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European shares closed lower on Friday as concerns over geopolitics and trade intensified.
Symbol Name Price Change %Change Volume FTSE --- DAX --- CAC --- IBEX 35 --- The pan-European Stoxx 600 closed 0.3 percent lower, with major bourses and most business sectors in the red.
Telecoms had plummeted by almost 2 percent at the end of trade. Altice and Telecom Italia dragged the sector lower on news of ratings downgrades. Both stocks dropped during the afternoon to close approximately 3.5 percent to the downside.
Basic resources also performed poorly, with shares finishing the day off by 1.2 percent. Glencore shares dropped, closing 4.4 percent lower, although they had been negative by almost 7 percent earlier in the afternoon. A report said that the mining firm may face investigation by the U.K.'s Serious Fraud Office over its operations in the Democratic Republic of Congo.
Europe's automotive sector also closed well into negative trade, just over 1 percent lower. Fiat Chrysler foundered at the bottom of the group, ending in the red by 1.8 percent. CEO Sergio Marchionne has said that he will overhaul the company's operations in Italy, moving away from the manufacturing of small cars to focus on higher end models.
The banking sector was also nearly 1 percent lower at Friday's close, with Italian banks UBI Banca , BPER Banca and Banco BPM all down by over 6 percent. Uncertainty remains over the political agenda of two populist parties , the left-wing Five Star Movement and the far-right Lega, which stand likely to form the next government in a power-sharing agreement.
Looking across the European benchmark, Ubisoft rose to near the top of the index, closing up by over 4.5 percent. It had traded strongly throughout the day following higher-than-expected earnings.
At the other end of the spectrum, shares of Richemont were among the worst performers, finishing down by more than 5.3 percent on disappointing watch sales.
In earnings news, AstraZeneca reported a 37 percent decline in first-quarter profit, according to Reuters. Shares closed 1.9 percent lower, paring back losses made earlier in the day.
US stocks lower as trade talks with China continue Stateside , the S&P 500 traded lower on Friday as tensions between the U.S. and China weighed on investor sentiment while both countries continued negotiations on trade.
The broad index fell 0.1 percent with consumer stocks lagging. The Nasdaq composite declined 0.2 percent. The Dow Jones industrial average bucked the negative trend, rising 52 points. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/european-markets-focus-on-us-china-trade-10-year-yields-earnings.html |
Appoints New SVP Global Sales and General Counsel
SAN MATEO, Calif.--(BUSINESS WIRE)-- Alfresco Software , a leading enterprise open source provider of process automation, content management and information governance software, today appointed Bob Pritchard to the position of senior vice president of global sales and Kamil Chaudhary to vice president and general counsel, effective immediately.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180502005853/en/
Bob Pritchard, senior vice president of global sales at Alfresco Software. (Photo: Business Wire)
Pritchard joined the company in 2016, bringing over 25 years of experience in software, technology and services sales and leadership. He has a successful history of working with customers to increase efficiencies through process re-engineering and automation in a variety of industries, including finance, retail, professional services, health care, manufacturing and logistics. Prior to joining Alfresco, Pritchard launched Redwood Software’s Robotic Process Automation offering “RoboFinance” in North America. He also served as Vice President of OpenText’s BPM Market Unit for the Americas and was co-founder of TIOVA, a pioneering Software-as-a-Service (SaaS) provider to professional services organizations. He graduated from Purdue University with a B.S. in Industrial Engineering.
Chaudhary joined Alfresco in September 2014 and oversees all the company’s legal affairs worldwide, including corporate, commercial, regulatory, intellectual property, ethics/compliance and litigation. Prior to joining Alfresco, he served as Corporate Counsel to Quinstreet, Inc., a performance-based advertising and marketing company. He was also an associate at Goodwin Procter and Gunderson Dettmer, working in their technology practices. Chaudhary holds a J.D. from the Duke University School of Law and a B.S. in Business Administration from the University of Southern California’s Marshall School of Business.
“It is with great pleasure that I share the promotions of Bob and Kamil,” said Bernadette Nixon, CEO at Alfresco. “Bob has done a great job in his short 18-month tenure at Alfresco in leading and developing the Americas commercial sales team, and his international experience makes him well qualified to lead our global sales team. Kamil’s background, not only with Alfresco but also his previous legal experience in the technology sector, prepared him well for this next step in his career.”
About Alfresco
Alfresco is an enterprise open-source software company focused on advancing the flow of digital business. The company provides a better, more effortless way for people to work, making sure they have the information they need, exactly when they need it most. The Alfresco Digital Business Platform is used to digitize processes, manage content and securely govern information. Alfresco helps over 1,300 industry-leading organizations, including Cisco, Bank of NY Mellon, Liberty Mutual, Capital One, Joint Chiefs of Staff, US Department of Navy, and NASA, be more responsive and competitive. Founded in 2005, Alfresco has its U.S. headquarters in San Mateo, California, and European headquarters in Maidenhead, UK. For more information on Alfresco, please visit http://www.alfresco.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005853/en/
for Alfresco Software
Sara Black, 213-618-1501
[email protected]
Source: Alfresco Software | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-alfresco-announces-executive-promotions.html |
FireEye CEO: Bitcoin's 'been a problem for us' 15 Hours Ago Jim Cramer hears from Kevin Mandia, the CEO of FireEye, about the risks that cryptocurrencies pose to cybersecurity. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/fireeye-ceo-bitcoins-been-a-problem-for-us.html |
May 13, 2018 / 11:39 AM / Updated 26 minutes ago Congo, U.N. deploy specialists to tackle Ebola epidemic Reuters Staff 3 Min Read
KINSHASA (Reuters) - The Democratic Republic of Congo and U.N. agencies began deploying emergency teams of specialists over the weekend to try to prevent the spread of an Ebola epidemic suspected to have infected more than 30 people, they said on Sunday.
The latest suspected case was reported on Friday in the northwestern province of Equateur, which Health Minister Oly Ilunga Kalenga visited on Saturday with officials from the World Health Organisation (WHO) and U.N. Children’s Fund (UNICEF).
“We have to pool our efforts quickly and align ourselves with the government response plan to fight this new epidemic effectively,” Kalenga was quoted as saying in a joint statement following their visit to the state capital.
Congo first reported the outbreak, centred around the village of Ikoko Impenge, near the town of Bikoro, on Tuesday, with 32 suspected, probable or confirmed cases of the disease, including 18 deaths since April 4. Some deaths occurring as early as January have not yet been linked to the epidemic.
Officials are racing to prevent the virus from spreading out of control, as happened in West Africa from 2014-216, when Ebola killed more than 11,300 people in Guinea, Sierra Leone and Liberia.
The WHO was criticised for bungling its response to that epidemic, and so has moved quickly.
Congo had suffered eight Ebola epidemics previous, but owing to remote geography and poor transport links they have tended to fizzle out rather than spread to become a national crisis.
But this epidemic’s proximity to the Congo River, a major transport route and lifeline both to Congo’s capital Kinshasa and to neighbouring Congo Republic’s capital Brazzaville, makes it more likely the virus could break out into a wider area.
The disease — most feared for the internal and external bleeding it can cause in its victims owing to damage done to blood vessels — has already spread to three separate locations covering 60 km (37 miles) or more in Equateur province.
Officials say the immediate risk is to the provincial capital Mbandaka, with about 1 million inhabitants, but Congo’s nine neighbours have also been put on high alert in case Ebola crosses a border, especially to Republic of Congo or Central African Republic.
“The WHO is strengthening its presence, positioning a dozen epidemiologists who will be divided on the axes of Mbandaka, Bikoro and Iboko to investigate alerts,” its Congo representative Allarangar Yokouide said.
The WHO said on Friday it hopes to deploy an experimental Ebola vaccine to tackle an outbreak. Reporting by Amedee Mwarabu; Writing by Tim Cocks; Editing by Catherine Evans | ashraq/financial-news-articles | https://in.reuters.com/article/ebola-health-congo/congo-u-n-deploy-specialists-to-tackle-ebola-epidemic-idINKCN1IE0JB |
'Indefinite stay' for Australia's asylum seekers 11:26am EDT - 01:40
Hundreds of asylum-seekers held in Australian-run detention centres in the Pacific are likely to remain there indefinitely as no other country is willing to resettle them, Minister for Home Affairs Peter Dutton said on Monday. ▲ Hide Transcript ▶ View Transcript
Hundreds of asylum-seekers held in Australian-run detention centres in the Pacific are likely to remain there indefinitely as no other country is willing to resettle them, Minister for Home Affairs Peter Dutton said on Monday. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rsSkKn | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/indefinite-stay-for-australias-asylum-se?videoId=424686716 |
The new Volcker rule comes at an opportune time for banks, which are poised to ride a new wave of global market volatility.
The proposed changes unveiled by the Federal Reserve Wednesday would preserve the prohibition on proprietary trading by banks that enjoy government backstops. But it lightens and simplifies enforcement of the rule, giving bank managers more leeway to set limits on trader behavior.
For... | ashraq/financial-news-articles | https://www.wsj.com/articles/volcker-2-0-comes-at-a-good-time-for-banks-1527776127 |
May 3 (Reuters) - HNA Technology Co Ltd:
* SAYS IT WILL POSTPONE UNTIL MAY 14 TO REPLY INQUIRIES BY THE SHANGHAI STOCK EXCHANGE REGARDING ITS ASSET ACQUISITION PROPOSAL Source text in Chinese: bit.ly/2I7dVCF (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hna-technology-postpones-answering/brief-hna-technology-postpones-answering-shanghai-exchange-inquiries-until-may-14-idUSH9N1S403S |
May 23, 2018 / 2:57 PM / Updated 3 hours ago Why the world needs more than one Ebola vaccine Kate Kelland , Ben Hirschler 7 Min Read
LONDON (Reuters) - - In the life-and-death race to make the first effective vaccine against Ebola, one company - Merck - seems bound to win. A World Health Organization (WHO) worker prepares to administer a vaccination during the launch of a campaign aimed at beating an outbreak of Ebola in the port city of Mbandaka, Democratic Republic of Congo May 21, 2018. REUTERS/Kenny Katombe
But others drugmakers, such as Johnson & Johnson and GlaxoSmithKline, are also in the running - and must stick with it even though they are unlikely to make a profit, experts say, because the world needs more than one Ebola vaccine.
Immunizations with Merck’s VSV EBOV experimental shot began in Congo this week - a big moment in a 40-year fight against a disease that until now could only be tackled by isolation and strict hygiene.
Having this vaccine means the world is better placed now than it was in 2014-2016, when the hemorrhagic fever killed more than 11,300 people in history’s worst Ebola outbreak in West Africa.
Still, relying on one potential vaccine from one company does not make sense, either in terms of ensuring resilient supply or the best protection against the virus, says Jeremy Farrar, director of the Wellcome Trust global health charity.
“It’s critical that we encourage companies to keep working on this,” he told Reuters.
“Firstly, it may be that two vaccines may have very different characteristics.
“And we also need more than one manufacturer. You can’t expect one company to carry the burden of the whole production facility for an Ebola vaccine.”
Ebola is a fearsome disease but it is also still rare, making the potential market for an emergency vaccine highly sporadic and very likely unprofitable.
This poses a dilemma for drug companies: With no real prospect of a financial return, can they justify the investment, even when they get support from government agencies and charities.
GSK’s put its Ebola vaccine work on hold after it was unable to progress its product through clinical trials towards the end of the 2014-16 epidemic, due to the dwindling number of Ebola cases. A spokesman said it is monitoring the situation. A slide is pictured during a briefing for World Health Assembly (WHA) delegates on the Ebola outbreak response in Democratic Republic of the Congo at the United Nations in Geneva, Switzerland, May 23, 2018. REUTERS/Denis Balibouse
J&J is pushing ahead. Since the big West African outbreak, the company has gone on to test its vaccine on 5,000 volunteers in 11 separate trials, confirming its safety and ability to generate an immune response.
“We are not doing this for a commercial purpose,” said Paul Stoffels, J&J’s Chief Scientific Officer told Reuters in an interview.
“If you have technology that can help fight the most deadly virus in the world, then you can’t stand back and not do this.
“There are also benefits to us. We are also learning all the time about vaccine technology, which has advanced our science.” COMPLEMENTARY
J&J’s two-part vaccine - being developed with Danish biotech Bavarian Nordic - works differently to Merck’s and its protection, if confirmed, is expected to be longer lasting.
Merck’s shot is well suited for “ring vaccination” of people in recent contact with new Ebola cases, but a long-lasting option would be a good bet for healthy support workers coming in to fight the crisis.
“Certainly from what we know about the J&J vaccine, it could have a very complementary use,” said Peter Salama, the World Health Organization’s deputy director-general for emergency preparedness and response.
“It looks like it takes a little longer to develop the immune response, but at the same time it may last a lot longer ... it could be an ideal vaccine for healthcare workers, for example, who you could proactively vaccinate and know that they are protected for 10 years or so.” A slide is pictured during a briefing for World Health Assembly (WHA) delegates on the Ebola outbreak response in Democratic Republic of the Congo at the United Nations in Geneva, Switzerland, May 23, 2018. REUTERS/Denis Balibouse
One problem remains the lengthy, complex and expensive process of getting new vaccines licensed by Western regulators, like the U.S. Food and Drug Administration (FDA).
Merck - whose vaccine was originally developed by the Public Health Agency of Canada and then handed to NewLink Genetics, before Merck took it on in 2014 - does not expect to be ready to seek an FDA marketing authorization license for VSV EBOV until 2019.
This is in part due to “unforeseen facility and engineering issues” at a manufacturing plant being built in Germany, Merck’s spokeswoman Pamela Eisele said.
“We ... are focused on getting vaccine manufacturing on-line as quickly as possible.”
The company could get a pay-off when the vaccine is finally licensed, in the form of an FDA priority review voucher, which can be used with another product of its choice or sold on.
The FDA issues such vouchers for innovative drugs or vaccines tackling neglected or rare diseases, including Ebola, and past examples have been sold for up to $350 million.
The only licensed Ebola vaccines come from separate groups in Russia and China. Their products have been approved by local regulators only on the basis of limited clinical data. An FDA license is widely regarded as the definitive stamp of approval. BEYOND EBOLA
Large drug companies remain the only realistic vehicles for manufacturing vaccines at scale and the problem of incentivizing them to work on non-profitable diseases in poor countries stretches beyond Ebola.
“In any vaccine market, at some point the manufacturers assess whether its a viable market to continue, and they may stop,” Salama told Reuters. Sanofi, for example, dropped development of a Zika vaccine last year, despite promising early clinical results, following a row over future pricing of the product, which was originally developed by U.S. Army researchers.
Such hesitancy by drug companies is going to need to be overcome, experts say, especially since a crowded world can expect an increasing number of deadly encounters with microbes.
In the past 60 years, the number of new infectious diseases affecting humans has increased fourfold and the number of outbreaks per year has more than tripled, according to report from the International Vaccines Task Force.
Only this week India has been hit by the brain-damaging Nipah virus, killing 10 people, while Nigeria had its worst Lassa fever outbreak on record earlier this year.
There are currently no vaccines for either of these, but both are on a WHO research and development priority list alongside Ebola, Zika, MERS and Crimean-Congo hemorrhagic fever. Reporting by Kate Kelland and Ben Hirschler, editing by Anna Willard | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-vaccines-analysis/why-the-world-needs-more-than-one-ebola-vaccine-idUSKCN1IO2A7 |
May 2 (Reuters) - ANADOLU ANONIM TURK SIGORTA:
* SAID ON MONDAY Q1 CONSOLIDATED NON LIFE TECHNICAL INCOME 1.05 BILLION LIRA VS 993.6 MILLION LIRA YEAR AGO
* Q1 CONSOLIDATED NET PROFIT 89.4 MILLION LIRA VS 43.7 MILLION LIRA YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S915J |
May 2 (Reuters) - Biocon Ltd:
* SAYS US-FDA COMPLETED PRE-APPROVAL INSPECTION OF STERILE DRUG PRODUCT PLANT IN BANGALORE AND ISSUED A FORM 483 WITH 7 OBSERVATIONS
* SAYS OBSERVATIONS ARE LARGELY PROCEDURAL AND AIMED AT CONTINUOUS IMPROVEMENT
* SAYS WILL RESPOND TO THE FDA WITH A CORRECTIVE AND PREVENTIVE ACTION PLAN IN A TIMELY MANNER
* SAYS HAS ALSO THIS WEEK RECEIVED PRELIMINARY REPORT FROM EUROPEAN REGULATOR POST INSPECTION OF BANGALORE STERILE DRUG PRODUCT PLANT
* SAYS EUROPEAN REGULATOR LISTS 6 MAJOR OBSERVATIONS WITH NONE CLASSIFIED AS CRITICAL
* SAYS WILL SUBMIT A CORRECTIVE AND PREVENTIVE ACTION PLAN TO EUROPEAN INSPECTION AGENCY WITHIN STIPULATED TIME PERIOD Source text for Eikon: Further company coverage: (Mumbai newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-biocon-says-usfda-european/brief-indias-biocon-says-usfda-european-regulator-issue-observations-on-bangalore-plant-idUSL3N1S94GZ |
May 4 (Reuters) - IL & FS Investment Managers Ltd:
* MARCH QUARTER CONSOL NET LOSS 21.5 MILLION RUPEES VERSUS PROFIT 36.1 MILLION RUPEES YEAR AGO
* MARCH QUARTER CONSOL REVENUE FROM OPERATIONS 258.5 MILLION RUPEES VERSUS 284.5 MILLION RUPEES YEAR AGO
* PROPOSED FINAL DIVIDEND OF 0.60 RUPEES PER SHARE Source text - bit.ly/2HVkODO Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-il-fs-investment-managers-p/brief-indias-il-fs-investment-managers-posts-march-qtr-consol-loss-idUSFWN1SB0OE |
TOKYO, May 23 (Reuters) - SoftBank Group Corp said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart to Walmart Inc .
Walmart said earlier this month it will pay $16 billion for a roughly 77 percent stake in Flipkart, the U.S. retailer’s largest-ever deal.
A SoftBank spokesman declined to give further details.
SoftBank CEO Masayoshi Son said earlier this month the $2.5 billion investment through its private equity fund in Flipkart made last year was worth $4 billion. (Reporting by Sam Nussey; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/flipkart-ma-walmart-softbank-group/softbank-says-selling-its-entire-flipkart-stake-to-walmart-idUST9N1RI02R |
Wiretaps in place in weeks prior to Michael Cohen office raid 1 Hour Ago CNBC's Eamon Javers reports on the latest news on the White House including the feds tapping Trump lawyer Michael Cohen's phones and whether President Trump knew about the payment to porn star Stormy Daniels. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/wiretaps-in-place-in-weeks-prior-to-michael-cohen-office-raid.html |
Former Zimbabwean President Robert Mugabe failed to attend a parliamentary hearing on Wednesday that is investigating his claim that $15 billion of the country's diamond wealth is missing.
Temba Mliswa, the Zimbabwean lawmaker leading the inquiry, tweeted later on Wednesday that, "We've considered that 9 a.m. may be rather early for Mr. Mugabe to appear," adding that the investigatory body had written to the former leader asking him to appear on May 28 at 2 p.m. instead.
Mugabe's appearance in front of lawmakers has been postponed multiple times, and would mark his first public appearance since losing power in a coup in November last year. His then-deputy Emmerson Mnangagwa has since become president of Zimbabwe. Mugabe, 94, is understood to be in frail health.
"This isn't a witch hunt or to seek to cause embarrassment," Mlisawa wrote. He described the summons as a "quest for answers," adding that "We remain respectful whilst we exhaust all options."
The inquiry reflects a claim made by Mugabe in 2016 that Zimbabwe has lost $15 billion in diamond revenue. Mugabe blamed corruption and foreign involvement for this. But, he has since dismissed the figure as "urban legend."
Jekesai Njikizana | AFP | Getty Images President Emmerson Mnangagwa at the launch of his ZANU PF party's election manifesto on May 4, 2018, in Harare, Zimbabwe. In March 2016, Mugabe announced that the Zimbabwean state would take control of all diamond operations in the country. "Companies that have been mining diamonds have robbed us of our wealth. That is why we have now said the state must have a monopoly," Mugabe said at the time, as reported by Reuters.
Mnangagwa's 'no-brainer populist strategy' The investigation is part of Mnangagwa's broader political strategy, Charles Laurie, director and head of politics at consultancy Verisk Maplecroft, told CNBC via email.
"Mnangagwa's efforts to reign in off-the-books practices are another strong signal to Western governments that he is serious about engendering a credible and plausible investment environment," Laurie said. "The move is also a risk-free political objective supported by all Zimbabweans and international observers, a no-brainer populist strategy in the run-up to the election."
Laurie also noted that Mnangagwa stood to gain should Mugabe's authority be further discredited. This important for the current president, "who wants to snuff out lingering claims by Mugabe that he was removed from power improperly."
Zimbabwe's Marange diamond fields, located in the east of the country, are thought to be among the biggest reserves in the world. But their discovery has served as a poisoned chalice for the nation.
show chapters Blockchain company BitPesa wants to transform payments in Africa 8:54 AM ET Tue, 15 May 2018 | 04:31 In 2006, upwards of 20,000 illegal diamond diggers descended on the Marange fields. Reports have since surfaced of atrocities committed by the army and police in their crackdown on the smuggling.
Ahead of elections expected in July or August of this year, Mugabe has backed a splinter group of his original ZANU PF party. The New Patriotic Front was formed in March, and represents lawmakers and voters "outraged by the unconstitutional and humiliating manner in which President Mugabe was criminally ousted from leadership."
Mnangagwa's tenure so far has been characterized by his promotion of a pro-business agenda in an attempt to resurrect Zimbabwe's basket case economy.
Following months of speculation, it was announced earlier this week that Zimbabwe had applied to rejoin the Commonwealth, a 53-nation bloc comprising of the U.K. and its former colonies. Mugabe withdrew Zimbabwe from the group in 2003 in a row over sanctions.
At the ZANU PF manifesto launch on May 4, Mnangagwa said that Zimbabwe had secured $11 billion in investment commitments. "We need FDI (foreign direct investment) to catapult our economy. We will continue to create a conducive environment for investors in our country," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/zimbabwe-mugabe-misses-diamond-loss-parliament-hearing.html |
May 15, 2018 / 5:47 AM / Updated 23 minutes ago George Soros foundation's office to pull out of Hungary Marton Dunai 3 Min Read
BUDAPEST (Reuters) - George Soros’ foundation said on Tuesday it would close its office in Budapest and move to Berlin, leaving what it called “an increasingly repressive political and legal environment” in Hungary. FILE PHOTO - The signboard of George Soros' Open Society Foundations (OSF) is seen in a building in Budapest, Hungary, April 20, 2018. REUTERS/Bernadett Szabo/File Photo
The pro-democracy group said it was pulling out a day after the right-wing government of Prime Minister Viktor Orban announced it would tighten restrictions on non-governmental organisations, under a law dubbed the “Stop Soros “ bill.
Orban, who won a landslide election victory last month, has repeatedly accused Soros and his organisation of encouraging migrants and undermining the national culture.
Soros’s Open Society Foundations (OSF) organisation said it would continue to support human rights work in Hungary as well as projects linked to arts, media freedom, transparency, education and health care.
But it would move its Budapest-based international operations and staff to Germany.
“The government of Hungary has denigrated and misrepresented our work and repressed civil society for the sake of political gain, using tactics unprecedented in the history of the European Union,” OSF president Patrick Gaspard said in a statement.
Opposition and rights groups have long said that a departure of the OSF would mark a milestone in a slide towards authoritarian rule in Hungary and go against the principles of the EU - a charge dismissed by the government.
Hungarian government spokesman Zoltan Kovacs declined to comment.
Orban has increased his control over the media and put allies in control of formerly independent institutions, while his stand on refusing to accept large numbers of migrants in Hungary has also put him in conflict with the EU.
Orban and Soros have clashed over the 2015 European migration crisis. Orban says Soros is out to undermine Europe’s cultural identity while the billionaire has accused him of running a mafia state.
Before the election, Orban’s political campaign vilified Soros, and his activity supporting civil society, on billboards nationwide.
Open Society said the campaign had “invoked anti-Semitic imagery from World War II”. The government has repeatedly denied this.
The NGO legislation is expected to be one of the first laws passed by the new parliament.
It would allow the interior minister to ban any NGOs active in the immigration field deemed to pose a “national security risk”. It would also impose a 25-percent tax on foreign donations to NGOs that back migration. Reporting by Marton Dunai, writing by Gergely Szakacs and Krisztina Than; Editing by Robert Birsel and Andrew Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/hungary-soros-office/george-soros-foundations-office-to-pull-out-of-hungary-idINKCN1IG0JU |
May 2 (Reuters) - Amazon.com Inc has made a formal offer to buy a 60 percent stake in Indian online retailer Flipkart ( IPO-FLPK.N ), CNBC-TV18 reported on Wednesday, citing sources.
Amazon also offered Flipkart a breakup fee of $2 billion and is likely to be on par with Walmart Inc's bid for the e-commerce company, CNBC TV-18 reported. bit.ly/2jo03py
Reuters in April reported that Walmart was likely to reach a deal to buy a majority stake in Flipkart by the end of June.
Representatives at Amazon, Flipkart and Walmart were not immediately available for comment. (Reporting by Shubham Kalia in Bengaluru; Editing by Gopakumar Warrier)
| ashraq/financial-news-articles | https://www.reuters.com/article/flipkart-ma-amazoncom/amazon-offers-to-buy-60-pct-stake-in-indias-flipkart-cnbc-tv18-idUSL3N1S92K5 |
FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq:GILD) today announced that the company’s Board of Directors has declared a cash dividend of $0.57 per share of common stock for the second quarter of 2018. The dividend is payable on June 28, 2018, to stockholders of record at the close of business on June 15, 2018. Future dividends will be subject to Board approval.
About Gilead
Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes innovative therapeutics in areas of unmet medical need. The company’s mission is to advance the care of patients suffering from life-threatening diseases. Gilead has operations in more than 35 countries worldwide, with headquarters in Foster City, California.
For more information on Gilead Sciences, please visit the company’s website at www.gilead.com , follow Gilead on Twitter (@GileadSciences) or call Gilead Public Affairs at 1-800-GILEAD-5 or 1-650-574-3000.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006178/en/
Investors
Gilead Sciences, Inc.
Robin Washington, 650-522-5688
Sung Lee, 650-524-7792
Source: Gilead Sciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-gilead-sciences-announces-second-quarter-2018-dividend.html |
HARTFORD, Conn., Virtus Global Multi-Sector Income Fund (NYSE: VGI) announced the following monthly distribution:
Amount of Distribution
Ex-Date
Record Date
Payable Date
$0.156
May 10, 2018
May 11, 2018
May 18, 2018
Under the terms of the fund's managed distribution plan, the fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the fund's aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the fund's assets and will constitute a return of the shareholder's capital. You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with 'yield' or 'income'.
The fund provided this estimate of the sources of the distributions:
Distribution Estimates
April 2018 (MTD)
Year-to-date (YTD) (1)
(Sources)
Per Share
Amount
Percentage
of Current
Distribution
Per Share
Amount
Percentage
of Current
Distribution
Net Investment Income
$ 0.059
37.6%
$ 0.321
41.2%
Net Realized Short-Term Capital Gains
-
0.0%
-
0.0%
Net Realized Long-Term Capital Gains
-
0.0%
-
0.0%
Return of Capital (or other Capital Source)
0.097
62.4%
0.459
58.8%
Total Distribution
$ 0.156
100.0%
$ 0.780
100.0%
(1)
YTD December 1, 2017 to November 30, 2018.
Information regarding the fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the fund's NAV and not the market price of the fund's shares. Performance figures are not meant to represent individual shareholder performance.
As of April 30, 2018
Average Annual Total Return on NAV for the 5 year period (2)
4.56%
Current Fiscal YTD Annualized Distribution Rate (3)
12.67%
YTD Cumulative Total Return on NAV (4)
-9.16%
YTD Cumulative Distribution Rate (5)
5.28%
(2)
Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the fund's NAV and reinvestment of all distributions
(3)
Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the fund's NAV at month end.
(4)
YTD Cumulative Total Return on NAV is the percentage change in the fund's NAV from the first day of the year to this month end, including distributions paid and assuming reinvestment of those distributions.
(5)
YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the year to this month end as a percentage of the fund's NAV at month end.
The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions will depend on the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund or your broker will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders what distributions to report for federal income tax purposes.
About the Fund
Virtus Global Multi-Sector Income Fund seeks to maximize current income while preserving capital by giving investors an opportunity to benefit from broadly diversified holdings across the major domestic and international fixed-income sectors. It is managed by Newfleet Asset Management, LLC, an affiliated manager of Virtus Investment Partners, Inc. that specializes in multi-sector fixed income investing. For more information on the Fund, contact shareholder services at (866) 270-7788, by email at [email protected] , or through the closed end fund section on the web at www.virtus.com .
An investment in the fund is subject to risk. The fund's shares may be worth less than what an investor paid for them when they are sold. The options strategy may not be successful in its objective of increasing distributable income while limiting the risk of loss and could result in increased losses for investors.
Fund Risks
An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund's shares may be worth less upon their sale than what an investor paid for them. Shares of closed-end funds may trade at a discount to their net asset value. For more information about each fund's investment objective and risks, please see the fund's annual report. A copy of the fund's most recent annual report may be obtained free of charge by contacting "Shareholder Services" as set forth at the end of this press release.
About Newfleet Asset Management
Newfleet Asset Management , an affiliated manager of Virtus Investment Partners, provides comprehensive fixed income portfolio management in multiple strategies. The Newfleet Multi-Sector Strategies team that manages the Virtus Global Multi-Sector Income Fund leverages the knowledge and skill of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction, avoiding interest rate bets and remaining duration neutral to each strategy's stated benchmark.
About Virtus Investment Partners
Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. For more information visit www.virtus.com.
with multimedia: releases/virtus-global-multi-sector-income-fund-declares-distribution-and-discloses-sources-of-distribution--section-19a-notice-300641540.html
SOURCE Virtus Global Multi-Sector Income Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-virtus-global-multi-sector-income-fund-declares-distribution-and-discloses-sources-of-distribution--section-19a-notice.html |
May 5, 2018 / 5:29 AM / Updated 29 minutes ago First NASA lander to study Mars' interior launches from California Gene Blevins 4 Min Read
VANDENBERG AIR FORCE BASE, Calif. (Reuters) - An Atlas 5 rocket soared into space early on Saturday from Vandenberg Air Force Base in California, carrying NASA’s first robotic lander designed for exploring the deep interior of another planet on its voyage to Mars. The United Launch Alliance (ULA) Atlas-V rocket is seen with NASA's InSight spacecraft onboard, at Vandenberg Air Force Base in California, U.S., May 3, 2018. Courtesy of NASA/Bill Ingalls/Handout via REUTERS
The Mars InSight probe lifted off from the central California coast at 4:05 a.m.PDT, treating early-rising residents across a wide swath of the state to the luminous pre-dawn spectacle of the first U.S. interplanetary spacecraft to be launched over the Pacific.
The lander will be carried aloft for NASA and its Jet Propulsion Laboratory (JPL) atop a two-stage, 19-story Atlas 5 rocket from the fleet of United Launch Alliance, a partnership of Lockheed Martin Corp and Boeing Co.
The payload will be released about 90 minutes after launch on a 301 million mile (484 million km) flight to Mars. It is due to reach its destination in six months, landing on a broad, smooth plain close to the planet’s equator called the Elysium Planitia.
That will put InSight roughly 373 miles (600 km) from the 2012 landing site of the car-sized Mars rover Curiosity.
The new 800-pound (360-kg) spacecraft marks the 21st U.S.-launched Martian exploration, dating to the Mariner fly-by missions of the 1960s. Nearly two dozen other Mars missions have been launched by other nations.
Once settled, the solar-powered InSight will spend two years - about one Martian year - plumbing the depths of the planet’s interior for clues to how Mars took form and, by extension, the origins of the Earth and other rocky planets. Related Coverage Atlas 5 rocket launches, sending NASA's robot to Mars
InSight’s primary instrument is a French-built seismometer, designed to detect the slightest vibrations from “marsquakes” around the planet. The device, to be placed on the surface by the lander’s robot arm, is so sensitive it can measure a seismic wave just one-half the radius of a hydrogen atom.
Scientists expect to see a dozen to 100 marsquakes over the course of the mission, producing data to help them deduce the depth, density and composition of the planet’s core, the rocky mantle surrounding it and the outermost layer, the crust.
The Viking probes of the mid-1970s were equipped with seismometers, too, but they were bolted to the top of the landers, a design that proved largely ineffective.
Apollo missions to the moon brought seismometers to the lunar surface as well, detecting thousands of moonquakes and meteorite impacts. But InSight is expected to yield the first meaningful data on planetary seismic tremors beyond Earth.
InSight also will be fitted with a German-made drill to burrow as much as 16 feet (5 meters) underground, pulling behind it a rope-like thermal probe to measure heat flowing from inside the planet.
Meanwhile, a special transmitter on the lander will send radio signals back to Earth, tracking Mars’ subtle rotational wobble to reveal the size of the planet’s core and possibly whether it remains molten.
Hitching a ride aboard the same rocket that launches InSight will be a pair of miniature satellites called CubeSats, which will fly to Mars on their own paths behind the lander in a first deep-space test of that technology. Reporting and writing by Steve Gorman in Los Angeles; Editing by Cynthia Osterman and Stephen Powell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-space-mars/first-nasa-lander-to-study-mars-interior-due-for-california-launch-idUKKBN1I603K |
May 11, 2018 / 11:02 AM / Updated 24 minutes ago UPDATE 1-Olympics-Tokyo Games golf venue admits first female members after criticism Reuters Staff
* Olympic golf venue grants full membership to women
* Follows IOC criticism of discriminatory rules
* Tokyo 2020 organisers welcome news (Adds reaction from Tokyo 2020)
By Jack Tarrant
TOKYO, Japan, May 11 (Reuters) - The club scheduled to stage the golf tournament during the 2020 Tokyo Games has granted three women full memberships after being warned that it could be stripped as an Olympic host if it does not change its discriminatory policy.
The exclusive Kasumigaseki Country Club scrapped its male-only membership in March 2017 after the International Olympic Committee (IOC) stated it would find another venue if the policy remained in place.
The club said on Friday that it had granted three women equal membership rights as their male counterparts for the first time in four decades.
“This May is the first time we have accepted full membership after changing our rules,” club general manager Hiroshi Imaizumi said.
Until the rule change, Kasumigaseki allowed women to play at the course but they were not allowed to become full members or play on certain Sundays, unlike male members.
The Saitama venue is scheduled to host both men’s and women’s tournaments in July and August 2020.
Tokyo 2020 organisers said they were delighted with the change in policy.
“We appreciate the significant efforts the club’s leadership and members made last year to amend the club’s membership policy in keeping with the spirit of the Olympic charter,” said Tokyo 2020 spokesman Masa Takaya.
“The club is an outstanding venue with excellent courses and we are pleased it will be hosting the world’s top-tier golfers for the Olympic Games.”
Golf was re-introduced to the Olympic programme for the 2016 Rio Games after a 112-year absence.
Several notable golf clubs have changed their policies to allow female members in recent years.
In 2014, the Royal and Ancient Golf Club of St Andrews decided to allow women to join following 260 years of exclusion, after Augusta National, home of the U.S. Masters, had ended its men-only membership two years earlier.
Earlier this year, Muirfield voted to admit women members, scrapping a policy that led to the historic Scottish links course being stripped of its eligibility to host the British Open. (Reporting by Jack Tarrant, editing by Pritha Sarkar) | ashraq/financial-news-articles | https://in.reuters.com/article/olympics-2020-golf/update-1-olympics-tokyo-games-golf-venue-admits-first-female-members-after-criticism-idINL8N1SI2W2 |
Kure has Established High End Stores Throughout the United States
Kure annualized unaudited fiscal 2018 revenues of $10.7m CDN
VANCOUVER, British Columbia, May 01, 2018 (GLOBE NEWSWIRE) -- Isodiol International Inc. ( CSE : ISOL ) ( OTC : ISOLF ) ( FSE: LB6A.F ) (the “Company” or “Isodiol”) , a global CBD innovator specializing in the development of pharmaceutical and wellness products, is pleased to announce that the Company has completed the merger acquisition of 100% of KURE™ Corp. a leading specialty vape retailer headquartered in Charlotte, North Carolina, with retail locations throughout the United States.
KURE specializes in the retailing of vaporizers and e-cigarettes, e-juices, and related accessories ( kurevapes.com , kuresociety.com ). The KURE Vaporium & Lounge™ is a modern and sophisticated retail environment and lounge catering to the vaping community. By elevating the environment and customer experience, KURE has paved a completely new path to the rapidly growing vaping and e-cigarette industry and operates e-juice bars and lounges with plans for rapid domestic and international expansion. Both Isodiol International Inc. and KURE are clients of Level Brands , Inc. (NYSE American: LEVB ), an innovative marketing and licensing company that provides bold, unconventional, and socially responsible branding for leading businesses.
KURE CEO Craig Brewer said, “This is a great day for all the shareholders of KURE and Isodiol. The KURE brand has been carefully built thanks to our incredibly loyal customer following. The KURE philosophy is to serve our customers the best selection of vape juices and hardware by the most knowledgeable customer service professionals, our own Kurators™. With over 200,000 customer transactions per year and growing, KURE’s knowledge base in the vape industry is exceptional. Our customers have been requesting CBD products for some time. We have been very diligent in making sure our products are safe and meet all applicable standards. In joining the Isodiol family, we will now be able to provide our devout customers the very best CBD products on the market.”
Marcos Agramont, CEO of Isodiol International said, “KURE adds a vertical dimension to our business plan that no other CBD company can claim. We now take CBD from the plant and deliver it to the end customer through our own retail platform. Our new brand of kathy ireland ® Health & Wellness products will debut in all KURE stores shortly. We share KURE’s philosophy of ‘customer-first’ and we know our customers are very excited about the new choices in the KURE stores. Craig and his management team will continue to consolidate the retail vape industry throughout North America under the Kure platform and we expect our store count to increase over the next 18-24 months.”
Kathy Ireland®, Chairman Emeritus and Chief Brand Strategist of Level Brands says, “This merger is a tremendous opportunity for everyone involved. The Isodiol team is unlike anyone else in their category. Craig Brewer and the management team of KURE have implemented best in class branding strategies. The commitment of KURE™ and Isodiol to our I’M1 brand, Chef Andre Carthen and kathy ireland ® Health & Wellness will serve our stakeholders, shareholders and customers in a powerful way. On behalf of Level Brands, it is exciting to say ‘something wonderful is about to happen’.”
Martin Sumichrast, Chairman & CEO of Level Brands, Inc. said, “This merger was a triumph for all parties and shows Level Brands’ commitment to our clients. Isodiol and KURE are long-term clients of Level Brands and helping bring them together in such a powerful way is an extraordinary achievement.”
KURE shareholders will receive 23,809,523 Isodiol shares in exchange for this KURE shares based on the closing of April 30 th , 2018. Share based milestone payments are forthcoming if KURE achieves certain milestones for the fiscal years of 2018 and 2019. Isodiol has agreed to fund acquisition and development for the expansion of the KURE retail network. All Isodiol share payments are subject to a thirty-six month escrow release. All KURE shareholders of record as of April 27, 2018 will be mailed by May 7, 2018, a Letter of Transmittal detailing the terms and conditions of the transaction.
About Isodiol International Inc.
Isodiol International Inc. is the market leader in pharmaceutical grade phytochemical compounds and the industry leader in the manufacturing and development of CBD consumer products. Isodiol is the pioneer of many firsts for the cannabis industry including commercialization of 99%+ pure, pharmaceutical grade cannabinoids, micro-encapsulations, and nanotechnology for the highest quality consumable and topical skin care products and most recently received approval as having the first CBD designated as an Active Pharmaceutical Ingredient as was announced April 26, 2018 . Isodiol’s growth strategy includes the development of over-the-counter and pharmaceutical drugs, expanding its phytoceutical portfolio and will aggressively continue international expansion into Latin America, Asia and Europe.
About KURE™ Corp
KURE Corp. is a private company based in Charlotte, North Carolina that specializes in the distribution of vaporizing pens, e-Juices, and related accessories through its 12 specialty retail stores and online distribution sites. KURE’s primary products are its distinct line of custom blended high-end flavored e-Juices, premium KURE brand vaporizers, as well as popular third party brands of advanced hardware and select eLiquids. All KURE products are available online and throughout its many store locations across the United States. KURE Vaporium™, KURE Society™, Kuriousity™, Kurators™ are all respective trademarks of KURE Corp. KURE's executives and principals are seasoned business entrepreneurs with decades individual expertise in taking start-ups from initial incubation to profitability. KURE's support staff has extensive product distribution and related industry experience. Its e-Juices can be purchased pre-bottled or freshly mixed by its staff of “Kurators”, well-trained and experienced mixologists who can “blend” over 500,000 unique flavors from the KURE Juice On Tap™ bar. These KURE e-Juices are skillfully blended and served while customers shop, lounge and enjoy a selection of coffees, beverages, and snacks or simply vape and mingle with other like-minded enthusiasts. Visit kurevapes.com or kuresociety.com .
Join Us On Facebook : https://www.facebook.com/isodiol/
Twitter: @isodiol
ON BEHALF OF THE BOARD
Marcos Agramont, CEO & Director
INVESTOR RELATIONS:
[email protected]
www.isodiol.com
604-409-4409
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future the Company’s business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Such forward looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.
Source:Isodiol | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-isodiol-international-inc-completes-acquisition-of-kurea-corp.html |
'The Karate Kid': 33 Years of Pop Culture Domination Culminates in 'Cobra Kai,' a YouTube Sequel Ralph Macchio and Pat Morita in 'The Karate Kid' Part III. Columbia Pictures—Everett Collection 11:10 AM EDT
It may not have been reflected in The Karate Kid films, but Mr. Miyagi built an empire.
Thirty three years after the film debuted in theaters, The Karate Kid still has a pop culture grasp on audiences that most science fiction series would envy. And with the launch today of Cobra Kai on YouTube Red, that fascination with Danny LaRusso and Johnny Lawrence is showing no sign of abating.
The series is getting critical raves and could help the Google unit boost paid memberships for YouTube Red, something the company has so far struggled with, due to competition from Netflix, Spotify, and Hulu, as well as viewers who are used to thinking of YouTube as a free service.
Cobra Kai is just the latest pop culture revival of The Karate Kid , though. Stars Ralph Macchio and Pat Morita appeared in two sequels in 1986 and 1989. But the public wasn’t ready to let go. Here’s a few other places its impact has been felt. Film
Hillary Swank is known for her Academy Award-winning performance in Clint Eastwood’s 2004 sports drama film Million Dollar Baby these days, but her breakthrough role was in the 1994 revamp of the series The Next Karate Kid . Morita returned to the series, but Macchio passed.
In 2010, Jackie Chan and Jaden Smith starred in a remake of The Karate Kid , but audiences made it clear they preferred the original stars. Music
The story line for Cobra Kai sees Johnny Lawrence (William Zabka) still seeking redemption after his loss at the All Valley Karate Tournament. He reopens the Cobra Kai dojo and inevitably comes into conflict with Danny, who has become successful, but is struggling with the loss of Mr. Miyagi (actor Pat Morita, who died in 2005). That sure seems to owe a debt of gratitude to the 2007 music video “Sweep the Leg” from No More Kings, which focused on a Johnny who could never get over his loss. Toys
In 2015, toy company Funko sniffed the nostalgia revival of The Karate Kid brewing and put out a series of action figures based on the film. Collectors can find two versions of Danny, and one each of Johnny and Mr. Miyagi. TV
NBC tried airing an animated The Karate Kid series in 1989, but it never really took off.
But in 2013, Zabka had a cameo, then an extended run on How I Met Your Mother as himself. (The character Barney (played by Neil Patrick Harris) always considered Zabka to be the true hero of The Karate Kid .)
That cameo, debatably, stoked the nostalgia coals of a wide audience, which made Cobra Kai possible. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/02/the-karate-kid-cobra-kai-youtube-red/ |
SAN JOSE, Calif. (AP) — The Latest on Facebook's developer conference (all times local):
12:05
Facebook CEO Mark Zuckerberg appears to be striking the right tone at the f8 developer conference — a mix of humor, seriousness and grit that is giving industry analysts some confidence he can navigate the company out of its latest privacy scandal.
Geoff Blaber, vice president of research and market analysis firm CCS Insight, says that by leading off the conference with a focus on security and privacy, but pledging the only way to overcome those challenges is to continue to build services, Zuckerberg successfully "walked the tightrope."
"F8 felt like the first time Facebook has been on the front foot since the Cambridge Analytica scandal broke" in mid-March, Blaber said.
Dan Goldstein, president of digital marketing agency Page 1 Solutions highlighted Facebook's announcement it would let users clear their browsing history from the platform as a sign the company "is getting the message" about privacy.
"Time will tell, but this may help Facebook overcome the shadow of the Cambridge Analytica scandal," he said.
11:15 a.m.
Facebook CEO Mark Zuckerberg poked a little fun at himself talking about a new feature called Watch Party, which lets Facebook users view videos together with their friends.
"Let's say," Zuckerberg told developers at Facebook's f8 conference Tuesday, "That your friend is testifying before Congress."
Now, he said, you'll be able to bring your friends together, "laugh together, cry together," Zuckerberg said to laughs, adding that some of his friends "actually did this."
Zuckerberg testified before Congress last month for about 10 hours over two days. He was grilled about how Facebook protects users' data and other issues.
10:50 a.m.
Facebook CEO Mark Zuckerberg says the company is working on a feature that allows users to clear their browsing history from the site and prevent it from keeping tabs on link clicks going forward.
Zuckerberg warned that the service won't be quite as good if users take this step, as it has to relearn their history. But he added the goal is to put more power into its users' hands to determine what they want to share.
Zuckerberg made the announcement at Facebook's annual f8 developer conference, in which he acknowledging that 2018 has been an "intense year" just four months in.
10:40 a.m.
Facebook is ready to launch a portable headset that it's counting on to transform the geeky realm of virtual reality into a mass phenomenon.
The $199 device, called the Oculus Go, is going on sale Tuesday. Facebook CEO Mark Zuckerberg announced the company's plan to make the headset six months ago.
Oculus Go is different from other virtual reality devices that require smartphones or a cord tethered to a personal computer to cast people into artificial worlds or show three-dimensional videos.
The need for additional equipment is one of the reasons virtual reality, or VR, has had limited appeal so far.
Zuckerberg is counting on the Oculus Go to widen the audience for VR, as Facebook tries to deploy the technology to reshape the way people interact and experience life, much as its social network already has done.
10:30 a.m.
Move over Match.com.
Facebook is launching a dating feature. CEO Mark Zuckerberg said to laughs at Facebook's f8 developer conference Tuesday that the new tool is "not just for hookups" but to build "meaningful, long-term relationships."
That is, if you want. The feature will be opt-in, meaning you have to choose to use it. Zuckerberg also stressed that the feature was built with privacy and security in mind from the start. The company has been under fire recently for possibly not doing this with some of its features over the years.
Zuckerberg also said the dating feature will not suggests users' friends to date. This is already what other dating apps that rely on Facebook data do, such as Tinder.
10:20 a.m.
Facebook CEO Mark Zuckerberg kicked off his company's annual developer conference acknowledging that 2018 has been an "intense year" just four months in.
Speaking in San Jose, California, at Facebook's f8 gathering of tech folks, startups and others, Zuckerberg said to cheers that the company is re-opening app reviews, the process that gets new and updated apps on its services.
He also reiterated that Facebook is investing a lot in security and in strengthening its systems so they can't be exploited to meddle with elections.
But unlike other recent public appearances, he did not start off with an apology for the company's recent privacy scandal.
7 a.m.
Mark Zuckerberg has a fresh opportunity to apologize for Facebook's privacy scandal — and to sketch out Facebook's future.
The Facebook CEO will kick off F8, the company's annual conference for software developers. Zuckerberg will speak Tuesday in San Jose, California, to assembled software developers and other tech folks.
It's normally a sympathetic audience. But they are likely to have some tough questions this year.
Zuckerberg might touch on Facebook's year of privacy scandals, congressional testimony, Russia investigations and apologies.
He will also have an opportunity to talk about where things go from here. Facebook is forging ahead with new promises to protect user privacy even if it means restricting access to developers. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/the-associated-press-the-latest-zuckerberg-striking-right-tone-analysts-say.html |
TORONTO, May 16, 2018 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (“Emerita” or the “Company”) (TSXV:EMO) announces that it has received approval from the TSX Venture Exchange to extend to August 20, 2018 the expiry date of 16,450,000 common share purchase warrants (the “Warrants”) that were previously set to expire on May 20, 2018. Each Warrant is exercisable for one common share in the capital of the Company for an exercise price of $0.10.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring its properties in Spain and Brazil. The Company’s corporate office and technical teams are based in Sevilla, Spain and Belo Horizonte, Brazil with an administrative office in Toronto, Canada.
For further information, contact:
Helia Bento
+1 416 309 4293 (Toronto)
[email protected]
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements the extension of the warrants and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate purchased properties or mining rights awarded; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER 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.
Source: Emerita Resources Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-emerita-announces-extension-of-warrants.html |
ALAMEDA, Calif, May 08, 2018 (GLOBE NEWSWIRE) -- OncoCyte Corporation (NYSE American:OCX), a developer of novel, non-invasive liquid biopsy tests for the early detection of cancer, announced today that it will release its financial and operating results for the first quarter of 2018, ended March 31, 2018, on Tuesday, May 15, 2018, after the close of the U.S. financial markets. The Company will host a conference call on Tuesday, May 15, 2018, at 4:30 pm ET / 1:30 pm PT to discuss the results along with recent corporate developments.
The dial-in number in the U.S./Canada is 800-263-0877; for international participants, the number is +1-323-794-2094. For all callers, please refer to Conference ID 6365614. To access the live webcast, go to the investor relations section on the Company’s website, http://investors.oncocyte.com/events-and-presentations .
A replay of the conference call will be available for seven business days beginning about two hours after the conclusion of the live call, by calling 888-203-1112 toll-free (from U.S./Canada); international callers dial 719-457-0820. Use the Conference ID 6365614. Additionally, the archived webcast will be available at http://investors.oncocyte.com/events-and-presentations .
About OncoCyte Corporation
OncoCyte is focused on the development and commercialization of novel, non-invasive blood and urine (“liquid biopsy”) diagnostic tests for the early detection of cancer. Early detection of cancer can improve health outcomes, reduce the cost of care, and improve patients’ quality of life. Liquid biopsy diagnostic tests like those OncoCyte is developing may reduce the need for costlier and riskier diagnostic procedures such as invasive biopsy and cystoscopic procedures. OncoCyte’s development pipeline is focused on non-invasive confirmatory diagnostic tests for lung, breast, and bladder cancer. OncoCyte’s tests are being developed using proprietary sets of genetic and protein molecular markers that differentially express in specific types of cancer. OncoCyte conducts ongoing research to identify additional molecular markers, acquire or license markers and related technology, and develop tests based on those markers.
Contact
EVC Group LLC
Matt Haines / Michael Polyviou
917-733-9297 / 732-933-2754
[email protected] / [email protected]
Source:OncoCyte Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-oncocyte-to-report-first-quarter-2018-financial-results-on-may-15-2018.html |
May 2, 2018 / 11:13 AM / Updated 10 minutes ago UPDATE 1-Canadian grocery chain Loblaw's profit beats estimates Reuters Staff 2 Min Read
(Adds estimates, first-quarter details)
May 2 (Reuters) - Canada’s Loblaw Cos Ltd beat profit estimates on Wednesday, helped by a rise in same-store sales in its food and drug retail businesses.
Loblaw has been revamping and expanding its online and delivery services to carve out more market share in the highly competitive retail sector.
The company, which sells everything from grocery to wireless mobile connections, said its food retail same-store sales grew 1.9 percent in the first quarter, compared with a fall of 1.2 percent a year earlier.
Same-store sales in its drug retail business rose 3.7 percent.
Net profit attributable to shareholders jumped nearly 62 percent to C$380 million ($296 million), or 98 Canadian cents per share, in the quarter ended March 24.
Excluding certain items, the company earned 94 Canadian cents per share, beating the average analyst estimate of 91 Canadian cents, according to Thomson Reuters I/B/E/S.
Revenue fell to C$10.37 billion from C$10.40 billion. ($1 = C$1.28) (Reporting by Akshara P in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/loblaw-results/update-1-canadian-grocery-chain-loblaws-profit-beats-estimates-idUSL3N1S93G3 |
MERRILLVILLE, Ind., May 2, 2018 /PRNewswire/ -- NiSource Inc. (NYSE: NI) today announced, on a GAAP basis, net income for the three months ended March 31, 2018 of $276.1 million, or $0.82 per share, compared to $211.3 million, or $0.65 per share, for the same period of 2017.
NiSource also reported net operating earnings (non-GAAP) of $259.7 million, or $0.77 per share, for the three months ended March 31, 2018, compared to $230.6 million, or $0.71 per share, for the same period of 2017.
Schedule 1 of this press release contains a complete reconciliation of GAAP measures to non-GAAP measures.
"Our first quarter results reflect sustained strong execution of NiSource's well-established plan that's creating value for our customers, communities and investors," said NiSource President and CEO Joe Hamrock . "Our systems performed well throughout the prolonged winter heating season, and we're on pace to deliver on our earnings, capital investment and customer commitments in 2018."
Additional information for the quarter ended March 31, 2018 is available on the Investors section of www.nisource.com , including segment and financial information and our presentation to be discussed at our first quarter 2018 earnings conference call scheduled for May 2, 2018 at 8:30 a.m. ET.
Long-term Guidance, Growth, Capital Forecasts Reaffirmed
NiSource continues to expect to invest $1.6 to $1.8 billion in its utility infrastructure programs and grow its net operating earnings per share (non-GAAP) and dividend by 5 to 7 percent each year through 2020. On January 26, 2018 the company increased its quarterly dividend to an annualized 78 cents per share, an 11.4% increase over the 70 cents per share in 2017.
NiSource also remains committed to maintaining investment grade credit ratings, and on February 28, 2018 Moody's affirmed its Baa2 rating on NiSource debt. The company also maintains investment-grade ratings from Standard & Poor's (BBB+) and Fitch (BBB). All three agencies have stable outlooks for NiSource. As of March 31, 2018, NiSource had approximately $0.8 billion in net available liquidity, consisting of cash and available capacity under its credit facility and accounts receivable securitizations.
NiSource reminds investors that it does not provide a GAAP equivalent of its earnings guidance due to the impact of unpredictable factors such as fluctuations in weather, asset sales and impairments, and other items included in GAAP results.
First Quarter 2018 and Recent Business Highlights
Gas Distribution Operations
Northern Indiana Public Service Company (NIPSCO) on April 20, 2018 filed a settlement with parties to its base rate case pending before the Indiana Utility Regulatory Commission (IURC). The request, which seeks NIPSCO's first natural gas base rate increase in more than 25 years, supports continued investment in system upgrades, technology improvements and other measures to increase pipeline safety and system reliability. If the settlement is approved as filed it will result in an annual revenue increase of $107.3 million, inclusive of various tracker programs and reflecting the impact of federal tax reform. An order is expected in the second half of 2018.
Also in Indiana, NIPSCO on April 2, 2018 filed a new seven-year gas infrastructure modernization program with the IURC. The filing represents approximately $1.25 billion of gas infrastructure investments through 2025. The well-established program allows for modernization of underground natural gas infrastructure and recovery of associated costs through a tracker known as the Transmission, Distribution and Storage System Improvement Charge (TDSIC) . NIPSCO has invested more than $400 million in the previously approved program since 2014. An IURC order on the new seven-year plan is expected in the second half of 2018. On Feb. 27, 2018, NIPSCO also filed its latest TDSIC tracker update request, covering approximately $78 million of investments made in the second half of 2017, with recovery expected to begin in July.
Columbia Gas of Pennsylvania on March 16, 2018 filed a base rate case with the Pennsylvania Public Utility Commission seeking authority to adjust its base rates for distribution service so it can continue to upgrade and replace the company's underground natural gas distribution pipelines, and to reflect the impact of federal tax reform. If approved as filed, the request would provide the company with an opportunity to earn a fair return on its infrastructure capital investments and enhance pipeline safety through a number of initiatives. It seeks an annual revenue increase of approximately $46.9 million.
On April 25, 2018 the Public Utilities Commission of Ohio (PUCO) approved Columbia Gas of Ohio's (COH) annual Infrastructure Replacement Program (IRP) tracker adjustment. The order allows the company to begin recovery on approximately $207 million of infrastructure investments made in 2017. And in January, the PUCO approved a settlement which allows COH to continue the IRP through 2022. This well-established pipeline replacement program covers replacement of priority mainline pipe and targeted customer service lines.
Columbia Gas of Massachusetts (CMA) on April 13, 2018 filed a request with the Massachusetts Department of Public Utilities (DPU) seeking authorization to increase base rates to recover operating costs associated with federal and state regulatory mandates and capital costs associated with upgrading its gas distribution infrastructure. If approved as filed, the request would increase annual revenues by about $24.1 million, net of infrastructure trackers and reflecting the impact of federal tax reform.
Also in Massachusetts, the DPU approved CMA's 2018 Gas System Enhancement Plan on April 30, 2018. This approval authorizes recovery of incremental 2018 capital investments of about $84 million, and new rates took effect on May 1, 2018.
Columbia Gas of Maryland on April 13, 2018 filed a base rate case with the Maryland Public Service Commission (PSC) seeking to adjust rates for distribution service so it can continue to replace aging gas pipeline and adopt pipeline safety upgrades. The proposal also reflects reduced corporate tax rates under the federal Tax Cuts and Jobs Act of 2017. If approved as filed, the rate adjustment would result in an annual revenue increase of approximately $6 million. A PSC order is expected by the end of 2018.
Electric Operations
NIPSCO initiated its 2018 Integrated Resource Plan (IRP) process with a stakeholder meeting on March 23, 2018. NIPSCO will work constructively with stakeholders to develop a balanced plan to meet customers' long-term electric energy needs. Under the last IRP, submitted in November 2016, the company outlined a plan to retire 50 percent of its coal-fired generation fleet by the end of 2023, including Bailly Generating Station Units 7 and 8, which are expected to be retired later this month. The 2018 IRP, which is expected to be submitted to the IURC by the end of this year, will contain additional details on NIPSCO's long-term capacity plans.
Investments in NIPSCO's approximately $193 million Coal Combustion Residuals projects are well underway, and expected to be completed by the end of 2018. These projects include environmental upgrades at its Michigan City Unit 12 and R.M. Schahfer Units 14 and 15 generating facilities. The IURC in December 2017 approved a settlement authorizing these projects and recovery of associated costs.
NIPSCO continues to execute on its seven-year electric infrastructure modernization program, which includes enhancements to its electric transmission and distribution system designed to further improve system safety and reliability. The IURC-approved program represents approximately $1.25 billion of electric infrastructure investments expected to be made through 2022. The latest tracker update request, filed on January 30, 2018, and covering approximately $75 million in investments made from May 2017 through November 2017, remains pending before the IURC.
NIPSCO's two major electric transmission projects remain on schedule and are expected to be complete by mid-2018. The 100-mile 345-kV and 65-mile 765-kV projects are designed to enhance region-wide system flexibility and reliability.
About NiSource
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across seven states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource's approximately 8,000 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource has been designated a World's Most Ethical Company by the Ethisphere Institute since 2012 and is a member of the Dow Jones Sustainability - North America Index and was named by Forbes magazine as the top-rated utility among America's Best Large Employers in 2017. Additional information about NiSource, its investments in modern infrastructure and systems, its commitments and its local brands can be found at www.nisource.com . Follow us at www.facebook.com/nisource , www.linkedin.com/company/nisource or www.twitter.com/nisourceinc . NI-F
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. Examples of forward-looking statements in this press release include statements and expectations regarding NiSource's or any of its subsidiaries' business, performance, growth, commitments, investment opportunities, and planned, identified, infrastructure or utility investments. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ materially from the projections, forecasts, estimates, plans, expectations and strategy discussed in this press release include, among other things, NiSource's debt obligations; any changes in NiSource's credit rating; NiSource's ability to execute its growth strategy; changes in general economic, capital and commodity market conditions; pension funding obligations; economic regulation and the impact of regulatory rate reviews; NiSource's ability to obtain expected financial or regulatory outcomes; any damage to NiSource's reputation; compliance with environmental laws and the costs of associated liabilities; fluctuations in demand from residential and commercial customers; economic conditions of certain industries; the success of NIPSCO's electric generation strategy; the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demands; the reliability of customers and suppliers to fulfill their payment and contractual obligations; potential impairments of goodwill or definite-lived intangible assets; changes in taxation and accounting principles; potential incidents and other operating risks associated with our business; the impact of an aging infrastructure; the impact of climate change; potential cyber-attacks; construction risks and natural gas costs and supply risks; extreme weather conditions; the attraction and retention of a qualified work force; advances in technology; the ability of NiSource's subsidiaries to generate cash; tax liabilities associated with the separation of Columbia Pipeline Group, Inc.; NiSource's ability to manage new initiatives and organizational changes; the performance of third-party suppliers and service providers; the availability of insurance to cover all significant losses and other matters set forth in Item 1A, "Risk Factors" section of NiSource's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and in other filings with the Securities and Exchange Commission. A credit rating is not a recommendation to buy, sell or hold securities, and may be subject to revision or withdrawal at any time by the assigning rating organization. In addition, dividends are subject to board approval. NiSource expressly disclaims any duty to update, supplement or amend any of its forward-looking statements contained in this press release, whether as a result of new information, subsequent events or otherwise, except as required by applicable law.
Regulation G Disclosure Statement
This press release includes financial results and guidance for NiSource with respect to net operating earnings, which is a non-GAAP financial measure as defined by the SEC's Regulation G. The company includes this measure because management believes it permits investors to view the company's performance using the same tools that management uses and to better evaluate the company's ongoing business performance. With respect to such guidance, it should be noted that there will likely be a difference between this measure and its GAAP equivalent due to various factors, including, but not limited to, fluctuations in weather, the impact of asset sales and impairments, and other items included in GAAP results. The company is not able to estimate the impact of such factors on GAAP earnings and, as such, is not providing earnings guidance on a GAAP basis.
Schedule 1 - Reconciliation of Consolidated Net Income to Net Operating Earnings (Non-GAAP)
(unaudited)
Three Months Ended
March 31,
(in millions, except per share amounts)
2018
2017
GAAP Net Income
$ 276.1
$ 211.3
Adjustments to Operating Income:
Operating Revenues:
Weather - compared to normal
1.4
29.0
Operating Expenses:
Plant retirement costs (1)
-
1.5
Gain on sale of assets
(0.3)
-
Total adjustments to operating income
1.1
30.5
Other Income (Deductions):
Interest rate swap settlement gain
(21.2)
-
Income Taxes:
Tax effect of above items
3.7
(11.2)
Total adjustments to net income
(16.4)
19.3
Net Operating Earnings (Non-GAAP)
$ 259.7
$ 230.6
Basic Average Common Shares Outstanding
338.0
323.7
GAAP Basic Earnings Per Share
$ 0.82
$ 0.65
Adjustments to basic earnings per share
(0.05)
0.06
Non-GAAP Basic Net Operating Earnings Per Share
$ 0.77
$ 0.71
(1) Represents costs incurred associated with the planned retirement of Units 7 and 8 at Bailly Generating Station.
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Customer Service Stay Connected An oil pump jack near Midland, Texas. More than 400,000 wells have been drilled in the Permian region over the past century, but experts say vast amounts of oil remain. Photographs by Benjamin Lowy for Fortune Lone Star Rising In a dusty swath of West Texas known as the Permian Basin, a historic oil boom is pushing U.S. production to record levels and bringing sudden wealth to local landowners—along with some thorny challenges. As they rush to invest, oil majors like Exxon Mobil are betting that this bonanza has staying power. By Jeffrey Ball 6:30 AM EDT
Smack in the middle of Grier Brunson’s family’s ranch, a patch of West Texas dirt that sprawls across 45 square miles, sits a lush, green dip in the land that the family calls “the draw.”
Thousands of years ago, Pueblos built rocky settlements here. Hundreds of years ago, Comanches thundered on horseback across this plain. Today, the natural bounty in and around the draw is producing a rather more modern stampede.
On the rim of the draw, amid the mesquite trees and the sagebrush, oil rigs loom like rockets at launch, and a team fracking a well shoots untold thousands of gallons of water and hundreds of truckloads of sand down into the earth, using huge hydraulic pumps that emit a dull, constant roar. For the Brunson family, these are the sights and sounds of money: Two miles underground, oil—thousands of barrels of it every day, worth millions of dollars—is being cracked loose from the rock and pulled up through carefully engineered holes. Photographing The Permian Basin An aerial shot of drill pads near Midland at night. Photographer Benjamin Lowy spent five days in two different timezones photographing the people, the process, the area, and the oil. Workers operating a rig in Midland, Texas. Workers operating a rig in Midland, Texas. Cows standing near a highway between Odessa, Texas and Pecos, Texas. A road in Loving County. Rusted oil containers in between Odessa and Pecos. Oil workers at Pody's BBQ restaurant in Pecos, Texas. There is a two year waiting list for spaces at the trailer parks and they can go for around $2,000 a month. Natural gas flaring off at a well near Pecos, Texas. Traffic between Mentone and Orla. Trucks carrying sand—and thousands more carrying water, oil, pipe, pumps, tanks, and everything else an oilfield needs. Oxy's sand silos. The company provides sand for fracking. Sand at the Oxy facility used for fracking. A fresh water pit on Zane Kiehne's property. U.S. 285 has been dubbed "Death Highway" because of the large number of fatal accidents. Sinkhole in Kermit, Texas. In some places in the Permian, the ground isn’t merely shaking, it’s caving in. Workers from the Doer Rite trucking company clean up after the oil companies. Food truck owner Chuck Flusche serves the oil workers. 1 of 17 Advertisement
Under the terms of the mineral leases they’ve signed with oil companies, Brunson and his extended family receive one-quarter of the revenue from every barrel the drilling companies pull up. The Brunsons have about 50 wells on the ranch, of various sizes and ages. With oil trading around $70 per barrel, among the most prolific of those wells could generate as much as $3.8 million per year in royalties before taxes for the Brunsons. And that’s just for the oil. The Brunsons earn additional royalties from the sale of the natural gas and other hydrocarbons that come up with the oil. And they earn fees from the drilling companies for permission to install infrastructure such as pipelines.
The size of this unexpected windfall is a bit bizarre and more than a little embarrassing to Brunson, who drives a GMC pickup, idolizes a grandfather who rustled cattle here nearly 100 years back, and curses like a cowboy—“goddamn it!”—when he drives across his ranch and sees what he regards as messy operations by the oil companies leasing his land. The money “is more than we need. We don’t know what to do with it. But it keeps coming,” says Brunson, a lanky, bespectacled 73-year-old, who evokes Colonel Sanders with his silver goatee and Will Rogers with his silver tongue.
“We have no inclination to be rich beyond our wildest dreams,” he adds. “Apparently, it’s going to happen anyway.”
Indeed, it’s hard not to rack up wealth when fate puts your ranch at the epicenter of one of the biggest oil booms in history. Brunson’s land sits in the bull’s-eye of the Permian Basin , a petroleum-rich swath of western Texas and southeastern New Mexico—bigger than North Dakota—that is experiencing a gusher of production growth epic even by the outsize standards of the Lone Star State. The boom is remaking every aspect of life in this parched part of the country, for good and for ill. And it is reverberating across the globe. Grier Brunson, in hat, with his son Evan on the family ranch, which now has about 50 wells. Brunson has mixed feelings about the boom that's making him rich.
The emergence of the Permian is changing the geopolitics of energy. Oil production in the Permian soared to 3.2 million barrels per day in May. And it helped push total U.S. production above 10.2 million barrels per day in February. That was the highest that U.S. production has been since the federal government began keeping records in 1920—higher even than the prior peak of 10 million barrels per day in November 1970, according to the U.S. Energy Information Administration (EIA). In April, an average of 449 rigs were drilling holes in the Permian, according to market-data firm Baker Hughes . That was 44% of all the rigs drilling that month in the U.S. And it was 22% of all the rigs drilling in the world. Over the past two years, Baker Hughes figures show, the number of rigs drilling in the Permian has more than tripled. A surge in the price of oil over the past year has only added to the urgency of the drillers piling in.
Some compare the Permian’s buried treasure to that of Saudi Arabia’s Ghawar field, widely regarded as the mother of all giant petroleum troves—what the industry calls “elephants.” The Permian is “a huge resource, and it will play out globally,” says Sara Ortwein, president of the XTO Energy unit of Exxon Mobil , No. 2 on this year’s Fortune 500, which already is one of the Permian’s biggest producers and plans to triple its output here by 2025. Adds Vicki Hollub, CEO of Occidental Petroleum , No. 220 on the 500 this year, and another major Permian player that’s doubling down in the region: The region is among “the best basins of the world.”
What has oil executives salivating is that the Permian, as it finishes its first century of production, may just be getting started.
Ever since 1923, when a now legendary oil well southeast of Midland called the Santa Rita No. 1 struck black gold, the Permian Basin has been known as a big one. The pump jacks dotting the landscape are iconic evidence that generations of oilmen have drilled this turf. Geologists estimate that the existing wells—more than 400,000 so far—have pulled up about 30 billion barrels of oil. Yet industry analysis firm Wood Mackenzie estimates two or three times that amount of oil remains underground, and “recoverable,” in industry terms.
What makes the Permian so alluring is that it’s a massive geologic platter. Over millions of years, the death and decay of critters and the buildup of sediment has produced countless layers of oily rock—in particular, shale. Oilmen call each layer a “pay”—a rock-hard pancake full of hydrocarbon syrup just waiting to be tapped and sold. In the number of these pancakes and in their thickness, the Permian may well be unparalleled. “There is hype in the market now. Everybody’s trying to build a position in the Permian.”
Amir Gerges: Royal Dutch Shell’s General Manager for the Permian Region
For decades, the oil industry was unable to profitably pull much oil from shale—only from other, easier-to-tap, rock formations. Understanding why requires realizing that buried oil doesn’t exist in vast pools; rather, it sits, as if in a sponge, inside tiny holes in rocks. The rocks that are easiest to tap have both high porosity (meaning: big holes) and high permeability (holes that connect well to each other). Shale tends to have both low porosity and low permeability. It is, in the lingo, tight. Which used to mean the oil was essentially trapped.
Then the fracking revolution changed the game. About a decade ago, new technology made it cost-effective for oil companies to drill in tight shale. The trick was to combine horizontal drilling, enabling each well to fan out across a wide area, with industrial-scale hydraulic fracturing, or fracking, to crack up the innards of tight rock. Initially, the industry deployed these techniques in lesser shale plays such as the Bakken formation—in North Dakota, Montana, and Canada—and in the Eagle Ford, in South Texas, because they were simpler to drill. The Permian is a more complex area, but it’s also vastly richer with oil. Now that the drillers have mastered its geology, the basin’s production has begun to explode. Workers operating a rig in Midland in May. Over the past two years, the number of rigs drilling in the Permian Basin has more than tripled.
Over the next decade, the Permian will account for two-thirds of the increase in total U.S. oil production and one-quarter of the increase in total global oil production, projects Wood Mackenzie. Simon Flowers, Wood Mackenzie’s chief analyst, likens the global impact of the Permian to that of North Sea, which ushered in the era of large-scale deepwater drilling some 40 years ago. “The Permian,” he says, “is of that scale.”
Because of its stack of pays and because it already has extensive oil-producing infrastructure in place, the Permian could be a cheaper place to boost global oil production than even some of the spots that traditionally have dominated the oil industry—places such as Russia and Middle East. There are quite a lot of locations in the Permian, “in the best of the sweet spot,” says Flowers, where companies are reporting that they can produce oil with favorable returns at a global oil price lower than $30 per barrel—significantly less expensively than in some other parts of the world. That, says Flowers, raises a discomfiting question for Russia and OPEC: “What do I do when the Permian is eating my lunch?”
The Permian, in short, is a window onto an energy system that’s heading back to the future—to a time that, in fundamental ways, looks a lot like the start of the Oil Age a century ago. Over the years, Big Oil has buzzed over a succession of faraway frontiers: Saudi Arabia, Russia, West Africa. Now it’s agog anew about the place where it effectively was born: the West Texas desert.
On the ground in the Permian, the impacts of the boom are visible everywhere, and many of them aren’t good. Though the haves are cashing in, the have-nots are having trouble affording rising prices for everything from groceries to housing. The boom also is straining infrastructure, sometimes dangerously. Local roads are too narrow, boosting traffic deaths. Pipelines are inadequate, forcing buyers to truck out much of the oil, which is worsening gridlock and increasing pollution. Meanwhile, the ground itself is convulsing in earthquakes and sinkholes.
The Permian’s hub is Midland , a city of about 150,000 people. It was founded in the 1880s essentially as a way station—the midway point on the Texas and Pacific Railway between Fort Worth and El Paso. Ever since the 1923 Santa Rita bonanza, Midland’s history has tracked the ups and downs of oil. The downtown architecture reflects waves of construction during periods when oil boomed. The most iconic structure remains downtown’s Petroleum Building, an ornate 12-story tower that was finished in 1929, months before the economy and oil prices crashed.
Jim Henry may be Midland’s paradigmatic oilman. In 1969, in his mid-thirties, he started Henry Petroleum. In 2008, he sold it for $600 million. “Point-six billion,” Henry, now 83, tells me when I visit him in his Midland office, making sure I get the number right. He keeps a maroon book of biblical references, God’s Promises for Your Every Need, on his desk; photos of his friends the Bushes, the presidential family that once lived in Midland, on a wall; and a Learjet at the airport. In his head, framed by wire-rimmed glasses and thick white hair, he keeps an encyclopedic knowledge of the land that has made him rich.
When Henry began producing oil, in a stack pay called the Spraberry about 9,000 feet below Midland, leasing mineral rights cost perhaps $300 an acre and drilling a vertical well cost about $150,000. After Henry cashed out in 2008, selling to Concho Resources, a local rival, he took half the money he banked in the deal and founded a new oil company, Henry Resources. Today, leasing the mineral rights in the Spraberry around Midland can cost as much as $40,000 an acre, and the horizontal wells Henry drills and fracks cost about $8 million each.
Modern oil production in the Permian resembles a gritty but sophisticated open-air assembly line. Unlike in, say, deepwater basins off Africa or Asia, the goal in the Permian isn’t so much to find the oil, because the oil here in West Texas long ago was found. The goal here is more workmanlike: to assemble the acreage that contains the most oil and to execute the drilling and fracking plan that will pull it out at the lowest cost.
Just as software engineers in Silicon Valley massage code to improve apps, petroleum engineers in the Permian use computerized profiles of the local geology to tweak everything about the production process and wring more oil from the rock. They decide how many wells to cram into each one-square-mile patch of land, called a “section”; at what depth and what distance from each other to drill the horizontal extensions of those wells, which typically run for two miles; and the precise amount and granularity of the specially engineered sand they buy from mines around the U.S. to mix into the million or so gallons of water that, often with certain chemicals, they use to make the fracking fluid they shoot down into a well.
A typical modern rig is several stories tall, its drill bit controlled by an operator who, sitting in a booth called a “doghouse,” monitors a bank of computer screens and guides it with a joystick. When the rig finishes drilling one well, a process that often takes about three weeks, it stands up on its four monstrous steel feet and walks, one foot about every two minutes, to the spot where it will drill the next one.
“It’s taken a long time and a lot of capital to figure out the recipe,” says J. Craig Corbett, who headed exploration at Henry Resources for a decade until he retired last fall. His house, on an upscale street in Midland called Charismatic Drive, has a movie theater, a two-story wood-paneled library, and garage that holds, among several other throaty conveyances, two particularly fast Porsches. “I’ve done okay,” he allows. THE PERMIAN BASIN BY THE NUMBERS 449 3.2 million 60 to 90 billion Number of oil rigs drilling in the Permian in April. That was 44% of all rigs drilling in the U.S. and 22% of the number worldwide. Barrels per day of oil produced in the Permian in May. The Permian boom has helped push U.S. production to a record 10.2 million barrels per day. Barrels of “recoverable” oil remaining underground in the Permian region. SOURCES: Baker Hughes; U.S. E.I.A.; Wood Mackenzie
Henry today is but a small player in the Permian. That’s because the big boys are piling in. Many of the multinational oil giants were here a generation ago but pulled out or pulled back in the 1990s or 2000s, convinced the deep water would be far more productive than this desert. Back then, Corbett recalls, the Permian Basin was known among many oil executives as the “Permanent Basement”—the godforsaken spot in the sand where careers went to die.
The innovations in fracking upended that view. Today, oil’s “super majors” are betting they can bring to bear the large-scale corporate efficiencies they have been testing in shale plays elsewhere to squeeze out the Permian’s vast quantities of oil more cheaply and profitably than can scrappy independents like Henry.
One of the biggest is Exxon Mobil. It has a position of 1.8 million Permian acres, an area larger than Delaware. That includes about 250,000 Permian acres to which Exxon bought access in January 2017 from companies owned by the Bass family of Texas. The deal, valued at $5.6 billion up-front with a potential additional payment of $1 billion, implied a per-acre price of $20,000, according to PLS Inc., a provider of data about oilfield transactions.
Globally, Exxon produces about 4 million barrels of oil equivalent per day. It produces about 4% of that in the Permian, and it plans to triple its Permian production by 2025. Its cost to develop and operate wells in the Permian is below $15 per barrel—on the “low range” of Exxon’s costs to develop shale plays around the world, says Ortwein, the XTO unit’s president.
A major concern for Permian producers is that oil production in the basin has outstripped the capacity of pipelines to get it to market. Customers thus have to transport much of the oil they buy via truck, or let their oil sit until room opens up on today’s pipelines. Both options can inflate costs. As a result, the buyers have been paying Permian producers as much as $10 less per barrel than the prevailing market price—the “basin differential,” as insiders call the gap. Local entrepreneurs, like food truck owner Chuck Flusche, are scrambling to serve the oil workers arriving in the once-sleepy corner of Texas.
“It is a problem, and it’s going to be a problem until the next pipeline is built, which is not scheduled to come online until 2019,” says Hollub, Occidental’s CEO. Oxy, which has a position of 1.4 million acres of what it calls “unconventional”—essentially, shale—production in the Permian, only slightly less than Exxon Mobil, is angling to exploit the pipeline crunch to its own advantage. Hollub says Oxy has more than enough pipeline capacity to transport what it produces and to charge others to transport some of theirs. “We’re very well suited not only to get our production out but also to get third-party production out and make money on it.”
Royal Dutch Shell also is pouncing in the Permian, which it abandoned in 2000 and then reentered in 2012. Its Permian position is far smaller than Exxon Mobil’s and Oxy’s—Shell has a position of about 265,000 acres. But, contends Amir Gerges, Shell’s general manager for the Permian, it’s in “the thickest part of the formation.”
Shell, like most Permian players, is busy swapping one-square-mile sections of land with other oil companies to assemble holdings of two sections apiece. It needs those contiguous sections to drill the crucial two-mile-long horizontal wells. Shell likes to drill between four and eight wells per section, but, notes Gerges, other companies are “more aggressive,” poking as many as 16 wells into a given square mile. Squeezing every dollar from every acre is crucial in large part because land prices have risen so high. “There is hype in the market now,” he says. “Everybody is trying to build a position in the Permian.”
Traveling around the Permian for a few days, I’m confronted by evidence of the boom everywhere. I hear and see it in the orange flames that dot the landscape, roaring like jet engines and lighting up the night sky. These are flares of the natural gas that comes up from the ground along with the oil. Natural-gas pipelines, just like oil pipelines, are insufficient in today’s Permian; with gas prices low, oil producers are, with permission from Texas regulators, burning gas for specified periods as part of the race to maximize the output of oil.
I feel the boom when I stop in at Oilfield Fishing and Rental, a hangar-size shop in Midland that fixes and rents oil-production equipment. Darrell Weddle, wearing a head wrap that bears a Confederate flag and a flame, is repairing a “power take-off,” a heavy metal device that oil workers often hook to a truck to power a pump in the field. With the Rolling Stones’ “It’s Only Rock’n’ Roll” blasting, Weddle, the head mechanic, tells it like it is: “We’re busier than a one-legged man in a butt-kicking contest.” 2017 Sector Profile: Energy | ashraq/financial-news-articles | http://fortune.com/longform/permian-basin-oil-fortune-500/ |
MUMBAI(Thomson Reuters Foundation) - Girls are being trafficked into domestic servitude or sex slavery after their parents illegally marry them off, said officials in the Indian state of Maharashtra on Tuesday.
Researchers are conducting the state’s first survey into links between child marriage and slavery, according to Vijaya Rahatkar, chairperson of Maharashtra’s women’s commission.
The legal age of marriage in India is 18 for women and 21 for men. Parents face a fine of 100,000 rupees ($1,535) and two years in prison if they are caught trying to marry off their underage children.
But discrimination against girls remains widespread, particularly in rural and poor communities where parents often view daughters as financial burdens and continue to marry them off early.
“Many of these marriages do not last, and we have now seen cases where there are direct and indirect linkages to trafficking,” Rahatkar told the Thomson Reuters Foundation.
Rahatkar said her commission decided to carry out the survey after receiving reports of child brides enslaved in households and sold into brothels.
After one such report, authorities rescued a girl who had been married off and then forced to work without wages on a farm, where she was abused and tied up so she did not run away.
The findings of the survey, currently underway in districts that report high rates of child marriage, will be shared with various state governments, said Rahatkar.
There has been a “complete vacuum in the research space on trafficking and child marriage,” said Adrian Phillips of the anti-trafficking group Justice and Care.
The research is expected to provide data that will expose connections between the two crimes, said Phillips, whose group has partnered with the women’s commission to conduct the survey.
The number of girls getting married in India has fallen by nearly half in the past decade, the United Nations children’s agency, UNICEF, said in March. But 27 percent of all brides are still below age 18, according to UNICEF.
Campaigners say it is difficult to convince many people that the tradition of child marriage is wrong.
“They believe there is no ill in the practice, as it has been going on for years,” said Nirmal Gorana, convener of the National Campaign Committee for Eradication of Bonded Labour.
“When parents marry their girls young, it is also to ensure they do not stake any claim on the parent’s property,” he added.
Reporting by Roli Srivastava @Rolionaroll; Editing by Jared Ferrie. Please credit 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-india-trafficking-marriage/child-brides-sold-into-sex-slavery-domestic-work-say-indian-officials-idUSKBN1I230N |
Medicrea Expands its Range of Patient-Specific Implants for Spine
LYON, France & NEW YORK--(BUSINESS WIRE)-- The Medicrea ® Group (Euronext Growth Paris: FR0004178572 - ALMED), pioneering the convergence of healthcare IT and next-generation, outcome-centered spinal device design with UNiD ASI™ (Adaptive Spine Intelligence) technology, announced today that it has obtained the first and only 510(k) clearance from the U.S. Food & Drug Administration (FDA) to market patient-specific spinal cages through the extension of its UNiD™ technology to select from its IB3D™ range of 3D-printed titanium interbody devices.
With this world-first clearance, Medicrea is able to digitally plan, manufacture in-house and supply a 3D-printed device in the United States that has been optimized to follow each patient’s unique spinal anatomy using the Company’s proprietary AI-driven UNiD technology.
The current treatment method involves a time-consuming process where surgeons implant a cage from a limited range of standard dimensions during the surgery. This traditional technique represents a significant share of the operating time where the surgeon must test between the available sizes to find the implant that is most suitable for the patient but remains a compromise as it will not be optimized for that patient's anatomy or that surgeon’s plan.
With UNiD IB3D™, the implant-selection stage disappears, reducing the operating time, and the patient benefits from an implant that is perfectly adapted to their anatomy and to the parameters defined during preoperative planning.
The approval marks further evidence that Medicrea has established its expertise as a leader in patient-specific technology for the Spine as the first company to develop and receive FDA clearance for a patient-specific spinal implant in November of 2014 with the UNiD™ Rod.
Subsequently, the Company has expanded its UNiD ASI™ (Adaptive Spine Intelligence) platform into a robust outcome-centered process by developing its own FDA-cleared surgical planning software (UNiD HUB™).
The UNiD ASI™ platform is powered by data, which it transforms with machine learning and predictive modelling, and is accompanied by a suite of patient-specific implants and engineering services able to transform the way spinal surgeons operate today.
Medicrea has successfully completed more than 2,400 surgeries with patient-specific implants.
By harnessing the power of an exclusive and growing clinical and radiographic data set, the Company is uniquely able to deliver further immediate and short-term cost-savings to healthcare stakeholders.
Denys Sournac, President and Chief Executive Officer, stated, “We are proud to achieve another world-first with this most recent FDA-clearance of UNiD IB3D™. It will enable Medicrea to significantly extend our reach in the U.S. market. By expanding our groundbreaking UNiD technology to cages, we are continuing to revolutionize spinal surgery. Patients have an implant that is optimized for their anatomy and pathology, surgeons are able to operate more efficiently, and hospitals are able to significantly reduce the processing cost and simplify supply chain logistics. Additionally, we are now able to increase the share of revenue generated by Medicrea implants in each patient-specific UNiD™ surgery in both degenerative and complex spinal indications where cages are frequently used - market segments that represent an estimated annual value of over $5 billion in the United States alone.”
The algorithmic generation of patient-specific cages within the UNiD HUB’s Analyzer tool is achieved using proprietary methods based on measurements around X-ray or MRI patient imaging. These methods are supported and protected by three unique patents acquired from Dr. Paul McAfee, of University of Maryland St. Joseph’s Medical Center, around a novel technique for physiologically identifying the optimized implant based on anatomical parameters.
About Medicrea ( www.medicrea.com )
Through the lens of predictive medicine, Medicrea leverages its proprietary software analysis tools with big data and machine learning technologies supported by an expansive collection of clinical and scientific data. The Company is well-placed to streamline the efficiency of spinal care, reduce procedural complications and limit time spent in the operating room.
Operating in a $10 billion marketplace, Medicrea is a Small and Medium sized Enterprise (SME) with 185 employees worldwide, which includes 50 who are based in the U.S. The Company has an ultra-modern manufacturing facility in Lyon, France housing the development and production of 3D-printed titanium patient-specific implants.
For further information, please visit: Medicrea.com .
Connect with Medicrea:
FACEBOOK | INSTAGRAM | TWITTER | WEBSITE | YOUTUBE
Medicrea is listed on
EURONEXT Growth Paris
ISIN: FR 0004178572
Ticker: ALMED
LEI: 969500BR1CPTYMTJBA37
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531006270/en/
Medicrea
Denys Sournac
Founder, Chairman and CEO
[email protected]
or
Fabrice Kilfiger,
Chief Financial Officer
[email protected]
Tel: +33 (0)4 72 01 87 87
Source: The Medicrea<sup>®</sup> Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-medicrea-receives-worldas-first-and-only-fda-clearance-to-market-patient-specific-cages.html |
NAIROBI (Reuters) - Wildlife troopers shot dead three armed men in Kenya’s Mount Elgon National Park on Wednesday while two other suspected poachers were injured but escaped, the Kenya Wildlife Service (KWS) said.
“The officers were on routine patrol inside the park when they encountered five poachers, two of whom were armed,” KWS said in a statement.
Poaching has declined sharply in Kenya from a peak in 2012 but it remains a problem, with some 69 elephants and nine rhinos killed last year.
Earlier this month, three rhinos were found dead with their horns missing in Meru National Park’s Rhino Sanctuary, in what Kenya’s tourism ministry said was an act of poaching.
Three months earlier, a prominent American investigator of the illegal ivory and rhino horn trade was found dead in his Nairobi home with a stab wound in his neck.
A conservation group said Esmond Bradley-Martin, who had spent decades tracking the movement of animal products from Africa to markets in Asia, was about to publish a report exposing how the ivory trade had shifted from China to neighboring countries.
Writing by Aaron Maasho; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kenya-wildlife/suspected-poachers-shot-dead-in-kenyan-national-park-idUSKCN1IV1WD |
May 7, 2018 / 11:31 PM / Updated 39 minutes ago Argentina stems peso bleeding but remains vulnerable to capital flows Rodrigo Campos 5 Min Read
NEW YORK (Reuters) - Argentina’s three recent interest rate increases to halt the peso’s collapse can be traced back to a late-December government press conference which have left the country more vulnerable to international investor sentiment and capital flows. A man walks past Argentina's Central Bank in Buenos Aires' financial district, Argentina May 7, 2018. REUTERS/Marcos Brindicci
A spike in the U.S. dollar in recent weeks and higher U.S. interest rates tested investor’s confidence in emerging markets and Argentina in particular, forcing the government of Mauricio Macri into shocking the peso back to life just four months after easing monetary policy.
After the peso hit an historic closing low versus the U.S. dollar of 22.40 last week, Argentina lifted its benchmark interest rate to 40 percent while tightening the fiscal deficit target to 2.7 percent of gross domestic product from 3.2 percent.
The Argentine authorities seem to have stopped, for now, a run on the country’s currency, but the higher interest rates and tighter fiscal policy needed to stabilise the peso could be costly down the road.
“It’s now becoming a more delicate balancing act to deliver low inflation, stable GDP growth and continue to finance a large fiscal deficit that requires a quick normalization of market stress,” said Siobhan Morden, New York-based head of Latin America fixed income strategy at Nomura in a note.
“The revised fiscal deficit target looks achievable only if financial stress recedes and only if officials convince the markets on their commitment to low inflation,” she said.
That commitment to low inflation was put in doubt back in December, when the government announced a rise in its inflation target to 15 percent from a previous band with a 10 percent midpoint, arguing that it had acquired room to recalibrate monetary policy. Two weeks later, in early January, the benchmark rate was cut to 28 percent.
The government was seen as making a bet on supporting economic growth at the expense of controlling inflation and the credibility of the central bank was called into question.
“Everything changed for worse in December when they changed the target for inflation and then reduced interest rates on the back of that,” said Claudio Irigoyen, head of Latin America economics and fixed income strategy at Bank of America Merrill Lynch. EXTERNALITIES
Months later, the external shock hit.
With U.S. economic growth looking more robust than Europe’s in the first quarter of the year, market expectations for further Federal Reserve interest rate rises were confirmed, leading to a rise in the U.S. yield curve, and a surge in the U.S. dollar which put pressure on both developed and developing market currencies.
Investors with emerging market exposure, especially those involved in the carry-trade, borrowing in U.S. dollars to invest abroad, began to reduce their exposure and developing market currencies, like Argentina’s, were badly hit. Traders work on the floor of the Buenos Aires Stock Exchange, Argentina May 7, 2018. REUTERS/Marcos Brindicci
“When the external environment became more challenging, if you screened across the emerging markets landscape Argentina stood out among the most vulnerable,” said Alberto Ramos, head of Latin America Economic Research at Goldman Sachs in New York.
Though it is still early to say if last week’s central bank measures worked, some analysts agree they were needed and the coordinated action helped appease investors.
“They seem to have done enough given what we know now in terms of key external variables,” said Alejo Czerwonko emerging markets strategist at UBS Global Wealth Management’s Chief Investment Office in New York, pointing to the recent strength of the U.S. dollar and higher Treasury yields.
“If those change, further action might be needed.”
If the greenback remains near current levels against its peers, the last two weeks could be just a hurdle in the Argentina government’s plans to grow the economy further.
“Of course market developments of the last few weeks will have an impact on key macro variables, but we don’t think ultimately they will derail the improvement in the growth-inflation mix nor the improvement in addressing key imbalances,” Czerwonko said. THREATS
The biggest threat to the government’s plans could come from within.
Macri’s centre-right government, a global financial markets darling through last year, could face stagflation if interest rates have to remain this high for too long or if Argentineans decide to buy more U.S. dollars as protection against inflation.
“What you need to monitor now is how the opposition tries to capitalise on this and puts some stone in the road in congress in order to make it more difficult for the government to adjust fiscal policy,” said Irigoyen.
Argentina could find itself needing external financing at high financial cost or having to turn to the International Monetary Fund which would incur a big political cost.
“Politics are going to be very fluid going forward.” Reporting by Rodrigo Campos; Editing by Daniel Bases | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-argentina-rate-wallstreet-analysis/argentina-stems-peso-bleeding-but-remains-vulnerable-to-capital-flows-idUKKBN1I82LL |
CHICAGO, May 8, 2018 /PRNewswire/ -- CME Group Inc., the world's leading and most diverse derivatives marketplace, today declared a second-quarter dividend of $0.70 per share, payable June 25, 2018, to shareholders of record as of June 8, 2018.
As the world's leading and most diverse derivatives marketplace, CME Group ( www.cmegroup.com ) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates , equity indexes , foreign exchange , energy , agricultural products and metals . Around the world, CME Group brings buyers and sellers together through its CME Globex ® electronic trading platform. CME Group also operates one of the world's leading central counterparty clearing providers through CME Clearing , which offers clearing and settlement services across asset classes for exchange-traded and over-the-counter derivatives. CME Group products and services ensure that businesses around the world can effectively manage risk and achieve growth.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT, Chicago Board of Trade, KCBT and Kansas City Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
CME-G
View original content: http://www.prnewswire.com/news-releases/cme-group-declares-quarterly-dividend-300644981.html
SOURCE CME Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-cme-group-declares-quarterly-dividend.html |
197 COMMENTS WASHINGTON—First lady Melania Trump on Monday underwent a medical procedure to treat a benign kidney condition, the White House said.
The embolization procedure was successful and was carried out without complications, the White House said. Mrs. Trump, 48 years old, is at Walter Reed National Military Medical Center and is likely to remain there the rest of the week, the White House said.
“The first lady looks forward to a full recovery so she can continue her work on behalf of children everywhere,” the White House said.
President Donald Trump said Monday afternoon he was headed to the Bethesda, Md., medical center to see Mrs. Trump. “Successful procedure, she is in good spirits,” he tweeted . “Thank you to all of the well-wishers!”
Last week, Mrs. Trump rolled out her “Be Best” program, which aims to protect children from cyberbullying and drugs.
An embolization of a kidney isn’t uncommon, said Brian Funaki, chief of vascular and interventional radiology at the University of Chicago Medical Center. He said the idea is to block off blood flow to a kidney growth that can either be benign or cancerous, although the procedure is more often used with benign growths. Doctors go in with a catheter and block off vessels with coils or other particles, with the intention of shrinking the growth to reduce the likelihood of symptoms such as bleeding or pain.
Further details about Mrs. Trump’s condition and treatment weren’t immediately disclosed. | ashraq/financial-news-articles | https://www.wsj.com/articles/melania-trump-undergoes-successful-kidney-procedure-1526326322 |
May 29, 2018 / 12:45 PM / Updated an hour ago Friends of the Earth says to sue Shell over climate change Reuters Staff 2 Min Read
LONDON (Reuters) - Friends of the Earth plans to file a lawsuit against Royal Dutch Shell, accusing the oil company of failing to act on climate change, the environmental activist group said on Tuesday. FILE PHOTO: Logo of Shell is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo
Shell has set out “ambitions” to halve carbon emissions by 2050 and expand in renewables, but the Anglo-Dutch company has come under pressure from investors and activists to reduce its carbon footprint and comply with the 2015 international Paris climate agreement.
Friends of the Earth informed the oil and gas company last month it planned to take legal action if Shell did not reduce investment in fossil fuels and cut greenhouse gas emissions to zero by 2050.
In response, Shell Company Secretary Linda Szymanski said in a letter, dated May 28, seen by Reuters, that the company did not believe that these claims had merit. “Nor do we consider that the courts provide the right forum to advance the global energy transition.”
A Shell spokeswoman confirmed the letter had been sent and its content.
Sam Cossar-Gilbert of Friends of the Earth International said in a statement: “Yesterday Shell rejected our demands, so now we will take them to court, formal summons will be issued shortly.”
The lawsuit will be filed in the Netherlands. Reporting by Ron Bousso. Editing by Jane Merriman | ashraq/financial-news-articles | https://www.reuters.com/article/us-shell-climatechange/friends-of-the-earth-says-to-sue-shell-over-climate-change-idUSKCN1IU1IB |
By Polina Marinova 9:28 AM EDT SOULED OUT
Good morning, Term Sheet readers.
Plenty happened over the long weekend. Here’s what you may have missed.
SOULCYCLE PULLS IPO: “Market conditions” strike again. Fitness studio SoulCycle has formally requested to withdraw its long-delayed IPO, citing “market conditions.” But the company has had plenty of time to go public. SoulCycle initially filed in 2015, hoping to raise at least $100 million (a placeholder figure) to pay off debt and open new studios.
As my colleague Verne Kopytoff notes , there’s a bigger story here than what’s going on in the market. In fact, the withdrawal appears to have more to do with SoulCycle than the broader market, which appears to have a huge appetite for IPOs at the moment. So what else is playing into the decision to put the public offering plans on ice?
One year after SoulCycle filed for an IPO, it paused the process and underwent a shakeup in its executive ranks. Two of its co-founders both left to pursue “other projects.” The third left earlier to found rival Flywheel.
SoulCycle CEO Melanie Whelan also requested fees paid in connection with the IPO be credited for future use — suggesting the company may try again in the future. I’m curious to see what its plans are as SoulCycle is no longer the only dominant player in the game. Rival fitness startup Peloton is reportedly preparing to go public later this year .
NEW FUND ALERT: Former TechCrunch co-editor Alexia Bonatsos has unveiled a new venture firm called Dream Machine . She’s targeting $25 million for what she describes as “an opportunistic seed fund interested in AI, voice, AR, VR, IoT, and blockchain.”
Bonatsos has made seven investments already, including ones in TruStory , Omni , and Fable Studios . TruStory is a platform that helps validate claims that people make online, whether in a blog post, white paper, website or social media post. The company aims to “bring authenticity back into the digital and decentralized world.” In other words, it can help potential investors better navigate a world rife with ICO scams .
Through her new fund, Bonatsos has also participated in one token sale, and will likely be making more investments in the cryptocurrency/blockchain space. Bonatsos once tweeted , “Women, consider crypto. Otherwise the men are going to get all the wealth, again.”
SEAN PARKER SPEAKS : In the wake of Spotify’s debut as a public company, Fortune sat down with one of its earliest boosters, Sean Parker. Here’s one particularly interesting tidbit:
Q: Apart from finally solving the whole music-sharing thing, you seem rather excited and proud of something that most people have never heard of—and something that’s, frankly, hard to imagine a VC in a Silicon Valley pitch meeting getting excited about: an obscure provision in the new federal tax legislation. What’s the Investing in Opportunity Act, and why did you push so hard for it?
PARKER: The simple notion is, If someone has unrealized capital gains, they can roll the money over into a fund that will go to find investment opportunities in certain distressed areas [or “opportunity zones”] across the country. And any tax liability from that investment is deferred. If the investment is held long enough, there is a step up in basis. The savings on the tax rate [which adjusts based on the investment holding period] is a relatively modest incentive. The real incentive is that any gains you make in that vehicle, after holding an investment for at least 10 years, are tax-free.
Read the full Q&A here.
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• How the Permian Basin oil boom is driving U.S. production to record levels (by Jeffrey Ball)
• Why Coinbase’s Cryptocurrency Business Could Jump 50% (by Jen Wieczner)
• Silicon Valley Bank CEO Says He’s Bullish on Technology (by Susie Gharib)
• Why the World’s Biggest Electric-Vehicle Battery Maker Just Cut Its IPO Value by More Than Half
VENTURE DEALS
• Notarize , a Boston-based digital notary startup, raised $20 million in funding. Investors include Realogy and Lennar .
• YellowPepper , a Miami, Fla.-based provider of mobile banking and payments, raised $12.5 million in Series D funding. Visa led the round.
• Acko , an India-based online insurance startup, raised $12 million in funding. Amazon led the round.
• Waggl , a Sausalito, Calif.-based provider of employee engagement solutions, raised $7 million in Series A funding. First Analysis led the round.
• Flock , a London-based startup that has created a data-driven insurance product for drones, raised £2.25 million ($3 million) in seed funding. Anthemis led the round, and was joined by investors including Plug and Play, Seed and Speed, and Downing Ventures.
• Riminder , a France-based AI assistant that automates talent assessment, raised $2.3 million in funding. Investors include Xavier Niel, Jean-Baptiste Rudelle, Romain Niccoli, Franck Le Ouay, Dominique Vidal, Thibaud Elzière and Fred Potter.
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• Battery Ventures made a “significant investment” in Learnosity , a Dublin-based education technology firm.
• BookJane , a Toronto-based platform connecting senior home facilities and families with networks of caregivers for on-demand care, received an investment from Pacific Reach. Financial terms weren’t disclosed.
• Kimbell Royalty Partners will acquire mineral and royalty interests managed in partnership with Haymaker Resources . The acquisition of the interests is part of a larger transaction through which Kimbell has agreed to acquire certain subsidiaries of both Haymaker Resources, LP (owned by KKR and Haymaker management) and Haymaker Minerals and Royalties LLC (owned by Haymaker management and other investors). The total combined transaction value is $404 million.
• Dyal Capital Partners, Goldman Sachs Asset Management, and Landmark Partners have made a strategic minority investment in Clearlake Capital Group , a Santa Monica, Calif.-based private equity and alternative asset investment firm. Financial terms weren’t disclosed. This entry has been updated.
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• Alibaba Group Holding Ltd led a consortium of investors to buy about 10% of ZTO Express (Cayman) Inc (NYSE:ZTO) for $1.38 billion. Read more.
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• Viva Energy Australia , the offshoot of Shell and Vitol, may seek an IPO of A$5 billion ($3.8 billion), Reuters reports citing sources. Vitol would be the seller. Read more .
• NIO , a Shanghai-based electric car startup backed by Tencent, filed confidentially for an U.S. IPO that could raise up to $2 billion, Bloomberg reports citing sources. Tencent backs the firm. Read more .
• Contemporary Amperex Technology, the world’s biggest electric-vehicle battery maker, lowered its IPO expectations, saying it plans to raise 5.46 billion yuan ($853 million), valuing the firm at $8.5 billion. That’s down from a prior potential valuation of $20 billion. Read more .
• iDreamSky , the Shenzhen-based mobile game maker behind “Temple Run,” filed confidentially to relist in Hong Kong. The firm previously was listed on the Nasdaq. The deal could raise $300 million. Read more .
• Eidos Therapeutics , a San Francisco-based biopharmaceutical firm focused on diseases caused by transthyretin or amyloidosis, filed for a $115 million IPO. It has yet to post revenue. BridgeBio Pharma (62.7%) backs the firm. J.P. Morgan and BofA Merrill Lynch are underwriters in the deal. The firm plans to list on the Nasdaq as “EIDX.” Read more .
• Avrobio, a Cambridge, Mass.-based clinical stage gene therapy firm focused on rare diseases, filed for a $86.2 million IPO. The firm has yet to post a revenue. Atlas Venture (26.6%), Clarus Life Sciences (16.6%), and SV Life Science (15.3%) back the firm. Morgan Stanley, Cowen, Wells Fargo, and Wedbush are underwriters. The firm plans to list on the Nasdaq as “AVRO.” Read more .
• Gradus , Bulgaria’s leading poultry producer, filed for an $86 million IPO on the Sofia bourse. Read more .
• I3 Verticals , a Nashville, Tenn.-based payments software firm, filed for an $85 million IPO. The firm posted revenue of $293 million in the 12 months ending March. Front Street Equities , Harbert Management, and Capital Alignment Partners back the firm. Cowen, Raymond James, and KeyBanc are underwriters in the deal. It plans to list on the Nasdaq as “IIIV.” Read more .
• M17, a Taipei-based live-streaming firm, plans to raise $83 million in an IPO of 7.51 million ADSs, priced between $10 to $12. The firm posted revenue of $90.1 million in 2017. Vertex Asia Fund (12.1%), Infinity Ventures (9.1%), and KTB Asia Fund (5.7%) back the firm. Citigroup and Deutsche Bank Securities are underwriters in the deal. The firm plans to list on the NYSE as “YQ.” Read more .
• Iterum Therapeutics , a Dublin-based firm for drug-resistant bacterial infections, priced its IPO at $80 million in an upsized offering of 6.15 million shares priced at $13, below its previously stated $14 to $16 range. The firm posted revenue of $508,000 in 2017. Advent Life Sciences (8.1% pre-offering), Arix Bioscience Holdings (8.9%), and Canaan (15.7%) back the firm. Leerink Partners and RBC Capital Markets are underwriters in the deal. It plans to list on the Nasdaq as “ITRM.” Read more .
• Carbon Natural Gas Company , a Denver-based oil and natural gas producer, filed for a $75 million IPO. The firm posted revenue of $117.4 million in 2017. Yorktown Energy Partners (69.6% pre-offering) and Arbiter Capital Management ( 8.5%) back the firm. RBC Capital Markets is underwriter in the deal. The firm plans to list on the Nasdaq as “CRBO.” Read more .
Advertisement EXITS
• Fenway Partners acquired Iconic Group, an Atlanta-based provider of photography services at university and college graduations in the U.S. The sellers were Raymond James Capital and Friend Skoler & Co . Financial terms weren’t disclosed.
• KKR will acquire BMC Software , a Houston-based software solutions provider for the digital enterprise. The sellers include Bain Capital Private Equity and Golden Gate Capital together with GIC, Insight Venture Partners and Elliott Management. Financial terms weren’t disclosed.
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• Pivotal China, a China-based venture capital firm raised $150 million for its inaugural fund, Pivotal bioVenture Partners China USD Fund I.
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• Emily Calkins was promoted to senior associate at Mainsail Partners .
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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here . | ashraq/financial-news-articles | http://fortune.com/2018/05/29/term-sheet-tuesday-may-29/ |
May 3 (Reuters) - Avantel Ltd:
* CO GRANTED A PATENT BY GOVERNMENT OF INDIA Source text - bit.ly/2wdBS6C
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-avantel-granted-patent-by-g/brief-indias-avantel-granted-patent-by-government-of-india-idUSFWN1SA0H2 |
May 8 (Reuters) - Occidental Petroleum Corp:
* OCCIDENTAL PETROLEUM - RAISED 2018 GUIDANCE
* OCCIDENTAL PETROLEUM SEES Q2 OIL & GAS SEGMENT TOTAL PRODUCTION OF 628 MBOED – 648 MBOED
* OCCIDENTAL PETROLEUM SEES 2018 OIL & GAS SEGMENT TOTAL PRODUCTION OF 645 – 665 MBOED
* OCCIDENTAL PETROLEUM SEES 2018 OIL & GAS SEGMENT PERMIAN RESOURCES PRODUCTION OF 198 – 210 MBOED
* OCCIDENTAL PETROLEUM SEES Q2 OIL & GAS SEGMENT PERMIAN RESOURCES PRODUCTION OF 188 – 198 MBOED
* OCCIDENTAL PETROLEUM SEES 2018 OIL & GAS SEGMENT INTERNATIONAL PRODUCTION OF 289 – 295 MBOED
* OCCIDENTAL PETROLEUM CORP - SEES FY 2018 PRODUCTION COST FOR DOMESTIC OIL & GAS ABOUT $12.50/ BOE
* OCCIDENTAL PETROLEUM SEES Q2 OIL & GAS SEGMENT INTERNATIONAL PRODUCTION OF 281 – 290 MBOED
* OCCIDENTAL PETROLEUM CORP - SEES CHEMICAL SEGMENT ABOUT $300 MILLION PRE-TAX INCOME IN 2Q18E
* OCCIDENTAL PETROLEUM CORP - SEES FOR CHEMICAL SEGMENT ABOUT $1,100 MILLION PRE-TAX INCOME IN FY 2018E
* OCCIDENTAL ON OUTLOOK FOR MIDLAND TO GULF COAST - POSSIBLE PIPELINE CAPACITY CONSTRAINTS (LATE 2018/ EARLY 2019 PENDING NEW PROJECT IN-SERVICE DATES)
* OCCIDENTAL ON OUTLOOK FOR MIDLAND TO GULF COAST SAYS PIPELINE CONSTRAINTS WILL REQUIRE RAIL AND TRUCK UTILIZATION Source text: ( bit.ly/2FVrQqb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-occidental-petroleum-sees-2018-oil/brief-occidental-petroleum-sees-2018-oil-gas-segment-total-production-of-645-665-mboed-idUSFWN1SF14E |
(Reuters Health) - Older men who exert themselves in the heat for prolonged periods may find they’re at higher risk of heat stroke and related injuries the following day, a small experiment suggests.
On the first morning of a two-day study, researchers had nine men in their 50s and 60s do a series of exercise tests involving semi-recumbent cycling, in rooms heated to 40 degrees Celsius (104 degrees Fahrenheit). After the exercise tests, researchers had the men simulate a 7.5-hour workday in the heat. Finally, on the second day, they had the men repeat the same exercises they had done the day before, in the same hot, dry conditions.
During both series of exercise tests, the researchers measured the men’s whole-body heat loss, or their ability to cool off.
Compared to the first morning’s exercise results, which were obtained before the prolonged day of exertion in the heat, on the second day men retained more body heat during intense exercise, and they had more difficulty sweating.
Overall, men retained 31 percent more body heat on the second day of tests, the study found.
“Our findings indicate that prolonged work in the heat compromises thermoregulatory function and may elevate the risk of heat-injury on the following day in older workers,” lead study author Sean Notley of the University of Ottawa said by email.
“Although the mechanism explaining this impairment is likely multi-factorial, it is possible that fluid depletion on day one led to reduced sweat secretion on the next day, indicating that participants were not inclined to replace fluid losses occurring on day one,” Notley added. “This outcome reinforces the need for better education on the importance of fluid replacement during work as well as prior to and following work.”
Performing back-to-back days of prolonged, arduous work in the heat is common for workers in many industries including mining, utility work, firefighting, and military service, researchers note in Medicine and Science in Sports and Exercise.
In a previous version of the current experiment done with men in their 20s, participants didn’t suffer any reduced ability to sweat and cool their body temperatures in cycling tests done the day after the long day of exertion in the heat, researchers note.
These results, combined with the results from the new experiment in older men, suggest that middle-aged workers need to take extra precautions to stay hydrated in the heat, Notley said.
Men in the current study typically got 30 to 60 minutes of aerobic exercise three to four days a week. They were chosen because they had similar physical characteristics, activity levels and aerobic fitness levels to a group of career firefighters researchers examined in a previous study.
During the simulated workday, the men wore coveralls and short sleeve shirts and walked on treadmills set at a 2 percent incline for two hours straight in three separate sessions. In between sessions, they got breaks for food and water and were able to sit down.
Beyond its small size, another drawback of the experiment is that the treadmill sessions might not be a good proxy for the type of exertion men might actually do on the job, the study authors note.
Still, the results underscore the need for men to take precautions to avoid heat related injuries or heat stroke, which in severe cases can leave people unconscious or in a coma.
“There is a need for fluid consumption guidelines during work as well as prior to and following work and/or refinement to existing work place heat exposure guidelines to consider the carry-over effects of working in the heat,” Notley said.
SOURCE: bit.ly/2GX3JrF Medicine and Science in Sports and Exercise, online April 21, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-heat-elders/hot-work-conditions-may-boost-next-day-heat-stroke-risk-for-older-men-idUSKCN1IT1QA |
May 9, 2018 / 12:29 PM / a few seconds ago ArcelorMittal hires Bank of America to sell European steel assets Clara Denina 2 The world’s largest steelmaker ArcelorMittal has hired Bank of America-Merrill Lynch to sell a number of its steel assets to secure antitrust clearance to acquire Italian peer Ilva. FILE PHOTO: A logo is seen on the roof of the ArcelorMittal steelworks headquarters in Ostrava, Czech Republic, April 1, 2016. REUTERS/David W Cerny/File Photo
ArcelorMittal offered in March to sell its galvanized steel plant in Italy, as well as units in Romania, Macedonia, the Czech Republic, Luxembourg and Belgium as a concession to EU regulators for its 1.8 billion euro (1.6 billion pounds) bid for Ilva.
ArcelorMittal told Reuters on Wednesday that it had appointed Bank of America-ML to handle the asset sale.
European and Asian steelmakers will be among the likely buyers as the European Commission has said the steel plants would be sold to buyers who would continue to operate them, allowing them to compete with ArcelorMittal.
The EU antitrust watchdog decided to clear Arcelor’s offer on Tuesday, after seeking feedback from rivals and customers on the concessions. Concerns were initially raised that the deal may reduce competition in some flat carbon steel products and result in higher prices for customers in southern Europe.
Global steel equity values have more than doubled since hitting 12-year lows in early 2016 at the depth of a steel sector crisis that resulted in job losses, bankruptcies and capacity closures worldwide.
The ArcelorMittal takeover of Ilva, Europe’s largest steel plant with 11 million tonnes capacity, is expected to improve the pricing power of EU steelmakers in the longer term by reducing the number of sellers in the market.
Steel majors Tata Steel and Thyssenkrupp agreed in 2017 to combine their European steel assets.
ArcelorMittal said it plans to invest a further 2.4 billion euros cleaning up and modernizing Ilva, which has been dogged by charges of corruption and environmental crime for years. Reporting by Clara Denina; additional reporting by Maytaal Angel; Editing by Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/us-arcelormittal-m-a/arcelormittal-hires-bank-of-america-to-sell-european-steel-assets-idUKKBN1IA1TU |
May 18, 2018 / 5:18 PM / Updated 16 minutes ago Algeria's Islamist opposition urges national consensus on economic reform Lamine Chikhi 3 Min Read
ALGIERS (Reuters) - Algeria must build a national consensus to undertake deep economic reforms and end its dependency on volatile gas and oil revenues, the new leader of the main Islamist opposition party said. Abderrazak Makri, the leader of Algeria Islamist political party, the Movement of Society for Peace (MSP) is pictured in Algiers, Algeria May 18, 2018. REUTERS/Ramzi Boudina
Abderazak Makri, elected last week as the new head of the Islamist MSP party, also told Reuters he will stand in the presidential election in April 2019 if the government does not bring the opposition into its plans for taking the oil-producer country forward.
President Abdelaziz Bouteflika, the veteran leader in power since 1999, has not declared yet whether he will seek a fifth term though the ruling FLN party and the biggest labour union have asked him to run again.
Should the 81-year-old, who is wheelchair-bound following a stroke in 2013, run again this would provide short-term stability in the OPEC oil producer giving the military-backed power brokers time to sort out a smooth transition.
But Makri said the oil producer had no time to lose to agree on economic reforms as Algeria’s model of a state dominated economic dependent on oil and gas revenues no longer worked. Abderrazak Makri, the leader of Algeria Islamist political party, the Movement of Society for Peace (MSP) is pictured in Algiers, Algeria May 18, 2018 REUTERS/Ramzi Boudina
“A government needs full support from political parties, unions and organizations to implement difficult reforms. This is why we need a consensus,” Makri said in an interview.
“If we do not reach a political consensus, all options will be then open. We may participate. We may boycott,” he said.
Islamist parties now play no big role in Algeria where the FLN has dominated since independence from France. The MSP won only 6 percent in the 2017 election and it boycotted the presidential elections in 2014. Abderrazak Makri, the leader of Algeria Islamist political party, the Movement of Society for Peace (MSP) is pictured in Algiers, Algeria May 18, 2018 REUTERS/Ramzi Boudina
Makri said rising domestic gas consumption eating into gas exports showed that the Algeria need to diversify its economy even if oil prices were continuing to pick up.
Oil and gas revenues have halved since 2014, straining a welfare state used to discourage dissent.
Algeria has responded to the economic crisis by reducing imports, a public service hire freeze and postponing some projects to cope with the crash of oil prices.
But the government has maintained subsidies of key products such as milk and powerful elites have resisted opening up the country too much to foreigners.
“The government needs to show very clearly to political parties that it will accept political change,” Makri said.
Many ordinary Algerians prefer stability after the civil war in the 90s when the elite overturned an election which Islamists were poised to win triggering a conflict with them in which about 200,000 people were killed.
Makri was undeterred by the apparent modest support for Islamist parties, pointing to Tunisia where Islamist and secular forces rule together.
“Tunisia is a good sample. When elections are free and fair the winners are always Islamists,” he said. “In Morocco, the Islamists have won, in Tunisia they have won, and they would have won in Algeria if there had been no fraud.” Editing by Ulf Laessing and Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-algeria-islamists/algerias-islamist-opposition-urges-national-consensus-on-economic-reform-idUKKCN1IJ1M3 |
May 2 (Reuters) - STAAR Surgical Co:
* STAAR SURGICAL REPORTS FIRST QUARTER 2018 RESULTS; REVENUE INCREASES 33 PERCENT ON ACCELERATING EVO VISIAN ™ ICL MOMENTUM
* Q1 SALES $27.1 MILLION VERSUS I/B/E/S VIEW $23 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.04 — THOMSON REUTERS I/B/E/S
* CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT MARCH 30, 2018 TOTALED $20.9 MILLION, COMPARED TO $18.6 MILLION AT END OF Q4 OF 2017 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-staar-surgical-reports-q1-eps-of-0/brief-staar-surgical-reports-q1-eps-of-0-01-idUSASC09Z37 |
May 23 (Reuters) - Eltek Ltd:
* ELTEK LTD - ROBERTO TULMAN WILL RESIGN AS DEPUTY CEO AND CTO EFFECTIVE AUGUST 20, 2018 - SEC FILING Source text - ( bit.ly/2kkj9NE ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eltek-ltd-says-roberto-tulman-will/brief-eltek-ltd-says-roberto-tulman-will-resign-as-deputy-ceo-and-cto-effective-august-20-2018-idUSFWN1SU0U0 |
BRUSSELS (Reuters) - The European Commission on Wednesday said it had cleared the purchase of Dutch cable operator Ziggo by Liberty Global ( LBTYA.O ) subject to conditions.
Mike Fries, President and Chief Executive Officer of Liberty Global, delivers his keynote speech at Mobile World Congress in Barcelona, Spain, February 28, 2017. REUTERS/Eric Gaillard The merger was first approved in 2014 but then annulled by the General Court of the European Union, leading to a reassessment of the deal.
The Commission, which acts as the competition watchdog in the European Union, said Liberty Global had offered to scrap clauses that restrict broadcasters’ ability to offer their channels and content over the internet, maintain access to its network and not repurchase pay TV operator Film1.
“The Commission concluded that the proposed transaction, as modified by the commitments, would no longer raise competition concerns,” the Commission said.
The Court case was triggered by a complaint by Dutch telecoms group KPN ( KPN.AS ) about the combined market power of Liberty Global’s Dutch unit UPC and Ziggo.
Reporting by Robert-Jan Bartunek, editing by Robin Emmott
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-ziggo-m-a-libertyglobal-eu/eu-conditionally-clears-liberty-globals-purchase-of-dutch-cable-operator-ziggo-idUSKCN1IV1QV |
HUNTINGTON, W.Va., May 14, 2018 /PRNewswire/ -- Energy Services of America (the "Company" or "Energy Services") (OTC QB: ESOA), parent company of C.J. Hughes Construction Company ("C.J. Hughes") and Nitro Construction Services, Inc. ("Nitro"), announced the filing of the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2018. Energy Services earned revenues of $23.1 million and $55.6 million for the three and six months ended March 31, 2018, respectively. Net loss available to common shareholders was $1.0 million and $954,000 for the three and six months ended March 31, 2018, respectively. The Company had adjusted EBITDA of $164,000 ($0.01 per share) and $1.2 million ($0.08 per share) for the three and six months ended March 31, 2018, respectively. The backlog at March 31, 2018 was $55.1 million; however, the backlog does not include a $47.0 million pipeline project that was awarded in April 2018. This project is scheduled to begin in June 2018 and complete in November 2018.
Below is a comparison of the Company's operating results for the three and six months ended March 31, 2018 and 2017:
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
March 31,
March 31,
March 31,
March 31,
2018
2017
2018
2017
Revenue
$ 23,093,033
$ 25,371,605
$ 55,640,636
$ 62,868,477
Cost of revenues
22,036,935
23,859,453
52,609,084
56,671,538
Gross profit
1,056,098
1,512,152
3,031,552
6,196,939
Selling and administrative expenses
1,956,356
1,939,278
3,965,447
4,134,888
Income (loss) from operations
(900,258)
(427,126)
(933,895)
2,062,051
Other income (expense)
Interest income
61
-
132,342
-
Other nonoperating expense
(47,023)
(40,231)
(102,147)
(111,660)
Interest expense
(243,708)
(143,546)
(539,552)
(374,515)
Gain on sale of equipment
19,670
41,841
388,375
68,831
(271,000)
(141,936)
(120,982)
(417,344)
Income (loss) before income taxes
(1,171,258)
(569,062)
(1,054,877)
1,644,707
Income tax expense (benefit)
(223,683)
(256,523)
(255,802)
718,589
Net income (loss)
(947,575)
(312,539)
(799,075)
926,118
Dividends on preferred stock
77,250
77,250
154,500
154,500
Net income (loss) available to common shareholders
$ (1,024,825)
$ (389,789)
$ (953,575)
$ 771,618
Weighted average shares outstanding-basic
14,239,836
14,239,836
14,239,836
14,239,836
Weighted average shares-diluted
14,239,836
14,239,836
14,239,836
17,673,169
Earnings (loss) per share from continuing operations
available to common shareholders
$ (0.072)
$ (0.027)
$ (0.067)
$ 0.054
Earnings (loss) per share from continuing operations-diluted
available to common shareholders
$ (0.072)
$ (0.027)
$ (0.067)
$ 0.044
Earnings (loss) per share
available to common shareholders
$ (0.072)
$ (0.027)
$ (0.067)
$ 0.054
Earnings (loss) per share-diluted
available to common shareholders
$ (0.072)
$ (0.027)
$ (0.067)
$ 0.044
Revenues decreased by $7.3 million or 11.5% to $55.6 million for the six months ended March 31, 2018 from $62.9 million for the same period in 2017. The decrease was primarily attributable to a $13.8 million revenue decrease in petroleum and gas work and a $100,000 revenue decrease in water and sewer projects and other ancillary services, partially offset by a $6.6 million revenue increase in electrical and mechanical services.
Douglas Reynolds, President, commented on the announcement. "The first six months of fiscal year 2018 did not meet the expectations we established at the beginning of the year. The primary reasons were finishing two pipeline projects that suffered major losses in fiscal year 2017 and new projects starting later than anticipated in fiscal year 2018. However, the April award of a 21-mile pipeline project valued at $47.0 million sets us up well for the remaining six months of this fiscal year and into fiscal year 2019." Reynolds continued, "We have made a few key additions this year that are already having an immediate impact within our pipeline group. On the sales and marketing side, we are receiving bid opportunities and project awards from new customers in addition to strengthening relationships with past clients. Operationally, we have made personnel additions that will enhance our overall management experience, provide contacts to new customers and improve our access to skilled labor. We are excited about these improvements and feel we are in position to have a strong finish to fiscal year 2018."
Please refer to the table below that reconciles adjusted EBITDA and adjusted EBITDA per share with net income available to common shareholders:
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
March 31, 2018
March 31, 2017
March 31, 2018
March 31, 2017
Unaudited
Unaudited
Unaudited
Unaudited
Net income (loss) available to
common shareholders
$ (1,024,825)
$ (389,789)
$ (953,575)
$ 771,618
Add: Income tax expense (benefit)
(223,683)
(256,523)
(255,802)
718,589
Add: Dividends on preferred stock
77,250
77,250
154,500
154,500
Add: Interest expense
243,708
143,546
539,552
374,515
Less: Non-operating expense (income)
27,292
(1,610)
(418,570)
42,829
Add: Depreciation expense
1,064,658
727,820
2,114,346
1,406,151
Adjusted EBITDA
$ 164,400
$ 300,694
$ 1,180,451
$ 3,468,202
Common shares outstanding
14,239,836
14,239,836
14,239,836
14,239,836
Adjusted EBITDA per common share
$ 0.01
$ 0.02
$ 0.08
$ 0.24
Certain statements contained in the release, including without limitation statements including the words "believes," "anticipates," "intends," "expects" or words of similar import, constitute "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in this release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
View original content: http://www.prnewswire.com/news-releases/energy-services-of-america-files-quarterly-report-300647903.html
SOURCE Energy Services of America | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-energy-services-of-america-files-quarterly-report.html |
May 16, 2018 / 11:32 PM / Updated 19 minutes ago Xerox names John Visentin as CEO after scrapping Fujifilm deal Reuters Staff 2 Min Read
(Reuters) - Xerox Corp ( XRX.N ) has appointed John Visentin as chief executive officer and set July 31 for its annual shareholders meeting, the U.S. photocopier maker The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko/File Photo
Visentin was also elected vice chairman of the board with Keith Cozza elected as chairman, Xerox said in a statement.
Visentin replaces CEO Jeff Jacobson, the main architect of a proposed $6.1 billion deal with Fujifilm Holdings Corp ( 4901.T ) which was scrapped this week in a settlement with activist investors Carl Icahn and Darwin Deason that handed control of the U.S. company to new management.
Five other directors would step down as well under the settlement.
In January, Xerox and Fujifilm had agreed to the complex deal to merge Xerox into their Asia joint venture Fuji Xerox and give Fujifilm control.
Icahn and Deason, who own a combined 15 percent of Xerox, had launched a proxy fight arguing that the deal undervalued the U.S. company.
Visentin, who had also been under consideration by the old board to replace Jacobson as recently as last year, had been hired by Icahn to assist in his campaign against Xerox. Reporting by Kanishka Singh in Bengaluru; Editing by Richard Chang | ashraq/financial-news-articles | https://uk.reuters.com/article/us-xerox-ceo-visentin/xerox-names-john-visentin-as-new-ceo-idUKKCN1IH38J |
150 COMMENTS The Uber Technologies Inc. self-driving car involved in a fatal accident in Arizona this spring determined the need to apply emergency braking a little more than a second before impact but wasn’t set up to automatically do so, U.S. safety investigators said Thursday.
The National Transportation Safety Board released its preliminary report on the March 18 incident in Tempe, Ariz., near Phoenix. The crash marked the first pedestrian death involving a self-driving car and ignited a broader discussion about whether the driverless technology that auto and tech companies are racing to develop is ready for the real world.
More Coverage Read the Report from the National Transportation Safety Board Uber Shuts Down Arizona Self-Driving Vehicle Operations Operator of Self-Driving Car in Fatal Uber Crash Had Criminal Record Uber Crash Highlights Growing Safety Concern: Pedestrians Driverless-Vehicle Accident Complicates Push to Ease Rules The NTSB, which has no regulatory authority but has influence over transportation safety, said its report doesn’t determine the likely cause and that its probe continues.
Uber was testing a fleet of Volvo Cars sport-utility vehicles that come equipped with automatic emergency braking and other safety features.The vehicles, however, are modified by the ride-hailing company, which equips them with cameras, sensors and onboard computers. An operator rides in each vehicle, prepared to take the wheel to ensure safety as needed.
The NTSB said the Uber vehicle’s sensors detected the pedestrian walking across the road with a bicycle six seconds before impact. At first, the self-driving system’s software classified the pedestrian as an unknown object, then as a vehicle and finally as a bicycle with varying expectations of where the bike was headed.
The NTSB said the vehicle was traveling at 43 miles an hour before impact. At that speed, six seconds is enough time for a vehicle to stop, said Todd Humphreys, an associate professor who specializes in robotic perception at the University of Texas at Austin. He said stopping time in those conditions could have occurred within less than three seconds.
It was 1.3 seconds before impact that the system decided emergency braking was needed, the NTSB said. According to Uber, the NTSB said, Volvo’s built-in automatic braking system had been disabled during testing to “reduce the potential for erratic vehicle behavior.”
“The vehicle operator is relied on to intervene and take action,” the report said. “The system isn’t designed to alert the operator.”
Uber’s decision to deactivate the vehicle’s automatic-braking system and leave it in the hands of the safety operator, who in turn wasn’t given an alert, were mistakes, Mr. Humphreys said.
“This was an absolutely inexcusable design decision,” he said in an email. “Over those critical 1.3 seconds, the car could have slowed down from 43 to 24 mph before the collision.” That would have given the pedestrian a better chance of surviving the collision, he said
A video released around the time of the crash showed the safety operator glancing down toward the center console of the vehicle several times before impact. In an interview with NTSB investigators, the operator said she had been monitoring the self-driving system interface.
Related Video As part of its investigation, the Tempe, Ariz., police department released this video showing the moment before a self-driving Uber operating in autonomous mode struck a pedestrian on March 18. Warning: Graphic content. PHOTO: CHRIS CARLSON/ASSOCIATED PRESS In addition to being responsible for intervening in the driving of the vehicle, the safety operator is also monitoring diagnostic messages that appear on a digital screen in the center console and tagging events for further review, the NTSB said.
Many autonomous vehicle developers begin with two safety operators and move to one as their systems become more advanced. Uber moved from two to one after more than a year of planning and continues to use two in some scenarios, the company said.
“We decided to make this transition because after testing, we felt we could accomplish the task of the second person—annotating each intervention with information about what was happening around the car—by looking at our logs after the vehicle had returned to base, rather than in real time,” the company said.
Mr. Humphreys said the operator shouldn’t be expected to interact with the screen if it means not looking at the road. “A second Uber employee should have been in the car to interact with the system interface,” he said
The pedestrian was dressed in dark clothing and was walking a bicycle across the road, not at a crosswalk, according to the report. NTSB also said the pedestrian tested positive for methamphetamine and marijuana.
Volvo, in statement, said it was helping with the investigation, noting its driver-assistance system was disengaged.
An Uber spokeswoman Thursday said the company has worked with the NTSB and started its own review, bringing on former NTSB head Christopher Hart to advise on its safety culture. She said the company in the coming weeks will detail changes it plans to make.
On Wednesday, Uber said it was closing down its self-driving vehicle program in Arizona, two months after the state barred it from road-testing self-driving technology.
Write to Tim Higgins at [email protected] and Austen Hufford at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/uber-self-driving-car-that-struck-killed-pedestrian-wasnt-set-to-stop-in-an-emergency-1527170145 |
Malaysia's Mahathir says he was behind Najib's travel ban 7:46pm IST - 01:45
Malaysia's new prime minister, Mahathir Mohamad, said on Saturday it was he who stopped his predecessor Najib Razak from leaving the country amid reports that the government was reopening investigations into a multi-billion-dollar graft scandal at a state fund he founded. Lucy Fielder reports. ▲ Hide Transcript ▶ View Transcript
Malaysia's new prime minister, Mahathir Mohamad, said on Saturday it was he who stopped his predecessor Najib Razak from leaving the country amid reports that the government was reopening investigations into a multi-billion-dollar graft scandal at a state fund he founded. Lucy Fielder reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KVU4ot | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/12/malaysias-mahathir-says-he-was-behind-na?videoId=426241177 |
Prince Harry arrives for his big day 6:58am EDT - 00:45
Prince Harry and his best man and brother Prince William arrive at St George's chapel in Windsor Castle. Rough cut (no reporter narration).
Prince Harry and his best man and brother Prince William arrive at St George's chapel in Windsor Castle. Rough cut (no reporter narration). //reut.rs/2KDTISe | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/prince-harry-arrives-for-his-big-day?videoId=428390535 |
May 12, 2018 / 10:36 PM / Updated 17 hours ago Walker's single lifts Yankees past A's in 11th Reuters Staff 3 Min Read
Neil Walker hit a single with two outs in the bottom of the 11th inning, lifting the New York Yankees to a 7-6 victory over on Saturday afternoon. May 12, 2018; Bronx, NY, USA; New York Yankees first baseman Neil Walker (14) hits an rbi single during the eleventh inning of the game against at Yankee Stadium. Mandatory Credit: Gregory J. Fisher-USA TODAY Sports
With runners on first and second, Walker won it when he blooped a first-pitch fastball from Chris Hatcher (3-1) into center field. After Gary Sanchez scored the winning run, Walker was mobbed by his teammates at first base and the celebration continued into right field.
Walker’s hit occurred after A.J. Cole (1-0) fanned four in two scoreless innings after starting his outing with two walks.
It also occurred after left fielder Brett Gardner and catcher Sanchez teamed up to complete an inning-ending double play in the ninth.
With one out and the bases loaded, pinch hitter Jonathan Lucroy lifted a fly ball to medium-range left field. Gardner made the throw in one motion and Sanchez swung his glove on the back of Matt Olson. May 12, 2018; Bronx, NY, USA; Oakland Athletics second baseman Jed Lowrie (8) attempts to complete a double play with New York Yankees right fielder Aaron Judge (99) during the sixth inning of the game at Yankee Stadium. Mandatory Credit: Gregory J. Fisher-USA TODAY Sports
Initially, Olson was called safe, but after the Yankees challenged, the call was overturned.
Chapman’s and Cole’s escape acts capped a stellar showing for Yankee relievers. After Domingo German allowed six runs and six hits in five innings, five relievers combined to blank Oakland.
Before the Yankees won for the 18th win 21 games, Sanchez and Hicks hit solo homers off Andrew Triggs in the second inning and Judge hit a two-run drive in the sixth off Triggs. Walker and Miguel Andujar hit RBI singles to help the Yankees tie the game. Slideshow (2 Images)
Khris Davis hit a three-run homer and Mark Canha added a two-run single during a five-run fourth for Oakland. Oakland also scored on a sacrifice fly by Jed Lowrie.
Triggs allowed six runs and six hits in 4 1/3 innings after matching career highs with seven innings and nine strikeouts Sunday against the Baltimore Orioles.
The Yankees struck first and took a 2-0 lead in a span of four pitches with one out in the second.
Sanchez made it 1-0 by lifting a fastball off the facing of the second deck in left field for his 10th homer. Hicks then homered over the right-center field fence on a 2-0 fastball.
It was the first time the Yankees hit back-to-back homers this season.
Oakland put together a five-run fourth on a three-run blast by Davis on German’s 1-1 changeup that bounced into the left-field stands. With runners at second and third, Canha made it 5-2 with a single to up the middle.
After Lowrie’s sacrifice fly made it 6-2, Judge hit a 2-0 curveball into the left-field seats with nobody out in the fifth. After knocking out Triggs, the Yankees tied the game on Walker’s single off Daniel Coulombe and Andujar’s base hit off Ryan Dull. | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-oak-nyy/walkers-single-lifts-yankees-past-as-in-11th-idUSKCN1ID0WE |
CAMARILLO, Calif.--(BUSINESS WIRE)-- Salem Media Group (NASDAQ: SALM) announced today that Carolyn Cassidy has been appointed to the role of General Manager for the Columbus, Ohio market. Cassidy previously held the General Manager’s position at Salem’s Denver radio stations. After her time at Salem, she worked with Wilks Broadcasting in Denver eventually becoming General Manager for Wilks in Columbus.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180503006293/en/
Carolyn Cassidy (Photo: Business Wire)
Allen Power, Senior VP, said, "Carolyn is a veteran broadcast leader experienced in Salem’s formats and in the Columbus market specifically. This gives her a unique perspective as she embarks on leading our stations to greater growth and continued impact.”
Follow us on Twitter @SalemMediaGrp .
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.
The company is the largest commercial U.S. radio broadcasting company providing Christian and conservative programming. Salem owns and/or operates 119 radio stations, with 73 stations in the top 25 media markets. Salem Radio Network (“SRN”) is a full-service national radio network, with nationally syndicated programs comprising Christian teaching and talk, conservative talk, news, and music. SRN is home to many industry-leading hosts including: Hugh Hewitt, Mike Gallagher, Dennis Prager, Michael Medved, Larry Elder, Joe Walsh and Eric Metaxas.
Salem’s digital media is a leading source of Christian and conservative themed news, analysis, and commentary. Salem’s Christian sites include: BibleStudyTools.com , Crosswalk.com , GodVine.com , ibelieve.com , GodTube.com , OnePlace.com™, Christianity.com™, churchstaffing.com , and WorshipHouseMedia.com . Salem’s conservative sites include Townhall.com®, HotAir.com , Twitchy.com , RedState.com and BearingArms.com .
Salem’s Regnery Publishing unit, with a history dating back to 1948, is the nation’s leading independent publisher of conservative books. Having published many of the seminal works of the early conservative movement, Regnery today continues as a major publisher in the conservative space, with leading authors including: Ann Coulter, Newt Gingrich, David Limbaugh, Ed Klein, Mark Steyn and Dinesh D’Souza. Salem’s book publishing business also includes Salem Author Services, a self-publishing service for authors through Xulon Press™, Mill City Press and Bookprinting.com .
Salem's Eagle Financial Publications provides general market analysis and non-individualized investment strategies from financial commentators Mark Skousen, Bob Carlson, Jim Woods and Bryan Perry, as well as a stock screening website for dividend investors ( DividendInvestor.com ). The business unit's other investing websites include StockInvestor.com and RetirementWatch.com .
Eagle Wellness, through its website newportnaturalhealth.com , provides insightful health advice and is a trusted source of high quality nutritional supplements from leading health expert, Leigh Erin Connealy MD. Dr. Connealy is the medical director of one of the largest medical practices in the country where she practices integrative medicine.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006293/en/
Salem Media Group
Evan D. Masyr
Executive Vice President & Chief Financial Officer
(805) 384-4512
[email protected]
Source: Salem Media Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-salem-media-group-appoints-carolyn-cassidy-as-general-manager-in-columbus.html |
VERBATIM: Irish PM hails end of abortion ban 9:17pm BST - 01:10
Irish Prime Minister Leo Varadkar called the overwhelming vote to end an abortion ban 'a historic day for Ireland' and 'a great day of democracy.' ▲ Hide Transcript ▶ View Transcript
Irish Prime Minister Leo Varadkar called the overwhelming vote to end an abortion ban 'a historic day for Ireland' and 'a great day of democracy.' Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IQ6RLX | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/26/verbatim-irish-pm-hails-end-of-abortion?videoId=430621247 |
NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) -- Reis, Inc. (NASDAQ:REIS) (“Reis” or the “Company”), a leading provider of commercial real estate market information and analytical tools, announced today that on May 14, 2018, its Board of Directors declared a regular quarterly cash dividend of $0.19 per common share, to be paid on June 13, 2018 to shareholders of record as of the close of business on June 6, 2018.
It is the Company’s expectation that it will maintain a program of paying dividends on a quarterly basis; however, the declaration of dividends in the future is subject to the discretion of the Company’s Board of Directors, which will evaluate the Company’s dividend program from time to time in light of the Company’s financial condition, earnings, cash flows, growth prospects, tax situation, restrictions under the Company’s credit facility, applicable law and other factors that the Board of Directors deems relevant.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain certain “ ” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These may relate to Reis’s or management’s outlook or expectations for Reis’s business, operations or performance. Forward-looking statements reflect management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ from those in the . Please refer to Reis’s annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of various risks that could cause results to differ materially.
About Reis
Reis provides commercial real estate (“CRE”) market information and analytical tools to real estate professionals. Reis maintains a proprietary database of information on all commercial properties in metropolitan markets and neighborhoods throughout the U.S. This information is used by CRE investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.
Reis’s database and analytical tools has historically covered the nine key property types most important to real estate professionals focused on the U.S. CRE market (apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing, student housing and affordable housing), providing up to 38 years of trend analysis and market forecasts for up to 275 metropolitan markets and thousands of submarkets. With the completion of a multi-year initiative to expand upon this cornerstone asset, Reis now offers market information, transaction data and building insights for all commercial properties throughout the nation, regardless of location, size, or use type. The achievement of “Every Property, Everywhere” positions Reis to serve all CRE professionals and use-cases both within and beyond the Company’s traditional property types and coverage boundaries. In parallel with the development of “Every Property, Everywhere,” the Company has also built a new Application Programming Interface (“API”), a delivery system that embeds Reis’s data (legacy and newly launched) into any client’s and prospect’s internal system, regardless of platform.
The Company’s product portfolio features Reis SE , its flagship delivery platform aimed at larger and mid-sized enterprises. Other products include: Reis Portfolio CRE and other portfolio support products and services, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions; and ReisReports , aimed at prosumers and smaller enterprises. It is through these products that Reis provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations.
Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings, property valuation estimates and property level tax information. Reis’s products are designed to meet the demand for timely and accurate information to support the decision making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.
For more information regarding Reis’s products and services, visit www.reis.com and www.reisreports.com .
Press Contact: Mark P. Cantaluppi Vice President, Chief Financial Officer Reis, Inc. (212) 921-1122 Ian Corydon Hayden IR [email protected] (310) 571-9988
Source:Reis, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-reis-inc-declares-quarterly-cash-dividend-of-0-point-19-per-share.html |
Company Announcement
DARZALEX (daratumumab) approved by U.S. FDA in combination with bortezomib, melphalan and prednisone for the treatment of patients with newly diagnosed multiple myeloma who are ineligible for autologous stem cell transplant First approval for DARZALEX in a frontline indication
Copenhagen, Denmark; May 8, 2018 – Genmab A/S (Nasdaq Copenhagen: GEN) announced today that the U.S. Food and Drug Administration (U.S. FDA) has approved the use of DARZALEX ® (daratumumab) in combination with bortezomib, melphalan and prednisone (VMP) for the treatment of patients with newly diagnosed multiple myeloma who are ineligible for autologous stem cell transplant (ASCT). The supplemental Biologics License Application (sBLA) for this indication was submitted by Genmab’s licensing partner, Janssen Biotech, Inc., in November 2017. The U.S. FDA subsequently granted priority review to the sBLA, with a Prescription Drug User Fee Act (PDUFA) target date of May 21, 2018. In August 2012, Genmab granted Janssen Biotech, Inc. an exclusive worldwide license to develop, manufacture and commercialize daratumumab.
“With this label expansion, DARZALEX becomes the first antibody therapeutic to be approved for patients with newly diagnosed multiple myeloma,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab. “This is an important step forward as it provides an additional treatment option to patients who are newly diagnosed with multiple myeloma.”
The approval was based on data from the Phase III ALCYONE study that showed a reduction of the risk of disease progression or death by 50 percent (Hazard Ratio [HR] = 0.50; 95 percent CI [0.38-0.65], p<0.0001) in patients with newly diagnosed multiple myeloma ineligible for ASCT when daratumumab is combined with VMP. The safety of DARZALEX combination therapy was consistent with the known safety profiles of DARZALEX monotherapy and of therapy with bortezomib, melphalan and prednisone, respectively. This data was presented as a Late-Breaking Abstract at the 2017 American Society of Hematology (ASH) Annual Meeting and simultaneously published in The New England Journal of Medicine in December, 2017.
About the ALCYONE study
This Phase III study (NCT02195479) is a randomized, open-label, multicenter study that included 706 newly diagnosed patients with multiple myeloma who are ineligible for ASCT. Patients were randomized to receive 9 cycles of either VMP [bortezomib (a proteasome inhibitor), melphalan (an alkylating chemotherapeutic agent) and prednisone (a corticosteroid)] combined with daratumumab, or VMP alone. In the daratumumab treatment arm, patients received 16 mg/kg of daratumumab once weekly for six weeks (cycle 1; 1 cycle = 42 days), once every three weeks from cycles 2 to 9, and once every 4 weeks from cycle 9 until disease progression. The primary endpoint of the study is progression free survival (PFS).
About multiple myeloma
Multiple myeloma is an incurable blood cancer that starts in the bone marrow and is characterized by an excess proliferation of plasma cells. 1 Multiple myeloma is the third most common blood cancer in the U.S., after leukemia and lymphoma. 2 Approximately 30,770 new patients are expected to be diagnosed with multiple myeloma and approximately 12,770 people are expected to die from the disease in the U.S. in 2018. 3 Globally, it was estimated that 124,225 people would be diagnosed and 87,084 would die from the disease in 2015. 4 While some patients with multiple myeloma have no symptoms at all, most patients are diagnosed due to symptoms which can include bone problems, low blood counts, calcium elevation, kidney problems or infections. 5
About DARZALEX ® (daratumumab)
DARZALEX ® (daratumumab) injection for intravenous infusion is indicated in the United States in combination with bortezomib, melphalan and prednisone for the treatment of patients with newly diagnosed multiple myeloma ineligible for autologous stem cell transplant; in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for the treatment of patients with multiple myeloma who have received at least one prior therapy; in combination with pomalidomide and dexamethasone for the treatment of patients with multiple myeloma who have received at least two prior therapies, including lenalidomide and a proteasome inhibitor (PI); and as a monotherapy for the treatment of patients with multiple myeloma who have received at least three prior lines of therapy, including a PI and an immunomodulatory agent, or who are double-refractory to a PI and an immunomodulatory agent. 6 DARZALEX is the first monoclonal antibody (mAb) to receive U.S. Food and Drug Administration (U.S. FDA) approval to treat multiple myeloma. DARZALEX is indicated in Europe for use in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for the treatment of adult patients with multiple myeloma who have received at least one prior therapy and as monotherapy for the treatment of adult patients with relapsed and refractory multiple myeloma, whose prior therapy included a PI and an immunomodulatory agent and who have demonstrated disease progression on the last therapy. In Japan, DARZALEX is approved in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for treatment of adults with relapsed or refractory multiple myeloma. DARZALEX is the first human CD38 monoclonal antibody to reach the market. For more information, visit www.DARZALEX.com .
Daratumumab is a human IgG1k monoclonal antibody (mAb) that binds with high affinity to the CD38 molecule, which is highly expressed on the surface of multiple myeloma cells. Daratumumab triggers a person’s own immune system to attack the cancer cells, resulting in rapid tumor cell death through multiple immune-mediated mechanisms of action and through immunomodulatory effects, in addition to direct tumor cell death, via apoptosis (programmed cell death). 6,7,8,9,10
Daratumumab is being developed by Janssen Biotech, Inc. under an exclusive worldwide license to develop, manufacture and commercialize daratumumab from Genmab. A comprehensive clinical development program for daratumumab is ongoing, including multiple Phase III studies in smoldering, relapsed and frontline multiple myeloma settings and in amyloidosis. Additional studies are ongoing or planned to assess the potential of daratumumab in other malignant and pre-malignant diseases, such as NKT-cell lymphoma, myelodysplastic syndromes, B and T-ALL and selected solid tumors. Daratumumab has received two Breakthrough Therapy Designations from the U.S. FDA, for multiple myeloma, as both a monotherapy and in combination with other therapies.
About Genmab
Genmab is a publicly traded, international biotechnology company specializing in the creation and development of differentiated antibody therapeutics for the treatment of cancer. Founded in 1999, the company has two approved antibodies, DARZALEX ® (daratumumab) for the treatment of certain multiple myeloma indications, and Arzerra ® (ofatumumab) for the treatment of certain chronic lymphocytic leukemia indications. Daratumumab is in clinical development for additional multiple myeloma indications, other blood cancers, and solid tumors. A subcutaneous formulation of ofatumumab is in development for relapsing multiple sclerosis. Genmab also has a broad clinical and pre-clinical product pipeline. Genmab's technology base consists of validated and proprietary next generation antibody technologies - the DuoBody ® platform for generation of bispecific antibodies, and the HexaBody ® platform which creates effector function enhanced antibodies. The company intends to leverage these technologies to create opportunities for full or co-ownership of future products. Genmab has alliances with top tier pharmaceutical and biotechnology companies. For more information visit www.genmab.com .
Contact:
Rachel Curtis Gravesen, Senior Vice President, Investor Relations & Communications
T: +45 33 44 77 20; M: +45 25 12 62 60; E: [email protected]
This Company Announcement contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with pre-clinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.com . Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.
Genmab A/S and/or its subsidiaries own the following trademarks: Genmab ® ; the Y-shaped Genmab logo ® ; Genmab in combination with the Y-shaped Genmab logo ® ; HuMax ® ; DuoBody ® ; DuoBody in combination with the DuoBody logo ® ; HexaBody ® ; HexaBody in combination with the HexaBody logo ® ; and UniBody ® . Arzerra ® is a trademark of Novartis AG or its affiliates. DARZALEX ® is a trademark of Janssen Pharmaceutica NV.
1 American Cancer Society. "Multiple Myeloma Overview." Available at http://www.cancer.org/cancer/multiplemyeloma/detailedguide/multiple-myeloma-what-is-multiple-myeloma .Accessed June 2016.
2 National Cancer Institute. "A Snapshot of Myeloma." Available at www.cancer.gov/research/progress/snapshots/myeloma . Accessed June 2016.
3 American Cancer Society. "What are the key statistics about multiple myeloma?" http://www.cancer.org/cancer/multiplemyeloma/detailedguide/multiple-myeloma-key-statistics . Accessed March 2018
4 GLOBOCAN 2012: Estimated Cancer Incidence, Mortality and Prevalence Worldwide: Number of New Cancers in 2015. Available at: http://globocan.iarc.fr/old/burden.asp?selection_pop=224900&Text-p=World&selection_cancer=17270&Text-c=Multiple+myeloma&pYear=3&type=0&window=1&submit=%C2%A0Execute . Accessed June 2016.
5 American Cancer Society. "How is Multiple Myeloma Diagnosed?" http://www.cancer.org/cancer/multiplemyeloma/detailedguide/multiple-myeloma-diagnosis . Accessed June 2016.
6 DARZALEX Prescribing information, June 2017. Available at: https://www.accessdata.fda.gov/drugsatfda_docs/label/2017/761036s005lbl.pdf Last accessed June 2017
7 De Weers, M et al. Daratumumab, a Novel Therapeutic Human CD38 Monoclonal Antibody, Induces Killing of Multiple Myeloma and Other Hematological Tumors. The Journal of Immunology. 2011; 186: 1840-1848.
8 Overdijk, MB, et al. Antibody-mediated phagocytosis contributes to the anti-tumor activity of the therapeutic antibody daratumumab in lymphoma and multiple myeloma. MAbs. 2015; 7: 311-21.
9 Krejcik, MD et al. Daratumumab Depletes CD38+ Immune-regulatory Cells, Promotes T-cell Expansion, and Skews T-cell Repertoire in Multiple Myeloma. Blood. 2016; 128: 384-94.
10 Jansen, JH et al. Daratumumab, a human CD38 antibody induces apoptosis of myeloma tumor cells via Fc receptor-mediated crosslinking. Blood. 2012; 120(21): abstract 2974.
Company Announcement no. 12
CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122
Genmab A/S
Kalvebod Brygge 43
1560 Copenhagen V
Denmark
Attachment
12_dara frontline approval_080518
Source: Genmab A/S | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-genmab-announces-u-s-fda-approval-of-darzalexa-daratumumab-in-newly-diagnosed-multiple-myeloma.html |
PARIS (Reuters) - A senior counsel of France’s highest administrative court, the Council of State, has recommended that France end regulated electricity prices, state-controlled utility EDF said in a statement on Friday.
The utility said it had noted the recommendation, which argued the regulated tariffs, which some 30 million clients are still subscribed to, did not comply with European competition regulations.
EDF said it would make no further comment. The court’s final decision is expected by the end of May.
An end to regulated prices could intensify competition in France’s retail electricity market, where EDF faces growing competition from alternative suppliers.
French oil and gas major Total in April said it would buy a majority stake in electricity retailer Direct Energie in a 1.4 billion-euro ($1.67 billion) deal.
Italy’s energy group Eni and French consumer retailer Casino have also entered the power market.
Last year, the court repealed a similar law on regulated gas prices after a lobby group of alternative retail energy suppliers took the issue to the court, arguing the regulated gas scheme gave former monopoly Engie an unfair advantage.
The ANODE lobby group, and Engie, had filed a complaint over regulated power prices with the court.
A decade after France liberalized it energy sector, former monopoly EDF still holds around an 85 percent share of the retail power market, with most of its customers on regulated tariffs.
Reporting by Bate Felix; editing by Richard Lough, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-electricity-court/court-adviser-says-france-should-end-regulated-power-tariffs-idUSKBN1I52CP |
May 25, 2018 / 3:14 PM / Updated 35 minutes ago Putin says efforts to set up summit with Trump beset by problems Reuters Staff 2 Min Read
ST PETERSBURG, Russia (Reuters) - President Vladimir Putin said on Friday that Russia was ready for dialogue with the United States, but that a proposed summit between him and U.S. President Donald Trump was not working out for now and was beset by problems. 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
Trump said in March that the two leaders would meet soon, but since then already poor ties between Washington and Moscow have deteriorated further over the conflict in Syria and the poisoning of a former Russian spy in Britain.
Speaking alongside French President Emmanuel Macron at an economic forum in St Petersburg, Putin said issues surrounding Iran, North Korea and fears of an arms race made it all the more important to hold a U.S.-Russia summit.
“We are ready for dialogue with Trump,” Putin told the forum. “(But) for now it’s not working out. Many problems are arising.”
Putin praised Trump for fulfilling his pre-election promises in the United States, but made it clear he did not agree with his decision to pull Washington out of the Iran nuclear deal.
However, Putin said Trump had not closed the door to talks on the issue or a new agreement with Iran, and said it was important for everyone concerned to keep talking.
“All is not yet lost,” said Putin. Reporting by Denis Pinchuk; Writing by Tom Balmforth/Andrew Osborn; Editing by Andrew Osborn | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-russia-economy-forum-putin-trump/putin-says-efforts-to-set-up-summit-with-trump-beset-by-problems-idUKKCN1IQ26X |
The technology allows bitcoin users to send funds across borders quickly at a low cost. However, bitcoin has run into challenges such as handling high transaction volume.
Cohn expects the digital coin of the future will be simpler than bitcoin.
"It will be a more easily understood cryptocurrency," he said. "It will probably have some blockchain technology behind it, but it will be much more easily understood how it's created, how it moves and how people can use it."
A surge of interest in bitcoin, and expectations for large-scale institutional investment, helped drive prices up more than 13 times last year. Bitcoin traded near $9,100 Tuesday morning.
Cohn's former employer, Goldman Sachs, is one of a few Wall Street firms making a deliberate foray into cryptocurrencies. Last month, the investment bank hired former trader Justin Schmidt to be the first head of digital asset markets in Goldman's securities division.
"They should do what they think's in the best interests of their shareholders," Cohn said of Goldman. He said he no longer owns any shares of the company. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/we-will-have-a-global-cryptocurrency-but-not-bitcoin-says-gary-cohn.html |
May 23, 2018 / 10:15 AM / Updated 7 hours ago India proposes higher compensation for flight delays in efficiency push Aditi Shah 3 Min Read
NEW DELHI (Reuters) - Airlines in India may need to pay passengers higher compensation when flights are delayed or cancelled, according to rule changes proposed by the Civil Aviation Ministry aimed at raising efficiency in the world’s fastest-growing aviation market. FILE PHOTO: A passenger walks to his gate to board a plane at an airport in Madurai, India, February 7, 2017. REUTERS/Danish Siddiqui/File Photo
The proposals, made public late on Tuesday, also cap cancellation charges airlines can levy, and let passengers cancel or amend tickets without charge for up to 24 hours after booking. The ministry also proposed airlines should compensate passengers for any bodily injury sustained on board aircraft.
The proposals come after the government announced plans to invest millions of dollars to upgrade and build airports in a country where passenger traffic is rising 20 percent annually.
“Given this rapid growth, it is necessary to dramatically improve the efficiency and convenience of our aviation system to enhance the passenger air travel experience,” the Civil Aviation Ministry said in a statement accompanying the proposals.
The government of Prime Minister Narendra Modi last year launched a scheme to get millions of Indians to fly by improving air connectivity in small towns and lowering fares, giving rise to start-up airlines and boosting growth prospects for existing carriers such as InterGlobe Aviation Ltd’s IndiGo Airlines, SpiceJet Ltd and Jet Airways Ltd.
The government expects air passenger numbers to reach about 1 billion over the next 15 to 20 years from 117 million in 2017.
The ministry also proposed that, if airlines are at fault for delays or cancellations, they need to compensate passengers up to 20,000 rupees ($293) or offer a full refund or provide free hotel accommodation, depending the nature of the issue.
At present, airlines mainly have to provide only refreshments when delays are under 24 hours.
Airport operators should also provide medical facilities, free wi-fi for 30 minutes and affordable food outlets at all airports, the ministry proposed.
The ministry said it will seek comments on the proposals from stakeholders including airlines and airports over the next 30 days, and that it expects to finalise rules in two months.
($1 = 68.2300 Indian rupees) | ashraq/financial-news-articles | https://in.reuters.com/article/india-airlines/india-proposes-higher-compensation-for-flight-delays-in-efficiency-push-idINKCN1IO1B5 |
* Ricciardo’s Monaco success raises his stock
* Australian is out of contract at end of year
* Red Bull want him to stay
* Hamilton reckons staying put is best option (Recasts with Hamilton comments)
By Alan Baldwin
MONACO, May 28 (Reuters) - Daniel Ricciardo’s stock has never been higher but Formula One world champion Lewis Hamilton reckons the Monaco Grand Prix-winning Australian is unlikely to be anywhere other than Red Bull next season.
That said, the Briton, who is currently engaged in his own contract negotiations with Mercedes, expects him to earn much more in future.
The Australian is out of contract with Red Bull at the end of the year and champions Mercedes or Ferrari are possible alternatives with Finns Valtteri Bottas and Kimi Raikkonen yet to be confirmed.
“I would imagine his future is there (Red Bull),” said Hamilton after Sunday’s race.
“He is one of the top drivers so I am sure there will be options for him. There’s only Ferrari and Mercedes that he could ever consider, but currently here (Mercedes) that’s unlikely. I don’t think that’s going to happen.
“I imagine Kimi’s going to want to continue (at Ferrari). Why not? He’s driving really well this year and he doesn’t seem to be ageing so I’m sure he’ll go for a little bit longer.”
Ricciardo won from pole on Sunday with Ferrari’s Sebastian Vettel second and championship leader Hamilton third.
Red Bull, who have Dutch 20-year-old Max Verstapppen on a long-term deal, also want the 28-year-old to stay.
“You could say the day’s maybe made Daniel more expensive, it’s put his value up,” Red Bull principal Christian Horner told reporters.
“Or you could say it’s put the team in a stronger position in terms of its value and potential to him.”
Horner hoped Ricciardo, who has now won two races this year and is third in the overall standings, could be signed up “in the next couple of months” but recognised much would depend on what engine Red Bull had.
The former champions use Renault units but have been linked to Honda, now with Red Bull-owned Toro Rosso, for 2019.
While Ricciardo would be popular among Ferrari fans, as a driver of Italian extraction with a reputation for thrilling overtakes, the Italian team have Sauber’s 20-year-old Charles Leclerc as a future prospect.
Hamilton said Red Bull looked the best bet for Ricciardo but “it’s important in a team that you are valued at what you are worth”.
“At the moment, he (Ricciardo) is pretty much the lead driver in that team, so it’s not a bad place to be,” he added.
“But he should definitely have a contract on his table and his options ready.” (Reporting by Alan Baldwin, Editing by Alison Williams and Ed Osmond)
| ashraq/financial-news-articles | https://www.reuters.com/article/motor-f1-monaco-ricciardo/update-1-motor-racing-hamilton-sees-ricciardo-staying-at-red-bull-idUSL5N1SZ4C5 |
BRAINTREE, Mass., May 8, 2018 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) today appointed Said Bolorforosh, Ph.D., Executive Vice President and Chief Technology Officer, effective May 21, 2018. He will report to Chris Simon, Haemonetics' Chief Executive Officer.
In this newly-created role, Bolorforosh will lead the company's innovation agenda and oversee research, development and medical and clinical affairs. He will also be responsible for developing technical capabilities and optimizing product and technology investments to drive accelerated growth.
"We are committed to invigorating our product portfolio by advancing technologies that will improve donor and patient care as we pivot to the accelerated growth phase of our turnaround," said Simon. "Said has diverse hands-on experiences translating customer needs to platform-based solutions as both a P&L leader and a head of technology. We are pleased to welcome him to Haemonetics as we continue to drive our value creation strategies."
Prior to joining Haemonetics, Bolorforosh was President, Ultrasound, at Siemens Healthcare, where he delivered positive growth and market share gains by rebuilding the product portfolio, improving sales and distribution capabilities and optimizing go-to-market strategies globally. He previously served as Vice President and General Manager of Intensive Insulin Delivery, Vice President of R&D and Chief Technology Officer for Medtronic's Diabetes division, leading P&L as well as technology and product development. From 2004 to 2014, Bolorforosh held positions of increasing responsibility at General Electric's Ultrasound division, including Global General Manager, Growth and Strategy; Global General Manager, Point of Care; and Chief Technology Officer.
"I am excited to join Haemonetics and support the Company's growth plans by driving innovation and leveraging new technologies in critical areas of health care," said Bolorforosh.
Bolorforosh received a Bachelor of Science in Electronic and Electrical Engineering from Cardiff University, University of Wales, and a doctorate in Electronic Engineering from University of London, King's College London. He holds numerous patents and publications.
About Haemonetics
Haemonetics (NYSE: HAE) is a global healthcare company dedicated to providing a suite of innovative hematology products and solutions for customers, to help them improve patient care and reduce the cost of healthcare. Our technology addresses important medical markets: blood and plasma component collection, the surgical suite, and hospital transfusion services. To learn more about Haemonetics, visit www.haemonetics.com .
Investor Contact:
Media Contact:
Gerry Gould, VP-Investor Relations
Carla Burigatto, VP-Communications
(781) 356-9402
(781) 348-7263
[email protected]
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/haemonetics-appoints-said-bolorforosh-executive-vice-president-chief-technology-officer-300644322.html
SOURCE Haemonetics Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-haemonetics-appoints-said-bolorforosh-executive-vice-president-chief-technology-officer.html |
Billionaire investor Warren Buffett sees the value of Apple differently than most Wall Street analysts, CNBC's Jim Cramer said Friday.
"Analysts after analysts said if you look at the mosaic of [iPhone] orders, it's got to be a bad quarter," said Cramer, whose charitable trust owns shares of Apple. "[Buffett] obviously does not think about the quarter. He thinks of this as a consumer products company with 99 percent satisfaction."
"[Buffett] thinks very young," Cramer said on " Squawk on the Street ." He often talks about "how every kid he knows has one and they would never use anything else. That's good enough for him."
Apple stock rose more than 3 percent Friday to an all-time high midmorning Friday after Buffett revealed that Berkshire Hathaway bought 75 million shares of the tech giant during the first quarter. That adds to the 165.3 million shares Berkshire already owned at the end of 2017.
Wall Street analysts had been worried about a potential slowdown in iPhone sales and speculation that Apple might be looking to wind down the iPhone X prior to the company's quarterly earnings report Tuesday. The company beat earnings expectations but sold fewer iPhones than expected.
But in a " Squawk Box " interview that aired Friday, Buffett told CNBC that long-term investors in Apple's stock shouldn't obsess over near-term iPhone sales.
"The idea that you're going to spend loads of time trying to guess how many iPhone X ... are going to be sold in a three-month period totally misses the point," the Oracle of Omaha told CNBC's Becky Quick .
Berkshire first made an investment in Apple in 2016 after a person at the company bought about 10 million shares. Buffett then looked at the stock and purchased considerably more, the billionaire recalled in August to CNBC.
Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/cramer-buffett-sees-apple-differently-than-most-wall-street-analysts.html |
Positive Phase 2a Proof-of-Concept Data Reported from ANB020 Trials in Atopic Dermatitis
and Peanut Allergy
Top-Line Phase 2a Data from ANB020 in Eosinophilic Asthma Expected in the Third Quarter of 2018
SAN DIEGO, May 08, 2018 (GLOBE NEWSWIRE) -- AnaptysBio, Inc. (Nasdaq:ANAB), a clinical-stage biotechnology company developing first-in-class antibody product candidates focused on unmet medical needs in inflammation, today reported operating results for the first quarter ended March 31, 2018 and provided pipeline updates.
“During the first quarter of 2018, we made significant progress in clinical development of our first-in-class antibody therapeutics for patients with severe inflammatory conditions,” said Hamza Suria, president and chief executive officer of AnaptysBio. “We demonstrated proof-of-concept for ANB020 in Phase 2a trials in atopic dermatitis and peanut allergy, and we look forward to further evaluating the efficacy and safety of ANB020 in Phase 2b studies for these indications. We have a number of additional clinical milestones approaching, including top-line Phase 2a data from our ANB020 eosinophilic asthma trial and advancement of our ANB019 Phase 2 trials in patients with generalized pustular psoriasis and palmoplantar pustulosis, which are all important steps toward bringing our novel treatments to patients with severe inflammatory diseases.”
ANB020 (Anti-IL-33 Program)
• In February, updated data from the company’s Phase 2a trial of ANB020, AnaptysBio’s wholly-owned anti-IL-33 antibody program, in adult patients with moderate-to-severe atopic dermatitis were presented at the American Academy of Dermatology (AAD) Annual Meeting in San Diego by the principal investigator of the ANB020 Phase 2a clinical trial, Dr. Graham Ogg, professor of dermatology at Oxford University in Oxford, England. Key observations presented by Dr. Ogg during the aforementioned presentation included that ANB020 was efficacious in all 12 patients enrolled in the trial, day 29 results exceeded the primary efficacy objective of the trial with 83 percent of patients achieving EASI-50, efficacy was sustained in 42 percent of patients through day 140 following a single dose of ANB020 and no safety signals were observed during the trial. These data will also be presented during an oral presentation on Tuesday, May 29, 2018 at the European Academy of Allergy and Clinical Immunology (EAACI) Congress 2018 in Munich.
• The Company has initiated a Phase 2b randomized, double-blinded, placebo-controlled study of ANB020 in 300 adult patients with moderate-to-severe atopic dermatitis to evaluate different subcutaneously administered dose levels and dosing frequencies of ANB020 with data expected in 2019.
• In March, AnaptysBio reported top-line proof-of-concept data from an interim analysis of an ongoing Phase 2a trial in adult patients with moderate-to-severe baseline peanut allergy. After a single dose of ANB020, six of 13 (46%) patients exhibiting moderate-to-severe symptoms, as assessed by a blinded adjudicator using PRACTALL guidelines, during a baseline oral food challenge at enrollment, improved peanut tolerance to the maximum tested cumulative 500mg at day 14 compared to zero of three (0%) dosed with placebo. Allergic symptoms that typically overlap with peanut allergy were observed in four of five (80%) patients dosed with placebo but only one of 15 (7%) ANB020-dosed patients. ANB020 was generally well-tolerated and no serious adverse events have been reported. AnaptysBio plans to report detailed data from this trial at a future medical conference and plans to continue development of ANB020 in a randomized, double-blinded, placebo-controlled subcutaneously-administered multi-dose Phase 2b trial in moderate-to-severe baseline adult peanut allergy patients. The Company anticipates that severity symptoms of all patients in the Phase 2b trial will be adjudicated during baseline and post-treatment oral food challenges by an independent, blinded assessor in accordance with PRACTALL guidelines, and any patients that demonstrate mild severity of symptoms at baseline will be excluded from enrollment in the trial. In addition, AnaptysBio anticipates that this Phase 2b trial will assess peanut tolerance to a higher cumulative limit than 500mg following multi-dose ANB020 treatment.
• AnaptysBio expects to report top-line data from its ongoing double-blinded, placebo-controlled Phase 2a trial of ANB020 in 24 adult patients with severe eosinophilic asthma in the third quarter of 2018.
ANB019 (Anti-IL-36 Receptor Program)
• Data from the company’s Phase 1 healthy volunteer trial of ANB019, its wholly-owned anti-interleukin-36 receptor, or IL-36R therapeutic antibody, will be presented in a poster session on Tuesday, May 29, 2018 at the EAACI Congress 2018 in Munich.
• AnaptysBio has initiated a 10-patient open-label Phase 2 trial of ANB019 in generalized pustular psoriasis (GPP), and plans to initiate a placebo-controlled Phase 2 trial in palmoplantar pustulosis (PPP), previously referred to as palmo-plantar pustular psoriasis, in 2018.
First Quarter Financial Results
Cash, cash equivalents and investments totaled $310.0 million as of March 31, 2018 compared to $324.3 million as of December 31, 2017, for a decrease of $14.3 million. The decrease primarily relates to operating cash outflow for personnel costs, as well as clinical and manufacturing related expenses.
Research and development expenses were $11.8 million for the three months ended March 31, 2018, as compared to $7.9 million for the three months ended March 31, 2017. The increase was primarily due to continued advancement of the Company’s ANB020 and ANB019 clinical programs and additional personnel-related expenses, including share based compensation, and the recognition of lower research and development tax incentives during the three months ended March 31, 2018.
General and administrative expenses were $3.9 million for the three months ended March 31, 2018, as compared to $2.1 million for the three months ended March 31, 2017. The increase was primarily attributable to additional personnel-related expenses, including share based compensation, to support the Company’s growth.
Financial Guidance
AnaptysBio expects that its cash, cash equivalents and investments will fund its current operating plan through the end of 2019.
About ANB020
ANB020 is an antibody that potently binds and inhibits the activity of interleukin-33, or IL-33, a pro-inflammatory cytokine that multiple studies have indicated is a central mediator of atopic diseases, including atopic dermatitis, food allergies and asthma. Following completion of a healthy volunteer Phase 1 trial of ANB020, AnaptysBio has continued clinical development of ANB020 into a Phase 2a trial for moderate-to-severe adult atopic dermatitis, a 20-patient placebo-controlled Phase 2a trial in adult peanut allergy patients where top-line data were reported in the first quarter of 2018 and a 24-patient placebo-controlled Phase 2a trial in severe adult eosinophilic asthma patients where top-line data are anticipated in the third quarter 2018. AnaptysBio has initiated a placebo-controlled multi-dose Phase 2b clinical trial of ANB020 in 300 moderate-to-severe adult atopic dermatitis patients where data is anticipated in 2019. AnaptysBio also plans to initiate a multi-dose Phase 2b clinical of ANB020 in moderate-to-severe baseline adult peanut allergy patients.
About ANB019
ANB019 is an antibody that inhibits the function of the interleukin-36-receptor, or IL-36R, which AnaptysBio plans to initially develop as a potential first-in-class therapy for patients suffering from generalized pustular psoriasis (GPP) and palmoplantar pustulosis (PPP), previously referred to as palmo-plantar pustular psoriasis. AnaptysBio conducted a Phase 1 clinical trial in healthy volunteers, where 54 subjects are dosed with ANB019 and 18 are dosed with placebo in single and multi-dose cohorts at various subcutaneous and intravenously administered dose levels. In November 2017, AnaptysBio announced positive top-line results from an interim analysis of this Phase 1 clinical trial, which demonstrated favorable safety, pharmacokinetics and pharmacodynamic properties that support advancement of ANB019 into Phase 2 studies. AnaptysBio plans to initiate Phase 2 studies of ANB019 in GPP and PPP in 2018.
About AnaptysBio
AnaptysBio is a clinical-stage biotechnology company developing first-in-class antibody product candidates focused on unmet medical needs in inflammation. The company’s proprietary anti-inflammatory pipeline includes its anti-IL-33 antibody (ANB020) for the treatment of moderate-to-severe adult atopic dermatitis, moderate-to-severe baseline adult peanut allergy and severe adult eosinophilic asthma; its anti-IL-36R antibody (ANB019) for the treatment of rare inflammatory diseases, including generalized pustular psoriasis (GPP) and palmoplantar pustulosis (PPP), previously referred to as palmo-plantar pustular psoriasis; and a portfolio of checkpoint receptor agonist antibodies for the treatment of certain autoimmune diseases where immune checkpoint receptors are insufficiently activated, which have demonstrated efficacy in an animal model of graft-versus-host disease. AnaptysBio’s antibody pipeline has been developed using its proprietary somatic hypermutation (SHM) platform, which uses in vitro SHM for antibody discovery and is designed to replicate key features of the human immune system to overcome the limitations of competing antibody discovery technologies. AnaptysBio has also developed multiple therapeutic antibodies in an immuno-oncology partnership with TESARO and an inflammation partnership with Celgene, including an anti-PD-1 antagonist antibody (TSR-042), an anti-TIM-3 antagonist antibody (TSR-022) and an anti-LAG-3 antagonist antibody (TSR-033), which are currently under clinical development with TESARO, and an anti-PD-1 checkpoint agonist antibody (CC-90006) currently in the clinic with Celgene.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: the timing of the release of data from our clinical trials, including ANB020’s Phase 2a trial severe adult eosinophilic asthma patients, and Phase 2b clinical trial in moderate-to-severe adult atopic dermatitis patients; our ability to launch a Phase 2b clinical trial of ANB020 in moderate-to-severe adult atopic dermatitis patients and moderate-to-severe baseline adult peanut allergy patients; Phase 2 clinical trials of ANB019 in GPP and PPP and the success of our partnership with TESARO and Celgene. Statements including words such as “plan,” “continue,” “expect,” or “ongoing” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause the company’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company’s ability to advance its product candidates, obtain regulatory approval of and ultimately commercialize its product candidates, the timing and results of preclinical and clinical trials, the company’s ability to fund development activities and achieve development goals, the company’s ability to protect intellectual property and other risks and uncertainties described under the heading “Risk Factors” in documents the company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact:
Monique Allaire
THRUST Investor Relations
617.895.9511
[email protected]
Chelcie Lister
THRUST Investor Relations
910.777.3049
[email protected]
ANAPTYSBIO, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value data) March 31, 2018 December 31, 2017 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 69,474 $ 81,189 Australian tax incentive receivable 1,610 1,601 Short-term investments 178,691 167,218 Prepaid expenses and other current assets 2,170 2,688 Total current assets 251,945 252,696 Property and equipment, net 659 665 Long-term investments 61,884 75,897 Other long-term assets 289 46 Restricted cash 60 60 Total assets $ 314,837 $ 329,364 LIABILITIES, PREFERRED STOCK AND
STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,416 $ 2,323 Accrued expenses 4,405 4,875 Notes payable, current portion 7,500 6,875 Other current liabilities 22 17 Total current liabilities 14,343 14,090 Notes payable, net of current portion 5,834 7,553 Deferred rent 133 140 Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at
March 31, 2018 and December 31, 2017, respectively — — Common stock, $0.001 par value, 500,000 shares authorized, 23,817 shares and 23,791 shares
issued and outstanding at March 31, 2018 and December 31, 2017, respectively 24 24 Additional paid in capital 395,424 393,017 Accumulated other comprehensive loss (801 ) (426 ) Accumulated deficit (100,120 ) (85,034 ) Total stockholders’ equity 294,527 307,581 Total liabilities, preferred stock and stockholders’ equity $ 314,837 $ 329,364
ANAPTYSBIO, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share data) (unaudited) Three Months Ended
March 31, 2018 2017 Collaboration revenue $ — $ — Operating expenses: Research and development 11,810 7,935 General and administrative 3,947 2,053 Total operating expenses 15,757 9,988 Loss from operations (15,757 ) (9,988 ) Other income (expense), net Interest expense (451 ) (428 ) Change in fair value of liability for preferred stock warrants — (1,366 ) Interest income 1,185 122 Other income (expense), net (63 ) 225 Total other income (expense), net 671 (1,447 ) Net loss (15,086 ) (11,435 ) Unrealized loss on available for sale securities (801 ) (13 ) Other comprehensive loss (801 ) (13 ) Comprehensive loss $ (15,887 ) $ (11,448 ) Net loss per common share: Basic and diluted $ (0.63 ) $ (0.75 ) Weighted-average number of shares outstanding: Basic and diluted 23,801 15,295
Source:AnaptysBio, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-anaptysbio-announces-first-quarter-2018-financial-results-and-provides-pipeline-updates.html |
FREDERICK, MD , May 11, 2018 (GLOBE NEWSWIRE) -- BioElectronics Corporation (OTC PINK: BIEL), www.bielcorp.com is pleased to report on the outcome of its Pre-Submission meeting on May 9 th , 2018 with the US Food and Drug Administration (US FDA). The FDA’s Pre-Submission Program is designed to organize and give guidance and feedback on clinical data and what regulatory pathway should be followed to get market clearance. The focus of the May 9 pre-submission meeting was in discussing the FDA’s feedback on the clinical outcomes and statistical techniques used in reporting the back-pain study.
Upon reviewing pre-submission information on the ActiPatch® back-pain study ( https://clinicaltrials.gov/ct2/show/NCT03240146 ), the FDA provided positive feedback on the clinical results, and guidance on a 510(k) submission to obtain expanded market clearance for over-the-counter (OTC) treatment of musculoskeletal pain. This would make ActiPatch available as a drug-free, safe, pain relief option for the 126 million Americans (one in two adults) who are suffering with some form of musculoskeletal pain. While ActiPatch is already FDA cleared for treatment of pain from knee osteoarthritis (25 million) and plantar fasciitis (1 million annually), expanded market clearance would allow additional products for the back (42 million), neck (19 million), hip (9 million), shoulder (11 million), carpal tunnel (12 million) and many other musculoskeletal complaints.
The company was represented by their clinical R&D team comprising: Sree Koneru, Ph.D., VP Product Development, Ian Rawe, Director Clinical Research of BioElectronics, Kenneth McLeod, Ph.D. Director of Clinical Science and Engineering Research, State University of New York at Binghamton and Richard Staelin, Ph.D. Professor Duke University. Dr. Koneru, who led the discussion, expressed confidence in the FDA’s constructive feedback. “We are pleased that the FDA viewed our data and statistical methods favorably. They have provided guidance on how to combine the back-pain study results, along with our previously cleared 510(k), into a single 510(k) submission for obtaining expedited expanded market clearance.”, he said.
An additional pre-submission meeting is scheduled with the FDA on May 29 th , 2018 to seek expanded indications in a separate application for OTC treatment of pain and edema following surgical procedures for its RecoveryRx ® medical device.
About BioElectronics Corporation
BioElectronics Corporation is a leader in non-invasive electroceuticals and the maker of an industry leading family of disposable, drug-free, pain therapy devices: ActiPatch® Therapy, over-the-counter treatment for back pain and other musculoskeletal complaints; RecoveryRx® Devices for chronic and post-operative wound care; Allay® Menstrual Pain Therapy. For more information, please visit www.bielcorp.com
Contact: Paul Knopick 940.262.3584 [email protected]
Source:BioElectronics Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-bioelectronics-receives-fda-pre-submission-approval-for-its-relief-of-musculoskeletal-pain-market-clearance-application.html |
BENGHAZI, Libya, May 20 (Reuters) - A group of unemployed Libyan youths in the eastern town of Marada located near oilfields and a key pipeline has been staging protests to demand jobs at state oil firm NOC, oil and security officials said on Sunday.
Oil production was running normally through the pipeline feeding the Es Sider terminal, which runs near Marada, an oil engineer said.
But officials said they were closely monitoring the protests as similar action by the unemployed had led to pipeline closures in other parts of the North African country, which has been in turmoil since the toppling of leader Muammar Gaddafi in 2011.
The youths were demanding jobs and protesting near the pipeline, one security official said.
Armed men have twice blown up the pipeline near Marada since December as security in the remote eastern area is volatile.
Islamic State fighters had a presence there until government forces expelled them from their main stronghold in Sirte in 2016.
The operator of the pipeline is Waha, a subsidiary of the NOC and a joint venture with Hess Corp, Marathon Oil Corp and ConocoPhillips.
Waha pumps 260,000 barrels a day, company executives have said. (Reporting by Ayman al-Warfalli Writing by Ulf Laessing; Editing by Dale Hudson)
| ashraq/financial-news-articles | https://www.reuters.com/article/libya-oil-protests/unemployed-protest-near-east-libyan-oil-pipeline-production-normal-idUSL5N1SR0DX |
May 10, 2018 / 3:44 PM / in 17 minutes UPDATE 1-RBS to consider appeals for indirect losses to businesses in turnaround unit Reuters Staff
* Bank to widen scope of appeals process
* RBS could face large claims from former customers
* Bank still dealing with past misconduct as RMBS case settles (Adds further details, sourcing)
By Emma Rumney and Lawrence White
LONDON, May 10 (Reuters) - Royal Bank of Scotland will set up a process to consider appeals for alleged “consequential” losses suffered by businesses in its Global Restructuring Group (GRG), potentially opening the bank up to large claims for lost profits.
The bank spelled out the change to the appeal process for companies allegedly harmed by its GRG unit in a letter to British junior finance minister John Glen seen by Reuters on Thursday.
That followed criticism from politicians and former RBS business customers about how it was handling complaints about the GRG unit, which is alleged to have pushed customers into bankruptcy during and after the 2007-8 financial crisis.
The widening of the appeal process shows RBS still grappling to deal with past misconduct issues on the same day it reached a $5 billion settlement with U.S. authorities over its sale of mortgage bonds.
RBS has already accepted some wrongdoing and set aside 400 million pounds ($539.08 million) to compensate firms in its GRG unit, and appointed a former high court judge Sir William Blackburne to oversee appeals by customers not happy with their payouts.
Consequential losses represent loss of potential profits as a result of a business being closed down.
Ex-GRG customers can already claim for loss of potential profits, but if their claims were rejected there was no way to appeal to an independent third party, unlike the compensation scheme for direct losses.
The letter said the bank had only received one such claim so far, but expected it could face some very large claims once the claims process gets further underway.
The letter also said RBS hoped to finalise in the next few weeks with the independent third party Blackburne, how the process should work and whether he will take on the role of hearing consequential loss appeals.
As well as covering reasonable costs for customers’ initial meetings with professional loss advisors, the letter said RBS would ensure it does not profit from any redress paid to former customers that have since gone into liquidation.
Compensation paid to now-defunct companies could pass to RBS, due to the bank being a creditor of the former businesses. In such cases the funds will be donated to charity, according to the letter.
A spokesman for RBS confirmed the new policy. $1 = 0.7420 pounds Reporting By Emma Rumney and Lawrence White Editing by Alexandra Hudson and Jane Merriman | ashraq/financial-news-articles | https://www.reuters.com/article/britain-banks-rbs/update-1-rbs-to-consider-appeals-for-indirect-losses-to-businesses-in-turnaround-unit-idUSL8N1SH6D1 |
A high profile data scandal involving allegations over the misuse of Facebook data by consultancy Cambridge Analytica led to greater scrutiny on the regulation of social media platforms earlier this year.
Others have also sounded off on the need for regulation due to the pervasiveness of fake news.
The cryptocurrency space has also come under greater regulatory scrutiny amid growth in the size of the market .
Development in regulation has largely been country-specific , with regulatory bodies around the world differing in opinion on how to tackle the space.
Banking industry regulations, meanwhile, could return to the spotlight, with the U.S. House of Representatives possibly voting on a Senate-passed bill that would ease Dodd-Frank requirements on banks.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/20/cryptocurrencies-tech-or-banking-which-needs-the-most-regulation.html |
LOS ANGELES--(BUSINESS WIRE)-- Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, has arranged the sale of a 25-unit multifamily building for $5.5 million in Canoga Park, CA. The transaction was led by Daniel Withers , Senior Vice President of Multifamily, who represented the seller, a private multifamily client.
The asset, located at 8555 Independence Avenue, set the 2018 record for a price per square foot multifamily building sold in the 91304 zip code. The property sold for $301.81 per square foot.
Withers found the seller by utilizing Matthews™ technology and expansive global database, negotiating a no loan contingency and short due diligence period. “The seller wanted to take advantage of the hot multifamily prices and had future concerns pertaining to the Costa Hawkins repeal, which ultimately was the driving factor that led to the sale of the property,” Withers stated. The buyer was represented by an outside broker, and benefited from purchasing a non-rent control building with immediate upside in rent.
For more information regarding the sale of 8555 Independence Avenue or if you have any questions relating to your multifamily investment(s), please do not hesitate to reach out to Daniel Withers for more information.
About Matthews Real Estate Investment Services™:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, STNL, management, leasing, portfolio disposition and 1031 exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005954/en/
Matthews Real Estate Investment Services
Leanne Jenkins
(310) 955-1784
[email protected]
Source: Matthews Real Estate Investment Services | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-matthewsa-sets-price-per-foot-record-in-the-91304-zip-code.html |
NAIROBI, May 10 (Reuters) - Floodwater from a flower-farm dam that burst after days of torrential rain in Kenya’s Rift Valley killed at least 24 people as it swept through 450 homes, the local governor said on Thursday.
Nakuru county governor Lee Kinyanjui told Reuters as many as 2,000 people had been affected by the rupturing of the dam on Wednesday night. Engineers had been sent to carry out safety checks on three other nearby reservoirs. (Reporting by Duncan Miriri Editing by Ed Cropley/James Macharia)
| ashraq/financial-news-articles | https://www.reuters.com/article/kenya-floods-homes/24-killed-around-2000-affected-by-kenyan-dam-burst-governor-idUSL8N1SH2LU |
SAN ANTONIO, TX, May 10, 2018 /PRNewswire/ - Alternate Health Corp., ("Alternate Health") (CSE:AHG) (OTCQB:AHGIF), an international leader in software solutions for the medical cannabis industry, updated shareholders today on the Company's spinoff plans and key milestones for the upcoming quarters.
"The Company has been very active this year adjusting our business for revenue generation and growth, including developing our potential spinoff plan for Alternate Health's non-cannabis assets," says Dr. Michael Murphy, Chairman and CEO of Alternate Health. "We are excited about this plan, but we want to assure our shareholders that we will only act on this plan when the right conditions are met across the business."
Management has received Board approval to explore a spinoff plan for the Company's non-cannabis assets, it is estimated to take at least three to four months to complete this due diligence process. In the meantime, there are at least four key milestones Alternate Heath plans to meet before acting, including:
Laboratory referrals back above 10,000 samples per month and growing. Our payment engine for non-cannabis transactions has at least 2 contracts with testing and implementation underway. Cannabis payment engine fully integrated to the CanaPass/StatePass system and revenue has started. Recreational cannabis sales have started with a good business plan and prospects for future growth.
Should the above criteria be met, and final decision made, the Board expects to seek shareholder approval and that all shareholders would receive their pro rata share of ownership in both companies, on a 1:1 ratio. Tax implications must also be considered prior to a final decision being taken.
Alternate Health's focus continues to be on maintaining shareholder value, therefore:
Only equity dilution to be based on any capital raise associated with the Newco offering. Part of any newly raised capital would be used to hire management to oversee and expand each new primary division in the company.
No decision has been made on the final division of company assets between the NewCo and Alternate Health. In particular, Alternate Health is exploring different options for the Company's laboratory business. The Lab could move to the non-cannabis NewCo or stay in Alternate Health. Another option could see the Lab move to the NewCo and pay a long-term royalty to Alternate Health.
"We believe the proposed spinoff of the Company's non-cannabis assets is the best plan to maximize the value and revenue potential of the Company's assets," says Dr. Murphy. "The Board will be busy performing our due diligence and will update shareholders in time."
Independent Director Resigns
The Company also announces a change to Alternate Health's Board of Directors. Kristin Taylor has tendered her resignation as an independent director to focus on her full-time career obligations. On behalf of the Board of Directors, Alternate Health's Chairman and CEO, Dr. Michael Murphy, would like to thank Kristin Taylor for her support and service to the Company. The Company is actively looking for an independent director to fill Ms. Taylor's seat on the Board, and will do so in the near future.
About Alternate Health
Alternate Health Corp. (CSE: AHG, OTCQB: AHGIF) Alternate Health has established multiple arms-length operations within the medical cannabis industry, each of which drives consumers, data and strategic opportunities to the company's other verticals. This sophisticated cross-integration of the company's enterprises has positioned Alternate Health as one of the only cannabis companies that delivers consistent revenue and intellectual property without growing, manufacturing or distributing the cannabis plant. Through its software solutions, data analytics, and patented delivery systems, Alternate Health's goal is to be the global authority on scientific and clinical support for cannabis in regulated markets. Alternate Health is well positioned to reinvest internal operating cash flow in its platform over the long term, creating an attractive investment profile for its shareholders.
Alternate Health resides in the cannabis sector along with companies like GW Pharmaceuticals, AXIM Biotechnologies Inc., Canopy Growth Corporation, and Aphria Inc. Alternate Health is differentiated from other cannabis companies by its focus on ancillary services for patients, healthcare professionals and regulatory providers rather than selling a commodity. For more information about Alternate Health Corp., visit www.alternatehealth.com .
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations, business prospects, financing plans and spin off plans, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
View original content with multimedia: http://www.prnewswire.com/news-releases/alternate-health-ceo-updates-shareholders-on-spinoff-plans-300646326.html
SOURCE Alternate Health Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-alternate-health-ceo-updates-shareholders-on-spinoff-plans.html |
May 2, 2018 / 10:50 AM / Updated 17 minutes ago May's latest Brexit headache - a customs deal with the EU Andrew MacAskill 7 Min Read
LONDON (Reuters) - Prime Minister Theresa May’s plan for Britain to leave the EU customs union when it quits the bloc - and not join a similar arrangement - has become a flashpoint in the Brexit process, setting up a possible parliamentary defeat that could force her government into a damaging policy U-turn. An EU flag and Union flag are seen flying together during an anti-Brexit protest near the Houses of Parliament in London, Britain, December 8, 2017. REUTERS/Toby Melville
The European Union’s customs union is a legal arrangement in which all member states participate. Some other countries have also joined under varying conditions, including Turkey, but May has ruled this out for Britain.
Members of a customs union apply the same tariff to imports from outside the union, and apply no tariffs to goods from other members of the union.
Economic supply chains across Europe rely heavily on this. For example, car components criss-cross borders many times for processing before a vehicle is finally assembled. The union also limits checks and other time-consuming and costly bureaucracy at borders between members.
Yet there are drawbacks to membership. One of the biggest is nations cannot strike their own free-trade deals in goods with other countries.
May’s Brexit cabinet sub-committee meets on Wednesday to discuss the government’s position on a looser future customs arrangement with the EU. WHY IS THE ISSUE SO DIVISIVE?
The issue lies at the heart of the Brexit debate, setting those who argue that pragmatism and business interests should shape government policy against those who prioritise sovereignty and the idea of Britain as a pioneering, trading nation.
The first group say staying in a customs union will smooth commerce with the world’s largest trading bloc. It will also avoid the return of a “hard” border between British-ruled Northern Ireland and the Irish Republic. There are fears that reintroducing checks on what will be Britain’s only land border with the EU could reignite sectarian violence.
Brexit supporters say Britain must quit the customs union to pursue independent trade deals with other countries, which they argue is a big advantage of leaving the EU. They say Britain cannot truly leave the EU without leaving the customs union. WHAT HAS THE GOVERNMENT PROPOSED SO FAR?
The government has proposed two ways of overcoming the difficulties of leaving the customs union and avoiding the need for border checks: a streamlined customs arrangement or a customs partnership.
The first would involve using technology to lower customs barriers. Measures could include pre-approved “authorised economic operators” who are given faster clearance, and pre-arrival notifications linked to customs declarations and vehicle registrations so trucks do not have to stop at borders.
The second proposal would align Britain’s approach to customs with the EU’s, removing the need for a customs border. Britain would continue to act as if it were in a customs union when dealing with imports from elsewhere. If they are bound for EU markets, British authorities would collect the tariffs and pass them to the EU. WHAT DOES THE EU SAY?
The EU has rejected both proposals. EU officials have dismissed a “digital border” as unrealistic. One EU diplomat told Reuters last month it is an “elves and fairies” solution.
They have also said plans for a customs partnership are too complicated and are unlikely to work.
The EU is already demanding Britain pay it 2.7 billion euros it has failed to collect due to fraud on Chinese imports. EU officials say that London has lost their trust on customs collection and its refusal to be bound by EU law after Brexit makes them unwilling to consider the proposal.
Unless a better solution is found, the EU has prepared an emergency mechanism under which it would go on regulating trade with Northern Ireland after Brexit. This is anathema to London and Northern Ireland unionists, who see it as weakening the British province’s links to the rest of the United Kingdom. WHAT HAS THE OPPOSITION LABOUR PARTY PROPOSED?
Labour has proposed Britain being in a new kind of permanent customs union with the EU. London would have a say in any future EU trade deals and be able to “negotiate agreement of new trade deals in our national interest”.
WHAT ROLE DOES BRITAIN’S PARLIAMENT HAVE IN THIS DEBATE?
The lower House of Commons is expected to vote soon on whether Britain should leave the customs union and there are concerns that the government may be defeated by pro-European rebels in May’s Conservative Party.
So far 10 Conservative lawmakers have backed an amendment to proposed trade legislation that seeks to bind the government into being in a customs union with the EU. A similar amendment is also expected on a customs bill.
Conservative and Labour sources say other lawmakers are willing to back the amendment but give no numbers.
The votes could be tight: with the support of a Northern Irish unionist party, May has a working majority of 13 seats, although some pro-Brexit Labour lawmakers are expected to vote with the government.
A second flashpoint is the EU withdrawal bill - the legislation that will formally end British membership. The upper House of Lords last month challenged the government’s plans to leave the customs union. WHEN WILL THE VOTES IN PARLIAMENT HAPPEN?
Sometime in May, the House of Commons will consider the amendment to the EU Withdrawal Bill passed by the House of Lords. However, the amendment requires ministers to report what efforts have been made to secure a customs union only by the end of October, and does not explicitly say Britain must reach a deal on such a union. Some government officials say the vague wording means it is unlikely to change policy.
Votes on the proposed trade and customs legislation will be more dangerous for the government but a timetable has yet to be made public. Some Conservative and Labour lawmakers say they could happen as soon as this month, or delayed until the autumn.
(This refiled version of the story removes reference to Norway in second para, which has a trading arrangement with the EU through its single market membership rather than participation in the customs union). Additional reporting by Elizabeth Piper, William James, Alastair Macdonald; Editing by Guy Faulconbridge and David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-customs-explainer/explainer-mays-latest-brexit-headache-a-customs-deal-with-the-eu-idUSKBN1I317O |
May 3, 2018 / 8:43 PM / Updated an hour ago Athletics - Kiprop says doping officials took money Mitch Phillips 3 Min Read
LONDON (Reuters) - Kenya’s former Olympic and world 1,500 metres champion Asbel Kiprop said on Thursday that a doping sample might have been tampered with by testers who not only tipped him off about their visit but also took a payment from him. Athletics - IAAF Diamond League meeting - Men's Exxonmobil Dream Mile - Bislett Stadium, Oslo, Norway - 9/6/2016 Asbel Kiprop of Kenya celebrates after winning. Scanpix/Vidar Ruud/via REUTERS
Although there has still been no official confirmation of his positive test, Kiprop went into great detail about the test, carried out in November last year, in a statement that ran to over 1,000 words.
The 28-year-old, a senior police officer, said he paid the testers an unspecified amount of money via an electronic transfer and did not consider it untoward.
“I did not at the time expect that the request for the money had anything to do with the sample,” Kiprop said in the statement.
“At that time I did not see the money as inducement or bribe for anything. I gave it in good faith thinking they may have some need known to them. In retrospect, I now clearly see the money as having a relation with the sample collected on that date, and even the irregular advance notice I was given.”
Kiprop also said that he left the room after giving his sample and suspected that it could have been interfered with. He said the testers suggested he admit to doping so that he could be given an “ambassador role” with the International Association of Athletics Federations (IAAF).
He also said that testers had given him advance notice of their visit – something clearly against anti-doping procedures.
Kiprop was informed of the failed test in February.
“I am the last person to commit such an atrocious un-sports like thing,” he said, adding that he was perplexed how his “innocent sample turned positive”.
As part of IAAF head Sebastian Coe’s reforms of the sport’s governing body, doping matters are now dealt with by the independent Athlete Integrity Unit.
The organisation did not immediately respond to Reuters’ request for comment on the matter.
Kiprop, the third-fastest man in history over 1,500 metres, was world champion in 2011, 2013 and 2015 and promoted to Olympic gold at the 2008 Games after Bahrain’s Rashid Ramzi tested positive for doping.
Kiprop’s is the latest in a long line of doping cases in Kenya, where around 50 athletes have failed tests in recent years, including three-times Boston Marathon champion Rita Jeptoo and Olympic marathon champion Jemima Sumgong. Reporting by Mitch Phillips, additional reporting by Isaack Omolu, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sport-doping-kiprop/athletics-kiprop-says-doping-officials-took-money-idUKKBN1I42MR |
WASHINGTON--(BUSINESS WIRE)-- Arlington Capital Partners ("Arlington"), a Washington, DC-area private equity firm, today announced that its portfolio company Ontario Systems ("Ontario"), a leading provider of enterprise revenue cycle management (“RCM”) software to the healthcare, accounts receivable management and government markets, has completed its acquisition of Justice Systems (“JSI”). Based in Albuquerque, NM, Justice Systems is a leading provider of court case management software and electronic payment solutions to government clients including state and municipal court systems. JSI currently serves over 500 unique courts and judiciary offices.
Ontario Systems and Justice Systems are leading players in the growing government software sector, with over 35-year histories of providing trusted solutions to their clients. The merger marries JSI’s court case management and e-payment capabilities with the receivables workflow and payment follow-up automation of Ontario Systems, creating a closed loop payment and enterprise workflow solution for state and local court systems.
Matt Altman, a Managing Partner at Arlington, said “The addition of Justice Systems augments Ontario’s established position as a leading enterprise RCM software provider and accelerates the Company’s growth within the attractive government market. With an expanded solution offering, Ontario is particularly well positioned to benefit from rapid growth in the electronic payment processing and case management markets as modernization continues across state and local governments.”
“This acquisition is about growth and seizing a strong market opportunity where we feel we can offer an enhanced solution,” said Ron Fauquher, Ontario Systems CEO. “Combining our people, products, and market strategies provides tremendous benefits to the markets we jointly and uniquely serve.”
Malcolm Little, a Principal at Arlington, added, “Ontario’s acquisition of JSI unlocks significant additional opportunity in the government software market, providing access to new states and municipalities while strengthening Ontario’s competitive positioning across its existing base of government customers.”
About Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C.-area private equity firm that has managed $2.2 billion of committed capital via four investment funds. Arlington is focused on middle market investment opportunities in growth industries, including: healthcare, government services and technology, aerospace/defense, and business services and software. The firm’s professionals and network have a unique combination of operating and private equity experience that enable Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their Company’s position as leading competitors in their field.
www.arlingtoncap.com
About Ontario Systems
Ontario Systems, LLC is a leading provider of enterprise revenue cycle management software to the healthcare, accounts receivable management, and government markets. Established in 1980 and headquartered in Muncie, Ind., Ontario Systems offers a full portfolio of leading software platforms, including Artiva RM™, Artiva HCx™, Contact Savvy®, and RevQ®. Ontario Systems’ industry-leading customers include 5 of the 15 largest hospital networks who actively manage over $40 billion in receivables collectively, as well as 8 of the 10 largest ARM companies and more than a hundred federal, state and municipal government clients in the U.S.
https://www.ontariosystems.com/
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006089/en/
Arlington Capital Partners
Matt Altman
5425 Wisconsin Avenue, Suite 200
Chevy Chase, MD 20815
202-337-7500
Source: Arlington Capital Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-ontario-systems-a-portfolio-company-of-arlington-capital-announces-acquisition-of-justice-systems.html |
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Press secretary Sarah Huckabee Sanders is set to field reporters' questions at the White House Thursday, in her first briefing since President Donald Trump reversed himself and acknowledged reimbursing his lawyer for paying hush money to a porn star.
Trump, asked by reporters about the hush deal in April, denied knowledge of the payment. Trump's lawyer, Michael Cohen , previously claimed that he paid $130,000 to porn star Stormy Daniels with his own money, and that he was not paid back.
The payment came in October 2016 as part of a nondisclosure agreement meant to stop her from discussing an alleged affair with Trump. Daniels, whose real name is Stephanie Clifford, has filed a lawsuit against Trump and Cohen to void the deal, arguing that it was never validated because Trump never signed it.
In a series of interviews Wednesday, former New York mayor Rudy Giuliani , a recent hire to the president's legal team, torpedoed Trump and Cohen's earlier claims about the payment.
In a Fox News interview, Giuliani said "the president repaid" Cohen for the payment to Daniels. Giuliani also told the New York Times that Cohen's reimbursement was delivered in $35,000 increments beginning after the campaign ended, which totaled up to $470,000.
Trump acknowledged the payment in a trio of tweets Thursday morning.
Donald Trump tweet 1
Donald Trump tweet 2
Donald Trump tweet 3 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/watch-white-house-briefs-reporters.html |
HAMILTON, Bermuda, May 31, 2018 /PRNewswire/ -- Höegh LNG Partners LP (NYSE: HMLP) (the "Partnership") today reported its financial results for the quarter ended March 31, 2018.
Highlights
Reported total time charter revenues of $34.9 million for the first quarter of 2018 compared to $35.1 million of time charter revenues for the first quarter of 2017 Generated operating income of $30.5 million and net income of $21.7 million for the first quarter of 2018 compared to operating income of $25.7 million and net income of $16.2 million for the first quarter of 2017; operating income and net income were impacted by unrealized gains on derivative instruments on the Partnership's share of equity in earnings of joint ventures for the first quarter of 2018 and 2017 Excluding the impact of the unrealized gains on derivative instruments for the first quarter of 2018 and 2017 impacting the equity in earnings of joint ventures, operating income for the three months ended March 31, 2018 would have been $23.9 million, an increase of $0.7 million from $23.2 million for the three months ended March 31, 2017 Generated Segment EBITDA 1 of $34.9 million for the first quarter of 2018 compared to $29.5 million for the first quarter of 2017 On January 26, 2018, commenced an "at-the-market" common and preferred unit offering program ("ATM program") for up to $120 million aggregate offering of common units and 8.75% Series A cumulative redeemable preferred units ("Series A preferred units") On May 15, 2018, paid a $0.44 per unit distribution on common and subordinated units with respect to the first quarter of 2018, equivalent to $1.76 per unit on an annualized basis. This is an increase of approximately 2.3% from the distribution with respect to the fourth quarter of 2017. On May 15, 2018, paid a $0.546875 per unit distribution on the Series A preferred units for the period commencing on February 15, 2018 to May 14, 2018, equivalent to $2.1875 per unit on an annual basis
Richard Tyrrell, Chief Executive Officer and Chief Financial Officer stated: "In the first quarter, Höegh LNG Partners' FSRUs continued to perform according to contract and deliver strong, consistent cash flow. The quarter included a 100% contribution from the Höegh Grace after the dropdown of the 49% not already owned in December. This expansion enabled us to achieve a record distributable cashflow while growing our quarterly distributions by 2.3% and maintaining a solid level of coverage.
New LNG production facilities in the US and around the world are driving LNG volumes to new records with much of the new volumes going to China where regasification facilities are running at close to or sometimes above nameplate capacity. More broadly, we continue to see strong interest in LNG and FSRUs from a diverse range of markets. While some tendering processes have been lengthier and more complex than initially projected, we firmly believe that the underlying economic, environmental and practical case for delivering LNG through FSRUs remains solidly in place. With an established platform of long-term contracts and access to flexible sources of debt and equity finance, Höegh LNG Partners is in a strong position to maintain its leadership position in the FSRU sector and to fund incremental growth opportunities as they crystalize."
1 Segment EBITDA is a non-GAAP financial measure used by investors to measure financial and operating performance. Please see Appendix A for a reconciliation of Segment EBITDA to net income, the most directly comparable GAAP financial measure. Segment EBITDA does not include adjustments for (i) principal payment of direct financing lease of $0.9 million and $0.8 million for the three months ended March 31, 2018 and 2017, respectively, (ii) amortization in revenues for above market contracts of $0.9 million and $0.9 million for the three months ended March 31, 2018 and 2017, respectively, (iii) non-controlling interest: amortization in revenues for above market contracts of $(0.1) million for the three months ended March 31, 2017, (iv) non-cash revenue: tax paid directly by charterer of $(0.2) million for the three months ended March 31, 2018, or (v) equity in earnings of JVs: amortization for deferred revenue of $(0.6) million and $(0.6) million for the three months ended March 31, 2018 and 2017, respectively.
Financial Results Overview
Effective January 1, 2018, the Partnership adopted the new accounting standard, Revenue from Contracts with Customers, which did not change the timing or amount of revenue recognized for the Partnership.
The Partnership reported net income of $21.7 million for the three months ended March 31, 2018, an increase of $5.5 million from net income of $16.2 million for the three months ended March 31, 2017. The net income for both periods was significantly impacted by unrealized gains on derivative instruments mainly on the Partnership's share of equity in earnings of joint ventures.
Excluding all of the unrealized gains on derivative instruments, net income for the three months ended March 31, 2018 would have been $14.5 million, an increase of $1.5 million from $13.0 million for the three months ended March 31, 2017. Excluding the unrealized gains on derivative instruments, the increase for the three months ended March 31, 2018 was primarily due to reduced vessel operating expenses, increased equity in earnings of joint ventures and lower interest expense for the three months ended March 31, 2018 compared with the three months ended March 31, 2017. The reduction in interest expense was due to the quarterly repayments of principal on the loan facilities financing the vessels and the repayment of the sellers' credit note, issued in connection with the acquisition of Höegh Gallant, between periods.
Preferred unitholders' interest in net income was $2.7 million for the three months ended March 31, 2018 due the issuance of Series A preferred units on October 5, 2017 and subsequently as part of our ATM program. The Limited partners' interest in net income, which includes the Partnership's 100% interest in Höegh LNG Colombia Holding Ltd., the owner of the entities that own and operate the Höegh Grace (the "Höegh Grace entities") for the three months ended March 31, 2018, was $19.0 million. Limited partners' interest in net income for the three months ended March 31, 2017, which included the Partnership's 51% interest in the Höegh Grace entities, was $13.4 million for the three months ended March 31, 2017. Non-controlling interest in net income was $2.7 million for the three months ended March 31, 2017 for the 49% interest in the Höegh Grace entities not owned by the Partnership. On December 1, 2017, the Partnership acquired the remaining 49% ownership interest in the Höegh Grace entities and, as of that date, there was no longer a non-controlling interest in the Höegh Grace entities.
The PGN FSRU Lampung and the Höegh Grace were on-hire for the entire first quarter of 2018. The Höegh Gallant had 10 days of off-hire due to scheduled maintenance in the first quarter of 2018 compared with several days off-hire for unscheduled maintenance in the first quarter of 2017.
Equity in earnings of joint ventures was $9.4 million for the three months ended March 31, 2018, an increase of $4.6 million from equity in earnings of joint ventures of $4.8 million for the three months ended March 31, 2017. The joint ventures own the Neptune and the GDF Suez Cape Ann. Unrealized gains on derivative instruments in the joint ventures significantly impacted the equity in earnings of joint ventures for the three months ended March 31, 2018 and 2017. The joint ventures do not apply hedge accounting for interest rate swaps and all changes in fair value are included in equity in earnings (losses) of joint ventures. Excluding the unrealized gains for the three months ended March 31, 2018 and 2017, the equity in earnings would have been $2.9 million for the three months ended March 31, 2018, an increase of $0.6 million compared to equity in earnings of $2.3 million for the three months ended March 31, 2017. Excluding the unrealized gains, the increase was due in part to improved earnings for the Neptune compared with the three months ended March 31, 2017 when it had lower revenue from reduced hire and higher operating expenses in its start-up phase in Turkey.
Operating income for the three months ended March 31, 2018 was $30.5 million, an increase of $4.8 million from $25.7 million for the three months ended March 31, 2017. Excluding the impact of the unrealized gain on derivative instruments for the three months ended March 31, 2018 and 2017 impacting the equity in earnings of joint ventures, operating income for the three months ended March 31, 2018 would have been $23.9 million, an increase of $0.7 million from $23.2 million for the three months ended March 31, 2017.
Segment EBITDA 1 was $34.9 million for the three months ended March 31, 2018, an increase of $5.4 million from $29.5 million for the three months ended March 31, 2017 mainly due to no longer having a non-controlling interest in Segment EBITDA because of the acquisition of the remaining 49% interest in the Höegh Grace entities, which closed on December 1, 2017.
Financing and Liquidity
As of March 31, 2018, the Partnership had cash and cash equivalents of $31.4 million and an undrawn portion of the $85 million revolving credit facility of $27.4 million. In May 2018, the Partnership repaid $6.5 million on the revolving credit facility using part of the proceeds of the ATM program. Current restricted cash for operating obligations of the PGN FSRU Lampung was $3.9 million, and long-term restricted cash required under the Lampung facility was $13.6 million as of March 31, 2018. During the first quarter of 2018, the Partnership made quarterly repayments of $4.8 million on the Lampung facility, $3.3 million on the Gallant facility and $3.3 million on the Grace facility.
The Partnership's book value and outstanding principal of total long-term debt was $526.7 million and $531.9 million, respectively, as of March 31, 2018, including long-term debt financing of the FSRUs and $57.6 million on the revolving credit facility due to owners and affiliates. As of March 31, 2018, the Partnership's total current liabilities exceeded total current assets by $8.5 million. This is partly a result of the current portion of long-term debt of $45.5 million being classified current while the restricted cash of $13.6 million associated with the Lampung facility is classified as long-term. The current portion of long-term debt reflects principal payments for the next twelve months which will be funded, for the most part, by future cash flows from operations. The Partnership does not intend to maintain a cash balance to fund the next twelve months' net liabilities.
The Partnership believes its current resources, including the undrawn balance under the revolving credit facility, are sufficient to meet the Partnership's working capital requirements for its current business for the next twelve months. In addition, liquidity can also be supplemented, from time to time, by net proceeds of the ATM program, depending on the market conditions. Further, the Partnership plans to opportunistically engage in conversations with debt providers, including banks and prospective investors in the capital markets, to refinance the Gallant/ Grace facility well in advance of its first maturity in November 2019.
As of March 31, 2018, the Partnership did not have material commitments for capital or other expenditures for its current business. For the joint ventures, the charterer plans to use the GDF Suez Cape Ann for a project in India expected to commence in second half of 2018. The vessel will be drydocked and fitted with certain modifications prior to the project start which will be compensated by the charterer. The joint ventures also have a probable liability for exceeding historical minimum performance standards for a boil-off claim under the time charters. The Partnership's 50% share of the accrual was approximately $11.9 million as of March 31, 2018. The joint ventures will continue to monitor this issue and adjust accruals, as might be required, based upon additional information and further developments. It is estimated that the Partnership's 50% share of the excess boil-off claim could range from zero or negligible amounts to approximately $29 million. To the extent that the excess boil-off claims result in a settlement, the Partnership would be indemnified by Höegh LNG for its share of the cash impact of any settlement. However, other concessions or capital improvements, if any, would not be expected to be indemnified. Pending resolution of the boil-off claims, the joint ventures have suspended payment on their shareholder loans.
As of March 31, 2018, the Partnership had outstanding interest rate swap agreements for a total notional amount of $405.5 million to hedge against the interest rate risks of its long-term debt under the Lampung, Gallant and Grace facilities. The Partnership applies hedge accounting for derivative instruments related to those facilities. The Partnership receives interest based on three month US dollar LIBOR and pays a fixed rate of 2.8% for the Lampung facility. The Partnership receives interest based on three month US dollar LIBOR and pays a fixed rate of approximately 1.9% for the Gallant facility. The Partnership receives interest based on three month US dollar LIBOR and pays a fixed rate of approximately 2.3% for the Grace facility. The carrying values of the derivative instruments was a net asset of $0.6 million as of March 31, 2018. The effective portion of the changes in fair value of the interest rate swaps are recorded in other comprehensive income. Gain on derivative instruments for the three months ended March 31, 2018 was $0.6 million, a decrease of $0.1 million from $0.7 million for the three months ended March 31, 2017. Gain on derivative instruments for the three months ended March 31, 2018 and 2017 related to the interest rate swaps for the Lampung, Gallant and Grace facilities. The decrease is mainly due to reduced amortization of the amount excluded from hedge effectiveness for the Lampung, Gallant and Grace facilities partly offset by an increase in ineffective portion of the cash flow hedge related to the Gallant facility.
On January 26, 2018, the Partnership entered into a sales agreement with B. Riley FBR Inc. (the "Agent"). Under the terms of the sales agreement, the Partnership may offer and sell up to $120 million aggregate offering amount of "at-the market" common and Series A preferred units, from time to time, through the Agent. As of March 31, 2018, the Partnership had sold Series A preferred units and common units, and received total net proceeds, after sales commissions, of $10.7 million.
The Partnership's share of the joint ventures is accounted for using the equity method. As a result, the Partnership's share of the joint ventures' cash, restricted cash, outstanding debt, interest rate swaps and other balance sheet items are reflected net on the line "accumulated losses in joint ventures" on the consolidated balance sheet and are not included in the balance sheet figures disclosed above.
On February 14, 2018 the Partnership paid a quarterly cash distribution of $14.4 million, or $0.43 per common and subordinated unit, with respect to the fourth quarter of 2017.
On February 15, 2018, the Partnership paid a cash distribution of $3.7 million, or $0.78993 per Series A preferred unit, for the period commencing on October 5, 2017 to February 14, 2018.
On May 15, 2018, the Partnership paid a quarterly cash distribution of $15.0 million, or $0.44 per common and subordinated unit, with respect to the first quarter of 2018.
On May 15, 2018, the Partnership paid a cash distribution of $2.8 million, or $0.546875 per Series A preferred unit, for the period commencing on February 15, 2018 to May 14, 2018.
From the commencement of the ATM program to May 29, 2018, the Partnership has sold Series A preferred units and common units, and received total net proceeds of $17.6 million.
Outlook
The Höegh Gallant operates under a long term time charter which started in April 2015 with an expiration date in April 2020 with Hoegh LNG Egypt LLC ("EgyptCo"), a subsidiary of Höegh LNG. EgyptCo has a charter with the government-owned Egyptian Natural Gas Holding Company ("EGAS"). The charter between EgyptCo and EGAS allows for early termination only with the mutual consent of both parties. In the first quarter of 2018, EGAS initiated a meeting with EgyptCo to seek mutually agreed terms for an early termination of the charter. Such an agreement would require consent of EgyptCo. Pursuant to an option agreement, the Partnership has the right to cause Höegh LNG to charter the Höegh Gallant from the expiration or termination of the EgyptCo charter until July 2025, at a rate equal to 90% of the rate payable pursuant to the current charter with EgyptCo, plus any incremental taxes or operating expenses as a result of the new charter. Höegh LNG's ability to make payments to us with respect to an exercise of the option by us may be affected by events beyond our and its control, including opportunities to obtain new employment for the vessel, prevailing economic, financial and industry conditions. If market or other economic conditions deteriorate, Höegh LNG's ability to meet its obligations to us may be impaired. If Höegh LNG is unable to meet its obligations to us for the option, our financial condition, results of operations and ability to make cash distributions to our unitholders could be materially adversely affected.
Pursuant to the omnibus agreement that the Partnership entered into with Höegh LNG at the time of the initial public offering, Höegh LNG is obligated to offer to the Partnership any floating storage and regasification unit ("FSRU") or LNG carrier operating under a charter of five or more years.
Höegh LNG has two operating FSRUs, the Höegh Giant (HHI Hull No. 2552), which was delivered from the shipyard on April 27, 2017 and the Höegh Esperanza (HHI Hull No. 2865), which was delivered from the shipyard on April 5, 2018. The Höegh Giant is operating on a three-year contract that commenced on February 7, 2018 with Gas Natural SGD, SA ("Gas Natural Fenosa"). Höegh LNG has two additional FSRUs on order. Pursuant to the terms of the omnibus agreement, the Partnership will have the right to purchase the Höegh Giant, the Höegh Esperanza, HHI Hull No. 2909 and SHI Hull No.2220 (under a shipbuilding contract with Samsung Heavy Industries ("SHI")) following acceptance by the respective charterer of the related FSRU under a contract of five years or more, subject to reaching an agreement with Höegh LNG regarding the purchase price. Höegh LNG had an agreement, subject to government approval, for an FSRU with Quantum Power Ghana Gas Ltd, which expired.
Accordingly, the Partnership has, or may in the future have, the opportunity to acquire the FSRUs assigned to the projects listed below:
On May 26, 2015, Höegh LNG signed a contract with Penco LNG to provide an FSRU to service the Penco-Lirquén LNG import terminal to be located in Concepción Bay, Chile. The contract is for a period of 20 years and is subject to Penco LNG's completing financing and obtaining necessary environmental approvals. In February 2017, Penco LNG informed Höegh LNG that the environmental approval had been temporarily halted by the legal system in Chile which is expected to delay completion of the infrastructure and the commencement of the FSRU contract. On July 18, 2017, Höegh LNG signed a memorandum of understanding with Qatar Gas Transport Company Ltd., known as Nakilat, with the aim of jointly developing new FSRU projects, where the LNG is sourced from Qatar. The structure is expected to be joint ventures to own and operate FSRUs for the joint projects.
There can be no assurance that the Partnership will acquire any vessels from Höegh LNG or of the terms upon which any such acquisition may be made.
Presentation of First Quarter 2018 Results
A presentation will be held today, Thursday, May 31, 2018, at 8:30 A.M. (EDT) to discuss financial results for the first quarter of 2018. The results and presentation material will be available for download at http://www.hoeghlngpartners.com .
The presentation will be immediately followed by a Q&A session. Participants will be able to join this presentation using the following details:
a. Webcast
https://www.webcaster4.com/Webcast/Page/942/25969
b. Teleconference
International call:
+1-412-542-4123
US Toll Free call:
+1-855-239-1375
Canada Toll Free call:
+1-855-669-9657
Participants should ask to be joined into the Höegh LNG Partners LP call.
There will be a Q&A session after the presentation. Information on how to ask questions will be given at the beginning of the Q&A session.
For those unable to participate in the conference call, a replay will be available from one hour after the end of the conference call until June [7], 2018.
The replay dial-in numbers are as follows:
International call:
+1-412-317-0088
US Toll Free call:
+1-877-344-7529
Canada Toll Free call:
+1-855-669-9658
Replay passcode:
10120603
Financial Results on Form 6-K
The Partnership has filed a Form 6-K with the SEC with detailed information on the Partnership's results of operations for the three months ended March 31, 2018, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and unaudited condensed interim consolidated financial statements. The Form 6-K can be viewed on the SEC's website: http://www.sec.gov and at HMLP's website: http://www.hoeghlngpartners.com
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning future events and the Partnership's operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "future," "will be," "will continue," "will likely result," "plan," "intend" or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Partnership's control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to:
market trends for FSRUs and LNG carriers, including hire rates and factors affecting supply and demand; the Partnership's distribution policy and ability to make cash distributions on the Partnership's units or any increases in the quarterly distributions on the Partnership's common units; restrictions in the Partnership's debt agreements and pursuant to local laws on the Partnership's joint ventures' and subsidiaries' ability to make distributions; the Partnership's ability to settle or resolve the boil-off claim for the joint ventures, including the estimated amount thereof; the ability of Höegh LNG to satisfy its indemnification obligations to the Partnership, including in relation to the boil-off claim; the Partnership's ability to purchase additional vessels from Höegh LNG in the future; the Partnership's ability to integrate and realize the anticipated benefits from acquisitions; the Partnership's anticipated growth strategies; including the acquisition of vessels; the Partnership's anticipated receipt of dividends and repayment of indebtedness from subsidiaries and joint ventures; effects of volatility in global prices for crude oil and natural gas; the effect of the worldwide economic environment; turmoil in the global financial markets; fluctuations in currencies and interest rates; general market conditions, including fluctuations in hire rates and vessel values; changes in the Partnership's operating expenses, including drydocking and insurance costs; the Partnership's ability to comply with financing agreements and the expected effect of restrictions and covenants in such agreements; the financial condition liquidity and creditworthiness of the Partnership's existing or future customers and their ability to satisfy their obligations under the Partnership's contracts; the Partnership's ability to replace existing borrowings, including the Gallant/Grace facility, make additional borrowings and to access public equity and debt capital markets; planned capital expenditures and availability of capital resources to fund capital expenditures; the exercise of purchase options by the Partnership's customers; the Partnership's ability to perform under the Partnership's contracts and maintain long-term relationships with its customers; the Partnership's ability to leverage Höegh LNG's relationships and reputation in the shipping industry; the Partnership's continued ability to enter into long-term, fixed-rate charters and the hire rate thereof; the operating performance of the Partnership's vessels and any related claims by GDF Suez or other customers; the Partnership's ability to maximize the use of its vessels, including the redeployment or disposition of vessels no longer under long-term charters; the Partnership's ability to compete successfully for future chartering and newbuilding opportunities; timely acceptance of the Partnership's vessels by their charterers; termination dates and extensions of charters; the cost of, and the Partnership's ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by its charterers applicable to its business; demand in the FSRU sector or the LNG shipping sector in general and the demand for the Partnership's vessels in particular; availability of skilled labor, vessel crews and management; the ability of Höegh LNG to meet its financial obligations to the Partnership, including its indemnity, guarantee and option obligations; the Partnership's incremental general and administrative expenses as a publicly traded limited partnership and the Partnership's fees and expenses payable under the Partnership's ship management agreements, the technical information and services agreement and the administrative services agreements; the anticipated taxation of the Partnership, its subsidiaries and affiliates and distributions to its unitholders; estimated future maintenance and replacement capital expenditures; the Partnership's ability to retain key employees; customers' increasing emphasis on environmental and safety concerns; potential liability from any pending or future litigation; potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists; future sales of the Partnership's common units and Series A preferred units in the public market; the Partnership's business strategy and other plans and objectives for future operations; the Partnership's ability to successfully remediate any material weaknesses in its internal control over financial reporting and its disclosure controls and procedures; and other factors listed from time to time in the reports and other documents that we file with the SEC, including the Partnership's Annual Report on Form 20-F for the year ended December 31, 2017 and subsequent quarterly reports on Form 6-K.
All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for the Partnership to predict all of these factors. Further, the Partnership cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. The Partnership does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
HÖEGH LNG PARTNERS LP
UNAUDITED CONDENSED INTERIM CONSOLIDATED
STATEMENTS OF INCOME
(in thousands of U.S. dollars, except per unit amounts)
Three months ended
March 31,
2018
2017
REVENUES
Time charter revenues
$
34,885
$
35,076
Total revenues
34,885
35,076
OPERATING EXPENSES
Vessel operating expenses
(5,752)
(6,177)
Administrative expenses
(2,787)
(2,757)
Depreciation and amortization
(5,268)
(5,263)
Total operating expenses
(13,807)
(14,197)
Equity in earnings (losses) of joint ventures
9,369
4,809
Operating income (loss)
30,447
25,688
FINANCIAL INCOME (EXPENSE), NET
Interest income
187
130
Interest expense
(6,864)
(7,736)
Gain (loss) on derivative instruments
631
663
Other items, net
(606)
(802)
Total financial income (expense), net
(6,652)
(7,745)
Income (loss) before tax
23,795
17,943
Income tax expense
(2,109)
(1,755)
Net income (loss)
$
21,686
$
16,188
Non-controlling interest in net income
—
2,744
Preferred unitholders' interest in net income
2,660
—
Limited partners' interest in net income (loss)
$
19,026
$
13,444
Basic earnings per unit
Common unit public
$
0.57
$
0.40
Common unit Höegh LNG
$
0.59
$
0.42
Subordinated unit
$
0.59
$
0.42
Diluted earnings per unit
Common unit public
$
0.56
$
0.40
Common unit Höegh LNG
$
0.59
$
0.42
Subordinated unit
$
0.59
$
0.42
HÖEGH LNG PARTNERS LP
UNAUDITED CONDENSED INTERIM CONSOLIDATED
BALANCE SHEETS
(in thousands of U.S. dollars)
As of
March 31,
December 31,
2018
2017
ASSETS
Current assets
Cash and cash equivalents
$
31,401
$
22,679
Restricted cash
3,860
6,962
Trade receivables
6,571
7,563
Amounts due from affiliates
2,932
4,286
Advances to joint ventures
—
—
Inventory
658
668
Current portion of net investment in direct financing lease
3,891
3,806
Derivative instruments
511
—
Prepaid expenses and other receivables
1,076
462
Total current assets
50,900
46,426
Long-term assets
Restricted cash
13,555
13,640
Vessels, net of accumulated depreciation
673,885
679,041
Other equipment
582
604
Intangibles and goodwill
23,475
24,370
Advances to joint ventures
3,334
3,263
Net investment in direct financing lease
281,815
282,820
Long-term deferred tax asset
181
204
Derivative instruments
830
228
Other long-term assets
7,120
8,363
Total long-term assets
1,004,777
1,012,533
Total assets
$
1,055,677
$
1,058,959
HÖEGH LNG PARTNERS LP
UNAUDITED CONDENSED INTERIM CONSOLIDATED
BALANCE SHEETS
(in thousands of U.S. dollars)
As of
March 31,
December 31,
2018
2017
LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt
$
45,458
$
45,458
Trade payables
850
381
Amounts due to owners and affiliates
1,478
1,417
Value added and withholding tax liability
979
1,511
Derivative instruments
589
2,015
Accrued liabilities and other payables
10,074
13,042
Total current liabilities
59,428
63,824
Long-term liabilities
Accumulated losses of joint ventures
11,377
20,746
Long-term debt
423,668
434,845
Revolving credit and seller's credit due to owners and affiliates
57,590
51,832
Derivative instruments
184
2,102
Long-term tax liability
398
—
Long-term deferred tax liability
6,319
5,158
Other long-term liabilities
4,059
5,793
Total long-term liabilities
503,595
520,476
Total liabilities
563,023
584,300
EQUITY
8.75% Series A Preferred Units
120,251
113,404
Common units public
322,387
317,149
Common units Höegh LNG
6,811
6,513
Subordinated units
42,212
40,341
Accumulated other comprehensive income (loss)
993
(2,748)
Total partners' capital
492,654
474,659
Total equity
492,654
474,659
Total liabilities and equity
$
1,055,677
$
1,058,959
HÖEGH LNG PARTNERS LP
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
Three months ended
March 31,
2018
2017
OPERATING ACTIVITIES
Net income (loss)
$
21,686
$
16,188
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation and amortization
5,268
5,263
Equity in losses (earnings) of joint ventures
(9,369)
(4,809)
Changes in accrued interest income on advances to joint ventures
(71)
1,197
Amortization of deferred debt issuance cost and fair value of debt assumed
187
213
Amortization in revenue for above market contract
895
895
Changes in accrued interest expense
460
(189)
Net currency exchange losses (gains)
(60)
134
Unrealized loss (gain) on derivative instruments
(631)
(663)
Non-cash revenue: tax paid directly by charterer
(198)
—
Non-cash income tax expense: tax paid directly by charterer
198
—
Deferred tax expense and provision for tax uncertainty
1,505
1,054
Other adjustments
49
158
Changes in working capital:
Trade receivables
1,067
(367)
Inventory
10
14
Prepaid expenses and other receivables
(612)
(689)
Trade payables
468
(249)
Amounts due to owners and affiliates
1,415
1,124
Value added and withholding tax liability
753
1,257
Accrued liabilities and other payables
(3,695)
(188)
Net cash provided by (used in) operating activities
19,325
20,343
INVESTING ACTIVITIES
Expenditure for purchase of Höegh Grace entities
—
(91,768)
Cash acquired in the purchase of the Höegh Grace entities
—
3,793
Decrease (increase) in restricted cash designated for purchase of the Höegh Grace entities
—
91,768
Expenditure for vessel and other equipment
—
(6)
Receipts from repayment of principal on direct financing lease
920
843
Net cash provided by (used in) investing activities
$
920
$
4,630
HÖEGH LNG PARTNERS LP
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
Three months ended
March 31,
2018
2017
FINANCING ACTIVITIES
Proceeds from loans and promissory notes due to owners and affiliates
$
5,400
$
1,600
Repayment of long-term debt
(11,365)
(11,365)
Repayment of customer loan for funding of value added liability on import
(1,265)
(1,258)
Net proceeds from issuance of common units
2,778
—
Net proceeds from issuance of 8.75% Series A Preferred Units
7,935
—
Cash distributions to limited partners and preferred unitholders
(18,193)
(13,717)
Proceeds from indemnifications received from Höegh LNG
—
404
Net cash provided by (used in) financing activities
(14,710)
(24,336)
Increase (decrease) in cash, cash equivalents and restricted cash
5,535
637
Cash, cash equivalents and restricted cash, beginning of period
43,281
41,124
Cash, cash equivalents and restricted cash, end of period
$
48,816
$
41,761
HÖEGH LNG PARTNERS LP
UNAUDITED SEGMENT INFORMATION FOR THE QUARTER ENDED MARCH 31, 2018 AND 2017
(in thousands of U.S. dollars)
Segment information
There are two operating segments. The segment profit measure is Segment EBITDA, which is defined as earnings before interest, taxes, depreciation, amortization and other financial items (gains and losses on derivative instruments and other items, net) less the non-controlling interest in Segment EBITDA. Segment EBITDA is reconciled to operating income and net income in the segment presentation below. The two segments are "Majority held FSRUs" and "Joint venture FSRUs." In addition, unallocated corporate costs that are considered to benefit the entire organization, interest income from advances to joint ventures and interest expense related to the seller's credit note and the outstanding balance on the $85 million revolving credit facility are included in "Other."
For the three months ended March 31, 2018 and 2017, Majority held FSRUs includes the direct financing lease related to the PGN FSRU Lampung and the operating leases related to the Höegh Gallant and the Höegh Grace.
For the three months ended March 31, 2018 and 2017, Joint venture FSRUs include two 50% owned FSRUs, the Neptune and the GDF Suez Cape Ann, that operate under long term time charters with one charterer.
The accounting policies applied to the segments are the same as those applied in the financial statements, except that i) Joint venture FSRUs are presented under the proportional consolidation method for the segment note to the Partnership's financial statements and in the tables below, and under equity accounting for the consolidated financial statements and ii) non-controlling interest in Segment EBITDA is subtracted in the segment note and the tables below to reflect the Partnership's interest in Segment EBITDA as the Partnership's segment profit measure, Segment EBITDA. Under the proportional consolidation method, 50% of the Joint venture FSRUs' revenues, expenses and assets are reflected in the segment note. Management monitors the results of operations of joint ventures under the proportional consolidation method and not the equity method of accounting. On January 1, 2017, the Partnership began consolidating its acquired 51% interest in the Höegh Grace entities. Since the Partnership obtained control of the Höegh Grace entities, it consolidated 100% of the revenues, expenses, assets and liabilities of the Höegh Grace entities and the interest not owned by the Partnership was reflected as non-controlling interest in net income and non-controlling interest in total equity under US GAAP. Management monitored the results of operations of the Höegh Grace entities based on the Partnership's 51% interest in Segment EBITDA of such entities and, therefore, subtracted the non-controlling interest in Segment EBITDA to present Segment EBITDA. The adjustment to non-controlling interest in Segment EBITDA is reversed to reconcile to operating income and net income in the segment presentation. On December 1, 2017, the Partnership acquired the remaining 49% ownership interest in the Höegh Grace entities and, as of that date, there was no longer a non-controlling interest in the Höegh Grace entities. The following tables include the results for the segments for the three months ended March 31, 2018 and 2017.
HÖEGH LNG PARTNERS LP
UNAUDITED SEGMENT INFORMATION FOR THE QUARTER ENDED MARCH 31, 2018
(in thousands of U.S. dollars)
Three months ended March 31, 2018
Joint venture
Majority
FSRUs
Total
held
(proportional
Segment
Elimin-
Consolidated
(in thousands of U.S. dollars)
FSRUs
consolidation)
Other
reporting
ations
reporting
Time charter revenues
$
34,885
10,996
—
45,881
(10,996)
(1)
$
34,885
Total revenues
34,885
10,996
—
45,881
34,885
Operating expenses
(6,533)
(2,474)
(2,006)
(11,013)
2,474
(1)
(8,539)
Equity in earnings (losses) of joint
ventures
—
—
—
—
9,369
(1)
9,369
Segment EBITDA
28,352
8,522
(2,006)
34,868
Depreciation and amortization
(5,268)
(2,401)
—
(7,669)
2,401
(1)
(5,268)
Operating income (loss)
23,084
6,121
(2,006)
27,199
30,447
Gain (loss) on derivative instruments
631
6,515
—
7,146
(6,515)
(1)
631
Other financial income (expense), net
(6,571)
(3,267)
(712)
(10,550)
3,267
(1)
(7,283)
Income (loss) before tax
17,144
9,369
(2,718)
23,795
—
23,795
Income tax benefit (expense)
(2,109)
—
—
(2,109)
—
(2,109)
Net income (loss)
$
15,035
9,369
(2,718)
21,686
—
$
21,686
Preferred unitholders' interest in net income
—
—
—
—
2,660
(2)
2,660
Limited partners' interest in net income
(loss)
$
15,035
9,369
(2,718)
21,686
(2,660)
(2)
$
19,026
(1) Eliminations reverse each of the income statement line items of the proportional amounts for Joint venture FSRUs and record the Partnership's share of the Joint venture FSRUs net income (loss)
to Equity in earnings (loss) of joint ventures.
(2) Allocates the preferred unitholders' interest in net income to the preferred unitholders.
HÖEGH LNG PARTNERS LP
UNAUDITED SEGMENT INFORMATION FOR THE QUARTER ENDED MARCH 31, 2017
(in thousands of U.S. dollars)
Three months ended March 31, 2017
Joint venture
Majority
FSRUs
Total
held
(proportional
Segment
Elimin-
Consolidated
(in thousands of U.S. dollars)
FSRUs
consolidation)
Other
reporting
ations
reporting
Time charter revenues
$
35,076
10,924
—
46,000
(10,924)
(1)
$
35,076
Total revenues
35,076
10,924
—
46,000
35,076
Operating expenses
(7,262)
(2,619)
(1,672)
(11,553)
2,619
(1)
(8,934)
Equity in earnings (losses) of joint
ventures
—
—
—
—
4,809
(1)
4,809
Less: Non-controlling interest in Segment EBITDA
(4,994)
—
—
(4,994)
4,994
(2)
—
Segment EBITDA
22,820
8,305
(1,672)
29,453
Add: Non-controlling interest in Segment EBITDA
4,994
—
—
4,994
(4,994)
(2)
—
Depreciation and amortization
(5,263)
(2,440)
—
(7,703)
2,440
(1)
(5,263)
Operating income (loss)
22,551
5,865
(1,672)
26,744
25,688
Gain (loss) on derivative instruments
663
2,496
—
3,159
(2,496)
(1)
663
Other financial income (expense), net
(7,455)
(3,552)
(953)
(11,960)
3,552
(1)
(8,408)
Income (loss) before tax
15,759
4,809
(2,625)
17,943
—
17,943
Income tax expense
(1,755)
—
—
(1,755)
—
(1,755)
Net income (loss)
$
14,004
4,809
(2,625)
16,188
—
$
16,188
Non-controlling interest in net income
2,744
—
—
2,744
2,744
Limited partners' interest in net income (loss)
$
11,260
4,809
(2,625)
13,444
—
$
13,444
(1) Eliminations reverse each of the income statement line items of the proportional amounts for Joint venture FSRUs and record the Partnership's share of the Joint venture FSRUs net
income (loss) to Equity in earnings (loss) of joint ventures.
(2) Eliminations reverse the adjustment to Non-controlling interest in Segment EBITDA included for Segment EBITDA and the adjustment to reverse the Non-controlling interest in Segment
EBITDA to reconcile to operating income and net income.
HÖEGH LNG PARTNERS LP
UNAUDITED SCHEDULE OF FINANCIAL INCOME AND EXPENSE
(In thousands of U.S. dollars)
The following table includes the financial income (expense), net for the three months ended March 31, 2018 and 2017.
Three months ended
March 31,
(in thousands of U.S. dollars)
2018
2017
Interest income
$
187
$
130
Interest expense:
Interest expense
(6,640)
(7,259)
Commitment fees
(37)
(264)
Amortization of debt issuance cost and fair value of debt assumed
(187)
(213)
Total interest expense
(6,864)
(7,736)
Gain (loss) on derivative instruments
631
663
Other items, net:
Unrealized foreign exchange gain (loss)
66
(147)
Realized foreign exchange gain (loss)
(8)
14
Bank charges, fees and other
(35)
(23)
Withholding tax on interest expense and other
(629)
(646)
Total other items, net
(606)
(802)
Total financial income (expense), net
$
(6,652)
$
(7,745)
Appendix A: Segment EBITDA
Non-GAAP Financial Measures
Segment EBITDA. EBITDA is defined as earnings before interest, depreciation and amortization and taxes. Segment EBITDA is defined as earnings before interest, depreciation and amortization, taxes and other financial items less non-controlling interest in Segment EBITDA. Other financial items consist of gains and losses on derivative instruments and other items, net (including foreign exchange gains and losses and withholding tax on interest expenses). Segment EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as the Partnership's lenders, to assess its financial and operating performance. The Partnership believes that Segment EBITDA assists its management and investors by increasing the comparability of its performance from period to period and against the performance of other companies in the industry that provide Segment EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Partnership believes that including Segment EBITDA as a financial and operating measure benefits investors in (a) selecting between investing in it and other investment alternatives and (b) monitoring its ongoing financial and operational strength in assessing whether to continue to hold common units. Segment EBITDA is a non-GAAP financial measure and should not be considered an alternative to net income, operating income or any other measure of financial performance presented in accordance with U.S. GAAP. Segment EBITDA excludes some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, Segment EBITDA as presented below may not be comparable to similarly titled measures of other companies. The following tables reconcile Segment EBITDA for each of the segments and the Partnership as a whole to net income (loss), the comparable U.S. GAAP financial measure, for the periods presented:
Three months ended March 31, 2018
Joint venture
Majority
FSRUs
Total
held
(proportional
Segment
Elimin-
Consolidated
(in thousands of U.S. dollars)
FSRUs
consolidation)
Other
reporting
ations(1)
reporting
Reconciliation to net income (loss)
Net income (loss)
$
15,035
9,369
(2,718)
21,686
$
21,686
(3)
Interest income
(80)
(41)
(107)
(228)
41
(4)
(187)
Interest expense
6,066
3,308
798
10,172
(3,308)
(4)
6,864
Depreciation and amortization
5,268
2,401
—
7,669
(2,401)
(5)
5,268
Other financial items (2)
(46)
(6,515)
21
(6,540)
6,515
(6)
(25)
Income tax (benefit) expense
2,109
—
—
2,109
2,109
Equity in earnings of JVs:
Interest (income) expense, net
—
—
—
—
3,267
(4)
3,267
Equity in earnings of JVs:
Depreciation and amortization
—
—
—
—
2,401
(5)
2,401
Equity in earnings of JVs:
Other financial items (2)
—
—
—
—
(6,515)
(6)
(6,515)
Segment EBITDA
$
28,352
8,522
(2,006)
34,868
$
34,868
Three months ended March 31, 2017
Joint venture
Majority
FSRUs
Total
held
(proportional
Segment
Elimin-
Consolidated
(in thousands of U.S. dollars)
FSRUs
consolidation)
Other
reporting
ations(1)
reporting
Reconciliation to net income (loss)
Net income (loss)
$
14,004
4,809
(2,625)
16,188
$
16,188
(3)
Interest income
—
(11)
(130)
(141)
11
(4)
(130)
Interest expense
6,667
3,545
1,069
11,281
(3,545)
(4)
7,736
Depreciation and amortization
5,263
2,440
—
7,703
(2,440)
(5)
5,263
Other financial items (2)
125
(2,478)
14
(2,339)
2,478
(6)
139
Income tax (benefit) expense
1,755
—
—
1,755
1,755
Equity in earnings of JVs:
Interest (income) expense, net
—
—
—
—
3,534
(4)
3,534
Equity in earnings of JVs:
Depreciation and amortization
—
—
—
—
2,440
(5)
2,440
Equity in earnings of JVs:
Other financial items (2)
—
—
—
—
(2,478)
(6)
(2,478)
Non-controlling interest in
Segment EBITDA
(4,994)
(4,994)
(4,994)
Segment EBITDA
$
22,820
8,305
(1,672)
29,453
$
29,453
(1)
Eliminations reverse each of the income statement reconciling line items of the proportional amounts for Joint venture FSRUs that are reflected in the consolidated net income for the Partnership's share of the Joint venture FSRUs net income (loss) on the Equity in earnings (loss) of joint ventures line item in the consolidated income statement. Separate adjustments from the consolidated net income to Segment EBITDA for the Partnership's share of the Joint venture FSRUs are included in the reconciliation lines starting with "Equity in earnings of JVs. "
(2)
Other financial items consist of gains and losses on derivative instruments and other items, net including foreign exchange gains or losses and withholding tax on interest expense.
(3)
There is no adjustment between net income for Total Segment reporting and the Consolidated reporting because the net income under the proportional consolidation and equity method of accounting is the same.
(4)
Interest income and interest expense for the Joint venture FSRUs is eliminated from the Total Segment reporting to agree to the interest income and interest expense in the Consolidated reporting and reflected as a separate adjustment to the equity accounting on the line Equity in earnings of JVs: Interest (income) expense for the Consolidated reporting.
(5)
Depreciation and amortization for the Joint venture FSRUs is eliminated from the Total Segment reporting to agree to the depreciation and amortization in the Consolidated reporting and reflected as a separate adjustment to the equity accounting on the line Equity in earnings of JVs: Depreciation and amortization for the Consolidated reporting.
(6)
Other financial items for the Joint venture FSRUs is eliminated from the Segment reporting to agree to the Other financial items in the Consolidated reporting and reflected as a separate adjustment to the equity accounting on the line Equity in earnings of JVs: Other financial items for the Consolidated reporting.
Appendix B: Distributable Cash Flow
Distributable cash flow represents Segment EBITDA adjusted for cash collections on principal payments on the direct financing lease, amortization in revenues for above market contracts less non-cash revenue: tax paid directly by charterer, amortization of deferred revenues for the joint ventures, interest income, interest expense less amortization of debt issuance cost and fair value of debt assumed, other items (net), unrealized foreign exchange losses (gains), current income tax expense, net of uncertain tax position less non-cash income tax: tax paid directly by charterer, and other adjustments such as indemnification paid or to be paid by Höegh LNG for the non-budgeted expenses, losses and estimated maintenance indemnified by, or refunded to, Höegh LNG, distributions on the Series A preferred units and replacement capital expenditures. Cash collections on the direct financing lease investment with respect to the PGN FSRU Lampung consist of the difference between the payments under time charter and the revenues recognized as a financing lease (representing the payment of the principal recorded as a receivable). Amortization in revenues for above market contracts consist of the non-cash amortization of the intangible for the above market time charter contract related to the acquisitions of the Höegh Gallant and Höegh Grace. Amortization of deferred revenues for the joint ventures accounted for under the equity method consist of non-cash amortization to revenues of charterer payments for modifications and drydocking to the vessels. Non-cash revenue: tax paid directly by charterer and non-cash income tax: tax paid directly by charterer consists of certain taxes paid by the charterer directly to the Colombian tax authorities on behalf of the Partnership's subsidiaries which is recorded as a component of time charter revenues and current income tax expenses. Estimated maintenance and replacement capital expenditures, including estimated expenditures for drydocking, represent capital expenditures required to maintain over the long-term the operating capacity of, or the revenue generated by, the Partnership's capital assets.
Distributable cash flow is presented starting with Segment EBITDA taken from the total segment reporting using the proportional consolidation method for the Partnership's 50% interests in the joint ventures as shown in Appendix A. Therefore, the adjustments to Segment EBITDA include the Partnership's share of the joint venture's adjustments. The Partnership believes distributable cash flow is an important liquidity measure used by management and investors in publicly traded partnerships to compare cash generating performance of the Partnership' cash generating assets from period to period by adjusting for cash and non-cash items that could potentially have a disparate effect between periods, and to compare the cash generating performance for specific periods to the cash distributions (if any) that are expected to be paid to limited partners. The Partnership also believes distributable cash flow benefits investors in comparing its cash generating performance to other companies that account for time charters as operating leases rather than financial leases, or that do not have non-cash amortization of intangibles or deferred revenue. Distributable cash flow is a non-GAAP liquidity measure and should not be considered as an alternative to net cash provided by operating activities, or any other measure of the Partnership's liquidity or cash flows calculated in accordance with GAAP. Distributable cash flow excludes some, but not all, items that affect net cash provided by operating activities and the measures may vary among companies. For example, distributable cash flow does not reflect changes in working capital balances. Distributable cash flow also includes some items that do not affect net cash provided by operating activities. Therefore, distributable cash flow may not be comparable to similarly titled measures of other companies. Distributable cash flow is not the same measure as available cash or operating surplus, both of which are defined by the Partnership's partnership agreement. The first table below reconciles distributable cash flow to Segment EBITDA, which is reconciled to net income, the most directly comparable GAAP measure for Segment EBITDA, in Appendix A. Refer to Appendix A for the definition of Segment EBITDA. The second table below reconciles distributable cash flow to net cash provided by operating activities, the most directly comparable GAAP measure for liquidity.
(in thousands of U.S. dollars)
Three months ended
March 31, 2018
Segment EBITDA
$
34,868
Cash collection/Principal payment on direct financing lease
920
Amortization in revenues for above market contracts
895
Non-cash revenue: Tax paid directly by charterer
(198)
Equity in earnings of JVs: Amortization of deferred revenue
(603)
Interest income (1)
228
Interest expense (1)
(10,172)
Amortization of debt issuance cost (1) and fair value of debt assumed
230
Other items, net (1)
(606)
Unrealized foreign exchange losses (gains)
(66)
Current income tax benefit (expense), net of uncertain tax position
(604)
Non-cash income tax: Tax paid directly by charterer
198
Other adjustments:
Distributions relating to Series A preferred units (2)
(2,660)
Estimated maintenance and replacement capital expenditures
(5,175)
Distributable cash flow
$
17,255
(1) The Partnership's interest in the joint ventures' interest income, interest expense, amortization of debt issuance
cost and other items, net is $41, $3,307, $43 and $1 respectively
(2) Represents distributions payable on the Series A preferred units related to the three months ended March 31,
2018
Reconciliation of distributable cash flows to net cash provided by (used in) operating activities
(in thousands of U.S. dollars)
Three months ended
March 31, 2018
Distributable cash flow
$
17,255
Estimated maintenance and replacement capital expenditures
5,175
Distributions relating to Series A preferred units
2,660
Equity in earnings of JVs: Amortization of deferred revenue
603
Equity in earnings of JVs: Amortization of debt issuance cost
(43)
Equity in earnings of JVs: Depreciation and amortization
(2,401)
Equity in earnings of JVs: Gain (loss) on derivative instruments
6,515
Equity in losses (earnings) of joint ventures
(9,369)
Cash collection/Principal payment on direct financing lease
(920)
Changes in accrued interest expense and interest income
389
Other adjustments
55
Changes in working capital
(594)
Net cash provided by (used in) operating activities
$
19,325
Media contact:
Richard Tyrrell
Chief Executive Officer and Chief Financial Officer
+44 7919 058830
www.hoeghlngpartners.com
View original content with multimedia: http://www.prnewswire.com/news-releases/hoegh-lng-partners-lp-reports-preliminary-financial-results-for-the-quarter-ended-march-31-2018-300657096.html
SOURCE Hoegh LNG Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-hoegh-lng-partners-lp-reports-preliminary-financial-results-for-the-quarter-ended-march-31-2018.html |
The Late Morning Rundown: May 29, 2018 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/the-late-morning-rundown-may-29-2018.html |
HONG KONG (Reuters) - Russia’s largest aluminum producer Rusal said on Monday it has not received a formal resignation from director Oleg Deripaska, and reiterated that its business and prospects may be affected by U.S. sanctions.
FILE PHOTO: President of En+ Group, Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017. REUTERS/Sergei Karpukhin/File Photo Washington imposed sweeping sanctions last month on some of Russia’s biggest companies and businessmen, including En+ Group Plc, striking at allies of President Vladimir Putin to punish Moscow for alleged meddling in the 2016 U.S. presidential election and other so-called malign activities.
Rusal noted in a statement that its controlling shareholder, Russia’s En+, said last week that Deripaska had resigned from its board of directors, in a move that could help alleviate sanctions pressure on the firm.
En+ also announced its directors had endorsed its chairman’s plan to have sanctions lifted.
“The company reiterates that its current assessment is that it is still highly likely that the impact may be materially adverse to the business and prospects of the group,” Rusal said in a filing to the Hong Kong bourse.
“As at the date of this announcement, the company has not received any formal resignation from Mr. Deripaska.”
Rusal shares in Hong Kong, which slumped in April on news of the sanctions, were trading up six percent at 0310 GMT.
Reporting by Donny Kwok; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-russia-sanctions-deripaska/rusal-says-deripaska-has-not-formally-resigned-reiterates-sanctions-may-hit-business-idUSKCN1IM0CJ |
Expert: Most GDPR emails are unnecessary 4 Hours Ago Stephen Bonner, partner, cyber risk services at Deloitte, discusses the European Union’s General Data Protection Regulation (GDPR). | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/expert-most-gdpr-emails-are-unnecessary.html |
(Adds detail from earnings call)
By Sheila Dang and Muvija M
May 9 (Reuters) - U.S. cable TV provider Altice USA Inc on Wednesday posted a larger first-quarter loss than analysts had expected as programming costs jumped 6.4 percent from the previous year.
Altice Chief Financial Officer Charles Stewart said during a post-earnings conference call he expected programming expenses to keep rising, but was “fighting hard to contain this as much as possible.”
Shares of Altice fell 1.7 percent to $16.50 after the bell.
Net loss attributable to stockholders widened to $129 million, or 17 cents per share, from $76.4 million, or 12 cents per share, in the year-ago period.
Analysts had expected a loss of 12 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 1.2 percent to $2.33 billion as the company added more Suddenlink residential subscribers and advertising revenue grew by 5.1 percent.
The New York-based company added 14,000 Suddenlink residential subscribers in the first quarter, up from 12,000 in the year-ago period.
Altice Chief Executive Dexter Goei said the company had started installing its new fiber network into homes, and aimed to launch a commercial product in the third quarter.
The fiber network rollout, along with the expansion of its Altice One set-top box, will ramp up capital expenditures for the rest of the year, Stewart said during the call.
Cable TV companies are battling so-called cord-cutting as viewers drop cable packages and move to streaming services such as Netflix Inc, and Altice has been stepping up efforts to cushion the impact.
The company last year launched Altice One, a set-top box that combines traditional video, online streaming services and WiFi as well as other features.
The cable TV provider said on Wednesday it expected to complete in June its spinoff from European telecom and cable group Altice NV. (Reporting by Muvija M in Bengaluru and Sheila Dang in New York; Editing by Sriraj Kalluvila and Richard Chang)
| ashraq/financial-news-articles | https://www.reuters.com/article/altice-usa-results/update-1-altice-usa-reports-quarterly-loss-due-to-high-programming-costs-idUSL3N1SG6WO |
ATLANTA, May 15, 2018 (GLOBE NEWSWIRE) -- Sage (FTSE:SGE), the market leader in cloud business management solutions , today announced that CRN® , a brand of The Channel Company , has named high-achieving Sage leadership members to its prestigious 2018 Women of the Channel list. Jennifer Warawa, Executive Vice President of Partners, Accountants and Alliances; Kerstin Demko, Director, Regional Channel Marketing; Stephanie Kleber, Director of Channel & Sales Enablement; Susan Vincent, Senior Director of Partner Services; and Nancy Sperry, Regional Vice President of Channel Sales, all earned spots on the list.
These women are recognized for their outstanding leadership, vision, and unique role in driving channel growth and innovation. They were also selected as a result of their channel accomplishments, demonstrated expertise, and ongoing dedication to nurturing and growing the partner community.
“The success and growth of our partners is integral to the overall health and performance of our business and Sage Business Cloud. As such, we are dedicated to empowering the channel to achieve new heights and grow their business by sharing best practices, offering professional development opportunities and supporting their marketing initiatives,” said Nancy Harris, Executive Vice President and Managing Director of Sage North America. “Each of these professionals have shown exemplary leadership and creativity, driving measurable results and providing excellent value to our partners.”
Jennifer Warawa is recognized for her commitment to the Sage partner community, from leveraging and sharing best practices from around the globe, to understanding how Sage can evolve to support their business growth. These learnings led to simplification across the Sage global partner program, a more robust partner enablement program and an accelerated rollout of a new Partner Account Management model.
For the sixth consecutive year, Stephanie Kleber is recognized for her tremendous leadership in partner relations. Kleber has been instrumental in the design and execution of the Sage Intacct Business Building Conference for top Sage Intacct partners, creating an engaging program to develop and convey new best practices and tools to help channel partners be more successful in their practices.
Susan Vincent was honored for a third consecutive year based on her commitment to fostering new partner engagement and achievement. Vincent implemented enhancements to Sage Intacct’s Partner Services Onboarding Program, enabling new partners to attain excellent first year results and rapid growth.
Nancy Sperry, a first-time honoree, was named to the list for her dedication to driving partner success. As a member of the channel leadership team, Sperry has played an integral role in developing Sage Intacct’s channel strategy. She works closely with partners to understand and accelerate their business, creating value for the entire Sage Intacct partner ecosystem.
Kerstin Demko, also a first-time honoree, was recognized for her leadership role in managing all facets of Sage’s strategic marketing operations for industry leading channel organization’s products and brands. She started in the Sage Payments division and worked her way to lead the largest channel marketing group in the company.
Leading women from across the IT channel, representing vendors, distributors, solution providers, and other organizations that figure prominently in the channel ecosystem, were honored in the 2018 edition of CRN’s annual list.
“This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships,” said Bob Skelley, CEO of The Channel Company. “CRN’s 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives.”
The 2018 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
Sage Intacct is based in San Jose, and is an entity of Sage. To learn more about the Sage Intacct Partner Program visit: www.sageintacct.com/become-partner .
About Sage
Sage (FTSE:SGE) is the global market leader for technology that helps businesses of all sizes manage everything from money to people – whether they’re a start-up, scale-up or enterprise. We do this through Sage Business Cloud - the one and only business management solution that customers will ever need, comprising Accounting, Financials, Enterprise Management, People & Payroll and Payments & Banking.
Our mission is to free business builders from the burden of admin, so they can spend more time doing what they love – and we do that every day for three million customers across 23 countries, through our 13,000 colleagues and a network of accountants and partners. We are committed to doing business the right way and giving back to our communities through Sage Foundation.
Find out more at www.sage.com/en-us .
To learn more about the Sage Partner Program go here .
About the Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com
CRN is a registered trademark of The Channel Company, LLC. All rights reserved.
Lisa Williams
PR Manager
[email protected]
Source: Sage | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-five-leaders-across-sage-named-crnas-2018-women-of-the-channel.html |
HORSHAM, Pa., May 8, 2018 /PRNewswire/ -- Astea International Inc. (OTCQB: ATEA), will host a conference call that will be broadcast live over the Internet on Tuesday, May 22, 2018 to discuss the company's first quarter 2018 financial results. Due to executive management's travel commitments, this conference call will take place a week after the company files its first quarter financial results with the Securities and Exchange Commission. The executives of the company will host the call.
May 22, 2018
4:30 p.m. ET
http://www.astea.com
The conference call can be found under the subheading, "About Us," and then "Investors," or use the following URL to access the link: http://www.astea.com/en/about-us/investors/page.aspx . To listen to the live call via the Internet, please go to the website at least fifteen minutes early to register, download, and install any necessary audio software. To listen to the live call via the telephone, please call 1-877‑888‑4312. For calls from outside North America, please dial 785‑424‑1876. For those who cannot listen to the live broadcast, a replay will be available, via the Internet, two hours after the call.
About Astea International
Astea International is a global leader in field service and mobile workforce management, including all the cornerstones of full service lifecycle management: customer management, service management, asset management, forward and reverse logistics management and mobile workforce management and optimization. Astea technology helps the world's best service-driven companies generate higher profit while properly balancing customer satisfaction and service levels through proactive communication that creates a seamless, consistent and highly personalized experience at every customer relationship touch point. Astea's solutions unify processes, people, parts, and information to focus the entire organization on the creation of sustainable value in highly competitive, global markets.
www.astea.com . Service Smart. Enterprise Proven.
© 2018 Astea International Inc. Astea and Astea Alliance are trademarks of Astea International Inc. All other company and product names contained herein are trademarks of the respective holders.
View original content with multimedia: http://www.prnewswire.com/news-releases/astea-international-announces-first-quarter-2018-conference-call-300643810.html
SOURCE Astea International Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-astea-international-announces-first-quarter-2018-conference-call.html |
SECAUCUS, N.J., May 17, 2018 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced that its Board of Directors has declared a quarterly dividend.
Jane Elfers, President and Chief Executive Officer, commented, “The continuation of our quarterly dividend is a further reflection of our confidence in our ability to execute on our strategic initiatives and our continuing commitment to return excess capital to shareholders. The Children’s Place has a profitable business model which generates strong cash flow. Since 2009, we have repurchased approximately $1.03 billion of our common stock and since 2014, paid approximately $75 million in dividends.”
The Board declared a quarterly cash dividend of $0.50 per share to be paid June 29, 2018 to shareholders of record at the close of business on June 18, 2018. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s future financial performance and other investment priorities.
About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America. The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names. As of May 5, 2018, the Company operated 1,002 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com , and had 200 international points of distribution open and operated by its 8 franchise partners in 20 countries.
Forward Looking Statement
This press release contains or may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share. Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended February 3, 2018. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by the weakness in the economy which continue to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact: Robert Vill, Group Vice President, Finance, (201) 453-6693
Source:The Children's Place, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-the-childrenas-place-continues-capital-return-program-declares-quarterly-dividend.html |
In 1875, Queen Victoria’s heir, Albert Edward, the Prince of Wales, sailed through the recently completed Suez Canal on his way to the jewel in his mother’s crown—the vast realms of the Indian subcontinent. In the four-month tour that followed, the prince rode elephants, hobnobbed with maharajahs, visited the Taj Mahal by moonlight—and found plenty of treasures.
Next month, the Queen’s Gallery in Buckingham Palace will put some of that collection on view. “A Prince’s Tour of India 1875-76” features more than 70 objects, mostly... | ashraq/financial-news-articles | https://www.wsj.com/articles/souvenirs-of-a-princes-passage-to-india-1526658009 |
May 25, 2018 / 3:04 PM / Updated an hour ago Tennis - Federico Coria found guilty of anti-corruption charge
LONDON (Reuters) - Federico Coria has been found guilty of a breach of the Tennis Anti-Corruption Program - the second player from Argentina to fall foul of the rules in the past 24 hours.
A statement from the Tennis Integrity Unit (TIU) on Friday said the 26-year-old had failed to report being offered a payment to lose a set in a lower tier Futures in Sassuolo, Italy, in 2015. It said he had also been approached with a financial incentive to lose a number of matches during the year.
“Although Mr Coria did not accept any financial incentive or take action to comply with the corrupt approaches, he failed to inform the Tennis Integrity Unit (TIU), which constitutes a breach of the program,” the statement said.
Coria was also found to have committed a “technical” breach of failing to co-operate with a TIU investigation after his cell phone supplied to the TIU for examination had been returned to its factory settings, although it was accepted this had not been done for an improper purpose.
Having been found guilty of the charges the world number 223 will discover his sanction at a later date.
On Thursday, 25-year-old Nicolas Kicker was found guilty of match-fixing and other offences by the TIU.
Kicker, ranked 84th, attempted to fix the outcome of two matches, at ATP Challenger tournaments in Italy and in Colombia in 2015, the TIU said in a statement.
He will also be will be sanctioned at a later date and will not be able to compete until then. Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-argentina-matchfixing/tennis-federico-coria-found-guilty-of-anti-corruption-charge-idUKKCN1IQ27D |
John Tlumacki | The Boston Globe | Getty Images The patriot missile is manufactured at Raytheon's Integrated Air Defense Center in Andover, Mass.
The hot trade in aerospace and defense – including that of industry leader Raytheon – is coming to an end, according to Credit Suisse, which downgraded both the sector and the company to neutral on Tuesday.
"After six consecutive years of relative outperformance, defense hardware stocks have reached valuation multiples not seen since 2001. But whereas in 2001 those multiples were deserved in light of the beginning of a major land war and the end of an industry consolidation wave, today's market appears to have gotten ahead of itself," wrote analyst Robert Spingarn.
The team of Credit Suisse analysts demoted a slew of defense stocks Tuesday as a part of the sector rerating including Raytheon , the $60 billion company responsible for producing the Tomahawk cruise missile. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/raytheon-downgraded-as-credit-suisse-curbs-its-enthusiasm-for-defense-and-aerospace.html |
May 8, 2018 / 10:55 AM / in 19 minutes METALS-Copper falls as stronger dollar overpowers positive China data Reuters Staff
* LME/ShFE arb: bit.ly/2wZSAEz (Updates With closing prices)
By Peter Hobson
LONDON, May 8 (Reuters) - Copper prices fell on Tuesday as the effect of a strengthening dollar overshadowed positive trade data from China, the world’s largest consumer and producer of industrial metals.
Chinese imports and exports grew more strongly than expected in April and copper imports rose 2.8 percent from the previous month, implying healthy demand and pushing prices higher in early trading.
But interest was curbed by the dollar, which reached a new 2018 high against a basket of major currencies, making dollar-denominated industrial metals more expensive for users of other currencies.
“The strong dollar has taken its toll,” said Robin Bhar, head of metals research at Societe Generale.
COPPER: Benchmark three-month copper on the London Metal Exchange closed down 1.2 percent at $6,745 a tonne, falling below its technically important 200-day moving average.
RANGEBOUND: Copper has been locked between around $6,600 and $7,300 since late last year after recovering from a 2016 low of $4,318.
STOCKS: Headline copper inventories in LME-registered warehouses fell 8,750 tonnes to 302,625 tonnes, the lowest in three months but far more than December’s 183,525 tonnes MCUSTX-TOTAL.
CHINA IMPORTS: Higher Chinese copper imports may not imply greater demand, said analysts at Commerzbank. “The question is whether this is thanks to a dynamic economy or simply arbitrage, i.e. stocks being shifted between warehouses,” they said.
CHINA DATA: A flurry of data in coming weeks is expected to show China’s economy remained strong in April, underpinned by a pick-up in industrial output and a rebound in exports.
U.S.-CHINA TRADE: China’s top economic official will visit Washington next week to resume trade talks, the White House said on Monday, after discussions in Beijing last week failed to produce agreement.
ANTOFAGASTA: Chilean copper producer Antofagasta said it would take up to three months for stocks to return to normal after a pipeline blockage between the Los Pelambres processing plant and port. Full year production guidance was unchanged.
ALUMINIUM: Aluminium exports from top producer China inched higher in April, as new U.S. import tariffs were offset by U.S. sanctions on Russia’s Rusal that pushed up international prices, making export more lucrative.
ALUMINIUM SPREAD: The premium for cash aluminium over the three-month contract MAL0-3 has risen to $24.25 from close to zero a week ago, suggesting tighter nearby supply.
LME aluminium finished up 0.2 percent at $2,355 a tonne after surging to seven-year highs last month.
ZINC: Zinc ended 0.2 percent higher at $3,060 a tonne, up from a nine-month low last week. Traders said gains were technically driven after prices held above the psychologically important level of $3,000 a tonne.
OTHER METALS: Nickel closed down 1 percent at $13,880 a tonne, lead ended 1.3 percent lower at $2,288 and tin finished down 1.4 percent at $20,925. Additional reporting by Naveen Thukral, editing by Ed Osmond/Larry King/Ken Ferris | ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-falls-as-stronger-dollar-overpowers-positive-china-data-idUSL8N1SF3Z9 |
May 12, 2018 / 6:30 AM / Updated 22 minutes ago Cricket-Stokes goes from MVP to Royal disappointment in IPL Amlan Chakraborty 3 Min Read
NEW DELHI, May 12 (Reuters) - Fourth months after splashing out $1.97 million to secure the services of Ben Stokes, Rajasthan Royals cannot be faulted for regretting the splurge as they struggle to stay afloat in this year’s Indian Premier League (IPL).
Stokes, then with Rising Pune Supergiant, set alight last year’s tournament with his scintillating batting, crafty bowling and electric fielding, making him the obvious choice for the league’s Most Valuable Player (MVP) honour.
England and world cricket’s premier all-rounder’s Midas touch has deserted him since joining Rajasthan, however, with the 26-year-old still looking for his first fifty in this year’s tournament, while the wickets have also dried up.
But it may still not to be too late for Stokes, according to England team mate Chris Woakes.
“He is a world class player,” Woakes, who is among a dozen English players in this year’s IPL, told reporters on Friday.
“Probably has not played as well as he would have liked throughout the tournament but I never write him off.
“Still four games left and more if they qualify. He’s a fantastic player. If you slip off your game against him, he will punish you,” the Royal Challengers Bangalore player added.
Stokes did suffer a setback off the pitch when he was charged with affray following an incident in Bristol last September, costing him a place on England’s Ashes tour of Australia.
The player has pleaded not guilty and will face trial in August.
Hoping to help Stokes rediscover his best form, Rajasthan tried the middle-order batsman as an opener in Friday’s match against Chennai Super Kings but the all-rounder made just 11 before losing his middle stump to Harbhajan Singh.
However, Rajasthan and England team mate Jos Buttler said the switch in order was primarily due to a hamstring issue.
“(Rajasthan mentor) Shane Warne sort of said ‘why don’t you go at the top and play with some freedom and try and see if that comes off’ because he felt like he was going to find it hard in the middle with his running,” explained Buttler.
Bought at a relatively modest $680,000, Buttler has provided better value for money for Rajasthan, the wicketkeeper-batsman hitting his fourth consecutive half-century on Friday to keep the side alive in the playoff race.
Opening the innings with Stokes, Buttler went on to smash an unbeaten 95 to anchor Rajasthan’s chase in Jaipur against IPL heavyweights Chennai.
Asked if it was his best Twenty20 knock, the 27-year-old said, “Definitely, especially in the IPL. I have hit my straps and it’s always special when you’re not out.”
Rajasthan, currently sixth in the eight-team league, visit Mumbai Indians on Sunday. (Reporting by Amlan Chakraborty in New Delhi; Editing by John O’Brien) | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-t20-ipl-stokes/cricket-stokes-goes-from-mvp-to-royal-disappointment-in-ipl-idUKL3N1SI4QX |
May 9 (Reuters) - Delphi Energy Corp:
* REPORTS FIRST QUARTER 2018 RESULTS * PRODUCED 9,515 BARRELS OF OIL EQUIVALENT PER DAY IN QUARTER, A 16 PERCENT INCREASE FROM 8,198 BOE/D IN THE FIRST QUARTER OF 2017
* QTRLY AFFO PER SHARE $0.06 * PREVIOUSLY ANNOUNCED PRODUCTION AND ADJUSTED FUNDS FLOW GUIDANCE FOR THE FIRST HALF 2018 REMAIN LARGELY UNCHANGED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-delphi-energy-qtrly-affo-per-share/brief-delphi-energy-qtrly-affo-per-share-0-06-idUSASC0A19R |
May 15, 2018 / 4:32 PM / Updated an hour ago Ireland's maiden test ends in defeat by Pakistan Reuters Staff 2 Min Read
(Reuters) - Ireland lost their maiden test match to Pakistan by five wickets on Tuesday, but went down fighting at Malahide in Dublin. Cricket - Test Match - Ireland vs Pakistan - The Village, Malahide, Ireland - May 15, 2018 Ireland and Pakistan players after the test match REUTERS/Clodagh Kilcoyne
Starting the day on 319 for seven with Kevin O’Brien resuming on 118, Ireland were only able to add 20 runs to their overnight total to set Pakistan a target of 160.
O’Brien, who became Ireland’s first-ever test centurion on Monday, was out to the first ball he faced, but Tim Murtagh and Boyd Rankin ploughed into Pakistan’s batting lineup early on to add a touch of drama to the proceedings. Cricket - Test Match - Ireland vs Pakistan - The Village, Malahide, Ireland - May 15, 2018 Ireland's Kevin O'Brien poses with the man of the match trophy after the match REUTERS/Clodagh Kilcoyne
Opener Azhar Ali was the first to depart for two, caught by Paul Stirling at first slip after a good length delivery by Murtagh, before Haris Sohail and Asad Shafiq were swiftly sent packing to leave the visitors reeling on 14 runs for three wickets. Slideshow (8 Images)
That was as good as it got for Ireland.
Opener Imam-ul-Haq, nephew of former captain and current chief selector Inzamam-ul-Haq, steadied the ship with a fine test debut, stroking an unbeaten 74 that provided the platform for victory.
Imam’s 126-run fourth wicket stand with Babar Azam was enough to break the Irish resistance, but only after Andy Balbirnie let an opportunity to send Babar back to the dressing room early slip through his fingers at third slip.
That miss proved costly, with Pakistan piling on 50 runs in the next 10 overs before Balbirnie made amends, helping to run out Babar on 59.
Though Pakistan were 20 runs from victory at that stage Ireland refused to lie down, with Stuart Thompson getting skipper Sarfraz Ahmed out lbw on eight runs, but Imam kept his head amid all the chaos, and struck the winning runs. Reporting by Simon Jennings in Bengaluru, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-test-irl-pak/irelands-maiden-test-ends-in-defeat-by-pakistan-idUKKCN1IG2JE |
ROME (Reuters) - Italy’s anti-establishment 5-Star Movement and the far-right League expect to complete a joint policy agenda on Wednesday, paving the way for a coalition government, League leader Matteo Salvini said on Wednesday.
“We have made a lot of good progress ... we should finish the program today,” Salvini said during a live video stream on Facebook.
In upbeat comments that contained few of the cautionary notes he had used in recent days, Salvini said the 5-Star and League coalition would set a precise timeline for its reforms in issues including taxation, pensions and education.
“It would be crazy to give up at the moment of truth,” he said, adding that he would not be intimidated by negative reaction from financial markets or attacks from the media against the two anti-system parties.
“The more they insult us, the more they threaten us, the more they blackmail us, the more desire I have to embark on this challenge,” he said.
Reporting By Gavin Jones; editing by Steve Scherer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-salvini/italys-league-chief-sees-government-program-completed-wednesday-idUSKCN1IH1CO |
May 5, 2018 / 6:36 PM / Updated 26 minutes ago Panama to hold presidential election in May 2019 Reuters Staff 2 Min Read
PANAMA CITY (Reuters) - Panama will hold its next general election on May 5, 2019, the country’s election tribunal announced on Saturday, with voters set to choose a new president, lawmakers and mayors to lead the Central American country for a five-year term.
Roughly 2.7 million Panamanian voters in May next year will elect a replacement for current President Juan Carlos Varela, who is barred from re-election.
On Saturday, the president announced a plan to kick-start a series of popular consultations on constitutional changes ahead of next year’s vote.
Among the changes, announced at the election tribunal event, Varela said he hopes to forge a constitutional assembly that would be elected in the general election, without giving any further details.
Varela’s critics said the unusual move was “irresponsible” just one year before the election.
“This adds uncertainty to the electoral process,” said Romulo Roux, president of the Democratic Change party. “It’s a political measure for (Varela) to maintain his power after 2019.”
The election tribunal said $55.9 million (£41.3 million) would be destined for the elections, the sixth such vote since Panama’s dictatorship ended. Reporting by Elida Moreno; Editing by Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-panama-election/panama-to-hold-presidential-election-in-may-2019-idUKKBN1I60RN |
* Qualcomm to meet regulators before Wilbur Ross arrives -sources
* Qualcomm had productive talks with SAMR on Friday -sources
* Qualcomm is now preparing a new submission to SAMR -sources
BEIJING, May 27 (Reuters) - Qualcomm Inc is expecting to meet this week in Beijing with China's antitrust regulators in a final push to secure clearance for its proposed $44 billion acquisition of NXP Semiconductors NV, three sources told Reuters.
The acquisition has been caught in the crosshairs of rising U.S.-China trade tensions, with sources saying an approval would depend on the progress of broader bilateral talks. The deal has got a nod from eight of the nine required global regulators, with Chinese clearance the only one pending.
Qualcomm is likely to meet Chinese regulators before U.S. Commerce Secretary Wilbur Ross arrives in China on Saturday, the sources briefed on Qualcomm's discussions said.
A Qualcomm team and officials from the State Administration for Market Regulation (SAMR) met in Beijing on Friday and had "productive" talks, the sources said.
The San Diego-based firm is now "cautiously optimistic" the deal will go forward, one of the sources said, amid recent indications of a thaw in U.S.-China trade tensions that has seen both sides propose tens of billions of dollars in tariffs.
On Friday, the Trump administration said it had reached a deal that would put ZTE Corp back in business after the Chinese telecommunications company pays a $1.3 billion fine and makes management changes.
Resolving the ZTE sales ban has been of chief importance to China's leadership. The firm was banned in April from buying U.S. technology components for seven years after breaking an agreement it reached for violating U.S. sanctions against Iran and North Korea.
"It feels as though it's getting close to the end," said the source quoted above.
NEW SUBMISSION
Qualcomm is now preparing a new submission to SAMR aimed at providing final guarantees and assurances, the sources said.
China's market regulator did not immediately respond to a faxed request for comment outside of business hours.
While there are no explicit ties between ZTE's problems, Sino-U.S. trade tensions and Qualcomm-NXP merger clearance, there are "perceived linkages" and the timing of current discussions is "not coincidental," two of the sources said.
"The degree to which the two sides are moving to resolve trade tensions clearly has an impact," one source said.
Qualcomm in recent weeks has moved to restart discussions that have stalled since the end of last year.
The company in April was forced to refile its China anti-trust application to clear the NXP deal, after talks reached a dead end.
Cristiano Amon, Qualcomm's president, was in China last week, attending a big data industry expo in the southwest province of Guizhou.
Earlier this month, China's anti-trust regulator approved Qualcomm's investment with a unit of state-owned Datang Telecom Technology Co. to design, package and test smartphone chipsets, one year after the joint venture was announced. (Reporting By Matthew Miller; Additional reporting by Michael Martina and Elias Glenn; Editing by Himani Sarkar) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/reuters-america-qualcomm-to-meet-china-regulators-in-push-to-clear-44-bln-nxp-deal-sources.html |
May 31, 2018 / 3:20 PM / Updated 4 minutes ago Reporters quit Slovak public broadcaster to protest at political pressure Reuters Staff 3 Min Read
BRATISLAVA (Reuters) - Twelve reporters from Slovakia’s public TV and radio broadcaster RTVS quit on Thursday in protest at what they called creeping political pressure.
The resignations come after RTVS sacked a senior radio editor and four reporters who had signed a critical open letter to management last month. Three radio reporters quit in protest then.
The journalists said the standoff at RTVS, which is publicly funded but independent of the state despite having a CEO appointed by parliament, was fuelled by steps by new management brought in last year.
CEO Jaroslav Reznik appointed as editors-in-chief several former journalists, who had also worked as spokespeople for ministries controlled by the ruling coalition parties.
“Our colleagues were fired because they were a strong and loud critics of the management. We started being punished for our opinions,” the outgoing reporters said in a statement.
“We face pressure to include in our stories people who flirt with disinformation media, lack expertise or have political ambitions.”
The question of media freedom has come to the fore in Slovakia after the killing of an investigative reporter in late February. The murder sparked the largest protests in Slovakia since communism ended in 1989.
The protests led to the resignation of long-serving prime minister Robert Fico while his three-party coalition remains in power, led by Fico’s former deputy Peter Pellegrini.
Reznik, chosen by parliament in June 2017, has repeatedly criticised what he called imbalances in RTVS journalism.
“The public broadcaster should not present one mainstream world view, because it belongs to all taxpayers, therefore it should represent all opinions,” he told daily Dennik N in an interview on Wednesday.
RTVS said in a statement its news section had 97 internal staff and 141 contractors and the resignations would not cause any disruption to broadcasts.
In a Median agency opinion poll carried out in the fourth quarter of 2017, RTVS was picked as the most trusted news source by 24.8 percent of viewers, more than any other TV station.
President Andrej Kiska said on Thursday it was unacceptable for the management or politicians to interfere with the public trust in RTVS.
“The public institution does not belong to its manager or to the party that nominated him,” Kiska said. Reporting by Tatiana Jancarikova; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-slovakia-politics-media/reporters-quit-slovak-public-broadcaster-to-protest-at-political-pressure-idUKKCN1IW254 |
BLOOMFIELD HILLS, Mich., May 15, 2018 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced that its Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.540 per common share. This is the Company's 97 th consecutive cash dividend and represents a 3.8% increase over the Company's previous quarterly dividend. The dividend is payable July 13, 2018 to shareholders of record at the close of business on June 29, 2018.
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. The Company currently owns and operates a portfolio of 467 properties, located in 44 states and containing approximately 9.2 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC". For additional information, please visit www.agreerealty.com .
View original content: http://www.prnewswire.com/news-releases/agree-realty-declares-increased-quarterly-cash-dividend-300648959.html
SOURCE Agree Realty Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-agree-realty-declares-increased-quarterly-cash-dividend.html |
Subscribe Sign In Where Graduates Move After College Which cities have the most drawing power among college grads? Small metros lose out to big ones in gaining graduates, but some buck the trend. Our database of 445 schools shows where the alumni of each one wind up. | ashraq/financial-news-articles | http://www.wsj.com/graphics/where-graduates-move-after-college/?mod=article_inline |
May 1 (Reuters) - Boeing Co:
* KLX INC -BOEING MAY BE REQUIRED TO PAY KLX TERMINATION FEE OF $175 MILLION IF DEAL TERMINATED BY KLX OR BOEING UNDER SOME CONDITIONS - SEC FILING Source text ( bit.ly/2rcvOWK ) Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-klx-inc-boeing-may-be-required-to/brief-klx-inc-boeing-may-be-required-to-pay-klx-175-million-as-deal-termination-fee-idUSFWN1S806R |
May 29, 2018 / 6:19 AM / Updated 12 hours ago Rocket Internet targets $2.6 billion cash at fintech and AI Emma Thomasson 2 Min Read
BERLIN (Reuters) - Germany’s Rocket Internet said on Tuesday it is looking at investing in areas such as financial technology and artificial intelligence with the 2.6 billion euro ($3 billion) it has amassed.
“We are looking for opportunities in the tech sector... There is no set timeframe,” the ecommerce investor’s chief executive Oliver Samwer told journalists after its main holdings saw more revenue growth and narrowed first quarter losses.
Rocket Internet, which had a shaky start after listing in 2014 as its start-ups made big losses, saw its share price jump last year after HelloFresh and Delivery Hero went public.
Delivery Hero, HelloFresh, Home24 and Global Fashion Group (GFG) have already reported quarterly figures, while Home24 announced plans earlier this month for an initial public offering.
Rocket’s stock dipped last week after disappointing figures from GFG and its shares were down another 0.4 percent following its quarterly results.
Kimpel said GFG, which runs fashion sites in Russia, Latin America and southeast Asia, was hit by the decline in the Russian rouble and Brazilian real, noting that sales rose 18 percent after stripping out the impact of currency fluctuations.
Rocket said its African ecommerce group Jumia, also a possible candidate for a listing, saw gross merchandise volume - the value of goods sold via the site - rise 71 percent to 151 million euros, adding it remained well funded.
However, Samwer added that he could imagine the loss-making firm might need to raise funds in the next 24 months.
Online home furnishings site Westwing saw sales rise 18 percent to 71 million and reported its second consecutive profitable quarter, with an adjusted earnings before interest, taxation, depreciation and amortization margin of 1.7 percent. Reporting by Emma Thomasson; Editing by Christoph Steitz and Alexander Smith | ashraq/financial-news-articles | https://www.reuters.com/article/us-rocket-internet-results/rocket-internet-says-start-ups-grow-sales-limit-losses-idUSKCN1IU0IP |
May 9, 2018 / 3:12 PM / Updated 7 minutes ago BRIEF-Apogee Opportunities And Halo Labs Entered Into Binding LOI Reuters Staff 1 Min Read
May 9 (Reuters) - Apogee Opportunities Inc:
* APOGEE OPPORTUNITIES INC. AND HALO LABS ENTER INTO BINDING LETTER OF INTENT FOR A BUSINESS COMBINATION
* APOGEE OPPORTUNITIES INC - CO, ANM, INC, ENTERED LOI TO COMPLETE A BUSINESS COMBINATION TRANSACTION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-apogee-opportunities-and-halo-labs/brief-apogee-opportunities-and-halo-labs-entered-into-binding-loi-idUSFWN1SG1FA |
May 4, 2018 / 4:23 AM / Updated 35 minutes ago Xerox says CEO, board to stay after agreement with Icahn, Deason expires Reuters Staff 1 Min Read
(Reuters) - Xerox Corp ( XRX.N ) said on Thursday its current board and management team, which included Chief Executive Jeff Jacobson, will stay, after a settlement agreement it had reached with dissenting shareholders to oust them expired. FILE PHOTO - Xerox chief executive officer, Jeff Jacobson (L), smiles as he stands on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 4, 2017. REUTERS/Lucas Jackson
Xerox had said on Tuesday its CEO and most of its board will step down to settle a lawsuit by activist shareholders Carl Icahn and Darwin Deason, handing over to new management which will reconsider a controversial deal with Japan’s Fujifilm Holdings ( 4901.T ).
The New York Supreme Court held a hearing on Thursday on an objection by Fujifilm to the agreement. The judge held off a decision and the schedule for the next hearing has not been decided.
The deal would terminate if the court does not act before 8:00 p.m. ET on May 3, 2018, Xerox said on Tuesday. Reporting by Shubham Kalia in Bengaluru; Editing by Muralikumar Anantharaman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-xerox-m-a-fujifilm/xerox-says-ceo-board-to-stay-after-agreement-with-icahn-deason-expires-idUKKBN1I5094 |
May 9 (Reuters) - Biospecifics Technologies Corp:
* BIOSPECIFICS TECHNOLOGIES CORP. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $7.1 MILLION VERSUS $7.7 MILLION * BIOSPECIFICS - AS OF MARCH 31, 2018, CO HAD CASH AND CASH EQUIVALENTS AND INVESTMENTS OF $64.2 MILLION, COMPARED TO $65.1 MILLION AS OF DEC 31, 2017
* BIOSPECIFICS - CO’S CASH, CASH EQUIVALENTS WERE SLIGHTLY LOWER DUE TO THE TIMING OF ENDO’S PAYMENT OF ITS QTRLY XIAFLEX ROYALTIES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-biospecifics-technologies-reports/brief-biospecifics-technologies-reports-q1-earnings-per-share-0-54-idUSASC0A0Z7 |
LONDON Talk of Barclays considering a merger with Standard Chartered reveals little about the UK bank except its limited options for boosting returns. Chairman John McFarlane is keen on a combination with the emerging markets lender, the Financial Times reported on Wednesday. A deal appears to make little financial sense. But it underscores how little Barclays Chief Executive Jes Staley can do in the short term to appease investors.
FILE PHOTO: Office blocks of Citi, Barclays, and HSBC banks seen at dusk in the Canary Wharf financial district in London, Britain November 16, 2017. REUTERS/Toby Melville/File Photo - RC1207253DD0 Here are some good reasons for corporate mergers: complimentary businesses, potential for cost savings and overlapping geographic footprints. Almost none of these apply to a combination of Barclays and Standard Chartered. The former is a 36 billion pound retail and investment bank with operations in the United Kingdom and United States; the latter a 25 billion pound emerging markets lender focused on Asia and Africa. Granted, they are both headquartered in London, and run by American CEOs who previously worked for the same investment bank. Apart from closing a head office and firing one JPMorgan alumnus, however, it’s hard to see much synergy.
If Barclays still had an extensive overseas retail network, there might be more savings on offer. But Staley has spent the past two-and-a-half years retrenching. The bank sold its biggest emerging markets business, Barclays Africa, to satisfy regulators and declutter its balance sheet.
The merged bank – presumably named BarChart – would also face some real-world impediments in the form of extra capital requirements that regulators impose on the world’s biggest lenders. Both are already systemically important financial institutions. With about $700 billion of combined risk-weighted assets at the end of the first quarter, the two would probably face a higher surcharge which would offset the benefits of any cost savings.
Like most companies, banks constantly size up potential merger partners. And Barclays, which reported a negative return on tangible equity of 3.6 percent last year, clearly needs a boost. But it has little scope to do more by itself. Activist investor Edward Bramson, who owns a 5 percent stake, wants Barclays to slim down its trading division. But rival Deutsche Bank’s woes offer a cautionary reminder to those who believe investment bank restructuring is painless. Staley insists his traders can earn their cost of capital over time. Blue-sky talk about possible mergers merely underlines the lack of appealing alternatives.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-barclays-m-a-breakingviews/breakingviews-stanchart-dream-reveals-barclays-limited-options-idUSKCN1IO1KR |
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