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May 24, 2018 / 9:18 AM / in 26 minutes UPDATE 1-Russian sticking to rate cut plan despite U.S. sanctions - C.bank Reuters Staff
(Adds quotes, detail)
By Andrey Ostroukh
MOSCOW, May 24 (Reuters) - The Russian central bank is sticking to its plan to trim rates further as the economy and the financial system have already adapted to the latest U.S. sanctions, Central Bank Governor Elvira Nabiullina said in a CNBC interview released on Thursday.
The central bank held rates in April, having cut them from 17 percent at the end of 2014 to 7.25 percent in March, as fresh U.S. sanctions on Moscow battered the rouble, boosting concerns about geopolitical tensions.
Nabiullina said the central bank was still on track this year to trim the key rate, now at 7.25 percent, to a range of between six and seven percent, the level at which its monetary policy is considered to be neutral.
Nabiullina said the central bank took into account geopolitical risks when making decisions and fully understood that uncertainty has increased.
“I have to say that the Russian economy and the Russian financial system have adapted pretty quickly to the latest wave of economic sanctions,” Nabiullina said, according to the English transcript of the interview.
In April, the United States imposed major new sanctions against Russian individuals and major companies. They targeted allies of President Vladimir Putin in one of Washington’s most aggressive moves to punish Moscow for its alleged meddling in the 2016 U.S. election and other “malign activity.” (Reporting by Andrey Ostroukh and Elena Fabrichnaya; Editing by Jon Boyle) | ashraq/financial-news-articles | https://www.reuters.com/article/russia-cenbank-nabiullina-economy/update-1-russian-sticking-to-rate-cut-plan-despite-u-s-sanctions-c-bank-idUSL5N1SV20L |
IRVING, Texas, May 21, 2018 /PRNewswire/ -- Darling Ingredients Inc. (NYSE: DAR) today announced that is has acquired substantially all of the assets of Kruger Commodities, Inc. including protein conversion facilities in Hamilton, MI and Tama, IA along with a protein blending operation and used cooking oil collection business in Omaha, NE to support our low carbon fuel initiative at Diamond Green Diesel.
"We are pleased to have the opportunity to add the Kruger Commodities operations to Darling's global platform," said Mr. Randall C. Stuewe, Darling Ingredients Chairman and CEO. "This long established, family owned business is a natural fit to the Darling network and will help us to better serve our customers and growing feedstock demand from Diamond Green Diesel, our low carbon fuel facility located in Norco, LA."
ABOUT DARLING
Darling Ingredients Inc. is a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, nutraceutical, food, pet food, feed, industrial, fuel, bioenergy and fertilizer industries. With operations on five continents, the Company collects and transforms all aspects of animal by-product streams into useable and specialty ingredients, such as gelatin, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, green energy, natural casings and hides. The Company also recovers and converts recycled oils (used cooking oil and animal fats) into valuable feed and fuel ingredients, and collects and processes residual bakery products into feed ingredients. In addition, the Company provides environmental services, such as grease trap collection and disposal services to food service establishments and disposal services for waste solids from the wastewater treatment systems of industrial food processing plants. The Company sells its products domestically and internationally and operates within three industry segments: Feed Ingredients, Food Ingredients and Fuel Ingredients. For additional information, visit the Company's website at http://www.darlingii.com .
For More Information, contact:
Melissa A. Gaither, VP Investor Relations
251 O'Connor Ridge Blvd., Suite 300
& Global Communications
Irving, Texas 75038
Phone: 972-717-0300
View original content: http://www.prnewswire.com/news-releases/darling-ingredients-inc-announces-acquisition-of-protein-conversion-and-used-cooking-oil-collection-business-300651223.html
SOURCE Darling Ingredients Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-darling-ingredients-inc-announces-acquisition-of-protein-conversion-and-used-cooking-oil-collection-business.html |
Creates the largest interior finish services company in the US with $1.5 billion in revenue
Paves the way for new investments in facilities, technology and customer service Creates a national brand with a footprint reaching from coast to coast
ATLANTA and IRVINE, Calif., May 01, 2018 (GLOBE NEWSWIRE) -- Interior Logic Group, Inc. (ILG) and Interior Specialists, Inc. (ISI), the two largest companies in the interior finishes industry, announced today they have signed a definitive agreement to merge under the Interior Logic Group name. Together, the new company will provide installation services to homebuilders, multifamily owners and big box retailers across the country. Interior Logic Group will also be the largest nationwide provider of outsourced design centers to homebuilders.
The new company will have over 4,300 employees, 225 locations, and a presence in 42 of the top 50 homebuilding markets in the U.S. Alan Davenport, current President & CEO of ISI will become President & CEO of the new company. Mark Fikse, current President & CEO of the existing Interior Logic Group, will become Executive Vice President, Business Development and Operations of the new company. The new company will be headquartered in Irvine, CA.
"There are a lot of similarities between our companies. This merger will allow us to leverage the strengths and the technologies we had both developed to deliver greater value to our customers,” said current ISI President & CEO Alan Davenport. “I believe we will be distinguished by our innovative technology, extensive design center services, and our commitment to grow with our customers through partnerships and trusted relationships. These relationships have been cultivated by both companies since we were established.”
“The two companies are merging to create a national interior solutions footprint, capable of meeting the service requirements of homebuilders, multifamily apartment owners/operators and large retail customers. The financial strength of our new company will allow us to invest more strategically in facilities, technology and our people, matching the changing needs of our customers,” added current ILG President & CEO Mark Fikse.
The new $1.5 billion company will be owned jointly by Littlejohn & Co., LLC, which acquired ISI in 2014, and Platinum Equity, which acquired ILG in 2017, in addition to its senior leadership team. The deal is expected to close during the second quarter of 2018. Moelis & Company LLC is acting as the joint M&A advisor on the transaction. Bank of America Merrill Lynch will act as lead arranger and bookrunner on the debt financing.
The companies also confirmed that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), with respect to the merger, expired effective April 30, 2018 at 11:59 p.m., New York City time.
About Interior Logic Group, Inc.:
Interior Logic Group, Inc., is a leading provider of turn-key design center services and interior finish solutions to single family residential homebuilders, apartment owner/operators, and fulfillment partners. The Company has long-standing, entrenched customer relationships and its customer base includes a diverse mix of national and regional customers. Primary products handled on a turn-key basis include flooring, cabinets, countertops, and window treatments. For more information about Interior Logic Group visit www.interiorlogicgroup.com or email [email protected] .
About Interior Specialists, Inc.:
Interior Specialists, Inc. (ISI) is the nation's leading provider of interior design, design center management and installation services operating from over 90 locations across the United States. ISI's customers include the nation's preeminent single-family, multi-family and commercial builders. ISI both supplies and installs flooring, cabinetry, countertops, window coverings and builder construction options, including appliances, and it is the leading full-service provider of outsourced homebuilder-branded design centers. For more information about Interior Specialists visit www.interiorspecialists.com .
About Littlejohn & Co.:
Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments primarily in middle market companies. With over $7 billion under management, the Firm seeks to create long-term value for its investors and build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit www.littlejohnllc.com .
About Platinum Equity:
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. For more information about Platinum Equity, visit www.platinumequity.com .
Media Contacts
For Platinum Equity:
Dan Whelan
310-282-9202
[email protected]
For Littlejohn & Co.:
Jonathan Gasthalter / Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170
Source: Platinum Equity | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-interior-logic-group-inc-and-interior-specialists-inc-announce-merger.html |
(Reuters) - Shares of Nvidia Corp ( NVDA.O ) fell 2 percent on Friday as investors worried that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining its core business with computer gamers.
FILE PHOTO: The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. REUTERS/Tyrone Siu/File Photo Most analysts continued to hold a positive opinion about the stock with at least nine brokerages raising their price targets for Nvidia shares.
Analysts at SunTrust Robinson were most bullish with a price target of $316. The median price target was $274 compared to Thursday’s close of $260.19.
Deutsche Bank analyst Ross Seymore, who has a “hold” rating for the stock, said while the company had beaten expectations, he had reservations about the details.
“While growth remains strong across virtually every segment, the quality of the first quarter beat was somewhat lower,” he said. “Crypto delivered the majority of the upside, while datacenter was slightly below our estimate.”
Gamers use GPUs to play high-quality video games, but Nvidia’s graphic cards are also used by cryptocurrency miners to build machines to solve the complex math puzzles that earn digital currencies such as Ethereum and bitcoin.
That has pushed up prices of GPUs and also led to a shortage of cards for game enthusiasts who want to install extra processing power.
“Cryptocurrency mining continues to inject noise into an overall very strong growth story, but it should be cleaned up in the next couple of quarters while numbers keep going up,” Morgan Stanley analyst Joseph Moore said.
Nvidia said it made $289 million in sales, or about 9 percent of its overall $3.2 billion in revenue, from chips for mining cryptocurrencies.
The company said its introduction of a crypto-specific GPU called CMP should resolve the tension.
“Channel prices for our GPUs are beginning to normalize, allowing gamers who had been priced out of the market last quarter to get their hands on the new GeForce at a reasonable price,” Nvidia’s Chief Financial Officer Colette M. Kress said.
“Cryptocurrency demand was again stronger than expected, but we were able to fulfill most of it with crypto-specific GPUs.”
Nvidia’s fast-growing data center business rose 71 percent to $701 million in the quarter, falling short of some analysts’ estimates but beating a consensus figure of $656 million given by data firm Factset.
Of the 35 analysts covering the stock, 22 have a “buy” or higher rating; 11 on “hold” and only two on “sell” or lower.
The stock has gained nearly a third of its more than $150 billion market value this year alone.
Reporting by Supantha Mukherjee in Bengaluru; editing by Patrick Graham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nvidia-results-research/crypto-concerns-push-nvidia-shares-lower-idUSKBN1IC1ET |
May 10, 2018 / 2:50 PM / Updated an hour ago UK parliamentary committee summons former Cambridge Analytica boss Reuters Staff 3 Min Read
LONDON (Reuters) - A British parliamentary committee said on Thursday it had summoned the former chief executive of Cambridge Analytica and a director of the official Brexit campaign group to appear before lawmakers. FILE PHOTO: Window cleaners work outside the offices of Cambridge Analytica in central London, Britain, March 24, 2018. REUTERS/Peter Nicholls/File Photo
The media committee is investigating fake news, and is increasingly focused on the role of Cambridge Analytica, a political consultancy, and Facebook in the 2016 Brexit vote and in the election of U.S. President Donald Trump.
The committee said it had asked former CEO Alexander Nix to appear in parliament on Wednesday, June 6. It has asked Dominic Cummings, a former director of the Vote Leave campaign, to appear on Tuesday, May 22.
Cambridge Analytica has denied doing paid work on the campaign for Brexit, and says its work on the Trump campaign did not use data at the center of a Facebook scandal, where the details of millions of users were allegedly improperly obtained.
Nix was CEO of Cambridge Analytica and was suspended after the scandal broke. The company shut down last week.
He has previously appeared before the committee, but it has requested he returns to give further evidence. He has declined, saying he is unwilling to appear while an investigation by the Information Commissioner is ongoing. The committee says there is no legal reason that Nix cannot appear.
“There are serious inconsistencies between Mr Nix’s original testimony of Feb. 27, and evidence received under the inquiry since,” committee chair Damian Collins said in a statement.
Cambridge Analytica says it had pitched to Leave.EU, a Brexit campaign group, but did not do any work for the group after it missed out on the official campaign designation.
Leave.EU chiefs Arron Banks and Andy Wigmore will appear in front of the inquiry on June 12, the committee said on Thursday.
Instead of Leave.EU, Vote Leave was designated as the official campaign for Brexit.
But questions have been raised over whether Vote Leave broke campaign spending rules, with whistleblowers alleging it has illegally co-ordinated spending with a smaller campaign group.
Vote Leave and Cummings have denied wrongdoing. Reporting by Kate Holton and Alistair Smout; Editing by William Schomberg | ashraq/financial-news-articles | https://uk.reuters.com/article/us-facebook-privacy-britain/uk-parliamentary-committee-summons-former-cambridge-analytica-boss-idUKKBN1IB246 |
May 15, 2018 / 9:37 PM / Updated 35 minutes ago EU says Cuba could help broker government-opposition dialogue in Venezuela Reuters Staff 3 Min Read
(Reuters) - The European Union’s top diplomat said on Tuesday Communist-run Cuba could help broker fresh dialogue between the government and opposition in Venezuela, despite Havana’s frequent assurances the crisis afflicting its leftist ally was a sovereign matter. Cuba's Foreign Minister Bruno Rodriguez and European Union foreign policy chief Federica Mogherini address a joint news conference after their meeting at the EU Council in Brussels, Belgium May 15, 2018. REUTERS/Francois Lenoir
Federica Mogherini made the comments at a news conference in Brussels after hosting the EU’s first “joint council” with Cuba since the bloc dropped all sanctions on the island and agreed on a political framework within which to strengthen ties.
The EU has said it is now Cuba’s top trade and investment partner, and arguably plays a bigger role than traditional allies like Venezuela or Russia as the island implements market reforms to its centrally-planned economy.
Analysts say the EU has also taken advantage of U.S. indifference or a diplomatic vacuum, as the Trump administration backtracks on a fragile detente with Cuba. Cuba's Foreign Minister Bruno Rodriguez attends a meeting with European Union foreign policy chief Federica Mogherini at the EU Council in Brussels, Belgium, May 15, 2018. REUTERS/Francois Lenoir
“I personally believe that Cuba could play a positive role in trying to avoid further negative developments (in Venezuela) and trying to re-open and negotiate a political solution and dialogue,” Mogherini told joint news conference with Cuban Foreign Minister Bruno Rodriguez.
Venezuela will hold a presidential election on May 20 that the opposition coalition is boycotting, saying it is a farce intended to legitimize a “dictatorship” led by President Nicolas Maduro. Slideshow (3 Images)
The Lima Group of largely Latin American nations on Monday urged the Venezuelan government to suspend the vote, calling the process “illegitimate and lacking in credibility.”
Cuba has played the role of broker in several disputes in recent years, notably hosting peace talks between the Colombian government and Marxist rebel groups it has been at war with for five decades.
The Cuban government has stood steadfast by Venezuela, denouncing foreign interference in its internal affairs, despite a sharp decline in subsidized Venezuelan oil shipments amid the OPEC nation’s economic crisis.
The EU has sent several high-level delegations to Cuba this year. First Mogherini visited, then a delegation from the European Investment Bank.
The bloc signed on Tuesday an agreement with Cuba to invest 18 million euros to help its achieve its ambitious goals in terms of developing renewable energy on the island.
The EU has said it will sign cooperation agreements worth 49 million euros in total. Writing by Sarah Marsh in Havana; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eu-cuba/eu-says-cuba-could-help-broker-government-opposition-dialogue-in-venezuela-idUKKCN1IG3BH |
Masayoshi Son is at it again: Not content with one $100 billion tech fund, the SoftBank founder this week said it’s “just a matter of time” before he launches another.
If and when that happens, it’s likely to widen the gap between the haves and have-nots in the tech sector.
The Japanese company’s $97 billion Vision Fund, launched last year,... | ashraq/financial-news-articles | https://www.wsj.com/articles/when-it-comes-to-tech-venture-capital-grows-less-venturesome-1526635695 |
KUALA LUMPUR, May 15 (Reuters) - AirAsia Group Bhd defended Chief Eexecutive Tony Fernandes on Tuesday after Malaysia’s aviation regulator filed a police report against him for accusing it of ordering the airline to cancel extra flights during a recent election.
“AirAsia strongly refutes the police report lodged by the Malaysian Aviation Commission (Mavcom) against AirAsia Group Chief Executive Tony Fernandes,” the budget carrier said in a statement.
The company added that it would cooperate with the police investigation and take all actions necessary to protect the interests of AirAsia, as well as Fernandes. (Reporting by Liz Lee Editing by Darren Schuettler)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-airasia/airasia-defends-chief-executive-after-regulator-files-police-report-idUSL3N1SM47W |
3 COMMENTS Wassaic, N.Y.
I could spend an entire afternoon in the orchard this time of year, watching the bees do their work. There is a knack to it, this bee watching. You cross the meadow and eye the trees—sometimes blocks of solid white or pink or rose; sometimes clusters of flowers here and there. Where are they, these sneaky little bees? Lost in green tips of fuzzy new leaves and bare brown branches. Don’t they know the bloom is here?
Better lie in the grass and scan the skies. There they are—against the blue. Darting in and out from tree to branch to blossom—stuffing their tummies, doing my farmer’s work. A furtive, efficient lot are they, not built for beauty like the bumbles and queens. These are workers: small and quick. In and out, up and down. First the pears, then the apples, then the wildflowers. Only a few days to work from bloom till fall.
They know what they want and they’ll give a fair price. From my blossoms: most of the nectar and a share of the pollen, to take back to the hive and procure their good fate. In return, they’ll distribute my pollen and assure my crop’s spate.
Watch how they burrow their purposeful snouts. In a few hours, their task is done.
Persistent, industrious little creatures, these bees. Sundays and holidays, they work, sunrise to sunset, but only on their terms. No overtime, not even a minute, job finished or not. They won’t work in the cold, nor in the rain—only in sunlight. They’ll do their best in the wind, but when it blows too rough, they will perch in silence and await the next lull.
“Terms accepted,” says the farmer. “My pollen, my nectar, my apples, my pears.”
Hold your horses. There’s competition out there. The apple, the pear, the dandelion.
The dandelion? “ Have you no sense, you ravenous bee? The pear is a prince, the dandelion a knave.”
“Pride plays no part,” says the hive’s practical scout. “Have you seen the rhododendron? He primps and he panders, but what does he offer? Sure, the pear is a prince, but where is his prize? Ten percent nectar? Bah, what is that? The dandy’s got 40. We want to get fat.”
Out come the mowers; the dandy’s no more.
“OK, pears for 10,” says the bee, “but only till Monday; the apples give more.”
Mr. Kolatch grows apples and pears and writes about the Far East. He is author of “China Mosaic.” | ashraq/financial-news-articles | https://www.wsj.com/articles/doing-business-with-bees-1526423308 |
May 23, 2018 / 11:58 AM / Updated 16 minutes ago Euro zone likely to delay some banking decisions to December Jan Strupczewski 4 Min Read
BRUSSELS (Reuters) - The euro zone is likely to push back some of the key decisions on completing its banking union to December from June because of lack of trust between governments, made no easier by the emergence of a eurosceptic coalition in Italy, officials said. FILE PHOTO: The headquarters of the European Central Bank (ECB) and the Frankfurt skyline with its financial district are photographed on early evening in Frankfurt, Germany, March 25, 2018. REUTERS/Kai Pfaffenbach
All EU finance ministers except Britain, which will leave the EU next year, are to discuss a proposal to divide the process into two stages when they meet in Brussels on Thursday.
That would allow them to make progress on plans to reduce banking sector risk while disentangling those negotiations from details over the even more politically delicate question of how to share risk across countries.
“In the process of deepening the monetary union, the most important obstacle is the lack of trust,” one senior euro zone policy-maker said. “It is more about the political risk than financial considerations. It is more about being afraid of own political constituencies than pure arithmetic of financial exposures.”
The banking union is intended to make the financial sector more robust by setting up one set of rules for all banks to follow, one supervisor — the European Central Bank — and one resolution procedure with money to back it in case a bank fails. It will apply automatically to the 19 countries that use the euro, and other EU member states also have the right to join.
To finish it, governments have to agree on a pan-European bank deposit guarantee scheme so that all citizens have the same level of protection for their savings. Governments also need to backstop the single resolution fund (SRF), financed by banks themselves, with loans from the euro zone bailout fund ESM in case a major banking crisis drains the SRF too quickly.
Both the deposit guarantee plan and the SRF backstop have caused controversy, mainly between northern European countries led by Germany and the south, where Italy’s banking sector is seen as the biggest challenge. The group led by Germany and the Netherlands is worried that some banks in the south may have taken too many risks with lending and does not want to share responsibility for their deposits until such risks are reduced. TWO STAGES
Under the two-step approach prepared for the ministers’ discussions on Thursday, the euro zone would move on risk sharing and risk reduction in parallel, but with more emphasis on risk reduction.
In June the euro zone would address the risks in banks with the implementation of guidelines on bad loans from the Single Supervisory Mechanism, agreeing on tools to measure risk and the European Commission’s risk reduction package.
As part of risk sharing, euro zone leaders would agree at their summit on June 28-29 that the ESM could, in principle, be a backstop for the bank resolution fund, and set a date for starting a political discussion on the deposit guarantee plan.
On the risk reduction track, there is already broad agreement among euro zone policy-makers that risks in banks should be measured using the capital, leverage, liquidity coverage and net stable funding ratios.
There is also broad agreement in principle, though with further work on detail needed, that regulators should look at non-performing loans, assets whose value is based on management assumptions, and a bank’s total ability to absorb losses.
In December, leaders would agree to reduce risks further through a framework for bank insolvency and restructuring, a finalization of the policy on binding loss-absorbtion capacity requirements, the Commission package on bad loan reduction, anti-money laundering steps and benchmarks for risk indicators.
In risk sharing, December could bring details on the ESM acting as a backstop for the bank resolution fund, changes to the treaty that set up the ESM, and agreement on the principles of the euro zone deposit guarantee scheme. Reporting by Jan Strupczewski; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/us-eurozone-future-banking-union/euro-zone-likely-to-delay-some-banking-decisions-to-december-idUKKCN1IO1N9 |
The gap between the yields on 10-year U.S. Treasury note and German government bonds reached its widest in almost three decades, a sign of investor confidence that growth remains steadier in the U.S. than Europe.
The yield on the benchmark 10-year Treasury note, which rises as bond prices fall, closed Friday at 2.971%, 2.412 percentage points above the 0.559% yield on the German bund. The gap last week hit 2.445 percentage points, its widest since April 1989.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/bond-market-bets-on-u-s-growth-over-europe-1526295600 |
May 3 (Reuters) - GP Strategies Corp:
* GP STRATEGIES REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.16 * Q1 REVENUE $125 MILLION VERSUS I/B/E/S VIEW $124.9 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.22 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gp-strategies-q1-earnings-per-shar/brief-gp-strategies-q1-earnings-per-share-0-16-idUSASC09ZFJ |
May 30 (Reuters) - OEX SA:
* SAID ON TUESDAY IT SET ISSUE PRICE OF SERIES D SHARE FOR 17 ZLOTY EACH
* FINAL NUMBER OF SERIES D SHARES OFFERED WAS SET AT 1.1 MILLION
* CO INFORMED ABOUT ITS SHARE CAPITAL INCREASE PLANS ON APRIL 10
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
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May 23, 2018 / 12:12 PM / Updated 20 minutes ago China signals to state giants - 'Buy American' oil and grains Florence Tan , Hallie Gu , Dominique Patton 4 Min Read
SINGAPORE/BEIJING (Reuters) - China will import record volumes of U.S. oil and is likely to ship more U.S. soy after Beijing signalled to state-run refiners and grains purchasers they should buy more to help ease tensions between the two top economies, trade sources said on Wednesday. FILE PHOTO: An incoming truckload of soybeans is unloaded at a farm in Fargo, North Dakota, U.S., December 6, 2017. REUTERS/Dan Koeck/File Photo
China pledged at the weekend to increase imports from its top trading partner to avert a trade war that could damage the global economy. Energy and commodities were high on Washington’s list of products for sale.
As the two sides stepped back from a full-blown trade war, Washington neared a deal on Tuesday to lift its ban on U.S. firms supplying Chinese telecoms gear maker ZTE Corp, and Beijing announced tariff cuts on car imports.
But U.S. President Donald Trump indicated on Wednesday that negotiations were still short of his objectives when he said any deal would need a “different structure”.
China is the world’s top importer of both oil and soy, and more U.S. shipments will help it meet rising domestic consumption. The imports would also contribute to cutting China’s trade surplus with the United States, as demanded by Trump.
Asia’s largest oil refiner, China’s Sinopec ( 600028.SS ) will boost crude imports from the U.S. to an all-time high in June as part of Chinese efforts to cut the surplus, two sources with knowledge of the matter said on Wednesday.
Sinopec’s trading arm Unipec has bought 16 million barrels, or about 533,000 barrels per day, of U.S. crude to load in June, they said, the largest volume ever to be lifted in a month by the company and worth about $1.1 billion (824 million pounds). FILE PHOTO: U.S. President Donald Trump speaks at the Susan B. Anthony List 11th Annual Campaign for Life Gala at the National Building Museum in Washington, U.S., May 22, 2018. REUTERS/Al Drago
“The government has encouraged us to lift more U.S. crude,” one of the sources said.
U.S. crude exports have risen rapidly as output from shale fields hits record highs and driven down the cost of U.S. oil relative to similar grades worldwide. Exports are straining U.S. pipeline and port infrastructure, and may be reaching the limit, one of the sources said.
“We want to buy more but they might not be able to export more,” the source said.
Other Chinese refiners are looking to reconfigure their plants so they could buy and process U.S. oil, one trade source said. SOYBEAN INTEREST
In agriculture, China’s state grain stockpiler Sinograin returned this week to the U.S. soybean market for the first time since early April, two sources said. Sinograin made enquiries about prices for U.S. soybeans, traders said, interpreted as a sign that government curbs on buying American goods had been lifted
“Sinograin is in the market today asking U.S. suppliers to make offers for shipment of old crop as well as new crop beans for shipment August onwards,” said a source who works at a private soybean crushing company in China.
“It is a clear message to even private companies that it is okay now to import U.S. beans.”
Soybeans are America’s top agricultural export to China, worth $12 billion last year.
Two other sources briefed on the matter said Chinese state grain trader Cofco would be permitted to buy U.S. soybeans again, ending restrictions imposed by Beijing as trade tensions rose. The sources declined to be named as they are not authorised to speak to the media.
Sinograin, Cofco and the Ministry of Agriculture and Rural Affairs did not respond to requests for comment.
The Ministry of Commerce had not told state companies to increase purchases of U.S. soybeans, a ministry spokeswoman said.
U.S. Gulf export prices for the new soybean crop rose on Tuesday, which a U.S.-based trader said may indicate a revival in demand from China. Exporters were lining up supplies for October to December shipment, the trader said.
Improving trade relations appeared to be rekindling interest from China for other grains, traders said. That will come as a big relief to U.S. farmers, who saw orders cancelled and business dry up as Washington and Beijing lobbed trade-tariff threats at one another. Reporting by Dominique Patton and Hallie Gu in Bejing and Florence Tan and Naveen Thukral in Singapore; Additional reporting by Karl Plume in Chicago; Writing by Josephine Mason and Simon Webb; Editing by Alistair Bell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-china-structure/trump-says-u-s-china-trade-deal-needs-different-structure-idUKKCN1IO1OT |
May 21 (Reuters) - Southern Co:
* SOUTHERN CO- GULF POWER SPA PROVIDES UPON TERMINATION OF DEAL UNDER CERTAIN SPECIFIED CIRCUMSTANCES, PURCHASER TO PAY CO FEE OF $100 MILLION/$200 MILLION
* SOUTHERN CO - PRETAX IMPAIRMENT CHARGE RELATED TO SALE OF GENERATING PLANTS IN FLORIDA OF ABOUT $120 MILLION ($90 MILLION AFTER TAX) TO BE RECORDED IN Q2 2018
* SOUTHERN CO - GULF POWER SPA ALSO PROVIDES UPON CERTAIN OTHER SPECIFIED CIRCUMSTANCES CO TO PAY PURCHASER A TERMINATION FEE OF $100 MILLION Source text ( bit.ly/2KK8Q0P ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-southern-co-gulf-power-spa-provide/brief-southern-co-gulf-power-spa-provides-upon-termination-of-deal-under-certain-circumstances-purchaser-to-pay-co-fee-of-100-mln-200-mln-idUSFWN1SS0HL |
May 10, 2018 / 7:09 AM / in 11 minutes Israel Chemicals first quarter boosted by higher potash sales, capital gain Reuters Staff 2 Min Read
TEL AVIV, May 10 (Reuters) - Israel Chemicals (ICL) on Thursday reported higher revenue and profit for the first quarter, boosted by a capital gain and increased potash sales at the world’s sixth-largest producer of the fertiliser ingredient.
ICL, which also produces about a third of the world’s bromine, said it earned $928 million, compared with $68 million a year earlier. Excluding a capital gain from the $1 billion divestment of its fire safety and oil additives business, ICL earned $106 million in the quarter.
Revenue grew to $1.4 billion from $1.3 billion, driven primarily by an increase of $28 per tonne in potash prices.
Analysts had forecast ICL to earn $106.5 million on revenue of $1.4 billion, according to Thomson Reuters I/B/E/S.
ICL said its divestment proceeds led to a $768 million reduction in net debt, creating financial flexibility to support growth.
“These results were supported by the positive potash environment and the growth of our specialty fertilisers business line,” said Acting CEO Asher Grinbaum, who will be replaced by Raviv Zoller in the next few days.
ICL’s potash production rose to 1.16 million tonnes in the quarter from 1.06 million a year earlier, while potash sales grew to 1.11 million tonnes from 1.01 million.
ICL noted the growing role of precision agriculture, which enables farmers to increase and improve their yields at lower costs.
To this end, ICL said it will invest in additional research and development and is evaluating various investments, from investments in funds and establishment of a venture capital fund to direct investment in startups to offer new products geared to precision agriculture.
ICL, which has exclusive rights in Israel to mine minerals from the Dead Sea, said it would pay a first quarter dividend of $52 million or 4 cents a share, down from $70 million, or 5 cents a share, in the fourth quarter. (Reporting by Tova Cohen Editing by Steven Scheer and Elaine Hardcastle) | ashraq/financial-news-articles | https://www.reuters.com/article/icl-results/israel-chemicals-first-quarter-boosted-by-higher-potash-sales-capital-gain-idUSL8N1SH0Y1 |
(Adds details on Moody’s rating outlook, background on the financial sector inquiry)
May 14 (Reuters) - Rating agency Moody’s Investors Service said on Monday that governance failures at Australia’s AMP Ltd that were revealed in a powerful inquiry into the country’s financial sector were creating additional pressure on its rating.
“AMP’s credit profile is under pressure, despite its strong capitalization and market position, because of the potential for reputational damage and additional legal and compliance costs associated with the allegations of governance failures,” Frank Mirenzi, a Moody’s senior credit officer, said in a statement.
“While it is still too early to predict the potential outcomes from the allegations against AMP raised by the commission,” Mirenzi said the revelations of governance failures at the firm are “credit negative.”
AMP’s share price has tanked since mid-April when an independent inquiry into Australia’s financial sector exposed serious flaws in its governance, accountability and culture. The inquiry may recommend criminal charges.
On Friday AMP shares slumped to a near 7-year low after Macquarie Group warned it could see A$35 billion in investor outflows due to the hit to its reputation from board-level misconduct, and downgraded it to ‘neutral’ from ‘outperform’. In early afternoon trade on Monday, the firm’s shares were up 2.5 percent.
S&P Global said earlier this month that the credit worthiness of Australia’s largest-listed wealth manager is at risk of being downgraded due to the reputational damage stemming from the inquiry.
The revelations made at the quasi-judicial Royal Commision inquiry has forced AMP’s top management to step down. Shareholders have also showed their displeasure, and last week voted against the company’s executive pay plan.
Moody’s said “the operating environment remains challenging, with overseas insurance firms — with potentially lower capital costs — starting to enter the Australian market.”
Late last year, Zurich Insurance became Australia’s biggest life insurer after it agreed to buy Australia and New Zealand Banking Group’s life insurance arm for A$2.85 billion ($2.15 billion) in its biggest foray into Australia and its third in the last two years.
Reporting by Susan Mathew in Bengaluru; Editing by Edwina Gibbs & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-banks-inquiry-amp/update-1-moodys-says-amp-governance-failures-adding-pressure-to-rating-idUSL3N1SL16O |
MONTRÉAL, Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSXV:MYA) has released its unaudited condensed consolidated financial statements accompanied by the management's discussion and analysis (“MD&A”) for the three-month period ending in March 31, 2018.
The documents have been filed electronically with SEDAR and will be available on the Corporation's website at www.mayagoldsilver.com .
Noureddine Mokaddem, President & CEO of Maya stated, “Maya saw strong market support in the first quarter mainly due to the positive PEA and the quality of our Zgounder Silver mine. This confidence in the project our management team allowed us to raise $28.3M, a 32% premium to market to accelerate the building of the second Zgounder mine. Due to severe weather conditions and unprecedented snowfall we did experience a reduction in silver production for Q1 but with the commissioning of the flotation cells in the coming months we fully expect to see production increase to 500 Tpd with the declaration of commercial production. At the same time, we continue to move ahead with our drilling campaign on the Boumâadine polymetallic property and expect to have a PEA results during Q3 2018.”
H ighlights of the three-month-period ending March 31, 2018
Total assets of S42,562,768 as of March 31, 2018; Working capital of $8,511,349 versus a working capital of $3,135,362 for the same period in 2017; Cash position $11,399,526 as of March 31, 2018; Loss from operations was $522,843, a decrease of 38% from $842,326 for the same quarter of 2017.
Highlights of the Zgounder Silver mine activities
Zgounder Silver mine production highlights during the three-month period ended March 31, 2018 include:
Silver production of 69,578 ounces Revenue from silver in the three-month period ended March 31, 2018 totalled $2,091,046 (2017 - $3,599,146) and the development cost incurred during the period, excluding capitalised interest, amounted to $2,358,493 (2017 – $3,019,635). The average silver price realised during the three-month period ended March 31, 2018 was US$16.44 (2017 - US$17.50). On February 22, 2018 the Corporation filed a technical report on its positive PEA of the Zgounder Sliver Mine.
Highlights of the Boumâadine Polymetallic Property
Boumâadine Polymetallic Property highlights during the three-month period ended March 31, 2018 include:
The Corporation began its planned drilling program and its first verification hole intersected polymetallic sulfide mineralization. In spite of severe weather conditions, affecting the exploration operations, the company completed 1756.9m of drilling as of February 26 th 2018.
Operating and Financial Highlights
Quarter ended March 31,
2018
(unaudited) March 31,
2017
(unaudited) %
Variation Material Processed (tons)
8,770 14,358 (39 ) Average Grade (g/t Ag)
327.52 380.53 (14 ) Mill Recovery (%)
75.34 86.08 (12 ) Silver Ingots (kg)
2,164.13 4,703.3 (54 ) Silver ounces produced (oz)
69,578 151,214 (54 ) Sales of silver (oz)
61,547 161,088 (62 ) Sales of silver ($)
2,091,046 3,599,146 (42 ) Development expenses (excluding interest) ($)
(2,358,493 ) (3,019,635 ) (22 ) Cash flow generated from the activities at the mine
(excluding interest ($) (1) (267,447 ) 579,511 (146 )
(1) Cash flow generated from the activities at the mine is non-International Financial Reporting Standards (IFRS) performance measures, and may not be comparable to similar measures presented by other companies. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, the Corporation and certain investors use this information to evaluate the Corporation's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The cash flow generated from the development activities at the mine derived from the Corporation’s cash flow from investing activities, acquisitions of property, plant and equipment, less Silver sales.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian publicly listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. Maya is initiating mining and milling operations at its Zgounder Mine owned by Zgounder Millenium Silver Mining, a Maya 85% owned joint venture with l’Office National des Hydrocarbures et des Mines of the Kingdom of Morocco (15%).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This news release contains statements about future events or future performance and reflects management’s current expectations and assumptions. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, and believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in the Corporation’s filings with SEDAR.
CONTACT INFORMATION
Maya Gold & Silver Inc.:
Noureddine Mokaddem
President & CEO
+1 514-978-6111/+212 661-196-111
[email protected]
or
Maya Gold & Silver Inc.:
Sophy Cesar
Investor Relations
514-866-2008
[email protected]
Source: Maya Gold & Silver Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-maya-gold-silver-summarizes-results-of-first-quarter-2018.html |
HOUSTON, May 2, 2018 /PRNewswire/ -- MRC Global Inc. (NYSE: MRC), the largest global distributor, based on sales, of pipe, valves and fittings and related products and services to the energy industry, today announced first quarter 2018 results.
The company's sales were $1.010 billion for 2018, which were 17% higher than 2017 and 12% higher than the fourth quarter of 2017. All end-markets experienced growth in both comparative periods.
Net income attributable to common stockholders for 2018 was $12 million, or $0.13 per diluted share, compared to net income attributable to common stockholders of $0 million, or $0.00 per diluted share for 2017.
Andrew R. Lane, MRC Global's president and chief executive officer stated, "The year has started strong with revenue of $1.01 billion in the first quarter resulting in growth of 17% over the first quarter last year and 12% growth over the fourth quarter of 2017. This is the first quarter in the past ten that revenue has been over $1 billion. Adjusted EBITDA was also strong at $59 million, or 5.8% of sales, in the first quarter. With the macroeconomic conditions across all our end-markets improving, our solid customer contract position and the first‑class execution our team delivers, we expect our performance to show continued strength in 2018."
"We continued to take advantage of the markets to return cash to shareholders by repurchasing $30 million of our stock in the first quarter and an additional $20 million in April to complete our $100 million authorization," Mr. Lane added.
MRC Global's first quarter 2018 gross profit was $169 million, or 16.7% of sales, an increase from first quarter 2017 gross profit of $140 million, or 16.2% of sales. Gross profit for 2018 and 2017 reflect an expense of $7 million and $1 million, respectively, in cost of sales relating to the use of the last-in, first out (LIFO) method of inventory cost accounting.
Selling, general and administrative (SG&A) expenses were $138 million, or 13.7% of sales, for 2018 compared to $126 million, or 14.6% of sales, for the same period of 2017. While total SG&A costs increased due to higher wages and benefits, increased activity levels and foreign exchange rate movements, SG&A as a percentage of revenue declined due to continued growth in the business.
Adjusted EBITDA was $59 million in 2018 compared to $36 million for the same period in 2017. Please refer to the reconciliation of adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this release.
The effective tax rate in 2018 and 2017 was 28% and 14%, respectively. The effective tax rate in 2018 relative to the U.S. federal statutory rate of 21% is primarily a result of pre-tax losses in certain foreign jurisdictions with no corresponding tax benefit. The effective tax rate in 2017 relative to the U.S. federal statutory rate of 35% was driven by a discrete tax benefit related to the adoption of a new accounting standard.
Sales by Segment
U.S. sales in 2018 were $806 million, up $140 million, or 21%, from the same quarter in 2017. All end-markets experienced strong growth with downstream leading, primarily driven by deliveries related to a large ongoing project in Pennsylvania, followed by midstream, driven by an increase in gathering line work, multiple transmission projects and gas utility activity, and finally, upstream, where higher well completion counts, and customer activity drove the increase.
Canadian sales in 2018 were $78 million, up $1 million, or 1%, from the same quarter in 2017 as improvements in the midstream and downstream businesses were partially offset by lower upstream revenue driven by a lower rig count. A stronger Canadian dollar relative to the U.S. dollar had a favorable impact of approximately $3 million.
International sales in 2018 were $126 million, up $7 million, or 6%, from the same period in 2017. The increase was primarily due to upstream project activity in Kazakhstan partially offset by non-recurring midstream pipeline project sales in Australia. Stronger foreign currencies relative to the U.S. dollar had a favorable impact of approximately $11 million.
Sales by Sector
Upstream sales in 2018 increased 23% over 2017 to $302 million, or 30% of total sales. The increase in upstream sales was primarily in our U.S. segment as a result of increased customer activity and in our international segment as a result of project work.
Midstream sales in 2018 increased 11% from 2017 to $410 million, or 41% of total sales. Sales to gas utility customers were up by 14% while sales to transmission and gathering customers were up 7% over the same quarter in 2017.
Downstream sales in 2018 increased 21% from 2017 to $298 million, or 29% of total sales. The U.S. downstream sector increased by $55 million, or 31%, primarily due to deliveries on a large U.S. project as well as spring turnarounds and growth from new contracts.
Balance Sheet
As of March 31, 2018, cash balances were $45 million. Debt, net of cash, was $594 million and availability under our asset based lending facility was $409 million. During 2018, the company used $74 million of cash from operations to build working capital in anticipation of higher sales volume in 2018 and in advance of inflationary price increases.
In 2018, we entered into a 5-year interest rate swap on a portion of our LIBOR-based Term Loan B. The interest rate swap effectively fixes the rate on $250 million notional amount at 6.21%, consisting of a swap rate of 2.71% plus a margin of 3.50%.
Share Repurchase Program Update
In October 2017, the board of directors authorized a share repurchase program for common stock of up to $100 million. During 2018, the company repurchased $30 million of its common stock at an average price of $17.39 per share. Subsequent to the first quarter, in April 2018, the company acquired $20 million of its common shares, also at an average price of $17.39, completing the current authorization. Under this program, the company has repurchased 6.1 million shares at an average price of $16.43.
In total, including both the 2017 and the prior 2015 share repurchase authorizations, the company has purchased 14.6 million shares at an average price of $15.38 per share. The outstanding share count as of April 27, 2018 is 89.7 million shares.
Conference Call
The Company will hold a conference call to discuss its first quarter 2018 results at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on May 3, 2018. To participate in the call, please dial 412‑902-0003 and ask for the MRC Global conference call at least 10 minutes prior to the start time. To access the conference call live over the Internet, please log onto the web at http://www.mrcglobal.com and go to the "Investor Relations" page of the company's website at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live call, a replay will be available through May 17, 2018 and can be accessed by dialing 201-612-7415 and using pass code 13677216#. Also, an archive of the webcast will be available shortly after the call at www.mrcglobal.com for 90 days.
About MRC Global Inc.
Headquartered in Houston, Texas, MRC Global, is the largest global distributor, based on sales, of pipe, valves and fittings (PVF) and related products and services to the energy industry and supplies these products and services across each of the upstream, midstream and downstream sectors. More information about MRC Global can be found on our website mrcglobal.com .
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as "will," "expect," "expected", "looking forward", "guidance" and similar expressions are intended to identify forward-looking statements.
Statements about the company's business, including its strategy, its industry, the company's future profitability, the company's guidance on its sales, adjusted EBITDA, tax rate, capital expenditures and cash flow, growth in the company's various markets and the company's expectations, beliefs, plans, strategies, objectives, prospects and assumptions are not guarantees of future performance. These statements are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, most of which are difficult to predict and many of which are beyond our control, including the factors described in the company's SEC filings that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements.
These risks and uncertainties include (among others) decreases in oil and natural gas prices; decreases in oil and natural gas industry expenditure levels, which may result from decreased oil and natural gas prices or other factors; increased usage of alternative fuels, which may negatively affect oil and natural gas industry expenditure levels; U.S. and international general economic conditions; the company's ability to compete successfully with other companies in MRC Global's industry; the risk that manufacturers of the products the company distributes will sell a substantial amount of goods directly to end users in the industry sectors the company serves; unexpected supply shortages; cost increases by the company's suppliers; the company's lack of long-term contracts with most of its suppliers; suppliers' price reductions of products that the company sells, which could cause the value of the company's inventory to decline; decreases in steel prices, which could significantly lower MRC Global's profit; increases in steel prices, which the company may be unable to pass along to its customers which could significantly lower its profit; the company's lack of long-term contracts with many of its customers and the company's lack of contracts with customers that require minimum purchase volumes; changes in the company's customer and product mix; risks related to the company's customers' creditworthiness; the success of the company's acquisition strategies; the potential adverse effects associated with integrating acquisitions into the company's business and whether these acquisitions will yield their intended benefits; the company's significant indebtedness; the dependence on the company's subsidiaries for cash to meet its debt obligations; changes in the company's credit profile; a decline in demand for certain of the products the company distributes if import restrictions on these products are lifted or imposed; environmental, health and safety laws and regulations and the interpretation or implementation thereof; the sufficiency of the company's insurance policies to cover losses, including liabilities arising from litigation; product liability claims against the company; pending or future asbestos-related claims against the company; the potential loss of key personnel; interruption in the proper functioning of the company's information systems and the occurrence of cyber security incidents; loss of third-party transportation providers; potential inability to obtain necessary capital; risks related to adverse weather events or natural disasters; impairment of our goodwill or other intangible assets; adverse changes in political or economic conditions in the countries in which the company operates; exposure to U.S. and international laws and regulations, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act and other economic sanction programs; risks associated with international stability and geopolitical developments; risks relating to ongoing evaluations of internal controls required by Section 404 of the Sarbanes-Oxley Act; risks related to the company's intention not to pay dividends; and risks arising from compliance with and changes in laws and regulations in the countries in which we operate, including (among others) changes in tax laws, tax rates, interpretation in tax laws and the recently implemented General Data Protection Regulation.
For a discussion of key risk factors, please see the risk factors disclosed in the company's SEC filings, which are available on the SEC's website at www.sec.gov and on the company's website, www.mrcglobal.com . Our filings and other important information are also available on the Investor Relations page of our website at www.mrcglobal.com .
Undue reliance should not be placed on the company's forward-looking statements. Although forward-looking statements reflect the company's good faith beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the company's actual results, performance or achievements or future events to differ materially from anticipated future results, performance or achievements or future events expressed or implied by such forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent required by law.
Contact:
Monica Broughton
Investor Relations
MRC Global Inc.
[email protected]
832-308-2847
MRC Global Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except shares)
March 31,
December 31,
2018
2017
Assets
Current assets:
Cash
$
45
$
48
Accounts receivable, net
621
522
Inventories, net
811
701
Other current assets
49
47
Total current assets
1,526
1,318
Other assets
21
21
Property, plant and equipment, net
146
147
Intangible assets:
Goodwill, net
488
486
Other intangible assets, net
357
368
$
2,538
$
2,340
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable
$
523
$
415
Accrued expenses and other current liabilities
136
143
Current portion of long-term debt
4
4
Total current liabilities
663
562
Long-term obligations:
Long-term debt, net
635
522
Deferred income taxes
106
106
Other liabilities
36
36
Commitments and contingencies
6.5% Series A Convertible Perpetual Preferred Stock, $0.01 par value; authorized 363,000 shares; 363,000 shares issued and outstanding
355
355
Stockholders' equity:
Common stock, $0.01 par value per share: 500 million shares authorized, 104,006,870 and 103,099,692 issued, respectively
1
1
Additional paid-in capital
1,695
1,691
Retained deficit
(536)
(548)
Less: Treasury stock at cost: 13,478,551 and 11,751,726 shares, respectively
(205)
(175)
Accumulated other comprehensive loss
(212)
(210)
743
759
$
2,538
$
2,340
MRC Global Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except per share amounts)
Three Months Ended
March 31,
March 31,
2018
2017
Sales
$
1,010
$
862
Cost of sales
841
722
Gross profit
169
140
Selling, general and administrative expenses
138
126
Operating income
31
14
Other expense:
Interest expense
(8)
(7)
Other, net
2
-
Income before income taxes
25
7
Income tax expense
7
1
Net income
18
6
Series A preferred stock dividends
6
6
Net income attributable to common stockholders
$
12
$
-
Basic income per common share
$
0.13
$
-
Diluted income per common share
$
0.13
$
-
Weighted-average common shares, basic
91.4
94.8
Weighted-average common shares, diluted
92.5
94.8
MRC Global Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Three Months Ended
March 31,
March 31,
2018
2017
Operating activities
Net income
$
18
$
6
Adjustments to reconcile net income to net cash (used in) provided by operations:
Depreciation and amortization
6
5
Amortization of intangibles
11
11
Equity-based compensation expense
4
4
Amortization of debt issuance costs
-
1
Increase in LIFO reserve
7
1
Other
2
2
Changes in operating assets and liabilities:
Accounts receivable
(98)
(75)
Inventories
(117)
(6)
Other current assets
(4)
(1)
Accounts payable
106
74
Accrued expenses and other current liabilities
(9)
-
Net cash (used in) provided by operations
(74)
22
Investing activities
Purchases of property, plant and equipment
(5)
(11)
Net cash used in investing activities
(5)
(11)
Financing activities
Payments on revolving credit facilities
(194)
(14)
Proceeds from revolving credit facilities
307
14
Payments on long-term obligations
(1)
(2)
Purchase of common stock
(30)
(18)
Dividends paid on preferred stock
(6)
(6)
Repurchases of shares to satisfy tax withholdings
(5)
(3)
Proceeds from exercise of stock options
5
-
Net cash provided by (used in) financing activities
76
(29)
Decrease in cash
(3)
(18)
Effect of foreign exchange rate on cash
-
2
Cash -- beginning of period
48
109
Cash -- end of period
$
45
$
93
MRC Global Inc.
Supplemental Information (Unaudited)
Reconciliation of Adjusted EBITDA (a non-GAAP measure) to Net Income
(in millions)
Three Months Ended
March 31,
March 31,
2018
2017
Net income
$
18
$
6
Income tax expense
7
1
Interest expense
8
7
Depreciation and amortization
6
5
Amortization of intangibles
11
11
Increase in LIFO reserve
7
1
Change in fair value of derivative instruments
(2)
1
Equity-based compensation expense (1)
4
4
Adjusted EBITDA
$
59
$
36
Notes to above:
(1) Recorded in SG&A
The company defines Adjusted EBITDA as net income plus interest, income taxes, depreciation and amortization, amortization of intangibles, and certain other expenses, including non-cash expenses, (such as equity-based compensation, severance and restructuring, changes in the fair value of derivative instruments and asset impairments, including inventory) and plus or minus the impact of its LIFO inventory costing methodology. The company presents Adjusted EBITDA because the company believes Adjusted EBITDA is a useful indicator of the company's operating performance. Among other things, Adjusted EBITDA measures the company's operating performance without regard to certain non-recurring, non-cash or transaction-related expenses. Adjusted EBITDA, however, does not represent and should not be considered as an alternative to net income, cash flow from operations or any other measure of financial performance calculated and presented in accordance with GAAP. Because Adjusted EBITDA does not account for certain expenses, its utility as a measure of the company's operating performance has material limitations. Because of these limitations, the company does not view Adjusted EBITDA in isolation or as a primary performance measure and also uses other measures, such as net income and sales, to measure operating performance. See the Company's Annual Report filed on Form 10-K for a more thorough discussion of the use of Adjusted EBITDA.
MRC Global Inc.
Supplemental Information (Unaudited)
Reconciliation of Adjusted Gross Profit (a non-GAAP measure) to Gross Profit
(in millions)
Three Months Ended
March 31,
Percentage
March 31,
Percentage
2018
of Revenue
2017
of Revenue
Gross profit, as reported
$
169
16.7%
$
140
16.2%
Depreciation and amortization
6
0.6%
5
0.6%
Amortization of intangibles
11
1.1%
11
1.3%
Increase in LIFO reserve
7
0.7%
1
0.1%
Adjusted Gross Profit
$
193
19.1%
$
157
18.2%
The company defines Adjusted Gross Profit as sales, less cost of sales, plus depreciation and amortization, plus amortization of intangibles, and plus or minus the impact of its LIFO inventory costing methodology. The company presents Adjusted Gross Profit because the company believes it is a useful indicator of the company's operating performance without regard to items, such as amortization of intangibles, that can vary substantially from company to company depending upon the nature and extent of acquisitions of which they have been involved. Similarly, the impact of the LIFO inventory costing method can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO and depending upon which method they may elect. The company uses Adjusted Gross Profit as a key performance indicator in managing its business. The company believes that gross profit is the financial measure calculated and presented in accordance with U.S. generally accepted accounting principles that is most directly comparable to Adjusted Gross Profit.
MRC Global Inc.
Supplemental Sales Information (Unaudited)
(in millions)
Sales by Segment
Three Months Ended
March 31,
March 31,
2018
2017
U.S.
$
806
$
666
Canada
78
77
International
126
119
$
1,010
$
862
Sales by Product Line
Three Months Ended
March 31,
March 31,
Type
2018
2017 (1)
Line pipe
$
158
$
146
Carbon steel fittings and flanges
171
123
Total carbon steel pipe, fittings and flanges
329
269
Valves, automation, measurement and instrumentation
378
322
Gas products
124
116
Stainless steel and alloy pipe and fittings
53
41
General oilfield products
126
114
$
1,010
$
862
Notes to above:
(1)
$18 million of sales for the three months ended March 31, 2017 have been reclassified from gas products to general oilfield products to conform with current year presentation.
View original content: http://www.prnewswire.com/news-releases/mrc-global-announces-first-quarter-2018-results-300641418.html
SOURCE MRC Global Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-mrc-global-announces-first-quarter-2018-results.html |
LONDON (Reuters) - Deutsche Bank strategists downgraded European energy to “underweight” from “benchmark” on Tuesday, recommending investors sell the sector they see as over-valued, arguing it is likely to fall back after strong year-to-date gains in crude prices sent it surging.
FILE PHOTO: The headquarters of Germany's Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo Brent crude LCOc1, the global benchmark, topped $80 a barrel last week for the first time since November 2014. Its rise has helped Europe’s energy stocks .SXEP climb 15 percent year-to-date, leading sector gains.
“The historical relationship with the oil price suggests that with Brent crude at $79 per barrel, the sector is currently around 4 percent above fair-value - and would have 7 percent downside relative to the market until end September if oil stays at current levels,” said Deutsche Bank strategists in a note.
If crude prices weaken from their current levels the sector could suffer even more, they added.
In the same note, strategists at the German bank turned more positive on European bank stocks, upgrading the sector .SX7P from “underweight” to “benchmark” after a period of underperformance.
“Further downside looks limited as the drag from Euro area PMIs dissipates,” they said. Bank stocks have lagged the market so far this year on signs of slowing economic growth in the euro zone.
Deutsche Bank’s strategists stopped short of recommending investors actively buy the sector, however, saying Euro area growth projections still do not imply stellar gains ahead.
The bank’s European equity strategy team also upgraded insurance from “underweight” to “overweight”, and downgraded utilities from “overweight” to “benchmark”.
Reporting by Helen Reid, Editing by Kit Rees
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bank-ratings/deutsche-bank-downgrades-european-energy-to-underweight-after-strong-gains-idUSKCN1IN12S |
May 8 (Reuters) - OTC Markets Group Inc:
* Q1 GAAP EARNINGS PER SHARE $0.31 * ANNOUNCING Q2 2018 DIVIDEND OF $0.14 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-otc-markets-group-reports-q1-reven/brief-otc-markets-group-reports-q1-revenue-rose-7-pct-idUSASC0A0S3 |
May 15 (Reuters) - PREMIUM FUND SA:
* REPORTED ON MONDAY Q1 NET PROFIT OF 0.2 MILLION ZLOTYS VERSUS LOSS OF 0.2 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE 155,000 ZLOTYS VERSUS 5,196 ZLOTYS YEAR AGO Source text: bit.ly/2KpGhW9
Further company coverage: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SM3G8 |
May 17 (Reuters) - Altria Group Inc:
* ALTRIA REAFFIRMS FULL-YEAR 2018 EARNINGS GUIDANCE.
* DECLARES REGULAR QUARTERLY DIVIDEND OF $0.70 PER SHARE. * HOWARD WILLARD SUCCEEDS MARTY BARRINGTON AS ALTRIA’S CHAIRMAN AND CEO, FOLLOWING MR. BARRINGTON’S RETIREMENT
* ANNOUNCES EXPANSION OF ITS $1 BILLION SHARE REPURCHASE PROGRAM TO $2 BILLION
* ALTRIA GROUP - ANNOUNCES EXPANSION OF SHARE REPURCHASE PROGRAM TO $2 BILLION, TO BE COMPLETED BY END OF Q2 2019
* FY2018 EARNINGS PER SHARE VIEW $4.00, REVENUE VIEW $19.64 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-altria-reaffirms-full-year-2018-ea/brief-altria-reaffirms-full-year-2018-earnings-guidance-idUSFWN1SO0Y5 |
FREETOWN (Thomson Reuters Foundation) - Kadiatu Koroma only narrowly escaped the mudslide that engulfed her home in Sierra Leone’s ramshackle capital last August, killing an estimated 1,000 people in one of the worst flooding-related disasters to hit Africa in living memory.
Koroma had already left for work when tons of mud and rocks crashed down onto her poor community in the shadow of Freetown’s Mount Sugar Loaf, killing her sister and her newborn baby.
Like many in the poor West African nation, she had no choice but to live in a place where experts had long warned that deforestation and rampant construction could bring disaster - and where many fear it could happen again as heavy rains become more severe due to climate change.
“Who would live in an area that is disaster prone if they knew and valued their life?” she told the Thomson Reuters Foundation in a camp for homeless victims of the disaster.
“We had no idea, we have no choice.”
Originally built for 400,000 residents, Freetown has mushroomed since Sierra Leone won independence from Britain in 1961, and is now home to an estimated 2 million people.
People flocked to the city during the decade-long civil war that ended in 2002 and the rampant, unplanned construction that followed led to destruction of the forests that offered vital protection against mudslides.
Many experts believe the mudslide was a manmade disaster and warn of worse to come if urgent action is not taken.
“I think what we saw is just the beginning,” said Bala Amarasekaren, a conservationist who founded Tacugama Chimpanzee Sanctuary in the hills above Freetown in 1995.
“I am very, very scared. I know this area well and there are many areas that are even more vulnerable than the place that collapsed.”
Amarasekaren said the forested slopes that surround Freetown once provided natural protection for the city, but have now been denuded for largely illegal construction.
“The forest plays a huge role in terms of protecting our water ways, protecting the slopes, and if you start destroying that eco-system you’re basically inviting problems such as those that led to the landslide,” he said.
URBAN FAILURE Emergency workers in Freetown pulled the bodies of about 500 victims from the mud but hundreds more are still missing. The final death toll, estimated at 1,000, may never be known.
Another 3,000 people were made homeless in the city, which is buckling under the weight of a growing population.
A fifth of the population now lives in slum conditions with no sewerage or basic services, according to the United Nations, while 60 percent live on less than $1.25 a day.
Alaphajoh Cham, deputy director of policy and planning at the land ministry, said unplanned construction was a legacy of the war-era influx of people to the capital.
“Urbanization is good if you are able to manage it very well,” he told the Thomson Reuters Foundation.
“The stark reality is that we stopped planning for decades; planning has never been a priority.
“Unfortunately, the government is not in a position to effectively manage development control.”
Abdul Karim Marah, Freetown City Council’s development and planning officer, said structural plans for the city had been drawn up but never implemented.
“We have so many documents which could inform whomever is interested in bringing about decency and change in regards to the problems of environmental challenges in Freetown,” he said.
“It’s a question of putting them into practice.”
New Mayor Yvonne Aki Sawyerr said Freetown’s location, sandwiched between the sea and the mountains, compounded the difficulty of accommodating an expanding population.
“Freetown is a city of just over a million people living on 357 square kms of land,” she said in an email interview.
“A lack of urban planning, inadequate housing and poor sanitation is negatively impacting the living conditions, health outcomes and employment prospects of many of Freetown’s residents.”
CHANGING CLIMATE Freetown has been plagued by heavy rains and flooding yearly since 2008, and was still reeling from an Ebola epidemic that killed 4,000 people when the mudslide struck.
Conservationist Amarasekaren believes climate change is also taking its toll on a city that suffers heavy rains every year.
“Climate change is global,” he said. “What you’re doing in the United States or England is coming to affect us. Maybe in August we used to get 30 inches (76 cm) of rain; because of climate change, now we’re getting maybe 300 inches.”
In the city’s low-lying Congo Town slum, where small shacks are crammed haphazardly together and a lack of proper sewerage systems means a strong stench fills the air, community leader Idrissa Kargbo said floods were a regular hazard.
Nowadays, the rainy season tends to be briefer but more intense, bringing greater risk of flooding, he said as he pointed to the damp stains at head height on the wall.
“My worries are that it happened in 2015, and 2016, and again in 2017,” he said. “Maybe 2018 will be the worst.”
Reporting by Nicky Milne, Editing by Claire Cozens 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
| ashraq/financial-news-articles | https://www.reuters.com/article/us-leone-mudslide-climatechange/sierra-leone-mudslide-survivors-live-in-fear-of-fresh-disaster-idUSKBN1IB00H |
(Repeats to attach to additional alerts) TOKYO, May 18 (Reuters) - Japan's core consumer prices rose 0.7 percent in April from a year earlier, government data showed on Friday. The core consumer price index, which includes oil products but excludes fresh food prices, compared with economists' median estimate for a 0.8 percent annual gain. Stripping away the effect of fresh food and energy, consumer prices rose 0.4 percent in April from a year ago. (Reporting by Leika Kihara)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-economy-inflation/rpt-japan-april-core-cpi-rises-0-7-pct-yr-yr-idUST9N1RI027 |
ROME (Reuters) - Italy’s two anti-establishment parties agreed the basis for a governing accord on Thursday that would slash taxes, ramp up welfare spending and pose the biggest challenge to the European Union since Britain voted to leave the bloc two years ago.
FILE PHOTO: Anti-establishment 5-Star Movement leader Luigi Di Maio speaks following a talk with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 12, 2018. REUTERS/Max Rossi/File Photo Leaders of the far-right League and the 5-Star Movement, which emerged as two of the biggest parties from an inconclusive March 4 election, have been discussing a common policy agenda for a coalition government and end more than 10 weeks of stalemate.
5-Star leader Luigi Di Maio said he and League chief Matteo Salvini had completed their review of the program drawn up by party officials and they would present it to President Sergio Mattarella by Monday.
A 5-Star source had said the program contained no reference to a possible exit from the euro or “anything that could cause any concern regarding Italy’s euro membership”.
Both parties have a history of euroscepticism. 5-Star has moderated its position over the last year, but the League still wants to leave the euro zone as soon as politically feasible.
The accord has yet to be made public and still needs to be ratified by both parties’ members as well as approval by Mattarella. The parties had made progress on agreeing a prime minister, Di Maio said, but he did not give a name.
Salvini said the new premier would be neither him nor Di Maio.
Related Coverage France's Macron - elements of doubt, confidence in Italy Italy's 5-Star chief says government program review not quite finished Italy's 5-Star, League leaders sign off on policy program -source A draft of the accord reviewed by Reuters earlier on Thursday spelt out a plan to cut taxes, increase welfare payments for the poor and scrap an unpopular pension reform which seems incompatible with EU rules on fiscal discipline.
The policies would cost many billions of euros and have spooked investors in Italian debt, shares and the euro. Italy is the euro zone’s third-largest economy.
News of the draft accord has caused concern in Brussels, where European Commission Vice President Valdis Dombrovskis told the EU parliament on Thursday that Italy’s new government should stick to fiscal discipline and keep reducing public debt.
Italy’s borrowing costs have been rising as details of the accord emerge, though they stabilized after a sell-off on Wednesday. Italy’s main share index closed up 0.3 percent and the gap between the yields on Italy’s benchmark bonds and safer German bonds retreated after briefly widening on Thursday to their widest since early January.
FILE PHOTO: League party leader Matteo Salvini leaves after a meeting with Italian President Sergio Mattarella during the second day of consultations at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/File Photo DEBT RATING WARNING Ratings agency DBRS warned that the parties’ proposals could threaten Italy’s sovereign credit rating and comments by the League’s economics chief sparked a plunge in the share price of troubled bank Monte dei Paschi di Siena.
Claudio Borghi said Monte Paschi will remain in public hands following a bailout last year and branch closures planned by the outgoing center-left government would be rolled back.
Outgoing Prime Minister Paolo Gentiloni told EU leaders in Bulgaria that he and other leaders were worried that fundamental issues such as the need to safeguard public accounts were now up for political discussion.
French President Emmanuel Macron said the nascent Italian government was made up of “heterogeneous and paradoxical” forces, but expressed confidence that Mattarella would ensure Italy continued to work constructively in the EU.
Mattarella has repeatedly stressed the importance of maintaining a strong, pro-European stance.
The draft pact proposed a new “universal income” for the poor costed at 17 billion euros, while it said a planned softening of an unpopular pension reform would cost 5 billion.
The plan promised to introduce a 15 percent flat tax rate for businesses and two tax rates of 15 and 20 percent for individuals — a reform long promoted by the League. Economists say this would cost well over 50 billion euros in lost revenues.
It was not clear when these and other measures would be adopted, and there was still no word on the thorny issue of who would be prime minister. Neither Salvini nor Di Maio wants the other to get the job.
Additional reporting by Huw Jones, Crispian Balmer and Gavin Jones; Editing by David Stamp and Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics/italys-5-star-and-league-put-final-touches-to-government-deal-idUSKCN1II1GB |
May 17, 2018 / 7:16 PM / 3 days ago 'Made in China' label sheds light on old Java Sea shipwreck Will Dunham 3 Min Read
WASHINGTON (Reuters) - A fresh examination of Chinese ceramics and other cargo from an important Java Sea shipwreck has led researchers to conclude that the vessel sank a century earlier than previously thought, providing insight into Asia’s maritime trade more than 800 years ago. Chinese ceramic bowls from the Field Museum’s Java Sea Shipwreck, which was discovered in the 1980s west of Indonesia's island of Sumatra, is shown in an image released by the Field Museum in Chicago, Illinois, U.S., May 17, 2018. Courtesy The Field Museum/Handout via REUTERS
Inscriptions akin to a “Made in China” label found on two of the thousands of recovered ceramics provided crucial evidence that the 92-foot (28-meter) long wooden ship went down, perhaps in a storm, in the second half of the 12th century, not the mid- to late 13th century, researchers said on Thursday.
The shipwreck was discovered in the 1980s west of Indonesia’s island of Sumatra. Florida-based salvage company Pacific Sea Resources later worked at the site and donated half of the artifacts it recovered, more than 7,500 items, to the Field Museum in Chicago and the rest to Indonesia’s government in the 1990s. A Chinese storage jar from the Java Sea Shipwreck, which was discovered in the 1980s west of Indonesia's island of Sumatra, is shown in an image released by the Field Museum in Chicago, Illinois, U.S., May 17, 2018. Courtesy Gedi Jakovickas/The Field Museum/Handout via REUTERS
“The Java Sea Shipwreck is informative in many ways. It demonstrates not only the scale of maritime trade at the time but also its complexity,” said Field Museum archaeologist Lisa Niziolek, lead author of the research published in the Journal of Archaeological Science: Reports. Ceramic box base with a Chinese inscription that mentions a place, Jianning Fu, which dates from AD 1162 to 1278, from the Java Sea Shipwreck, which was discovered in the 1980s west of Indonesia's island of Sumatra, is shown in an image released by the Field Museum in Chicago, Illinois, U.S., May 17, 2018. Courtesy Gedi Jakovickas/The Field Museum/Handout via REUTERS
The ship, likely built in Indonesia, carried nearly 200 tons of wrought iron bars and cast iron woks and cooking pans, as well as about 100,000 pieces of ceramic from China. The cargo also included resin perhaps from India, elephant tusks possibly from East Africa and a collection of ritual vessels probably from Thailand. The ship likely was headed to Indonesia’s island Java from China.
The name of a specific Chinese locale, Jianning Fu, on the two ceramics inscriptions permitted a more accurate shipwreck time estimate. After the 1270s invasion of the Mongols that toppled the Song dynasty, that area was reclassified as Jianning Lu. The Jianning Fu reference meant the sinking may have occurred as early as 1162, Niziolek said.
A carbon-dating technique used on ivory and resin supported the idea that the shipwreck was older than previously thought, Field Museum archaeologist Gary Feinman said.
The earlier date shifted the shipwreck’s historical context away from the period right before or after the Mongols established China’s Yuan dynasty in the 1270s to the earlier part of the Southern Song dynasty.
This dynasty encouraged Chinese traders to go abroad instead of relying on foreign missions traveling to China, Niziolek said. This was also a time of heightened competition between Southeast Asia’s maritime societies, Niziolek added. Reporting by Will Dunham; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-science-shipwreck/made-in-china-label-sheds-light-on-old-java-sea-shipwreck-idUKKCN1II2RF |
* Government cuts spending from oil fund by NOK 5.6 bln
* Maintains forecast of above-trend growth in 2018/2019
* Above-forecast Q1 GDP points to Sept rate hike -DNB
* Crown currency strengthens vs euro (Adds Quote: s, comments, background, currency, bullets)
By Camilla Knudsen and Ole Petter Skonnord
OSLO, May 15 (Reuters) - Norway will spend less money than planned from its $1 trillion sovereign wealth fund in 2018 as growth accelerates and state income rises, the government said in its mid-year budget revision on Tuesday.
A sharp rise in the price of crude has helped trigger an economic recovery for western Europe’s top oil and gas producer as energy firms boost exploration and investments.
Norway’s structural non-oil deficit, a key measure of public spending, is now estimated at 225.5 billion Norwegian crowns ($28.10 billion), down from 231.1 billion crowns seen last October.
The revised plan corresponds to an estimated 2.7 percent of the oil fund’s value, down from 2.9 percent in the original budget plan and below the 3.0 percent that Norway aims to spend in a year of average growth.
“The revision should be read in the light of a substantial rise in the fund’s market value by the end of last year,” the finance ministry said in a statement.
Statistics Norway separately released growth data that showed the country’s non-oil gross domestic product expanded by 0.6 percent in the first quarter from the fourth, beating forecasts of 0.5 percent growth in a Reuters poll.
“Mainland GDP growth surprised on the upside, and the fourth quarter was revised up by one tenth of a percent. That’s what we focus the most on,” Danske Bank chief economist Frank Jullum said.
“This means that growth is in line with Norges Bank’s estimates and that a rate hike will follow after the summer, in line with its previous announcements,” he added.
DNB Markets also predicted a rate hike.
“Underlying growth in the economy is good and contributes to higher capacity utilisation, which means that rates can be hiked. We still expect the first hike in September,” DNB economist Kyrre Aamdal said.
The government maintained non-oil growth forecasts of 2.5 and 2.6 percent for 2018 and 2019 respectively.
“This is above the historic trend, and capacity utilisation will increase and remain close to normal levels next year. The labour market has improved faster than projected,” the finance ministry said.
Statistics Norway meanwhile revised up 2017 mainland growth to 1.9 percent from 1.8 percent previously.
The crown currency initially strengthened against the euro to 9.5550 shortly after the 0600 GMT release of GDP and budget data, from 9.5802 just ahead of the publication. It later weakened slightly to trade at 9.5750.
$1 = 8.0258 Norwegian crowns Writing by Terje Solsvik, editing by Gwladys Fouche
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/norway-economy-gdp/update-1-norway-cuts-spending-from-wealth-fund-as-economy-thrives-idUSL5N1SM1QB |
Final Rounds and Seeds Progress Reuters Staff 4 Final Rounds and Seeds Progress Rounds .. Seed Round Rslt Opponent Score 1 Elise Mertens (BEL) final won semi won 8-Su-Wei Hsieh (TPE) 6-0 6-2 qtr won Sara Errani (ITA) 6-3 6-1 2nd won Laura Siegemund (GER) 6-7(5) 6-0 3-1 (Retired) 1st won Kristina Kucova (SVK) 6-0 6-0 - Ajla Tomljanovic (AUS) final lost 1-Elise Mertens (BEL) 6-2 7-6(4) semi won 7-Aleksandra Krunic (SRB) 7-5 6-2 qtr won Jana Fett (CRO) 3-6 6-3 6-3 2nd won Kirsten Flipkens (BEL) 6-3 6-2 1st won Silvia Soler Espinosa (ESP) 6-2 3-6 6-1 8 Su-Wei Hsieh (TPE) semi lost 1-Elise Mertens (BEL) 6-0 6-2 qtr won Katarina Zavatska (UKR) 6-1 6-1 2nd won Tamara Zidansek (SLO) 6-7(6) 6-3 6-3 1st won Bethanie Mattek-Sands (USA) 3-6 7-6(3) 6-1 7 Aleksandra Krunic (SRB) semi lost Ajla Tomljanovic (AUS) 7-5 6-2 qtr won Paula Badosa Gibert (ESP) 6-2 1-0 (Retired) 2nd won Sara Sorribes Tormo (ESP) 6-3 6-1 1st won Lara Arruabarrena (ESP) 6-2 6-7(0) 6-2 - Sara Errani (ITA) qtr lost 1-Elise Mertens (BEL) 6-3 6-1 2nd won Johanna Larsson (SWE) 6-3 6-0 1st won 6-Zarina Diyas (KAZ) 6-4 6-4 - Paula Badosa Gibert (ESP) qtr lost 7-Aleksandra Krunic (SRB) 6-2 1-0 (Retired) 2nd won Polona Hercog (SLO) 6-7(5) 6-1 6-2 1st won Fiona Ferro (FRA) 5-7 6-4 6-0 - Katarina Zavatska (UKR) qtr lost 8-Su-Wei Hsieh (TPE) 6-1 6-1 2nd won Alexandra Dulgheru (ROU) 7-5 2-6 6-4 1st won Diae El Jardi (MAR) 6-2 6-3 - Jana Fett (CRO) qtr lost Ajla Tomljanovic (AUS) 3-6 6-3 6-3 2nd won Magdalena Frech (POL) 6-2 6-4 1st won Sachia Vickery (USA) 6-2 3-6 6-3 .. Seeds .. Seed Round Rslt Opponent Score 1 Elise Mertens (BEL) final won semi won 8-Su-Wei Hsieh (TPE) 6-0 6-2 qtr won Sara Errani (ITA) 6-3 6-1 2nd won Laura Siegemund (GER) 6-7(5) 6-0 3-1 (Retired) 1st won Kristina Kucova (SVK) 6-0 6-0 2 Dominika Cibulkova (SVK) 1st lost Polona Hercog (SLO) 2-6 7-5 6-4 3 Petra Martic (CRO) 1st lost Kirsten Flipkens (BEL) 3-6 6-2 6-4 4 Timea Babos (HUN) 1st lost Alexandra Dulgheru (ROU) 2-6 7-6(7) 7-5 6 Zarina Diyas (KAZ) 1st lost Sara Errani (ITA) 6-4 6-4 7 Aleksandra Krunic (SRB) semi lost Ajla Tomljanovic (AUS) 7-5 6-2 qtr won Paula Badosa Gibert (ESP) 6-2 1-0 (Retired) 2nd won Sara Sorribes Tormo (ESP) 6-3 6-1 1st won Lara Arruabarrena (ESP) 6-2 6-7(0) 6-2 8 Su-Wei Hsieh (TPE) semi lost 1-Elise Mertens (BEL) 6-0 6-2 qtr won Katarina Zavatska (UKR) 6-1 6-1 2nd won Tamara Zidansek (SLO) 6-7(6) 6-3 6-3 1st won Bethanie Mattek-Sands (USA) 3-6 7-6(3) 6-1 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-seeds-womens-singles/wta-international-rabat-womens-singles-final-rounds-and-seeds-progress-idUKMTZXEE559JHIR4 |
ORANGEBURG, S.C., May 1, 2018 /PRNewswire/ -- Zeus Industrial Products, Inc. (Zeus), a leading polymer extrusion manufacturer and material science innovator, announced Steve Peterson will assume the role of President effective May 1, 2018. Previously, Mr. Peterson held the position of Global Head of Marketing & Sales and Senior Vice President at Zeus. He will continue to report to the Zeus' Chief Executive Officer, John Winarchick.
As President, Mr. Peterson will play an instrumental role in leading the company forward. He will focus on developing influential growth strategies and building strong, motivated teams that will continually improve Zeus products and service delivery.
Before joining Zeus, Mr. Peterson held global leadership positions with TE Connectivity, Samsung Electronics, and General Electric. During a career that has spanned over 20 years, he assumed roles of increasing responsibility in sales, marketing, product management, supply chain management and executive management.
Click to Tweet : @ZeusTubing Promotes Steve Peterson to President.
COMMENTS
"Throughout his career, Steve has had a variety of experiences that have prepared him to take on this new responsibility. We are confident that he will excel in this role and expand on Zeus' legacy of growth by providing value to our customers, employees and the communities in which we operate." – Frank P. Tourville, Sr., Founder and Chairman of the Board, Zeus Industrial Products, Inc.
"Since joining Zeus in 2017, Steve has been leading the global sales and marketing function. During this time, he has demonstrated exceptional customer focus and leadership. Along with his ample skill set and experience, these capabilities will prove extremely valuable in his new role." – John Winarchick, Chief Executive Officer, Zeus Industrial Products, Inc.
"I look forward to leading our 1,500+ employees around the globe as we continue to deliver top-notch service to our customers. I will focus on maintaining the growth momentum Zeus has enjoyed since its inception. I am grateful for the confidence placed in me and am excited to assume this new role." – Steve Peterson, President, Zeus Industrial Products, Inc.
QUICK FACTS
Steve Peterson joined Zeus in 2017 as Global Head of Marketing & Sales and Senior Vice President. Effective May 1, 2018, Peterson will be promoted to President. In addition to Zeus, Peterson has provided global sales and product leadership at TE Connectivity, Samsung Electronics and General Electric. He has held general manager, senior vice president and vice president positions during his career. Peterson's educational background includes a bachelor's degree in technical sales from Weber State University and a Master of Business Administration degree from Bellarmine University.
RESOURCES
Zeus Industrial Products: Learn more about the company and its products on the Zeus website; or call toll-free 1-800-526-3842 or +1-803-268-9500 outside the U.S.
ABOUT ZEUS INDUSTRIAL PRODUCTS, INC.
Zeus Industrial Products, Inc., is headquartered in Orangeburg, SC, USA. Its core business is the development and precision extrusion of advanced polymeric materials. The company employs over 1,500 people worldwide with manufacturing facilities in Aiken, Gaston and Orangeburg, South Carolina; Branchburg, New Jersey; and Letterkenny, Ireland. Zeus products and services serve companies in the medical, automotive, aerospace, fiber optics, energy and fluid management markets. For more information, visit www.zeusinc.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/zeus-promotes-steve-peterson-to-president-300638487.html
SOURCE Zeus Industrial Products, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-zeus-promotes-steve-peterson-to-president.html |
Comparable Sales growth of 9.8% supports 12.5% growth in Adjusted EBITDA and 60 basis point expansion in Adjusted EBITDA Margin (excluding Venezuela). Achieved positive comparable traffic growth in all divisions
MONTEVIDEO, Uruguay--(BUSINESS WIRE)-- Arcos Dorados Holdings, Inc. (NYSE:ARCO) (“Arcos Dorados” or the “Company”), Latin America’s largest restaurant chain and the world’s largest independent McDonald’s franchisee, today reported unaudited results for the first quarter ended March 31, 2018.
First Quarter 2018 Key Results – Excluding Venezuela
As reported consolidated revenues increased 5.5% to $802.8 million versus the first quarter of 2017. On a constant currency basis 1 , consolidated revenues grew 10.7%. Systemwide comparable sales 1 rose 9.8% year-over-year. As reported Adjusted EBITDA 1 increased 12.5% to $68.0 million compared with the prior-year quarter. Consolidated Adjusted EBITDA margin expanded 60 basis points to 8.5%. As reported General and Administrative (G&A) expenses remained flat as a percentage of revenues. As reported net income decreased to $13.6 million, from $41.0 million in the first quarter of 2017, primarily due to re-development proceeds of $51.9 million in the year ago period.
“The positive momentum continued in the first quarter of 2018 as Arcos Dorados posted strong operating results. An improved macroeconomic environment, favorable consumer trends, and compelling product offerings across our menu contributed to an important shift in mix and increased traffic, driving top line growth, profitability and gains in market share throughout Latin America.
We are leveraging our leading market share, streamlined cost structure and unmatched scale to capture the opportunity in front of us. We are deriving additional margin and cash generation by maintaining our focus on bringing more guests to our restaurants more often. I am confident that our strong restaurant portfolio, popular menu items and outstanding team will continue to deliver sustainable growth and significant shareholder value creation," said Sergio Alonso, Chief Executive Officer of Arcos Dorados.
1 For definitions please refer to page 12 of this document. First Quarter 2018 Results
Consolidated
Figure 1. AD Holdings Inc Consolidated: Key Financial Results (In millions of U.S. dollars, except as noted)
1Q17
(a)
Currency
Translation
- Excl.
Venezuela
(b)
Constant
Currency
Growth -
Excl.
Venezuela
(c)
Venezuela
(d)
1Q18
(a+b+c+d)
% As
Reported
% Constant
Currency
Total Restaurants (Units) 2,156 2,190 1.6% Sales by Company-operated Restaurants 745.4 (37.5) 75.4 23.7 807.1 8.3% 92.0% Revenues from franchised restaurants 36.1 (1.7) 5.6 2.9 42.8 18.7% 219.5% Total Revenues 781.5 (39.2) 81.0 26.6 849.9 8.8% 97.9% Systemwide Comparable Sales 122.0% Adjusted EBITDA 62.7 (2.0) 9.6 (31.7) 38.6 -38.4% 635.6% Adjusted EBITDA Margin 8.0% 4.5% Net income (loss) attributable to AD 40.6 (0.6) (26.8) (12.7) 0.5 -98.7% 708.0% No. of shares outstanding (thousands) 210,711 211,073 EPS (US$/Share) 0.19 0.00 (1Q18 = 1Q17 + Currency Translation Excl. Venezuela + Constant Currency Growth Excl. Venezuela + Venezuela). Refer to “Definitions” section for further detail.
Arcos Dorados’ consolidated results continue to be heavily impacted by Venezuela’s macroeconomic volatility, including the ongoing hyperinflationary environment and the country’s heavily regulated currency. As such, reported results in the quarter reflect significant non-cash accounting impacts from operations in that market. Thus, the discussion of the Company’s operating performance is focused on consolidated results, excluding Venezuela.
Consolidated – excluding Venezuela
Figure 2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results (In millions of U.S. dollars, except as noted)
1Q17
(a)
Currency
Translation
(b)
Constant
Currency
Growth
(c)
1Q18
(a+b+c)
% As
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% Constant
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Total Restaurants (Units) 2,025 2,060 1.7% Sales by Company-operated Restaurants 727.0 (37.5) 75.4 765.0 5.2% 10.4% Revenues from franchised restaurants 33.9 (1.7) 5.6 37.8 11.4% 16.5% Total Revenues 760.9 (39.2) 81.0 802.8 5.5% 10.7% Systemwide Comparable Sales 9.8% Adjusted EBITDA 60.4 (2.0) 9.6 68.0 12.5% 15.9% Adjusted EBITDA Margin 7.9% 8.5% Net income (loss) attributable to AD 41.0 (0.6) (26.8) 13.6 -66.9% -65.5% No. of shares outstanding (thousands) 210,711 211,073 EPS (US$/Share) 0.19 0.06 Excluding the Company’s Venezuelan operation, as reported revenues increased 5.5% year-over-year. The result primarily reflects constant currency revenue growth of 10.7%, partially offset by a negative impact from currency translation, which mainly resulted from the 25.7% and 3.3% year-over-year average depreciation of the Argentine peso and the Brazilian real, respectively. Constant currency revenue growth was supported by a 9.8% increase in systemwide comparable sales, supported by a favorable shift in mix and positive traffic in all divisions.
First quarter consolidated as reported Adjusted EBITDA, excluding Venezuela, increased 12.5% or 15.9% in constant currency terms, with revenue growth and margin expansion in all divisions, except for the Caribbean. The Adjusted EBITDA margin expanded by 60 basis points to 8.5%, driven by efficiencies in Food and Paper (F&P), Payroll, and Occupancy and Other Operating Expenses, partially offset by higher Royalty Fees.
As reported, consolidated G&A increased by 5.1% year-over-year, and remained flat as a percentage of revenues.
Main variations in other operating income (expenses), net
Included in Adjusted EBITDA: In the first quarter of 2018, the Company recorded an inventory write down of $41.3 million, related to the devaluation in Venezuela, compared to an inventory write down of $0.1 million in the first quarter of 2017. Proceeds from refranchising were less than $0.9 million in the first quarter of 2018 as well as in the prior year comparable quarter.
Excluded from Adjusted EBITDA: In the first quarter of 2018, the Company recorded $0.2 million from its re-development initiative, compared with $51.9 million in the first quarter of 2017.
Non-operating Results
Non-operating results for the first quarter reflected a non-cash $1.8 million foreign currency exchange loss, versus a non-cash loss of $8.4 million last year. Net interest expense was $1.8 million lower year-over-year.
The Company reported an income tax expense of $12.9 million in the quarter, compared to an income tax expense of $21.4 million in the prior year period.
First quarter net income attributable to the Company totaled $13.6 million ($0.5 million, including Venezuela), compared to net income of $41.0 million ($40.6 million, including Venezuela) in the same period of 2017. The prior year result included $51.9 million from the Company’s re-development initiative compared with $0.2 million this year. The Company concluded the redevelopment program in 2017.
The Company reported earnings per share of $0.06 ($0.00, including Venezuela) in the first quarter of 2018, compared to earnings per share of $0.19 (also $0.19, including Venezuela) in the previous corresponding period. Total weighted average shares for the first quarter of 2018 were 211,072,508, as compared to 210,711,224 in the prior year quarter.
Analysis by Division :
Brazil Division
Figure 3. Brazil Division: Key Financial Results (In millions of U.S. dollars, except as noted)
1Q17
(a)
Currency
Translation
(b)
Constant
Currency
Growth
(c)
1Q18
(a+b+c)
% As
Reported
% Constant
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Total Restaurants (Units) 904 929 2.8% Total Revenues 360.0 (11.7) 16.3 364.7 1.3% 4.5% Systemwide Comparable Sales 4.6% Adjusted EBITDA 44.8 (1.4) 5.4 48.7 8.9% 12.1% Adjusted EBITDA Margin 12.4% 13.4% Brazil’s as reported revenues increased by 1.3%, supported by constant currency growth outpacing a negative currency translation impact from the 3.3% average depreciation of the Brazilian real. Excluding currency translation, constant currency revenues grew 4.5% year-over-year, while total systemwide sales grew 7.4% in constant currency. This reflects the impact of the refranchising of certain company-operated restaurants during the last twelve months. An increase in the number of franchised restaurants reduces the Company’s total revenue comparisons, as company-operated restaurant sales are replaced by rental income received from the Company’s franchisees. In the quarter, systemwide comparable sales rose 4.6%, driven by a higher average check and continued restaurant traffic growth.
Marketing activities in the quarter, which were designed to sustainably stimulate top-line growth without negatively impacting gross margins, included the launch of the Batata Rústica campaign and the introduction of the Big Tasty Duplo & Chicken Bacon sandwiches, among others. Also in the quarter, the Company launched the McFlurry “Alpino” and “Triplo Chocolate Kopenhagen” in the Dessert category and included “Snoopy” in the Happy Meal.
As reported Adjusted EBITDA increased 8.9% year-over-year and 12.1% on a constant currency basis. The Adjusted EBITDA margin expanded 100 basis points to 13.4%, mainly through capturing efficiencies in F&P costs. Brazil Royalty Fee was partially offset by Growth Support received from McDonald’s Corporation during the quarter.
NOLAD
Figure 4. NOLAD Division: Key Financial Results (In millions of U.S. dollars, except as noted)
1Q17
(a)
Currency
Translation
(b)
Constant
Currency
Growth
(c)
1Q18
(a+b+c)
% As
Reported
% Constant
Currency
Total Restaurants (Units) 517 522 1.0% Total Revenues 84.3 2.7 10.1 97.2 15.2% 11.9% Systemwide Comparable Sales 11.4% Adjusted EBITDA 5.2 (0.1) 2.2 7.3 40.1% 41.9% Adjusted EBITDA Margin 6.2% 7.5% NOLAD’s as reported revenues increased 15.2% year-over-year, supported by constant currency growth of 11.9% and an 8% year-over-year average appreciation of the Mexican peso. Systemwide comparable sales increased 11.4%, mainly driven by an increase in traffic across all the division’s markets, combined with a favorable shift in mix. Notably, Mexico guest traffic continues to perform strongly, having recorded the highest comparable growth rate since the formation of Arcos Dorados in 2007. In addition to the positive Easter calendar shift, the Company’s innovative marketing and digital initiatives as well as its focus on delivering a better guest experience are driving the improved performance.
Marketing activities in the quarter included a new phase of the affordability platform “McTrío 3x3” in Mexico and the introduction of the “Caprese” premium burger in the Signature Line. The dessert category performed well with the launch of the McFlurry Crunch Rocks. Also in the quarter, the Company included “Ty Beanie Boos” and “Snoopy” in the Happy Meal.
As reported Adjusted EBITDA increased by 40.1%, or by 41.9% on a constant currency basis. The Adjusted EBITDA margin expansion of 130 basis points to 7.5% in the first quarter reflects efficiencies in all cost line items, except Royalty Fees.
SLAD
Figure 5. SLAD Division: Key Financial Results (In millions of U.S. dollars, except as noted)
1Q17
(a)
Currency
Translation
(b)
Constant
Currency
Growth
(c)
1Q18
(a+b+c)
% As
Reported
% Constant
Currency
Total Restaurants (Units) 385 391 1.6% Total Revenues 229.9 (34.0) 45.3 241.2 4.9% 19.7% Systemwide Comparable Sales 19.7% Adjusted EBITDA 20.6 (3.0) 5.4 23.0 11.5% 26.1% Adjusted EBITDA Margin 9.0% 9.5% SLAD’s as reported revenues increased 4.9% as constant currency growth of 19.7% more than offset negative currency translation impacts resulting from the 25.7% year-over-year average depreciation of the Argentine peso. Systemwide comparable sales increased 19.7%, driven by the combination of a favorable shift in mix and an increase in traffic.
Marketing activities in the quarter included the introduction of the Blue Cheese & Bacon premium burger in the Signature Line. Also in the quarter, the Company launched the “Papas Blue Cheese” and “Papas Cheddar Bacon” campaigns. The dessert category performed well with the introduction of the McFlurry Hershey’s and the launch of the McColoso. The Happy Meal featured “Ty Beanie Boos” and “Snoopy” during the quarter.
Adjusted EBITDA increased 11.5% on an as reported basis and rose 26.1% in constant currency terms. The Adjusted EBITDA margin expanded 50 basis points to 9.5%, due to efficiencies in all cost line items, except Royalty Fees. SLAD’s Royalty Fee increase was partially offset by Growth Support received from McDonald’s Corporation during the quarter.
Caribbean Division
Figure 6. Caribbean Division: Key Financial Results (In millions of U.S. dollars, except as noted)
1Q17
(a)
Currency
Translation
(b)
Constant
Currency
Growth
(c)
1Q18
(a+b+c)
% As
Reported
% Constant
Currency
Total Restaurants (Units) 350 348 -0.6% Total Revenues 107.2 (653.6) 693.3 146.9 37.0% 646.6% Systemwide Comparable Sales 892.0% Adjusted EBITDA 5.6 (420.1) 388.8 (25.7) -555.0% 6896.5% Adjusted EBITDA Margin 5.3% -17.5% The Caribbean division’s results continue to be heavily impacted by Venezuela’s macroeconomic volatility, including the ongoing hyperinflationary environment and the country’s heavily regulated currency. As such, reported results in the quarter reflect significant non-cash accounting impacts from operations in that market. Thus, the discussion of the Caribbean division’s operating performance is focused on results, excluding Venezuela.
Caribbean Division – excluding Venezuela
Figure 7. Caribbean Division - Excluding Venezuela: Key Financial Results (In millions of U.S. dollars, except as noted)
1Q17
(a)
Currency
Translation
(b)
Constant
Currency
Growth
(c)
1Q18
(a+b+c)
% As
Reported
% Constant
Currency
Total Restaurants (Units) 219 218 -0.5% Total Revenues 86.7 3.7 9.4 99.7 15.1% 10.8% Systemwide Comparable Sales 10.3% Adjusted EBITDA 3.4 0.4 (0.0) 3.8 10.9% -0.9% Adjusted EBITDA Margin 3.9% 3.8% As reported revenues in the Caribbean division, excluding Venezuela, increased 15.1%, driven by constant currency growth of 10.8% and a positive currency translation impact. Comparable sales increased by 10.3%, driven by average check growth and positive traffic, including another quarter of solid results in Colombia. Marketing activities in the quarter included the continuation of the MyCombo campaign and the launch of the Mozzarella Melt burger. Also in the quarter, the Company introduced the Chokis Chocobase Cone in the dessert category, and included “Snoopy” in the Happy Meal.
Adjusted EBITDA totaled $3.8 million, compared to $3.4 million in the same period of 2017. The Adjusted EBITDA margin contracted 10 basis points to 3.8%. Lower Payroll costs, Occupancy and Other Operating expenses as well as G&A largely offset higher F&P expenses and Royalty Fees as a percentage of revenues.
New Unit Development
Figure 8. Total Restaurants (eop)* March December September June March 2018 2017 2017 2017 2017 Brazil 929 929 910 910 904 NOLAD 522 519 514 515 517 SLAD 391 390 386 386 385 Caribbean 348 350 350 349 350 TOTAL 2,190 2,188 2,160 2,160 2,156 * Considers Company-operated and franchised restaurants at period-end The Company opened 51 new restaurants during the twelve-month period ended March 31, 2018, resulting in a total of 2,190 restaurants. Also during the period, the Company added 232 Dessert Centers, bringing the total to 2,920. McCafés totaled 316 as of March 31, 2018.
Balance Sheet & Cash Flow Highlights
Cash and cash equivalents, including short-term investments, were $256.8 million at March 31, 2018. The Company’s total financial debt (including derivative instruments) was $638.6 million. Net debt (Total Financial Debt minus Cash and cash equivalents) was $381.8 million and the Net Debt/Adjusted EBITDA ratio was 1.4x at March 31, 2018.
Figure 9. Consolidated Financial Ratios (In thousands of U.S. dollars, except ratios)
March 31 December 31 2018 2017 Cash & cash equivalents (i) 256,824 328,079 Total Financial Debt (ii) 638,643 621,460 Net Financial Debt (iii) 381,819 293,381 Total Financial Debt / LTM Adjusted EBITDA ratio 2.3 2.0 Net Financial Debt / LTM Adjusted EBITDA ratio 1.4 1.0 (i) Cash & cash equivalents includes Short-term investment (ii)Total financial debt includes long-term debt and derivative instruments (including the asset portion of derivatives amounting to $20.3 million and $35.1 million as a reduction of financial debt as of March 31, 2018 and December 31, 2017, respectively). (iii) Total financial debt less cash and cash equivalents. Net cash used in operating activities totaled $25.9 million for the quarter, and cash used in net investing activities totaled $21.5 million, which included capital expenditures of $23.8 million. Cash used in financing activities amounted to $1.7 million.
Quarter Highlights & Recent Developments
Recent accounting pronouncements – Revenue recognition
Effective January 1, 2018, the Company adopted the guidance issued in Accounting Standards Codification 606, "Revenue Recognition - Revenue from Contracts with Customers." This standard changed the way initial fees from franchisees for new restaurant openings and new franchise terms are recognized. Under the new guidance, initial franchise fees are being recognized evenly over the franchise term rather than immediately upon receipt. For further information, please refer to Note #3 of our quarterly financial statements (Form 6-K), filed today with the SEC.
Annual General Shareholders Meeting
The Company held its Annual Shareholders’ Meeting on April 24, 2018. All proposals were approved.
Election of Class I Directors
Mr. Woods Staton, Mr. Ricardo Gutiérrez, Mr. Sergio Alonso and Mr. Francisco Staton have been duly elected as Class I Directors of the Board of Directors of the Company, to hold office until the conclusion of the Annual General Shareholders’ Meeting held in the calendar year 2021. Mr. Francisco Staton was elected to the Board of Directors for the first time. Mr. Staton graduated with a Bachelor’s Degree from Princeton University and an MBA from Columbia University, and is currently the Managing Director of Arcos Dorados’ Colombia, Aruba, Curaçao, and Trinidad markets.
Definitions :
Systemwide comparable sales growth: refers to the change, measured in constant currency, in our Company-operated and franchised restaurant sales in one period from a comparable period for restaurants that have been open for thirteen months or longer. While sales by our franchisees are not recorded as revenues by us, we believe the information is important in understanding our financial performance because these sales are the basis on which we calculate and record franchised revenues, and are indicative of the financial health of our franchisee base.
Constant currency basis: refers to amounts calculated using the same exchange rate over the periods under comparison to remove the effects of currency fluctuations from this trend analysis.
To better discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth into two categories: (i) currency translation, (ii) constant currency growth. (i) Currency translation reflects the impact on growth of the appreciation or depreciation of the local currencies in which we conduct our business against the US dollar (the currency in which our financial statements are prepared). (ii) Constant currency growth reflects the underlying growth of the business excluding the effect from currency translation.
Adjusted EBITDA: In addition to financial measures prepared in accordance with the general accepted accounting principles (GAAP), within this press release and the accompanying tables, we use a non-GAAP financial measure titled ‘Adjusted EBITDA’. We use Adjusted EBITDA to facilitate operating performance comparisons from period to period.
Adjusted EBITDA is defined as our operating income plus depreciation and amortization plus/minus the following losses/gains included within other operating income (expenses), net, and within general and administrative expenses in our statement of income: gains from sale or insurance recovery of property and equipment; write-offs of property and equipment; impairment of long-lived assets and goodwill; and incremental compensation related to the modification of our 2008 long-term incentive plan.
We believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net interest expense and other financial charges), taxation (affecting income tax expense) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance. Figure 10 of this earnings release include a reconciliation for Adjusted EBITDA. For more information, please see Adjusted EBITDA reconciliation in Note 9 of our quarterly financial statements (6-K Form) filed today with the S.E.C.
About Arcos Dorados
Arcos Dorados is the world’s largest independent McDonald’s franchisee in terms of systemwide sales and number of restaurants, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald’s restaurants in 20 Latin American and Caribbean countries and territories, including Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curaçao, Ecuador, French Guyana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, St. Croix, St. Thomas, Trinidad & Tobago, Uruguay and Venezuela. The Company operates or franchises over 2,190 McDonald’s-branded restaurants with over 90,000 employees and is recognized as one of the best companies to work for in Latin America. Arcos Dorados is traded on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the Investors section of our website: www.arcosdorados.com/ir
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company’s business prospects, its ability to attract customers, its affordable platform, its expectation for revenue generation and its outlook and guidance for 2018. These statements are subject to the general risks inherent in Arcos Dorados' business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos Dorados' business and operations involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados' expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.
First Quarter 2018 Consolidated Results (In thousands of U.S. dollars, except per share data)
Figure 10. First Quarter 2018 Consolidated Results (In thousands of U.S. dollars, except per share data)
For Three-Months ended March 31, 2018 2017 REVENUES Sales by Company-operated restaurants 807,061 745,408 Revenues from franchised restaurants 42,826 36,072 Total Revenues 849,887 781,480 OPERATING COSTS AND EXPENSES Company-operated restaurant expenses: Food and paper (285,267 ) (263,464 ) Payroll and employee benefits (173,114 ) (166,276 ) Occupancy and other operating expenses (216,622 ) (202,803 ) Royalty fees (42,171 ) (38,512 ) Franchised restaurants - occupancy expenses (19,155 ) (16,111 ) General and administrative expenses (57,650 ) (54,903 ) Other operating (expenses) income, net (43,837 ) 49,919 Total operating costs and expenses (837,816 ) (692,150 ) Operating income 12,071 89,330 Net interest expense (14,640 ) (16,415 ) Loss from derivative instruments (98 ) (642 ) Foreign currency exchange results 8,177 (8,560 ) Other non-operating income (expense), net 16 (695 ) Income before income taxes 5,526 63,018 Income tax expense (4,963 ) (22,339 ) Net income 563 40,679 Less: Net income attributable to non-controlling interests (45 ) (77 ) Net income attributable to Arcos Dorados Holdings Inc. 518 40,602 Earnings per share information ($ per share): Basic net income per common share $ 0.00 $ 0.19 Weighted-average number of common shares outstanding-Basic 211,072,508 210,711,224 Adjusted EBITDA Reconciliation Operating income 12,071 89,330 Depreciation and amortization 26,517 23,452 Operating charges excluded from EBITDA computation 18 (50,098 ) Adjusted EBITDA 38,606 62,684 Adjusted EBITDA Margin as % of total revenues 4.5 % 8.0 % First Quarter 2018 Consolidated Results – Excluding Venezuela (In thousands of U.S. dollars, except per share data)
Figure 11. First Quarter 2018 Consolidated Results - Excluding Venezuela (In thousands of U.S. dollars, except per share data)
For Three-Months ended March 31, 2018 2017 REVENUES Sales by Company-operated restaurants 764,956 727,018 Revenues from franchised restaurants 37,799 33,922 Total Revenues 802,755 760,940 OPERATING COSTS AND EXPENSES Company-operated restaurant expenses: Food and paper (264,110 ) (255,863 ) Payroll and employee benefits (169,644 ) (163,612 ) Occupancy and other operating expenses (207,260 ) (197,416 ) Royalty fees (43,108 ) (37,598 ) Franchised restaurants - occupancy expenses (17,779 ) (15,480 ) General and administrative expenses (55,574 ) (52,853 ) Other operating (expenses) income, net (2,225 ) 50,492 Total operating costs and expenses (759,700 ) (672,330 ) Operating income 43,055 88,610 Net interest expense (14,640 ) (16,437 ) Loss from derivative instruments (98 ) (642 ) Foreign currency exchange results (1,825 ) (8,364 ) Other non-operating income (expense), net 14 (686 ) Income before income taxes 26,506 62,481 Income tax expense (12,896 ) (21,400 ) Net income 13,610 41,081 Less: Net income attributable to non-controlling interests (45 ) (77 ) Net income attributable to Arcos Dorados Holdings Inc. 13,565 41,004 Earnings per share information ($ per share): Basic net income per common share $ 0.06 $ 0.19 Weighted-average number of common shares outstanding-Basic 211,072,508 210,711,224 Adjusted EBITDA Reconciliation Operating income 43,055 88,610 Depreciation and amortization 24,956 21,920 Operating charges excluded from EBITDA computation 10 (50,091 ) Adjusted EBITDA 68,021 60,439 Adjusted EBITDA Margin as % of total revenues 8.5 % 7.9 % First Quarter 2018 Results by Division (In thousands of U.S. dollars)
Figure 12. First Quarter 2018 Consolidated Results by Division (In thousands of U.S. dollars)
1Q Three-Months ended % Incr. Constant March 31, / Currency 2018 2017 (Decr) Incr/(Decr)% Revenues
Brazil 364,683 359,995 1.3 % 4.5 % Caribbean 146,874 107,218 37.0 % 646.6 % NOLAD 97,151 84,343 15.2 % 11.9 % SLAD 241,179 229,924 4.9 % 19.7 % TOTAL 849,887 781,480 8.8 % 97.9 % Operating Income (loss)
Brazil 35,061 31,307 12.0 % 15.2 % Caribbean (31,767 ) (266 ) -11842.5 % 146436.1 % NOLAD 1,950 51,157 -96.2 % -95.6 % SLAD 17,870 16,857 6.0 % 21.5 % Corporate and Other (11,043 ) (9,725 ) -13.6 % -39.0 % TOTAL 12,071 89,330 -86.5 % 386.4 % Adjusted EBITDA
Brazil 48,727 44,762 8.9 % 12.1 % Caribbean (25,651 ) 5,638 -555.0 % 6896.5 % NOLAD 7,295 5,207 40.1 % 41.9 % SLAD 22,985 20,619 11.5 % 26.1 % Corporate and Other (14,750 ) (13,542 ) -8.9 % -24.7 % TOTAL 38,606 62,684 -38.4 % 635.6 % Figure 13. Average Exchange Rate per Quarter* Brazil
Mexico
Argentina
1Q18 3.25 18.71 19.70 1Q17 3.14 20.29 15.67 * Local $ per 1 US$ Summarized Consolidated Balance Sheets (In thousands of U.S. dollars)
Figure 14. Summarized Consolidated Balance Sheets (In thousands of U.S. dollars)
March 31 December 31 2018 2017 ASSETS Current assets Cash and cash equivalents 237,041 308,491 Short-term investment 19,783 19,588 Accounts and notes receivable, net 90,554 111,302 Other current assets (1) 173,407 213,656 Total current assets 520,785 653,037 Non-current assets Property and equipment, net 897,261 890,736 Net intangible assets and goodwill 45,697 47,729 Deferred income taxes 84,054 74,299 Other non-current assets (2) 121,142 137,942 Total non-current assets 1,148,154 1,150,706 Total assets 1,668,939 1,803,743 LIABILITIES AND EQUITY Current liabilities Accounts payable 227,265 303,452 Taxes payable (3) 101,806 136,918 Accrued payroll and other liabilities 117,565 119,088 Other current liabilities (4) 22,490 23,715 Provision for contingencies 2,549 2,529 Financial debt (5) 20,031 19,881 Total current liabilities 491,706 605,583 Non-current liabilities Accrued payroll and other liabilities 34,368 29,366 Provision for contingencies 28,863 25,427 Financial debt (6) 638,877 636,648 Deferred income taxes 10,978 10,577 Total non-current liabilities 713,086 702,018 Total liabilities 1,204,792 1,307,601 Equity Class A shares of common stock 376,732 376,732 Class B shares of common stock 132,915 132,915 Additional paid-in capital 15,215 14,216 Retained earnings 376,575 401,134 Accumulated other comprehensive losses (437,819 ) (429,347 ) Total Arcos Dorados Holdings Inc shareholders’ equity 463,618 495,650 Non-controlling interest in subsidiaries 529 492 Total equity 464,147 496,142 Total liabilities and equity 1,668,939 1,803,743 (1) Includes "Other receivables", "Inventories", "Prepaid expenses and other current assets", and "McDonald's Corporation's indemnification for contingencies".
(2) Includes "Miscellaneous", "Collateral deposits", "Derivative Instruments", and "McDonald's Corporation indemnification for contingencies".
(3) Includes "Income taxes payable" and "Other taxes payable". (4) Includes "Royalties payable to McDonald's Corporation" and "Interest payable".
(5) Includes "Short-term debt", "Current portion of long-term debt" and "Derivative instruments". (6) Includes "Long-term debt, excluding current portion" and "Derivative instruments".
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005238/en/
Investor Relations:
Arcos Dorados
Daniel Schleiniger, +54 11 4711 2675
Vice President of Corporate Communications & Investor Relations
[email protected]
or
Media:
InspIR Group
Barbara Cano, +1 646-452-2334
[email protected]
www.arcosdorados.com/ir
Source: Arcos Dorados Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-arcos-dorados-reports-first-quarter-2018-financial-results.html |
May 3 (Reuters) - Paisalo Digital Ltd:
* REAPPOINTS HARISH SINGH AS EXECUTIVE DIRECTOR Source text - bit.ly/2FDry7h
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-paisalo-digital-reappoints/brief-indias-paisalo-digital-reappoints-harish-singh-as-executive-director-idUSFWN1SA0L0 |
‘Not very optimistic’ NK will denuclearize: Rubio 9:07pm IST - 00:43
Republican Senator Marco Rubio says he's 'not very optimistic' North Korean leader Kim Jong Un will give up his nuclear program. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Republican Senator Marco Rubio says he's 'not very optimistic' North Korean leader Kim Jong Un will give up his nuclear program. 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/2KZKr7z | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/27/not-very-optimistic-nk-will-denuclearize?videoId=430877627 |
May 23, 2018 / 3:49 AM / Updated 6 hours ago Pulitzer-winning author Philip Roth dies at 85, says agent Reuters Staff 6 Min Read
(Reuters) - Author Philip Roth, who was both hailed and derided for laying bare the neuroses and obsessions that haunted the modern Jewish-American experience, died on Tuesday at the age of 85, his agent said.
Roth died in New York City at 10:30 p.m. local time of congestive heart failure, his literary agent Andrew Wylie said.
Roth wrote more than 30 books, including the 1991 memoir “Patrimony,” which examined his complex relationship with his father and won the National Book Critics Circle Award.
In his later years, Roth turned to the existential and sexual crises of middle age, never abandoning his commitment to exploring shame, embarrassment and other guilty secrets of the self, although usually with a heavy dose of humor.
After more than 50 years as a writer, Roth decided that 2010’s “Nemesis,” the story of a polio epidemic in the Newark, New Jersey, neighborhood where he grew up, would be his last novel. He then went back and reread all his works “to see whether I’d wasted my time,” he said in a 2014 interview published in the New York Times Book Review.
For his conclusion, he quoted Joe Louis, the heavyweight boxing champion of the 1930s and ‘40s: “I did the best I could with what I had.”
In 2017, he published “Why Write?,” a collection of essays and non-fiction works written between 1960 and 2013.
Roth’s best-known work was the 1969 novel “Portnoy’s Complaint,” a first-person narrative about Alexander Portnoy, a young middle-class Jewish New Yorker. The book featured several notorious masturbation scenes and a narrator who declared he wanted to “put the id back in yid.”
Roth’s first published book was the 1959 novella and short-story collection “Goodbye, Columbus,” which won the National Book Award. Several of his novels, including “Zuckerman Unbound,”“The Ghost Writer” and “The Anatomy Lesson”, feature Nathan Zuckerman, a character who came to be seen as Roth’s fictional alter ego.
Roth liked to play with the distinctions between fact and fiction, often writing about neurotic novelists and even naming some characters “Philip.” Yet he was frequently annoyed and amused by readers’ desire to project the real Roth onto his characters.
Although his novels often explored the Jewish experience in America, Roth, who said he was an atheist, rejected being labeled a Jewish-American writer.
“It’s not a question that interests me. I know exactly what it means to be Jewish and it’s really not interesting,” he told the Guardian newspaper in 2005. “I’m an American.”
Some critics said Roth’s novels exposed him as a self-hating Jew who played on negative stereotypes or generally cast Jews in a bad light. He would recall the hostile reception at a symposium at New York’s Yeshiva University in 1962 as the “most bruising public exchange of my life.” FILE PHOTO - Author Philip Roth poses in New York September 15, 2010. REUTERS/Eric Thayer/File Photo MULTIPLE HONORS
Roth won the Pulitzer Prize for 1997’s “American Pastoral,” which examined the impact of the 1960s on a New Jersey family. He was the first three-time winner of the PEN/Faulkner Award, honored for “Operation Shylock” in 1994, “The Human Stain” in 2001 and “Everyman” in 2007. Roth also received the National Medal of Arts at the White House in 1998.
Philip Milton Roth was born on March 19, 1933, in Newark, New Jersey. The son of an insurance salesman, Roth earned a bachelor’s degree at Bucknell University and a master’s degree in English from the University of Chicago. He dropped out of the doctoral program in 1959 to write film reviews for the New Republic before “Goodbye, Columbus” came out.
Roth taught comparative literature, mostly at the University of Pennsylvania. He retired from teaching in 1992 as a distinguished professor of literature at New York’s Hunter College.
Roth had a long relationship with British actress Claire Bloom but their five-year marriage ended in divorce in 1995. A year later, she published a bruising memoir, “Leaving a Doll’s House,” in which she portrayed him as depressed, remote, self-centered and verbally abusive.
Roth had been especially prolific in the years leading to his 2012 retirement from writing, turning out novels nearly every two years. His more recent books included 2001’s “The Dying Animal” and “The Human Stain,” published in 2000 and released in 2003 as a movie starring Anthony Hopkins and Nicole Kidman.
“The Plot Against America,” published in 2004, imagines what would have happened had flying ace Charles Lindbergh, an isolationist who expressed anti-Semitic views, defeated Franklin Roosevelt in the 1940 election and signed a peace accord with Adolf Hitler.
Following the death of several friends, including novelist Saul Bellow in 2005, Roth wrote “Everyman,” a short work of fiction about the physical decline and death of a successful advertising executive.
Roth was considered a difficult interview subject and told the Guardian he disliked discussing his books. “You should let people fight with the books on their own and rediscover what they are and what they are not.”
Roth said the act of writing for him is “filled with fear and loneliness and anxiety.” But, he added: “There are some days that compensate completely. In my life I have had, in total, a couple of months of these completely wonderful days as a writer, and that is enough.”
In a New York Times interview in 2018, Roth reflected on his 50-plus years as a writer, describing it as: “Exhilaration and groaning. Frustration and freedom. Inspiration and uncertainty. Abundance and emptiness. Blazing forth and muddling through.” Slideshow (2 Images)
(This story corrects spelling of Louis’s surname in 6th paragraph and Bucknell in 15th paragraph.) Reporting by Eric Beech; Editing by Bill Trott, Diane Craft and Nick Macfie | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-philiproth/pulitzer-winning-author-philip-roth-dies-at-85-media-reports-idUSKCN1IO0CM |
May 9, 2018 / 12:29 PM / Updated 25 minutes ago Dodging planes and a taste of home: life on a U.S. aircraft carrier Karolina Tagaris 3 Min Read
ABOARD USS HARRY S. TRUMAN (Reuters) - The routine begins with a raised hand waving furiously and ends, like a well-executed ballet, on one knee, arm extended forward and two pointed fingers signalling take-off. U.S. Navy catapult officers, known as "shooters", are seen amid steam, following the takeoff of an F/A-18 fighter jet from the USS Harry S. Truman aircraft carrier in the eastern Mediterranean Sea, May 4, 2018. REUTERS/Alkis Konstantinidis
The flight deck of the USS Harry S. Truman rumbles as a fighter jet loaded with ordnance is catapulted into the sky, leaving behind it a trail of white mist and officers in colour-coded jerseys racing back into position for the next aircraft.
“You’ve got to keep your head on the swivel,” said Lieutenant Melvin Gidden, one of the yellow-shirted catapult officers - or shooters - who launch and recover the planes through an elaborate sequence of hand signals.
“It’s busy, it’s jet exhaust blowing around, helicopter rotors twisting and turning and all kinds of stuff that’s going on.”
A U.S. naval strike force led by the Truman began sorties against Islamic State in Syria on Thursday, at the start of its months-long deployment in the Mediterranean Sea. A U.S. Navy sailor (L) gestures to fellow sailors on the flight deck of the USS Harry S. Truman aircraft carrier in the eastern Mediterranean Sea, May 5, 2018. REUTERS/Alkis Konstantinidis
At 1,096-feet (333-metres), it is almost as long as the Empire State Building is tall – a city on the water for its 5,000-member crew.
But it is not like any other city. The 4.5-acre flight deck can hold 90 aircraft, including F/A-18F Super Hornet striker jets. Missiles are carried onto parked jets and sailors run on treadmills in the hangar.
On the deck, just feet away from the aircraft, shooters crouch to avoid being hit by a wing. Then there is the weather. Slideshow (22 Images)
“Sometimes it’s stressful because of the heat, sometimes it’s stressful because of the rain,” Gidden said. “But we’re out there rain, sleet or snow. We’ve got to launch them all.”
Air operations go on for about 12 hours daily and, to maintain rhythm, each pilot flies about once a day.
With such a hectic workplace, keeping spirits high is important - from picking a film for the crew to watch to getting food with the flavour of home on board.
Lieutenant Commander Riley Secrist, who handles food services, said new requests included soy and almond milk.
“Also Italian chocolate is becoming a thing,” he said.
In the galleys, where 18,500 meals are made every day, cooks furiously prepare the day’s menu, scribbled on a whiteboard: grilled chicken barbecue, beef stir fry, veggie medley. Petty Officer First Class Hocaly Pena, who has run a navy kitchen for 15 years, knows well the importance of food.
“If somebody is upset and comes to the line and sees something that they like, it cheers them up a little bit,” he said. “It brings a little bit of home out here.” Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-navy-carrier-life/dodging-planes-and-a-taste-of-home-life-on-a-u-s-aircraft-carrier-idUKKBN1IA1TA |
May 17 (Reuters) - Beigene Ltd:
* BEIGENE INITIATES PHASE 3 TRIAL OF PAMIPARIB AS MAINTENANCE THERAPY IN CHINESE PATIENTS WITH OVARIAN CANCER Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-beigene-initiates-phase-3-trial-of/brief-beigene-initiates-phase-3-trial-of-pamiparib-as-maintenance-therapy-in-chinese-patients-with-ovarian-cancer-idUSASC0A2QU |
May 17 (Reuters) - Britain’s Royal Mail Plc reported a 2 percent rise in annual revenue on Thursday helped by parcel volume growth and its European parcels business GLS.
The company said adjusted operating profit before transformation costs fell 2.5 percent to 694 million pounds ($940.58 million) in the 52 weeks ended March 25. ($1 = 0.7378 pounds) (Reporting by Sangameswaran S in Bengaluru; Editing by Gopakumar Warrier)
| ashraq/financial-news-articles | https://www.reuters.com/article/royal-mail-results/royal-mail-revenue-rises-boosted-by-gls-parcel-volumes-idUSL3N1SO2I8 |
May 16 (Reuters) - FLYHT Aerospace Solutions Ltd:
* FLYHT AEROSPACE SOLUTIONS LTD - QTRLY REVENUE OF $3.3 MILLION WHICH REPRESENTS A 12.3 PCT DECREASE FROM Q1 OF 2017
* FLYHT AEROSPACE SOLUTIONS LTD - QTRLY NET LOSS OF $582,375 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-flyht-aerospace-solutions-qtrly-re/brief-flyht-aerospace-solutions-qtrly-revenue-of-3-3-mln-idUSFWN1SN0Z8 |
OTTAWA—Canada’s economy expanded at a slower pace than expected in the first quarter, as housing investment dropped sharply following the introduction of tougher mortgage rules.
Weaker consumer spending and lower exports of non-energy products also weighed on growth.
Canada’s gross domestic product, or the broadest measure of goods and services... | ashraq/financial-news-articles | https://www.wsj.com/articles/canadas-1st-quarter-gdp-falls-short-of-expectations-1527773921 |
(Reuters) - Referees at the World Cup finals will be able to dish out red cards for off-the-ball incidents spotted by Video Assistant Referee (VAR) technology, soccer’s rule-making body IFAB has said.
FILE PHOTO: The official 2018 Fifa World Cup Russia ball is on display at Fan-Shop Strobl football store in Vienna, Austria, May 18, 2018. REUTERS/Heinz-Peter Bader “If there is something away from the action that has been missed and it later comes to the attention of the VAR or the assistant VAR, then they can inform the referee and he can send the player off, even if it is later in the match,” IFAB technical director David Elleray told The Times.
“We do not anticipate this happening very often... this would only be for serious red-card offences.”
The VAR system will be rolled out for the first time at a World Cup at the June 14 to July 15 tournament in Russia.
Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Peter Rutherford
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-var/referees-to-get-var-help-for-red-cards-at-world-cup-idUSKCN1IV08V |
President Donald Trump is accusing special counsel Robert Mueller's investigative team of "MEDDLING" in the upcoming midterm elections and blames Democrats for "Collusion."
Mueller is leading the probe into whether Russia interfered in the 2016 presidential election with help from Trump campaign aides. So far, four Trump associates have been charged in Mueller's investigation; three have pleaded guilty to lying to the authorities.
Trump has repeatedly referred to Mueller's team as "13 angry Democrats," although Mueller is a Republican. Mueller was appointed by Trump's deputy attorney general, Rod Rosenstein .
show chapters The Trump-Russia ties hiding in plain sight 1:33 PM ET Thu, 24 May 2018 | 07:56 On Tuesday, Trump tweeted: "The 13 Angry Democrats (plus people who worked 8 years for Obama) working on the rigged Russia Witch Hunt, will be MEDDLING with the mid-term elections, especially now that Republicans (stay tough!) are taking the lead in Polls. There was no Collusion, except by the Democrats."
Donald Trump tweet
Later Tuesday morning, Trump appeared to be taking guidance from some of his advisers and supporters to heart, saying he needed to focus more of his attention on issues important to Americans and less on the Russia investigation.
"Sorry, I've got to start focusing my energy on North Korea Nuclear, bad Trade Deals, VA Choice, the Economy, rebuilding the Military, and so much more, and not on the Rigged Russia Witch Hunt that should be investigating Clinton/Russia/FBI/Justice/Obama/Comey/Lynch etc.," he tweeted.
Donald Trump tweet | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/trump-muellers-team-is-meddling-in-midterm-elections.html |
May 9, 2018 / 10:02 PM / Updated 9 minutes ago UPDATE 1-Ex-Wall Street law clerk gets 37 months prison in insider case Reuters Staff
(Adds comment from lawyer, byline)
By Jonathan Stempel
May 9 (Reuters) - A former clerk at the Wall Street law firm Simpson Thacher & Bartlett was sentenced on Wednesday to 37 months in prison for his role in an insider trading ring that passed merger tips on napkins and Post-it notes in New York’s Grand Central Terminal.
Steven Metro, 44, formerly of Katonah, New York, was resentenced three months after the federal appeals court in Philadelphia threw out his original 46-month term, finding a lack of proof he was responsible for all $5.6 million of alleged illegal profit from the five-year scheme.
Prosecutors said Metro leaked transactions involving Simpson Thacher clients to mortgage broker Frank Tamayo, who passed the tips to former Morgan Stanley stockbroker Vladimir Eydelman at Grand Central’s main clock.
Tamayo would then chew up the papers on which tips were written, prosecutors said.
U.S. District Judge Michael Shipp in Trenton, New Jersey, who imposed the sentence, also ordered Metro to serve three years of supervised release.
Metro has been incarcerated in a federal detention center in Philadelphia, and according to his lawyer, Lawrence Lustberg, is expected to move to a halfway house within a month.
“As he expressed to the court today, his imprisonment has given him the chance to re-order his priorities and he has learned - as he said, ‘the hard way’ - that family is much more important than money,” Lustberg said in an email.
Metro pleaded guilty in November 2015. Eydelman and Tamayo also pleaded guilty and were sentenced to three years and one year in prison, respectively.
Shipp had also imposed the original 46-month prison term. Prosecutors agreed that a 37-month term was now appropriate. (Reporting by Jonathan Stempel in New York; Editing by Dan Grebler) | ashraq/financial-news-articles | https://www.reuters.com/article/insidertrading-napkin-metro/update-1-ex-wall-street-law-clerk-gets-37-months-prison-in-insider-case-idUSL1N1SG2GR |
Kadant Inc:
* SETS QUARTERLY CASH DIVIDEND OF $0.22PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kadant-sets-quarterly-cash-dividen/brief-kadant-sets-quarterly-cash-dividend-of-0-22per-share-idUSFWN1SN10Y |
LAWRENCEVILLE, Ga.--(BUSINESS WIRE)-- Boxlight Corporation (Nasdaq: BOXL) (“ Boxlight ”), a leading provider of technology solutions for the global learning market, today announced that it will report financial results for the first quarter ended March 31, 2018, on Tuesday, May 15, 2018, after the close of market. The Company will host a conference call to discuss the first quarter 2018 financial results on the same day at 4:30 p.m. Eastern Time. The details for the conference call can be found below.
First Quarter 2018 Financial Results Conference Call
Date: Tuesday, May 15, 2018 Time: 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time Dial-in: 1-877-407-9716 (Domestic) 1-201-493-6779 (International)
Conference ID: 13679065 Webcast: http://public.viavid.com/index.php?id=129430
Replay: For those unable to participate during the live broadcast, a replay of the call will also be available from 7:30 p.m. Eastern Time on May 15, 2018 through 11:59 p.m. Eastern Time on May 29, 2018 by dialing 1-844-512-2921 (domestic) and 1-412-317-6671 (international) and referencing the replay pin number: 13679065. About Boxlight Corporation
Boxlight Corporation (Nasdaq: BOXL) (“Boxlight”) is a leading provider of technology solutions for the global learning market. The company aims to improve learning and engagement in classrooms and to help educators enhance student outcomes, by developing the products they need. The company develops, sells, and services its integrated, interactive solution suite including software, classroom technologies, professional development and support services. For more information about the Boxlight story, visit http://www.boxlight.com .
Forward Looking Statements
This press release may contain information about Boxlight's view of its future expectations, plans and prospects that constitute . Actual results may differ materially from historical results or those indicated by these as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives, competition in the industry, etc. Boxlight encourages you to review other factors that may affect its future results in Boxlight's filings with the Securities and Exchange Commission.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005756/en/
Boxlight Corporation
Media:
Nickel Communications
Charlotte Andrist, +1 770-310-5244
[email protected]
or
Investor Relations:
Boxlight Corporation
Michael Pope, +1 360-464-4478
[email protected]
or
Addo Investor Relations
Laura Bainbridge, +1 310-829-5400
[email protected]
Source: Boxlight Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-boxlight-to-report-first-quarter-2018-financial-results-on-tuesday-may-15-2018.html |
The fossil-fuel divestment campaign has made its way from the campus quad to Wall Street. Watch for disruptions at Wednesday’s annual meeting of Exxon Mobil shareholders. Climate-change and environmental activist groups have become the ideological driving force behind the environmental-social-governance movement, or ESG, sweeping the investment-management industry.
ESG criteria purport to promote “sustainable investing” by imposing “social responsibilities” on corporations—including the responsibility to prevent global warming—under... | ashraq/financial-news-articles | https://www.wsj.com/articles/fossil-fuel-divestment-is-futile-1527635953 |
MUMBAI (Reuters) - State-run Union Bank of India Ltd reported on Thursday a 25.83 billion-rupee ($383.8 million) net loss for its fourth quarter, as bad loans surged following stricter central bank rules.
The logo of Union Bank of India is pictured on the wall of its branch in Kolkata, April 11, 2017. REUTERS/Rupak De Chowdhuri/Files The third straight quarterly net loss for the Mumbai-headquartered bank was higher than analysts’ forecast for a 11.37 billion rupees loss in the three months to March 31, and compared with a 1.08 billion rupees net profit a year ago.
India’s banks, already burdened by a near-record 9.5 trillion rupees of soured loans as of last year, have been expected to report a further rise in bad loans in the March quarter after the Reserve Bank of India withdrew half a dozen loan restructuring schemes to hasten a clean-up exercise.
Union Bank is the first of the bigger Indian state-run lenders to report March quarter results.
Twenty one banks majority owned by New Delhi account for bulk of India’s bad loans, and the government has announced a two-year, $32 billion, bailout package to help the lenders set aside funds for bad loans and increase new lending.
Union Bank’s chief executive, Rajkiran Rai, said he expected the lender’s financials to improve in the new fiscal year that began in April as he saw bad loans and provisions falling going forward.
“We hope we have hit the bottom,” Rai told a news conference. “Now I think we should be on the upward cycle.”
He forecast the lender’s net non-performing loans as a percentage of total loans would fall to below 6 percent by next March, from 8.42 percent at the end of March. Provisioning costs should fall to 2 percent this financial year, he said, from 4.39 percent last year.
After adding 100.43 billion rupees of bad loans in the March quarter, Union Bank’s gross non-performing loan ratio widened 270 basis points from three months earlier to 15.73 percent.
Rai said 50-60 percent of the bad loans added in the March quarter were due to the new central bank rules.
The bank aims to increase lending by 7-8 percent in the current financial year, he said.
Ahead of the results, Union Bank shares closed 4.7 percent down in a Mumbai market that ended 0.2 percent lower.
($1 = 67.3075 Indian rupees)
Reporting by Devidutta Tripathy; Additional reporting by Vishal Sridhar in Bengaluru; Editing by Mark Potter
| ashraq/financial-news-articles | https://in.reuters.com/article/union-bank-results/union-bank-of-india-posts-loss-in-fourth-quarter-idINKBN1IB1NU |
Ford to resume F-150 production Friday 1 Hour Ago CNBC's Phil LeBeau reports that Ford has announced it will restart production of its F-150 on Friday in Dearborn. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/ford-to-resume-f-150-production-friday.html |
May 16, 2018 / 11:58 AM / a few seconds ago Gaspar Noe's 'Climax' takes Cannes on a drug-fuelled dance Robin Pomeroy 3 Min Read
CANNES, France (Reuters) - Gaspar Noe seems almost disappointed by the largely enthusiastic response to the film he premiered in Cannes this week. 71st Cannes Film Festival - Screening of the film "BlacKkKlansman" in competition - Red Carpet Arrivals - Cannes, France May 14, 2018. Gaspar Noe and the team of the film "Climax" arrive. REUTERS/Regis Duvignau
The Argentine director takes pride in the provocateur status he earned with films such as “Irreversible”, in which Monica Bellucci undergoes a 9-minute rape scene, the drug-addled “Enter the Void” and “Love”, which features 3-D unsimulated sex.
Now he has brought “Climax” to the Cannes Film Festival, a film Peter Bradshaw, from Britain’s Guardian newspaper, described as a “satanic dance-troupe freak-out of sex and despair”. Noe’s team told him to expect his toughest press reaction yet.
“My publicist announced me it was going to be much harder with this movie than with ‘Love’ or ‘Enter the Void’,” Noe told Reuters on the beach at Cannes.
“We had 75 percent bad press on ‘Enter the Void’ and 85 percent bad press on ‘Love’. I (said I) hope we get 90-95 percent (on ‘Climax’), but the wind turned the other way, most of the press is extremely good.”
The movie’s premise is simple. A troupe of young dancers are enjoying a post-rehearsal party which starts to get nasty when they realize someone has spiked the punch with LSD.
“It’s a bad night out,” Noe, 54, said. “It starts as something joyful ... something that was supposed to turn great turns awful.”
While there is violence and horror aplenty in “Climax”, Noe’s cast of top-notch dancers deliver stunning performances filmed by a swirling - sometimes upside down - camera that is mesmerizing and disconcerting.
Not all reviews have been great. Variety’s Owen Gleiberman said it was “like watching ‘Fame’ directed by the Marquis de Sade with a Steadicam”.
Rating the film A-, IndieWire critic Eric Cohn said: “Noe’s remarkable psychedelic ride is his most focused achievement, a concise package of sizzling dance sequences and jolting developments that play like a slick mashup of the ‘Step Up’ franchise and ‘Salo, or the 120 Days of Sodom’”.
“I got used to having mostly bad reviews and I kind of enjoy it,” said Noe. “I have to deal with the opposite.”
“Climax” is in the Directors’ Fortnight competition at the Cannes Film Festival, a side event to the main race for the Palme d’Or. The festival runs to May 19. Reporting by Robin Pomeroy; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/us-filmfestival-cannes-gaspar-noe/gaspar-noes-climax-takes-cannes-on-a-drug-fuelled-dance-idUKKCN1IH1HL |
SYRACUSE, N.Y.--(BUSINESS WIRE)-- Community Bank System, Inc. (NYSE:CBU) (the “Company”) and its wholly-owned subsidiary, Community Bank, N.A. (the “Bank”), announced several key senior management promotions.
Scott Kingsley has been promoted to the Executive Vice President and Chief Operating Officer of the Company and the Bank effective June 1, 2018. Mr. Kingsley has served as Executive Vice President and Chief Financial Officer since joining the Company in 2004. In his role as Chief Operating Officer, Mr. Kingsley will have oversight responsibilities for all banking, wealth management, employee benefit services, and insurance operations and related business activities.
Joseph E. Sutaris has been promoted to Executive Vice President and Chief Financial Officer of the Company and Bank, succeeding Mr. Kingsley in that position, effective June 1, 2018. Mr. Sutaris is currently serving as the Bank’s Senior Vice President, Finance and Accounting. In his role as Chief Financial Officer, Mr. Sutaris’ responsibilities will include supervision of all activities related to finance, accounting and investor relations. Mr. Sutaris joined the Company in 2011 as part of the acquisition of Wilber National Bank where he served as the Executive Vice President, Chief Financial Officer, Treasurer and Secretary of Wilber National Bank.
Joseph F. Serbun has been promoted to Executive Vice President and Chief Credit Officer, effective June 1, 2018, upon the previously announced retirement of Brian D. Donahue as EVP and Chief Banking Officer. Mr. Serbun’s responsibilities will be expanded to include supervision of all aspects of the Bank’s lending and credit operations related to commercial lending, residential lending, direct and indirect consumer lending, credit administration, cash management and regional banking. Mr. Serbun joined the Bank in 2008 as Credit Officer Team Leader and has served as Senior Vice President and Chief Credit Officer since 2010. Mr. Serbun has more than 34 years of experience in the banking industry, having served in various roles with larger money center banks and regional community banks.
Mark E. Tryniski, the President and Chief Executive Officer of the Company commented, “I am excited to announce these senior management changes. Scott Kingsley has been instrumental in the growth and success of the Company and its subsidiaries and the decision to have him act as the Company’s Chief Operating Officer will enable him to further focus his attention on our banking operations and the wealth management, employee benefit services, and insurance operations with the intent to grow those lines of business in a dynamic way. Joe Sutaris and Joe Serbun are seasoned bankers and their long-tenure and experience with the Company has positioned them for continued success in their expanded roles and I believe their energy and leadership will support the continued growth and success of the Company.”
Community Bank System, Inc. operates more than 230 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of approximately $11 billion, the DeWitt, N.Y. headquartered company is among the country’s 150 largest financial institutions. In addition to a full range of retail, business, and municipal banking services, the Company offers comprehensive financial planning, insurance and wealth management services through its’ Community Bank Wealth Management Group and OneGroup NY, Inc. operating subsidiaries. The Company’s Benefit Plans Administrative Services, Inc. subsidiary (which includes Northeast Retirement Services, LLC) is a leading provider of employee benefits administration, trust services, fund administration and actuarial consulting services to customers on a national scale. Community Bank System, Inc. is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about Community Bank visit www.communitybankna.com or http://ir.communitybanksystem.com .
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The following factors, among others, could cause the actual results of CBU’s operations to differ materially from CBU’s expectations: the successful integration of operations of its acquisitions; competition; changes in economic conditions, interest rates and financial markets; and changes in legislation or regulatory requirements. These statements are based on the current beliefs and expectations of CBU’s management and CBU does not assume any duty to update forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005905/en/
Community Bank System, Inc.
Scott A. Kingsley, 315-445-3121
EVP & Chief Financial Officer
Source: Community Bank System, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-community-bank-system-inc-announces-senior-management-changes.html |
May 23, 2018 / 8:37 PM / Updated 5 minutes ago Fossil skull from Utah sheds light on primitive mammal group Will Dunham 3 Min Read
WASHINGTON (Reuters) - A fossilized skull of a small critter found in Utah underneath a dinosaur foot bone is providing insight into one of the most primitive mammalian groups and has scientists rethinking the timing of the break-up of Earth’s bygone supercontinent Pangaea. The newly identified Cretaceous Period species Cifelliodon wahkarmoosuch, which is estimated to have weighed 2.5 pounds and probably grew to be about the size of a small hare, is seen in this artist rendering released by the Keck School of Medicine Southern California in Los Angeles, CA, U.S., May 23, 2018. Cifelliodon lived about 130 million years ago. Courtesy Jorge A. Gonzalez/Keck School of Medicine of USC/Handout via REUTERS
Scientists on Wednesday described the cranium of a small primitive Cretaceous Period mammal called Cifelliodon wahkarmoosuch, about the size of a small hare, that lived 130 million years ago, boasting traits suggesting it possessed a keen sense of smell and may have been nocturnal.
“It’s a plant eater, as we can tell from its herbivorous teeth,” University of Chicago paleontologist Zhe-Xi Luo said. “From the sediments in which it was preserved, likely it lived on the banks or flood plain of a small river.”
The three-inch (7.5-cm) skull was well preserved and nearly complete, unlike the usual scrappy fossils of the group to which Cifelliodon belonged, called haramiyidans.
The earliest primitive mammals evolved during the Triassic Period, when dinosaurs also first appeared, from creatures that combined reptilian and mammalian characteristics.
Haramiyidans appeared close to the dawn of the mammalian lineage, with the earliest-known representative living about 208 million years ago and the last-known member perhaps about 70 million years ago.
The skull was unwittingly excavated at a site north of Arches National Park in eastern Utah. The paleontologists from Utah Geological Survey did not know it was entombed in rock brought back to a lab for study until they looked under a foot bone of a two-legged plant-eating dinosaur called Hippodraco.
It may be the best-preserved skull of any haramiyidan, offering a new understanding of the group.
“Compared to modern mammals, Cifelliodon had a simple, tube-like brain, lacked complex bony structures usually associated with the front part of the brain case and nasal region, and had simple tooth roots, among other primitive features,” University of Southern California paleontologist Adam Huttenlocker said.
Before a geological process called plate tectonics rendered them separate land masses, the Americas, Eurasia, Africa, Antarctica, Australia and India all were part of a huge, single continent called Pangaea. The timing for Pangaea’s breakup, initially into two major land masses, has been a matter of scientific debate.
The researchers said the discovery of Cifelliodon, which had a close contemporaneous relative in Africa, suggests there were still connections between the northern hemisphere continents and those in the southern hemisphere 15 million years later than previously believed.
The research was published in the journal Nature. Reporting by Will Dunham; Editing by Sandra Maler | ashraq/financial-news-articles | https://www.reuters.com/article/us-science-mammal/fossil-skull-from-utah-sheds-light-on-primitive-mammal-group-idUSKCN1IO37L |
COLUMBIA, Mo.--(BUSINESS WIRE)-- Sinclair Research , one of the nation’s leading providers of preclinical services, is pleased to announce new executive leadership with the arrival of Mark Lane , as director of business development. In this role, Lane will have responsibility for the San Francisco to Seattle corridor. He will be responsible for driving the growth of Sinclair’s IND enabling toxicology and efficacy models and fostering positive relationships with new and current customers.
Lane joins Sinclair with more than 25 years of experience in the contract research organization (CRO) industry. He has extensive experience in DMPK, safety pharmacology, experimental therapeutics and molecular imaging. He is published in various journals and is an active member of professional organizations, including the Society of Nuclear Medicine and Molecular Imaging (SNMMI), Society for Whole-Body Autoradiography (SWBA), American Association for Cancer Research (AACR) and American College of Toxicology (ACT). His preclinical market knowledge and experience from the pharmaceutical and CRO industries will be of significant value to Sinclair and all its customers.
“Sinclair is fortunate to recruit such an outstanding industry veteran. Mark’s industry knowledge and welcoming style are a great fit for our company and our market,” said Mark Crane , vice president of business development.
About Sinclair Research
Sinclair Research Center , a preclinical contract research organization (CRO) established in 1964, offers animal efficacy models, IND enabling toxicology services and research capabilities to animal health and medical device companies. Our clients include large, mid-tier, small and startup companies in both human and animal health markets. With more than 50 years’ experience, Sinclair is the undisputed expert in all breeds of miniature swine. In addition, we manage many standing animal colony models including diabetes, wound healing, irritable bowel disease and general PK, and we have developed and maintain our own unique research breed of mini-swine, “The Sinclair Pig.”
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005092/en/
For Sinclair Research
Lea Studer, 402-366-1752
SCORR Marketing
[email protected]
Source: Sinclair Research | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-sinclair-research-appoints-mark-lane-as-director-of-business-development.html |
May 2 (Reuters) - BlackRock Capital Investment Corp :
* BLACKROCK CAPITAL INVESTMENT CORP QTRLY GAAP NET INVESTMENT INCOME OF $0.16 PER SHARE
* BLACKROCK CAPITAL INVESTMENT - NET ASSET VALUE (NAV) PER SHARE DECLINED 2.3% OR $0.18 PER SHARE TO $7.65 PER SHARE ON A QUARTER-OVER-QUARTER BASIS Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blackrock-capital-investment-repor/brief-blackrock-capital-investment-reports-qtrly-gaap-net-investment-income-of-0-16-share-idUSFWN1S9180 |
SINGAPORE (Reuters Breakingviews) - The new chairman of Santos is all-in on energy prices staying high. On Tuesday, Australia’s second-largest independent gas producer rebuffed suitor Harbour Energy, after nine months and a string of proposals. Chairman Keith Spence’s snub of Harbour’s final $10.8 billion bid seems optimistic.
Harbour, led by former Royal Dutch Shell executive Linda Cook, planned to use Santos to build a liquefied natural gas (LNG) powerhouse. The private-equity backed investment vehicle made its first opportunistic move at A$4.55 per share in August. It ended on Monday at nearly A$7.00, or more than 50 percent higher, with the single largest shareholders onside. But an accompanying energy rally proved Harbour’s undoing: since August, Brent crude oil has risen from about $52 to nearly $80 a barrel.
Spence is right the offer carried risks: Australian authorities, who are jumpy about energy security, might not approve the deal. While shareholders would be happy to cash out, the remaining private group would be burdened by significant leverage, which might also worry regulators.
But the price looked good. An enterprise value of roughly 8 times this year’s expected EBITDA was close to the forward EBITDA multiple at which Woodside Petroleum, a larger and more financially secure peer, trades. The company’s bosses have proved adept fire-fighters, cutting costs and slashing debt, but have yet to demonstrate that they are equally good at chasing growth, which requires a different set of skills. Fundamentally, too, there is no guarantee that the energy boom will not fizzle out again, sending Santos shares tumbling once more.
If that happens, Santos could come back into play – only at a lower price. It is a rare prize: a reasonably bite-sized business, whose interests in Papua New Guinea give it access to cheap gas within easy reach of North Asia’s booming markets. Harbour’s current offer would look like a missed opportunity.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-santos-m-a-breakingviews/breakingviews-santos-gambles-on-crude-with-11-bln-bid-rebuff-idUSKCN1IO0AQ |
ANKARA, May 23 (Reuters) - Turkey’s central bank raised its late liquidity window rate to 16.5 percent from 13.5 percent to support the ailing lira, which has lost a fifth of its value against the dollar since the start of this year.
In an emergency meeting, the bank left its overnight borrowing rate unchanged at 7.25 percent, its overnight lending rate unchanged at 9.25 percent and one-week repo rate unchanged at 8.0 percent.
Reporting by Ece Toksabay Editing by Dominic Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-cenbank-rates/turkish-central-bank-hikes-late-liquidity-window-rate-by-300-bps-to-16-5-pct-idUSI7N1JR00F |
iHeartMedia Inc. Chief Executive Robert Pittman collected more than $14 million in the 12 months leading up to the bankruptcy of the company he leads, his best year since taking the helm of the nation’s largest radio broadcaster.
In bonus pay alone, Mr. Pittman collected more in 2017 than he had received in total compensation as iHeart’s CEO since 2011, according to new bankruptcy court papers and Securities and Exchange Commission filings.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/pay-for-iheart-ceo-ballooned-as-bankruptcy-loomed-1526417204 |
May 15 (Reuters) - British support services company DCC Plc reported a 11.1 percent rise in full-year operating profit on Tuesday, driven by strong growth across all its divisions.
DCC, whose services range from distributing oil to making The Body Shop’s body butters, said adjusted operating profit from continuing operations rose to 383.4 million pounds ($519.16 million) in the year ended March 31, from 345 million pounds a year earlier.
The company, which expects the year ending March 31, 2019 to be another one of profit growth and development, said revenue, on a continuing basis, rose 16.3 percent to 14.27 billion pounds.
$1 = 0.7385 pounds Reporting by Radhika Rukmangadhan and Justin George Varghese in Bengaluru; Editing by Sunil Nair
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/dcc-results/britains-dcc-posts-11-1-pct-rise-in-full-year-profit-idUSL3N1SM34O |
Walmart’s reputation for low prices will be burnished by the sale of its U.K. business for—on paper—less than it paid for it almost two decades ago. In a tough market, though, this may have been the least bad option open to the U.S. retail behemoth.
Walmart bought the U.K.’s third-largest grocery chain, Asda, in 1999 for $11.4 billion, including net debt, outbidding a local rival. It is now merging Asda with Sainsbury, the U.K.’s second-largest grocery chain, to create a market leader. At current market prices, the deal... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/walmart-leaves-grocery-market-that-is-tougher-than-the-u-s-for-now-1525096937 |
May 8 (Reuters) -
* XOMA ANNOUNCES $20 MILLION CREDIT FACILITY WITH SILICON VALLEY BANK TO ADVANCE ROYALTY-AGGREGATOR BUSINESS MODEL Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xoma-announces-20-mln-credit-facil/brief-xoma-announces-20-mln-credit-facility-with-silicon-valley-bank-to-advance-royalty-aggregator-business-model-idUSASC0A0E2 |
SEOUL (Reuters) - With a faltering voice and her head down, the youngest daughter of Korean Air Lines’ ( 003490.KS ) chairman apologized on Tuesday for a recent angry outburst as she made her first appearance for questioning by police over the incident.
Cho Hyun-min, a former Korean Air senior executive and the younger daughter of the airline's chairman Cho Yang-ho, arrives at a police station in Seoul, South Korea, May 1, 2018. REUTERS/Kim Hong-Ji Cho Hyun-min, the younger sister of the notorious “nut rage” heiress of the airline, who got into trouble over a petulant outburst in 2014, is being investigated by police over allegations that she threw a drink at people at a business meeting last month.
“I am genuinely sorry for causing this concern,” Cho Hyun-min told a media scrum, before heading to the police questioning as a suspect over possible assault.
Slideshow (7 Images) Cho’s older sister, Heather Cho, made headlines when she lost her temper over the way she was served nuts in first class and ordered the Korean Air Lines plane she was on to return to its gate at a New York airport.
The younger sister’s tantrum has reignited public impatience with family-run conglomerates known as chaebol, which dominate South Korea’s economy, over what some people see as unchecked bad behavior by the rich and powerful, especially second- and third-generation children of the founders.
Getting out of a black sedan, Cho, dressed in a black suit, repeated her tearful apology several times without making any further comment.
Korean Air Lines declined to comment.
The younger Cho stepped down from her senior position at the airline after her father, Cho Yang-ho, the company chairman, made a public apologizing for the behavior of his two daughters.
Reporting by Joori Roh;writing by Ju-min Park; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-southkorea-airline-daughter/faltering-voice-head-down-korean-air-daughter-appears-for-police-questioning-idUSKBN1I22OO |
May 25, 2018 / 2:21 PM / Updated 25 minutes ago Russia's Putin calls U.S. exit from Iran nuclear deal a dead-end Reuters Staff 1 Min Read
ST PETERSBURG, Russia (Reuters) - Russian President Vladimir Putin, commenting on Washington’s decision to withdraw from the Iran nuclear deal, said on Friday that unilateral steps taken by countries like the United States led to a dead-end and were always counter-productive. Russian President Vladimir Putin delivers a speech during a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Grigory Dukor
Speaking in St Petersburg at an economic forum, Putin said Washington’s flip-flopping on international agreements after the election of new U.S. presidents generated mistrust. Reporting by Vladimir Soldatkin; Writing by Tom Balmforth; Editing by Andrew Osborn | ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-putin/russias-putin-calls-u-s-exit-from-iran-nuclear-deal-a-dead-end-idINKCN1IQ20J |
May 24, 2018 / 5:46 AM / Updated 15 hours ago Novartis receives EU approval for biosimilar Zessly Reuters Staff 1 Min Read
ZURICH (Reuters) - Novartis said its Sandoz division received approval from the European Commission for its biosimilar Zessly (infliximab) in gastroenterological, rheumatological and dermatological diseases.
Zessly is approved for use in all indications of the reference medicine including rheumatoid arthritis, adult and pediatric Crohn’s disease, adult and pediatric ulcerative colitis, ankylosing spondylitis, psoriatic arthritis and plaque psoriasis, Novartis said in a statement on Thursday.
Zessly is the sixth approved biosimilar medicine for Sandoz, with several more major oncology and immunology launches expected globally by 2020, Novartis said. Reporting by Silke Koltrowitz; editing by Brenna Hughes Neghaiwi | ashraq/financial-news-articles | https://in.reuters.com/article/us-novartis-zessly/novartis-receives-eu-approval-for-biosimilar-zessly-idINKCN1IP0P2 |
INDIANAPOLIS (Reuters) - Danica Patrick’s racing career ended with a bang on Sunday but not the fairytale finish she had hoped, crashing out of the Indianapolis 500.
May 27, 2018; Indianapolis, IN, USA; IndyCar Series driver Danica Patrick (13) crashes during the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Mandatory Credit: Tom Figura/Indy Star via USA TODAY Sports Before leaving the Brickyard that had been the stage for many of her career highlights, Patrick fulfilled one final obligation sucking up her disappointment for a meeting with the media she so often had a love-hate relationship with.
“I didn’t really want (to be here),” Patrick said. “I don’t even want to be here because I’m pretty sad.
“I guess I’ll stop there.”
Feisty and competitive, Patrick rarely backed down from anyone during a ground-breaking career split between NASCAR and IndyCar.
The only woman to win an IndyCar race and start from pole at the Daytona 500, Patrick left her mark on the two biggest and most popular motorsport series in North America.
May 27, 2018; Indianapolis, IN, USA; IndyCar Series driver Danica Patrick (13) crashes during the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Mandatory Credit: Tom Figura/Indy Star via USA TODAY Sports She announced last November she would retire this year and bring the curtain down with the “Danica Double” by contesting the Daytona and Indy 500s.
As far as swan songs go February’s Daytona 500 was a bust ending in a wreck. The Indy 500 promised much but ended the same way.
“Definitely not a great ending,” said Patrick. “Today was a tough day.”
While there was plenty of disappointment in Patrick’s words there was not a hint of regret, having been steadfast in the buildup to Sunday’s race she would not get behind the wheel again and had no interest in being involved as an owner or mentor to young racers.
Slideshow (3 Images) Instead, as one of the most marketable athletes in North America Patrick has been able to turn her fame into businesses ranging from wine to a clothing line, opportunities that she said would keep her busy.
“Whenever you talk about retiring to someone they are like what are you going to do next,” Patrick told Reuters in an interview prior to the race.
“Most people don’t have anything when they retire and have to figure it out after.
“I have plenty of things to keep me busy and that’s just what is happening currently and doesn’t include what I want to do.”
Patrick may not miss racing but the motorsport world would miss her, motor racing great Mario Andretti told Reuters.
“She’s been an asset for the sport and probably inspired many,” Andretti said. “She’s been a great ambassador for the sport in general.
“The sport will miss her for sure. I have the highest respect for her ... she didn’t leave anything on the table.
“It’s a tough world to carve out your niche and she did that.”
Editing by Greg Stutchbury
| ashraq/financial-news-articles | https://www.reuters.com/article/motor-indy-indy500-patrick-future/motor-racing-patrick-ends-career-with-a-bang-and-moves-on-idUSKCN1IT001 |
ZURICH, May 15 (Reuters) - The Swiss blue-chip SMI was seen opening unchanged at 8,998 points on Tuesday, according to premarket indications by bank Julius Baer.
Here are some of the main factors that may affect Swiss stocks on Tuesday.
POLYPHOR The company has priced shares in its initial public offering (IPO) at 38 Swiss francs ($37.95) each, the biotech company said on Tuesday, confirming an earlier report by Reuters.
For more news, click on
SIKA The company said it is selling a 1.5 billion Swiss franc ($1.50 billion) convertible bond, with the proceeds going towards buying its own shares back from Saint-Gobain.
For more news, click on
COMPANY STATEMENTS * Roche said the U.S. Food and Drug Administration has approved the subcutaneous formulation of its Actremra treatment for a rare form of childhood arthritis in patients aged two years and above.
* Novartis said it has completed its tender offer for AveXis at a price of $218 per share. The Swiss drugmaker can now complete the acquisition.
* Basilea said it has launched its pneumonia antibiotic Zevtera in Saudi Arabia.
* Meyer Burger said it has won two contracts for wire saws for a value of 17.5 million Swiss francs.
* DormaKaba said it has completed the acquisition of Klaus Group, a key systems company based in Peru.
* Orascom Development Holding said net profit at Egyptian subsidiary Orascom Development Egypt for the first quarter rose to 83.1 million Egyptian pounds ($4.67 million), up form 75.9 million pounds a year earlier.
* Implenia said it has won a contract in Germany with a value of around 100 million Swiss francs.
ECONOMY * Swiss producer and import prices for April is due to be published by the Federal Statistics Office at 0715 GMT. ($1 = 17.7800 Egyptian pounds) (Reporting by Zurich newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/markets-swiss-stocks/swiss-stocks-factors-to-watch-on-may-15-idUSL5N1SL5TY |
Why one technician sees the market rally losing steam 17 Hours Ago Will the market rally continue or lose steam? With Carter Worth, Cornerstone Macro, CNBC's Melissa Lee, and the Fast Money traders, Tim Seymour, David Seaburg, Brian Kelly and Steve Grasso. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/why-one-technician-sees-the-market-rally-losing-steam.html |
May 10, 2018 / 3:35 AM / Updated an hour ago Former player sues AFL over racist abuse Reuters Staff 3 Min Read
MELBOURNE (Reuters) - Former Australian Rules player Joel Wilkinson is taking the body that runs the country’s professional game to court alleging that racist abuse and sexual harassment ruined his career.
Wilkinson, who was also briefly on the book of National Football League team the Arizona Cardinals in the United States, said “systemic” racism prevailed in the Australian Football League (AFL).
“I have suffered extreme racism during my time in the AFL and post my career from the AFL until this very day,” he said in a statement read out at a news conference on Thursday.
“This intensified when I tried to stop it from occurring and repeatedly occurring to others. I am here to hold the AFL accountable and stand against injustice.
“My career was taken from me, my rights violated due to racism, religious vilification and racially-motivated sexual harassment that I experienced for many years. This is not acceptable in the workplace.”
The 26-year-old, who has Nigerian heritage, played 26 games for the Gold Coast Suns from 2011 to 2013 before being cut by the team and moving to the junior Victoria Football League.
Wilkinson suffered racist vilification in his first AFL game as a teenager in 2011, which resulted in a fine for an opposing player, while a fan was banned for abusing him in the following season.
The AFL, Australia’s richest and best-attended professional league, released a statement on Wednesday saying they respected Wilkinson’s right to take legal action and would work with him to try and resolve his complaints.
“We are sorry that Mr. Wilkinson suffered experiences of racial abuse during his time as an AFL footballer,” it read.
“He has previously shared his experience of racial abuse, helping educate the community via a series of social awareness videos produced with the AFL.”
Wilkinson’s lawyer Will Barsby said other former players had been in contact with him after hearing about the case, which he said would be filed at the Australian Human Rights Commission.
“This isn’t a past issue. This is very present, happening now and many players in the system have experiences of racism similar to mine,” Wilkinson added.
“The AFL enables and acts as the head of this system. The corporate community and public must ask questions.”
The issue of racism has long blighted Australian sport, although it has historically been more apparent in the vilification of indigenous athletes.
Aboriginal players last year issued an open letter to AFL fans demanding an end to racist abuse after two of their number were insulted in one weekend.
The AFL has worked hard to stamp out racism on the field and celebrates the contribution of Aboriginal players to the league with an ‘Indigenous Round’ of matches each season. Reporting by Nick Mulvenney, editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australian-rules-racism/former-player-sues-afl-over-racist-abuse-idUKKBN1IB0CJ |
May 25, 2018 / 2:39 PM / Updated an hour ago South Africa's Ramaphosa authorises graft probe into government departments Reuters Staff 1 Min Read
JOHANNESBURG (Reuters) - South African President Cyril Ramaphosa has authorised an investigation into allegations of irregularities and unlawful conduct at several government departments, the presidency said on Friday. FILE PHOTO: South Africa's President Cyril Ramaphosa speaks after his meeting with Britain's Prime Minister Theresa May in Downing Street, London, April 17, 2018. REUTERS/Hannah McKay/File Photo
The decision is the latest by Ramaphosa to tackle alleged corruption and misgoverance in the administration of his predecessor Jacob Zuma, who was forced from office in February by the ruling African National Congress.
The presidency said in a statement that the proclamations authorise investigations of “allegations of serious irregularities in relation to procurement of goods” and “improper or unlawful conduct by employees or officials.”
The targeted institutions include The National Department of Public Works and several departments and municipalities in the provincial Eastern Cape government.
The probes will be conducted by the Special Investigation Unit, which has a broad remit to look into “serious malpractices or maladministration in the administration of the state.” Reporting by Ed Stoddard; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-safrica-politics/south-africas-ramaphosa-authorises-graft-probe-into-government-departments-idUKKCN1IQ22P |
May 2, 2018 / 11:03 AM / Updated 2 hours ago CVS Health profit rises 4.8 pct Reuters Staff 1 Min Read
May 2 (Reuters) - CVS Health Corp, which is in the process of buying health insurer Aetna Inc, reported a 4.8 percent rise in quarterly profit on Wednesday, helped by higher sales of prescription drugs at its stores.
Net income attributable to the company rose to $998 million, or $0.98 per share, in the first quarter ended March 31 from $952 million, or $0.92 per share, a year earlier.
Net revenue rose 2.6 percent to $45.69 billion. (Reporting by Manas Mishra in Bengaluru; Editing by Anil D’Silva) | ashraq/financial-news-articles | https://www.reuters.com/article/cvs-health-results/cvs-health-profit-rises-4-8-pct-idUSL3N1S93K5 |
By Michael Hirtzer CHICAGO, May 29 (Reuters) - Chicago Mercantile Exchange lean hog futures climbed to a five-week high on Tuesday, bolstered by technical buying and gains in prices for cash hogs and pork, traders said. Live cattle futures were lower, easing on chart-based selling. Feeder cattle were higher, supported in part by lower corn prices as trading resumed following Monday's U.S. Memorial Day holiday. The holiday weekend is the unofficial beginning of the summer grilling season and traders were looking for clues on meat demand, including whether retailers were actively buying pork and beef to restock stores. Lean hogs opened sharply higher but came off their early peaks, still extending the rally to the fourth straight session. Most-active CME July hogs were up 1.300 cents to 78.850 cents. The U.S. Department of Agriculture on Tuesday morning said wholesale pork prices were up $2.52 at $78.12 per cwt, but the agency after the close of trading said values were up on 74 cents at $76.34. Hogs in the Iowa and Minnesota cash market were up 79 cents at $66.09 per cwt. Some of the earlier buying was linked to the morning reports, said independent livestock trader Dan Norcini, who added that warm weekend weather in the United States was conducive to outdoor cooking and meat demand. "The weather was pretty good all over the country ... and the morning cutout price was really good," Norcini said. By contrast, wholesale beef prices late on Tuesday were up only 13 cents at $227.56 per cwt for choice-grade and down 97 cents at $203.65 per cwt for select grade, USDA data showed, suggesting relatively tepid retailer demand to begin the week. CME June live cattle were 1.525 cents lower at 103.125 cents per pound and most-active August cattle was down 0.850 cent at 101.450 cents per pound. CME August feeder cattle were up 0.050 cent at 144.975 cents, firming as corn prices fell about 1.5 percent. Lower prices for corn, the most widely consumed cattle feed, can lower costs and boost demand for cattle to bring into feedlots for fattening. A USDA report on Friday showed a steep drop of cattle placed on feed in April, which also supported feeder prices. Commodity Futures Trading Commission data on Friday showed speculative investors reducing net long positions in live cattle - activity that may have continued on Tuesday. "There may have been some residual longs in the June (cattle) contract and they are dumping them," Norcini said. (Reporting by Michael Hirtzer in Chicago Editing by Matthew Lewis)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-hogs-touch-five-week-high-on-technical-buying-pork-gains-idUSL2N1T021W |
0 COMMENTS An employee holds Russian ruble notes over a pile of American dollar bills on Aug. 24, 2015, in an arranged photograph in London. Photo: Bloomberg News
A daily roundup of corruption news from across the Web. We also provide a daily roundup of important risk & compliance stories via our daily newsletter, The Morning Risk Report, which readers can sign up for here . Follow us on Twitter at @WSJRisk.
Bribery:
Failure to pay a middleman led to a large-scale bribery trial in Italy. Everyone involved has denied wrongdoing. (Reuters)
The Greek parliament referred to judicial authorities allegations of high-level bribery. (Xinhua)
A New Zealand property developer unveiled anti-corruption compliance policies. (Stuff)
The head of Brazil’s ruling party denied taking bribes. (AP)
A former executive at a company owned by Australia’s central bank pleaded guilty to charges in a long-running bribery case. (BT)
Investigators in India are probing a bribe-for-visa case. (TOI)
Local cases: Arrests are likely coming soon in a Detroit-area bribery case. Jurors can’t agree on a verdict in a Long Island corruption trial. An Arkansas lobbyist faces additional charges ; he has denied wrongdoing. (MD, DN, Newsday, News12, AP, ArkTimes)
Cybercrime:
A trial is exposing connections between cybercriminals and the Russian government. (WP)
North Korean hackers are spying on defectors using malware spread through social networks such as Facebook. (Newsweek)
Banks are adopting military-style tactics to fight cybercrime. (NYT)
Fraud:
A former sports talk-show host filed a motion to dismiss securities-fraud charges lodged against him. (NYDN)
Money Laundering:
U.K. lawmakers backed a crackdown on Russian money laundering following a report on illicit funds continuing to make their way into Great Britain. Why are Scottish firms the perfect tool to launder Russian funds ? Moscow said the report was unfair . (PFI, Bloomberg, Reuters, MT, Times, Quartz, DM, Politico, IA, National, CNBC, NewEurope, Sky, HS, HS, HS, MT)
Pakistan is also a source of money being laundered in the U.K., the report said. (PTI, ANI, DNA)
Officials are investigating any potential Latvian links to the murder of a Maltese investigative journalist who was probing money laundering. (LSM, ToM)
The FinCEN database is considered the “holy of holies” of suspicious financial activity. (MarketWatch)
Pakistan is racing to enact reforms before the FATF meets next month. Iran’s parliament held debate over bills for the same reason. (Dawn, PTI, RF)
Studies in India and the U.S. rank the most corrupt states and localities. Locals should speak up, an Indian official said. (TOI, NBCChicago, Hindu)
The six-month extension for a Hong Kong anti-money-laundering taskforce highlights the group’s uncertain future. (SCMP)
A bitcoin trader was jailed in the U.S. for operating an unlicensed money-transmitting business. (CBC)
Tunisia’s government is reviewing its money-laundering policies. (Menafm)
How do marijuana startups pay their taxes if they don’t have bank accounts? (NYT)
Indian authorities continue making money laundering cases . (NIE, BT, ET, DH, IANS)
Sanctions:
Washington threatened the toughest sanctions in history if Iran fails to comply with a list of U.S. demands . Are the U.S. demands an illusion ? Tehran says Washington is repeating old mistakes . (Reuters, Axios, BBC, HuffPost, NYT, FT, AM, Guardian, WP, AC, AC, Reuters, AFP, AP)
The next steps for Europe and the Iran nuclear deal are starting to form following the U.S. exit . (NewEurope, Reuters, Reuters, release)
Venezuela faced increased U.S. ire following its election over the weekend, including new sanctions . Other world leaders condemned the election as well. Oil prices rose on the news. (NYT, AFP, ThinkProgress, TNR, NYT, FT, Reuters, Guardian, Bloomberg, FT)
U.S. sanctions are threatening a vital project by Iran to help rebuild Afghanistan’s economy. (Reuters)
The U.S. considered listing Russia as a state sponsor of terrorism, but quickly abandoned the idea. (ProPublica)
Is the U.S. overusing its sanctions power ? (Economist, Bloomberg)
Terrorism Finance:
The framework agreement struck surrounding ZTE Corp. could imperil $150 million destined for the victims of terrorism. Why has the company been on the U.S. radar ? (WP, Politico, WP, WP)
Transparency:
Africa continues to leak billions in funds due to tax evasion. West African countries are particularly plundered by the elite , according to a new investigation . (IOL, amabhungane, ICIJ, ICIJ, ICIJ, TI)
The U.S. is a tax-secrecy paradise , as the Michael Cohen stories say . (ICIJ, POGO)
General Anti-Corruption:
The U.S. special counsel’s probe continues . What will he do next ? Who paid for the lawyers ? Allies of Michael Flynn, who pleaded guilty in the investigation, are fighting for his exoneration. (NBC, USAToday, Politico, Politico, Reuters, WP, WP)
Customs authorities seized tons of rice falsely labeled as premium grade from a company that supplied hundreds of Hong Kong restaurants. (SCMP)
Saudi Arabia will release an Ethiopian-born Saudi billionaire detained in the country’s anti-graft sweep. (Reuters)
The Miss Venezuela pageant wasn’t immune from the corruption plaguing the country. (NYT)
Share this: Previous U.K. Prosecutors Add New Charges in Unaoil Case | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/22/corruption-currents-dirty-russian-money-continues-flowing-to-u-k/ |
CALGARY, Alberta, May 23, 2018 (GLOBE NEWSWIRE) -- Steel Reef Infrastructure Corp. (“ Steel Reef ”) is pleased to announce the declaration of a dividend of $0.02 per common share for the first quarter of 2018 payable on June 15, 2018 to shareholders of record at the close of business on June 5, 2018. The dividend is considered to be an “eligible dividend” for Canadian tax purposes.
About Steel Reef Infrastructure Corp.:
Steel Reef is a midstream company focused on strategically partnering with oil and gas exploration, development and production companies to develop a portfolio of midstream assets, through acquisition or construction, with a view to generating a regular dividend for its investors.
CONTACT INFORMATION Scott Southward Caroline Banks President and Chief Executive Officer Vice President Finance and Chief Financial Officer (587) 391-1320 (587) 391-1319 www.steelreef.ca
Forward-Looking Information
Certain statements contained in this release are forward-looking in nature, including with respect to the payment of dividends in the future. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Steel Reef to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, the declaration of dividends is subject to any further resolution of the board of directors of Steel Reef and the payment of dividends in the future is dependent on the satisfaction of the applicable solvency test in Steel Reef’s governing statute (the Business Corporations Act (Alberta)). Steel Reef’s ability to pay dividends can be adversely affected by many factors beyond Steel Reef’s control including commodity supply/demand balances and prices; construction and input costs; activities of producers, competitors, customers, business partners and others; access to third party facilities; overall economic and market conditions; operational risks associated with Steel Reef's business and operations; potential delays or changes in plans with respect to development projects or capital expenditures or the results therefrom; the legislative, regulatory and tax environment; and other known or unknown factors.
Dividend payments to shareholders will be subject to applicable statutory deductions and tax withholdings prescribed by applicable law.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and Steel Reef undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
Source:Steel Reef Infrastructure Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-steel-reef-announces-0-point-02-per-common-share-dividend.html |
** Fish farmer Norway Royal Salmon suspects outbreak of infectious salmon anaemia (ISA) at the Lubben site in region north
** Shares drop 3.5 pct to 179.6 Norwegian crowns vs Oslo Bourse benchmark index rising 0.5 pct
** Lubben site has 0.67 million fish with an average weight of 1.4 kilograms
** Broker Sparebank 1 Markets says net impact in worst case scenario is over 10 pct on 2018 EBIT, but Norway Royal Salmon could be allowed to let the fish grow to a sellable size (above 2kg) and be able to recover some of the loss, the broker added
** Sparebank 1 Markets says will probably have to cut its 2018 volume estimates by more than 5 pct after this announcement, but awaits more information from the company
** Sparebank 1 Markets: A share price drop in the 4-6 pct range is not unfair, but it has to be said that the Norway Royal Salmon share fell 5.4 pct in the previous trading session ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/buzz-norway-royal-salmon-shares-hit-by-s/buzz-norway-royal-salmon-shares-hit-by-suspected-outbreak-of-disease-idUSL8N1SI1V9 |
AUSTIN, Texas--(BUSINESS WIRE)-- Keller Williams , the world's largest real estate franchise by agent count and the U.S. leader in units and sales volume, achieved significant technology milestones and surpassed 181,000 associates in Q1 '18, a net gain of 3,914 agents across the globe.
“At Keller Williams, we’re focused on building technology for our people,” said John Davis, CEO and president, Keller Williams. “Our people are letting us know exactly what they want and we are building for them.”
Technology, R&D and Industry Highlights
Kelle, a proprietary artificial intelligence real estate business partner, is available in the U.S. and Canada. As of March 31, 46,453 agents have downloaded Kelle and asked more than 315,000 questions, in total over 1 million interactions have been logged. Referrals, an agent-to-agent referral network and transaction tool, is available in the U.S. and Canada. Within Q1 ’18, 4,674 live referrals were sent, representing $1.2 billion in sales volume. Within Referrals, 1,012,523 network invites were sent between agents in Q1 ’18 alone. KW Labs, the innovation hub of Keller Williams, conducted just under 100 labs in Q1 ’18 to fuel ongoing R&D into technology powered by agent and consumer insights. Training magazine inducted Keller Williams into its Hall of Fame of top training organizations. Keller Williams’ 324 firms ranked on RISMedia’s Power Broker - Top 1,000 represented 21 percent of the total volume, a full $123.2 billion in front of any other real estate franchise. Keller Williams had the most (161) brokerages on the REAL Trends 500 by volume. Glassdoor rated Keller Williams No. 13 on its Top Large category for Best Places to Work in 2018. CareerBliss rated Keller Williams No. 1 Happiest Company to Work For in 2018.
"Once again, we’re excited to report our agents are outperforming the industry, breaking production records originally set in the first quarter of 2017," said Davis. "Across the globe, our agents continue to grow market share, helping them fund bigger lives and create new opportunities."
United States (U.S.-only production data in Q1 ‘18)
Franchise is now home to 159,792 agents in the United States alone, as of March 31. Agents closed 213,071 transactions in Q1 '18, up 4.8 percent over Q1 '17. Agents closed $62.7 billion in sales volume, up 10.7 percent from previous Q1. Franchisee owner profit in the first quarter was up 3.4 percent over Q1 '17 to $35.1 million. Profit share increased 5.6 percent over Q1 '17 to $30.2 million. Agents took 174,149 new listings (new market inventory), up 8.8 percent over Q1 '17. Listings taken volume totaled $59.3 billion, up 18.2 percent over Q1 ’17. Agents wrote 264,007 contracts (projected closings), up 3.7 percent over Q1 '17. Contracts written volume was $78.6 billion, up 9.8 percent over Q1 '17.
KW Canada (Canada-only production data in Q1 ‘18)
Franchise is now home to 3,155 agents in Canada, as of March 31. Agents closed 5,130 transactions in Q1 '18, up 4.4 percent over Q1 '17. Agents closed $1.9 billion in sales volume, up 10.5 percent from previous Q1. Franchisee owner profit in the first quarter was up 8.9 percent over Q1 '17 to $306,171. Agents took 5,662 new listings (new market inventory), up 15.3 percent over Q1 '17. Listings taken volume totaled $2.4 billion, up 38.7 percent over Q1 ’17. Agents wrote 6,133 contracts (projected closings), up 4.0 percent over Q1 '17. Contracts written volume was $2.3 billion, up 8.3 percent over Q1 '17.
Keller Williams Worldwide (outside the U.S. and Canada in Q1 ‘18)
Outside of the U.S. and Canada, the franchise is now home to 6,609 agents, as of March 31. Agents closed 5,787 transactions in Q1 '18, up 61.9 percent over Q1 '17. Agents closed $1.3 billion in sales volume, up 163.6 percent from previous Q1. Growth share increased 91.0 percent over Q1 ’17 to $446,842. Agents took 18,348 new listings (new market inventory), up 89.1 percent over Q1 ’17. Listings taken volume totaled $5.7 billion, up 121.7 percent over Q1 '17. Agents wrote 6,482 contracts (projected closings), up 45.7 percent over Q1 ’17. Contracts written volume was $830.4 million, up 69.2 percent over Q1 ’17.
Operating outside of the United States and Canada, Keller Williams Worldwide, the international division of Keller Williams, regions include Argentina; Belize; Bermuda; Colombia; Costa Rica; Czech Republic; Dubai, UAE; France; Greater Shanghai, China; Greece; Indonesia; Israel; Jamaica; Mexico; Monaco; Nicaragua; Panama; Philippines; Poland; Portugal; Puerto Rico; Romania; Southern Africa; Southern Cyprus; Spain; Turkey; Northern Cyprus; United Kingdom; and Vietnam.
About Keller Williams
Austin, Texas-based Keller Williams, the world's largest real estate franchise by agent count, has more than 950 offices and 181,000 associates. The franchise is No. 1 in units and sales volume in the United States. In 2018, Training magazine inducted Keller Williams into its Hall of Fame of top training organizations across all industries in the world.
Since 1983, Keller Williams has grown exponentially and continues to cultivate an agent-centric, education-based, technology-driven culture that rewards agents as stakeholders. The company also provides specialized agents in luxury homes, commercial, and land properties.
For more information, visit kw.com and kwworldwide.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006706/en/
Keller Williams
Darryl Frost, 254-466-3627
[email protected]
Source: Keller Williams | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-keller-williams-reports-q1-a18-results.html |
NAIROBI (Reuters) - Kenya will start the small scale export of crude oil from its fields in the far northern county of Turkana in June after an agreement on how to share the revenue, averting delays, the presidency said on Saturday.
Tullow Oil and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. Total has since taken a 25 percent stake.
A row had broken out after President Uhuru Kenyatta cut the share of the Turkana county government to 15 percent and that of the local community to 5 percent, leaving the rest to the national government.
He then met officials from Turkana at State House in Nairobi to strike a new deal, which will raise the county government’s share to 20 percent and cut the national government’s to 75 percent.
“We now have an understanding that can put Kenya on the map of oil exporting countries,” Kenyatta said in a statement.
The deal will allow a long-delayed law on oil exploration and production to clear parliament, letting exports begin.
“We will intensify our exploration efforts not just in Turkana but in the rest of the country now that we have a legal instrument that can help guide how oil and gas will be handled in our republic,” the president said.
The deal was struck after the national government agreed to eliminate a cap on the revenue due to the county government and the local community, said a senior government official.
Officials in Nairobi had proposed to cap the annual allocation from oil exports to Turkana, arguing that the local economy could not absorb a sudden influx of too much cash.
“The clincher was the removal of the cap,” said Andrew Kamau, the principal secretary in the ministry of petroleum and mining.
Reporting by Duncan Miriri; Editing by Andrew Bolton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kenya-oil/kenya-oil-production-on-course-after-agreement-on-revenue-share-idUSKCN1IK0JQ |
May 2, 2018 / 7:28 AM / Updated 10 minutes ago TABLE-UAE's Fujairah oil inventory data for week ended April 30 Reuters Staff 5 Min Read SINGAPORE, May 2 (Reuters) - Fujairah Oil Industry Zone on Wednesday published, via industry information service S&P Global Platts, the following weekly inventory data for oil products for the week ended April 30. Volumes are in thousands of barrels. Figures in brackets represent volume change from prior week calculated by Reuters. Week Light Middle Residual Fuels Distillates Distillates 2018 April 30 7,342 (-882) 2,030 (+281) 9,561 (+83) April 23 8,224 (+837) 1,749 (-370) 9,478 (+850) April 16 7,387 (+78) 2,119 (-736) 8,628 (+172) April 9 7,309 (-498) 2,855 (+1,116) 8,456 (+1,407) April 2 7,807 (-386) 1,739 (-478) 7,049 (-100) March 26 8,193 (+532) 2,217 (-355) 7,149 (-240) March 19 7,661 (+973) 2,572 (+653) 7,389 (+34) March 12 6,688 (-954) 1,919 (-652) 7,355 (+856) March 5 7,642 (-784) 2,571 (-141) 6,499 (+1,659) Feb 26 8,426 (+224) 2,712 (+201) 4,840 (-1,221) Feb 19 8,202 (-453) 2,511 (+146) 6,061 (+763) Feb 12 8,655 (+809) 2,365 (+386) 5,298 (-1,702) Feb 5 7,846 (+321) 1,979 (-613) 7,000 (+338) Jan 29 7,525 (+321) 2,592 (+696) 6,662 (-493) Jan 22 7,204 (+1,256) 1,896 (-287) 7,155 (-1,374) Jan 15 5,948 (-320) 2,183 (+113) 8,529 (-545) Jan 8 6,268 (+876) 2,070 (+744) 9,074 (+448) Jan 1 5,392 (+609) 1,326 (-556) 8,626 (-1,661) 2017 25 Dec 4,783 (-186) 1,882 (+442) 10,287 (+70) 18 Dec 4,969 (+414) 1,440 (+34) 10,217 (-447) 11 Dec 4,555 (-101) 1,406 (+194) 10,664 (-1,650) 4 Dec 4,656 (+389) 1,212 (-278) 12,314 (+1,406) 27 Nov 4,267 (-425) 1,490 (-41) 10,908 (+1,267) 20 Nov 4,692 (+43) 1,531 (-590) 9,641 (+1,321) 13 Nov 4,649 (-196) 2,121 (+377) 8,320 (-321) 6 Nov 4,845 (+579) 1,744 (-501) 8,641 (-743) 30 Oct 4,266 (-110) 2,245 (-236) 9,384 (+163) 23 Oct 4,376 (-1,344) 2,481 (-363) 9,221 (+547) 16 Oct 5,720 (+1,166) 2,844 (-113) 8,674 (+171) 9 Oct 4,554 (-198) 2,957 (+482) 8,503 (-782) 2 Oct 4,752 (-250) 2,475 (-146) 9,285 (-2,384) 25 Sept 5,002 (-707) 2,621 (+197) 11,669 (+820) 18 Sept 5,709 (+407) 2,424 (-596) 10,849 (+188) 11 Sept 5,302 (-378) 3,020 (-382) 10,661 (-73) 4 Sept 5,680 (+286) 3,402 (+254) 10,734 (-53) 28 Aug 5,394 (-1,393) 3,148 (-39) 10,787 (+76) 21 Aug 6,787 (+371) 3,187 (-852) 10,711 (-1,348) 14 Aug 6,416 (-298) 4,039 (+221) 12,059 (+536) 7 Aug 6,714 (+251) 3,818 (-160) 11,523 (+694) 31 July 6,463 (-134) 3,978 (-226) 10,829 (+10) 24 July 6,597 (-243) 4,204 (+100) 10,819 (-2,637) 17 July 6,840 (+695) 4,104 (+638) 13,456 (+1,354) 10 July 6,145 (-49) 3,466 (+196) 12,102 (-25) 3 July 6,194 (+305) 3,270 (+48) 12,127 (-9) 26 June 5,889 (+670) 3,222 (-350) 12,136 (+432) 19 June 5,219 (-278) 3,572 (+512) 11,704 (+555) 12 June 5,497 (+8) 3,060 (+579) 11,149 (+292) 5 June 5,489 (+145) 2,481 (-307) 10,857 (+773) 29 May 5,344 (-639) 2,788 (-48) 10,084 (+987) 22 May 5,983 (+255) 2,836 (-39) 9,097 (-513) 15 May 5,728 (0) 2,875 (+88) 9,610 (-628) 8 May 5,728 (-590) 2,787 (-958) 10,238 (-647) 1 May 6,318 (-891) 3,745 (-559) 10,885 (+6) 24 April 7,209 (-978) 4,304 (+197) 10,879 (+717) 17 April 8,187 (+837) 4,107 (+133) 10,162 (-1,472) 10 April 7,350 (+405) 3,974 (+61) 11,634 (+182) 3 April 6,945 (+204) 3,913 (-933) 11,452 (-876) 27 March 6,741 (+1,082) 4,846 (+309) 12,328 (+1,409) 20 March 5,659 (+69) 4,537 (+277) 10,919 (+1,058) 13 March 5,590 (+336) 4,260 (+242) 9,861 (+254) 6 March 5,254 (-269) 4,018 (-246) 9,607 (-133) 27 Feb 5,523 (+485) 4,264 (+283) 9,740 (+1,687) 20 Feb 5,038 (-867) 3,981 (-267) 8,053 (+174) 13 Feb 5,905 (-441) 4,248 (-1,029) 7,879 (-1,406) 6 Feb 6,346 (+1,330) 5,277 (+527) 9,285 (+1,035) 30 Jan 5,016 (-518) 4,750 (+373) 8,250 (-901) 23 Jan 5,534 (+1,196) 4,377 (-235) 9,151 (-1,206) 16 Jan 4,338 (NA) 4,612 (NA) 10,357 (NA) * Fujairah Oil Industry Zone hosts the Middle East's largest commercial storage capacity for refined products. * The data can be viewed at fujairah.platts.com/ (Reporting by Roslan Khasawneh; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/oil-inventories-fujairah/table-uaes-fujairah-oil-inventory-data-for-week-ended-april-30-idUSL3N1S92BY |
April 30 (Reuters) - Nike Inc:
* NIKE, INC. ANNOUNCES AMY MONTAGNE AS NEW VP, GM OF GLOBAL CATEGORIES
* NIKE INC - AMY MONTAGNE BECOMES NEW VP, GM OF GLOBAL CATEGORIES, EFFECTIVE IMMEDIATELY
* NIKE INC - MONTAGNE MOST RECENTLY HELD THE ROLE OF VP, GM OF GLOBAL NIKE WOMEN’S CATEGORY Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nike-announces-amy-montagne-as-new/brief-nike-announces-amy-montagne-as-new-vp-gm-of-global-categories-idUSASC09YE6 |
CHICO, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies ( stevedoring/shipping ), infrastructure construction companies and tactical vehicles for military organizations, today reported financial results for its first quarter ended March 31, 2018.
Highlights for the First Quarter of 2018
Revenue for the first quarter was approximately $2.0 million, a 33 percent increase when compared to revenue of $1.5 million for the 2017 quarter. Gross profit for the first quarter was approximately $1.3 million compared to gross profit of $.689 million for the quarter ended March 31, 2017. This is an increase of 96 percent. Net income for the quarter was $529,216 compared to net income of $2,329 for the first quarter ended March 31, 2017. Year-to-date, AmeraMex has received $7.6 million in equipment orders and renewal of rental contracts. This compares to $2.8 million in equipment orders and rental agreements for the same time period in 2017. The audit for 2017 has not yet been completed. Management will disseminate an update when the documents are provided to its outside legal counsel.
AmeraMex CEO Lee Hamre commented, “Last year we announced our agreement with Oshkosh Defense, LLC. It has taken time to become familiar with the line tactical vehicles and determine decision makers within our target markets as political teams can rapidly change. We extended invitations to potential customers and now have visits and demonstrations scheduled at the Oshkosh facility. We continue to believe our agreement with Oshkosh Defense, LLC, is a catalyst for international sales growth.
“As announced last week, we have a large demonstration scheduled showcasing our Menzi Muck and AVR product lines in June. The demonstration, scheduled at a Forrest Service location in California, has drawn over 100 decision makers and influencers.”
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
949.632.1900 or [email protected]
Tables follow:
AMERAMEX INTERNATIONAL, INC. STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2018 (UNAUDITED) MARCH 31, 2018 MARCH 31, 2017 Sales $ 2,004,831 $ 1,542,618 Cost of goods sold 655,167 853,295 Gross profit 1,349,664 689,323 Operating expenses: Selling expenses 52,363 51,570 General and administrative 652,327 423,446 Total operating expenses 704,690 475,016 Income from operations 644,974 214,308 Other income (expense) Interest expense (66,975 ) (36,213 ) Other expense (48,783 ) (175,766 ) Total other income (expense) (115,757 ) (211,979 ) Income before provision for income taxes 529,216 2,329 Provision for income taxes - - Net income $ 529,216 $ 2,329 Weighted average shares outstanding : Basic 754,015,879 689,028,242 Diluted 754,015,879 689,028,242 Earnings (loss) per share Basic $ 0.00 $ 0.00 Diluted $ 0.00 $ 0.00
AMERAMEX INTERNATIONAL, INC. BALANCE SHEETS AS OF MARCH 31, 2018 AND MARCH 31, 2017 (UNAUDITED) March 31, March 31, 2018 2017 ASSETS Current Assets: Cash $ 120,219 $ 165,027 Accounts receivable 766,020 597,498 Inventory 4,287,117 1,850,668 Other current assets 43,848 112,788 Total current assets 5,217,204 2,725,982 Furniture and equipment, net 4,160,695 3,881,611 Other assets 253,881 243,150 TOTAL ASSETS $ 9,631,780 $ 6,850,743 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable $ 1,385,238 $ 748,708 Accrued expenses 86,612 53,890 Deferred Revenue 3,149,212 Income taxes payable 106,760 61,867 Line of credit 447,500 462,411 Notes payable, current portion 1,114,843 1,192,164 Notes payable - related party 359,210 417,065 Total current liabilities 6,649,375 2,936,105 Notes payable, net of current portion 2,137,914 1,349,072 TOTAL LIABILITIES 8,787,289 4,285,176 STOCKHOLDERS' EQUITY (DEFICIT): Common stock, $0.0001 par value, 100,000,000 shares authorized, 754,015,879 and 664,890,879 shares issued and outstanding 754,016 754,016 Additional paid-in capital 20,785,924 20,774,825 Treasury stock (5,438 ) (10,438 ) Accumulated deficit (20,690,011 ) (18,952,837 ) Total stockholders' equity (deficit) 844,491 2,565,566 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 9,631,780 $ 6,850,743
AMERAMEX INTERNATIONAL, INC. STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (UNAUDITED) MARCH 31, 2018 OPERATING ACTIVITIES: Net income 529,216 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Stock-based compensation Loss on settlement of debt for common stock Change in current assets and liabilities: Accounts receivable (120,414 ) Inventory (323,900 ) Other assets (5,023 ) Accounts payable (1,035,530 ) Accrued expenses - Income tax payable - Net cash provided by operating activities (955,651 ) INVESTING ACTIVITIES: Payment for furniture and equipment (234,377 ) Net cash used in investing activities (234,377 ) FINANCING ACTIVITIES: Repayment of note payable Proceeds from note payable - related party 797,913 Net proceeds (borrowing) under line of credit (40,500 ) Purchase of treasury stock Net cash used in financing activities 757,413 NET DECREASE IN CASH
(432,615 ) CASH, BEGINNING BALANCE
553,267 CASH, ENDING BALANCE
120,652 CASH PAID FOR: Interest 66,975 Income taxes - SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: Common stock issued for the settlement of accounts payable Common stock issued for the settlement of notes party - related party About AmeraMex
AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company also represents an inclusive product line of advanced performance tactical military vehicles from Oshkosh Defense, LLC. AmeraMex, with a US and international customer base, has over 30 years of experience in heavy equipment sales and service. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com for additional information and equipment videos.
Except for the historical information contained herein, statements discussing sales or revenue projections are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein.
Source:AmeraMex International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-ameramex-international-reports-revenue-of-2-point-0-million-for-the-first-quarter-ended-march-31-2018.html |
HAMILTON, Ontario, May 02, 2018 (GLOBE NEWSWIRE) -- CN (TSX:CNR) (NYSE:CNI) today announced it will buy 350 centrebeam cars to serve growing demand from lumber producing customers across its North American network.
“We are investing to move the economy as we put the rolling stock, infrastructure and people in place to serve the growing needs of our valued customers,” said JJ Ruest, interim president and chief executive officer of CN. “These additional centrebeams, combined with our recently-announced acquisition of 350 additional box cars, give us the tools to put more capacity at the disposal of business partners such as West Fraser. CN needs to and will do better moving lumber to market.”
The new-build, 73-foot riserless centrebeams, with a maximum load capacity of 286,000 pounds, are expected to be delivered starting in September. CN is also looking at an option to purchase or lease an additional 300 cars.
“West Fraser looks forward to continuing to work with partners who can provide an effective supply chain serving the solid U.S. housing market,” said Ted Seraphim, president and chief executive officer of West Fraser.
The new cars will be manufactured in Canada by National Steel Car Ltd. at its assembly plant in Hamilton, Ont.
“National Steel Car has been building new freight cars for CN since 1919 and we are honoured to have the opportunity to continue to support CN and the customers they serve throughout North America,” said Gregory J. Aziz, chairman and chief executive officer of National Steel Car Limited. “This order will result in the hiring of over 250 employees at our Hamilton assembly plant, which currently employs more than 1,500 people, and will provide extended benefits for Hamilton and the Canadian economy.”
Bob Bratina, Member of Parliament for Hamilton East – Stoney Creek, said: “CN’s investment in new cars to be built at National Steel Car’s Hamilton plant is huge for the city, but its impact ripples far beyond the Ontario steel and manufacturing economy. This is an investment in the Canadian economy and workers across the country.”
Said Hamilton Mayor Fred Eisenberger, “Hamiltonians are proud of the role CN plays in our community, and this announcement is another vote of confidence in Hamilton and our skilled workforce.”
As part of CN’s record $3.4 billion capital program in 2018, the company is investing in new trade-enabling infrastructure and equipment. In addition to rail cars, CN expects starting in June to take delivery of the first of 60 new GE locomotives due in service in 2018.
This spring, CN has started its largest-ever infrastructure investment program, which includes $400 million to build new track and yard capacity to handle increased traffic across CN’s Western Region, and to Chicago. The infrastructure program includes new siding and double track projects benefiting forest products, grain, intermodal, coal and potash business.
After adding hundreds of train conductors to the field so far this year, CN continues to hire with a particular focus on crews in Western Canada. Approximately 1,250 more train conductors will be in the field before the next winter, compared to the number of conductors available before last winter.
Forward-Looking Statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.
Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements include, but are not limited to, the effects of general economic and business conditions; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.
Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
CN is a true backbone of the economy whose team of approximately 25,000 railroaders transports more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca .
CN Contacts: Media Investors Patrick Waldron Paul Butcher Senior Manager Vice-President Media Relations Investor Relations (514) 399-8803 (514) 399-0052
Source:Canadian National Railway | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-cn-to-purchase-350-lumber-cars-to-meet-growing-demand-in-forest-products-business.html |
HOUSTON--(BUSINESS WIRE)-- Waste Management, Inc. (NYSE: WM) today announced the declaration of a quarterly cash dividend of $0.465 per share payable June 22, 2018 to stockholders of record on June 8, 2018.
ABOUT WASTE MANAGEMENT
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com or www.thinkgreen.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006438/en/
Waste Management
Analysts:
Ed Egl, 713.265.1656
[email protected]
or
Media:
Tiffiany Moehring, 720.346.5372
[email protected]
Web site:
www.wm.com
Source: Waste Management, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-waste-management-announces-cash-dividend.html |
May 22, 2018 / 8:11 AM / Updated 7 hours ago Kane named England captain for World Cup Martyn Herman 2 Min Read
LONDON (Reuters) - Striker Harry Kane will wear the captain’s armband for England at next month’s World Cup, ending speculation about who would lead Gareth Southgate’s squad in Russia. Soccer Football - Premier League - Tottenham Hotspur v Newcastle United - Wembley Stadium, London, Britain - May 9, 2018 Tottenham's Harry Kane during the warm up before the match Action Images via Reuters/Andrew Couldridge
The announcement was made in a video published on Twitter in which Southgate said Tottenham Hotspur’s Kane had “outstanding leadership” qualities.
England’s last full-time captain was Wayne Rooney but the armband has been worn by several players since the former Manchester United forward lost his place in the squad.
Southgate has often played down the significance of the position, preferring to nurture a collective leadership within the team, but Kane will be the figurehead as England go into their 15th World Cup.
Kane, who scored 30 Premier League goals for Tottenham this past season, has 23 caps for England and netted 12 times.
“For me the key for a captain is that you set the tone every day in everything that we do, the way we train, the way we prepare and the professionalism towards the task,” Southgate said.
“Harry is an exemplary model of that. He is a meticulous professional and is prepared to challenge people.
“Now is a moment in his life where he is prepared to bring that into the team environment.”
Kane, who first captained England in a World Cup qualifier against Scotland last year, said it was a “massive honour”.
“I’m very excited for the World Cup, can’t wait,” he said. “Leading the lads out is going to be special.”
England face Tunisia, Panama and Belgium at the World Cup in which they will send their third-youngest squad to a major tournament, with an average age of 26.
He will have some experience around him, however, such as Liverpool skipper Jordan Henderson and Chelsea’s Gary Cahill
“Harry will need the support of the other good leaders we’ve got around him,” Southgate said.
“You don’t become a top team by just having a good captain with good values. That has to spread right throughout the group but I think he’s the one ready to take that challenge on.” Reporting by Martyn Herman; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-eng-kane/kane-named-england-captain-for-world-cup-idUKKCN1IN0TY |
VANCOUVER, British Columbia, Torq Resources Inc. (TSX-V:TORQ) (OTCQX:TRBMF) (“Torq” or the “Company”) is pleased to announce that it has added the West Mercur gold project (“West Mercur” or the “Property”) to its exploration portfolio. The Project consists of approximately 43,000 hectares of mineral rights in western Utah and is located about 60 km southwest of Salt Lake City, five km west of the historic Mercur gold mine, and 20 km southwest from Bingham Canyon –one of the top producing copper and gold mines in the world (Figure 1).
Location of West Mercur Project in relation to Bingham Canyon and the Mercur Mine.
West Mercur land position and historic drill intercepts.
West Mercur stratigraphic cross-section.
Michael Kosowan, President and CEO says, “Adding a second Carlin-style gold project in Utah significantly expands Torq’s exploration footprint in the state’s principal mining district. We are enthusiastic about the opportunity and geological potential West Mercur represents for our shareholders.”
The Agreement
West Mercur is currently held by Rush Valley Exploration Inc. (“RVX”), a private company. Under the terms of the agreement, which is made with RVX and its three principal shareholders (the “Agreement”), Torq may acquire up to 100% of RVX at any time within a two-year period by paying US$2.4 million in a combination of cash and common shares to RVX’s shareholders, subject to TSX Venture acceptance and availability of prospectus exemptions. During the two-year term of the Agreement, Torq is required to maintain the mineral interests in good standing and fund at least US $500,000 in recent and planned exploration. No interim shares or cash payments are due under the Agreement.
Project Geology
Dan McCoy, Chief Geologist states: “Torq’s technical team believes that the West Mercur project has all the indicators of a Carlin-style gold exploration target. The size of the Property, the multitude of targets, and the proximity to the analogous Mercur mine, provide a high-quality opportunity for the Company to make a significant discovery.”
Based on geological reports reviewed by Torq’s geological team, West Mercur contains the same prospective sediments that hosted mineralization at the Mercur Mine, last operated by Barrick (see Figure 2,3). The Mercur Mine produced approximately 3.5 million ounces averaging 2.6 g/t Au between 1890 and 1997. The Property overlays two primary regional mineralized structures. In the northwest portion of the Property, the West Dip structure is marked by a 5-km alignment of underground mines that exploited Carlin-type gold deposits between 1897 and 1917. Drilling by Getty in 1981 produced intercepts up to 4.6 m at 5.6 g/t Au and 6.1 m at 4.9 g/t Au (Figure 2). Mineralization within this structure is hosted in steeply dipping, calcareous sediments located stratigraphically above the Mercur Unit, which was the main host rock at the Mercur Mine.
The extension of the West Dip structure to the south is obscured by pediment. However, it and other potential pediment covered structures, represent an excellent opportunity to discover oxide gold mineral where it bisects the shallowly dipping Mercur Mine stratigraphy. Three closely-spaced holes drilled by Barrick in 1986 intersected low-grade gold mineralization in this unit, with the best intercept being 91.5 m of 0.3 g/t Au including 18.3 m at 0.75 g/t Au. Locally derived jasperoid float in the area assays up to 1.2 g/t Au and is spread over a hyperspectral anomaly with patterns similar to those of the Mercur Mine. This covers an area of approximately three square km before being obscured by pediment to the west. (see Figures 2,3)
Though proximal, the mineralization hosted at the Mercur and Bingham Canyon Mines is not necessarily indicative of the mineralization hosted on the West Mercur property.
Exploration Plans
Torq’s technical team is currently mobilizing to the Property to commence geologic mapping and systematic rock sampling. This initial program will include pediment sampling and airborne geophysical programs, neither of which have been previously undertaken on the Property.
Bryan Atkinson, P.Geo and Exploration Manager for Torq is the qualified person as defined in NI 43-101 who is responsible for the technical contents of this news release.
On Behalf of the Board,
Michael Kosowan
Director, President & CEO
For further information on Torq Resources, please contact Natasha Frakes, Manager of Corporate Communications at (778) 729-0500 or [email protected] .
About Torq Resources:
Torq Resources Inc. is a junior exploration company with the goal of establishing a tier-one mineral portfolio. The Company’s management team has raised over $500M and monetized successes in three previous exploration companies. Its initial asset is a 120,000-hectare land package in Newfoundland, Canada, an emerging gold jurisdiction. Torq is continually reviewing and acquiring new precious metals targets on the path to discovery.
Forward Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements.
Cautionary Note Regarding West Mercur Historic Rock Samples and Drilling
Information regarding the historic rock sampling and drilling on West Mercur was taken from reports available to RVX dating back to 1980. Torq has not yet conducted any due diligence and accordingly cannot give any assurances about the reliability or completeness of the information.
Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at :
http://resource.globenewswire.com/Resource/Download/a550ea87-45a7-4c2e-96a0-f6ec1826fc23
http://resource.globenewswire.com/Resource/Download/83c75b29-6931-4147-bd76-975ca135cf6a
http://resource.globenewswire.com/Resource/Download/083b07c3-97b8-4633-a11f-26b0847671c2
Source:TORQ Resources Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-torq-obtains-right-to-acquire-the-west-mercur-gold-project.html |
May 16 (Reuters) - Ominto Inc:
* OMINTO INC FILES NON TIMELY 10-Q - SEC FILING Source text: ( bit.ly/2k0lkWq ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ominto-inc-files-non-timely-10-q-s/brief-ominto-inc-files-non-timely-10-q-sec-filing-idUSFWN1SN0Z6 |
Apple is well on its way to becoming the first trillion-dollar company and on Monday, the tech giant topped the Fortune 500 list of most profitable companies .
Apple's continued success serves as a lasting testament to late co-founder Steve Job 's business savvy and innovation. And like many other visionaries, including Albert Einstein and Amazon's Jeff Bezos , the tech titan attributed this extraordinary success to his intuition.
"Intuition is a very powerful thing, more powerful than intellect, in my opinion," Jobs told writer Walter Isaacson in his self-titled biography . "That's had a big impact on my work."
Intuition is generally referred to as an instinctive gut feeling and intuitiveness is viewed by many as a necessary business trait. However, few people are actually able to harness it, says Sue Hawkes, author of " Chasing Perfection: Minimize Self-Doubt and Maximize Success ."
"Intuition gets a bad rap, often dismissed as New Age mumbo jumbo that has no place in our rational world," she writes in her book, adding that logical people have the hardest time listening to their intuitive voices because they feel the need to validate everything.
For those who are not yet in the habit of trusting their gut feeling or are unsure whether they can rely on it, Hawkes says that you can learn to connect to your intuitive abilities by listening to your inner voice. The key to doing so, she says, is to simply create a "quiet space."
Bob Riha Jr | Getty Images These quiet spaces can run the gamut from a silent retreat, to a meditative yoga class to simply standing in the shower. The main point is that you're isolated and refrain from "being busy," says Hawkes, because busyness blocks you from accessing their intuition.
"When we're doing too much, we lose touch with out internal alignment and what our inner wisdom is trying to tell us," she writes. "Your intuitive voice isn't going to shout to get your attention; it's going to whisper."
Hawkes admits that it can be difficult to find this place of solace because most people are over-scheduled, bogged down by to-do lists and plugged into devices.
But if you take the time to create this quiet space, she says, you're more likely to to unlock your creativity, discover your next business solution, find a sense of clarity and become centered.
"When you're truly aligned—mind, body, spirit, intellect—you're open and receptive to bigger things," writes Hawkes. "That's when you take a risk, take the plunge, dare to do something you'd never thought you would or could."
She adds, "This is when innovation happens."
Apple is proof of this. The tech giant has been one of the world's most innovative companies and in particular its launch of the first iPhone in 2007 stands out. At the time, competing smartphones like Blackberry were using QWERTY keyboards and styluses.
The iPhone's ground-breaking design featuring a multi-touch screen completely revamped the style of smartphones as we know it and propelled Apple as a leader in mobile technology.
Though Jobs was spearheading the multinational organization, he still managed to create his own quiet space by practicing mindful meditation .
"That's when your intuition starts to blossom and you start to see things more clearly and be in the present more," the late CEO is Quote: d as saying in his biography. "Your mind just slows down, and you see a tremendous expanse in the moment. You see so much more than you could see before."
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show chapters Entrepreneur who sold Siri to Steve Jobs: These are 4 keys to launching a successful business 9:51 AM ET Wed, 24 May 2017 | 01:10 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/how-to-trust-your-intuition-like-apple-co-founder-steve-jobs.html |
May 2 (Reuters) - Hanover Insurance Group Inc:
* THE HANOVER REPORTS FIRST QUARTER NET INCOME AND OPERATING INCOME OF $1.57 AND $1.95 PER DILUTED SHARE, RESPECTIVELY; FIRST QUARTER COMBINED RATIO OF 96.9%; COMBINED RATIO EXCLUDING CATASTROPHES OF 91.3%; OPERATING RETURN ON EQUITY OF 11.8%
* Q1 EARNINGS PER SHARE $1.57 * Q1 EARNINGS PER SHARE VIEW $1.71 — THOMSON REUTERS I/B/E/S
* QTRLY NET PREMIUMS WRITTEN$1,264.6 MILLION VERSUS $1,186.8 MILLION
* QTRLY COMBINED RATIO 96.9 % VERSUS 99.5 % * NET INVESTMENT INCOME WAS $82.9 MILLION FOR Q1 OF 2018, COMPARED TO $71.1 MILLION IN PRIOR-YEAR QUARTER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-hanover-q1-earnings-per-share/brief-the-hanover-q1-earnings-per-share-1-57-idUSASC09Z6O |
May 24, 2018 / 8:04 PM / Updated 27 minutes ago Impact of fighting on civilians in Libya's Derna 'devastating' - U.N Aidan Lewis 3 Min Read
TUNIS (Reuters) - Escalating conflict in the eastern city of Derna is having a devastating impact on civilians, with humanitarian workers denied access to deliver life-saving assistance, the United Nations said on Thursday.
Derna has long been encircled by forces loyal to east Libya-based commander Khalifa Haftar, who are trying to wrest the city from a coalition of local fighters and Islamists known as the Derna Mujahideen Shura Council (DMSC).
Located on the coast around 266 km (165 miles) from the border with Egypt, it is the only major town or city in the east of Libya outside the control of Haftar’s Libyan National Army (LNA).
This month after Haftar returned from medical treatment in Paris the LNA stepped up its campaign, launching ground attacks against its opponents on Derna’s outskirts.
The U.N. Libya mission’s humanitarian coordinator, Maria Ribeiro, said the intensification of the conflict had created an urgent need for humanitarian access and they had been denied repeated requests.
“Shortages in medicine and medical supplies are reaching critical levels and the first food shortages are being reported,” the statement said.
“The continued encirclement of Derna and the escalation of conflict is having a devastating impact on civilians who fear for their lives.”
Until this month, the LNA’s campaign had been largely limited to occasional air strikes and bombardments.
Egypt, which backs the LNA, has also carried out air strikes in Derna against what it said were training camps sending militants into Egypt to carry out attacks.
The LNA says its rivals in Derna are linked to al Qaeda. Islamic State established a presence in Derna in 2014, but was pushed out by the DMSC.
Haftar is aligned with a parliament and government that moved to eastern Libya following fighting in Tripoli in 2014. He opposes an internationally recognised government now based in the capital.
Haftar says he is trying to rid Libya of the threat from militant Islamists. Critics accuse him of branding all his opponents as “terrorists” as he seeks to expand his power.
“There is no option left for us in Derna than to crush the terrorists after they rejected all peace efforts,” Haftar said in an address to his forces on Tuesday. He also urged families of DMSC fighters to pressure them to surrender to the LNA so they could get a “fair trial”.
The U.N. statement quoted reports that hundreds of families had been displaced by the recent fighting in Derna, and that at least one child had been killed.
“I call on all parties to immediately allow safe and unfettered access to Derna for humanitarian actors and urgently needed humanitarian goods,” Ribeiro was quoted as saying. Additional reporting by Ayman al-Warfalli; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-libya-security/impact-of-fighting-on-civilians-in-libyas-derna-devastating-u-n-idUKKCN1IP3HI |
Americans report steady improvements in their financial well-being and more of them are optimistic about their future employment prospects, according to a Federal Reserve survey released Tuesday. But people’s perceptions of their economic situation varied by race and educational attainment.
The report also found persistent signs of economic fragility, with many workers continuing to struggle to save for unexpected emergencies or retirement. More than a quarter had skipped medical treatment due to cost, the report said.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/fed-survey-americans-see-brighter-economic-prospects-but-fragility-remains-1527004800 |
May 15, 2018 / 11:16 AM / Updated 22 minutes ago Romero confident of staying Argentina number one Rex Gowar 4 Min Read
LONDON (Reuters) - Sergio Romero may be set for his usual spot on the Manchester United bench in Saturday’s FA Cup final against Chelsea but the absence of action does not dampen his conviction he will be Argentina’s first choice goalkeeper at the World Cup.
Romero, who got a rare start in United’s 1-0 home win over Watford on the final day of the Premier League on Sunday when first choice keeper David de Gea was rested, is certain to be going to his third World Cup finals in Russia next month.
However, the 31-year-old could face stiff competition from uncapped River Plate goalkeeper Franco Armani, who was included in coach Jorge Sampaoli’s 35-man provisional squad on Monday after a stellar season that included 11 clean sheets in his last 15 matches.
“I have never felt the weight of being inactive,” perennial club reserve Romero told Reuters in an interview. “For me it’s not the same for a goalkeeper to lack matches as it is for an outfield player.
Despite criticism over an inability to hold down a regular first team place at Sampdoria, AS Monaco and Manchester United in the last five years, the former Racing Club custodian has won an Argentina goalkeeping record 94 caps since his 2009 debut.
“Thankfully, I have shown over the years that whether I play or not (for my club), I’ll always be fit because that’s what I train for,” said Romero, who helped United win last season’s Europa League, a competition in which he was a regular starter.
“I have shown I am worthy of playing in the Argentina national team,” said the 1.92-metre Romero, affectionately nicknamed ‘Chiquito’ (little one), who relishes every call-up knowing he is more than likely to play.
“I’m always keen to join up with the Argentina team to play, to stop shots, that’s my goal and always has been since Diego (Maradona) gave me my debut.”
Romero believes Sampaoli will resolve problems affecting Argentina’s recent form which included a nervous run-in to the South American qualifiers last year and a 6-1 roasting by Spain in a Madrid friendly in February.
“We need to put in lots of training to keep growing as a team and gain in confidence and belief in the coach’s tactics to get to the World Cup in the best shape possible and win the first match which is important to start on the right foot.” LET THEM WORRY ABOUT US
Argentina kick off against Iceland on June 16 before also meeting Croatia and old rivals Nigeria in Group D.
“We know Iceland have strong players who had a great Euro taking their team to historic new heights and who won’t give anything away at a World Cup,” Romero said.
“But we, as Argentina, such a football-mad country and so sentimental, have to look inwards and not at other teams. We’ve got to do our work and if we do that well, the other teams will have to worry about Argentina.”
Having had to adapt to three different coaches since they reached the 2014 World Cup final, which they lost 1-0 after extra time to Germany, Argentina were in danger of a faux pas as they sought to settle into Sampaoli’s all-out attacking tactics.
“When you get a match like Spain, lots of things are put in doubt but if we trust in the class of players we have, the coach’s ideas will show clearly,” said Romero, who was injured conceding Spain’s opening goal and made way for Willy Caballero.
“Things didn’t go as we expected from the start and going home with a 6-1 defeat was not at all nice but we know it’s good this happened in a friendly which is when you try out tactics and players, something you have to do with a World Cup close.
“A kid playing (for a club) in Argentina that you want to see how he responds in an international match could turn out to be excellent and you find a fundamental piece (for the team).” Reporting by Rex Gowar; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-world-arg-romero/romero-confident-of-staying-argentina-number-one-idUKKCN1IG1JY |
May 18 (Reuters) - JPMorgan Chase & Co:
* JPMORGAN CHASE & CO - SHAREHOLDERS DID NOT APPROVE PROPOSAL ON INDEPENDENT BOARD CHAIRMAN
* JPMORGAN CHASE SAYS SHAREHOLDERS ELECTED 12 DIRECTOR NOMINEES NAMED IN PROXY STATEMENT - SEC FILING Source bit.ly/2KEk3Qv Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jpmorgan-chase-shareholders-did-no/brief-jpmorgan-chase-shareholders-did-not-approve-proposal-on-independent-board-chairman-idUSFWN1SP0YD |
LONDON, May 23 (Reuters) - British engineer Babcock said it expected to deliver low mid-single digit organic revenue growth and stable margins in 2018/19 after international sales and a restructuring helped the group to hit its annual targets.
The company, which provides specialist support and services to groups including Britain’s Ministry of Defence, posted a 2.8 percent rise in underlying revenue to 5.4 billion pounds ($7.2 billion), in line with forecasts, while profit rose 3.6 percent to 512 million pounds. ($1 = 0.7461 pounds) (Reporting by Kate Holton; editing by Sarah Young)
| ashraq/financial-news-articles | https://www.reuters.com/article/babcock-results/babcock-sees-steady-organic-growth-helped-by-international-demand-idUSASO000545 |
Tech stocks’ global struggles and U.S.-China trade tensions may have cooled enthusiasm for what some said could have been one of Hong Kong’s hottest-ever initial public offerings: Ping An Insurance Co. of China Ltd.’s sale of a piece of its health-care and technology unit.
“Demand is strong, but not as strong as what had been expected as a record-setting one,” said Alvin Cheng at Prudential Brokerage, citing as well the cutoff of U.S. components to Chinese telecom-equipment company ZTE Corp.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/investors-cool-a-bit-on-big-hong-kong-ipo-1525090565 |
May 10 (Reuters) - Viveve Medical Inc:
* Q1 LOSS PER SHARE $0.49 * Q1 EARNINGS PER SHARE VIEW $-0.37 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE VIEW $4.7 MILLION — THOMSON REUTERS I/B/E/S * REITERATES 2018 GUIDANCE FOR ANNUAL REVENUE OF $22 MILLION TO $24 MILLION
* FY2018 REVENUE VIEW $22.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-viveve-reports-q1-loss-per-share-0/brief-viveve-reports-q1-loss-per-share-0-49-idUSASC0A1LM |
(Adds shares, detail on expenses, background)
May 24 (Reuters) - South African clothing and homeware retailer The Foschini Group (TFG) on Thursday reported a smaller than expected rise in full-year earnings, hurt by higher expenses, sending its shares down as much as 4.8 percent.
The retailer’s diluted headline earnings per share (EPS), excluding acquisition costs, for the year ended March 31 rose 3.3 percent to 1,125.7 cents, below an average estimate of 1,155 cents in a Reuters poll of 13 analysts.
Headline EPS is the main profit measure in South Africa and strips out certain one-off items.
Total group trading expenses increased by 28.1 percent over the previous year, due to a rise in employee, occupancy and other operating costs.
The company, whose long-time chief executive Doug Murray is expected to retire on Sept. 3, has expanded in developed markets with the purchase of Britain’s Whistles in 2016 and Hobbs last year, as a weak economy, tighter credit rules and tough competition hampered growth at home.
Retail turnover rose 21.4 percent to 28.59 billion rand ($2.3 billion).
Shares in TFG were down 3.9 percent at 186.7 rand at 1302 GMT.
$1 = 12.4360 rand Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Jason Neely and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/foschini-group-results/update-1-south-african-retailer-tfg-earnings-miss-forecast-on-higher-expenses-idUSL5N1SV4U1 |
Walt Disney Co.’s “Avengers: Infinity War” won the box office for the second weekend in a row, outrunning other new movies and surpassing $1 billion in global ticket sales.
The first of a two-part installment from the Marvel Entertainment franchise, “Infinity War” garnered $112 million from theaters in the U.S. and Canada, ComScore Inc. estimated in an email Sunday. Sales fell from the previous week by 56 percent while beating a forecast of $111 million by Box Office Pro. Three new wide releases, “Overboard,” “Tully” and “Bad Samaritan,” placed second, sixth and 10th, respectively.
The new “Avengers” installment beat “Black Panther” to rank only behind “Star Wars: The Force Awakens” for the biggest second weekend in theaters. As the fastest movie ever to cross $1 billion globally, the film continues to drive a rebound in the summer box office.
The superhero blockbuster has a relatively clear run until the release of 20th Century Fox’s “Deadpool 2” on May 18. Disney will probably reclaim the box-office lead at the end of the month when it releases “Solo: A Star Wars Story.” | ashraq/financial-news-articles | http://fortune.com/2018/05/06/avengers-1-billion-sales/ |
Why do Ebola outbreaks keep happening? Thursday, May 17, 2018 - 02:06
The latest Ebola outbreak in West Africa has now reached a major population center, meaning it may be about to get much harder to contain. Stopping these repeat manifestations of the virus cuts to questions of education and food sources in the region.
The latest Ebola outbreak in West Africa has now reached a major population center, meaning it may be about to get much harder to contain. Stopping these repeat manifestations of the virus cuts to questions of education and food sources in the region. //reut.rs/2KtzECf | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/17/why-do-ebola-outbreaks-keep-happening?videoId=427636197 |
April 30 (Reuters) - ORASCOM TELECOM MEDIA AND TECHNOLOGY HOLDING:
* FY CONSOL NET PROFIT EGP 464.9 MILLION VERSUS 897.5 MILLION YEAR AGO Source: ( bit.ly/2Kqmvuj ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-orascom-telecom-media-and-technolo/brief-orascom-telecom-media-and-technology-fy-consol-profit-falls-idUSFWN1S70BO |
May 21, 2018 / 5:04 AM / Updated 2 hours ago Exclusive: BP back on its feet but CEO senses no respite Ron Bousso , Dmitry Zhdannikov 8 Min Read
LONDON (Reuters) - After the near collapse of his company following the 2010 Gulf of Mexico disaster and a three-year slump in oil prices, BP Chief Executive Officer Bob Dudley is hardly relaxed. Group Chief Executive of BP Bob Dudley poses for a photograph at the BP International Headquarters in central London, Britain, May 16, 2018. REUTERS/Henry Nicholls
“It doesn’t feel like we are in a serene time for any energy company,” Dudley told Reuters in an interview.
BP is stronger today than at any other time since the 2010 Deepwater Horizon rig accident.
With oil prices at their highest since late 2014 and BP shares back to levels not seen in more than 8 years, it is once again in a position to contemplate boosting dividends and acquiring, Dudley said.
Sitting in his office in BP’s central London headquarters in St James Square, Dudley, 62, said he intends to carry on leading the company into 2020 and navigate it through a phase of expansion and new uncertainty following a tumultuous eight years at the helm.
The oil and gas sector is looking to retain its relevance as economies battle climate change by weaning themselves from their dependence on fossil fuels, a major source of greenhouse gas emissions.
For BP, it is a two-speed race.
The 110-year old company is undergoing its fastest growth in recent history with new oil and gas fields from Egypt and Oman to the U.S. Gulf of Mexico, riding a tide of higher oil prices following the 2014 downturn.
It is gradually paying off more than $65 billion in penalties and clean-up costs for the Deepwater Horizon accident which left 10 employees dead.
Regarding the danger of the company going bankrupt at the time, Dudley said: “The worst moment was when I heard that our debt was untradable back in the summer of 2010... To me that was a moment of the unthinkable was possible.”
Dudley says he no longer sees BP as an acquisition target after facing years of speculation it could be bought out.
The company is focused on increasing production and cash flow while reducing its large debt pile, after which it will consider boosting shareholder returns such as dividends although “we’re not at that point yet”, Dudley said.
Longer-term challenges also loom.
Investors are increasingly pressing energy companies to find ways to adapt to the energy transition, and Dudley is looking to strike a balance between reducing a large carbon footprint while securing revenue.
“This is the great dual challenge that the industry and BP faces: how to supply the world’s energy on multiple fronts of growing population and doing it with less emissions,” said Dudley, who was appointed to the helm of BP months after the April 2010 spill.
BP, like rivals such as Royal Dutch Shell ( RDSa.L ), is betting on natural gas, the least polluting hydrocarbon, to sustain an expected surge in demand for electricity as economies grow and transportation is electrified.
Gas is also playing a key role as a back-up to renewable energy such as wind and solar in power generation.
To that end, BP is expanding its gas production through new projects in Oman, Egypt and Trinidad and Tobago.
Gas already accounts for over 55 percent of its production.
“I am optimistic about the climate change if you can combine renewables wind and solar and natural gas. To me that’s part of the big answer,” Dudley said in an interview with Reuters.
In the early 2000s BP introduced the slogan “Beyond Petroleum” and adopted a sunburst logo after launching an $8 billion expansion into renewables. The company was forced to write off its solar business 10 years later, but still retains a large U.S. onshore wind business and biofuels plants.
Now, Dudley is taking a cautious approach, investing in smaller start-up companies in renewables, clean fuels and battery charging docks.
“We have to go slow and pick the right low carbon fuels,” he said. BP “will be a broad-based company that supplies all forms of energy that are needed that can be done economically.”
The company will invest $500 million per year in low-carbon energy and technology in the coming years out of a total spending of $15 to $17 billion, a range which Dudley said the company could stay within.
“If a shareholder or someone else came to BP tomorrow and said here is $10 billion to invest in low carbon energies for us, we would not know how to do that yet.”
BP is also expanding its vast global network of petrol stations and investing in convenience stores and charging spots, hoping to retain its dominant brand as electric vehicles become more popular.
“I’m not worried about BP in this area. The most strategic thing we can do is to get our balance sheet strong so that when we have the firepower we can do anything in these areas.” LESSONS
BP expects demand for oil to peak in the late 2030s, after which it will plateau and gradually decline.
For BP, whose roots go back to 1908 with the discovery of Iran’s first oil field, the days of the black gold are far from dead.
While oil prices in recent weeks have hit their highest levels since late 2014 at $80 a barrel, BP are working on an assumption that prices will remain at a range of $50-$65 per barrel due to surging U.S. shale output and OPEC’s ability to crank up output.
Mega projects involving complex, multi-billion facilities such as huge offshore platforms that came to symbolize the technological prowess of the world’s top oil companies are most likely a thing of the past, Dudley said.
Instead, BP is opting for phased developments that require less capital and less time to construct, which make them easier to control at a time of uncertainty over oil prices.
“Many of the companies in the industry are remembering the lesson learnt during the $100 oil era (which) is take it in phases,” Dudley said.
BP is applying this approach in many of its main production hubs such as Egypt and Gulf of Mexico, where it can continue raising production into the early 2020s, Dudley said.
BP’s oil and gas output is set to reach around 4 million bpd by the end of the decade, a level last seen in 2009, with more than a fifth of that coming from projects started since 2016.
It is partnering with top oil producing nations which have some of the lowest costs of extraction such as Oman, Azerbaijan and most importantly Russia, where BP has a 19.75 percent stake in Rosneft ( ROSN.MM ) and where it draws one third of its production.
BP has a relatively small shale business, focused mostly on gas, but Dudley is considering growing in the sector, which has attracted billions of dollars in investments in recent years.
“(Shale) comes down to economics and competitiveness on what is on offer. So far they feel overheated... it is not a burning need to fill that in the portfolio, but if it is attractive, we will.”
BP could place a bid for BHP Billiton’s ( BLT.L ) shale assets, Dudley said. RUSSIA
BP’s position in Russia has put the firm in the spotlight as the United States and Europe tighten sanctions on Moscow.
Dudley, who sits on the board of Rosneft, believes BP can continue there and act as a bridge between countries.
“We don’t apologize for doing business in Russia,” said Dudley. “Certainly today within the boundaries of the sanctions we can and do operate without issues.”
BP will continue to operate in Russia and expand projects with Rosneft even though the company has had to turn down certain offers to develop projects offshore or in the Arctic, he said.
Dudley also said BP remained committed to its stake in Rosneft, which it received following the 2013 sale of TNK-BP. Reporting by Ron Bousso and Dmitry Zhdannikov | ashraq/financial-news-articles | https://uk.reuters.com/article/us-bp-ceo-exclusive/exclusive-bp-back-on-its-feet-but-ceo-senses-no-respite-idUKKCN1IM0E8 |
May 3, 2018 / 5:33 PM / Updated an hour ago English County Championship Division Two Scoreboard Reuters Staff 3 Min Read May 3 (OPTA) - Scoreboard at stumps on the first day of between Warwickshire and Derbyshire on Thursday at Birmingham, England Warwickshire trail Derbyshire by 286 runs with 9 wickets remaining Derbyshire 1st innings Ben Slater c Ryan Sidebottom b Chris Wright 16 Luis Reece c&b Jeetan Patel 20 Wayne Madsen b Henry Brookes 144 Alex Hughes c Will Rhodes b Jeetan Patel 4 Billy Godleman b Henry Brookes 1 Gary Wilson c Jonathan Trott b Chris Wright 34 Matthew Critchley lbw Jeetan Patel 30 Hardus Viljoen c Tim Ambrose b Jeetan Patel 7 Hamidullah Qadri c Dominic Sibley b Henry Brookes 3 Duanne Olivier Not Out 40 Mark Footitt b Henry Brookes 0 Extras 4b 7lb 8nb 0pen 0w 19 Total (81.5 overs) 318 all out Fall of Wickets : 1-28 Slater, 2-72 Reece, 3-80 Hughes, 4-84 Godleman, 5-168 Wilson, 6-209 Critchley, 7-233 Viljoen, 8-251 Qadri, 9-318 Madsen, 10-318 Footitt Bowling Ov Md Rn Wk Econ Ex Chris Wright 18.4 2 81 2 4.34 1nb Ryan Sidebottom 9.2 1 39 0 4.18 Will Rhodes 11 2 30 0 2.73 Henry Brookes 15.5 0 63 4 3.98 3nb Jeetan Patel 27 3 94 4 3.48 Warwickshire 1st innings Will Rhodes Not Out 13 Dominic Sibley c Matthew Critchley b Duanne Olivier 6 Chris Wright Not Out 10 Extras 1b 0lb 0nb 0pen 2w 3 Total (12.0 overs) 32-1 Fall of Wickets : 1-18 Sibley To Bat : Bell, Trott, Hain, Lamb, Ambrose, Patel, Brookes, Sidebottom Bowling Ov Md Rn Wk Econ Ex Hardus Viljoen 4 1 13 0 3.25 2w Duanne Olivier 4 0 11 1 2.75 Hamidullah Qadri 2 1 2 0 1.00 Matthew Critchley 2 1 5 0 2.50 Umpire Neil Mallender Umpire Richard Illingworth Home Scorer Melvin Smith Away Scorer John Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-two-scoreboard-idUKMTZXEE535XYAZN |
May 9, 2018 / 12:25 PM / in 9 minutes UPDATE 1-Israel chipmaker Ceva Q1 profit falls on weak mobile market Reuters Staff 2 Min Read
(Explains Ceva reporting using new accounting standard)
TEL AVIV, May 9 (Reuters) - Israeli chip designer Ceva Inc reported on Wednesday lower quarterly profit, weighed down by a drop in royalty revenue due to weakness in the mobile phone market.
Ceva earned 4 cents per diluted share excluding one-time items in the first quarter, compared with 28 cents a share a year earlier. Revenue fell 17 percent to $17.6 million.
Ceva in the quarter began reporting using a new revenue recognition standard known as ASC 606 that affects how the company reports royalties.
According to the previous reporting standard, revenue was $19.5 million and adjusted earnings were 11 cents a share.
The company, a licensor of signal processing platforms and artificial intelligence processors, was forecast to earn 11 cents a share on revenue of $18.7 million, according to Thomson Reuters I/B/E/S.
Ceva said analysts’ estimates were compiled according to the old accounting standard.
Ceva said it signed 14 licensing agreements in the quarter including two customers for its new NeuPro AI processor used in autonomous driving systems.
“In our royalty business, the market experienced excess channel inventory in the low tier smartphone and feature phone markets, which resulted in weaker than expected baseband shipments in the first quarter,” CEO Gideon Wertheizer said. (Reporting by Tova Cohen Editing by Steven Scheer and Toby Chopra) | ashraq/financial-news-articles | https://www.reuters.com/article/ceva-results/update-1-israel-chipmaker-ceva-q1-profit-falls-on-weak-mobile-market-idUSL8N1SG5ME |
MUMBAI, India, May 30, 2018 /PRNewswire/ --Rolta India Limited (Rolta), a leading provider of innovative IP-led IT solutions for many vertical segments, including Defence and Security, today announced financial results for the quarter and the audited results for the year ended March 31, 2018.
FINANCIAL HIGHLIGHTS
Consolidated Revenue for 12 Months FY-18 at Rs. 2,860.81 cr (Rs. 28.60 Billion) against Rs. 3,179.88 cr (Rs. 31.80 Billion) in 12 Months FY-17. Consolidated EBITDA Margin for 12 Months FY-18 is 29.0 % against 29.9% in 12 Months FY-17. Consolidated Loss before tax for 12 Months FY-18 at Rs. 43.94 cr (Rs. 0.44 Billion) against Loss of Rs. 358.34 cr (Rs. 3.58 Billion) in 12 Months FY-17. Consolidated Loss after tax for 12 Months FY-18 at Rs. 105.69 cr (Rs. 1.06 Billion) against Profit of Rs. 166.74 cr (Rs. 1.67 Billion) in 12 Months FY-17 Consequent upon the enactment of Tax Cuts and Job Act (Tax Reform) in USA, which has principally reduced the effective tax rate from 35% to 21% with effect from 1st January 2018, has resulted in to reversal of deferred tax asset earlier recognized till 31st December 2017 of Rs. 172.29 Crores which has been debited to the statement of profit and loss. The Board of Directors have not recommended a dividend for Financial year 2018.
Mr. K. K. Singh, Chairman and Managing Director said, "In today's world of exponential change, as organisations move forward in their Business 4.0 journey, Rolta is helping them to leverage and adopt the latest and emerging digital transformation technologies. The Company is able to bring together rich solutions powered by our growing portfolio of IP in combination with decades of Geospatial, Engineering and Enterprise IT experience to address our customer's needs. Rolta invested in this long and arduous journey to develop its IP portfolio and grow its Digital Solutions revenue while having to optimise its resources and investments in traditional IT services. We will now reap the benefits of this transformation with around 60% of consolidated revenues coming from Digital Solutions."
CORPORATE HIGHLIGHTS
Digital Transformation has emerged as a driver of sweeping change in the world around us. Organisations who recognise the inherent value within their digital data and learn to extract meaningfully insights are able to reap huge benefits. Rolta has been charting a course to constantly transform itself and remain relevant in the face of relentlessly changing technologies and market needs. The Company continues to make investments in developing differentiating intellectual property targeted at the growing demand for Digital Transformation Solutions. The Company's persistent efforts at innovation, R&D and product development has further enriched its growing portfolio of software products across the Defence, Security, Cloud, Mobility, Analytics, Safe and Smart City segments. During the year the company was granted with another patent (no. US 20150331584 A1) in the Geospatial domain. Additionally, Rolta has developed 430+ IP led Big Data Analytics software applications cutting across upstream Oil & Gas, Refineries, Petrochemicals, Chemicals, Power Generation, Utilities and Transportation for which Copyrights have been filed. During the year Gartner recognized Rolta OneView™ in their research report, "Take Advantage of the Disruptive Convergence of Analytic Services and Software".
Defence and Security
The Indian Army's Battlefield Management System (BMS) is aimed at ushering in Digital Transformation of the Indian Army by networking the Army's combat units and interlinking frontline soldiers to provide them common tactical picture in the battle fields of the future. MoD has mandated a totally indigenous software for BMS. The Consortium of BEL and Rolta continues to progress under the active support and guidance of the Indian Army.
Rolta has been the leading provider of C4ISR solutions to the Indian Army having addressed all echelons of command and continues to enhance its suite of products by incorporating next generation cutting edge technologies. The Company is uniquely poised to migrate to the next generation, 64-bit Rolta IP based Intelligence and Situation awareness solutions (C4ISR) that integrate Photogrammetry and Imaging with GIS to facilitate decision making at operational and tactical levels of the armed forces. Recently Rolta participated in an RFI for procurement of latest C4ISR technologies to modernise the complete Intelligence Systems of the Armed Forces through the Buy Indian IDDM (Indigenously Designed, Developed and Manufactured) categorization placing Rolta in a favorable position due to its indigenously developed cutting edge software.
Rolta is actively developing indigenous software suite for the Indian Army's War gaming and simulation projects for conventional as well as Counter Insurgency and Counter Terrorism (CI/CT) operations. This will enable the Army to provide dynamic and cost-effective training by simulating operational and tactical scenarios. This will be a first of its kind indigenous war gaming solution for training Battalion/Company and Platoon levels of the Indian Army to meet the real challenges being faced by them and will be rolled out on a much larger scale in stages.
Border Security & Management along 15000 Km of the country's land borders and 7500 Km of its Coastline, presents huge opportunities for Rolta's portfolio of indigenous Command & Control (C2) solutions. Rolta is participating in the ambitious program of the Border Security Force (BSF) to secure the country's borders and has responded to their RFP issued recently. Additionally, Rolta has offered its C2 solution for tenders related to Security Systems for airfields of Indian Navy and Air Force.
Rolta has successfully harnessed Geo-BI and Big Data Analytics technologies for meeting the needs of the Indian Defence. These indigenous solutions provide Machine Learning, Artificial Intelligence, Predictive and Prescriptive Analytics which will be utilized to address large Defence digital enablement programs.
Rolta is addressing opportunities more than Rs 5000Cr (US $ 750+M) in the domains of C4ISR, War gaming, Border Security and Management, AI and advanced Analytics for Defence through RFIs and RFPs submitted during the year.
Digital Solutions: Geospatial, Asset Management, Enterprise IT, Security, Cloud, and Big Data Analytics
In today's Digital age, data is the most vital asset and the new currency of business. Digital Transformation continues to be the #1 priority for organizations globally to remain relevant in the hyper-connected world and reap the benefits of multi-fold value of the data to stay ahead of competition. Rolta is helping organizations to accelerate the digital transformation by abstracting the complexities of the nexus of technologies such as Big Data, Internet of Things, Cloud, Geospatial, Cyber Security, Mobility and Social Media through Rolta's Digital transformation platforms and solutions built on growing portfolio of IPs and replicable software solutions. With over 80% of digital data having a locational context, adding a geospatial dimension is vital and essential for deeper insights. Rolta's rich heritage of creating and designing digital repositories enriched with geospatial and engineering data has uniquely positioned the Company to analyse complex data patterns and thereby extract deep insights from the digital data. This enables the Company to address the Industry 4.0 Digital enterprise programs. Rolta OneView™ 9.0 released during the year introduced new features and functionalities including embedded process integration, value-added enterprise knowledge hub, 3D/4D spatial visualisations, enterprise search, NLP and collaboration together with continuous innovations in AI, Deep Learning, Data Lake and Predictive Analytics.
In North America Rolta has won orders aggregating US $ 50+M from Cloud, Security and Mobility Solutions. For example, Rolta was engaged by a Fortune 500 Healthcare organization to enhance their private Cloud infrastructure along with edge communication systems spanning their distribution network. While in the In the Insurance segment, one of the largest insurance company engaged Rolta for their mobility and analytics to greatly enhance business productivity while also reducing costs. An American Electric Power Company on the other hand engaged Rolta to improve their network security to protect them and their customers from emerging security threats.
With decades of expertise and leadership in the Geospatial technologies, Rolta has built a formidable track record and IP for replicable Smart City Solutions. Rolta's Smart and Safe City Solutions portfolio covers the entire gamut of Safe and Smart City Operations. For example, Rolta was entrusted with a prestigious contract for a national level Digital Transformation program for one of the largest countries in the Middle East. During the year, the Company won several multimillion dollar Safe and Smart City orders, both in India and across the globe aggregating US $ 45+M.
In the Transportation segment, as part of their digital transformation program, a large State Road Transport Corporation in India awarded Rolta with a contract to create a robust and flexible solution to increase operational efficiency and facilitate better planning and operations. While, a premier Shipping Transport Authority awarded Rolta a contract to drive their Cloud based digital transformation for all their organizational functions related to shipping, operations and maintenance while also providing deep cross-functional analytical insights and decision support by leveraging Rolta OneView™. Similarly, in the US a Department of Transportation of a large State engaged Rolta to provide a comprehensive analytics solution for monitoring and condition-based ranking of their extensive transportation work. The Company won orders worth US $ 25+M from the transportations sector.
In the Telecom vertical, Rolta recently won a US $ 20+M project for a state-of-the-art network management and analytics system for a Fibre Optic Network to provide Geospatial Analytics with network and inventory management to facilitate network planning, preventive maintenance, fault analysis and reporting.
In the Energy and Utilities sector, one of India's largest energy conglomerate, a dominant power major with presence in the entire value chain of the power generation contracted Rolta for their ambitious program to establish and manage their next generation paperless office as part of the Digital India initiative. While another Power Utilities organisation awarded Rolta a multimillion dollar order for a Rolta OneView Big Data Analytics based Smart Meter data management spanning energy suppliers, network operators and users. Similarly, a UK based water utility awarded an extension for their geospatially enabled Asset Information Management, reporting and Analytics as a Service. The Utilities segment resulted in aggregate business worth US $ 35+M.
About Rolta:
Rolta is a leading provider of innovative IP-led IT solutions for many vertical segments, including Federal and State Governments, Utilities, Oil & Gas, Petrochemicals, Financial Services, Manufacturing, Retail, and Healthcare. Rolta is recognized for its extensive portfolio of solutions based on field-proven Rolta IP tailored for Indian Defence and Homeland Security. By uniquely combining its expertise in the IT, Engineering and Geospatial domains, Rolta develops State-of-the-Art Digital Solutions incorporating rich Rolta IP in the areas of Cloud, Mobility, IoT, BI and Big Data Analytics. Rolta is a multinational organization headquartered in India and the Company's shares have been publicly traded for more than 25 years in India.
For additional information please visit www.rolta.com , or contact:
Preetha Pulusani
Lt. Gen K.T. Parnaik
Rajesh Ramachandran
Ramakrishna Prabhu
President – International Operations
Member of the International Board
JMD – Defence & Security
Member of the Board
JMD – Global Products & Technology Solutions
Member of the Board
Director – Finance & Corporate Affairs
Member of the Board
[email protected]
[email protected]
[email protected]
[email protected]
Tel: +1(678)942-5000
Tel: +91(22)2926-6666
Tel: +91(22)2926-6666
Tel: +91(22)2926-6666
View original content: http://www.prnewswire.com/news-releases/roltas-fy-18-audited-consolidated-results-300656560.html
SOURCE Rolta India Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-roltas-fy-18-audited-consolidated-results.html |
May 11 (Reuters) - DIGITAL BROS SPA:
* REPORTED ON THURSDAY 9-MONTH NET REVENUE OF EUR 57.6 MLN VS EUR 87.5 MLN YEAR AGO
* 9-MONTH NET PROFIT EUR 12.0 MLN VS EUR 7.8 MLN YEAR AGO
* EXPECT Q4 RESULTS TO BE IN LINE WITH THE PREVIOUS TWO QUARTERS IN TERMS OF REVENUES AND OPERATING MARGIN
* CONFIRMS 2019 REVENUE BETWEEN EUR 145 MLN AND EUR 190 MLN
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SI1AZ |
CHICAGO (Reuters) - An experimental Loxo Oncology Inc drug that targets cancers with mistakes in the RET gene led to tumor shrinkage in nearly 70 percent of patients regardless of where their cancer originated, according to preliminary data from a small study released on Wednesday.
The drug, LOXO-292, was well tolerated by patients with advanced cancer, many of whom were resistant to or no longer being helped by available treatments, researchers reported.
Loxo shares rose more than 9 percent after the data was released, while shares of Blueprint Medicines, which is developing a rival drug, fell more than 12 percent.
The oral medicine is intended for cancer patients with RET abnormalities in which two genes become fused together, triggering accelerated cancer cell growth.
RET fusions, an acquired rather than inherited gene defect, occur in about 2 percent of lung cancers, 10 to 20 percent of papillary thyroid cancers, and a small number of other cancers. Other mutations known as activating RET point mutations account for about 60 percent of medullary thyroid cancers, which comprise 3 percent of all thyroid cancers.
As of the cutoff date of January 5, data included 35 patients with RET fusion positive tumors, including 27 with non-small cell lung cancer (NSCLC), 7 with papillary thyroid cancer and 1 with pancreatic cancer. Another 20 patients had medullary thyroid cancers with RET point mutations.
In RET fusion positive patients, 69 percent of those who could be evaluated had significant tumor shrinkage, based on standard criteria for overall responses, typically shrinkage by at least a third.
The overall response rate was 65 percent for those with NSCLC, including three whose cancer had spread to the brain, and 83 percent for patients with papillary thyroid cancer.
In patients with medullary thyroid cancers, some 79 percent experienced tumor shrinkage ranging from 9 to 45 percent.
A brief summary of the results was released on Wednesday ahead of next month’s American Society of Clinical Oncology Meeting Chicago, where more detailed data on the study involving more patients will be presented.
Loxo Chief Executive Josh Bilenker, in a call with analysts earlier this month, said he was “encouraged by the data we submitted in January,” but noted that efficacy has improved since January.
The findings follow initial results released at a cancer meeting last month by Blueprint, whose rival RET-targeted drug showed an overall response rate of 37 percent, including 45 percent for NSCLC and 32 percent for medullary thyroid cancers.
Of the 57 patients in the Loxo study, 52 remained on the treatment. Side effects were mostly minor and occurred in about 10 percent of patients. They included fatigue, diarrhea and shortness or breath.
Reporting by Julie Steenhuysen; Edited | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-cancer-loxo/loxo-oncologys-targeted-ret-drug-shows-promise-in-early-trial-idINKCN1IH305 |
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