday:
GERMAN INDUSTRY Saudi Crown Prince Mohammed bin Salman has ordered that no more government contracts be awarded to German companies, in a sign of continued irritation over Berlin’s foreign policy in the Middle East, German magazine Der Spiegel reported on Friday.
BAYER Bayer was said to win a U.S. antitrust nod for Monsanto next week, Bloomberg News reported citing a source.
BMW BMW does not expect a repeat of an error by which the wrong engine software was installed in its cars earlier this year, management board member Markus Duesmann told Automobilwoche.
DAIMLER German Transport Minister Andreas Scheuer has summoned Daimler CEO Dieter Zetsche to a meeting on Monday after a regulator discovered engine management software which is said to breach regulations.
Mercedes is probing 120,000 cars to see if they have been fitted with potentially illegal engine management software.
DEUTSCHE BANK Deutsche Bank will cut more than 100 jobs in Asia as part of a pledge to slash at least 7,000 jobs.
Germany’s Handelsblatt said Deutsche will also cut 10 to 15 percent of jobs at its Postbank divisional hedquarters.
DEUTSCHE POST Deutsche Post DHL plans to raise the postage price for domestic letters to 0.80 euros from 0.70 euros from 2019, Bild am Sonntag reported.
DEUTSCHE TELEKOM T-Mobile US said it is getting advice on its proposed $26 billion merger with Sprint Corp from a lobbying firm whose staff includes several members of President Donald Trump’s election team such as former campaign manager Corey Lewandowski.
VOLKSWAGEN The carmaker plans to reinstate its chief lobbyist, Thomas Steg, who was suspended while the company investigated his role in tests that exposed monkeys and humans to toxic diesel fumes, a German newspaper reported on Friday.
Separately, Automobilwoche reported that Volkswagen will need to develop a software update for the 2.0-TDI engine found in certain Passat models because the engine warning lamp may light up even if there is no problem with the engine.
Audi CEO Rupert Stadler said the diesel emissions affair was not over and promised to stay at the helm of the German luxury car maker, according to an interview in Augsburger Allgemeine.
Separately, DPA cited a VW staff magazine as saying that the core VW brand expects production bottlenecks from August due to the switch to WLTP lab tests.
EX-DIVIDEND
BAYER - 2.80 eur/shr dividend
TLG IMMOBILIEN - 0.82 eur/shr dividend
OVERSEAS STOCK MARKETS Dow Jones -0.2 pct, S&P 500 -0.2 pct, Nasdaq +0.1 pct at close.
Nikkei unchanged, Shanghai stocks +0.1 pct.
Time: 5.13 GMT.
GERMAN ECONOMIC DATA No economic data scheduled.
DIARIES REUTERS TOP NEWS (Reporting by Tom Sims, Maria Sheahan and Victoria Bryan)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-28-idUSL5N1SW386 |
Klein Joins Other Prominent Endowment and Foundation CIOs, including Paula Volent, Larry Kochard, Erik Lundberg and Michael Condon
NEW YORK--(BUSINESS WIRE)-- Alternative Investment Management, LLC (“AIM13”), a privately owned investment management firm, today announced that Jason Klein, Senior Vice President and Chief Investment Officer of Memorial Sloan Kettering, joined the firm’s Chief Investment Officer (CIO) Advisory Council, expanding the group to five members.
As CIO of Memorial Sloan Kettering, Mr. Klein oversees more than $5 billion in long-term global investment assets and leads the asset allocation, manager selection and risk management efforts. Under his leadership, since 2008, the Memorial Sloan Kettering team has achieved peer-based recognition for innovation, portfolio construction and investment achievement. Mr. Klein is a member of the investment committees of Oxford University and The College Board. He is also a current member of the Investment Advisory Group of The Council on Foreign Relations, the Global Capital Markets Advisory Council for The Milken Institute and The Economics Club of New York.
AIM13’s CIO Council serves as a forum for the exchange of ideas and insights among the members and AIM’s investment team. The Council’s existing members are some of the most respected professionals that have served in the endowment and foundation CIO world:
Paula Volent, Chief Investment Officer, Bowdoin College Larry Kochard, Chief Investment Officer, Makena Capital Management Erik Lundberg, Chief Investment Officer, University of Michigan Michael Condon, former Chief Investment Officer, Southern Methodist University
“We are very excited to welcome Jason to the Council and expand the depth of its expertise,” said AIM13’s CEO Jonathan Harris. “Jason’s investment experience and institutional relationships will strengthen our ability to source and evaluate new investment opportunities and provide our partners with additional access to other investors in private markets.”
Previously, Mr. Klein was the Chief Investment Officer for the Museum of Modern Art, and was a vice president and principal in the private equity division of Lehman Brothers. He began his investment career as an equity capital markets associate at Prudential Securities and a commercial credit analyst at Chemical Bank. Mr. Klein holds an MBA from the Wharton School and a JD from the University of Pennsylvania Law School. He received a Bachelors of Arts degree from Wesleyan University.
About Alternative Investment Management, LLC
Alternative Investment Management, LLC (AIM13) is a privately owned investment management firm based in New York City that invests across a wide range of asset classes for a group of families, pensions, endowments and other institutional investors. AIM13 is registered with the SEC as an investment adviser. For more information please visit: www.aim13.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005247/en/
Prosek Partners
Mickey Mandelbaum, 212-279-3115
[email protected]
or
Nick Rust, 212-279-3115
[email protected]
Source: Alternative Investment Management, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-alternative-investment-management-expands-its-cio-advisory-council-with-appointment-of-jason-klein.html |
May 2 (Reuters) -
* BLOCK TRADE - INTERTRUST NV : BOOKRUNNER SAYS PRICE GUIDANCE EUR 16.00-16.10 PER SHARE; BOOKS COVERED WITHIN THAT RANGE AND TO CLOSE AT 19:30UK
* BLOCK TRADE - INTERTRUST NV : BOOKRUNNER SAYS DEAL WILL PRICE AT €16.00 PER SHARE, BOOKS CLOSING AT 19:35UK / 20:35 CET Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bookrunner-says-intertrust-deal-wi/brief-bookrunner-says-intertrust-deal-will-price-at-eur-16-per-share-idUSFWN1S917I |
MOSCOW—Armenian lawmakers voted down opposition leader Nikol Pashinyan’s bid to become prime minister, ensuring a continued standoff between the ruling party and a protest movement that has mobilized around him.
In a country firmly in Russia’s orbit, Mr. Pashinyan has been careful to emphasize Moscow’s role as Armenia’s strategic partner and its continued participation in Moscow-led economic and military alliances.
But... | ashraq/financial-news-articles | https://www.wsj.com/articles/armenia-lawmakers-block-opposition-leaders-bid-to-become-premier-1525199756 |
NESS ZIONA, Israel, April 30, 2018 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV), a clinical stage biopharmaceutical company focused on developing and commercializing M-001, a universal flu vaccine candidate, today announced its fourth quarter and full year financial results for the year ended December 31, 2017 and provided a business update.
Fourth Quarter 2017 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.467(NIS/$US) as at December 29, 2017.
Fourth quarter operating expenses were NIS 14.9 million (approximately $4.3 million) compared with NIS 3.12 million for the fourth quarter of 2016; Fourth quarter R&D expenses amounted to NIS 13.7 million ($3.95 million) compared with NIS 1.83 million for the fourth quarter of 2016;
Full Year 2017 Financial Summary
Total operating expenses, net, were NIS 23.66 million ($6.82 million) compared with NIS 11.90 million in 2016; R&D expenses, net, amounted to NIS 18.78 million ($5.42 million) compared with NIS 7.79 million in 2016
As of December 31, 2017, BiondVax had cash and cash equivalents and short-term investments of NIS 71.38 million ($20.59m) as compared to NIS 27.4 million as of December 31, 2016.
2017 Highlights and Recent Corporate Update
Pivotal clinical efficacy Phase 3 trial: The European Medicines Agency (EMA)'s Committee for Medicinal Products for Human Use (CHMP) allowed BiondVax to proceed with the pivotal Phase 3 clinical trial plan for M-001, BiondVax's universal flu vaccine candidate. The CHMP wrote that a successful pivotal efficacy trial could suffice for approval of the vaccine. BiondVax signed a Master Service Agreement with a contract research organization (CRO) in March, 2018, and the Phase 3 trial is planned to begin later this year, prior to the 2018/19 Northern Hemisphere flu season. 9,630 participants aged 50 years and over will be enrolled across four to six countries in eastern Europe. The pivotal trial is expected to follow participants for up to two flu seasons. Mid-size commercial manufacturing facility: The Israeli Ministry of Economy granted BiondVax 20% of a NIS 20 million budget towards construction. The company secured a lease for an entire floor (approximately 20,000 square feet or 1850m 2 ) in the Jerusalem Bio Park, a biotech hub on the Hadassah Ein Kerem campus, and construction began in January 2018. BiondVax intends to produce a batch in the new facility for the upcoming Phase 3 clinical trial's second participant group. €20 million non-dilutive co-funding: In June 2017, the European Investment Bank (EIB) signed an agreement to support M-001's commercial scale production and Phase 3. NIH-sponsored Phase 2 clinical trial: Earlier this month (April, 2018), the first participant was enrolled in the United States in a Phase 2 clinical trial of the BiondVax's universal flu vaccine candidate, M-001. The trial is sponsored by the US National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH). Conducted under an FDA Investigational New Drug (IND), the trial marks M-001's clinical debut in the United States. EU-sponsored Phase 2b clinical trial: M-001 successfully met the UNISEC consortium's Phase 2b clinical trial primary endpoints. The universal flu vaccine candidate showed statistically significant elevated T-cell immune responses, a good safety profile and was well-tolerated. Nasdaq consolidation: BiondVax consolidated trading on Nasdaq by voluntarily delisting from the Tel Aviv Stock Exchange on January 22, 2018.
Complete financial results are available in the Company's annual report on Form 20-F for the year ended December 31, 2017, which was filed with the Securities and Exchange Commission on April 30, 2018.
About BiondVax
BiondVax (Nasdaq: BVXV) is an advanced clinical stage biopharmaceutical company developing a universal flu vaccine. The vaccine candidate, called M-001, is designed to provide multi-season protection against current and future, seasonal and pandemic influenza virus strains. BiondVax's proprietary technology utilizes a unique combination of conserved and common influenza virus peptides, activating both arms of the immune system for a cross-protecting and long-lasting effect. In a total of 6 completed Phase 1/2 and Phase 2 human clinical trials, covering 698 participants, the vaccine has been shown to be safe, well-tolerated, and immunogenic. Please visit www.biondvax.com .
Forward Looking Statements
This press release contains within the meaning of the Private Litigation Reform Act of 1995. Words such as "expect," "believe," "intend," "plan," "continue," "may," "will," "anticipate," and similar expressions are intended to identify . These involve certain risks and uncertainties reflect the management's current views with respect to certain current and future events and are subject to various risks, uncertainties and assumptions that could cause the results to differ materially from those expected by the management of BiondVax Pharmaceuticals Ltd. risks and uncertainties include, but are not limited to, the risk that drug development involves a lengthy and expensive process with uncertain outcome, the results of Phase 2 & 3 trials, delays or obstacles in launching and/or successfully completing our clinical trials, the impact of the global economic environment on the Company customer target base, the adequacy of available cash resource and the ability to raise capital when needed. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2017 filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC's website, www.sec.gov , and in the Company's periodic filings with the SEC and the Tel-Aviv Stock Exchange.
Tables to Follow.
BALANCE SHEETS
Convenience
translation
December 31,
December 31,
2016
2017
2017
N I S
U.S. dollars
CURRENT ASSETS:
Cash and cash equivalents
15,705
71,382
20,589
Marketable securities
2,017
-
-
Short-term deposits
7,602
-
-
Other receivables
815
3,923
1,131
26,139
75,305
21,720
LONG‑TERM ASSETS:
Marketable securities
2,050
-
-
Property, plant and equipment
1,443
5,510
1,589
Other long term assets
478
880
254
3,971
6,390
1,843
30,110
81,695
23,563
CURRENT LIABILITIES:
Trade payables
686
6,223
1,795
Other payables
689
660
190
1,375
6,883
1,985
LONG‑TERM LIABILITIES:
Liability in respect of government grants
-
10,300
2,971
Warrants
3,043
8,177
2,358
Severance pay liability, net
76
83
24
3,119
18,560
5,353
SHAREHOLDERS' EQUITY :-
Ordinary shares of NIS 0. 1 par value:
Authorized: 391,000,000 shares as of December 31, 2017;
Issued and Outstanding: 261,419,599, 135,097,367, shares
as of December 31 2017 and December 31, 2016, respectively
*) -
*) -
*) -
Share premium
113,041
179,669
51,823
Options
1,435
-
-
Other comprehensive income
6
-
-
Accumulated deficit
(88,866)
(123,417)
(35,598)
25,616
56,252
16,225
30,110
81,695
23,563
*) Represents an amount lower than NIS 1.
STATEMENTS OF COMPREHENSIVE INCOME
In thousands, except per share data
Convenience translation
Year ended
December 31,
Year ended
December 31,
2015
2016
2017
2017
N I S
U.S. dollars
Operating expenses:
Research and development, net of participations
7,906
7,794
18,777
5,416
Marketing, general and administrative
3,397
4,106
4,879
1,407
Total operating expenses
11,303
11,900
23,656
6,823
Operating loss
(11,303)
(11,900)
(23,656)
(6,823)
Financial income
1,128
3,019
18
5
Financial expense
(24)
(303)
(10,913)
(3,148)
Loss
(10,199)
(9,184)
(34,551)
(9,966)
Other comprehensive income (loss):
Items to be reclassified to profit or loss in subsequent periods:
Gain (loss) from available-for-sale marketable securities
(5)
(6)
(6)
(2)
Total comprehensive loss
(10,204)
(9,190)
(34,557)
(9,968)
Basic and diluted loss per share
(0.10)
(0.07)
(0.17)
(0.05)
Weighted average number of shares outstanding used to compute basic and diluted loss per share
105,522,642
135,097,367
201,030,768
201,030,768
Contact Details:
Joshua Phillipson
+972-8-930-2529
[email protected]
View original content: http://www.prnewswire.com/news-releases/biondvax-announces-fourth-quarter-and-full-year-2017-financial-results-and-update-300639251.html
SOURCE BiondVax Pharmaceuticals Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-biondvax-announces-fourth-quarter-and-full-year-2017-financial-results-and-update.html |
U.S. housing starts, building permits fall sharply Wednesday, May 16, 2018 - 01:30
U.S. homebuilding tumbled in April and permits fell, suggesting the housing market continued to tread water amid shortages of land and skilled labor. Aleksandra Michalska resports.
U.S. homebuilding tumbled in April and permits fell, suggesting the housing market continued to tread water amid shortages of land and skilled labor. Aleksandra Michalska resports. //reut.rs/2L8zgdw | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/us-housing-starts-building-permits-fall?videoId=427515208 |
One month ago, the market looked to CNBC's Jim Cramer like it was riddled with fear and volatility. But three recent earnings reports changed the whole landscape.
"It all started with three days in tech," the "Mad Money" host said on Thursday. " Facebook , Amazon and Apple reported and everything began to turn around."
Before earnings season kicked off, these three technology stocks had been sliding on a cacophony of worries.
Facebook was embroiled in a data-mining scandal that brought its CEO to Congress ; Amazon was being bombarded with tweets from President Trump ; and shares of Apple were falling on endless analyst reports that iPhone X sales would miss the estimates.
As a result, expectations were muted ahead of the companies' earnings reports. But on April 25, Facebook bucked the negativity with a top- and bottom-line earnings beat , steady user engagement and ongoing investments.
"Turns out there was no slowdown and management made it clear that business remained strong in the month of April, right into the teeth of the [congressional] hearings," Cramer said.
"The short-sellers had built up a considerable position in Facebook ahead of the quarter, and after these blowout numbers, the stock surged higher," he added. "Money managers went from hating Facebook to loving it pretty much overnight."
Amazon, which had become a target of Trump's for its tax practices and deal with the U.S. Post Office , started to come back after CEO Jeff Bezos announced that it had accrued 100 million Prime members.
But Amazon's earnings report really jump-started the e-commerce giant's recovery.
"We got a monster blowout, just a gigantic upside surprise with the company earning $3.27. Wall Street only expected $1.25," Cramer said. "I thought there was a typo. I thought Amazon made $1.27, not $3.27."
Amazon's 43 percent revenue growth helped drive its stock up dramatically after the report, aiding the tech-led comeback.
Then, on May 1, Apple's earnings report brought it home with higher than expected results , a strong China business and a $100 billion share buyback — "the biggest surprise of all," Cramer said.
"The numbers here were outstanding," he continued. "Just like we saw with Facebook and Amazon, the negative rap on Apple turned out to be bogus."
All three earnings wins helped to lift a slew of related stocks as well, Cramer said. Shares of semiconductor makers, data center plays, cloud-computing companies, e-commerce rivals and social media operators "came back to life," he said.
Paired with tailwinds from Warren Buffett's positive market outlook , a strong employment report from the Labor Department and signals of low inflation , the earnings surprises helped stem worries about trade policy that have threatened stocks since February, Cramer argued.
"This rally is about converting the unbelievers. As the bears became bulls, this market suddenly got its mojo back," the "Mad Money" host said. "Now the real fear on Wall Street is not of losing money. Instead, they're #FOMO, afraid of missing out on the rally, and without any big earnings reports on the horizon, you can't blame the skeptics for changing their minds. When the bulls stampede, you either join the rush or you get trampled."
WATCH: Cramer on how Facebook, Amazon and Apple sparked the rally show chapters Cramer: Facebook, Amazon and Apple's quarters kickstarted this market rally 20 Hours Ago | 10:35 Disclosure: Cramer's charitable trust owns shares of Facebook, Amazon and Apple.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/cramer-facebook-amazon-and-apples-quarters-kickstarted-this-rally.html |
May 28, 2018 / 10:20 AM / Updated an hour ago Girl dens blaze fresh trail into Boy Scouts of America Katharine Jackson 4 Min Read
MCLEAN, Va. (Reuters) - On a frontline of the gender equality battle in the United States is Den 13, a suburban Virginia Cub Scout unit made up of girls on their way to next year becoming the first female Scouts in the Boy Scouts of America.
The girls, who are 8 to 10 years old, say they appreciate the outdoor challenges of scouting: finding the route to a waterfall on a wrinkled map, crossing a creek and encountering a snake.
After more than a century as a bastion of boyhood, the Boy Scouts of America announced in October that this year it would begin letting girls join the 7- to 10-year-old Cub Scouts. More than 3,000 girls joined an Early Adopter programme this spring.
In 2019, the girls of Den 13 in McLean, Virginia, will be among the first female members of the newly named “Scouts BSA” programme, which until the change will still be called “Boy Scouts” and only admit boys aged 11 to 17.
Scouting alongside boys is no issue for 10-year-old Dani Hyder.
“I don’t really mind as long as I get to do it,” she said. “I don’t care what gender the people I’m doing with are.”
Like others in her den, 10-year-old Lilly Rumpf went on hikes and family camping trips, but watched from the sidelines as her brother rose through the ranks of the Boy Scouts.
“It was like he got to do all the cool things, and I didn’t,” she said. “So when I got involved in this, it was really cool.”
Boy Scouts of America said admitting girls is making life easier for families with brothers and sisters who want to follow the same path.
“I think our programme offers both genders exactly what we want young people to learn and embrace as they grow up,” said Les Baron, scout executive for the Boy Scouts National Capital Area Council.
The move comes as attitudes towards gender change and after decades of declining membership. Boy Scouts of America now has about 2.3 million members, a drop of about one-third since 2000. The organisation decided to admit openly gay scouts in 2014, and last year welcomed transgender members.
As Boy Scouts of America widens its scope, the Girl Scouts of the USA is reaffirming its commitment to girls.
“Girl Scouts has always proudly owned the ‘Girl’ in Girl Scouts, and our programming is, and always will, reflect the fact that we are girl-led and girl-centric,” the organisation said in a statement.
The Boy Scouts held annual meetings in Dallas last week with many awaiting news of a uniform change with different cuts for girls and alternatives like Capri pants and “skorts,” or skirts with shorts inside.
For now, the Den 13 girls wear shirts embroidered with “Boy Scouts of America,” standard olive shorts, resting their ponytails and braids on plaid neckerchiefs.
Heading to the waterfall, Den 13 took a wrong turn down a dead end trail.
“I kind of like that we got lost,” said Hiro Rose, enjoying the river view. After consulting their map, the girls quickly found their way.
For Danielle, the best part of the hike was obvious. “Actually having a snake crawl, like slither across my shoe.” Reporting by Katharine Jackson; Editing by Mary Milliken and Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-scouts-girls/girl-dens-blaze-fresh-trail-into-boy-scouts-of-america-idUKKCN1IT0TZ |
MILL VALLEY, Calif., May 22, 2018 /PRNewswire/ -- Redwood Trust, Inc. (NYSE: RWT) today announced its Board of Directors has declared a 7% increase in the company's quarterly common stock dividend to $0.30 per share for the second quarter of 2018, up from $0.28 per share. This also marks the company's 76th consecutive quarterly dividend. The second quarter 2018 dividend is payable on June 29, 2018 to stockholders of record on June 15, 2018.
"We are pleased to increase the dividend we pay to our shareholders," said Christopher J. Abate, President of Redwood Trust. "The higher dividend reflects our confidence in the platform we have built and the durability of its earnings power, specifically our prospects for profitable growth through existing and recently-announced initiatives. Underscoring this is our continued commitment to delivering value to our shareholders on a per share basis."
For more information about Redwood Trust, Inc., please visit our website at: www.redwoodtrust.com .
Cautionary Statement: This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to Redwood's intentions with respect to 2018 regular dividends. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2017 under the caption "Risk Factors." Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
View original content: http://www.prnewswire.com/news-releases/redwood-trust-announces-dividend-increase-of-7-for-the-second-quarter-of-2018-300652020.html
SOURCE Redwood Trust, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-redwood-trust-announces-dividend-increase-of-7-percent-for-the-second-quarter-of-2018.html |
Jerusalem embassy opening is a 'terrible step,' says Saudi diplomat 1 Hour Ago Saudi prince Turki Al-Faisal says the opening of a U.S. embassy in Jerusalem is "not a step that will bring peace to Palestine or Middle East." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/jerusalem-embassy-opening-is-a-terrible-step-says-saudi-diplomat.html |
CNBC.com Getty Images A customer uses her mobile phone as she shops at a Best Buy in Skokie, Ill.
Best Buy is expanding its tech support options with an eye toward keeping its older customers healthy.
On the retailer's earnings call this week, company executives said that they see opportunities to make money in the health space.
"We already assort a variety of health-related products and technology products designed for seniors like specially designed phones and medical alert systems," CEO Hubert Joly said. "We're also testing a service called Assured Living to help the aging population stay healthy at home with assistance from technology products and services." show chapters 3:16 PM ET Wed, 23 May 2018 | 02:17
While consumers may associate Best Buy with gadgets, the company told investors its strategy is to address "key human needs in areas such as entertainment, productivity, communication, food preparation, security, and health and wellness."
Health is becoming a hot market for all sorts of companies, including Best Buy suppliers. Apple, for example, has expanded the health functions on the Apple Watch, and Amazon is also exploring health care in a myriad of ways.
"One of the things we've talked about is how technology can help people stay in their home for longer and there's a lot of excitement around helping people do that," Joly said. Technology "improves people's health and wellness and reduce[s] health care costs for the country."
On Thursday, Best Buy reported profit that topped estimates, but disappointed investors with lukewarm online sales growth and by not updating its outlook .
But Joly said that when it comes to new initiatives like health technology, the retailer plans to keep refining its approach and focus on innovative technologies.
"We're not trying to increase the profitability, because we are trying to position the company for the future," he said. "The return for the winners in this space are going to be outsized because there's going to be greater and greater differentiation between winners and losers. And so this is the time clearly to invest." show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/best-buy-focuses-on-fitness-with-assured-living-program-for-seniors.html |
Colleen Hayes | Getty Images ABC's 'Modern Family.'
In general, the sooner you start having money conversations with your kids , the better. And the good news is, the majority of American parents are having those talks: Over half, or 56 percent, according to Chase Slate's 2018 credit outlook survey .
But most parents are skipping over a key money term, the survey finds: Only 32 percent of parents have explained what a credit score is.
Your credit score, which is represented as a number between 300 and 850, is a crucial component of your financial health. The better your score , the more likely you are to get a good deal on a home , car or other loan.
But 25 percent of millennials don't know what a credit score is and results of surveys and money IQ tests both show that there's a lot of confusion around the topic.
As part of a six-question money quiz , personal finance site GOBankingRates stumped more than half of its 2,000 respondents with this question about credit: "True of false: Income does not impact your credit score."
The answer is "True," since your income does not directly affect your credit score. Only 40 percent of respondents got it right. show chapters 11:42 AM ET Fri, 25 Aug 2017 | 01:12
Here are the five factors that do affect your FICO credit score, the most popular scoring system out there: Payment history (35 percent): Your repayment of past debt, whether it be credit card debt or a mortgage, is the most important factor because it helps determine how you'll handle future payments. You want to make consistent, on-time payments to improve your credit or maintain a good score. Amounts owed (30 percent): This category is credit utilization, which is the ratio of how much you've spent on your credit card versus the card's limit. Ideally, you want to use under 30 percent of your available credit. Length of credit history (15 percent): How long you've had an account open and the time since your most recent transaction also affects your score. Newer credit users may have a harder time getting a high score since there's less data available on payment history. Credit mix (10 percent): Your score considers the types of credit you use, like credit cards, retail accounts, installment loans and mortgage loans. New credit (10 percent): Opening up new credit cards, especially at all once and if your history isn't established, can count against you. Too many hard inquiries, such as those that occur when you're applying for an apartment or signing up for a new card, can affect your score, while soft inquiries, such as background checks, do not. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/most-parents-dont-explain-this-key-money-concept-to-their-kids.html |
DOYLESTOWN, Pa., May 14, 2018 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ:PRPH) ( www.ProPhaseLabs.com ) today reported its financial results for the three months ended March 31, 2018. Net sales from continuing operations were $3.4 million for the three months ended March 31, 2018, as compared to net sales of $771,000 for the three months ended March 31, 2017. The Company realized net income for the three months ended March 31, 2018 of $43,000, or $0.00 per share, compared to net income of $45 million, or $2.61 per share for the three months ended March 31, 2017.
The Company realized income from continuing operations for the three months ended March 31, 2018, of $43,000, or $0.00 per share, as compared to income of $16.9 million, or $0.99 per share, for the three months ended March 31, 2017, which was primarily due to a $18.1 million income tax benefit arising from the sale of the Company’s Cold-EEZE ® brand and product line (the Cold-EEZE ® Business) to a wholly-owned subsidiary of Mylan N.V. (“Mylan”) in March 2017.
As a result of the sale of the Cold-EEZE ® Business, for the three months ended March 31, 2017, the Company has classified as discontinued operations the (i) gain from the sale of the Cold-EEZE ® Business, (ii) all gains and losses attributable to the Cold-EEZE ® Business and (iii) the income tax expense attributed to the sale of the Cold-EEZE ® Business. The Company realized income from discontinued operations for the three months ended March 31, 2017 of $27.7 million, or $1.62 per share.
The Company continues to own and operate its manufacturing facility and manufacturing business in Lebanon, Pennsylvania, and its headquarters in Doylestown, Pennsylvania. As part of the sale of the Cold-EEZE ® Business, the Company entered into a manufacturing agreement to supply various Cold-EEZE ® lozenge products to Mylan. In addition, the company manufactures over-the-counter consumer healthcare products, dietary supplements and other products for other third party customers. The Company is also pursuing a series of new product development and pre-commercialization initiatives in the dietary supplement category.
Ted Karkus, the CEO of the Company, stated: “We continue to own and operate our Pharmaloz manufacturing facility which manufactures and supplies Cold-EEZE ® lozenges to Mylan as well as lozenges to other companies on a contract manufacturing basis. As we look forward, we are seeking to leverage our manufacturing expertise by creating new third party manufacturing and private label opportunities. Reporting a profitable Q1 2018 without the benefit of ownership of the Cold-EEZE ® brand indicates our progress in this regard. Raouf Ghaderi, Ph.D., our Vice President of Research and Development assumed oversight of our Pharmaloz manufacturing facility in October, 2017 and the Company has benefitted from Dr. Ghaderi’s technical and business acumen. However, the manufacturing revenue fluctuates from quarter to quarter so no assurance can be given that full year results will follow the same trend. This positive Q1 report also helped to support the decision to distribute a special dividend of $1.00 per share to our shareholders which was just announced on May 7, 2018.”
Mr. Karkus also noted, “We started shipping our new dietary supplement, Legendz XL ® , to a major retail drug chain and other retailers in 2017. Implementation of our dietary supplement strategy will require significant investment in marketing as well as significant additional distribution within the various retail channels and e-commerce venues in order to achieve a successful launch and build a successful new product line. We are optimistic but cannot assure that other major retail chains will carry Legendz XL ® in the second half of 2018. ”
Mr. Karkus stated, “In addition to retail distribution, we are developing an e-commerce and a direct-to-consumer strategy to drive consumers to our Legendz XL ® website or to various retail stores where our products are carried. As part of this initiative, we formed a new, wholly-owned subsidiary called ProPhase Digital Media (“PDM”). PDM is the digital marketing division of our Company that will market our dietary supplements direct to consumers through social media, digital and e-mail communications. PDM’s initial efforts will be to market our lead dietary supplement, Legendz XL ® . We expect to initiate testing during Q2 2018. If our model proves successful, our goal is for PDM to market other company’s products as well.”
Mr. Karkus concluded, “The Company continues to explore a wide range of acquisition opportunities in the consumer products space, as well as investments and acquisitions in other sectors and industries, particularly related to technology.”
About the Company
We are a vertically integrated and diversified branding, marketing and technology company with deep experience with over-the-counter (“OTC”) consumer healthcare products, dietary supplements and other remedies. We are engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products, dietary supplements and other remedies in the United States. This includes the development and marketing of dietary supplements under the TK Supplements ® brand, a wholly-owned subsidiary of the Company.
In August 2017, we formed a new, additional wholly-owned subsidiary, ProPhase Digital Media, Inc., a Delaware corporation (“PDM”). Our objective is for PDM to become an independent full-service direct marketing agency. PDM’s first initiative will be to market the TK Supplements ® product line. If successful, this may lead to the marketing of other companies’ consumer products.
In addition, the Company also continues to actively pursue acquisition opportunities for other companies, technologies and products inside and outside the consumer products industry. For more information visit us at www.ProPhaseLabs.com .
Forward Looking Statements
Except for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the launch of our new line of TK Supplements ® , our new product Legendz XL ® and our objectives related to ProPhase Digital Media Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to: the difficulty of predicting the acceptance and demand for our products, the impact of competitive products and pricing, costs involved in the manufacture and marketing of products, the timely development and launch of new products, and the risk factors listed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any subsequent SEC filings.
Investor Contact
Ted Karkus, Chairman and CEO
ProPhase Labs, Inc.
(267) 880-1111
PROPHASE LABS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited) Three Months Ended March 2018 2017 Net sales $ 3,407 $ 771 Cost of sales 1,982 686 Gross profit 1,425 85 Operating expenses Sales and marketing 172 115 Administration 1,219 1,080 Research and development 87 34 1,478 1,229 Interest income (expense), net 96 (54 ) Income (loss) from continuing operations before income taxes 43 (1,198 ) Income tax benefit from continuing operations 18,123 Income from continuing operations 43 16,925 Discontinued operations: Income from discontinued operations - 1,365 Gain on sale of discontinued operations, net of taxes - 26,349 Income from discontinued operations - 27,714 Net income $ 43 $ 44,639 Other comprehensive income: Unrealized loss on marketable securities (43 ) - Total comprehensive income $ - $ 44,639 Basic earnings (loss) per share: Income (loss) from continuing operations $ 0.00 $ 0.99 Income from discontinued operations - 1.62 Net income (loss) $ 0.00 $ 2.61 Diluted earnings (loss) per share: Income (loss) from continuing operations $ 0.00 $ 0.95 Income from discontinued continued operations - 1.56 Net income (loss) $ 0.00 $ 2.51 Weighted average common shares outstanding: Basic 11,130 17,082 Diluted 11,413 17,772
PROPHASE LABS, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands)
(unaudited) March 31, 2018 December 31, 2017 ASSETS Cash and cash equivalents $ 3,387 $ 3,173 Marketable securities, available for sale 18,327 18,765 Inventory 2,010 1,531 Total current assets 31,573 28,919 Total assets $ 34,220 $ 34,161 Total current liabilities $ 1,100 $ 1,072 Total stockholders’ equity $ 33,120 $ 33,089
Source:ProPhase Labs, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-prophase-labs-reports-financial-results-for-the-three-months-ended-march-31-2018.html |
May 11, 2018 / 6:59 PM / Updated 39 minutes ago Trump blasts drugmakers, middlemen for high U.S. drug prices Yasmeen Abutaleb 2 on Friday blasted drugmakers and healthcare “middlemen” for making prescription drugs unaffordable for Americans, but healthcare stocks rose as it became clear the administration had avoided taking aggressive and direct measures to cut drug prices. delivers a speech about lowering prescription drug prices from the Rose Garden at the White House in Washington, U.S., May 11, 2018. REUTERS/Jonathan Ernst
Trump said his administration would take aim at the “middlemen” in the drug industry who became “very very rich,” an apparent reference to health insurers and pharmacy benefit managers. He also said the pharmaceutical industry is making an “absolute fortune” at the expense of American taxpayers.
Foreign governments “extort” unreasonably low prices from U.S. drugmakers, Trump also said in a speech delivered as his health deputies released a series of proposals to address high drug costs.
But Zeke Emanuel, an expert on drug pricing and fellow at the Center for American Progress, said on CNN that to bring drug prices down, Trump would need to address drugmakers more directly.
“His rhetoric is taking them on, but the facts are he is not taking them on,” Emanuel said.
Healthcare shares dipped on Trump’s comments but quickly recovered as details of Trump’s blueprint on drug pricing circulated and the S&P 500 Health index .SPXHC rose 1.1 percent. Reporting by Yasmeen Abutaleb in Washington, additional reporting by Caroline Humer and Michael Erman in New York; editing by Bill Berkrot | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-drugpricing/trump-blasts-drugmakers-middlemen-for-high-u-s-drug-prices-idUKKBN1IC2DT |
TORONTO, Canada, May 02, 2018 (GLOBE NEWSWIRE) -- Canadian World Fund Limited (“CWF” or the “Company”) and Third Canadian General Investment Trust Limited (“Third Canadian”) announced today that they have completed their previously announced plan of arrangement under the Ontario Business Corporations Act (the “Arrangement”) providing for the acquisition by Third Canadian of all of CWF’s issued and outstanding common shares (the “Shares”) not already owned by Third Canadian and its affiliates and associates.
Pursuant to the Arrangement, CWF shareholders, other than Third Canadian, its affiliates and associates, are entitled to receive cash consideration of $9.25 per Share (the “Cash Consideration”).
Upon surrender to Computershare Trust Company of Canada (the “Depositary”) of certificates representing the Shares that were outstanding immediately prior to the effective time of the Arrangement, together with a duly completed and executed letter of transmittal, CWF registered shareholders, other than Third Canadian, its affiliates and associates, will receive the Cash Consideration pursuant to, and subject to the terms and conditions of, the Plan of Arrangement. Any questions registered shareholders may have regarding payment of the Cash Consideration, including any requests for an additional copy of the letter of transmittal, should be directed to the Depositary via telephone at 1-800-564-6253 (toll free in North America) or via email at [email protected] .
Non-registered holders of Shares that were outstanding immediately prior to the effective time of the Arrangement whose Shares are registered in the name of a broker, investment dealer, bank, trust company or other nominee should contact that nominee for instructions and assistance in depositing such Shares and arranging for payment of the Cash Consideration pursuant to the Arrangement.
The Arrangement was approved by shareholders of the Company on April 26, 2018. The Ontario Superior Court of Justice granted its final order approving the Arrangement on May 1, 2018. The Company has applied to de-list the Shares from the Toronto Stock Exchange.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jonathan A. Morgan, President and CEO or Vanessa L. Morgan, Chair
Phone: (416) 366-2931
Fax: (416) 366-2729
e-mail: [email protected]
website: www.canadianworldfund.ca
Source:Canadian World Fund Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-acquisition-of-canadian-world-fund-limited-completed-by-third-canadian-general-investment-trust-limited.html |
May 25, 2018 / 11:32 AM / Updated 43 minutes ago Bulgaria's entry into euro zone's ERM-2 should not be blocked: central banker Reuters Staff 1 Min Read
SOFIA, May 25 (Reuters) - Bulgaria’s drive to join ERM-2, the two-year obligatory precursor to adopting the euro, should not be blocked but rather welcomed, given the Balkan country’s strong macroeconomic performance, its central bank governor said.
Dimitar Radev said he believed that the actual timing of the euro adoption will depend more on the real convergence of the economy, pointing that ERM-2 membership can foster the necessary reforms.
“It is logical to expect that a country with such a record should not be blocked, but rather welcomed to start its journey towards joining the euro area through the participation of the lev, the national currency, in the exchange rate mechanism II,” he wrote. (Reporting by Tsvetelia Tsolova, editing by Larry King) | ashraq/financial-news-articles | https://www.reuters.com/article/bulgaria-eurozone/bulgarias-entry-into-euro-zones-erm-2-should-not-be-blocked-central-banker-idUSL8N1SH342 |
(Adds Quote: , details)
* March retail sales value up 11.4 pct y/y; volumes up 10 pct y/y
* March tourist arrivals rise 8.9 pct; up 9.6 pct in Q1
* Near-term retail sales outlook to stay “sanguine” - govt
HONG KONG, May 3 (Reuters) - Hong Kong’s retail sales in March grew 11.4 percent in value terms, boosted by upbeat local consumer sentiment under favourable economic conditions and rising tourist arrivals.
Retail sales jumped to HK$39.8 billion ($5.07 billion) in March, government data showed on Thursday. In volume terms, retail sales grew 10 percent.
For the first three months of 2018, total retail sales increased 14.3 percent in value terms and rose 12.7 percent in volume terms.
“The outlook for retail sales should stay sanguine in the near term, given the positive employment and earnings prospects, and the buoyant inbound tourism,” the government said.
March tourist arrivals rose 8.9 percent from a year earlier to 4.995 million, according to the Hong Kong Tourism Board. Mainland visitors, which accounted for 73.4 percent of the total, rose 10.1 percent. bit.ly/2HMObYM
For the first quarter, total tourist arrivals rose 9.6 percent, while mainland visitor numbers surged 12.6 percent.
Analysts expect Hong Kong’s retail sales to continue recovery in 2018 helped by nearly full employment, with the jobless rate at its lowest in around two decades, and tourism.
PwC expects a 4-6 percent growth in the city’s retail sales this year. Hang Seng Bank estimates a 4 percent growth for 2018.
Sales of jewellery, watches, clocks and valuable gifts, jumped 23.1 percent in March, medicines and cosmetics rose 16.5 percent, and department stores climbed 17.7 percent.
Chow Tai Fook Jewellery Group saw its January-March quarter retail sales value rising 11 percent in Hong Kong and Macau on recovery in tourist arrivals.
Cosmetics chain Sa Sa International said Hong Kong and Macau turnover increased 17.8 percent in the quarter and it was optimistic on the outlook of the retail market. ($1 = 7.8491 Hong Kong dollars) (Reporting by Donny Kwok and Twinnie Siu; Editing by Gopakumar Warrier)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/hongkong-economy-retail/update-1-hong-kong-march-retail-sales-rise-11-4-pct-on-buoyant-tourism-idUSL3N1S13BN |
May 14, 2018 / 9:25 PM / 2 days ago Europa's plumes make Jupiter moon a prime candidate for life Will Dunham 3 Min Read
WASHINGTON (Reuters) - A new look at old data is giving scientists a fresh reason to view Europa, a moon of Jupiter, as a leading candidate in the search for life beyond Earth, with evidence of water plumes shooting into space. A view of Jupiter's moon Europa created from images taken by NASA's Galileo spacecraft in the late 1990's, according to NASA, obtained by Reuters May 14, 2018. NASA/JPL-Caltech/SETI Institute/ Handout via REUTERS
A bend in Europa’s magnetic field observed by NASA’s Galileo spacecraft during a 1997 flyby appears to have been caused by a geyser gushing through its frozen crust from a subsurface ocean, researchers who reexamined the Galileo data reported on Monday.
Galileo was passing some 124 miles (200 kilometers) above Europa’s surface when it apparently flew through the plume.
“We know that Europa has a lot of the ingredients necessary for life, certainly for life as we know it. There’s water. There’s energy. There’s some amount of carbon material. But the habitability of Europa is one of the big questions that we want to understand,” said planetary scientist Elizabeth Turtle of Johns Hopkins University Applied Physics Laboratory.
“And one of the really exciting things about detection of a plume is that that means there may be ways that the material from the ocean — which is likely the most habitable part of Europa because it’s warmer and it’s protected from the radiation environment by the ice shell — to come out above the ice shell. And that means we’d be able to sample it,” Turtle told a NASA briefing.
The research, headed by University of Michigan space physicist Xianzhe Jia, was published in the journal Nature Astronomy.
The findings support other evidence of plumes from Europa, whose ocean may contain twice the volume of all Earth’s oceans. NASA’s Hubble Space Telescope in 2012 collected ultraviolet data suggestive of a plume.
NASA will get a close-up look from a new spacecraft during its Europa Clipper mission that could launch as soon as June 2022, providing a possible opportunity to sample plumes for signs of life, perhaps microbial, from its ocean.
Europa is considered among the prime candidates for life in our solar system, but is not the only one. For example, NASA’s Cassini spacecraft sampled plumes from Saturn’s ocean-bearing moon Enceladus that contained hydrogen from hydrothermal vents, an environment that may have given rise to life on Earth.
A bit smaller that Earth’s moon, Europa’s ocean resides under an ice layer 10 to 15 miles (15 to 25 km) thick, with an estimated depth of 40 to 100 miles (60 to 150 km). Reporting by Will Dunham; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-space-europa/europas-plumes-make-jupiter-moon-a-prime-candidate-for-life-idUKKCN1IF2XY |
May 2 (Reuters) - Rapid Micro Biosystems:
* RAPID MICRO BIOSYSTEMS SAYS SECURED $60 MILLION IN EQUITY FINANCING LED BY NEW INVESTORS BAIN CAPITAL LIFE SCIENCES AND XERAYA CAPITAL Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rapid-micro-biosystems-says-secure/brief-rapid-micro-biosystems-says-secured-60-mln-in-equity-financing-idUSFWN1S90NP |
SYDNEY (Reuters) - Australian authorities are searching for 50 athletes and officials missing a month after the Commonwealth Games ended in the host city of the Gold Coast while another 190 are seeking asylum, the country’s home affairs minister said on Tuesday.
FILE PHOTO: A pedestrian walks past a security fence and barricades located outside a venue for the upcoming Commonwealth Games on the Gold Coast in Australia, April 3, 2018. REUTERS/David Gray/File Photo Minister Peter Dutton told reporters in Canberra an operation had been organized to find the 50 people and “take them into immigration detention and eventually to deport them”.
He said another 190 people had sought protection visas, a class of visa in Australia assigned to refugees. Fifteen more have applied for other types of visas.
While some participants at major international sporting events overstay their visas or seek asylum in the host countries, the number of claims in Australia following this year’s Commonwealth Games, held April 4-15, is high.
Participants who went missing or sought refuge at previous Commonwealth Games, such as those held in Melbourne in 2006 and Manchester in 2002 and Glasgow in 2014, typically numbered in the dozens, not hundreds, according to government statements at the time.
More than 6,600 athletes and team officials attended the 2018 event, held on Australia’s sub-tropical Gold Coast.
Some athletes, including those from Cameroon, in Central Africa, did not show up for their events.
Dutton said on Tuesday under immigration law, people who apply for temporary protections visas are given bridging visas, which allow them to stay in Australia while their claims are processed.
Asylum seekers are a highly contentious political issue in Australia, which has a policy of stopping the flow of such people before they land in the country. Its policy of sending asylum seekers for processing to camps in Papua New Guinea and Nauru has drawn criticism from the United Nations and international rights groups.
Australia defends its tough laws by saying it deters people from making dangerous sea journeys to try to reach its shores after thousands drowned.
Editing by Sam Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-asylum/australia-searching-for-50-athletes-officials-missing-after-commonwealth-games-idUSKCN1IN0AL |
May 10 (Reuters) - Halozyme Therapeutics Inc:
* Q1 LOSS PER SHARE $0.19 * Q1 REVENUE $30.9 MILLION VERSUS I/B/E/S VIEW $31.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.22 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 NET REVENUE OF $115 MILLION TO $125 MILLION, INCLUDING 25 TO 30 PERCENT ROYALTY GROWTH Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-halozyme-reports-q1-loss-per-share/brief-halozyme-reports-q1-loss-per-share-0-19-idUSASC0A1KI |
May 30, 2018 / 6:43 AM / Updated an hour ago UPDATE 1-Samsung Life to sell $925 mln Samsung Electronics stake -report Reuters Staff 2 Min Read
(Adds regulatory call for ownership restructuring, shares)
SEOUL, May 30 (Reuters) - Samsung Life Insurance Co Ltd plans to sell part of its shares in Samsung Electronics Co Ltd worth 1 trillion won ($925.75 million), local media reported on Wednesday.
ChosunBiz cited an unidentified finance industry source as saying Samsung Life’s board had passed the sale plan.
An official at Samsung Life said he was checking the report.
The block deal, if confirmed, would come after South Korea’s antitrust chief called on Samsung Group, the country’s biggest conglomerate, to streamline its cross-shareholding structure which he said was “not sustainable”.
However, the group will need to find a way to simplify its complex ownership without weakening the founding family’s grip on 62 affiliates that have $375 billion in assets.
The biggest issue in any restructuring relates to Samsung Life’s 8.63 percent stake, worth around $26 billion, in Samsung Electronics.
In April, Samsung SDI Co Ltd sold $526 million worth shares in affiliate Samsung C&T Corp to reduce cross-shareholding ties and secure funds for investment.
Shares in Samsung Electronics fell 3.5 percent while those of Samsung Life gained 0.9 percent. $1 = 1,080.2000 won Reporting by Ju-min Park; Editing by Christopher Cushing | ashraq/financial-news-articles | https://www.reuters.com/article/samsung-life-samsung-elec/update-1-samsung-life-to-sell-925-mln-samsung-electronics-stake-report-idUSL3N1T12LX |
LONDON (Reuters) - Former Reserve Bank of India chief Raghuram Rajan said on Wednesday he did not intend to apply for the job of Bank of England governor which is due to come vacant next year.
India’s former Reserve Bank of India (RBI) Governor Raghuram Rajan, gestures during an interview with Reuters in New Delhi, India September 7, 2017. REUTERS/Adnan Abidi Rajan has been mentioned by analysts as a possible future BoE governor after Mark Carney - who previously headed Canada’s central bank - steps down at the end of June 2019.
“I have a very good job at the University of Chicago and I actually am an academic, not a professional central banker. I am very happy where I am,” Rajan told reporters after an event in London hosted by the U.S. university’s Chicago Booth School of Business, where he is a finance professor.
“I think I’ve said all I can say. I’m not going to apply for a job anywhere, absolutely.”
Asked what he would do if he were approached to fill the role, Rajan - who was the RBI’s governor until September 2016 - said he had answered a similar question.
British finance minister Philip Hammond is expected to name Carney’s successor later this year, and said in Washington last month that he would consider candidates from abroad.
Andrew Bailey, a former BoE deputy governor who now heads Britain’s Financial Conduct Authority, is seen as the front-runner by many economists in the City of London.
Aside from current senior BoE staff, other names mentioned include Agustin Carstens, the Mexican who is general manager of the Bank for International Settlements, Minouche Shafik, a former BoE deputy governor who heads the London School of Economics and Shriti Vadera, who chairs Santander UK.
Rajan is a former chief economist at the International Monetary Fund, and warned of financial imbalances in the run-up to the 2007-08 global crisis.
On Wednesday, he said that banks were now much safer but risk had shifted to other parts of the financial system.
Debt troubles in Argentina were likely to be repeated elsewhere and he highlighted the increased volume of ‘covenant-lite’ loans compared with before the crisis.
The U.S. Federal Reserve and the European Central Bank had probably done too much in the way of asset purchases once the worst of the crisis had passed, Rajan added, and had let governments off the hook in terms of undertaking structural reform and providing fiscal stimulus.
In the ECB’s case, asset purchases appeared to have weakened the euro but not boosted real economic activity.
He declined to comment on whether the BoE’s 435 billion pound ($587 billion) asset purchases were too much, or if Britain’s fiscal austerity since 2010 had been excessive, as he had not studied the British economy in as much depth.
($1 = 0.7415 pounds)
Reporting by David Milliken; Editing by William Schomberg and Jon Boyle
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-boe-rajan/former-indian-central-bank-boss-says-wont-apply-for-top-boe-job-idINKCN1IH2U9 |
LOS ANGELES--(BUSINESS WIRE)-- Saban Real Estate, LLC (SRE), the real estate group formed by Saban Capital Group, Inc. (SCG) to develop a ‘best-in-class’ portfolio of commercial real estate, today announced that Scott Anderson will join the firm as the Managing Director of Asset Management, effective immediately. Anderson, who will be based in Los Angeles and report to Philip Han, EVP and CIO, will focus on the overall strategy and management of SRE’s current real estate holdings across all verticals.
Philip Han said, “We’re thrilled to welcome Scott to the team and look forward to leveraging his experience in multi-family and mixed-use properties as we continue to grow and expand our investment activity.”
Anderson joins SRE from American Realty Advisors where he served as EVP, Portfolio Management since 2015. Scott previously held positions at TIAA-CREF Global Real Estate, Fannie Mae, and KPMG, and has participated in numerous industry-specific speaking engagements.
About Saban Real Estate
Saban Real Estate, LLC (SRE) was formed in 2009 to acquire and develop a ‘best-in-class’ portfolio of commercial real estate and capitalize on opportunistic investments in a wide range of geographies and real estate asset classes. SRE invests in all real estate asset classes and throughout the capital stack, and currently focuses on three primary strategies: GSA office, self-storage and student housing. In addition, SRE will look at a wide range of opportunities outside the established three verticals that leverage the firms’ expertise in not only real estate, but also tax, legal and private equity. These transactions van vary from take privates to portfolios or entity level investments.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005454/en/
Media:
Sard Verbinnen & Co. for Saban Real Estate
Kelsey Markovich/Molly Curry
[email protected]
Source: Saban Real Estate, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-saban-real-estate-welcomes-scott-anderson-as-managing-director-asset-management.html |
LONDON (Reuters Breakingviews) - Millennials need help, but not necessarily a 10,000 pound cheque. A report released on Tuesday flags the dire outlook for some young Brits. Its solution, however, is eerily similar to one that helped stoke an asset-price bubble at the heart of the problem.
Revellers dance as Biffy Clyro perform on the Pyramid Stage at Worthy Farm in Somerset during the Glastonbury Festival in Britain, June 25, 2017 The 229-page report by the Intergenerational Commission, chaired by former Conservative minister David Willetts, is grim reading for anyone born after 1980. Millennials earn no more than those born 15 years earlier, and it takes them over six times longer to save a typical house deposit. Already weighed down by steep rents and student debt, they face an unprecedented tax burden to pay for an ageing population, stingier pensions and less secure employment.
True, a bumper inheritance awaits when asset-rich baby boomers shuffle off. The value of estates passed on at death will more than double in the next 20 years, the commission reckons. But that morbid payday is unevenly distributed: almost a third of 20 to 35-year-olds may see no transfer of property wealth. And lucky millennials who do inherit will on average wait until the age of 61.
Part of the commission’s solution is a 10,000 pound birthday present for 25-year-olds, only to be used for education, pensions, house deposits or starting a business. It’ll be funded by a new “lifetime receipts tax”, which replaces the unpopular inheritance tax.
Reforming inheritance tax is a no-brainer: the levy raises less than 1 percent of government income and encourages aggressive tax-planning by those it’s supposed to target. The commission reckons shifting the burden to receivers rather than givers, and taxing all gifts above 3,000 pounds over a lifetime rather than just around the time of death, will draw less ire and raise more revenue.
Using proceeds for 10,000 pound gifts makes less sense. Millennials indeed have less wealth than their elders, whose assets like housing soared in value thanks to loose monetary policy and lower rates of construction. Rather than tackling the source of that problem, cheques for millennials risks simply bring a new generation into the asset-price boom, similar to 1980s-style policies that subsidised home ownership. The UK would be better off using its tax reform proceeds to sort out Britain’s housebuilding and planning systems. Or financing infrastructure and education that could create not houses for disgruntled millennials, but jobs.
On Twitter twitter.com/liamwardproud
CONTEXT NEWS - Britain’s Intergenerational Commission on May 8 proposed a 10,000 pound ($13,520) “citizen’s inheritance” to be paid on recipients’ 25th birthday.
- The scheme would cost about 7 billion pounds per year from 2030, and would be available to all citizens and people born in the United Kingdom who have spent the majority of their life in the country.
- Use of funds would be restricted to any mix of education and training, pension savings, a house or rental deposit, and starting up a business.
- It would be funded by a reformed inheritance tax, levied at a 20 percent rate on receipts of inheritances and gifts throughout an individual’s lifetime past a 125,000 pound tax-free allowance. After 500,000 pounds, the rate rises to 30 percent of receipts.
- The Intergenerational Commission is hosted by the think tank Resolution Foundation and chaired by David Willetts, the minister for universities and science in former Prime Minister David Cameron’s Conservative-led coalition government.
- For previous columns by the author, Reuters customers can click on [PROUD/]
- SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS bit.ly/BVsubscribe
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-generations-breakingviews/breakingviews-cheques-for-millennials-stoke-uks-asset-bubble-idUSKBN1I925I |
Published: May 14, 2018 5:59 a.m. ET Share
Trade representative’s office to hold three days of hearings STR/AFP/Getty Images Chinese workers load steel pipes at a port in Lianyungang in east China's Jiangsu province on September 8, 2016.
By Andrew Tangel William Mauldin
The Trump administration is set to face criticism this week from a large cross section of corporations, including U.S. giants like General Electric Co., over how the administration’s proposed tariffs on Chinese imports will affect American manufacturing.
The U.S. trade representative’s office will hold three days of hearings from Tuesday on the proposed tariffs. The hearings will not only feature businesses facing supply-chain disruptions because of the tariffs proposed for $50 billion of Chinese imports, but will also feature exporters—from farmers to manufacturers—which are likely to suffer from retaliatory tariffs on U.S. exports threatened by China.
The hearings are part of a busy week on trade for the Trump administration. The team of U.S. trade representative Robert Lighthizer is also trying to finish negotiating with Mexico and Canada over a rewrite of the North American Free Trade Agreement. Congressional leadership has set a deadline of May 17 to be notified of a deal that would be eligible for a vote this year, an administration goal.
The U.S. business community has often been skeptical of the Trump administration’s trade initiatives, particularly its threats of tariffs, which are being contemplated under Section 301 of the Trade Act of 1974. Executives from big companies, from electronics retailer Best Buy Co. to Swedish appliance maker Electrolux AB, have asked to testify at the hearings and are expected to raise complaints. | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-businesses-to-make-their-case-against-china-tariffs-1526216521?mod=article_inline |
MILPITAS, Calif. (AP) _ Aerohive Networks Inc. (HIVE) on Wednesday reported a loss of $7.3 million in its first quarter.
The Milpitas, California-based company said it had a loss of 13 cents per share. Losses, adjusted for stock option expense and non-recurring costs, came to 6 cents per share.
The developer of a cloud-managed mobile networking platform posted revenue of $35.8 million in the period.
In the final minutes of trading on Wednesday, the company's shares hit $4.20. A year ago, they were trading at $3.85.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on HIVE at https://www.zacks.com/ap/HIVE | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-aerohive-networks-1q-earnings-snapshot.html |
NEW YORK, May 4 (Reuters) - The three major U.S. stock indexes rose more than 1 percent on Friday after weaker-than-expected U.S. wage growth helped to calm investor fears about rising interest rates and inflation, though the S&P 500 and Dow Industrials still posted losses for the week.
The Dow Jones Industrial Average rose 332.36 points, or 1.39 percent, to 24,262.51, the S&P 500 gained 33.71 points, or 1.28 percent, to 2,663.44 and the Nasdaq Composite added 121.47 points, or 1.71 percent, to 7,209.62. (Reporting by Sinéad Carew Editing by James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-closes-higher-as-data-eases-inflation-fears-idUSZXN0RAH2I |
May 7, 2018 / 4:08 PM / Updated 10 minutes ago Ferragamo sees currencies, channel mix denting 2018 results Reuters Staff 1 Min Read
MILAN (Reuters) - Italian luxury group Salvatore Ferragamo ( SFER.MI ) said on Monday it expected 2018 results to be undermined by currency swings and an unfavourable mix of its sales channels, after posting first quarter results in line with expectations. FILE PHOTO: Italian luxury fashion house Salvatore Ferragamo's logo is seen at the flagship in Rome, Italy, February 18, 2016. REUTERS/Stefano Rellandini/File Photo
The Florence-based company, which is battling against falling sales and profitability, issued a profit warning in December.
In a statement it said current currency trends and ongoing unfavourable channel mix would have a negative impact on sales, margins and results this year.
Although like-for-like sales in the first three months of the year were up 0.3 percent, sales in its retail channel were down 3.6 percent at current exchange rates in the same period.
Wholesale rose 2.6 percent.
The group said it would “continue to invest in a focused programme aimed at relaunching the Brand and optimising the processes.” Reporting by Giulia Segreti | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ferragamo-results/ferragamo-sees-currencies-channel-mix-denting-2018-results-idUKKBN1I81TH |
Company advances NASDAQ ADR registration
First quarter 2018 highlights
Maintained gross profit of 77% of total revenues Cash basis (non-GAAP) operating loss of $0.5 million Sharp sales growth in U.S. market for Test as a Service (TaaS) model U.S. launch of e-health platform interfaced with Philips’ continuous positive airway pressure (CPAP) products
CAESAREA, Israel, May 17, 2018 (GLOBE NEWSWIRE) -- Itamar Medical (TASE:ITMR), which develops, markets and sells non-invasive medical devices with a unique technology for sleep apnea diagnostic and a platform to manage the entire care pathway for patients suffering from this disease, today reported record revenues for the first quarter of 2018. The Company also improved its gross profit and maintained a minimal operating loss, results that are in line with the company’s new sales model and strategic plan.
"Sleep apnea is believed to impact over half of the cardiovascular patients in the United States and is now considered an independent risk factor for the development and progression of cardiovascular diseases,” said Gilad Glick, President and Chief Executive Officer at Itamar Medical. “We believe that the cardiology-related sleep market is rapidly maturing, and that implementation of our new TaaS model in this market is accelerating our entry into U.S. cardiac centers because cardiologists recognize the benefits that testing provides to their patients. Additionally, the consistent increase in WatchPAT revenues indicates that our product and service offerings are addressing critical clinical needs and on a path toward continued growth.”
WatchPAT's U.S. product revenues increased 26% in the first quarter of 2018 compared with the same period in 2017. Itamar Medical continues to maintain a gross profit of 77% due in part to the launch of new service packages in the United States. These include WatchPAT Direct, a new communication and logistics solution for patients, and the launch of the SleepPath system, an e-health platform that helps cardiologists manage and monitor the diagnosis and treatment of sleep apnea similar to other cardiovascular risk factors such as hypertension, high cholesterol and smoking.
During the first quarter of 2018, the Company launched its cloud-based SleepPath system for the management and monitoring of sleep apnea in cardiology patients, especially those with atrial fibrillation. The system provides physicians with a daily, up-to-date and automatic state-of-the-art diagnosis and monitoring data for patients using Philips’ CPAP products, and the company expects it will be a significant accelerator of revenue growth going forward.
During the first quarter of 2018, Itamar Medical increased its visibility and strength among its shareholders and several of Israel's leading institutional investors through the execution of separate investment agreements with the Viola Fund, Medtronic, Dr. Giora Yaron, Yellin Lapidot, Meitav Dash and Phoenix, which are expected to invest approximately $6 million in Itamar Medical against 7.7% of the Company's shares. The completion of the transaction is subject to the approval of the General Meeting of shareholders, scheduled for May 23, 2018, and the Israeli Stock Exchange.
The Company also announced today that its management and Board of Directors are advancing the listing of the Company's shares on the NASDAQ stock exchange in the United States through the American Depositary Receipt Program (ADR). The program currently does not include plans to raise capital as part of the listing. The move is subject to obtaining the necessary approvals, including the approval of the SEC and NASDAQ, and is expected to significantly strengthen the Company’s investor base.
First Quarter 2018 Financial Results
Revenues for the first quarter of 2018 totaled $5.5 million, an increase of 26% compared to revenues of $4.3 million in the first quarter of 2017. The company reported a 41% increase in WatchPAT product revenues, mainly as a result of an increase in the sale of disposable sensors and test kits in the United States. First quarter 2018 revenues from the sale of tests, sensors and PAP devices in North America increased to approximately $3.2 million, compared with approximately $2.6 million in the corresponding quarter last year. This accounts for about 65% of the Company's total revenues from the WatchPAT product. The continued increase in the number of tests and the increased rate of recognition of revenues from these sales are expected to enable Itamar Medical to continue its rapid growth.
Gross profit in the first quarter of 2018 was $4.2 million, an increase of 29% compared with gross profit of $3.3 million in the corresponding quarter last year. Gross margin for the first quarter of 2018 remained high and increased to 77% of total revenues. The improvement in gross profitability is due to streamlining production processes and an increase in production volume that helped reduce relative overhead cost.
Non-GAAP operating loss in the first quarter of 2018 was $0.5 million, a 63% decrease compared to a cash-based loss of $1.4 million in the corresponding quarter last year. The improvement in the operating loss stems from an improvement in gross profitability and a decrease in selling and marketing expenses, mostly outside the United States, and in research and development expenses.
Itamar Medical Forward Looking Information
This press release contains “forward-looking statements” as defined in the Securities Law, 5728-1968. Forward looking information is uncertain information regarding the future, which is based on existing information or assessments in the company and includes intentions or assessments of the Company, as at the date of publishing this press release or that is not solely dependent on the Company. It is possible that all or some of this information, will not materialize (at all) or will materialize in a different 1 Heart Failure and Sleep-Disordered Breathing — The Plot Thickens, Ulysses J. Magalang, M.D., and Allan I. Pack, M.B., Ch.B., Ph.D., N Engl J Med 2015; 373:1166-1167 manner, among other things, because of changes in the Company's strategy, regulatory changes in the target market, competition and competitors in the target market, the degree of acceptance and the rate of penetrating WatchPAT by the medical community in the US, delay in obtaining or failure to obtain the FDA clearance for the new WatchPAT version and/or changes in the Company's financial situation and its business.
About Itamar Medical Ltd.
Itamar Medical Ltd. is a public company traded on the Tel Aviv Stock Exchange and based in Caesarea, Israel. Since its inception, the company has been engaged in research and development of non-invasive medical devices for differential diagnosis, including cardiology and respiratory disorders. The Company's flagship products, which are based on its unique technology, are WatchPAT™, a home-use diagnostic device for sleep breathing disorders, and EndoPAT™, the only FDA-approved device to test endothelial dysfunction and to evaluate the risk of heart disease and other cardiovascular diseases.
For further details:
Eran Gabbai, Partner, Galbert-Kahana Investor Relations and Public Relations +972-54-2467378; David Carey, Lazar Partners Ltd. 212-867-1762
Source:Itamar Medical | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-itamar-medical-reports-record-financial-results-for-the-first-quarter-with-26-percent-increase-in-revenue-to-5-point-5.html |
Unless we come to a crisis point North Korea will not disarm: Sung-Yoon Lee 1 Hour Ago Sung-Yoon Lee of Tufts University and NBC News Pentagon Correspondent Hans Nichols discuss the uncertainty surrounding the June meeting between the United States and North Korea. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/unless-we-come-to-a-crisis-point-north-korea-will-not-disarm-sung-yoon-lee.html |
LONDON—One victim left behind only a handful of change, another a haunting final voice mail. One never even got the chance to cry.
Britain on Monday began the first phase of its public inquiry into the Grenfell Tower blaze with emotional memorials to some of the 72 people killed nearly a year ago. In tearful tributes, families told of final phone calls with those trapped as the fire swept through and of frantic journeys to the low-income tower block in search of them.
... RELATED VIDEO Fire in London Residential Tower Kills 12, Injures Dozens A massive blaze engulfed a 24-story apartment building in West London, killing at least 12 people and injuring dozens, Wednesday morning. Photo: Getty Images (Originally published June 14, 2017) | ashraq/financial-news-articles | https://www.wsj.com/articles/emotional-tributes-open-first-phase-of-inquiry-into-londons-grenfell-fire-1526921939 |
FRANKFURT (Reuters) - German energy group E.ON ( EONGn.DE ) on Wednesday said it would put board member Leonhard Birnbaum in charge of overseeing a complex asset swap with rival RWE ( RWEG.DE ) that will result in the break-up of renewables and networks group Innogy ( IGY.DE ).
Electric car parking place with the charging stations is seen at the front of the German utility E.ON headquarters in Essen, Germany, May 9, 2018. REUTERS/Wolfgang Rattay Birnbaum, currently in charge of E.ON’s grids and renewables business, will take on his new duties from June and will remain responsible for E.ON’s renewables business until it is transferred to RWE as part of the deal.
Under the break-up plans, first unveiled in March, E.ON will get Innogy’s customer and networks activities, while RWE will receive E.ON’s and Innogy’s renewables operations, turning it into Europe’s third-largest green energy player.
Thomas Koenig, currently in charge of E.ON’s networks in Germany, will join the company’s management board to become chief operating officer for grids on a group-wide level.
Reporting by Christoph Steitz; Editing by Maria Sheahan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-innogy-m-a-e-on-board/e-on-puts-birnbaum-in-charge-of-asset-swap-with-rwe-idUSKBN1IA0P8 |
MUMBAI, May 8 (Reuters) - The Reserve Bank of India on Tuesday removed 6.84 percent 2022 bonds from the list of government securities that it had announced to buy in an open market operation on May 17.
In an unusual move the RBI had announced to buy the 2022 paper which it had selected for a government bond sale on May 11, which traders thought was a signal to support the government’s sovereign borrowing programme.
The RBI will now buy four securities, which are 8.12 percent 2020, 7.72 percent 2025, 6.79 percent 2027 and 8.24 percent 2033, instead of the previous list of five securities that included the 2022 paper. (Reporting by Suvashree Dey Choudhury; Editing by Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-bonds/india-cenbank-removes-6-84-pct-2022-bond-from-list-of-open-market-buy-idUSI8N1O400N |
MINNEAPOLIS--(BUSINESS WIRE)-- SUPERVALU (NYSE: SVU) today announced it has completed the previously announced sales of 21 of its 38 Farm Fresh stores to three different retailers: Harris Teeter, Kroger Mid-Atlantic Division, and Food Lion.
“I appreciate the team’s work timely completing these transactions,” said Mark Gross, SUPERVALU’s President and CEO. “Every day we’re working to continue the rapid transformation of our business, and the exit from our Farm Fresh banner is another step forward in becoming the grocery supplier of choice for retailers across the country.”
SUPERVALU is continuing to pursue the sale of several remaining Farm Fresh stores to current and prospective wholesale customers. For a complete list of the 21 stores sold to Harris Teeter, Kroger Mid-Atlantic Division, and Food Lion, please read our original press release issued on March 14, 2018.
ABOUT SUPERVALU
SUPERVALU INC. is one of the largest grocery wholesalers and retailers in the U.S. with annual sales of approximately $14 billion. SUPERVALU serves customers across the United States through a network of 3,437 stores composed of 3,323 wholesale primary stores operated by customers serviced by SUPERVALU’s food distribution business and 114 traditional retail grocery stores in continuing operations operated under three retail banners in three geographic regions (store counts as of February 24, 2018). Headquartered in Minnesota, SUPERVALU has approximately 23,000 employees (in continuing operations). For more information about SUPERVALU visit www.supervalu.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006799/en/
SUPERVALU INC.
Investor Contact
Steve Bloomquist, 952-828-4144
[email protected]
or
Media Contact
Jeff Swanson, 952-903-1645
[email protected]
Source: SUPERVALU INC. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-supervalu-completes-sale-of-21-farm-fresh-stores.html |
May 23 (Reuters) - Anika Therapeutics Inc:
* ANIKA THERAPEUTICS ANNOUNCES $30 MILLION ACCELERATED SHARE REPURCHASE
* ANIKA THERAPEUTICS INC - PLANS TO UTILIZE EXISTING CASH ON HAND TO FUND ASR PROGRAM
* ANIKA THERAPEUTICS INC - EXPECTS THAT ASR PROGRAM WILL COMMENCE IN LATE MAY AND THAT IT WILL BE COMPLETED IN Q4 OF 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-anika-therapeutics-announces-30-ml/brief-anika-therapeutics-announces-30-mln-accelerated-share-repurchase-idUSASC0A3FT |
MADRID (Reuters) - Basque separatist group ETA has completely dismantled all its structures, ending a 50-year guerrilla campaign, it said in a letter dated April 16 and published by the Spanish online newspaper El Diario on Wednesday.
The group is due to formalize its dissolution at an official event later this week, drawing a line under an ultimately unsuccessful drive for an independent state in northern Spain and southern France that killed around 850 people.
“ETA has completely dissolved all its structures and ended its political initiative,” said the letter, which El Diario said had been sent to several Basque organizations.
ETA (Euskadi Ta Askatasuna, or Basque Country and Freedom) declared a ceasefire in 2011 and handed over weapons in April 2017, bringing Western Europe’s last major armed insurgency to a close.
These decisions were aimed at “shaking off the situation of the last decades and building a future from a new starting point,” ETA said in the letter, which followed an apology it made to its victims last month.
The final chapter in the gradual demise of ETA, which was formed in Madrid in 1959 by students angry at the repressive dictatorship of General Francisco Franco, was met with some relief but also resentment.
“I don’t believe in the end of ETA because there are lots of deaths that haven’t come to light, lots of murders that have never been cleared up, lots of victims who have not been compensated,” said Carmen, an economist who lives in the Basque city of San Sebastian, declining to give her surname.
“I don’t think anyone, from ETA or anywhere, has the right to kill anyone else.”
Related Coverage End of ETA met with both relief and resentment in Basque Country Violence escalated in the 1960s and Franco’s regime responded in kind, as the group assassinated politicians and officials as well as bombing public places.
Attacks including a 1987 car bomb at a Barcelona supermarket, which killed a pregnant woman and two children, horrified people in Spain and abroad, and effective crackdowns by Spanish and French police weakened ETA.
Government spokesman Inigo Mendez de Vigo said Spain would continue to pursue suspects in crimes attributed to ETA.
“We will never turn a blind eye to these terrorists and we will never bow down. They should know that they will need to pay for their guilt and there will be no impunity. Before and after this statement, they will be pursued wherever they are,” he said.
Polls on support for independence vary, but one carried out in November by the university of Deusto showed just 14 percent of people in favor.
While ETA is now consigned to history, the letter said, the drive for Basque independence would continue.
Agus Hernan (Foro Social), Alain Iriart, mayor of St. Pierre d'Irube, Anais Funosas (Bake Bidea), Jean Rene Etchegaray, mayor of Bayonne, Francois Xavier Nenon and Raymond Kendall (International Contact Group), give a news conference, to offer information concerning the dissolution of armed Basque separatists ETA, due for May 4 in the French town of Cambo-Les-Bains, in Bayonne, France, April 23, 2018. REUTERS/Vincent West “The conflict did not start with ETA and it does not finish with the end of ETA’s journey,” it said.
Additional reporting by Vincent West and Raquel Castillo; Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-eta/basque-group-eta-says-has-completely-dissolved-el-diario-website-idUSKBN1I31TP |
* $4.9 billion settlement is less than feared
* Bank can resume dividends and reprivatisation
* Settlement is last major 2008 crisis-era problem
By Emma Rumney, Lawrence White and Sinead Cruise
LONDON, May 10 (Reuters) - Shares in Royal Bank of Scotland rose as much as 6 percent on Thursday after the bank secured a far lower than expected settlement with U.S. authorities, paving the way for a long-awaited return of cash to UK taxpayers who bankrolled its post-crisis survival.
The $4.9 billion fine resolves a U.S. Department of Justice investigation into the bank’s sale of mis-priced mortgage-backed securities before the financial crisis and clears one of the most debilitating hangovers for the bank from that era.
“It’s very humbling to have to announce a settlement of this magnitude,” the bank’s finance director Ewen Stevenson told reporters on a conference call.
While the agreement is only in principle, its arrival clears the way for taxpayer-backed RBS to restore its dividend and for the government to start selling down its more than 70 percent stake in the bank.
RBS executives said that while it will take a few weeks to finish the paperwork, the total penalty is unlikely to increase. Analysts had estimated the DOJ could impose a fine of up to $12 billion.
“The number is a firm number,” finance director Stevenson said.
RBS said it would be able to cover the bulk of the penalty out of existing provisions alongside a $1.44 billion charge it will take in the second quarter of this year.
“This marks a watershed for RBS – for as long as this investigation cast a pall over earnings and forecasts there was nowhere for investors to really go,” said Neil Wilson, chief analyst for Markets.com.
CRISIS CASUALTY The Department of Justice previously settled with banks including Citigroup, Deutsche Bank, JPMorgan Chase, Credit Suisse, Morgan Stanley, Goldman Sachs, Bank of America and Barclays for a total of more than $60 billion.
Bank of America paid the highest sum of $16.7 billion, while Barclays, which settled in March, had the smallest figure at $2 billion.
Once the world’s largest bank by assets, RBS was one of the biggest casualties of the financial crisis which crippled credit, stock and housing markets and upended the global economy.
It narrowly avoided insolvency in 2008 after the government agreed a 45 billion pound ($61 billion) bailout, just six months after the bank raised 12 billion pounds of emergency cash from shareholders.
Chief Executive Ross McEwan’s predecessor, Stephen Hester, who joined the bank following the bailout in 2008, said he had texted McEwan this morning to congratulate him and the team.
“That’s the last really big milestone before the bank can be seen to be fully normalised... It’s taken an awfully long time to achieve but I think it’s good news,” Hester, who is now CEO of RSA, told a media call for the insurer’s first quarter results.
The looming fine had been a big obstacle to the government’s plan, laid out in November, to begin reprivatising the bailed-out lender before the end of the 2018-19 fiscal year - a much needed boost to finance minister Philip Hammond’s coffers.
BACK TO DIVIDENDS After ten years of restructuring, shedding trillions in assets and paying conduct fines, Thursday’s settlement means RBS’s last large outstanding legacy issue is out of the way.
Chief Executive McEwan also said the bank will start discussing paying RBS’s first dividend in a decade with regulators this month, leaving open the possibility the bank would start returning years’ worth of excess capital to shareholders before its next annual results.
McEwan had hoped the settlement would be sealed before the end of 2017, but staffing changes at the DOJ following the inauguration of U.S. President Donald Trump saw negotiations with a number of banks slip back.
RBS however appears to have benefited from settling under the Trump administration, which has been less hostile towards the banking sector than that of his predecessor Barack Obama.
RBS executives said one reason for the settlement being below estimates is that RBS did not have to pay out billions of dollars in consumer relief, a staple of such settlements under the Obama administration. ($1 = 0.7372 pounds)
Additional reporting by Carolyn Cohn Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/royal-bank-scot-settlement/humbling-u-s-settlement-clears-crisis-era-hangover-for-rbs-idUSL8N1SH1WH |
May 21 (Reuters) - Renasant Corp:
* RENASANT CORP SAYS ON MAY 16, BOARD EXPANDED ITS SIZE BY ONE TO 14 MEMBERS - SEC FILING Source text: ( bit.ly/2LiYJ3Z ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-renasant-corp-board-expanded-its-s/brief-renasant-corp-board-expanded-its-size-by-one-to-14-members-idUSFWN1SS0VO |
May 22, 2018 / 3:49 PM / Updated 6 minutes ago UPDATE 1-U.S. LNG, ethanol sellers buoyed by China trade talks Reuters Staff
(Adds analyst comment)
By Scott DiSavino
May 22 (Reuters) - China’s interest in reducing its trade surplus with the United States through increased energy imports could advance plans for U.S. liquefied natural gas (LNG) plants and ethanol sales, said analysts and energy executives involved in developing new LNG facilities.
Washington and Beijing stepped back from the brink of a full-blown trade war after talks last week, with the United States appearing to set aside for now its demands that China revamp key planks of its industrial policy.
“China represents an enormous economic opportunity for U.S. LNG and ethanol exports as both products will likely see dramatic demand growth in the coming years, during which time the United States is also expected to dominate global export markets,” Katie Bays, energy analyst at Height Securities in Washington, DC, said in a note on Tuesday.
Bays estimated that substantial LNG sales commitments could bring in $20 billion to $30 billion annually and ethanol sales could reach $5 billion to $7 billion annually. She noted, however, that the LNG and ethanol markets were not big enough by themselves to meet President Donald Trump’s goal of reducing the Chinese trade deficit by $200 billion per year.
There are more than two dozen proposed U.S. LNG plants waiting for customer commitments to reach a final investment decision, many of them looking to China for deals.
China overtook South Korea in 2017 as the world’s second biggest buyer of LNG behind Japan. The country, which imported 5.6 billion cubic feet per day last year, is looking to buy more low cost sources of energy, like gas, to reduce its use of coal and cut pollution.
Charlie Cone, LNG Proprietary Analyst for energy data provider Genscape, said at least 13 percent of total U.S. LNG cargoes currently go to China. “We expect this number to grow as more U.S. firms sign long-term agreements with Chinese buyers as their nation continues to develop its gas infrastructure,” Cone said.
Bays said a hold on the trade war could drive Chinese customers to sign new LNG contracts with Cheniere Energy Inc’s Sabine Pass or Corpus Christi facilities, Sempra Energy’s Cameron, Freeport LNG, NextDecade Corp’s Rio Grande, or Pembina Pipeline Corp’s Jordan Cove.
“We see it as a positive development,” said William Daughdrill, director of health, safety and environmental matters at Delfin Midstream. Its chief executive was in Asia last week pursuing customers, Daughdrill said.
Delfin is proposing a floating LNG facility in the U.S. Gulf of Mexico and aiming for a final investment decision as early as this year to go ahead and produce up to 13 million metric tons per annum (mtpa) of LNG for export.
“For us, it’s strictly been about marketing to China,” said Greg Vesey, chief executive of LNG Ltd, which is developing an LNG plant in Louisiana and another in Nova Scotia in Canada. It hopes to reach a final investment decision on the U.S. project by year-end and begin exports in 2022, he said.
“If you look at some forecasts for 2035, there are really only two places that have significant increases in LNG imports. Europe goes up about 100 mtpa and China goes up about 200 mtpa,” Vesey said.
Texas LNG, which is proposing a 4-mtpa export facility in Brownsville, Texas, and has five early-stage agreements with Chinese customers, hopes to make a final decision next year, about six months behind its original goal.
“Sentiment in the LNG markets is heating up again,” said Langtry Meyer, co-founder of the company. He added, however, that Texas LNG was not considering developing an import terminal in China, which would likely be needed to expand U.S. exports.
Cheniere, which signed a long-term LNG supply deal with a Chinese firm earlier this year, this month said it would soon make a final investment decision on a third liquefaction line at its Corpus Christi, Texas, facility.
As for ethanol, Bays at Height Securities said ethanol producers like Archer Daniels Midland Co and Green Plains Inc could benefit from negotiations with China given the political importance of corn producers to Trump, coupled with China’s need to increase ethanol imports dramatically to meet its 2020 renewable fuel objectives. Reporting by Scott DiSavino in New York; Writing by Gary McWilliams; Editing by Lisa Shumaker and Tom Brown | ashraq/financial-news-articles | https://www.reuters.com/article/usa-lng-china/update-1-u-s-lng-ethanol-sellers-buoyed-by-china-trade-talks-idUSL2N1ST0R0 |
Vatican says markets need infusion of ethics 2:14pm EDT - 01:14
A 15-page document released by two Vatican offices is calling for more regulation of markets and financial systems, saying economic crises showed they were not able to govern themselves and needed a strong injection of morality and ethics. ▲ Hide Transcript ▶ View Transcript
A 15-page document released by two Vatican offices is calling for more regulation of markets and financial systems, saying economic crises showed they were not able to govern themselves and needed a strong injection of morality and ethics. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L5IMhn | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/vatican-says-markets-need-infusion-of-et?videoId=427800220 |
* Venezuela vote stokes concerns over oil supply from country
* Oil markets tight on OPEC cuts, looming U.S. sanctions on Iran
* U.S., China appear to step back from brink of trade war
By Jessica Jaganathan
SINGAPORE, May 22 (Reuters) - Oil prices rose on Tuesday amid worries that Venezuela’s crude output could drop further following a disputed presidential election in the country and with potential sanctions on the OPEC-member.
Brent crude futures were at $79.37 per barrel at 0110 GMT, up 15 cents, from their last close. Brent broke through $80 for the first time since November 2014 last week.
U.S. West Texas Intermediate (WTI) crude futures were at $72.49 a barrel, up 25 cents from their previous settlement.
“The markets’ positive take on ‘no trade war’ and Venezuela’s political woes are driving oil prices higher,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.
Venezuela’s socialist President Nicolas Maduro faced widespread international condemnation on Monday after his re-election in a weekend vote his critics denounced as a farce cementing autocracy in the crisis-stricken oil producer.
The United States is actively considering oil sanctions on Venezuela, where output has dropped by a third in two years to its lowest in decades.
“Tightening the economic screws will severely cripple ... Venezuela’s ability to export while making it virtually impossible for the country to acquire dollars,” said Innes.
Meanwhile, Washington and Beijing both claimed victory on Monday as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China.
Elsewhere, concerns that looming U.S. sanctions on Iran will curb that country’s crude exports have also been boosting oil prices in recent weeks.
OANDA’s Innes said that and the impact of output curbs led by the Organization of the Petroleum Exporting Countries had created “ultra-tight” supply conditions, with any signs of supply disruption sending prices sharply higher.
“Supply-side dynamics are apparently in the driver’s seat, suggesting prices should push higher near-term,” he said.
Reporting by Jessica Jaganathan Editing by Joseph Radford
| ashraq/financial-news-articles | https://www.reuters.com/article/global-oil/oil-prices-rise-on-worries-over-venezuelan-supply-idUSL3N1SS3NP |
NEW YORK, May 21, 2018 (GLOBE NEWSWIRE) -- Greystone, a commercial real estate lending, investment, and advisory company, announced it has provided $10,880,000 in financing for the acquisition of a two-property limited service hospitality portfolio in Kinston, North Carolina. Originated by Joe Mosley, Jr., the financing included a traditional $9,775,500 CMBS senior loan and a proprietary Greystone CMBS mezzanine loan of $1,104,500.
The hospitality properties in Kinston, NC, which included a Holiday Inn Express and a Hampton Inn, were acquired by sponsors Rajesh Patel, Narendra Patel, Hetal Patel, Kalpesh Patel, and Prashant Patel. The acquisition financing included a 10-year term and 30-year amortization period.
Greystone launched its proprietary CMBS mezzanine financing product, providing loans between $500,000 and $5,000,000, to enable an acquisition or refinancing where a new CMBS senior mortgage falls short of desired leverage.
Additional terms for Greystone CMBS mezzanine loans include:
5- and 10-year terms; coterminous with first mortgage loan LTV: 75-85% of appraised value or purchase price depending on asset type Amortization: Interest-only, or consistent with senior mortgage loan 12-15% coupon varying with LTV, DSCR, market and sponsor Non-recourse
“Having the flexibility to provide mezzanine financing on top of a traditional CMBS loan opens the playing field for investors at the sub-$20 million acquisition level, and for Greystone to serve as a lender in a growing number of ways and asset classes,” said Mr. Mosley. “We are thrilled to have been able to finance this acquisition for the Patels as they grow their portfolio.”
About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com .
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
[email protected]
Source: Greystone | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-greystone-provides-cmbs-and-mezzanine-financing-for-hospitality-portfolio-acquisition-in-nc.html |
JOHANNESBURG, May 28 (Reuters) - ArcelorMittal’s South Africa unit will sell its 50 percent stake in trading and shipping company MIHBV to its joint venture partner Macsteel Holdings Luxembourg (MacHold) for $220 million, the steel maker said on Monday.
“The proceeds of the sale will significantly strengthen the balance sheet of ArcelorMittal South Africa and will be used to fund working capital requirements and investments in the operating businesses,” ArcelorMittal SA Chief Executive Kobus Verster said in a statement.
The company’s share price rose more than 24 percent at one point on the news before ending 5.4 percent higher.
MacHold already holds a 50 percent stake in MIHBV, which is engaged in steel trading and shipping. The other 50 percent is held by ArcelorMittal SA.
“In the early years, most of the steel for the joint venture was sourced from ArcelorMittal South Africa. Today, while it remains an important source of steel products, ArcelorMittal SA supplies less than 20 percent of the total tonnages traded and less than 2 percent of volumes shipped by MIHBV,” Verster said.
“The investment is no longer considered to be a core asset and we have decided to dispose of our interest,” he said. (Reporting by Ed Stoddard Editing by Edmund Blair)
| ashraq/financial-news-articles | https://www.reuters.com/article/arcelormittalsa-ma-machold/arcelormittal-south-africa-to-sell-stake-in-macsteel-shares-rise-idUSL5N1SZ3RE |
May 14, 2018 / 7:29 AM / Updated 2 hours ago Goalkeeper Ederson commits future to champions Man City Reuters Staff 1 Min Read
(Reuters) - Manchester City goalkeeper Ederson has signed a new long-term deal to keep him at the Etihad until 2025. Soccer Football - Premier League - Manchester City vs Huddersfield Town - Etihad Stadium, Manchester, Britain - May 6, 2018 Manchester City's Ederson warms up before the match REUTERS/Phil Noble
The 24-year-old, who joined City last June, kept 21 clean sheets and helped the club to the Premier League title and a League Cup triumph.
City became the first team to reach 100 points in a 38-game Premier League season after Gabriel Jesus scored a 94th minute winner against Southampton on Sunday.
"I'm delighted to sign my new contract," Ederson told City's website www.mancity.com . "It means that the Club is happy with my work, they trust me, and I hope to meet their expectations on the pitch and bring a lot of joy to the fans," added Ederson, who earned his first Brazil call-up in October. Reporting by Aditi Prakash in Bengaluru; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-mci-ederson/goalkeeper-ederson-commits-future-to-champions-man-city-idUKKCN1IF0QS |
Palestinians in Gaza began burying their dead Tuesday after violent clashes a day earlier left some 60 people dead, as Israel pushed back on international criticism over its use of gunfire by defending its right to secure its people.
The bloodshed at the protests, the deadliest in years, cast a cloud over a ceremony celebrating the new U.S. embassy in Jerusalem and has sparked calls for restraint. Officials in Gaza said that hospitals were overwhelmed, with many running out of essential supplies such as drugs to treat the... RELATED VIDEO Clashes Over New U.S. Embassy in Jerusalem Leave Dozens Dead Thousands of protesters were injured at the border between the Gaza Strip and Israel ahead of the opening of the U.S. Embassy in Jerusalem. | ashraq/financial-news-articles | https://www.wsj.com/articles/palestinians-bury-their-dead-after-clashes-with-israeli-military-1526382536 |
Tesla stock, bonds drop as Elon Musk snubs Wall Street Reuters 1 hr ago Supantha Mukherjee Click to expand Replay Video UP NEXT Unexpected costs of having a child Find out how much families spend on food, housing and more. GOBankingRates Aluminum surges due to tariff uncertainties Aluminum was up 3.23% Thursday morning as US and Chinese trade officials are headed into talks in Beijing. The metal has been spiking on the back of tariff uncertainties on multiple fronts. Some are worried the meetings could make tensions even worse, possibly advancing the hundreds of billions of dollars in tariffs that the world's largest economies have threatened on one another. According to analysts, the tariff uncertainties will likely keep propping aluminum prices up for the next few months. Wochit Business Black men arrested at Starbucks strike a deal with city for $2 Rashon Nelson and Donte Robinson decided to use their arrest to do something positive for the city of Philadelphia. Newsy 1 Cancel SETTINGS OFF HD HQ SD LO Cramer: Tesla earnings call was the best CNBC See more videos SHARE SHARE TWEET SHARE EMAIL What to watch next Unexpected costs of having a child GOBankingRates 1:22 Aluminum surges due to tariff uncertainties Wochit Business 0:34 Black men arrested at Starbucks strike a deal with city for $2 Newsy 0:41 Cambridge Analytica shuts down after data scandal Reuters America 0:53 Lobster rolls could cost you more this summer Fox Business 1:24 Lettuce tainted by E. coli blamed for a death as outbreak grows CBS News 2:13 US-China trade talks start in Beijing CNBC 3:27 MoviePass helping re-energize movie theaters Fox Business 2:59 Short takes: Take your kid to work day The Washington post 4:21 See NBA star's mom win big on 'Price is Right' CNN 0:55 Forgot a tax form? You can handle this Kiplinger 0:30 Million dollar idea: The vacuum cleaner BBC News 1:35 California court ruling could help gig workers get employee status Newsy 1:04 Mortgage demand drops 2.5% on the highest rates in nearly 5 years CNBC 0:56 Hulu surpasses 20 million US subscribers CNBC 1:07 Iconic guitar-maker Gibson files for bankruptcy Reuters America 0:54 UP NEXT Tesla chief Elon Musk's refusal to answer "boring" Wall Street questions about the electric-car maker's financial condition sent shares down more than 7 percent Thursday and spurred concerns about the company's ability to raise money in the future.
"> Tesla's bonds followed the shares lower, and with at least three brokerages cutting price targets for the stock and eight of 27 now recommending "sell," several wondered what it would now cost the company to raise more funds this year if need be.
In a conference call Wednesday, Musk refused to answer questions from analysts on Tesla's capital requirements, saying "boring questions are not cool."
He instead took more than a dozen consecutive questions, unknown on such forums, from YouTube investment channel HyperChange TV, who had previously recommended buying Tesla shares.
Cowen analyst Jeffrey Osborne dubbed the call, in which Musk talked of "barnacles, flufferbots, and bonehead bears," surreal.
Morgan Stanley's Adam Jonas said it was the most unusual he had heard in 20 years in the business.
"Irrespective of the Tesla CEO’s annoyance with the genre of questions he was receiving ... an important part of Tesla’s success has been its relationship with the capital markets in funding its ambitious plans," Jonas wrote in a note to clients.
"The analysts on the call represent the providers of capital that Tesla has throughout its history depended upon."
Of 27 brokerages covering the stock, nine now have a "buy" or higher rating, 10 "hold" and eight have "sell" or lower.
The company's shares were down 6.8 percent at $280.82 shortly after midday in New York. They have lost more than a quarter of their value since touching a high of $389.61 in September, mainly due to reports of bottlenecks around production of the Model 3 sedan, seen as crucial to Tesla's profitability.
The call came after Tesla forecast lower capital spending for the year and reiterated it would turn a profit in the second half of the year.
But Musk was also bullish on the pace of some of its more expensive projects, promising he would make a decision on the construction of a new Model Y factory by the fourth quarter and announce the location of a Chinese Gigafactory soon.
He also pledged to cut costs by rationalizing the number of third-party contractors Tesla is using.
That "has really gotten out of control," Musk said. "So we're going to scrub the barnacles on that front. You've got barnacles on barnacles. So there's going to be a lot of barnacle removal."
NEGATIVE CASHFLOW
Tesla has consistently fallen short of its promises on car production and Bernstein analyst Toni Sacconaghi pointed to two occasions in 2015 and 2016 when executives promised the company would not need to raise funds in a year before having to do so.
The company has raised capital each year since its initial public offering in 2010 and issued debt twice in 2017.
Tesla's free cash flow, a key metric of financial health, widened to negative $1 billion in the first quarter from negative $277 million in the fourth quarter, excluding costs of systems for its solar business.
The company plans to reach its weekly goal of producing 5,000 Model 3 cars in two months, after revising the target several times.
Tesla's use of robots to assemble Model 3s has led to more complexity and delays, which Musk acknowledged last month.
"We believe that Tesla is essentially learning how to become a manufacturing company on the fly," said RBC Capital Markets analyst Joseph Spak.
"Investor feedback to the call was shock that a CEO would be dismissive and the general sentiment was that the defensiveness spoke volumes."
| ashraq/financial-news-articles | http://www.reuters.com/article/us-tesla-results-research-idUSKBN1I41IY?utm_source=34553&utm_medium=partner |
May 17, 2018 / 5:06 AM / Updated 30 minutes ago China vice premier says proactively seeking resolutions on trade dispute with U.S. - Xinhua Reuters Staff 1 Min Read
BEIJING (Reuters) - China’s Vice Premier Liu He said China was proactively seeking appropriate resolutions on the trade dispute with the United States during his visit of Washington, official Xinhua News Agency reported on Thursday. Chinese Vice Premier Liu He attends the news conference following the closing session of the National People's Congress (NPC), at the Great Hall of the People in Beijing, China March 20, 2018. REUTERS/Jason Lee - RC1B247B8840
Liu He said during his meetings in Washington with former U.S. Secretary of State Henry Kissinger as well as current U.S. lawmakers that healthy Sino-U.S. relations are in line with the interests of both countries and that Beijing and Washington should properly handle the trade dispute with mutual respect and aim for mutually beneficial outcomes, according to Xinhua.
Liu and other senior Chinese officials are visiting Washington for the second round of trade negotiations. Reporting by Se Young Lee and Fang Cheng; Editing by Michael Perry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-china-washington/china-vice-premier-says-proactively-seeking-resolutions-on-trade-dispute-with-u-s-xinhua-idUKKCN1II0G3 |
In case you missed it, the peak in the tech unicorn bubble already has been reached. And it's going to be all downhill from here. Massive losses are coming in venture capital-funded start-ups that are, in some cases, as much as 50 percent overvalued.
The age of the unicorn likely peaked a few years ago. In 2014 there were 42 new unicorns in the United States; in 2015 there were 43. The unicorn market hasn't reached that number again. In 2017, 33 new U.S. companies achieved unicorn status from a total of 53 globally. This year there have been 11 new unicorns, according to PitchBook data as of May 15, but these numbers tend to move around, and I believe the 279 unicorns recorded globally in late February by TechCrunch was the peak, where the start-up bubble was stretched to its limit.
A recent study by the National Bureau of Economic Research concludes that, on average, unicorns are roughly 50 percent overvalued. The research, conducted by Will Gornall at the University of British Columbia and Ilya Strebulaev of Stanford, examined 135 unicorns. Of those 135, the researchers estimate that nearly half, or 65, should be more fairly valued at less than $1 billion.
Get big fast. No IPO required In 1999 the average life of a tech company before it went public was four years. Today it is 11 years. The new dynamic is the increased amount of private capital available to unicorns. Investors new to the VC game, including hedge funds and mutual funds, came in when the Jobs Act started to get rid of investor protections in 2012, because there were fewer IPOs occurring.
These investors focus on growing the unicorn customer base, not turning a profit. New regulatory conditions, including wildly separate share classes, which give some shareholders significantly more rights than others, have resulted in a danger of widespread overvaluation. Some shareholders have voting, rights to assets, rights to dividends, rights to inspect records. Snap won't give any shareholders voting rights, and the shares have steadily declined since the IPO.
A recalculation model constructed jointly for the University of St. Gallen and Villanova University estimated the average venture capital-backed unicorn reported a valuation 49 percent above its fair value. Researchers believe this is happening because current valuations assume that a unicorn's total shares have the same price as the most recently issued shares. This oversimplification significantly inflates valuations, since the most recently issued shares almost always include perks not found in previously issued shares.
New regulation, beginning with the Jobs Act, allows unicorns to have far more shareholders before they disclose their financials publicly. Multiple funding rounds allow them to get big fast without going through an IPO. They can just go back to their investors for more capital.
More from Disruptor 50:
Spotify's IPO disrupted Wall Street. What lies ahead now for unicorns looking to go public
Oscar Health has a vision of fairer pay for doctors and clearer pricing for patients
Meet the 2018 CNBC Disruptor 50 companies
Don't let the few recent successes in the 2017 IPO market fool you. After two years of stagnation in terms of the number of IPOs being filed in the United States — 275 IPOs (2014), 170 IPOs (2015) and 105 IPOs (2016) — deal counts have dropped to their lowest figure since 2012.
Seventy-six percent of the companies that went public last year were unprofitable on a per-share basis in the year leading up to their initial offerings, according to data compiled by Jay Ritter , a professor at the University of Florida's Warrington College of Business, and recently featured in The New York Times. This is the largest number since the peak of the dot-com boom in 2000, when 81 percent of newly public companies were unprofitable.
The current volatility and correction evolving in the private market will be amplified for companies that have yet to make money and are burning cash faster than they're bringing it in. Growth at all costs will not weather an economic storm.
The turning point Since the Snap IPO in March 2017 at $17 a share, when its shares surged 44 percent during its first day of trading, they have now declined to $11. Dropbox also went public. It had a first-day pop of 36 percent; however, with only 200,000 paying customers compared to its 500 million users, I would be hesitant to rush in to buy, even as it comes off that year-to-date high considerably. Another highly valued start-up, Blue Apron, went public at $10 a share in June and is now trading at $3. Remember Fitbit was a $45 stock in 2015 — it's currently trading at just over $5.
Not all unicorns-to-IPOs have been, or will be, failures. Enterprise software company Atlassian could be a positive example of a unicorn, considering the fact the failure rate for all U.S. companies after five years is more than 50 percent. But when Atlassian paid $425 million to acquire Trello a little more than a year after its IPO, it revealed a factor that will lead to more unicorn failures. Trello beat Atlassian at their own game, with superior software functionality, so Atlassian had to purchase them before it was too late. It was a $425 million pivot, tucked into an acquisition. How many times can they perform that stunt before they are five years old? It only gets harder, as the failure rate after 10 years is over 70 percent.
It's not just the unicorns that have been vastly overvalued. Cosmetics subscription start-up Birchbox was valued at roughly a half-billion dollars by venture investors a few years ago — it just sold for scraps, and the only one willing to buy it was one of its former investors, for $15 million.
Unicorns can no longer meander along burning through private money, and if they do rush an IPO after dragging their feet for an average of 11 years, the outlook could be bleak.
"Billion-dollar start-up valuations are not an indicator of safety. They represent a huge danger of widespread overvaluation." Large incumbent companies are learning how to adopt emerging and disruptive technologies faster than ever. Companies such as Actesy.com from St. Gallen have recently perfected and piloted new software that enables Fortune 500 companies such as Porsche , Roche and BASF to quickly and easily adopt emerging technologies while maintaining their existing highly expensive, entrenched legacy solutions.
Previously, it may have taken 10 or more years to replace enterprise-wide global systems. When large companies learn to sustain their competitive advantage through disruptive technologies, the unicorn game is limited.
The coming fall Billion-dollar start-up valuations are not an indicator of safety. They represent a huge danger of widespread overvaluation. Companies burning more than what they raised will not be able to return to the well for more. The "get big fast" strategy that many investors and venture capital firms adopted will fail.
When reflecting on a unicorn IPO, ask the right questions.
When did they raise their last round of funding? Are they successfully generating revenue, and at what growth rate? We have already begun to see that when unicorns launch their IPOs, there is a huge risk of devaluation in the public market, which frequently prices these companies at a lower value than original investors. One recent example: Trivago , a popular German hotel search engine, which saw a huge 29 percent one-week price decline post-IPO, simply because the market dramatically disagreed with its valuation.
Research on start-ups founded between 2012 and 2015 and published in the Harvard Business Review by Vijay Govindarajan and Adam Stepinski anticipated IPO challenges: It found companies were growing in valuation twice as fast as start-ups founded between 2000 and 2013. Dartmouth business school professor Govindarajan said two years have passed since that research, but not much has changed in terms of overvaluation in the private marketplace.
The frenetic era of billion-dollar start-up unicorns is slowing significantly, according to CB Insights. The first red flag was the decline in "megarounds," of $100 million or more, beginning in Q4 2015.
Unicorns are being dramatically impacted in terms of share price by renewed market volatility in 2018 . An end to the era of ultra-low interest rates from the Federal Reserve will also weigh on these overvalued names. As interest rates continue to rise throughout 2018, that will accelerate the unicorn slowdown.
Expect to see more dead unicorns. Several high-profile billion-dollar start-ups missed their 2017 year-end revenue targets, including BuzzFeed, Vice Media and Credit Karma, according to the Wall Street Journal. That causes a rift between the start-ups and their results-driven investors of multiple share classes that makes it even harder to raise late-stage capital. The WSJ found that after the second year the returns of unprofitable companies gradually declined even further.
Most unicorn companies aren't producing billions of dollars of revenue. Several financial models project that up to 80 percent of unicorn companies are set to fail within two years. Uber, the highest-valued private technology company, has rapidly growing revenue but remains highly unprofitable. With revenue of $6.5 billion in 2016, it still registered a net loss of $2.8 billion.
The truth is, when a unicorn is overvalued, it doesn't take long for the market to discover this fact. Great odds for a VC batting .300, but not great for your average investor on Main Street and potentially in one or more mutual funds that have invested retirement assets in these companies.
If you intend to invest in a unicorn IPO anytime soon, think twice. And if you haven't taken a close look at your 401(k) or IRA retirement plan investments, check to see what those mutual funds have been dabbling in.
We are now officially in a tech bubble larger than March of 2000. The term unicorn in business parlance was created in 2013 by venture capitalist Aileen Lee. This mythical animal represented the statistical rarity of a start-up company valued at over $1 billion dollars. The term may not last much longer in the financial vernacular than many of the start-ups that were — wrongly — branded with it.
— By Keith Wright, Instructor of accounting and information services at the Villanova School of Business | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/tech-bubble-is-larger-than-in-2000-and-the-end-is-coming.html |
May 29, 2018 / 12:43 PM / Updated 4 minutes ago UAE bans fruits from Indian state after Nipah virus outbreak Alexander Cornwell , Subrat Patnaik 3 Min Read
DUBAI/MUMBAI (Reuters) - The United Arab Emirates (UAE) has banned imports of fresh vegetables and fruits from the southern Indian state of Kerala where 13 people have died due to an outbreak of the rare brain-damaging Nipah virus, the Gulf state said on Tuesday. Doctors and relatives wearing protective gear dig a grave to bury the body of a victim, who lost his battle against the brain-damaging Nipah virus, during his funeral at a burial ground in Kozhikode, in the southern Indian state of Kerala, India, May 24, 2018. REUTERS/Stringer
The UAE's Ministry of Climate Change and Environment also notified other local authorities, including the Abu Dhabi Food Control Authority and the municipalities of its emirates, to prevent the entry of any fresh produce from Kerala, it said in a statement bit.ly/2ssWeUj.
The ministry suspects that fruit bats are the source of the virus. It said it was banning fresh produce, including mangoes, dates and bananas - the bats’ preferred fruits.
Indian health officials have not been able to trace the origin of the Nipah outbreak and have begun a fresh round of tests on fruit bats from Perambra, the suspected epicenter of the infection.
Kerala has sent 116 suspected cases for testing in recent weeks, 15 have been confirmed with the deadly disease and 13 of these people have died, with two patients still undergoing treatment.
No confirmed cases of the virus have been found outside the state.
There is no vaccine for the virus, which is spread through body fluids and can cause encephalitis, or inflammation of the brain, the World Health Organization (WHO) says.
Last week, the UAE consulate in Kerala advised travelers to take precautions and follow safety instructions issued by the Indian authorities.
For a graphic on Nipah virus, click reut.rs/2L3bwXc
The Gulf state has also banned imports of live animals from South Africa, based on a notification from the World Organization for Animal Health (OIE) of the registration of Rift Valley Fever disease, the ministry said.
South Africa’s Department of Agriculture said on May 16 that an outbreak of the disease had been confirmed in sheep on a single farm in the central Free State province and that further investigations were being conducted. Officials could not be reached on Tuesday to provide updates.
The disease is spread by mosquitoes and the department said its potential to spread was reduced by the onset of the dry winter season in the region.
Humans can be infected with Rift Valley Fever if contact is made with the blood or other body fluids of a diseased animal. Reporting by Alexander Cornwell and Subrat Patnaik; additional reporting by Ed Stoddard in Johannesburg; Writing by Aziz El aakoubi; Editing by Mark Potter and Alexandra Hudson | ashraq/financial-news-articles | https://in.reuters.com/article/us-india-emirates-south-africa/uae-bans-vegetables-from-indias-kerala-animals-from-south-africa-idINKCN1IU1I3 |
U.S. department store chains' stocks tumbled Monday after Deutsche Bank issued a new report saying there is "limited upside" for investors in the sector.
"[W]hile Holiday marked a solid improvement across the group, we think valuation is now ahead of itself as we believe fundamental upside is limited," analyst Paul Trussell said.
Shares of Sears Holdings were down more than 5 percent by midday. Kohl's and Dillard's shares were both down about 4.5 percent, while Macy's and J.C. Penney shares were falling roughly 3.7 percent. Nordstrom 's stock was down 2 percent.
Trussell said that since December, the department store group excluding Penney has seen shares climb roughly 24 percent, while the S&P 500 has only gained about 1 percent over the same period.
"Furthermore, we have concerns that an earlier Easter (4/1 this year vs. 4/16 last year) combined with unfavorable weather in March and April may have pressured comp sales during the first quarter," he said.
The one outlier, according to Deutsche Bank, could be Nordstrom, which has shown its business is "more insulated from weather patterns."
Instead of department store operators, the firm said it prefers retail brands, especially those that have pivoted and are selling more directly to consumers. That list includes Calvin Klein owner PVH , Michael Kors and Lululemon .
Also on Monday morning, Telsey Advisory Group initiated coverage on Amazon at outperform, saying the e-commerce giant should capture nearly 10 percent of total retail sales by 2020. Amazon is already on track to become the No. 1 apparel retailer in the U.S., according to Morgan Stanley .
Most U.S. department store chains, including Macy's and J.C. Penney, are slated to report earnings next week.
— CNBC's Michael Bloom contributed to this report.
WATCH: Former Macy's CEO on the future of retail show chapters Former Macy’s CEO on the future of retail 2:08 PM ET Thu, 19 April 2018 | 05:25 Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/theres-limited-upside-for-department-store-stocks-analyst-says.html |
BAGHDAD—Shiite cleric Moqtada al-Sadr’s political coalition has won the most seats in Iraq’s parliamentary elections, according to complete results released by the electoral commission.
The announcement came nearly a week after Iraqis cast their votes on May 12 and put Iraqi Prime Minister Haider al-Abadi in third place, according to seat allocations. An alliance of candidates with close ties to mostly Iranian-backed paramilitary forces came in second.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/populist-cleric-sadrs-coalition-wins-iraqi-election-1526694046 |
May 7, 2018 / 7:17 PM / in 10 minutes Mattis urges anti-China measure to be included in U.S. defense bill Reuters Staff 3 Defense Secretary Jim Mattis urged top lawmakers shepherding a must-pass defense bill through Congress to include measures that would tighten oversight of foreign investment in the United States in hopes of hampering Chinese efforts to gain access to sensitive U.S. technology. FILE PHOTO: U.S. Defense Secretary Jim Mattis testifies before a Senate Armed Services Committee hearing on the “Defense Department budget posture in review of the Defense Authorization Request for FY2019 and the Future Years Defense Program” on Capitol Hill in Washington, U.S., April 26, 2018. REUTERS/Aaron P. Bernstein
In the letter dated Friday, which was seen by Reuters and has not been previously reported, Mattis urged the Republican chairmen and top Democrats on the Armed Services committees in the House and the Senate to include in the National Defense Authorization Act (NDAA) measures that would broaden the powers of the Committee on Foreign Investment in the United States.
Mattis said in the letter that he supported foreign investment but added: “DOD (the Department of Defense) also believes we must be clear-eyed that our adversaries have studied the weaknesses of our current laws and regulations and are exploiting them today.”
CFIUS, as it is usually known, reviews foreign investment in the United States and stops deals that would harm national security.
The NDAA authorizes the level of defense spending and sets policies controlling how the funding is used. It is one of the few pieces of major legislation passed by Congress every year and, because of this, the NDAA is used as a vehicle for a broad range of policy measures.
Attaching measures to toughen CFIUS to the defense bill would all but guarantee that they would become law. The standalone CFIUS bill has bipartisan support and is a major piece of the Trump administration’s effort to reduce Chinese access to U.S. technology in a bid to curb its plans to dominate key technology sectors.
“Of particular concern is the national security risk that may arise from coercive industrial policies that force the transfer of technology and associated support through joint ventures,” Mattis wrote in his letter.
Mattis also lent his support to a measure in the bill that would force a foreign buyer of vacant land to go through CFIUS. “DOD further appreciates the broadening of the scope of review of real estate transactions that have implications of co-location in close proximity to a military facility,” he wrote in the letter.
The bill in the Senate and a companion measure in the U.S. House of Representatives would broaden CFIUS’ reach in hopes of reining in China’s acquisition of U.S. high tech knowledge even as China has sought to focus on production of higher-value goods, like robots, computers and telecommunications equipment.
The bipartisan legislation has the support of President Donald Trump’s administration but is opposed by some tech companies, on the grounds that it would hurt exports, and some in the investor community, who fear that small, uncontroversial investments by Chinese entities would have to be reviewed by CFIUS, an inter-agency task force. Reporting by Diane Bartz; Additional reporting by Mike Stone; Editing by Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-cfius-mattis/mattis-urges-anti-china-measure-to-be-included-in-u-s-defense-bill-idUSKBN1I827S |
Combination Brings Together Two Leading Public Safety Camera and Digital Evidence Management Solutions Providers
Safariland to Become the Preferred Holster Provider for Axon's TASER Conducted Electric Weapons
ONTARIO, Calif., May 4, 2018 /PRNewswire/ -- The Safariland Group ("Safariland" or "Company") the parent company of VIEVU ® , a leader in body-worn camera and video evidence management, today announced that the Company has entered into a definitive agreement with Axon Enterprise, Inc. (NASDAQ: AAXN) ("Axon") under which Axon will acquire VIEVU. As part of the agreement, Safariland and Axon entered into a 10-year agreement under which Safariland will become the preferred holster provider for Axon's TASER Conducted Electric Weapons (CEW).
"Today marks an important milestone in Safariland's 54-year history of innovation and quality as we continue to deliver on our pledge to support first responders and the communities they serve," said Warren Kanders, Chairman and Chief Executive Officer of Safariland. "The integration of VIEVU's digital evidence management solutions with Axon's suite of products and services will create an even stronger portfolio of best-in-class products to better serve customers and safeguard those who dedicate their lives to protecting others."
Kanders continued, "We are pleased that Axon shares Safariland's commitment to innovation and to delivering leading products for public safety professionals, and very excited to leverage our expertise in holsters and duty gear into becoming the preferred holster provider for TASER CEWs. This transaction enables Safariland to focus our resources where they will deliver the greatest value to all our stakeholders. Safariland remains committed to continuing to develop innovative, technologically advanced products across our premier group of brands to save lives and keep our communities safe."
Terms of the transaction were not disclosed. Safariland, a leading global provider of a broad range of safety and survivability products designed for the public safety, military, professional and outdoor markets, acquired VIEVU in 2015.
About VIEVU ®
VIEVU ® is a leading provider of body-worn camera and video technologies, providing secure, high-quality video cameras for law enforcement, security, emergency medical services, and first responders. VIEVU Solution™, the company's next generation fully-hosted cloud evidence management system, is built on Microsoft ® Azure Government cloud, the first enterprise cloud compliant with the FBI's Criminal Justice Information Services (CJIS) standards. VIEVU was the first provider of body-worn cameras with Automated Video Redaction technology, a highly advanced redaction tool built to automatically blur faces and objects recorded on body-worn cameras, without user involvement, in order to protect the privacy and identity of victims, innocent bystanders, minors and undercover police officers. Built on police experience, VIEVU technology is used by thousands of law enforcement agencies in 17 countries. For information please visit www.vievu.com .
About The Safariland Group
The Safariland Group is a leading global provider of a broad range of safety and survivability products designed for the public safety, military, professional and outdoor markets. The Safariland Group offers a number of recognized brand names in these markets including Safariland ® , Med-Eng ® , Safariland ® Armor, Safariland ® VIEVU ® , Mustang Survival ® , Bianchi ® , Break Free ® , PROTECH ® Tactical, Defense Technology ® , Hatch ® , Monadnock ® , Identicator ® and NIK ® . The Safariland Group's mission, "Together, We Save Lives™", is inherent in the lifesaving and protective products it delivers. The Safariland Group is headquartered in Jacksonville, Florida. The Safariland Group is a trade name of Safariland, LLC.
For more information about The Safariland Group and these products, please visit www.safariland.com .
For media resources and information, please visit the www.safariland.com/media-center.html .
Axon and TASER are trademarks of Axon Enterprise, Inc., which are registered in the US and other countries. For more information, visit www.axon.com/legal . All rights reserved.
Media and Investor Relations Inquiries:
Jonathan Keehner / Aura Reinhard / Tim Ragones
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
View original content: http://www.prnewswire.com/news-releases/vievu-a-subsidiary-of-safariland-to-be-acquired-by-axon-enterprise-inc-300642797.html
SOURCE The Safariland Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-vievu-a-subsidiary-of-safariland-to-be-acquired-by-axon-enterprise-inc.html |
OSLO, May 9 (Reuters) - * Norwegian shares traded up on Wednesday * Oslo’s benchmark index rose 0.23 pct, or 2 points, to all-time high of 877.29 points and was up by 7.47 pct year-to-date * The broader Oslo All Share Index was up 0.47 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, rose $2.1 to $76.95 a barrel * Oil soars as U.S. President Donald Trump dumps Iran nuclear deal * Among the biggest firms on the Oslo Bourse, Statoil rose 2.07 pct, Telenor fell 1.38 pct and DNB rose 0.49 pct * Turnover at the Oslo Bourse was 3.0 billion Norwegian crowns and most traded shares were Statoil, Marine Harvest and Subsea 7 * Oil firms Aker BP ASA and DNO were up about 2 pct, while oil services firms Subsea 7 and Aker Solutions rose 3.9 and 2.3 pct respectively
* Shares of fish farmer Marine Harvest were up 0.37 pct * Marine Harvest kept quarterly dividend unchanged and cut 2018 supply outlook in a market with strong demand for salmon and seafood * Other gainers: Hexagon Composites 12.26 pct and BW LPG 4.70 pct * Biggest losers: Funcom NV -10.27 pct, Thin Film Electronics ASA -6.54 pct and Leroy Seafood Group ASA -4.59 pct * Abroad European shares rose 0.28 pct, Japan’s main share index Nikkei ended down 0.44 pct, while in China Shanghai index was down 0.08 pct and the Dow Jones index in the United States virtually unchanged on Tuesday (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-stocks/norwegian-stocks-surge-in-oil-price-takes-oslo-to-all-time-high-idUSL8N1SG5FH |
* World stocks fall 0.3 percent
* Dollar supported as U.S. 10-year yields break 3 percent
* Brent crude hovers just below 3-1/2-yr highs
* Graphic: World FX rates in 2017 tmsnrt.rs/2egbfVh
* For a live blog on European stocks, type LIVE/ in an Eikon news window
By Alasdair Pal
LONDON, May 15 (Reuters) - World stocks fell on Tuesday as investors digested soft Chinese economic data and a lack of progress in U.S.-China trade talks, while a rise in U.S. borrowing costs supported the dollar.
MSCI’s world equity index, which tracks shares in 47 countries, was down 0.3 percent.
Europe’s benchmark Stoxx 600 was 0.1 percent lower while Germany’s DAX shed 0.2 percent as first-quarter economic growth in the country came in lower than expected.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8 percent.
China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade row with the United States.
Mixed messages in U.S.-China trade talks also weighed on sentiment.
The two countries are still “very far apart” on resolving trade frictions, U.S. ambassador to China Terry Branstad said on Tuesday as a second round of high-level talks was set to begin in Washington.
U.S. President Donald Trump drew ire from lawmakers after suggesting he would help Chinese firm ZTE Corp, that flouted U.S. sanctions on trade with Iran and North Korea, with intelligence officials also saying the decision threatens national security.
“Sino-US trade negotiations have provided mixed signals, the White House promising conciliation (over ZTE) then indicating that some form of punishment is still in the cards,” said Mike van Dulken, head of research at Accendo Markets.
YIELDS RISE In fixed income, the U.S. 10-year bond yield rose above the key level of 3 percent, sending borrowing costs higher in a number of other countries and supporting the dollar.
The 10-year yield was last trading at 3.0226 percent, just off levels not seen since January 2014.
In Europe, the benchmark German bond yield rose 14 basis points to 0.629 percent, with investors also taking note of hawkish commentary from Bank of France Governor Francois Villeroy de Galhau, who said the European Central Bank could soon give guidance on its first rate hike.
“We have this Galhau interview and he was very much pointing to rate hikes after the end of QE (quantitative easing),” said DZ Bank rates strategist Daniel Lenz, explaining the weakness in euro zone debt markets. “And we still have a high oil price and U.S. Treasury yields above 3 percent.”
Against a basket of six major currencies, the dollar index gained 0.18 percent.
Oil prices were stable on Tuesday as ongoing production cuts by OPEC and looming U.S. sanctions against Iran threatened to tighten the market amid signs of ongoing strong demand.
Brent crude futures, the international benchmark for oil prices, rose to as much as $78.62 per barrel, touching a 3-1/2-year high.
“The commitment of Saudi Arabia and the rest of OPEC to the production cuts is a major factor in supporting the price at the moment as well as the possibility of reduced exports from Iran due to sanctions,” said William O’Loughlin, investment analyst at Rivkin Securities. (Reporting by Alasdair Pal; additional reporting by Dhara Ranasinghe in London and Henning Gloystein in Singapore; Editing by Catherine Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-global-stocks-sink-as-soft-china-data-trade-fears-weigh-idUSL5N1SM34N |
May 9, 2018 / 4:41 AM / in an hour Australia, NZ dlrs slugged as US$ surge shakes emerging markets Wayne Cole , Charlotte Greenfield 3 Min Read
SYDNEY/WELLINGTON, May 9 (Reuters) - The Australian and New Zealand dollars hit fresh multi-month lows on Wednesday as the relative outperformance of the U.S. economy sent its currency higher across the board.
The Aussie dollar was huddled at $0.7435, having touched its lowest since last June at $0.7424. It has now shed almost four U.S. cents in less than three weeks.
The kiwi dollar was near its lowest since December at $0.6967, having again lost four cents since mid-April.
The U.S. dollar has been on a tear as economic indicators there outpaced much of the rest of the advanced world, forcing a mass shake-out of short dollar positions - particularly against the euro and sterling.
That has also shaken confidence in a synchronous global recovery, sending funds toward U.S. assets at the cost of emerging markets from Argentina to Turkey.
This trend has been doubly negative for the Aussie since many investors use the commodity-leveraged currency as a liquid proxy for global growth and emerging markets, selling it as a hedge when times are troubled.
Adding to the strain was President Donald Trump’s decision to walk away from the nuclear deal with Iran, leaving investors uncertain as to what might happen next in the Middle East.
All of which overshadowed an upbeat budget from Australia late on Tuesday which underlined the country’s favourable debt background.
With the budget set to return to surplus a year early Australia’s net debt is set to peak around 19 percent of GDP, far below the G20 average of 80 percent.
“Consequently, Australia will remain an attractive destination for foreign debt investment,” said Elias Haddad, senior currency strategist at CBA.
“This will further facilitate Australia’s ability to finance its small current account deficit of just 2-3 percent of GDP.”
One result is that the Australian government can currently borrow for 10 years at rates 20 basis points lower than the United States.
The kiwi’s next test will be a Reserve Bank of New Zealand policy decision early on Thursday. A steady outcome is considered certain but a change of tone is possible from Adrian Orr, its new governor.
New Zealand government bonds slipped in line with U.S. Treasuries, nudging yields up as much as 4 basis points.
Australian government bond futures also eased, with the three-year bond contract off 2 ticks at 97.785. The 10-year contract fell 5 ticks to 97.1950. (Reporting by Wayne Cole Editing by Eric Meijer) | ashraq/financial-news-articles | https://www.reuters.com/article/australia-forex/australia-nz-dlrs-slugged-as-us-surge-shakes-emerging-markets-idUSL3N1SG1XP |
(Adds details on case, background)
WASHINGTON, May 21 (Reuters) - The U.S. Commerce Department on Monday slapped steep import duties on steel products from Vietnam that originated in China after a final finding they evaded U.S. anti-dumping and anti-subsidy orders.
The decision marked a victory for U.S. steelmakers, who won anti-dumping and anti-subsidy duties against Chinese steel in 2015 and 2016 only to see shipments flood in from elsewhere. The industry has argued that Chinese products are being diverted to other countries to circumvent the duties.
U.S. customs authorities will collect anti-dumping duties of 199.76 percent and countervailing duties of 256.44 percent on imports of cold-rolled steel produced in Vietnam using Chinese-origin substrate, the Commerce Department said in a statement.
Corrosion-resistant steel from Vietnam faces anti-dumping duties of 199.43 percent and anti-subsidy duties of 39.05 percent, it said.
The department has said it would apply the same Chinese anti-dumping and anti-subsidy rates on corrosion-resistant and cold-rolled steel from Vietnam that starts out as Chinese-made hot-rolled steel.
The duties will come in addition to a 25 percent tariff on most steel imported into the United States that resulted from the Trump administration’s “Section 232” national security investigation into steel and aluminum imports.
Although the steel subject to the latest anti-dumping and anti-subsidy duties was processed in Vietnam to be made corrosion resistant or cold-rolled for use in autos or appliances, the Commerce Department agreed with the claims of American producers that as much as 90 percent of the product’s value originated from China.
The global steel industry is struggling with a glut of excess production capacity, much of it located in China, that has pushed down prices.
The decision followed a European Union finding in November that steel shipments from Vietnam into the EU also circumvented tariffs.
The Commerce Department said that after anti-dumping duties were imposed on Chinese steel products in 2015, shipments of cold-rolled steel from Vietnam into the United States shot up to $215 million annually from $9 million, while corrosion-resistant steel imports rose to $80 million from $2 million.
The case stems from a petition filed by U.S. producers ArcelorMittal USA, Nucor Corp, AK Steel Holdings Corp and United States Steel Corp alleging that Chinese producers began diverting their steel shipments to Vietnam “immediately” after the duties were imposed. (Reporting by Eric Walsh Editing by Leslie Adler and Diane Craft)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-steel/update-1-u-s-slaps-heavy-duties-on-chinese-steel-shipped-from-vietnam-idUSL2N1SS1K4 |
CHICAGO, May 30, 2018 /PRNewswire/ -- ExteNet Systems , the largest private developer, owner and operator of distributed networks enabling advanced mobile broadband connectivity across the United States, today announced an agreement to acquire Hudson Fiber Network (HFN). The acquisition is anticipated to close in the second half of 2018 after completion of regulatory approvals. Terms of the agreement were not disclosed.
HFN, headquartered in Paramus, New Jersey, is a premier data transport provider offering high-bandwidth, low-latency fiber networking solutions. The acquisition of HFN will provide ExteNet with additional high-capacity fiber footprint in the populous New York City/New Jersey metro area, alongside other regions of the United States, and a proven medium to offer enterprise fiber services. Pro-forma for the transaction, ExteNet will have more than 30,000 nodes operational or under construction throughout the United States.
"We are pleased to announce our intention to acquire Hudson Fiber Network to accelerate growth of ExteNet's Optical Network Solutions business," said Ross Manire, President and CEO of ExteNet Systems. "We have served the northeast region, including New York City, for many years with our fiber, small cell and indoor network solutions. We plan to leverage the core competencies of both companies to offer our customers an expanded portfolio of carrier and enterprise solution offerings and rapidly expand into other major markets by leveraging ExteNet's extensive fiber plant."
Brett Diamond, CEO of Hudson Fiber Network, added "ExteNet's customer-centric approach and purpose-built fiber strategy aligns with our own corporate vision. ExteNet's extensive network and financial and operational resources will help accelerate expansion into key markets across the United States. Our team at Hudson Fiber is excited about the prospects of joining ExteNet and continuing to provide the innovative solutions and exemplary service our customers are accustomed to from us."
Q Advisors, a TMT global investment banking boutique, is acting as the financial advisor to HFN, with Lowenstein Sandler LLP representing HFN as legal counsel. Reed Smith LLP is representing ExteNet in the transaction.
About ExteNet Systems, Inc.
Lisle, Ill.-based ExteNet Systems, Inc. designs, builds, owns and operates communications infrastructure solutions, including distributed networks (DNS), for use by its customers across the United States. Customers today include wireless carriers, broadband providers, property owners, enterprises, communities and IoT companies. Primary solutions include fiber, distributed antenna systems (DAS), remote radio heads (RRH), small cells, Wi-Fi and virtualized Evolved Packet Core (vEPC). ExteNet's outdoor networks are deployed in a variety of urban, suburban and rural environments while indoor networks are typically deployed in property verticals like commercial office buildings, sports and entertainment venues, hotels and convention centers, healthcare facilities and transit systems. For more information, please visit www.extenetsystems.com .
"ExteNet" is a registered trademark of ExteNet Systems, Inc.
Media Contact:
Allison Bishop
Edelman
312.240.2668
[email protected]
Analyst Contact:
Manish Matta
ExteNet Systems
630.505.3846
[email protected]
View original content: http://www.prnewswire.com/news-releases/extenet-systems-announces-agreement-to-acquire-hudson-fiber-network-300656861.html
SOURCE ExteNet Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-extenet-systems-announces-agreement-to-acquire-hudson-fiber-network.html |
Why ADHD Drug Overdoses Are Rising Among U.S. Children There are more hospitalizations related to ADHD meds. Bloomberg Bloomberg via Getty Images By Sy Mukherjee May 22, 2018
The opioid crisis ravaging America has understandably become the biggest public health story of the past few years. But the specter of potential overmedication, and the consequences thereof, isn’t limited to painkillers—as suggested by a new study noting a significant increase in hospitalizations and overdoses related to ADHD medications .
Researchers examined data from U.S. poison control centers between 2000 and 2014. During this timeframe, there were more than 156,000 reported cases related to ADHD, or attention deficit/hyperactivity disorder, drug exposure (such as to popular brands like Adderall, Ritalin, and Vyvanse). And while exposures to the treatments, which can be deadly if misused or abused, dropped slightly between 2011 and 2014, the rate of incidents ballooned nearly 72% from 2000 to 2011.
Subscribe to Brainstorm Health Daily , our newsletter about the most exciting health innovations.
Admittedly, many of these exposures (nearly 42%) were attributable to simple medication error (although that in and of itself is also concerning from a public safety perspective). But suicide attempts and abuse of ADHD drugs accounted for more than half of the exposures for teenagers aged 13 to 19, according to the study, and one in four of all exposures involved children 12 years old and younger. More than 9,300 of these incidents required medical treatment and several children died .
So what’s driving this increase? The researchers have some theories.
“The increasing number and rate of reported ADHD medication exposures during the study period is consistent with increasing trends in ADHD diagnosis and medication prescribing. Exposures associated with suspected suicide or medication abuse and/or misuse among adolescents are of particular concern,” wrote the study authors.
Indeed, ADHD diagnoses have skyrocketed over the past few decades, according to the Centers for Disease Control (CDC) . About 6.1 million children aged two to 17 had been diagnosed with the condition as of 2016, with steady rises between the beginning of the millennium and 2012. Part of that may be attributable to better screening and diagnosis of a behavioral condition that afflicts millions of American children (and adults).
But some caution may also be warranted, especially when it comes to dispensing and monitoring addictive drugs.
“The hard part is that ADHD is just like depression, just like autism, just like schizophrenia in that it’s a symptom-based mental disorder,” Berkeley psychologist and ADHD expert Dr. Stephen Hinshaw said in one interview with the American Psychological Association. “We don’t have a blood test or a brain scan yet that’s definitive. I believe that ADHD is a real condition, but it’s on a spectrum, just the way that high blood pressure and autism are. It’s always a bit arbitrary as to who is actually above the cut and who is below because we don’t know exactly where the cut is.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/22/adhd-drug-overdoses/ |
Our products are 'treats' but don't overindulge, says Mars Wrigley president 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/our-products-are-treats-but-dont-overindulge-says-mars-wrigley-president.html |
51 COMMENTS The Trump administration’s campaign to reduce trade imbalances with China highlights a gulf between the world’s two largest economies over import duties on everything from aircraft to electric toothbrushes.
Senior White House economics officials visited Beijing this month to kick off negotiations in the trade dispute, in which the U.S. is pressuring China to reduce its bilateral trade surplus by $100 billion a year. Vice Premier Liu He is expected to arrive in Washington to pursue talks Tuesday, coinciding with the first of three days of U.S. hearings for companies affected by tariffs on Chinese imports.
U.S. Treasury Secretary Steven Mnuchin, center left, and Commerce Secretary Wilbur Ross, to his right, leave their Beijing hotel May 4 for trade discussions with Chinese officials. Photo: Mark Schiefelbein/Associated Press Among the American officials’ demands was for China to reduce tariffs on non-strategic imports to levels no higher than corresponding products in the U.S.
The U.S.’s concern reflects China’s anomalous rise in the global economy. Governments and economists accept that developing economies tend to have higher tariffs than the developed world. But China’s heft, rapid growth, and industrial policies have brought its tariff asymmetries into focus—handing the U.S. a means to reduce a glaring trade deficit , along with leverage over other sore spots , like China’s attempts to gain advantage in global technology.
China joined the World Trade Organization in 2001, and its tariffs fell about 60% from 1996 to 2005. They have since hovered some three times higher than U.S. levels.
The average American tariff in recent years, under most-favored-nation terms, was around 3.7%—compared with China’s at about 10%, according to the WTO. The MFN rule, which aims to create fairness in global trade, is when one country extends to another a tariff level no higher than what it has made available to any other nation.
A Wall Street Journal review of comparable tariffs found Beijing has lots of room to whittle down tariffs on key products to U.S. levels.
China maintains its highest tariffs on agricultural imports, including a 65% duty on corn beyond an annual state-controlled quota of 7.2 million metric tons. Washington, meanwhile, charges no duty on corn imports. Beijing is vowing to slap on another 25% on corn, retaliation for President Donald Trump’s tariff threats against Chinese goods.
American soybean exports, another Farm Belt target facing retaliation by Beijing, enjoy relatively low Chinese tariffs of 3%—but likely not for long. Beijing has said it will add 25% to that tariff, and is trying to line up alternative soybean suppliers. The U.S.—China’s second-largest supplier after Brazil— charges no tariffs.
China also maintains MFN tariffs ranging from 6% to 30% on electrical appliances, part of a long-standing strategy to boost domestic production. But via temporary duties and provisions, Beijing offers lower rates on such products as a way to satisfy rising local demand.
The U.S. imposes relatively low rates of about 3% on such goods.
Not all goods have such a wide disparity. The U.S. tends to impose relatively high tariffs of between 10% and 29% on both men’s and women’s clothing, the legacy of a powerful textile lobby. China’s are a comparable 10% to 25%.
Both countries charge a 25% tariff on pickup trucks.
The U.S. also has industries it shields—like peanuts, the mainstay of an important farming voter bloc stretching across much of the southeastern U.S.
In China’s case, “import tariffs have long been used either as an import substitution device, or to stem off demand for luxury goods,” said Alicia Garcia Herrero, chief Asia economist for investment bank Natixis.
Wine draws a 65% tariff under China’s MTN terms, though Beijing has slashed this to 14% as an annually-reviewed temporary duty.
Wine lovers in the U.S. enjoy it tariff-free.
The beverage has emerged as a potential casualty of the trade standoff as Beijing proposes to add 15% to the tariff rate. Whether it should is another question.
“Will China ever be competitive on the same scale as Californian or Australian wine makers? There’s a question mark over whether they have the right climate,” said Shane Oliver, chief economist for investment manager AMP Capital. “Maintaining those high tariffs can help you industrialize, but it doesn’t help you work out what you’re good at and what you’re not.”
Tariffs on cars are among those China has signaled a willingness to reduce. Mr. Trump uses automobiles as an example of discrepancies in how the countries tax imports.
“The word that I want to use is reciprocal,” Mr. Trump said in March. “When they charge 25% for a car to go in, and we charge 2% for their car to come into the U.S., that’s not good.”
Still, Chinese concession here would likely be a front to shield other areas of its economy, like advanced technology, according to analysts.
The bilateral talks are likely to be stacked with negotiating decoys. Case in point: China, which maintains 5% tariffs on imports of airplanes with an unladen weight of 15 to 45 metric tons, has threatened to add an additional 25%.
That doesn’t mean Boeing Co. should worry yet : Such tariffs would only impact a piece of its output. The category includes both a single-aisle Boeing 737 already being phased out, and the smallest type of its replacement 737 Max, which has only a handful of orders from Chinese customers. These orders account for about 5% of Boeing’s 737 backlog.
Boeing said in November that it has a deal to supply China with 300 planes, valued at $37 billion, though it was unclear if they are all new orders. Boeing didn’t respond to a request for comment.
The long haul ahead is likely to be fractious for officials on both sides of the negotiating table.
“I think Trump’s ultimate negotiation is really about China literally becoming more of a market economy,” Ms. Garcia said. Even if Beijing reduces its tariffs, concerns over technology transfer and other issues are “going to put the U.S. in a confrontation mode with China for years.”
President Trump says China is forcing U.S. companies to transfer their technology secrets to China. WSJ's Shelby Holliday tells you how. Illustration: Adele Morgan Write to Chuin-Wei Yap at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/a-world-apart-charting-the-gulf-between-chinese-and-u-s-tariffs-1526376603 |
BUFFALO, N.Y., May 15, 2018 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) announced that it has declared a quarterly cash dividend of $.80 per share on its common stock. This represents an increase of $.05 per share, or 7%, from the previous $.75 per share dividend paid quarterly since March 2017. The dividend will be payable June 29, 2018 to shareholders of record at the close of business on June 1, 2018.
About M&T Bank
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
View original content with multimedia: http://www.prnewswire.com/news-releases/mt-bank-corporation-announces-increased-common-stock-dividend-300649044.html
SOURCE M&T Bank Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-mt-bank-corporation-announces-increased-common-stock-dividend.html |
May 2 (Reuters) - Exelixis Inc:
* EXELIXIS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 REVENUE VIEW $142.8 MILLION — THOMSON REUTERS I/B/E/S * Q1 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S
* MAINTAINING GUIDANCE THAT TOTAL COSTS AND OPERATING EXPENSES FOR FULL YEAR WILL BE BETWEEN $430 MILLION AND $460 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-exelixis-inc-q1-earnings-per-share/brief-exelixis-inc-q1-earnings-per-share-0-37-idUSASC09Z41 |
529 plans: What you should know when saving for your child's education 2 Hours Ago Stacy Francis of Francis Financial and Douglas Boneparth of Bone Fide Wealth discuss changes to the 529 plans and saving for your child's education. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/529-plans-what-you-should-know-when-saving-for-your-childs-education.html |
TORONTO, May 22, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :
Company / Société : Steppe Gold Ltd. TSX Symbol / Symbole TSX : STGO Reason / Motif : Pending Closing/En attente Halt Time (ET) / Heure de la suspension (HE) 7:59 AM ET / 7 h 59 (HE) IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L’OCRCVM peut prendre la décision de suspendre (ou d’arrêter) temporairement les opérations à l’égard d’un titre d’une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d’assurer le bon fonctionnement d’un marché équitable. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des courtiers en placement et l’ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--stgo.html |
May 7 (Reuters) - SMTC Corp:
* Q1 REVENUE ROSE 11.9 PERCENT TO $37.1 MILLION * EXPECT Q2 REVENUE WILL EXCEED Q1 2018 RESULTS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-smtc-corp-reports-first-quarter-20/brief-smtc-corp-reports-first-quarter-2018-results-idUSASC0A09C |
May 4 (Reuters) - Games Workshop Group PLC:
* SALES, PROFITS FOR 2017/18 TO DATE ARE SLIGHTLY ABOVE EXPECTATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-games-workshop-says-sales-profits/brief-games-workshop-says-sales-profits-for-2017-18-to-date-slightly-above-expectations-idUSFWN1SA1G1 |
Future economists compete in National Economics Challenge 2 Hours Ago CNBC's Steve Liesman hosts the National Economics Challenge where some of the brightest high school students go head-to-head in a heated quiz bowl competition. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/future-economists-compete-in-national-economics-challenge.html |
May 1, 2018 / 11:36 AM / Updated 5 minutes ago BRIEF-Spectrum Pharmaceuticals Enters Into A Next-Generation Sequencing Companion Diagnostic Partnership With Thermo Fisher Scientific Reuters Staff
May 1 (Reuters) - Spectrum Pharmaceuticals Inc:
* SPECTRUM PHARMACEUTICALS ENTERS INTO A NEXT-GENERATION SEQUENCING COMPANION DIAGNOSTIC PARTNERSHIP WITH THERMO FISHER SCIENTIFIC
* SPECTRUM PHARMACEUTICALS INC - ENTERED INTO AN AGREEMENT WITH THERMO FISHER SCIENTIFIC
* SPECTRUM PHARMACEUTICALS - AGREEMENT TO LEVERAGE ONCOMINE DX TARGET TEST AS COMPANION DIAGNOSTIC FOR SPECTRUM’S NOVEL PAN-HER INHIBITOR POZIOTINIB Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-spectrum-pharmaceuticals-enters-in/brief-spectrum-pharmaceuticals-enters-into-a-next-generation-sequencing-companion-diagnostic-partnership-with-thermo-fisher-scientific-idUSFWN1S806Z |
MIGDAL HAEMEK, Israel, May 2, 2018 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the quarter ended March 31, 2018.
Highlights of the first quarter 2018
Revenues were $27.3 million, up 29% year-over-year, ahead of the upper end of the previously-issued guidance range and highest ever semiconductor revenue; GAAP operating income was $3.6 million*, representing a 13.0% operating margin; non-GAAP operating income was $4.2 million, representing a 15.4% operating margin; and GAAP net income was $3.5 million*; non-GAAP net income was $4.2 million; up 182% and 211% year-over-year, respectively;
(*) At the end of the first quarter of 2018 the Company decided to cease its efforts to utilize the remaining inventory and equipment related to its development of the functional inkjet technology (FIT) and recorded a one-time write off in the amount of $0.5 million, which is included only in the GAAP results. This has completed the shift of Camtek's business focus purely to semiconductors.
Forward Looking Guidance
Second quarter 2018 revenues are expected to be between $29-30 million, representing a year-over-year increase of approximately 30% at the mid-point. Management continues to expect double-digit growth in revenues in 2018, with overall improvement in profitability margins.
Dividend Announcement
Camtek's Board of Directors declared a cash dividend in the amount of $0.14 per share representing an aggregate distribution of approximately $5.0 million. The dividend will be paid on May 29, 2018 to all shareholders of record at the close of the NASDAQ Global Select Market on May 16, 2018.
Management Comment
Rafi Amit Camtek's CEO commented , "We are proud to present a very strong start to 2018, ending the quarter with record backlog. Our financials have improved across the board, and we demonstrated strong operating and net margins. Our focus on the fastest growing segments of the semiconductors industry is paying off. We are seeing strong order momentum, especially for our newest and latest generation systems. This high level of demand for our products is broad, spanning all the regions in which we operate."
Continued Mr. Amit , "Earlier in the year we announced an order for multiple systems for front-end 2D Macro Inspection from a major Chinese manufacturer. This is in line with our strategy to penetrate new market segments such as macro inspection and special 2D applications, providing us with additional growth drivers. All this underlies our expectations of a strong year of growth and improved profitability. Our cash generation and strong balance sheet position us very well, enabling us to share the rewards of our growth with our shareholders, as well as providing us with an ability to capitalize on internal potential growth opportunities."
The financial results and the comparison to 2017 in this press release include only those of the continuing operations.
First quarter 2018 Financial Results
Revenues for the first quarter of 2018 were $27.3 million. This compares to first quarter 2017 revenues of $21.1 million, a growth of 29%.
Gross profit on a GAAP basis in the quarter totaled $13.0 million (47.7% of revenues), compared to a gross profit of $10.3 million (48.7% of revenues) in the first quarter 2017.
Gross profit on a non-GAAP basis in the quarter totaled $13.2 million (48.5% of revenues), compared to $10.3 million (48.7% of revenues) in the first quarter 2017.
Operating profit on a GAAP basis in the quarter totaled $3.6 million (13.0% of revenues), compared to an operating profit of $1.4 million (6.8% of revenues) in the first quarter 2017.
Operating profit on a non-GAAP basis in the quarter totaled $4.2 million (15.4% of revenues), compared to $1.5 million (7.3% of revenues) in the first quarter 2017.
Net income on a GAAP basis in the quarter totaled $3.5 million, or $0.10 per diluted share, compared to net income from continuing operations of $1.3 million, or $0.04 per diluted share, in the first quarter 2017.
Net income on a non-GAAP basis in the quarter totaled $4.2 million, or $0.12 per diluted share, compared to non-GAAP net income from continuing operations of $1.3 million, or $0.04 per diluted share, in the first quarter 2017.
Cash and cash equivalents, as of March 31, 2018, were $47.2 million compared to $43.7 million as of December 31, 2017. The Company reported a positive operating cash flow of $3.6 million during the first quarter.
Conference Call
Camtek today, May 2, 2018, at 10:00 am ET.
Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results. To participate, please call one of the following telephone numbers a few minutes before the start of the call.
US: 1 888 668 9141 at 10:00 am Eastern Time
Israel: 03 918 0609 at 5:00 pm Israel Time
International: +972 3 918 0609
For those unable to participate, the teleconference will be available for replay on Camtek's website at http://www.camtek.com beginning 24 hours after the call.
ABOUT CAMTEK LTD.
Camtek is a leading manufacturer of metrology and inspection equipment and a provider of software solutions serving the Advanced Packaging, Memory, CMOS Image Sensors, MEMS, RF and other segments in the mid end of the semiconductors industry.
Camtek provides dedicated solutions and crucial yield-enhancement data, enabling manufacturers to improve yield and drive down their production costs.
With eight offices around the world, Camtek has best-in-class sales and customer support organization, providing tailor-made solutions in line with customers' requirements.
This press release is available at http://www.camtek.com
This press release may contain projections or other regarding future events or the future performance of the Company. These statements are only predictions and may change as time passes. We do not assume any obligation to update that information. Actual events or results may those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry, price reductions as well as due to risks identified in the documents filed by the Company with the SEC.
This press release provides financial measures that exclude: (i) settlement expenses; (ii) changes in valuation allowance on deferred tax assets; (iii) share based compensation expenses, (iv) discontinued operations, and (v) write off costs with regard to the FIT activities, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.
Consolidated Balance Sheets
(In thousands)
March 31,
December 31,
2018
2017
Assets
U.S. Dollars (In thousands)
Current assets
Cash and cash equivalents
47,172
43,744
Trade accounts receivable, net
23,569
23,153
Inventories
21,907
21,336
Other current assets
2,810
3,215
Total current assets
95,458
91,448
Fixed assets, net
15,043
15,503
Long term inventory
1,674
1,383
Deferred tax asset
3,834
4,067
Other assets, net
153
153
Intangible assets, net
488
482
6,149
6,085
Total assets
116,650
113,036
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable
12,514
10,502
Other current liabilities
14,897
17,395
Total current liabilities
27,411
27,897
Long term liabilities
885
838
Liability for employee severance benefits
885
838
Total liabilities
28,296
28,735
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at
March 31 2018 and at December 31, 2017;
38,050,656 issued shares at March 31, 2018 and 37,924,507 at
December 31, 2017;
35,958,280 shares outstanding at March 31, 2018 and 35,832,131 at
December 31, 2017
149
149
Additional paid-in capital
78,956
78,437
Retained earnings (losses)
11,147
7,613
90,252
86,199
Treasury stock, at cost (2,092,376 as of March 31, 2018 and
December 31, 2017)
(1,898)
(1,898)
Total shareholders' equity
88,354
84,301
Total liabilities and shareholders' equity
116,650
113,036
Camtek Ltd.
Consolidated Statements of Operations
(in thousands, except share data)
Three months ended
Year ended
March 31,
December 31,
2018
2017
2017
U.S. dollars
Revenues
27,274
21,146
93,485
Cost of revenues
14,277
10,857
47,966
Gross profit
12,997
10,289
45,519
Research and development costs
3,549
3,439
13,534
Selling, general and administrative expenses
5,889
5,405
22,022
Patent litigation expense
-
-
13,000
Total operating expenses
9,438
8,844
48,566
Operating income (loss)
3,559
1,445
(3,037)
Financial income (expenses), net
290
(154)
(150)
Income (loss) from continuing operations
before incomes taxes
3,849
1,291
(3,187)
Income tax (expense) benefit
(315)
(40)
4,875
Net income from continuing operations
3,534
1,251
1,688
Income from discontinued operations
Income before income tax expense
-
2,358
18,302
Income tax expense
-
(311)
(6,028)
Net income from discontinued operations
-
2,047
12,274
Net income
3,534
3,298
13,962
Three months ended
March 31,
Year ended
December 31,
2018
2017
2017
U.S. dollars
Basic earnings from continuing operations
0.10
0.04
0.05
Basic earnings from discontinued operations
-
0.05
0.35
Basic net earnings
0.10
0.09
0.40
Diluted earnings from continuing operations
0.10
0.04
0.05
Diluted earnings from discontinued operations
-
0.05
0.34
Diluted net earnings
0.10
0.09
0.39
Weighted average number of
ordinary shares outstanding:
Basic
35,917
35,348
35,441
Diluted
36,388
35,475
35,964
Camtek Ltd.
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
Three months ended
Year ended
March 31,
December 31,
2018
2017
2017
U.S. dollars
U.S. dollars
Reported net income attributable
to Camtek Ltd. on GAAP basis
3,534
3,298
13,962
Effect of FIT reorganization (1)
506
-
-
Share-based compensation
146
92
426
Settlement expense, net of tax (2)
-
-
12,025
Realization of deferred tax assets (3)
-
-
(4,495)
Attributable to discontinued operations
including income from sale of PCB
business (4)
-
(2,047)
(12,274)
Non-GAAP net income
4,186
1,343
9,644
Non –GAAP net income per share,
basic and diluted
0.12
0.04
0.27
Gross margin on GAAP basis
47.7%
48.7%
48.7%
Reported gross profit on GAAP basis
12,997
10,289
45,519
Effect of FIT reorganization (1)
205
-
-
Share-based compensation
16
9
44
Non- GAAP gross margin
48.5%
48.7%
48.7%
Non-GAAP gross profit
13,218
10,298
45,563
Reported operating income (loss)
attributable to Camtek Ltd. on
GAAP basis
3,559
1,445
(3,037)
Effect of FIT reorganization (1)
506
-
-
Share-based compensation
146
92
426
Settlement expense (2)
-
-
13,000
Non-GAAP operating income
4,211
1,537
10,389
(1) At the end of the first quarter of 2018, the Company ceased its efforts to utilize the remaining inventory and equipment related to FIT development and recorded a one-time write-off in the amount of $0.5 million, consisting of: (1) inventory write-offs of $0.2 million, recorded under the cost of revenue line item; and (2) fixed asset write-offs of $0.3 million recorded under operating expenses.
(2) During the year ended December 31, 2017, the Company recorded a provision of $13 million ($12 million net of tax) in conjunction settlement with Rudolph Technologies Inc.
(3) During the year ended December 31, 2017 the Company recorded net income of $4.5 million as a result of a decrease in the valuation allowance on deferred tax assets following the evaluation of the realizability of the assets based on projected future earnings.
(4) Due to the completion of the sale of Camtek's PCB business at the end of the third quarter of 2017, the results of this unit ceased to be consolidated into Camtek's financial statements and are accounted for as discontinued operations in the periods ended March 31, 2017 and December 31, 2017. Following the sale of the PCB business, the Company recorded one-time income of $12.5 million to GAAP net income in the 2017 full year results. This amount is excluded from the non-GAAP results.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972-4-604-8308
Mobile: +972-54-900-7100
[email protected] m
INTERNATIONAL INVESTOR RELATIONS
GK Investor Relations
Ehud Helft / Gavriel Frohwein
Tel: (US) +1-646-688-3559
[email protected]
View original content: http://www.prnewswire.com/news-releases/camtek-announces-first-quarter-2018-results-300640977.html
SOURCE Camtek Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-camtek-announces-first-quarter-2018-results.html |
Pond snails could hold key to treating PTSD and dementia Tuesday, May 22, 2018 - 01:39
The great pond snail could hold the key to preventing post traumatic stress disorder (PTSD) in soldiers and developing new treatment for dementia patients. Jim Drury reports.
The great pond snail could hold the key to preventing post traumatic stress disorder (PTSD) in soldiers and developing new treatment for dementia patients. Jim Drury reports. //reut.rs/2IAuOqe | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/22/pond-snails-could-hold-key-to-treating-p?videoId=429296740 |
HONG KONG, May 9 (Reuters) - Hong Kong Exchanges & Clearing Ltd (HKEX) said on Wednesday its first-quarter net profit rose 49 percent on year, thanks to a significant increase in trading fees.
HKEX, which runs the Hong Kong stock exchange, posted a net profit of HK$2.56 billion ($326.12 million) for the first three months of this year, up from HK$1.72 billion a year ago, beating the HK$2.31 billion average of two analysts polled by Thomson Reuters.
Trading fees rose 96 percent year on year. ($1 = 7.8498 Hong Kong dollars) (Reporting by Alun John; Editing by Sunil Nair)
| ashraq/financial-news-articles | https://www.reuters.com/article/hkex-results/hkex-first-quarter-net-profit-rises-49-pct-on-higher-trading-fees-idUSL3N1SF4EN |
May 18 (Reuters) - Codorus Valley Bancorp Inc:
* CODORUS VALLEY BANCORP INC - BOARD HAS ACTED TO APPOINT DIANE BAKER AS INTERIM CFO AND INTERIM TREASURER EFFECTIVE JUNE 1, 2018 - SEC FILING
* CODORUS VALLEY BANCORP INC - ON MAY 15, CHARLES FIELD, CFO OF PEOPLESBANK RESIGNED FROM HIS POSITIONS AND AS AN EMPLOYEE EFFECTIVE AS OF MAY 31 Source text: ( bit.ly/2L9qjjY ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-codorus-valley-bancorp-says-board/brief-codorus-valley-bancorp-says-board-has-acted-to-appoint-diane-baker-as-interim-cfo-idUSFWN1SP0XW |
Cake designer Claire Ptak prepares the royal wedding cake 9:13am EDT - 01:24
The London-based baker was chosen by Prince Harry and Meghan Markle to make the cake which will be flavoured with lemon and elderflower. Rough cut (no reporter narration) ▲ Hide Transcript ▶ View Transcript
The London-based baker was chosen by Prince Harry and Meghan Markle to make the cake which will be flavoured with lemon and elderflower. Rough cut (no reporter narration) Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Kz9ZIe | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/cake-designer-claire-ptak-prepares-the-r?videoId=428016606 |
Revenues: $473 million, up 13% from first quarter of 2017 Operating Income: $26.4 million for an operating margin of 5.6% Diluted EPS: $0.51, up 31% from first quarter of 2017 Bookings of $430 million, resulting in a book-to-bill ratio of 0.9 and a LTM book-to-bill of 2.2
FAIRFAX, Va., May 02, 2018 (GLOBE NEWSWIRE) -- ManTech International Corporation (Nasdaq:MANT), a leading provider of innovative technologies and solutions for mission-critical national security programs, today announced financial results for the first quarter of fiscal year 2018, which ended March 31, 2018.
“With the solid execution in the quarter, ManTech is well positioned for another successful year. We continue our strong trajectory with another quarter of robust organic revenue growth. Equally important is our commitment to invest for the future and our steadfast focus on delivering innovative and differentiated solutions to meet our customers' mission-critical requirements,” said ManTech President and Chief Executive Officer Kevin M. Phillips.
Summary Operating Results Three months ended
March 31, (In Millions Except Per Share Amounts) 2018 2017 Revenue $473.2 $418.4 Operating Income $26.4 $24.4 Operating Margin 5.6 % 5.8 % Depreciation and Amortization $13.2 $7.7 Depreciation and Amortization % of Revenue 2.8 % 1.8 % Net Income $20.1 $15.0 Diluted Earnings Per Share $0.51 $0.39
As a result of increased demand for our services and solutions, revenues for the quarter were $473.2 million, up 13% from $418.4 million in the first quarter of 2017. Revenue growth was driven by a combination of organic expansion from recent contract awards and acquisitions.
Operating income for the quarter was $26.4 million, up 8% compared to the first quarter of 2017, representing an operating margin of 5.6%. For the quarter, net income was $20.1 million and diluted earnings per share were $0.51, up 34% and 31%, respectively, compared to the first quarter of 2017.
Cash Management and Capital Deployment Three months ended
March 31, (Dollars In Millions)
2018 2017 Net Income $20.1 $15.0 Cash Flow from Operations $(18.0) $36.5 Operating Cash Flow Multiple of Net Income (0.9)x 2.4x Capital Expenditures $8.7 $3.4 Days Sales Outstanding (DSO) 69 68 Cash and Cash Equivalents, End of Period $10.4 $91.6 Current and Long Term Debt, End of Period $65.5 $0.0
The company used $18.0 million of net cash flow to fund operating activities in the quarter. Days sales outstanding (DSO) were 69 days. As of March 31, 2018, the company had $10.4 million in cash and cash equivalents and $65.5 million of outstanding borrowings on its $500 million revolving-credit facility, which leaves the company with ample financial capacity to support growth, pursue acquisitions and issue dividends while maintaining a strong balance sheet.
The company paid $9.9 million in dividends, or $0.25 per share, to its common stockholders of record as of March 9, 2018. The Board of Directors has declared that the company will pay a cash dividend of $0.25 per share on June 22, 2018, to all common stockholders of record as of June 8, 2018, as part of its regular quarterly cash dividend program. Future declarations of dividends and their record and payment dates are subject to the final determination of ManTech's Board of Directors.
Contract Awards
Contract awards (bookings) totaled $430 million in the quarter, representing a book-to-bill ratio of 0.9. Over the trailing 12 months, the book-to-bill ratio is 2.2. ManTech won several large, single-award contracts in the quarter including:
C4I Integration in U.S. Marine Corps (USMC) Combat Vehicles. ManTech was awarded a 5-year contract totaling $82 million by the Navy's Space and Naval Warfare Systems Center (SPAWAR SSC) to augment Command, Control, Communications, Computers and Intelligence (C4I) capabilities of USMC combat vehicles.
Additional contract awards in the quarter include several extensions to existing contracts and new contracts from various customers, most of which are classified.
In addition, the company won several multiple-award indefinite-delivery, indefinite-quantity (IDIQ) contracts, which are not included in bookings, including:
Defense Information Systems Agency (DISA) ENCORE III. Under this 10-year, $17.5 billion contract ManTech will have the opportunity to win task orders to provide a range of IT solutions.
The company’s backlog of business at the end of quarter was $7.1 billion and funded backlog was $1.2 billion.
Forward Guidance
Based on our strong performance in the first quarter, we are raising and narrowing our 2018 guidance range on revenue, net income, and diluted earnings per share as specified in the table below.
Measure Fiscal 2018 Guidance Revenue (billion) $1.90 - $1.95 Net Income (million) $80.1 - $83.3 Diluted Earnings per Share $2.00 - $2.08
ManTech Chief Financial Officer Judith L. Bjornaas said, "I am pleased to see the strong organic performance of the business, which met all of our financial targets for the first quarter. ManTech's positioning in important national and homeland security missions provides a solid foundation for continued growth."
Conference Call
ManTech executive management will hold a conference call on May 2, 2018, at 5 p.m. Eastern to discuss the financial results and outlook and answer questions. Analysts may participate on the conference call by dialing 877-638-9567 (domestic) or 253-237-1032 (international) and entering passcode 6293764. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the ManTech website ( http://investor.mantech.com ). A replay of the conference call will be available on the ManTech website approximately 2 hours after the conclusion of the conference call.
About ManTech International Corporation
ManTech provides mission-focused technology solutions and services for U.S. defense, intelligence community and federal civilian agencies. Now in our 50 th year, we excel in full-spectrum cyber, data collection & analytics, enterprise IT, systems engineering and software application development solutions that support national and homeland security. Additional information on ManTech can be found at www.mantech.com .
Forward-Looking Information
Statements and assumptions made in this press release, which do not address historical facts, constitute “forward-looking” statements that ManTech believes to be within the definition in the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties, many of which are outside of our control. Words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” or “estimate,” or the negative of these terms or words of similar import, are intended to identify .
These are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes we anticipate. Factors that could cause actual results to differ materially from the results we anticipate include, but are not limited to, the following: failure to maintain our relationship with the U.S. government, or failure to compete effectively for new contract awards or to retain existing U.S. government contracts; inability to recruit and retain sufficient number of employees with specialized skill sets or necessary security clearances who are in great demand and limited supply; issues relating to competing effectively for awards procured through the competitive bidding process, including the adverse impact of delay caused by competitors’ protests of contracts awards received by us; adverse changes in U.S. government spending for programs we support, whether due to changing mission priorities, socio-economic policies that reduce the contracts that we may bid on, cost reduction and efficiency initiatives by our customers, or other federal budget constraints generally; failure to obtain option awards, task orders or funding under contracts; failure to realize the full amount of our backlog or adverse changes in the timing of receipt of revenues under contracts included in backlog; renegotiation, modification or termination of our contracts, or failure to perform in conformity with contract terms or our expectations; disruption of our business or damage to our reputation resulting from security breaches in customer systems, internal systems or services failures (including as a result of cyber or other security threats), or employee or subcontractor misconduct; failure to successfully integrate acquired companies or businesses into our operations or to realize any accretive or synergistic effects from such acquisitions; increased exposure to risks associated with conducting business internationally; non-compliance with, or adverse changes in, complex U.S. government laws, procurement regulations or processes; and adverse results of U.S. government audits or other investigations of our government contracts. These and other risk factors are more fully discussed in the section entitled "Risk Factors" in ManTech's Annual Report on Form 10-K previously filed with the Commission on Feb. 23, 2018, Item 1A of Part II of our Quarterly Reports on Form 10-Q, and, from time to time, in ManTech's other filings with the Commission.
The included herein are only made as of the date of this press release, and ManTech undertakes no obligation to publicly update any of the made herein, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.
MANTECH INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands Except Share and Per Share Amounts) (unaudited) March 31,
2018 December 31,
2017 ASSETS Cash and cash equivalents $ 10,382 $ 9,451 Receivables—net 364,180 311,410 Prepaid expenses and other 49,360 46,207 Contractual inventory 92 96 Total Current Assets 424,014 367,164 Goodwill 1,085,321 1,084,560 Other intangible assets—net 189,452 194,348 Property and equipment—net 50,288 46,082 Employee supplemental savings plan assets 33,300 33,555 Investments 11,848 11,843 Other assets 7,383 6,923 TOTAL ASSETS $ 1,801,606 $ 1,744,475 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Accounts payable and accrued expenses $ 134,870 $ 122,405 Accrued salaries and related expenses 77,087 87,064 Contract liabilities 21,876 18,816 Total Current Liabilities 233,833 228,285 Long term debt 65,500 31,000 Deferred income taxes 101,163 97,194 Accrued retirement 32,293 34,517 Other long-term liabilities 10,718 10,505 TOTAL LIABILITIES 443,507 401,501 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Common stock, Class A—$0.01 par value; 150,000,000 shares authorized;
26,576,960 and 26,285,773 shares issued at March 31, 2018 and
December 31, 2017; 26,332,847 and 26,041,660 shares outstanding at
March 31, 2018 and December 31, 2017 266 263 Common stock, Class B—$0.01 par value; 50,000,000 shares authorized;
13,189,245 and 13,189,245 shares issued and outstanding at March 31,
2018 and December 31, 2017 132 132 Additional paid-in capital 496,354 492,030 Treasury stock, 244,113 and 244,113 shares at cost at March 31, 2018 and December 31, 2017 (9,158 ) (9,158 ) Retained earnings 870,814 860,027 Accumulated other comprehensive loss (309 ) (320 ) TOTAL STOCKHOLDERS’ EQUITY 1,358,099 1,342,974 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,801,606 $ 1,744,475
MANTECH INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In Thousands Except Per Share Amounts) (unaudited)
Three months ended
March 31, 2018 2017 REVENUE $ 473,236 $ 418,374 Cost of services 403,933 357,047 General and administrative expenses 42,882 36,937 OPERATING INCOME 26,421 24,390 Interest expense (734 ) (294 ) Interest income 15 24 Other income, net 4 39 INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS 25,706 24,159 Provision for income taxes (5,679 ) (9,100 ) Equity in gains (losses) of unconsolidated subsidiaries 40 (31 ) NET INCOME $ 20,067 $ 15,028 BASIC EARNINGS PER SHARE: Class A common stock $ 0.51 $ 0.39 Class B common stock $ 0.51 $ 0.39 DILUTED EARNINGS PER SHARE: Class A common stock $ 0.51 $ 0.39 Class B common stock $ 0.51 $ 0.39
MANTECH INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (unaudited)
Three months ended
March 31, 2018 2017 CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: Net income $ 20,067 $ 15,028 Adjustments to reconcile net income to net cash flow from (used in) operating activities: Depreciation and amortization 13,209 7,674 Deferred income taxes 3,969 3,653 Stock-based compensation 1,054 1,067 Equity in (gains) losses of unconsolidated subsidiaries (40 ) 31 Change in assets and liabilities—net of effects from acquired businesses: Receivables—net (45,458 ) 5,645 Prepaid expenses and other (3,255 ) 4,411 Contractual inventory 4 1,192 Employee supplemental savings plan asset 255 (1,287 ) Accounts payable and accrued expenses 4,980 (2,644 ) Accrued salaries and related expenses (9,873 ) 3,646 Contract liabilities (397 ) (899 ) Accrued retirement (2,224 ) (655 ) Other (306 ) (333 ) Net cash flow from (used in) operating activities (18,015 ) 36,529 CASH FLOWS (USED IN) INVESTING ACTIVITIES: Purchases of property and equipment (6,574 ) (2,578 ) Investment in capitalized software for internal use (2,097 ) (817 ) Deferred contract costs (295 ) — Net cash used in investing activities (8,966 ) (3,395 ) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Borrowing under revolving credit facility 191,000 — Repayments under revolving credit facility (156,500 ) — Dividends paid (9,861 ) (8,137 ) Proceeds from exercise of stock options 5,996 1,694 Payment consideration to tax authority on employees' behalf (2,723 ) — Net cash flow from (used in) financing activities 27,912 (6,443 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 931 26,691 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 9,451 64,936 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 10,382 $ 91,627
ManTech-F
ManTech International Corporation
Investor Relations
Judy Bjornaas
Executive Vice President and Chief Financial Officer
(703) 218-8269
[email protected]
Media
Sue Cushing
VP Corporate Communications
(703) 814-8369
[email protected]
Source:ManTech International Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-mantech-announces-financial-results-for-first-quarter-of-2018.html |
WASHINGTON—A proxy for business investment rose a solid rate last month, but overall durable goods orders fell in April due to a decline in aircraft demand.
Orders for durable goods—products designed to last at least three years, such as computers and machinery—declined 1.7% from the prior month to a seasonally adjusted $248.5 billion in April, the Commerce Department said Friday.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-durable-orders-slip-in-april-while-capital-spending-improves-1527251712 |
May 11, 2018 / 2:07 PM / Updated 13 and England boost as Klopp declares Lallana fit Reuters Staff 3 Min Read
LONDON (Reuters) - Adam Lallana is ready to return from injury for Liverpool on Sunday and could land the chance to also prove his fitness for England’s World Cup squad which is named next week. International Friendly - England vs Italy - Wembley Stadium, London, Britain - March 27, 2018 England's Adam Lallana in action with Italy's Mattia De Sciglio Action Images via Reuters/John Sibley/File Photo
Injuries have restricted the midfielder to just 13 appearances for his club this season and he lasted just five minutes into his latest comeback against Crystal Palace on March 31.
But Lallana, who turned 30 on Thursday, looks set for a place on the bench in Liverpool’s final Premier League game against Brighton & Hove Albion when Juergen Klopp’s side need a point to confirm a top-four finish.
“He is as fit as possible,” said Klopp at his pre-match press conference on Friday.
“Adam has trained for a week. Yesterday, he trained normal. He looks okay. The perfect thing would be to give him minutes and we would see if we can.”
Lallana’s return could not be better timed with the Champions League final against Real Madrid little more than two weeks away and Gareth Southgate naming his squad for the World Cup in Russia on May 16.
Liverpool’s 1-0 defeat at Chelsea last week has ensured that, just like last year, the Merseysiders’ fight for Champions League qualification has gone down to the final game.
“We are part of it. I am not frustrated about it,” said Klopp, who 12 months ago oversaw the 3-0 final-day defeat of Middlesbrough to ensure they finished fourth.
This season Liverpool’s task has been made easier by Chelsea’s midweek draw with Huddersfield, a result that leaves the Blues two points behind Klopp’s side with a vastly inferior goal difference.
But the German warned that Brighton, who have only pride to play for after securing their Premier League status, could prove dangerous opponents.
Liverpool have won just one of their past five games in all competitions and talisman Mo Salah is without a goal in three games. But Klopp said they have benefited from a week off and reported no new injuries.
“A week was exactly what we needed, we had a few players with some problems and had time to recover. We still have two days and that should help us. It would have been difficult to play during the week.
“People told me good luck for [the Champions League final] at the LFC awards last night. But right now it’s onto the next challenge. We need to deliver on Sunday again. It’s not a farewell thing.” Reporting by Neil Robinson; Editing by Ian Chadband | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-liv-brh-klopp/liverpool-and-england-boost-as-klopp-declares-lallana-fit-idUKKBN1IC1P7 |
ALEXANDRIA, Va.—A federal judge Friday questioned Special Counsel Robert Mueller’s authority to bring tax and bank-fraud charges unrelated to the 2016 election against former Trump campaign chairman Paul Manafort.
Judge T.S. Ellis suggested the charges before the U.S. District Court for the Eastern District of Virginia were just part of the Mueller team’s designs to pressure Mr. Manafort into giving up information on President Donald Trump or others in the campaign.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/judge-questions-muellers-authority-to-prosecute-manafort-1525456340 |
FRANKFURT (Reuters) - Germany’s BMW ( BMWG.DE ) will target a group pre-tax profit of more than 10 billion euros ($11.9 billion) this year, finance chief Nicolas Peter told newspaper Handelsblatt on Tuesday, as the carmaker seeks to achieve double-digit margins in the long run.
Headquarters of German luxury carmaker BMW in Munich, Germany, March 21, 2018. REUTERS/Michael Dalder “We are striving to keep group pre-tax profit (margins) sustainably above 10 percent,” Peter said in a interview in the newspaper. “For this year, that means a result of well over 10 billion euros.”
BMW made record profits last year but delivered a slightly weaker showing in the first quarter as unfavorable exchange rate effects weighed.
The company has set an operating margin target of 8-10 percent in its core car business for this year. The group margin target of more than 10 percent would be accorded equal weight in future, Peter told Handelsblatt.
Reporting by Douglas Busvine. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bmw-outlook/bmw-targets-group-pre-tax-margins-of-more-than-10-percent-handelsblatt-idUSKCN1IG30N |
Exclusive: Special Counsel subpoenas another Stone aide in Russia... reuters.com • Exclusive: Special Counsel subpoenas another Stone aide in Russia... More U.S. Special Counsel Robert Mueller has subpoenaed a key assistant of long-time Donald Trump adviser Roger Stone, two people with knowledge of the matter said, the latest sign that Mueller’s investigation into alleged Russian meddling in the 2016 election is increasingly focusing on Stone. The subpoena was recently served on John Kakanis, 30, who has worked as a driver, accountant and operative for Stone. Kakanis has been briefly questioned by the FBI on the topics of possible Russian interference in the 2016 presidential election, the WikiLeaks website, its founder Julian Assange, and the hacker or hackers who call themselves Guccifer 2.0, one of the people with knowledge of the matter said. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-mueller-subpoena-exclusive/exclusive-special-counsel-subpoenas-another-stone-aide-in-russia-probe-sources-idUSKCN1IJ2MV?il=0 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.