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(Reuters) - No one in the history of marathon has won nine out of 10 races, including an Olympic gold, except Kenya’s Eliud Kipchoge.
Athletics - TCS World 10K race - Bengaluru, India, May 27, 2018. Kenya's coach Patrick Sang (L) and Geoffrey Kipsang Kamworor pose after Kamworor won the race. Picture taken May 27, 2018. REUTERS/Abhishek N. Chinnappa Considered by many as the greatest marathon runner ever, Eliud was discovered by the accomplished coach Patrick Sang at the age of 16.
After less than two years of training under Sang, Kipchoge stunned the world by winning the 5,000 meters at the Paris world championships in 2003, beating greats like Hicham El Guerrouj and Kenenisa Bekele.
Having stunned the world himself by running 65km in 7hrs, 2min at the age of six, India’s Budhia Singh, now 16, is a picture in contrast. He has been forgotten and abandoned.
Without a coach, the youngster trains six days a week, all on his own, and still dreams of Olympic glory. “I want to win Olympic gold for India in marathon at the 2024 Olympics,” Budhia told Reuters.
When asked about the importance of making sure promising talent is nurtured correctly, Sang tells Reuters: “The role of a coach in handling young runners like Budhia is critical. Workload for an age like his must be monitored so that they’re not over trained, exposed to injuries and burn out.”
In fact, Sang goes a step further and says he is willing to help Budhia. Having trained Kipchoge for 17 years, and several other champion athletes, Sang is known to choose his words carefully when discussing prospective students.
After hearing about the extraordinary childhood of Budhia, where he ran marathon-equivalent distances more than 25 times by the age of six, the 54-year old coach takes a cautious approach.
“We could be looking at a potential athlete, depending on when he is put to test to see what distance he can do. Running at that tender age is a sign of potential,” says Sang.
“To me ideally it’s a case where medical experts should intervene a little bit to assess and see the status of this boy physiologically and psychologically.
“If it’s clear clinically and there are no other factors pushing him in that direction to do what he is doing, then we can move towards testing his potential to see what he is capable of.
“If everything is normal then some of us can come in and contribute. He can be helped if potential is there,” adds Sang, who was in Bangalore for the recent TCS World 10K event.
SHORTER DISTANCES Sang, himself a 3,000m steeplechase silver medalist at the Barcelona Olympics in 1992, says Budhia’s potential could even be converted to shorter distances on the track before tackling professional marathons.
“After medical examination, Budhia’s potential can be tested by making him run 5,000m and 10,000m and see how he performs,” the Kenyan says.
“I wouldn’t talk of marathon running for him until he’s over 20 years.”
It’s a tactic that has served Kenyan runners well over the years.
“The longevity of the early (marathon) undertakers is short lived compared to old-school type,” Sang explains.
The coaching guru believes it takes three to five years to reach world-class marathon runner ranges, except for late bloomers. After turning 20, Budhia will have six years to take a shot at the 2028 Olympics in Los Angeles, if not the 2024 Games in Paris.
As the interview approaches the finish line, Sang tells Reuters: “After all the assessment and test of his potential, if Budhia is found to be OK, then I’m willing to find a sponsor and train him in Kenya.”
The question now is whether the Indian sports ministry or any relevant organization takes the initiative to have Budhia assessed and get him to a stage where Sang can take over.
Editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-athletics-india-sang/athletics-prominent-kenyan-coach-offers-to-train-indian-marathon-talent-budhia-singh-idUSKCN1IU25K |
May 3, 2018 / 12:32 PM / Updated 40 minutes ago House to call U.S. Olympic chief to testify on sexual abuse of athletes David Shepardson 3 Min Read
WASHINGTON (Reuters) - The U.S. House of Representatives plans to call top U.S. Olympic and sporting officials to a May 23 hearing on sexual abuse amid reports that hundreds of American athletes have been victims of it. FILE PHOTO: Larry Nassar, a former team USA Gymnastics doctor who pleaded guilty in November 2017 to sexual assault charges, stands in court during his sentencing hearing in the Eaton County Court in Charlotte, Michigan, U.S., February 5, 2018. REUTERS/Rebecca Cook/File Photo
The hearing of the House Energy and Commerce Committee’s Oversight and Investigations subcommittee will include Susanne Lyons, acting chief executive officer of the United States Olympic Committee (USOC) and Kerry Perry, president and CEO of USA Gymnastics, and focus on whether the groups have adequate safeguards against abuse, a committee spokeswoman confirmed.
In February, USOC CEO Scott Blackmun resigned following the sex abuse scandal involving former USA Gymnastics and Michigan State doctor Larry Nassar, who was sentenced to two 40-year prison terms after pleading guilty to molesting female athletes under the guise of medical treatment.
“We are concerned about the potentially pervasive and systemic problem of sexual abuse across the U.S. Olympic community,” said Representative Greg Walden, who chairs the committee and subcommittee chairman Gregg Harper in a joint statement. “The institutions we’ve called to testify have long been entrusted with the safety and well-being of America’s athletes.
Others testifying, after the emergence of the #MeToo movement and a national shift in sentiment towards sexual assault victims, include the CEOs of USA Swimming, USA Taekwondo, USA Volleyball and the U.S. Center for SafeSport, the committee said.
Several U.S. sports organisations have been criticised for not acting on complaints of abuse by Nassar and others.
President Donald Trump signed legislation in February that includes making child abuse reporting mandatory for the USOC and other amateur sports organisations. It also sets up a new body in the USOC that responds to sexual misconduct reports.
USA Gymnastics said in a statement after a Senate hearing last month it was “committed to doing everything it can to prevent abuse from happening again by making bold decisions and holding ourselves to the highest standards of care.”
USA Gymnastics did not immediately respond to requests for comment on the May 23 hearing.
A USOC spokesman said: “We have been cooperating with Congress on the important issue of athlete safety for more than a year and we welcome the opportunity to continue the dialogue at the upcoming hearings and beyond. We share a common goal of better protecting and empowering the athletes who are at the centre of the Olympic and Paralympic movements.”
In the aftermath of the Nassar scandal, the USOC has outlined reforms aimed at protecting its athletes from abuse. The scandal prompted the board of directors at USA Gymnastics to resign, along with top officials at Michigan State. Reporting by David Shepardson; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-gymnastics-usa-congress/house-to-call-u-s-olympic-chief-to-testify-on-sexual-abuse-of-athletes-idUKKBN1I41FS |
BUENOS AIRES, May 3 (Reuters) - Argentina’s central bank raised its benchmark interest rate by another 300 basis points on Thursday to 33.25 percent from 30.25 percent, its second surprise rate hike in less than a week. (Reporting by Walter Bianchi; Writing by Caroline Stauffer Editing by Chizu Nomiyama)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/argentina-rate/argentina-central-bank-raises-benchmark-interest-rate-to-33-25-pct-idUSE6N1M702C |
Board of Directors Unanimously Rejects Acquisition Proposal from Romano’s Macaroni Grill
Special Meeting of Shareholders On May 22 to Approve Transaction With Spice Private Equity Ltd.
COLUMBUS, Ohio, May 15, 2018 (GLOBE NEWSWIRE) -- Bravo Brio Restaurant Group, Inc. (NASDAQ:BBRG) (“BBRG” or the “Company”), owner and operator of the BRAVO! Cucina Italiana and BRIO Tuscan Grille restaurant concepts, announced today that it has rejected an unsolicited proposal it received on May 9, 2018, from Romano’s Macaroni Grill (“Macaroni Grill”) to purchase all of the fully diluted outstanding common shares of BBRG for approximately $4.78 per share.
Macaroni Grill’s unsolicited proposal relies on significant third party financing (both debt and equity), including by Raven Capital Management LLC, which was a prior participant in the Company’s comprehensive review of strategic alternatives that led to BBRG’s entry into a definitive merger agreement on March 7, 2018 with an affiliate of Spice Private Equity Ltd. (“Spice”), under which the Spice affiliate will acquire BBRG in an all-cash transaction (the “Spice Merger Agreement”). Spice is a Swiss-investment company focused on private equity investments, which is controlled by GP Investments, Ltd. (“GP”), a leading private equity and alternative investment firm.
BBRG’s Board of Directors thoroughly evaluated Macaroni Grill’s proposal, including seeking clarifications from Macaroni Grill on the terms and conditions of its proposal and consulting with BBRG’s financial advisor and outside legal counsel. Following that evaluation, BBRG’s Board unanimously determined that the proposal did not constitute and would not reasonably be expected to result in a “Superior Proposal,” as defined in the Spice Merger Agreement and, accordingly, rejected the Macaroni Grill proposal.
The Board of Directors of BBRG continues to unanimously recommend that BBRG shareholders vote “FOR” the proposal to approve and adopt the Spice Merger Agreement.
In its May 9, 2018 proposal, Macaroni Grill indicated that it would be relying upon fully committed financing from third party equity and debt sources to finance the transaction and not utilizing Macaroni Grill’s own cash on hand or immediately available borrowing capacity. Macaroni Grill stated that it would promptly provide commitment papers and other documentation supporting Macaroni Grill’s financing plans. At the direction of the Company’s Board, on May 10 th the Company’s representatives requested clarification of the terms and conditions of Macaroni Grill’s proposal, including copies of the referenced commitment papers. In response to that request, Macaroni Grill delivered highly-conditional and non-binding letters of financing support which were not enforceable by the Company. Macaroni Grill’s representatives also communicated at that time that a transaction between the Company and Macaroni Grill would be subject to an additional regulatory condition relating to receipt of approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, which such condition is not applicable to the transactions contemplated by the Spice Merger Agreement. Macaroni Grill also failed to provide the Company with a proposed revised merger agreement that it would be prepared to execute to effect a transaction.
The Board has provided Macaroni Grill with ample time and opportunity to produce an actionable proposal with fully-committed financing, and Macaroni Grill has failed to do so. It is the belief of the Company’s Board that further pursuit of Macaroni Grill’s offer would be potentially harmful to the Company given the substantial liquidity constraints facing the Company as described in the Company’s most recent Quarterly Report and the significant potential negative impact to the Company’s shareholders, operations and employees in the event of a broken transaction. Accordingly, the Company’s Board continues to unanimously recommend that BBRG shareholders vote “FOR” the proposal to approve and adopt the Spice Merger Agreement.
About Bravo Brio Restaurant Group, Inc.
Bravo Brio Restaurant Group, Inc. is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG's brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.
Additional Information and Where to Find It
In connection with the proposed transaction, the Company has filed a definitive proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission (“SEC”). COMPANY SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED MERGER BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement was mailed to shareholders of the Company on or about April 20, 2018. Investors and security holders may obtain the documents free of charge at the SEC’s website, http://www.sec.gov . In addition, shareholders may obtain free copies of the documents at the Company’s website, www.bbrg.com , under the heading “Investors.”
Participants in the Solicitation
The Company and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of the Company in connection with the proposed merger. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the proposed merger is included in the proxy statement and other relevant materials filed with the SEC.
Cautionary Statement Regarding Forward-Looking Statements
Certain matters discussed in this report are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made based on known events and circumstances at the time of release, and as such, are subject to uncertainty and changes in circumstances. These statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “potential,” “continues,” “plans,” “forecasts,” “estimates,” “projects,” “predicts,” “would,” “intends,” “anticipates,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and include all statements regarding future performance, earnings projections, events or developments. There is no assurance that an acquisition of the Company by Spice will be consummated and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. The risks and uncertainties in connection with such forward-looking statements related to the proposed transaction include, but are not limited to, the occurrence of any event, change or other circumstances that could delay the closing of the proposed transaction; the possibility of non-consummation of the proposed transaction and termination of the merger agreement; the ability and timing to obtain the approval of the Company’s shareholders and to satisfy other closing conditions to the merger agreement; the risk that shareholder litigation in connection with the proposed transaction may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; adverse effects on the Company’s common shares because of the failure to complete the proposed transaction; the Company’s or Spice’s respective businesses experiencing disruptions from ongoing business operations due to transaction-related uncertainty or other factors making it more difficult than expected to maintain relationships with employees, business partners or governmental entities, both before and following consummation of the transaction; significant transaction costs which have been and may continue to be incurred related to the proposed transaction; and other risks and uncertainties described in the Company’s filings with the SEC. The Company, Spice and GP caution readers not to place undue reliance on any forward-looking statements. These forward-looking statements represent the Company’s, Spice’s and GP’s judgment as of the date of this report, and the Company, Spice and GP undertake no obligation to update or revise them unless otherwise required by law.
Contacts for BBRG:
Investor Relations
Raphael Gross / Dara Dierks
(203) 682-8253 / (646) 277-1212
Media Relations
Jake F. Malcynsky
(203) 682-8375
Source:Bravo Brio Restaurant Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-bravo-brio-restaurant-group-board-of-directors-reaffirms-recommendation-to-proceed-with-acquisition-by-an-affiliate-of.html |
NEW YORK, Bernstein Liebhard LLP reminds investors that a class action lawsuit has been filed on behalf of purchasers of the securities of Edge Therapeutics, Inc. (“EDGE” or the “Company”) (NASDAQ:EDGE) between December 29, 2017 and March 27, 2018, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Edge investors under the federal securities laws.
To join the Edge class action, and/or if you have information relating to this matter, please visit our EDGE SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected] .
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s lead product candidate EG-1962 would likely fail a futility analysis in connection with the NEWTON 2 study; and (2) as a result, the Company’s financial statements and Defendants’ statements about Edge’s business, operations, and prospects, were materially false and misleading at all relevant times.
On December 29, 2017, Edge announced that “an independent Data Monitoring Committee (DMC) recommended that the Phase 3 NEWTON 2 study of EG-1962 continue as planned based on the completion of a pre-planned futility analysis. The DMC made this recommendation after evaluating data from the Day 90 follow-up visit of the first 150 patients randomized and treated.”
Then, on March 28, 2018, Edge announced “that a pre-specified interim analysis on data from the Day 90 visit of the first 210 subjects randomized and treated in the Phase 3 NEWTON 2 study of EG-1962 demonstrated a low probability of achieving a statistically-significant difference compared to the standard of care in the study's primary endpoint, if the study is fully enrolled.” As a result, “[t]he independent Data Monitoring Committee (DMC) recommended that the study be stopped based on its conclusion that the study has a low probability of meeting its primary endpoint.” Based on the DMC’s recommendation, Edge stated that it will discontinue the Phase 3 NEWTON 2 study.
On this news, Edge’s stock fell $14.28 per share, or nearly 92%, to close at $1.31 per share on March 28, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than June 22, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Please follow us for updates on LinkedIn: https://www.linkedin.com/company/bernstein-liebhard-llp/ and Twitter: https://twitter.com/bernlieb .
ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
[email protected]
Source:Bernstein Liebhard LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-edge-shareholders-bernstein-liebhard-llp-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-edge.html |
* Yields rise as trade tensions with China ease * U.S. 2-year yield climb to highest since August 2007 (Updates analyst Quote: s, trade comment, yields, table) By Kate Duguid NEW YORK, May 14 (Reuters) - Treasury yields edged up on Monday, extending weekend gains as trade tensions eased a day after President Donald Trump pledged to help Chinese telecommunications company ZTE Corp, which has been penalized for violating U.S. sanctions with Iran. U.S. Commerce Secretary Wilbur Ross on Monday confirmed that the office was exploring "alternative remedies" to punish ZTE following the president's tweet on Sunday, which said too many jobs in China had been lost. The telecommunications company had shut down its main operations after the Commerce Department banned U.S. companies from selling components to ZTE for seven years after it illegally shipped goods made with U.S. parts to Iran and North Korea. Monday's moves were modest, with the 2-year note yield gaining less than a basis point. Nevertheless, its peak at 2.552 percent in morning trade was the highest it has been since August 2008. The benchmark 10-year government yield remained range-bound, last at 2.993 percent, just below the 3 percent level it broke through more than two weeks ago for the first time since January 2014. "We’re just bopping around in a range on either side of 3 percent. If there was anything (driving yields up), it was maybe the comments from Trump over the weekend concerning trade with China that may have taken a bit of the concern out of the market," said Lou Brien, market strategist at DRW Trading in Chicago. The 2-year yield, which is more sensitive to traders' views on Federal Reserve policy, has risen 6.4 basis points this year, driving the yield curve flatter. Traders expect the U.S. central bank will raise key overnight borrowing costs at least two more times in 2018, with the next hike likely at its June 12-13 policy meeting. A "June (rate hike) is pretty much baked in," said John Canavan, market strategist at Stone & McCarthy Research Associates. "We are still expecting to see the Fed tighten further into 2019." Traders' view of more rate hikes, together with softer-than-expected data on jobs and inflation in April, has caused investors to increase their curve flattening positions, where they favor longer-dated Treasuries over shorter-dated issues, analysts said. The spread between 5-year and 30-year Treasury yields was 27.2 basis points, roughly 1 basis point wider from late Friday. The gap had narrowed slightly below 26 basis points earlier Monday, which was the slimmest since July 2007, Tradeweb data showed. May 14 Monday 3:20PM New York / 1920 GMT Price US T BONDS JUN8 142-25/32 -0-11/32 10YR TNotes JUN8 119-60/256 -0-44/25 6 Price Current Net Yield % Change (bps) Three-month bills 1.865 1.8994 -0.006 Six-month bills 2.0125 2.0608 0.010 Two-year note 99-172/256 2.5474 0.008 Three-year note 99-200/256 2.7014 0.008 Five-year note 99-136/256 2.8519 0.014 Seven-year note 99-120/256 2.9599 0.020 10-year note 98-252/256 2.9933 0.022 30-year bond 99-252/256 3.1258 0.015 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 20.75 -1.25 spread U.S. 3-year dollar swap 15.50 -1.00 spread U.S. 5-year dollar swap 8.25 -0.50 spread U.S. 10-year dollar swap 2.50 -0.25 spread U.S. 30-year dollar swap -9.25 0.25 spread (Reporting by Richard Leong and Kate Duguid; editing by Nick Zieminski and Jonathan Oatis)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-u-s-yields-edge-up-as-trade-tensions-ease-idUSL2N1SL12O |
May 30, 2018 / 3:55 PM / Updated an hour ago Russian says Ukraine used journalist for propaganda Reuters Staff 1 Min Read
MOSCOW (Reuters) - The Russian Foreign ministry said on Wednesday it was happy Russian journalist Arkady Babchenko had turned out to be alive after all, but said Ukraine has used his story as propaganda. Russian journalist Arkady Babchenko (R), who was reported murdered in the Ukrainian capital on May 29, Ukrainian Prosecutor General Yuriy Lutsenko (C) and head of the state security service (SBU) Vasily Gritsak attend a news briefing in Kiev, Ukraine May 30, 2018. REUTERS/Valentyn Ogirenko
Babchenko, a dissident Russian journalist who was reported murdered in Kiev, dramatically reappeared alive on Wednesday in the middle of a briefing about his own killing by the Ukrainian state security service. Reporting by Gabrielle Tétrault-Farber; Writing by Tom Balmforth; Editing by Christian Lowe | ashraq/financial-news-articles | https://in.reuters.com/article/ukraine-russia-journalist-zakharova/russian-says-ukraine-used-journalist-for-propaganda-idINKCN1IV20J |
May 3, 2018 / 10:26 AM / Updated 4 hours ago Graphic - Stainless steel glut builds in China as Indonesia ups output Maytaal Angel 5 Min Read
LONDON (Reuters) - An abundance of stainless steel in China following the ramp up of new production in Indonesia is threatening stainless mills globally and the nickel producers that supply them. FILE PHOTO: Stainless steel sinks are seen at the production line of the Pyramis Metallourgia manufacturing facility in Thessaloniki, Greece, November 2, 2017. REUTERS/Alexandros Avramidis/File Photo
Marking a major structural shift, China, which makes and consumes around half of the world’s stainless, became a marginal net importer of hot-rolled stainless coil in December for the first time in more than seven years, data from the International Steel Statistics Bureau and from consultants CRU showed.
This is after Chinese-owned stainless giant Tsingshan started production last August at a giant plant in Indonesia that should, by the end of 2018, have an annual capacity of 3 million tonnes.This is equivalent to 6 percent of last year’s global flat stainless capacity, CRU says, and there is more to come, with China’s Delong Holdings ( DELO.SI ) set to start production at its Indonesian stainless plant in 2019.
Graphic: China's Net Stainless HRC Trade - reut.rs/2JMj4gi
“If we look at 2021 when we have Delong and Tsingshan fully ramped up, Indonesian capacity will rise to more than 5 million tonnes, that’s just under 10 percent of global capacity,” said CRU analyst Michael Finch.
He added that Tsingshan, which has a captive power source and produces its own ferrochrome and nickel pig iron - key raw materials for stainless - is an “incredibly low cost producer”.
The plant sells most of its stainless to China, where stocks have risen 80 percent since the end of December, hitting their highest in more than eight years in mid-April, according to CRU. China’s stainless prices have flatlined since mid-January at around 15,500 yuan a tonne.
Stainless producers beyond China are also concerned. FILE PHOTO: 'Stainless Steel' is seen stamped onto the blade of a knife in Manchester, Britain, March 26, 2018. REUTERS/Phil Noble/File Photo
Finland’s Outokumpu ( OUT1V.HE ) reported first quarter profits more than halving on falling prices and expects more of the same this quarter. Spain’s Acerinox ( ACX.MC ) reported a drop of 40 percent in first quarter earnings, buffeted somewhat by solid U.S. earnings.
In December, Handelsbanken downgraded Outokumpu citing the “tremendously negative” impact from low-cost capacity in Indonesia while Jefferies says weak Asian stainless markets are weighing on Acerinox in Europe and Africa.
Graphic: Acerinox, Outokumpu share price - reut.rs/2I6C4sN
The weakness in the stainless market is also a worry for nickel producers CMCU3.
Two-thirds of nickel demand comes from stainless mills. Benchmark London Metal Exchange nickel (LME) prices CMNI3 rose 27 percent last year amid a ramp up in global stainless output and they are up some 10 percent this year at around $14,000 (10,290 pounds).
However, should stainless price weakness persist, mills, particularly those that are loss-making, could cut production.
ING said, even before operating costs are accounted for, Chinese mills are in the red as stainless prices since December have fallen below nickel prices CMCU3.
Graphic: China stainless versus LME nickel price - reut.rs/2JH3mmK
The global nickel market is tight, explaining some of the price strength in nickel.
The International Nickel Study Group last week nearly doubled its global nickel deficit forecast for 2018 to 117,000 tonnes.
LME nickel stocks MNI-STOCKS, at their lowest since mid-2014 and Shanghai Futures Exchange nickel stocks near their lowest since November 2015, also illustrate the tightness. SNI-TOTAL-W
Graphic: LME, ShFE nickel stocks - reut.rs/2IatvNN
However, Chinese media reports say stainless mills are scrambling to combat the supply glut by bringing forward maintenance schedules or switching from stainless to carbon steelmaking.
“Nickel is our preferred short at these levels, we’re forecasting below $13,000 by year-end,” said ING analyst Oliver Nugent.
“While respecting the tightness, the price is up about 25 percent since December while stainless is dead flat, pointing at concerns that prices can’t be passed onto the end consumer.” Additional reporting by Eric Onstad; Editing by Pratima Desai and David Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-stainless-glut-nickel/graphic-stainless-steel-glut-builds-in-china-as-indonesia-ups-output-idUKKBN1I4121 |
May 14, 2018 / 1:05 PM / Updated 8 hours ago Shashi Tharoor rejects abetment charge in wife's death Reuters Staff 2 Min Read
NEW DELHI (Reuters) - A prominent leader of India’s opposition Congress party, Shashi Tharoor, on Monday rejected police charges against him for abetment in the suicide of his wife in a case that has led to political mudslinging. Shashi Tharoor (R) sits in an ambulance as he waits outside a mortuary to receive his wife Sunanda Puskhar Tharoor's body at a hospital in New Delhi January 18, 2014. REUTERS/Adnan Abidi/Files
Tharoor’s wife, Sunanda Pushkar, was found dead in a Delhi hotel in January 2014, prompting an investigation by city police. Her death came days after she was involved in a row with a Pakistani woman journalist over Twitter.
On Monday, Delhi police said Pushkar’s death was a case of suicide and brought charges against her husband for abetment and cruelty, a police officer said. The officer declined to be identified in line with service rules.
Tharoor, who also served at the United Nations, dismissed the charges and said he would fight them.
“I have taken note of the filing of this preposterous charge sheet and intend to contest it vigorously. No one who knew Sunanda believes she would ever have committed suicide, let alone abetment on my part,” Tharoor on Twitter.
“If this is the conclusion arrived at after more than four years of investigation, it does not speak well of the methods or motivations of the Delhi Police.”
He did not respond to a Reuters message seeking comment.
Tharoor, a former foreign and human resource development minister in the previous Congress party-led government, married Pushkar in late 2010, the third marriage for both of them.
Under Indian law, a magisterial inquiry is automatic if a woman dies within seven years of marriage. Subramaniam Swamy, a leader of the ruling Bharatiya Janata Party, went to court demanding a special investigation into Pushkar’s death.
The Congress party said on Monday it stood by Tharoor and accused its rivals of playing politics. Reporting by Suchitra Mohanty and Mayank Bhardwaj; Editing by Sanjeev Miglani, Robert Birsel | ashraq/financial-news-articles | https://in.reuters.com/article/congress-tharoor-sunandapushkar/shashi-tharoor-rejects-abetment-charge-in-wifes-death-idINKCN1IF1OP |
May 8, 2018 / 10:03 PM / Updated 11 hours ago PSG end Les Herbiers' resistance to win French Cup, claim treble Julien Pretot 3 Min Read
PARIS (Reuters) - Paris St Germain were made to sweat before beating brave third-tier side Les Herbiers 2-0 to win the French Cup and claim a domestic treble thanks to goals from Giovani Lo Celso and Edinson Cavani in the final on Tuesday. Soccer Football - Coupe de France Final - Les Herbiers VF vs Paris St Germain - Stade de France, Saint-Denis, France - May 8, 2018 Fans attend final REUTERS/Stringer
Lo Celso scored in the 26th minute but they had to wait until Cavani slotted home a penalty after 74 minutes to seal victory for their record-extending 12th French Cup title.
PSG, now unbeaten in their last 42 domestic cup games, also hit the woodwork three times in the opening 20 minutes.
Les Herbiers, who are fighting relegation in the third division, defended solidly throughout but failed to make the chances to dream of a major upset at the Stade de France. Related Coverage Third-tier Les Herbiers end French Cup adventure with pride
The result, which gives PSG their fourth consecutive French Cup and the treble after they won the League Cup and Ligue 1, means Spanish coach Unai Emery will leave on a high note.
The Basque’s contract is not being renewed at the end of the season and he now has just two league games left in charge. Soccer Football - Coupe de France Final - Les Herbiers VF vs Paris St Germain - Stade de France, Saint-Denis, France - May 8, 2018 Les Herbiers' Rodrigue Louis Bongongui challenges Paris Saint-Germain's Giovani Lo Celso REUTERS/Stringer
PSG’s Brazil fullback Dani Alves appeared to hurt his knee in the second half but stayed on the pitch before being replaced in the closing stages. PSG CHANCES
Les Herbiers, whose coach Stephane Masala is a fan of Italian tactics, started boldly and put some good moves together resulting in a couple of attempts in the first few minutes.
But PSG had the first clear chance in the fifth when Lo Celso’s shot from just outside the area bounced off the post as the recovering Neymar, who has returned from Brazil after undergoing foot surgery, watched his side from the stands. Slideshow (4 Images)
Three minutes later, Les Herbiers were saved by the post again after Kylian Mbappe stretched for a Thiago Motta cross.
In the 20th, PSG hit Matthieu Pichot’s right post for the third time, Lo Celso once more denied a goal after curling a delightful shot from inside the area.
It was third time lucky for the Argentine, however, as he beat Pichot with a shot from 18 metres.
PSG had other chances before the break but Les Herbiers held firm, although they failed to once test PSG keeper Kevin Trapp.
Mbappe netted from point-blank range five minutes into the second half but referee Mikael Lesage ruled the effort out after consulting the VAR (Video Assistant Referee), which showed a Marquinhos handball.
PSG finally doubled their tally late on when Cavani converted a penalty after being brought down by Pichot.
Trapp was forced to make his first save in the 89th to deny Diaranke Fofana but it was too little, too late for plucky Les Herbiers. Reporting by Julien Pretot; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-france-vhf-psg/psg-end-les-herbiers-resistance-to-win-french-cup-claim-treble-idUKKBN1I93BS |
Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday as the United States opened its embassy to Israel in Jerusalem , a move that has fueled Palestinian anger and drawn foreign criticism that it undermines peace efforts.
It was the bloodiest single day for Palestinians since the Gaza conflict in 2014. Palestinian Health Ministry officials said 55 protesters were killed and 2,700 injured either by live gunfire, tear gas or other means.
The bloodshed drew calls for restraint from some countries, including France and Britain , and stronger criticism from others, with Turkey calling it "a massacre."
The White House declined to join in urging Israel to exercise restraint and pinned the blame squarely on Gaza's ruling Hamas group - backing Prime Minister Benjamin Netanyahu , who described the Israeli military's actions as self-defence of his country's borders.
In contrast to the scenes in Gaza, Israeli dignitaries and guests attended a ceremony in Jerusalem to open the U.S. Embassy following its relocation from Tel Aviv .
The move fulfilled a pledge by U.S. President Donald Trump , who in December recognised the holy city as the Israeli capital.
Netanyahu thanked Trump for "having the courage to keep your promises."
"What a glorious day for Israel," he said in a speech. "We are in Jerusalem and we are here to stay."
Palestinians seek East Jerusalem as the capital of a state they hope to establish in the occupied West Bank and the Gaza Strip.
Israel regards all of the city, including the eastern sector it captured in the 1967 Middle East war and annexed in a move that is not recognised internationally, as its "eternal and indivisible capital."
Most countries say the status of Jerusalem - a sacred city to Jews, Muslims and Christians - should be determined in a final peace settlement and that moving their embassies now would prejudge any such deal.
Peace talks aimed a finding a two-state solution to the conflict have been frozen since 2014.
Trump, in a recorded message, said he remained committed to peace between Israel and the Palestinians. He was represented at the ceremony by his daughter Ivanka and his son-in-law Jared Kushner , U.S. envoy to the Middle East.
Kushner said it was possible for both sides in the Israeli-Palestinian conflict to gain more than give in any peace deal. "Jerusalem must remain a city that brings people of all faiths together," he said in a speech.
But Palestinian President Mahmoud Abbas said the United States had opened an "American settlement outpost in East Jerusalem". He called the deaths in Gaza a massacre and announced a general strike on Tuesday.
South Africa said it was withdrawing its ambassador to Israel until further notice following what it called the "indiscriminate and grave" attack on Monday.
Border bloodshed In Gaza, Palestinian protests quickly turned into bloodshed. Tens of thousands had streamed to the edge of the coastal enclave's land border, some approaching the Israeli fence.
"Today is the big day when we will cross the fence and tell Israel and the world we will not accept being occupied forever," said Gaza science teacher Ali, who declined to give his last name.
Clouds of black smoke from tyres set alight by demonstrators rose in the air. Demonstrators, some armed with slingshots, hurled stones at the Israeli security forces, who fired volleys of tear gas and intense rounds of gunfire.
The protests are scheduled to culminate on Tuesday, the day Palestinians mourn as the "Nakba" or "Catastrophe" when, in 1948, hundreds of thousands of them were driven out of their homes or fled the fighting around Israel's creation.
Netanyahu took to Twitter to direct the blame at Hamas.
"Every country has an obligation to defend its borders," he wrote. "The Hamas terrorist organisation declares it intends to destroy Israel and sends thousands to breach the border fence in order to achieve this goal. We will continue to act with determination to protect our sovereignty and citizens."
Hamas denied instigating the violence, but the White House backed Netanyahu. "The responsibility for these tragic deaths rests squarely with Hamas. Hamas is intentionally and cynically provoking this response," White House spokesman Raj Shah told a regular news briefing.
The Israeli military said in a statement: "Rioters hurled firebombs and explosive devices at the security fence and Israeli troops". The soldiers' response, it said, was in accordance with "standard operating procedures."
The 55 deaths included at least six people under 18 years of age, including one girl. The total number of fatalities since a series of protests to demand Palestinians' right to return to their ancestral homes in Israel is now 100.
They also included a medic and a man in a wheelchair who had been pictured on social media using a slingshot. The Israeli military said three of those killed were armed militants who tried to place explosives near the fence.
Throughout the day sirens of ambulance vehicles carrying casualties to hospitals wailed almost non-stop. In Gaza mosques, loudspeakers mourned the dead, who were carried for burial in funeral marches.
Restraint Trump's recognition of contested Jerusalem as Israel's capital in December outraged Palestinians, who said the United States could no longer serve as an honest broker in any peace process with Israel.
A senior Hamas leader, Khalil Al-Hayya, said at a border encampment that Monday's protest was timed to coincide with the "deplorable crime of moving the U.S. Embassy to Jerusalem".
He said: "Our people went out today to respond to this new Zionist-American aggression, and to draw by their blood the map of their return."
France and Britain called on Israel to show restraint, with French President Emmanuel Macron planning to talk to all involved parties in the region over the next few days. U.N. Secretary-General Antonio Guterres said he was "deeply concerned" by the events in Gaza and said it showed the need for a two-state political solution.
Britain said it had no plans to move its Israel embassy from Tel Aviv to Jerusalem and it disagreed with the U.S. decision to do so. French Foreign Minister Jean-Yves Le Drian said the U.S. move flouted international law.
Other responses to the violence were stronger. Regional power Turkey accused Israeli security forces of carrying out a massacre and said the U.S. Embassy move had encouraged them.
More than 2 million people are crammed into the narrow Gaza strip, which is blockaded by Egypt and Israel.
"The policy of Israeli authorities to fire irrespective of whether there is an immediate threat to life on Palestinian demonstrators in Gaza, caged in for a decade and under occupation for a half century, has resulted in a bloodbath that anyone could have foreseen," Human Rights Watch said.
The Trump administration says it has nearly completed a new Israeli-Palestinian peace plan but is undecided on how and when to roll it out.
Palestinian Prime Minister Rami Hamdallah, in a statement on Monday, accused the United States of "blatant violations of international law."
"Choosing a tragic day in Palestinian history (to open the Jerusalem embassy) shows great insensibility and disrespect for the core principles of the peace process," Hamdallah wrote. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/israeli-forces-kill-10-in-gaza-protests-as-anger-mounts-over-us-embassy.html |
All the way back in the NBA preseason, Houston Rockets coach Mike D’Antoni was discussing his latest radical idea, shooting more 3-pointers than 2-pointers, when he was asked if there were any more inventive strategies he was contemplating.
“I think that’s it,” he said. “Our whole focus now is to make sure our defense is solid and tight.”
That... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/houston-rockets-beating-golden-state-warriors-with-defense-1527265271 |
CAIRO, May 21 (Reuters) - Saudi air defences destroyed a ballistic missile over the southern city of Jazan, Saudi TV reported early on Monday.
Earlier, Al-Masariah TV of Yemen’s Houthis said the group had fired a ballistic missile at Jazan’s airport, without giving any further details. (Reporting by Nayera Abdullah Editing by Paul Tait)
| ashraq/financial-news-articles | https://www.reuters.com/article/saudi-yemen/saudi-air-defences-destroy-a-ballistic-missile-over-jazan-saudi-tv-idUSL5N1SS04N |
May 25, 2018 / 8:08 AM / Updated 8 hours ago India's cotton exports could hit four-year high on price rally, weak rupee Rajendra Jadhav 3 Min Read
MUMBAI (Reuters) - India’s 2017/18 cotton exports are likely to jump nearly 30 percent from the year before to a four-year high of 7.5 million bales, as climbing global prices and a weaker rupee boost overseas demand, the head of an industry body told Reuters. An employee unloads cotton from a truck at a cotton processing unit at Kadi town, in Gujarat, April 5, 2018. REUTERS/Amit Dave/Files
Increased supply from India could drag on a rally in international prices for the commodity and would likely compete with shipments to Asia from exporters like the United States, Brazil and Australia.
“We can end the season with exports of 7.5 million bales,” said Atul Ganatra, president of the Cotton Association of India (CAI), adding that higher international prices would drive up shipments.
The country has exported 6.3 million bales so far in the marketing year that started on Oct. 1 , he added. Each bale contains 170 kg of cotton.
India shipped 5.82 million bales of cotton overseas last marketing year, according to data compiled by the state-run textile commissioner’s office.
ICE cotton futures hit four-year highs earlier this week on buying from Chinese hedge funds, amid expectations of an increase in exports from the United States after trade war fears with China receded.
The Indian rupee has fallen more than 6 percent in 2018, making Indian cotton cheaper for overseas buyers, said Nayan Mirani, partner at leading cotton exporter Khimji Visram & Sons.
“There is export demand but supply of good quality cotton is limited as the season is coming to an end,” he said.
Pakistan, Bangladesh, China and Vietnam are the main buyers of Indian fibre.
Indian cotton is being offered around 84 to 86 cents per lb on a cost and freight basis (C&F) to buyers in Bangladesh and Vietnam, compared to over 92 cents from the United Sates and Brazil, said a Mumbai-based dealer with a global trading firm. He declined to be identified as he was not authorised to speak with media.
Meanwhile, the country’s cotton imports could drop to 1.2 million bales in 2017/18 from 3 million bales the year before, said Ganatra at CAI.
The South Asian country usually imports long staple cotton from the United States and Egypt.
And a pick-up in local consumption amid higher exports is likely to erode India’s cotton stockpile, Mirani said.
India’s cotton consumption is likely to rise 5.3 percent in 2017/18 from the year before to 32.4 million bales, CAI estimates.
The country could end the 2017/18 season with closing stocks of less than 2 million tonnes, the lowest in decades, Ganatra estimates. An employee works at a cotton processing unit in Kadi town, in Gujarat, April 5, 2018. REUTERS/Files Reporting by Rajendra Jadhav; Editing by Joseph Radford | ashraq/financial-news-articles | https://in.reuters.com/article/india-cotton-exports/indias-cotton-exports-could-hit-four-year-high-on-price-rally-weak-rupee-idINKCN1IQ0UV |
Zimbabwe's first poll since Mugabe set for July 9:58pm IST - 01:20
Zimbabwe's President Emmerson Mnangagwa has announced that a general election will be held on July 30 - a vote that could be crucial to securing foreign investment
Zimbabwe's President Emmerson Mnangagwa has announced that a general election will be held on July 30 - a vote that could be crucial to securing foreign investment //reut.rs/2L5hJSM | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/zimbabwes-first-poll-since-mugabe-set-fo?videoId=431704877 |
NEW YORK--(BUSINESS WIRE)-- MetLife, Inc. (NYSE: MET) today announced that Bill O’Donnell has been named executive vice president and chief financial officer (CFO) for the U.S., succeeding Marlene Debel who was recently named executive vice president and head of the Retirement & Income Solutions business.
O’Donnell currently serves as executive vice president and MetLife’s chief accounting officer (CAO), a role he will continue until a successor is announced. O’Donnell has held numerous leadership positions over his 29-year career with the company. Prior to becoming CAO, he served as head of financial management reporting, CFO for MetLife’s Global Employee Benefits, and head of financial planning and projection for Latin America.
“I am delighted to welcome Bill to this important role,” said John McCallion, executive vice president and chief financial officer and treasurer, to whom O’Donnell will report. “Bill is a strong and disciplined leader and brings extensive finance and insurance experience to this role. I look forward to continuing to work with Bill.”
Until a new CAO is named, Heather Bertellotti Phelps will serve as interim U.S. CFO, while continuing in her role as senior vice president and CFO for Group Benefits. Phelps has extensive experience from her 25 years of service at MetLife. She has previously served as head of product and pricing within Group Benefits and several CFO roles within Finance.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006407/en/
MetLife, Inc.
John Calagna, 212-578-6252
Source: MetLife, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-metlife-names-bill-oadonnell-as-u-s-chief-financial-officer.html |
CHICAGO, May 8, 2018 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today reported that its Employees Savings & Stock Ownership Plan ("ESSOP") planned to acquire up to 2,600,000 Old Republic common shares in open-market purchases, as market conditions may warrant. As of March 31, 2018 the ESSOP held approximately 13.4 million ORI common shares or approximately 4.4% of all shares then outstanding. Assuming all 2.6 million shares are ultimately acquired, the ESSOP would own approximately 16.0 million ORI common shares or approximately 5.3% of all currently outstanding common shares.
About Old Republic
Chicago-based Old Republic International Corporation is one of the nation's 50 largest publicly held insurance organizations. Its most recent financial statements reflect consolidated assets of approximately $19.00 billion and common shareholders' equity of $5.04 billion, or $16.82 per share. Its current stock valuation is approximately $6.13 billion, or $20.28 per share.
The Company is organized as an insurance holding company whose subsidiaries actively market, underwrite, and provide risk management services for a wide variety of coverages mostly in the general and title insurance fields. A long-term interest in mortgage guaranty and consumer credit indemnity coverages has devolved to a run-off operating mode in recent years.
The nature of Old Republic's business requires that it be managed for the long run. For the 25 years ended in 2017, the Company's total market return, with dividends reinvested, has grown at a compounded annual rate of 9.1% per share. For the same period, the total market return, with dividends reinvested, for the S&P 500 Index has grown at a 9.7% annual compound rate. During those years, Old Republic's shareholders' equity account, inclusive of cash dividends, has risen at an average annual rate of 9.2% per share, and the regular cash dividend has grown at a 8.7% annual compound rate. According to the most recent edition of Mergent's Dividend Achievers, Old Republic is one of just 96 qualifying companies, out of thousands considered, that have posted at least 25 consecutive years of annual dividend growth.
For Old Republic's latest news releases and other corporate documents:
Please visit us at www.oldrepublic.com
Alternatively, please write or call:
Investor Relations
Old Republic International Corporation
307 North Michigan Avenue • Chicago, IL 60601
312-346-8100
Further Information Contacts:
AT OLD REPUBLIC:
AT FINANCIAL RELATIONS BOARD:
A. C. Zucaro: Chairman & CEO
Analysts/Investors: Marilynn Meek
(312) 346-8100
(212) 827-3773
View original content: http://www.prnewswire.com/news-releases/old-republic-announces-stock-purchase-by-its-essop-300644610.html
SOURCE Old Republic International Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-old-republic-announces-stock-purchase-by-its-essop.html |
Sales volume increases 88% compared to prior year period to 2.1 million short tons
Production volume increases 30% compared to prior year period to 2.1 million short tons
Company records net income of $178.7 million and Adjusted EBITDA of $216.4 million
BROOKWOOD, Ala.--(BUSINESS WIRE)-- Warrior Met Coal, Inc. (NYSE:HCC) (“Warrior” or the “Company”) today announced results for the first 2018. Warrior is the leading dedicated U.S.-based producer and exporter of high quality metallurgical (“met”) coal for the global steel industry.
Warrior reported first quarter 2018 net income of $178.7 million, or $3.36 per diluted share, compared to net income of $108.3 million, or $2.06 per diluted share, in the first quarter of 2017. Excluding one-time transaction and other expenses, adjusted earnings per share were $3.42 per diluted share in the first quarter of 2018, a 54% increase over the same period in 2017. The Company reported Adjusted EBITDA of $216.4 million in the first quarter of 2018, compared to Adjusted EBITDA of $135.5 million in the prior year period. The market for high quality premium met coal continued to be strong in the first quarter, reflecting resilience in global steel production, as well as the effects of met coal supply disruptions in Australia.
“Warrior’s results in the first quarter continue to reflect the strong demand for our premium met coal, as well as our industry leading margins,” commented Walt Scheller, CEO of Warrior. “Our record-setting production and sales volumes, coupled with high price realization and our low-cost structure, enabled us to achieve strong free cash flow conversion. These robust results continue to validate our highly focused business strategy as a premium 'pure-play' met coal producer.”
Operating Results
The Company produced 2.1 million short tons of met coal in the first quarter of 2018, 30% more than the amount produced in the first quarter of 2017. “By taking advantage of the strong pricing environment for our premium met coal, we are on track to meet our previously established guidance for the full year 2018,” Mr. Scheller added.
Additional Financial Results
Total revenues were $421.8 million for the first quarter of 2018, including $412.9 million in mining revenues, which consisted of met coal sales of 2.1 million short tons at an average net selling price of $195 per short ton, net of demurrage and other charges. Sales volume increased 88% over the first quarter of 2017, reflecting both increased production levels and high demand from customers. Warrior capitalized on the strong pricing environment in the quarter by achieving a gross price realization of 99%. The Company's gross price realization now represents a volume weighted-average calculation of our daily realized price per ton based on gross sales, which excludes demurrage and other charges, as a percentage of the Platts Premium Low Volatility ("LV") Free-On-Board ("FOB") Australia Index price (the "Platts Index").
Cost of sales for the first quarter of 2018 were $190.7 million, or 46.2% of mining revenues, and included mining costs, transportation and royalty costs. Cash cost of sales (free-on-board port) per short ton decreased to $89.82 in the first quarter of 2018 from the first quarter of 2017, primarily due to higher sales volumes.
Selling, general and administrative expenses for the first quarter of 2018 were $8.2 million, or 2.0% of total revenues. Transaction and other expenses were $3.3 million in the first quarter of 2018 and were related to the issuance of $125.0 million in aggregate principal amount of the Company's 8.00% Senior Secured Notes due 2024 (the "New Notes"). Depreciation and depletion costs for the first quarter of 2018 were $24.6 million, or 5.8% of total revenues. Warrior incurred interest expense of $8.6 million during the first quarter of 2018, which was higher than previous quarters due to the incurrence of interest on the Notes (as defined below). The Company did not incur any income tax expense for the first quarter of 2018 due to its planned utilization of net operating losses (“NOLs”).
Cash Flow and Liquidity
The Company continued to generate strong cash flows from operating activities in the first quarter of 2018 of $193.7 million, compared to $65.6 million in the first quarter of 2017. Net working capital, excluding cash, increased by $9.0 million from the fourth quarter of 2017, primarily due to the higher accounts receivable on higher sales volumes. Capital expenditures for the first quarter of 2018 were $22.5 million, resulting in free cash flow of $171.2 million, which was $117.0 million higher than in the prior year period. Spending on sustaining and discretionary capital expenditures included a down payment on a new set of shields and the new portal at Mine 7. Cash flows provided by financing activities increased by $376.0 million for the quarter when compared to the prior year period.
The Company’s available liquidity as of March 31, 2018 was $422.0 million, consisting of cash and cash equivalents of $322.0 million and $100.0 million available under its Asset-Based Revolving Credit Agreement.
Company Outlook
The Company’s outlook is subject to many risks that may impact performance, such as market conditions in the steel and met coal industries, overall global economic and competitive conditions, all as more fully described under " ." In light of the Company's successful first quarter performance, NOL carryforwards and expected market conditions in 2018, Warrior is updating its guidance for the full year 2018 as indicated below. Interest expense has been updated to reflect the New Notes and the number of and timing of longwall moves has been updated.
Coal sales 6.8 - 7.3 million short tons Coal production 6.8 - 7.3 million short tons Cash cost of sales (free-on-board port) $89 - $95 per short ton Capital expenditures $100 - $120 million Selling, general and administrative expenses $30 - $33 million Interest expense $40 - $42 million Cash tax rate 0% The Company’s guidance for capital expenditures consists of sustaining capital spending of approximately $70 - $83 million, including regulatory and gas requirements, and discretionary capital spending of $30 - $37 million for various operational improvements.
Key factors that may affect outlook include:
HCC index pricing Planned longwall moves - 2 in Q3 and 1 in Q4 Exclusion of other non-recurring costs
The Company does not provide reconciliations of its outlook for cash cost of sales (free-on-board port) to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable Generally Accepted Accounting Principles ("GAAP") cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate.
Stock Repurchase Program
The Company also announced today that its board of directors (the “Board”) has approved a stock repurchase program (the “stock repurchase program”) that authorizes repurchases of up to an aggregate of $40.0 million of its outstanding common stock. The stock repurchase program does not require the Company to repurchase a specific number of shares or have an expiration date. The Company is not obligated to purchase any specific number of shares under its stock repurchase program, and the stock repurchase program may be suspended or discontinued by the Board at any time without prior notice.
Under the stock repurchase program, the Company may repurchase shares of its common stock from time to time, in amounts, at prices and at such times as the Company deems appropriate, subject to market and industry conditions, share price, regulatory requirements as determined from time to time by the Company and other considerations. The Company’s repurchases may be executed using open market purchases or privately negotiated transactions in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and repurchases may be executed pursuant to Rule 10b5-1 under the Exchange Act. Repurchases will be subject to limitations in the Company's asset-based revolving credit agreement (the “ABL Facility”) and the indenture dated as of November 2, 2017, as amended (the “Indenture”). The Company intends to fund repurchases under the stock repurchase program from cash on hand and/or other sources of liquidity.
Senior Secured Notes Offering and Special Dividend
On March 1, 2018, the Company consummated its previously announced private offering (the “Offering”) of the New Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside the United States in accordance with Regulation S under the Securities Act. The New Notes were offered as additional notes under the Indenture, pursuant to which Warrior previously issued $350.0 million aggregate principal amount of 8.00% Senior Secured Notes due 2024 (the “Existing Notes” and together with the New Notes, the "Notes").
On April 3, 2018, the Company used the net proceeds of the Offering, together with cash on hand, to declare a special cash dividend of approximately $6.53 per share of Warrior’s common stock, par value $0.01 per share, totaling an aggregate payment of $350 million, which was paid on April 20, 2018 to stockholders of record as of the close of business on April 13, 2018.
Regular Quarterly Dividend
On April 24, 2018, the Board declared a regular quarterly cash dividend of $0.05 per share, totaling approximately $2.7 million, which will be paid on May 11, 2018 to stockholders of record as of the close of business on May 4, 2018.
Use of Non-GAAP Financial Measures
This release contains the use of certain U.S. non-GAAP financial measures. These non-GAAP financial measures are provided as supplemental information for financial measures prepared in accordance with GAAP. Management believes that these non-GAAP financial measures provide additional insights into the performance of the Company, and they reflect how management analyzes Company performance and compares that performance against other companies. These non-GAAP financial measures may not be comparable to other similarly titled measures used by other entities. The definition of these non-GAAP financial measures and a reconciliation of non-GAAP to GAAP financial measures are provided in the financial tables section of this release.
Conference Call
The Company will hold a conference call to discuss its first quarter 2018 results today, May 2, 2018, at 4:30 p.m. ET. To listen to the event live or access an archived recording, please visit http://investors.warriormetcoal.com/ .
Analysts and investors who would like to participate in the conference call should dial 1-844-340-9047 (domestic) or 1-412-858-5206 (international) 10 minutes prior to the start time and reference the Warrior conference call.
Telephone playback will also be available from 6:30 p.m. ET May 2, 2018 through 6:30 p.m. ET on May 9, 2018. The replay will be available by calling: 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and entering passcode 10117969.
About Warrior
Warrior is a large scale, low-cost U.S. based producer and exporter of premium HCC, operating highly efficient longwall operations in its underground mines located in Alabama. The HCC that Warrior produces from the Blue Creek coal seam contains very low sulfur and has strong coking properties and is of a similar quality to coal referred to as the premium HCC produced in Australia. The premium nature of Warrior’s HCC makes it ideally suited as a base feed coal for steel makers and results in price realizations near the Platts Index price. Warrior sells all of its met coal production to steel producers in Europe, South America and Asia. For more information about Warrior, please visit www.warriormetcoal.com .
This press release contains, and the Company’s officers and representatives may from time to time make, forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are including statements regarding sales and production growth, ability to maintain cost structure, demand, the future direction of prices, expected capital expenditures, future effective income tax rates or the Company's purchases of shares of its common stock pursuant to the stock repurchase program or otherwise. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “project,” “target,” “foresee,” “should,” “would,” “could,” “potential,” or other similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements represent management’s good faith expectations, projections, guidance or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the including, without limitation, fluctuations or changes in the pricing or demand for the Company’s coal (or met coal generally) by the global steel industry; federal and state tax legislation; changes in interpretation or assumptions and/or updated regulatory guidance regarding the Tax Cuts and Jobs Act of 2017; legislation and regulations relating to the Clean Air Act and other environmental initiatives; regulatory requirements associated with federal, state and local regulatory agencies, and such agencies’ authority to order temporary or permanent closure of the Company’s mines; operational, logistical, geological, permit, license, labor and weather-related factors, including equipment, permitting, site access, operational risks and new technologies related to mining; the Company’s obligations surrounding reclamation and mine closure; inaccuracies in the Company’s estimates of its met coal reserves; the Company's expectations regarding its future tax rate as well as its ability to effectively utilize its NOLs; the Company’s ability to develop or acquire met coal reserves in an economically feasible manner; significant cost increases and fluctuations, and delay in the delivery of raw materials, mining equipment and purchased components; competition and foreign currency fluctuations; fluctuations in the amount of cash the Company generates from operations, including cash necessary to pay any special or quarterly dividend or to repurchase any of its common stock; the Company’s ability to comply with covenants in its ABL Facility or the Indenture; integration of businesses that the Company may acquire in the future; adequate liquidity and the cost, availability and access to capital and financial markets; failure to obtain or renew surety bonds on acceptable terms, which could affect the Company’s ability to secure reclamation and coal lease obligations; costs associated with litigation, including claims not yet asserted; and other factors described in the Company’s Form 10-K for the year ended December 31, 2017, Form 10-Q for the quarterly period ended March 31, 2018 and other reports filed from time to time with the Securities and Exchange Commission (the “SEC”), which could cause the Company’s actual results to differ contained in any forward-looking statement. The Company’s filings with the SEC are available on its website at www.warriormetcoal.com and on the SEC's website at www.sec.gov .
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors.
WARRIOR MET COAL, INC. CONDENSED STATEMENTS OF OPERATIONS ($ in thousands, except per share) UNAUDITED For the three months ended
March 31,
2018 2017 Revenues: Sales $ 412,879 $ 241,056 Other revenues 8,909 12,908 Total revenues
421,788 253,964 Costs and expenses: Cost of sales (exclusive of items shown separately below) 190,676 106,144 Cost of other revenues (exclusive of items shown separately below) 7,784 8,179 Depreciation and depletion 24,552 14,582 Selling, general and administrative 8,234 5,170 Transaction and other expenses 3,288 9,036 Total costs and expenses 234,534 143,111 Operating income 187,254 110,853 Interest expense, net (8,560 ) (608 ) Income before income tax expense 178,694 110,245 Income tax expense — 1,937 Net income $ 178,694 $ 108,308 Basic and diluted net income per share (1) : Net income per share—basic and diluted $ 3.36 $ 2.06 Weighted average number of shares outstanding—basic 53,149 52,681 Weighted average number of shares outstanding—diluted 53,152 52,681 Dividends per share: $ 0.05 $ 3.56
(1) On April 12, 2017, in connection with the Company’s initial public offering, Warrior Met Coal, LLC filed a certificate of conversion, whereby Warrior Met Coal, LLC effected a corporate conversion from a Delaware limited liability company to a Delaware corporation and changed its name to Warrior Met Coal, Inc. In connection with this corporate conversion, the Company filed a certificate of incorporation. Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue up to 140,000,000 shares of common stock $0.01 par value per share and 10,000,000 shares of preferred stock $0.01 par value per share. The number of shares and per share amounts of common stock have been retroactively recast to reflect the corporate conversion.
WARRIOR MET COAL, INC. QUARTERLY SUPPLEMENTAL FINANCIAL DATA AND
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
UNAUDITED QUARTERLY SUPPLEMENTAL FINANCIAL DATA:
For the three months ended
March 31,
(short tons in thousands) (1) 2018 2017 Tons sold 2,116 1,127 Tons produced 2,098 1,614 Gross price realization (2) 99 % 84 % Average net selling price $ 195.12 $ 213.89 Cash cost of sales (free on board port) per short ton (3) $ 89.82 $ 93.75 (1) 1 short ton is equivalent to 0.907185 metric tons.
(2) For the three months ended March 31, 2018, our gross price realization represents a volume weighted-average calculation of our daily realized price per ton based on gross sales, which excludes demurrage and other charges, as a percentage of the Platts Index price. For the three months ended March 31, 2017, gross price realization represents gross sales dividend by tons sold as a percentage of the Australian HCC Benchmark.
RECONCILIATION OF CASH COST OF SALES (FREE-ON-BOARD PORT) TO COST OF SALES REPORTED UNDER U.S. GAAP:
(in thousands) For the three months ended
March 31,
2018 2017 Cost of sales $ 190,676 $ 106,144 Asset retirement obligation accretion (560 ) (481 ) Stock compensation expense (67 ) — Cash cost of sales (free on board port) (3) $ 190,049 $ 105,663 (3) Cash cost of sales (free on board port) is based on reported cost of sales and includes items such as freight, royalties, labor, fuel and other similar production and sales cost items, and may be adjusted for other items that, pursuant to GAAP, are classified in the Condensed Statements of Operations as costs other than cost of sales, but relate directly to the costs incurred to produce met coal. Our cash cost of sales per short ton is calculated as cash cost of sales divided by the short tons sold. Cash cost of sales per short ton is a non-GAAP financial measure which is not calculated in conformity with U.S. GAAP and should be considered supplemental to, and not as a substitute or superior to financial measures calculated in conformity with GAAP. We believe cash cost of sales per ton is a useful measure of performance and we believe it aids some investors and analysts in comparing us against other companies to help analyze our current and future potential performance. Cash cost of sales per ton may not be comparable to similarly titled measures used by other companies.
WARRIOR MET COAL, INC. QUARTERLY SUPPLEMENTAL FINANCIAL DATA AND
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(CONTINUED)
UNAUDITED RECONCILIATION OF ADJUSTED EBITDA TO AMOUNTS REPORTED UNDER U.S. GAAP:
For the three months ended
March 31,
(in thousands) 2018 2017 Net income $ 178,694 $ 108,308 Interest expense, net 8,560 608 Income tax expense — 1,937 Depreciation and depletion 24,552 14,582 Asset retirement obligation accretion 1,155 995 Stock compensation expense 198 — Transaction and other expenses 3,288 9,036 Adjusted EBITDA (4) $ 216,447 $ 135,466 (4) Adjusted EBITDA is defined as net income (loss) before net interest expense, income tax expense, depreciation and depletion, non-cash asset retirement obligation accretion, non-cash stock compensation expense and transaction and other expenses. Adjusted EBITDA is not a measure of financial performance in accordance with GAAP, and we believe items excluded from Adjusted EBITDA are significant to a reader in understanding and assessing our financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income, income from operations, cash flows from operations or as a measure of our profitability, liquidity or performance under GAAP. We believe that Adjusted EBITDA presents a useful measure of our ability to incur and service debt based on ongoing operations. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Investors should be aware that our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
RECONCILIATION OF ADJUSTED NET INCOME TO AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands, except per share amounts) For the three months ended
March 31,
2018 2017 Net income $ 178,694 $ 108,308 Transaction and other expenses, net of tax 3,288 8,882 Adjusted net income (5) $ 181,982 $ 117,190 Weighted average number of basic shares outstanding 53,149 52,681 Weighted average number of diluted shares outstanding 53,152 52,681 Adjusted basic and diluted income per share: $ 3.42 $ 2.22 (5) Adjusted net income is defined as net income net of transaction and other expenses, net of tax (based on each respective period's effective tax rate). Adjusted net income is not a measure of financial performance in accordance with GAAP, and we believe items excluded from adjusted net income are significant to the reader in understanding and assessing our results of operations. Therefore, adjusted net income should not be considered in isolation, nor as an alternative to net income under GAAP. We believe adjusted net income is a useful measure of performance and we believe it aids some investors and analysts in comparing us against other companies to help analyze our current and future potential performance. Adjusted net income may not be comparable to similarly titled measures used by other companies.
WARRIOR MET COAL, INC. CONDENSED STATEMENTS OF CASH FLOWS ($ in thousands) UNAUDITED For the three months ended
March 31,
2018 2017 OPERATING ACTIVITIES: Net income $ 178,694 $ 108,308 Non-cash adjustments to reconcile net income to net cash provided by (used in) operating activities 26,543 16,039 Changes in operating assets and liabilities: Trade accounts receivable (34,579 ) (30,284 ) Other receivables 1,540 (242 ) Inventories 1,784 (28,592 ) Prepaid expenses and other current assets 10,353 (2,167 ) Accounts payable 2,931 10,237 Accrued expenses and other current liabilities 8,948 (7,055 ) Other (2,476 ) (691 ) Net cash provided by operating activities 193,738 65,553 INVESTING ACTIVITIES: Net cash used in investing activities (22,542 ) (11,378 ) FINANCING ACTIVITIES: Net cash provided by (used in) financing activities 115,392 (190,765 ) Net increase (decrease) in cash and cash equivalents and restricted cash 286,588 (136,590 ) Cash and cash equivalents and restricted cash at beginning of period 36,264 152,656 Cash and cash equivalents and restricted cash at end of period $ 322,852 $ 16,066 RECONCILIATION OF FREE CASH FLOW TO AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands) For the three months ended
March 31,
2018 2017 Net cash provided by operating activities $ 193,738 $ 65,553 Purchases of property, plant and equipment (22,542 ) (11,378 ) Free cash flow (6) $ 171,196 $ 54,175 (6) Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment. Free cash flow is not a measure of financial performance in accordance with GAAP, and we believe items excluded from net cash provided by (used in) operating activities are significant to the reader in understanding and assessing our results of operations. Therefore, free cash flow should not be considered in isolation, nor as an alternative to net cash provided by (used in) operating activities under GAAP. We believe free cash flow is a useful measure of performance and we believe it aids some investors and analysts in comparing us against other companies to help analyze our current and future potential performance. Free cash flow may not be comparable to similarly titled measures used by other companies.
WARRIOR MET COAL, INC. CONDENSED BALANCE SHEETS ($ in thousands) UNAUDITED March 31,
2018
December 31,
2017
ASSETS Current assets: Cash and cash equivalents $ 322,024 $ 35,470 Short-term investments 17,501 17,501 Trade accounts receivable 152,325 117,746 Other receivables 12,942 14,482 Inventories, net 51,282 54,294 Prepaid expenses 19,023 29,376 Total current assets 575,097 268,869 Mineral interests, net 127,254 130,004 Property, plant and equipment, net 540,151 536,745 Income tax receivable 39,255 39,255 Other long-term assets 19,853 18,442 Total assets $ 1,301,610 $ 993,315 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 30,996 $ 28,076 Accrued expenses 69,332 66,704 Other current liabilities 16,712 10,475 Current portion of long-term debt 2,995 2,965 Total current liabilities 120,035 108,220 Long-term debt 465,545 342,948 Asset retirement obligations 97,127 96,096 Other long-term liabilities 33,993 33,028 Total liabilities 716,700 580,292 Stockholders’ Equity: Common stock, $0.01 par value per share (Authorized -140,000,000 shares, issued and outstanding - 53,446,284 and 53,442,532, respectively) 534 534 Preferred stock, $0.01 par value per share (10,000,000 shares authorized, no shares issued and outstanding) — — Additional paid in capital 325,871 329,993 Retained earnings 258,505 82,496 Total stockholders’ equity 584,910 413,023 Total liabilities and stockholders’ equity $ 1,301,610 $ 993,315
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006650/en/
Warrior Met Coal, Inc.
For Investors:
Dale W. Boyles, 205-554-6129
[email protected]
or
For Media:
William Stanhouse, 205-554-6131
[email protected]
Source: Warrior Met Coal, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-warrior-met-coal-announces-first-quarter-2018-results-and-stock-repurchase-program.html |
AUSTIN, Texas, May 17, 2018 /PRNewswire/ -- ESO , the leading data and software company serving emergency medical services (EMS), fire departments and hospitals, today announced the addition of Christopher Raps as Vice President of Sales.
"Christopher's experience building and scaling teams and deep understanding of selling Software-as-a-Service will benefit us as we focus on driving growth and delivering value to the markets we serve," said Chris Dillie, President and CEO of ESO. "We are excited to add such a high caliber of talent to our leadership team."
Raps brings more than 20 years of sales and leadership experience. Most recently, he was the Vice President of Sales for Nasdaq, Inc., where he was responsible for sales in the Americas of compliance, risk and regulatory SaaS products. Prior to Nasdaq, Raps held global sales leadership positions at Safeguard World International, Harland Clarke, IBM and Digi International. He holds a B.S. in Industrial Engineering from Southern Methodist University.
"The team at ESO have built an incredible portfolio of products that provide valuable data and insights for agencies, departments and organizations that provide vital services in our world," said Raps. "I'm honored to be part of this passionate team and organization that is dedicated to improving the health and safety of our communities. We have a tremendous opportunity before us, and I'm looking forward to the journey."
About ESO
ESO Solutions, Inc., is dedicated to improving community health and safety through the power of data. Since its founding in 2004, the company has been a pioneer in electronic patient care records (ePCR) software for emergency medical services, fire departments and ambulance services. Today, ESO serves more than 14,000 customers throughout the U.S. The company's healthcare, community safety and technology experts deliver the most innovative software and data solutions on the market, including the industry-leading ESO Electronic Health Record (EHR) ; ESO Health Data Exchange (HDE) , the first-of-its-kind healthcare interoperability platform; record management system (RMS) for fire departments; and ambulance revenue recovery/billing software . ESO is also playing a leading role in helping EMS provider organizations across the nation successfully transition to NEMSIS Version 3 and new state standards for electronic patient care reporting.
ESO is headquartered in Austin, Texas. For more information, visit www.esosolutions.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/eso-names-christopher-raps-vice-president-of-sales-300649864.html
SOURCE ESO Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-eso-names-christopher-raps-vice-president-of-sales.html |
May 15 (Reuters) - Federal Home Loan Mortgage Corp :
* FREDDIE MAC PRICES $248 MILLION OFFERING OF GUARANTEED TAX-EXEMPT ML CERTIFICATES
* FREDDIE MAC - ML-04 CERTIFICATES ARE EXPECTED TO SETTLE ON OR ABOUT MAY 23, 2018 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-freddie-mac-prices-248-mln-offerin/brief-freddie-mac-prices-248-mln-offering-of-guaranteed-tax-exempt-ml-certificates-idUSASC0A29T |
BEIJING (Reuters) - State-controlled PetroChina will this year start building two underground natural gas storage sites in China’s southwest at a total cost of 5.3 billion yuan ($825.7 million), the official Xinhua news agency reported on Wednesday.
FILE PHOTO: PetroChina's logo is seen at its petrol station in Beijing, China, March 21, 2016. Picture taken March 21, 2016. REUTERS/Kim Kyung-Hoon/File Photo PetroChina Southwest Oil and Gas Field Co will build the facilities, which will ensure combined annual supply of 1.28 billion cubic metres of gas on completion in 2022, in Tongluoxia and Huangcaoxia in the municipality of Chongqing, Xinhua said.
China is aiming to turn hundreds of wells, including in mountainous Chongqing, into storage facilities for gas piped over from Myanmar and Turkmenistan, after a severe winter supply crunch left it short of the clean-burning fuel.
The PetroChina unit plans to build six gas storage sites in Chongqing, Xinhua said, after which the region will become China’s largest underground gas storage base.
PetroChina did not immediately respond to a request for comment.
Reporting by Tom Daly; Editing by Mark Potter
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-gas-storage/petrochina-to-spend-5-3-bln-yuan-on-chongqing-gas-storage-xinhua-idUSKCN1IV1GA |
May 15, 2018 / 4:01 PM / Updated an hour ago Bodies of seven Afghan refugees found off Turkish coast - coastguard Reuters Staff 2 Min Read
ISTANBUL (Reuters) - Seven Afghan migrants, including three children, died after their boat sank late on Monday off Turkey’s northwest province of Canakkale, the Turkish coastguard said.
The boat was carrying 20 people when it sank, they said in a statement, adding that 12 other Afghan migrants and an Iranian national had been rescued by fishing boats and search and rescue teams.
The refugees will be taken to a repatriation centre and their situation will be assessed, a spokesman for the Canakkale immigration authority said.
The Iranian was detained on suspicion of being a human trafficker, the state-run news agency Anadolu said. The boat had been heading to the Greek island of Lesbos, it said.
More than a million people entered the EU in 2015, mostly fleeing conflicts and poverty in the Middle East and Africa, marking the biggest influx of refugees and migrants into Europe since World War Two.
Since then the main eastern Mediterranean route between Turkey and Greece has been largely shut by a deal between the EU and Ankara. Reporting by Ali Kucukgocmen; Editing by David Dolan and Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-migrants-turkey/bodies-of-seven-afghan-refugees-found-off-turkish-coast-coastguard-idUKKCN1IG2HE |
GEORGE TOWN, Grand Cayman, May 02, 2018 (GLOBE NEWSWIRE) --
Operational and Strategic Highlights:
Q1 2018 results were within the range of guidance provided in January 2018.
GAAP net income per fully diluted ADS in the first quarter of 2018 was 27 cents, with non-GAAP net loss of 9 cents per fully diluted ADS.
Revenue growth in the second quarter of 2018 is expected to range between 2-10% compared to Q1 2018.
We expect to see acceleration in our growth for 2018
O2Micro® International Limited (NASDAQ:OIIM), a global leader in the design, development and marketing of high-performance integrated circuits and solutions, reported its financial results today for the first quarter ending March 31, 2018.
Financial Highlights for the First Quarter ending March 31, 2018 :
O2Micro International Limited (“Company”) reported Q1 2018 revenue of $14.1 million. Revenue was down 7.3% sequentially, and down 5.7% from the same quarter in the previous year. The gross margin in the first quarter of 2018 was 51.2 %, which was up from 50.5% in the prior quarter, and down from 52.7 % in the first quarter of 2017. The gross margin remains in our target range and varies primarily with the quarterly revenue and product mix. During the first quarter of 2018, the Company recorded total GAAP operating expenses of $9.8 million, compared to $9.4 million in the fourth quarter of 2017, and $9.1 million in the year-ago Q1 period. The GAAP operating margins for the first quarter of 2018, the fourth quarter of 2017, and first quarter of 2017 were (18.1 %), (11.5 %), and (8.0 %), respectively.
GAAP net income was $ 7.2 million in Q1 2018. This compares to a GAAP net loss of $1.9 million in the fourth quarter of 2017 and a GAAP net loss of $1.5 million in Q1 2017. GAAP net income per fully diluted ADS was $0.27 in Q1 2018. This compares to a GAAP net loss per fully diluted ADS of $0.07 in Q4 2017 and a GAAP net loss per fully diluted ADS of $0.06 in Q1 2017.
Supplementary Data:
The Company ended the first quarter of 2018 with $45.1 million in unrestricted cash and short-term investments or $1.73 per outstanding ADS. The accounts receivable balance was $8.0 million and represented 55 days sales outstanding at the end of Q1 2018. Inventory was $9.7 million or 124 days and turned over 2.9 times during Q1 2018. As of March 31, 2018, the Company had $57.2 million in working capital and the book value was $84.6 million, or $3.25 per outstanding ADS . As of March 31, 2018, O2Micro International Limited had a total of 375 employees worldwide, including 232 engineers.
Management Commentary:
“Our second quarter of 2018 revenue guidance reflects continuing design activities in the growth drivers of the consumer and industrial markets. We are pleased to see our customer acceptance including high end backlighting for the TV/monitor, power tools, household appliances, and automotive, despite the dynamic consumer market,” said Sterling Du, O2Micro’s Chairman and CEO. “We believe our solutions for these product segments will accelerate growth in upcoming quarters through the year and lead O2Micro back to long term profitability.”
Conference Call:
O2Micro will hold its first quarter conference call today, May 2, 2018, at 6:00AM. Pacific, 9:00AM Eastern. You may participate using the following dial-in information.
Conference ID: 6863988
Participants, Int'l Toll: +1 323-794-2551
Participants, US/CAN Toll Free: 800-239-9838
The Call-in Audio Replay will be available from May 2nd, 2018 12:00 Eastern Time (US & Canada) through February 8thth, 2018 12:00 Eastern Time (US & Canada)
https://event.mymeetingroom.com/Public/WebRegistration/Y29uZmVyZW5jZUlkPTY4NjM5ODgmdHlwZT1yZXBsYXkmbGFuZ3VhZ2U9ZW5nbGlzaA==
A live webcast will also be available on the Company's website at http://ir.o2micro.com , and an online replay will be available on the website for one week.
About O2Micro:
Founded in April 1995, O2Micro develops and markets innovative power management components for the Computer, Consumer, Industrial, Automotive and Communications markets. Products include LED General Lighting, Backlighting, Battery Management, and Power Management. The Company maintains offices worldwide. Additional Company and product information can be found on the Company website at www.o2micro.com .
O2Micro, the O2Micro logo, and combinations thereof are registered trademarks of O2Micro. All other trademarks or registered trademarks are the property of their respective owners.
Statements made in this release that are not historical, including statements regarding O2Micro or its management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal Securities Laws. Such statements involve risks, speculation and uncertainties that may cause actual results set forth in these statements or from management's current views and expectations. Risks and uncertainties in this release may include, without limitation, any one or combination of the following: the effect of competitive and economic factors; real property value fluctuations and market demand; legal changes in any relevant rules and regulations pertaining to O2Micro's business; changes in technology and industry standards, and O2Micro's reaction to those factors; consumer and business buying decisions with respect to our customers' products incorporating O2Micro's products; continued competitive pressures in the marketplace; the ability of O2Micro to deliver to the marketplace, and stimulate customer demand therein, for new products and technological innovations on a timely basis; the effect that product introductions and transitions, changes in product pricing or mix, and/or increases in component costs could have on O2Micro's gross margins; the inventory risk associated with O2Micro's need to order, or commit to order, product components and product capacity in advance of forecast customer orders; the continued availability of acceptable terms of certain components and services essential to O2Micro's business which are currently obtained by the Company from sole or limited sources; the effect that O2Micro's dependency on manufacturing and logistics services provided by third parties may have on the quality, quantity, availability or cost of products manufactured or services rendered; risks associated with O2Micro's international operations; the potential impact of a finding that O2Micro has infringed on the intellectual property rights of others, or that any third party may have infringed on O2Micro's intellectual property that may negatively affect O2Micro's business; O2Micro's legal classifications with governmental and regulatory agencies; O2Micro's dependency on the performance of distributors, carriers, independent sales representatives, and other resellers of O2Micro's products; the effect that product and service quality problems could have on O2Micro's sales ability and operating profits; the ability of O2Micro to deliver its products in a timely fashion to its customers, and the possible negative ramifications if such is not possible; the continued service and availability of key executives and employees; war, terrorism, public health issues, natural disasters, and other circumstances that could disrupt supply, delivery, or demand of products; and unfavorable results of other legal proceedings. Actual results may differ materially due to numerous risk factors. Such risk factors are more fully enumerated in O2Micro's 20-F Annual Filings, Annual Report(s), 6-K's, the Form F-1 filed in connection with the Company's initial public offering in August 2000, information posted on our website at www.o2micro.com , and other documents filed with the SEC, NASDAQ or any other public agency from time to time. The statements herein are based on dated information on the dates mentioned herein, which is subject to change. O2Micro assumes no obligation to update or revise the information provided on today, or any other forward-looking information, whether as a result of new information, future events or any other information that may arise. This information only speaks to the respective dates mentioned in said information.
O 2 MICRO INTERNATIONAL LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (In Thousand U.S. Dollars, Except Per Share Amounts) Three Months Ended March 31, 2018
2017
NET SALES $ 14,108 $ 14,954 COST OF SALES 6,886 7,067 GROSS PROFIT 7,222 7,887 OPERATING EXPENSES Research and development (1) 4,806 4,052 Selling, general and administrative (1) 4,964 5,054 Litigation Income - (19 ) Total Operating Expenses 9,770 9,087 LOSS FROM OPERATIONS (2,548 ) (1,200 ) NON-OPERATING INCOME Interest income 97 79 Unrealized fair value gain on long-term investments 9,774 - Foreign exchange loss – net (157 ) (216 ) Other – net 267 102 Total Non-operating (Loss) Income 9,981 (35 ) INCOME (LOSS) BEFORE INCOME TAX 7,433 (1,235 ) INCOME TAX EXPENSE 265 222 NET INCOME (LOSS) 7,168 (1,457 ) OTHER COMPREHENSIVE INCOME Foreign currency translation adjustments 675 721 Unrealized gain on available-for-sale securities - (1 ) Unrealized pension gain 2 1 Total Other Comprehensive Income 677 721 COMPREHENSIVE INCOME(LOSS) $ 7,845 $ (736 ) EARNINGS (LOSS) PER ADS Basic $ 0.28 $ (0.06 ) Diluted $ 0.27 $ (0.06 ) ADS UNITS USED IN EARNINGS (LOSS) PER ADS CALCULATION: Basic (in thousands) 25,977 25,840 Diluted (in thousands) 26,477 25,840 (1) INCLUDES STOCK-BASED COMPENSATION CHARGE AS FOLLOWS: Research and development $ 62 $ 60 Selling, general and administrative $ 302 $ 372
O 2 MICRO INTERNATIONAL LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousand U.S. Dollars, Except Share Amounts) March 31, December 31,
2018
2017
ASSETS (Unaudited) (Audited)
CURRENT ASSETS Cash and cash equivalents $ 25,417 $ 28,520 Restricted cash 36 35 Short-term investments 19,695 17,601 Accounts receivable – net 8,043 9,184 Inventories 9,662 9,330 Prepaid expenses and other current assets 1,685 1,245 Total Current Assets 64,538 65,915 LONG-TERM INVESTMENTS 12,849 3,112 PROPERTY AND EQUIPMENT – NET 13,751 13,755 OTHER ASSETS 2,232 2,300 TOTAL ASSETS $ 93,370 $ 85,082 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Notes and accounts payable $ 3,290 $ 2,460 Income tax payable 292 341 Accrued expenses and other current liabilities 3,761 4,379 Total Current Liabilities 7,343 7,180 OTHER LONG-TERM LIABILITIES Accrued pension liabilities 358 355 Deferred income tax liabilities 1,012 906 Other liabilities 88 86 Total Other Long-Term Liabilities 1,458 1,347 Total Liabilities 8,801 8,527 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY Preference shares at $0.00002 par value per share Authorized – 250,000,000 shares - - Ordinary shares at $0.00002 par value per share Authorized – 4,750,000,000 shares Issued – 1,669,036,600 shares as of March 31, 2018 and December 31, 2017
Outstanding –1,301,657,500 and 1,284,146,100 shares as of March 31, 2018 and
December 31, 2017, respectively 33 33 Additional paid-in capital 142,128 142,946 Accumulated deficits (40,702 ) (47,517 ) Accumulated other comprehensive income 6,014 5,337 Treasury stock – 367,379,100 and 384,890,500 shares as of March 31, 2018 and
December 31, 2017, respectively (22,904 ) (24,244 ) Total Shareholders’ Equity 84,569 76,555 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 93,370 $ 85,082 Contact Information: Investor Relations, O2Micro Phone: 408.987.5920, x8888 Email: [email protected]
Source:O2Micro, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-o2micro-reports-first-quarter-2018-financial-results.html |
May 18, 2018 / 10:03 AM / Updated 5 minutes ago Tata Steel's Dutch employees throw spanner in Thyssenkrupp JV works Bart H. Meijer 3 Min Read
AMSTERDAM (Reuters) - Tata Steel’s ( TISC.NS ) Dutch works council has called into question a timeframe for completing a joint venture between the Indian group and Thyssenkrupp ( TKAG.DE ) by end-June, saying it may need more time to assess the deal, its president said. FILE PHOTO: The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company's annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay/File Photo
“We expect to need at least two to three months to finish our process,” Dutch works council president Frits van Wieringen told Reuters on Friday. The council started its evaluation on May 1.
Tata’s Dutch works council last month said it still had “major reservations” over the consequences of the joint venture for the Dutch activities and its staff, even though Tata promised limited job losses and an independent position for the Dutch operations within the new company.
“Thyssenkrupp is the only party commenting on the expected end date,” van Wieringen said.
Thyssenkrupp earlier this week said it expected to be able to sign the deal with Tata Steel, agreed in principle in September, in the first half of the year. Tata Steel confirmed that timeline a day later. FILE PHOTO: A company logo is seen outside the Tata steelworks near Rotherham in Britain, March 30, 2016. REUTERS/Phil Noble/File Photo
But this will not happen without the consent of the Dutch workers, van Wieringen said.
The planned transaction would combine Thyssenkrupp’s and Tata Steel’s European steel operations to create the continent’s second-largest steelmaker after ArcelorMittal ( MT.AS ) with sales of 15 billion euros ($17.7 billion).
The council said it would scrutinize the deal very critically, as it looked for guarantees on investment plans and research activities relating to the automotive and packaging steel activities to remain in the Netherlands.
“A thorough process is more important to us than speed,” van Wieringen told Reuters. “We will not be pressured into a deal.”
The groups had previously aimed to sign the deal to combine their European steel activities in the beginning of 2018, and had foreseen its closure at the end of the year.
But Tata Steel’s board still needs the final consent of trade unions and the works council.
Tata Steel Netherlands reached a preliminary agreement with Dutch unions in March, after promising job losses would be limited to between 300 and 400 supporting functions while excluding any forced redundancies until 2026.
Tata also guaranteed its Dutch division it could continue to operate as an independent, fully integrated steel company within the joint venture, with control over its own profits and with an independent supervisory board.
Thyssenkrupp declined to comment. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-thyssenkrupp-tata-steel-jointventure/tata-steel-works-council-might-take-until-august-to-assess-steel-jv-idUKKCN1IJ13T |
CNBC.com Getty Images Senate Minority Leader Sen. Chuck Schumer (D-NY) (L) and Senate Minority Whip Sen. Dick Durbin (D-IL).
Shortly before he took office last year, President Donald Trump accused the pharmaceutical industry of "getting away with murder." As a candidate in 2016, he backed the idea of the government negotiating directly with drugmakers to lower Medicare drug prices.
The proposal, which broke with most Republicans, became one of Trump's most popular plans among Democrats in Congress. But when the president unveiled a sweeping platform Friday to reduce drug prices , it appeared not to include the Medicare negotiation plan.
During his remarks Friday, Trump said he wanted to develop "new tools to negotiate for lower prices" in Medicare Part D plans. The government wants to develop "incentives" to encourage companies to keep prices low, he said.
However, he did not specifically call for the direct price negotiation he described on the campaign trail.
Democrats, ahead of Trump's speech and after it, slammed the president for what they called abandoning a key campaign promise. The theme will likely play heavily in Democratic midterm messaging, as the party tries to gain seats in Congress partly by arguing the GOP has not done enough to help American consumers.
Amid Trump's remarks Friday, veteran Rep. Elijah Cummings, D-Md., said the president "is abandoning his promise" to allow direct negotiation to lower drug prices. He and his Democratic colleagues are also arguing the president's pledge to keep pharmaceutical companies in check rings hollow because the businesses received a massive tax benefit under the GOP tax overhaul passed in December. Cummings: Very expensive champagne will be popping in drug company boardrooms across the country tonight. The # GOPTaxScam gave away billions to drug companies. Now President Trump is abandoning his promise to authorize Medicare to negotiate directly w/drug companies to lower prices.
As news emerged Thursday that Trump may not push for direct negotiations, Democrats accused him of abandoning his campaign priorities. Senate Minority Leader Chuck Schumer said candidate Trump "spoke like a populist who wanted to work in a bipartisan way."
"He talked the talk, but he has failed, at least so far, to walk the walk," the New York Democrat told reporters.
Sen. Bernie Sanders , I-Vt., said if Trump is "serious about lowering drug prices," he would take action such as telling "the Republican leadership to support the Medicare price negotiation act." Sen. Dick Durbin , D-Ill., the chamber's second-ranking Democrat, argued earlier Friday that Trump is "breaking his promise" to bring down drug prices.
The White House did not immediately respond to CNBC's request for comment on the Democratic criticism. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/trump-drug-price-speech-schumer-durbin-say-trump-helps-drug-companies.html |
* Brent, WTI crude oil futures mark highest since Nov 2014
* China’s Shanghai crude oil futures reach record-peak
* U.S. this week announced new sanctions against oil exporter Iran
* Iran producers almost 4 pct of global oil supplies
By Henning Gloystein
SINGAPORE, May 10 (Reuters) - Oil prices clocked up more multi-year highs on Thursday as traders adjusted to the prospects of renewed U.S. sanctions against major crude exporter Iran amid an already tightening market.
The United States plans to impose new sanctions against Iran, which produces around 4 percent of global oil supplies, after abandoning an agreement reached in late 2015 which limited Tehran’s nuclear ambitions in exchange for removing U.S.-Europe sanctions.
Oil prices rose sharply in response to the announced measures.
Brent crude futures, the international benchmark for oil prices, hit their strongest since November 2014 at $77.76 per barrel on Thursday.
U.S. West Texas Intermediate (WTI) crude futures also marked a November-2014 high, at $71.75 a barrel, and they still stood at $71.67 a barrel at 0219 GMT, up over half a dollar, or 0.7 percent, from their last settlement.
In China, which is Iran’s single biggest buyer of oil, Shanghai crude futures posted their biggest intra-day rally since their launch in March, rising more than 4 percent to a dollar-denominated record of around $73.40 per barrel.
Goldman Sachs said the planned unilateral U.S. sanctions against Iran would likely have a “high level of efficiency”.
As a result of sanctions and because of risks to supplies elsewhere, especially in Venezuela, the U.S. bank said “this leaves risk our summer $82.50 per barrel Brent price forecast (is) squarely skewed to the upside”.
Analysts had little hope that opposition to the U.S. action would prevent sanctions from going ahead.
“Europe and China will not fight against the U.S. sanctions. They will grumble and accept it. There is no one who will realistically choose Iran over the U.S.,” said energy consultancy FGE.
“We believe the previous 1 million bpd limit for exports (imposed during previous sanctions) will be reimposed. As before, it may take several rounds of reductions to reach target levels,” FGE’s founder and chairman Fereidun Fesharaki wrote in a note. He added that condensate, a super-light form of crude oil that was excluded in the last round of sanctions, may well be included.
Despite this, Fesharaki said the near-term impact on the oil market would be limited due to a 180-day wind down period as planned sanctions are implemented.
“But the impact will escalate as we approach November (i.e. the end of 180-day wind down period) ... Oil prices will certainly move up, and $90-100 per barrel prices may again be on the cards.”
Sanctions come amid an oil market that has already been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and top producer Russia have led efforts since 2017 to withhold oil supplies to prop up prices.
U.S. crude inventories C-STK-T-EIA fell by 2.2 million barrels in the week to May 4, to 433.76 million barrels, according to the Energy Information Administration (EIA), slightly above the 420 million barrels five-year average level.
One factor that could prevent markets from tightening further is soaring U.S. oil output.
Weekly U.S. crude oil production C-OUT-T-EIA hit another record last week, climbing to 10.7 million barrels per day (bpd).
That’s up 27 percent since mid-2016 and means U.S. output is creeping ever closer to that of top producer Russia, which pumps around 11 million bpd.
Reporting by Henning Gloystein Editing by Joseph Radford
| ashraq/financial-news-articles | https://www.reuters.com/article/global-oil/oil-prices-hit-highest-in-years-as-markets-adjust-to-looming-sanctions-on-iran-idUSL3N1SH1EO |
May 3 (Reuters) - Newmark Group Inc:
* NEWMARK GROUP REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* NEWMARK GROUP - QTRLY REVENUES $430.5 MILLION VERSUS $332.6 MILLION
* NEWMARK GROUP - QTRLY GAAP NET INCOME PER FULLY DILUTED SHARE $0.12
* NEWMARK GROUP INC - “EXPECT OUR DIVIDEND TO REMAIN CONSISTENT FOR EACH OF THE FOUR QUARTERS OF 2018”
* NEWMARK GROUP - SEES 2018 REVENUES OF BETWEEN APPROXIMATELY $1,900 MILLION AND $2,050 MILLION
* NEWMARK GROUP - SEES 2018 POST-TAX ADJUSTED EPS TO BE IN RANGE OF APPROXIMATELY $1.40 AND $1.60
* NEWMARK GROUP - SEES 2018 ADJUSTED EBITDA BEFORE ALLOCATIONS TO UNITS OF BETWEEN $475 MILLION AND $525 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-newmark-group-reports-qtrly-gaap-n/brief-newmark-group-reports-qtrly-gaap-net-income-per-fully-diluted-share-0-12-idUSASC09ZJ8 |
May 21 (Reuters) - Qualcomm Inc:
* QUALCOMM ANNOUNCES CASH OFFERS FOR FOUR SERIES OF NOTES OPEN TO RETAIL HOLDERS ONLY
* QUALCOMM INC - CASH OFFERS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MAY 25, 2018
* QUALCOMM INC - COMMENCEMENT OF A TRANSACTION TO REPURCHASE FOUR SERIES OF ITS OUTSTANDING NOTES TOTALING $4 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-qualcomm-to-commence-cash-offers-t/brief-qualcomm-to-commence-cash-offers-to-repurchase-four-series-of-its-outstanding-notes-totaling-4-bln-idUSASC0A31G |
WASHINGTON—The U.S. will impose tariffs on steel and aluminum imports from Canada, Mexico and the European Union starting on Friday, the Trump administration said, raising the specter of trade war with some of Washington’s closest allies, who said they would retaliate.
Canadian Prime Minister Justin Trudeau on Thursday said Ottawa will impose a 25% tariff on steel imports from the U.S. and a 10% tariff on aluminum and a wide range of other U.S. goods, including some food and agricultural products. The government said it would... RELATED VIDEO What the U.S.-China Trade War Means for Workers on the Ground Trade pressure on farmers has helped fuel the latest talks between U.S. and China aimed at lifting tariffs on soybeans, hogs and more. Here, an American farmer and a steelworker explain how tariffs are impacting their livelihoods. | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-slaps-steel-aluminum-tariffs-on-canada-mexico-european-union-1527774283 |
May 23 (Reuters) - BRP Inc:
* BRP ANNOUNCES THE REFINANCING OF ITS CREDIT FACILITIES * BRP INC - PRINCIPAL AMOUNT ADVANCED UNDER TERM LOAN FACILITY WAS INCREASED FROM US$789 MILLION TO US$900 MILLION
* BRP INC - MAXIMUM PRINCIPAL AMOUNT AVAILABLE UNDER REVOLVING CREDIT FACILITY WAS INCREASED FROM C$475 MILLION TO C$575 MILLION
* BRP INC - MATURITY DATE FOR TERM LOAN WAS EXTENDED UNTIL 2025, MATURITY DATE FOR REVOLVING CREDIT FACILITY WAS EXTENDED UNTIL 2023 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-brp-announces-refinancing-of-its-c/brief-brp-announces-refinancing-of-its-credit-facilities-idUSASC0A3H7 |
Stocks set for positive open ahead of long weekend 2 Hours Ago U.S. stock futures were higher Friday morning after the major averages all closed in the red Thursday, CNBC's Meg Tirrell reports. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/stocks-set-for-positive-open-ahead-of-long-weekend.html |
April 30 (Reuters) - Evrofarma SA:
* FY 2017 TURNOVER AT EUR 30.6 MILLION VERSUS EUR 28.9 MILLION YEAR AGO
* FY EBITDA EUR 3.3 MILLION VERSUS EUR 2.1 MILLION YEAR AGO
* FY 2017 NET PROFIT EUR 0.5 MILLION VERSUS PROFIT OF EUR 0.4 MILLION YEAR AGO Source text : bit.ly/2KoFV2E Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-evrofarma-sa-fy-2017-net-profit-eu/brief-evrofarma-sa-fy-2017-net-profit-eur-0-5-million-idUSFWN1S711E |
HOUSTON, May 14, 2018 (GLOBE NEWSWIRE) -- Synthesis Energy Systems, Inc. (SES) (NASDAQ:SES), a global leader in the clean and efficient production of low-cost synthesis gas for high value energy and chemical products, today reported financial results for its fiscal 2018 third quarter
“This was a good past quarter where we have been focused on generating financial results. We continue to advance our global initiatives, grow our existing assets, and move closer to securing new orders for our technology and equipment in Australia and Poland. We are pleased to report increasing revenues of $800,000 for our fiscal third quarter, and a reduction in G&A expenses of $2.5 million over the comparable nine-month period ending March 31 st of the prior fiscal year,” said DeLome Fair, SES’s president and CEO.
“Our Australian business platform, Australian Future Energy (AFE), is concentrating its efforts and resources on closing its A$15 million capital raise. AFE anticipates completing definitive agreements soon for a significant portion of the capital raise, along with product off-take commitments for the first project. The proceeds from this capital raise are earmarked to advance AFE’s projects into engineering and construction, which is expected to result in SES receiving payments related to our existing Technology License Agreement with AFE. Under the terms of this agreement, SES will receive license and Process Design Package fees, paid at agreed milestones over the engineering, construction, and initial operating period based on the expected syngas production capacity of the first AFE project. During the construction phase, AFE would additionally purchase the required SGT proprietary equipment from SES,” continued Ms. Fair.
“We are excited to report that our Poland business platform, SES EnCoal Energy (SEE), is gaining significant traction and attention. With our partners, we’ve increased the profile of the SEE JV and introduced our technology to the market with a successful media launch that generated additional exposure and awareness in Poland. Additionally, our partners and senior management team have held productive meetings with government officials, as well as U.S. agency liaisons to Poland. This groundwork has increased the number of clean energy project opportunities the SEE team is pursuing,” said Ms. Fair. “Poland’s Institute of Coal Chemistry’s study, sponsored by customer TAURON Wytwarzanie S. A., one of Poland’s largest energy companies, was successfully completed in March. The results have shown that conversion of TAURON’s 200MW power boiler utilizing SGT Technology can be both economically attractive and environmentally beneficial, and that it is an ideal solution capable of meeting EU and IED targets. Based on the results of the study, TAURON is pushing forward with development of the project, and has engaged a large Polish EPC as its owner’s engineer for the project. The engineer has been tasked to validate and refine the Institute’s cost estimate, which will include site-related costs, as well as an initial assessment for a second phase of the project. This work is expected to be completed within the next several months, after which time TAURON is expected to approve the tendering of the detailed design and construction of the project. The required definitive agreements with SES are in progress in parallel with this work.
“We continue to be impressed with the steadily increasing performance of Batchfire Resources, in which we hold an 11.4% ownership position. The Callide mine is producing and selling coal at a rate of approximately 10 million metric tons per year, and benchmark prices for Newcastle thermal coal remain attractive. Also, according to Batchfire, the Asian market is growing ever more receptive of Callide coal because of its good environmental performance, due to its very low sulfur content, and because many of the power plants using Callide coal are experiencing energy savings related to lower coal pulverizing costs. We believe our ownership position in Batchfire is currently our most significant asset and we look forward to seeing this value realized, once Batchfire begins to generate regular dividends to its shareholders,” continued Ms. Fair.
“We completed our package of engineering deliverables to advance the technical and commercial steps to make proposals for multiple identified prospective MXCOL ® -SES Direct Reduced Iron (DRI) projects in India with our global DRI partner, Midrex. Midrex is putting the finishing touches on the study, in order to share the results with multiple potential customers in India,” said Ms. Fair.
“Our installed base of commercial-scale gasification systems in China continues to report excellent operations, which provides confidence to our partners and customers outside of China who are planning projects using our technology. We have multiple SGT systems operating in China that continue to demonstrate reliability and availability performance which is best in class for the gasification industry. As an example, the Aluminum Corporation of China (CHALCO) plant in Zibo City, Shandong Province, with two SGT gasification systems has reported operations for more than 330 days in 2017 for each of their two gasification systems. In addition, the CHALCO plant in Henan Province, with four SGT systems, recently completed an outstanding 429 days of continuous syngas generation. This is made even more impressive since it was the first run of the facility after initial commissioning and startup. Our joint venture project in Yima is also showing improvement, generating 73,400 TPD of methanol this quarter, one of their best quarters to date, achieving 86% of the targeted annualized production. We believe this operating performance is a testament to SGT’s robust and flexible design. Superior economics with best-in-class operating reliability, combined with low-cost feedstocks and responsible environmental performance, is a big advantage of our technology,” concluded Ms. Fair.
Fiscal Third Quarter 2018 Operations Update
Australian Future Energy Pty Ltd (AFE ) – SES’s pre-raise ownership position is approximately 39% of this SGT Australian platform company
Two Queensland SGT projects and the 270MM metric ton Pentland coal resource, with a total planned investment of approximately A$1.7B, are in initial development. AFE believes it is on target to complete definitive agreements for the A$15 million capital raise soon. The funds are earmarked to complete the next phase of project development for the three projects.
SES EnCoal Energy sp. z o.o. (SEE) – SES’s ownership position is 50% of this SGT Polish platform company
In February, SES, TAURON Wytwarzanie S. A., and SEE announced the execution of a Letter of Intent to develop Poland’s first SGT facility. TAURON contracted Poland’s Institute of Coal Chemistry to complete a detailed preliminary design assessment and economic study for the conversion of its initial 200MW conventional power boiler to clean syngas. Based on the results of the study, completed successfully in March and underway since September 2017, TAURON is pushing forward with development of the project. TAURON has engaged a large Polish EPC as its owner’s engineer for the project. The engineer is tasked to validate and refine the Institute’s cost estimate, which will include site-related costs, as well as complete an initial assessment for a second phase of the project.
Batchfire Resources Pty LTD – SES’s ownership position is 11.4% of this AFE spin-off company that operates the Callide Mine
In January, SES welcomed the Queensland (Australia) Minister for Natural Resources, Mines and Energy’s approval of Batchfire Resources’ mining lease application through to 2043 for Callide coal mine’s Boundary Hill South Project.
Batchfire’s leadership continues to manage the Callide operation responsibly, with an expected production run rate of 10MM metric tons annually. Domestic Australian sales account for up to approximately 6.5 million metric tons per annum, used primarily for power generation and alumina refining, with the balance of production sold to Asian markets. Batchfire management reports that demand for Callide coal in Asia is increasing. According to Batchfire, the Callide mining tenure extends across 180 square kilometers and contains an estimated coal resource of up to 1.7B metric tons.
India
SES completed a package of engineering deliverables for the combined first-in-class MXCOL ® -SES Direct Reduced Iron (DRI) facility/gasification island program with its global DRI partner, Midrex, a subsidiary of Kobe Steel, Ltd. Midrex is finishing the full study and will be sharing the results with multiple customers for specific prospective opportunities in India.
Brazil
SES’s clean energy technology remains under consideration and is being evaluated for the US$1.7 billion substitute natural gas (SNG) project by Copelmi Mineração Ltda. Vamtec has indicated publicly that it intends to use SGT for its planned US $500MM coal-to-methanol gasification plant. Both facilities are to be located in Brazil’s southern state of Rio Grande do Sul.
China
China resources remain focused on deriving revenues from self-funding China operations. The coal-to-methanol plant of the Yima Joint Venture, in which SES holds a 25% ownership, continues to show operational improvement. The Yima JV has agreed to pay an additional 12MM Yuan (approximately $1.9MM) in the 2018 calendar year. The JV made payments of 2MM Yuan (approximately $316,000) in March and 2MM Yuan (approximately $316,000) in April, following the approximately 2.15MM Yuan (approximately $342,000) previously reported.
SES’s 25%-owned Chinese joint venture, Tianwo-SES Clean Energy Technologies Co., Ltd., continues to work towards advancing SGT projects in China, where SES has successfully commercialized five plants with 12 systems.
Corporate News
In March, SES appointed Mr. Robert F. Anderson to its Board of Directors. Mr. Anderson brings to SES an extensive commercial and transactional background in the international electric power business, having led global sales teams for GE Corporation for 35 years, prior to his retirement in 2017 and, prior to GE, having grown the brand of Stewart & Stevenson.
In March, the Board of Directors of SES’s Australian platform business, AFE, appointed Mr. Kerry Parker as Chief Executive Officer of AFE. For the past two decades of his nearly 30-year career, Mr. Parker, a chartered accountant by background, has led and managed finance and commercial operations along with significant operational experience in a number of major companies in Australia’s resources sector. Mr. Parker previously served as CFO of AFE, since joining the Company in March 2017.
Fiscal Third Quarter 2018 Financial Results (Unaudited)
Three Months Ended March 31, 2018 (“Current Quarter”) Compared to the Three Months Ended March 31, 2017 (“Comparable Quarter”)
Total revenue was $0.8 million for the Current Quarter as compared to $22,000 for the Comparable Quarter. The increase was primarily due to $0.6 million of payments of past due invoices related to technical consulting and engineering services provided to our Yima Joint Venture during the construction and commissioning period, and $0.2 million from a third-party customer related to their feasibility study. The $22,000 revenue for the Comparable Quarter was related to an engineering study for a third-party customer.
Total costs of sales and plant operating expenses was $0.2 million for the Current Quarter as compared to $20,000 for the Comparable Quarter. The increase was primarily due to the costs of technical consulting and engineering services provided to a third-party customer’s feasibility study.
General and administrative expenses was $1.5 million in the Current Quarter compared with $2.2 million for the Comparable Quarter. The $0.7 million decrease was due primarily to the reduction of employee related compensation costs, professional fees and other general and administrative expenses.
Interest expense was $0.3 million for the Current Quarter as compared to zero for the Comparable Quarter, which was primarily due to the interest paid to the Debenture investors and the amortization of the debt discount and debt issuance costs for the Current Quarter.
The net gain on fair value adjustments of derivative liabilities was approximately $34,000 for the Current Quarter compared with zero for the Comparable Quarter, which resulted from the lower fair market value for our warrants issued to the Debenture investors and the placement agent as of March 31, 2018 versus the fair market value as of December 31, 2017. The change in the derivative liabilities was primarily due to the 5.6% decline in the Company’s stock price during the Current Quarter.
The Company's operating loss for the Current Quarter was $1.3 million versus an operating loss of $2.7 million for the Comparable Quarter. The decrease in operating loss was primarily due to a reduction in general administrative expenses during the Current Quarter.
The net loss attributable to stockholders for the Current Quarter was $1.5 million, or $0.13 per share, versus a loss of $2.7 million, or $0.24 per share, for the Comparable Quarter.
As of March 31, 2018, the Company had cash and cash equivalents of $8.6 million and working capital of $8.5 million.
Nine Months Ended March 31, 2018 (“Current Period”) Compared to the Nine Months Ended March 31, 2017 (“Comparable Period”)
Total revenue was $1.2 million for the Current Period as compared to $27,000 for the Comparable Period. The increase was primarily due to $0.6 million of payments of past due invoices related to technical consulting and engineering services provided to our Yima Joint Venture during the construction and commissioning period, $0.2 million related to our collection of past due invoice from our Tianwo-SES Joint Venture prior to the transfer of shares, $0.1 million related to services provided to AFE and $0.3 million from a third-party customer related to their feasibility study. The $27,000 revenue for the Comparable Period was related to an engineering study for a third-party customer.
Total costs of sales and plant operating expenses was $0.4 million for the Current Period as compared to $22,000 for the Comparable Period. The increase was primarily due to the costs of technical consulting and engineering services provided to a third-party customer in the amount of $0.2 million and $0.2 million in costs related to our Yima Joint Venture, Tianwo-SES Joint Venture and AFE. The $22,000 costs of sales during the Comparable Period resulted from costs incurred for engineering services for a customer.
General and administrative expenses was $4.4 million in the Current Period compared with $6.9 million for the Comparable Period. The $2.5 million decrease was due primarily to the reduction of employee related compensation costs, professional fees and other general and administrative expenses.
Interest expense was $0.6 million for the Current Period as compared to zero for the Comparable Period, which was primarily due to the interest paid to the Debenture investors and the amortization of the debt discount and debt issuance costs for the Current Period.
The net gain on fair value adjustments of derivative liabilities was approximately $0.5 million for the Current Period compared with zero for the Comparable Period, which resulted from the lower fair market value for warrants issued to the debentures investors and the placement agent as of March 31, 2018 versus the fair market value as of the issuance date of October 24, 2017. The change in the derivative liabilities was primarily due to the 18.3% decline in the Company’s stock price during the Current Period.
The other gain was $1.7 million for the Current Period as compared to zero for the Comparable Period, which was primarily due to the restructuring of the Tianwo-SES Joint Venture. The Tianwo-SES Joint Venture is accounted for under the equity method. The Company’s contribution in the formation of the venture was the TUCA, which is an intangible asset granting certain exclusive rights to our gasification technology. As such, the Company did not record a carrying value of the investment in the Tianwo-SES Joint Venture at the inception of the venture. In August 2017, the Company entered into a Restructuring Agreement and received $1.7 million related to its transfer of ownership, reducing its ownership from 35% to 25% and final transfer and registration of shares with local government authorities was completed in December 2017. The $1.7 million gain was deferred in August and recognized upon the completed registration process in December 2017. The $1.7 million gain is recorded as the joint venture has no carrying value and therefore the amounts received related to the transfer of ownership resulted in a gain.
Gain from discontinued operations of $1.9 million for the Comparable Period related to our deconsolidation of the ZZ Joint Venture.
The Company's operating loss for the Current Period was $4.6 million versus an operating loss of $8.3 million for the Comparable Period. The decrease in operating loss was primarily due to a reduction in general administrative expenses during the Current Period.
The net loss attributable to stockholders for the Current Period was $2.7 million, or $0.24 per share, versus a loss of $6.2 million, or $0.56 per share, for the Comparable Period.
About Synthesis Energy Systems, Inc.
Synthesis Energy Systems (SES) is a Houston-based technology company focused on generating clean, high-value energy from low-cost and low-grade coal, biomass and municipal solid waste through its proprietary technology for conversion of these resources into a clean synthesis gas (syngas) and methane. SES’s proprietary technology enables the production of clean, low-cost power, industrial fuel gas, chemicals, fertilizers, transportation fuels, and substitute natural gas, replacing expensive natural gas-based energy. SES’s technology can also produce high-purity hydrogen for cleaner transportation fuels. SES enables greater fuel flexibility for both large-scale and efficient small- to medium-scale operations close to fuel sources. Fuel sources include low-rank, low-cost high ash, high moisture coals, which are significantly cheaper than higher grade coals, waste coals, biomass, and municipal solid waste feedstocks. SES: Growth With Blue Skies. For more information, please visit: www.synthesisenergy.com .
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Although we believe that in making such forward-looking statements, our expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected by us. Among those risks, trends and uncertainties are the ability of Batchfire Resources Pty Ltd (“BFR”) and Australian Future Energy Pty Ltd (“AFE”) management to successfully grow and develop their Australian assets and operations, including Callide and Pentland; the ability of AFE and BFR to produce earnings and pay dividends; the ability of SES EnCoal Energy sp. z o. o. management to successfully grow and develop projects, assets and operations in Poland; our ability to raise additional capital; our indebtedness and the amount of cash required to service our indebtedness; our ability to develop and expand business of the Tianwo-SES Joint Venture in the joint venture territory; our ability to develop our power business unit and our other business verticals, including DRI steel, through our marketing arrangement with Midrex Technologies; our ability to successfully develop our licensing business; the ability of our project with Yima to produce earnings and pay dividends; the economic conditions of countries where we are operating; events or circumstances which result in an impairment of our assets; our ability to reduce operating costs; our ability to make distributions and repatriate earnings from our Chinese operations; our ability to maintain our listing on the NASDAQ Stock Market; our ability to successfully commercialize our technology at a larger scale and higher pressures; commodity prices, including in particular coal, natural gas, crude oil, methanol and power; the availability and terms of financing; our customers’ and/or our ability to obtain the necessary approvals and permits for future projects; our ability to estimate the sufficiency of existing capital resources; the sufficiency of internal controls and procedures; and our results of operations in countries outside of the U.S., where we are continuing to pursue and develop projects. We cannot assure you that the assumptions upon which these statements are based will prove to be correct. Please refer to our latest Form 10-K available on our website at www.synthesisenergy.com .
Contact:
MDC Group
Investor Relations:
David Castaneda
Arsen Mugurdumov
414.351.9758
[email protected]
Media Relations:
Susan Roush
805.624.7624
[email protected]
TABLES FOLLOW
SYNTHESIS ENERGY SYSTEMS, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine-Months Ended March 31, March 31, 2018
2017
2018
2017
Revenue: Technology licensing and related services-related party $ 563 $ — $ 883 $ — Technology licensing and related services-third party 244 22 269 27 Total revenue 807 22 1,152 27 Costs and Expenses: Costs of sales and operating 214 20 360 22 General and administrative expenses 1,511 2,155 4,427 6,924 Stock-based expense 370 566 921 1,298 Depreciation and amortization 9 9 27 57 Total costs and expenses 2,104 2,750 5,735 8,301 Operating loss (1,297 ) (2,728 ) (4,583 ) (8,274 ) Non-operating (income)/expense: Equity losses of Joint Ventures 70 40 392 40 Foreign currency (gain)/ losses, net (112 ) (16 ) (219 ) 124 Interest expense 319 — 552 — Interest income (21 ) (3 ) (31 ) (11 ) Gain on fair value adjustments of derivative liabilities (34 ) — (473 ) — Other (gain) — — (1,689 ) — Loss from continuing operations (1,519 ) (2,749 ) (3,115 ) (8,427 ) Income from discontinued operations — — — 1,929 Net Loss (1,519 ) (2,749 ) (3,115 ) (6,498 ) Less: net loss attributable to noncontrolling interests (43 ) (37 ) (461 ) (270 ) Net income/(loss) attributable to SES stockholders $ (1,476 ) $ (2,712 ) $ (2,654 ) $ (6,228 ) Net income/(loss) attributable to SES stockholders:
From continuing operations (1,476 ) (2,712 ) (2,654 ) (8,166 ) From discontinued operations — — — 1,938 Net income/(loss) attributable to SES stockholders $ (1,476 ) $ (2,712 ) $ (2,654 ) $ (6,228 ) Net income/(loss) per share (Basic and diluted): From continuing operations (0.13 ) (0.24 ) (0.24 ) (0.72 ) From discontinued operations — — — 0.16 Net income/(loss) attributable to SES stockholders $ (0.13 ) $ (0.24 ) $ (0.24 ) $ (0.56 ) Weighted average common shares outstanding (Basic and diluted): 10,972 10,897 10,953 10,884 SYNTHESIS ENERGY SYSTEMS, INC.
Consolidated Balance Sheets
(In thousands, except per share amount)
March 31, June 30, 2018 2017 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 8,574 $ 4,988 Accounts receivable, net, related party 288 167 Accounts receivable, net, third party 125 — Prepaid expenses and other currents assets 1,038 539 Inventory — 42 Total current assets 10,025 5,736 Property, plant and equipment, net 14 24 Intangible asset, net 1,028 984 Investment in joint ventures 8,803 8,539 Other long-term assets 27 43 Total assets $ 19,897 $ 15,326 LIABILITIES AND EQUITY Current liabilities: Accrued expenses and accounts payable $ 1,519 $ 1,765 Total current liabilities 1,519 1,765 Senior secured debenture principal 8,000 — Less unamortized discount and debt issuance costs (2,707 ) — Total senior secured debenture 5,293 — Derivative liabilities 1,617 — Total long-term liabilities 6,910 — Total liabilities 8,429 1,765 Commitment and contingencies (Note 13) Stockholders’ equity: Preferred stock, $0.01 par value- 20,000 shares authorized – no shares issued and outstanding — — Common stock, $0.01 par value: 200,000 shares authorized: 10,982 shares and 10,929 shares issued and outstanding as of March 31, 2018 and June 30, 2017 respectively 110 109 Additional paid-in capital 264,729 263,809 Accumulated deficit (255,828 ) (253,174 ) Accumulated other comprehensive income 3,468 4,018 Total stockholders’ equity 12,479 14,762 Noncontrolling interests in subsidiaries (1,011 ) (1,201 ) Total equity 11,468 13,561 Total liabilities and equity $ 19,897 $ 15,326 See accompanying notes to the consolidated financial statements
Source:Synthesis Energy Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-synthesis-energy-systems-reports-fiscal-2018-third-quarter-financial-results.html |
May 7 (Reuters) - Activist investors Carl Icahn and Darwin Deason would consider a bid for Xerox Corp of $40 per share, or a split with Fujifilm that left the company independent, to resolve an ongoing proxy fight, they said in a letter on Monday.
The letter comes after Xerox on Friday appealed a New York court ruling to block its deal with Fujifilm Holdings, just hours after the printer and copier maker announced that its ousted CEO and directors would remain in place.
Xerox was not immediately available to comment on the letter. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Anil D’Silva)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/xerox-ma-fujifilm/icahn-deason-want-at-least-40-per-share-for-xerox-idUSL3N1SE4RC |
ABUJA (Reuters) - At least 45 people died in an attack on a village in northern Nigeria, a police official told Reuters on Sunday, the latest in a string of incidents underscoring insecurity in parts of the country.
President Muhammadu Buhari won Nigeria’s 2015 elections partly on promises to bring security to Africa’s largest economy and most populous nation, but has struggled to fulfill those pledges. He is now seeking a second term in February 2019.
His critics and opponents question his track record tackling the multitude of conflicts that plague Nigeria, from Boko Haram and a thriving Islamic State West Africa insurgency in the northeast, to clashes between farmers and herders in the hinterlands that have left hundreds dead.
It was not immediately clear why the Gwaska village in the northern state of Kaduna was attacked on Saturday.
“Yesterday we recovered 12 corpses and today we retrieved 33,” Austin Iwar, Kaduna’s commissioner of police, told Reuters by phone.
The village, in the Birnin-Gwari area of Kaduna, lies near an area known for banditry, where thick forests provide remote hideouts from law enforcement.
Those groups of bandits have for years frustrated authorities’ attempts to apprehend them, and in some cases have amassed thousands of stolen cattle and fought off security agent task forces sent to deal with them.
Reporting by Ardo Hazzad; Writing by Paul Carsten; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nigeria-security/at-least-45-dead-in-attack-on-nigerian-village-police-say-idUSKBN1I70U5 |
May 8, 2018 / 6:34 U.S. fund Apollo walks away from FirstGroup offer Reuters Staff 2 U.S. private equity firm Apollo Global Management ( APO.N ) said on Tuesday it does not intend to make an offer to acquire British bus and rail operator FirstGroup ( FGP.L ).
Shares in Aberdeen-based FirstGroup, which has a market value of about 1.34 billion pounds, fell more than 10 percent on the news. They were down 7.5 percent at 103 pence at 0840 GMT.
In April, it said it had turned down a “possible cash offer” from the U.S. fund, raising concerns among investors that it could be forced to break itself up or sell off parts of its business.
Apollo, which under British rules had until May 9 to take a decision, has now said it is walking away from the business, which operates Greyhound intercity coaches and school buses in North America and rail services in the UK.
Apollo declined to give further details on the decision when asked by Reuters.
FirstGroup’s shares have slumped since the middle of last year and were hit again by a profit warning which saw them drop to 77 pence in March, their lowest since the company listed in 1995.
FirstGroup has also been targeted by Canadian activist investor West Face Capital, which disclosed a 5 percent stake in the business last June. Reporting by Clara Denina, editing by Louise Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-firstgroup-m-a-apollo/u-s-private-equity-fund-apollo-walks-away-from-first-group-offer-idUKKBN1I90JH |
May 11, 2018 / 9:15 AM / in 16 minutes China's April new loans rise to 1.18 trln yuan, above forecasts Reuters Staff 1 Min Read
BEIJING, May 11 (Reuters) - Chinese banks extended 1.18 trillion yuan ($186.37 billion) in net new yuan loans in April, more than analysts had expected and edging up from the previous month.
Analysts polled by Reuters had predicted new yuan loans of 1.1 trillion yuan, compared with March’s 1.12 trillion yuan.
Broad M2 money supply grew 8.3 percent in April from a year earlier, central bank data showed on Friday, missing forecasts for an expansion of 8.5 percent and compared with 8.2 percent in March.
Outstanding yuan loans grew 12.7 percent from a year earlier, in line with expected 12.7 percent rise and compared with a rise of 12.8 percent in March.
China’s banks extended a record 13.53 trillion yuan in new loans last year, up 7 percent from 2016, as the government looked to support economic growth even as regulators pushed to reduce risks in the financial system from a rapid build-up in debt. ($1 = 6.3316 Chinese yuan renminbi) (Reporting by Kevin Yao and Cheng Fang; Editing by Kim Coghill) | ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-loans/chinas-april-new-loans-rise-to-1-18-trln-yuan-above-forecasts-idUSZZN3EAN00 |
May 23, 2018 / 7:57 PM / Updated 9 minutes ago U.S. to send experimental Ebola treatment to Congo - official Julie Steenhuysen 3 Min Read
CHICAGO (Reuters) - U.S. health authorities said on Wednesday they were preparing to send an experimental Ebola treatment to the Democratic Republic of Congo for use in a clinical trial aimed at stemming an outbreak in the country that has spread to Mbandaka, a city of about 1.5 million people. FILE PHOTO: Dr. Anthony Fauci, director of the National Institutes of Allergy and Infectious Diseases, is pictured at the National Institutes of Health in Bethesda, Maryland, U.S. November 22, 2016 in this still image from video. REUTERS/Gershon Peaks/RVN
The trial would test the effectiveness of a treatment called mAb114 against the highly contagious virus, Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Disease, a part of the National Institutes of Health (NIH), said in a telephone interview.
He said mAb114 was made from the antibodies of the survivor of an Ebola outbreak in Kikwit, Congo, in 1995.
Scientists in Fauci’s vaccine research center had just begun a first-in-man trial of the treatment last week when Fauci said he received a request from the health ministry in Congo asking that the treatment be used in a clinical trial there.
“We haven’t even done the phase 1 yet,” Fauci said, but added that he was “happy to do it,” as long at the trial is done in collaboration with the World Health Organization.
The WHO is already in discussions over whether the government in Congo will give approval for the use of ZMapp, a similar antibody drug made by Mapp Biopharmaceuticals of San Diego. The agency last week said it could be available shortly.
A government spokeswoman said on Wednesday Congo would first need the approval of an ethics committee before it can use any experimental treatment.
The NIH treatment is a passive antibody. It works by transferring antibodies made by a survivor of a disease to a person who has not been exposed. “It has the effect of a vaccine,” Fauci said.
He said the NIH drug has a few advantages over ZMapp, which he said is given in several doses and needs to be refrigerated. The NIH treatment can be turned into a crystallized form and reconstituted in the field with a fluid such as saline.
The United States has 90 doses of the drug it can make available shortly, and will have another batch by the end of the year, Fauci said.
The latest outbreak is Congo’s ninth since the disease made its first known appearance near the northern Ebola river in the 1970s, and has raised concerns that the virus could spread downstream to the capital Kinshasa, which has a population of 10 million. Reporting by Julie Steenhuysen; Additional reporting by Aaron Ross in Dakar; Editing by Tom Brown | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-treatment/u-s-to-send-experimental-ebola-treatment-to-congo-official-idUSKCN1IO34T |
May 16, 2018 / 8:14 PM / Updated 10 minutes ago Cisco's tepid profit forecast overshadows third-quarter beat, shares fall Reuters Staff 2 Min Read
(Reuters) - Network gear maker Cisco Systems Inc ( CSCO.O ) beat analysts’ estimates for third-quarter revenue and profit on Wednesday, but a tepid profit forecast for the current quarter pushed shares down 3.4 percent in extended trading. FILE PHOTO: A logo of Cisco is seen during the Mobile World Congress in Barcelona, Spain February 27, 2018. REUTERS/Yves Herman/File Photo
The shares have risen about 18 percent this year as investors bet on Cisco’s transition to a software-focused company.
Cisco forecast fourth-quarter profit of 68 cents to 70 cents per share, while analysts were expecting 69 cents, according to Thomson Reuters I/B/E/S.
Net income rose to $2.69 billion (£2 billion), or 56 cents per share, in the third quarter ended April 28, from $2.52 billion, or 50 cents per share, a year earlier.
On an adjusted basis, the company earned 66 cents per share.
Total revenue rose 4.4 percent to $12.46 billion.
Analysts on average had expected a profit of 65 cents per share and revenue of $12.43 billion.
Cisco, like other legacy technology companies, has been shifting to high-growth areas such as cyber security and Internet of Things to cushion the declines in its traditional hardware businesses. Reporting by Laharee Chatterjee in Bengaluru; Editing by Sriraj Kalluvila | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cisco-systems-results/cisco-quarterly-revenue-rises-4-4-percent-idUKKCN1IH2UK |
MEXICO CITY (Reuters) - A Mexican journalist was killed on Tuesday in the southern state of Tabasco on the Gulf of Mexico amid deepening violence in one of the world’s most dangerous countries for reporters.
A Mexican journalist, Juan Carlos Huerta Gutierrez, takes a selfie, in Villahermosa, Mexico in this image uploaded to social media on February 27, 2018. Instagram/Juan Carlos Huerta Gutierrez/via REUTERS Juan Carlos Huerta, a news radio host, was shot dead by armed men as he drove from his home in the state capital of Villahermosa, authorities said. The attackers escaped, officials said.
Huerta had started his own radio station several months ago, two of his colleagues said.
A Mexican journalist, Juan Carlos Huerta Gutierrez, takes a selfie, in Villahermosa, Mexico in this image uploaded to social media on April 1, 2018. Instagram/Juan Carlos Huerta Gutierrez/via REUTERS “In the case of Juan Carlos, he was a leading communicator in his field ... and I can say it, a friend. I am deeply saddened,” Tabasco state Governor Arturo Nunez told reporters.
Slideshow (2 Images) Nunez said roads leaving the capital had been closed as part of attempts to catch the perpetrators.
So far this year, at least four journalists from states marred by worsening violence and the presence of criminal gangs have been killed in Mexico. Last year, 12 reporters were killed, according to free-speech advocacy group Article 19.
Article 19 has said Mexico is the most dangerous country in Latin America for journalists, with the number of killings similar to war zones like Syria.
A proliferation of violent criminal gangs drove the number of all murders in 2017 to more than 28,000, the highest in records going back to 1997.
The spike in violence has battered the popularity of President Enrique Pena Nieto and contributed to support of leftist presidential hopeful Andres Manuel Lopez Obrador, who leads public opinion polls ahead of elections in July.
Reporting by Lizbeth Diaz; Writing by Michael O'Boyle; editing by Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mexico-violence/mexican-journalist-gunned-down-in-gulf-state-of-tabasco-idUSKCN1IG34L |
Unsecured creditors in Puerto Rico’s restructuring on Tuesday called for an order allowing their committee to investigate how the island piled on its staggering debt and its finances fell into disrepair, saying it can no longer wait for a court-approved probe to report its findings.
Puerto Rico’s official committee of unsecured creditors in court papers said it wants an order greenlighting its own investigation no later than mid-August because the investigator hired by the island’s federal oversight board has not made good on his forecast in October that he would conclude his work within 200 days.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2GoRdRt
| ashraq/financial-news-articles | https://www.reuters.com/article/bankruptcy-puertorico/puerto-rico-creditors-say-time-is-up-for-probe-of-financial-crisis-idUSL2N1SN2LE |
NYC pop-up serves up all things eggs 1:42pm EDT - 01:35
The Egg House encourages visitors to take a spin in egg shells, a dip in an egg ''pool'' and snap selfies in a giant-sized egg carton with gargantuan eggs. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
The Egg House encourages visitors to take a spin in egg shells, a dip in an egg "pool" and snap selfies in a giant-sized egg carton with gargantuan eggs. 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/2rv1OVu | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/nyc-pop-up-serves-up-all-things-eggs?videoId=425312216 |
(Reuters) - Newton Investment Management, part of BNY Mellon Investment Management, appointed Andy Warwick to its real return team, where he will work as co-lead portfolio manager on strategies for both companies.
Warwick, who has 20 years of experience running multi-asset funds, joins from BlackRock and will report to lead portfolio manager Suzanne Hutchins.
Reporting by Tamara Mathias
| ashraq/financial-news-articles | https://www.reuters.com/article/us-newton-investment-management-moves-an/newton-investment-management-appoints-andy-warwick-to-real-return-team-idUSKCN1IN1JV |
RAMALLAH, West Bank (Reuters) - Palestinians have expressed outrage at teams from the United Arab Emirates and Bahrain for taking part in the opening legs of the Giro d’Italia cycling race in Israel over the weekend, which they say undermined Arab solidarity with their cause.
The presence of the Gulf states’ teams in the top cycling race — which has now moved on to its home territory in Italy — broke a boycott of Israel in place since the start of the Arab-Israeli conflict in 1948.
In an unusually barbed statement to a fellow Arab country, the Palestinian Olympic Committee said their participation was “a stab in the back to the great sacrifices made by the Palestinian people ... and a free service for the occupation.”
UAE officials did not immediately respond to Reuters’ requests for comment and Bahrain’s ministry of information referred questions to the team itself. Neither of the teams immediately responded to emailed inquiries.
None of the cyclists in either of the 8-men teams — Bahrain–Merida and UAE Team Emirates — appeared to be Bahraini or Emirati citizens and were almost all European, according to profiles on the event’s official website.
However, in an important break with traditional Arab protocols on events in Israel, the riders wore jerseys emblazoned with national colors and brand names of sponsors, state-owned Emirates Airlines and the Bahrain Petroleum Company, the official twitter accounts for the team websites showed.
Individual Israel athletes have periodically participated in sporting events in Gulf Arab states, such as a tennis player at the Qatar Open in January. But team participation and the display of flags have previously been rare.
The move comes as Palestinian anger has mounted over the United States moving its embassy to Jerusalem, expected next week, and Palestinians mark the 70th anniversary of what they call the “Nakba” or “Catastrophe” when hundreds of thousands fled or were driven out of their homes when the state of Israel was created in 1948.
The Gulf teams’ participation in a race in Israel may signal thawing ties among the U.S.-allied states who share a common enemy in Iran but drew some accusations that they were abandoning the Palestinian cause.
Along with most other Arab and Muslim states, the two countries do not recognize Israel out of solidarity with Palestinians who seek a state in Gaza and the Israeli-occupied West Bank and East Jerusalem.
Malak Hassan, founder of a 3000-strong club Cycling Palestine, condemned the move and said Israeli checkpoints barred her and fellow bike enthusiasts from traveling freely.
“We were shocked ... Israel is trying to polish its image by hosting this race,” she told Reuters in the occupied West Bank city of Ramallah.
“The UAE and Bahrain know a lot about our cause and there was no need for us to explain to them why they shouldn’t take part,” she added.
“NORMALIZATION” Saudi Arabia, the powerful main ally of the two smaller Gulf states, has been working closely with the United States on a new Mideast peace plan in a bid to solve the 70-year-old conflict as Israeli and Arab worries rise over Tehran’s regional influence.
In November, an Israeli cabinet member disclosed covert contacts with Riyadh, a rare acknowledgment of long-rumored secret dealings which the kingdom still denies.
Saudi Arabia’s crown prince, Mohammed bin Salman, said in a published interview last month that Israelis were entitled to live peacefully on their own land, in a rare acknowledgement of Israel’s right to exist by a senior Arab leader.
While official ties may be quietly improving, the diplomatic moves are viewed with suspicion by many Arabs for whom Jerusalem and Palestinian statehood are treasured causes.
“It’s a mistake,” Abdullah al-Shayji, a professor at Kuwait University, wrote on his Twitter account about the Gulf teams racing in Israel.
“Normalization with the occupation entity should be rejected, no matter what form it takes.”
Writing by Noah Browning; Editing by Michael Georgy and Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cycling-giro-israel/palestinians-condemn-uae-bahrain-presence-in-cycle-race-in-israel-idUSKBN1I81NW |
TORONTO/KIEV (Reuters) - Hackers have infected at least 500,000 routers and storage devices in dozens of countries, some of the world’s biggest cyber security firms warned on Wednesday, in a campaign that Ukraine said was preparation for a future Russian cyber attack.
The U.S. Department of Homeland Security said it was investigating the malware, which targets devices from Linksys, MikroTik, Netgear Inc ( NTGR.O ), TP-Link and QNAP, advising users to install security updates.
Ukraine’s SBU state security service said the activity showed Russia was readying a large-scale cyber attack ahead of the Champions League soccer final, due to be held in Kiev on Saturday.
“Security Service experts believe the infection of hardware on the territory of Ukraine is preparation for another act of cyber-aggression by the Russian Federation aimed at destabilising the situation during the Champions League final,” it said in a statement.
Cisco Systems Inc ( CSCO.O ), which has been investigating the threat for several months, has high confidence that the Russian government is behind the campaign, according to Cisco researcher Craig Williams. He cited the overlap of hacking code with malware used in previous cyber attacks that the U.S. government have attributed to Moscow.
Related Coverage Ukraine cyber police aware of possible new threat: police chief Ukraine warns of massive cyber attack before Champions League final Cisco, which uncovered the campaign several months ago, alerted authorities in Ukraine and the United States before going public with its findings about the malware it dubbed VPNFilter.
It also shared technical details with rivals who sell security software, hardware and services so they could issue alerts to their customers and protect against the threat.
Cisco described the mechanisms that the malware uses to hide communications with hackers and a module that targets industrial networks like ones that operate electric grids, said Michael Daniel, chief executive officer of Cyber Threat Alliance, a nonprofit group.
Slideshow (3 Images) “We should be taking this pretty seriously,” said Daniel, whose group’s 17 members include Cisco, Check Point Software Technologies Ltd ( CHKP.O ), Palo Alto Networks Inc ( PANW.N ) and Symantec Corp ( SYMC.O ).
Cyber security firms, governments and corporate security teams closely monitor events in Ukraine, where some of the world’s most costly and destructive cyber attacks have been launched.
They include the first documented cases where hacks have caused power outages and the June 2017 NotPetya cyber attack that quickly spread around the world, causing network outages that lasted weeks at some companies. Victims included Beiersdorf AG ( BEIG.DE ), FedEx Corp ( FDX.N ), Merck & Co Inc ( MRK.N ), Mondelez International Inc ( MDLZ.O ) and Reckitt Benckiser Group Plc ( RB.L ).
Cisco said it does not know what the hackers have planned. The malware could be used for espionage, to interfere with internet communications or launch a destructive attack like NotPetya, according to Williams.
The Kremlin did not immediately respond to a request for comment. Russia has denied assertions by nations including Ukraine and Western cyber-security firms that it is behind a massive global hacking program that has included attempts to harm Ukraine’s economy and interfering in the 2016 U.S. presidential election.
VPNFilter has infected devices in at least 54 countries, but by far the largest number is in Ukraine, according to Cisco.
Netgear representative Nathan Papadopulos said the company was looking into the matter. He advised customers to make sure their routers are patched with the latest version of its firmware, disable remote management and make sure they have changed default passwords shipped with the device.
A Linksys spokeswoman had no immediate comment. MikroTik, TP-Link and QNAP could not be reached.
Reporting by Jim Finkle in Toron to and Pavel Polityuk in Live; Writing by Jim Finkle and Jack Stubbs; Editing by Mark Heinrich and Jeffrey Benkoe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cyber-routers-ukraine/cyber-firms-warn-on-suspected-russian-plan-to-attack-ukraine-idUSKCN1IO1U9 |
May 11 (Reuters) - Caterpillar Inc:
* CATERPILLAR - ASIA/PACIFIC MACHINES RETAIL SALES FOR 3-MONTH ROLLING PERIOD ENDED APRIL UP 33%
* CATERPILLAR - NORTH AMERICA MACHINES RETAIL SALES FOR 3-MONTH ROLLING PERIOD ENDED APRIL UP 25 PERCENT
* CATERPILLAR - WORLD MACHINES RETAIL SALES FOR 3-MONTH ROLLING PERIOD ENDED APRIL, UP 28 PERCENT - SEC FILING
* CATERPILLAR - LATIN AMERICA MACHINES RETAIL SALES FOR 3-MONTH ROLLING PERIOD ENDED APRIL UP 56 PERCENT Source: ( bit.ly/2IecM8U ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-caterpillars-world-machines-retail/brief-caterpillars-world-machines-retail-sales-for-3-month-rolling-period-ended-april-up-28-pct-idUSFWN1SI0X2 |
LONDON (Reuters) - British Foreign Secretary Boris Johnson condemned Iranian rocket attacks against Israeli forces and called on the Islamic Republic to refrain from any further actions that would destabilize the region.
“The United Kingdom condemns in the strongest terms the Iranian rocket attacks against Israeli forces,” Johnson said. “We strongly support Israel’s right to defend itself.”
“We urge Iran to refrain from further actions which will only lead to increased instability in the region. It is crucial to avoid any further escalations, which would be in no one’s interest.”
Reporting by Guy Faulconbridge; editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-iran-britain-johnson/britain-calls-on-iran-to-stop-destabilizing-the-middle-east-idUSKBN1IB1M2 |
SINGAPORE, May 15 (Reuters) - Embattled commodities trader Noble Group Ltd reported a smaller quarterly net loss as it enters a make-or-break phase ahead of shareholder meetings and legal rulings that will decide the company’s fate.
Once Asia’s largest commodity trader, Singapore-listed Noble has shrunk its business after selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs over the past three years to raise funds and slash debt.
Noble posted a net loss of $72 million in the January to March period versus a loss of $129 million a year ago, the company said. Revenue fell 37 percent to $1.2 billion.
It said the group’s performance was impacted by continued constraints, with the business unable to take advantage of strength in global commodity markets. (Reporting by Anshuman Daga; Editing by Tom Hogue and Christian Schmollinger)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/noble-group-results/noble-group-narrows-q1-loss-business-hit-by-weak-funding-idUSL3N1SM2XM |
VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) -- New Point Exploration Corp. (CSE:NP) (Frankfurt:4NP) (“ New Point ” or the “ Company ”) is pleased to announce that it has entered into an Exploration Lease and Option to Purchase Agreement with Majuba Hill LLC, a Nevada limited liability company (the “Owner”), for the Majuba Hill Copper Project. The copper porphyry prospect is located 70 miles southwest of Winnemucca, Nevada and 156 miles from Reno. The Owner has granted to New Point the exclusive option and right to acquire ownership of the property (the “Option”) for the final purchase price of USD$4,000,000 and a series of minimum payments.
Majuba Hill Copper Property, Nevada
Bryn Gardener-Evans, President & CEO commented: “We are extremely pleased to add this past-producing copper project to New Point’s portfolio. Majuba Hill reportedly produced 2.8 million pounds of copper, and the data for Majuba Hill indicates a target for a potentially large mineralized body with encouraging porphyry copper and silver – tin type mineralization. Only a small portion of the property has been drill tested, with significant intervals that included 113m at 0.45% copper, and 47m at 1.06%. Our aim is to follow up on both the upper oxide and deeper sulphide targets at Majuba Hill with a comprehensive technical program as soon as possible.”
Small scale historic mining concentrated on the Majuba fault zone and the veins in subordinate structures. Historic underground mining on the property produced 2.8 million lbs of copper; 184,000 ounces of silver; 885,800 lbs lead; 106,000 lbs zinc; 21,000 lbs tin; and 5,800 ounces of placer and lode gold between 1907 and 1960. * 1
Oxide copper-silver veins are found in the upper part of the system while at depth, quartz-sulfide stockwork veinlets, porphyry copper style, are more predominant. Between 2007 and the present, 35 holes with a total of 18,584 feet were drilled at Majuba. Prior to this, 28 holes with a total of 23,316 feet were drilled between 1920 and 1975, most of it by Mine Finders in the early 1970’s. Drilling has shown significant intercepts of low grade copper and silver in both oxide and sulfide mineralization as seen below in a summary table.
Significant drill intercepts - Majuba Hill Project
Copper (0.04% Cutoff)
Silver (3 g/t Cutoff) Gold (0.050 g/t Cutoff) Hole From-m To-m Interval-m Grade % Hole From-m To-m Interval-m Grade g/t Hole From-m To-m Interval-m Grade g/t MM-02 0.0 41.1 41.1 0.08 % Silver MM-02 1.7 68.6 66.8 4.78 MM-02 50.3 122.8 72.5 0.38 % MM-02 68.6 122.8 54.2 13.97 MM-05 0.27 % Silver MM-05 2.4 89.2 89.2 16.53 MM-06 0.0 47.4 47.4 1.06 % Silver MM-06 0.0 119.7 119.7 32.18 Gold MM-06 4.6 35.1 30.5 0.16 MM-07 18.3 93.0 74.7 0.11 % Silver MM-07 4.6 146.3 141.8 22.10 Gold MM-07 64 131.1 67.1 0.25 MM-07 98.1 129.5 31.4 0.37 % MM-15 125.0 163.1 38.1 0.08 % Silver MM-15 118.9 167.6 48.8 9.22 MM-15 192.0 254.5 62.5 0.07 % MM-16 13.7 59.4 45.7 0.08 % Gold MM-16 47.244 65.5 18.3 0.17 Silver MM-17 0.0 160.0 160.0 9.21 Silver MM-17 44.2 94.5 50.3 15.20 Silver MM-17 100.6 131.1 30.5 13.84 MM-20 146.3 323.9 177.6 0.13 % Silver MM-20 115.8 323.9 208.1 6.01 Gold MM-20 76.2 114.3 38.1 0.17 MM-20 Gold MM-20 207.3 323.9 116.6 0.15 MM-21 160.0 344.4 184.4 0.18 % Silver MM-21 12.2 231.6 219.5 12.47 MM-21 Silver MM-21 236.2 347.5 111.3 11.29 MMX-24 150.9 207.3 56.4 0.10 % Silver MMX-24 24.4 362.7 338.3 8.50 Not Assayed MMX-24 222.5 335.3 112.8 0.45 % Not Assayed MH-10 56.4 91.4 35.1 0.14 Silver MH-10 57.9 100.6 42.7 7.09 Gold MH-10 161.544 172.2 10.7 0.10 Silver MH-10 143.3 217.9 74.7 10.92 Gold MH-10 179.832 187.5 7.6 0.13 Silver MH-10 227.1 281.9 54.9 9.13 MH-11 0.0 274.3 274.3 0.04 % Silver MH-11 0.0 274.3 274.3 7.25 Gold MH-11 0 274.3 274.3 0.13 MH-11 33.5 102.1 68.6 0.09 % Silver MH-11 16.8 120.4 103.6 10.85 Gold MH-11 47.244 48.8 1.5 6.44 Silver MH-11 125.0 163.1 38.1 5.66 Gold MH-11 53.34 54.9 1.5 0.33 MH-12 Silver MH-12 0.0 352.0 352.0 6.86 MH-12 157.0 187.5 30.5 0.12 % Silver MH-12 79.2 187.5 108.2 11.10 MF-01 216.4 371.9 155.4 0.163 % Silver MF-01 219.5 374.9 155.4 9.23 MF-01 219.5 353.6 134.1 0.244 % Silver MF-01 304.8 338.3 33.5 13.45 Silver MF-02 0.0 388.3 388.3 4.72 MF-02 61.0 115.8 54.9 0.36 % Silver MF-02 42.7 134.1 91.4 13.60 Silver MF-03 0.0 1033.6 1033.6 3.04 MF-03 121.9 0.180 % Silver MF-03 100.6 298.7 198.1 5.20 MF-03 100.6 0.092 % Silver MF-03 667.5 765.0 97.5 5.09 MF-04 Silver MF-04 0.0 773.6 773.6 3.98 MF-04 3.0 67.1 64.0 0.06 % Silver MF-04 3.0 64.0 61.0 5.55 MF-05 658.4 725.4 67.1 0.190 % MF-05 MF-10 57.9 88.4 30.5 0.063 % MF-10 DDH-8 73.2 201.2 128.0 0.250 % Silver DDH-8 152.4 201.2 48.8 3.86 DSM-02 25.9 63.8 37.9 0.22 % Deal Terms
New Point shall pay the following minimum payments in US dollars to the Owner:
On the parties’ execution of the Agreement $50,000 250,000 shares First anniversary of Effective Date $50,000 250,000 shares Second anniversary of Effective Date $75,000 250,000 shares Third anniversary of the Effective Date $100,000 250,000 shares Fourth anniversary and each subsequent anniversary of the Effective Date $125,000 no shares The Minimum Payments shall not be credited against the Purchase Price if New Point elects to exercise the Option. New Point shall not be obligated to pay the Minimum Payments, except the Share component of the Minimum Payments, after the exercise and closing of the Option. The Minimum Payments, except the Share component of the Minimum Payments, shall be credited cumulatively against the Royalty Payments payable in accordance with the Deed.
In addition to the Minimum Payments, on the parties’ execution of this Agreement, New Point shall pay to Owner the sum of US$25,706.00 as reimbursement for Owner’s costs incurred to locate certain of the unpatented mining claims included in the Property.
New Point will also incur expenditures in the amounts and during the periods described below for the exploration and development of minerals at Majuba Hill.
Lease Year Expenditure Amount First Lease Year $100,000 Second Lease Year $350,000 New Point will also pay to the Owner a production royalty (the “Royalty”) based on the Net Smelter Returns from the production and sale of Minerals from the Property. The Royalty percentage rate applicable to the production of Precious Metals will be three percent (3%). The Royalty percentage rate applicable to the production of Minerals, except Precious Metals, shall be one percent (1%).
The term of this Agreement shall commence on the Effective Date and shall continue for ten (10) years.
Financing Announcement
The Company intends to offer a non-brokered private placement for up to 12,000,000 units at a price of $0.25 a unit for proceeds up to CAD$3 million dollars. Each unit will consist of one common share and one half share purchase warrant. Each warrant will entitle the holder to acquire an additional share at a price of $0.35 for a period of one year from closing. The net proceeds of the financing will be used for exploration and development at the Majuba Hill property, project acquisition and exploration, and general working capital. The shares will have a hold date of four months and one day following the closing date.
Qualified Person
Technical aspects of this press release have been reviewed and approved by Mr. Eric Saderholm, P.Geo., the designated Qualified Person (QP) under National Instrument 43-101.
Data Verification
Drill data verification was largely a matter of comparing the source files with the working files with an eye towards shifts in fields discussed in the geochemical data. Historical air photos and the field check were both used to verify drill sites, if not for the actual drill hole number, at least for checking that a hole was drilled at a certain location in the approximate time period indicated in the reports. The volume, shape and grade of the mineralized bodies at Majuba Hill have yet to be determined.
MAX Resources drilled 5 core holes (MM-02, MM-03, MM-05, MM-06, and MM-07) to twin Minterra reverse circulation holes (MH-02, MH-03, MH-05, MH-06 and MH-07). The holes were collared within about 5 meters of each other and drilled at roughly the same azimuth (263 and 260 degrees) at 70° dip.
About New Point Exploration Corp.
New Point (CSE: NP) is engaged in the business of acquiring, exploring and developing mineral properties related to the growing battery industry. Focused on high grade, prospective properties in North America, New Point is building a portfolio that includes lithium, cobalt and copper projects in prospective, mining-friendly jurisdictions. New Point, A Next Generation Metals Company .
On Behalf of the Board of New Point Exploration Corp.
Bryn Gardener-Evans
President & CEO
Corporate Office
1240-1140 West Pender St
Vancouver, BC
V6E 4G1
For further information, please contact:
E: [email protected]
P: 403-830-3710
Forward-looking Information
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Assumption Agreement, the anticipated exploration program for the Empire Lithium Property, future capital expenditures, the anticipated business plans, including the Company’s transition into mineral exploration and development related to the battery industry, and the timing of future activities of the Company, are forward-looking statements. Often, but not always, forward looking information can be identified by words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies, including, prices for lithium, cobalt, copper, and base metals remaining as estimated, prices for labour, materials, supplies and services (including transportation) remaining as estimated, all necessary permits, licenses and regulatory approvals for the Company’s operations being received in a timely manner, and the Company’s ability to comply with environmental, health and safety laws. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development, actual results of exploration activities, variations to the geological and metallurgical assumptions, the costs and timing of the development of new exploration projects, requirements for additional capital to fund the Company’s business plan, future prices of lithium, cobalt, copper, and base metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, and environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated November 8, 2017 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com .
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
1 May 31, 2017- Alan J Morris MSc, CPG - NI 43-101 Technical Report, Majuba Hill Copper Project, Pershing County, Nevada, USA
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/712d6935-4066-45b0-b250-5a98b57d032f
Source:New Point Exploration Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-new-point-acquires-the-past-producing-majuba-hill-copper-project.html |
ALGIERS, April 30 (Reuters) - Algeria’s state energy firm Sonatrach said on Monday it boosted its gas output by 5 percent to 135 billion cubic metres in 2017, marking the first time the company has used a news conference to disclose production data.
Sonatrach’s CEO, appointed a year ago, has been trying to overhaul the company, a sprawling and secretive empire not used to change, and increase transparency as the North African country wants to attract more investment.
Total oil and gas output rose by 2 percent in 2017 to 196.5 tonnes of oil equivalent, Chief Executive Abdelmoumen Ould Kaddour told reporters.
Oil production fell 3 percent due to OPEC quotas, he said.
The company’s turnover from oil and gas in 2017 was $33.2 billion, he said, adding that the firm had invested $8.1 billion in 2017, down 8.8 percent from the previous year.
Kaddour, a U.S.-trained engineer, took the reins at Sonatrach last year to overhaul a company plagued by contract disputes with foreign firms, red tape, stagnant production and corruption scandals.
He gave no details of the firm’s future strategy at the news conference, beyond previously stated general messages.
“We need to transform Sonatrach into one of the top five national companies in the world,” Kaddour said. “Less bureaucracy and more professionalism.”
Algeria, a member of the Organization of the Petroleum Exporting Countries and a major gas supplier to Europe, has been hit by a slump in oil prices and struggled to attract investment to help develop new fields and increase existing production.
In December, Sonatrach said it planned to work more closely with France’s Total on offshore, petrochemical, solar energy and shale exploration projects after settling disputes over profit-sharing on oil and gas contracts.
Algeria remains dependent on oil and gas earnings, which provide 60 percent of the state budget, and Sonatrach’s performance is key to the economy.
The country has been working on a new energy law to provide better incentives for foreign firms, which had been deterred by current terms.
But there are still divergent views within Algeria over how hard to push for foreign investment and domestic economic reform to boost revenue and growth. (Reporting by Lamine Chikhi Writing by Ulf Laessing; Editing by Dale Hudson)
| ashraq/financial-news-articles | https://www.reuters.com/article/algeria-energy/sonatrach-boosted-gas-output-by-5-percent-in-2017-ceo-idUSL8N1S741K |
MENLO PARK, Calif. (Reuters) - The number of posts on Facebook showing graphic violence rose in the first three months of the year from a quarter earlier, possibly driven by the war in Syria, the social network said on Tuesday, in its first public release of such data.
A Facebook logo is seen at the Facebook Gather conference in Brussels, Belgium January 23, 2018. REUTERS/Yves Herman/Files Facebook said in a written report that of every 10,000 pieces of content viewed in the first quarter, an estimated 22 to 27 pieces contained graphic violence, up from an estimate of 16 to 19 late last year.
The company removed or put a warning screen for graphic violence in front of 3.4 million pieces of content in the first quarter, nearly triple the 1.2 million a quarter earlier, according to the report.
Facebook does not fully know why people are posting more graphic violence but believes continued fighting in Syria may have been one reason, said Alex Schultz, Facebook’s vice president of data analytics.
“Whenever a war starts, there’s a big spike in graphic violence,” Schultz told reporters at Facebook’s headquarters.
Syria’s civil war erupted in 2011. It continued this year with fighting between rebels and Syrian President Bashar al-Assad’s army. This month, Israel attacked Iran’s military infrastructure in Syria.
Facebook, the world’s largest social media firm, has never previously released detailed data about the kinds of posts it takes down for violating its rules.
Facebook only recently developed the metrics as a way to measure its progress, and would probably change them over time, said Guy Rosen, its vice president of product management.
“These kinds of metrics can help our teams understand what’s actually happening to 2-plus billion people,” he said.
The company has a policy of removing content that glorifies the suffering of others. In general it leaves up graphic violence with a warning screen if it was posted for another purpose.
Facebook also prohibits hate speech and said it took action against 2.5 million pieces of content in the first quarter, up 56 percent a quarter earlier. It said the rise was due to improvements in detection.
The company said in the first quarter it took action on 837 million pieces of content for spam, 21 million pieces of content for adult nudity or sexual activity and 1.9 million for promoting terrorism. It said it disabled 583 million fake accounts.
Reporting by David Ingram; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/facebook-censorship/facebook-says-posts-with-graphic-violence-rose-in-early-2018-idINKCN1IG2HB |
BRAINTREE, Mass., May 8, 2018 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) announced that financial results for its fourth quarter and fiscal year ended March 31, 2018 are available on its Investor relations website.
The Company is posting this press release and, additionally, results tables that will be referenced on its webcast to its Investor Relations website.
Direct link to Earnings Release 4Q and FY18 :
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDAzOTQxfENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636606959488540250
Direct link to Results Tables 4Q and FY18 That Will Be Referenced on Webcast :
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDAzOTQ4fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636606959488540250
As previously announced, the Company will host a conference call with investors and analysts to discuss and answer questions about the results at 8:00am Eastern Time on May 8, 2018. The call can be accessed with the following information:
U.S. / Canada toll free (877) 848-8880; International (716) 335-9513 Conference ID required for access: 4077509. A live webcast of the call can be accessed on Haemonetics' investor relations website.
Direct link to Conference Call Webcast https://edge.media-server.com/m6/p/wcre57f8 .
ABOUT HAEMONETICS
Haemonetics (NYSE: HAE) is a global healthcare company dedicated to providing a suite of innovative hematology products and solutions for our customers, to help them improve patient care and reduce the cost of healthcare. Our technology addresses important medical markets: blood and plasma component collection, the surgical suite, and hospital transfusion services. To learn more about Haemonetics, visit our web site at http://www.haemonetics.com .
Investor Contact
Media Contact
Gerry Gould, VP-Investor Relations
Carla Burigatto, VP-Communications
(781) 356-9402
(781) 348-7263
[email protected]
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/haemonetics-4th-quarter-fiscal-2018-earnings-release-available-on-investor-relations-website-300643867.html
SOURCE Haemonetics Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-haemonetics-4th-quarter-fiscal-2018-earnings-release-available-on-investor-relations-website.html |
Nobel literature prize postponed over scandal Friday, May 04, 2018 - 01:47
The Nobel literature prize for 2018 is set to be awarded next year. The Swedish Academy that hands out the award has been rocked by sexual misconduct allegations.
The Nobel literature prize for 2018 is set to be awarded next year. The Swedish Academy that hands out the award has been rocked by sexual misconduct allegations. //reut.rs/2KvvwT7 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/nobel-literature-prize-postponed-over-sc?videoId=423769834 |
SEATTLE--(BUSINESS WIRE)-- Mark Patterson, a member of the Board of Directors of HomeStreet, Inc. (Nasdaq:HMST) (the “Company” or “HomeStreet”), the parent company of HomeStreet Bank, today released an open letter to shareholders in connection with the Company’s upcoming 2018 Annual Meeting of Shareholders (the “2018 Annual Meeting”), which is scheduled to be held on May 24, 2018.
The full text of the letter follows:
Dear Fellow Shareholders,
As you likely know, I joined the HomeStreet Board in January of this year. Although I’ve only been on the Board for a few months, I am in fact deeply familiar with the Company.
During my 17-year tenure as a Managing Director and Equity Analyst at NWQ Investment Management Co., LLC, I oversaw institutional investments in a number of public companies in the financial services sector, including HomeStreet. Prior to NWQ I served as Vice President of Investor Relations at U.S. Bancorp and prior to joining the HomeStreet Board I served as a director of FBR & Co. I understand both working in and investing in financial services companies, and I have especially extensive experience evaluating banking industry investments. I am also a substantial individual investor in HomeStreet with over 95,000 shares, which I acquired over the years.
The reason I say all this is that I truly believe – having seen how the HomeStreet Board operates firsthand – that shareholders’ best interests are well represented by the current directors. In particular, I have appreciated how Scott Boggs exercises the role of Lead Independent Director. I see him as an absolutely terrific advocate for shareholders and as highly qualified to head the Audit Committee. This is not surprising, given that he served as Vice President, Corporate Controller at Microsoft, where he had a range of accounting and management oversight responsibilities, including overseeing a staff of over 800 persons. Additionally, I believe he has a great perspective on where the Company has come from, where it is now and where it needs to go. He is just the type of individual that I, as a fellow shareholder, want representing me in my HomeStreet investment.
It is critical to understand that Scott has a broad and important set of responsibilities, including direct engagement with shareholders. He can and does regularly call meetings of the independent directors. He meets with Chairman and CEO Mark Mason before every Board meeting to review and discuss Board meeting agendas and he conducts the Board’s annual review of the CEO’s performance. It is clear to me that Scott fulfills a vital role in the Board’s oversight of HomeStreet’s management.
That’s why I respectfully disagree with the decision by proxy advisory firm Institutional Shareholder Services (“ISS”) not to recommend in favor of Scott’s re-election to the Board. As a reminder, proxy advisory firm Glass Lewis & Co. recommended in favor of the election of all the Company’s nominees, including Scott, Doug Smith, and me, and ISS recommended in support of Doug and me.
I believe that ISS’ decision to recommend against Scott was driven by an under-appreciation of the Company’s strategy and performance. From my perspective, HomeStreet's operational strategy has worked, and continues to work, very well. At the Board's direction, HomeStreet’s management has steadily executed on its strategy to grow the Commercial and Consumer Banking Segment at a faster pace than the Mortgage Banking Segment in order to reduce the Company’s historical reliance on Mortgage Banking. This strategy is designed to build the strength of the Company over the long-term.
Some constituents may struggle to fully appreciate the cyclical nature of mortgage banking, especially during trough environments. However, few could argue against the value that the Mortgage Banking Segment has delivered to HomeStreet investors through the cycles and certainly since the company’s IPO in early 2012. A long-term perspective is important here. The Mortgage Banking Segment has undoubtedly allowed the Company to get to where it is today, in the most positive sense. That’s not to say that the Board doesn’t need to consistently evaluate the suitability and efficacy of our strategy, because we do. That said, I believe that HomeStreet’s transformation from a troubled thrift following the financial crisis to a real regional bank today will be increasingly difficult for the market to ignore, regardless of the mortgage cycles, because of the consistent investment that’s been made, and growth that's been realized, in the Commercial and Consumer Banking Segment.
My bottom line is this: Scott is a valuable voice on the Board and should retain his seat. Voting against Scott would not be just a protest vote – it could result in him coming off the Board, which would be a highly undesirable outcome for the Company and its shareholders, in my opinion.
Therefore, I’d ask you to very carefully consider your votes in this Board election. I hope you'll feel free to reach out to me if you have any additional thoughts or concerns regarding your decision.
Sincerely,
/s/ Mark R. Patterson
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services Company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii through its various operating subsidiaries. The Company operates two primary business segments: Mortgage Banking, which originates and purchases single family residential mortgage loans, primarily for sale into secondary markets; and Commercial & Consumer Banking, including commercial real estate, commercial lending, residential construction lending, retail banking, private banking, investment, and insurance services. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com .
Important Additional Information
On April 17, 2018, the Company filed a definitive proxy statement on Schedule 14A and form of associated WHITE proxy card with the Securities and Exchange Commission (“SEC”) in connection with the solicitation of proxies for its 2018 Annual Meeting of Shareholders (the “Definitive Proxy Statement”). The Company, its directors and certain of its executive officers are participants in the solicitation of proxies from shareholders in respect of the 2018 Annual Meeting of Shareholders. Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company by security holdings or otherwise is set forth in the Definitive Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING WHITE PROXY CARD, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The Definitive Proxy Statement was first sent to the shareholders of the Company on or about April 17, 2018 and is accompanied by a WHITE proxy card. Shareholders may also obtain a free copy of the Definitive Proxy Statement and other relevant documents that the Company files with the SEC from the SEC’s website at www.sec.gov or the Company’s website at www.homestreet.com/proxy as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005714/en/
HomeStreet, Inc.
Investor Relations:
Gerhard Erdelji, 206-515-4039
[email protected]
or
Okapi Partners LLC
Bruce H. Goldfarb/Pat McHugh, 877-566-1922
[email protected]
or
Media Relations:
Sloane & Company
Dan Zacchei/Joe Germani, 212-486-9500
[email protected] / [email protected]
Source: HomeStreet, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-homestreet-director-mark-patterson-issues-letter-to-shareholders.html |
(Reuters) - Sears Holdings Corp ( SHLD.O ), the one-time American retail giant, said on Thursday it plans to shutter another 72 locations to stem losses in the face of deepening financial distress and reported a nearly 12 percent drop in quarterly comparable-store sales.
FILE PHOTO: A Sears logo is seen inside a department store in Garden City, New York, U.S., May 23, 2016. REUTERS/Shannon Stapleton The department store operator has been trying to transform its business as foot traffic at brick-and-mortar stores declines and online shopping gains popularity. Its chief executive, billionaire Eddie Lampert, has said the company should sell its well-known appliance brand Kenmore, home improvement businesses and real estate, and that his hedge fund ESL Investments Inc would bid for them.
Such a deal would infuse the debt-laden company, which also runs Kmart discount stores, with at least $500 million cash, helping it remain in business. The company last year said there were doubts about its ability to continue as a going concern.
To stem losses, Sears has closed nearly 400 stores since last year, leaving 894 stores still open as of May 5.
“While we had a challenging first quarter, we remain focused on improving our financial performance and enhancing our liquidity,” Lampert said in a prepared statement.
Sears shares, which have lost nearly all of their value in the last five years, were down almost 10 percent at $2.90 in mid-day trading. Lampert and his hedge fund own nearly half of the shares.
Earlier in May, Sears formed a special committee to explore the sale of Kenmore and divisions of its home services business, the same assets Lampert said he was interested in buying.
Sears has tried to sell those brands and businesses before. Last year, it sold its Craftsman tools brand to Stanley Black & Decker Inc ( SWK.N ) for $900 million.
The net loss attributable to the company was $424 million, or $3.93 per share, in its fiscal first quarter, ended May 5, compared with a profit of $245 million, or $2.29 per share, a year earlier. The results from the year-ago quarter included a $492 million benefit related to the sale of Craftsman.
Revenue fell 31.2 percent to $2.89 billion in the reported quarter, partly because of store closures.
“Continued efforts to enhance liquidity will be necessary to fund its ongoing operating losses,” said Moody’s Vice President Christina Boni.
Reporting by Jessica DiNapoli in New York and Uday Sampath in Bengaluru; Editing by Shounak Dasgupta and Steve Orlofsky
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sears-results/sears-first-quarter-revenue-falls-31-percent-idUSKCN1IW18K |
2 COMMENTS This isn’t a typical sports story, but I think it’s an important one.
Over the past few months, a handful of high-profile athletes have come forward to talk about their personal issues with mental health. The Olympic legend Michael Phelps opened up on his struggles with depression , as did the NBA All-Star DeMar DeRozan of the Toronto Raptors. Another basketball All-Star, Kevin Love, currently in the playoffs with the Cleveland Cavaliers, went public about his battles with anxiety —including a panic attack he suffered during a game this season.
Now comes Mauro Ranallo. If you’re not a major fan of boxing or other combat sports, it’s very possible you don’t know Ranallo—but you’ve probably heard him. For years, Ranallo has served as the ringside announcer in everything from boxing to mixed-martial arts to good ol’ professional wrestling. Among other events, he called the megafight between Floyd Mayweather and Manny Pacquiao fight, as well as Mayweather’s 2017 stunt fight with the UFC star Conor McGregor.
More by Jason Gay
A Feud—Then the Summer’s Craziest Bike Race May 17, 2018 Here Comes the Sports Gambling Apocalypse May 14, 2018 Great, Fantastic, Another Boston Sports Team Is Doing Well May 10, 2018 Ballad of the Renegade Hockey Licker May 6, 2018 I’m Letting My Kids Stay Up Late to Watch LeBron James May 2, 2018 While still a teenager, Ranallo was given a diagnosis of bipolar disorder, mixed states, after a series of episodes and a hospitalization. As tumultuous as his condition can be—Ranallo can veer abruptly from high highs to severe lows, sometimes over the course of a single day—it has not derailed his success. Now 48, he’s come forward with an intimate look at his mental health in a documentary, “Bipolar Rock ’N’ Roller,” which airs May 25 on Showtime.
Directed by Ranallo’s friend, Haris Usanovic, “Bipolar Rock ’N’ Roller” isn’t an airbrushed rendering. It is a raw, rough ride at the edges of Ranallo’s life—sometimes joyous (especially as a young, mulleted Ranallo breaks out as a wrestling voice in his native Canada), and sometimes hard to watch. There is footage of Ranallo having manic episodes in his teens and 20s. Usanovic also shows him fighting the condition today, decades later. Ranallo’s struggles are not abstractions, told after the fact—here they are, for the world to see, on film, in real time.
That’s what makes “Bipolar Rock ’N’ Roller” both jarring and significant. Ranallo told me he decided to go public with his mental health situation as a means of saving others. “We are losing so many people to suicide due to mental health issues,” he said the other day. “I just thought, I have a voice, I have a platform—and the stigma around mental health is costing people their lives.”
Secure in his career—Showtime, which produced Ranallo’s film, is also one of his employers—he sees no reason not to be candid. He’s breathtakingly open about his own encounters with suicidal thoughts, as well as the upsides of living with bipolar disorder, what he calls the “beautiful aspect of my illness,” its bursts of energy and creativity.
Mauro Ranallo, center, during a Showtime broadcast. Photo: Showtime There’s a difficult scene in “Bipolar” in which Ranallo returns from a spectacular personal triumph—calling Mayweather vs. Pacquiao—and crumbles in his hotel room.
“Wow, dude, I’m a f—ing prisoner of my own f—ing mind,” he says to Usanovic. “If I can’t appreciate the night, then I’m going to kill myself. I’m done with this, Haris, I’m not doing well, I’m never going to do well.”
This kind of mood swing is characteristic, Ranallo said. It never goes away, but there are outlets that help him manage. There’s work—Ranallo said he struggles the most when he’s not on an assignment. There’s a support network of friends, family and professional colleagues. There’s exercise and eating better. There’s also cannabis, which Ranallo turned to after experiencing “egregious side effects” with prescription medications.
“The only thing that keeps me alive is cannabis,” he said. He said he never uses it on the air, but finds a puff on a vape to have medicinal value. “To me, it’s not a party drug.”
Michael Phelps has recently talked about his struggles with depression. Photo: ai project/Reuters Ranallo knows he is putting himself out there with his film. He’s OK with that. Going public—eliminating the stigma around talking about mental health, and showing how productive life can be—is essential to helping people, he believes. Ranallo’s been inspired by the testimonies of athletes like Phelps, DeRozan and Love.
“There’s no such thing as this [film] being a bad thing for me,” Ranallo said. “If it costs me work, or friends, or family…I’m fine. I’m blessed to have a great support network.”
I think Ranallo is brave—as are all the athletes putting a voice to this subject. Sports can be hard to take seriously, because sports are often unserious. But sports also has enlightened side, an undeniable ability to influence broader progress. What’s happening now with mental health is courageous and overdue. Good for the Bipolar Rock ’N’ Roller—and good for everyone else, too.
Write to Jason Gay at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/sports-newest-battlefront-mental-health-1526825880 |
By Grace Donnelly 3:44 PM EDT
The homebuilding company partnered with Amazon to create “Experience Centers ” in their model homes that will allow customers to interact with the suite of Amazon devices — including Dash buttons, Alexa, and Echo — in a more natural living environment. Introducing Amazon Experience Center. Customers can experience first-hand the convenience of Alexa smart home experience and more in a real home environment! https://t.co/hIGo748ZR8 pic.twitter.com/Jq9jLS8eNB
— Lennar (@Lennar) May 9, 2018
Visitors can control the thermostat, lights, television, and shades, as well as order household items, through the Dash buttons and schedule in-home contractors for tasks from repairs to cleaning.
Dallas, Atlanta, Los Angeles, Miami, Orlando, San Fransisco, Seattle, and Washington, D.C., are all among the first cities to receive model homes equipped with Amazon products, but after the first 15 models the company says it will add more.
Along with the model houses, starting this month each of the new homes Lennar builds will come equipped with Alexa. That means about 35,000 houses across 23 states will be sold with built-in Amazon devices this year . All homeowners will have to do is choose an internet service provider and activate their account.
“This will be the hallmark of why we buy a new home,” David Kaiserman, president of Lennar Ventures, told USA Today . “It’s an important step in the mass adoption of all these technologies.”
Amazon chose to work with Lennar because it can showcase the Alexa experience within driving distance of millions of customers, Nish Lathia, general manager at Amazon Services, told Dallas News .
The model homes will be staffed with Amazon employees who can show customers the range of the company’s device offerings.
“We wanted customers to experience a real home environment that showcases the convenience of the Alexa smart home experience, great entertainment available with Prime, and Home Services,” Bhavnish Lathia, general manager, Amazon Services, said in a statement to TechCrunch . “We are excited to extend our relationship with Lennar with the launch of Amazon Experience Centers. As one of the nation’s largest homebuilders, Lennar offers the potential to enable this experience within easy driving distance of millions of customers.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/amazon-alexa-lennar/ |
EXCLUSIVE-Korea's Mirae puts towers up for sale as Sao Paulo market heats up Gram Slattery Published 6:00 AM ET Fri, 18 May 2018 Reuters
SAO PAULO, May 18 (Reuters) - Mirae Asset Global Investments Co Ltd has put two office towers in Sao Paulo worth around 1 billion reais ($272 million) up for sale, three people familiar with the matter said, as South America's largest real estate market kicks into gear.
Seoul-based Mirae, which has real estate investments on three continents, has offered to sell Towers A and B of the upscale Rochavera Corporate Towers complex, said the sources, who spoke on condition of anonymity as the matter is private.
Together the two towers offer about 56,000 square meters (600,000 square feet) of office space in a fast-growing Sao Paulo business district.
The Rochavera sale process is one of several in the pipeline for the corporate real estate market in Sao Paulo, Latin America's financial hub, which is gathering steam as Brazil exits its worst recession in decades.
Vacancy rates have fallen to around 20 percent, still high by historic standards but an improvement from previous years, and this has drawn interest from buyers looking to catch an upswing.
Among the real estate companies that have shown preliminary interest in the Rochavera towers is Cyrela Commercial Properties SA (CCP), which last year set up a joint venture with the Canada Pension Plan Investment Board to invest $400 million in Brazilian offices, according to one source.
Mirae did not respond to requests for comment. CPP declined to comment.
Several other companies have made investments in Sao Paulo offices or have expressed interest in investing soon. Buyers include foreign groups such as Brookfield Asset Management Inc , domestic firms such as BR Properties SA and local real estate investment trusts, including funds run by Banco BTG Pactual SA.
Some assets hitting the market in Sao Paulo in recent months are owned by distressed sellers.
The real estate arm of scandal-plagued Odebrecht SA, for example, has agreed in principle to sell a project to Hemisferio Sul Investimentos SA expected to be worth 1.2 billion reais when finished, Reuters reported last month.
Other assets are owned by international funds that bought into Sao Paulo real estate at its trough and aim to book a profit before Brazil's highly unpredictable October elections. ($1 = 3.68 Brazilian reais) (Reporting by Gram Slattery; Editing by Cynthia Osterman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/reuters-america-exclusive-koreas-mirae-puts-towers-up-for-sale-as-sao-paulo-market-heats-up.html |
123 COMMENTS The U.S. and China are closing in on a deal that would give China’s ZTE Corp. a reprieve from potentially crippling U.S. sanctions in exchange for Beijing removing tariffs on billions of dollars of U.S. agricultural products, said people in both countries briefed on the deal.
The negotiations would also ease roadblocks in China faced by a U.S. semiconductor company Qualcomm Inc., whose proposed acquisition of NXP Semiconductors NV of the Netherlands has been held up by Beijing. China’s Commerce Ministry has pledged to immediately restart its review of the acquisition, a person close to the agency said. The ministry has held up a number of multibillion-dollar cross-border deals being pursued by U.S. companies over the past few months.
ZTE is a Shenzen-based telecommunication-equipment producer that has been hamstrung by a U.S. ban on component sales to the firm.
A deal isn’t completed and could fall apart as discussions continue, particularly since the U.S. side is sharply divided over how to deal with China. On Sunday, President Donald Trump said in a tweet that he was working with Chinese President Xi Jinping to get ZTE “a way to get back into business, fast. Too many jobs in China lost.” He said the Commerce Department has been instructed to “get it done!”
Related Video “Made in China 2025” is Beijing’s industrial plan to dominate high-tech industries including robotics, aerospace and computer chips. The Trump administration argues China is using the plan to give its tech companies unfair advantage over foreign rivals. But what is it exactly? The tweet took many in Mr. Trump’s inner circle by surprise, said people involved in the discussions, and wasn’t preceded by interagency discussions on the policy. Treasury Secretary Steven Mnuchin, who has been leading discussions recently with Chinese officials in Washington, has been the key player in the ZTE deal discussions, said people involved in U.S. talks with China.
Futures for soybeans and some other agricultural commodities bounced after The Wall Street Journal first reported Monday that U.S. and Chinese officials were working on a deal. July-dated soybean futures rose 2% to $10.24 a bushel at the Chicago Board of Trade on Monday morning, adding to gains made earlier in the day. Corn prices were also slightly higher.
Under the deal being discussed, the U.S. would relax last month’s order banning American companies from selling components to ZTE, which has long been viewed as a Chinese national champion for its effort to take a global lead in establishing 5G mobile internet networks. That Commerce Department ruling, based on allegations that ZTE didn’t comply with a previous settlement over illicit sales to Iran, would cripple not only the company itself but also other state-controlled Chinese firms including China’s three large telecom carriers, Beijing officials have said.
In return for the potential relief on ZTE, the people say, China would agree to hold back tariffs on a variety of U.S. agricultural products it announced in early April as retaliation for U.S. tariffs on Chinese steel and aluminum exports. The U.S. products targeted include ginseng and pork.
China would also ease some nontariff restrictions on American farm products as part of the potential pact, according to the people. For instance, since late last year, China has tightened quality testing for U.S. soybeans, resulting in the crop getting held up at Chinese ports.
The Trump administration worries that a backlash among U.S. farmers to tariffs could endanger Republican efforts to keep control of the House and Senate in midterm elections.
A deal would be a kind of confidence-building exercise as China’s chief economic envoy, Liu He, is expected to arrive in Washington on Tuesday for talks through the end of the week. The two sides hope to put together a preliminary deal resolving their trade fights, which have roiled world markets.
Related
Commerce Department Weighs Alternative Penalties for ZTE Trump Extends Lifeline to Sanctioned Tech Company ZTE U.S. Businesses to Make Their Case Against China Tariffs Trade Dispute Leaves ZTE Users Without Android Updates China Draws Up a Shopping List of American Goods to Avoid Trade War After Mr. Trump’s tweet on Sunday, U.S. investment firm Rangeley Capital noticed an almost instantaneous change in Chinese regulators’ attitude about the proposed merger between Qualcomm and NXP Semiconductors. Chinese regulators previously had held up approval of the deal in response to growing trade tensions, including the U.S. action against ZTE.
“All of a sudden it was a tweet the president put out on ZTE,” said Rangeley partner Chris DeMuth Jr. “And then [the Chinese regulator] started up the review again.” Rangeley is an investor in NXP.
Disputes between the world’s two largest economies include U.S. tariffs on Chinese steel and aluminum exports, U.S. allegations that China forces American companies in China to transfer technology to their Chinese partners and U.S. accusations that ZTE conducted illicit sales to North Korea and Iran.
More broadly the U.S. wants China to reduce the $375 billion U.S. trade deficit in goods with China and increase imports of U.S. products. A U.S. proposal in early May called on China slash that deficit by at least $200 billion by the end of 2020, a number China rejected. Since then the two sides have been talking about how to reduce the gap through increased purchases of U.S. goods and services.
The negotiations are complicated by mistrust on both sides. The U.S. wants to make sure that any concessions the Chinese make can be verified and aren’t followed by new barriers that disadvantage U.S. companies. The Chinese want to be certain that a settlement with the U.S. won’t be followed in a year or two by another broad-based attack on Chinese economic practices.
The two sides have been at loggerheads for months, trading threats of tariffs and other sanctions. One big change has been the prospect of a deal between the U.S. and North Korea to eliminate North Korea’s nuclear weapons. China’s aid is crucial for that deal to be successful.
Complicating matters, the U.S. side is bitterly divided between Mr. Mnuchin and others in the administration. U.S. Trade Representative Robert Lighthizer and White House trade adviser Peter Navarro want a tougher U.S. line against China and deep changes in Chinese practices, including the elimination of subsidies that help Chinese companies compete internationally. Forcing those changes could require the U.S. to go through with threats and levy tariffs on as much as $150 billion of Chinese imports, moves that would disrupt the relationship and could sink markets.
The unfolding deal is already kicking up criticism from trade allies of the administration. “It’s outrageous,” said American Enterprise Institute China scholar Derek Scissors. “We are giving up on punishing ZTE for the Chinese restoring the trade status quo.”
Mr. Scissors, who has consulted with the Trump administration on China policy said, the prospective deal “shows we have nothing like the resolve necessary to take on the Chinese.”
The Chinese were more hopeful about the outcome. “The two sides will work together for positive and constructive outcomes for the upcoming consultations,” Lu Kang, China’s Foreign Ministry spokesman, said at a regular briefing Monday. Mr. Lu, who didn’t elaborate, said Mr. Liu will be in Washington until Saturday.
—John McKinnon contributed to this article.
Write to Lingling Wei at [email protected] and Bob Davis at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-china-discussing-deal-on-zte-agricultural-tariffs-1526313679 |
May 3, 2018 / 2:42 PM / Updated 4 hours ago Cricket-Kohli signs one-month deal to play for Surrey Reuters Staff 2 Min Read
May 3 (Reuters) - India cricket captain Virat Kohli has signed a one month deal to represent Surrey in June, the English county championship side announced on Thursday.
Kohli’s participation in county cricket means he will be unavailable for India as they take on Afghanistan in a test match in June in Bengaluru.
"It has long been an ambition of mine to play county cricket and I am thankful to Alec Stewart and Surrey for allowing me the opportunity to join them during their 2018 season. I can't wait to get to the Kia Oval," Kohli told the club's website here
Surrey’s director of cricket Alec Stewart said: “We are thrilled to have signed the biggest name in world cricket for the month of June.
“Playing and training alongside Virat will be a massive benefit for our players who will have the opportunity to learn so much from him.”
Kohli is fourth Indian test player in county cricket this year with batsman Cheteshwar Pujara currently at Yorkshire and fast bowlers Ishant Sharma and Varun Aaron playing for Sussex and Leicestershire, respectively.
India begin their tour of England in July with three Twenty20 internationals and three one-day internationals. They then take on the hosts in a five-test series starting in August. Reporting by Shrivathsa Sridhar in Bengaluru, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-india-kohli/cricket-kohli-signs-one-month-deal-to-play-for-surrey-idUKL3N1SA4UG |
Woman Running for Office in New York Just Won a Huge Concession From the FEC: Childcare Costs Congressional candidate Liuba Grechen Shirley and her family Courtesy of Liuba Grechen Shirley By John Patrick Pullen 3:09 PM EDT
Regardless of the outcome of November’s midterm elections, women running for office scored a major victory Thursday when the Federal Elections Commission (FEC) ruled that childcare was an acceptable use of campaign funds during the election season. The issue was raised by Liuba Grechen Shirley, a candidate for U.S. Congress based in Massapequa, N.Y., who prior to running for office cared for her children while working from home.
Grechen Shirley, a Democrat, appealed to the FEC to use campaign funds for childcare because her husband worked full-time, and she had already hired a part-time caregiver for their children. Grechen Shirley has stopped working while she campaigns, and anticipated that she would need full-time care for her son and daughter as election day nears and campaign demands increased.
“Our babysitter is just as important as my campaign manager, or my finance director,” Grechen Shirley told Newsweek last month. “She’s just as integral, and she’s paid as staff. I couldn’t run my campaign without her.”
Using campaign funds for childcare immediately became an issue that hit home for many in politics. Hillary Clinton and 24 members of Congress wrote letters in support of Grechen Shirley’s FEC request, calling childcare a “necessary expense” that “should not constitute a personal use of campaign funds.”
The personal use of campaign funds has become a hot-button topic recently, with the revelation that President Trump’s personal lawyer Michael Cohen made payments to porn star Stormy Daniels to possibly keep news of an alleged affair out of the press in the run up to the 2016 presidential election. A nonpartisan watchdog group has claimed the Daniels payment was a violation of campaign finance law , which can result in civil fines or imprisonment . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/10/woman-running-for-office-childcare-liuiba-grechen-shirley/ |
COPENHAGEN (Reuters) - Danish dairy group Arla said on Tuesday it would cut around 350 jobs as part of a three-year cost-cutting programme that it announced in April.
Around 195 of those jobs are in global functions, mostly in the headquarters in Aarhus in Denmark, and 154 are in Britain where the company will concentrate its cheese production at fewer sites.
Reporting by Teis Jensen; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-arla-foods-amba-strategy/danish-dairy-group-arla-says-to-cut-350-jobs-idUSKCN1IU1AU |
LONDON, May 16 (Reuters) - While major traders expect consolidation in the crowded oil trading sphere, small Lugano-based firm Lord Energy is finding new niches and taking a bet by entering into Russian oil.
Hazim Nada set up the Swiss trading firm, now called Lord Energy, a decade ago to deal with coal from Indonesia and South Africa and cement in the Mediterranean market.
This month it is loading its first cargo of Nigerian crude and is adding Russian oil to the list in June, after shifting to crude trading in 2015 dealing with oil from Algeria, Colombia, Brazil and Libya.
Nada, now managing director, said his firm has signed a six-month term deal with the marketing arm of China’s CEFC to load an 80,000 tonne cargo of Russian Urals a month from the Black Sea port of Novorossisk. CEFC markets two cargoes of Urals a month from the port.
CEFC has a larger contract with Russia’s Rosneft for cargoes of ESPO Blend crude that loads in the Far East.
Lord Energy’s end-users have been concentrated in Asia and the United States but with Urals it is also hoping to sell to European refiners.
Nada said he has been blending oil grades to enter China and has re-opened some old arbitrages.
“We currently move about 3-4 million barrels of crude oil per month. We plan to triple this over the next 18 months. Our key to success has been in developing new markets for either established grades or finding new niches for difficult grades,” Nada said.
“We have been the first to open the market for (Algerian) Saharan Blend into Australia for over 35 years and we reopened the arbitrage into South Korea... and managed to find a blend for it to take into the Chinese market. We also sold the first cargo of Saharan into the Chinese private sector.”
A combination of low oil price volatility, increasing market transparency and rising compliance costs have hit profits of oil traders.
Lord Energy, which also has a presence in Houston and Singapore, aims to expand into U.S. exports and imports and is looking to move into liquefied natural gas next year, Nada said. (Additional reporting by Olga Yagova in Moscow, Florence Tan in Singapore Editing by Susan Fenton)
| ashraq/financial-news-articles | https://www.reuters.com/article/lordenergy-oil-cefc/small-swiss-trader-lord-energy-enters-russian-oil-market-with-cefc-deal-idUSL8N1SI4YT |
In March, Commerce Secretary Wilbur Ross held up a can of Campbell's Soup to demonstrate how benign the effects would be of steel and aluminum tariffs.
In an earnings call Friday, a Campbell official held up the tariffs as a negative factor in the company's profitability going forward.
Ross made the argument during a CNBC appearance , shortly after the administration had announced it would slap a 25 percent levy on steel imports and 10 percent tariff on aluminum. Responding to fears that the duties would be inflationary, Ross said they actually would have little effect on prices, even in a worst-case scenario.
show chapters Watch Wilbur Ross use a can of Campbell's Soup to defend steel and aluminum tariffs 11:47 AM ET Fri, 2 March 2018 | 01:34 "What I'd like to do, though, is to emphasize again the limited impact," he began. "This is a can of Campbell's Soup. In the can of Campbell's Soup, there's about 2.6 cents, 2.6 pennies, worth of steel. So if that goes up by 25 percent, that's about six-tenths of 1 cent on the price of a can of Campbell's Soup.
"Well, I just bought this can today at a 7-Eleven down here, and the price was $1.99. So who in the world is going be bothered by six-tenths of a cent?"
It turns out the company has been bothered by it plenty.
Campbell posted a $393 million first-quarter loss Friday and said it now expects profits to decline by 5 percent to 6 percent this year, worse than earlier projections of between 1 percent and 3 percent.
In addition, CEO Denise Morrison stepped down as the company announced a strategic review to try to reverse the sales slump.
Chief Financial Officer Anthony DiSilvestro pointed directly to the tariffs as a cause of the company's expected woes going forward. The tariffs did not actually take effect until March 23, near the end of the quarter.
"At this stage, given what we know about accelerating cost inflation in part due to the anticipated impact of import tariffs and the continuing headwind on transportation and logistics cost, we expect our margins will be down in fiscal 2019," he said.
Later, when facing tough questioning from an analyst on why the company's "tone is so negative" on its outlook, DiSilvestro responded that he was just "trying to be transparent" about the obstacles Campbell faces.
Again, he cited tariffs as a major factor in a broader scenario of rising costs.
"The issue is primarily one of cost inflation and we're seeing and expecting an acceleration on the rate of inflation across a number of ingredient and packaging items," DiSilvestro said. "For example, we expect double-digit increases on steel and aluminum. A lot of that [is] driven or all of it's driven by the impact of anticipated tariffs."
Shares plunged 12 percent following the deluge of bad news from the company and were down more than 28 percent for the year as of afternoon trading.
Ross told CNBC on Friday that Campbell may be overstating the effect of the tariffs.
"It is physically impossible that a few days of a tariff resulted in a $393 million loss. They are using [the tariffs] as a cover-up for other problems," he said.
But a company spokesperson reiterated to CNBC that the comments about tariffs related to forward-looking results and not the loss for last quarter.
— With reporting by CNBC's Lori Ann LaRocco | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/commerce-secretary-ross-claim-that-tariffs-wouldnt-hurt-campbells-soup-just-blew-up.html |
Memorial Day Memorial Day 2018 Deals: Best Freebies and Discounts for Veterans Gulf War veteran Bill Virill, retires U.S. Army, attends a Veterans Day ceremony at the Vietnam Veterans Memorial November 11, 2014 in Washington, DC. Photograph by Win McNamee—Getty Images By Chris Morris Updated: May 25, 2018 10:37 AM ET
As the country takes a day to say ‘thank you’ to those who have served, many businesses are offering greater discounts and freebies to active duty military and veterans for Memorial Day 2018.
Veterans will need their military ID to take advantage of most of these, so be sure to bring that along as the corporate world takes a moment to show its appreciation for your service.
Here are some of the most notable deals for veterans to be found this Memorial Day. | ashraq/financial-news-articles | http://fortune.com/2018/05/25/memorial-day-2018-deals-for-veterans/ |
Creditors lead the efforts to sell Brazil's Odebrecht rail unit, sources say Tatiana Bautzer and Carolina Mandl Published 9:55 AM ET Thu, 10 May 2018 Reuters
(Adds details, background from 4th paragraph)
SAO PAULO, May 10 (Reuters) - Brazilian creditors of conglomerate Odebrecht SA are leading the efforts to sell the group's commuter rail unit Supervia Concessionaria de Transporte Ferroviario SA, as banks pressure the corruption-ensnared group to accelerate asset sales, three people with knowledge of the matter said.
Odebrecht hired Banco BTG Pactual SA as an adviser months ago to sell Supervia, the sources added, asking for anonymity because talks are still private.
But failure to reach an agreement with potential acquirers after talks with investors made creditors such Itau Unibanco Holding SA and Banco Bradesco SA interfere and join the efforts to sell the company through their investment banking units.
Last month, Odebrecht's construction unit failed to repay $144 million in bonds and said parent Odebrecht SA is still in negotiations with Bradesco and Itaú to receive new loans to make the repayment within the 30-day grace period.
Talks for the new loans are ongoing, the sources said, and banks say Odebrecht's asset sales program is proceeding slower than expected. The failure to sell Supervia was seen by the banks as an example of the delayed assets sale.
Odebrecht has only received $7 billion of the $12 billion in deals announced, mostly due to legal hurdles to close deals in countries such as Peru. But creditors said this is not the case with Supervia.
The United Arab Emirates sovereign wealth fund Mubadala Development Co PJSC negotiated with Odebrecht through BTG for months, but the conglomerate considered their offer too low.
Since then, other two groups showed interest in Supervia: Starboard Restructuring Partners and a Brazilian group, RTM Brasil, formed by executives and backed by undisclosed buyout firms willing to finance the deal, two of the people said.
Odebrecht, BTG Pactual, Bradesco, Itaú, Mubadala and Starboard did not immediately comment on the matter.
Odebrecht acquired 60 percent of Supervia in 2011. The company operates urban commuter trains in 12 cities in the state of Rio de Janeiro and transports around 750,000 people daily. (Additional reporting by Carolina Mandl in Sao Paulo, Stanley Carvalho in Abu Dhabi Editing by Jeffrey Benkoe) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-creditors-lead-the-efforts-to-sell-brazils-odebrecht-rail-unit-sources-say.html |
(adds executive comments, peer comparisons and stock action)
By Eric Auchard
LONDON, May 15 (Reuters) - Chipmaker STMicroelectronics on Tuesday forecast stronger-than expected sales growth of 14-17 percent in 2018, roughly twice the rate of industry peers, thanks to market share gains in auto, industrials and imaging markets.
The supplier of key components for Apple phones and Tesla vehicles is seeking to convince investors that ST can deliver sustained growth in sales, margins and market share, as it rebounds from setbacks earlier this decade.
At its annual Capital Markets Day, executives hammered home the theme that STMicroelectronics is far better positioned in the best parts of solidly growing automotive and industrial markets than industry peers, which include NXP, Renesas , Infineon and Texas Instruments.
The Franco-Italian electronic components maker expects to grow between 14-17 percent for the 2018 year, out-going Chief Executive Carlo Bozotti told investors in London.
“This is more than what we anticipated,” Bozotti said. “For this reason, we have reviewed our capital spending plan and (made) a moderate increase.”
Analysts, on average, had forecast 2018 revenues to grow around 14 percent, according to Thomson Reuters data. Last year, the company enjoyed a nearly 20 percent increase in revenue to $8.35 billion.
The company also said it planned to increase capital spending to improve the flexibility of its plant production to around $1.2 billion and $1.3 billion for the full year, up from its previous target of $1.1 billion. It spent $1.3 billion in 2017 as it raced to increase chip manufacturing capacity.
Chief Financial Officer Carlo Ferro, who is set to retire later in 2018, said ST is taking advantage of structural growth in automotive and industrial markets and in certain favourable segments of the otherwise lacklustre smartphone market.
The company’s recovery and growth has been held back by weak demand in the first half of 2018 for smartphones. Analysts blamed order delays from Apple for imaging chips used in the forthcoming upgrade of the iPhone X later this year.
The company generates 53 percent of sales from automotive and industrial end markets, compared to its peer group, which generates only 22 percent from these favourable growth markets. By contrast, ST’s exposure to smartphones is just 18 percent of its total revenue, versus 28 percent, on average, for key peers.
“We are ahead of the curve in the major trends,” Marco Cassis, the company’s designated sales chief, said of ST’s strong and growing share in chips used in advanced collision detection and electrification features for cars.
STMicroelectronics’ shares were up 2 percent in Paris at 1020 GMT, among the top performers in the blue-chip CAC-40 index. The stock is up around 13 percent year-to-date. (Reporting by Eric Auchard in London; Editing by Sudip Kar-Gupta and Alexandra Hudson)
| ashraq/financial-news-articles | https://www.reuters.com/article/stmicroelectron-outlook/update-1-stmicro-expects-to-grow-twice-as-fast-as-peers-in-2018-idUSL5N1SM347 |
(Reuters) - Xerox Corp’s board ( XRX.N ) said on Wednesday it intended to resume merger discussions with Fujifilm Corp ( 4901.T ), seeking a superior deal to terms announced at the end of January that have spurred a complex proxy fight over the company.
The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko/File Photo Carl Icahn and Darwin Deason, who own 15 percent of Xerox, have been trying to unravel the deal and unlock more value out the company. They said an alternative plan could create total value of $54 to $64 per share compared to the about $28 per share in from the Fujifilm deal.
Analysts say the prolonged fight for Xerox could ultimately push any offer price higher from Fujifilm or other interested parties, including HP Inc ( HPQ.N ) and buyout firm Apollo Global Management LLC ( APO.N ), which considered a bid for Xerox last week, according to sources.
Icahn and Deason earlier this week threw down the gauntlet and said they would consider an all-cash bid from Fujifilm of at least $40 per share - 43 percent more than the Japanese firm’s existing offer.
Shannon Cross from Cross Research said an incremental five dollars plus benefit from synergies from the Fuji-Xerox deal over time should result in a value for Xerox stock that would be above the $40 per share.
UBS analysts had estimated in February that the Fujifilm deal valued Xerox at $40 a share - $9.80 in cash for every Xerox share held and calculated the stake in FujiXerox to be worth $30. That value mostly matches the current demand of shareholders, except the agitating investors want all in cash.
“At the end of the day, Carl Icahn has always wanted more money for this deal, I am not sure that running the business is what he looks to do,” said Cross.
Related Coverage Timeline: Xerox's complex relationship with top investors Xerox, synonymous with photocopying for half a century, has been under fire from Icahn and Deason for trying to sell itself to Japan’s Fujifilm Holdings in a complex deal they say dramatically undervalues Xerox.
David Holt, an analyst from CFRA Research, thinks Xerox will be fine either way.
“We definitely think there are other avenues to create value. This could harm Fuji going back to the drawing board and seeing if they can appease all the major shareholders,” Holt said.
Shares of Xerox were up 2 percent at $28.96 on Wednesday.
Reuters reported last month that Xerox had told a New York state court the companies had reopened talks on their $6.1 billion agreement for the Japanese company to acquire the U.S. print and copy machine maker.
On April 27, a U.S. judge temporarily blocked the Xerox-Fujifilm deal, following a lawsuit that favored Deason.
Xerox said on Wednesday that it will pursue an appeal of the lower court’s ruling in the Deason lawsuit, which it believes “was wrongly decided and will be reversed”.
Reporting by Sonam Rai and Arjun Panchadar in Bengaluru; editing by Patrick Graham and Bernard Orr
| ashraq/financial-news-articles | https://in.reuters.com/article/us-xerox-m-a-fujifilm/xerox-board-says-to-seek-better-terms-from-fujifilm-idINKBN1IA1YB |
May 14 (Reuters) - American Express Canada :
* AMERICAN EXPRESS CANADA - REACHED AGREEMENT WITH AIMIA AND AIR CANADA TO EXTEND AGREEMENT TO REMAIN PAYMENTS CARD PARTNER IN AEROPLAN REWARDS PROGRAM
* AMERICAN EXPRESS CANADA - RENEWED CONTRACT EXTENDS THROUGH TO JUNE 29, 2020, TO BE COTERMINOUS WITH AIR CANADA’S PARTICIPATION IN AEROPLAN Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-express-canada-says-reach/brief-american-express-canada-says-reached-agreement-with-aimia-and-air-canada-to-extend-agreement-to-remain-payments-card-partner-idUSFWN1SL17P |
May 21 (Reuters) - Caesars Entertainment Corp:
* TPG GROUP HOLDINGS (SBS) ADVISORS CUTS STAKE IN CAESARS ENTERTAINMENT TO 4.2 PERCENT AS OF MAY 17, 2018 FROM 7.7 PERCENT STAKE AS OF DEC 5, 2017 - SEC FILING Source text: ( bit.ly/2s1F0gf ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tpg-group-holdings-advisors-cuts-s/brief-tpg-group-holdings-advisors-cuts-stake-in-caesars-entertainment-to-4-2-pct-from-7-7-pct-idUSFWN1SS0VL |
Boeing claims Iran sanctions won’t affect its production pipeline Boeing is playing down the potential loss of $20 billion in sales to Iranian airlines. Washington has said Boeing licenses to sell aircraft to Iran would be revoked. The U.S. has moved to withdraw from a nuclear pact and re-impose sanctions on Tehran. 7 Hours Ago | 02:51
Boeing 's top executive in the Middle East said the company's conservative strategy will protect it from any loss of business with Iran.
Boeing is playing down an estimated loss of $20 billion of sales to Iranian airlines after the U.S. moved to withdraw from a nuclear pact and re-impose sanctions on Tehran. Treasury Secretary Steve Mnuchin announced Wednesday that Boeing licenses to sell aircraft to Iran would be revoked following President Donald Trump 's decision.
The President of Middle East, North Africa, and Turkey for Boeing, Bernard Dunn, told CNBC's Hadley Gamble in Bahrain on Thursday that the impact on overall business will be minimal.
"We mitigated the risk of Iran in our production plans. For 777 and 737 programs, there will be no risk at this time. Beyond that, we are following the lead of the U.S. government and we will consult with them as necessary," he said.
Dunn added that Boeing was a conservative company and that earnings results underlined a risk-averse strategy.
"Anything that happens for us with Iran would have been and will be, an opportunity. Beyond that, we are just going to follow the U.S. government on this." Getty Images Workers load a shipment of aid on to a Boeing 747 cargo plane at Schoenefeld Airport on November 13, 2013.
The comments echoed CEO Dennis Muilenburg who said in Washington Wednesday that the company had not committed any production slots for planes to sell to Iran and it would "follow the U.S. government's lead."
Boeing has early agreements with Iranian airlines for 110 planes worth about $20 billion at list prices. This pales with the U.S. firm's wider backlog which at the end of March, sat at about 5,800 airplanes.
The U.S. planemaker announced the largest of its deals with Iranian airlines in December 2016. This included 80 jets for Iran Air, including 50 of the 737 MAX 8 model.
And in April 2017, Iran Aseman Airlines signed an agreement to purchase 30 Boeing 737 MAX planes, with an option to buy 30 more.
Airlines analyst at Seeking Alpha, Dhierin Bechai, said in a note Wednesday that Boeing's deals with Iranian customers have only ever reached a tentative stage.
"It is hard to speak about a loss for Boeing, since no final purchase agreements with Iranian customers were ever drafted and it's really simple, you can't lose any orders if you didn't log any," Bechai said. David Reid Digital Correspondent, CNBC.com Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/boeing-middle-east-president-on-iran.html |
BERWYN, Pa., May 9, 2018 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that its Board of Directors has elected Matthew J. Conti as Vice President, Human Resources.
"I am pleased to welcome Matt to AMETEK," comments David A. Zapico, AMETEK Chairman and Chief Executive Officer. "Matt's extensive human resources experience within the industrial space makes him well suited for this position. He will play a key role in AMETEK's talent acquisition and leadership development in support of AMETEK's growth plans."
Mr. Conti joins AMETEK from Precision Castparts Corp., a member of Berkshire Hathaway Inc., where he served most notably as Vice President of Human Resources of the Aerostructures Division, a global leading parts supplier to the Aerospace industry. Prior to Precision Castparts, Mr. Conti held various roles with increasing responsibilities at Harman International Industries, Imerys, S.A. and The Fiat Group.
Mr. Conti holds a Bachelor of Arts degree in Economics and Business from Kalamazoo College and a Master of Business Administration degree from the London School of Business.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annualized sales of more than $4.7 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions, Global & Market Expansion and New Products. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500 Index.
Contact:
AMETEK, Inc.
Kevin Coleman
Vice President, Investor Relations
1100 Cassatt Road
Berwyn, Pennsylvania 19312
[email protected]
Phone: 610.889.5247
View original content: http://www.prnewswire.com/news-releases/matthew-j-conti-elected-vice-president-human-resources-300644861.html
SOURCE AMETEK, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-matthew-j-conti-elected-vice-president-human-resources.html |
Despite close ties, Trump gives Abe a hard time 3:36am EDT - 02:07
Tariffs on steel, threats of car import levies and intense pressure for a two-way economic deal: despite warm personal ties, U.S. President Donald Trump is giving Japanese Prime Minister Shinzo Abe a decidedly tough time on trade. ▲ Hide Transcript ▶ View Transcript
Tariffs on steel, threats of car import levies and intense pressure for a two-way economic deal: despite warm personal ties, U.S. President Donald Trump is giving Japanese Prime Minister Shinzo Abe a decidedly tough time on trade. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2H1nL4o | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/despite-close-ties-trump-gives-abe-a-har?videoId=431604799 |
US $
Q1 GAAP net income of $10 million or $0.11 per share Adjusted EBITDA of $108 million Positive pricing momentum across most product offerings Profitability impacted by transportation challenges New collective agreement with Unifor
MONTRÉAL, May 3, 2018 /PRNewswire/ - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income for the quarter ended March 31, 2018, of $10 million, or $0.11 per share, compared to a net loss of $47 million, or $0.52 per share, in the same period in 2017. Sales were $874 million in the quarter, an increase of $2 million from the first quarter of 2017. Excluding special items, the company reported net income of $17 million, or $0.18 per share, compared to a net loss, excluding special items, of $30 million, or $0.33 per share, in the first quarter of 2017.
"We are pleased with our results, as we realized the best first quarter in terms of operating income since 2011. Price increases in the majority of our businesses supported our improved results. Pricing gains, however, were mitigated by transportation challenges impacting economic activity across North America, as well as the unusually cold temperatures early in the quarter, particularly in the southern United States," said Yves Laflamme, president and chief executive officer.
Resolute also announced on May 1, 2018 the ratification of a new four-year collective agreement with its largest Canadian union, Unifor, covering 1,100 employees at eight of the company's Canadian pulp and paper mills.
Non-GAAP financial measures, such as adjustments for special items and adjusted EBITDA, are explained and reconciled below.
Operating Income Variance Against Prior Period
Consolidated
The company recorded operating income of $48 million in the quarter, compared to $53 million in the fourth quarter of 2017. Operating results benefitted from the continued positive price momentum across most of our product offerings ($37 million), a decrease in maintenance outages and lower share-based compensation expense. These favorable elements were not sufficient to offset the significant increase in freight costs, seasonally higher energy costs, aggravated by unusually cold weather conditions, an increase in market-based stumpage fees and a decrease in shipments. Sales volumes were lower due to transportation challenges, timing of export sales, seasonally lower demand for supercalendered papers and lower productivity. The operating results in the previous quarter also included a gain on the disposition of assets of our Mokpo (South Korea) paper mill ($13 million).
In the quarter, as required under recently updated accounting guidance, the company changed its presentation of operating income by presenting the service cost component of the net periodic benefit cost in operating expenses and the other components (the "non-operating pension and postretirement benefit cost") outside of the operating income. The change was applied retroactively by adjusting comparative financial information and had no impact on reported adjusted EBITDA.
Market Pulp
Operating income in the market pulp segment was $33 million, $4 million lower than the fourth quarter. Realized pricing continued to strengthen, reaching $710 per metric ton, an increase of $32 per metric ton, or 5%, as the pulp market supply-demand balance was favorable. Shipments were down by 26,000 metric tons to 362,000, largely due to the timing of international fluff pulp shipments, and lower productivity in our U.S. mills, mainly impacted by unusually cold weather, offset in part by additional volume of recycled pulp. The operating cost per unit (the "delivered cost") increased by $36 per metric ton, largely due to higher freight, fuel and fiber costs, offset in part by lower maintenance and a decrease in wood chip prices. Lower volumes and higher costs outweighed the pricing gains, resulting in EBITDA of $40 million in the quarter, or $110 per metric ton, down from $44 million.
Tissue
Operating results of the tissue segment, which exclude our operations at Calhoun (Tennessee), improved marginally compared to the fourth quarter of 2017, mainly due to increased volumes. While pricing decreased by $62 per short ton, delivered cost also declined, both as a result of relatively higher parent roll sales. The results of our Calhoun tissue operations are expected to be recorded in our tissue segment sometime in the second quarter of 2018.
Wood Products
The wood products segment generated operating income of $53 million in the quarter, compared to $57 million in the previous quarter. The delivered cost in the segment rose by $24 to $342 per thousand board feet, as a result of lower internal wood chip selling prices, higher market-based stumpage fees, and an increase in transportation costs. Shipments were also lower by 11 million board feet, largely due to limited rail car availability, leading to a 16 million board feet increase in finished goods inventory, to 140 million board feet. These unfavorable elements were almost entirely offset by the continued increase in average transaction price, which rose another 5% this quarter, to $459 per thousand board feet. EBITDA for the segment was $61 million, or $134 per thousand board feet, compared to $65 million, or $139 per thousand board feet, in the fourth quarter.
Newsprint
The newsprint segment incurred an operating loss of $4 million in the quarter, compared to a loss of $6 million in the fourth quarter of 2017. Improving market conditions continued to push the average transaction price up to $558 per metric ton, an increase of $33 per metric ton in the quarter. The timing of export sales and transportation issues, however, significantly impacted shipments, which fell from 410,000 metric tons to 355,000 metric tons in the quarter. The delivered cost increased by $28 per metric ton, largely because of lower volumes, an increase in freight costs and seasonally higher energy costs. Favorable pricing outweighed the lower volumes and higher costs, resulting in a marginal improvement of $1 million in EBITDA, to $12 million for the quarter, equivalent to $34 per metric ton. Delays in shipments were the largest contributor to the 15,000 metric ton increase in finished goods inventory.
Specialty Papers
The specialty papers segment incurred an operating loss of $7 million in the first quarter, an improvement of $6 million compared to the prior quarter. The average transaction price rose by $15 per short ton, while the delivered cost decreased by $5 per short ton to $698. Lower maintenance costs, increased internal hydroelectric generation, and a decrease in wood chip prices more than compensated for the rise in freight and energy costs. Shipments, however, dropped by 18,000 short tons, or 6%, reflecting seasonally higher demand in the fourth quarter. Overall, EBITDA improved by $25 per short ton, or $7 million, compared to the previous quarter, to $5 million.
Consolidated Quarterly Operating Income Variance Against Year-Ago Period
The company generated operating income of $48 million in the first quarter, compared to an operating loss of $9 million for the same period in 2017, reflecting the favorable market dynamics across most segments. Overall pricing added $114 million to our results compared to 2017, as the average transaction price increased by 31% for wood products, 20% for market pulp, 9% for newsprint and 2% for specialty papers. The improvement in operating income also included the elimination of fixed costs due to capacity closures in our newsprint and specialty papers segments ($22 million) in 2017. In addition, there were no closure-related costs in the quarter.
These favorable items were partially offset by an overall decrease in volume ($31 million), largely associated with the restructuring initiatives in our paper segments, the unfavorable impact of the stronger Canadian dollar ($17 million), as well as higher freight expenses ($18 million), and an increase in maintenance, energy and fiber costs ($24 million).
Corporate and Finance
During the quarter, $25 million was invested in capital expenditures and $21 million paid in cash duty deposits. Cumulative duty deposits recorded on our balance sheet totaled $96 million, $54 million attributable to supercalendered papers, $40 million to softwood lumber and $2 million to uncoated groundwood papers.
Total debt at the end of the quarter decreased by $10 million to $779 million, while liquidity rose by $34 million, to $452 million.
Outlook
"We anticipate the supply and demand balance to remain favorable in our pulp, lumber, newsprint and specialty papers segments. Over the coming months, we also expect to benefit from increased sales momentum in our tissue business. Transportation headwinds, however, will continue to negatively impact profitability but to a lesser extent given the typical first quarter weather-related freight constraints," added Mr. Laflamme.
Earnings Conference Call
The company will hold a conference call to discuss the financial results at 9:00 a.m. (ET) today. The public is invited to join the call at (877) 223-4471 at least fifteen minutes before its scheduled start time. A simultaneous webcast will also be available using the link provided under "Presentations and Webcasts" in the "Investors" section of www.resolutefp.com . A replay of the webcast will be archived on the company's website; a phone replay will also be available until May 17, 2018, by dialing (800) 585-8367, conference number 4595897.
Description of Special Items
Special items
(in millions)
First
quarter
2018
First
quarter
2017
Foreign currency translation loss
$
1
$
-
Closure costs, impairment and other related charges
-
7
(Reversal of) inventory write-downs related to closures
(1)
4
Start-up costs
8
8
Non-operating pension and OPEB credits
(13)
(3)
Other expense, net
6
-
Income tax effect of special items
6
1
Total
$
7
$
17
Cautionary Statements Regarding Forward-Looking Information
Statements in this press release and the earnings conference call and webcast referred to above that are not reported financial results or other historical information of Resolute Forest Products Inc. (with its subsidiaries and affiliates, "we," "our," "us" or the "company") are " " within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements included in the Outlook section of this press release and statements relating to our: efforts and initiatives to reduce costs and increase revenues and profitability; business and operating outlook; assessment of market conditions; growth strategies and prospects, and the growth potential of the company and the industry in which we operate; liquidity; future cash flows; and strategies for achieving our goals generally. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "should," "would," "could," "will," "may," "expect," "believe," "anticipate," "attempt," "project" and other terms with similar meaning indicating possible future events or potential impact on our business or our shareholders.
The reader is cautioned not to place undue reliance on these , which are not guarantees of future performance. These statements are based on management's current assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. The potential risks and uncertainties that could cause our actual future financial condition, results of operations and performance to those expressed or implied in this press release and the earnings conference call and webcast referred to above include, but are not limited to, the impact of: developments in non-print media, and the effectiveness of our responses to these developments; intense competition in the forest products industry; any inability to offer products certified to globally recognized forestry management and chain of custody standards; any inability to successfully implement our strategies to increase our earnings power; the possible failure to successfully integrate acquired businesses with ours or to realize the anticipated benefits of acquisitions, such as Atlas Paper Holdings, Inc. and its subsidiaries, or divestitures or other strategic transactions or projects, such as our Calhoun (Tennessee) tissue operations; uncertainty or changes in political or economic conditions in the United States, Canada or other countries in which we manufacture or sell our products; global economic conditions; the highly cyclical nature of the forest products industry; any difficulties in obtaining timber or wood fiber at favorable prices, or at all; changes in the cost of purchased energy and other raw materials; physical and financial risks associated with global, regional and local weather and climate conditions and change; any disruption in operations or increased labor costs due to labor disputes; difficulties in our employee relations or retention; disruptions to our supply chain, operations or the delivery of our products; cybersecurity risks; risks related to the operation and transition of legacy system applications; negative publicity, even if unjustified; currency fluctuations; any increase in the level of required contributions to our pension plans, including as a result of any increase in the amount by which they are underfunded; our ability to maintain adequate capital resources to provide for all of our substantial capital requirements; the terms of our outstanding indebtedness, which could restrict our current and future operations; losses that are not covered by insurance; any additional closure costs and long-lived asset or goodwill impairment or accelerated depreciation charges; any need to record additional valuation allowances against our recorded deferred income tax assets; our exports from one country to another country becoming or remaining subject to duties, cash deposit requirements, border taxes, quotas or other trade remedies or restrictions; countervailing or anti-dumping duties on imports to the U.S. of our paper products and substantially all of our softwood lumber products produced at our Canadian mills; any failure to comply with laws or regulations generally; any additional environmental or health and safety liabilities; any violation of trade laws, export controls or other laws relating to our international sales and operations; adverse outcomes of legal proceedings or disputes in which we are involved; the actions of holders of a significant percentage of our common stock; and the potential risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of the company's annual report on Form 10-K for the year ended December 31, 2017.
All in this press release and in the conference call and webcast referred to above are expressly qualified by the cautionary statements contained or referred to above and in the company's other filings with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. The company disclaims any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
About Resolute Forest Products
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products, newsprint and specialty papers, which are marketed in close to 70 countries. The company owns or operates some 40 manufacturing facilities, as well as power generation assets, in the United States and Canada. Resolute has third-party certified 100% of its managed woodlands to internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.
Resolute has received regional, North American and global recognition for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit resolutefp.com for more information.
RESOLUTE FOREST PRODUCTS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions except per share amounts)
Three Months
Ended March 31,
2018
2017
Sales
$
874
$
872
Costs and expenses:
Cost of sales, excluding depreciation, amortization and distribution costs
614
671
Depreciation and amortization
53
51
Distribution costs
116
110
Selling, general and administrative expenses
43
42
Closure costs, impairment and other related charges
-
7
Operating income (loss)
48
(9)
Interest expense
(13)
(11)
Non-operating pension and other postretirement benefit credits (1)
13
3
Other expense, net
(7)
-
Income (loss) before income taxes
41
(17)
Income tax provision
(31)
(29)
Net income (loss) including noncontrolling interests
10
(46)
Net income attributable to noncontrolling interests
-
(1)
Net income (loss) attributable to Resolute Forest Products Inc.
$
10
$
(47)
Net income (loss) per share attributable to Resolute Forest Products Inc. common shareholders:
Basic
$
0.11
$
(0.52)
Diluted
0.11
(0.52)
Weighted-average number of Resolute Forest Products Inc. common shares outstanding:
Basic
91.2
90.2
Diluted
93.0
90.2
See Note to the Unaudited Consolidated Financial Statement Information
RESOLUTE FOREST PRODUCTS INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)
March 31,
December 31,
2018
2017
Assets
Current assets:
Cash and cash equivalents
$
13
$
6
Accounts receivable, net:
Trade
384
399
Other
77
80
Inventories, net
577
526
Other current assets
32
33
Total current assets
1,083
1,044
Fixed assets, net
1,684
1,716
Amortizable intangible assets, net
64
65
Goodwill
81
81
Deferred income tax assets
1,023
1,076
Other assets
187
165
Total assets
$
4,122
$
4,147
Liabilities and equity
Current liabilities:
Accounts payable and accrued liabilities
$
444
$
420
Current portion of long-term debt
1
1
Total current liabilities
445
421
Long-term debt, net of current portion
778
788
Pension and other postretirement benefit obligations
1,198
1,257
Deferred income tax liabilities
19
13
Other liabilities
66
68
Total liabilities
2,506
2,547
Commitments and contingencies
Equity:
Resolute Forest Products Inc. shareholders' equity:
Common stock
-
-
Additional paid-in capital
3,796
3,793
Deficit
(1,284)
(1,294)
Accumulated other comprehensive loss
(777)
(780)
Treasury stock at cost
(120)
(120)
Total Resolute Forest Products Inc. shareholders' equity
1,615
1,599
Noncontrolling interests
1
1
Total equity
1,616
1,600
Total liabilities and equity
$
4,122
$
4,147
RESOLUTE FOREST PRODUCTS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
Three Months
Ended March 31,
2018
2017
Cash flows from operating activities:
Net income (loss) including noncontrolling interests
$
10
$
(46)
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by (used in) operating activities:
Share-based compensation
3
4
Depreciation and amortization
53
51
(Reversal of) inventory write-downs related to closures
(1)
4
Deferred income taxes
30
28
Net pension contributions and other postretirement benefit payments
(35)
(30)
Loss (gain) on translation of foreign currency denominated deferred income taxes
27
(10)
(Gain) loss on translation of foreign currency denominated pension and other postretirement benefit obligations
(22)
9
Net planned major maintenance amortization
6
1
Changes in working capital:
Accounts receivable
19
(11)
Inventories
(50)
(40)
Other current assets
(5)
-
Accounts payable and accrued liabilities
28
1
Other, net
(1)
-
Net cash provided by (used in) operating activities
62
(39)
Cash flows from investing activities:
Cash invested in fixed assets
(25)
(69)
Increase in countervailing duty cash deposits on supercalendered paper
(5)
(5)
Increase in countervailing and anti-dumping duty cash deposits on softwood lumber
(14)
-
Increase in countervailing duty cash deposits on uncoated groundwood paper
(2)
-
Cash used in investing activities
(46)
(74)
Cash flows from financing activities:
Net (repayments) borrowings under revolving credit facilities
(9)
118
Payments of financing and credit facility fees
(1)
-
Cash (used in) provided by financing activities
(10)
118
Effect of exchange rate changes on cash and cash equivalents, and restricted cash
(1)
-
Net increase in cash and cash equivalents, and restricted cash
5
5
Cash and cash equivalents, and restricted cash:
Beginning of period
49
73
End of period
$
54
$
78
Cash and cash equivalents, and restricted cash at period end:
Cash and cash equivalents
$
13
$
39
Restricted cash (included in "Other current assets" and "Other assets")
41
39
RESOLUTE FOREST PRODUCTS INC.
RECONCILIATION OF OPERATING INCOME AND NET INCOME ADJUSTED FOR SPECIAL ITEMS
A reconciliation of our operating income, net income and net income per share reported before special items is presented in the tables below. See Note 1 to the Reconciliations of Non-GAAP Measures regarding our use of non-GAAP measures.
Three months ended March 31, 2018
(unaudited, in millions, except per share amounts)
Operating
income (loss)
Net income
(loss)
EPS
GAAP, as reported
$
48
$
10
$
0.11
Adjustments for special items:
Foreign exchange loss
-
1
0.01
Reversal of inventory write-downs related to closures
(1)
(1)
(0.01)
Start-up costs
8
8
0.09
Non-operating pension and OPEB credits
-
(13)
(0.14)
Other expense, net
-
6
0.06
Income tax effect of special items
-
6
0.06
Adjusted for special items
$
55
$
17
$
0.18
Three months ended March 31, 2017
(unaudited, in millions, except per share amounts)
Operating
income (loss)
Net income
(loss)
EPS
GAAP, as reported
$
(9)
$
(47)
$
(0.52)
Adjustments for special items:
Closure costs, impairment and other related charges
7
7
0.08
Inventory write-downs related to closures
4
4
0.04
Start-up costs
8
8
0.09
Non-operating pension and OPEB credits
-
(3)
(0.03)
Income tax effect of special items
-
1
0.01
Adjusted for special items
$
10
$
(30)
$
(0.33)
RESOLUTE FOREST PRODUCTS INC.
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA
A reconciliation of our net income including noncontrolling interests to EBITDA and Adjusted EBITDA is presented in the tables below. See Note 1 to the Reconciliations of Non-GAAP Measures regarding our use of the non-GAAP measures EBITDA and Adjusted EBITDA.
Three months ended March 31, 2018
(unaudited, in millions)
Market pulp
Tissue
Wood products
Newsprint
Specialty
papers
Corporate and
other
Total
Net income (loss) including noncontrolling interests
$
33
$
(1)
$
53
$
(4)
$
(7)
$
(64)
$
10
Interest expense
13
13
Income tax provision
31
31
Depreciation and amortization
7
1
8
16
12
9
53
EBITDA
$
40
$
-
$
61
$
12
$
5
$
(11)
$
107
Foreign exchange loss
1
1
Reversal of inventory write-downs related to closures
(1)
(1)
Start-up costs
8
8
Non-operating pension and OPEB credits
(13)
(13)
Other expense, net
6
6
Adjusted EBITDA
$
40
$
-
$
61
$
12
$
5
$
(10)
$
108
Three months ended March 31, 2017
(unaudited, in millions)
Market pulp
Tissue
Wood products
Newsprint
Specialty
papers
Corporate and
other
Total
Net income (loss) including noncontrolling interests
$
7
$
-
$
20
$
(4)
$
4
$
(73)
$
(46)
Interest expense
11
11
Income tax provision
29
29
Depreciation and amortization
8
1
9
16
12
5
51
EBITDA
$
15
$
1
$
29
$
12
$
16
$
(28)
$
45
Closure costs, impairment and other related charges
7
7
Inventory write-downs related to closures
4
4
Start-up costs
8
8
Non-operating pension and OPEB credits
(3)
(3)
Adjusted EBITDA
$
15
$
1
$
29
$
12
$
16
$
(12)
$
61
RESOLUTE FOREST PRODUCTS INC.
Note to the Unaudited Consolidated Financial Statement Information
1. In March 2017, the Financial Accounting Standards Board (or "FASB") issued Accounting Standards Update (or "ASU") 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires employers that present a measure of operating income in their statements of earnings to disaggregate and present only the service cost component of net periodic pension cost and net periodic other postretirement benefit (or "OPEB") cost in operating expenses (together with other employee compensation costs arising during the period). The other components of the net periodic pension cost and net periodic OPEB cost (or "Non-operating pension and OPEB costs") are reported separately outside any subtotal of operating income. This update is effective retrospectively for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We adopted this ASU on January 1, 2018.
The effect of this ASU on our Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 was as follows:
Three Months Ended
March 31, 2018
Three Months Ended
March 31, 2017
(Unaudited, in millions)
Before ASU
Effect of Change
As Reported
As
Previously Reported
Effect of Change
As Adjusted
Cost of sales, excluding depreciation, amortization and distribution costs
$
600
$
14
$
614
$
667
$
4
$
671
Selling, general and administrative expenses
44
(1)
43
43
(1)
42
Operating income (loss)
61
(13)
48
(6)
(3)
(9)
Non-operating pension and other postretirement benefit credits
–
13
13
–
3
3
RESOLUTE FOREST PRODUCTS INC.
Note to the Reconciliations of Non-GAAP Measures
1. Operating income (loss), net income (loss) and net income (loss) per share (or "EPS"), in each case as adjusted for special items, as well as earnings before interest expense, income taxes, and depreciation and amortization, or "EBITDA", and adjusted EBITDA, in each case by reportable segment (market pulp, tissue, wood products, newsprint and specialty papers) in accordance with FASB Accounting Standards Codification 290, "Segment Reporting," are not financial measures recognized under generally accepted accounting principles, or "GAAP."
We calculate operating income (loss), as adjusted for special items, as operating income (loss) from our consolidated statements of operations, adjusted for items such as closure costs, impairment and other related charges, inventory write-downs related to closures, start-up costs, gains and losses on disposition of assets, and other charges or credits that are excluded from our segment's performance from GAAP operating income (loss).
We calculate net income (loss), as adjusted for special items, as net income (loss) from our consolidated statements of operations, adjusted for the same special items applied to operating income (loss), in addition to foreign exchange gains and losses, non-operating pension and OPEB costs and credits, other income (expense), net, and the income tax effect of special items.
EPS, as adjusted for special items, is calculated as net income (loss), as adjusted for special items, per diluted share.
EBITDA by reportable segment is calculated as net income (loss) including noncontrolling interests from the consolidated statements of operations, allocated to each of our reportable segments, adjusted for depreciation and amortization. EBITDA for corporate and other is calculated as net income (loss) including noncontrolling interests from the consolidated statements of operations, after the allocation to reportable segments, adjusted for interest expense, income taxes, and depreciation and amortization.
Adjusted EBITDA means EBITDA, excluding the same special items applied to net income (loss).
Liquidity is calculated as cash and cash equivalents from our consolidated balance sheets, and availability under our revolving credit facilities.
We believe that using these non-GAAP measures is useful because they are consistent with the indicators management uses internally to measure the Company's performance, and it allows the reader to more easily compare our ongoing operations and financial performance from period to period. Operating income (loss), net income (loss) and EPS, in each case as adjusted for special items, as well as EBITDA and adjusted EBITDA, are internal measures, and therefore may not be comparable to those of other companies. These non-GAAP measures should not be viewed as substitutes to financial measures determined under GAAP in our consolidated statements of operations in our filings with the Securities and Exchange Commission.
View original content: http://www.prnewswire.com/news-releases/resolute-reports-preliminary-first-quarter-2018-results-300641733.html
SOURCE Resolute Forest Products Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-resolute-reports-preliminary-first-quarter-2018-results.html |
May 7, 2018 / 11:08 AM / Updated 16 minutes ago RPT-Buffett bashes bitcoin as nonproductive, thriving on mystique Reuters Staff 1 Min Read
(Repeats to fix technical glitch)
NEW YORK, May 7 (Reuters) - Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he characterizes as “rat poison squared”, thrive on the hope they’ll find someone else who will pay more for it.
Likening bitcoin demand to tulip mania in 17th century Holland, Buffett, chairman and CEO of Berkshire Hathaway Inc , said the mystique behind the cryptocurrency has produced a surge in its price.
“It does create a rising price, creates more buyers... If you don’t understand it, you get much more excited,” Buffett said on CNBC television. (Reporting By Jennifer Ablan and Jonathan Stempel Editing by Hugh Lawson) | ashraq/financial-news-articles | https://www.reuters.com/article/berkshire-buffett-cnbc/rpt-buffett-bashes-bitcoin-as-nonproductive-thriving-on-mystique-idUSL8N1SE2RX |
May 3 (Reuters) - European asset manager Legal & General Investment Management on Thursday appointed David Butcher to its mastertrust board of trustees.
Butcher, who has 37 years of experience in the pensions industry, has previously held the roles of chief executive of Invesco Perpetual’s pensions business and a non-executive director of BlackRock Pensions Ltd. (Reporting by Sanjana Shivdas)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/legal-general-moves-david-butcher/moves-legal-general-names-new-mastertrust-trustee-idUSL3N1SA3EM |
May 22, 2018 / 11:26 AM / Updated 12 minutes ago Brazil's Temer to scrap reelection plan, will back Meirelles -source Lisandra Paraguassu 2 Min Read
BRASILIA (Reuters) - Brazilian President Michel Temer will give up plans to run for reelection and will instead support former Finance Minister Henrique Meirelles as presidential candidate for the Brazilian Democratic Movement (MDB) party, a person with knowledge of the matter said on Tuesday. FILE PHOTO: Brazil's President Michel Temer speaks with Brazil's Finance Minister Henrique Meirelles during a ceremony to launch the new program of the Brazilian state development lender BNDES at the Planalto Palace in Brasilia, Brazil August 23, 2017. REUTERS/Adriano Machado/File Photo
His decision is expected to be announced at a party event on Tuesday, according to the senior government official, who spoke anonymously because the news has not yet been made public.
Temer and Meirelles have been polling in the low single digits ahead of the October election.
With his popularity at rock bottom, Temer had hinted in recent days that he might throw in the towel.
Over the weekend, he said Brazil’s centrist parties needed to join behind one candidate if they were to win the presidential election and continue his pro-business policies and balance the federal budget. FILE PHOTO: Brazil's Finance Minister Henrique Meirelles gestures during the opening ceremony of the second phase of the program on basic sanitation "Avancar Cidades", in Brasilia, Brazil March 27, 2018. REUTERS/Ueslei Marcelino/File Photo
Pressure had mounted on Temer to hand the mantle to Meirelles within the ruling MDB party as its leaders came to terms with his dismal chances of reelection and as key allies began to launch their own candidates.
With less than five months until the Oct. 7 vote, candidates are still working to build party coalitions and win the attention of voters disenchanted with Brazil’s graft-tainted political class. Investors have been on edge amid uncertainty about the wide-open race and the fate of Temer’s fiscal reforms.
Temer last week touted his achievements in reviving Latin America’s largest economy, reducing inflation and turning around state-run companies in the two years since he took over from the impeached leftist President Dilma Rousseff.
Still, his approval rating remained stuck at 4 percent in the latest MDA poll that showed that 71 percent of Brazilians considered his government bad or terrible, turned off by a string of corruption scandals and high unemployment.
His rejection rate was even higher, with 88 percent of those surveyed saying they would never vote for him. Reporting by Lisandra Paraguassu; Writing by Anthony Boadle; Editing by Alison Williams and Bernadette Baum | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-brazil-politics-temer/brazils-temer-to-scrap-reelection-plan-will-back-meirelles-source-idUKKCN1IN1ED |
WEST HOLLYWOOD, Calif. (AP) — Recreational marijuana sales became legal in California this year, and the industry is targeting tourists as well as locals, with tours, shops, lodging and ads. "Just seconds from LAX," says an ad for the MedMen chain .
Yep, there are chains of marijuana stores here. And there are cannabis bus tours, too, like Green Line Trips , with stops at local pot dispensaries along with stops at attractions like Griffith Park. You can even smoke on the bus. (Funny thing about online reviews for Green Line and other tours: They're really, really positive, as in "the best," ''coolest," ''hella" and "man, o man.")
MedMen, one of several marijuana dispensaries in West Hollywood, scores 4.8 stars on weedmaps.com . At busy times, there are lines to get in, and you'll have to show ID proving you're 21 or over. But once inside, it's head shop meets Apple store. The air smells like pot. Tables display weed, oils, cookies and breath mints, along with iPads to swipe for details on different marijuana plants. The descriptions sound like wine: "good pungent nose" and "some will be piney."
Shelves and hooks display vapor pens, balms, tinctures, candies. Refrigerators are filled with drinks and frozen pot food like cannabis-infused churros. The sales staff wear red T-shirts saying "Shop. It's legal." Their personal styles range from green hair to gray, dreadlocks to buzz cuts, some with tattoos and body piercings and some without. But they seem to have one thing in common: They're very mellow.
"This is the best job I've ever had," said Richard Horn, 26, as he gave me a tour of the store.
Horn said there are two types of products, those with THC, the mind-altering ingredient that makes you high, and those with CBD, which has no cognitive effects but is sold to treat anxiety, relieve pain and enhance sexual pleasure. I didn't quite get how the same ingredient could dim pain and enhance arousal, until he muttered something about "numbing" and "lasting longer" and it got a little awkward, since I was old enough to be his mother. The conversation quickly turned to cannabis products for pets, and taxes.
You'd think that the price of legal pot would be lower than when it was illicit, until you factor in the costs of doing business: real estate, staff, advertisements and taxes. Prices for legal weed can average 35 percent higher than what users were paying on the street, depending on the city. Marijuana at MedMen sells for about $10 to $25 per gram, depending on the quality. Pre-rolled joints sell for $5 to $15, depending on the brand. Shoppers with state-issued cards for medical marijuana pay less because they're not charged state excise tax. You may purchase up to an ounce of cannabis per day, or up to 8 grams of cannabis concentrates (used in edibles).
Shoppers seemed unfazed by the cost. Dressed in casual and business attire, they browsed, sniffed containers and discussed products with staff. Horn is a fan of battery-powered vaporizer cartridges, "the best, most cost-effective way to get high," he said. "This defines America perfectly. On the go, ready, right now."
You can pay with cash or debit cards but not credit cards. (Credit card companies do not sanction pot purchases because marijuana remains illegal under federal law.)
Many customers leave with whole bags of pot products, but tourists face consumption challenges. The law prohibits smoking, vaporizing or ingesting cannabis products in public or anyplace tobacco is banned — which in California, includes restaurants, bars, parks and beaches. Most big chain hotels in California are smoke-free, too, which may leave visitors back where they were before legalization: looking for a place to smoke.
San Francisco has opened "consumption lounges" where smoking is permitted, and there's been talk of opening similar lounges in West Hollywood. For now, though, the best option for tourists looking to smoke may be to book lodging and home rentals that allow it. Often these are euphemistically advertised online as "420-friendly," a reference to April 20, the unofficial holiday for weed-smokers. KushTourism.com lists tours as well as marijuana-friendly resorts and other accommodations in weed-legal states.
But what do you do with pot leftovers when it's time to go home? You're not supposed to take marijuana on airplanes or across state lines, since it's illegal under federal law. That goes for CBD "apothecary" products, too, like the balms and oils that don't get you high and which are legal for medical purposes in a couple dozen states. Las Vegas and a couple of Colorado airports have installed "amnesty boxes" where travelers can dispose of drugs before going through security, but California airports don't have them yet.
Transportation Security Administration agents are focused on security threats, not marijuana, according to agency spokeswoman Lisa Farbstein. If they happen to find marijuana in baggage during routine screenings, TSA refers the incident to local law enforcement at the airport, and they decide how to handle it, Farbstein said. But a traveler stopped by TSA with a legal amount of marijuana in California would not be charged because possession there is not a crime.
At the end of my MedMen tour, I ask one shopper if I might speak to her about pot shopping. Even though it's legal, she wouldn't talk, she said, because her daughter is a cop. Old habits die hard.
I asked another well-dressed woman why she came to MedMen and she looked at me quizzically. "I ran out of pot," said Bari Bogart, 62.
"Medicinal or recreational?" I asked.
She laughed. "Are you kidding?"
Oh, right. Nobody has to pretend anymore. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/the-associated-press-los-angeles-for-tourists-hollywood-beaches-and-pot.html |
May 2 (Reuters) - GxP German Properties AG:
* FY EARNINGS AFTER TAXES ROSE FROM EUR 9.4 MILLION TO EUR 15.5 MILLION
* REVENUES COLLECTED DURING 2017 FINANCIAL YEAR CAME TO A TOTAL OF EUR 13.0 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gxp-german-properties-fy-earnings/brief-gxp-german-properties-fy-earnings-after-taxes-up-at-eur-15-5-million-idUSFWN1S901B |
EXTON, Pa.--(BUSINESS WIRE)-- Innovative Solutions & Support, Inc. (“IS&S” or the “Company”) ( ISSC ) today announced its financial results for the second quarter of fiscal 2018 ended March 31, 2018.
For the second quarter of fiscal 2018, the Company reported net sales of $3.7 million, compared to second quarter fiscal 2017 sales of $4.7 million. The Company reported a net loss of $1.3 million, or ($0.08) per share, for the second quarter of 2018 compared to net income of $5.9 million, or $0.35 per share, in the second quarter a year ago. Second quarter 2017 profitability benefitted from a $3.6 million reduction to selling, general and administrative expenses as well as $4.1 million in other income, both arising from the settlement of a lawsuit.
Geoffrey Hedrick, Chairman and Chief Executive Officer of IS&S, said, “We continue to invest in new product research and development which we believe will enable the Company to sustain growth over the long term. These efforts yielded our second STC in just the last few quarters; a standalone Autothrottle for the PC-12 that can be installed and operated without upgrading the cockpit display system, thereby proving a highly cost-effective upgrade solution. Work has begun on the development of a standalone Autothrottle for the King Air, which we believe can greatly expand our total market opportunity for Autothrottle. We expect that it should be a straightforward task to complete the development and obtain an STC on the King Air, which would then make IS&S the sole source for a standalone Autothrottle for this aircraft. In the near term we continue to focus on our strategy to increase both revenues and backlog.”
Subsequent to March 31, 2018, the company intends to use $2.4 million of cash to acquire a King Air airplane to be used in research and development activities.
At March 31, 2018, the Company had $23.4 million of cash on hand.
New orders in the second quarter of fiscal 2018 were $4.2 million and backlog as of March 31, 2018 was $3.8 million. Backlog excludes potential future sole-source production orders from products in development under the Company’s engineering development contracts, including the Pilatus PC-24, and the KC-46A, all of which the Company expects to remain in production for a decade following completion of their respective development phases. The Company expects that these contracts will add to production sales already in backlog.
Shahram Askarpour, President of IS&S, added, "The increase in both revenues and backlog in the second quarter is consistent with our expectation for steady improvement compared to the first quarter. The number of aircraft benefitting from our many products is increasing. Consequently, we continue to see an increase in repeat, intra-quarter book-and-ship business from customers, as well as solid demand for customer service arising as our installed base of products expands. Over the last several quarters we have maintained our commitment to research and development, which has enabled us to introduce a number of new products, including the first Autothrottle for turboprops integrated with our display system, and now a standalone Autothrottle. We are confident that our strategy to develop innovative technologies that improve safety, situational awareness and reduce the cost of operation is building long-term shareholder value.”
Six Months Results
Total sales for the six months ended March 31, 2018 were $6.8 million, compared to $ 8.0 million for the six months ended March 31, 2017. For the six months ended March 31, 2018, the net loss was $2.2 million compared to net income of $4.7 million for the first half of fiscal 2017. Six months results for fiscal 2017 reflect the unusual items recognized in the second quarter as described above.
Conference Call
The Company will be hosting a conference call on Thursday, May 10, 2018 at 10:00 a.m. ET to discuss these results and its business outlook. Please use the following dial in number to register your name and company affiliation for the conference call: 877-883-0383 and enter the PIN Number 2478592. The call will also be carried live on the Investor Relations page of the Company web site at www.innovative-ss.com .
About Innovative Solutions & Support, Inc.
Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. ( www.innovative-ss.com ) is a systems integrator that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEMs) and retrofit applications. The company supplies integrated Flight Management Systems (FMS) and advanced GPS receivers for precision low carbon footprint navigation.
Certain matters contained herein that are not descriptions of historical facts are “forward-looking” (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such Factors that could cause results to differ materially from those expressed or implied by such include, but are not limited to, those discussed in filings made by the Company Commission. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on , which reflect management’s views only as of the date hereof. The Company undertakes no obligation to revise or update any , or to make any other , whether as a result of new information, future events or otherwise.
Innovative Solutions and Support, Inc. Consolidated Balance Sheets March 31, September 30, 2018 2017 (unaudited) ASSETS
Current assets Cash and cash equivalents $ 23,438,543 $ 24,680,301 Accounts receivable 2,373,627 2,748,597 Unbilled receivables 926,629 1,480,822 Inventories 4,440,542 4,179,654 Prepaid expenses and other current assets 951,249 1,092,064 Total current assets 32,130,590 34,181,438 Property and equipment, net 6,588,808 6,669,011 Other assets 185,700 187,315 Total assets $ 38,905,098 $ 41,037,764 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities Accounts payable $ 1,390,535 $ 1,321,251 Accrued expenses 1,554,859 1,760,037 Deferred revenue 220,245 280,354 Total current liabilities 3,165,639 3,361,642 Non-current deferred income taxes 129,574 67,742 Total liabilities 3,295,213 3,429,384 Commitments and contingencies (See Note 6) Shareholders' equity Preferred stock, 10,000,000 shares authorized, $.001 par value, of which 200,000 shares are authorized as Class A Convertible stock. No shares issued and outstanding at March 31, 2018 and September 30, 2017
$ - $ - Common stock, $.001 par value: 75,000,000 shares authorized, 18,937,050 and 18,879,580 issued at March 31, 2018 and September 30, 2017, respectively
18,937 18,880 Additional paid-in capital 51,783,779 51,583,841 Retained earnings 5,175,706 7,374,196 Treasury stock, at cost, 2,096,451 shares at March 31, 2018 and September 30, 2017
(21,368,537 ) (21,368,537 ) Total shareholders' equity 35,609,885 37,608,380 Total liabilities and shareholders' equity $ 38,905,098 $ 41,037,764 Innovative Solutions and Support, Inc. Consolidated Statements of Operations (unaudited) Three months ended Six months ended March 31, March 31, 2018 2017 2018 2017 Gross sales $ 3,727,204 $ 4,751,731 $ 6,815,188 $ 8,575,778 Returns and allowances - (97,829 ) - (556,009 ) Net Sales 3,727,204 4,653,902 6,815,188 8,019,769 Cost of sales 2,082,347 2,302,431 3,675,616 4,130,483 Gross profit 1,644,857 2,351,471 3,139,572 3,889,286 Operating expenses: Research and development 1,031,622 1,069,009 1,955,343 2,154,997 Selling, general and administrative 1,756,746 (1,703,456 ) 3,379,301 343,666 Total operating expenses 2,788,368 (634,447 ) 5,334,644 2,498,663 Operating (loss) income (1,143,511 ) 2,985,918 (2,195,072 ) 1,390,623 Interest income 11,681 9,947 21,305 19,823 Other income 15,664 4,140,210 37,096 4,159,326 (Loss) income before income taxes (1,116,166 ) 7,136,075 (2,136,671 ) 5,569,772 Income tax expense 200,705 1,205,650 61,819 834,319 Net (loss) income $ (1,316,871 ) $ 5,930,425 $ (2,198,490 ) $ 4,735,453 Net loss per common share: Basic $ (0.08 ) $ 0.35 $ (0.13 ) $ 0.28 Diluted $ (0.08 ) $ 0.35 $ (0.13 ) $ 0.28 Weighted average shares outstanding: Basic 16,800,244 16,735,503 16,791,687 16,725,759 Diluted 16,800,244 16,847,059 16,791,687 16,835,756
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006467/en/
Innovative Solutions & Support, Inc.
Relland Winand
Chief Financial Officer
610-646-0350
[email protected]
Source: Innovative Solutions & Support, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-innovative-solutions-support-inc-announces-second-quarter-fiscal-2018-financial-results.html |
WASHINGTON (Reuters) - The U.S. Justice Department and the FBI are investigating Cambridge Analytica, a now-defunct political data firm embroiled in a scandal over its handling of Facebook Inc user information, the New York Times reported on Tuesday.
A person works on a laptop in the empty offices of Cambridge Analytica in Washington, D.C., U.S., May 2, 2018. REUTERS/Leah Millis Prosecutors have sought to question former Cambridge Analytica employees and banks that handled its business, the newspaper said, citing an American official and others familiar with the inquiry,
Cambridge Analytica said earlier this month it was shutting down after losing clients and facing mounting legal fees resulting from reports the company harvested personal data about millions of Facebook users beginning in 2014.
Allegations of the improper use of data for 87 million Facebook users by Cambridge Analytica, which was hired by President Donald Trump’s 2016 U.S. election campaign, have prompted multiple investigations in the United States and Europe.
The investigation by the Justice Department and FBI appears to focus on the company’s financial dealings and how it acquired and used personal data pulled from Facebook and other sources, the Times said.
Investigators have contacted Facebook, according to the newspaper.
The FBI, the Justice Department and Facebook declined to comment to Reuters. Former officials with Cambridge Analytica was not immediately available to comment.
Cambridge Analytica was created around 2013, initially with a focus on U.S. elections, with $15 million in backing from billionaire Republican donor Robert Mercer and a name chosen by future Trump White House adviser Steve Bannon, the New York Times has reported. Bannon left the White House on August 2017.
FILE PHOTO: Window cleaners work outside the offices of Cambridge Analytica in central London, Britain, March 24, 2018. REUTERS/Peter Nicholls/File Photo Reporting by Eric Beech; Editing by Peter Cooney
| ashraq/financial-news-articles | https://in.reuters.com/article/us-facebook-privacy-cambridge-analytica/u-s-investigating-cambridge-analytica-new-york-times-idINKCN1IH02J |
Year over year first quarter revenues increased 49% and SaaS revenues increased 120%
MELVILLE, N.Y.--(BUSINESS WIRE)-- Intellicheck, Inc. (NYSE American: IDN), an industry leader in identification authentication solutions, today announced its financial results for the first quarter
Revenue for the first quarter ended March 31, 2018 grew 49% to $1,062,062 versus $712,660 in the prior year comparable period. SaaS revenue in the first quarter grew 120% and totaled $595,000 versus $270,000 in the quarter ending March 31, 2017. Gross profit as a percentage of revenues improved to 90.5% for the three months ended March 31, 2018 versus 84.6% in the prior year comparable period.
Intellicheck CEO Bryan Lewis said, “While I am encouraged by our progress, I am committed to refocusing our efforts to realize greater revenue growth of our SaaS based products in our key markets. To that end, I have initiated a complete reorganization of the sales force, which includes bringing in new sales people to work within a revamped operational structure. These operational changes reflect my belief that significant adjustments needed to be made to support our sales goals and allow us to manage the business in real time on a daily basis.”
Lewis explained that the actions he has taken in the first ninety days of his tenure make his intentions clear. “I am going to continue taking what I believe are the necessary steps to build momentum, drive consistent growth and position the Company on a well-defined path for success,” he concluded.
The net loss for the three months ended March 31, 2018 was ($1,067,957) or ($0.07) per diluted share versus ($936,757) or ($0.09) per diluted share in the comparable prior year period. Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation expense and certain non-recurring charges) was a loss of ($961,969) for the first quarter of 2018 versus a loss of ($738,636) in the prior year comparable period. A reconciliation of adjusted EBITDA to net loss is provided elsewhere in this release.
Cash at March 31, 2018 totaled $7.8 million and stockholders’ equity totaled $15.7 million at the end of period.
The financial results reported today do not take into account any adjustments that may be required in connection with the completion of the Company’s review process and should be considered preliminary until Intellicheck files its Form 10-Q for the fiscal quarter
Conference Call Information:
The Company will hold an earnings conference call today, May 14, at 4:30 p.m. ET/1:30 p.m. PT to discuss operating results. To listen to the earnings conference call, please dial 877-407-8037. For callers outside the U.S., please dial 201-689-8037.
The conference call will also be webcast simultaneously and can be accessed at http://www.investorcalendar.com/event/29079 by clicking on the link to the webcast.
The webcast will be available for 14 days following the conference call.
PART I – FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
INTELLICHECK, INC. CONSOLIDATED BALANCE SHEETS ASSETS March 31, December 31, 2018 2017 (Unaudited) CURRENT ASSETS: Cash $ 7,765,692 $ 8,010,161 Accounts receivable, net of allowance of $18,750 at March 31, 2018 and December 31, 2017, respectively
703,016 652,627 Inventory 81,964 85,321 Other current assets 240,662 218,835 Total current assets 8,791,334 8,966,944 NOTE RECEIVABLE, net of current portion 60,764 71,138 PROPERTY AND EQUIPMENT, net 269,102 211,602 GOODWILL 8,101,661 8,101,661 INTANGIBLE ASSETS, net 424,327 463,578 OTHER ASSETS 67,808 67,181 Total assets
$ 17,714,996 $ 17,882,104 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 123,052 $ 71,578 Accrued expenses 930,405 815,350 Deferred revenue, current portion 810,361 739,980 Total current liabilities 1,863,818 1,626,908 OTHER LIABILITIES: Deferred revenue, long-term portion 82,650 87,736 Other long-term liabilities 79,203 158,407 Total liabilities 2,025,671 1,873,051 COMMITMENTS AND CONTINGENCIES (Note 11) STOCKHOLDERS’ EQUITY: Common stock - $.001 par value; 40,000,000 shares authorized;15,608,943 and 15,009,246 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
15,609 15,009 Additional paid-in capital 127,164,498 126,416,869 Accumulated deficit (111,490,782 ) (110,422,825 ) Total stockholders' equity 15,689,325 16,009,053 Total liabilities and stockholders' equity $ 17,714,996 $ 17,882,104 INTELLICHECK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31,
2018
2017
REVENUES $ 1,062,062 $ 712,660 COST OF REVENUES (100,469 ) (109,436 ) Gross profit 961,593 603,224 OPERATING EXPENSES Selling, general and administrative 1,415,384 1,172,883 Research and development 628,036 370,597 Total operating expenses
2,043,420 1,543,480 Loss from operations (1,081,827 ) (940,256 ) OTHER INCOME Interest and other income 13,870 3,499 Net loss $ (1,067,957 ) $ (936,757 ) PER SHARE INFORMATION Loss per common share - Basic/Diluted $ (0.07 ) $ (0.09 ) Weighted average common shares used in computing per share amounts -
Basic/Diluted 15,271,213 10,731,856 INTELLICHECK, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY For the three months ended March 31, 2018
(Unaudited)
Additional Total Common Stock
Paid-in Accumulated Stockholders’ Shares
Amount
Capital
Deficit
Equity
BALANCE, January 1, 2018 15,009,246 $ 15,009 $ 126,416,869 $ (110,422,825 ) $ 16,009,053 Stock-based compensation expense - - 60,708 - 60,708 Exercise of stock options 593,838 594 686,927 - 687,521 Vesting of restricted stock 5,859 6 (6 ) - - Net loss - - - (1,067,957 ) (1,067,957 ) BALANCE, March 31, 2018 15,608,943 $ 15,609 $ 127,164,498 $ (111,490,782 ) $ 15,689,325 INTELLICHECK, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
2018
2017
CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (1,067,957 ) $ (936,757 ) Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 59,150 104,820 Noncash stock-based compensation expense 60,708 96,800 Deferred rent (13,505 ) (11,108 ) Changes in assets and liabilities: (Increase) decrease in accounts receivable (50,389 ) 141,438 Decrease (increase) in inventory 3,357 (5,230 ) (Increase) in other current assets (21,421 ) (112,436 ) (Increase) decrease in other assets (627 ) 1,500 Increase in accounts payable and accrued expenses 180,034 61,797 Increase (decrease) in deferred revenue 65,295 (157,787 ) (Decrease) in other long-term liabilities (79,204 ) - Net cash used in operating activities
(864,559 ) (816,963 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (77,399 ) (9,534 ) Collection of note receivable 9,968 13,267 Net cash (used in) provided by investing activities (67,431 ) 3,733 CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from issuance of common stock from exercise of stock options
687,521 10,100 Net proceeds from issuance of common stock from exercise of warrants
- 14,300 Net cash provided by financing activities 687,521 24,400 Net decrease in cash (244,469 ) (788,830 ) CASH, beginning of period 8,010,161 3,092,172 CASH, end of period $ 7,765,692 $ 2,303,342 A reconciliation of GAAP net loss to Non-GAAP Adjusted EBITDA follows:
(Unaudited) Three Months Ended
March 31,
2018
2017
Net loss $ (1,067,957 ) $ (936,757 ) Reconciling items: Interest and other income (13,870 ) (3,499 ) Depreciation and amortization 59,150 104,820 Stock-based compensation expense 60,708 96,800 Adjusted EBITDA (Non-GAAP) $ (961,969 ) $ (738,636 ) About Intellicheck NYSE American: IDN Intellicheck is a trusted industry leader in technology solutions that provide real-time identification authentication and age verification. We make it possible for our clients to enhance safety and awareness, increase revenues, improve customer service, and increase operational efficiencies. Founded in 1994, Intellicheck has grown to serve dozens of Fortune 500 companies including retail and financial industry clients, police departments, national defense clients at agencies, major seaports, and military bases, and diverse state and federal government agencies. For more information on Intellicheck, visit http://www.intellicheck.com/ and follow Intellicheck on Twitter @IntellicheckIDN , on Facebook https://www.facebook.com/intellicheckidn/ , on Instagram @IntellicheckIDN , on LinkedIn https://www.linkedin.com/company/intellicheck-inc- and on YouTube https://www.youtube.com/user/ICMOBIL ,
Safe Harbor Statement
Statements in this news release about Intellicheck’s future expectations, including: the advantages of our products, future demand for Intellicheck’s existing and future products, whether revenue and other financial metrics will improve in future periods, whether Intellicheck will be able to execute its turn-around plan or whether successful execution of the plan will result in increased revenues, whether sales of our products will continue at historic levels or increase, whether brand value and market awareness will grow, whether the Company can leverage existing partnerships or enter into new ones, and all other statements in this release, other than historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this website and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would” are forward-looking statements within the meaning of the PSLRA. This statement is included for the express purpose of availing Intellicheck, Inc. of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as market acceptance of Intellicheck’s products and the presently anticipated growth in the commercial adoption of the Company’s products and services, changing levels of demand for Intellicheck’s current and future products, Intellicheck’s ability to reduce or maintain expenses while increasing sales, customer results achieved using our products in both the short and long term, success of future research and development activities, Intellicheck’s ability to successfully manufacture, market and sell its products, Intellicheck’s ability to manufacture its products in sufficient quantities to meet demand within required delivery time periods while meeting its quality control standards, any delays or difficulties in the Company’s supply chain, the success of the Company’s sales and marketing efforts coupled with the typically long sales and implementation cycle for its products, Intellicheck’s ability to enforce its intellectual property rights, changes in laws and regulations applicable to the Company’s products, the Company’s continued ability to access government-provided data, the risks inherent in doing business with the government including audits and contract cancellations, liability resulting from any security breaches or product failure, and other risks detailed from time to time in Intellicheck’s reports filed with the SEC. We do not assume any obligation to update the forward-looking information.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005102/en/
Intellicheck, Inc.
Investor Relations:
Gar Jackson, 949-873-2789
or
Media and Public Relations:
Sharon Schultz , 302-539-3747
Source: Intellicheck, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-intellicheck-announces-first-quarter-financial-results.html |
May 10 (Reuters) - Flowserve Corp:
* Q1 EARNINGS PER SHARE $0.12 * Q1 EARNINGS PER SHARE VIEW $0.27 — THOMSON REUTERS I/B/E/S
* REAFFIRMED ITS 2018 GUIDANCE, INCLUDING ITS REPORTED AND ADJUSTED EPS TARGET RANGE OF $0.95 TO $1.15 AND $1.50 TO $1.70, RESPECTIVELY
* BACKLOG AT MARCH 31, 2018 WAS $1.8 BILLION, DOWN 9.7% VERSUS 2017 YEAR-END
* QTRLY TOTAL BOOKINGS WERE $929 MILLION, DOWN 3.1%, OR 8.1% ON A CONSTANT CURRENCY BASIS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-flowserve-corp-reports-q1-earnings/brief-flowserve-corp-reports-q1-earnings-per-share-0-12-idUSASC0A1LL |
May 21 (Reuters) - Global Power Equipment Group Inc :
* Q1 REVENUE $43.1 MILLION VERSUS $45.6 MILLION * Q1 LOSS PER SHARE $0.22 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-power-equipment-group-repor/brief-global-power-equipment-group-reports-q1-loss-per-share-of-0-22-idUSASC0A341 |
How free-to-play Fortnite became a money machine 7:48pm IST - 02:13
Millions of people are obsessed with Epic Games' Fortnite Battle Royale, a free-to-play game that has become a money-making machine for both the creators and live-streaming gamers who've mastered it. Jillian Kitchener reports.
Millions of people are obsessed with Epic Games' Fortnite Battle Royale, a free-to-play game that has become a money-making machine for both the creators and live-streaming gamers who've mastered it. Jillian Kitchener reports. //reut.rs/2FGVejZ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/how-free-to-play-fortnite-became-a-money?videoId=423822705 |
Elliott Management’s noisy brand of activism could be just what Thyssenkrupp needs.
Paul Singer’s hedge fund last week confirmed reports that it had a stake in the German industrial icon, which produces steel, elevators and a panoply of car parts and other industrial goods. This makes two of the world’s top activist investors agitating for change. Cevian Capital, Europe’s largest activist fund, owns a $3 billion or 18% stake in Thyssenkrupp, and sits on its supervisory board.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/how-many-activists-does-it-take-to-change-an-industrial-icon-1527499800 |
Gold prices fell Monday, pushed down by a stronger dollar.
Gold for June delivery was down 0.5% at $1,317.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
The WSJ Dollar Index was up 0.5% at 85.55. A rising dollar tends to pressure commodity prices, which are denominated in the U.S. currency and become more expensive... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/gold-prices-fall-on-stronger-dollar-1525110522 |
DUNMORE, Pa., May 02, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Fidelity D & D Bancorp, Inc. (NASDAQ:FDBC), parent company of The Fidelity Deposit and Discount Bank, announce their declaration of the Company’s second quarter dividend of $0.24 per share, a 16% increase above the previous year’s split adjusted second quarter dividend paid of $0.207 per share.
The dividend is payable June 8, 2018 to shareholders of record at the close of business on May 18, 2018.
On August 15, 2017, the Company declared a three-for-two stock split effected in the form of a 50% stock dividend. Per share information has been retroactively adjusted to reflect this stock split.
Fidelity D & D Bancorp, Inc. serves Lackawanna and Luzerne Counties through The Fidelity Deposit and Discount Bank’s ten community banking offices.
For more information visit our investor relations web site through www.bankatfidelity.com .
This press release may contain as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include the possibility that increased demand or prices for the company’s financial services and products may not occur, changing economic, interest rate and competitive conditions, technological developments and other risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission.
Contacts: Daniel J. Santaniello Salvatore R. DeFrancesco, Jr. President and Chief Executive Officer Treasurer and Chief Financial Officer 570-504-8035 570-504-8000
Source:Fidelity Deposit & Discount Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-fidelity-d-d-bancorp-inc-second-quarter-2018-dividend.html |
SAO PAULO, April 30 (Reuters) - Benefits paid under Brazil’s top social assistance program, the Bolsa Família, will be increased this summer, the government said on Monday.
President Michel Temer, in a video published on his official Twitter account earlier, had said benefits under the Bolsa Família, or Family Grant, would be increased, but he did not specify by how much.
The government said in a statement that benefits under the program would be increased by 5.67 percent effective from July. The government will add 684 million reais ($195 million) to the program’s budget to cover the increase.
The Family Grant, a lauded welfare program that has been copied by several developing nations, currently gives impoverished families a monthly allowance of up to 336 reais ($103). It is also seen as an important tool to curry favor with poor and working class voters, especially heading into October’s general election.
The government said in November it planned to increase the welfare program’s budget, which around 14 million families receive. ($1 = 3.5069 reais) (Reporting by Lisandra Paraguassu; Writing by Ana Mano; Editing by Sandra Maler)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-welfare/brazil-boosts-benefits-paid-under-flagship-social-program-idUSL1N1S71MT |
Picasso, Malevich to lead Christie's spring auction Thursday, May 03, 2018 - 01:25
Over 750 works by renowned artists such as Pablo Picasso, Francis Bacon and Kazimir Malevich is expected to fetch over $850 million dollars, according to the auction house. Rough Cut
Over 750 works by renowned artists such as Pablo Picasso, Francis Bacon and Kazimir Malevich is expected to fetch over $850 million dollars, according to the auction house. Rough Cut //reut.rs/2rkcTbV | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/picasso-malevich-to-lead-christies-sprin?videoId=423614595 |
Momentum for Ripple continues to build: Ripple CEO 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/momentum-for-ripple-continues-to-build-ripple-ceo.html |
* OPEC may opt to ease record high compliance with curbs - source
* Venezuela output decline, Iran worries make OPEC rethink pact
* Saudi, Russian, UAE ministers to discuss raising output options this week - sources
KHOBAR, Saudi Arabia/LONDON, May 22 (Reuters) - OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far, OPEC and oil industry sources familiar with the discussions told Reuters.
Gulf OPEC countries are leading the initial talks on when the exporting group can boost oil production to cool the oil market after crude rose above $80 a barrel last week, and how many barrels each member can add, the sources said.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have agreed to curb output by about 1.8 million barrels per day (bpd) until the end of 2018 to
reduce high global oil stocks, but the inventory overhang has now fallen close to OPEC's target.
"All options are on the table," one Gulf oil source told Reuters, adding that a decision to raise output might be taken in June when OPEC next meets to decide on its output policy, but there is no certain number yet by how much the group would need to ease its oil supply curbs.
OPEC and its non-OPEC allies may opt to relax record high compliance with the supply curb agreement, another source said.
OPECs compliance with the deal reached an unprecedented 166 percent in April, meaning it has cut well above its target.
"We are still studying the different scenarios," the second source said, adding that even if OPEC decided to ease the output restrictions in June it may take three to four months to put into effect.
"That is one of the options," an OPEC source said, referring to adding more supply at the June meeting.
Falling Venezuelan output due to an economic crisis has helped OPEC and its allies deliver a bigger cut than intended.
Saudi Energy Minister Khalid al-Falih is set to meet his counterparts from Russia and the United Arab Emirates, which holds the OPEC presidency in 2018, in St. Petersburg this week to discuss this issue, sources said.
So far, OPEC has said it sees no need to ease output restrictions despite a fall in global stocks to the groups desired levels and concerns among consuming nations that the price rally could undermine demand.
But the sources said that the quick decline in global oil inventories and worries about the impact on oil supplies after the U.S. decision to withdraw from the international nuclear deal with Iran, as well as Venezuelas collapsing oil output, were behind the change in OPEC's thinking.
Concerns raised by the United States that oil prices were too high also made the exporting group start internal discussions, the sources added.
U.S. President Donald Trump accused OPEC last month of "artificially" boosting oil prices.
Last week, Falih, OPECs most influential energy minister, said he had called his counterparts in the UAE, the United States and Russia, as well as major oil consumer South Korea, to coordinate global action to ease global market anxiety.
Earlier this month, an OPEC source familiar with the kingdoms oil thinking told Reuters that Saudi Arabia is monitoring the impact on oil supplies of the U.S. withdrawal from the Iran nuclear deal and is ready to offset any shortage but it will not act alone to fill the gap. (Reporting by Rania El Gamal; Editing by Adrian Croft) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-opec-may-decide-to-ease-oil-supply-curbs-in-june--sources.html |
BEIJING, May 22, 2018 (GLOBE NEWSWIRE) -- JD.com Inc. (NASDAQ:JD), China’s leading technology-driven e-commerce company, today announced that Professor Dingbo Xu, a renowned accounting professor and associate dean at China Europe International Business School (CEIBS), has been elected to serve on the audit committee of JD.com’s board of directors and as the chairperson of the board’s nominating and corporate governance committee, effective immediately. Professor Xu will replace David Daokui Li who is retiring after having completed his second 2-year term on the board since the company’s initial public offering in May 2014.
Professor Xu has served as a faculty member and professor in highly-respected universities for more than two decades. He is currently Essilor Chair Professor in Accounting and an associate dean at CEIBS in Shanghai. Before joining CEIBS in 2004, he was an assistant professor of accounting at the Hong Kong University of Science and Technology from 1996 to 2003.
In addition to his academic positions, Professor Xu serves as the executive director of the editorial board of China Management Accounting Review , the founding chairman of Charted Global Management Accountant (CGMA) 100 North Asia Leaders Think Tank, and the chairman of the expert panel of China Social Poverty Alleviation Network.
Professor Xu has contributed his knowledge and expertise to the board of directors of several public companies. He was a member of the board of directors of The People’s Insurance Company (Group) of China Limited (PICC), a Hong Kong Exchange (HKEx) listed company, from September 2009 to April 2018. He currently serves on the board of directors of China Cinda Asset Management Co. Ltd, a HKEx-listed company, as well as SANY Heavy Industry, Kweichow Moutai Company Limited and Shanghai Shyndec Pharmaceutical Co., Ltd., all of which are listed on the Shanghai Stock Exchange.
Professor Xu received his Ph.D in accounting from the University of Minnesota, as well as a master’s degree in management and a bachelor’s degree in mathematics, both from Wuhan University.
“After a thorough search, we are delighted to have chosen Professor Xu to join our board of directors,” said Richard Liu, chairman of JD.com’s board of directors. “He has an outstanding reputation and we have complete confidence that he will be an excellent addition to our board as we move into our next phase of development.”
“JD.com is a highly innovative and forward-looking company, and I am very pleased to join its board,” commented Professor Xu. “I would like to thank Richard and the board for the confidence that they have shown in choosing me.”
“On behalf of the entire board, I would like to thank Mr. Li for his years of commitment to JD.com ,” said Mr. Liu. “David joined as we were preparing to go public and was a valuable member of the JD team throughout our first four years as a publicly traded company. His contributions helped us become the company we are today.”
About JD.com
JD.com is China’s leading technology driven e-commerce company and retail infrastructure service provider. Its cutting-edge retail infrastructure enables consumers to buy whatever they want, whenever and wherever they want it. The company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries. JD.com is the largest retailer in China, a member of the NASDAQ100 and a Fortune Global 500 company.
CONTACTS:
Investor Relations
Ruiyu Li
Senior Director of Investor Relations
+86 10 8912-6805
[email protected]
Media
Josh Gartner
VP, International Corporate Affairs
[email protected]
Source:JD.com | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-professor-dingbo-xu-joins-jd-comas-board-of-directors.html |
C$ unless otherwise stated
TSX/NYSE/PSE: MFC
SEHK: 945
TORONTO, May 2, 2018 /PRNewswire/ - Manulife Financial Corporation's Board of Directors today announced a quarterly shareholders' dividend of $0.22 per share on the common shares of Manulife Financial Corporation (the "Company"), payable on and after June 19, 2018 to shareholders of record at the close of business on May 15, 2018.
The Board also declared dividends on the following non-cumulative preferred shares, payable on or after June 19, 2018 to shareholders of record at the close of business on May 15, 2018:
Class A Shares Series 2 - $0.29063 per share Class A Shares Series 3 - $0.28125 per share Class 1 Shares Series 3 - $0.136125 per share Class 1 Shares Series 4 - $0.164908 per share Class 1 Shares Series 5 - $0.243188 per share Class 1 Shares Series 7 - $0.2695 per share Class 1 Shares Series 9 - $0.271938 per share Class 1 Shares Series 11 - $0.295688 per share Class 1 Shares Series 13 - $0.2375 per share Class 1 Shares Series 15 - $0.24375 per share Class 1 Shares Series 17 - $0.24375 per share Class 1 Shares Series 19 - $0.2375 per share Class 1 Shares Series 21 - $0.35 per share Class 1 Shares Series 23 - $0.303125 per share Class 1 Shares Series 25 - $0.383082 per share
In respect of the Company's June 19, 2018 common share dividend payment date, the Board has decided that the common shares in connection with the reinvestment of dividends and optional cash purchases pursuant to the Company's Canadian Dividend Reinvestment and Share Purchase Plan and its U.S. Dividend Reinvestment and Share Purchase Plan be purchased on the open market. The purchase price of such shares will be based on the average of the actual cost to purchase such common shares. There are no applicable discounts because the common shares are being purchased on the open market and are not being issued from treasury.
About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2017, we had about 35,000 employees, 73,000 agents, and thousands of distribution partners, serving more than 26 million customers. As of March 31, 2018, we had over $1.1 trillion (US$850 billion) in assets under management and administration, and in the previous 12 months we made $26.9 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
View original content: http://www.prnewswire.com/news-releases/manulife-financial-corporation-declares-dividends-300641511.html
SOURCE Manulife Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-manulife-financial-corporation-declares-dividends.html |
* World stocks inch higher as Apple results lift tech sector
* Fed to keep interest rates steady but signal June hike
* Eyes on Fed’s view of economy, inflation outlook
* Dollar off 3-1/2-mth high but hems in equities, emerging markets (Updates throughout)
By Sujata Rao
LONDON, May 2 (Reuters) - World stocks inched higher on Wednesday after two days of losses but remained pinned down by the dollar’s recent surge and expectations that a U.S. Federal Reserve meeting later in the day will signal further policy tightening ahead.
Forecast-beating results from U.S. tech giant Apple helped lift shares in technology shares worldwide, but with investor focus firmly on the Fed, equity futures were tipping only a marginally firmer open for Wall Street later in the day.
Currency markets have been in the limelight this week, with the dollar roaring higher to erase all year-to-date losses versus a basket of currencies. It stands now at 3-1/2 month highs on growing signs the Fed will be the only major central bank to raise interest rates in the coming months.
In contrast to the United States, where inflation and growth indicators have generally surprised to the upside, rate rise expectations elsewhere have receded after a string of disappointing economic data.
Expectations of a Bank of England rate hike this month have virtually been priced out, while the European Central Bank as well as central banks in Japan, Switzerland and Sweden have all hinted that policy tightening remains some way off.
The Fed should announce at 1800 GMT that it is holding interest rates steady but will likely encourage expectations of an increase in borrowing costs in June. Those expectations were strengthened after a survey on Tuesday suggested inflationary pressures were building.
“It is this concern around inflation and the robustness of the U.S. economy that is likely to dominate when the Fed concludes its meeting,” said Michael Hewson, chief market analyst at CMC Markets in London.
“It will offer policymakers a decent opportunity to critique the health of the U.S. economy.”
That dollar eased slightly, however, after two days of robust gains, as the euro firmed 0.3 percent off 3-1/2-month lows hit on Tuesday. But world stocks remained under pressure, eking out a meagre 0.16 percent rise after two days of hefty losses.
That was despite a stronger close for Wall Street, driven by optimism over trade issues and generally buoyant company results . Shares in Apple rose 4 percent in after-market trade after its results exceeded expectations, especially in smart-phone sales.
Apple shares listed in Germany surged almost 6 percent and were some 3.6 percent higher in pre-market trade.
Its results also helped European equities almost half a percent higher. European tech firms, including Apple suppliers such as AMS rose strongly, with a tech shares index hitting a six-week peak.
The tech giant’s forecast-beating results are the icing on the cake for U.S. companies on the S&P500 index, which have posted first-quarter earnings growth around 10 percent, according to Thomson Reuters.
But markets have reacted cautiously due to concerns for the profits outlook, given cost pressures stemming from oil and metals prices hitting multi-year highs in recent weeks.
Market participants may be starting to wonder that “perhaps this is as good as it’s going to get,” said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.
Stock markets are also nervous about the recent rise in U.S. bond yields, with 10-year yields at 2.99 percent, just below recent four-year highs above 3 percent.
German yields, dragged to six-week highs by the U.S. bond selloff, stood just below those levels. Markets are awaiting first-quarter growth data - a number drawing more attention than usual, because of recent signs of slowdown.
Economists polled by Reuters predicted 2.5 percent year-on-year growth versus a 2.7 percent increase in the previous quarter.
“National GDPs released so far point to a sharper slowdown in Q1 than forecast,” analysts at Mizuho said in a note.
A weak reading could further pummel the euro, as money market pricing already suggests the first ECB rate hike will come only mid-2019.
Reporting by Sujata Rao; additional reporting by Masayuki Kitano in Singapore, Helen Reid and Dhara Ranasinghe in London; Editing by Jon Boyle
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-world-shares-hemmed-in-by-dollar-and-fed-rate-expectations-idUSL8N1S91CD |
PARIS (Reuters) - European car sales rose 9.6 percent in April, led by Toyota ( 7203.T ), Hyundai ( 005380.KS ) and Ford ( F.N ), and boosted by an increase in the number of business days, according to industry data published on Thursday.
FILE PHOTO: The Toyota logo is shown at the Los Angeles Auto Show in Los Angeles, California, U.S., November 30, 2017. REUTERS/Mike Blake/File Photo Registrations in EU and European Free Trade Area countries advanced to 1.349 million cars last month from 1.231 million a year earlier, Brussels-based industry association ACEA said.
FILE PHOTO: A Hyundai logo is seen at Hyundai of Serramonte in Colma, California, U.S., October 3, 2017. REUTERS/Stephen Lam/File Photo Thanks to the timing of this year’s Easter holiday, European showrooms were open for business on more days last month than in April 2017, helping the year-on-year progression.
Toyota and Hyundai posted sales increases of 20.3 and 15.3 percent respectively, while Ford’s registrations were up 14 percent and Volkswagen Group’s ( VOWG_p.DE ) up 13.1 percent.
Renault ( RENA.PA ) sales advanced 10 percent, while the Peugeot brand jumped 15.3 percent and PSA Group ( PEUP.PA ) stablemate Citroen posted a 6.9 percent increase.
However Fiat Chrysler ( FCHA.MI ) lost ground as its sales edged just 2.3 percent higher, underperforming the market thanks to a 4.5 percent decline at the core Fiat brand.
Reporting by Laurence Frost; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-vehicleregistrations/toyota-hyundai-ford-lead-9-6-percent-european-car-sales-gain-idUSKCN1II0JT |
ATLANTA, May 01, 2018 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) has adopted a Preferred Share Purchase Rights Plan (“Rights Plan”) to replace a 2008 rights plan expiring on May 2, 2018 (“Expiring Rights Plan”). As part of the new Rights Plan, the Board of Directors has declared a dividend distribution of one Preferred Share Purchase Right on each outstanding share of the Company’s Common Stock to stockholders of record on May 12, 2018. The new Rights Plan is designed to assure that all of the Company's shareholders receive fair and equal treatment in the event of any proposed takeover of the Company and to guard against partial tender abusive tactics to gain control of the Company.
Mark Duff, President and CEO of the Company, commented, “Given the progress we are making in the core business, combined with the near and long-term outlook, the Board unanimously agreed it would be prudent and in the best interest of shareholders to maintain a Rights Plan. The plan is only intended to protect shareholder value in the event of an attempted hostile takeover of the Company. We are encouraged by the near and long-term outlook for the business and continue to explore partnerships, collaborations and/or combinations that we believe would benefit shareholders.”
The Rights under the new Rights Plan will be exercisable only if a person or group acquires beneficial ownership of 15% or more of the Company’s Common Stock or announces a tender or exchange offer, the consummation of which would result in ownership by a person or group of 15% or more of the Common Stock (with certain exceptions). Each Right under the new Rights Plan (other than the Rights owned by such acquiring person or members of such group which are void) will entitle shareholders to buy one one-thousandth of a share of a new series of participating preferred stock at an exercise price of $20.00. Each one one-thousandth of a share of such new preferred stock purchasable upon exercise of a Right has economic terms designed to approximate the value of one share of Common Stock. Shareholders who currently have beneficial ownership of 15% or more are grandfathered in, but may not acquire additional shares without triggering the new Rights Plan.
If the Company is acquired in a merger or other business combination transaction, each Right will entitle its holder (other than Rights owned by such acquiring person or members of such group which are void) to purchase, at the Right's then current exercise price, a number of the acquiring company's common shares having a market value at the time of twice the Right's exercise price.
In addition, if a person or group (with certain exceptions) acquires 15% or more of the Company's outstanding Common Stock, each Right will entitle its holder (other than the Rights owned by such acquiring person or members of such group which are void) to purchase, in lieu of preferred stock, at the Right's then current exercise price, a number of shares of the Company's Common Stock having a market value of twice the Right's exercise price.
Following the acquisition by a person or group of beneficial ownership of 15% or more of the Company's outstanding Common Stock (with certain exceptions), and prior to an acquisition of 50% or more of the Company’s Common Stock by such person or group, the Board of Directors may, at its option, exchange the Rights (other than Rights owned by such acquiring person or members of such group) in whole or in part, for shares of the Company's Common Stock at an exchange ratio of one share of Common Stock (or one one-thousandth of a share of the new series of participating preferred stock) per Right.
Prior to the acquisition by a person or group of beneficial ownership of 15% or more of the Company's Common Stock (with certain exceptions), the Rights are redeemable for $0.001 per Right at the option of the Board of Directors.
The Rights distribution is not taxable to stockholders.
The new Rights Plan is to terminate the earliest of (1) close of business on May 2, 2019, (2) time Rights are redeemed, (3) time Rights are exchange, or (4) closing of any merger or acquisition of the Company which has been approved by the Board of Directors prior to any person becoming such an acquiring person.
The new Rights Plan which was adopted by the Board is similar to plans adopted by numerous publicly-traded companies. It was not adopted in response to any specific takeover bid. In fact, the Company shareholders may require the Board to redeem the new Rights Plan in the event a fully-financed takeover or exchange offer is made for the Company. Moreover, the new Rights Plan could potentially preserve the Company’s usable tax net operating loss carry-forwards by detouring an “ownership change” under Section 382 of the Internal Revenue Code of 1980, as amended.
Further details regarding the new Rights Plan are contained in a Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission on May 2, 2018.
This communication does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval.
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc. is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company's nuclear waste services include management and treatment of radioactive and mixed waste for hospitals, research labs and institutions, federal agencies, including the Department of Energy (“DOE”), the Department of Defense ("DOD"), and the commercial nuclear industry. The Company’s nuclear services group provides project management, waste management, environmental restoration, decontamination and decommissioning, new build construction, and radiological protection, safety and industrial hygiene capability to our clients. The Company operates three nuclear waste treatment facilities and provides nuclear services at DOE, DOD, and commercial facilities, nationwide.
Please visit us at http://www.perma-fix.com .
This press release contains “forward‑looking statements” which are based largely on the Company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the Company's control. Forward-looking statements generally are identifiable by use of the words such as “believe”, “expects”, “intends”, “anticipate”, “could potentially”, “plans to”, “estimates”, “projects”, and similar expressions. Forward‑looking statements include, but are not limited to: benefits of the Rights Plan; preserve the Company’s net operating loss; and near and long-term outlook and shareholder benefit. These forward‑looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to described in this release, including, without limitation, outcome of any litigation; changes in general economic or industry conditions; and the “Risk Factors” discussed in, and referred to in our 2017 Form 10-K. The Company makes no commitment to disclose any revisions to forward‑looking statements, or any facts, events or circumstances after the date hereof that bear upon forward‑looking statements.
Please visit us on the World Wide Web at http://www.perma-fix.com .
Contacts:
David K. Waldman-US Investor Relations
Crescendo Communications, LLC
(212) 671-1021
Herbert Strauss-European Investor Relations
[email protected]
+43 316 296 316
Source:Perma-Fix Environmental Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-perma-fix-adopts-new-preferred-share-purchase-rights.html |
May 21, 2018 / 8:11 PM / Updated 33 minutes ago Gunman who killed Indian man in Kansas bar pleads guilty to federal charges Reuters Staff 2 Min Read
WASHINGTON (Reuters) - A Kansas man who shot and killed an Indian software engineer and injured two others in February 2017 pleaded guilty on Monday in federal court to hate crime and firearm charges, the Justice Department said.
The shooting drew international attention as part of a wave of attacks nationwide against ethnic and religious minority groups following the 2016 election of U.S. President Donald Trump, who has railed against illegal immigration.
The shooter, Adam Purinton, approached two Indian men, Srinivas Kuchibhotla and Alok Madasani, at a bar, demanding to know where they were from, calling one a terrorist and shouting, “Get out of my country!” Two other patrons escorted him out of the bar.
Purinton returned about a half-hour later and fired his semi-automatic pistol at the two men who he had harassed earlier. As he ran out, he shot another patron, Ian Grillot, who had chased him.
Kuchibhotla, a legal U.S. resident, died of his injuries. Madasani and Grillot survived.
“While we cannot ameliorate the irreparable harm to the victims and their families, we hope that securing this guilty plea brings them some measure of closure,” said Jesse Panuccio, an acting associate attorney general, in a statement.
Purinton had already pleaded guilty to state charges for murder and attempted murder, and was sentenced earlier in May to life in prison. The local prosecutor said at the time that Purinton will not be eligible for parole for 50 years.
The sentencing is scheduled for July 2, the Justice Department said, and, despite the Kansas sentence, both federal prosecutors and the defense are seeking the maximum sentence of life imprisonment. Reporting by Makini Brice; Editing by Marguerita Choy | ashraq/financial-news-articles | https://in.reuters.com/article/kansas-india-justice/gunman-who-killed-indian-man-in-kansas-bar-pleads-guilty-to-federal-charges-idINKCN1IM28A |
May 14, 2018 / 2:49 AM / Updated 2 hours ago World Cup referee under investigation by Saudi FA Reuters Staff 1 Min Read
(Reuters) - A referee selected for the World Cup is being investigated by Saudi Arabian authorities, the nation’s football association has said.
Fahad Al-Mirdasi, one of 36 referees chosen by FIFA for Russia, was replaced by English whistler Mark Clattenberg for the King’s Cup final between Al-Ittihad and Al-Faisaly on Sunday.
The Saudi Arabian Football Federation said on its Twitter account that Al-Mirdasi was under “administrative investigation” but did not specify the nature of the probe.
Al-Mirdasi was selected for last year’s Confederations Cup in Russia, a warmup for the June 14-July 15 World Cup. Reporting by Ian Ransom in Melbourne; Editing by ... | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-referee-investigation/world-cup-referee-under-investigation-by-saudi-fa-idUKKCN1IF06A |
Breakingviews TV: Fortnite fun 10:49am EDT - 04:32
The $500 bln Chinese gaming and payments titan Tencent alleviated fears about declining profit margins with a big pop in quarterly revenue. Robyn Mak and Jeffrey Goldfarb discuss how the latest craze, ''Fortnite: Battle Royale'' will help sustain the enthusiasm.
The $500 bln Chinese gaming and payments titan Tencent alleviated fears about declining profit margins with a big pop in quarterly revenue. Robyn Mak and Jeffrey Goldfarb discuss how the latest craze, "Fortnite: Battle Royale" will help sustain the enthusiasm. //reut.rs/2wPR5e4 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/breakingviews-tv-fortnite-fun?videoId=428118460 |
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