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May 18, 2018 / 3:01 AM / Updated 26 minutes ago Exclusive: Toyota plans to roll into China's EV market in GAC Motor vehicle Norihiko Shirouzu 5 Min Read
BEIJING (Reuters) - Toyota Motor Corp ( 7203.T ) is taking an unprecedented route to meet China’s stringent green car quotas: its showrooms will sell an electric vehicle without the Japanese company’s distinctive triple-oval logo. FILE PHOTO: The logo of GAC Group is pictured at its booth during the Auto China 2016 auto show in Beijing, China, April 26, 2016. REUTERS/Kim Kyung-Hoon/File Photo
Instead, it will feature the label of GAC Motor ( 601238.SS ), Toyota’s Chinese partner, and will be built around GAC’s lower-cost technology.
The move - a first for Toyota - will give GAC access to the Japanese carmaker’s stringent quality control, prestige and sales channel. For Toyota, it presents a quick way to meet Beijing’s requirements that such vehicles represent 10 percent of an auto manufacturer’s production by 2019.
According to two company executives familiar with the matter, Toyota plans to start selling the GAC Toyota ix4 by the end of the year. The car is a battery-powered compact SUV based on GAC’s Trumpchi GS4, and has been in development for two years.
Selling a car derived from a Chinese partner’s vehicle would have been unthinkable just a few years ago. But the idea gained momentum at Toyota because of the Chinese government’s push to get more electric vehicles on the road, the executives said.
The government mandates have spurred other new alliances, such as Ford Motor Co’s ( F.N ) agreement to develop electric vehicles with Zotye Automobile Co ( 000980.SZ ).
Ford is waiting for regulatory approval for its partnership, which calls for designing and manufacturing several jointly developed no-frills EVs and selling them through a new China-only brand.
It wasn’t immediately clear which parts of the ix4 Toyota would provide, or which company’s design standards were used. Quality experts say GAC cars rate relatively high. FILE PHOTO: A man stands in front of Trumpchi GS4 from GAC Group displayed at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song/File Photo
According to Jeff Cai, a Beijing-based senior director at JD Power & Associates, some of GAC’s cars, such as the Trumpchi GS8 corssover SUV, already stack up well head-to-head with vehicles marketed by global automakers.
“The GS4 is a good car with acceptable quality,” Cai said. He added that the GS4 ranked No. 1 among Chinese brands and No. 3 among all brands for initial quality in the compact SUV category.
One question, however, is GAC cars’ longer-term reliability and dependability, Cai said.
Under the new Chinese regulations taking effect next year, carmakers must amass credits for so-called new-energy vehicles equivalent to 10 percent of annual sales by 2019. That level rises to 12 percent for 2020. New-energy vehicles are defined as all-electric battery and plug-in electric hybrid cars.
Although the ix4 gives Toyota a cheaper and quicker way to meet the quota, it also shows the company’s anxiety about getting a toehold in the Chinese EV market before its own all-battery vehicle is available in 2020, industry officials and experts said.
“It’s a creative solution to a critical issue all automakers face in China: how to meet the strict production quotas for electric cars,” said James Chao, Shanghai-based Asia-Pacific head of consultancy IHS Markit.
Until recently, Toyota was one of the industry’s major hold-outs against full electrification. The company had planned to more or less skip battery-powered cars and turn instead to hydrogen fuel-cell technology as a mainstream alternative to gasoline-fueled cars.
But China’s seemingly inexorable drive toward electric cars changed that attitude.
At the Beijing auto show last month, Toyota unveiled plug-in electric hybrid versions of its Corolla and Levin, due to go on sale in 2019. The company is also developing an all-electric battery car of its own, which the company has said should hit the market in 2020.
“All this means our partnership has entered a new phase,” the second Toyota executive said.
The GAC-Toyota joint venture, established in 2004, has always produced and sold Toyota vehicles modified to sell in China or China-only Toyota cars.
To be sure, industry officials and analysts believe GAC Motor cars such as the Trumpchi GS4 have been developed through studying global brands’ cars, including those from its partners Toyota and Honda Motor Co ( 7267.T ).
Toyota is negotiating to execute a similar EV deal with its second partner, FAW Group [SASACJ.UL], but nothing has been finalised, according to the first Toyota executive.
Both executives declined to provide other details, including a target sales volume for the all-electric car or a pricing strategy for it. Toyota will assemble the vehicle at a factory in Guangzhou.
The second executive said, however, that Toyota and GAC Motor would have to sell a “fairly sizable number” of ix4s to help the Toyota-GAC joint venture meet Beijing’s quotas.
(This version of the story has been refiled to update editing signoff.) Reporting By Norihiko Shirouzu; Editing by Gerry Doyle | ashraq/financial-news-articles | https://uk.reuters.com/article/us-toyota-china-gac-exclusive/exclusive-toyota-plans-to-roll-into-chinas-ev-market-in-gac-motor-vehicle-idUKKCN1IJ07K |
CALGARY, Alberta, May 04, 2018 (GLOBE NEWSWIRE) -- Enerflex Ltd. (TSX:EFX) ("Enerflex" or the "Company"), is pleased to announce that all of the nominees listed in its management information circular dated March 5, 2018 were elected as directors of Enerflex until the next annual meeting of shareholders. The detailed results of the vote held earlier today are set out below.
Election of Directors
On a vote by ballot, each of the following nine nominees proposed by management was elected as a director of Enerflex.
Nominee Votes For % For Votes Withheld % Withheld Robert S. Boswell 67,458,685 95.12% 3,471,604 4.88% Maureen Cormier Jackson 70,275,376 99.08% 654,913 0.92% W. Byron Dunn 69,236,803 97.62% 1,693,486 2.38% J. Blair Goertzen 70,266,705 99.07% 663,584 0.93% H. Stanley Marshall 69,052,953 97.36% 1,877,336 2.64% Kevin J. Reinhart 70,276,436 99.08% 653,853 0.92% Stephen J. Savidant 70,275,136 99.08% 655,153 0.92% Michael A. Weill 70,459,686 99.34% 470,603 0.66% Helen J. Wesley 68,508,343 96.59% 2,421,946 3.41% About Enerflex
Enerflex is a single source supplier of natural gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment – plus related engineering and mechanical service expertise. The Company’s broad in-house resources provide the capability to engineer, design, manufacture, construct, commission, and service hydrocarbon handling systems. Enerflex’s expertise encompasses field production facilities, compression and natural gas processing plants, gas lift compression, refrigeration systems, and electric power equipment servicing the natural gas production industry.
Headquartered in Calgary, Canada, Enerflex has approximately 2,100 employees worldwide. Enerflex, its subsidiaries, interests in associates and joint-ventures operate in Canada, the United States, Argentina, Bolivia, Brazil, Colombia, Mexico, Australia, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Kuwait, Indonesia, Malaysia, and Thailand. Enerflex’s shares trade on the Toronto Stock Exchange under the symbol “EFX”. For more information about Enerflex, go to www.enerflex.com .
For investor and media inquiries, please contact:
J. Blair Goertzen D. James Harbilas President & Chief Executive Officer Executive Vice President & Chief Financial Officer Tel: 403.236.6852 Tel: 403.236.6857
Source: Enerflex Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-enerflex-announces-election-of-board-of-directors.html |
MCLEAN, Va., May 25, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) recently priced a new offering of Structured Pass-Through Certificates ( K Certificates ), which are multifamily mortgage-backed securities. The company expects to issue approximately $1.1 billion in K Certificates (K-076 Certificates), which are expected to settle on or about May 31, 2018.
K-076 Pricing
Class Principal/Notional Amount (mm) Weighted Average Life (Years) Spread (bps) Coupon Yield Dollar Price* A-1 $ 87.000 6.76 S + 34 3.7250 % 3.3715 % $ 101.9969 A-2 $ 966.501 9.80 S + 50 3.9000 % 3.5854 % $ 102.5489 A-M $ 73.729 9.90 S + 58 3.9000 % 3.6660 % $ 101.8974 X1 $ 1,053.501 9.17 T+80 0.2633 % 3.7597 % $ 1.3322 XAM $ 73.729 9.65 Non-Offered X3 $ 183.503 9.67 T+270 2.3297 % 5.6667 % $ 16.9513 *A portion of one or more classes may have been pre-placed with one or more investors at a different price.
Details
Co-Lead Managers and Joint Bookrunners: Citigroup Global Markets Inc. and J.P. Morgan Securities LLC Co-Managers: Goldman, Sachs and Co., KGS-Alpha Capital Markets, L.P., PNC Capital Markets LLC, and Stern Brothers & Co. Rating Agencies: Fitch Ratings, Inc. and Kroll Bond Rating Agency, Inc.
Related Links
The K-076 Preliminary Offering Circular Supplement: http://www.freddiemac.com/mbs/data/k076oc.pdf Freddie Mac Multifamily Investor Presentation Multifamily Securities Investor Access database of post-securitization data from Investor Reporting Packages More information about Class A-M and Class XAM
The K-076 Certificates are backed by corresponding classes issued by the FREMF 2018-K76 Mortgage Trust (K-76 Trust) and guaranteed by Freddie Mac. The K-76 Trust will also issue certificates consisting of the Class X2-A, Class X2-B, Class B, Class C, Class D, and Class R Certificates, which will not be guaranteed by Freddie Mac and will not back any class of K-076 Certificates.
Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities. K-Deals are part of the company’s business strategy to transfer a portion of the risk of losses away from taxpayers and to private investors who purchase the unguaranteed subordinate bonds. K Certificates typically feature a wide range of investor options with stable cash flows and structured credit enhancement.
This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (SEC) on February 15, 2018; all other reports Freddie Mac filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) since December 31, 2017, excluding any information "furnished" to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information “furnished” to the SEC on Form 8-K.
Freddie Mac’s press releases sometimes contain forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond the company’s control. Management’s expectations for the company’s future necessarily involve a number of assumptions, judgments and estimates, and various factors could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements. These assumptions, judgments, estimates and factors are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2017, and its reports on Form 10-Q and Form 8-K, which are available on the Investor Relations page of the company’s Web site at www.FreddieMac.com/investors and the SEC’s website at www.sec.gov . The company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this press release.
The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog .
MEDIA CONTACT:
Paul Frommelt
703-903-3999
[email protected]
INVESTOR CONTACTS:
Robert Koontz
571-382-4082
Aaron Dunn
571-382-5818
Source:Freddie Mac | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-freddie-mac-prices-1-point-1-billion-multifamily-k-deal-k-076.html |
May 3, 2018 / 6:28 AM / Updated 5 minutes ago U.N. chief warns against scrapping Iran nuclear deal Reuters Staff 2 Min Read
LONDON (Reuters) - United Nations Secretary-General Antonio Guterres warned on Thursday against scrapping an international deal on Iran’s nuclear programme unless there was a good alternative in place. United Nations Secretary General Antonio Guterres addresses a High-Level Meeting on Peacebuilding and Sustaining Peace at United Nations headquarters in New York City, New York, U.S., April 24, 2018. REUTERS/Mike Segar
U.S. President Donald Trump has been threatening to pull out of the agreement, leading to diplomatic tensions with Iran as well as with U.S. allies keen to preserve the agreement.
“If one day there is a better agreement to replace it it’s fine, but we should not scrap it unless we have a good alternative,” Guterres said in an interview with BBC Radio 4.
“I believe the JCPOA (the Iran nuclear deal) was an important diplomatic victory and I think it will be important to preserve it but I also believe there are areas in which it will be very important to have a meaningful dialogue because I see the region in a very dangerous position,” he said.
“I understand the concerns of some countries in relation to the Iranian influence in other countries of the region. So I think we should separate things.” Reporting by Estelle Shirbon; editing by Guy Faulconbridge | ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-un/u-n-chief-warns-against-scrapping-iran-nuclear-deal-idINKBN1I40H8 |
BEIJING, May 18 (Reuters) - A firm controlled by a city government in China’s Inner Mongolia region has failed to make interest and principal payments on nearly 4 billion yuan ($629 million) in off-balance sheet loans, two sources with direct knowledge of the matter said.
Xilinhot Geipaishui Co, a local government financing vehicle (LGFV) controlled by the government of Xilinhot city, has failed to repay loans provided by more than 20 mostly state-run leasing firms, said the sources, who were from two of the leasing companies involved.
The loans were borrowed by the company on behalf of the local government to fund infrastructure construction, the sources said, declining to be identified.
The Xilinhot city government declined to comment.
The rare loan default highlights growing funding strains on local governments as the central government cracks down on riskier types of financing and rising debt.
It also points to the tightrope that Chinese leaders must walk. While policymakers want to rein in financial risks, they also need to ensure economic stability. (Reporting by Pei Li and Kevin Yao; Editing by Ryan Woo and Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-debt-default/china-local-govt-firm-fails-to-repay-629-mln-loans-in-rare-default-sources-idUSL3N1SO29C |
May 9 (Reuters) - Profire Energy Inc:
* PROFIRE ENERGY REPORTS FINANCIAL RESULTS FOR FIRST FISCAL QUARTER FISCAL 2018
* Q1 EARNINGS PER SHARE $0.04 * Q1 REVENUE $12.1 MILLION VERSUS I/B/E/S VIEW $9.7 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.02 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-profire-energy-reports-q1-eps-004/brief-profire-energy-reports-q1-eps-0-04-idUSASC0A15L |
Worsening Italian crisis batters European markets 9:09am EDT - 01:53
A worsening political crisis in Italy provoked a second day of selling on European markets, with the euro cut to an 11-month low, stocks punished and short-term borrowing costs surging for the government in Rome. Kate King reports.
A worsening political crisis in Italy provoked a second day of selling on European markets, with the euro cut to an 11-month low, stocks punished and short-term borrowing costs surging for the government in Rome. Kate King reports. //reut.rs/2IRFXTz | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/29/worsening-italian-crisis-batters-europea?videoId=431410837 |
May 25 (Reuters) - Sun Pharmaceutical Industries Ltd , India’s largest drugmaker, posted fourth-quarter net profit way above expectations.
Net profit rose 7 percent to 13.09 billion rupees ($193.15 million) in the three months ended March 31, from 12.24 billion rupees in the year-ago quarter, the company said here on Friday.
Analysts on average expected a net profit of 9.47 billion rupees, according to Thomson Reuters data.
Total revenue from operations declined 1.6 percent to 67.11 billion rupees. ($1 = 67.7700 Indian rupees) (Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/sun-pharm-results/indias-sun-pharma-industries-q4-profit-up-7-pct-beats-estimates-idUSL3N1SW3SE |
May 17, 2018 / 7:16 AM / Updated 10 hours ago India raises Iran oil imports in April to highest since Oct 2016 as U.S. sanctions loom Nidhi Verma 3 Min Read
NEW DELHI (Reuters) - India’s oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and industry sources, as refiners raised purchases ahead of looming U.S. sanctions against Tehran. Indian Oil Minister Dharmendra Pradhan and Sultan Ahmed Al Jaber, UAE Minister of State and the Abu Dhabi National Oil Company (ADNOC Group) CEO, talk during the first cargo loading between ADNOC & ISPRL (Indian Strategic Petroleum Reserves Limited) at the Panorama Digital Command Centre at the ADNOC headquarters in Abu Dhabi, UAE May, 12, 2018. REUTERS/Satish Kumar
Overall, India imported 4.51 million bpd in April, 2.5 percent higher than a year ago, the data showed.
India’s Iranian imports rose by 49 percent from March and were 20 percent higher than a year ago, the data showed. The country is the Iran’s second-biggest buyer of crude after China.
State refiners have raised their imports after Iran agreed to steep shipping discounts.
Iran exported a total 2.6 million bpd of crude in April, a record since the lifting of sanctions in January 2016, according to the news service for the country’s oil ministry.
Going forward, however, Iran’s oil exports are expected to fall. U.S. President Donald Trump earlier in May announced the withdrawal from a 2015 agreement between the United States, Iran and other world powers to limit Iran’s nuclear programme.
The United States intends to renew economic sanctions against Iran, including on the petroleum sector.
India’s Oil Minister Dharmendra Pradhan said on May 12 that it is too early to say how the sanctions will impact India.
In the first four months of 2018, India imported 552,000 bpd from Iran, about 2 percent less than a year ago, the data from the sources showed. The sources declined to be identified as they were not authorised to speak with media.
India’s 2018 Iran oil purchases fell because of lower intake by state refiners in the March quarter.
New Delhi imported 16 percent less oil from Iran during the 2017/18 financial year as state-refiners reduced purchases after a row over development rights for an Iranian natural gas fields.
Iran remained the third-biggest oil supplier to India last month followed by Iraq and Saudi Arabia, the data showed.
Venezuela replaced Nigeria as the fourth-biggest supplier as the South American nation pushed more barrels in India and curtailed supplies to the U.S.
India received about 397,200 bpd of oil from Venezuela in April, the highest since September, up about 46.8 percent from a year ago, the data showed. Reporting by Nidhi Verma; Editing by Christian Schmollinger | ashraq/financial-news-articles | https://in.reuters.com/article/india-oil/india-raises-iran-oil-imports-in-april-to-highest-since-oct-2016-as-u-s-sanctions-loom-idINKCN1II0OI |
Gaza militants fire heavy cross-border barrage 3:37am EDT - 00:48
Palestinian militants begin launching a series of mortars and rockets against Israeli forces following weeks of border violence. No reporter narration. ▲ Hide Transcript ▶ View Transcript
Palestinian militants begin launching a series of mortars and rockets against Israeli forces following weeks of border violence. No reporter narration. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2H1YzdT | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/gaza-militants-fire-heavy-cross-border-b?videoId=431583423 |
SOUTH PLAINFIELD, N.J., May 10, 2018 /PRNewswire/ -- Seldat Distribution Inc., a leading global provider of technology-based supply chain solutions announced today the appointment of Modeline Fenelon, Esq. as General Counsel. She is responsible for overseeing Seldat's global legal affairs including litigation, employment law, intellectual property, mergers & acquisitions and corporate matters.
Ms. Fenelon brings to Seldat extensive experience in corporate governance, compliance, law department management and litigation. "I am thrilled to welcome Ms. Fenelon to the Seldat team during this exciting time of speedy growth in our company and the supply chain industry," said Daniel Dadoun, Seldat CEO. "Recruiting talented professionals across all areas of our business is important to our success."
Prior to joining Seldat, she served as Principal of the Law Offices of Modeline Fenelon, a civil litigation firm and was an associate attorney for a mid-size general practice law firm.
Ms. Fenelon devotes herself to giving back to society and her community by volunteering with numerous not for profits such as Access to Justice NY State Courts , Open Hands Legal Services , Don't Walk By, Empire Mock Trial and more.
She received a Bachelor of Science degree in Political Science/Social Studies and Pre-Law from York College/CUNY and her Juris Doctorate degree from Appalachian School of Law.
About Seldat
Seldat Distribution, Inc. provides innovative, scalable solutions and services that help companies in every link of the global supply chain grow and prosper. Our mission is to empower businesses and consumers worldwide to find, buy, and sell anything–without the limitations of borders and logistics challenges. Headquartered in South Plainfield, New Jersey, Seldat employs more than 2,200 people across North America, LATAM, EMEA, and APAC. To learn more, please visit www.seldatinc.com , tech.seldatinc.com , and oceanstarinc.com .
Media Contact:
Rosemarie Murphy
Senior Marketing Communications Manager
Seldat Distribution, Inc.
1.908.315.5979 x 125
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/seldat-names-modeline-fenelon-as-general-counsel-300646717.html
SOURCE Seldat Distribution, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-seldat-names-modeline-fenelon-as-general-counsel.html |
May 17, 2018 / 7:18 AM / Updated 13 minutes ago Land acquisition woes thwart India's mega refinery plan with Saudi Aramco Rajendra Jadhav , Nidhi Verma 7 Min Read
MUMBAI/NEW DELHI (Reuters) - At the International Energy Forum in Delhi in April, the world’s top oil producer Saudi Aramco inked a preliminary deal to partner with a consortium of Indian players to build a $44 billion refinery and petrochemical project on India’s west coast. Saudi Energy Minister Khalid al-Falih addresses the media flanked by India's FILE PHOTO: Oil Minister Dharmendra Pradhan (L) and Saudi Aramco Chief Executive Officer Amin Nasser (R) during International Energy Forum (IEF) to announce Saudi Aramco's participation in the planned refinery project in western state of Maharashtra, in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain
The huge project was touted as a gamechanger for both parties - offering India steady fuel supplies and meeting Saudi Arabia’s need to secure regular buyers for its oil. Despite the obvious benefits, though, the prospects for the plan - in the works since 2015 - are growing dimmer by the day.
Thousands of farmers oppose the refinery and are refusing to surrender land, fearing it could damage a region famed for its Alphonso mangoes, vast cashew plantations and fishing hamlets that boast bountiful catches of seafood.
“We earn enough to fulfil our needs and we do not want to surrender our lands for a refinery at any cost,” says Sandesh Desai, standing amid his fruit-laden mango orchard in Nanar, a village in Ratnagiri district, some 400 km (250 miles) south of Mumbai.
Land acquisition has always been a contentious issue in rural India, where a majority of the population depends on farming for their livelihood. In 2008, for example, India’s Tata Motors ( TAMO.NS ) had to shelve plans for a car factory in an eastern state after facing widespread protests from farmers.
And while Prime Minister Narendra Modi has tried to ease land acquisition rules to jumpstart delayed projects worth tens of billions of dollars, the government has faced resistance to amending populist laws enacted by his predecessors.
Like Desai, a majority of the farmers from 14 villages around Ratnagiri that need to be relocated for the refinery project firmly oppose the plan, a state government official told Reuters.
Opposition politicians and even a local ally of Modi’s Bhartiya Janta Party (BJP) support the farmer movement, complicating matters further for the government ahead of state and general elections in 2019.
The state government, which is responsible for acquiring the land for the project, has so far failed to secure even one acre of the roughly 15,000 acres needed for the refinery, Maharashtra Industries Minister Subhash Desai told Reuters.
“The state is not going to acquire land as a majority of the farmers are against the plan,” said Desai, the minister, who is a member of the Shiv Sena, a regional party allied with the BJP in the Maharashtra state government. Under land acquisition rules at least 70 percent of the land owners need to provide consent for a project, he said.
Still, some believe that the opponents are only objecting to get better compensation packages for their land. FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo
“Eventually all stakeholders will give their consent, but it will take time,” said Ajay Singh Sengar, who heads a rival forum that supports the refinery project. A local government official in the area said he thought many farmers would agree to a deal once a compensation package was announced. JOB PROMISES
The Ratnagiri Refinery & Petrochemicals Ltd (RRPL), which is running the project, says the 1.2-million-barrel-per-day (bpd) refinery, and an integrated petrochemical site with a capacity of 18 million tonnes per year, will help create direct and indirect employment for up to 150,000 people, with jobs that pay better than agriculture or fishing.
But farmers say they have sufficient work in their orchards and fields.
“We don’t have enough people to maintain our mango orchards. That’s why every year we employ migrant labour from Nepal,” says Arvind Samant, the secretary of a farmers’ and fishermen’s group that was created to organise opposition to the project.
Samant says instead of a refinery the government should bring agro-processing plants or other industries that suit local needs.
RRPL, a joint venture between Indian Oil Corp (IOC) ( IOC.NS ), Hindustan Petroleum ( HPCL.NS ) and Bharat Petroleum ( BPCL.NS ), said suggestions the refinery would hurt the environment were baseless. It says it will continue to cultivate mangoes and cashews on some 4,500 acres of land around the project.
Despite the opposition, RRPL is hopeful the project will proceed.
“Some people misguided farmers and created fear. We’re now trying to answer each and every doubt,” said Anil Nagwekar, a spokesman for the RRPL, adding RRPL was struggling to convince farmers as they refused to even discuss the plan with the company.
Hundreds of people have joined non-violent protests, blocking surveyors from even measuring land needed for the site, said Omkar Prabhudesai, who heads the local group opposing the project.
“There is no point in listening to the company’s views. We have already decided not to give our land,” said Prabhudesai. FAINT HOPES
The refinery, announced in 2015, was to be commissioned by 2022, but delays in land acquisition mean the deadline is likely to be pushed back.
“Ideally the state government should have acquired land by now and the work for the project should have started. The delay could impact deadlines,” said RRPL’s Nagwekar.
Saudi Aramco declined to comment, while India’s oil ministry did not respond to a Reuters email seeking comment.
Even if the government wanted to implement the project, it would not start any land acquisition process before elections in 2019, conceded a senior state government official, who asked not to be named due to the sensitivity of the matter.
“Sensing political mileage every political party is opposing the project. For the next one year there won’t be any progress,” the official said.
Workers of the Maharashtra Navnirman Sena (MNS), a regional party, vandalised offices of RRPL in Mumbai in April.
An MNS spokesman confirmed reports of the incident and said the party was strongly opposed to the refinery plan. Parties like the Indian National Congress, and the Nationalist Congress Party also oppose the plan.
Still, some officials remain hopeful.
Building a large project such as this in India was possible, but could take years, said IOC’s head of refineries Rama Gopal.
“We conceived the Paradip refinery project in 1994,” he said, referring to a plant it runs on the east coast. “But for various reasons the project got delayed and it was finally only commissioned in 2014.” Reporting by Rajendra Jadhav and Nidhi Verma; Editing by Euan Rocha and Alex Richardson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-india-refinery-protests/land-acquisition-woes-thwart-indias-mega-refinery-plan-with-saudi-aramco-idUKKCN1II0QO |
WASHINGTON (Reuters) - Automakers would no longer have to boost fuel economy for their U.S. fleets after 2020, and California would not be able to set stricter standards than the federal government under a proposal submitted to the White House by the Transportation Department, two sources said on Thursday.
Sources confirmed details of a document posted on a government website confirming the department submitted the proposal to the Office of Management and Budget for review. Sources briefed on the matter said the proposal could be unveiled as early as next week.
The rules, negotiated with automakers by former President Barack Obama’s administration in 2011, aimed to double average fleet-wide fuel efficiency to about 50 miles per gallon by 2025 and included significant annual increases in automaker requirements. Automakers now want changes, citing lower gasoline prices and a shift in consumer preferences to larger vehicles.
The sources said the proposed rule, to be made available for public comment, will include a series of alternatives but the preferred alternative will be to freeze requirements at 2020 levels through 2026.
Advocates of stricter standards, designed to limit emissions of greenhouse gases, criticized the Transportation Department proposal. U.S. Senator Tom Carper said a draft shows the administration’s preferred alternative would result in Americans using 206 billion more gallons of gasoline through 2050 versus the current standards.
The lengthy proposal will assert that a 1975 federal law preempts states from imposing emissions rules.
Environmental Protection Agency spokesman Jahan Wilcox said the EPA and the National Highway Traffic Safety Administration jointly developed the rule and sent it to OMB. He declined further comment ahead of the review.
The final proposal could be changed during the inter-agency review process.
This month, California and 16 other states backing tougher rules filed suit to challenge the Trump administration’s April decision to announce plans to revise the rules.
Automakers at a May 11 meeting with President Donald Trump urged him to try to reach agreement with California. The following week, California Air Resources Board chief Mary Nichols met with administration officials.
Senator Dianne Feinstein, a California Democrat, said this week regulators “owe it to the American people to work with California and save the fuel economy standards.”
After the Trump meeting, General Motors chief executive Mary Barra held a new round of meetings this month with Transportation Secretary Elaine Chao and EPA Administrator Scott Pruitt.
Honeywell International Chief Executive Officer Darius Adamczyk also met earlier this month with Chao, the company confirmed. He discussed “next generation technologies, specifically mobile air conditioning refrigerants, that were innovated and are manufactured in the U.S. to help American automakers meet auto emission standards.”
A person briefed on the NHTSA proposal said it will address impacts of fuel efficiency increases on the economy, auto industry, environment and safety and is expected to assert that the rollback will have significant economic benefits.
Reporting by David Shepardson; editing by David Gregorio
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-autos-emissions/u-s-agency-backs-halting-tighter-fuel-economy-standards-after-2020-idUSKCN1IW2BP |
May 25, 2018 / 12:42 AM / Updated an hour ago On again? Trump says still chance of June 12 North Korea summit Roberta Rampton , Christine Kim 6 Min Read
WASHINGTON/SEOUL (Reuters) - U.S. President Donald Trump on Friday dangled the possibility that a June 12 summit with North Korea’s leader Kim Jong Un could still take place, just a day after he canceled the meeting citing Pyongyang’s “open hostility.”
Trump indicated the summit could be salvaged after welcoming a conciliatory statement from North Korea saying it remained open to talks.
“It was a very nice statement they put out,” Trump told reporters at the White House. “We’ll see what happens - it could even be the 12th.
“We’re talking to them now. They very much want to do it. We’d like to do it.”
After years of tension over Pyongyang’s nuclear weapons program, Kim and Trump agreed this month to hold what would be the first meeting between a serving U.S. president and a North Korean leader. The plan followed months of war threats and insults between the leaders over North Korea’s development of missiles capable of reaching the United States.
Trump scrapped the meeting, planned for Singapore, in a letter to Kim on Thursday after repeated threats by North Korea to pull out over what it saw as confrontational remarks by U.S. officials demanding unilateral disarmament. Trump cited North Korean hostility in canceling the summit.
In Pyongyang, North Korean Vice Foreign Minister Kim Kye Gwan said North Korea’s criticisms had been a reaction to American rhetoric and that current antagonism showed “the urgent necessity” for the summit.
He said North Korea regretted Trump’s decision to cancel and remained open to resolving issues “regardless of ways, at any time.”
Kim Kye Gwan said North Korea had appreciated Trump having made the bold decision to work toward a summit. Related Coverage Japan's Abe says efforts to clinch U.S.-N.Korea summit must continue
“We even inwardly hoped that what is called ‘Trump formula’ would help clear both sides of their worries and comply with the requirements of our side and would be a wise way of substantial effect for settling the issue,” he said. DIPLOMATS AT WORK
Trump’s latest about-face sent officials scrambling in Washington. Defense Secretary Jim Mattis told reporters diplomats were “still at work” and said Trump had just sent a note out on the summit, which could be back on “if our diplomats can pull it off.”
U.S. State Department spokeswoman Katina Adams declined to give details of any diplomatic contacts but said: “As the president said in his letter to Chairman Kim, dialogue between the two is the only dialogue that matters. If North Korea is serious, then we look forward hearing from them at the highest levels.”
White House spokeswoman Sarah Sanders told reporters Trump did not want a meeting that was “just a political stunt.”
“He wants to get something that’s a long-lasting and an actual real solution. And if they are they are ready to do that then ... we’re certainly ready to have those conversations,” she said.
“If the meeting takes place on June 12, we’ll be ready, if it takes place on July 12, we will be ready.” U.S. President Donald Trump leaves the White House for a trip to Annapolis, Maryland, in Washington, U.S. May 25, 2018. REUTERS/Carlos Barria
Sanders indicated it had yet to be decided whether White House officials would stick to a plan to travel to Singapore in coming days to prepare the summit.
North Korea had sharply criticized suggestions by Trump’s national security adviser, John Bolton, and Vice President Mike Pence that it could share the fate of Libya if it did not swiftly surrender its nuclear arsenal. Libyan leader Muammar Gaddafi was deposed and killed by NATO-backed militants after halting his nascent nuclear program. “TRUMP FORMULA”
Trump had initially sought to placate North Korea, saying he was not pursuing the “Libya model” and Sanders said he was following “the President Trump model.”
U.S. regional allies Japan and South Korea, as well as North Korea’s main ally, China, urged the two countries to salvage the summit on Friday.
At an economic forum in St. Petersburg, Chinese Vice President Wang Qishan said it was necessary to ensure security on the Korean peninsula, which touched on China’s core interests.
Japanese Prime Minister Shinzo Abe, at the same forum, regretted the cancellation and said the world should keep doing its bit to make the summit happen.
South Korea also would continue efforts to improve ties with the North, the office of President Moon Jae-in said after Moon’s top security advisers met for the second time on Friday.
Some analysts worried that canceling the summit could prompt a resumption in hostilities, including renewed shorter-range missile tests or stepped-up cyber attacks by Pyongyang and increased sanctions or deployment of new military assets by Washington. Slideshow (13 Images)
In his letter, Trump warned Kim of the United States’ greater nuclear might, reminiscent of his tweet last year asserting that he had a “much bigger” nuclear button than Kim.
While the Trump administration had insisted on North Korea’s complete, verifiable and irreversible dismantling of its nuclear program, Pyongyang had always couched its language in terms of denuclearization of the Korean peninsula.
It has said in previous, failed talks that it could consider giving up its arsenal if the United States provided security guarantees by removing its troops from South Korea and withdrawing its so-called nuclear umbrella of deterrence from South Korea and Japan. Additional reporting by Doina Chiacu, Idrees Ali, David Brunnstrom and Matt Spetalnick in WASHINGTON, Christian Lowe, Denis Pinchuk and Katya Golubkova in St Petersburg; Writing by So Young Kim and Doina Chiacu; Editing by Bill Trott | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles/trump-style-solution-north-korea-says-still-open-to-talks-after-summit-canceled-idUSKCN1IQ02Y |
Hybrid-electric aircraft race heats up 9:24pm IST - 01:42
Seattle's Zunum Aero is one of an estimated seventy companies worldwide, ranging from start-ups to the largest manufacturers, developing some form of hybrid-electric aircraft. Angela Moore reports. ▲ Hide Transcript ▶ View Transcript
Seattle's Zunum Aero is one of an estimated seventy companies worldwide, ranging from start-ups to the largest manufacturers, developing some form of hybrid-electric aircraft. Angela Moore reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L0WLoX | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/hybrid-electric-aircraft-race-heats-up?videoId=426851600 |
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* Spot gold up about 0.4 percent for the week * Silver, platinum and palladium back off 2-wk highs (Updates prices) By Apeksha Nair BENGALURU, May 11 (Reuters) - Gold prices slipped in range-bound trading on Friday as the dollar firmed slightly, with investors mostly brushing off a potential broadening of conflict in the Middle East. Spot gold was down 0.1 percent at $1,319.61 per ounce as of 0656 GMT, after rising to the highest since end-April at $1,322.76 in the previous session. The metal was, however, still on track to register a first weekly rise in four. U.S. gold futures for June delivery were nearly 0.2 percent lower at $1,320.20 per ounce. "I think geopolitical concerns (with respect to recent attacks on Syria) are still a concern but investors aren't paying significant attention to these," said Naeem Aslam, chief markets analyst, Think Markets. "The dollar story is more prominent." Israel said it attacked nearly all of Iran's military infrastructure in Syria on Thursday, after Iranian forces fired rockets at Israeli-held territory for the first time in the most extensive military exchange ever between the two adversaries. Gold is traditionally seen as a safe place to park assets in times of uncertainty or conflict. Meanwhile, the dollar index on Friday edged slightly higher, but still held below a 4-1/2-month high hit on Wednesday, with tepid U.S. inflation data for April prompting traders to pare bets of faster rate hikes by the Federal Reserve. Fed funds futures, however, rose on Thursday, indicating some traders continued to expect the U.S. central bank to raise key interest rates at its next policy meeting in June. A stronger dollar makes gold more expensive for holders of other currencies, while higher U.S. rates tend to boost the greenback. Elsewhere, the Bank of England held its interest rates steady on Thursday, while European Central Bank Governing Council member Philip Lane said interest rates are unlikely to move dramatically in the coming years. "Obviously we have to be cognizant to dollar risk but (tensions) in the Middle East doesn't look like it's going to settle anytime soon so I feel confident buying gold on the dips," said Stephen Innes, APAC trading head at OANDA said. Asian shares rose on Friday as risk appetite got a boost after U.S. President Donald Trump said he had hopes of "doing something very meaningful" to curtail North Korea's nuclear ambitions at a summit in Singapore next month. Among other precious metals, silver rose 0.1 percent to $16.70 an ounce, having hit its highest in more than two weeks at $16.75 in the previous session. Platinum fell 0.5 percent at $919 per ounce, having hit its highest since April 25 at $927.20 on Thursday. Palladium was 0.5 percent lower at $994 an ounce, having marked a more than two-week high at $1,002.10 in the previous session. (Reporting by Apeksha Nair in BENGALURU; Editing by Tom Hogue and Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-eases-on-firmer-dollar-but-eyes-first-weekly-gain-in-four-idUSL3N1SI1M0 |
BANGKOK (Thomson Reuters Foundation) - A Bangkok court this week ordered the closure of five informal markets in a housing estate, and compensation for four women who live next door, bringing an end to the “angry aunties” saga that gripped the city for months.
Bangkok’s governor vowed to clamp down on such markets, which civic groups defend as integral to the city’s economy and colorful character.
The promised crackdown is part of a wider effort to modernize Thailand’s capital, with authorities also clearing sidewalks of vendors, and removing homes and shanties along the Chao Phraya river to build a promenade.
Civic groups say these evictions mostly target poor residents who have little legal recourse, as they have no formal rights to their homes and businesses.
“They contribute to making Bangkok liveable and affordable,” said Sasiwimon Warunsiri, an assistant professor of economics at the University of the Thai Chamber of Commerce.
“But they themselves have little social, economic or legal security,” she told the Thomson Reuters Foundation.
Two of the four “aunties” shot to fame when they went at a pickup truck parked outside their home with an ax and a metal rod, saying they were fed up of having their lives disrupted by the illegal markets they had complained about for years.
The tirade in February was filmed by onlookers and posted online, where it quickly went viral, drawing sympathy for the women - who were dubbed “angry aunties” - and the traders alike, in a heated debate about informal markets.
The court on Wednesday ordered municipal authorities to pay about 400,000 baht ($12,500) as compensation to each of the plaintiffs.
“We agree the markets must be demolished, but I will consult with my legal team on the compensation,” Bangkok governor Aswin Kwanmuang told reporters following the order.
More than half the approximately 1,000 markets in Bangkok are illegal, and authorities “will get tough” with them, ordering them to shut down or get a license, he said.
Under the military government since 2014, Bangkok has sought a “dramatic reduction” in the number of vendors in public spaces, according to HomeNet Thailand, an organization of informal workers.
Authorities say they are removing encroachers to make public spaces and riverfront areas accessible to more people.
They are not alone: with Asian cities striving to become more international and lure investment, street vendors are viewed as a hindrance, and as usurpers of public spaces claimed by formal businesses, residents and pedestrians.
Most vendors in Bangkok are unauthorized, right groups estimate. Many are migrants from rural areas who moved in search of better economic opportunities.
“Authorities have tended to allow informal markets to operate because they are popular with residents, but we may see a stricter clamp-down if more people complain,” Sasiwimon said.
Reporting by Rina Chandran @rinachandran. Editing by Jared Ferrie. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org to see more stories.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-thailand-workers-rights/angry-aunties-spark-debate-on-bangkoks-informal-markets-idUSKCN1IJ117 |
May 3 (Reuters) - Healthcare Realty Trust Inc:
* HEALTHCARE REALTY TRUST REPORTS RESULTS FOR THE FIRST QUARTER
* Q1 ADJUSTED FFO PER SHARE $0.40 * QTRLY FUNDS FROM OPERATIONS PER COMMON SHARE - DILUTED $ 0.40
* QTRLY REVENUES $112.1 MILLION VERSUS $104.6 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-healthcare-realty-trust-reports-q1/brief-healthcare-realty-trust-reports-q1-adj-ffo-per-share-0-40-idUSASC09ZSW |
In China, a race to supply surveillance tech 9:49am BST - 02:06
A recent police equipment fair in Beijing offers a peek into the race to supply Chinese security forces with technology to monitor and punish behavior that runs against the ruling Communist Party. As Reuters' Pei Li explains, companies are racing to outdo each others' abilities to track people. ▲ Hide Transcript ▶ View Transcript
A recent police equipment fair in Beijing offers a peek into the race to supply Chinese security forces with technology to monitor and punish behavior that runs against the ruling Communist Party. As Reuters' Pei Li explains, companies are racing to outdo each others' abilities to track people. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L8V9sh | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/in-china-a-race-to-supply-surveillance-t?videoId=431629637 |
DUBAI (Reuters) - Bahrain has asked its nationals to avoid traveling to India’s Kerala until an outbreak of the rare Nipah virus, spread by fruit bats, is under control, the Gulf state’s consulate in Mumbai said on its Twitter account on Wednesday.
The virus can cause flu-like symptoms and brain damage, and the outbreak has already killed 10 people in southern India, with at least nine more being treated, officials said.
Reporting By Aziz El Yaakoubi; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-virus-bahrain/bahrain-asks-nationals-to-avoid-traveling-to-indias-kerala-idUSKCN1IO17I |
LONDON (AP) — British lawmakers investigating the use of Facebook users' data in political campaigns said Thursday that the suspended head of the now-defunct consultancy Cambridge Analytica has accepted a summons to appear before a committee.
Parliament's media committee said Alexander Nix had accepted a summons to appear June 6. He had refused to appear before the committee last month, citing the ongoing investigation into the firm.
Separately, it was announced that Facebook CEO Mark Zuckerberg will meet with leaders of the European Parliament in a closed-door meeting next Tuesday about the data protection scandal that has engulfed his company.
Even though his visit had been announced, it was left unclear exactly when Zuckerberg would visit the European Union's legislature.
The EU and British parliaments have been calling for Zuckerberg to appear before them for weeks ever since it emerged that Cambridge Analytica had been allowed to misuse the data of millions of Facebook users.
The EU meeting however is set to be private with the leaders of the political groups and a justice and civil rights expert. Many in the European Parliament had been calling for a public hearing. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-associated-press-cambridge-analytica-suspended-head-to-appear-at-uk-committee.html |
May 14 (Reuters) - W. R. Grace & Co:
* GRACE ANNOUNCES DEPARTURE OF CFO AND APPOINTMENT OF INTERIM CFO
* SAYS CFO THOMAS E. BLASER RESIGNED * FOLLOWING BLASER’S RESIGNATION, WILLIAM DOCKMAN WILL ASSUME ROLE OF INTERIM CFO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-grace-announces-departure-of-cfo-a/brief-grace-announces-departure-of-cfo-appointment-of-interim-cfo-idUSASC0A1XO |
First-Quarter Highlights:
Total company revenue up 13 percent year-over-year Consolidated operating earnings declined 36 percent from prior year Net earnings per diluted share totaled $0.37 Cash flow from operations increased 38 percent from prior year to $173 million Full-year 2018 net earnings outlook unchanged
OVERLAND PARK, Kan.--(BUSINESS WIRE)-- Compass Minerals (NYSE: CMP) reported net earnings of $12.6 million, or $0.37 per diluted share, for the quarter, compared to earnings of $21.5 million, or $0.63 per diluted share, in the prior-year period. While first-quarter 2018 revenue grew 13 percent from 2017 results, increased costs in the Salt and Plant Nutrition North America segments drove a 36 percent decline in operating earnings.
“We are encouraged by the return of winter weather both in the U.K. and North America as well as stable conditions in our agriculture markets, which have resulted in revenue growth for the company,” said Fran Malecha, Compass Minerals’ president and CEO. “With better deicing market fundamentals expected in the salt business as well as our strengthened portfolio of specialty plant nutrients and strong commercialization platform, we are poised to drive continued top-line growth for the rest of the year. In addition we are working diligently to improve our operations and increase our profitability.”
Compass Minerals Financial Results (in millions, except for earnings per share)
Three Months Ended
March 31, 2018 2017 Sales $ 437.9 $ 387.8 Operating earnings $ 26.6 $ 41.4 Operating margin 6.1 % 10.7 % Net earnings $ 12.6 $ 21.5 Diluted earnings per share $ 0.37 $ 0.63 EBITDA (1) $ 65.0 $ 69.9 Adjusted EBITDA (1) $ 60.8 $ 69.8 (1)
EBITDA (earnings before interest, taxes, depreciation and amortization) and adjusted EBITDA are non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in tables at the end of this press release.
SALT BUSINESS SUMMARY (segment financial results tables located at end of press release)
First-quarter salt segment revenue rose 15 percent, or $41.1 million, from prior-year first-quarter results to $315.9 million, due to a 22 percent increase in highway deicing revenue offset partially by a 2 percent decline in consumer and industrial revenue. A strong winter in the U.K. and a return to more typical winter weather in North America pushed sales volumes of highway deicing products up 22 percent from prior-year results, while average selling prices for these products were essentially unchanged from first-quarter 2017 results. Consumer and industrial revenue was negatively impacted by lower sales volumes, partially offset by improved average selling prices.
Salt segment operating earnings totaled $34.1 million, compared to $45.4 million in the first quarter of 2017. Earnings for this segment were pressured by increased logistics costs as well as higher-cost carryover inventory produced last year and sold in the first quarter of 2018. Approximately $20 million in increased logistic and production costs primarily resulted from the ceiling fall incident at the Goderich mine last year, which led the company to use rock salt from its Louisiana mine to serve customers in the Great Lakes region in the first quarter.
Winter Weather Effect
Winter weather events in the first quarter in North America were approximately 11 percent above the 10-year average; however, due to the geographic focus of winter weather this year, our sales benefited only modestly. As a result, we are reporting a moderate benefit from winter and the full 2017-2018 winter season impact was negligible.
Estimated Effect of Winter Weather on Salt Segment Performance (dollars in millions)
Three months ended March 31, Winter Season (1) 2018 2017 2018 2017 Favorable (unfavorable) to average weather:
Sales $15 to $20 ($30) to ($35) Negligible ($30) to ($35) Operating earnings $4 to $8 ($14) to ($18) Negligible ($14) to ($18) (1)
Includes estimated impact for the three months ended March 31 and the three months ended December 31.
Goderich mine update
On April 27, 2018, a strike began at the company’s mine in Goderich, Ontario. The company has been in negotiations with the union since early March 2018 with the goal of reaching a negotiated agreement that represents the mine’s current operational environment with continuous mining and continuous haulage. The company has implemented contingency plans and expects to safely operate the mine at or near its planned operating rates for the balance of 2018.
PLANT NUTRITION BUSINESS SUMMARY
Although wet and cold weather resulted in delays in the application of some fertilizer products in North America, sales volumes and revenues of our specialty plant nutrients outpaced prior-year results in both North and South America.
The Plant Nutrition North America segment generated revenue of $52.9 million in the first quarter of 2018, which was an 8 percent increase from 2017 first-quarter results. Sales volumes for the segment rose 10 percent from prior-year results, while average selling prices declined 2 percent, primarily driven by a lower-priced sales mix within micronutrients when compared to the prior year.
Operating earnings for the Plant Nutrition North America segment declined $2.7 million year-over-year to $4.9 million. In addition to lower average selling prices in the first quarter, increases in production costs contributed to the decline and reduced operating margin to 9.3 percent. The increase in production costs primarily resulted from an increase in depreciation associated with the commissioning of new production assets at the company's Ogden, Utah, sulfate of potash (SOP) plant and higher-cost carryover inventory compared to the prior year.
The Plant Nutrition South America segment reported an 8 percent increase in revenue driven by a 10 percent improvement in agriculture revenue and a 5 percent improvement in chemical solutions revenue. In local currency, segment revenue grew 11 percent year-over-year, with agriculture revenue increasing 13 percent and chemical solutions revenue up 8 percent.
The improved agriculture sales resulted from a 2 percent year-over-year increase in sales volumes and an 8 percent increase in average selling price as customers purchased more higher-value products in the 2018 quarter compared to the prior year. Sales volumes of chemical solutions increased 10 percent, while average selling prices declined 4 percent primarily due to shifts in product sales mix.
Plant Nutrition South America operating earnings of $0.8 million were ahead of internal expectations for the 2018 first quarter, which is typically the lowest earnings quarter of the year. First-quarter 2017 operating earnings totaled $1.8 million, which included a $1.9 million benefit related to the finalization of the Produquímica purchase price. EBITDA for the quarter increased 27 percent from 2017 results when excluding the prior-year benefit.
OTHER FINANCIAL HIGHLIGHTS
Cash flow from operations increased 38 percent to $173 million from first-quarter 2017 results, primarily due to improvements in working capital.
Sales, general and administrative expense decreased 3 percent year-over-year and represented 8.9 percent of total revenue compared to 10.4 percent in the first quarter of 2017. This decline was primarily attributable to the impact of a restructuring plan introduced in July 2017 designed to reduce ongoing costs and further streamline the organization.
Other income in the first quarter of 2018 totaled $4.2 million compared to $0.1 million in the year-ago quarter. This increase was driven by interest income and gains in foreign exchange.
OUTLOOK
With snow events in our served markets in North America continuing into April and strong demand in the U.K., the company expects second-quarter 2018 salt revenue to increase from prior-year results. Anticipated improvements in mining rates are expected to drive better margin performance going forward. In addition, we anticipate the increase in winter weather in the 2017-2018 season is likely to result in favorable market dynamics for salt producers in the upcoming North American highway deicing bid season.
While the Plant Nutrition North America segment reported volume and revenue growth in the first quarter, sales in the second quarter are expected to be pressured by the shortened planting season due to inclement weather in North America. Lower sales, particularly of micronutrients, in addition to the continued impact of increased depreciation are expected to result in operating margins similar to first quarter 2018 results.
The outlook for Plant Nutrition South America remains unchanged as better agriculture market fundamentals and improving economic conditions are expected to support continued revenue and earnings growth.
2018 OUTLOOK:
FULL YEAR EPS - $2.75 to $3.25 2Q18 FY18 Salt Segment Volume 11.8 million to 12.6 million tons Revenue $105 million to $120 million Operating earnings margin 12% to 14% Plant Nutrition North America Segment Volume 320,000 to 350,000 tons Revenue $40 million to $50 million Operating earnings margin 8% to 10% Plant Nutrition South America Segment Volume 700,000 to 900,000 tons Revenue $70 million to $80 million Operating earnings margin 2% to 3% Corporate Corporate and other expense ~$59 million Interest expense ~$57 million Depreciation, depletion and amortization ~$140 million Capital expenditures less than $100 million Effective tax rate ~25% Conference Call
Compass Minerals will discuss its results on a conference call tomorrow morning, Wednesday, May 2, 2018, at 9:00 a.m. ET. To access the conference call, interested parties should visit the company’s website at www.CompassMinerals.com or dial 877-614-0009. Callers must provide the conference ID number 3347977. Outside of the U.S. and Canada, callers may dial 720-452-9074. Replays of the call will be available on the company’s website. A summary of the company’s performance is included in a presentation available at www.compassminerals.com/investorrelations .
About Compass Minerals
Compass Minerals is a leading provider of essential minerals that solve nature’s challenges, including salt for winter roadway safety and other consumer, industrial and agricultural uses, and specialty plant nutrition minerals that improve the quality and yield of crops. The company produces its minerals at locations throughout the U.S., Canada, Brazil and the U.K. For more information about Compass Minerals and its products, please visit www.compassminerals.com .
Non-GAAP Measures
Management uses a variety of measures to evaluate the company’s and its operating segments’ performance. While the consolidated financial statements provide an understanding of the company’s overall results of operations, financial condition and cash flows, management analyzes components of the consolidated financial statements to identify certain trends and evaluate specific performance areas. In addition to using U.S. generally accepted accounting principles (“GAAP”) financial measures, management uses EBITDA and EBITDA adjusted for items which management believes are not indicative of the company’s ongoing operating performance (“Adjusted EBITDA”) to evaluate the operating performance of the company’s core business operations because its resource allocation, financing methods, cost of capital and income tax positions are managed at a corporate level, apart from the activities of the operating segments, and the operating facilities are located in different taxing jurisdictions, which can cause considerable variation in net earnings. The company also uses EBITDA and Adjusted EBITDA to assess its consolidated and segment operating performance and return on capital against other companies and to evaluate potential acquisitions or other capital projects. These measures are not calculated under GAAP and should not be considered in isolation or as a substitute for net earnings, operating earnings, cash flows or other financial data prepared in accordance with GAAP or as a measure of overall profitability or liquidity. EBITDA and Adjusted EBITDA exclude interest expense, income taxes and depreciation and amortization, each of which are an essential element of the company’s cost structure and cannot be eliminated. Consequently, any measure that excludes these elements has material limitations. While EBITDA and Adjusted EBITDA are frequently used as measures of operating performance, these terms are not necessarily comparable to similarly titled measures of other companies due to the potential inconsistencies in the method of calculation. The calculation of EBITDA and Adjusted EBITDA as used by management is set forth in the following tables.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements about market fundamentals, conditions and dynamics; the company’s ability to drive growth, improve operations and increase profitability; Goderich mine operating rates; mining rates; margin performance; weather; economic conditions; and the company’s outlook for the second quarter of 2018 and the full year of 2018, including its expectations regarding earnings per share (“EPS”), volumes, revenue, operating earnings margin, corporate and other expense, interest expense, depreciation, depletion and amortization, capital expenditures and tax rates. We use words such as “may,” “would,” “could,” “should,” “will,” “likely,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and similar expressions suggesting future outcomes or events to identify forward-looking statements or forward-looking information. These statements are based on the company’s current expectations and involve risks and uncertainties that could cause the company’s actual results to differ materially. The differences could be caused by a number of factors, including without limitation (i) weather conditions, (ii) pressure on prices and impact from competitive products, (iii) any inability by the company to fund necessary capital expenditures or successfully implement any capital projects, (iv) strikes, other forms of work stoppage or slowdown or other union activities, including the Goderich mine strike, the length of the Goderich mine strike, any inability to successfully implement the company's contingency plans and any costs associated with ongoing negotiations or any final agreement with the union, (v) foreign exchange rates and the cost and availability of transportation for the distribution of the company’s products, and (vi) any inability by the company to successfully implement its cost savings initiatives. For further information on these and other risks and uncertainties that may affect the company’s business, see the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s Annual Report on Form 10-K for the year ended December 31, 2017 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed or to be filed with the SEC. The company undertakes no obligation to update any forward-looking statements made in this press release to reflect future events or developments. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties.
Salt Segment Performance
(unaudited, in millions, except for sales volumes and prices per short ton) Three Months Ended
March 31, 2018 2017 Sales $ 315.9 $ 274.8 Operating earnings $ 34.1 $ 45.4 Operating margin 10.8 % 16.5 % EBITDA (1) $ 48.8 $ 58.3 EBITDA (1) margin 15.4 % 21.2 % Sales volumes (in thousands of tons): Highway deicing 4,262 3,491 Consumer and industrial 502 542 Total salt 4,764 4,033 Average sales prices (per ton): Highway deicing $ 55.24 $ 55.25 Consumer and industrial $ 160.26 $ 151.25 Total salt $ 66.32 $ 68.14 (1) EBITDA is a non-GAAP financial measure. A reconciliation of GAAP operating earnings to EBITDA follows.
Reconciliation for Salt Segment EBITDA (unaudited, in millions)
Three Months Ended
March 31, 2018 2017 Reported GAAP segment operating earnings $ 34.1 $ 45.4 Depreciation, depletion and amortization 14.7 12.9 Segment EBITDA $ 48.8 $ 58.3 Segment sales 315.9 274.8 Segment EBITDA margin 15.4 % 21.2 % Plant Nutrition North America Segment Performance
(unaudited, dollars in millions, except for prices per short ton) Three Months Ended
March 31, 2018 2017 Sales $ 52.9 $ 49.2 Operating earnings $ 4.9 $ 7.6 Operating margin 9.3 % 15.4 % EBITDA (1) $ 16.2 $ 16.5 EBITDA (1) margin 30.6 % 33.5 % Sales volumes (in thousands of tons) 87 79 Average sales price (per ton) $ 610 $ 624 (1) EBITDA is a non-GAAP financial measure. A reconciliation of GAAP operating earnings to EBITDA follows.
Reconciliation for Plant Nutrition North America Segment EBITDA (unaudited, in millions)
Three Months Ended
March 31, 2018 2017 Reported GAAP segment operating earnings $ 4.9 $ 7.6 Depreciation, depletion and amortization 11.3 8.9 Segment EBITDA $ 16.2 $ 16.5 Segment sales 52.9 49.2 Segment EBITDA margin 30.6 % 33.5 % Plant Nutrition South America Segment Performance
(unaudited, dollars in millions, except for prices per short ton) Three Months Ended
March 31, 2018 2017 Sales $ 66.3 $ 61.3 Operating earnings $ 0.8 $ 1.8 Operating margin 1.2 % 2.9 % EBITDA (1) $ 6.6 $ 7.1 EBITDA (1) margin 10.0 % 11.6 % Sales volumes (in thousands of tons) Agriculture 61 60 Chemical solutions 79 72 Total sales volumes 140 132 Average sales prices (per ton): Agriculture $ 646 $ 599 Chemical solutions $ 339 $ 354 Total Plant Nutrition South America $ 473 $ 465 (1) EBITDA is a non-GAAP financial measure. A reconciliation of GAAP operating earnings to EBITDA follows.
Reconciliation for Plant Nutrition South America Segment EBITDA (unaudited, in millions)
Three Months Ended
March 31, 2018 2017 Reported GAAP segment operating earnings $ 0.8 $ 1.8 Depreciation, depletion and amortization 5.9 5.3 Loss in equity method investee (0.1 ) — Segment EBITDA $ 6.6 $ 7.1 Segment sales 66.3 61.3 Segment EBITDA margin 10.0 % 11.6 % Reconciliation for EBITDA and Adjusted EBITDA
(unaudited, in millions) Three Months Ended
March 31, 2018 2017 Net earnings $ 12.6 $ 21.5 Interest expense 13.7 13.7 Income tax expense 4.4 6.3 Depreciation, depletion and amortization 34.3 28.4 EBITDA $ 65.0 $ 69.9 Adjustments to EBITDA: Other income, net (1) (4.2 ) (0.1 ) Adjusted EBITDA $ 60.8 $ 69.8 (1) Primarily includes interest income and foreign exchange gains and losses.
COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except share and per-share data)
Three Months Ended
March 31, 2018 2017 Sales $ 437.9 $ 387.8 Shipping and handling cost 120.1 93.7 Product cost 252.4 212.5 Gross profit 65.4 81.6 Selling, general and administrative expenses 38.8 40.2 Operating earnings 26.6 41.4 Other expense (income): Interest expense 13.7 13.7 Net loss in equity investee 0.1 — Other, net (4.2 ) (0.1 ) Earnings before income taxes 17.0 27.8 Income tax expense 4.4 6.3 Net earnings $ 12.6 $ 21.5 Basic net earnings per common share $ 0.37 $ 0.63 Diluted net earnings per common share $ 0.37 $ 0.63 Cash dividends per share $ 0.72 $ 0.72 Weighted-average common shares outstanding (in thousands): (1) Basic 33,836 33,802 Diluted 33,836 33,803 (1)
Excludes weighted participating securities such as RSUs and PSUs that receive non-forfeitable dividends, which consist of 163,000 and 157,000 weighted participating securities for the three months ended March 31, 2018 and March 31, 2017, respectively.
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited) March 31, December 31, 2018 2017 ASSETS Cash and cash equivalents $ 44.5 $ 36.6 Receivables, net 275.0 344.5 Inventories 217.2 289.9 Other current assets 59.8 66.5 Property, plant and equipment, net 1,124.8 1,138.1 Intangible and other noncurrent assets 691.5 695.4 Total assets $ 2,412.8 $ 2,571.0 LIABILITIES AND STOCKHOLDERS' EQUITY Current portion of long-term debt $ 32.3 $ 32.1 Other current liabilities 218.8 235.9 Long-term debt, net of current portion 1,218.2 1,330.4 Deferred income taxes and other noncurrent liabilities 274.4 278.0 Total stockholders' equity 669.1 694.6 Total liabilities and stockholders' equity $ 2,412.8 $ 2,571.0 COMPASS MINERALS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) Three Months Ended
March 31, 2018 2017 Net cash provided by operating activities $ 173.0 $ 125.2 Cash flows from investing activities: Capital expenditures (23.0 ) (21.0 ) Other, net (0.6 ) (1.3 ) Net cash used in investing activities (23.6 ) (22.3 ) Cash flows from financing activities: Proceeds from revolving credit facility borrowings 63.8 18.3 Principal payments on revolving credit facility borrowings (186.2 ) (101.7 ) Proceeds from issuance of long-term debt 16.0 10.9 Principal payments on long-term debt (5.6 ) (21.3 ) Acquisition-related contingent consideration payment — (14.7 ) Dividends paid (24.5 ) (24.4 ) Deferred financing costs (0.3 ) — Proceeds received from stock option exercises — 0.2 Other, net — 0.7 Net cash used in financing activities (136.8 ) (132.0 ) Effect of exchange rate changes on cash and cash equivalents (4.7 ) 0.6 Net change in cash and cash equivalents 7.9 (28.5 ) Cash and cash equivalents, beginning of the year 36.6 77.4 Cash and cash equivalents, end of period $ 44.5 $ 48.9
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006637/en/
Compass Minerals
Investor Contact
Theresa L. Womble, +1-913-344-9362
Director of Investor Relations
[email protected]
or
Media Contact
Tara Hefner, +1-913-344-9319
Manager of Corporate Affairs
[email protected]
Source: Compass Minerals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-compass-minerals-reports-first-quarter-2018-earnings-year-over-year-revenue-growth-in-all-segments.html |
NAIROBI, May 10 (Reuters) - A dam burst overnight in a Kenyan town after heavy rain, causing “huge destruction” and deaths, a government official said on Thursday.
The burst happened in Solai, Nakuru county, 190 km (120 miles) northwest of the capital, Nairobi, late on Wednesday.
“The water has caused huge destruction of both life and property. The extent of the damage has yet to be ascertained,” Lee Kinyajui, governor of Nakuru, said in a statement.
Kenya Red Cross said on Twitter it had so far rescued 39 people. (Reporting by Thomas Mukoya and George Obulutsa; Writing by George Obulutsa; Editing by Nick Macfie)
| ashraq/financial-news-articles | https://www.reuters.com/article/kenya-floods/kenyan-dam-bursts-causing-huge-destruction-deaths-official-idUSL1N1SH073 |
May 23 (Reuters) - RomReal Ltd:
* SAYS NET RESULT FOR QUARTER WAS EUR 148,000 LOSS COMPARED TO A EUR 284,000 LOSS IN 1Q 2017
* QTRLY NET ASSET VALUE WAS EUR 0.48 (NOK 4.71) PER SHARE, 0.8 PER CENT LOWER COMPARED TO QUARTER 4 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-romreal-ltd-says-qtrly-net-asset-v/brief-romreal-ltd-says-qtrly-net-asset-value-was-eur-0-48-per-share-idUSFWN1SU0XX |
UAE company turns camel milk into baby formula Monday, May 21, 2018 - 00:58
A company based in the UAE, which recently unveiled a baby formula made with camel milk, says its unique products are due to hit local markets soon. Sarah Charlton reports.
A company based in the UAE, which recently unveiled a baby formula made with camel milk, says its unique products are due to hit local markets soon. Sarah Charlton reports. //reut.rs/2LjChYj | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/uae-company-turns-camel-milk-into-baby-f?videoId=428999675 |
May 8, 2018 / 8:17 AM / Updated 21 minutes ago Virgin Money bid sparks British bank consolidation talk Lawrence White , Sinead Cruise 5 Min Read
LONDON (Reuters) - British entrepreneur Richard Branson, founder of the Virgin business empire, is reviewing a 1.6 billion pounds ($2.2 billion) takeover bid that could turn the fledgling lender he founded almost 25 years ago into one of Britain’s biggest banks. FILE PHOTO: Signage is see outside a branch of Virgin Money in Manchester, Britain September 21, 2017. REUTERS/Phil Noble /File Photo
Britain’s mid-sized ‘challenger’ banks’ shares rose sharply on Tuesday, after the approach by CYBG ( CYBGC.L ) for rival Virgin Money ( VM.L ), prompting speculation that long-awaited consolidation in the sector could become a reality.
Shares in Virgin Money, of which airlines-to-music mogul Branson owns about 35 percent, rose as much as 9 percent after the all-share takeover offer.
Rivals, including Metro Bank ( MTRO.L ) and OnesavingsBank ( OSBO.L ), also rose as investors bet on which of the challenger banks might be next to merge in a buoyant British M&A market, which has had record levels of activity.
These smaller banks emerged to fill a gap in small business lending left by the bigger banks, which retreated after the financial crisis to rebuild their battered balance sheets.
The challenger banks have succeeded in peeling some business away from heavyweights such as Lloyds ( LLOY.L ) and Royal Bank of Scotland ( RBS.L ), but in turn face their own threat from nimbler digital-only rivals and rising costs from tighter regulation.
CYBG, owner of Clydesdale and Yorkshire Bank, made its London market debut in 2016 after it was spun off by National Australia Bank ( NAB.AX ). A successful merger would create Britain’s sixth largest bank, according to analysts.
Under its takeover plan, Virgin Money would own about 36.5 percent of the combined company. Virgin Money shareholders would receive 1.13 new CYBG shares for each Virgin Money share.
Virgin said on Monday its board was reviewing the CYBG offer.
“The current indicative terms in no way reflect the relative strengths of the two companies so CYBG would have to improve them significantly for us to even consider an offer,” a top ten Virgin Money investor, who declined to be identified, told Reuters.
“There is some strategic logic and plenty of potential synergies in a combination of the two, but also plenty of execution risk, particularly from an IT perspective in light of recent events at TSB,” the shareholder added.
TSB, which was bought by Spain’s Banco Sabadell ( SABE.MC ) in 2015, has been hit in the past few weeks by a botched computer system migration as it moved to Sabadell’s in-house system.
Analysts said the proposed deal, made public on Monday, made logical sense, combining CYBG’s more extensive branch network with Virgin’s stronger brand, but that the initial offer was too low and would likely be rejected.
“We think Virgin shareholders will be lukewarm on the proposal,” said analyst John Cronin at Irish broker Goodbody, adding that he expected a protracted takeover battle could now happen as the two parties jockey over price. SQUEEZED MIDDLE
Britain’s mid-sized banks are being squeezed by competitive pressures from both the big established players and smaller newcomers, so analysts and investors have been expecting consolidation to kick off at some stage.
The biggest banks can reap economies of scale from their branch networks and ability to invest heavily in new technology. Meanwhile, a new breed of smaller digital-only ‘neo-banks’ such as Monzo, Starling and Atom and are wooing the customers of the mid-sized players without needing a costly branch infrastructure.
The challenger banks have also complained of an uneven playing field in terms of regulations, with rules on how much capital they have to hold against mortgages disproportionately favoring bigger players that have more historical data to underpin their risk models.
The CYBG and Virgin deal offers a potential template for coping with these pressures for many of the mid-sized players, providing an opportunity to combine branch networks, deposit bases and technology investment budgets.
Virgin Money is investing heavily in a new digital offering while CYBG already has a digital and mobile banking platform called ‘B’.
($1 = 0.7372 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-virgin-money-m-a-cybg/virgin-money-shares-rise-9-percent-after-cybg-takeover-bid-idUKKBN1I90S5 |
May 2, 2018 / 4:44 AM / Updated 7 minutes ago StanChart still faces long haul on road to recovery Sumeet Chatterjee , Lawrence White 4 Min Read
HONG KONG/LONDON (Reuters) - Standard Chartered Plc ( STAN.L ) beat expectations with a 20 percent rise in first quarter pre-tax profit on Wednesday, but disappointing income showed the long road ahead for its returns to meet targets after years of restructuring.
Pretax profit for StanChart, which focuses on Asia, Africa and the Middle East, rose to $1.26 billion in the quarter to the end of March, from $1.05 billion in the same period a year ago, helped by improvements in asset quality.
However revenues — closely watched by investors who want to see growth driven by income rather than lower impairments — fell short of market expectations at $3.9 billion, despite being the bank’s best since the second quarter of 2015.
This underscores the challenge for StanChart in meeting its already modest targets and helped send the bank’s London-listed shares down 1.6 percent by 0910 GMT, reversing earlier gains.
“Overall the key disappointment will be that the strong income start flagged at the full year hasn’t persisted,” said Richard Smith, analyst at KBW in London.
Analysts at Barclays and UBS also noted that it would be a stretch for the bank to meet their forecasts for income for the rest of the year, and that it hadn’t reaffirmed a target to keep costs below 2015 levels.
Wednesday’s profit jump and the return to dividends StanChart announced in February are two early fruits of the sweeping restructuring implemented by Chief Executive Bill Winters when he joined the bank in 2015.
However this has also had consequences, pushing the bank’s return on equity, a key profitability metric, into negative territory. StanChart said in February it will restore that to 8 percent in the medium term, but has not announced the timetable for achieving the goal. FILE PHOTO: A man walks past a logo of the Standard Chartered Kenya bank in their main office in Nairobi, Kenya September 29, 2017. REUTERS/Baz Ratner/File Photo NO SHORTCUTS
Hitting the target will involve improving income across all of the bank’s main business lines, with the first quarter showing mixed results.
While income for its private banking business climbed 23 percent from the same first-quarter period a year ago, albeit from a low base, income in the key financial markets trading business rose only 2 percent.
That compares with record profits for the quarter posted by U.S. investment banks, which reaped bumper trading profits in the first two months of the year as investors reacted to volatility across stock, bond, currency and commodity markets.
StanChart posted an annualised return on equity of 7.6 percent in the March quarter, compared to 6.3 percent in the first quarter of 2017.
“There are no shortcuts but we are gathering momentum and gaining in confidence,” Finance Director Andy Halford told reporters on a conference call on Wednesday.
StanChart did show continued signs of improving its balance of bad loans, with net impairment on financial assets in the quarter 29 percent lower than in the previous period.
Losses from bad debts had plagued StanChart in the recent past, but the bank has since tightened limits on who can make decisions about such big loans and decreased internal limits for exposure to a single client. Reporting by Sumeet Chatterjee, Emma Rumney and Lawrence White; Editing by Muralikumar Anantharaman and Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-stanchart-results/standard-chartered-first-quarter-pretax-profit-climbs-20-percent-beats-forecasts-idUKKBN1I30CU |
May 2 (Reuters) - Alliant Energy Corp:
* ALLIANT ENERGY ANNOUNCES FIRST QUARTER 2018 RESULTS * Q1 GAAP EARNINGS PER SHARE $0.45 FROM CONTINUING OPERATIONS
* Q1 EARNINGS PER SHARE VIEW $0.50 — THOMSON REUTERS I/B/E/S
* ALLIANT ENERGY IS REAFFIRMING ITS EPS GUIDANCE FOR 2018 * FY2018 EARNINGS PER SHARE VIEW $2.11 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL REVENUE $916.3 MILLION VERSUS $853.9 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alliant-energy-qtrly-total-revenue/brief-alliant-energy-qtrly-total-revenue-916-3-million-versus-853-9-million-idUSASC09ZA2 |
LOS ANGELES—Shipments from the biggest U.S. West Coast ports to Asia are picking up steam in a sign that companies are stepping up orders ahead of anticipated new trade restrictions.
Loaded container exports from the neighboring ports of Los Angeles and Long Beach jumped 12% year-over-year in April from a year ago to 306,503 20-foot equivalent units, or TEUs, a shipping-industry measure of shipment volume. That made April the biggest month for exports at the largest seaport complex in North America since March 2017.
“Anxiety is driving the export trade,” said Jock O’Connell, an international trade economist based in California. China represents roughly half of the exports that move through Southern California’s ports, Mr. O’Connell said.
‘ Anxiety is driving the export trade. ’
—Trade economist Jock O’Connell. “Shippers want to get their goods on the high seas and to their final destinations before the gates close on U.S. exports,” he said.
Sharp rhetoric and threats of tariffs and other restrictions have been flying between the U.S. and China for several months, raising uncertainty for both Chinese buyers and American exporters about future demand.
Representatives from Beijing and Washington have been talking about potential solutions to avert a full trade war, with new discussions focused on a plan that would have China hold back tariffs and other restrictions on a variety of U.S. agricultural products while the U.S. gives Chinese telecommunications equipment supplier ZTE Corp. a reprieve from previously-announced sanctions .
Shipments from the biggest U.S. trade gateways to Asia have been growing at a rapid pace this year. Volumes from the Southern California ports jumped 6.6% from January to February and then another 6.1% in March, before reaching the 13-month high last month.
Also in Logistics ...
“Nobody’s quite sure what will happen in the next few days,” Mr. O’Connell said. “It seems like the rules are being changed on an hourly basis.”
Exports out of the Port of Oakland rose just 0.5% from a year ago to 77,995 TEUs. But Oakland port officials said strong exports of agricultural goods such as meat, fruit and vegetables, have offset a decline in the export of scrap materials—a high-volume business that China restricted earlier this year.
In China, exports rose 13% in April as imports surged 21.5% compared with a year earlier. As both inbound and outbound shipments accelerated, China’s trade surplus with the U.S. reached over $22 billion in April, up 44% from March.
The monthly Global Port Tracker report, released last week by the National Retail Federation and Hackett Associates, projected that imports into the U.S. would keep growing until the negotiations reach a conclusion and any new restrictions go into effect. The report estimated that U.S. retail imports reached 1.73 million TEUs in April, an increase of 6.4% over the same month last year.
Write to Erica E. Phillips at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/exports-from-california-ports-surged-in-april-on-trade-unease-1526334286 |
Company’s growth supports upcoming clinical programs to help better predict patient response to oncology drugs before treatment begins
GREENVILLE, S.C.--(BUSINESS WIRE)-- KIYATEC, Inc. , a privately held company changing the future of cancer care by predicting patient response to oncology drugs prior to treatment, today announced an expansion of its leadership team with the appointment of two industry veterans. Charlene Knape has joined the company as Vice President of Clinical Affairs, and Timothy Decker as Vice President Commercial Operations.
Mr. Decker, a twenty year industry leader with a proven track record of developing and commercializing oncology diagnostic services and pharmaceuticals, has assumed responsibility for pre-launch commercial strategic development along with tactical planning and execution to drive clinical product launches. Mr. Decker held roles of increasing responsibility in strategic and tactical marketing for a decade at G.D. Searle and Abbott Laboratories before joining Genomic Health, Inc. Over an eight year span, he played a lead role as Director and Senior Director in the global launch, marketing, reimbursement and sales of Oncotype DX molecular diagnostic tests in breast, colon and prostate cancers. Mr. Decker subsequently served as Vice President of Marketing at Castle Biosciences, Inc., where he drove corporate and pipeline strategy, as well as in-line product strategy and revenue growth for its molecular diagnostic tests in melanoma. He joins the company from Mexico City-based Grupo Fármacos Especializados, where he served as Division Head, Oncology Diagnostics, responsible for developing reimbursement pathways and securing positive coverage decisions among public and private sector payers.
With more than 25 years of experience working with diagnostic companies, Ms. Knape is responsible for leading the clinical development programs and clinical operations for KIYATEC’s pipeline for ovarian cancer, glioblastoma, rare tumors and triple negative breast cancer. She most recently served as Senior Director, Clinical Development for Inivata, a clinical cancer genomics company utilizing liquid biopsies for comprehensive genomic profiling of tumors. Prior to this, Ms. Knape served in Becton Dickinson’s Corporate Clinical Development group, responsible for global clinical quality and contracts. Ms. Knape spent five years with Micell Technologies as Senior Director of Clinical Affairs where she managed all global clinical activities for first-in-human and CE Marking studies for an implantable cardiovascular device from initiation through successful regulatory submission. As the company’s lead in clinical operations, Ms. Knape also built the team and initiated a 1,400-patient study in Europe and a 400-patient study in China. Previously, Ms. Knape served as Vice President, Clinical Affairs at EndoTex Interventional Systems, led the clinical functions for Avocet Medical and Somnus Medical Technologies and held clinical affairs positions in the Companion Diagnostics and Biorepository at LabCorp.
“At this pivotal time in the company’s growth, we are thrilled to welcome Charlene and Tim to KIYATEC. These two newly created positions are critical as we expand our clinical programs in key therapeutic areas and further strengthen our plan for the broad adoption of our patient-specific response prediction tests,” said Dr. Matthew Gevaert, CEO of KIYATEC. “Their expertise and industry knowledge is unparalleled and they will be instrumental as KIYATEC continues toward its path of changing the future of cancer care by predicting patient response to chemotherapy before treatment begins. I’m so glad to have Tim and Charlene on our team as we move toward our goal of commercialization and helping patients receive optimal treatment at the earliest possible time.”
KIYATEC will be attending the American Society of Clinical Oncology (ASCO) meeting being held June 1-5 in Chicago.
About KIYATEC, Inc.
KIYATEC is changing the future of cancer care by accurately predicting patient-specific response and non-response to chemotherapy drugs before treatment begins. Wasted time is the enemy of cancer patients and there is currently no way to accurately predict which cancer patients will respond to standard oncology treatments. KIYATEC has developed a validated process to use a cancer patient’s own live cells to accurately predict treatment response prior to beginning treatment.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005363/en/
MacDougall Biomedical Communications
Lauren Arnold, 781-235-3060
[email protected]
Source: KIYATEC, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-kiyatec-strengthens-leadership-team-with-appointment-of-vice-presidents-of-clinical-affairs-and-commercial-operations.html |
LONDON, May 18 (Reuters) - Juergen Grobler is thinking about having a dinner and inviting all the winning Olympic rowers he has coached to bring their medals.
By the German’s reckoning, there would be 33 golds in the room — more than many countries have won in over a century of competing.
Chief coach of Britain’s men’s team, Grobler is a phenomenon — even if many people outside of his sport would not recognise him if he knocked on their door wearing a name badge.
Arguably the most successful coach in British sport, if not the world, the former East German has mentored champions at every Olympics since Munich in 1972, excluding the boycotted 1984 Los Angeles Games.
With Britain, he has personally coached gold medal-winning crews at every Games since 1992 — the first two with five-times gold medallist Steve Redgrave and four-times champion Matthew Pinsent.
As he works towards a likely farewell in Tokyo in 2020 — “I think I should be honest. I shouldn’t discuss it now, but yes,” he told Reuters when asked if it would be his last — the 71-year-old is finding new ways to get the best out of his rowers.
“It would be totally wrong just to copy (past programmes),” he explained in an interview during a UK Sport event to launch an ‘Athletes Futures’ fair at the Bisham Abbey high performance centre.
“Of course, some things are the same, you will not change everything, but as a coach you have to adapt always to the new situation, to different athletes, to their habits and problems they have.
“You have to think about your programme so it’s not just... doing the same thing every time again because the sport moves on,” said Grobler, choosing his words carefully in heavily accented English.
“What was good yesterday will not be good for tomorrow,” added the man who arrived in Britain in 1991 and was based with the Leander club in Henley-on-Thames, this year celebrating the 200th anniversary of its founding in 1818.
NEVER LOOK BACK Grobler has a reputation as someone who does not look back, perhaps inevitable for someone who started out in the old East German system with its murky past, preferring to focus on the next challenge without sentimentality.
A famously hard taskmaster, he has had to be ruthless in deciding who gets the golden ticket and who misses out after years of sweat and toil. But there are signs of a slight softening.
“I’m getting older now,” he smiled. “At the moment, as long as I’m in the business, I will say I have to look forward. I might when I finish, sit down and think ‘hmm, it was a great time’.
“I was thinking now of inviting all my successful athletes, and that’s quite a lot of Olympic gold medallists, and having a dinner. That’s maybe a little bit of sentimental thinking before I have even finished, to do that.
“I have never been sitting down so much with them after the Olympics, because the show goes on and the next generation is already waiting,” he added.
Rowing has been a regular contributor to the medal table, with Britain second overall in Rio de Janeiro in 2016, but as in other sports athlete welfare, career planning and personal development is increasingly a big part of the job.
That is something Grobler, who says he treats all his athletes as “gold dust” and with respect even if they do not ultimately make it, is particularly pleased about.
“If an athlete comes to us and takes all the pain, he has a dream to win a gold medal. I think we would lie if you said that’s not important,” he said.
“But what is important now, and that’s where I think we are really moving on and doing a good job, is bringing that other aspect in as well... to help the athletes, not just using them for medal winning.
“We are seeing the athlete as a person.” (Reporting by Alan Baldwin; Editing by John O’Brien)
| ashraq/financial-news-articles | https://www.reuters.com/article/rowing-britain-grobler/interview-rowing-grobler-rides-the-waves-as-tokyo-2020-approaches-idUSL3N1SO4ZU |
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:
Do you own shares of Abaxis, Inc. (NASDAQ GS: ABAX )? Did you purchase any of your shares prior to May 16, 2018? Do you think the proposed buyout is fair? Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Abaxis, Inc. (“Abaxis” or the “Company”) (NASDAQ GS: ABAX ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Zoetis Inc. (“Zoetis”) in a transaction valued at approximately $2.0 billion. Under the terms of the agreement, shareholders of Abaxis will receive $83.00 in cash for each share of Abaxis common stock.
If you own common stock of Abaxis and purchased any shares before May 16, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at [email protected] .
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions .
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006181/en/
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242
(302) 295-5310
Fax: (302) 654-7530
[email protected]
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-abaxis-inc-shareholder-alert-rigrodsky-long-p-a-announces-investigation-of-buyout.html |
Hip hop singer Lauryn Hill to perform in UK for album anniversary tour 3:45pm BST - 00:26
Hip hop musician Lauryn Hill is due to perform in the UK for the anniversary of her acclaimed album ''The Miseducation of Lauryn Hill''. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Hip hop musician Lauryn Hill is due to perform in the UK for the anniversary of her acclaimed album "The Miseducation of Lauryn Hill". Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IFnWYQ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/23/hip-hop-singer-lauryn-hill-to-perform-in?videoId=429616026 |
Meghan McCain on Friday questioned how the White House aide who disparaged her ailing father, Republican U.S. Senator John McCain, during a meeting, still has a job.
FILE PHOTO: Sen. John McCain (R-AZ) speaks at a press conference about the National Defense Authorization Act in Washington, U.S., October 25, 2017. REUTERS/Aaron P. Bernstein/File Photo Kelly Sadler, a White House communications aide, dismissed Senator McCain’s objection to President Donald Trump’s nominee to be CIA director, Gina Haspel, by saying that it “doesn’t matter, he’s dying anyway,” a source familiar with the closed White House meeting told Reuters.
Speaking on the ABC show “The View,” which she co-hosts, Meghan McCain said she wanted to inform Sadler that her father’s battle with brain cancer has made her realize the meaning of life was “not how you die, it is how you live.”
“I don’t understand what kind of environment you’re working in when that would be acceptable, and then you can come to work the next day and still have a job,” McCain said.
John McCain, who has spent the last several weeks convalescing at his home in Arizona as he battles brain cancer, released a statement after Haspel’s confirmation hearing on Wednesday, slamming her for refusing to condemn torture. He recommended his fellow senators vote against her.
McCain is not expected to return to Washington to cast a vote on her nomination.
McCain was tortured as a prisoner of war during the Vietnam War, sustaining injuries from which he has never completely recovered.
Several of McCain’s fellow Republicans on Capitol Hill have condemned Sadler’s remarks.
Jeff Flake, Arizona’s other senator and a frequent critic of the White House under Trump, tweeted an article about the comments Quote: : “There are no words.”
Iowa Senator Joni Ernst tweeted that the United States should “treat this war hero and his family with the civility and respect they deserve.”
Republican Representative Walter Jones of North Carolina said Sadler’s comments were “outrageous & unacceptable” and demanded a public apology.
Meghan McCain thanked the public for its support and said nobody should feel sorry for her or her family.
“My father’s legacy is going to be talked about for hundreds and hundreds of years,” she said. “These people - nothing burgers.”
Sadler’s comments were reported the same day that a guest on Fox Business Network, retired Air Force Lieutenant General Thomas McInerney, suggested McCain divulged critical information to the North Vietnamese after being tortured.
A network spokesperson said McInerney would no longer be invited on the Fox Business Network or Fox News.
Reporting by Justin Mitchell, Additional reporting by Steve Holland; Editing by Doina Chiacu and Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-whitehouse-mccain/mccains-daughter-slams-white-house-aides-hes-dying-comments-idUSKBN1IC1ZM |
SINGAPORE, May 25 (Reuters) - Singapore’s factory output grew more than expected in April, accelerating from March, helped by an upswing in pharmaceuticals production, data showed on Friday.
Manufacturing output in April rose 9.1 percent compared with a year earlier, up from the revised 6.1 percent rise in March, data from the Singapore Economic Development Board showed.
The median forecast in a Reuters survey was for an on-year 8.3 percent expansion.
On a month-on-month and seasonally adjusted basis, industrial production rose slower than expected at 0.2 percent in April, lower than the revised 0.5 percent rise in March.
The poll called for a seasonally adjusted, month-on-month rise of 1.2 percent.
Pharmaceuticals production in April jumped 10.7 percent, accelerating sharply from the 7.2 percent contraction in March.
Electronics output growth in April eased to 11.3 percent from a year earlier compared with an increase of 12.6 percent in March. (Reporting by Fathin Ungku, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/singapore-economy-manufacturing/singapore-april-factory-output-rises-9-1-pct-y-y-idUSS7N1SV02S |
Peter Boockvar talks about the housing market 4 Hours Ago Peter Boockvar, Bleakley Advisory Group Chief Investment Officer and CNBC Contributor, talks interest rates and inventory in the housing market | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/peter-boockvar-talks-about-the-housing-market.html |
Readers can subscribe to The Morning Risk Report here: http://on.wsj.com/MorningRiskReportSignup. Follow us on Twitter at @WSJRisk. iStockphoto.com/Robert Churchill Good morning. Boards are adding both more new members in general and more women and other people who bring with them different outlooks than traditional directors offer, a survey reports. The analysis of independent directors at Fortune […]
To Read the Full Story Subscribe Sign In Previous Corruption Currents: Can Europe Save Nuclear Deal With Iran? Next U.K. Braces for Rise in Serious Organized Crime | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/15/the-morning-risk-report-companies-look-for-nontraditional-directors/ |
Sen. Barrasso: We need to make the resources available to protect our schools and children 1 Hour Ago Sen. John Barrasso (R-Wyo.) provides his thoughts on gun control in the aftermath of Friday's deadly high school shooting in Santa Fe, Texas. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/sen-barrasso-we-need-to-make-the-resources-available-to-protect-our-schools-and-children.html |
May 1 (Reuters) - Melbourne IT Ltd:
* SEES FY2018 UNDERLYING EBITDA BETWEEN $41.5 MILLION - $45.5 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-melbourne-it-sees-fy2018-underlyin/brief-melbourne-it-sees-fy2018-underlying-ebitda-between-41-5-million-45-5-million-idUSFWN1S71B2 |
HOUSTON--(BUSINESS WIRE)-- Noble Midstream Partners LP (NYSE: NBLX) (Noble Midstream or the Partnership) today reported first quarter 2018 financial and operational results.
The Partnership’s results are consolidated to include the non-controlling interests in the Partnership’s development companies (DevCos) retained by Noble Energy, Inc. (Noble Energy); however, certain results are shown as “attributable to the Partnership,” which excludes the non-controlling interests in the DevCos retained by Noble Energy. Noble Midstream believes the results “attributable to the Partnership” provide the best representation of the ongoing operations from which the Partnership’s unitholders will benefit.
Volumes from Black Diamond Gathering, LLC (Black Diamond Gathering) are included in the Partnership’s financial statements subsequent to the January 31, 2018 acquisition of Saddle Butte Rockies Midstream, LLC and certain affiliates (Saddle Butte). The Partnership’s 54.4% ownership of Black Diamond Gathering will be consolidated for accounting purposes and held through its wholly owned subsidiary, Laramie River DevCo. Greenfield Midstream, LLC owns 45.6% of Black Diamond Gathering, which is also included in non-controlling interests.
First Quarter Highlights include:
Net Income of $39 million attributable to the Partnership Net Cash Provided by Operating Activities of $46 million Adjusted EBITDA 1 of $58 million, or $54 million attributable to the Partnership, an increase over the prior quarter of 13% attributable to the Partnership Distribution per unit of $0.5110, a 4.7% increase from the fourth quarter 2017 distribution and 36% above the minimum quarterly cash distribution; this represents a 24% year-over-year increase Distributable Cash Flow (DCF) 1 attributable to the Partnership of $47 million, resulting in distribution coverage 1 of 2.3x Oil and gas gathering volumes of 162 thousand barrels of oil equivalent per day (MBoe/d), up 33% versus fourth quarter 2017 volumes Record throughput on the Advantage Pipeline system of 88 MBbl/d, 47% above fourth quarter 2017 volumes With the startup of the Coronado and Billy Miner II central gathering facilities (CGF), current Delaware Basin oil and gas gathering capacity is 90 MBoe/d from four CGFs Commenced fresh water deliveries for Noble Energy’s Mustang development in the DJ Basin in March 2018, through Green River DevCo Extended the maturity date of the revolving credit facility by 18 months to March 2023 and increased the facility size to $800 million, with an additional $350 million accordion
“The Partnership is off to a strong start executing on our 2018 growth projects, further reinforcing confidence in business fundamentals and our recently enhanced outlook through 2022. We remain on track to increase oil and gas capacity in the Delaware Basin to 115 thousand barrels of oil equivalent per day, with five central gathering facilities expected to be online by mid-year. In the DJ Basin, construction progress on backbone infrastructure in the Green River DevCo is well underway while Black Diamond operatorship successfully transitioned to Noble Midstream during the quarter. I'm very pleased with the continued strength of our business, supporting organic 20% annual distribution growth while maintaining best in class coverage and leverage,” Terry R. Gerhart, Chief Executive Officer of Noble Midstream stated.
First Quarter 2018 Results and Recent Highlights
Gathering throughput as well as fresh water delivery volumes were consistent with or above guidance ranges for the first quarter.
In the gathering business, combined throughput for oil, gas and produced water was up 22% compared to the fourth quarter of 2017. Oil and gas gathering volumes grew across all DevCos, with the largest growth realized in the Blanco River and Laramie River DevCos. First quarter gathering volumes reflect two months of oil throughput on Black Diamond Gathering. Produced water gathering volumes were down slightly compared to the fourth quarter of 2017 due to timing of wells coming online.
In the Delaware Basin, construction of the Coronado CGF was completed on March 30, 2018, with throughput commencing in early April 2018. The Billy Miner II CGF began operations on April 20, 2018, and the Collier CGF remains on track for start-up in May 2018.
In addition, the company commenced compression services in the Delaware Basin for Noble Energy through the Trinity River DevCo, with new build installed horsepower anticipated to total 18,000 by mid-year.
Strong customer demand continued at the Advantage Pipeline System in the first quarter, with quarterly volumes nearly tripling versus levels at the time of acquisition close. April 2018 nominations were 108 MBbl/d and May 2018 nominations grew to 120 MBbl/d.
With the Black Diamond Gathering connection to Tallgrass completed during the first quarter, the system currently connects to all four major oil takeaway outlets in the DJ Basin. In addition, during the quarter, the Partnership’s legacy third party gathering system in Laramie River was connected to Black Diamond Gathering at the Lucerne Terminal. May Black Diamond nominations are 58 MBbl/d, up over 5% from throughput at the end of January.
Average fresh water delivered in the first quarter was 12% above of the high end of guidance at 168 thousand barrels of water per day (MBw/d). The Partnership delivered water to 3 completion crews on dedicated acreage in the DJ Basin during the quarter, compared to approximately 2.5 in the fourth quarter of 2017.
First quarter investment income is primarily comprised of approximately $830 thousand from the Partnership’s minority ownership in White Cliffs Pipeline LLC and approximately $2 million from the Partnership’s 50% ownership in the Advantage Joint Venture.
Net income attributable to the Partnership for the first quarter was $39 million, or $0.97 per limited partner unit. Net income was below guidance due to higher than expected depreciation and amortization; the increase was driven by the amortization of intangible assets, related to customer relationships and contracts that were acquired during our Saddle Butte acquisition.
Adjusted EBITDA 1 was $58 million in the first quarter, or 12% above the prior quarter, while Adjusted EBITDA 1 attributable to the Partnership grew 13% above the fourth quarter to $54 million, or $40 million excluding fresh water delivery. Quarterly adjustments include approximately $6 million in transaction expenses associated with the Saddle Butte acquisition.
In the first quarter, cash interest expense attributable to the Partnership was $2.4 million and maintenance capital expenditures attributable to the Partnership totaled $4.5 million, resulting in DCF 1 attributable to the Partnership of $47 million and a distribution coverage ratio 1 of 2.3x.
Capital Expenditures
Organic capital expenditures in the first quarter totaled $249 million, or $128 million attributable the Partnership, primarily due to the following items:
Laramie River DevCo - The Partnership connected 74 wells during the quarter. Laramie River capital now reflects capital associated with Black Diamond Gathering operations. Blanco River DevCo - Completion of the third CGF, Coronado, as well as construction capital for the Billy Miner II and Collier CGFs. Trinity River DevCo - Equipment procurement for expansion of the Advantage Pipeline nameplate capacity to 200 MBbl/d from 150 MBbl/d. Capital also reflects the initial funding of the compression segment in the Delaware Basin. Colorado River DevCo - 31 combined well connections in Noble Energy’s Wells Ranch and East Pony development areas. Green River DevCo - Construction on fresh water delivery infrastructure expansion in Noble Energy’s Mustang area and procurement and construction on the oil, gas and produced water gathering systems. The gathering system is expected to be operational by mid-year 2018.
1Q 2018 Capital Expenditures (in millions) NBLX DevCo Basin Ownership Gross Net Laramie River DJ 100% $ 41 $ 31 Blanco River Delaware 40% $ 154 $ 62 Trinity River Delaware 100% $ 27 $ 27 Colorado River DJ 100% $ 3 $ 3 Green River DJ 25% $ 24 $ 6 Total Organic Capital Expenditures
$ 249 $ 128 Acquisition Capital Expenditures $ 206 $ 112 Total Capital Expenditures $ 455 $ 240 Liquidity
As of March 31, 2018, the Partnership had $390 million of liquidity with $25 million in cash on hand and $365 million undrawn under its $800 million unsecured revolving credit facility.
Quarterly Distribution
On April 26, 2018, the Board of Directors of Noble Midstream’s general partner, Noble Midstream GP LLC, declared a first quarter cash distribution of $0.5110 per unit, a 4.7% increase from the fourth quarter 2017.
The first quarter distribution is payable on May 14, 2018, to unitholders of record as of May 7, 2018.
Second Quarter 2018 and Full Year Guidance
Ahead of the startup of projects driving second half volume growth, gathering volumes in the second quarter are expected to grow from the first quarter driven primarily by throughput increases at Laramie River as well as growth projects in the Blanco River DevCo. As previously indicated, fresh water delivery volumes are anticipated to be down in the second quarter due to timing of customer completion activity and expected to rebound in the second half of the year. Second quarter net EBITDA will be impacted by a fresh water delivery mix shift as Noble Energy moves completion activity from Colorado River DevCo (100% owned) to Green River DevCo (25% owned).
Full year 2018 gross oil and gas gathering volumes remain unchanged at 200 to 235 MBoe/d and the Partnership continues to expect volumes growth acceleration in the second half of the year, as customers increase activity and multiple new projects are expected to be placed in service.
Given strong demand at the Advantage Pipeline system, we now expect volumes to average at least 100 MBbl/d compared to prior guidance of 90 - 100 MBbl/d. These volumes are not included in our oil and gas gathering volume guidance given accounting treatment classification as equity from investment income.
Full year net income is now anticipated to be between $175 million and $210 million. Full year 2018 Adjusted EBITDA is unchanged at between $275 million and $315 million, or $215 million and $235 million attributable to the Partnership.
Noble Midstream’s 2018 organic capital budget is $500 - $535 million, or $270 - $285 million attributable to the Partnership, primarily related to growth projects in the DJ Basin and the Delaware Basin.
Guidance 1Q18 2Q18 FY 2018 Gross Volumes
Oil Gathered (MBbl/d) 130 160 - 175 165 - 190 Gas Gathered (MMcf/d) 191 195 - 215 215 - 265 Oil and Gas Gathered (MBoe/d) 162 190 - 210 200 - 235 Produced Water Gathered (MBw/d) 47 75 - 90 80 - 110 Fresh Water Delivered (MBw/d) 168 110 - 130 130 - 190 Financials ($MM)
Net Income $39 $34 - $39 $175 - $210 Gross Adjusted EBITDA 1 $58 $58 - $63 $275 - $315 Net Adjusted EBITDA 1 $54 $46 - $51 $215 - $235 Distributable Cash Flow 1 $47 $37 - $42 $180 - $195 Distribution Coverage Ratio 1,2 2.3x 1.7x - 1.9x 1.9x - 2.1x Gross Capital, Excluding Acquisitions
$249 $145 - $165 $500 - $535 Net Capital, Excluding Acquisitions $128 $60 - $70 $270 - $285 Further details with respect to the first quarter results and guidance can be found in the supplemental presentation on the Partnership's website, www.nblmidstream.com .
1 Results “attributable to the Partnership” exclude the non-controlling interests in the DevCos retained by Noble Energy. Adjusted EBITDA, DCF and Distribution Coverage Ratio are not Generally Accepted Accounting Principles (GAAP) measures. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP reporting measures appear in Schedule 4 of the financial tables which follow.
2 Assumes 20% distribution growth
Conference Call
Noble Midstream will host a webcast and conference call today at 1:00 p.m. Central Time to discuss first quarter 2018 financial and operational results and updated 2018 guidance. The live audio webcast and related presentation material is accessible on the ‘Investors’ page of the Partnership’s website at www.nblmidstream.com . Conference call numbers for participation are 877-883-0383, or 412-902-6506 for international calls. The passcode number is 8073382. A replay of the conference call will be available at the same web location following the event.
About Noble Midstream Partners
Noble Midstream Partners LP is a growth-oriented master limited partnership formed by Noble Energy, Inc. to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com .
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, our customers’ ability to meet their drilling and development plans, changes in general economic conditions, competitive conditions in the Partnership’s industry, actions taken by third-party operators, gatherers, processors and transporters, the demand for crude oil and natural gas gathering and processing services, the Partnership’s ability to successfully implement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels, and other risks inherent in the Partnership’s business, including those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com . Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.
This news release also contains certain non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Midstream’s overall financial performance. Please see the attached schedules for reconciliations of the non-GAAP financial measures used in this news release to the most directly comparable GAAP financial measures.
This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) that 100% of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
Schedule 1
Noble Midstream Partners LP Revenue and Throughput Volume Statistics (unaudited) Three Months Ended March 31, 2018 2017 Colorado River DevCo LP Crude Oil Gathering Volumes (Mbbl/d) 67 44 Natural Gas Gathering Volumes (BBtu/d) 208 146 Produced Water Gathering Volumes (Mbbl/d) 16 9 Fresh Water Delivery Volumes (Mbbl/d) 102 74 Gathering and Fresh Water Delivery Revenues — Affiliate (in thousands) $ 52,274 $ 36,211 San Juan River DevCo LP Fresh Water Delivery Volumes (Mbbl/d) — 56 Gathering and Fresh Water Delivery Revenues — Affiliate (in thousands) $ 447 $ 12,517 Green River DevCo LP Fresh Water Delivery Volumes (Mbbl/d) 22 — Fresh Water Delivery Revenues — Affiliate (in thousands) $ 3,444 $ — Blanco River DevCo LP Crude Oil Gathering Volumes (Mbbl/d) 14 — Natural Gas Gathering Volumes (BBtu/d) 40 — Produced Water Gathering Volumes (Mbbl/d) 26 — Gathering Revenues — Affiliate (in thousands) $ 6,887 $ — Laramie River DevCo LP Crude Oil Sales Volumes (Mbbl/d) 5 — Crude Oil Gathering Volumes (Mbbl/d) 49 — Produced Water Gathering Volumes (Mbbl/d) 5 — Fresh Water Delivery Volumes (Mbbl/d) 44 — Gathering and Fresh Water Delivery Revenues — Third Party (in thousands) $ 32,454 $ — Trinity River DevCo LLC (Delaware Basin) Natural Gas Compression Volumes (BBtu/d) 27 — Gathering Revenues — Affiliate (in thousands) $ 384 $ — Total Gathering Systems Crude Oil Sales Volumes (Mbbl/d) 5 — Crude Oil Gathering Volumes (Mbbl/d) 130 44 Natural Gas Gathering Volumes (BBtu/d) 248 146 Barrels of Oil Equivalent (Boe/d) 162 63 Produced Water Gathering Volumes (Mbbl/d) 47 9 Natural Gas Compression Volumes (BBtu/d) 27 — Gathering Revenues (in thousands) $ 71,704 $ 28,409 Total Fresh Water Delivery Fresh Water Delivery Volumes (Bbl/d) 168 130 Fresh Water Delivery Revenues (in thousands) $ 24,186 $ 20,319 Schedule 2 Noble Midstream Partners LP Consolidated Statement of Operations (in thousands, except per unit amounts, unaudited) Three Months Ended March 31, 2018 2017 Midstream Services Revenues Crude Oil, Natural Gas and Produced Water Gathering — Affiliate $ 43,024 $ 28,409 Crude Oil, Natural Gas and Produced Water Gathering — Third Party 6,570 — Fresh Water Delivery — Affiliate 20,284 20,319 Fresh Water Delivery — Third Party 3,902 — Crude Oil Treating — Affiliate 955 1,267 Crude Oil Sales — Third Party 22,110 — Other — Affiliate — 319 Other — Third Party 888 — Total Revenues 97,733 50,314 Costs and Expenses Cost of Crude Oil Sales 21,439 — Direct Operating 17,148 11,401 Depreciation and Amortization 11,329 2,449 General and Administrative 10,442 2,742 Total Operating Expenses 60,358 16,592 Operating Income 37,375 33,722 Other (Income) Expense Interest Expense, Net of Amount Capitalized 1,033 267 Investment Income (2,868 ) (1,065 ) Total Other Income (1,835 ) (798 ) Income Before Income Taxes 39,210 34,520 Income Tax Provision 74 — Net Income 39,136 34,520 Less: Net (Loss) Income Attributable to Noncontrolling Interests (225 ) 10,178 Net Income Attributable to Noble Midstream Partners LP 39,361 24,342 Less: Net Income Attributable to Incentive Distribution Rights 819 — Net Income Attributable to Limited Partners $ 38,542 $ 24,342 Net Income Attributable to Limited Partners Per Limited Partner Unit — Basic and Diluted Common Units $ 0.97 $ 0.77 Subordinated Units $ 0.97 $ 0.77 Weighted Average Limited Partner Units Outstanding — Basic Common Units 23,683 15,903 Subordinated Units 15,903 15,903 Total Limited Partner Units 39,586 31,806 Weighted Average Limited Partner Units Outstanding — Diluted Common Units 23,698 15,909 Subordinated Units 15,903 15,903 Total Limited Partner Units 39,601 31,812 Schedule 3 Noble Midstream Partners LP Consolidated Balance Sheet (in thousands, unaudited) March 31, December 31, 2018 2017 ASSETS Current Assets Cash and Cash Equivalents $ 24,924 $ 18,026 Restricted Cash —
37,505 Accounts Receivable — Affiliate 27,584 27,539 Accounts Receivable — Third Party 15,778 2,641 Other Current Assets 4,076 389 Total Current Assets 72,362 86,100 Property, Plant and Equipment Total Property, Plant and Equipment, Gross 1,161,012 706,039 Less: Accumulated Depreciation and Amortization (50,142 ) (44,271 ) Total Property, Plant and Equipment, Net 1,110,870 661,768 Intangible Assets, Net 334,435 — Goodwill 111,145 — Investments 79,648 80,461 Deferred Charges 3,218 1,429 Total Assets $ 1,711,678 $ 829,758 LIABILITIES Current Liabilities Accounts Payable — Affiliate $ 3,968 $ 1,616 Accounts Payable — Trade 211,399 109,893 Other Current Liabilities 3,110 2,876 Total Current Liabilities 218,477 114,385 Long-Term Liabilities Long-Term Debt 435,000 85,000 Asset Retirement Obligations 11,791 10,416 Other Long-Term Liabilities 3,758 3,727 Total Liabilities 669,026 213,528 EQUITY Partners’ Equity Limited Partner Common Units (23,758 and 23,712 units outstanding, respectively) 655,602 642,616 Subordinated Units (15,903 units outstanding) (159,203 ) (168,136 ) General Partner 819 520 Total Partners’ Equity 497,218 475,000 Noncontrolling Interests 545,434 141,230 Total Equity 1,042,652 616,230 Total Liabilities and Equity $ 1,711,678 $ 829,758 Schedule 4
Noble Midstream Partners LP
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
Non-GAAP Financial Measures
This news release, the financial tables and other supplemental information include Adjusted EBITDA, Distributable Cash Flow, and Distribution Coverage Ratio, all of which are non-GAAP measures which may be used periodically by management when discussing our financial results with investors and analysts.
We define Adjusted EBITDA as net income before income taxes, net interest expense, depreciation and amortization, transaction expenses and unit-based compensation. Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:
our operating performance as compared to those of other companies in the midstream energy industry, without regard to financing methods, historical cost basis or capital structure; the ability of our assets to generate sufficient cash flow to make distributions to our partners; our ability to incur and service debt and fund capital expenditures; and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
We define Distributable Cash Flow as Adjusted EBITDA less estimated maintenance capital expenditures and cash interest expense. Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash on a quarterly basis, and Distributable Cash Flow is one of the factors used by the board of directors of our general partner to help determine the amount of available cash that is available to our unitholders for a given period. We define Distribution Coverage Ratio as Distributable Cash Flow divided by total distributions declared. The Distribution Coverage Ratio is used by management to illustrate our ability to make our distributions each quarter.
We believe that the presentation of Adjusted EBITDA, Distributable Cash Flow, and Distribution Coverage Ratio provide information useful to investors in assessing our financial condition and results of operations. The GAAP measure most directly comparable to Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio is net income. Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio exclude some, but not all, items that affect net income, and these measures may vary from those of other companies. As a result, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio as presented herein may not be comparable to similarly titled measures of other companies.
Noble Midstream does not provide guidance on the reconciling items between forecasted Net Income, forecasted Adjusted EBITDA, forecasted Distributable Cash Flow and forecasted Distribution Coverage Ratio due to the uncertainty regarding timing and estimates of these items. Noble Midstream provides a range for the forecasts of Net Income, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio to allow for the variability in timing and uncertainty of estimates of reconciling items between forecasted Net Income, forecasted Adjusted EBITDA, forecasted Distributable Cash Flow and forecasted Distribution Coverage Ratio. Therefore, the Partnership cannot reconcile forecasted Net Income to forecasted Adjusted EBITDA, forecasted Distributable Cash Flow or forecasted Distribution Coverage Ratio without unreasonable effort.
In addition to Net Income, the GAAP measure most directly comparable to Adjusted EBITDA and Distributable Cash Flow is net cash provided by operating activities. Adjusted EBITDA and Distributable Cash Flow should not be considered alternatives to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Due to the forward-looking nature of net cash provided by operating activities, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, Noble Midstream is unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to net cash provided by operating activities. Amounts excluded from these non-GAAP measures in future periods could be significant.
Schedule 4 (Continued) Noble Midstream Partners LP Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures Reconciliation of Net Income (GAAP) to Adjusted EBITDA and Distributable Cash Flow (Non-GAAP) (in thousands, unaudited) Three Months Ended March 31, 2018 2017 Reconciliation from Net Income (GAAP) Net Income and Comprehensive Income (GAAP) $ 39,136 $ 34,520 Add: Depreciation and Amortization 11,329 2,449 Interest Expense, Net of Amount Capitalized 1,033 267 Income Tax Provision 74 — Transaction Expenses 5,969 — Unit-Based Compensation 321 127 Adjusted EBITDA (Non-GAAP) 57,862 37,363 Less: Adjusted EBITDA Attributable to Noncontrolling Interests 3,585 10,862 Adjusted EBITDA Attributable to Noble Midstream Partners LP (Non-GAAP) 54,277 26,501 Less: Cash Interest Paid 2,407 175 Maintenance Capital Expenditures 4,540 2,101 Distributable Cash Flow of Noble Midstream Partners LP (Non-GAAP) $ 47,330 $ 24,225 Distributions (Declared) $ 21,048 $ 13,066 Distribution Coverage Ratio (Declared) 2.3x 1.9x Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Adjusted EBITDA and Distributable Cash Flow (Non-GAAP) (in thousands, unaudited) Three Months Ended March 31, 2018 2017 Reconciliation from Net Cash Provided by Operating Activities (GAAP) Net Cash Provided by Operating Activities (GAAP) $ 45,603 $ 32,225 Add: Interest Expense, Net of Amount Capitalized 1,033 267 Changes in Operating Assets and Liabilities 5,743 4,966 Transaction Expenses 5,969 — Change in Income Tax Payable 74 — Other Adjustments (560 ) (95 ) Adjusted EBITDA (Non-GAAP) 57,862 37,363 Less: Adjusted EBITDA Attributable to Noncontrolling Interests 3,585 10,862 Adjusted EBITDA Attributable to Noble Midstream Partners LP (Non-GAAP) 54,277 26,501 Less: Cash Interest Paid 2,407 175 Maintenance Capital Expenditures 4,540 2,101 Distributable Cash Flow of Noble Midstream Partners LP (Non-GAAP) $ 47,330 $ 24,225 Distributions (Declared) $ 21,048 $ 13,066 Distribution Coverage Ratio (Declared) 2.3x 1.9x Schedule 4 (Continued) Noble Midstream Partners LP Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures Reconciliation of 2018 GAAP Guidance to 2018 Non-GAAP Guidance (in millions, unaudited) 2018 Guidance 2Q18 Full Year Reconciliation from Net Income (GAAP) to Distributable Cash Flow (Non-GAAP) Net Income and Comprehensive Income (GAAP) $34 - $39 $175 - $210 Add: Depreciation and Amortization 19 75 - 80 Interest Expense, Net of Amount Capitalized 3 15 - 16 Unit-Based Compensation 0 2 Transaction Expenses 1.5 7.5 Income Tax Provision (Benefit) 0 0 Adjusted EBITDA (Non-GAAP) $58 - $63 $275 - $315 Adjusted EBITDA Attributable to Noncontrolling Interests 12 60 - 80 Adjusted EBITDA Attributable to the Partnership $46 - $51 $215 - $235 Less: Maintenance Capital Expenditures and Cash Interest Paid 9 35 - 40 Distributable Cash Flow $37 - $42 $180 - $195 Distribution Coverage Ratio 1.7x - 1.9x 1.9x - 2.1x
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005614/en/
Noble Midstream Partners LP
Megan Repine
(832) 639-7380
[email protected]
Source: Noble Midstream Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-noble-midstream-partners-reports-first-quarter-2018-results.html |
PHNOM PENH (Reuters) - Cambodia’s Supreme Court on Monday rejected a plea for bail by detained opposition leader Kem Sokha, following his arrest last year on charges of seeking to overthrow the government.
Supporters of Kem Sokha, former opposition leader and ex-president of the now-dissolved Cambodia National Rescue Party (CNRP), hold up a poster near the Appeal Court in Phnom Penh, Cambodia, March 27, 2018. REUTERS/Samrang Pring Kem Sokha, head of the now dissolved Cambodia National Rescue Party (CNRP), was arrested on Sept. 3 amid a crackdown on critics of authoritarian Prime Minister Hun Sen who has ruled the Southeast Asian country for more than 30 years.
Kem Sokha, who has denied the accusations against him, has been in pre-trial detention since September.
The Supreme Court on Monday rejected a request from his lawyer that he be granted bail. An Appeal Court rejected bail in February.
“The Supreme Court upheld the Appeal Court’s decision”, said lawyer Pheng Heng.
“I am not satisfied with the court decision,” he said, adding that Kem Sokha was not in good health when lawyers last visited him on April 30.
Rights groups have condemned the crackdown by Hun Sen’s government against opposition politicians, independent media and some non-governmental groups.
The crackdown comes ahead of a July 29 general election that Hun Sen is widely expected to win now that the CNRP has been dissolved and more than 100 of its lawmakers banned from politics.
Kem Sokha was accused of plotting to overthrow the government with U.S. help, an accusation both the United States and Kem Sokha have rejected.
No date has been set for his trial.
Reporting by Phnom Penh bureau; Editing by Amy Sawitta Lefevre and Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cambodia-politics/cambodias-supreme-court-rejects-bail-for-detained-opposition-leader-idUSKBN1I80NS |
(Muehleberg intraday load drop on May 17) May 14 (Reuters) - The following table lists maintenance outages and unscheduled stoppages at Swiss nuclear power plants. Maintenance usually takes place in the spring and summer. Ownership of the plants is detailed under (1,2,3...) Please click on the link at 8the bottom to access the data. New content is marked*** REACTOR NAME CAPACITY TIME PERIOD OPERATOR (MW) CURRENT, ONGOING OUTAGES/LOAD DROPS Leibstadt 1,245 Load cuts by 170 MW carry Alpiq (3) on from last outage, which ended Dec 22, runs through to Sept 17, 2018, will be wrapped around one full outage between Aug 6-Sep 1 and another one between Sep 19-Oct 13, also on March 24 and Jun 16 alone 320 MW cuts Goesgen 970 Jun 4-25 Alpiq (2) Beznau 2 365 Jun 9-Jul 7 Axpo (1) Beznau 1 365 May 2-15, Aug 24-Sep 19 Axpo (1) Muehleberg 355 May 17 at half load for 3 BKW-FMB (4)*** hrs, Jul 23-Sep 10 (full), reduced: Aug 19-Sep 11 COMPLETED OUTAGES, LOAD CUTS IN 2018 Goesgen 970 Apr 10 Alpiq (2) Beznau 1 365 Mar 13, 2015-Mar 19, 2018 Axpo (1) Muehleberg 355 online after Mar 7 BKW-FMW (4) stoppage Source: here 1) Axpo AG (formlery NOK) is part of the Axpo Holding which is 100% in public hands and also consists of Centralschweizerische Kraftwerke AG (CKW) and EGL AG. 2) Alpiq (40%), Axpo (25%), Zurich city (15%), CKW (12.5%), Energie Wasser Bern (ewb) (7.5%) 3) KKL is the operator, of which Alpiq AG (27.4%), Alpiq Suisse SA (5%), Axpo AG (22.8%), EGL AG (16.3%), CKW (13.6%), BKW FMB Beteiligungen AG (9.5%), AEW Energie AG (5.4%) 4) Canton Berne (52.54%), EAG (10%), E.ON Energie (7.03%), BKW FMB (9.99%), others (20.44%) (Reporting by Vera Eckert in Frankfurt)
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Gravity energy generator could revolutionise renewables 6:21pm IST - 02:06
Dutch inventor Janjaap Ruijssenaars has built a gravity energy generator that harnesses the force of gravity to produce a new kind of renewable energy. Matthew Stock reports.
Dutch inventor Janjaap Ruijssenaars has built a gravity energy generator that harnesses the force of gravity to produce a new kind of renewable energy. Matthew Stock reports. //reut.rs/2KXkTrm | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/28/gravity-energy-generator-could-revolutio?videoId=431137591 |
TOKYO/NEUCHATEL, Switzerland (Reuters) - In seeking regulatory approval for a new smoking device called iQOS, Philip Morris International Inc is claiming the electronic gadget is less likely to cause disease than traditional cigarettes. But the iQOS holds another, less obvious advantage over regular smokes: the ability to harvest personal data about users’ smoking habits.
An iQOS Harajuku store is seen in Tokyo, Japan March 28, 2018. REUTERS/Issei Kato The tobacco giant is already building a database of iQOS customers who register with the company. And it has developed a software application that could take things a step further.
The initiative, if allowed by regulators, could extract information about a user’s smoking routine from the device and use it for marketing purposes, said a former project manager at the company who tested the software in Japan. That data would include the number of puffs and average consumption per day, said Shiro Masaoka, who worked at Philip Morris in Japan from 2012 to 2016.
Asked about Masaoka’s comments, Philip Morris said the software in the device that controls temperature and duration of use “is not used for marketing purposes whatsoever.”
A Canadian firm that specializes in reverse-engineering tech devices says the iQOS is equipped with two microcontroller chips, including one that, with modifications to the device, could support the storing of usage information that could then be transmitted back to Philip Morris. From the product description of the chips used, the data could include details like the number of puffs by a user and how many times a person smoked the device in a given day, according to Ottawa-based TechInsights Inc, which examined the iQOS’ innards for Reuters.
The firm’s inspection included the hardware and components; it did not test the functionality of the device’s software. Reuters is publishing TechInsights’ teardown report as part of a searchable repository, The Philip Morris Files, which includes internal company documents.
Presented with the TechInsights findings, Philip Morris said in a statement: “No data information from the device is linked to a specific consumer, only the device.”
A patent filed by a Philip Morris subsidiary in 2009 suggests how communication with the smoker would work. It describes an iQOS-like device as having “an interface for establishing a communications link for uploading data to and downloading data from an Internet-enabled host.”
Gregory Connolly, a professor at Northeastern University in Boston who has studied iQOS technology and patents, said Philip Morris’ ability to gather user data could give the device remarkable power.
“What they’re going to have is a mega database of how Americans smoke,” he said. “Then they’ll be able to reprogramme the current puffing delivery pattern of the iQOS to one that may be more reinforcing and with a higher addiction potential.”
Told about those comments, Philip Morris referred to remarks in January by its vice president for scientific and public communications, Moira Gilchrist.
“I can reassure that there’s no technology in there that’s intended to manipulate in any way what is delivered from iQOS,” Gilchrist told a panel of scientific advisers for the U.S. Food and Drug Administration (FDA).
The only time the company extracts data from the device, Philip Morris says, is when trying to figure out why there’s been a malfunction.
‘CAPTURE DATA’ Gilchrist told the FDA panel that iQOS delivers roughly the same level of nicotine as a standard cigarette. Philip Morris says the device’s nicotine delivery cannot be altered.
Gilchrist did say, though, that the company is able to “capture data,” such as the number of puffs taken on an iQOS, but doesn’t do so unless it’s necessary to examine a device that has a technical problem. The number of puffs by a user and smoking time per tobacco insert are automatically regulated by the device, she said.
The company says that by heating tobacco instead of burning it, the iQOS significantly reduces a user’s exposure to the levels of carcinogens and other toxic substances found in a regular cigarette. As a result, the company claims, the device “is likely to reduce the risk of smoking related diseases.”
FILE PHOTO: The Philip Morris iQOS heat-not-burn electronic cigarette is pictured in this photo illustration December 1, 2017. REUTERS/Carlo Allegri/Illustration/File Photo The iQOS system uses cigarette-like inserts containing tobacco, branded in some markets as HeatSticks. They slide into a pen-size holder, equipped with a heating component called a “blade.” The device comes with a USB cord, and has Bluetooth wireless communication availability in some markets.
Philip Morris says iQOS is for smokers who would otherwise not quit. It is applying to the FDA for permission to market the device in America as being less harmful than cigarettes.
The panel of advisers at the FDA hearing in January voted its approval of a finding that scientific studies show switching completely from cigarettes to iQOS significantly reduces a smoker’s exposure to harmful chemicals. But it also found that Philip Morris had not demonstrated that the reduction is “reasonably likely” to result in a “measurable and substantial” reduction in disease and/or death.
A Reuters investigation published in December identified shortcomings in the training and professionalism of some of the lead investigators in the clinical trials that underpin the tobacco giant’s application to the FDA. Former Philip Morris employees and contractors described irregularities in those studies. Reuters did not find any evidence that the outcome of the experiments was manipulated or falsified.
Philip Morris said in a statement to Reuters that “all studies were conducted by suitably qualified and trained Principal Investigators,” researchers who oversee a clinical trial.
PATENTS FILED In a letter in February, which mentioned Reuters’ findings, a group of 10 U.S. senators asked FDA Commissioner Scott Gottlieb to “avoid rushing” the approval of products such as iQOS “without requiring strong evidence that any such product will reduce the risk of disease, result in a large number of smokers quitting, and not increase youth tobacco use.”
The company has filed a series of patents related to electronic smoking devices. One such patent published in 2016 describes a mouthpiece with a sensor to measure the amount of nicotine byproduct in a user’s saliva and allows for remote adjustments to the device. Such changes would allow for the monitoring and controlling of the “maximum threshold” for the amount of nicotine that a user receives, according to the patent.
In a statement in December, Philip Morris said that patent “is not used in any of our products and we have no plans for it in the foreseeable future.”
At the January meeting of the FDA advisory panel, Gilchrist was quizzed on how the company is using Bluetooth, which provides for greater connectivity with iQOS users. She replied that it is used to remind consumers, for instance, when they have to clean their device or re-order HeatSticks so they didn’t run out and have to revert to regular cigarettes.
“You know, for example, a message may come up: ‘Hey, you haven’t used your iQOS device today,’” Gilchrist said. “Have you stopped smoking, or is it because you’ve gone back to combustible cigarettes?”
In Japan, which has more permissive tobacco marketing laws than many countries, Philip Morris is collecting user information through registrations for the device.
At a flagship boutique in Tokyo’s fashionable Harajuku district, where the word iQOS stretches down the side of a glass-encased building, customers were offered a discount on buying the device in exchange for signing up on the company’s iQOS website.
The company offered incentives on the website for people to register, including the iQOS discount. In doing so, potential customers were asked to enter a list of smoking preferences as well as the user ID for their Instagram social media account.
Philip Morris said in a statement that it does so “to ensure that these consumers can follow the iQOS Instagram account, which is closed and limited to age-verified consumers registered in the Philip Morris Japan iQOS consumer database.”
Slideshow (7 Images) An internal Philip Morris handbook dated 2016 discussed approaches to social media. It gave examples of possible Facebook posts aimed at customers. “Did you know?” one suggested post reads. “Our newest version of iQOS can be connected to an app that’ll help you adjust to the product much quicker. Take it for a spin and learn more.”
Additional reporting by Aditya Kalra in New Delhi, and Ami Miyazaki and Taiga Uranaka in Tokyo. Edited by Peter Hirschberg.
| ashraq/financial-news-articles | https://in.reuters.com/article/uk-tobacco-iqos-device-specialreport/philip-morris-device-knows-a-lot-about-your-smoking-habit-idINKCN1IG1JW |
INDIANAPOLIS, May 23, 2018 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) announced today that Sue Mahony, Ph.D., senior vice president of Lilly and president of Lilly Oncology, will retire at the end of August after 18 years of service with the company. Mahony is also a member of Lilly's executive committee.
"On behalf of our executive team and the company, I want to thank Sue for her leadership over the past 18 years," said David A. Ricks, Lilly's chairman and chief executive officer. "Her passion for patients and strong sense of purpose are inspiring to all of us."
Mahony led Lilly Oncology through the integration of ImClone, successfully launched several key brands—including Verzenio™—and most recently led the refocusing of the company's oncology R&D strategy. Prior to this, as senior vice president of human resources and diversity, Mahony played a key role in restructuring the company into business units.
Mahony joined Lilly in 2000 after more than a decade in sales and marketing roles in Europe for Schering-Plough, Amgen and Bristol-Myers Squibb. At Lilly, Mahony has held senior leadership positions in product development, Six Sigma, marketing and general management roles.
"What I've appreciated over the years is the opportunity to participate in something greater than myself," said Mahony. "We make medicines that help patients with cancer live longer. What a privilege it's been to wake up each morning with that as my life's work."
Lilly is considering internal and external candidates to succeed Mahony.
About Eli Lilly and Company
Lilly is a global healthcare leader that unites caring with discovery to make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com and | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-sue-mahony-to-retire-as-president-of-lilly-oncology.html |
May 6, 2018 / 1:04 PM / in 11 minutes Israeli legislation reining in Supreme Court wins preliminary approval Jeffrey Heller 3 Min Read
JERUSALEM (Reuters) - Israeli right-wing ministers on Sunday moved against a Supreme Court they view as too liberal, granting preliminary approval to a bill that would limit its ability to quash laws deemed unconstitutional.
Under the proposal ratified by the ministerial committee for legislation, parliament could circumvent a court decision to strike down a law by passing it again with the support of 61 of the legislature’s 120 members.
But opposition from a centrist group in Prime Minister Benjamin Netanyahu’s rightist coalition could sink the legislation once it reaches parliament for further ratification.
Critics have condemned the proposal as an attempt by the government to promote a right-wing agenda by weakening the rule of law and limiting the powers of the country’s top judicial body.
Proponents of the legislation have accused the Supreme Court of intervening too frequently to quash laws passed by a democratically elected parliament.
“This is a great day for Israeli democracy. We will strengthen the government’s authority and increase the public’s faith in the court,” Education Minister Naftali Bennett of the ultranationalist Jewish Home party wrote on Twitter, announcing the committee’s approval.
But Finance Minister Moshe Kahlon, who heads another coalition partner, Kulanu, said in a statement condemning the move that his centrist party “will not allow extremists to set Israel’s agenda”. Kahlon was not present for the committee vote.
Comprised of 15 judges, the Supreme Court is widely seen in Israel as a liberal bastion, and Justice Minister Ayelet Shaked has been pushing for a bench more representative of conservative Israelis.
Its members are appointed by a selection committee that includes Shaked, three Supreme Court justices and representatives of the Bar Association.
In recent years, the court has angered the right-wing by striking down a law that allowed indefinite detention of African migrants who entered the country illegally and cancelling legislation exempting Jewish religious seminary students from military service.
The court also has been a thorn in the side of Israel’s settlement movement in the occupied West Bank, hearing petitions that have led to the demolition of outposts and homes built without government sanction on land Palestinians seek for a state.
Amit Segal, a political analyst for Israel’s Channel Two television, said Kahlon’s opposition meant that “the law is headed for a state funeral” in parliament. Additional reporting by Maayan Lubell | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-lawmaking/israeli-legislation-reining-in-supreme-court-wins-preliminary-approval-idUSKBN1I70F8 |
May 17 (Reuters) - Essendant Inc:
* ESSENDANT ADOPTS STOCKHOLDER RIGHTS PLAN * ESSENDANT INC - RIGHTS PLAN WILL EXPIRE ON MAY 17, 2019.
* ESSENDANT INC - RIGHTS PLAN IS STRUCTURED SUCH THAT IT WILL NOT BE TRIGGERED BY DEFINITIVE MERGER AGREEMENT TO COMBINE CO AND S.P. RICHARDS
* ESSENDANT-PURSUANT TO PLAN,1 PREFERRED STOCK PURCHASE RIGHT TO BE DISTRIBUTED AS DIVIDEND ON EACH SHARE OF CO’S COMMON STOCK HELD AS OF CLOSE ON MAY 27
* ESSENDANT INC - SETS TRIGGER FOR RIGHTS PLAN AT 10 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-essendant-adopts-stockholder-right/brief-essendant-adopts-stockholder-rights-plan-idUSASC0A2U4 |
May 18, 2018 / 8:58 AM / Updated 21 minutes ago Snail cream, smelly fruit: Thai cosmetics, food firms tap into Chinese tourism boom Chayut Setboonsarng 6 Min Read
BANGKOK (Reuters) - The label on the pink and white box of face cream sold in a Bangkok hypermarket proudly declares that it is based on a “snail secretion filtrate moisture system”. The Snail White branding - plus some positive internet reviews - is enough to have Chinese tourists recently lining up to buy the slime-infused product. A man waters a snail in the process of producing cosmetics at a snail farm at Nakhon Nayok Province, Thailand May 11, 2018. REUTERS/Soe Zeya Tun
Alice Chen, 21, a Chinese college student, says she saw the face cream reviewed online and wanted to try it out because she couldn’t get it back home. And a 22-year-old Chinese tourist also at the Big C Ratchadamri store, who only gave her name as Yvonne, said she bought some - it retails at about $40 a box - because “a blogger said it was good and inexpensive.”
Meanwhile, at a dessert cafe just up the road in Bangkok’s upscale Siam Paragon shopping centre, another group of Chinese tourists take pictures on their phones of whimsical treats made from durian - the yellow fruit known for its sulphury smell that is mainly grown in southeast Asia.
About 11 million Chinese tourists are expected to come to Thailand this year, up from just over 1 million in 2010, making China by far the biggest source of tourism here. And they are spending more per head than previously, according to Thai government figures.
And it isn’t only the hotels, tour operators and airlines that are benefiting. A big slice of this spending is with retailers, restaurants, and food and cosmetics makers that target the Chinese audience.
Investors have taken note, driving up the share prices of many of the companies concerned to high price-to-earnings ratios. So far, in some cases, that securities analysts say they are wary of valuations, especially as tourists’ tastes can change rapidly.
Do Day Dream Pcl, the company behind the skin-whitening Snail White cream, is one. Related Coverage Thai snails kept 'happy' and healthy for their cosmetic slime
Boxes of the firm’s signature cream, which the firm says it makes from snail slime extracted using a process done in South Korea, are stacked high at Thailand’s airports and malls as it has become a must-buy item for many Chinese visitors who covet paler skin.
Sales of the Snail White products have been skyrocketing since 2014 as beauty bloggers in Hong Kong and Singapore gave them rave reviews, according to Do Day Dream Chief Financial Officer Piyawat Ratchapolsitte.
In 2017, the company’s revenue ballooned 35 percent to 1.7 billion baht ($52 million) as the company also built a strong Thai domestic market and grew online sales direct to Chinese consumers. It also sells other snail secretion-based products, including shower gel and lotions.
The sales to visitors are at risk, he said, if for any reason there is a sudden drop off in Chinese tourists. That happened briefly in 2015 and 2016 when the Thai government made it much more difficult for the tour operators offering really cheap packages to the Chinese - known as “zero-dollar tours”.
Exports to China produced 30 percent of its revenue last year, Piyawat said. That is more than the 10-15 percent that comes from Chinese tourists buying in Thailand. A waitress serves a "Durian Sticky rice kakigori" at an After You dessert cafe at a department store in Bangkok, Thailand, May 3, 2018. REUTERS/Athit Perawongmetha
There is also increasing competition in the niche world of snail slime products. Reuters visited a snail farm in Thailand that provides the secretion to a manufacturer that sells it either in its original form or after turning it into a powder for use in cosmetics around the world. FORBES’ RICHEST LIST
Another Thai beauty firm that sells colour cosmetics and skincare products, Beauty Community, is also seeing substantial growth.
Chief Executive Suwin Kraibhubes said he expects tourists from China and Southeast Asia to account for 15 percent of revenue, which will help him reach a 20 percent growth target this year.
Suwin, a physician-turned-businessman, and Do Day Dream founder Sarawut Pornpatanaruk both for the first time made this year’s Richest 50 Thai’s list compiled by Forbes.
Another sweet success story is After You. The popular dessert restaurant has 28 cafes throughout Bangkok, with six in popular tourist destinations such as shopping malls and along the skytrain line.
The cafe, known for long queues and its Shibuya Honey Toast - a block of bread served with ice cream - was initially popular among Singaporean and Malaysian customers. Slideshow (13 Images)
But in 2016, Chinese tourists began to pour into the cafes, said After You Chief Executive Maetup T. Suwan. “Tourists see our long queues, a picture on social media or read a great review and want to try,” he said.
After You has capitalised on the flow of Chinese customers to set up ‘durian rooms’ last year offering fresh durian desserts specifically aimed at the fruit’s lovers. Durian is often banned in taxis and hotels and airlines around Southeast Asia because of its pungent smell.
The company plans new branches and durian rooms in top Thai tourist destinations outside of Bangkok and it also plans to start a franchise model in Malaysia next year, said Maetup.
Chinese tourists are also snapping up savoury snacks. Taokaenoi’s crispy seaweed snack has been a hit for years.
About 20 percent of Taokaenoi’s 2017 domestic sales were to tourists, the company’s Head of Investor Relations, Koosoon Rattanaporn, said, while 60 percent came from exports, nearly half of them to China. COMMANDING PREMIUMS
The benefits of Chinese demand and expectations of further supercharged growth are clearly reflected in share prices.
Investors are paying 52 times earnings for the Do Day Dream shares, well above the Thai personal product industry average of 21 times, and After You’s shares are trading at 79 times earnings, while Taokaenoi’s prices are 43 times earnings.
There is expectation of higher earnings because these companies are in the “growth stage of their business life cycle,” said CGS-CIMB Securities Thailand analyst Uraiwan Tantisuwannakul.
Domestic consumption has slowed in recent years so investors are willing to “pay a premium” for firms with plans to diversify to the Chinese market, she said. Additional reporting by Satawasin Staporncharnchai; Editing by Amy Sawitta Lefevre and Martin Howell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-thailand-china-retail/snail-cream-smelly-fruit-thai-cosmetics-food-firms-tap-into-chinese-tourism-boom-idUKKCN1IJ0VS |
The U.S. on Monday will officially open its new embassy to Israel in Jerusalem. This will correct a surreal policy whereby, since Israel’s independence 70 years ago, the U.S. and other nations have refused to recognize its sovereignty over its capital city. President Trump announced in December he would reverse the old policy. By moving the embassy he now translates words into deed.
The embassy’s exact location within Jerusalem has gotten much less attention, but it is equally consequential. It will be housed in buildings... | ashraq/financial-news-articles | https://www.wsj.com/articles/america-recognizes-one-jerusalem-1526233843 |
At a Ford Motor Co. plant near London, workers manufacture cylinder blocks, crankshafts and other components for Ranger pickup trucks that are sold to buyers across the European Union.
The finished vehicles don’t roll out of a factory in the U.K. or anywhere else in the EU. The components made in Britain are sent to South Africa, where the trucks are put together and shipped back thousands of miles to European dealers.
This... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/rules-of-origin-risk-tripping-up-trade-post-brexit-1526472001 |
SEOUL (Reuters) - Philippine President Rodrigo Duterte will make his first visit to South Korea from June 3 to 5, South Korea’s presidential office said on Friday.
Philippine President Rodrigo Duterte reviews honour guards upon his arrival during the Philippine Navy's 120th anniversary in Metro Manila, Philippines May 22, 2018. REUTERS/Romeo Ranoco South Korean President Moon Jae-in and Duterte will have a summit on June 4, the Blue House said in a statement. The leaders will discuss measures to reinforce their alliance and further improve ties.
Reporting by Haejin Choi; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-southkorea-philippines/philippines-president-to-visit-south-korea-in-june-south-korea-says-idUSKCN1IQ0HX |
May 4, 2018 / 5:41 PM / Updated 11 minutes ago Surgeons' skills improve with age Anne Harding 4 Min Read
(Reuters Health) - Surgeons’ skills may improve with age, and male and female surgeons perform equally well, a recent U.S. study finds. FILE PHOTO: A surgeon washes his hands before enter in an operating room at the Ambroise Pare hospital in Marseille, southern France, April 3, 2008. REUTERS/Jean-Paul Pelissier
Medicare patients’ risk of dying in the month after an operation steadily fell as their surgeon’s age increased, Dr. Yusuke Tsugawa of the David Geffen School of Medicine at UCLA in Los Angeles and colleagues report in The BMJ.
There was little difference between mortality among patients of male or female doctors, with one exception. “Patients treated by female surgeons in their 50s had the lowest mortality across all groups,” Tsugawa told Reuters Health in a telephone interview.
Little is known about how age and gender influence the quality of a surgeon’s work, Tsugawa and his colleagues write. Skills could improve over time through experience, or the surgeon could lose dexterity with aging or have a hard time keeping up with changing technology.
To investigate, the researchers looked at mortality 30 days after surgery for Medicare beneficiaries who had one of 20 major operations in 2011-2014. The operations were elective, meaning they were scheduled, not emergencies.
Among the roughly 892,200 patients treated by nearly 46,000 surgeons, the overall risk of dying within 30 days of a surgery was 6.4 percent. After adjusting for other factors, mortality rates were 6.6 percent with surgeons under age 40; 6.5 percent with surgeons in their 40s; 6.4 percent with surgeons in their 50s and 6.3 percent for those 60 and older.
Mortality risk was 6.3 percent overall with female surgeons versus 6.5 percent with male surgeons, which was not a statistically meaningful difference.
This doesn’t mean people should seek out older surgeons, or female surgeons in their 50s, Tsugawa said. “In the real world,” he noted, people choose a surgeon based on advice from physicians or family members, reputation and the surgeon’s communication skills.
Studying the quality of care that physicians provide is extremely complex, the researcher added. “We think there are huge variations in terms of their quality and the cost of care they provide. At the end of the day what matters is whether there is an intervention that . . . can improve the quality of care.”
For example, Tsugawa said, the current study suggests that increasing training, education and supervision of young surgeons could be one approach to reducing operative mortality in this group.
Many factors could explain age-related differences in operative mortality, said Dr. Natalie Coburn of Sunnybrook Health Sciences Center in Toronto, who co-authored an editorial on the study. “There does tend to be a trend for better results for patients who are operated on by an older surgeon,” she said in a telephone interview. “This is probably a result of experience and judgment and who they would (operate on versus)who they would select for conservative management.”
Pinning down the quality of care a surgeon provides is “incredibly difficult,” Coburn noted. “It’s very difficult to estimate how well you are doing if you only have a handful of different types of cases. If you only do hip replacements, for example, it’s easier to benchmark yourself than if you’re a general surgeon or a plastic surgeon and you do 30 different procedures throughout the year.”
“It is also fraught with difficulty because of the inability to fully know how complex the patient was, and sometimes (the) surgeons who appear to have the worst outcomes are actually the best surgeons, they’re just taking on the hardest cases,” she added.
SOURCE: bit.ly/2Kyw0aO and bit.ly/2jmDEsB The BMJ, online April 25, 2018. | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-surgeons-age/surgeons-skills-improve-with-age-idINKBN1I528G |
Sarah Gray 10:23 AM EDT
A supplier to Kroger is recalling over 35,000 pounds of ground beef due to possible plastic contamination, the U.S. Department of Agriculture announced on Wednesday.
According to the USDA, the issue was discovered due to a consumer complaint, after finding hard pieces of blue plastic in the product. No “adverse reactions” have been reported.
In a statement to Fortune, a spokesperson from Kroger said the chain has verified that the product is not currently on shelves: “We encourage customers to check their freezers for the potentially affected products and not to consume them but throw them away or return them to their place of purchase for a full refund.”
The raw beef was produced on March 22, 2018, according the USDA, and packages are marked with the establishment number “EST. 34176” inside the USDA mark of inspection. The recalled beef was sent to distribution centers in Virginia and Indiana to be delivered to retail stores.
The brands impacted include certain types of Kroger Ground Beef, All Natural Laura’s Lean Beef, Private Selection Angus Beef, JBS Ground Beef Angus Chuck, and Ground Beef Angus Sirloin. A full list of products, including product codes, weight and “sell by” dates can be found at the USDA’s recall page .
The USDA is similarly concerned that consumers may have frozen these products to consume at a later date and it also advises tossing out these ground beef packages or returning them.
The supplier, JBS USA, Inc., a meat processing and livestock feeding company based in Colorado, is recalling the raw ground beef from its Lenoir, North Carolina location.
Fortune reached out to JBS USA for more information and will update as needed. This story originally appeared on Fortune You May Like Sign Up for our Newsletter Sign up for free recipes, décor ideas & special offers | ashraq/financial-news-articles | https://fortune.com/2018/05/03/kroger-ground-beef-recall/ |
May 24, 2018 / 7:44 PM / Updated 38 minutes ago EU criticises 'fantasy' UK Brexit gambits, sees little Irish progress Alastair Macdonald , Gabriela Baczynska 5 Min Read
BRUSSELS (Reuters) - European Union negotiators dismiss as “fantasy” some main British demands for Brexit, including on the sensitive issue of the Northern Ireland border, a senior EU official said on Thursday. FILE PHOTO: A Britain's and some European flags are hung outside the EU Commission headquarters in Brussels, Belgium December 4, 2017. REUTERS/Yves Herman/File photo
The official accused London of failing to accept that Brexit will necessarily distance it from the EU.
The broadside followed three days of talks with British negotiators in Brussels and comes a month before a summit where Prime Minister Theresa May hopes to defuse the Irish issue.
British demands to continue participating in the EU’s easy criminal extradition system or in the most high-security parts of the Galileo satellite programme were unacceptable to other member states since May rejects EU legal supervision.
“The sooner we can get out of the business of denying the consequences of Brexit, the sooner we can get on with finding solutions,” the official told reporters. “The sooner we move away from this fantasy, the quicker we can get to constructive discussions about how to design that future relationship.”
British proposals to avoid a hard land border with EU member Ireland, complete with customs and other checks, were also firmly rejected by Brussels, in part because London was coupling them with a bid to also secure better “backdoor” access for the rest of the United Kingdom to the EU’s single market.
In uncompromising language indicating wide gaps just five months before a target date for a treaty to ensure a smooth Brexit in March, the official said of the Irish issue: “Progress so far seems elusive and substantive progress even more so.”
Talks on a framework for future relations also made little advance, with Britain rejecting a simple free trade pact and the EU refusing London’s offer of mutual recognition of each other’s regulations. But a status-quo transition period through 2020 means those are less pressing than the need for an Irish border deal which both sides want as part of a pre-withdrawal treaty. BACKSTOP DEADLOCK
In December, a provisional draft included language, rejected by May, for a “backstop” under which Northern Ireland would if need be remain aligned with EU economic rules.
Dependent for her majority on Northern Irish allies opposed to new barriers between the province and the British mainland, May has suggested making the backstop time-limited and that it may see the whole United Kingdom apply EU customs rules.
But the EU official dismissed that, saying that a deadline for ending the backstop would make it pointless - effectively just delaying a possible introduction of a hard border that could inflame sectarian violence - and said London must stop seeking a solution that would greatly benefit mainland firms.
“We need to have the recognition that the backstop has to be Northern Ireland-specific,” the official said. “We need to do away with the fantasy that there is an all-UK solution to that.”
EU negotiators regard proposals to keep the British mainland aligned to EU regulations as a “back door” to keep access to the single market. They may be flexible at the modest scale of Ireland but not for the second biggest economy in Europe.
The official said Britain had promised a new proposal on the Irish issue and Brussels hoped to have them early next month.
Saying that a consequence of full British involvement in Galileo would be that London might be able to block the EU’s own access to satellites in a dispute, the official denied however that such arguments betrayed a deep lack of trust.
Any future relationship would rely on trust, the official said, but Britain could not expect the same treatment as member states subject to stricter EU oversight.
Reflecting a sour tone, however, the official also told reporters that British negotiators said they would use their place inside the EU for the remaining 10 months to try in budget discussions to alter rules for access to non-member states.
Britain’s finance minister Philip Hammond hit back at suggestions it was up to London to deal with its own decision to leave the EU: “I fear many EU opinion-formers ... see the Brexit challenge as simply one for the UK to resolve,” he told a business conference. “This has to be a two-way conversation.” Additional reporting by Philip Blenkinsop; Reporting by Alastair Macdonald; Editing by Angus MacSwan @macdonaldrtr | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-fantasy/eu-criticises-fantasy-uk-brexit-gambits-sees-little-irish-progress-idUKKCN1IP3FO |
A New Jersey doctor was sentenced on Thursday to two years in prison for his role in a now-defunct diagnostic laboratory’s scheme to pay bribes for test referrals that has led to a record number of prosecutions of medical professionals.
Ralph Messo, 56, was sentenced by U.S. District Judge Stanley Chesler in Newark after admitting in 2015 that he accepted about $82,500 bribes from Biodiagnostic Laboratory Services LLC.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2ws2L6N (Reporting By Herbert Samuels)
| ashraq/financial-news-articles | https://www.reuters.com/article/health-biodiagnositic/new-jersey-doctor-gets-two-year-sentence-for-test-referral-bribes-idUSL1N1SH2ID |
DEL MAR, Calif., American Diversified Holdings Corporation (OTC: ADHC) announced today that it has met with the management team of Brazos Biomedical llc and has received all relevant due diligence information required to complete acquisition. ADHC is in the process of reviewing relevant documentation involving the AURACIStm TENS Migraine therapy system including all the patent filings, patent license agreement, technical engineering schematics, trademark filings, FDA plans, patient study information and other related documents.
The terms and conditions of the Brazos Biomedical llc acquisition (BRAZOS), were not disclosed pending completion of standard due diligence.
In additional news ADHC management has met with its Securities counsel to discuss the requirements for filing of the form 10 and subsequent application to begin trading on the OTC QB. Management has also met with its PCAOB (Public Company Accounting Oversight Board) SEC approved auditing firm and has received an engagement letter to initiate the auditing process.
"Our team is moving rapidly along the path to closing the Brazos Biomedical llc acquisition," commented ADHC. "All parties are in substantial agreement with the terms and conditions and we look forward to building a great company together."
ADHC will keep shareholders informed as events progress.
ADHC is a holding company that provides executive management, corporate governance, administrative support, financial advice, and introductions to capital sources to various micro-cap private and public companies that have proven revenues and business models.
BRAZOS BIOMEDICAL LLC is a bio device company utilizing electrostimulation for pain management to improve patient outcomes through creative innovation with a core competency in the migraine and headache pain space.
For more information: www.brazosbio.com
This press release contains forward-looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include risks and uncertainties that may cause the Company's plans to change and are in no way intended to guarantee that the Company will be successful in executing its plans. common stock currently trades on the over-the-counter under the symbol ADHC. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all facts and circumstances regarding the business and financial condition and prospects of ADHC, and no reference has been made that this release contains all information.
Contact:
[email protected]
Tel: 858-259-4534
SOURCE American Diversified Holdings Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-american-diversified-holdings-corporation-issues-updates-on-brazos-biomedical-llc-acquisition.html |
(Reuters) - General Electric Co announced a $11.1 billion deal on Monday to merge its transportation business with U.S. rail equipment manufacturer Wabtec Corp, with GE and its shareholders owning just over half of the combined business.
The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, on May 12, 2017. REUTERS/Daniel Becerril The deal, first reported by Reuters on Sunday, is the biggest to be inked thus far by GE Chief Executive John Flannery since he announced a major overhaul of the U.S. industrial conglomerate late last year.
The transaction values the GE transportation business, which makes train engines, at $11.1 billion. GE will receive a $2.9 billion up-front payment in cash and a 9.9-percent stake in the combined company, with GE shareholders awarded 40.2 percent and existing Wabtec shareholders owning 49.9 percent.
GE shares rose 2.8 percent to $15.39. Wabtec shares rose 4.3 percent to $99.28.
The deal is tax-free for GE and Wabtec shareholders because it is structured as a so-called Reverse Morris Trust, with GE spinning off the transportation unit and simultaneously merging it with Wabtec.
The $11.1 billion deal value includes a $1.1 billion net tax benefit accruing to the combined company, GE and Wabtec said.
The equity value of the company combining Wabtec and GE’s transportation business will be more than $20 billion.
The deal caps a review of the transportation division by GE dating back to last year after a string of setbacks for the 126-year-old company. But it also follows years of on-and-off talks between Wabtec and the GE unit about combining, Wabtec Chief Executive Raymond Betler told Reuters in an interview.
“We’ve always been quite interested. There has been a relationship between (us) that goes back decades,” he said.
“For a whole host of reasons, the stars kind of lined up this time, and it presented an opportunity for us to actually get it done.”
Betler will remain president and CEO of the merged company while its chairman, Albert Neupaver, has been re-appointed executive chairman. GE Transportation Chief Executive Rafael Santana will become president and CEO of Wabtec’s freight segment.
The resulting company will have approximately $8 billion in revenues, with 27,000 employees across 50 countries, the companies said. The transaction is expected to close in early 2019.
GE’s transportation business, which generated revenue of $3.9 billion last year, is already larger than its sole close peer in the railroad engines business, Caterpillar Inc, selling equipment and services to a global fleet of roughly 23,000 locomotives, Santana said.
The deal will add more offerings that can improve efficiency and safety to GE’s customers, which include Komatsu Ltd and Rio Tinto PLC, as well as Wabtec’s client base which includes Siemens AG and Bombardier Inc, Santana added.
Wabtec, which has a market capitalization of $9.2 billion, manufactures equipment for locomotives, freight cars, and passenger transit vehicles.
Flannery told GE shareholders late last year he plans to pare GE down to three core businesses: power, aviation and healthcare, a departure from the deal-driven empire building of his predecessors, Jeff Immelt and Jack Welch.
That should include GE getting rid of at least $20 billion of assets through sales, spin-offs or other means.
GE’s stock has lost about half its value in the last year, and the company has been working with activist hedge fund Trian Fund Management LP, which sits on its board of directors, to turn the business around.
Reporting by Harry Brumpton in New York and Rachit Vats in Bengaluru; Editing by Patrick Graham and Nick Zieminski
| ashraq/financial-news-articles | https://in.reuters.com/article/getransportation-m-a-wabtec/ge-merges-transportation-unit-with-wabtec-in-11-1-billion-deal-idINKCN1IM15S |
IRWINDALE, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Superior Communications , a global retail solutions and supply chain leader, today announced the promotion of Scott Shanks to Chief Marketing Officer. Reporting to CEO and president Jeff Banks, Shanks will play a key role in companywide strategy development and execution, overseeing marketing, retail services, 3PL, training, indirect channel and sales. Effective May 1, the CMO role is a newly created one, critical to redefining Superior’s overall market strategy both internally and externally.
Scott Shanks brings over 20 years of experience in wireless retail, retail services and distribution, which has been influential in maintaining Superior's strong financial, operational and logistical scale
Previously the Senior VP of Indirect Distribution at Superior as well as an executive at one of Verizon’s largest national retailers, Shanks brings over 20 years of experience in wireless retail, retail services and distribution. Since joining Superior in 2015, Shanks has helped define the organization’s value proposition through design and development of retail solutions and support services.
“The evolution of wireless retail is fast and furious with disruption at every turn,” said Shanks. “The supplier and retail communities are now looking for partners to provide solutions for everything from supply chain efficiencies to front-line sales support. Superior’s expertise reaches beyond what is expected of a traditional distributor, and this is what’s made us a solid partner.”
“Superior has built our business as a value-added services distribution company,” said Banks. “To grow within this competitive marketplace, our go-forward strategy encompasses significant investments in facilities, IT, human resources, data analytics, 3PL/4PL, training, ODM and numerous strategic marketing platforms.”
“Scott’s industry experience and retail background has been influential in maintaining our strong financial, operational and logistical scale while enhancing our service offering to better support all channels, customers and suppliers,” continued Banks. “We are excited to have Scott as part of the Superior leadership team and look forward to his continued contribution to the business.”
About Superior Communications
Superior provides a complete line of wireless products, logistical support and services to major carriers, OEMs and retailers across North America. Established in 1991 as the sales and logistics arm of an Asian-based manufacturing partner, Superior Communications has continued to grow its lines of accessories and service offerings. Superior has become a recognized leading provider of both OEM/Brand and ODM/Private Label accessories in the Americas. For more information, visit www.superiorcommunications.com .
Contact:
Melody Chalaban
VOS Communications
310.844.6350
[email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/ea44ff02-9c16-4cc8-abc0-5d75acc2e39d
Source:Superior Communications | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-superior-communications-appoints-scott-shanks-as-new-chief-marketing-officer.html |
Amazon may be entering new businesses left and right, but that shouldn't frighten companies using its cloud services, its top cloud exec said.
Even some of Amazon's most direct competitors — like Netflix , which competes with Amazon on video streaming — use Amazon's cloud, Andrew Jassy, the CEO of Amazon Web Services (AWS), told CNBC's Jon Fortt on " Squawk Alley " on Wednesday.
"The vast majority of media companies are using AWS," Jassy said.
"Netflix, despite the fact that they compete very aggressively with Prime Video on the Amazon side, they run everything on top of AWS and have for several years — same with Disney, Warner, Fox, HBO and Turner, they all run on AWS. So what they care about is they want the broadest selection of services so they can continue to innovate for their customers."
As the head of Amazon's cloud division— the dominant cloud services provider in the industry — Jassy has managed to keep ahead of competition from Microsoft, Google and others through competitive prices and tons of services . Jassy said the cost structure, as well as the 2015 purchase of Elemental Technologies , has helped it win the media business, for instance.
CNBC Amazon Web Services CEO Andy Jassy. But Amazon is in so many other businesses — retail sales, movies, grocery stores, smart home devices and so on — that competitors in those areas may be wary of paying a big tech bill to Amazon.
Microsoft CEO Satya Nadella pointed out as much to CNBC earlier this week .
"Amazon and Google both are fantastic at being able to rig transactions," Nadella said. "They have a nice two-sided market that they can subsidize one to advantage [the other]."
Jassy fired back on Wednesday, saying Amazon's approach is focused on what customers want, not competition.
"The way that Amazon partners with customers is very unique," Jassy said. "Technology companies today are mostly competitor-focused, or they're product -focused. They say, 'Look, we know what the product should do. It's great that you have input, Mr. and Mrs. Customer, but leave it to the experts.' Those strategies can work, but they're just not ours. We are customer-focused — and the vast majority of what we build is driven by what our customers tell us matters to them."
Like Google AI chief Jeff Dean , Jassy said his customers have choices around how their data is used.
"Our customers' data is our customers' data. Full stop. So they get to choose where it lives in AWS. It doesn't move unless they choose to move it. To us, it just looks like a blob, so they have the responsibility for their own applications to make sure that it's safe," Jassy said.
"We have the responsibility, as it runs in our infrastructure, to make sure that no one has access to that data. And our customers have lots of ways to protect themselves, including being able to encrypt that data."
show chapters Walmart is the only one able compete against Amazon in e-commerce, says former Toys R Us CEO 6 Hours Ago | 07:33 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/aws-ceo-andy-jassy-on-cloud-trust.html |
SANTA ANA, Calif., May 3, 2018 /PRNewswire/ -- Kush Bottles, Inc. (OTCQB: KSHB) ("Kush Bottles" or the "Company"), a leading provider of packaging, supplies , vaporizers , hydrocarbon gases , solvents , accessories and branding solutions for the regulated cannabis industry, announced today it has completed its acquisition of Summit Innovations, LLC ("Summit Innovations"), a leading distributor of hydrocarbons to the legal cannabis industry based in Denver, Colorado. Summit Innovations was acquired in exchange for 1,280,000 shares of Kush Bottles common stock and approximately $3.2 million in cash, subject to certain adjustments and holdbacks, as further described in the Company's press release dated April 10, 2018 .
Hydrocarbon gases are used to convert cannabis plants into oils, and this acquisition marks Kush Bottles' entry into a new business vertical supplying gas to cannabis extractors. Summit Innovations operates seven distribution facilities located across the country. Its four core products are high purity butane, propane, iso-butane and blends. Summit Innovations works closely with legal cannabis manufacturers to ensure cleanliness, product quality, safety and compliance during the extraction process.
"We are pleased to close this acquisition and secure our entry into the hydrocarbon segment of the cannabis market," commented, Nicholas Kovacevich, CEO and Chairman of Kush Bottles. "Gas is the lifeblood of the cannabis market and Summit Innovations offers a broad range of hydrocarbon gases that meet the complex needs of cannabis extractors across the country. By bringing Summit Innovations under the Kush Bottles umbrella, we expect to leverage synergies in our distribution channels to grow sales at both Summit and our existing business lines. This is a major step forward in our strategy to position Kush Bottles as a one-stop shop for any business looking to operate responsibly within the legal cannabis market."
The Company continues to evaluate new technologies and developments within the industry as it builds out a diversified suite of products and services that are integral to the proper functioning of the cannabis supply chain.
Kush Bottles will issue up to an additional 1,280,000 shares of Kush Bottles common stock if the Summit Innovations business achieves certain earn-out milestones of up to $12.0 million in eligible revenues during the twelve-month period following closing.
To be added to the distribution list, please email [email protected] with "Kush" in the subject line.
About Kush Bottles
Kush Bottles, Inc. (OTCQB: KSHB) is a dynamic sales platform that provides unique products and services for both businesses and consumers in the cannabis industry. Founded in 2010 as a packaging and supplies company for dispensaries and growers, Kush Bottles has sold more than 1 billion units and now regularly services more than 5,000 legally operated medical and adult-use dispensaries, growers, and producers across North America, South America, and Europe. The Company has facilities in the three largest U.S. cannabis markets and a local sales presence in every major U.S. cannabis market.
Kush Bottles aims to be the gold standard for responsible and compliant products and services in the cannabis industry. Kush Bottles has no direct involvement with the cannabis plant or any products that contain THC.
The Company has been featured in media nationwide, including CNBC, Los Angeles Times, TheStreet.com, Entrepreneur, and business magazine Inc.
For more information, visit www.kushbottles.com or call (888)-920-5874.
Forward-Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent the Company's current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the opinions of the Company's management only as of the date of this release. Please keep in mind that the Company is not obligating itself to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: "potential," "look forward," "believe," "dedicated," "building," "expect," or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by the Company herein are often discussed in filings the Company makes with the United States Securities and Exchange Commission (SEC), available at: www.sec.gov, and on the Company's website, at: www.kushbottles.com.
Kush Bottles Contacts
Media Contact:
Anne Donohoe / Nick Opich
KCSA Strategic Communications
212-896-1265 / 212-896-1206
[email protected] / [email protected]
Investor Contact:
Phil Carlson / Elizabeth Barker
KCSA Strategic Communications
212-896-1233 / 212-896-1203
[email protected]
View original content: http://www.prnewswire.com/news-releases/kush-bottles-closes-acquisition-of-summit-innovations-llc-300641640.html
SOURCE Kush Bottles, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-kush-bottles-closes-acquisition-of-summit-innovations-llc.html |
May 1 (Reuters) - Noble Energy Inc reported a surge in first-quarter profit on Tuesday, helped by a gain of about $795 million from asset sales.
The net income attributable to Noble jumped to $554 million, or $1.14 per share, in the quarter ended March 31 from $36 million, or 8 cents per share, a year earlier.
The Houston-based company’s total revenue rose to $1.29 billion from $1.04 billion. (Reporting by Taenaz Shakir in Bengaluru; Editing by Maju Samuel)
| ashraq/financial-news-articles | https://www.reuters.com/article/noble-energy-results/noble-energy-reports-surge-in-quarterly-profit-idUSL3N1S8261 |
MIRAMAR, Fla., May 2, 2018 /PRNewswire/ -- Arise Virtual Solutions Inc. has appointed Scott Etheridge as Chief Executive Officer. Scott has been with Arise for over eight years, during which time he held the role of Chief Financial Officer, and most recently Chief Operating Officer. As COO, he was responsible for leading and managing the Global Financial, Crowdsourcing, and Technology Operations of the organization.
Arise's former CEO, John Meyer, will remain involved with the company as Chairman of the Board. "After a thorough and thoughtful period of succession planning, we are thrilled to have Scott assume the role and responsibilities of CEO," stated Mr. Meyer. "Scott has established a stellar leadership reputation in the organization during his tenure at Arise."
Scott has over 18 years of senior leadership experience and has been integral in the growth of Arise as well as developing overall company strategy. Before joining Arise in 2009, Scott was the Vice President and CFO of the Partnered Brands division of Liz Claiborne, where he led a $1.5 billion global wholesale operation. Prior to joining Liz Claiborne, Scott spent 11 years at NBCUniversal, a subsidiary of General Electric, where he served in numerous leadership roles including CFO of NBC Sports and Senior Vice President and CFO for NBCUniversal International, where he led $3 billion in annual sales and was responsible for international expansion. Scott is an Auburn University graduate with a BS in Business Administration and Accounting.
"I cannot imagine a more important and exciting time to be working at Arise," said Etheridge. "We are experiencing unprecedented growth of our platform as a home-based business option within the gig economy, and Arise is well-positioned to capture an even greater market opportunity. I am humbled and honored to continue to work with the talented and passionate employees at Arise, who deliver best-in-class results for our customers and the virtual call centers that partner with Arise. I look forward to working with our great team and leading Arise through its next exciting phase."
"We are pleased to retain the steady vision and support of John Meyer as he transitions from the role of CEO to Chairman of the Board of Directors," said Scott. "John is a seasoned executive with strong business acumen and a long track record of leading companies. His continued leadership presence ensures that his deep institutional knowledge and experience can still be leveraged; he will lend valuable counsel as we focus on driving meaningful, long-term value for our clients and capture an increasing share of the virtual business services and customer engagement spaces."
John has over 30 years of leadership experience with large publicly traded organizations and building high growth organizations in both the United States and internationally. Prior to joining Arise in 2011, John served as Chief Executive Officer and President of Acxiom Corporation, a $1.2 billion global interactive marketing services company with more than 6,500 employees. Before that, he served as President of the Global Services group of Alcatel-Lucent for five years, where he was responsible for more than $6 billion in annual revenue and the management of more than 20,000 people.
He holds an MBA from the University of Missouri and a BS in management from Pennsylvania State University.
About Arise Virtual Solutions Inc.
Arise is a pioneer of on-demand customer management technology and business process outsourcing. Our powerful cloud-based platform provides a virtual nationwide network to connect work-at-home service professionals running small call cente r businesses to companies needing customer engagement and other business services. Built to scale, the Arise platform makes the way for a superior customer experience for innovative enterprises from startups to Fortune 500.
To learn more about Arise Virtual Solutions Inc. please visit http://www.arise.com .
Contact Info:
Doug Vinson, Vice President, Chief Marketing Officer
Arise Virtual Solutions Inc.
[email protected] | Toll free: 855-274-7301
View original content with multimedia: http://www.prnewswire.com/news-releases/arise-virtual-solutions-announces-appointment-of-scott-etheridge-as-chief-executive-officer-300640846.html
SOURCE Arise Virtual Solutions Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-arise-virtual-solutions-announces-appointment-of-scott-etheridge-as-chief-executive-officer.html |
May 22, 2018 / 1:38 AM / Updated 14 hours ago Amazon taps former NBC executive to help run TV programming Reuters Staff 2 Min Read
(Reuters) - Amazon.com Inc said on Monday it had hired Vernon Sanders to help run its television productions, tapping a former NBC executive who oversaw shows such as “The Blacklist,”“Friday Night Lights” and “30 Rock” for the U.S. network. FILE PICTURE - The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. REUTERS/Carlos Jasso/Illustration
The action bolsters the ranks of Amazon’s original content division and marks the latest touch of Jennifer Salke, who became head of Amazon’s TV and film studio earlier this year after the role was vacant for months. Sanders will join Amazon’s Albert Cheng as co-head of television, each reporting to Salke.
“Having worked side-by-side with him for seven years at NBC Entertainment, I can speak first-hand to his talents as a leader and creative force,” Salke said of Sanders in a press statement.
Amazon is investing heavily in videos available through Prime to draw more people to the subscription club, which also features fast shipping, an incentive for members to shop more with the online retailer.
Sanders most recently had a producing deal with Universal Television, part of Comcast Corp’s NBCUniversal, since late last year. Reporting By Jeffrey Dastin in San Francisco | ashraq/financial-news-articles | https://www.reuters.com/article/us-amazon-com-studios/amazon-taps-former-nbc-executive-to-help-run-tv-programming-idUSKCN1IN05O |
Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday as corruption convictions handed down to dozens of people linked to his center-right People's Party (PP) threatened his six-year rule.
Spain's parliament agreed on Monday that the debate and vote would take place on Thursday and Friday, although the opposition Socialists who proposed the vote may struggle to garner enough support in the fragmented legislature to unseat Rajoy.
News of the no-confidence vote helped drive the Spanish government's borrowing costs to 2-1/2 month highs, while the blue-chip stock index, the IBEX , turned lower.
Opposition parties are taking advantage of Rajoy's weakness after 29 people linked to the PP were convicted last Thursday of crimes including influence-peddling and falsifying accounts, in the culmination of a long-running corruption trial.
The PP has closed ranks behind Rajoy, who said on Friday he intended to serve out his four-year term and that the corruption convictions did not affect a single member of his government. The 63-year-old survived a no-confidence vote last June.
"We are deeply sorry that there were people who used the PP for self-enrichment," party spokesman Pablo Casado told a news conference on Monday, adding that the no-confidence vote was irresponsible and put Spain's economic stability at risk.
Spanish borrowing costs relative to Germany's rocketed to their widest differential since the start of the year, though they were also hit by concerns over political uncertainty in Italy.
Pressure from opposition Ciudadanos (Citizens), a liberal party ahead in opinion surveys and the most likely to win a snap election, urged Rajoy on Monday to call an early poll, saying his government was weak and tainted by corruption.
The Socialists have proposed their leader Pedro Sanchez as a replacement for Rajoy. The party, with just 84 seats in parliament, must get at least 176 votes to carry its proposal.
Leftist party Podemos, with 67 seats, has said it will support the motion, but that would not be sufficient. The Socialists would also have to seek backing from small regional parties who would attach politically difficult conditions in return for their support such as the freedom of Catalan politicians from custody.
Ciudadanos said on Saturday it would be willing to work with the Socialists to support a neutral candidate to oust Rajoy, whose minority government has been damaged by a crisis sparked by Catalonia's independence vote.
However, Ciudadanos leader Albert Rivera said on Monday he was not prepared to seek pacts with "regional nationalists and populists" to oust Rajoy and that elections in the autumn would be preferable.
show chapters Spain's economic growth providing lot of confidence: Economy minister 12:13 PM ET Thu, 24 May 2018 | 01:20 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/spain-prime-minister-rajoy-to-face-confidence-vote.html |
(Reuters) - CVS Health Corp ( CVS.N ) posted a better-than-expected first-quarter profit on Wednesday, helped by higher sales of prescription drugs at its stores, sending its shares up 4.3 percent in trading before the bell.
The company also said that it was sticking with its expectations of closing the $69 billion deal to buy Aetna Inc ( AET.N ) in the second half of the year.
CVS’s total same store sales increased 5.8 percent, while pharmacy same store sales surged 7.3 percent on higher prices of branded drugs and partnerships with other pharmacy benefits managers.
Overall revenue from the company’s retail business increased 5.6 percent to about $20.4 billion.
However, the company’s retail business accounts for a shrinking share of its total sales, with most revenue now coming from its pharmacy benefits manager, which serves as a middleman between insurance companies, pharmacies and drugmakers.
FILE PHOTO: A CVS Pharmacy store is seen in the Manhattan borough of New York City, New York, U.S., November 30, 2017. REUTERS/Shannon Stapleton/File Photo Net revenue from its pharmacy benefit management business rose 3.2 percent to $32.22 billion, driven by higher claims on costlier drugs among other things.
Net income attributable to the company rose to $998 million, or 98 cents per share, in the reported quarter ended March 31 from $952 million, or 92 cents per share, a year earlier.
Net revenue rose 2.6 percent to $45.69 billion.
Excluding items, it earned $1.48 per share, beating analysts’ estimates of $1.41, according
Reporting by Manas Mishra in Bengaluru; Editing by Anil D'Silva
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cvs-health-results/cvs-health-profit-rises-4-8-percent-idUSKBN1I31EJ |
April 30 (Reuters) - Eng Kah Corporation Bhd:
* UNIT TO DISPOSE FREEHOLD VACANT LAND TO KIAN JOO CANPACK FOR 9.4 MILLION RGT Source text : ( bit.ly/2rc5GKT ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eng-kah-corp-says-unit-to-dispose/brief-eng-kah-corp-says-unit-to-dispose-freehold-vacant-land-for-9-4-mln-rgt-idUSFWN1S70FE |
Major Puerto Rico creditors agreed how to split up sales-tax collections and cut $10 billion in public debt but were rebuffed by the U.S. territory’s federal financial supervisors.
The settlement framework unveiled Monday concerns future sales-tax revenue collections that Puerto Rico transferred to a public corporation to raise $18 billion in securitization bonds known as Cofinas. Competing creditors have tried to free up that money in Puerto Rico’s court-supervised bankruptcy proceeding to pay down other government debts.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/puerto-rico-bondholders-pitch-10-billion-debt-cutting-deal-1526304771 |
May 14, 2018 / 12:18 PM / Updated an hour ago Croatia's Deputy PM Dalic resigns over Agrokor role Reuters Staff 3 Min Read
ZAGREB (Reuters) - Croatia’s deputy prime minister Martina Dalic resigned on Monday under pressure from opposition groups who accused her of failing to prevent conflicts of interest during the restructuring of food giant Agrokor. [AGROK.UL] FILE PHOTO: Martina Dalic, Minister of Economy, attends a news conference in a government building in Zagreb, Croatia, April 10, 2018. Picture taken April 10, 2018. REUTERS/Antonio Bronic/File Photo
Dalic, who also quit her job as economy minister, denied any wrongdoing but said she did not want to be a burden on the government.
There was no immediate comment from Agrokor or its creditors and it was not immediately clear if Dalic’s departure would hold up the efforts to save Croatia’s largest private company from bankruptcy.
Dalic led efforts to save the food producer and retailer after it was put under state-run administration in April 2017, weighed down by debt accrued during an ambitious expansion drive.
Last week, local news portal Index.hr published what it said was one-year-old email correspondence between Dalic and financial and legal experts she consulted while preparing an emergency law to save the firm which is the Balkans’ biggest employer.
Some of the experts named in that correspondence were later engaged as consultants by a firm advising the government during the restructuring process.
The opposition, led by the Social Democrats and centre-right Most (“Bridge”) party, said it was unacceptable that Dalic had allowed the same consultants who drew up the rescue plan to be paid to roll it out, calling it a conflict of interest.
“I have done nothing wrong nor illegal but the perception, which in the politics matters, is as it is,” Dalic told reporters.
“I don’t want to a burden to the government. I expect the relevant bodies to investigate who revealed the fragments of the email correspondence which is against the law,” she said.
Agrokor creditors, which include foreign and local banks, bondholders and suppliers, must vote on a settlement outlined in the emergency law by July 10.
Prime Minister Andrej Plenkovic accepted Dalic’s resignation and said the government would press on with the process.
“The basic goal of our efforts over Agrokor, in which Dalic had a leading role, has been achieved,” he said.
“I’m satisfied with that. I just regret that the process was not a bit more transparent. I’m sorry about Dalic leaving the government. It is our task now to reach the settlement within the legal deadline,” he added.
He did not name her replacement. Reporting by Igor Ilic; Editing by Andrew Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-croatia-politics/croatias-deputy-pm-dalic-resigns-over-agrokor-pm-plenkovic-idUSKCN1IF1JP |
• Apple Analysts Offer Mea Culpas After iPhone Sales Hold Up (by Aaron Pressman) VENTURE DEALS
• SoundHound Inc , a Santa Clara, Calif.-based provider of voice-enabled AI and conversational intelligence technologies, raised $100 million in funding. Investors include Tencent Holdings Limited, Daimler AG, Hyundai Motor Company, Midea Group and Orange S.A.
• BounceX , a New York-based provider of behavioral software to direct marketing campaigns, raised $37 million in Series B funding. Battery Ventures led the round, and was joined by investors including Contour Venture Partners , Primary Venture Partners and Cross Creek Advisors .
• Quovo , a New York-based data platform for financial accounts, raised $20 million in total funding. The investor was Portag3 Ventures .
• Namogoo , a Boston and Israel-based provider of technology that prevents outside ads from hijacking ecommerce sites, raised $15 million in Series B funding. Hanaco Venture Capital led the round, and was joined by investors including GreatPoint Ventures, Blumberg Capital and Inimiti Capital .
• Poq , a London and New York City-based app commerce company, raised 9.5 million pounds ($12.9 million) in Series B funding. Smedvig Capital led the round, and was joined by investors including Beringea and Revolt Ventures.
• StorageOS , a U.K.-based developer of software-based enterprise storage platform, raised $8 million in Series A funding. Bain Capital Ventures led the round, and was joined by investors including MMC Ventures and 645 Ventures.
• Mandaê , a Brazil-based shipping company , raised $7.1 million in Series B funding. IFC led the round, and was joined by investors including UPS Strategic Enterprise Fund, Mercado Libre Fund, Tekton Ventures, FJ Labs, Performa Investimentos, Qualcomm Ventures, Monashees and Icon Holding Company.
• Washé , a Boca Raton, Fla.-based on-demand car wash app, raised $3.5 million in seed funding. Investors include Ron Zuckerman.
• Matterport , a Sunnyvale, Calif.-based immersive media technology company, raised funding of an undisclosed amount from State Auto Labs Fund. Advertisement HEALTH AND LIFE SCIENCES DEALS
• Refuge Biotechnologies Inc , a Menlo Park, Calif.-based developer of intelligent cell therapies to combat cancer, raised $25 million in Series B funding. 3SBio and Sequoia China co-led the round , and were joined by investors including Danhua Capital, Sangel Capital, Ocean Pine Healthcare Fund, 3E Bioventures, WuXi Healthcare Ventures and ShangBay Capital .
• Azitra Inc , a Farmington, Conn.-based biotech company focused on harnessing the microbiome to treat skin disease, raised $2.15 million in funding. Connecticut Innovations and Bios Partners co-led the round, and were joined by investors including KdT Ventures . Advertisement PRIVATE EQUITY DEALS
• Clessidra SGR agreed to acquire Scrigno Group, an Italy-based maker of counter-frames for pocket doors and windows. Financial terms weren’t disclosed.
• Mountaingate Capital made an investment in ImagineSoftware , a New York-based Revenue Cycle Management SaaS Platform. Financial terms weren’t disclosed.
• ParkerGale Capital made an investment in Rippe & Kingston , a Cincinnati-based provider of financial and practice management software for law firms. Financial terms weren’t disclosed.
• CVC Capital Partners agreed to acquire OANDA , a New York-based online retail trading platform, currency data and analytics company. Financial terms weren’t disclosed. Advertisement
• Sovos will acquire TrustWeaver , a Stockholm-based provider of cloud software. Financial terms weren’t disclosed. Advertisement IPOs
• Xiaomi Corporation , the Chinese phone giant, filed for an IPO in Hong Kong. The IPO could raise about $10 billion, valuing Xiaomi at between $80 billion to $100 billion . The firm posted revenue of 114.6 billion RMB ($18 billion) and loss of 43.9 billion RMB ($6.9 billion) in 2017. Apoletto Investments and Morningside China TMT back the firm. CLSA, Goldman Sachs, and Morgan Stanley are underwriters in the deal. Read more .
• Inspire Medical Systems , a Maple Grove, Minn.-based sleep apnea treatment firm raised $108 million in an IPO of 6.75 million shares priced at $16, an upsized IPO at the high-end of its $14 to $16 range.The firm posted revenue of $28.6 million in 2017. Presidio Management Group (16.2% pre-IPO), OrbiMed Private Investments (15.9%), Synergy Life Science (15.7%), Kleiner Perkins Caufield and Byers (14.5%), Amzak Health Investors (10.3%), and Medtronic (5.7%) back the firm. BofA Merrill Lynch and Goldman Sachs are underwriters in the deal. It plans to list on the NYSE as “INSP.” Read more . Advertisement EXITS
• Ardian agreed to sell its stake in SERMA, a France-based provider of consulting and expertise services for embedded electronic technologies and systems, to a holding company controlled by the management and Chequers Capital . Financial terms weren’t disclosed. Advertisement
• Gary Spitz joined Snow Phipps Group as managing director of financial operations. Advertisement | ashraq/financial-news-articles | http://fortune.com/2018/05/03/term-sheet-thursday-may-3/ |
Reports filed against Malaysia's ousted leader 4:29pm IST - 02:02
A former official of Malaysia's anti-graft agency, MACC, has lodged a report against ousted premier Najib Razak on suspicion of blocking investigations in cases involving state fund 1MDB and a government pension fund, state news agency Bernama and other media reports said.
A former official of Malaysia's anti-graft agency, MACC, has lodged a report against ousted premier Najib Razak on suspicion of blocking investigations in cases involving state fund 1MDB and a government pension fund, state news agency Bernama and other media reports said. //reut.rs/2rHP6D1 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/reports-filed-against-malaysias-ousted-l?videoId=426810117 |
* Trump tariff exemption expires on June 1
* EU leaders agreed four-point offer last week
* If EU gets tariff exemption, it could still face quotas
* Polish minister says U.S. wants 10 pct cut of EU steel imports (Adds Polish minister comment on 10 percent steel cap proposal)
By Philip Blenkinsop
BRUSSELS, May 22 (Reuters) - European Union proposals to open its markets wider to U.S. products appear not to have persuaded Washington to lift the threat of measures to curb imports of EU steel and aluminium, the bloc’s trade chief said on Tuesday.
U.S. President Donald Trump has granted EU producers an exemption from import tariffs of 25 percent on steel and 10 percent on aluminium, pending the outcome of talks. The exemption ends June 1.
EU leaders last week agreed on four areas the bloc was willing to discuss, including easier access for industrial products, including cars, but only if the exemption is made permanent.
EU Trade Commissioner Cecilia Malmstrom spoke with U.S. Commerce Secretary Wilbur Ross after the proposals were made public, but said Washington did not seem satisfied.
“I think they don’t think it is enough,” she told reporters before a meeting of EU ministers to discuss trade.
She later told a news conference she was “not sure, frankly” and that, even if European producers escaped tariffs, they were unlikely to have unrestricted access to U.S. markets.
“There have been signals from the U.S. that the exemptions will not be prolonged, so either they will be imposed on us on June 1 or there will be other sorts of limiting measures,” she said.
So far, the United States has given permanent metals tariff exemptions to Australia, Argentina, Brazil and South Korea, but in each case set import quotas.
Poland’s minister at the meeting said Washington had proposed reducing U.S. imports of EU steel to 90 percent of their 2017 levels either with a set quota or by means of a tariff, according to a Polish government spokeswoman.
Malmstrom said she could not imagine the EU accepting quotas unless they were at levels of exports in recent years.
Luxembourg Foreign Minister Jean Asselborn also downplayed the chances of a breakthrough, saying one could not force a third party to be reasonable.
“I think that on June 1 we will have another deadlock,” he said. “Perhaps we will take a step forward in terms of what we can offer the Americans. It could be that we move towards quotas. Everything is open, but it’s difficult.”
The areas identified for discussion are: greater market access for industrial products, including cars, and to government tenders; energy, notably liquefied natural gas; possible cooperation among regulators; and reform of the World Trade Organization.
Export-oriented Germany, which has been the keenest to avoid a trade conflict, described the EU leaders’ proposals as a first step and forecast intensive contact with Washington in the next nine days to find a deal acceptable to both sides.
“Whether the result will be positive, no one can say, but we lose if we don’t at least try,” German Economy Minister Peter Altmaier said. “I remain optimistic that a solution can be found if both sides are interested in it and if both sides are prepared to move in the right direction.” (Reporting by Philip Blenkinsop; additional reporting by Gabriela Baczynska; editing by Larry King and Tom Brown)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-eu/update-1-eu-doubts-if-offer-can-prevent-trump-tariffs-or-steel-caps-idUSL5N1ST4H6 |
May 14 (Reuters) - Red Lion Hotels Corp:
* RLH CORPORATION ANNOUNCES CREDIT FACILITY AGREEMENT WITH DEUTSCHE BANK
* RED LION HOTELS CORP - ANNOUNCED AN AGREEMENT FOR A $30 MILLION FIVE YEAR CREDIT FACILITY AND $10 MILLION FIVE YEAR REVOLVER
* RED LION HOTELS CORP - FUNDS FROM $30 MILLION TERM LOAN WILL BE PRIMARILY USED FOR PREVIOUSLY ANNOUNCED KNIGHTS INN ACQUISITION Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-red-lion-hotels-announces-credit-f/brief-red-lion-hotels-announces-credit-facilityagreement-with-deutsche-bank-idUSASC0A256 |
May 19, 2018 / 6:36 PM / Updated 39 minutes ago Japan's 'Shoplifters' steals the show to win Cannes Palme d'Or Robin Pomeroy 4 Min Read
CANNES, France (Reuters) - Japanese director Hirokazu Kore-eda won the Palme d’Or at Cannes on Saturday for “Shoplifters”, a critically acclaimed family drama with unguessable plot twists. 71st Cannes Film Festival – Closing ceremony and screening of the film "The Man Who Killed Don Quixote" out of competition – Cannes, France, May 19, 2018. Director Hirokazu Kore-eda poses with the Palme d'Or award for his film "Shoplifters" (Manbiki kazoku). REUTERS/Stephane Mahe
The award, to a director who has won prizes at the festival before, defied speculation that the Palme might go to a female director, with three strong contenders in a year when the Hollywood sex scandal was the talk of the town.
Italian actress Asia Argento, who has accused movie mogul Harvey Weinstein of sexual assault, said there were abusers in the audience who had yet to be outed.
Argento said Weinstein raped her during the Cannes festival in 1997 when she was 21. “This festival was his hunting ground,” Argento said in a speech ahead of the prize-giving.
Weinstein has denied allegations of non-consensual sex. His representative, Juda Engelmayer, was not immediately available for comment on Saturday. Argento’s London-based agent, Steve Kenis, was not immediately available to provide further details.
“Even tonight, sitting among you, there are those who still have to be held accountable for their conduct against women,” Argento told the black-tie ceremony. 71st Cannes Film Festival – Closing ceremony and screening of the film "The Man Who Killed Don Quixote" out of competition – Cannes, France, May 19, 2018. Director Hirokazu Kore-eda poses with the Palme d'Or award for his film "Shoplifters" (Manbiki kazoku). REUTERS/Stephane Mahe
“You know who you are, but, most importantly, we know who you are, and we are not going to allow you to get away with it any longer,” she ended her speech, to applause.
After the ceremony, Cate Blanchett who headed the jury of five women and four men, said: “Women and men alike on the jury would love to see more female directorial voices represented,” adding that it had been “bloody hard” to select a winner.
“But in the end I think we were completely bowled over by how intermeshed the performances were with the directorial vision,” she said of “Shoplifters”.
The runner-up prize, the Grand Prix, went to Spike Lee’s satire “BlacKkKlansman”, based on the true story of a black police officer who infiltrated the Ku Klux Klan in the 1970s. Slideshow (3 Images)
Blanchett said the film’s ending, with footage of the far-right rally in Charlottesville, Virginia last August and President Donald Trump blaming “both sides” for the deadly violence, “blew us out of the cinema”.
A female director, Nadine Labaki from Lebanon, won the Jury Prize - effectively the bronze medal - for “Capharnaum”, a realist drama about childhood neglect in the slums of Beirut.
Fifty years after he helped get the Cannes festival canceled in 1968 in solidarity with worker-student protests, 87-year-old Jean-Luc Godard received a Special Palme d’Or for his collage of sounds and images, “The Image Book”.
Poland’s Pawel Pawlikowski won Best Director for “Cold War”, a romance that moves from the peasant farms of Poland to Paris jazz clubs and back from the 1940s to the 1960s.
“Girl”, a Belgian drama about a transgender teenage girl’s quest to become a ballerina, won the Camera d’Or for the best directorial debut for director Lukas Dhont.
Jafar Panahi, the Iranian director who is prevented from leaving Iran and is in theory banned from making films, won Best Screenplay for “3 Faces” along with co-writer Nader Saeivar.
The award was given jointly to another film, “Happy As Lazzaro”, written and directed by Italian Alice Rohrwacher.
(This version of the story has been refiled to remove extraneous character in headline) Additional reporting by Hanna Rantala and Sarah Mills; Writing by Robin Pomeroy; Editing by Jon Boyle | ashraq/financial-news-articles | https://uk.reuters.com/article/us-filmfestival-cannes/japanese-movie-shoplifters-wins-cannes-palme-dor-idUKKCN1IK0QX |
May 29, 2018 / 5:22 PM / Updated 23 minutes ago Chicken massacre as Brazil truckers disrupt commodity exports Ana Mano , José Roberto Gomes 5 Min Read
SAO PAULO (Reuters) - Striking truckers in Brazil have disrupted supply and exports of farm produce from one of the world’s agricultural commodity powerhouses.
Brazil is the top global exporter of soybeans, sugar, coffee and chickens. The strike over high fuel prices has paralyzed Latin America’s largest economy, emptied Brazilian roadways and left major cities running short on food, gasoline and medical supplies.
Farmers and merchants have been unable to get their supplies to key ports during the nine days of industrial action. The strike has been slow to unwind even after the government agreed to subsidize diesel prices in a bid to end protests.
The strike has had a devastating impact on livestock. Tens of millions of chickens have been killed because feed supplies have failed. If they begin to starve, chickens start eating each other, so meat packers have culled flocks quickly, according to poultry and pork processing association ABPA.
“Lack of feed leads chicken to start pecking each other and blood and cuts appear, making them confuse flesh for food. That’s when cannibalism starts,” an industry source said on condition of anonymity because the person is not authorized to speak to the media.
Some 70 million chickens had died as of Monday, ABPA said, adding that farmers were running out of space to dispose of their carcasses. Brazil is the world’s biggest chicken exporter, supplying over a third of all shipments. The Latin American country is a big supplier of chicken to Asia and the Middle East.
ABPA estimated that the country had lost 120,000 tonnes in potential exports since truckers began protesting.
Nearly 4,000 trucks of beef are sitting on roadsides throughout the country, and the meat will soon rot, said beef packer trade group Abiec. Only two of Brazil’s 109 beef processing plants continued to operate, according to Abiec, and even those plants were working at half their capacity.
Brazilian beef processors said they had lost an estimated 40,000 tonnes of potential exports worth $170 million since the strike began. FORCE MAJEURE CONSIDERED
Soybean exporters are considering declaring force majeure on shipments, a contractual clause that releases them from obligations because of events beyond their control, according to Anec, a trade group representing grains exporters such Archer Daniels Midland Co. and Louis Dreyfus Co.
No trucks had delivered soybeans to Santos, the largest port in Latin America, since the protests started on May 21, an Anec exporters group spokesperson said.
Brazil is one of the biggest suppliers to top buyer China.
Soy crushers group Abiove said on Tuesday all soy crushing units had ground to a halt in Brazil because of lack of supplies.
“There are reports that road blockades have been lifted in some places but we don’t know if the units started receiving raw materials to resume crushing,” an Abiove representative told Reuters on Tuesday.
International sugar futures notched their biggest percentage one-week rally so far this year as the strike prompted worries that millers in the world’s top sugar producer and exporter would slow crushing and be unable to get product to ports.
Cane harvesting in Brazil’s center-south, the world’s largest cane belt, has slowed because of fuel shortages.
As many as 340 mills in Brazil’s center-south could be shut by Thursday if the strike persists, up from 220 already shut, said trade group Fórum Nacional Sucroenergético late on Monday.
Around 150 sugar mills have shut down in the state of Sao Paulo, trade group UNICA said in a statement on Monday. About 60 percent of the country’s ethanol and sugar are produced in the state.
Brazil’s top coffee exporter Cooxupé warned foreign clients last week about possible shipping delays due to the protests.
Brazil is the biggest grower and exporter of coffee, and the strike helped drive international benchmark Arabica coffee futures on ICE up 2 percent to just above $1.20 per lb last week. The strike came just ahead of Brazil’s main arabica harvest.
The Brazilian coffee industry is losing an estimated 70 million reais ($18.75 million) per day due to the protests, trade group Abic said. Reporting by Ana Mano and José Roberto Gomes in SAO PAULO; additional reporting by Marcy Nicholson and Chris Prentice in NEW YORK; Editing by Simon Webb and Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-transportation-commodities/chicken-massacre-as-brazil-truckers-disrupt-commodity-exports-idUSKCN1IU29L |
WTA International, Nuremberg (Women) Women's Singles Final Rounds and Seeds Progress Reuters Staff 3 Final Rounds and Seeds Progress from the WTA International, Nuremberg (Women) Women's Final Rounds .. Seed Round Rslt Opponent Score - Katerina Siniakova (CZE) qtr won Fanny Stollar (HUN) 7-5 6-4 2nd won Veronica Cepede Royg (PAR) 7-5 6-4 1st won Anna Zaja (GER) 2-6 6-4 6-1 - Fanny Stollar (HUN) qtr lost Katerina Siniakova (CZE) 7-5 6-4 2nd won Heather Watson (GBR) 6-3 6-3 1st won 4-Shuai Zhang (CHN) 6-2 6-2 - Johanna Larsson (SWE) qtr won Kristyna Pliskova (CZE) 5-7 7-5 6-4 2nd won Christina McHale (USA) 6-3 6-0 1st won 5-Irina-Camelia Begu (ROU) 6-4 3-3 (Retired) - Kristyna Pliskova (CZE) qtr lost Johanna Larsson (SWE) 5-7 7-5 6-4 2nd won Lara Arruabarrena (ESP) 6-3 7-5 1st won 2-Julia Goerges (GER) 6-2 6-7(8) 7-6(5) .. Seeds .. Seed Round Rslt Opponent Score 1 Sloane Stephens (USA) 1st lost Yulia Putintseva (KAZ) 5-7 6-4 7-6(3) 2 Julia Goerges (GER) 1st lost Kristyna Pliskova (CZE) 6-2 6-7(8) 7-6(5) 3 Kiki Bertens (NED) qtr to play Kirsten Flipkens (BEL) (start 08:30) 2nd won Mona Barthel (GER) 6-7(2) 6-2 6-4 1st won Dejana Radanovic (SRB) 6-1 6-1 4 Shuai Zhang (CHN) 1st lost Fanny Stollar (HUN) 6-2 6-2 5 Irina-Camelia Begu (ROU) 1st lost Johanna Larsson (SWE) 6-4 3-3 (Retired) 6 Sorana Cirstea (ROU) qtr to play Alison Riske (USA) (start 08:30) 2nd won Madison Brengle (USA) 6-3 3-6 6-3 1st won Andrea Petkovic (GER) 2-6 7-6(3) 7-6(5) 7 Alison Van Uytvanck (BEL) 1st lost Kirsten Flipkens (BEL) 7-6(5) 2-6 7-6(2) (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-seeds-womens-singles/wta-international-nuremberg-womens-singles-final-rounds-and-seeds-progress-idUKMTZXEE5P9FPI4O |
Having returned from North Korea on Thursday, Secretary of State Mike Pompeo will embark on talks to persuade allies in Europe, the Middle East and Asia to press Iran to return to negotiations over its nuclear and missile programs, U.S. officials said.
The open question is whether the allies, and above all Iran, will agree to resume full-fledged talks, having just seen the United States withdraw from the 2015 Iran nuclear deal and renege on its promises under the landmark arms control accord.
The U.S. hope is that Iran will be dragged to the table by the resumption of U.S. sanctions - and possibly the imposition of more - which would penalize European and other companies and likely cripple Iran’s oil-driven economy.
A senior State Department official said discussions with Britain, France and Germany, as well as Japan, Iraq and Israel on next steps had already taken place since U.S. President Donald Trump on Tuesday pulled out of the nuclear pact.
“There will be an effort to go out globally and talk to our partners around the world who share our interests. That is the first stage,” a senior State Department official said of plans for talks by Pompeo and his chief Iran negotiator, Brian Hook.
“The composition of what happens when we sit down with the Iranians is several stages out,” the official said, adding that talks would focus on how to raise pressure on Iran “in a way that is constructive and conducive to bringing them to the negotiating table.”
Trump’s decision opens the door to greater U.S. confrontation with Tehran and strains relations with America’s closest allies, current and former diplomats said.
Washington has given grace periods of 90 days to six months for companies to wind down their trade with Iran. Some allies, like France, will push for exemptions from U.S. sanctions to protect their companies.
Even though companies can seek U.S. Treasury licenses to continue operating in Iran beyond the deadlines, the threat of U.S. sanctions will likely force them out, experts say.
Pompeo returned to the United States overnight after meeting with North Korean leader Kim Jong Un and helping to return three Americans who had been detained there. The families of Americans jailed in Iran have also appealed to Pompeo to help secure their release.
U.S. Vice President Mike Pence, who greeted the Americans upon their arrival from North Korea, said although the Trump administration withdrew from the Iran pact, it is always interested in bringing Americans home.
“Now we’re engaging on the possibility of a new deal which may create opportunities for ... addressing issues of Americans that are detained in Iran but checking the extraordinary malign influence and support for terrorism that Iran continues to propagate across the region,” Pence told CBS News in an interview that aired on Thursday.
NEW DEAL? Companies will also have to assess whether they could face revived secondary sanctions, which would target sectors of the Iranian economy including energy, petrochemicals, shipping, financial and banking, experts say.
“The goal is ultimately to reach a point where we sit down with the Iranians and negotiate a new deal, but I don’t think we’re at that point today, or will be tomorrow,” the State Department official said.
“The ultimate goal is to lay the groundwork for getting everyone back to the table and negotiating a new deal.”
Several U.S. officials have acknowledged there is no “Plan B” if Washington cannot win the support of allies - and Iran - to negotiate a new, expanded agreement that would end Iran’s nuclear program, restrain its ballistic missiles program, and curb its support for groups in Syria, Lebanon, Yemen and Iraq.
“The goal is to prevent Iran from ever developing or acquiring a nuclear weapon and the detail beyond that is something we are going to have to flesh out,” the official added.
Andrew Peek, deputy U.S. assistant secretary for the bureau of Near Eastern Affairs at the State Department, denied the pressure campaign aimed to force regime change in Iran.
“No, we are trying to change the regime’s behavior,” he told reporters on a conference call, adding that Washington would use diplomacy to convince allies to follow the U.S. sanctions lead.
Peek acknowledged there are some “diplomatically tactical disagreements” with Europeans but said those differences could be overcome. “This is something where we cajole, we urge, we prod, which have proven effective,” he added.
While the parties were unable to agree on a supplemental pact to the 2015 nuclear deal, the senior official said a new round of talks would “pick up all of the work” done so far.
(This version of the story corrects from William Peek to Andrew Peek in paragraph 19.)
U.S. Secretary of State Mike Pompeo meets with North Korean leader Kim Jong Un in this May 9, 2018 photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang May 10, 2018. KCNA / via REUTERS Reporting by Lesley Wroughton; Additional reporting by Doina Chiacu; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-diplomacy/pompeo-to-immediately-pursue-talks-with-allies-on-iran-u-s-officials-idUSKBN1IB0EP |
DEERFIELD, Ill., May 16, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Mondelēz International, Inc. today declared a regular quarterly dividend of $0.22 per share of Class A common stock. This dividend is payable on July 13, 2018, to shareholders of record as of June 29, 2018.
About Mondelēz International
Mondelēz International, Inc. (NASDAQ:MDLZ) is building the best snacking company in the world, with 2017 net revenues of approximately $26 billion. Creating more moments of joy in approximately 160 countries, Mondelēz International is a world leader in biscuits, chocolate, gum, candy and powdered beverages, featuring global Power Brands such as Oreo and belVita biscuits ; Cadbury Dairy Milk and Milka chocolate; and Trident gum. Mondelēz International is a proud member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index. Visit www.mondelezinternational.com or follow the company on Twitter at www.twitter.com/MDLZ .
Contacts : Michael Mitchell (Media) +1 847 943 5678 [email protected]
Shep Dunlap (Investors) +1 847 943 5454 [email protected]
Source: Mondelez International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-mondelaz-international-declares-regular-quarterly-dividend-of-0-point-22-per-share.html |
May 3(Reuters) - Shenzhen Huaqiang Industry Co Ltd
* Says it will pay cash dividend of 3.5 yuan per 10 shares (before tax) for FY 2017 to shareholders of record on May 8
* The company’s shares will be traded ex-right and ex-dividend on May 9 and the dividend will be paid on May 9
Source text in Chinese: goo.gl/7SezpE
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shenzhen-huaqiang-industry-says-di/brief-shenzhen-huaqiang-industry-says-dividend-payment-date-on-may-9-idUSL3N1SA1J4 |
SUWON, South Korea—Kim Hyun-suk, who leads Samsung Electronics Co.’s push into artificial intelligence, is perplexed by the voice-activated speaker craze.
“Deep down, I wonder why everyone is talking about speakers,” said Mr. Kim, the new CEO of Samsung’s consumer-electronics unit, in a rare interview. The South Korean company sells half a billion devices and appliances every year.
“Isn’t... RELATED VIDEO Top AI Thinkers: Human-Machine Collaboration Is Here Top AI thinkers including Future Today Institute founder Amy Webb, Primer CEO and founder Sean Gourley, and former world chess champion Garry Kasparov, share their thoughts on the future of machine and human interaction, at WSJ's Future of Everything Festival. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/samsung-wants-every-appliance-to-talk-to-you-by-2020-1527076012 |
May 22, 2018 / 2:01 PM / Updated 2 hours ago RPT-INTERVIEW-Tennis-Rosewall expects to hand Nadal trophy then head home Reuters Staff
(Repeats interview moved at 1146 GMT, no change in text)
By Ian Ransom
MELBOURNE, May 22 (Reuters) - Fifty years after accepting his second Coupe des Mousquetaires, Australian great Ken Rosewall will bestow the French Open trophy on the men’s singles champion next month and sees only one grateful player ready to claim it — Rafa Nadal.
“Unless anything unforeseen happens to Rafa — his reputation is scaring everybody — so I’m just going to go over there and give him the trophy and come home,” the eight-times grand slam champion told Reuters.
The 83-year-old has been impressed by Nadal’s rampaging claycourt season, which included an eighth Italian Open title over the weekend and the heist of the world number one ranking from Roger Federer.
Nadal will head to Paris in search of a record-extending 11th title and his 17th grand slam win overall, with Federer watching from the sidelines.
The 31-year-old Spaniard’s rivals, young guns and battle-scarred veterans among them, would be playing for second if the champion could stay on two legs, said Rosewall.
“He looks like he’s enjoying his tennis. He’s had a few physical problems and it seems like he’s recovered from that,” added the Australian, a left-hander like the Spaniard.
“Right now he’s playing as well as he’s ever played.
“He’s the one to win it.”
In the era of Federer, who will turn 37 in August, tennis players have been ageing like fine wine.
Fans have been spoilt, their cups running over with the long-time rivalry between the Swiss great and Nadal, even as ‘Big Four’ contemporaries Novak Djokovic and Andy Murray have fallen by an injury-induced wayside.
Rosewall also came from an impressive vintage, and had to beat compatriot Rod Laver, the 11-times grand slam champion, to win the 1968 French Open title, 15 years after his first at Roland Garros. RECORD IN DANGER
Toting a wooden racket on a clay practice court at Melbourne Park on Tuesday, Rosewall was honoured by Tennis Australia in a low-key ceremony on the golden anniversary of the 1968 win, which was also the first grand slam of the professional era.
While eight players have won more slams than Rosewall, the man nicknamed “Muscles” — an ironic reference to his lack of them — collected his haul despite being ineligible to play the four majors for 11 years after turning professional in 1957.
Upon returning to the slams as a 33-year-old, Rosewall filled his boots with three more titles following his 1968 triumph to go with the four he claimed from 1953-56.
He remains the oldest men’s grand slam champion in the professional era after lifting the 1972 Australian Open trophy at the age of 37.
Federer won a record-extending 20th grand slam title at Melbourne Park in January and a successful title defence there next year would see him eclipse Rosewall’s mark of grand slam longevity.
“Yes, the record could be (in danger),” Rosewall said with a tinge of regret. “There’s no doubt that Roger’s going to be in good form, he always enjoys coming to Melbourne.
“Still, I’d be sorry to lose that title. But if I lose anything to Roger Federer, I’d be quite happy.”
Nadal turns 32 in June but could ultimately trump them all given his unfailing love for the game, said Rosewall. Federer’s record haul, he felt, was also under threat from the marauding Mallorcan.
Much will depend on Nadal’s ability to manage his schedule and tear himself away from the court to preserve his body, much as Federer has done in recent years.
“There’s a good chance he will (catch Federer)... I think Rafa’s going to have to decide that he won’t play quite so much,” Rosewall added.
“He’s probably got to realise that he’s got to save himself at some other time on some other surface, so he may not play on hard court tournaments so much.
“That aside, there’s no reason why he can’t win a number more big tournaments.” (Editing by John O’Brien) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-rosewall/rpt-interview-tennis-rosewall-expects-to-hand-nadal-trophy-then-head-home-idUKL5N1ST3EK |
NEW YORK (Reuters) - U.S. travelers will hit the roads, rails and airports this Memorial Day Weekend by the largest numbers in more than a decade, despite the highest gasoline prices in four years, the nation’s largest automotive advocacy group said on Monday.
People head west toward the mountains leaving Denver for the Memorial Day weekend, the U.S. annual kickoff for summer, May 26, 2017. REUTERS/Rick Wilking More than 41.5 million Americans will travel 50 miles (80 km) over Memorial Day weekend, the highest travel volume since 2005, when there were some 44 million travelers, according to the AAA, or American Automobile Association.
The holiday period, which traditionally marks the start of U.S. summer vacations, is defined this year as Thursday, May 24 to Monday, May 28.
Motorists are expected to pay the most expensive Memorial Day gas prices since 2014.
Gas prices averaged $2.72 in April, AAA said, an increase of 33 cents from last year due to rising crude oil prices and strong gasoline demand. Despite higher prices, automobile travel is expected to increase for the fourth straight year, up nearly 5 percent over last Memorial Day, AAA said.
“A strong economy and growing consumer confidence are giving Americans all the motivation they need to kick off what we expect to be a busy summer travel season with a Memorial Day getaway,” said Bill Sutherland, senior vice president at AAA.
Air travel will register the highest growth of all travel modes, with an expected 6.8 percent increase to 3.13 million, AAA said.
According to AAA’s Leisure Travel Index, airfares are 7 percent lower than last Memorial Day, at an average round-trip price of $168 for the top 40 domestic routes.
Reporting By Jarrett Renshaw; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-travel-memorialday/u-s-memorial-day-travel-to-rise-for-fourth-straight-year-aaa-idUSKCN1IF1ZR |
May 21, 2018 / 3:43 PM / in 2 minutes Golf: New world tour with massive prize money proposed Andrew Both 5 Min Read
(Reuters) - A new global golf circuit is being planned, multiple sources have confirmed to Reuters, in what would be the biggest upheaval in the professional game in decades.
To be named the World Golf Series, the circuit proposed by the British-based World Golf Group has been in the planning stages for more than a year.
The group hopes to stage 15-to-20 yearly tournaments around the world, each offering a purse of close to $20 million, according to sources familiar with the plans.
Such a figure would dwarf the prize money currently on offer on the game’s richest circuit, the U.S. PGA Tour, whose biggest purse this season is $11 million.
Several blue-chip sponsors are believed to be on board for the World Golf Series if top players can be signed.
Organizers, however, are understandably reluctant to release details while they are still in the sensitive negotiation phase with agents, players, sponsors and television companies.
“It would not be appropriate to make a comment at this time,” the World Golf Group, whose Chief Commercial Officer is Richard Marsh, said in an email to Reuters.
A leading player says he and other top professionals are aware of the proposal.
“Why would you not be interested — 18 tournaments for $20 million?” the player, speaking on condition of anonymity, told Reuters.
But the new tour faces major hurdles, not least that it is likely to meet staunch opposition from the PGA Tour, which will hardly be pleased by the prospect of a rival circuit siphoning off its best and most marketable talent.
The new tour is also unlikely to be sanctioned for world ranking points, which could on its own make it a non-starter.
Ranking points are used to determine eligibility for the four major championships, which are not run by the PGA Tour.
Player contracts are also dependent on their world ranking.
“Every player’s deal is centered around world ranking points,” leading British agent Andrew ‘Chubby’ Chandler, who is aware of the proposed World Golf Series, told Reuters.
“This series will never get world ranking points, so it will cost people money in the end. I think there are a lot of obstacles to get over.
“The cards are stacked against them if they don’t get six of the world’s top 10 players to sign up.”
The series sounds eerily similar to the world tour proposed by then-number one Greg Norman more than two decades ago — a plan that went nowhere after the PGA Tour played hardball.
It divided and conquered by issuing an “us or them” ultimatum, threatening to scrap the membership of any player who signed up for the doomed venture. HARDBALL AGAIN
The PGA Tour will likely play hardball again to try to see off a threat to its near monopoly on the world’s best talent.
“I’m sure the (PGA) tour would be concerned,” the player who spoke to Reuters said, adding that just because Norman’s proposed tour never got off the ground did not mean this one would suffer the same fate.
“I’m not sure what they did with (Norman’s tour), but these are different times.”
But another comment by the same player suggested the World Golf Series is having trouble getting its plans to come together.
“At first I heard it was going to get off the ground in 2019, then it was 2020, and now it’s 2021,” he said.
Chandler raised the intriguing question of whether the European Tour might be more interested in playing ball with the World Golf Group than its American counterpart.
The European Tour plays for much smaller prize money than the American one, struggling to attract top players to many of its events. Thus, it has more incentive to consider new ventures and business partners.
While Chandler was happy to talk about the World Golf Series, another agent was more tight-lipped.
“I’d prefer not to comment on it,” Jay Danzi, agent of three-times major champion Jordan Spieth, told Reuters, in perhaps an indication of the sensitivity of the topic.
If the participation of players such as Spieth is crucial, one name looms as even more important.
“The critical figure could be Tiger Woods,” Chandler said of the 42-year-old American former world number one, who remains the game’s most marketable figure.
But Woods, a decade after winning his 14th and last major title, has off-course income of about $50 million, so the prize money from the World Golf Series is unlikely to be enough on its own to entice him.
As the end of his playing days looms, Woods can also look forward to receiving millions from his PGA Tour retirement plan, another reason not to rock the boat. Reporting by Andrew Both in Cary, North Carolina, editing by Ed Osmond | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-worldtour/golf-new-world-tour-with-massive-prize-money-proposed-idUSKCN1IM1RO |
May 23 (Reuters) - PayPal Holdings Inc:
* SAGE GROUP PLC - IS PARTNERING WITH PAYPAL TO ENABLE FASTER AND SIMPLER PAYMENT OPTIONS.
* SAGE GROUP PLC - INTEGRATION IS CURRENTLY LIVE IN UNITED STATES, CANADA, GERMANY AND UK. Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sage-group-says-partnering-with-pa/brief-sage-group-says-partnering-with-paypal-to-enable-faster-payment-options-idUSFWN1SU0T6 |
NEW YORK--(BUSINESS WIRE)-- MSCI Inc. (NYSE:MSCI), a leading provider of research-based indexes and analytics, today announced the appointment of Jigar Thakkar as Chief Technology Officer and Head of Engineering. Mr. Thakkar will report to Baer Pettit, President of MSCI, and will be a member of the firm’s Executive Committee. He will be based in New York and is expected to start in late July 2018.
“Jigar’s extensive experience as a contemporary technology leader will be incredibly valuable in optimizing our technology strategy and enhancing our culture of technical excellence,” said Mr. Pettit. “Jigar joins MSCI at an exciting time for our firm as we continue to build on our heritage of innovation by developing world-class products and solutions to benefit the world’s most sophisticated investors.”
Mr. Thakkar joins MSCI from Microsoft where he most recently served as Corporate Vice President leading software engineering for Microsoft Teams and Skype for Business. During his 19-year tenure at Microsoft, Jigar built large-scale products and served in various leadership positions within the Office 365, Dynamics CRM, Bing, Windows and MSN divisions. He holds an M.S. in electrical engineering from the University of Southern California and a B.S. in electronics engineering from the Maharaja Sayajirao University of Baroda in India.
About MSCI
For more than 40 years, MSCI’s research-based indexes and analytics have helped the world’s leading investors build and manage better portfolios. Clients rely on our offerings for deeper insights into the drivers of performance and risk in their portfolios, broad asset class coverage and innovative research.
Our line of products and services includes indexes, analytical models, data, real estate benchmarks and ESG research.
MSCI serves 99 of the top 100 largest money managers, according to the most recent P&I ranking.
For more information, visit us at www.msci.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential" or "continue," or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect our actual results, levels of activity, performance or achievements.
Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the Securities and Exchange Commission ("SEC") on February 26, 2018 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this press release reflects MSCI's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI's operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005180/en/
MSCI Inc.
Media Inquiries
Kaitlyn Downing, + 1 646 465 6695
[email protected]
or
MSCI Global Client Service
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Source: MSCI Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-msci-hires-jigar-thakkar-as-chief-technology-officer-and-head-of-engineering.html |
I am delighted to read that Eli Whitney has finally been identified in the popular press as the fake he was (“The Perfectionists” by Simon Winchester, reviewed by Dava Sobel, Books, May 5). Knowledgeable historians of technology have long known that Whitney’s “interchangeable” flintlock muskets, which he sold to the American army, were never interchangeable.
Decades before the U.S. military and its contractors produced a firearm approaching interchangeability, Connecticut clockmakers had flooded American homes with hundreds... | ashraq/financial-news-articles | https://www.wsj.com/articles/clocks-not-muskets-led-american-system-1526670819 |
SINGAPORE, May 22 (Reuters) - London copper rose for a second session on Tuesday and the market in Shanghai hit a one-week high, with prices underpinned as the chance of a U.S.-China trade war appeared to fade.
Shanghai lead futures jumped 3.6 percent to their highest since October, tracking last session’s gains on the London Metal Exchange.
FUNDAMENTALS * COPPER: Three-month copper on the LME had risen 0.1 percent to $6,889 a tonne by 0133 GMT. The most-traded contract on the Shanghai Futures Exchange gained 0.3 percent to 51,460 yuan ($8,074.06) a tonne.
* BACK FROM THE BRINK: Washington and Beijing both claimed victory on Monday as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China.
* CHINA ECONOMY: China’s economy will likely expand by around 6.7 percent in the second quarter this year, the State Information Center said on Saturday.
* LEAD: Shanghai lead futures jumped as much as 3.6 percent to their highest since October at 20,465 yuan a tonne, tracking gains in LME.
* ALUMINIUM OUTPUT: Global primary aluminium output fell to 5.256 million tonnes in April from a revised 5.372 million tonnes in March, data showed.
* For the top stories in metals and other news, click or
MARKETS NEWS * Global stock markets rallied broadly on Monday after the United States and China agreed to halt a trade war, while oil hit multi-year highs on political uncertainty and potential sanctions on Venezuela.
DATA AHEAD (GMT) 1400 U.S. Richmond Fed composite index May
PRICES Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.3735 Chinese yuan renminbi)
Reporting by Naveen Thukral Editing by Joseph Radford
| ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-up-for-2nd-day-as-u-s-china-trade-tensions-ease-idUSL3N1ST15S |
Owning a second home can pay substantial dividends in the form of an increased quality of life. Whether it's an escape from winter — or to a ski resort — a second home can make a profound impact on your family's lifestyle.
Janine Lamontagne | Getty Images If you're considering buying a second home, there are a number of financial considerations, including purchase price, carrying expenses and tax issues. Although it's more fun thinking about the home's décor and local attractions, taking the time to plan ahead for a few key tax issues can save you money, and potential headaches, later on. Here are a few things to take into consideration.
Make sure to take advantage of all available tax breaks. When it's time to file your income-tax return, you can itemize and deduct real estate property taxes from both your primary residence and your second home (and on any additional homes you own), but keep in mind that the new Tax Cuts and Jobs Act of 2017 caps this deduction at $10,000.
If you're taking out a mortgage to buy that second home, you can also deduct the interest on up to $750,000 of mortgage debt used to acquire your first and second homes or to improve those properties. (The new law reduced this from the previous limit of $1.1 million.)
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Know the (tax) rules if you plan to rent your vacation home. If you plan to use your second home for only part of the year, during other periods you may want to rent it to other vacationers to help offset the costs of maintaining the property. Be mindful that if you rent the home for more than 14 days of the year, you must report that income on your tax return.
Some homeowners are surprised to learn that if they rent the house for just one month, that income is reportable and taxable — even if they have no plans to rent it again in the future. In addition, any deductions you take (such as the property tax or mortgage-interest deductions mentioned above) may be limited to the amount of rental income generated by the property.
If you try to live in two places at once, it might cost you. On rare occasions, people who split time between two residences in different states can be on the hook to pay taxes in both states. Example: Your primary residence is in California, but you also do business in New York and have a second home there. If you are filing a nonresident income-tax return based on those New York business interests, you have to disclose that you also own a home in the state — and if you spend more than 183 days of the year in New York, you'll be taxed on your "worldwide income," in both California and New York.
Sign Up for Our Newsletter Your Wealth Weekly advice on managing your money SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . Before you buy … call an advisor. Too often, clients inform their financial advisors of their new home only after the purchase is already completed. But tax considerations are only the tip of the iceberg in terms of ways that an advisor can provide valuable counsel about the homebuying process.
Your advisor can also help you structure the purchase and titling, as well as navigate any potential implications for estate planning or other elements of your overall wealth strategy. And if your new digs happen to be in a place we love, too, we might even have a great restaurant recommendation to pass along.
— By Donna Cuiffo, CPA and senior tax partner at Clarfeld Financial Advisors | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/buying-a-second-home-dont-overlook-key-tax-considerations.html |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11917814597862364448704584246400559409022 |
Chinese ride-hailing app Didi Chuxing has announced new safety measures for one of its carpooling services following the murder of a passenger.
The company said on Wednesday that it would hide the personal data and profile pictures of passengers and drivers on "Didi Hitch," a ride-sharing facility that let passengers traveling in the same direction share the cost of the trip. Didi Hitch is one of 13 services offered by the firm.
The murder of a 21-year-old female flight attendant earlier this month in Zhengzhou, the capital of China's Henan province, has forced the start-up to shake up its service as worries mount over safety.
According to Didi, the man driving the vehicle was not detected by the app's night mode facial recognition as its night safety mechanism was defective. On Wednesday, the company said it will enforce compulsory driver facial recognition for each Didi Hitch trip to prevent unapproved use of the app.
Didi apologized following the death of the woman, who has been identified only as "Ms. Li," and said it had a responsibility to address the incident. The company's ride-hitching service has been temporarily suspended across China since May 12.
Didi said its broader offering would also be revamped, with a facial recognition test for drivers every day and a redesigned emergency help button that shares trip information with users' emergency contacts. Those measures will be implemented by May 31, the company said.
Didi is the largest ride-hailing start-up in China , with 450 million users. The company bought Uber's Chinese business in 2016, and this year made its first direct expansion abroad, into Mexico. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/didi-chuxing-adds-safety-measures-for-hitch-after-passenger-murder.html |
This China-led strength could continue thanks to earnings 14 Hours Ago Jim Cramer goes over key stocks and events he's watching next week as the market turns positive on trade news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/this-china-led-strength-could-continue-thanks-to-earnings.html |
SAN JOSE, Calif.--(BUSINESS WIRE)-- Vocera Communications, Inc. (NYSE: VCRA) today announced that it has priced $125.0 million aggregate principal amount of 1.50% convertible senior notes due 2023 (the “notes”). The notes will be sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”). Vocera also granted the initial purchasers of the notes an option to purchase up to an additional $18.75 million aggregate principal amount of notes. The sale is expected to close on May 17, 2018, subject to customary closing conditions.
Morgan Stanley & Co. LLC and Piper Jaffray are acting as initial purchasers of the notes.
The notes will be senior, unsecured obligations of Vocera, and interest of 1.50% per year will be payable semi-annually in arrears. The notes will mature on May 15, 2023, unless repurchased or converted in accordance with their terms prior to such date. Prior to February 15, 2023, the notes will be convertible at the option of holders only under certain circumstances, and thereafter, at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled in shares of Vocera common stock, cash or a combination of cash and shares of Vocera common stock, at the election of Vocera.
Vocera may not redeem the notes prior to the maturity date.
Holders of the notes will have the right to require Vocera to repurchase for cash all or a portion of their notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change (as defined in the indenture relating to the notes). Vocera will also be required to increase the conversion rate for holders who convert their notes in connection with certain corporate events occurring prior to the maturity date.
The notes will have an initial conversion rate of 31.0073 shares of Vocera common stock per $1,000 principal amount of notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $32.25 per share. The initial conversion price represents a premium of approximately 32.5% to the $24.34 per share closing price of Vocera common stock on The New York Stock Exchange on May 14, 2018.
Vocera estimates that the net proceeds from the offering will be approximately $120.4 million (or $138.5 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers’ discount and estimated offering expenses payable by Vocera. Vocera expects to use a portion of the net proceeds from the offering of the notes to pay the cost of the capped call transactions described below to manage potential dilution. Vocera intends to use the remaining net proceeds from the offering for working capital and other general corporate purposes, which may include funding research and development, increasing our working capital, acquisitions or investments in complementary businesses, products or technologies and capital expenditures.
In connection with the pricing of the notes, Vocera has entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their respective affiliates and another financial institution (the “capped call counterparties”). The capped call transactions will initially cover, subject to customary adjustments, the number of shares of Vocera common stock that will initially underlie the notes. The capped call transactions are expected generally to reduce the potential dilution to holders of Vocera’s common stock upon conversion of the notes, with such offset subject to a cap. If the initial purchasers of the notes exercise their option to purchase additional notes, Vocera may enter into additional capped call transactions with capped call counterparties that would initially cover, subject to customary adjustments, the number of shares of Vocera common stock that will initially underlie the notes purchased by the initial purchasers pursuant to their option to purchase additional notes.
In connection with establishing their initial hedge of the capped call transactions, the capped call counterparties have advised Vocera that they and/or their respective affiliates expect to purchase Vocera common stock and/or enter into various derivative transactions with respect to Vocera common stock concurrently with, or shortly after, the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Vocera common stock or the notes at that time.
In addition, the capped call counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Vocera common stock and/or purchasing or selling Vocera common stock in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so on each exercise date of the capped call transaction). This activity could decrease (or avoid an increase) in the market price of Vocera common stock or the notes, which could affect noteholders’ ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of such notes.
If the initial purchasers exercise their option to purchase additional notes, Vocera may use the resulting additional proceeds of the sale of the additional notes to pay the cost of entering into the additional capped call transactions and for general corporate purposes, including funding research and development, increasing our working capital, acquisitions or investments in businesses, products or technologies that are complementary to our own and capital expenditures.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities (including the shares of Vocera common stock, if any, into which the notes are convertible) and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offers of the notes will be made only by means of a private offering memorandum.
The notes and any shares of Vocera common stock issuable upon conversion of the notes have not been registered under the Act, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
Use of forward looking statements
This press release contains “forward-looking statements” including, among other things, the potential effects of capped call transactions and statements relating to the expected use of proceeds from the offering. These forward- looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether or not Vocera will consummate the offering, prevailing market conditions, the anticipated use of the proceeds of the offering, which could change as a result of market conditions or for other reasons, the impact of general economic, industry or political conditions in the United States or internationally, and whether the capped call transactions will become effective. We undertake no obligation, and do not intend, to update these forward-looking statements after the date of this release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006523/en/
Vocera Communications, Inc.
Investor contact:
Sue Dooley
[email protected]
or
Media contact:
Shanna Hearon
[email protected]
Source: Vocera Communications, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-vocera-prices-offering-of-125-point-0-million-of-1-point-50-percent-convertible-senior-notes-due-2023.html |
May 2 (Reuters) - Command Security Corp:
* COMMAND SECURITY - REPORTED LOSS OF A SIGNIFICANT PORTION OF CO’S SCOPE OF WORK WITH A MAJOR INTERNET RETAILER
* COMMAND SECURITY - ESTIMATED TOTAL REVENUE ASSOCIATED WITH SCOPE OF WORK FOR CUSTOMER DURING FISCAL YEAR ENDED MARCH 31, 2018 WAS ABOUT $34.3 MILLION Source text: ( bit.ly/2wbtWTo ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-command-security-reports-loss-of-s/brief-command-security-reports-loss-of-significant-portion-of-scope-of-work-with-a-major-internet-retailer-idUSFWN1S90YH |
May 7, 2018 / 1:50 PM / in 41 minutes BRIEF-Billionaire Investor Carl Icahn Has Sold His Stake In AIG - Forbes Reuters Staff
May 7 (Reuters) -
* BILLIONAIRE INVESTOR CARL ICAHN HAS SOLD HIS LARGE STAKE IN AIG - FORBES, CITING SOURCE
* ICAHN SOLD HIS AIG POSITION WHEN THE STOCK CHANGED HANDS BETWEEN $60 AND $65 - FORBES, CITING SOURCE Source text: bit.ly/2rrwl6H | ashraq/financial-news-articles | https://www.reuters.com/article/brief-billionaire-investor-carl-icahn-ha/brief-billionaire-investor-carl-icahn-has-sold-his-stake-in-aig-forbes-idUSFWN1SE0QZ |
BERLIN (Reuters) - The number of investors expecting the euro zone to lose at least one member state in coming months has increased due to the political crisis in Italy, a survey showed on Tuesday.
The Frankfurt-based Sentix research group said its monthly “euro break-up” index, based on a survey of around 1,000 institutional and retail investors, more than doubled to 13 percent from 6.3 percent in April.
“The turmoil over the Italian government formation, in which the euro-critical parties League and 5-Star want to form an alliance, has alarmed the bond markets,” Sentix researcher Manfred Huebner said.
A sub-index on Italy showed that 11.3 percent of investors expected the third-biggest euro zone economy to leave the single currency bloc, up from 3.6 percent in the previous month.
The overall headline figure was far below the survey’s record levels of more than 70 percent reached during the euro zone debt crisis in 2012.
Sentix said it conducted the survey from May 24-26.
Italy’s anti-establishment forces abandoned their efforts to form a ruling coalition on Sunday after a standoff with President Sergio Mattarella, who vetoed their choice of a eurosceptic as economy minister.
Mattarella set the country on a path to fresh elections on Monday, appointing a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and passing the next budget.
Reporting by Michael Nienaber, editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-italy/euro-break-up-index-rises-as-investors-fret-about-italy-sentix-idUSKCN1IU0SY |
BEIJING, May 21 (Reuters) - China does not want trade tensions with the United States, the Chinese Foreign Ministry said on Monday after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement.
Ministry spokesman Lu Kang made the comment at a regular news briefing. (Reporting by Ben Blanchard, Writing by Michael Martina; Editing by Nick Macfie)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-ministry/china-says-it-does-not-want-trade-tensions-with-u-s-idUSS6N1S201W |
LOS ANGELES (Reuters) - The latest “Star Wars” movie did not have a smooth flight to the screen, but the director and cast of “Solo” say the scramble to remake the movie ultimately paid off, with early reaction ahead of the May 25 launch largely positive.
Original directors Phil Lord and Chris Miller were fired from “Solo: A Star Wars Story” midway through production, and Walt Disney Co asked Ron Howard to come in to oversee extensive reshoots.
The film, which tells the origin story of Han Solo, premiered in Hollywood on Thursday and drew cheers and applause throughout from the crowds in two historic theaters, the first large audiences to see the finished product.
“We went so fast to get the movie ready,” Howard said in an interview with Reuters on Friday. “I was really on pins and needles, and I was so gratified to hear laughs and hear cheers in all the places I hoped and I dreamed that they would be. It was a good night. I slept well last night.”
Alden Ehrenreich, 28, stepped into the role of cowboy smuggler Han Solo, made famous by Harrison Ford in the original “Star Wars” trilogy that began in 1977. Ehrenreich plays a younger Solo just beginning his pilot training and seeking his own spaceship when he becomes involved in a dangerous mission in the galaxy far, far away.
Director of the movie Ron Howard (2nd L) poses with cast members (L-R) Clint Howard, Joonas Suotamo, Woody Harrelson, Emilia Clarke, Thandie Newton, Alden Ehrenreich, Phoebe Waller-Bridge, Paul Bettany, Donald Glover and Jon Favreau at the premiere for the movie "Solo: A Star Wars Story" in Los Angeles, California, U.S., May 10, 2018. REUTERS/Mario Anzuoni “Game of Thrones” star Emilia Clarke, who portrays Solo’s childhood friend Qi’ra, said the change of directors produced less drama than people may think.
“Something that on paper sounds horrific was not in reality at all for someone who was in it and experienced and was living through it,” Clarke said. “Everyone who handled it was seamless and graceful.”
Fans around the world have debated how Ehrenreich, little known beyond a well-received performance in quirky 2016 comedy “Hail, Caesar,” would handle one of cinema’s most loved characters.
Slideshow (5 Images) Ehrenreich confirmed he had signed a contract to play Solo in three movies and said he was anxious to step into the role again in future installments.
“By the end of the movie, he’s more like the guy we know, and that’s fun,” Ehrenreich said.
Reporting by Rollo Ross, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-film-starwars-solo/solo-lands-in-star-wars-galaxy-and-cast-puts-drama-behind-idUSKBN1IC2Q6 |
ADDIS ABABA, May 1 (Reuters) - Ethiopia will take a stake in the Port of Djibouti, its main gateway for trade, under a deal reached between the two countries, state media outlets said on Tuesday.
Djibouti had been seeking investors for its port since it terminated Dubai’s state-owned DP World’s concession to run the port two months ago, citing a failure to resolve a six-year contractual dispute.
The port is a key asset for Djibouti, a tiny state along the Red Sea whose location is of strategic value to countries such as the United States, China, Japan and former colonial power France, all of whom have military bases there.
The size of Addis Ababa’s stake was unclear.
State-owned Ethiopian News Agency said the agreement, reached at the weekend during a visit by Ethiopia’s Prime Minister Abiy Ahmed to Djibouti, involved the joint development of facilities. In return, Djibouti would have the option of taking stakes in state-owned Ethiopian firms.
“A joint committee of ministers would meet to thrash out details,” Ethiopian New Agency said.
The government had previously said that the port would remain “in the hands of our country” until it found new investors.
Djibouti handles roughly 95 percent of all inbound trade for landlocked Ethiopia, Africa’s second most-populous nation and an economic power in East Africa.
The deal with Djibouti follows Ethiopia’s agreement to acquire a 19 percent stake in the Port of Berbera in the breakaway Somali region of Somaliland. DP World retains a 51 percent stake there, while the government holds the rest.
Ethiopian state companies that Djibouti may look to invest in following the bilateral agreement could include Ethiopian Electric Power and Ethio Telecom – one of Africa’s last remaining telecoms monopolies. (Reporting by Aaron Maasho; Editing by Omar Mohammed and Susan Fenton)
| ashraq/financial-news-articles | https://www.reuters.com/article/ethiopia-djibouti/ethiopia-to-take-stake-in-port-of-djibouti-its-trade-gateway-state-media-idUSL8N1S81QA |
May 3 (Reuters) - Avtovaz PAO:
* SAYS LADA EXPANDS GEOGRAPHY OF ITS PRESENCE AND BEGINS OFFICIAL SALES OF CARS IN TUNISIA
* PARTNER OF LADA IN THE NORTH AFRICAN COUNTRY IS ARTES Source text: bit.ly/2ria8bf (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-avtovaz-starts-official-sales-of-c/brief-avtovaz-starts-official-sales-of-cars-in-tunisia-idUSFWN1SA0JN |
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