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SANTA CLARA, Calif. (AP) _ Adesto Technologies Corp. (IOTS) on Wednesday reported a loss of $1.1 million in its first quarter.
The Santa Clara, California-based company said it had a loss of 5 cents per share. Losses, adjusted for stock option expense and amortization costs, came to 2 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.
The memory products maker posted revenue of $15.3 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $14.9 million.
For the current quarter ending in July, Adesto Tech said it expects revenue in the range of $18.1 million to $19 million.
Adesto Tech shares have increased 35 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.70, a rise of 63 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on IOTS at https://www.zacks.com/ap/IOTS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-adesto-tech-1q-earnings-snapshot.html |
May 24, 2018 / 6:30 PM / Updated 11 minutes ago Motor racing-Ferrari probed over energy recovery system Alan Baldwin 3 Min Read
MONACO, May 24 (Reuters) - Ferrari were cast into the spotlight at the Monaco Grand Prix on Thursday after Formula One rivals questioned the legality of the energy recovery system on the Italian team’s car and the governing body was reported to be investigating.
The sport’s official website (www.formula1.com) said the governing International Automobile Federation (FIA) had asked Ferrari to “run an extra piece of hardware” so they could monitor the system.
“This weekend, the FIA will monitor the system in operation before analysing data and making any judgements,” it added.
The website added that, while there was no evidence of the sport’s most successful team breaking the rules, rivals had expressed concern Ferrari might be boosting energy flow beyond the permitted limit.
The web page was later amended to say the FIA had “reportedly asked” Ferrari and that “reports suggest” the governing body would monitor the system.
The FIA would not confirm an investigation was under way and a Ferrari spokesman said the team did not comment on media speculation.
Niki Lauda, the retired triple world champion who is now non-executive chairman of Ferrari’s main rivals Mercedes, said last week that the FIA needed to investigate.
“Any race in which grey areas remain grey can be a lost race. The FIA has to clarify these unanswered questions by the race in Monte Carlo,” the Austrian told Germany’s Bild am Sonntag newspaper.
Mercedes team boss Toto Wolff and Red Bull’s Christian Horner were asked about the rumours in a scheduled news conference after Thursday’s first practice in Monaco.
“We have legality topics come up regularly. Some are more controversial but it’s the daily business of the FIA to check what the teams do,” said Wolff.
“It is the obligation of the teams to comply with the regulations and this is an ongoing process...and as far as I understand this is a process that’s taking place as we speak and we will see what the outcome is.”
Horner expressed confidence in the FIA’s ability to “measure, administer and look at the car that’s presented for scrutineering and during a grand prix weekend.”
Ferrari’s four-times world champion Sebastian Vettel, who is 17 points behind Mercedes’ Lewis Hamilton after five races but won in Monaco last year, said such speculation was to be expected.
“It’s normal that every now and then you have something popping up,” he told reporters. “This time for us...but in four weeks’ time it will be for someone else.
“Ultimately I think it’s the FIA’s job to look after it and I think we trust them as much as the other teams trust them.” (Reporting by Alan Baldwin, editing by Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-monaco-ferrari/motor-racing-ferrari-probed-over-energy-recovery-system-idUKL3N1SV5Q1 |
Kenyan farm dam bursts, killing dozens 11:31am EDT - 01:28
A dam-burst on a rose farm in Kenya's Rift Valley has killed at least 47 people and swept away homes and power-lines. Two months of rain has already wreaked havoc in East Africa. ▲ Hide Transcript ▶ View Transcript
A dam-burst on a rose farm in Kenya's Rift Valley has killed at least 47 people and swept away homes and power-lines. Two months of rain has already wreaked havoc in East Africa. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2G6bBXg | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/kenyan-farm-dam-bursts-killing-dozens?videoId=425616667 |
JOHANNESBURG (Reuters) - The chairman of Vedanta Resources Plc, who is also Anglo American’s biggest shareholder, said on Monday he had convinced Anglo not to sell off key assets in South Africa.
FILE PHOTO: A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/File Photo Indian industrialist Anil Agarwal has an almost 20 percent stake in Anglo through his family trust Volcan Investments and has played down speculation that he is seeking a tie-up with Anglo.
But in an interview with Reuters, Agarwal made it clear that he has not been a passive shareholder.
“I always believed that South Africa has a lot of potential, and Anglo management may not have always believed that ... and they wanted to sell some assets,” he said.
“When I became the biggest shareholder I advised them (not to sell). And I am very pleased that they have not sold those assets. And personally I was right because the share price is now up 50 percent and the profits are getting better.”
In the midst of the commodity slump, Anglo said it would sell 16 assets including its South African business Kumba Iron Ore to focus on copper, diamonds and platinum.
But last year the company said it would no longer be a forced seller of its bulk businesses after metal prices rebounded.
Anglo’s share price has risen as much as 50 percent since Sept. 20 when Agarwal’s Volcan Investments said it was raising its stake and is now about a third higher, according to Thomson Reuters’ data.
Agarwal said he wanted Anglo to focus on the Indian market.
“We have 1.3 billion people in India ... India is a huge market for them, they can sell all the coal there, they can sell platinum there, they can sell iron ore there, they are selling 80 to 90 percent of diamonds there.”
Agarwal said he saw his role as a “facilitator” of Anglo’s strategy and felt he had good “chemistry” with the management.
“I can only facilitate them, I am not in the management, they have very good management,” he said.
With Vedanta, Agarwal said its KCM copper business would boost its cobalt production with a possible refinery as it looks to meet soaring demand for the metal’s for the lithium-ion batteries that power electric cars.
There is a global scramble on to find sources outside of the Democratic Republic of Congo, a country racked by instability and violence, which is currently the main cobalt source.
Cobalt is often a by-product of copper and Agarwal said this was the case with Vedanta’s Zambia copper operations but the company was looking at “a parallel project focused on cobalt.”
He said the company currently was looking at the feasibility of how to set up a refinery for cobalt to produce it in “a very high tech, sustainable manner.”
Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-vedanta-res-plc-anglo-american/vedanta-chairman-told-anglo-not-to-sell-south-african-assets-idUSKBN1I11XZ |
May 16 (Reuters) - Granite Real Estate Investment Trust :
* GRANITE ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-granite-announces-renewal-of-norma/brief-granite-announces-renewal-of-normal-course-issuer-bid-idUSFWN1SN0J1 |
May 5 (Reuters) - Berkshire hathaway shareholders at annual meeting overwhelmingly reject shareholder proposal concerning methane emissions Berkshire hathaway shareholders at annual meeting overwhelmingly reject shareholder proposal concerning sustainability report Berkshire hathaway 2018 annual meeting adjourns
| ashraq/financial-news-articles | https://www.reuters.com/article/berkshire-brief3/berkshire-hathaway-shareholders-reject-two-proposals-idUSL1N1SC0GZ |
Starbucks COO on Philadelphia arrests and youth outreach 32 Mins Ago CNBC's Kate Rogers speaks with Starbucks COO Rosalind Brewer about the benefits of hiring young adults and her reaction to the arrest of two black men in a Philadelphia Starbucks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/starbucks-coo-on-philadelphia-arrests-and-youth-outreach.html |
Aircraft-parts manufacturer Spirit AeroSystems Holdings Inc. has reached a deal to buy the parent of a Belgian aerospace-components maker for $650 million in cash.
Spirit said Wednesday it is buying S.R.I.F. NV, which is the parent of Asco Industries NV, a Belgium-based privately held designer and manufacturer of components and assemblies for the aerospace industry.
Asco,... | ashraq/financial-news-articles | https://www.wsj.com/articles/spirit-aerosystems-to-buy-asco-industries-parent-for-650-million-1525265155 |
HOUSTON, May 09, 2018 (GLOBE NEWSWIRE) -- Bio-Path Holdings, Inc., (NASDAQ:BPTH), a biotechnology company leveraging its proprietary DNAbilize ® antisense RNAi nanoparticle technology to develop a portfolio of targeted nucleic acid cancer drugs, today announced that it will host a live conference call and audio webcast on Wednesday, May 16, 2018 at 8:30 a.m. ET to report financial results for the first quarter ended March 31, 2018 and to provide a business overview.
To access the live conference call, please call (844) 815-4963 (domestic) or (210) 229-8838 (international) at least five minutes prior to the start time and refer to conference ID 1096178. A live audio webcast of the call will also be available on the Presentations section of the Company’s website, www.biopathholdings.com . An archived webcast will be available on the Bio-Path website approximately two hours after the event.
About Bio-Path Holdings, Inc.
Bio-Path is a biotechnology company developing DNAbilize ® , a novel technology that has yielded a pipeline of RNAi nanoparticle drugs that can be administered with a simple intravenous transfusion. Bio-Path’s lead product candidate, prexigebersen (BP1001, targeting the Grb2 protein), is in a Phase 2 study for blood cancers and in preclinical studies for solid tumors. This is followed by BP1002, targeting the Bcl-2 protein, which the company anticipates entering into clinical studies where it will be evaluated in lymphoma and solid tumors.
For more information, please visit the Company's website at http://www.biopathholdings.com .
Contact Information:
Investors
Will O’Connor
Stern Investor Relations
212-362-1200
[email protected]
Doug Morris
Investor Relations
Bio-Path Holdings, Inc.
832-742-1369
Source:Bio-Path Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-bio-path-holdings-to-announce-first-quarter-2018-financial-results-on-may-16-2018.html |
May 23 (Reuters) - MEI Pharma Inc:
* GROWTH EQUITY OPPORTUNITIES FUND V LLC REPORTS 9.99 PERCENT STAKE IN MEI PHARMA INC AS OF MAY 16 - SEC FILING Source text: ( bit.ly/2IHP4lE ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-growth-equity-opportunities-fund-v/brief-growth-equity-opportunities-fund-v-llc-reports-9-99-pct-stake-in-mei-pharma-inc-idUSFWN1SU0YG |
HOUSTON--(BUSINESS WIRE)-- The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 80 cents per share on Phillips 66 common stock, representing a 14 percent increase. The dividend is payable on June 1, 2018, to shareholders of record as of the close of business on May 21, 2018.
“A secure, competitive and growing dividend is fundamental to our capital allocation strategy,” said Greg Garland, chairman and CEO of Phillips 66. “We have increased the dividend eight times since our inception in 2012, resulting in a 27 percent compound annual growth rate and demonstrating our strong commitment of returning value to shareholders.”
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Phillips 66 had $52 billion of assets as of March 31, 2018. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006077/en/
Phillips 66
Jeff Dietert, 832-765-2297 (investors)
[email protected]
or
Rosy Zuklic, 832-765-2297 (investors)
[email protected]
or
Dennis Nuss, 832-765-1850 (media)
[email protected]
Source: Phillips 66 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-phillips-66-announces-increase-in-quarterly-dividend.html |
DALLAS, May 1, 2018 /PRNewswire/ -- Niteo Products, LLC, a portfolio company of Highlander Partners, L.P., announced today the acquisition of the automotive chemical products portfolio sold under the Motor Medic® brand from RSC Chemical Solutions. Founded in 2015, through the acquisition of the Valvoline car care assets from Ashland, Inc., and headquartered in Dallas, Texas, Niteo is a leading manufacturer and marketer of automotive fragrance, appearance and performance products.
The Motor Medic® suite of automotive chemical products, including motor flush, starting fluids, fuel additives, transmission fluids, oil additives, injector cleaners, power steering fluids, and cooling system fluids, provides Niteo with another leading brand that is highly complementary to its existing product portfolio. The products are offered in hardware, convenience, mass merchants and automotive retailers throughout North America and internationally. The acquisition of Motor Medic® furthers Niteo's comprehensive automotive chemical product offering and strengthens its complete car care lineup for retailers. The Motor Medic® manufacturing and operations will be conducted from Niteo's existing facilities in Hernando, Mississippi.
Cameron Evans, CEO of Niteo, said, "The addition of the Motor Medic® brand family of products will enhance Niteo's breadth in the automotive chemicals and functional fluids category, adding a strong brand alongside Niteo's existing product offering. We are excited to leverage the brand and continue growing the business."
Jeff L. Hull, President and Managing Partner of Highlander and Chairman of Niteo, added, "The addition of Motor Medic® to our growing family of brands further reinforces our strategy to build a leading business in the automotive fragrance, appearance, performance and maintenance chemical markets. Closing our sixth acquisition in this space within the last three years further validates our intent to utilize acquisitions to complement our organic growth efforts. We continue to evaluate numerous other potential transactions and expect to close additional acquisitions in the future."
About Niteo
NITEO is a premier formulator, manufacturer and marketer of automotive fragrance, appearance, performance and maintenance chemical products under several leading brands including: Ozium and Scents, along with a license for the Glade brand in the automotive air care category; AP Formulators and Trans-Mate in the car wash chemical category; CarBrite, Hi-Tech and Trans-Mate in the detail, dealership and auto auction appearance category; and the Pyroil and Cyclo brands, along with a license for the Valvoline & MaxLife brands, in the automotive maintenance and performance chemical category. Niteo offers a comprehensive line of air care products, waxes, polishes, compounds, dressings, soaps, cleaners, solvents, paints and dyes, as well as fuel additives, parts cleaners, starting fluids, brake fluid, power steering fluid, and other functional fluids. For more information, visit www.niteoproducts.com .
About Highlander Partners
Highlander Partners, L.P. is a Dallas-based private investment firm with over $2.0 billion of assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including basic manufacturing, food, chemicals, building materials, consumer products, and others. Highlander Partners uses a "buy and build" investment approach, creating value by helping companies grow organically and through acquisitions. For more information, visit www.highlander-partners.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/niteo-products-a-portfolio-company-of-highlander-partners-acquires-the-motor-medic-family-of-products-from-rsc-chemical-solutions-300639722.html
SOURCE Highlander Partners, L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-niteo-products-a-portfolio-company-of-highlander-partners-acquires-the-motor-medica-family-of-products-from-rsc-chemical.html |
May 3 (Reuters) - VICI Properties Inc:
* Q1 FFO PER SHARE $0.33 * Q1 REVENUE $218.3 MILLION VERSUS I/B/E/S VIEW $216.2 MILLION
* Q1 FFO PER SHARE VIEW $0.32 — THOMSON REUTERS I/B/E/S Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-vici-properties-reports-q1-ffo-per/brief-vici-properties-reports-q1-ffo-per-share-of-0-33-idUSASC09ZQK |
3 Hours Ago | 11:11
Starbucks CEO Kevin Johnson said Monday that its $7.15 billion deal with food giant Nestle will help return value to its shareholders
"This will increase the $15 billion we have committed to [return to shareholders] ... to $20 billion over the next three years, cash returned to shareholders in the form of dividends and buybacks," Johnson said Monday on CNBC's " Squawk on the Street ."
When asked by CNBC's Jim Cramer about why the coffee chain was not funneling the proceeds from the deal into growth initiatives rather than doing stock buybacks, Johnson highlighted the growth the company has seen.
"We have had great success over the five years or so with K-cups on the Keurig platform," Johnson said. "This opportunity brings Starbucks coffee to the Nespresso platforms globally and there are more households in the install base of Dolce Gusto and Nespresso than Keurig."
The deal gives Nestle the rights to sell Starbucks' products , including single-serve coffees and teas as well as bagged beans, around the world. Nestle will continue to pay royalties to Starbucks after the initial fee.
"For Starbucks, the deal will help to drive brand recognition outside of its core North American and European markets as Nestle ramps up expansion using its distribution capacity," Neil Saunders, managing director at GlobalData Retail, told CNBC via email.
Starbucks has struggled with slow sales in the U.S. for several quarters and relinquishing its retail business to another company allows it to focus more on its cafes.
In addition, Nestle has agreed to take on about 500 Starbucks employees who work in the consumer packaged goods segment as part of the deal.
"While Nestle's coffee business is immense, its product line didn't really align with the U.S. consumer market and Nestle lacked the star power that Starbucks brings," David Henkes, principal at Technomic, told CNBC via email. "In my mind this is really about giving Nestle a much better foothold in the U.S. coffee market and creating a counterweight to JAB Holdings, which through its acquisition of Keurig/Green Mountain, Mondelez's coffee business and others has come to be the primary coffee source for millions of consumers each day."
JAB Holding, a privately held company and investment arm of the wealthy Reimann family, owns such brands as Keurig Green Mountain, Krispy Kreme Doughnuts and Peet's Coffee & Tea. The company, which has been steadily building a coffee and breakfast empire over the last five years, scooped up Panera Bread for $7.5 billion last year.
Nestle has made plans to focus on higher-growth areas like pet care, infant nutrition and coffee. It sold its U.S. candy business to Italy's Ferrero for about $2.8 billion in January.
"Look, we are excited about pet food, too," Mark Schneider, CEO of Nestle, told CNBC. "This is one of the other growth categories we are very much involved in that market. So a lot of interesting things underway there." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/starbucks-ceo-sees-nestle-deal-as-way-to-return-value-to-shareholders.html |
(Recasts, adds details on transfer-of-rights area, dividend)
RIO DE JANEIRO, May 8 (Reuters) - Brazil's Petroleo Brasileiro SA reported a 57 percent surge in quarterly profit on Tuesday, boosted by higher oil prices and asset sales, fanning hopes that the state-controlled oil company may be moving past a massive corruption scandal.
Petrobras, as the firm is known, posted a net profit of 6.961 billion reais ($1.96 billion) in the first quarter, the biggest in five years, as it continued to cut debt. It also announced a dividend of 0.05 reais a share, its first in three years.
Shares were largely unchanged in early afternoon trading in Sao Paulo after initially rising following the results.
Adjusted earnings before interest, taxes, depreciation and amortization, a gauge of operational profit known as EBITDA, crept up just 2 percent to 25.669 billion reais in the first quarter.
The results represented progress for a company striving under Chief Executive Pedro Parente to move past the fallout from a probe, begun in 2014, that showed construction firms bribed Petrobras officials and politicians to win inflated contracts.
The scandal sent Petrobras' share price tumbling, hammered its bottom line, drove up debt and led to a series of lawsuits.
In a client note, JPMorgan described the latest results as a "solid quarter," adding that the "deleveraging story continues to be delivered."
Petrobras, which still holds the dubious title of the world's most indebted oil company, said it generated 3.223 billion reais from the sale of stakes in assets like the Lapa field, and the Iara area in the offshore Santos basin.
It said net debt fell more than 3 percent to 270.71 billion reais ($76.23 billion) in the period on a sequential basis.
Rising international oil prices, which increased from an average $54.04 per barrel in the fourth quarter to $60.18 per barrel in the first three months of the year, helped boost results, the company said.
TALKS WITH GOVERNMENT
Parente also said the company was making progress in talks with the Brazilian government over the so-called transfer-of-rights area and could reach a deal by May 17. Petrobras was granted rights to drill for 5 billion barrels of oil and gas in that area, located in Brazil's coveted offshore pre-salt layer, though the value of the contract has been disputed.
Executives also said they saw the company further recovering market share in Brazil's gasoline and diesel markets.
The company said preliminary figures showed it had boosted its share of the gasoline market to 86 percent last month from 80 percent in March while its share of the diesel market rose to 79 percent from 77 percent in the same period.
Free cash flow was positive for the second quarter in a row but down 3 percent year-on-year as the result of the first payment to U.S. investors who won a class action against the company in January tied to the graft scandal.
Revenue from sales reached 74.461 billion reais ($20.97 billion) in the quarter, up 9 percent from the same period last year. ($1 = 3.5512 reais) (Reporting by Alexandra Alper and Roberto Samora Editing by Steve Orlofsky and Paul Simao) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/reuters-america-update-2-petrobras-profit-jumps-on-asset-sales-higher-oil-prices.html |
Validus Holdings Ltd:
* Q1 LOSS PER SHARE $0.05 * Q1 EARNINGS PER SHARE VIEW $0.99 — THOMSON REUTERS I/B/E/S
* NET PREMIUMS EARNED FOR THREE MONTHS ENDED MARCH 31, 2018 $618.9 MILLION COMPARED TO $575.4 MILLION FOR THREE MONTHS ENDED MARCH 31, 2017
* : BOOK VALUE PER COMMON SHARE AT MARCH 31, 2018 WAS $44.14, COMPARED TO $44.06 AT DECEMBER 31, 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-validus-holdings-q1-loss-per-share/brief-validus-holdings-q1-loss-per-share-0-05-idUSASC09YSB |
AroCell AB (publ):
* RIGHTS ISSUE OVERSUBSCRIBED * RAISES ABOUT SEK 35 MILLION BEFORE ISSUE COSTS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-arocell-ab-rights-issue-oversubscr/brief-arocell-ab-rights-issue-oversubscribed-idUSFWN1SA0H0 |
The Atlanta Braves rallied for three runs in the eighth inning, scoring twice on bases-loaded walks, to beat the visiting Chicago Cubs 4-1 on Wednesday at SunTrust Park.
The Braves took the lead when Ozzie Albies tripled against Chicago reliever Carl Edwards Jr. (2-1) and scored on a single by Ronald Acuna Jr. After a single by Freddie Freeman and an intentional walk to Nick Markakis, the Braves got walks from Tyler Flowers and Johan Camargo to push across the insurance runs.
Edwards issued the first bases-loaded free pass, and Justin Hancock was responsible for the second.
Atlanta closer Arodys Vizcaino, who blew a save and took a loss against Chicago on Tuesday, worked a perfect ninth inning and recorded his eighth save. A.J. Minter (2-0) pitched a scoreless eighth inning and earned the victory.
Neither starting pitcher was involved in the decision.
Atlanta’s Brandon McCarthy allowed one run in six innings on five hits and two walks. He struck out a season-high eight. It was a nice bounce-back for McCarthy, who had been roughed up for a total of 14 runs in his previous two starts after allowing only 13 runs in six starts during March and April.
Chicago’s Tyler Chatwood pitched 5 1/3 innings and allowed one run on four hits and two walks with a season-low two strikeouts. It was the sixth time in eight starts that Chatwood allowed two runs or fewer.
The Braves scored a run in the first inning when Freeman slapped a single to right that scored Albies.
Albies, Acuna and Freeman each had two hits, accounting for six of the team’s seven hits.
The Cubs evened the score at 1-1 in the fifth inning. Kris Bryant singled to left field to score Ian Happ, who had hit a leadoff single and advanced on a sacrifice. Bryant went 3-for-4 and is 13-for-33 (.394) in his past nine games.
It was the first loss for Chicago at SunTrust Park. The Cubs were trying to go 5-0 in a new park for the first time since 1977, when they started 6-0 at Montreal’s Olympic Stadium.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-atl-chc-recap/3-run-rally-in-eighth-lifts-braves-over-cubs-idUSMTZEE5HUQANBC |
SUNNYVALE, Calif., May 8, 2018 /PRNewswire/ -- Bloom Energy Corporation, the market-leading provider of clean, reliable, distributed electric power, today announced that former United States Senator Kelly Ayotte has joined the company's board of directors.
Ayotte, 49, represented New Hampshire in the U.S. Senate (2011-2017). She served as New Hampshire's first female Attorney General (2004-2009) and, prior to that, she was Deputy Attorney General and Chief of the Homicide Prosecution Unit in New Hampshire. During her career as a public servant, Ayotte was widely known for her independence and her ability to work collaboratively across party lines on national security and domestic issues, including policies boosting American clean energy and high-tech manufacturing. She currently serves as a senior advisor to Citizens for Responsible Energy Solutions, advocating for policies that will unleash America's clean energy potential, and promote economic, energy, and climate security.
"In Senator Ayotte, we see a leader who knows how to bring people together to create solutions to the big challenges of our time," said KR Sridhar, Founder, Chairman, and CEO of Bloom Energy. "Senator Ayotte's track record of working in a bipartisan manner to promote energy solutions that are good for the economy, the environment and national security is remarkable. She will bring a unique perspective to the board room and I am delighted to welcome her to the Bloom Energy family."
"I am delighted to join the Bloom Energy Board of Directors because Bloom's mission supports three important priorities that I have focused on during my public service and private sector work: ensuring energy security, reducing harmful emissions, and the creation of high quality advanced manufacturing jobs," said Ayotte.
Ayotte serves on the boards of Caterpillar, News Corp and BAE Systems. She will join a Bloom Energy Board that includes: General Colin L. Powell USA (ret.), 65 th U.S. Secretary of State; John Doerr, Chairman of Kleiner Perkins Caufield and Byers; Scott Sandell, Managing General partner of New Enterprise Associates; Honorable Mary K. Bush, President of Bush International, LLC; Peter Teti of Alberta Investment Management Corporation; Eddie Zervigon representing Morgan Stanley; and KR Sridhar, Founder, Chairman and CEO of Bloom Energy.
About Bloom Energy
Bloom Energy was founded in 2001 with a mission is to make clean, reliable, and affordable energy for everyone in the world. To fulfill this mission, the company has developed a distributed, on-site electric power solution that is redefining the $2.4 trillion electric power market. The solution is a stationary power generation platform built for the digital age. The Bloom Energy Server is capable of delivering highly reliable, uninterrupted, 24x7 constant (or 'base load') power that is also clean and sustainable. Commercial and industrial electricity customers are the company's initial focus and Bloom's customer base includes 25 of the Fortune 100 companies. Some of its largest customers are Equinix, AT&T, The Home Depot, The Wonderful Company, Caltech, Kaiser Permanente, and Delmarva Power. Bloom Energy is headquartered in Sunnyvale, California. For more information, visit www.bloomenergy.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/bloom-energy-appoints-former-senator-kelly-ayotte-to-company-board-of-directors-300644585.html
SOURCE Bloom Energy | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-bloom-energy-appoints-former-senator-kelly-ayotte-to-company-board-of-directors.html |
SAO PAULO, May 3 (Reuters) - Lojas Renner SA, Brazil’s largest apparel retailer, beat first quarter profit estimates on Thursday as a strong rise in sales boosted margins.
In a securities filing, the company posted first quarter net income of 111.4 million reais ($31.6 million), up 66.4 percent from a year ago, and above a Reuters consensus estimate of 89.5 million reais. ($1 = 3.5251 reais) (Reporting by Gram Slattery; Editing by Cynthia Osterman)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/lojas-renner-results/brazils-lojas-renner-beats-quarterly-profit-estimates-idUSE6N1P601L |
ATLANTA, May 09, 2018 (GLOBE NEWSWIRE) -- For the third year, Lindy Benton, CEO and president of Vyne, has been named among the most powerful women in healthcare information technology. The honor comes from Health Data Management through a program recognizing women driving technology and innovation in healthcare.
The three award categories include CIO/hospital IT executives, technology vendor executives and industry thought leaders. Special attention was given to candidates who mentor female staff or peers and elevate the status of women in the profession.
Lindy Benton
“I am extremely honored to be included in the 2018 class of honorees and in the company of women doing such amazing things in our industry,” said Benton. “Together, we are not only providing services and technology to support caregivers in improving patient health, we’re also mentoring the next generation of distinguished healthcare leaders.”
The 2018 class of honorees includes 50 women being recognized for efforts to overcome organizational and technology barriers, deploy leading-edge technology, shape IT regulation/policy and implement healthcare technology that dramatically increases patient safety and health organization efficiency.
Benton’s 30-year career in health information technology includes leadership roles at Digital Equipment Corporation, Cerner Corporation and The Sage Group. She is now CEO and president of Vyne, a provider of secure healthcare communications, electronic attachment and health information exchange solutions to the hospital, dental practice and payer markets.
Benton is a past chapter president and fellow with the Health Information and Management Systems Society (HIMSS) and serves on executive councils for several health-related committees and industry associations. She is one of Florida State University’s Distinguished Alumni in Business and Industry and currently serves the university’s National Board of Directors as National Director for the Florida State Alumni Association.
For more information about Health Data Management’s Most Powerful Women in Healthcare IT, click here .
About Vyne™
Vyne™ is the industry leader in secure health information exchange and electronic healthcare communication management. The company’s robust technology platform facilitates the electronic capture, storage and submission of healthcare data in any form – voice, fax, image, data or electronic document. Vyne’s proven solutions connect disconnected data to close gaps in documentation and improve the continuum of care through a more complete and fully accessible patient record. Outcomes include improved financial strength, operational performance and patient experience for medical and dental providers and payers. For more information, visit vynecorp.com .
Attachment
Lindy Benton Scott Rupp millerrupp for Vyne Corp. 941-794-5137 [email protected]
Source: NEA Powered by Vyne | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-vyne-ceo-lindy-benton-named-among-most-powerful-women-in-healthcare-it-for-third-year.html |
April 30 (Reuters) - EMAAR DEVELOPMENT:
* Q1 NET PROFIT 819 MILLION DIRHAMS VERSUS 506 MILLION DIRHAMS YEAR AGO
* Q1 REVENUE 3.27 BILLION DIRHAMS VERSUS 1.67 BILLION DIRHAMS YEAR AGO
* AS OF END-MARCH 2018, TOTAL BACKLOG OF 41 BILLION Source:( bit.ly/2w3SZY6 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-emaar-development-q1-profit-rises/brief-emaar-development-q1-profit-rises-idUSL8N1S70CH |
U.S. blasts China for 'Orwellian nonsense' 11:59am BST - 01:49
The White House criticizes China's efforts to force foreign airlines to change how they refer to Taiwan, Hong Kong and Macau, calling Beijing's latest effort to police global language about the politically sensitive areas ''Orwellian nonsense.'' China's answer: that's the cost of business here.
The White House criticizes China's efforts to force foreign airlines to change how they refer to Taiwan, Hong Kong and Macau, calling Beijing's latest effort to police global language about the politically sensitive areas "Orwellian nonsense." China's answer: that's the cost of business here. //uk.reuters.com/video/2018/05/07/us-blasts-china-for-orwellian-nonsense?videoId=424661837&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/us-blasts-china-for-orwellian-nonsense?videoId=424661837 |
May 30 (Reuters) - MEDICALGORITHMICS:
* SAID ON TUESDAY THAT ITS MANAGEMENT RECOMMENDS A DIVIDEND OF 1.42 ZLOTY PER SHARE FROM PREVIOUS YEARS’ GAINS
* IT ANNOUNCED ITS DIVIDEND POLICY AND A 2 ZLOTY PER SHARE DIVIDEND FOR FY 2016 IN MAY LAST YEAR
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1T10M6 |
SAN DIEGO (AP) _ Neurocrine Biosciences Inc. (NBIX) on Monday reported a loss of $41.8 million in its first quarter.
On a per-share basis, the San Diego-based company said it had a loss of 47 cents.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.
The biopharmaceutical company posted revenue of $71.1 million in the period, surpassing Street forecasts. Five analysts surveyed by Zacks expected $66 million.
Neurocrine shares have risen 4.5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $81.08, a climb of 52 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on NBIX at https://www.zacks.com/ap/NBIX | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/the-associated-press-neurocrine-1q-earnings-snapshot.html |
May 16 (Reuters) - Federal Home Loan Mortgage Corp :
* FREDDIE MAC PRICES $993 MILLION MULTIFAMILY K-DEAL, K-F45
* FREDDIE MAC - APPROXIMATELY $993 MILLION IN K CERTIFICATES (K-F45 CERTIFICATES) ARE EXPECTED TO SETTLE ON OR ABOUT MAY 25, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-freddie-mac-prices-993-million-mul/brief-freddie-mac-prices-993-million-multifamily-k-deal-k-f45-idUSFWN1SN0VM |
NYT: U.S. investigating Cambridge Analytica 8:05am EDT - 00:58
The New York Times reports 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 user information.
The New York Times reports 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 user information. //reut.rs/2GoaK4j | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/nyt-us-investigating-cambridge-analytica?videoId=427296755 |
GROSSE POINTE FARMS, Mich., May 24, 2018 /PRNewswire/ -- Saga Communications, Inc. (NYSE American: SGA) announced today the increase of its number of Board members to seven and the appointment of Warren Lada to its Board of Directors, effective immediately. As was previously announced Mr. Lada is retiring from his position as Chief Operating Officer at the end of June, 2018.
Mr. Lada began his broadcast career in 1976 and served in various capacities for several broadcast companies before joining Saga in 1991where he initially served as General Manager of WAQY, Rock 102 in Springfield, MA. Mr. Lada held several positions during his 27 years with the Company, ultimately serving as Chief Operating Officer until his retirement.
Saga is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. Saga owns or operates broadcast properties in 26 markets, including 75 FM radio stations, 33 AM radio stations and 75 metro signals. For additional information contact us at 313/886-7070 or visit our website at www.sagacom.com .
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "believes," "expects," "anticipates," "guidance," "intent" and similar expressions are intended to identify forward-looking statements. Key risks, including risks associated with Saga's ability to effectively integrate the stations it acquires and the impact of federal regulation on Saga's business, are described in the reports Saga periodically files with the U.S. Securities and Exchange Commission, including Item 1A of our Annual Report on Form 10-K. Readers should note that these statements may be impacted by several factors, including national and local economic changes and changes in the radio broadcast industry in general, as well as Saga's actual performance. Results may vary from those stated herein and Saga undertakes no obligation to update the information contained here.
View original content with multimedia: http://www.prnewswire.com/news-releases/saga-communications-inc-names-warren-lada-to-board-of-directors-300654638.html
SOURCE Saga Communications, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-saga-communications-inc-names-warren-lada-to-board-of-directors.html |
Trump unveiled initiatives aimed at curbing high drug prices, a raft of modest moves that left the industry relieved.
The president proposed a 20% tariff and tougher emissions standards for imported cars during a meeting with auto industry executive.
The U.S. offered to help North Korea achieve economic prosperity if Kim agrees to... | ashraq/financial-news-articles | https://www.wsj.com/articles/whats-news-world-wide-1526089968 |
TORONTO, May 03, 2018 (GLOBE NEWSWIRE) -- Dalradian Resources Inc. (TSX:DNA) (AIM:DALR) (“Dalradian” or the “Company”) announces results for the three months ended March 31, 2018, including closing cash and cash equivalents of $126.9 million 1 .
Patrick F.N. Anderson, Dalradian's President and CEO, commented:
“Now that our resource drilling is complete, we expect to issue an updated resource shortly that will feed into an updated feasibility study in Q3. Exploration in 2018 will continue to test extensions of Curraghinalt as well as several regional targets.
Since February, our planning application has been progressing through review and consultation by the authorities. We have increased our outreach to a broad range of stakeholders to build understanding about our proposed mine and the many opportunities it brings to Northern Ireland. I am proud to report that we have had 1,000 visitors to our public site tours and 1,400 employment inquiries.”
1 All amounts are in Canadian dollars unless otherwise noted
Operational highlights as of May 1, 2018
Commencement of public and statutory consultation processes for the permitting application to build a mine at the Curraghinalt deposit (the “Planning Application”). Continued community relations activities, including welcoming our 1,000 th local visitor on a tunnel tour and site visit. Receipt of approximately 1,400 submissions of interest in careers at the proposed mine, with approximately one-third of applicants coming from the local area. Completion of a technical work program in preparation for updates to the 2016 NI 43-101 Mineral Resource Estimate (“Mineral Resource”), including completion of 6,324 metres of infill drilling in 22 holes to close off the infill drilling program totalling 29,026 metres in 76 holes. This drilling has extended the strike length of the system and has identified a number of new veins. Completion of 5,275 metres of drilling in 12 holes in peripheral areas of Curraghinalt to test continuity of the deposit. Continued progression of the technical work program for an update of the feasibility study (“FS”), including advancement of the geotechnical model and further work on ore-sorting technology. The Company has an active program in place to meet the requirements of the General Data Protection Regulation (“GDPR”) that becomes effective in Northern Ireland on May 25, 2018. GDPR will supersede the UK Data Protection Act 1998 and expands the rights of individuals to control how their personal information is collected and processed. GDPR places a range of new obligations on the Company to be more accountable for data protection.
Corporate and financial highlights of Q1 2018
Cash and cash equivalents were $126.9 million at March 31, 2018 compared with $138.0 million at December 31, 2017. Net loss of $1.4 million ($0.00 per share) for the three months ended March 31, 2018 compared with a net loss of $1.3 million ($0.01 per share) for the comparable period of 2017. Expenditures on mineral property under development for the three months ended March 31, 2018 were $6.1 million compared with $2.5 million, net of expected receipt from processing of mineralized material, during the comparable period in 2017. During Q1 2018, permitting and drilling were the largest spending categories as work focused on supporting the Planning Application and infill and step-out drilling. As of May 1, 2018, Dalradian had 355,493,448 common shares issued and outstanding and 367,579,114 common shares outstanding on a fully diluted shares basis.
Outlook
Taking Curraghinalt to production is the Company’s primary goal and will be advanced in 2018 through further drilling, engineering and geological studies, and environmental and permitting activities. The Company expects to release a mineral resource update during Q2 2018, followed by an updated FS during Q3 2018. In addition, Dalradian will also continue to explore its large land package to delineate targets for drilling. Permitting activities will include preparation and submission of applications for ancillary permits and consents and expanded stakeholder relations activities to support the Planning Application.
The overall budget for 2018 is approximately $49 million for operational activities in Northern Ireland and Canada, including general and administrative costs. The two major items that represent approximately 50% of the operational budget are exploration and permitting, with planned expenditures roughly similar for the two areas. Mine planning and engineering work to produce an updated FS is the third-largest component at approximately 10% of the overall budget. During Q1 2018, operational spending totalled approximately $9 million.
Working capital at March 31, 2018 was $124 million compared to $132 million at December 31, 2017. This financial strength supports 2018 plans to continue exploration and other work to increase the value of the Northern Ireland Properties, while simultaneously moving Curraghinalt through the permitting process.
Written submissions to the Company’s consultation events held in November 2016 demonstrated majority support for the project. However, as with most regionally significant planning applications, there are a number of people who are currently opposed to the project. The planning system in Northern Ireland allows and encourages all interested parties to make their views known and to submit the specific reasons for their support or opposition. The Company respects the planning process in Northern Ireland and is confident the project will succeed because it is a responsible development that will bring sustainable economic and social benefits to the local area and Northern Ireland as a whole for years to come.
It is common, with respect to regionally significant planning applications in Northern Ireland, to have multiple legal challenges, including judicial reviews. A judicial review (“JR”) is a type of court proceeding in which a judge reviews the lawfulness of a decision or action made by a public body; they are a challenge to the way in which a decision has been made, rather than the conclusion reached. Two JRs have been brought against government departments in Northern Ireland relating to decisions taken by these departments (on planning and environmental grounds) and Dalradian is a notice party. The first JR concerns the decision by the Department for Infrastructure to accept the Company’s Planning Application and has a hearing date in mid-June. The second JR concerns the decision by the Department of Agriculture, Environment and Rural Affairs to grant a revised water discharge consent for the Company’s exploration site. In June, the date for the hearing of the second JR will be set and it is expected to take place in the second half of the year. Both departments are robustly defending the proceedings and the decisions made. Dalradian, as a notice party, will also be submitting evidence in defence of the decision-making process. The timing and process for review of the Planning Application is not affected by the JR process and the application has continued to move through review and consultation steps. The Company will provide updates on any material developments regarding the JRs.
Supporting Documents
The Q1 2018 year-end Financial Statements (not including notes) can be found below. The full Q1 2018 Management Discussion and Analysis and Financial Statements are available on www.dalradian.com and on www.sedar.com .
Condensed Consolidated Statement of Financial Position
(Expressed in Thousands of Canadian dollars)
(Unaudited)
As at
Mar. 31, 2018
As at
Dec. 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 126,929 $ 137,963 Amounts receivable 1,508 651 Prepaid expenses and other assets 661 685 129,098 139,299 Non-Current assets: Restoration deposit 1,130 1,058 Property, plant and equipment 173,033 166,347 Exploration and evaluation assets 5,209 4,601 179,372 172,006 $ 308,470 $ 311,305 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 5,086 $ 7,141 Provision for reclamation 176 356 5,262 7,497 Non-Current liabilities: Provision for reclamation 942 695 Shareholders’ equity: Share capital 359,753 359,737 Warrants - 48 Contributed surplus 15,744 15,146 Accumulated deficit (73,231 ) (71,818 ) 302,266 303,113 $ 308,470 $ 311,305 Condensed Consolidated Statement of Loss and Comprehensive Loss
(Expressed in Thousands of Canadian dollars, except per share amounts)
(Unaudited)
Three months
ended
Mar. 31, 2018
Three months
ended
Mar. 31, 2017
Operating expenses: Salaries and related benefits $ 854 $ 484 Professional fees and consulting 128 229 Share-based payments 493 245 Investor relations and travel 340 242 Office, regulatory and general 283 193 Interest and bank charges 3 4 Depreciation 1 1 Foreign exchange gain (234 ) (54 ) $ 1,868 $ 1,344 Interest income 455 63 Loss and comprehensive loss for the period $ (1,413 ) $ (1,281 ) Loss per share – basic and diluted $ - $ (0.01 )
Condensed Consolidated Statement of Shareholders’ Equity
(Expressed in Thousands of Canadian dollars)
(Unaudited)
Three months ended
Mar. 31, 2018
Three months ended
Mar. 31, 2017
Share capital: Balance, beginning of period $ 359,737 $ 195,975 Warrants exercised - 9,932 Share-based payments exercised 16 74 Balance, end of period $ 359,753 $ 205,981 Warrants: Balance, beginning of period $ 48 $ 10,746 Warrants exercised - (2,077 ) Warrants expired (48 ) (48 ) Balance, end of period $ - $ 8,621 Contributed surplus: Balance, beginning of period $ 15,146 $ 12,315 Increase from share-based payments 566 298 Warrants expired 48 48 Share-based payments exercised (16 ) (74 ) Balance, end of period $ 15,744 $ 12,587 Accumulated deficit: Balance, beginning of period $ (71,818 ) $ (64,114 ) Loss and comprehensive loss for the period (1,413 ) (1,281 ) Balance, end of period $ (73,231 ) $ (65,395 ) Total shareholders’ equity $ 302,266 $ 161,794
Condensed Consolidated Statement of Cash Flows
(Expressed in Thousands of Canadian dollars)
(Unaudited)
Three months ended
Mar. 31, 2018
Three months ended
Mar. 31, 2017
Cash flows from (used in) operating activities: Loss and comprehensive loss for the period $ (1,413 ) $ (1,281 ) Items not affecting cash: Unrealized foreign exchange gain on cash (393 ) (64 ) Interest income (455 ) (63 ) Depreciation 1 1 Share-based payments 493 245 Unrealized foreign exchange gain on restoration deposit - (9 ) Change in non-cash operating working capital: Amounts receivable (843 ) 126 Prepaid expenses and other assets (17 ) (7 ) Accounts payable and accrued liabilities (698 ) (623 ) Cash disbursements related to reclamation (6 ) - Cash flows used in operating activities $ (3,331 ) $ (1,675 ) Cash flows from financing activities: Exercise of warrants $ - $ 7,855 Cash flows from financing activities $ - $ 7,855 Cash flows from (used) in investing activities: Expenditures on exploration and evaluation assets $ (168 ) $ (78 ) Additions to property, plant and equipment (8,369 ) (5,501 ) Interest received 441 63 Cash flows used in investing activities $ (8,096 ) $ (5,516 ) Net change in cash and cash equivalents (11,427 ) 664 Cash and cash equivalents, beginning of period 137,963 35,719 Effect of exchange rate fluctuations on cash held 393 64 Cash and cash equivalents, end of period $ 126,929 $ 36,447 About Dalradian
Dalradian is a mineral exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Curraghinalt Project is in permitting, with exploration ongoing to build on the positive feasibility study released in January 2017.
For more information:
Marla Gale
Vice President Communications
+1 416 583 5600
[email protected]
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Richard Tonthat
+44 (0)20 7383 5100
Numis Securities Limited (Broker)
John Prior / James Black / Paul Gillam
+44 (0)20 7260 1000
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking information” which may include, but is not limited to, statements with respect to future financial or operating performance of the Company and its subsidiaries and its mineral project, the future price of metals, test work and confirming results from work performed to date, the estimation of mineral resources and mineral reserves, the realization of mineral resource and mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage, the timing and possible outcome of pending regulatory matters and the realization of the expected production, economics and mine life of the Curraghinalt gold deposit.
Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions, such as continued political stability in Northern Ireland, that permits required for Dalradian’s operations will be obtained in a timely basis in order to permit Dalradian to proceed on schedule with its planned exploration and mine development, construction and production programs, that skilled personnel and contractors will be available as Dalradian’s operations commence and continue to grow towards production and mining operations, that the price of gold will be at levels that render the Dalradian’s mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource and mineral reserve estimates and current mine plans, that the assumptions contained in the Company’s Technical Report dated January 25, 2017 are accurate and complete and that a permitting application for mine construction will be approved .
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Dalradian to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current and future exploration activities; the actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2017 dated March 15, 2018.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Source:Dalradian Resources | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-dalradian-reports-q1-2018-results-with-cash-of-126-point-9-million-at-march-31-2018.html |
May 14, 2018 / 4:23 PM / Updated 15 minutes ago EMERGING MARKETS-Brazil real weakens on election jitters; LatAm currencies down Reuters Staff 5 Min Read By Bruno Federowski BRASILIA, May 14 (Reuters) - The Brazilian real weakened on Monday after a presidential poll showed strong support for candidates seen by investors as unwilling to pursue a market-friendly agenda, while the Argentine peso extended its recent selloff to all-time lows. Excluding jailed former president Luiz Inacio Lula da Silva, who will likely be barred if he registers to run, the Brazilian survey showed law-and-order congressman Jair Bolsonaro held on to his lead in early polling ahead of the October elections. Bolsonaro's statements on economic policy have been erratic. Environmentalist Marina Silva, who in the previous elections was backed by several prominent economists but whose backing in Congress remains in doubt, was the runner-up, challenged by leftist Ciro Gomes. Traders fear President Michel Temer's successor may back away from his administration's pledges of fiscal austerity, privatization and deregulation. Many analysts view the unpopular program as crucial for Brazil to curb public debt growth and regain its investment grade credit rating. The polling data helped to offset the effect of increased central bank intervention in the wake of a weekslong emerging market selloff that drove the Brazilian real and the Mexican peso to multiyear lows. Most Latin American currencies extended losses on Monday due to lingering concerns that a widening U.S. fiscal deficit and accelerating inflation could bump up its bond yields, dampening the allure of emerging-market assets. The Argentine peso fell around 5 percent after the International Monetary Fund (IMF) said a target exchange rate will not be a condition of a financing deal with Argentina. Argentina requested a "high access stand-by arrangement" from the IMF last week after the peso depreciated rapidly, prompting the central bank to sell reserves and hike interest rates to 40 percent in a bid to contain one of the world's highest inflation rates as well as stop the peso slide. Latin American stock markets were mixed as rising crude prices lifted shares of oil drillers. Brazil's benchmark Bovespa stock index was up 0.6 percent, lifted by shares of state-owned Petróleo Brasileiro SA . Shares of steelmaker Cia Siderúrgica Nacional also rose ahead of the release of its quarterly earnings after market close. Analysts at Banco BTG Pactual SA increased their price-target on the stock to 12 reais from 11 reais, but kept a "neutral" recommendation. Key Latin American stock indexes and currencies at 1550 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1169.16 0.4 0.52 MSCI LatAm 2850.81 -0.71 1.53 Brazil Bovespa 85753.24 0.63 12.24 Mexico IPC 46652.53 -0.16 -5.47 Chile IPSA 5705.63 0.05 2.53 Chile IGPA 28838.91 0.15 3.07 Argentina MerVal 29942.47 0.3 -0.41 Colombia IGBC 12362.10 0.02 8.72 Currencies daily % YTD % change change Latest Brazil real 3.6253 -0.70 -8.61 Mexico peso 19.5400 -0.51 0.81 Chile peso 623.68 -0.65 -1.45 Colombia peso 2832.6 0.06 5.27 Peru sol 3.263 -0.21 -0.80 Argentina peso (interbank) 24.6000 -5.08 -24.39 Argentina peso (parallel) 25.6 -5.27 -24.88 (Reporting by Bruno Federowski; Editing by David Gregorio) | ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazil-real-weakens-on-election-jitters-latam-currencies-down-idUSL2N1SL0XS |
DAKAR (Reuters) - With more than twice as many Ebola outbreaks as any other country since the virus was discovered in 1976, Congolese are familiar with its destructive power, yet fear and suspicion of medical authorities are still hindering efforts at containment.
Health officials say they are working hard to get out accurate information about the deadly hemorrhagic fever but face significant mistrust in a part of Africa where many place more faith in clerics in white collars than doctors in white coats.
A doctor and a nursing sister were threatened by locals after they were accused of bringing the disease to their communities, while people in one town prevented medics from testing the body of someone suspected to have died from Ebola, officials said.
“The information campaign is being put in place but is still insufficient,” Medecins Sans Frontieres’ (MSF) emergency medical coordinator Jean-Clement Cabrol told reporters in Geneva on Thursday.
“Religious and traditional leaders in communities are not being used enough,” he said.
Congo’s government, the World Health Organization (WHO) and aid agencies are racing to contain what could be the most dangerous of Democratic Republic of Congo’s nine epidemics since it was discovered by northern Congo’s eponymous river four decades ago.
Its appearance in the northwestern river port city of Mbandaka this time gives it a potential clear shot at the capital Kinshasa, a chaotic city of more than 10 million inhabitants that lies downstream. Since April, the disease is thought to have killed at least 22 people and infected 30 more.
Most people Reuters reporters spoke to in Mbandaka this week said they were pleased by the authorities’ energetic response. Even so, rumors about the outbreak’s real origins abound.
“Our grandparents lived a long time here in Mbandaka and they never experienced this,” said a merchant named Yvonne. “This is sorcery.”
“WE PRAYED FOR HER” In one of the more alarming developments in the outbreak to date, family members of two Ebola patients removed them from an isolation ward in Mbandaka on Monday night, walking them out of the hospital before putting them on the back of motorcycles.
One was taken to a nearby evangelical church, according to health officials and a source at the church, where she - by now vomiting and unable to walk - joined 19 other people for prayers in a cramped tin-roofed building.
She returned to hospital before succumbing to the illness the next night. The other patient was taken home, where he died hours later, leaving health officials scrambling to locate their contacts across the city of 1.5 million people.
A witness at the church, who declined to be named, said the woman came to testify that God had cured her of her illness.
“We prayed for her,” he said, shortly before she died. Health officials later turned up at the church to vaccinate several people who had been in contact with her.
When Ebola hit the West African countries of Guinea, Liberia and Sierra Leone in 2013 and 2014, killing more than 11,000 people, suspicion of health workers in their spacesuit-like protective gear also prompted patients to flee, helping accelerate the disease’s spread.
Health workers find themselves having to strike a delicate balance: restricting Ebola patients’ movements but without antagonizing communities whose cooperation is vital.
It would be impractical and counter-productive to ask security guards, who are not equipped with protective gear, to forcibly restrain patients, said Nahid Bhadelia, medical director of the special pathogens unit at Boston University Medical Center, who worked in an Ebola treatment unit in Sierra Leone during its 2014-2016 outbreak.
“By doing something violent you’d be creating greater distrust.”
She said officials should focus on assuaging fear, including bringing social workers and spiritual leaders to hospitals to speak to patients across a protective barrier.
MSF, which runs the treatment center in the Wangata district of Mbandaka that the patients fled, said holding patients against their will would only fuel mistrust of health workers.
“Forced hospitalization is not the solution to this epidemic. Patient adherence is paramount,” MSF said in a statement. “The quicker patients are admitted, the greater their chance of survival and ... of limiting the spread of Ebola.”
Children attend a class session at the Wangata commune school during a vaccination campaign against the outbreak of Ebola, in Mbandaka Additional reporting by Stephanie Nebehay in Geneva and Patient Ligodi and Benoit Nyemba in Mbandaka; Editing by Tim Cocks and Giles Elgood
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-congo-escape/fear-and-suspicion-hinder-congo-medics-in-ebola-battle-idUSKCN1IQ1R2 |
BARCELONA (Reuters) - Robert Kubica took part in a Formula One race weekend for the first time in more than seven years on Friday and the Pole’s considered verdict provided little comfort for fans of his struggling Williams team.
FILE PHOTO: F1 Formula One - Formula One Test Session - Circuit de Barcelona-Catalunya, Montmelo, Spain - February 27, 2018 Williams' Robert Kubica during testing REUTERS/Albert Gea The former world champions are last in the constructors’ championship with a car whose handling is the stuff of nightmares.
Kubica, the team’s reserve driver whose race career was halted by a near-fatal accident while competing in a minor rally in Italy in 2011, told reporters at the Spanish Grand Prix that it was even worse than he had feared.
“It’s difficult to say that it was enjoyable because our car balance was very bad and it was very difficult to drive,” said the 33-year-old, a race winner in Canada with BMW-Sauber in 2008.
“Coming to Barcelona I was expecting to be in a difficult position. Actually FP1 (first practice) was even more difficult than we expected.
“This morning we were slow but apart from being slow it was nearly impossible to keep the car on the track. That’s something we need to change.”
Kubica ended the session 19th out of the 20 drivers — a place ahead of teenage Canadian team mate Lance Stroll.
It was not his first time back behind the wheel of a Formula One car — he tested repeatedly last year while hoping to secure a race seat — and he said even some of the excitement was lacking.
“I am satisfied with the session and how I react to difficult conditions and difficult balance,” he said. “It sounds strange that you can be happy about P19, but actually I am happy.
“I was more emotional last year when I was jumping for the first time in the car. It’s already the sixth or seventh time I’m driving the F1 car, it’s becoming more natural, which is good,” he added.
The Pole partially severed his right arm in the 2011 accident when a steel guardrail penetrated both car and driver. The arm remains atrophied after extensive surgery, but Kubica has learned to drive around his limitations.
“I have been in the school where they give you a bird in the hand and you have to hold it so it doesn’t fly away, but you cannot hold it too much that it gets scared,” he said as explanation.
“And this is the way you have to hold the steering wheel.”
Reporting by Alan Baldwin, editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-spain-kubica/kubica-embarrassed-by-williams-lack-of-speed-idUSKBN1IC2B6 |
May 3 (Reuters) - Kaisa Group Holdings Ltd:
* CO ENTERED AGREEMENT WITH HSIN CHONG GROUP HOLDINGS TO PROVIDE CONSTRUCTION, MARKETING AND MANAGEMENT SERVICES Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kaisa-group-holdings-says-co-enter/brief-kaisa-group-holdings-says-co-entered-agreement-with-hsin-chong-group-holdings-idUSFWN1SA0YL |
NEW YORK, May 17 (LPC) - The potential legalization of sports gambling in the US is worrying casino loan investors as par-plus secondary loan prices could wilt if the prospect of improved earnings triggers a loan refinancing wave.
A US Supreme Court ruling on May 14 paved the way for states to legalize sports gambling, which is expected to turbocharge earnings for gaming companies and casino companies and has triggered an equities rally.
“The legalization of sports betting will provide a shot in the arm for casino operators and casinos themselves,” said Steven Oh, global head of credit and fixed income at PineBridge Investments.
Loans for gaming companies and casinos have been trading at or above par all year with average bids of 100.12 exceeding all other sectors, according to Thomson Reuters LPC data. This contrasts with average bids of 98.57 on the SMi100, which tracks the 100 most widely held loans.
Hotel and casino operator Golden Nugget’s US$1.045bn term loan B is trading at 101 after breaking over par in the secondary market on April 11, for example.
An improved earnings outlook for the sector raises the probability that issuers could seek to refinance loans on more favorable terms as profits, and potentially credit ratings, increase.
“If the introduction of sports betting does allow for improved earnings outcomes, then you could see these loans repriced again. One negative aspect of being a loan investor is that prepayability,” Oh said.
Already toppy secondary prices are unlikely to move higher and could even fall as loans are refinanced at par, potentially bringing losses to investors that bought over par.
“The equities got the juice on it, but the term loans are usually backed by property and the property valuations were already so high that the Boyds of the world and the Nuggets of the world are trading at yield to call anyway, so there’s nowhere for them to go,” a loan trader said.
Casino operator Boyd Gaming’s US$1.265bn term loan B, which pays lenders a spread of 250bp over Libor with a 0% floor, has been trading at 100.5-101 since April. Casino operator Eldorado Resorts’ US$1.45bn term loan was Quote: d at 100.625-101 on Friday, unchanged from Monday’s trading levels.
Increased traffic into casinos should ultimately lead to higher cash flows and an improved credit profile for these businesses, said Seth Meyer, portfolio manager at Janus Henderson Investors.
“It’s a nice wind for them, but it doesn’t change the fundamental profile of their balance sheet that much,” Meyer said. “Ebitda estimates are going to be higher because of this, but not significantly. You could see a situation where the credit profile could warrant a lower interest burden.”
Some credit investors played down the implications of the Supreme Court ruling for the time being, arguing that casinos still need to get the green light for sports betting at the state level, which is unlikely to happen before 2019.
“Companies are unlikely to reprice in the immediate future as a direct result of the decision as they still need to get state approvals,” a buysider said. “However, some companies could see improved financial performance in the future, which could lead to repricings.” (Reporting by Yun Li Editing by Tessa Walsh and Michelle Sierra)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/casion-lending/casino-lenders-brace-for-refi-wave-after-sports-betting-ruling-idUSL2N1SO227 |
May 10 (Reuters) - Consolidated Water Co Ltd:
* CONSOLIDATED WATER CO. LTD. REPORTS FIRST QUARTER 2018 RESULTS
* Q1 REVENUE $15.3 MILLION VERSUS $15.7 MILLION * Q1 EARNINGS PER SHARE $0.14 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-consolidated-water-q1-earnings-per/brief-consolidated-water-q1-earnings-per-share-0-14-idUSASC0A1NX |
May 25 (Reuters) - China’s Zhengzhou Commodity Exchange said on Friday:
* It expects investors to take account of all factors that affect prices and make a reasonable judgment, amid recent fluctuations in cotton and apple futures trades
* It will continue to strengthen market supervision and said any violations will be punished Source text in Chinese: bit.ly/2s8rB6Z (Reporting by Hong Kong newsroom; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-to-strengthen-supervision-for-cott/china-to-strengthen-supervision-for-cotton-apple-futures-trades-amid-recent-fluctuations-idUSH9N1SS03T |
auctions Rare Wines and Camels — Just Some of the Offerings at This Year's Auction Napa Valley Anne Vawter, with Red Mare Wines, surveys the silent auction during the Auction Napa Valley at Meadowood Resort in St. Helena, California, U.S., on Saturday, June 1, 2013. Napa vintners raised a record $16.9 million at their annual charity auction as demand for premium U.S. wine soars with the net worth of wealthy consumers. Photographer: Erin Lubin/Bloomberg via Getty Images Bloomberg Bloomberg via Getty Images By Bloomberg 9:39 AM EDT
A hair-raising ride with race car driver Danica Patrick, a masked ball at Versailles, a visit to a camel racetrack in Abu Dhabi, and, of course, rare Napa wines: That’s a tiny taste of what’s on offer at the 38th extravagant Auction Napa Valley .
The purpose of the lavish, four-day, annual event is to raise as much money as possible for two dozen local charities, such as Boys & Girls Clubs of Napa Valley, St. Helena Hospital, and Ole Health. It kicks off on Thursday night, May 31, with such spectacular vintner-hosted welcome dinners as the one at Barnett Vineyards, on top of Spring Mountain. But you can start bidding remotely in the e-auction on Memorial Day weekend.
Nearly 300 lots in the weeklong e-auction, Friday barrel auction, and Saturday live auction will provide plenty of ways to spend, spend, and spend more. The live event is sold out, but you can still bid from home. (See below for my picks.) The big question is whether 2018’s take will break the 2014 record of $18.4 million. That will depend on who’s bidding, but given the state of the stock market, the odds are that many of the 2,000 attendees will feel flush.
This year’s theme could be called “the year of the woman.” The co-chairs are four sisters, Angelina, Alycia, Riana, and Giovanna Mondavi, whose family owns Charles Krug, the oldest winery in Napa. Their grandfather Peter was the brother of Robert Mondavi, who founded his eponymous winery after the two split in a bitter fight. (They reconciled in 2005.) They’re the first all-female team to chair the event and—with ages that range from 25 to 35—also the youngest. Introduced to the wine industry at birth, they’re fourth-generation wine insiders with their own tiny collective project, Dark Matter Wines, which makes small quantities of a powerful, aromatic zinfandel and a spicy, smoky cabernet. They are also involved other family brands, such as high-end cabernet winery Aloft.
“Everyone expects the grandiose at Auction Napa Valley,” No. 2 sister Alycia explains when I meet the quartet in February, “but we want to remind people that we’re families and farmers first.” They reached out to people in their generation, looking for ways to make the event more “approachable.”
One of their more down-to-Earth ideas is the rosé popsicle cart that will circulate before the Live Auction. Another is the picnic path on the spacious lawns of Charles Krug during Friday’s Barrel Auction; it will wind among food and wine pavilions representing six Napa “villages.” The tents will showcase top vintners and restaurant dishes, from Calistoga to Carneros. “St. Helena” features Tomato Beef Gazpacho from Michelin-starred Terra restaurant, as well as Stony Hill Vineyards’ iconic chardonnay.
The Live Auction lots always contain multiple elements: rare wines, exotic trips, lavish dinners, and one-of-a-kind experiences. Serendipity and networking with their friends helped the Mondavis round up their ultimate Arabian dream lot. “It started with the idea of the Beach Polo Cup Dubai,” says Alycia Mondavi, “and one thing led to another.” Now the five-day trip includes private tours of the Louvre Abu Dhabi, the royal stables (home to 30 priceless thoroughbreds), and that camel racetrack visit.
The Mondavis have also put the family mark on the soulful, family-style dinner the follows the Live Auction. San Francisco chef Nancy Oakes will cook up their grandmother’s Italian recipes. Then everyone will head—or waddle—to a “caravan” of pastel-colored dessert trucks.
All this is a far cry from the first auction in 1981, when the final take of $324,142 was considered a stunning success. Back then, the highest bid, $24,000, was for a case of then unnamed Robert Mondavi/Baron Philippe de Rothschild cabernet that became the first vintage of Opus One. The audience mostly drank water, because the temperature was 105 degrees and the tent wasn’t air-conditioned. Place Your Bids
In the e-auction : The weeklong e-auction (152 lots; $250 minimum bid) kicks off at noon on Sunday, May 27, and closes on June 3. Think of this as live-auction lite. The smaller-scale lots include dinners at the vineyards, private tastings with winemakers, and overnight stays in winery guesthouses.
Top picks include a chance to help harvest grapes at Cain Vineyard and Winery, high on Spring Mountain, enough wine to instantly populate a cellar with Napa classics, and a sleepover at a vintner’s home in buzzed-about sub-region Coombsville. The ultimate wine lot is a Salmanazar (9-liter bottle) of killer cab 1995 Shafer Hillside Select.
In the Friday barrel auction: 110 lots (minimum bid, $200) go on sale at Charles Krug winery. Each is a barrel of wine from a different estate; when the auction closes, the top 10 bidders for any barrel will each get one case of the wine. A new mobile app will track your position in the top 10 and send alerts when you’ve been outbid.
I’d single out the one-of-a-kind special Insignia cuvée from Joseph Phelps, Larkmead Vineyards’ the Lark Ascending cabernet from a two-acre vineyard plot, and the inaugural release of the Prisoner’s new, plush Dérangé red.
In the live auction: Saturday afternoon’s big spend highlights 32 extraordinary, vintner-sponsored lots that typically bring $100,000 and up. (You can fax an absentee bid by Thursday night.)
In addition to the Mondavis’ Arabian luxury Lot l, I have my eye on Lot 11: “Party Like It’s 1789 with Opus One.” It features a stay at Versailles and an invite to a fabulous masked ball in its Orangerie, where you can dance all night in custom costumes and masks. (Those are yours to keep.)
Additional fascinating lots include 100 miles-per-hour-plus laps around a track with Danica Patrick (Lot 28), a tour of Portugal’s Douro Valley (Lot 14), and a stay at a lavish villa on Saint Barth’s (Lot 21).
The wine highlights are two 1992 vintage double magnums of Screaming Eagle and Paradigm (Lot 27) and five six-liter bottles from Bond (Lot 19).
Don’t fret if your bids don’t make it. Just start thinking of 2019. That will be the 75th anniversary of the founding of Napa Valley Vintners trade association, which promises that next year’s auction “will change everything”—meaning it will be really, really over-the-top. FYI alert: On Monday, June 4, 75 special packages at $7,500 apiece will go on sale. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/26/auction-napa-valley-2018/ |
PRINCETON, N.J., May 17, 2018 /PRNewswire/ -- Guerbet LLC USA, the U.S. affiliate of the global specialist in contrast product and solutions for medical imaging, announced today the upcoming launch of SeQure ® and DraKon ™ two novel microcatheters for tumor and vascular aneurysm embolization procedures. The company will introduce the microcatheters at GEST (Global Embolization Symposium and Technologies) 2018 U.S. in Miami, Florida.
SeQure ® and DraKon ™ microcatheters received FDA clearance on January 26, 2018 for the use of infusion media into all peripheral of contrast vessels as well as drug infusion in intra-arterial therapy and infusion of embolic materials.
SeQure ® is designed to lower the risk of non-targeted embolization with its fluid barrier technology with a unique filter tip designed to increase drug and embolic microsphere delivery to tumors, reducing embolic material backflow enhanced and targeted embolization.
DraKon ™ is a standard microcatheter adapted for c-TACE as well as simple embolization cases.
Both SeQure ® and DraKon ™ offer enhanced intra-arterial navigation to interventional radiologists, with optimal combination of torqueability, pushability, trackability and visibility, and kink resistance enabling access in cases of difficult-to-navigate vascular networks and lesions.
Some examples of use may include vascular tumors and anomalies requiring treatment with catheter embolization, such as liver cancer directed therapies which include cTACE & DEB-TACE, as well as renal and lung tumor embolization, pre-operative embolization of cancer tumors, pre-surgical embolization of juvenile angiofibroma, uterine fibroid embolization, prostatic artery embolization for benign prostatic hyperplasia, angiomiolipomas, hemorrhages, and vascular anomalies.
"The launch of SeQure ® and DraKon ™ microcatheters is an important step as Guerbet accelerates expansion beyond diagnostic radiology into the interventional imaging space. This new range of microcatheters will allow us to help interventional radiology teams deliver a higher quality of care during image-guided embolization procedures," said Massimo Carrera, Guerbet Vice President for North America.
Attendees of GEST 2018 will be invited to attend demonstrations of both medical devices at the Guerbet exhibit booth #12.
Guerbet obtained both microcatheters in their acquisition of Israeli company Accurate Medical Therapeutics announced in January 2018.
SeQure ® and DraKon ™ will be available for sale during the third quarter of 2018.
About Guerbet
Guerbet is a pioneer in the contrast-agent field, with more than 90 years' experience, and is a leader in medical imaging worldwide. It offers a comprehensive range of pharmaceutical products, medical devices and services for diagnostic and interventional imaging, to improve the diagnosis and treatment of patients. With 7% of revenue dedicated to R&D and more than 200 employees distributed amongst its three centers in France and the United States, Guerbet is a substantial investor in research and innovation. Guerbet (GBT) is listed on Euronext Paris (segment B – mid caps) and generated €807 million in revenue in 2017. For more information about Guerbet, please visit www.guerbet.com
Forward-looking statements
This press release may contain statements of a forward-looking nature, based on assumptions and predictions made by the management of the Guerbet group. Various known and unknown risks, uncertainties and other factors could lead to marked differences between the future results, financial situation, development and performances of the company, and the estimates made here. These factors include those mentioned in the public reports of Guerbet, available on its website www.guerbet.com . The company assumes no responsibility whatsoever in relation to the updating of these forward-looking statements, or how they correspond to future events or developments.
View original content: http://www.prnewswire.com/news-releases/guerbet-strengthens-its-leadership-in-innovative-interventional-radiology-with-the-launch-of-two-new-microcatheters-300650583.html
SOURCE Guerbet LLC USA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-guerbet-strengthens-its-leadership-in-innovative-interventional-radiology-with-the-launch-of-two-new-microcatheters.html |
2 COMMENTS I enjoyed the exchange between Profs. Jason Furman (“ Worry About the Trade Deficit—a Bit ,” op-ed, May 2) and Donald Boudreaux ( Letters , May 8) on the meaning of “current-account deficit.” Mr. Furman says: “If a country saves less money than it puts toward things like factories and equipment, then it has to finance the difference with foreign borrowing.” Mr. Bourdreaux argues: “It is simply untrue that the difference between total investment in the U.S. and total savings in the U.S. must be financed with borrowed funds.” He then gives a number of examples of redressing the balance by transferring U.S. assets to foreign creditors.
The correct formula is (investment - disinvestment) = (saving + borrowing). A classic example is the transfer of Manhattan from American Indians to the Dutch for 60 guilders. I am not sure who got the better deal, but the Indians’ current account remained in balance.
Steven Crow, Ph.D.
Boulder, Colo. | ashraq/financial-news-articles | https://www.wsj.com/articles/the-sale-of-manhattan-in-balance-of-trade-terms-1526234493 |
May 23 (Reuters) - Ameren Corp:
* AMEREN CORP - ATXI EXPECTS TO INVEST $250 MILLION IN MARK TWAIN TRANSMISSION PROJECT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ameren-corp-atxi-expects-to-invest/brief-ameren-corp-atxi-expects-to-invest-250-mln-in-mark-twain-transmission-project-idUSFWN1SU0NZ |
CNBC.com Atta Kenare | AFP | Getty Images Pro-government demonstrators hold a poster of Iran's supreme leader Ayatollah Ali Khamenei during a march following the weekly Muslim Friday prayers in Tehran on January 5, 2018.
Just a few minutes after President Trump said on Tuesday that the U.S. plans to pull out of the Iran nuclear deal , Hassan Rouhani, the country's president, stood defiantly, flanked by his cabinet, to say that he wanted to work with the remaining countries to keep the deal alive.
While Rouhani may have been sending a message to the U.S., his speech was also designed to reassure his own citizens that America's move wouldn't further damage the country's fragile economy. "He wanted to project calm and predictability," said Suzanne Maloney, a senior fellow at the Brookings Institution's Center For Middle East Policy.
That calm may not last long as renewed sanctions on Iran could, once again, send its economy into a downward spiral. Over the past several weeks, Iran's rial has lost 25 percent of its value against the U.S. dollar, while inflation is hovering at around 8 percent. Iranians are also struggling with a severe credit crisis that has seen several banks go bankrupt. Unemployment is above 11 percent and citizens have taken to the streets to protest mismanagement and government corruption.
The country's GDP has also suffered, going from 6.6 percent in 2010 to negative 1.5 percent in 2015, when sanctions were in full force, but it's rebounded since. The IMF was predicting GDP growth of 4.3 percent this year, but that could fall sharply after sanctions are re-imposed. Iranian Presidency |Anadolu Agency | Getty Images President of Iran Hassan Rouhani addresses during the cabinet meeting in Tehran, Iran on December 31, 2017.
With the nuclear deal off the table now, there are fears that U.S. sanctions will return and that European companies, like automaker Daimler and oil company Total , which rushed into the country after sanctions were lifted in 2015, could pull their investments. That could push the Iranian economy to the brink of disaster, according to the IMF . In a report released two days before Trump's announcement, it said that sanctions could pose a risk to the nation's banking system and may be a threat to its international trade relationships.
U.S. aerospace giant Boeing has an estimated $20 billion in planned aircraft sales to Iran. The company's Middle East business head told CNBC this week it's following the U.S. government's lead and the company has always mitigated the potential risk to Iranian airline sales in building its broader global production plan.
There's another big concern: the impact that an oil export ban could have on government revenue. Iran is OPEC's third-largest producer, exporting about 2.5 million barrels of oil a day. A recent Bloomberg survey forecast that Iran could lose up to 500,000 barrels of oil a day in output if it's not allowed to sell its crude to other countries. Crippling sanctions
Iran's economy started to falter in 2010, when U.S. sanctions were first imposed. Those sanctions made it extremely difficult for Iran to do business with companies in other countries, and to bring oil revenue back into the country. Atta Kenare | AFP | Getty Images An Iranian military truck carries surface-to-air missiles past a portrait of Iran's Supreme Leader Ayatollah Ali Khamenei during a parade on the occasion of the country's annual army day on April 18, 2018, in Tehran.
"The financial measures the U.S. put in place made it effectively impossible for Iran to repatriate revenue from oil sales," Maloney said, adding that sanctions also hurt Iran's foreign currency holdings, and made it difficult to import goods and services for its people and industries.
Oil exports fell from about 2.4 million barrels a day to 1.4 million barrels a day – it didn't help that oil prices fell by about 60 percent during those years. The Iranian rial plummeted by about 65 percent between 2010 and 2015, and it's fallen even further since. Medicine became difficult to obtain and prices for meat and eggs soared.
Maloney, who has been studying Iran for years, said it was the worst period for Iran's economy in its history. "Never has there been a time where the wages, earnings and purchasing power of Iranians has been as impacted as it was," she said.
With the economy slowly coming back to life over the last couple of years, and oil exports picking up, things were getting better. Now, though, Iranians are worried about what might happen next, Maloney said. Other governments, market watchers and economists are also paying careful attention to the country's economic situation. Not as bad as before
It's expected to take about six months before sanctions are imposed again, but Tom Elliott, a London-based international investment strategist with financial firm deVere Group, doesn't think the economy will be hit nearly as hard as it was a few years ago.
First of all, China, which is one of Iran's main oil buyers, is not part of the sanctions. "It's unlikely to show that it will be bossed around by America," he said.
Secondly, Europe, which did go along with the sanctions previously, may not follow suit again. Elliott thinks the region will seek a waiver to allow it to continue buying oil from Iran, and if it does that, then it will likely keep doing business with the country in the same way it does now.
If Trump does force the European Union to follow the U.S. lead, that could cause a big rift, he said.
Maloney noted that historically Europe and the U.S. have not seen eye-to-eye on Iran. During the 1979 Iranian hostage crisis, Europe and other allies expanded trade with the country. Europe also hasn't taken as hard of a line on Iran's terrorist funding activities as the U.S. has. Coordinated cooperation started during the Bush administration and came to fruition during the Obama years, but Maloney thinks it's unlikely that will continue. If Europe doesn't impose its own sanctions, then Iran's economy may be able to stay afloat. show chapters 1 Hour Ago | 02:36
None of this means Iran is out of the woods. If America does flex its muscle, and if Europe does join in on the sanctions, its economy would certainty suffer. In some ways, though, what happens with the economy itself is secondary. If its citizens feel as though things could get worse then they could protest, which is what happened in December, when thousands of people took to Iran's streets.
"The uncertainty is not about the complete shutdown of Iran's economy, but about whether it exacerbates what's already a low-level psychological crisis," Maloney said. "The value of the currency has dropped precipitously over the last couple of weeks alone. Does the panic revive itself and become worse? Do we see a dramatic capital flight from the country? These things can happen even if macroeconomic indicators look OK."
People are also fed up with government corruption, she said. Most aren't happy that their money goes to fund Hezbollah in Lebanon and the war in Syria, while reports of banks running Ponzi schemes to enrich people in power has infuriated many citizens – especially those who have lost money after banks have gone under.
If Iranians do rise up, the government could be forced to fight back with violence, and that would certainly send its economy into a tailspin and spook its Middle East neighbors. "It's difficult to see how the younger generation maintains the status quo," Elliott said. Global market mayhem
As long as the turmoil is contained within Iran's borders, global markets shouldn't falter, Elliott said. Oil prices could rise, and they have climbed in recent days to as high as $71, but it's in no one's interest to see oil prices jump to $100 a barrel or more, he said. If that happens, then U.S. drilling will increase, supply will climb and, eventually, oil prices will plummet.
The real danger, said Elliott, is that Trump's Iran exit will spark a war in the Middle East . Israel may be taking America's actions as a sign that it can now attack Iranian bases in Syria, and it did launch a "daring" strike against several Iranian targets in the country last night after rockets were fired into Israel from Syria.
If tensions escalate, then Israel, Syria, Lebanon, Iran and maybe even Saudi Arabia — which would likely come to Israel's defense — could find themselves engaged in battle. That would have a negative impact on economies around the world. "It would raise the price of gold, the dollar and oil and fears of a war spreading could take hold," Elliott said. "If Russia and Turkey get involved then things could get nasty."
As of now, markets have not reacted negatively to the deal pullout. The S&P 500 is up about 1.8 percent since the May 8 announcement, while the CBOE Volatility Index has fallen from 16 two days ago to about 13.5 today. That suggests that investors think Iran's economy won't suffer more than it already has, Elliott said.
But it's still early days.
"We'll see the full effects of this in the winter, so we need to wait," he said. "Unless Trump gets heavy on European allies, then I think Iran can see this through. But if Israel takes it as a blessing that it's time to hit Iran, then we could see war begin."
More from Global Investing Hot Spots: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/irans-economy-may-begin-death-spiral-with-trump-ending-nuclear-deal.html |
May 17, 2018 / 10:09 AM / Updated 25 minutes ago UPDATE 1-Enbridge to consolidate assets in $8.94 bln restructuring Reuters Staff 2 Min Read
(Adds background, details)
May 17 (Reuters) - Pipeline operator Enbridge Inc said on Thursday it would bring its independent units and liquids and gas pipeline assets under a single listed entity as part of a move to streamline its corporate structure.
Enbridge said it would buy in outstanding shares of its various corporate units, including Spectra Energy Partners and Enbridge Energy Partners, for a value of C$11.4 billion ($8.94 billion), or 272 million of its common shares.
The company, which has been trying to recast itself as a pure pipeline utility, has been under pressure to sell non-core assets and pare its debt pile of $60.87 billion as of Dec. 31.
Its $28 billion takeover of U.S.-based Spectra Energy last year added the most to its debt burden. Earlier this month, Enbridge sold some assets worth $2.5 billion.
The transaction will not have any impact on its three-year financial guidance, the company said.
Calgary-based Enbridge said after the restructuring all shareholders of its corporate units would hold the same stake. ($1 = 1.2753 Canadian dollars) (Reporting by Anirban Paul and Akshara P in Bengaluru; Editing by Gopakumar Warrier and Arun Koyyur) | ashraq/financial-news-articles | https://www.reuters.com/article/enbridge-restructuring/update-1-enbridge-to-consolidate-assets-in-8-94-bln-restructuring-idUSL3N1SO3O9 |
Companies large and small are updating their privacy policies and service terms to comply with upcoming European Union rules governing data and privacy. Only EU users are technically covered by the rules, formally known as the General Data Protection Regulation.
But many companies are making broader changes anyway, at least to some degree. Here's a look at how three leading internet companies — Facebook, Google and Twitter — are adapting to a post-GDPR world.
FACEBOOK
In March, Facebook updated its privacy controls in hopes of making them easier to find and understand. CEO Mark Zuckerberg has said Facebook intends to offer those same controls and settings around the world, even though the GDPR governs only EU users.
But Facebook has been vague about applying other GDPR provisions to non-Europeans. That includes one that lets Europeans object to the processing of personal data, such as for marketing.
Facebook has also ramped up efforts to get your permission to use facial recognition to automatically identify people in photos — for instance, to make it easier to tag friends or to let you know if someone uses your photo. Facebook has been using that technology in much of the world for six years, but not in the EU and Canada, where privacy laws are stronger.
Now, EU and Canadian users are being invited to turn that feature on. Facebook says it will eventually ask everyone to reaffirm the use of facial recognition; the company previously assumed consent unless users took the initiative to turn that off.
Though Facebook isn't making major changes to its data practices, its new privacy policy has one subtle change. Previously, all users outside the U.S. and Canada were legally managed by Facebook's Irish subsidiary. Under the new rules, everyone outside Europe will be fall under the jurisdiction of its U.S. headquarters.
That means users in Asia, for instance, won't get the EU privacy protections. Facebook didn't explicitly announce the change; The Associated Press confirmed it through checks in six countries.
Facebook also plans to offer a less-personalized version of its service for EU teens to comply with requirements it obtain parental permission before kids under 16 can, for instance, list their political or religious views online. In the U.S., the cutoff is lower, at 13. Facebook won't ask for parental consent in such cases outside the EU, but will ask teens themselves I they want these features.
GOOGLE
Google also isn't making major changes to its data practices, although it did rewrite its privacy policy to make it easier to understand. It now includes video to explain concepts better. Section headers have larger fonts, and links to related settings are more clearly marked. Google also expanded many sections to more fully explain how it collects and uses data.
Google is also expanding the availability of Family Link, a feature that lets parents create Google accounts for their children. As part of this, parents will have to give consent to comply with new EU provisions governing teens.
The feature also gives parents tools to control Android devices, such as locking the child's device and blocking apps. Family Link was already available in 11 countries, including the U.S., the U.K. and Ireland. Google is now making that available in the rest of the EU.
TWITTER
Twitter's new policy includes a few exemptions just for Europeans. Twitter says it may receive log data from websites that embed tweets or tweet buttons. But its policy now states that Twitter won't collect such data "from browsers that we believe" are in the EU and four countries linked to the EU by trade agreements — Iceland, Liechtenstein, Norway and Switzerland.
Twitter also provides a link to contact its data protection officer, but says it's for those in the EU or those four non-EU countries. Twitter doesn't say what will happen when someone outside Europe tries to make contact through that link.
Associated Press writers Yuri Kageyama in Tokyo, Youkyung Lee in Seoul, South Korea, Kelvin Chan in Hong Kong, Cara Rubinsky in London and Frank Jordans in Berlin contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/the-associated-press-how-google-facebook-will-adapt-to-europes-new-privacy-law.html |
DOJ opens bitcoin manipulation probe 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/doj-bitcoin-manipulation-probe.html |
Crypto could just make or break Nvidia.
The chipmaker's stock fell more than 2 percent Friday despite an earnings beat posted Thursday.
The drop was in part thanks to a statement by CEO Jensen Huang on the company's earnings call that despite making almost $300 million from crypto-related sales, he expects the number to be cut by about two-thirds next quarter.
And while the chipmaker did hit an all-time high ahead of its earnings report, Miller Tabak equity strategist Matt Maley said that from a technical standpoint, Nvidia needs to hold a key level if it wants to recover.
"If Nvidia can hold above the $250 level into early next week, it should be quite positive for the stock," Maley wrote in an email to CNBC's "Trading Nation" producers on Friday. "That old resistance level has now become support, so if it can bounce strongly off that level — either now or after a few days of consolidation — it will be good for the stock."
Maley also noted the stock's incredible run. Shares of Nvidia are up more than 100 percent over the last year and more than 1,100 percent since 2015. Despite the meteoric rise, he added, "it's been trending sideways, ... and just this week after an 11 percent rally it's slightly above that range."
The top end of that range happened to be at around $250, and with Friday's drop, Maley continues to watch that level closely.
Mark Tepper, president of Strategic Wealth Partners, is cautious on Nvidia. While he mentioned on "Trading Nation" on Thursday that he saw great potential in the gaming space, he said Nvidia's dependence on cryptocurrency mining puts it at risk.
And following Huang's statements on the earnings call, Tepper believes this is still a point of concern.
"[The two] biggest risks to this stock [are] crypto and AI," he wrote to CNBC. "For crypto miners, Nvidia is the first choice. If they're struggling, NVIDIA's going to feel it."
"And on the AI front, they've recently experienced a suspension of test drives for all of their driverless vehicles," he added.
Nvidia was trading at around $259 Friday morning, still above the $250 level Maley pointed to.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/nvidia-stock-slides-on-concerns-about-crypto-and-now-its-nearing-a-key-level.html |
RICHARDSON, Texas--(BUSINESS WIRE)-- RealPage, Inc. (NASDAQ: RP ), a leading global provider of software and data analytics to the real estate industry, announced today the pricing of its follow-on public offering of 7,000,000 shares of its common stock at a price of $57.00 per share, before underwriting discounts. In addition, RealPage has granted the underwriters a 30-day option to purchase up to 1,050,000 additional shares of its common stock. The offering is expected to close on or about May 29, 2018, subject to satisfaction of customary closing conditions.
RealPage intends to use the net proceeds from this offering primarily for repayment of indebtedness outstanding under its revolving facility and for general corporate purposes, including working capital, sales and marketing activities, research and development activities, general and administrative matters and capital expenditures. RealPage may also use the net proceeds from this offering for acquisitions of, or investments in, technologies, solutions or businesses that complement its business.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC are acting as the joint bookrunners for the offering. JMP Securities LLC, KeyBanc Capital Markets Inc. and Fifth Third Securities, Inc. are acting as co-managers for the offering.
An effective registration statement relating to the shares of common stock was previously filed with the U.S. Securities and Exchange Commission on May 21, 2018. A preliminary prospectus supplement describing the terms of the offering was filed with the Securities and Exchange Commission on May 21, 2018. The offering is being made only by means of the effective shelf registration statement, copies of which may be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152; and from RBC Capital Markets, LLC, Attention: Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About RealPage
RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use our platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 12,400 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit https://www.realpage.com .
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking” statements relating to the intended use of proceeds from this offering. Actual results may differ materially from those expressed by such . All information provided in this release is as of the date hereof and RealPage undertakes no duty to update this information except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005615/en/
RealPage, Inc.
Investor Relations
Rhett Butler, 972-820-3773
[email protected]
Source: RealPage, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-realpage-announces-pricing-of-follow-on-public-offering-of-common-stock.html |
This strategist says Disney had a 'B plus' quarter 9:40 PM ET Tue, 8 May 2018 Daniel Ives of GBH Insights says investors are currently more focused on issues such as Disney's "potential battle royale" with Comcast over the purchase of 21st Century Fox rather than the company's fundamentals. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/this-strategist-says-disney-had-a-b-plus-quarter.html |
IRVINE, Calif., May 10, 2018 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today announced its first quarter 2018 financial results for the period ended March 31, 2018.
“We were pleased to report revenue growth of 26% compared to the prior year period,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “This was the first quarter in which we generated revenues from sales to California’s adult use cannabis market. We believe these revenues will accelerate as the industry’s supply chain professionalizes and the adult-use market matures. California is the world’s largest cannabis market, home to approximately 40 million people, and we are proud to have positioned ourselves to have first mover advantage in anticipation of a significant market ramp over the coming months. To prepare us to scale our production to meet this projected demand, we are building a Blüm dispensary and extraction facility in San Leandro and have submitted applications to open two additional retail dispensaries in Santa Ana. As a result of this infrastructure buildout and the developments in the market, our California operations are well-positioned to drive top-line revenue growth in the future.
“We are also pleased with the performance of our four Nevada-based cannabis dispensaries, which have been selling to the adult-use market since July of last year and have established both our Blüm retail and IVXX wholesale brands as recognized leaders in the adult-use market. During the first quarter we participated in completing the construction of our new cultivation facility in Sparks, NV and our cannabis extraction facility in Reno, NV, which will significantly expand our capacity when the requisite state approvals come through.
“Our revenues from Edible Garden increased 40% as sales for our expanded line of organic and locally-grown salads and greens gained momentum. This segment of our business gives us a strong foothold in the New Jersey market and we will continue to invest in building out its distribution channels and constructing a major new packaging facility,” concluded Mr. Peterson.
Financial Update
Total revenues generated for the quarter ended March 31, 2018 were approximately $8.6 million, an increase of 26% from $6.8 million in the same period in 2017. This growth was primarily due to revenue generated by the Company’s dispensaries in California and Nevada and from revenue generated by Edible Garden from the sales of its produce and herbs. Gross margin for the quarter ended March 31, 2018 amounted to approximately 19.1%, compared to approximately 5.3% for the quarter ended March 31, 2017. Selling, general and administrative expenses for the quarter ended March 31, 2018 amounted to approximately $8.4 million, compared to approximately $6.4 million for the quarter ended March 31, 2017. The net loss attributable to Terra Tech for the quarter ended March 31, 2018 was approximately $(10.0 million), or ($0.16) per share compared to a loss of approximately $(10.1 million) or ($0.27) per share for the quarter ended March 31, 2017. The Company had $4.5 million in cash as of March 31, 2018. During the quarter, the Company secured a $40 million investment commitment, to be made in eight tranches of $5 million over 24 months. This capital injection will primarily be used to build out the Company’s infrastructure to support its long term growth strategy. Stockholders’ equity for the quarter ended March 31, 2018 amounted to approximately $85.7 million, an increase of approximately $8.9 million compared to approximately $76.8 million as of December 31, 2017. The Company had no short-term debt as of March 31, 2018. Long term debt was $13.2 million as of March 31, 2018, compared with $6.6 million as of December 31, 2017.
Business Update
California:
Terra Tech received State of California Temporary Authorization to cultivate, manufacture, distribute and retail cannabis to the adult-use market, following California’s legalization of adult-use cannabis sales effective January 1, 2018. This significantly expands the Company’s potential customer base in California beyond the medical market, which it has been servicing since April 2016.
Oakland: The Company’s Blüm, Oakland dispensary expanded its sales of cannabis to include the adult-use market for the first time. To prepare for a ramp in demand as a result of the legalization of adult-use cannabis, Terra Tech is constructing a 13,000 square foot cultivation facility in Hegenberger, Oakland which has the capacity to produce up to one metric ton, or 2,000 pounds, of cannabis per year. The facility is expected to be fully operational by late-2018. San Leandro: The Company continued construction of a Blüm dispensary and extraction facility, both of which are expected to open in the second half of 2018. Santa Ana: The Company continued to ramp sales at its Blüm, Santa Ana location, including making its first sales at this location to the adult-use market. Upon receiving regulatory approval from the city of Santa Ana, Terra Tech will acquire the cannabis retail permit associated with the dispensary for no additional consideration. On February 1, 2018, the Company submitted applications to open two additional retail dispensaries in Santa Ana and expects the City to announce whether these are approved in the next 60 days. Terra Tech’s ‘Craft Cultivator’, Panther Gap Farms, in Humboldt county, received the necessary cultivation and manufacturing licenses to grow and extract products for the Company’s proprietary IVXX-branded cannabis for the adult use market.
Nevada:
The Company’s four Blüm dispensaries in Nevada continued to grow their brand recognition among adult-use customers. The Company has participated in the completion of the construction of a new 30,000 square foot cannabis cultivation facility in Sparks, NV and a 15,000 square foot cannabis extraction facility in Reno, NV, through agreements with NuLeaf. The Company is awaiting final State of Nevada approvals to begin production at the Reno facility and cannabis cultivation of our IVXX-branded products at the Sparks facility.
New Jersey:
Construction is underway for a major new pack house in New Jersey to distribute herbs and leafy greens for its subsidiary, Edible Garden.
Conference Call
The company will also host a conference call today, Thursday, May 10, 2018 at 4:30 PM Eastern Time.
Dial-In Number: 1-857-232-0157 Access Code: 422095 Derek Peterson, Chairman and CEO of Terra Tech Corp., will be answering shareholder questions at the end of the call. Should you have questions during or prior to the conference call please send an email to [email protected] with ‘TRTC Question’ in the subject line. Mr. Peterson will answer as many questions as time will allow.
For those unable to participate in the live conference call, a replay will be available at http://smallcapvoice.com/blog/trtc/ . An archived version of the webcast will also be available on the investor relations section of the company's website.
To be added to the Terra Tech email distribution list, please email [email protected] with TRTC in the subject line.
About Terra Tech
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. The Company’s wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.
For more information about Terra Tech Corp visit: http://www.terratechcorp.com/
For more information about IVXX visit: http://ivxx.com/
For more information about Blüm Nevada visit: http://letsblum.com
For more information about Blüm Oakland visit: http://blumoak.com/
Visit us on Facebook @ https://www.facebook.com/terratechcorp/timeline
Follow us on Twitter @terratechcorp
For more information about Edible Garden visit: http://www.ediblegarden.com/
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=ts
Visit IVXX on Facebook @ https://www.facebook.com/ivxxbrand?fref=ts
Cautionary Language Concerning Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.'s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to Terra Tech Corp.'s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any any forward-looking statement to reflect events or circumstances after the date of this release. Information on Terra Tech Corp.'s website does not constitute a part of this release.
Contact
Philip Carlson
KCSA Strategic Communications
[email protected]
212-896-1238
TERRA TECH CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2018 2017 Total Revenues $ 8,615,366 $ 6,824,456 Cost of Goods Sold 6,967,926 6,465,393 Gross Profit 1,647,440 359,063 Selling, General and Administrative Expenses 8,422,548 6,386,300 Loss from Operations (6,775,108 ) (6,027,237 ) Other Income (Expense): Amortization of Debt Discount (468,317 ) (610,616 ) Loss on Extinguishment of Debt (4,731,246 ) (1,039,458 ) Gain on Fair Market Valuation of Derivatives 2,281,000 1,610,750 Interest Expense, Net (259,621 ) (157,833 ) Loss on Fair Market Valuation of Contingent Consideration - (4,348,761 ) Total Other Income (Expense) (3,178,184 ) (4,545,918 ) Net Loss (9,953,292 ) (10,573,155 ) Net Income (Loss) Attributable to Non-Controlling Interest 78,628 (461,167 ) NET LOSS ATTRIBUTABLE TO TERRA TECH CORP. $ (10,031,920 ) $ (10,111,988 ) Net Loss Per Common Share Attributable to Terra Tech Corp. Common Stockholders – Basic and Diluted $ (0.16 ) $ (0.27 ) Weighted-Average Number of Common Shares Outstanding – Basic and Diluted 64,711,660 37,818,109
TERRA TECH CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, December 31, 2018 2017 (Unaudited) ASSETS Current Assets: Cash $ 4,510,769 $ 5,445,582 Accounts Receivable 722,929 959,698 Notes Receivable 5,964,204 5,010,143 Inventory 4,772,158 5,760,019 Prepaid Expenses and Other Current Assets 1,581,555 1,067,689 Total Current Assets 17,551,615 18,243,131 Property, Equipment and Leasehold Improvements, Net 33,343,257 19,191,616 Intangible Assets, Net 27,166,459 27,773,110 Goodwill 28,921,260 28,921,260 Other Assets 861,842 4,058,682 TOTAL ASSETS $ 107,844,433 $ 98,187,799 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES: Current Liabilities: Accounts Payable and Accrued Expenses $ 4,840,730 $ 5,444,710
Derivative Liabilities 4,059,400 9,331,400
Total Current Liabilities 8,900,130 14,776,110 Long-Term Liabilities: Long-Term Debt, Net of Discounts 13,232,818 6,609,398 Total Long-Term Liabilities 13,232,818 6,609,398 Total Liabilities 22,132,948 21,385,508 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY: Preferred Stock, Convertible Series A, Par Value $0.001: - - 100 Shares Authorized as of March 31, 2018 and December 31, 2017; 8 Shares Issued and Outstanding as of March 31, 2018 and December 31, 2017 Preferred Stock, Convertible Series B, Par Value $0.001: - - 49,999,900 Shares Authorized as of March 31, 2018 and December 31, 2017; 0 Shares Issued and Outstanding as of March 31, 2018 and December 31, 2017 Common Stock, Par Value $0.001: 65,345 61,819 990,000,000 Shares Authorized as of March 31, 2018 and December 31, 2017; 65,344,816 and 61,818,560 Shares Issued and Outstanding as of March 31, 2018 and December 31, 2017, respectively Additional Paid-In Capital 200,222,380 181,357,715 Accumulated Deficit (115,580,522 ) (105,548,602 ) Total Terra Tech Corp. Stockholders’ Equity 84,707,203 75,870,932 Non-Controlling Interest 1,004,282 931,359 Total Stockholders’ Equity 85,711,485 76,802,291 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 107,844,433 $ 98,187,799
Source:Terra Tech Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-terra-tech-corp-reports-financial-results-for-the-first-quarter-of-2018.html |
HARTFORD, Conn.--(BUSINESS WIRE)-- Aetna (NYSE: AET ) will hold its Annual Meeting of Shareholders on Friday, May 18, 2018, at 9:30 a.m. ET in New York City. The meeting will be accessible through a live, audio-only webcast on the company’s Investor Information website, www.aetna.com/investor . A webcast replay will be available after the event.
Anyone attending or listening to the meeting is encouraged to read the company’s 2017 Annual Report on Form 10-K and its Quarterly Report on Form 10-Q for the first quarter of 2018, including the discussion of risk factors and Aetna's historical results of operations and financial condition contained therein. Those reports are on file with the Securities and Exchange Commission and available on the company’s Investor Information website, www.aetna.com/investor .
About Aetna
Aetna is one of the nation's leading diversified health care benefits companies, serving an estimated 40.3 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com and learn about how Aetna is helping to build a healthier world . @AetnaNews
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005382/en/
Aetna
Media Contact:
Ethan Slavin, 860-273-6095
[email protected]
or
Investor Contact:
Joe Krocheski, 860-273-0896
[email protected]
Source: Aetna | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-aetna-shareholder-meeting-to-be-webcast.html |
Clearfield, PA, May 08, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of CNB Financial Corporation [Nasdaq: CCNE] has announced the declaration of 16.5 cents per share quarterly dividend payable on June 15, 2018 to shareholders of record on June 1, 2018.
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $2.9 billion that conducts business primarily through CNB Bank, CNB Financial Corporation’s principal subsidiary. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, and 41 full-service offices in Pennsylvania, Ohio, and New York. CNB Bank’s divisions include ERIEBANK, based in Erie, Pennsylvania with offices in northwest Pennsylvania and northeast Ohio; FCBank, based in Worthington, Ohio with offices in central Ohio; and BankOnBuffalo, based in Buffalo, New York with offices in northwest New York. CNB Bank is headquartered in Clearfield, Pennsylvania with offices in central and north central Pennsylvania.
For further information regarding the stock of CNB Financial Corporation, please call (814) 765-9621, CNB Bank Stock Transfer Department or contact any brokerage firm. The identifying symbol for this security is CCNE.
CNB Bank websites can be found at www.CNBBank.bank , www.ERIEBANK.bank , www.FCBank.bank , and www.BankOnBuffalo.bank .
Brian Wingard CNB Financial Corporation 814-765-9621 [email protected]
Source:CNB Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-cnb-financial-announces-second-quarter-dividend.html |
May 14 (Reuters) - Aurora Cannabis:
* AURORA CANNABIS CEO SAYS WILL FOCUS ON ACQUISITIONS THAT HELP GAIN ACCESS TO NEW REGIONS - CONF CALL
* SAYS TARGETING AUGUST TO CLOSE THE DEAL - CONF CALL Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aurora-cannabis-says-targeting-aug/brief-aurora-cannabis-says-targeting-august-to-close-the-deal-conf-call-idUSFWN1SL12E |
May 16 (Reuters) - Turnstone Biologics:
* TURNSTONE BIOLOGICS ANNOUNCES U.S. FDA ACCEPTANCE OF IND FOR IMMUNOTHERAPY TARGETING HPV POSITIVE CANCERS
* TURNSTONE BIOLOGICS ANNOUNCES U.S. FDA ACCEPTANCE OF IND FOR IMMUNOTHERAPY TARGETING HPV POSITIVE CANCERS
* TURNSTONE BIOLOGICS - ENTERED INTO A CLINICAL SUPPLY AGREEMENT WITH F. HOFFMANN-LA ROCHE LTD UNDER WHICH ROCHE WILL PROVIDE ATEZOLIZUMAB (TECENTRIQ) Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fda-accepts-turnstone-biologics-in/brief-fda-accepts-turnstone-biologics-ind-for-cancer-immunotherapy-idUSASC0A2KI |
NEW YORK, May 4, 2018 /PRNewswire/ --
If you want a free Stock Review on BSX, HOLX, ISRG, and IVC sign up now at www.wallstequities.com/registration . WallStEquities.com has selected the following Medical Appliances and Equipment stocks for assessment today: Boston Scientific Corp. (NYSE: BSX), Hologic Inc. (NASDAQ: HOLX), Intuitive Surgical Inc. (NASDAQ: ISRG), and Invacare Corp. (NYSE: IVC). These companies operate in the Healthcare sector, which is engaged in manufacturing medical equipment, supplies, and pharmaceuticals, as well as operating healthcare facilities and provision of managed healthcare. All you have to do is sign up today for this free limited time offer by clicking the link below. www.wallstequities.com/registration
Boston Scientific
Massachusetts headquartered Boston Scientific Corp.'s shares gained slightly by 0.55%, closing Thursday's trading session at $29.43. The stock recorded a trading volume of 7.94 million shares, which was above its three months average volume of 7.67 million shares. The Company's shares have advanced 6.09% in the last month, 6.51% over the previous three months, and 11.22% over the past year. The stock is trading 5.51% above its 50-day moving average and 6.75% above its 200-day moving average. Additionally, shares of Boston Scientific, which develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide, have a Relative Strength Index (RSI) of 60.80.
On April 26 th , 2018, research firm Needham reiterated its 'Strong Buy' rating on the Company's stock with an increase of the target price from $35 a share to $36 a share.
On April 30 th , 2018, Boston Scientific announced the close of its acquisition of NxThera. The latter developed the Rezūm ® system, a minimally invasive therapy for patients with symptomatic benign prostatic hyperplasia. With the completion of the acquisition, NxThera will become part of the Boston Scientific Urology and Pelvic Health business. Get the full research report on BSX for free by clicking below at: www.wallstequities.com/registration/?symbol=BSX
Hologic
On Thursday, shares in Massachusetts headquartered Hologic Inc. recorded a trading volume of 9.53 million shares, which was above their three months average volume of 2.49 million shares. The stock plummeted 6.89%, ending the day at $36.91. The Company's shares are trading below their 50-day moving average by 3.46%. Furthermore, shares of Hologic, which develops, manufactures, and supplies diagnostics products, medical imaging systems, and surgical products for women in the US, Europe, Asia/Pacific, and internationally, have an RSI of 40.03.
On May 01 st , 2018, Hologic announced that it will present at the following investor conferences: (i) The Deutsche Bank 43 rd Annual Health Care Conference on May 09 th , 2018, at 8:40 a.m. ET in Boston, Massachusetts; (ii) The Goldman Sachs Third Annual Leveraged Finance Conference on May 10 th , 2018, at 11:20 a.m. PT in Rancho Palos Verdes, California; and (iii) The Bank of America Merrill Lynch 2018 Healthcare Conference on May 15 th , 2018, at 3:00 p.m. PT in Las Vegas, Nevada.
On May 03 rd , 2018, research firm Needham reiterated its 'Buy' rating on the Company's stock with a decrease of the target price from $50 a share to $43 a share. HOLX's complimentary research coverage is a few simple steps away at: www.wallstequities.com/registration/?symbol=HOLX
Intuitive Surgical
California headquartered Intuitive Surgical Inc.'s stock finished the day 0.17% lower at $448.24 with a total trading volume of 804,727 shares. The Company's shares have advanced 11.52% in the last month, 5.24% in the previous three months, and 59.08% over the past year. The stock is trading above its 50-day and 200-day moving averages by 5.04% and 17.16%, respectively. Additionally, shares of Intuitive Surgical, which designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories, have an RSI of 57.50.
On April 17 th , 2018, Intuitive Surgical announced its financial results for the quarter ended March 31 st , 2018. Revenue for Q1 2018 was $848 million, GAAP income from operations was $277 million, and GAAP net income was $288 million. The Company ended the quarter with $4.1 billion in cash, cash equivalents, and investments, an increase of $222 million during the quarter, primarily driven by cash generated from operations. Register for your free research report on ISRG at: www.wallstequities.com/registration/?symbol=ISRG
Invacare
Shares in Ohio headquartered Invacare Corp. ended yesterday's session 0.27% lower at $18.80. The stock recorded a trading volume of 228,567 shares. The Company's shares have advanced 11.90% in the last month, 4.16% over the previous three months, and 29.66% over the past year. The stock is trading 4.89% and 14.45% above its 50-day and 200-day moving averages, respectively. Moreover, shares of Invacare have an RSI of 58.28.
On April 18 th , 2018, Invacare announced that it will release its financial results for Q1 ended March 31 st , 2018 after the market closes on May 07 th , 2018. The Company will provide a live conference call and webcast on May 08 th , 2018, at 8:30 a.m. ET to discuss these results. Wall St. Equities' downloadable research report on IVC available at: www.wallstequities.com/registration/?symbol=IVC
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View original content: http://www.prnewswire.com/news-releases/this-mornings-technical-outlook-on-medical-equipment-stocks----boston-scientific-hologic-intuitive-surgical-and-invacare-300642753.html
SOURCE Wall St. Equities | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-this-mornings-technical-outlook-on-medical-equipment-stocks--boston-scientific-hologic-intuitive-surgical-and-invacare.html |
The yield on Italian government 10-year bonds rose to a seven-week high Thursday, while stocks sold off, following news that former Prime Minister Silvio Berlusconi will not stand in the way of a new coalition government.
The anti-establishment Five Star (M5S) and right-wing Lega parties are said to be closing in on an agreement to form a ruling coalition for the euro zone's third largest economy.
Benchmark 10-year Italian yields jumped to 1.94 percent in early trading and the spread between Italian debt and its German counterpart stretched to its widest in six weeks. The FTSE MIB equity index in Milan is more than 1 percent lower.
Charlie Diebel, head of rates at Aviva investors, told CNBC on Thursday that If M5S and Lega were to form a government, markets would be "a little cautious" as to what they might do.
He added that investors are wary that both might fulfil pre-election commitments to trim fiscal austerity or attempt to renegotiate reform pledges with the European Union (EU).
Berlusconi's presence as an ally to Lega had previously been a sticking point for M5S, preventing the two parties from brokering a political deal.
But Diebel said the former leader's self-enforced absence should not be read as an end to his political career and could even prove astute should M5S and Lega fail to gel.
Italian President Sergio Mattarella has given both parties 24 hours to reach a deal before he appoints a caretaker cabinet.
Italy has been without a government since an inconclusive vote on March 4 that saw M5S gain the most votes.
The election also saw big gains for the center-right alliance led by Lega. The center-left Democratic Party (PD) suffered heavy losses to come third.
show chapters Italy is in good shape, Intesa Sanpaolo CEO says 9 Hours Ago | 02:20 Carlo Messina, chief executive officer at Italian bank Intesa Sanpaolo told CNBC on Thursday that, despite a lack of political leadership, Italy's corporate world has proved itself to be economically stable.
Messina said earnings season had revealed excellent first quarter results for a high number of Italian companies.
"Italy is in good shape and it is accelerating. We are used to having political instability, but the engines for growth in this country for growth are delivering," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/silvio-berlusconi-stands-aside-in-italy-and-markets-dont-like-it.html |
Breakingviews TV: Marchionnderci Thursday, May 31, 2018 - 04:31
May 31 - Fiat Chrysler’s CEO unveils a new five-year plan this week, his last before retiring next year. Rob Cox and Antony Currie discuss his successes – and how he has to leave overhauling its European unit and investing in electric and self-driving cars to his successor.
May 31 - Fiat Chrysler’s CEO unveils a new five-year plan this week, his last before retiring next year. Rob Cox and Antony Currie discuss his successes – and how he has to leave overhauling its European unit and investing in electric and self-driving cars to his successor. //reut.rs/2LblUfA | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/breakingviews-tv-marchionnderci?videoId=431965407 |
LOS ANGELES--(BUSINESS WIRE)-- Differential Brands Group Inc. (the “Company”) (NASDAQ: DFBG), a branded portfolio of operating companies in the apparel, footwear and accessories sectors comprised of Hudson Jeans, Robert Graham and SWIMS, today announced EBITDA of $1.5 million driven by a 12% jump in Consumer Direct sales for the three months ended March 31, 2018.
Total Company net sales for the first quarter of 2018 decreased by 3% from the same period last year to $38.8 million. Comparable retail stores net sales at both Robert Graham and SWIMS increased 16% as both full price and outlet stores contributed strong double digit sales gains across the brands which helped drive the 12% improvement at Consumer Direct. Wholesale segment sales declined 8% as improvements at Robert Graham were offset by reductions at Hudson and SWIMS.
Michael Buckley, Chief Executive Officer, commented, “Our stores at both Robert Graham and SWIMS outperformed during the first quarter by posting significant comparable store sales gains. The Consumer Direct segment produces margins that are on average 27 points better than Wholesale, thus we did not see as much margin erosion from the Wholesale segment decline. Department store brick and mortar shoppers continue to slowly migrate toward ecommerce channels. This ecommerce migration has had some impact on Hudson’s channel distribution. Our SWIMS wholesale business was impacted by a timing difference related to outgoing shipments in early Q2 that were scheduled for late Q1.”
Mr. Buckley continued, “We remain committed to test a retail store in the U.S. for Hudson, and Hudson’s roll-out of sportswear is on schedule for Fall 18’. Robert Graham has revitalized its Women’s offering in Spring 18’ and is poised to invest in this category as a major avenue of future growth. Robert Graham also executed a new license for tailored clothing during the quarter. Lastly, at SWIMS, our Spring 18’ expanded assortment has been met with high regard from the market, and we expect to see a favorable impact in the second quarter of 2018. The assortment expansion augers well for the Fall 18’ season. SWIMS' first company-owned full price retail store location, in Oslo, Norway, is on schedule to open in the Fall of 2018.”
Segment net sales and adjusted EBITDA results were as follows:
Three months ended March 31, 2018 2017 (unaudited, in thousands) Net sales: Wholesale $ 28,670 $ 31,144 Consumer Direct 9,364 8,346 Corporate and other 784 613 Total Company net sales $ 38,818 $ 40,103 Adjusted EBITDA Operating income (loss): Wholesale $ 6,156 $ 8,357 Consumer Direct (143 ) (1,213 ) Corporate and other (6,569 ) (7,449 ) Adjustments* 2,100 2,847 Total Company Adjusted EBITDA $ 1,544 $ 2,542 *See “Adjusted EBITDA” below for reconciliation with GAAP.
First Quarter Financial Review
Total Company net sales for the three months ended March 31, 2018, decreased 3% to $38.8 million, reflecting a 12% increase in Consumer Direct segment sales and an 8% decrease in Wholesale segment sales. The Consumer Direct increase was driven by a 16% comparable stores net sales increase. At Robert Graham and SWIMS, both full price and outlet stores performed double digit ‘comps’. In regard to the Wholesale segment, Robert Graham improved its business to mid-single digit growth versus the same quarter last year. However, Robert Graham’s Wholesale sales improvement was offset by declines at Hudson and SWIMS. SWIMS decrease related to delayed receipt flow that shifted some revenue into early second quarter while Hudson booked less sales volume as a product of its customers continuing to have some difficulty navigating the consumer shift to the on-line distribution channel. Hudson is working with certain retailers to help navigate this shift, such as offering a drop shipment service for major retail customers, as well as developing new relationships with meaningful emerging premium on-line retailers.
Gross profit was $16.3 million this quarter, compared to $18.6 million in the first quarter of fiscal 2017. Last year’s gross profit was impacted by a benefit of $1.4 million related to a one-time accounting change of the valuation of inventory (refer to Form 10-K for the year ended December 31, 2017 for details). On a comparable basis, gross profit last year was $17.2 million or $0.9 million over the first quarter 2018. This reduction primarily relates to the Wholesale net sales decline this quarter which more than offset Consumer Direct margin gains. Gross profit margin on a comparable basis was 41.9% compared to 42.9% last year.
Selling, general and administrative expenses for the quarter ended March 31, 2018, were $15.3 million compared to $17.4 million in the same quarter of the prior year. Selling, general and administrative expenses as a percentage of net sales decreased to 39.5% from 43.4% in the first quarter of 2017. These improvements relate to the permanent re-structure of certain Wholesale selling commissions and efficiencies gained by consolidating certain administrative functions.
Adjusted EBITDA for the first quarter of 2018 was $1.5 million as compared to $2.5 million for the same quarter last year. Last year’s adjusted EBITDA included the one-time $1.4 million accounting adjustment for inventory valuation that benefited gross profit. Without the adjustment, first quarter 2018 adjusted EBITDA would have exceeded last year by $0.4 million.
For the first quarter of 2018 and 2017, net loss and loss per share were $4.1 million and $0.43 per share compared to $2.4 million and $0.28 per share, respectively.
About Differential Brands Group
Differential Brands Group Inc. (NASDAQ: DFBG) is a platform that focuses on branded operating companies in the premium apparel, footwear and accessories sectors. Our focus is on organically growing our brands through a global, omni-channel distribution strategy while continuing to seek opportunities to acquire accretive, complementary premium brands.
Our current brands are Hudson®, a designer and marketer of women’s and men’s premium, branded denim and apparel, Robert Graham®, a sophisticated, eclectic apparel and accessories brand seeking to inspire a global movement, and SWIMS®, a Scandinavian lifestyle brand best known for its range of fashion-forward, water-friendly footwear, apparel and accessories. For more information, please visit Differential's website at: www.differentialbrandsgroup.com .
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The matters discussed in this release involve estimates, projections, goals, forecasts, assumptions, risks and uncertainties that could cause actual results or outcomes to differ expressed in the forward-looking statements. All statements in this release that are not purely historical facts are forward-looking statements, including statements containing the words “may,” “will,” “expect,” “anticipate,” “intend,” “estimate,” “continue,” “believe,” “plan,” “project,” “will be,” “will continue,” “will likely result” or similar expressions. Any forward-looking statement inherently involves risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to: the risk of intense competition in the denim and premium lifestyle apparel industries; the risk that the Company’s substantial indebtedness could adversely affect the Company’s financial performance and impact the Company’s ability to service its indebtedness; the risks associated with the Company’s foreign sourcing of its products and the implementation of foreign production for Hudson’s products, including in light of potential changes in international trade relations brought on by the current U.S. presidential administration; risks associated with the Company’s third-party distribution system; the risk that the Company will be unsuccessful in gauging fashion trends and changing customer preferences; the risk that changes in general economic conditions, consumer confidence or consumer spending patterns, including consumer demand for denim and premium lifestyle apparel, will have a negative impact on the Company’s financial performance or strategies and the Company’s ability to generate cash flows from its operations to service its indebtedness; risks related to the Company’s ability to respond to the business environment and fashion trends; risks related to continued acceptance of the Company’s brands in the marketplace; risks related to the Company’s reliance on a small number of large customers; risks related to the Company’s ability to implement successfully any growth or strategic plans; risks related to the Company’s ability to manage the Company’s inventory effectively; the risk of cyber-attacks and other system risks; risks related to the Company’s ability to continue to have access on favorable terms to sufficient sources of liquidity necessary to fund ongoing cash requirements of the Company’s operations or new acquisitions; risks related to the Company’s ability to continue to have access on favorable terms to sufficient sources of liquidity necessary to fund ongoing cash requirements of its operations or new acquisitions; risks related to the Company’s pledge of all its tangible and intangible assets as collateral under its financing agreements; risks related to the Company’s ability to generate positive cash flow from operations; risks related to a possible oversupply of denim in the marketplace; and other risk. The Company discusses certain of these factors more fully in its additional filings with the SEC, including its annual report on Form 10-K for the fiscal year ended December 31, 2017 and subsequent reports filed with the SEC, and this release should be read in conjunction with those reports through the date of this release. The Company urges you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this release.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Since the Company operates in a rapidly changing environment, new risk factors can arise and it is not possible for the Company’s management to predict all such risk factors, nor can the Company’s management assess the impact of all such risk factors on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ contained in any forward-looking statements. The Company’s future results, performance or achievements could differ expressed or implied in these forward-looking statements. The Company does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
DIFFERENTIAL BRANDS GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three months ended March 31, 2018 2017 (unaudited) Net sales $ 38,818 $ 40,103 Cost of goods sold 22,563 21,499 Gross profit 16,255 18,604 Operating expenses Selling, general and administrative 15,348 17,411 Depreciation and amortization 1,463 1,498 Total operating expenses 16,811 18,909 Operating loss (556 ) (305 ) Interest expense 2,215 2,047 Other (income) expense, net (1 ) 24 Loss before income taxes (2,770 ) (2,376 ) Income tax provision (benefit) 1,315 (26 ) Net loss $ (4,085 ) $ (2,350 ) Loss per common share - basic and diluted $ (0.43 ) $ (0.28 ) Weighted average shares outstanding Basic 13,550 13,287 Diluted 13,550 13,287 As a Percent of Sales
Three months ended March 31, 2018 2017 (unaudited) Net sales 100.0 % 100.0 % Cost of goods sold 58.1 % 53.6 % Gross profit 41.9 % 46.4 % Operating expenses Selling, general and administrative 39.5 % 43.4 % Depreciation and amortization 3.8 % 3.7 % Total operating expenses 43.3 % 47.2 % Operating loss (1.4 %) (0.8 %) Interest expense 5.7 % 5.1 % Other (income) expense, net (0.0 %) 0.1 % Loss before income taxes (7.1 %) (5.9 %) Income tax provision (benefit) 3.4 % (0.1 %) Net loss (10.5 %) (5.9 %) Adjusted EBITDA
Three months ended March 31, 2018 2017 (unaudited, in thousands) Reconciliation of GAAP net loss to Adjusted EBITDA: GAAP net loss $ (4,085 ) $ (2,350 ) Adjustments: Provision (benefit) for income taxes 1,315 (26 ) Interest expense 2,215 2,047 Non-cash stock compensation (a) 637 439 Depreciation and amortization 1,463 1,498 Restructuring (b) — 843 Store closure costs (c) — 67 Foreign currency (gain) loss (1 ) 24 Total Adjustments 5,629 4,892 Adjusted EBITDA (1) $ 1,544 $ 2,542 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-dfbg-reports-first-quarter-2018-results.html |
SAN DIEGO, May 11, 2018 /PRNewswire/ -- DB CyberTech , a pioneer in machine learning based predictive database data loss prevention , today announced their name change from DB Networks to DB CyberTech to better align with their strategy and technologies in cyber security. DB CyberTech is addressing a critical gap of current enterprise DLP security products – preventing database data loss before it happens.
DB CyberTech offers a completely new paradigm for DLP and will ultimately eliminate dwell time while ensuring the integrity of mission critical data. Enterprises can now proactively respond to threats for potential data loss before their data is stolen or modified rather than reacting months after the incident in an attempt to determine how much of their data was stolen.
"Our strategy and product portfolio continues to be focused on enterprise security software and we felt it necessary for our name reflect this," said Brett Helm, Chairman and CEO of DB CyberTech. "DB CyberTech is unique for our predictive database data loss prevention. Rather than only analyzing response data we use machine learning to analyze what's being requested to accurately predict potential database threats."
About DB CyberTech
DB CyberTech (formally DB Networks) innovates predictive database data loss prevention products. Its customers include the world's largest financial institutions, healthcare providers, manufacturers, and governments. DB CyberTech technology non-intrusively assesses database infrastructures through deep protocol extraction, machine learning, and behavioral analysis. Customers gain insights by discovering information assets such as all active databases, identifying tables being accessed, and mapping the specific applications accessing the databases. In addition, machine learning technology immediately pinpoints insider threats and database attacks. DB CyberTech is a privately held company headquartered in San Diego, Calif. For more information, call (800) 598-0450 or visit the company's website at http://www.dbcybertech.com/
DB CyberTech
15015 Avenue of Science
Suite 150
San Diego, CA 92128
www.dbcybertech.com
Contact:
Rita Rheinecker
(800) 598-0450
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/db-networks-announces-company-name-change-to-db-cybertech-300646796.html
SOURCE DB CyberTech | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-db-networks-announces-company-name-change-to-db-cybertech.html |
BEVERLY HILLS, Calif., April 30 (Reuters) - The U.S. House of Representatives could vote in May on a bill easing bank rules adopted after the 2007-2009 global financial crisis, a leading Republican lawmaker said on Monday.
The comments by Representative Kevin McCarthy, the House majority leader, marked the strongest sign yet that a deal could soon be reached between the House and Senate to pass the first rewrite of the 2010 Dodd Frank financial reform law.
Last month the Senate voted 67-32 in favor of a bipartisan bill that would ease oversight of small and mid-sized banks.
House Republicans have stalled voting on the Senate bill on the grounds that additional provisions should be included to further lower the regulatory burden on banks and to make it easier for small companies to raise capital.
Many Democrats say Dodd-Frank provides critical protections for consumers and taxpayers. While the Senate bill passed with the support of 17 moderate Democrats, key members of the party including Senator Mark Warner have said they would withdraw support if any further changes are made.
That has raised fears among bank lobbyists that the House could sink the bill if it refused to approve the Senate version.
But McCarthy, a Republican, said there was a willingness on both sides to pass the bill, which would reform, rather than repeal, Dodd Frank.
“I think you are within a month of getting it ... done,” the California lawmaker told the Milken economic conference audience in Beverly Hills.
“At the end of the day there will be a bill at the President’s desk,” he added, pledging to deliver legislation to President Donald Trump before the 2019 midterm elections in November.
Trump said in March that he would sign the bill once it had been approved by both the House and Senate
Last week, Representative Jeb Hensarling, chairman of the House Financial Services Committee, said he was “certainly open to other pathways” to pass legislation aimed at helping small businesses.
McCarthy echoed these comments on Monday, suggesting some of the House’s wishlist could be included in separate legislation. (Reporting by Lawrence Delevingne in Beverly Hills and Katanga Johnson in Washington Editing by Michelle Price and Tom Brown)
| ashraq/financial-news-articles | https://www.reuters.com/article/milken-conference-mccarthy/u-s-house-may-vote-on-dodd-frank-reform-bill-in-may-mccarthy-idUSL1N1S71JQ |
May 7 (Reuters) - China Fibretech Ltd:
* ANNOUNCES PROPOSED PLACEMENT OF 50 MILLION NEW ORDINARY SHARES AT S$0.60 FOR EACH NEW SHARE
* ESTIMATED NET PROCEEDS FROM PROPOSED PLACEMENT S$29.9 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-fibretech-announces-proposed/brief-china-fibretech-announces-proposed-placement-of-50-mln-new-shares-at-s0-60-per-share-idUSFWN1SE0SC |
Municipal bond investors lend at their own risk, and they may want to think long and hard before walking into Illinois’s debt mine after the state comptroller started garnishing the Chicago suburb of Harvey’s tax revenues to pay for pensions.
For years Harvey politicians skimped on pensions to boost worker pay. The city’s $60.8 million unfunded pension liability is now twice its annual operating revenues, and its police and fire funds are at risk of going broke in the next recession.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/have-we-got-a-muni-bond-for-you-1525993374 |
NEW YORK, May 1, 2018 /PRNewswire/ -- TheStreet, Inc. (NASDAQ: TST), a leading financial news and information company, will announce its first quarter 2018 financial and operating results on Tuesday, May 8, 2018. The Company will host its quarterly conference call to discuss these results at 10:30 am Eastern Time on Tuesday May 8, 2018.
To participate in the call, please dial 800-289-0438 (domestic) or 323-794-2423 (international). The conference code is 5200377. This call is being webcast and can be accessed on the Investor Relations section of TheStreet website at. http://investor-relations.thestreet.com/events.cfm
A replay of the webcast will be available approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.
About TheStreet
TheStreet, Inc. ( NASDAQ: TST , www.t.st ) is a leading financial news and information provider to investors and institutions worldwide. The Company's namesake brand, TheStreet ( www.thestreet.com ), is in its third decade of producing unbiased business news and market analysis for individual investors. The Company's portfolio of institutional brands includes The Deal ( www.thedeal.com ), which provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control; BoardEx ( www.boardex.com ), a relationship mapping service of corporate directors and officers; and RateWatch ( www.rate-watch.com ), which supplies rate and fee data from banks and credit unions across the U.S.
View original content with multimedia: http://www.prnewswire.com/news-releases/thestreet-inc-to-announce-first-quarter-2018-results-on-tuesday-may-8-2018-300640197.html
SOURCE TheStreet, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-thestreet-inc-to-announce-first-quarter-2018-results-on-tuesday-may-8-2018.html |
May 2, 2018 / 1:32 PM / Updated 24 minutes ago Basque separatist group ETA says it has 'completely dissolved' Isla Binnie 3 Min Read
MADRID (Reuters) - Basque separatist group ETA has completely dismantled all its structures, ending a 50-year guerrilla campaign, it said in a letter dated April 16 and published by the Spanish online newspaper El Diario on Wednesday. Agus Hernan (Foro Social), Alain Iriart, mayor of St. Pierre d'Irube, Anais Funosas (Bake Bidea), Jean Rene Etchegaray, mayor of Bayonne, Francois Xavier Nenon and Raymond Kendall (International Contact Group), give a news conference, to offer information concerning the dissolution of armed Basque separatists ETA, due for May 4 in the French town of Cambo-Les-Bains, in Bayonne, France, April 23, 2018. REUTERS/Vincent West
The group is due to formalise its dissolution at an official event later this week, drawing a line under an ultimately unsuccessful drive for an independent state in northern Spain and southern France that killed around 850 people.
“ETA has completely dissolved all its structures and ended its political initiative,” said the letter, which El Diario said had been sent to several Basque organisations.
ETA (Euskadi Ta Askatasuna, or Basque Country and Freedom) declared a ceasefire in 2011 and handed over weapons in April 2017, bringing Western Europe’s last major armed insurgency to a close.
These decisions were aimed at “shaking off the situation of the last decades and building a future from a new starting point,” ETA said in the letter, which followed an apology it made to its victims last month.
The final chapter in the gradual demise of ETA, which was formed in Madrid in 1959 by students angry at the repressive dictatorship of General Francisco Franco, was met with some relief but also resentment.
“I don’t believe in the end of ETA because there are lots of deaths that haven’t come to light, lots of murders that have never been cleared up, lots of victims who have not been compensated,” said Carmen, an economist who lives in the Basque city of San Sebastian, declining to give her surname.
“I don’t think anyone, from ETA or anywhere, has the right to kill anyone else.”
Violence escalated in the 1960s and Franco’s regime responded in kind, as the group assassinated politicians and officials as well as bombing public places.
Attacks including a 1987 car bomb at a Barcelona supermarket, which killed a pregnant woman and two children, horrified people in Spain and abroad, and effective crackdowns by Spanish and French police weakened ETA.
Government spokesman Inigo Mendez de Vigo said Spain would continue to pursue suspects in crimes attributed to ETA.
“We will never turn a blind eye to these terrorists and we will never bow down. They should know that they will need to pay for their guilt and there will be no impunity. Before and after this statement, they will be pursued wherever they are,” he said.
Polls on support for independence vary, but one carried out in November by the university of Deusto showed just 14 percent of people in favour.
While ETA is now consigned to history, the letter said, the drive for Basque independence would continue.
“The conflict did not start with ETA and it does not finish with the end of ETA’s journey,” it said. Additional reporting by Vincent West and Raquel Castillo; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-eta/basque-group-eta-says-has-completely-dissolved-el-diario-website-idUKKBN1I31TJ |
May 29, 2018 / 8:43 PM / Updated 12 hours ago Centre Te'o ruled out of England's South Africa tour Reuters Staff 1 Min Read
(Reuters) - Centre Ben Te’o will miss England’s tour of South Africa next month after sustaining a thigh muscle injury, the Rugby Football Union (RFU) said on Tuesday. Rugby Union - England Training - Brighton College, Brighton, Britain - May 15, 2018 England's Ben Te'o during training Action Images via Reuters/Andrew Couldridge
England coach Eddie Jones has made three changes to his initial 34-man squad, with the 31-year-old Worcester player Te’o requiring minor surgery.
Northampton back Piers Francis, Wasps number eight Nathan Hughes and uncapped Gloucester fullback Jason Woodward were drafted in as replacements for injured trio Te’o, Cameron Redpath (knee) and Jack Willis (knee).
The squad began their final preparations at Pennyhill Park on Tuesday before flying to South Africa on Saturday for the three-test series.
England, who suffered three successive Six Nations defeats earlier this year, lost 63-45 to the Barbarians in a non-cap match at Twickenham on Sunday.
They will face South Africa in Johannesburg (June 9), Bloemfontein (June 16) and Cape Town (June 23). Reporting by Hardik Vyas in Bengaluru; editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-england-squad/centre-teo-ruled-out-of-englands-south-africa-tour-idUKKCN1IU2P9 |
× × Stacey Cunningham was born to run the New York Stock Exchange: Fmr. NYSE CEO Dick Grasso 27 Mins Ago Richard Grasso, former NYSE chairman and chief executive, discusses Stacey Cunningham’s appointment to the presidency of the New York Stock Exchange, the first female president in the NYSE’s 226-year history. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/stacey-cunningham-was-born-to-run-the-new-york-stock-exchange-fmr-nyse-ceo-dick-grasso.html |
May 1 (Reuters) - Atul Auto Ltd:
* APRIL TOTAL SALES OF 2738 VEHICLES, VERSUS 2,502 VEHICLES LAST YEAR Source text - bit.ly/2FwmAci Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-atul-auto-april-total-sales/brief-indias-atul-auto-april-total-sales-up-9-4-pct-idUSFWN1S71JA |
TOKYO (Reuters) - Activity in Japan’s services sector expanded at the fastest pace in six months in April as new orders picked up, a private survey showed on Wednesday, suggesting the economy got off to a strong start in the second quarter.
Chefs prepare dishes at a restaurant in the Daikanyama district of Tokyo, Japan October 31, 2016. REUTERS/Issei Kato But the survey also showed a dip in business confidence as companies struggle to hire workers amid a labor shortage.
The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to 52.5 in April on a seasonally adjusted basis from 50.9 in March.
The index remained above the 50 threshold that separates expansion from contraction for the 19th consecutive month and reached the highest in six months.
“Following successive months of softening output growth through February and March, Japan’s service sector started the second quarter by gathering some momentum,” said Joe Hayes, economist at IHS Markit, which compiles the survey.
“Panelists noted that increased competition and rising labor shortages may impact output potential over the coming 12 months.”
New business expanded at a faster pace than in March, though future business expectations eased to the lowest in seven months.
The composite PMI, which includes both manufacturing and services, rose to 53.1 from 51.3 in March.
Japanese manufacturing activity also expanded at a faster pace in April, a survey showed on Tuesday, with domestic demand picking up but export order growth slowing sharply due to the stronger yen.
Japan’s economy is forecast to have expanded an annualized 0.5 percent in the first quarter as consumer spending and factory output weakened, according to a Reuters poll. That would be a marked slowdown from 1.6 percent annualized growth in the fourth quarter.
The world’s third-largest economy has grown for eight straight quarters through the end of 2017, the longest continuous expansion since the 1980s bubble economy.
Some economists are worried that growth could remain sluggish due to a large increase in inventories in the semiconductor and electronic parts sector.
(Reporting by Stanley White; Editing by Kim Coghill)
[email protected]; +81 3 6441 1984 twitter.com/stanleywhite1; Reuters Messaging: [email protected]
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-econmomy-pmi/japan-april-services-activity-grows-fastest-in-six-months-pmi-idUSKBN1I3033 |
Fox needs Disney more than Disney needs Fox: Gerber 3 Hours Ago Robert Luna, Surevest Wealth Management, and Ross Gerber, Gerber Kawasaki, discuss Disney earnings and what the company's plans with Fox. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/fox-needs-disney-more-than-disney-needs-fox-gerber.html |
May 15 (Reuters) - Aevi Genomic Medicine Inc:
* AEVI GENOMIC MEDICINE INC FILES PROSPECTUS SUPPLEMENT RELATED TO OFFERING OF UP TO $20 MILLION CO'S COMMON STOCK - SEC FILING Source text: ( bit.ly/2wHEyJD ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aevi-genomic-medicine-files-prospe/brief-aevi-genomic-medicine-files-prospectus-supplement-related-to-offering-of-common-stock-idUSFWN1SM10V |
For up and coming fashion designers, the Met Gala sparks both fear of missing out—and just plain fear.
Sander Lak, the 34-year-old founder of the high-end Sies Marjan label will find out how much on Monday night. For the first time, Mr. Lak will walk the red carpet in the museum on New York’s Fifth Avenue, alongside supermodel Doutzen Kroes in a dress he created for the evening.
Mr.... | ashraq/financial-news-articles | https://www.wsj.com/articles/fear-and-preening-on-the-met-gala-red-carpet-1525518001 |
Published: May 9, 2018 10:05 p.m. ET Share
The Israel Defense Forces says it views this event with great severity and remain prepared for a wide variety of scenarios Reuters Israel has been bracing for Iranian retaliation to an attack last month when presumed Israeli missiles hit an Iranian-controlled base deep in Syria.
By Dov Lieber
Iranian forces in Syria fired about 20 rockets at Israeli soldiers along the border in the Golan Heights, the Israeli military said, in what appeared to be the first instance of a direct attack by Iran against Israel from Syria.
The attack late Wednesday night caused no injuries and only limited damage to property, the Israeli army said.
Commentary: Risk of war between Iran and Israel has risen markedly after Trump’s decision to scrap nuclear deal
The attack came after suspected Israeli missiles targeted an Iran-linked army base south of Syria’s capital, Damascus, on Tuesday, shortly after President Donald Trump said the U.S. would withdraw from the international nuclear deal with Iran . Those strikes heightened tensions in a region already on edge, and underlined the risk of direct confrontation between Iran and Israel following the U.S. exit from the nuclear agreement.
Read: Here’s what will drive oil prices after Trump’s Iran decision
Israeli military spokesman Jonathan Cornricus said in a phone briefing to journalists that Israel had carried out retaliatory strikes in Syria, but provided no details.
Syrian air defenses had “confronted” Israeli missiles and reported Israeli shelling in the Syrian city of Baath, located near Israel’s northern border, according to the Syrian state news agency. | ashraq/financial-news-articles | https://www.wsj.com/articles/iranian-forces-fire-rockets-at-israeli-targets-in-golan/ |
Nike Inc. said four more executives have left the company amid an internal investigation into complaints about workplace issues at the sportswear giant.
The departures this week include Steve Lesnard, vice president and general manager of global running; Tommy Kain, director of sports marketing; Helen Kim, vice president and general manager of Nike East, North America; and Simon Pestridge, vice president of performance categories global marketing.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/four-more-nike-executives-exit-amid-probe-1525803730 |
Discussing investor concerns about post-election Malaysia 4 Hours Ago Markus Mueller of Deutsche Bank Wealth Management says the uncertainty surrounding Malaysia's new cabinet will "remain for a decent time." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/discussing-investor-concerns-about-post-election-malaysia.html |
There was hardly a cloud in the sky over Indianapolis on Wednesday morning when it started raining money.
In a moment that instantly tested the core of human morality, the definition of right and wrong, and the limits of acceptable risk, the back door of a Brink's armored truck swung open during rush hour on Interstate 70, blowing bags of cash onto the highway.
There was money — $600,000, troopers estimated — everywhere.
Some bags tumbled onto the road and stayed intact — thousands of dollars, sorted and organized, just sitting there for the taking. Others ripped open, showering cash over four lanes of the interstate. On the shoulder, $20 bills gathered like leaves and formed piles in the grass off the highway.
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The Problem With Prosecuting 'Spoofing'
Suddenly, the timeless hypothetical question became reality: What would you do?
A school bus driver knew what he would do, the police said. He pulled over on the highway, jumped out from the driver's seat and grabbed some cash before driving away. So did four men in a white pickup truck who snatched an entire bag and then sped off.
Jazmyne Danae stopped her car and started streaming live video on Facebook.
"One of those little bank trucks just dropped all this money and people just came out here," Ms. Danae said as she walked along the highway shoulder, which was covered in $20 bills.
At some point during the mayhem, word must have spread to people living in the residential area off the interstate in West Indianapolis. They started jumping fences and frantically stuffing their pockets with cash.
Roberto Machado Noa | LightRocket | Getty Images "Sort of something out of a movie scene, where you have bills, loose bills flying all over the interstate, vehicles stopping, people getting out of their cars," Cpl. Brock McCooe of the Indiana State Police told WXIN-TV, the Fox affiliate in Indianapolis. "Bags of money were falling out of the back onto the interstate."
Within minutes, the cash grab was over. State troopers blocked traffic on the highway, helped Brink's employees collect what remained of the money and warned people that they would be arrested if they pocketed any of it.
The officers didn't find it amusing.
"You got money?" a trooper asked Ms. Danae in her video. No, she replied.
Ms. Danae, 25, said in an interview on Thursday that she was driving her grandmother to the airport when traffic came to a standstill on Interstate 70. At first, she thought the people running out of their cars were trying to rescue people in a bad accident.
But then her grandmother's friend, a passenger in the car, spotted the real reason. "There's money!" the woman screamed, prompting all of them to hop out.
Ms. Danae said it was tempting to grab a handful of cash, but she knew she would have not been able to sleep at night. "I have three kids, and I didn't want to put myself in that situation," she said.
Troopers at the scene told local news media that the Brink's truck had unloaded about $600,000. A company spokesman said the episode was under investigation and declined to offer additional information.
The Indiana State Police said later that the exact figure would not be released but that it was a "substantial amount." And they issued a warning.
"People know right from wrong and anyone we track down who kept a dollar of this money will be arrested for theft," First Sgt. Bill Dalton said in a statement. "The time to do the right thing and call us to turn in the money is now, because once we knock on your door, you won't be able to avoid being arrested." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/brinks-truck-spills-cash-on-highway-and-drivers-scoop-it-up.html |
May 9, 2018 / 8:55 PM / Updated 24 minutes ago Qualcomm sets new $10 billion buyback plan Reuters Staff 1 Min Read
(Reuters) - Chipmaker Qualcomm Inc said on Wednesday its board has approved a new $10 billion (7.38 billion pounds) buyback program that replaces the previous $15 billion stock repurchase program announced in March 2015. A building on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake
The earlier stock repurchase program had $1.2 billion remaining, the company said.
The company’s shares rose 2.5 percent to $54.49 in extended trading. Reporting by Laharee Chatterjee in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-qualcomm-buyback/qualcomm-sets-new-10-billion-buyback-plan-idUKKBN1IA3A4 |
May 16, 2018 / 8:19 AM / Updated 35 minutes ago IEA warns global oil demand may suffer as crude nears $80 Amanda Cooper 3 Min Read
LONDON (Reuters) - Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday. A fuel nozzle pumps fuel into a car at a Gulf Oil petrol station in the municipality of Guadalupe, on the outskirts of Monterrey, Mexico March 15, 2018. REUTERS/Daniel Becerril
The Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.
Oil LCOc1 has risen 51 percent in the last year, driven by coordinated supply cuts and, this month, by concern over Iranian supply after the United States said it would reimpose sanctions on Tehran over its nuclear activities.
“It would be extraordinary if such a large jump did not affect demand growth, especially as end-user subsidies have been reduced or cut in several emerging economies in recent years,” the IEA said.
Oil inventories in the world’s richest nations, the most transparent and easy to track, have now fallen 1 million barrels below the five-year average, the level targeted by the Organization of the Petroleum Exporting Countries and its partners, as the group restrains crude output for a second year.
“For now, the rapidly changing geopolitical landscape will move the attention away from stocks as producers and consumers consider how to limit volatility in the oil market,” the IEA said.
“For its part, the IEA will monitor developments closely and is ready to act if necessary to ensure that markets remain well supplied.”
Iran, which produces around 3.8 million bpd and is OPEC’s third-largest supplier behind Saudi Arabia and Iraq, could face severe disruption to its exports.
The IEA said the previous round of sanctions, which were lifted in early 2016, cut Iran’s crude exports by more than 1 million bpd.
“It is too soon to say what will happen this time, but we should examine whether other producers could step in to ensure an orderly flow of oil to the market and offset a disruption to Iranian exports,” the agency said.
Iran exported 2.6 million bpd of crude in April, according to the oil ministry’s news agency SHANA.
The IEA estimates demand for OPEC’s crude will average 32.25 million bpd for the rest of 2018, compared with output of 32.12 million bpd in April. [OPEC/O].
World supply, meanwhile, rose 1.78 million bpd in April from a year earlier, driven predominantly by non-OPEC production.
Economic crisis has driven Venezuelan production to its lowest in years, while natural decline in Mexico cut production by 175,000 bpd in April, down 8 percent year-on-year, the largest fall for any non-OPEC producer.
Record output from the United States pushed non-OPEC supplies up by 2.1 million bpd year-on-year to 59.4 million bpd. Production elsewhere outside OPEC was flat to lower, the IEA said, noting declines in the North Sea and Brazil.
The IEA, which advises Western governments on energy policy, expects non-OPEC supply to rise by 1.87 million bpd in 2018, up from a previous forecast of 1.8 million bpd. Reporting by Amanda Cooper; Editing by Dale Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-oil-iea/iea-warns-global-oil-demand-may-suffer-as-crude-nears-80-idUKKCN1IH0ST |
Five outrageous things Roseanne Barr has done over the years 7 Hours Ago ABC is cancelling the hit sitcom "Roseanne" following "abhorrent" comments from the show's star, Roseanne Barr, who had compared former Obama advisor Valerie Jarrett to an ape. But this isn't the first time Barr has been accused of making racist remarks from her social media account. Here are five outrageous things Barr has said or done over the years. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/roseanne-barr-abc-cancelled-twitter.html |
May 1 (Reuters) - Nikkei:
* TOSHIBA’S DEBT OWED TO BANKS SHRUNK TO AROUND 500 BILLION YEN AS OF MARCH-END FROM OVER 900 BILLION YEN AT END-2017 - NIKKEI
* TOSHIBA'S MAIN LENDERS DECREASED THEIR COMMITTED LINE OF CREDIT FROM 680 BILLION YEN TO 400 BILLION YEN AS OF APRIL - NIKKEI Source text: ( s.nikkei.com/2vXzLDN ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-toshibas-debt-owed-to-banks-shrunk/brief-toshibas-debt-owed-to-banks-shrunk-to-around-500-bln-yen-as-of-march-end-nikkei-idUSFWN1S71C0 |
May 4, 2018 / 9:37 PM / in 4 minutes UPDATE 1-Glare on Southwest highlights tense relationship between management, mechanics Reuters Staff
(Adds Southwest comment)
By Alana Wise and David Shepardson
NEW YORK/WASHINGTON, May 4 (Reuters) - Federal investigators were assigned last year to monitor Southwest Airlines’ maintenance operations, the Federal Aviation Administration said on Friday, after whistleblower complaints of mistreatment of mechanics raised safety concerns.
The agency found no rule violations, it said, and the assignment of additional inspectors was standard practice to preclude any deterioration in maintenance.
The FAA issued a statement on the incident as investigations continue on last month’s midair engine fan blade blowout on a Southwest plane that killed a passenger. The two incidents are unrelated.
The FAA, which oversees U.S. civil aviation, investigated Southwest in 2017 after employee reports that airline management had discouraged maintenance workers from reporting mechanical issues.
The investigation at the time found that some management practices were being used to “influence a relaxing of standards, to look the other way, or to gain a degree of approval through a leniency of standards.” The agency said the additional scrutiny ended at an unspecified date.
In response to inquiries regarding the matter on Friday, the FAA said: “The Federal Aviation Administration investigated the whistleblower complaints against Southwest Airlines and found no violations of Federal Aviation Regulations.
“However, investigators raised concerns that the strained relationship between the company and mechanics might potentially affect safety. As a precaution, the FAA assigned additional inspectors to monitor the company’s maintenance operations. This is standard protocol during contentious labor negotiations and other situations that warrant increased scrutiny.”
Southwest and its mechanics had been locked in acrimonious contract negotiations for the last five years. In April, they reached an agreement in principle toward formalizing a five-year deal.
In a statement on Friday, Southwest pushed back against the FAA findings.
“Southwest’s Culture of Safety does not align with the comments made by the individual FAA employee who conducted the investigation. Nothing is more important in our business than Safety and, as such, compliance is always our theme,” the carrier said.
A representative for the Aircraft Mechanics Fraternal Association, Bret Oestreich, said: “The culture of safety in airlines has really deteriorated. The airlines are more concerned about the stockholders and the on-time performance over safety.” (Reporting by Alana Wise and David Shepardson; Editing by Dan Grebler) | ashraq/financial-news-articles | https://www.reuters.com/article/southwest-faa/update-1-glare-on-southwest-highlights-tense-relationship-between-management-mechanics-idUSL1N1SB1WZ |
May 25, 2018 / 5:57 PM / Updated 27 minutes ago VW to reinstate lobbyist after suspension over diesel fume tests - Bild Reuters Staff 1 Min Read
HAMBURG, Germany, May 25 (Reuters) - Volkswagen plans to reinstate its chief lobbyist, Thomas Steg, who was suspended while the company investigated his role in tests that exposed monkeys and humans to toxic diesel fumes, a German newspaper reported on Friday.
Bild, citing company sources, said that an internal commission found no wrongdoing and that he could return.
A spokesman for VW said a decision had not been made.
In January, it came to light that Volkswagen, BMW and Daimler funded an organisation called European Research Group on Environment and Health in the Transport Sector (EUGT) to commission the tests.
As head of sustainability topics at VW group, Steg was in charge of the EUGT. (Reporting by Jan C. Schwartz Writing by Tom Sims Editing by Edmund Blair) | ashraq/financial-news-articles | https://www.reuters.com/article/volkswagen-emissions/vw-to-reinstate-lobbyist-after-suspension-over-diesel-fume-tests-bild-idUSL5N1SW5XS |
H. Lynn Moore Jr. adds CEO to title; John S. Marr Jr. becomes Executive Chairman of the Board
PLANO, Texas--(BUSINESS WIRE)-- Tyler Technologies, Inc. (NYSE: TYL) today announced that its board of directors has appointed Tyler’s president, H. Lynn Moore Jr., as chief executive officer, effective May 10, 2018. John S. Marr Jr. assumes the role of executive chairman and will continue to serve as the chairman of Tyler’s board.
This is a continuation of the transition for Tyler’s leadership team and the shift of day-to-day operational oversight that began with Moore’s appointment as president last year. As executive chairman, Marr will continue to be actively involved in the company, engaging with Tyler’s leadership team, as well as investors and clients.
“Lynn has been an important leader for Tyler for 20 years, managing our legal department, mergers and acquisitions, and asset allocations, and has been deeply involved in all important strategic decisions,” said Marr. “In recent years, he has worked closely with our operational executives and has become a trusted resource to them on the issues they face today. Tyler is incredibly fortunate to have someone with Lynn’s deep experience and impressive understanding of the public sector market. Our board of directors and I are confident he will be a strong leader as Tyler moves into our next chapter of growth.”
“I’m excited to expand my role at Tyler as we build on our leadership position in public sector software,” said Moore. “John Marr’s vision and direction as CEO over the past 14 years have built Tyler into the company it is today; a company sharply focused on delivering for all of its constituents - clients, shareholders and employees alike. I’m honored to lead the innovation and execution that have defined Tyler under John’s leadership. John will be an active executive chairman, and I look forward to continuing my close working relationship with him, our leadership team, and our board in the years to come.”
Moore joined Tyler in 1998 as general counsel and was promoted to president in January 2017. He is a graduate of Georgetown University and the University of Texas School of Law.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) is a leading provider of end-to-end information management solutions and services for local governments. Tyler partners with clients to empower the public sector - cities, counties, schools and other government entities - to become more efficient, more accessible and more responsive to the needs of their constituents. Tyler's client base includes more than 15,000 local government offices in all 50 states, Canada, the Caribbean, Australia, and other international locations. In 2017, Forbes ranked Tyler on its "Most Innovative Growth Companies" list, and Fortune included Tyler on its "100 Fastest-Growing Companies" list. More information about Tyler Technologies, headquartered in Plano, Texas, can be found at www.tylertech.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005161/en/
Tyler Technologies
Jennifer Kepler, 972-713-3770
[email protected]
Source: Tyler Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-tyler-technologies-announces-ceo-transition.html |
For Gurupad Kolli, a 40-year-old lawyer who lives in a remote Indian village, the torrent of WhatsApp messages surging to his phone a few weeks ago meant one thing: election day was near.
They’re at turns strident, angry, buoyant, informative, misleading, gripping and confusing, he says. Some days he received as many as 1,000 of them through the popular messaging service. Pleased to no longer “depend on the mass media like newspapers,” the resident of Ramapur village in the southern state of Karnataka nonetheless also conceded... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/the-future-of-fake-news-in-india-1-000-whatsapp-messages-a-day-1526376217 |
FRANKFURT (Reuters) - Italian financial markets were jolted this week by reports the country’s incoming coalition government wanted to review the accounting status of Italy’s sovereign bonds held by the European Central Bank, possibly even writing this debt off.
Even though the formal coalition agreement did not include such a plan, it has raised questions about the future of sovereign debt held by the ECB and whether it could be treated differently to other bonds.
Euro zone countries must continuously reduce government debt as long as it is above 60 percent of GDP. Only a handful of countries meet this criteria now and the euro zone average is almost 87 percent, with projections showing it above 60 percent for more than a decade.
WHAT BONDS DOES THE ECB HOLD? The ECB has so far bought 2.4 trillion euros worth of debt as part of its quantitative easing scheme and this sum will hit 2.55 trillion by the end of September, when the program is scheduled to expire.
About 1.8 trillion euros is in sovereign debt, purchased in proportion to each country’s relative size. The rest of the bonds are corporate debt, supranational bonds, covered bonds and asset backed securities.
HOW MUCH ITALIAN DEBT DOES THE ECB HOLD? At the end of April, the ECB held 341 billion euros worth of Italian sovereign debt with an average remaining maturity of almost eight years. This figure could rise by roughly 3.5 billion euros a month, based on ECB purchases totaling 30 billion euros per month.
This compares to Italy’s gross government debt of 2.26 trillion euros at the end of last year. As a percentage of GDP, this is 132 percent, the second highest in the euro zone after Greece.
WHAT DOES THE ECB DO WITH THESE BONDS? The ECB holds the bonds until they mature and then reinvests the cash back into debt issued by the same country, though with some flexibility about the timing of the new purchase and the type of the new bond.
At some point in the future, the ECB may decide to shrink its balance sheet but the first step is likely to be a decision to stop reinvesting maturing debt. Any outright sale of bonds is years into the future.
Redemptions will be sizable. They will total 173 billion euros over the coming 12 months with 141 billion euros of this in public sector bonds.
WHY COULD THE ECB NOT CANCEL THIS DEBT? Simply put: that would be illegal. The ECB is barred by law from providing financing to governments. It is also independent and can’t be instructed by governments on what to do with bonds it purchased.
BUT ISN’T THE ECB ALREADY PROVIDING FINANCING? It’s a fine line and some, particularly in Germany, have challenged the ECB over this. Since the ECB can buy no more than one-third of a country’s bonds, this is accepted as a monetary policy tool aimed at reducing the term premia, or the premium investors demand to hold longer dated debt over shorter papers. The ECB’s scheme is similar to debt purchase programmes carried out by the U.S. Federal Reserve, the Bank of Japan and the Bank of England.
Governments are still required to service their debt and the ECB has made sizable profits on the purchases so far. But this profit is then paid out to national central banks who frequently pay it into their government budgets. So some of the cash does make it back to state budgets and governments also benefit from lower borrowing costs.
The ECB also has a function to relieve bond market stress when it deems that market prices are a reflection of liquidity stress rather than fundamentals.
Reporting by Balazs Koranyi; Editing by Jon Boyle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-ecb-explainer/italian-debt-held-by-the-ecb-in-focus-as-populists-sign-governing-pact-idUSKCN1IJ15Z |
NEW YORK, May 1 (Reuters) - United Airlines is resuming the shipment of pets in its airplane cargo holds, the carrier said on Tuesday, after having paused the program for improvements following the high-profile death of a puppy on one of its flights earlier this year.
United, the third-largest U.S. airline by passenger traffic, said it is partnering with the American Humane animal rights organization to improve the well-being of the pets it flies, after a spate of animal-related mishaps called into question the airline’s practices.
“As we continue our review process to ensure that we are always doing what’s right, we are committed to making significant improvements in our program,” United Vice President of Cargo Jan Krems said in a statement.
United suspended the program in March after a small puppy, Kokito, died on a 3-1/2-hour flight when an attendant forced its owner to stow the dog’s carrying case in an overhead bin.
Effective June 18, the Chicago-based airline will only accept cats and dogs in its PetSafe transport program, and no other household pets.
Short- or snub-nosed cat and dog breeds, like French bulldogs - the breed of the dog that died in the overhead bin - and strong-jawed dog breeds, like Mastiffs, will no longer be permitted to fly as cargo.
With the new requirements, United hopes to reverse a trend of animal deaths and injuries the Kokito incident highlighted.
According to the U.S. Department of Transportation, of the 24 animals that died on U.S. carriers last year, 18 were on United flights.
The animal problems only compounded a public relations nightmare tracing back to last spring when a passenger was pulled from his seat and dragged down the aisle of a parked United plane in order to make room for an airline employee.
Reporting by Alana Wise; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/ual-dog-transport/united-airlines-resumes-animal-transport-program-idUSL1N1S81JJ |
BRUSSELS, May 28 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:
APPROVALS AND WITHDRAWALS — UK private equity group 3i Group Plc to acquire a 35 percent stake in ferry operator Scandlines after selling the company to infrastructure funds First State Investments and Hermes Investment Management (approved May 25)
— Global asset management company Carlyle and U.S. investment company TA Associates to jointly acquire sales marketing company Discoverorg which is now solely controlled by TA Associates (approved May 17)
NEW LISTINGS — Israeli drugmaker Teva to acquire sole control of part of U.S. consumer products maker Procter & Gamble’s OTC business in which it currently has a minority stake (notified May 25/deadline June 29)
— French bank BNP Paribas to acquire ABN Amro Bank Luxembourg from Dutch bank ABN Amro (notified May 24/deadline June 28/simplified)
— Japanese trading company Sumitomo Corp and Sumitomo Mitsui Financial Group to acquire joint control of Sumitomo Mitsui Finance and Leasing Co (notified May 24/deadline June 28/simplified)
— Private equity firm Permira to acquire Cisco System’s video software unit (notified Nat 23/deadline June 27/simplified)
— U.S. chemicals company Lyondellbasell Industries to acquire U.S. peer A. Schulman (notified May 23/deadline June 27)
EXTENSIONS AND OTHER CHANGES — U.S coatings maker Axalta Coating Systems to acquire wire enamel manufacturer IVA’s European and Chinese operations (notified April 16/deadline May 28/withdrawn May 14)
— Swedish bank Skandinaviska Enskilda Banken AB (SEB) to acquire lamp maker Aura Light International AB (notified April 19/deadline May 31/simplified.withdrawn May 8)
FIRST-STAGE REVIEWS BY DEADLINE
MAY 30 — U.S. cable company Liberty Global to acquire Dutch peer Ziggo (notified April 4/deadline extended to May 30 from May 15 after Liberty Global offered concessions)
JUNE 1 — Swiss engineering company ABB to acquire General Electric’s industrial solutions business (notified April 20/deadline June 1)
JUNE 7 — German power grid makers Stadtwerke Olching and Bayernwerk Net to set up two joint ventures (notified April 26/deadline June 7/simplified)
JUNE 8 — Private equity firm One Equity Partners to acquire packaging company Walki Holding (notified April 27/deadline June 8/simplified)
JUNE 11 — Investment firm HPS Investment Partners and Madison Dearborn Partners to acquire joint control of UK insurance broker Capita Specialist Insurance Soluions Ld (notified April 30/deadline June 11/simplified)
— U.S. insurer American International Group to acquire Bermuda-based reinsurer Validus Holdings Ltd (notified April 30/deadline June 11/simplified)
JUNE 12 — South African chemicals company Tronox to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi Arabia’s Tasnee (notified Nov. 15/deadline extended to June 12 from June 7)
— Deutsche Telekom to acquire Swedish peer Tele2’s Dutch unit and merge it with its Dutch business T-Mobile Nederland (notified May 2/deadline June 12)
JUNE 13 — Private equity firm Rhone Capital LLC and founders of swimming pool equipment maker Fluidra to acquire joint control of the merged Fluidra and its peer Zodiac Holdco (notified May 3/deadline June 13)
JUNE 14 — Private equity funds Altor Funds to acquire Swedish packaging company Trioplast Idustrier (notified May 4/deadline June 14/simplified)
— Private equity firm AEA Investors and investment firm British Columbia Investment Management Corp to acquire joint control of window coverings maker SIWF Holdings Inc (Springs) (notified May 4/deadline June 14/simplified)
— Private equity firm Platinum Equity to acquire U.S. pharmaceutical company Johnson & Johnson’s blood glucose monitoring business LifeScan (notified May 4/deadline June 14/simplified)
— U.S. real estate investment company Kennedy Wilson and French insurer Axa to set up a joint venture (notified May 4/deadline June 14/simplified)
JUNE 15 — U.S. tyre maker Goodyear and Japanese peer Bridgestone to acquire joint control of joint venture Tirehub, which will combine the U.S. tyre wholesale distribution businesses of both companies (notified May 7/deadline June 15/simplified)
— Finnish utility Fortum to acquire a controlling stake in German peer Uniper from German energy company E.ON (notified May 7/deadline June 15)
— U.S. cable operator Comcast’s to acquire British pay-TV company Sky (notified May 7/deadline June 15)
JUNE 18 — Private equity firms HG Capital and TA Associates to acquire joint control of software company Access Group, which is now solely controlled by TA (notified May 8/deadline June 18/simplified)
JUNE 19 — Canadian private equity firm Onex and U.S. investment fund Vista to acquire joint control of software company Severin Topco (notified May 14/deadline June 19/simplified)
— Oaktree Capital Group and Spanish real estate holding company Bitarte, which is a unit of Spanish bank Banco de Sabadell, to set up a joint venture (notified May 14/deadline June 19/simplified)
JUNE 20 — Investment bank Goldman Sachs and private equity firm Antin Infrastructure Partners to jointly acquire British fibre network operator Cityfibre Infrastructure Holdings (notified May 15/deadline June 20/simplified)
— UK infrastructure management company AMP Capital and Spanish airport infrastructure management company Aena Internacional to jointly acquire Luton Airport (notified May 15/deadline June 20/simplified)
JUNE 25 — Chinese car parts maker Beijing Automotive Group’s subsidiary BHAP and Spanish peer Gestamp Automocion to set up a joint venture (notified May 18/deadline June 25/simplified)
— U.S. private equity firms HPS Investment Partners and Madison Dearborn Partners to acquire joint control of UK risk management services provider Professional Fee Protection Ltd (notified May 18/deadline June 25/simplified)
— T-Mobile Austria, which is a unit of German telecoms company Deutsche Telekom, to acquire UPC Austria, which is a subsidiary of cable operator UPC (notified May 18/deadline June 25)
JUNE 26 — U.S. asset manager Blackstone to acquire Spanish gaming company Cirsa (notified May 22/deadline June 26/simplified)
— German company BASF to acquire Belgian chemicals company Solvay’s worldwide polyamide business (notified May 22/deadline June 26)
— Austrian construction company Strabag and German peer Max Boegl International to set up a joint venture (notified May 22/deadline June 26/simplified)
— Private equity firm Permira to acquire tech software company Exclusive Group (notified May 22/deadline June 26/simplified)
— German companies Thyssen Alfa and Max Aicher Recycling to acquire joint control of Noris Metallrecycling (notified May 22/deadline June 26/simplified)
JUNE 27 — German travel group TUI to acquire Spain’s Hotelbeds Group’s destinations services business (notified May 23/deadline June 27/simplified)
AUG 9 — German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to Aug. 9)
SEPT 4 — iPhone maker Apple to acquire UK music streaming service Shazam (notified March 14/deadline extended to Sept. 4 from April 23 after the European Commission opened an in-depth investigation)
DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company’s proposed remedies or an EU member state’s request to handle the case.
Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.
SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idUSL5N1SZ3QW |
May 31, 2018 / 7:13 AM / Updated 3 hours ago South Africa's rand steady ahead of trade, PPI data Reuters Staff 1 Min Read
JOHANNESBURG, May 31 (Reuters) - South Africa’s rand held firm against the dollar early on Thursday, building on its previous-session strength ahead of trade and producer price inflation figures.
* At 0646 the rand was trading at 12.5200 to the dollar.
* The rand rallied on Wednesday as the greenback lost gains after lower-than-expected U.S. GDP numbers and an ease in worries about Italy’s political turmoil.
* Producer Price Inflation figures for April and trade balance data are due at 0930 GMT and 1200 GMT respectively.
* The yield on the benchmark government bond due in 2026 was down 3.5 basis points to 8.505 percent.
* The Johannesburg Stock Exchange opened firmly on the front foot, with the Top-40 index up 1 percent soon after the bell. (Reporting by Patricia Aruo Editing by Ed Cropley) | ashraq/financial-news-articles | https://www.reuters.com/article/safrica-markets/south-africas-rand-steady-ahead-of-trade-ppi-data-idUSL5N1T21A1 |
Nigeria is in a position of leadership on a proposed Africa-wide trading bloc despite not having signed up to the agreement, the managing director of commercial lender Ecobank Nigeria told CNBC.
Nigeria has "shifted the balance of power," and "put itself in the situation where they now have the call," Charles Kie said in an interview Friday.
In March, 44 members of the 55-nation African Union signed up to the Continental Free Trade Area (CFTA), an agreement which proposes a common market across the African continent. The new bloc would result in the largest free trade area in terms of participating countries since the formation of the World Trade Organization .
But Nigeria and South Africa, the region's two largest economies, did not get on board, citing concerns over safeguarding jobs and cheap Chinese goods flooding the market .
The summit took place in the Rwandan capital of Kigali. Rwanda's President Paul Kagame is also chair of the African Union for 2018. Meanwhile, Nigeria's President Muhammadu Buhari did not attend the event.
Stefan Heunis | AFP | Getty Images The Egina floating production storage and offloading vessel, the largest of its kind in Nigeria, is berthed in Lagos harbor on February 23, 2017. "When you are the largest economy on the continent, and it's a tiny, small country like Rwanda who is leading the conversation on the CFTA, there's a very simple question that you ask yourself: 'Where is your leadership?'" Kie said.
By initially turning down the deal, Nigeria has the "leverage" to "get some of the conditions that they think are critical for the economy to now be put on the table," Kie explained. "They (won't) just absorb the impact of the decision that was taken, but they're also part of the solutions that are going to come."
"I'm just making a pure and basic analysis of the powers in presence, and I'm looking at what it entails," he said. "All of this is political, it's the heads of state that sign these agreements."
Kie was confident that Nigeria would eventually subscribe to the deal.
"I don't have any doubt that Nigeria will join" the free trade agreement in its own time, he said. "Nobody will doubt the interests of this for the continent."
Frederic Soltan | Corbis | Getty Images Jankara market and Lagos Central Mosque in on March 17, 2016 in Lagos, Nigeria. Kenya and Ghana, both African economies boasting strong fundamentals, ratified the agreement last week. Ethiopia's Prime Minister Abiy Ahmed, who leads the east African powerhouse economy which has seen double-digit GDP (gross domestic product) growth as recently as 2017, said on Monday that his country is ready to follow suit.
Intra-African trade currently comprises less than 20 percent of the continent's total, with countries often focussed on exporting commodities to former colonial powers instead. It is hoped that the new free trade deal will shift emphasis away from this and towards manufacturing.
The African Union posits the agreement as uniting a market of 1.2 billion people with a combined gross domestic product of $2.5 trillion.
"We have to make sure that the rules of engagement when it comes to the free trade area are clearly defined," both in terms of protecting national economies and establishing their manufacturing capacities, Kie said. "It's not going to come overnight." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/nigeria-is-leading-on-pan-african-free-trade-bank-chief-says.html |
Bloomberg | Getty Images Tencent's headquarters in Shenzhen, China, pictured in August 2016.
Tencent shares in Hong Kong surged over 5 percent Thursday after reporting earnings that topped analyst expectations.
The Chinese technology giant saw its market capitalization, or value, rise over $22 billion as shares traded at 416.4 Hong Kong dollars ($53) during afternoon trade. At the open, Tencent shares were at 424 Hong Kong dollars, but pared some of those gains.
On Wednesday, Tencent reported a 48 percent year-on-year rise in revenues and a 61 percent year-on-year rise in net profit for the first quarter of 2018 . The company beat market expectations on the top and bottom line, and saw its operating margin — which was a concern for investors coming into the numbers — rise by 3 percent.
Tencent's gaming, video streaming, and WeChat messaging businesses all saw strong growth.
Still, shares of the company are still over 12 percent lower from the record high hit in January. show chapters 3:32 AM ET Thu, 22 March 2018 | 02:03
Many investors have been concerned that the massive growth Tencent has seen could be hampered due to rising competition and investment in new areas like video streaming and payments which could force the company to spend more.
"I think what's maybe hanging over the stock ... is the aggressive spending, aggressive investments that management's planning for the year ahead and potentially for a little while beyond that," Ryan Roberts, senior analyst at MCM Partners, told CNBC's " Capital Connection " on Thursday.
Wall Street analysts Jefferies cut Tencent's price target to 515 Hong Kong dollars from 530 Hong Kong dollars on Wednesday, but maintained its "buy" rating. Credit Suisse meanwhile cut its target price on the stock by 17 Hong Kong dollars to 523 Hong Kong dollars. It kept its "outperform" rating however. show chapters 9:54 PM ET Thu, 7 Dec 2017 | 04:43
The market is still quite bullish on the stock, despite some of the concern over spending. Analysts tracked by Thomson Reuters have a mean price target of 513.41 Hong Kong dollars, representing a more than 23 percent rise from Thursday's trading price. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/tencent-shares-rise-after-q1-2018-earnings.html |
View that self-driving cars are safe has been challenged, analyst says 6 Hours Ago Karl Gray, global head of motor and personal at Zurich Insurance, discusses worries surrounding self-driving cars and big data. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/view-that-self-driving-cars-are-safe-has-been-challenged-analyst-says.html |
May 2, 2018 / 2:56 PM / Updated 24 minutes ago Buffett draws them in even as Berkshire comes up short Jonathan Stempel 5 Min Read
(Reuters) - He thinks of himself as a teacher, and to many he is an icon. But to Wall Street, Warren Buffett is something quite different. Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. REUTERS/Rick Wilking
A disappointment.
Tens of thousands of Berkshire Hathaway Inc ( BRKa.N ) shareholders and fans may think otherwise as they flock to Omaha, Nebraska, this weekend to see Buffett, 87, and his longtime partner and fellow billionaire Charlie Munger, 94.
The weekend will celebrate their long-term success running a conglomerate, now with 90-some businesses overseen on a daily basis by two potential Buffett successors, newly-installed Vice Chairmen Greg Abel and Ajit Jain.
But recent results, relative to what analysts were counting on, were of a sort that might make chief executives at other companies hang their heads.
Berkshire’s operating profit, excluding investments and derivatives, has fallen short of Wall Street forecasts for eight consecutive quarters, while its cash stake swelled to $116 billion (85.3 billion pounds) because Buffett could not find enough worth buying.
In contrast, just 21 percent of Standard & Poor's 500 .SPX companies typically miss forecasts in any given quarter, while 64 percent beat forecasts.
Berkshire has a chance to break its streak on Saturday morning when it is scheduled to report first-quarter results.
“Obviously, the quarterly results matter, but I care year-to-year about what they’re doing,” said Paul Lountzis, founder of Lountzis Asset Management LLC in Wyomissing, Pennsylvania, who has been to more than 20 meetings and is attending this weekend. Related Coverage
“Though you may be upset with all the cash they have, if there is a challenge across the world, or liquidity dries up, he’s going to step in and take advantage,” he added, referring to Buffett. CHALLENGING TO ANALYSE
Predicting results can be hard because Berkshire’s tentacles spread far.
Its products and services include car insurance (Geico), mobile homes (Clayton), wind power (Berkshire Hathaway Energy), cowboy boots (Justin Brands), chocolate (See’s), helium balloon inflators (Western Enterprises) and electronic sow feeding systems (perhaps unsurprisingly, PigTek).
“Berkshire Hathaway is a challenging company to analyse,” and “does not manage its results to meet Street expectations,” Barclays analyst Jay Gelb wrote last week.
Insurance underwriting has dragged on recent results, and Berkshire last year paid out billions of dollars for hurricane losses.
But a tailwind from an improving U.S. economy boosted shipments on the BNSF railroad, and bolstered Berkshire’s building materials and consumer businesses.
Gelb expects operating profit to rise 45 percent in 2018. That could help Berkshire’s stock price, which closed on Tuesday about 10 percent below its peak on Jan. 29.
Questions about Berkshire will likely comprise a majority of the roughly 60 questions that Buffett and Munger will field over five hours at Saturday’s annual shareholder meeting.
“There’s always something to learn,” said Brandon Taylor, managing partner of Taylor Hoffman Wealth Management in Richmond, Virginia, attending his sixth meeting this year. “Knowledge compounds over time, and the more I expose myself to investors who are better than me, the better off I will be.” BLING
Berkshire sent out slightly more tickets to this year’s extravaganza than in 2015, when an estimated 42,000 celebrated Buffett’s 50th year at the helm. A couple of million may watch Buffett and Munger online this year via Yahoo Finance.
As usual there will also be events across Omaha, including investing conferences and shareholder shopping at Berkshire-owned businesses.
At the jeweller Borsheim’s, for example, silver pens bearing Buffett’s signature fetch $14, while a 1.93-carat argyle pink diamond can be yours for the bargain price of $1,046,750 (normally $1.57 million).
But the meeting remains the highlight.
It may give Buffett and Munger a chance to address progress on Berkshire’s joint venture with Amazon.com Inc ( AMZN.O ) and JPMorgan Chase & Co ( JPM.N ) to lower employee healthcare costs, or the scandals hurting the stock price and reputation of Wells Fargo & Co ( WFC.N ), one of Berkshire’s biggest investments.
Buffett and Munger will likely also get questions about matters outside their comfort zones, such as bitcoin, or perhaps dysfunction in Washington.
While Buffett is a Democrat and Munger a Republican, both are equal-opportunity critics of shortsightedness and stupidity.
The meeting is “a rejuvenation of all the investment values and principles that Warren and Charlie impart,” Lountzis said. Reporting by Jonathan Stempel in New York; Editing by Nick Zieminski | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-berkshire-buffett-preview/buffett-draws-them-in-even-as-berkshire-comes-up-short-idUKKBN1I3219 |
May 23 (Reuters) - ReneSola Ltd:
* RENESOLA APPOINTS NEW CHIEF FINANCIAL OFFICER * RENESOLA LTD - APPOINTED XIAOLIANG LIANG AS CFO, EFFECTIVE JUNE 1, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-renesola-appoints-xiaoliang-liang/brief-renesola-appoints-xiaoliang-liang-as-cfo-idUSL5N1SU3D8 |
LONDON,
Third Bridge, a leading research firm serving investment companies, is pleased to announce that Paul Carr has joined the firm as President, and Caliopie Walsh has joined as Chief People Officer.
(Logo: https://mma.prnewswire.com/media/684768/Third_Bridge_Logo.jpg )
Paul was formerly President of Axiom Law, the leading disrupter in the corporate legal industry, where he scaled the business and oversaw a six-fold increase in size. He also held senior roles at American Express and BCG, and has a wealth of experience across the US, Asia and Europe. As President, he will oversee the full P&L and lead the 11-year-old company through its next phase of growth.
Caliopie, formerly of Experian, brings over 20 years of experience in human resources, including leadership positions at DoubleClick (now Google), CBS Marketwatch and Coach. In her role as Chief People Officer, she will lead all HR and People functions and play a crucial role in growing the global team and scaling Third Bridge's strong company culture.
"I am extremely excited by the capabilities that Paul and Caliopie bring to Third Bridge. Their experience is relevant to the company today as well as to what we aspire to achieve in the future, and I look forward to working alongside them through this next part of Third Bridge's journey," said Emmanuel Tahar, CEO and co-founder of Third Bridge.
The two new executives are based at Third Bridge's US headquarters in New York City.
About Third Bridge
Third Bridge provides investors in private and public equities with the information they need to make better investment decisions. They do this by providing unique insights into companies and markets through primary research and expert consultations. Third Bridge has offices in London, New York, Los Angeles, Shanghai, Beijing, Hong Kong and Mumbai.
For more information, please visit http://www.thirdbridge.com
SOURCE Third Bridge | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-third-bridge-strengthens-c-suite-with-new-president-and-chief-people-officer.html |
Yemeni forces backed by a Saudi-led military coalition are closing in on the Red Sea port city of Hodeidah, a campaign that could prove a turning point in the war against the Houthis and a setback for Iran’s interests in the country.
The military has swept to within about 12 miles of Hodeidah, the official Saudi Press Agency reported Tuesday, citing a coalition spokesman. Its successful capture could isolate the Houthi rebels and push them toward negotiations to end the more than three-year-old war.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/yemeni-forces-close-in-on-rebel-held-port-city-1527600670 |
4 COMMENTS ROME—Germany’s Catholic bishops, after decades of being out of favor at the Vatican, have regained influence at the church’s highest levels as they find themselves largely in line with the liberal stance of the first Latin American pope.
Progressive approaches to Catholic teaching that most German bishops have long advocated—on ecumenism, moral teaching and decentralized church governance—now enjoy the support of Pope Francis. Those approaches were largely spurned by his predecessor, Pope Benedict, a German whose conservative stance generally didn’t sit well with his compatriots.
In the most recent example, Vatican officials on Thursday indicated that Pope Francis wouldn’t move to block a proposal by German bishops to allow some Protestant spouses of Catholics to receive Communion in Catholic churches, asking them to agree among themselves on the matter. The initiative has met with resistance within Germany and drawn conservative protests abroad.
Cardinal Reinhard Marx is one of several liberal German church leaders who have gained influence in the Vatican of Pope Francis. Photo: Harald Tittel/picture-alliance/dpa/ASSOCIATED PRESS German Catholicism’s liberal cast, which partially reflects a long coexistence with Protestantism in the birthplace of the Reformation, has deeply influenced the wider church for more than a century, producing some of Catholicism’s most influential theologians. That influence has reached a recent high point under the current pope.
“As far as national bodies of bishops go, the Germans are the key internal allies of Pope Francis in shaping and carrying out his vision for the church,” said John Allen, president of Crux Catholic Media and author of numerous books on the Vatican. “To a striking degree, the Germans are the protagonists of the drama of this papacy.”
The German church is one of the richest in Catholicism, owing to the country’s state-collected church tax, which put €6.1 billion ($7.3 billion) into the church’s coffers in 2016 alone. In 2015, the German Catholic church gave more than €450 million in charitable aid to Africa, Asia, Latin America and Eastern Europe. Along with their counterparts in the U.S., German bishops have long been the most reliable financial supporters of the Vatican and of churches in the developing world.
More
Sex-Abuse Victims Accept Pope’s Apology, Now Urge Him to Act (May 2) Australian Cardinal George Pell’s Sex-Abuse Case to Go to Trial (May 1) Canada Lawmakers Seek Papal Apology Over Indigenous Schools (May 1) For 35 years, however, the German bishops’ conference’s liberal majority stood at odds with the Vatican. Ironically, they found little favor under Cardinal Joseph Ratzinger, the German theologian who carried out a conservative line during the long papacy of John Paul II and who continued that line as Pope Benedict XVI.
Now the German church is asserting itself under the first developing-world pope. Since becoming pontiff in 2013, Pope Francis has turned to German cardinals as two of his top advisers, including Cardinal Walter Kasper, who has for decades advocated giving Communion to divorced Catholics who remarry without annulling their first marriages, prohibited under traditional teaching. In 2016, Pope Francis issued a document indirectly supporting the liberal position .
Cardinal Walter Kasper, shown in January, is a close ally of Pope Francis. Photo: bilan/EPA/Shutterstock “Under the last two pontificates, Kasper and his allies were forced to proceed behind the scenes, but with this pope they have come out into the open,” said Sandro Magister, a Vatican expert who writes for Italy’s L’Espresso magazine.
Cardinal Reinhard Marx, head of the German bishops’ conference and another of the pope’s top advisers, also called for a more conciliatory approach to gay Catholics. “We can’t say that because you are a homosexual, you can’t experience the gospel,” he said. “That is not possible for me…We can’t divide people into first-class and second-class Christians.”
The debates over divorce and homosexuality have exposed tensions between bishops in Germany and their more conservative peers in Africa . Supporters of the latter stress that Africa is the continent where the church is growing fastest; according to Vatican statistics, Africa’s Catholic population rose by 19.4%, from 186 million to 222 million, between 2010 and 2015. In Germany, by contrast, an average of 167,000 Catholics formally left the church every year between 2010 and 2015, leaving 23.6 million registered Catholics in the country today.
The German push to allow Protestant spouses to receive Communion—something German bishops have long advocated and tacitly permitted—is facing internal resistance at home, and warnings that it could inspire similar moves elsewhere.
“Is the German hierarchy, not content with having driven hundreds of thousands of Catholics out of the Church in their own land, now seeking to export their model of failed leadership?” conservative commentator Phil Lawler wrote this week on the website Catholic Culture.
After the German bishops’ conference voted in February to publish guidelines permitting the practice “in certain cases,” a minority of seven opposing bishops led by Cardinal Rainer Maria Woelki of Cologne appealed to the Vatican for a ruling, on the grounds that access to the Eucharist is too central a question to let local churches decide on their own.
On Thursday, top German bishops—including Cardinals Marx and Woelki—were in Rome to make their cases to the Vatican’s offices for doctrine, ecumenism and church law.
They were told the pope wanted them to go back and agree unanimously on a policy, indicating that the pope thinks the matter is for German bishops, not Rome, to decide.
Write to Francis X. Rocca at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/germanys-liberal-bishops-gain-influence-under-pope-francis-1525431601 |
Deutsche Bank at the beginning and not the end of its restructuring: Pro 3 Hours Ago Union Investment Fund Manager Ingo Speich speaks ahead of German lender Deutsche Bank's annual general meeting today. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/deutsche-bank-at-the-beginning-and-not-the-end-of-its-restructuring-pro.html |
May 8, 2018 / 7:10 PM / in 3 minutes How Russia played silent kingmaker in Armenia's revolution Margarita Antidze 7 Min Read
YEREVAN, (Reuters) - In the days before protesters overthrew Armenia’s veteran leader, Russian officials had high-level phone contacts with the protest leaders and the ruling elite that was clinging to power, according to three people briefed on the discussions.
Weeks of protests against corruption and cronyism culminated on Tuesday in Nikol Pashinyan, the protest leader, becoming prime minister, in a dramatic rupture with the cadre of officials who have run this ex-Soviet state since the late 1990s.
Breaking the mould of previous ex-Soviet popular revolts, especially a bloody uprising in Ukraine in 2014, Moscow did not back the ruling elite or their right to use force to crush the protest movement.
Unlike his counterparts in Ukraine, Pashinyan said he had no plans to pull Armenia out of Moscow’s orbit, and he took steps to reassure Moscow on that score, including via direct contacts, two of the sources said.
During the protests, Pashinyan spoke to the Russian embassy in Yerevan, and to an official in the Russian foreign ministry in Moscow, according to one of the protest leaders, Armen Grigoryan, and a businessman close to Pashinyan’s circle who did not want to be identified.
“We worked with them,” said Grigoryan, referring to Russian officials. He said protest leaders explained to Moscow the nature of their movement and that Russia’s interests would not be served by blocking them.
Russia’s foreign ministry did not immediately respond to a request for comment on any contacts it had with people in Yerevan during the crisis.
In the streets, Pashinyan’s supporters were encouraged to display only Armenian national symbols - a conscious break from the Ukraine revolt which angered Moscow by adopting the European Union flag.
On the other side of the stand-off, Serzh Sarksyan, Armenia’s ruler for a decade, was in touch with Russian officials as he fought for survival, according to a diplomatic source who spoke on condition of anonymity.
In the 24 hours before Sarksyan quit as prime minister on April 23, he had telephone calls with officials in Moscow, the diplomatic source said. He did not reveal the content of the calls.
Russia’s influence was not the only factor in Armenia’s revolution. Missteps by Sarksyan and the energy of the protest movement played critical roles.
But the contacts with Russia help explain how Armenia was able to sweep its rulers away without violence or a prolonged standoff with the police.
Reuters has found no evidence that Russia actively intervened in the events in Armenia. Indeed, Moscow’s decision not to do so could have been enough to tilt the balance in favor of the protesters.
The contacts also underline how President Vladimir Putin’s foreign policy, focused on stopping the West encroaching on Russia’s sphere of influence, has turned the Kremlin into de facto kingmaker in parts of the former Soviet Union.
Moments after he was installed as prime minister, Pashinyan said he hoped to meet Putin for talks soon, and he was sent a telegram from the Russian leader congratulating him on his appointment, the Kremlin said. NO EU FLAGS
Sitting in an art cafe in central Yerevan, Pashinyan associate Grigoryan recalled how, when the protests started, few imagined they would lead to a revolution. Not more than 150 people showed up for the first rally against Sarksyan in Yerevan, on March 21, he said.
The movement adopted some innovative approaches. It was not tied explicitly to a political party. It used social media to organize. It attracted young people, many not previously involved in politics.
It used humor and satire. For example, the movement organized a spoof fund-raising campaign to create a retirement fund for Sarksyan. It circulated a caricature of Sarksyan photo-shopped to look like a dim-witted character from a Soviet-era children’s cartoon.
It also used direct action. “You don’t need many people to block a road, and that’s how we started,” said Grigoryan.
Crucially, it kept the focus on domestic concerns and steered away from the kind of geopolitical themes that dominated Ukraine’s “Euromaidan” anti-Moscow uprising in 2014.
“We learned from Euromaidan that a revolution should not have an international agenda,” said Grigoryan.
He said no explicit instructions were given to supporters not to wave the EU or U.S. flags at rallies, but he said: “It was generally understood that it would be just Armenian flags at our protests.” PHONE CALLS WITH MOSCOW
By April 22, the protests had snowballed, driven by public anger that Sarksyan was switching from the presidency to the job of prime minister to get around constitutional term limits and extend his grip on power.
Tens of thousands of people marched through Yerevan, blocking streets and staging sit-ins. Sarksyan had no plans to quit at that point.
He walked out of talks with Pashinyan after a few minutes, saying he would not give in to “blackmail.” The same day, police detained three opposition leaders, including Pashinyan, along with nearly 200 protesters.
Yet the next day, Sarskyan changed direction, and resigned as prime minister.
In the intervening 24 hours, Sarksyan had intensive discussions with his own allies and officials. They discussed the possibility of implementing a state of emergency, which would give security agencies greater powers to use force against the protesters.
“We had two options: parliament could introduce a state of emergency in the country or Serzh Sarskyan could resign,” said Eduard Sharmazanov, a lawmaker with the ruling Republican Party and deputy speaker of parliament.
“Introducing a state of emergency would not solve the problem, but postpone it.”
In the same time period, while the internal discussions were going on, Sarksyan was in touch with Russia about what do to next, said the diplomatic source.
“He weighed all the pros and cons and, as far I know, he also had some talks with people in Moscow,” the diplomatic source told Reuters.
The businessman close to Pashinyan said his contacts in the Republican Party told him Sarksyan had conversations with Russian officials during this period.
Soon afterwards, Sarksyan quit, opening the way for his opponents to take power. In his resignation statement, Sarksyan said: “I got it wrong.” Additional reporting by Hasmik Mkrtchyan; Writing by Margarita Antidze; Editing by Giles Elgood | ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-russia-insight/how-russia-played-silent-kingmaker-in-armenias-revolution-idUSKBN1I92TE |
FDA's Gottlieb calls out big pharma on blocking competition 7 Hours Ago FDA Commissioner Dr. Scott Gottlieb, talks about how branded companies are making it harder for generics to make it to market and his plans to bring down drug price. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/fdas-gottlieb-calls-out-big-pharma-on-blocking-competition.html |
May 14, 2018 / 8:22 AM / in 13 minutes RPT-Brexit edges UK companies out of EU supply chain Reuters Staff
(Repeats, fixes headline)
By William Schomberg
SHIPLEY, England, May 13 (Reuters) - Mandy Ridyard knew Brexit was going to be a challenge for her aviation components firm, but it was still a shock when she heard a French company bluntly ruling out British suppliers from an international bid for a contract in China.
There was just too much uncertainty about Brexit to include British companies in the group, a representative of the firm told a meeting of business representatives and government officials from Britain and France in February.
“The elephant in the room was Brexit,” Ridyard said of the meeting, which was organised by the British embassy in Paris to spur more bilateral business but only served to increase her anxiety about Britain’s departure from the European Union.
“If companies are not currently looking to the UK for their products, then we will be losing out on a generation of strategic deals,” Ridyard said. “That business will be gone.”
One of the biggest concerns for manufacturers as Britain heads into crunch Brexit negotiations this year is over one of the building blocks of cross-border trade: a customs regime.
There are signs that many EU companies are holding back on using British firms in their supply chains - which can involve parts criss-crossing borders several times - because of what they still don’t know about tariffs, regulations and the potential for costly delays at the border.
Jeegar Kakkad, policy director at ADS, a British aerospace trade group, said big aviation firms were now asking British suppliers to warehouse a month’s worth of stock at their own expense, to offset the risk of Brexit border delays.
“That is going to be a significant challenge in particular for smaller companies,” he said.
Britain’s economy has slowed sharply since the Brexit vote in June 2016, but Ridyard’s firm, Produmax Ltd, is so far riding out the storm.
In its plant in Shipley, a historic manufacturing centre near the northern English city of Leeds once famous for its wool and cotton mills, workers using precision milling machines and lathes turn chunks of steel and aluminium into flight-critical parts used in the flaps of plane wings.
The company, which Ridyard and her husband Jeremy bought in 1997 and employs 71 people, will soon open a second site.
However, new work recently has been in one-off jobs that other suppliers could not fulfil, not long-term strategic contracts.
“There’s no point complaining about it,” said Ridyard, the company’s financial director. “We’re still investing. But we’re just a bit more hesitant than we were.” MAY’S DILEMMA
Employers groups say the best way to limit the impact of Brexit would be to keep the world’s sixth-biggest economy in a customs union with the EU.
Although staying in a customs union would not affect Britain’s huge services industry, it would avoid tariffs on trade in goods with the bloc and, crucially for many manufacturers who have spent years honing just-in-time schedules, it would reduce the risk of border delays.
It would also avoid the risk that a new hard border with Ireland could fuel new sectarian violence 20 years after a deal that brought peace to Northern Ireland.
Prime Minister Theresa May has ruled out the customs union option, however. Brexit campaigners, including some of May’s own ministers, object to it because it would stop Britain from striking bilateral trade deals, one of the big advantages of Brexit according to the Leave campaign in 2016.
Trade minister Liam Fox, a Leave supporter, said staying in a customs union would be a “complete sell-out” of voters.
Instead, May has proposed that Britain could collect duties on non-EU imports on behalf of the bloc, an idea dismissed as “crazy” by her own foreign minister Boris Johnson who said it would be too bureaucratic and would still restrict Britain’s ability to do deals outside the EU.
Johnson and other Leave campaigners favour a plan which they say would ease the need for border checks by using a “trusted trader” registration scheme and camera technology.
EU officials dismiss both ideas as unworkable and many manufacturers are worried there might be no customs deal at all, putting the supply chains they rely on at serious risk.
In April, Airbus Chief Executive Tom Enders said Britain had to recognise that future investments in the country were “not a given” because of the lack of clarity about Britain’s long-term trade relationship with the EU.
ADS’s Kakkad said a deal struck by London and Brussels in March to keep their trading ties unchanged until the end of 2020 was welcome, as was Britain’s intention of staying in Europe’s aviation safety agency, which could help avoid divergence in rules.
But firms were not counting on a smooth transition because it remained contingent on a broader deal being reached in the coming months, he said. WIDER WORLD
Supporters of Brexit have long argued that the declining share of Britain’s exports going to the EU - down from 54 percent in 2000 to 43 percent in 2016 - shows why it must prioritise trade deals with countries such as India, China or the United States.
But for aviation, at least, bilateral trade deals are not critical, Kakkad said.
Most civil aircraft parts carry no tariffs under a deal agreed by more than 50 countries, and the global industry follows standards that are increasingly harmonised, he said.
What matters more to them, like other British manufacturers, is the growing importance of the EU in their supply chains.
In 2014, 69 percent of British exports to the EU were goods or services used in supply chains, up from 61 percent in 2000, the Institute for Fiscal Studies think tank estimates.
More than half the EU’s exports to Britain are similarly classed as intermediate inputs, the IFS says.
For sure, Brexit has had some upsides for British companies.
Ridyard said the fall in the pound’s value helped Produmax’s sales abroad, raising extra cash for investment in increased automation.
More British companies plan to move production back to Britain from the EU than those intending to invest in the bloc, a survey by EEF, a manufacturing body, found.
In aviation, Brexit has spurred British firms to try to win more business from Boeing Corp. and its big U.S. suppliers to hedge against the risk of lost EU business.
But employers say the biggest issue counting against British firms when it comes to clinching EU work is the uncertainty.
A survey of supply chain managers published in March by the Chartered Institute of Procurement and Supply showed nearly one in four British firms with suppliers in the EU was struggling to secure contracts that run beyond Brexit in March 2019.
To hedge against possible barriers to work in the EU, Ridyard is looking at Britain’s oil and gas sector. Produmax’s project development manager recently attended a petroleum sector event in Aberdeen and came back with potential leads.
But unlike aviation, where contracts can run for 10 years, oil and gas work tends to be short-term and the sector’s outlook is less buoyant.
Boeing believes the market for passenger and freight planes, by contrast, will be worth $6 trillion over the next 20 years.
“Not to be able to take part in that fully as a nation is disappointing,” Ridyard said. (Editing by Sonya Hepinstall) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-eu-aviation/rpt-brexit-edges-uk-companies-out-of-eu-supply-chain-idUSL5N1SL223 |
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May 8, 2018 / 5:45 PM / in 3 minutes Bardem and Cruz walk the red carpet to open Cannes Film Festival Robin Pomeroy 3 Min Read
CANNES, France (Reuters) - Spanish film royalty, Penelope Cruz and Javier Bardem, walked the red carpet to open the Cannes Film Festival on Tuesday with their film “Everybody Knows”, written and directed by Iranian double-Oscar winner Asghar Farhadi.
Farhadi strode up the red carpet arm in arm with Bardem and Cruz, who wore a black ball gown and long ruby earrings, and Bardem, along with Argentine co-star Ricardo Darin, who is also a screenwriter and director in his own right.
The film is one of 21 vying for the Palme d’Or at the first Cannes festival since sexual abuse and harassment allegations rocked the global movie industry and gave birth to the MeToo campaign to get greater female participation in films.
Cannes has set up a hotline for victims to report any abuse during the festival and will host a series of discussions on the issue. And the jury that will award the Palme d’Or is this year headed by a woman, Australian actress Cate Blanchett, and is majority-female.
But Blanchett said the increased awareness of women’s issues would have “no direct impact” on who wins.
When asked whether she was concerned that of the 21 films in the main competition, there were only three directed by women, Blanchett told a news conference:
“A few years ago there were only two!”
“Is (MeToo) going to have a direct impact upon the films in competition this year, six, nine months on? Not specifically. There are several women in competition but they are not there because of their gender, they are there for the quality of their work.”
She added: “Would I like to see more women in competition? Absolutely. Do I expect and hope that’s going to happen in the future? I hope so.” 71st Cannes Film Festival - Opening ceremony and screening of the film "Everybody Knows" (Todos lo saben) in competition - Red Carpet Arrivals - Cannes, France, May 8, 2018 - cast members Penelope Cruz and Javier Bardem arrive. REUTERS/Eric Gaillard
But, as if to show how women must not be overlooked in cinema, she had a barbed response to a reporter who asked the “filmmakers” - meaning the directors, rather than actors - on the jury to answer “why are movies still important?”
“Actresses: don’t answer that because you have no idea how to answer that question!” Blanchett said with a raised eyebrow to fellow jury members Lea Seydoux and Kristen Stewart (an actress who has recently moved into directing).
The news conference was the last time the five-women, four-men jury will speak to the media until the end of the fortnight.
After Farhadi, another Iranian director, Jafar Panahi, will screen a movie in competition, but will be unable to attend the festival as he is officially banned from film-making by his government. Russian director Kirill Serebrennikov will also be absent as he is under house arrest in Russia on charges that his supporters say are politically motivated.
Blanchett, who called their plight “a terrible situation” was asked it that would alter the way their films are judged.
“It’s not a political film festival,” she replied, insisting that all films will be judged solely on their artistic merits.
“This is not the Nobel Peace Prize, it’s the Palme d’Or.” Slideshow (3 Images)
The festival runs from May 8 to May 19. Reporting by Robin Pomeroy; Editing by Angus MacSwan | ashraq/financial-news-articles | https://www.reuters.com/article/us-filmfestival-cannes/bardem-and-cruz-walk-the-red-carpet-to-open-cannes-film-festival-idUSKBN1I92JO |
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