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NEW YORK, May 30 (Reuters) - The fund run by Bill Gross, which dropped more than 3 percent on Tuesday alone, plunged to last in its peer category so far this year, according to Lipper data on Wednesday.
Gross' $2.1 billion Janus Henderson Global Unconstrained Bond Fund is now down 6 percent this year, the research service's data showed.
Gross, once considered the "Bond King" of Wall Street, co-founded Newport Beach, California-based Pacific Investment Management Co in 1971 but left abruptly in 2014 and moved over to Janus.
Treasuries had their best day in more than seven years on Tuesday, but Gross has been bearish on U.S. government bonds and other sovereign debt.
In January, he told Bloomberg News that he had gone short - betting against - U.S. Treasuries as well as German and UK bonds.
In an interview in March, he said he expected 10-year Treasury yields to rise to 3 percent - they did earlier this month - and stay there. But yields fell, and were trading at 2.86 percent on Wednesday.
In the same month, Gross wrote in an investment outlook note that bond markets were like "a hibernating bear awakening" from a bull market driven by "lower inflation and excessive central bank accommodation."
Todd Rosenbluth, director of mutual fund research at New York-based CFRA Research, said investors look to bond funds for capital preservation and income generation.
"When a fund fails to deliver it can catch investors off guard," he said. "When Gross left Pimco assets failed to follow him. Unrewarded risk-taking fails to result in inflows."
Calls and emails to Janus Henderson were not returned. (Reporting By Jennifer Ablan and Trevor Hunnicutt Editing by Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-1-bill-gross-janus-unconstrained-bond-fund-drops-to-last-in-peer-group.html |
CHINA’S SHANGHAI CRUDE OIL FUTURES HIT DOLLAR CONVERTED RECORD OF $73.38 PER BARREL
| ashraq/financial-news-articles | https://www.reuters.com/article/chinas-shanghai-crude-oil-futures-hit-do/chinas-shanghai-crude-oil-futures-hit-dollar-converted-record-of-73-38-per-barrel-idUSMT1ALTL3N1SH18D4 |
May 23, 2018 / 3:49 AM / Updated 6 hours ago Pulitzer-winning author Philip Roth dies at 85, says agent Reuters Staff 6 Min Read
(Reuters) - Author Philip Roth, who was both hailed and derided for laying bare the neuroses and obsessions that haunted the modern Jewish-American experience, died on Tuesday at the age of 85, his agent said.
Roth died in New York City at 10:30 p.m. local time of congestive heart failure, his literary agent Andrew Wylie said.
Roth wrote more than 30 books, including the 1991 memoir “Patrimony,” which examined his complex relationship with his father and won the National Book Critics Circle Award.
In his later years, Roth turned to the existential and sexual crises of middle age, never abandoning his commitment to exploring shame, embarrassment and other guilty secrets of the self, although usually with a heavy dose of humor.
After more than 50 years as a writer, Roth decided that 2010’s “Nemesis,” the story of a polio epidemic in the Newark, New Jersey, neighborhood where he grew up, would be his last novel. He then went back and reread all his works “to see whether I’d wasted my time,” he said in a 2014 interview published in the New York Times Book Review.
For his conclusion, he quoted Joe Louis, the heavyweight boxing champion of the 1930s and ‘40s: “I did the best I could with what I had.”
In 2017, he published “Why Write?,” a collection of essays and non-fiction works written between 1960 and 2013.
Roth’s best-known work was the 1969 novel “Portnoy’s Complaint,” a first-person narrative about Alexander Portnoy, a young middle-class Jewish New Yorker. The book featured several notorious masturbation scenes and a narrator who declared he wanted to “put the id back in yid.”
Roth’s first published book was the 1959 novella and short-story collection “Goodbye, Columbus,” which won the National Book Award. Several of his novels, including “Zuckerman Unbound,”“The Ghost Writer” and “The Anatomy Lesson”, feature Nathan Zuckerman, a character who came to be seen as Roth’s fictional alter ego.
Roth liked to play with the distinctions between fact and fiction, often writing about neurotic novelists and even naming some characters “Philip.” Yet he was frequently annoyed and amused by readers’ desire to project the real Roth onto his characters.
Although his novels often explored the Jewish experience in America, Roth, who said he was an atheist, rejected being labeled a Jewish-American writer.
“It’s not a question that interests me. I know exactly what it means to be Jewish and it’s really not interesting,” he told the Guardian newspaper in 2005. “I’m an American.”
Some critics said Roth’s novels exposed him as a self-hating Jew who played on negative stereotypes or generally cast Jews in a bad light. He would recall the hostile reception at a symposium at New York’s Yeshiva University in 1962 as the “most bruising public exchange of my life.” FILE PHOTO - Author Philip Roth poses in New York September 15, 2010. REUTERS/Eric Thayer/File Photo MULTIPLE HONORS
Roth won the Pulitzer Prize for 1997’s “American Pastoral,” which examined the impact of the 1960s on a New Jersey family. He was the first three-time winner of the PEN/Faulkner Award, honored for “Operation Shylock” in 1994, “The Human Stain” in 2001 and “Everyman” in 2007. Roth also received the National Medal of Arts at the White House in 1998.
Philip Milton Roth was born on March 19, 1933, in Newark, New Jersey. The son of an insurance salesman, Roth earned a bachelor’s degree at Bucknell University and a master’s degree in English from the University of Chicago. He dropped out of the doctoral program in 1959 to write film reviews for the New Republic before “Goodbye, Columbus” came out.
Roth taught comparative literature, mostly at the University of Pennsylvania. He retired from teaching in 1992 as a distinguished professor of literature at New York’s Hunter College.
Roth had a long relationship with British actress Claire Bloom but their five-year marriage ended in divorce in 1995. A year later, she published a bruising memoir, “Leaving a Doll’s House,” in which she portrayed him as depressed, remote, self-centered and verbally abusive.
Roth had been especially prolific in the years leading to his 2012 retirement from writing, turning out novels nearly every two years. His more recent books included 2001’s “The Dying Animal” and “The Human Stain,” published in 2000 and released in 2003 as a movie starring Anthony Hopkins and Nicole Kidman.
“The Plot Against America,” published in 2004, imagines what would have happened had flying ace Charles Lindbergh, an isolationist who expressed anti-Semitic views, defeated Franklin Roosevelt in the 1940 election and signed a peace accord with Adolf Hitler.
Following the death of several friends, including novelist Saul Bellow in 2005, Roth wrote “Everyman,” a short work of fiction about the physical decline and death of a successful advertising executive.
Roth was considered a difficult interview subject and told the Guardian he disliked discussing his books. “You should let people fight with the books on their own and rediscover what they are and what they are not.”
Roth said the act of writing for him is “filled with fear and loneliness and anxiety.” But, he added: “There are some days that compensate completely. In my life I have had, in total, a couple of months of these completely wonderful days as a writer, and that is enough.”
In a New York Times interview in 2018, Roth reflected on his 50-plus years as a writer, describing it as: “Exhilaration and groaning. Frustration and freedom. Inspiration and uncertainty. Abundance and emptiness. Blazing forth and muddling through.” Slideshow (2 Images)
(This story corrects spelling of Louis’s surname in 6th paragraph and Bucknell in 15th paragraph.) Reporting by Eric Beech; Editing by Bill Trott, Diane Craft and Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/us-people-philiproth/pulitzer-winning-author-philip-roth-dies-at-85-media-reports-idUKKCN1IO0CM |
* Easing of geopolitical risk negative for gold -analyst * Platinum edges up from five-month low hit a day earlier (Recasts; updates prices; adds comment, adds byline, NEW YORK to dateline) By Renita D. Young and Maytaal Angel NEW YORK/LONDON, May 22 (Reuters) - Gold steadied just above a 2018 low on Tuesday as the U.S. dollar fell from a five-month high, although risk appetite in the broader financial markets kept the metal's gains in check. The dollar lost momentum after a rally sparked by rising U.S. bond yields and the prospect of a resolution to U.S.-China trade tensions. "Gold is tracking the dollar and the dollar is a little weaker today," said Rob Haworth, senior investment strategist for U.S. Bank Wealth Management. A weaker dollar makes dollar-priced gold cheaper for non-U.S. investors. Spot gold was flat at $1,292.51 at 1:34 p.m. EDT (1734 GMT). U.S. gold futures for June delivery settled up $1.10, or 0.1 percent, at $1,292 per ounce. "This quarter and maybe going into next, gold will continue to struggle but the (positive) views on the U.S. economy are overdone," said Philip Newman, director at Metals Focus. "There are concerns over sizeable U.S. debt, there's the mid-term elections in November, there's enough out there that could see the dollar eventually weaken and gold prices start to improve through the back end of this year." Capping gains in gold, European shares inched to a near four-month high as an easing of pressure on Italian markets coincided with China's latest move to open its economy to the rest of the world. Gold, regarded as a safe haven, tends to weaken when there is strong investor appetite for equities, which are seen as higher-risk assets. Easing geopolitical tensions also weighed on gold prices, said Stephen Innes, APAC trading head at OANDA. Gold investors are awaiting the release on Wednesday of the minutes of the U.S. Federal Reserve's latest policy meeting. Expectations that the Fed will raise U.S. interest rates again next month pressured gold. Higher rates tend to boost the dollar and bond yields, making non-yielding assets such as bullion less attractive. Innes said any drop to somewhere around the $1,275 level would start to stir more bullish sentiment. Demand for industrial metals platinum, palladium and silver rose after China said it would cut import duties on passenger cars and parts from July 1, U.S. Bank Wealth Management's Haworth added. Silver was up 0.5 percent at $16.57 an ounce, after touching an eight-day high of $16.67. Palladium gained 0.4 percent at $993.80 an ounce, earlier hitting an 11-day high, $1,006.00. Platinum climbed 1.3 percent to $908 an ounce, after hitting a one-week high of $910.90. (Additional reporting by Karen Rodrigues and Apeksha Nair in Bengaluru; editing by David Stamp, Alexandra Hudson and Richard Chang)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-gains-as-dollar-rally-comes-off-the-boil-idUSL5N1ST2NQ |
CLEARWATER, Fla., May 16, 2018 /PRNewswire/ -- Clearwater Florida's Hair & Scalp Clinic Confirmed the development of a New Laser Treatment, to Stop Hair Loss and Re-Grow Hair. The Clinic is seeking participants to use this New Technology (At No Cost) to document the results. The laser is totally inconspicuous, and looks like an ordinary ball cap. Subjects wear the cap for twenty minutes three times per week. Powered by a Lithium-Ion battery the 650nm Laser has been cleared by the FDA as safe and effective. For more information and study requirements, Contact The Study Coordinator at 800 883 4247.
Media Contact: John Santino, 800-883-4247, [email protected]
View original content: http://www.prnewswire.com/news-releases/new-hair-regrowth-study-begins-by-hair--scalp-clinic-300649799.html
SOURCE Hair & Scalp Clinic | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-new-hair-regrowth-study-begins-by-hair-scalp-clinic.html |
May 3 (Reuters) - Geo-Jade Petroleum Corp:
* SAYS IT WINS BID FOR EXPLORATION AND DEVELOPMENT RIGHTS IN IRAQ’S HUWAIZA AND NAFT KHANA OIL FIELDS
* SAYS IT SIGNS STRATEGIC AGREEMENT WITH ANTON OILFIELD SERVICES GROUP AND CHINA OIL HBP SCIENCE & TECHNOLOGY CO LTD ON CO-DEVELOPING THE IRAQI OILFIELDS Source text in Chinese: bit.ly/2JOGuC5 ; bit.ly/2JOGuC5 (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-geo-jade-petroleum-awarded-iraqi-o/brief-geo-jade-petroleum-awarded-iraqi-oilfields-in-agreement-with-anton-china-hbp-for-co-developing-idUSH9N1S403L |
SANTA MONICA, Calif.--(BUSINESS WIRE)-- Human capital management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its first quarter ended March 31, 2018.
“We had a solid Q1 while demonstrating strong progress against our strategic transformation plan,” said Adam Miller, the Company’s CEO. “We feel our ability to deliver in the midst of this major transformation is a positive indicator that we are moving in the right direction. We believe the changes we are implementing will make us stronger, more focused, and better positioned for growth.”
Adoption of the New Revenue Recognition Standard - ASC 606
The Company adopted the new revenue recognition accounting standard Accounting Standards Codification (“ASC”) 606 effective January 1, 2018 on a modified retrospective basis. Financial results for reporting periods during 2018 are presented in compliance with the new revenue recognition standard. Historical financial results for reporting periods prior to 2018 are presented in conformity with amounts previously disclosed under the prior revenue recognition standard ASC 605. This press release includes additional information to reconcile the impacts of the adoption of the new revenue recognition standard on the Company’s financial results for the quarter ended March 31, 2018. This includes the presentation of financial results during 2018 under ASC 605 for comparison to the prior year.
First Quarter 2018 Results - ASC 606 (standard adopted effective January 1, 2018):
Revenue for the first quarter of 2018 was $133.1 million compared to a guided range of $126.0 million to $128.0 million. Subscription revenue for the first quarter of 2018 was $113.1 million compared to a guided range of $111.0 million to $113.0 million. The Company’s operating loss for the first quarter of 2018 was $(8.8) million, yielding a margin of (6.6)%. Non-GAAP operating income for the first quarter of 2018 was $12.9 million, yielding a margin of 9.7%. 1 The Company’s net loss for the first quarter of 2018 was $(16.2) million, or a $(0.28) diluted net loss per share. Non-GAAP net income for the first quarter of 2018 was $9.0 million, or a $0.14 diluted net income per share. 1 Unlevered free cash flow for the first quarter of 2018 was $(10.2) million, yielding a margin of (7.6)%, compared to $(13.8) million, yielding a margin of (12.4)% in 2017. 1
First Quarter 2018 Results - ASC 605
Revenue for the first quarter of 2018 was $132.7 million, representing a 18.9% increase compared to the prior year. Revenue growth on a constant currency basis was 14.8%. 1 Subscription revenue for the first quarter of 2018 was $114.4 million, representing a 23.1% increase compared to the prior year. Subscription revenue growth on a constant currency basis was 19.1%. 1 The Company’s operating loss for the first quarter of 2018 was $(9.6) million, yielding a margin of (7.2)%, compared to $(13.1) million, yielding a margin of (11.8)%, in the prior year. Non-GAAP operating income for the first quarter of 2018 was $12.2 million, yielding a margin of 9.2%, compared to $4.9 million, yielding a margin of 4.4%, in the prior year. 1 The Company’s net loss for the first quarter of 2018 was $(17.0) million, or a $(0.30) diluted net loss per share, compared to a net loss of $(16.2) million, or a $(0.29) diluted net loss per share, in the prior year. Non-GAAP net income for the first quarter of 2018 was $8.2 million, or a $0.13 diluted net income per share, compared to $4.8 million, or a $0.08 diluted net income per share in the prior year. 1
“The first quarter outperformed expectations in all areas, from top line growth to unlevered free cash flow,” said Brian Swartz, the Company’s CFO. “We are pleased with this performance and believe there are opportunities to drive even more improvement as Cornerstone continues to execute on its strategic plan.”
Recent Highlights:
The Company announced a partnership with Facebook, focused on its integration between Workplace by Facebook and the Cornerstone Learning Suite. The integration is focused on bringing the Company’s recently introduced “learning playlist” functionality into Workplace, further integrating learning and development into the flow of daily work and promoting a collaborative work environment. The Company announced a surge of European client demand in the third and fourth quarters of 2017. Growth in new clients nearly doubled in the latter half of 2017, when compared to the first half of the year, reaching a total of approximately 650 clients in Europe. The Company hired Jennifer Gianola as its new Vice President of Investor Relations and Chris Wheaton as its new Vice President of Field Operations. The Company announced the University of Tennessee System selected its learning and extended enterprise solutions to provide crucial training for its faculty and staff across six campuses and institutes, as well as certification programs for external stakeholders. The Company announced that it partnered with Palo Alto-based think tank Institute for the Future to identify the urgent skills people must master today to distinguish themselves and survive the workplace of tomorrow. The Company ended the first quarter of 2018 with 3,280 clients and 36 million users. 2
Stock Repurchase Program:
The following is a summary of the Company's stock repurchases as of May 4, 2018 (in thousands, except per share information):
Period # of Shares
Repurchased
Average Price
per Share
Total
Expenditures
November 8, 2017 - December 31, 2017 635 $ 35.55 $ 22,599 January 1, 2018 - March 31, 2018 423 $ 37.84 16,024 April 1, 2018 - May 4, 2018 100 $ 39.44 3,988 Total 1,158 $ 36.74 $ 42,611 At March 31, 2018, $61.4 million remained available under the share repurchase program.
Financial Outlook:
The following outlook is based on information available as of the date of this press release and is subject to change in the future. The Company has provided a supplemental financial presentation summarizing the adoption of ASC 606 (and on an ASC 605 basis) located on its Investor Relations website at http://investors.cornerstoneondemand.com . All numbers below are presented on an ASC 606 basis unless otherwise stated. Note that the United States dollar (USD) strengthened against the British pound (GBP) and Euro (EUR) since the Company’s previous full year 2018 guidance was issued on February 13, 2018. For the second quarter ending June 30, 2018, the Company provides the following outlook:
Revenue between $127.0 million and $129.0 million, representing year-over-year growth at the mid-point of 10% 3 , or 8% 4 on a constant currency basis. Revenue growth at the mid-point on an ASC 605 basis was 10% 3 , or 8% 4 on a constant currency basis. Subscription revenue between $111.0 million and $113.0 million, representing year-over-year growth at the mid-point of 16% 3 , or 14% 4 on a constant currency basis. Subscription revenue growth at the mid-point on an ASC 605 basis was 17% 3 , or 15% 4 on a constant currency basis.
For the year ending December 31, 2018, the Company provides the following outlook:
Revenue between $503.0 million and $511.0 million, representing year-over-year growth at the mid-point of 5% 5 , or 3% 6 on a constant currency basis. Revenue growth at the mid-point on an ASC 605 basis was 5% 5 , or 3% 6 on a constant currency basis. Subscription revenue between $453.0 million and $461.0 million, representing year-over-year growth at the mid-point of 15% 5 , or 13% 6 on a constant currency basis. Subscription revenue growth at the mid-point on an ASC 605 basis was 17% 5 , or 15% 6 on a constant currency basis. Annual recurring revenue as of December 31, 2018 between $477.0 million and $495.0 million. 5, 7 Non-GAAP operating income between $54.0 million and $62.0 million. Assuming the midpoint of the revenue range, this represents an operating margin of 11%. Unlevered free cash flow between $52.0 million and $60.0 million. Assuming the midpoint of the revenue range, this represents an unlevered free cash flow margin of 11%.
The Company has not reconciled the guidance for non-GAAP operating income or non-GAAP operating margin to the corresponding GAAP measures because it does not provide guidance for such GAAP measures and would not be able to present the reconciling items between such GAAP and non-GAAP measures without unreasonable efforts. For non-GAAP operating income and non-GAAP operating margin, the Company excludes stock-based compensation expense, which is impacted by factors that are outside of the Company’s control and can be difficult to predict. The actual amount of stock-based compensation expense in the second quarter ending June 30, 2018 and the year ending December 31, 2018 will have a significant impact on the Company’s GAAP operating margin.
1
Financial measures presented on a constant currency basis, non-GAAP operating income, non-GAAP operating income margin, non-GAAP net income, non-GAAP diluted net income per share, unlevered free cash flow and unlevered free cash flow margin are non-GAAP financial measures. Please see the discussion in the section titled “Non-GAAP Financial Measures” and the reconciliations at the end of this press release. 2
Includes contracted clients and active users of our enterprise human capital management platform and excludes clients and users of our Cornerstone for Salesforce and PiiQ, formerly known as Cornerstone Growth Edition, products. In order to translate the financial outlook for entities reporting in British pounds (GBP) to United States dollars (USD) and Euro (EUR) to United States dollars (USD), the following exchange rates have been applied:
3
Exchange rate applied to revenue for the second quarter of 2018 $1.36 USD per GBP
4
Exchange rate from the second quarter of 2017 applied to calculate revenue growth for the second quarter of 2018 on a constant currency basis $1.28 USD per GBP
5
Exchange rate applied to revenue and annual recurring revenue for fiscal 2018 $1.36 USD per GBP
6
Exchange rate applied to calculate revenue growth for fiscal 2018 on a constant currency basis $1.36 USD per GBP
7
Exchange rate applied to annual recurring revenue for fiscal 2018 $1.20 USD per EUR Quarterly Conference Call
Cornerstone OnDemand, Inc. will host a conference call to discuss its first quarter 2018 results at 2:00 p.m. PT (5:00 p.m. ET) today. A live audio webcast of the conference call, together with detailed financial information, can be accessed through the Company’s Investor Relations website at http://investors.cornerstoneondemand.com . The live call can be accessed by dialing (877) 445-4619 (U.S.) or (484) 653-6763 (outside the U.S.) and referencing passcode: 2789279. A replay of the call will also be available at http://investors.cornerstoneondemand.com/investors/news-and-events/events/default.aspx or via telephone until 11:59 p.m. PT on May 11, 2018 by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (outside the U.S.), and referencing passcode: 2789279.
About Cornerstone OnDemand
Cornerstone OnDemand, Inc. (NASDAQ: CSOD) is a global leader in cloud-based learning and human capital management software. The Company is pioneering solutions to help organizations realize the potential of the modern workforce. From recruitment, onboarding, training and collaboration, to performance management, compensation, succession planning, people administration and analytics, Cornerstone is designed to enable a lifetime of learning and development that is fundamental to the growth of employees and organizations.
Based in Santa Monica, California, the Company’s solutions are used by 3,280 clients worldwide, spanning 36 million users across 192 countries and 43 languages. To learn more about Cornerstone, visit us on Twitter, Facebook and our blog. www.cornerstoneondemand.com
Note: Cornerstone ® and Cornerstone OnDemand ® are registered trademarks of Cornerstone OnDemand, Inc.
Forward-looking Statements
This press release and the quarterly conference call referenced above contain forward-looking statements, including, but not limited to, statements regarding our future financial and operating performance, including our GAAP and non-GAAP guidance, the growth of the learning and human capital management market, our business strategy, plans and objectives for future operations, the demand for and benefits from the use of our current and future solutions both domestically and internationally, the opportunity to upsell to our existing clients, the timing and release of new solutions and the success of such solutions, changes to our corporate governance structure, the use of proceeds from the sale of our convertible notes, the share repurchase program and the factors that will impact the amount and timing of purchases, if any, thereunder, our ability to realize potential benefits from our recent and ongoing operational excellence and strategic transformation plans, our expectations regarding recurring revenue growth and operating margins, and general business conditions. Any forward-looking statements contained in this press release or the quarterly conference call are based upon our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations. Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, our ability to attract new clients; the extent to which clients renew their subscriptions for our solutions; the timing of when consulting services are delivered to new and existing clients by our services organization and implementation subcontractors; the complexity of deployments and product implementations, which can impact the timing of when revenue is recognized from new and existing clients; allowing our implementation subcontractors to contract directly with clients for implementation services; shifted focus to recurring revenue streams; our ability to compete as the learning and human capital management provider for organizations of all sizes; changes in the proportion of our client base that is comprised of enterprise or mid-sized organizations; our ability to manage our growth, including additional headcount and entry into new geographies; our ability to expand our enterprise and mid-market sales opportunities; our ability to maintain stable and consistent quota attainment rates; continued strong demand for learning and human capital management in the U.S., Europe, Asia Pacific and Latin America; the timing and success of efforts to increase operational efficiency and cost containment; the possibility that the share repurchase program may be suspended or discontinued; the timing and success of solutions offered by our competitors; unpredictable macro-economic conditions; the impact of foreign exchange rates; reductions in information technology spending; the success of our new product and service introductions; a disruption in our hosting network infrastructure; problems caused by security breaches; costs and reputational harm that could result from defects in our solutions; the success of our strategic relationships with third parties; the loss of any of our key employees and our ability to locate qualified replacements; failure to protect our intellectual property; acts of terrorism or other vandalism, war or natural disasters; changes in current tax or accounting rules; legal or political changes in local or foreign jurisdictions that decrease demand for, or restrict our ability to sell or provide, our products; and unanticipated costs or liabilities related to businesses that we acquire. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, the Company has provided in this press release and the quarterly conference call held on the date hereof certain measures that have not been prepared in accordance with GAAP. These non-GAAP financial measures include (i) non-GAAP cost of revenue, which is defined as cost of revenue less amortization of intangible assets and stock-based compensation, (ii) annual recurring revenue, which is defined as the annualized recurring value of all active contracts at the end of a reporting period, (iii) free cash flow, which is defined as net cash provided by operating activities minus capital expenditures and capitalized software costs, (iv) free cash flow margin, which is defined as free cash flow divided by revenue, (v) unlevered free cash flow, which is defined as net cash provided by operating activities minus capital expenditures and capitalized software costs plus cash paid for interest, (vi) unlevered free cash flow margin, which is defined as unlevered free cash flow divided by revenue, (vii) non-GAAP net income and non-GAAP diluted net income per share, which exclude, for the periods in which they are presented, stock-based compensation, amortization of intangible assets, accretion of debt discount and amortization of debt issuance costs, unrealized fair value adjustment on strategic investment, and excludes the impacts of unamortized stock-based compensation expense in applying the treasury method for determining the non-GAAP weighted average number of dilutive shares outstanding, (viii) non-GAAP gross profit and non-GAAP gross margin, which exclude stock-based compensation and amortization of intangible assets reflected in cost of revenue, (ix) non-GAAP operating income and non-GAAP operating income margin, which are defined as loss from operations excluding stock-based compensation and amortization of intangible assets, (x) non-GAAP operating expenses, which exclude stock-based compensation and amortization of intangible assets, and (xi) non-GAAP sales and marketing expense, non-GAAP research and development expense, and non-GAAP general and administrative expense, each of which excludes stock-based compensation attributable to the corresponding GAAP financial measures. In addition, the Company provides investors with non-GAAP financial measures under ASC 605 to compare against the Company’s GAAP financial measures under ASC 606 and discloses revenue on a constant currency basis. To present amounts on a constant currency basis, current period results for entities reporting in functional currencies other than the United States dollar are translated into the United States dollar at the prior period exchange rates as opposed to the actual exchange rates in effect for the current period. The Company presents constant currency information to provide a framework for assessing how its underlying business performed excluding the effect of foreign currency fluctuations.
The Company’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating the Company’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. In addition, the Company believes that the following non-GAAP adjustments are useful to management and investors for the following reasons:
Stock-based compensation. The Company excludes stock-based compensation expense because it is non-cash in nature, and management believes that its exclusion provides additional insight into the Company’s operational performance and also provides a useful comparison of the Company’s operating results to prior periods and its peer companies. Additionally, determining the fair value of certain stock-based awards involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting or future exercise of such awards. Amortization of intangible assets. The Company excludes amortization of acquired intangible assets because the expense is a non-cash item and management believes that its exclusion provides meaningful supplemental information regarding the Company’s operational performance and allows for a useful comparison of its operating results to prior periods and its peer companies. Accretion of debt discount and amortization of debt issuance costs. Under GAAP, the Company is required to separately account for liability and equity components of the senior convertible notes that were issued in June 2013. Accordingly, for GAAP purposes, the Company is required to recognize the effective interest expense on its senior convertible notes and amortize the issuance costs over the term of the notes. The difference between the effective interest expense and the contractual interest expense, and the amortization expense of issuance costs are excluded from management’s assessment of the Company’s operating performance because management believes that these non-cash expenses are not indicative of ongoing operating performance. In addition, the exclusion of these items provides a useful comparison of the Company’s operating results to prior periods and its peer companies. Fair value adjustment on strategic investments. The Company views the increase or decrease in fair value of its strategic investments as not indicative of operational performance during any particular period and believes that the exclusion of these gains or losses provides investors with a supplemental view of the Company’s operational performance. Restructuring. The Company excludes costs related to restructuring because the expense is not indicative of its continuing operations and believes that the exclusion of these costs provides investors with a supplemental view of the Company’s operational performance. Write-off of capitalized software. The Company views the write-off of capitalized software as not indicative of operational performance during any particular period and believes that the exclusion of this expense provides investors with a supplemental view of the Company’s operational performance.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies. For prior periods, reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures have been provided in the tables included as part of this press release.
Cornerstone OnDemand, Inc. CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31,
2018 *
December 31,
2017
Assets Cash and cash equivalents $ 413,345 $ 393,576 Short-term investments 204,174 169,551 Accounts receivable, net 113,956 154,428 Deferred commissions, current portion 22,830 42,806 Prepaid expenses and other current assets 30,885 21,754 Total current assets 785,190 782,115 Capitalized software development costs, net 39,387 37,431 Property and equipment, net 24,582 20,817 Deferred commissions, net of current portion 34,155 — Long-term investments 21,712 96,949 Goodwill 25,894 25,894 Other assets, net 3,813 3,984 Total Assets $ 934,733 $ 967,190 Liabilities and Stockholders’ Equity Liabilities: Accounts payable $ 10,095 $ 17,637 Accrued expenses 48,256 57,528 Deferred revenue, current portion 287,875 311,997 Convertible notes, net 250,497 248,025 Other liabilities 5,570 9,051 Total current liabilities 602,293 644,238 Convertible notes, net 286,256 285,168 Other liabilities, non-current 1,408 1,498 Deferred revenue, net of current portion 12,415 14,166 Total liabilities 902,372 945,070 Stockholders’ Equity: Common stock 6 6 Additional paid-in capital 546,808 536,951 Accumulated deficit (512,335 ) (515,054 ) Accumulated other comprehensive (loss) income (2,118 ) 217 Total stockholders’ equity 32,361 22,120 Total Liabilities and Stockholders’ Equity $ 934,733 $ 967,190 *As adjusted to reflect the impact of the adoption of ASC 606.
Cornerstone OnDemand, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2018 *
2017 Revenue $ 133,113 $ 111,582 Cost of revenue 1, 2 37,020 33,949 Gross profit 96,093 77,633 Operating expenses: Sales and marketing 1 59,245 56,894 Research and development 1 15,984 13,411 General and administrative 1 21,985 20,476 Restructuring 1 7,725 — Total operating expenses 104,939 90,781 Loss from operations (8,846 ) (13,148 ) Other income (expense): Interest income 1,819 613 Interest expense (8,700 ) (3,302 ) Other, net 44 197 Other income (expense), net (6,837 ) (2,492 ) Loss before income tax provision (15,683 ) (15,640 ) Income tax provision (533 ) (571 ) Net loss $ (16,216 ) $ (16,211 ) Net loss per share, basic and diluted $ (0.28 ) $ (0.29 ) Weighted average common shares outstanding, basic and diluted 57,425 56,642 1 Includes stock-based compensation as follows:
Three Months Ended March 31, 2018 *
2017 Cost of revenue $ 1,002 $ 1,210 Sales and marketing 6,246 6,754 Research and development 2,308 2,102 General and administrative 4,487 5,783 Restructuring 5,436 — Total $ 19,479 $ 15,849 2 Cost of revenue includes amortization of intangible assets as follows:
Three Months Ended March 31, 2018 *
2017 Cost of revenue $ — $ 2,217 *As adjusted to reflect the impact of the adoption of ASC 606.
Cornerstone OnDemand, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended March 31, 2018 *
2017 Cash flows from operating activities: Net loss $ (16,216 ) $ (16,211 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 7,831 9,328 Accretion of debt discount and amortization of debt issuance costs 3,426 2,353 Purchased investment premium, net of amortization (81 ) 155 Net foreign currency gain (356 ) (530 ) Stock-based compensation expense 19,479 15,849 Changes in operating assets and liabilities: Accounts receivable 41,888 38,257 Deferred commissions (528 ) 1,718 Prepaid expenses and other assets (8,841 ) (7,433 ) Accounts payable (7,605 ) (14,485 ) Accrued expenses (15,059 ) (13,776 ) Deferred revenue (23,751 ) (22,637 ) Other liabilities (4,767 ) 177 Net cash used in operating activities (4,580 ) (7,235 ) Cash flows from investing activities: Purchases of investments — (77,281 ) Maturities of investments 40,677 65,487 Capital expenditures (2,559 ) (2,698 ) Capitalized software costs (6,039 ) (5,756 ) Net cash provided by (used in) investing activities 32,079 (20,248 ) Cash flows from financing activities: Payments of debt issuance costs (152 ) — Proceeds from employee stock plans 6,765 3,473 Repurchases of common stock (14,700 ) — Net cash (used in) provided by financing activities (8,087 ) 3,473 Effect of exchange rate changes on cash and cash equivalents 357 570 Net increase (decrease) in cash and cash equivalents 19,769 (23,440 ) Cash and cash equivalents at beginning of period 393,576 83,300 Cash and cash equivalents at end of period $ 413,345 $ 59,860 Supplemental cash flow information: Cash paid for interest $ 3,000 $ 1,898 Cash paid for income taxes 452 648 Proceeds from employee stock plans received in advance of stock issuance 1,616 1,393 Non-cash investing and financing activities: Capitalized assets financed by accounts payable and accrued expenses $ 5,201 $ 623 Capitalized stock-based compensation 1,253 1,135 Unsettled share repurchase in other liabilities 1,325 — *As adjusted to reflect the impact of the adoption of ASC 606.
Cornerstone OnDemand, Inc. CONSOLIDATED BALANCE SHEETS RECONCILIATION OF THE IMPACTS OF THE ADOPTION OF ASC 606 (in thousands) (unaudited) March 31, 2018 December 31,
2017
As Reported
(ASC 606)
Impacts of
Adoption
Without
Adoption
(ASC 605)
As Reported
(ASC 605)
Assets Cash and cash equivalents $ 413,345 $ — $ 413,345 $ 393,576 Short-term investments 204,174 — 204,174 169,551 Accounts receivable, net 113,956 — 113,956 154,428 Deferred commissions, current portion 22,830 18,207 41,037 42,806 Prepaid expenses and other current assets 30,885 — 30,885 21,754 Total current assets 785,190 18,207 803,397 782,115 Capitalized software development costs, net 39,387 — 39,387 37,431 Property and equipment, net 24,582 — 24,582 20,817 Deferred commissions, net of current portion 34,155 (34,155 ) — — Long-term investments 21,712 — 21,712 96,949 Goodwill 25,894 — 25,894 25,894 Other assets, net 3,813 — 3,813 3,984 Total Assets $ 934,733 $ (15,948 ) $ 918,785 $ 967,190 Liabilities and Stockholders’ Equity Liabilities: Accounts payable $ 10,095 $ — $ 10,095 $ 17,637 Accrued expenses 48,256 (2,625 ) 45,631 57,528 Deferred revenue, current portion 287,875 6,501 294,376 311,997 Convertible notes, net 250,497 — 250,497 248,025 Other liabilities 5,570 — 5,570 9,051 Total current liabilities 602,293 3,876 606,169 644,238 Convertible notes, net 286,256 — 286,256 285,168 Other liabilities, non-current 1,408 — 1,408 1,498 Deferred revenue, net of current portion 12,415 — 12,415 14,166 Total liabilities 902,372 3,876 906,248 945,070 Stockholders’ Equity: Common stock 6 — 6 6 Additional paid-in capital 546,808 — 546,808 536,951 Accumulated deficit (512,335 ) (19,824 ) (532,159 ) (515,054 ) Accumulated other comprehensive (loss) income (2,118 ) — (2,118 ) 217 Total stockholders’ equity 32,361 (19,824 ) 12,537 22,120 Total Liabilities and Stockholders’ Equity $ 934,733 $ (15,948 ) $ 918,785 $ 967,190 Cornerstone OnDemand, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS RECONCILIATION OF THE IMPACTS OF THE ADOPTION OF ASC 606 (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2018 2017 As Reported
(ASC 606)
Impacts of
Adoption
Without
Adoption
(ASC 605)
As Reported
(ASC 605)
Revenue $ 133,113 $ (441 ) $ 132,672 $ 111,582 Cost of revenue 37,020 — 37,020 33,949 Gross profit 96,093 (441 ) 95,652 77,633 Operating expenses: Sales and marketing 59,245 300 59,545 56,894 Research and development 15,984 — 15,984 13,411 General and administrative 21,985 — 21,985 20,476 Restructuring 7,725 — 7,725 — Total operating expenses 104,939 300 105,239 90,781 Loss from operations (8,846 ) (741 ) (9,587 ) (13,148 ) Other income (expense): Interest income 1,819 — 1,819 613 Interest expense (8,700 ) — (8,700 ) (3,302 ) Other, net 44 — 44 197 Other income (expense), net (6,837 ) — (6,837 ) (2,492 ) Loss before income tax provision (15,683 ) (741 ) (16,424 ) (15,640 ) Income tax provision (533 ) — (533 ) (571 ) Net loss $ (16,216 ) $ (741 ) $ (16,957 ) $ (16,211 ) Net loss per share, basic and diluted $ (0.28 ) $ (0.30 ) $ (0.29 ) Weighted average common shares outstanding, basic and diluted 57,425 57,425 56,642 Cornerstone OnDemand, Inc. RECONCILIATIONS OF COST OF REVENUE TO NON-GAAP COST OF REVENUE, GROSS PROFIT AND GROSS MARGIN TO NON-GAAP GROSS PROFIT AND NON-GAAP GROSS MARGIN, LOSS FROM OPERATIONS TO NON-GAAP OPERATING INCOME AND OPERATING MARGIN TO NON-GAAP OPERATING INCOME MARGIN AND RECONCILIATION OF THE IMPACTS FROM THE ADOPTION OF ASC 606
(in thousands) (unaudited) Three Months Ended March 31, 2018 2017 As Reported
(ASC 606)
Impacts of
Adoption
Without
Adoption
(ASC 605)
As Reported
(ASC 605)
Reconciliation of cost of revenue, gross profit and gross margin: Revenue $ 133,113 $ (441 ) $ 132,672 $ 111,582 Cost of revenue 37,020 37,020 33,949 Gross profit $ 96,093 $ (441 ) $ 95,652 $ 77,633 Gross margin 72.2 % 72.1 % 69.6 % Cost of revenue $ 37,020 $ — $ 37,020 $ 33,949 Adjustments to cost of revenue: Amortization of intangible assets — — — (2,217 ) Stock-based compensation (1,002 ) — (1,002 ) (1,210 ) Total adjustments to cost of revenue (1,002 ) — (1,002 ) (3,427 ) Non-GAAP costs of revenue 36,018 — 36,018 30,522 Non-GAAP gross profit $ 97,095 $ (441 ) $ 96,654 $ 81,060 Non-GAAP gross margin 72.9 % 72.9 % 72.6 % Reconciliation of operating income (loss) and operating income (loss) margin: Loss from operations $ (8,846 ) $ (741 ) $ (9,587 ) $ (13,148 ) Operating margin (6.6 )% (7.2 )% (11.8 )% Adjustments to loss from operations: Stock-based compensation 14,043 — 14,043 15,849 Amortization of intangible assets — — — 2,217 Restructuring 7,725 — 7,725 — Total adjustments to loss from operations 21,768 — 21,768 18,066 Non-GAAP operating income $ 12,922 $ (741 ) $ 12,181 $ 4,918 Non-GAAP operating income margin 9.7 % 9.2 % 4.4 % Cornerstone OnDemand, Inc.
RECONCILIATIONS OF NET LOSS TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE AND RECONCILIATION OF THE IMPACTS FROM THE ADOPTION OF ASC 606
(in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2018 2017 As Reported
(ASC 606)
Impacts of
Adoption
Without
Adoption
(ASC 605)
As Reported
(ASC 605)
Net loss $ (16,216 ) $ (741 ) $ (16,957 ) $ (16,211 ) Adjustments to net loss Stock-based compensation 14,043 — 14,043 15,849 Amortization of intangible assets — — — 2,217 Accretion of debt discount and amortization of debt issuance costs 1 3,426 — 3,426 2,353 Fair value adjustment on strategic investments 2 — — — 600 Restructuring 7,725 — 7,725 — Total adjustments to net loss 25,194 — 25,194 21,019 Non-GAAP net income $ 8,978 $ (741 ) $ 8,237 $ 4,808 Non-GAAP basic net income per share $ 0.16 $ 0.14 $ 0.08 Non-GAAP diluted net income per share $ 0.14 $ 0.13 $ 0.08 Weighted-average common shares outstanding, basic 57,425 57,425 56,642 Non-GAAP weighted-average common shares outstanding, diluted 62,476 62,476 61,649 1
Debt discount accretion and debt issuance cost amortization has been recorded in connection with our issuance of $253.0 million in convertible notes on June 17, 2013 and $300.0 million in convertible notes on December 8, 2017. These expenses represent non-cash charges that have been recorded in accordance with the authoritative accounting literature for such transactions. 2
Fair value adjustment recorded for our strategic investments in privately-held companies. Cornerstone OnDemand, Inc. RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO UNLEVERED FREE CASH FLOW AND UNLEVERED FREE CASH FLOW MARGIN (A Non-GAAP Financial Measure) (in thousands) (unaudited) Three Months Ended March 31, 2018 2017 Reconciliation of unlevered free cash flow: Net cash used in operating activities $ (4,580 ) $ (7,235 ) Capital expenditures (2,559 ) (2,698 ) Capitalized software costs (6,039 ) (5,756 ) Cash paid for interest 3,000 1,898 Unlevered free cash flow $ (10,178 ) $ (13,791 ) Unlevered free cash flow margin (7.6 )% (12.4 )% Cornerstone OnDemand, Inc. TRENDED OPERATIONAL & FINANCIAL HIGHLIGHTS (unaudited)
The following metrics are intended as a supplement to the financial statements found in this release and other information furnished or filed with the SEC. In the event of discrepancies between amounts in these tables and the Company’s historical disclosures or financial statements, readers should rely on the Company’s filings with the SEC and financial statements in the Company’s most recent earnings release.
The Company intends to periodically review and refine the definition, methodology and appropriateness of each of these supplemental metrics. As a result, metrics are subject to removal and/or change, and such changes could be material.
FY 2017 FY 2018 Full Year Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 FY15 FY16 FY17 SELECTED METRICS: Number of clients 1 2,998 3,076 3,146 3,250 3,280 2,595 2,918 3,250 % y/y 12.3 % 12.7 % 12.2 % 11.4 % 9.4 % 20.5 % 12.4 % 11.4 % % q/q 2.7 % 2.6 % 2.3 % 3.3 % 0.9 % n/a n/a n/a Number of users (in millions) 1 31.0 32.1 33.5 35.3 36.0 23.8 29.9 35.3 % y/y 24.2 % 22.3 % 21.1 % 18.1 % 16.1 % 31.8 % 25.6 % 18.1 % % q/q 3.7 % 3.6 % 4.3 % 5.4 % 2.0 % n/a n/a n/a Number of employees 1,859 1,933 1,960 1,891 1,829 1,645 1,823 1,891 % y/y 10.6 % 12.3 % 9.6 % 3.7 % (1.6 )% 20.9 % 10.8 % 3.7 % % q/q 2.0 % 4.0 % 1.4 % (3.5 )% (3.3 )% n/a n/a n/a Annual dollar retention rate n/a n/a n/a n/a n/a 95.4 % 95.1 % 93.5 % Annual recurring revenue n/a n/a n/a n/a n/a n/a n/a 439,000 Unlevered free cash flow (13,791 ) (5,024 ) 16,075 46,420 (10,178 ) 16,795 16,411 43,680 Unlevered free cash flow margin (12.4 )% (4.3 )% 13.2 % 35.2 % (7.6 )% 4.9 % 3.9 % 9.1 % GAAP FINANCIAL DATA - ASC 605 (in thousands, except percentages): Revenue 111,582 116,651 121,796 131,956 132,672 339,651 423,124 481,985 % y/y 12.3 % 9.0 % 13.0 % 21.0 % 18.9 % 28.9 % 24.6 % 13.9 % % y/y (Constant currency) 17.2 % 12.7 % 13.1 % 18.3 % 14.8 % n/a 29.1 % 15.3 % Subscription revenue 92,932 96,416 101,130 106,286 114,433 270,093 339,756 396,764 % y/y 16.6 % 14.5 % 17.1 % 18.8 % 23.1 % n/a 25.8 % 16.8 % % y/y (Constant currency) 21.6 % 16.3 % 17.5 % 15.8 % 19.1 % n/a n/a 17.7 % Subscription revenue % of total revenue 83.3 % 82.7 % 83.0 % 80.5 % 86.3 % 79.5 % 80.3 % 82.3 % Loss from operations (13,148 ) (18,568 ) (12,104 ) (5,436 ) (9,587 ) (68,707 ) (56,342 ) (49,256 ) GAAP FINANCIAL DATA - ASC 606 (in thousands, except percentages): Revenue — — — — 133,113 — — — Subscription revenue — — — — 113,134 — — — Subscription revenue % of total revenue — — — — 85.0 % — — — Loss from operations — — — — (8,846 ) — — — GAAP MARGIN DATA - ASC 605 (in thousands, except percentages): Gross margin 69.6 % 69.7 % 70.7 % 71.3 % 72.1 % 67.7 % 67.9 % 70.4 % Sales and marketing % of revenue 51.0 % 53.2 % 49.7 % 46.0 % 44.9 % 61.0 % 53.3 % 49.9 % Research and development % of revenue 12.0 % 12.6 % 13.5 % 13.3 % 12.0 % 12.1 % 11.1 % 12.9 % General and administrative % of revenue 18.4 % 19.8 % 17.4 % 14.9 % 16.6 % 14.7 % 16.8 % 17.6 % Restructuring % of revenue — % — % — % 1.2 % 5.8 % — % — % — % Operating margin (11.8 )% (15.9 )% (9.9 )% (4.1 )% (7.2 )% (20.2 )% (13.3 )% (10.2 )% GAAP MARGIN DATA - ASC 606 (in thousands, except percentages): Gross margin — — — — 72.2 % — — — Sales and marketing % of revenue — — — — 44.5 % — — — Research and development % of revenue — — — — 12.0 % — — — General and administrative % of revenue — — — — 16.5 % — — — Restructuring % of revenue — — — — 5.8 % — — — Operating margin — — — — (6.6 )% — — — NON-GAAP MARGIN DATA - ASC 605 (in thousands, except percentages): Non-GAAP gross margin 72.6 % 72.7 % 73.5 % 72.8 % 72.9 % 71.7 % 71.2 % 72.9 % Non-GAAP sales and marketing % of revenue 44.9 % 47.4 % 43.2 % 40.8 % 40.2 % 54.0 % 47.3 % 44.0 % Non-GAAP research and development % of revenue 10.1 % 10.5 % 11.3 % 10.4 % 10.3 % 10.3 % 9.3 % 10.6 % Non-GAAP general and administrative % of revenue 13.2 % 13.7 % 12.7 % 11.8 % 13.2 % 11.9 % 12.8 % 12.8 % Non-GAAP restructuring % of revenue — % — % — % — % — % — % — % — % Non-GAAP operating margin 4.4 % 1.1 % 6.3 % 9.9 % 9.2 % (4.4 )% 1.8 % 5.6 % Non-GAAP research and development plus capitalized software % of revenue 15.3 % 15.3 % 15.0 % 14.0 % 14.9 % 14.2 % 13.2 % 14.9 % NON-GAAP MARGIN DATA - ASC 606 (in thousands, except percentages): Non-GAAP gross margin — — — — 72.9 % — — — Non-GAAP sales and marketing % of revenue — — — — 39.8 % — — — Non-GAAP research and development % of revenue — — — — 10.3 % — — — Non-GAAP general and administrative % of revenue — — — — 13.1 % — — — Non-GAAP restructuring % of revenue — — — — — % — — — Non-GAAP operating margin — — — — 9.7 % — — — Non-GAAP research and development plus capitalized software % of revenue — — — — 14.8 % — — — FOREIGN EXCHANGE RATES: GBP to USD average period rate 1.24 1.28 1.31 1.33 1.39 1.53 1.36 1.29 GBP to USD end of period spot rate 1.24 1.30 1.34 1.35 1.40 1.48 1.23 1.35 EUR to USD average period rate n/a 1.10 1.18 1.18 1.23 n/a n/a 1.14 EUR to USD end of period spot rate n/a 1.14 1.18 1.20 1.23 n/a n/a 1.20 1
Includes contracted clients and users of our Enterprise and Mid-Market solution, excluding Cornerstone for Salesforce and PiiQ. Note: As discussed on the Company’s fourth quarter 2017 earnings call, the Company reported that total billings is no longer relevant in the assessment of its performance and beginning in the first quarter 2018, the Company will no longer report or guide to total billings.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006613/en/
Investor Relations Contact:
Jennifer Gianola
Cornerstone OnDemand
Phone: +1 (310) 382-9478
[email protected]
or
Media Contact:
Kristy Gonzalez
Cornerstone OnDemand
Phone: +1 (310) 382-9563
[email protected]
Source: Cornerstone OnDemand | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-cornerstone-ondemand-announces-first-quarter-2018-financial-results.html |
Right now, Tesla cannot make cars profitably: Pro 1 Hour Ago CNBC's Phil LeBeau reports on Tesla's strange earnings call last night. And Gordon Johnson, Vertical Group, offers his thoughts on the company's numbers. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/right-now-tesla-cannot-make-cars-profitably-pro.html |
MENLO PARK, Calif. (Reuters) - Facebook Inc’s Messenger app launched an augmented reality feature on Tuesday to allow people to see products they are shopping for as if they already have them, such as a car parked in a driveway, in a move aimed at drawing in potential advertisers.
Facebook CEO Mark Zuckerberg speaks at Facebook Inc's annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam Although smartphone messaging apps are not known for displaying ads, Facebook has said that targeting the 1.3 billion people who use its Messenger service with ads will be an important part of the company’s long-term revenue growth.
Silicon Valley tech firms are pouring money into augmented reality, a mix of the real and digital worlds best known from the game Pokemon Go.
Facebook, at a tech conference that begins on Tuesday, is launching a new toolkit for software developers to make augmented reality features.
David Marcus, head of Facebook’s Messenger app, said in an interview that shoppers will be able to visualize and potentially test out products that advertisers have made available. Sephora, one of the first businesses that will use the feature, will let people virtually try on cosmetics.
Similar augmented-reality features have proliferated on the apps of retailers such Amazon.com Inc and Ikea, which allow people to see how a toaster or couch would look in a room.
Facebook, the world’s largest social media network, has been encouraging businesses to use Messenger to talk with consumers, sometimes for customer service.
Facebook's Chief Operating Officer Sheryl Sandberg arrives to watch CEO Mark Zuckerberg speak at Facebook Inc's annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam Having businesses using Messenger helps Facebook’s advertising business, Marcus said. Marketers can place ads directly in the service, and Facebook sells ads in its News Feed that connect to Messenger conversations.
Messenger and the News Feed create a feedback loop like a “flywheel” for ad sales, Marcus said.
Four businesses are participating in the launch: electronics company Asustek Computer Inc, automaker Kia Motors Corp, clothing company Nike Inc and Sephora, a unit of LVMH Moet Hennessy Louis Vuitton SE.
WhatsApp, another Facebook-owned messaging service with more than 1 billion users, has sworn off advertising. WhatsApp co-founder Jan Koum said on Monday he was leaving. The Washington Post reported he was doing so in part after conflicts about advertising, which he opposes.
Marcus said he was not worried about ads turning off Messenger users. People must opt in to talk with a business on the service. “People actually find it helpful,” he said.
Messenger is trying to attract businesses in other ways, such as automated chat “bots” that can reply to customer inquiries. There are 300,000 bots on Messenger, three times more than a year ago, Marcus said.
Reporting by David Ingram; Editing by Frances Kerry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-f8conference-messenger/facebook-to-use-augmented-reality-to-draw-ads-to-messenger-app-idUSKBN1I243J |
May 25, 2018 / 1:17 PM / Updated 9 minutes ago MOVES-Barclays appoints Todd Sandoz head of equities, Americas Reuters Staff 1 Min Read
May 25 (Reuters) - Barclays PLC on Friday appointed Todd Sandoz as the head of its equities business for the Americas.
Sandoz, who will be based in New York, joins Barclays from Nomura where he served as head of equities and execution services. (Reporting By Aparajita Saxena in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/barclays-moves-sandoz/moves-barclays-appoints-todd-sandoz-head-of-equities-americas-idUSL3N1SW4C4 |
May 17, 2018 / 6:38 AM / Updated 3 minutes ago 3i reports $1.9 billion full-year total return Reuters Staff 2 Min Read
LONDON (Reuters) - Private equity firm 3i ( III.L ) posted a 24 percent total return on shareholders’ opening funds in the year to end-March on Thursday, equivalent to 1.43 billion pounds ($1.94 billion), on its growing range of corporate and infrastructure investments.
The company reported strong performance from its private equity unit, with a gross 1.4 billion pounds return driven by investment in companies including Action, Scandlines, ATESTEO and Basic-Fit.
The group also hailed a “very good” year for its infrastructure division, which advised 3i Infrastructure plc ( 3IN.L ) on six investments and commitments totalling 525 million pounds and the disposals of Elenia and AWG, which helped to generate a total return of 29 percent for 3iN and a special dividend of 143 million pounds for 3i.
It closed two European infrastructure fund platforms, raising assets of more than 1 billion pounds and invested 177 million pounds in its maiden U.S. infrastructure investment, Smarte Carte.
3i has pledged a total dividend of 30 pence per share for the full year, with 22 pence to be paid in July, subject to shareholder approval.
“Our fund management initiatives in infrastructure, together with our reinvestment into Scandlines, will generate important cash income, while our private equity portfolio remains well positioned to generate top-tier capital returns,” Chief Executive Simon Borrows said in a statement. Reporting By Sinead Cruise; editing by Carolyn Cohn | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-3i-results/3i-reports-1-9-billion-full-year-total-return-idUKKCN1II0NU |
LAGOS (Thomson Reuters Foundation) - Africa is sometimes better known for its vulnerability to climate change than its action on the problem – but a set of African cities intend to change that.
Eight cities – from Accra to Dar es Salaam – pledged this week to deliver their share of emissions cuts needed to meet Paris Agreement targets to limit climate change.
That means achieving “zero carbon” city economies by 2050 - with climate changing emissions eliminated, or dramatically reduced and any small remaining emissions offset by other green actions.
“We cannot ignore the implications of what will befall us if we do not act now,” said Mohammed Adjei Sowah, the mayor of Accra, Ghana’s capital, at a planning meeting in Nigeria on urban climate action in Africa.
Pursuing development in the way it’s traditionally been done is no longer feasible, he said in Lagos at the launch of the emissions cutting push.
Achieving the aim will require significant work. According to the World Bank, of the top 10 big world cities with the lowest climate-changing emissions, only one – Johannesburg – is in Africa.
Under the new commitments, cities will work to reduce emissions from things such as transport, buildings, energy production and waste management – an effort some have already started.
The city of Tshwane (formerly Pretoria) in South Africa, for instance, has carried out an inventory of its emissions, to better understand which areas need the most urgent work.
The city’s mayor also has for four years organized the African Capital Cities Sustainability Forum, which led to the creation of a sustainability unit in Tshwane’s mayoral office.
“We started this climate action trajectory in 2013, putting together the carbon emission inventory and vulnerability assessment, out of which we then started to take action based on the data”, Sello Mphaga, head of the Tshwane mayor’s sustainability unit.
The city’s emissions come from “three main sectors – energy, waste management and transport. From the study, we see how much each sector is emitting and that assists us in planning to reduce or act upon these emissions,” he told the Thomson Reuters Foundation on the sidelines of the Lagos meeting.
Besides Accra, Tshwane and Dar es Salaam, other African cities that have signed the new pledge include Addis Ababa, Lagos, Dakar, Cape Town, Durban and Johannesburg.
Two other cities – Nairobi and Abidjan – are expected to submit their plans to take part soon, said Mark Watts, executive director of the C40 Cities alliance, a global network of cities tackling climate change.
To try to achieve the Paris Agreement goals, cities signed on to the new African effort commit to reduce their carbon emissions to zero by 2050.
Sowah, of Accra, said he believes it is possible to dramatically cut urban African emissions, particularly as more African cities become aware of the impact of worsening climate extremes, from recurring droughts and floods to failed crops and more migration.
But African cities will need to hold the line on emissions even as their populations grow substantially in coming decades.
The World Bank projects that 70 percent of the world’s population could live in cities by 2050, and Africa is expected to account for half of the world’s population growth by 2050.
here
Lagos, for instance, struggles with heavy pollution from its infamous traffic jams, while its population of 21 million produces large volumes of waste.
Nigeria is also home to Onitsha, which the World Health Organization in 2016 named as a city with some of the world’s worst air pollution, and Port Harcourt, an oil port that is often blanketed in soot.
In a country where power failures are a regular problem, many households regularly use polluting diesel generators to produce power.
Nigeria in 2015 signed the Paris Agreement – which aims to hold global warming to “well below” 2 degrees Celsius – under pressure from activists for cleaner energy and sustainability groups, who have said better incentives and penalties are needed to drive effective green action.
But the transition to lower emissions will require capital, officials warned.
“Each sector – like agriculture, power, transport – has its own strategies to encourage cleaner energy rather than use of fossil fuels. But these solutions are capital intensive,” warned Ikenna Ofoegbu of the German Heinrich Boll Foundation.
“For instance, it is cheaper for international oil companies (IOCs) to flare (natural) gas than recycling it because there is no extensive infrastructure and it is hard to find a market for people to buy flared gas,” he said.
Legislation in Nigeria also favors electrical distribution companies that rely on fossil fuels over mini-grid operators using solar panels, Ofoegbu said.
That’s in part because powerful elites own the traditional distribution companies and regularly lobby to keep the existing system in place, he said.
For instance, a mini-grid operator who wants to generate more than a megawatt of clean power has to do so at least 10 km away from distribution lines, he said.
Solar panels also can be expensive to import. Nigeria has no customs duty on renewable energy devices but the Economic Community of West African States (ECOWAS), of which it is a member, stipulates a 5 percent customs duty on some types of devices, Ofeogbu said.
If better incentives for clean energy were put in place, “more people will pack up their generators and get solar panels”, Ofoegbu said. “But people need to be able to afford it and one of the biggest issues is the cost of import duty.”
To achieve its emissions goals, Nigeria also needs to look at things like tree planting – perhaps requiring that a tree be planted for each one cut – and encouraging the use of clean cooking stoves to cut firewood use, he said.
But, Sowah added, significant political willpower will be needed to enforce any policy changes made.
Reporting by Eromo Egbejule ; editing by Laurie Goering and Zoe Tabary : Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate
| ashraq/financial-news-articles | https://www.reuters.com/article/us-africa-climatechange-cities/african-cities-pledge-to-cut-climate-emissions-to-zero-by-2050-idUSKCN1II19S |
CHICAGO, May 30, 2018 /PRNewswire/ -- Grainger (NYSE: GWW), the leading broad line supplier of maintenance, repair and operating (MRO) products serving businesses and institutions, today announced that Laura Brown, Senior Vice President, Communications and Investor Relations, will retire from Grainger, effective July 1, 2018.
Brown began her very successful Grainger career in 2000, as Vice President, Internet Business Analysis and Supplier Management, for Grainger.com . This led to a variety of other leadership roles in Finance and Marketing. During the last eight years, Brown has led Communications and Investor Relations. In this role, she served on Grainger's Executive Leadership Team, helping to guide company strategy, and led efforts to communicate key strategic initiatives to stakeholders internally and externally, including, analysts, investors and community partners.
"It has been a pleasure working with Laura throughout my career at Grainger," said DG Macpherson, Chairman and CEO. "She provides unique perspective and important counsel, which comes from her diverse background in finance, marketing, communications and investor relations. She has played an instrumental role in helping guide Grainger's evolution, as customer buying habits have changed. Laura has been a great ambassador for Grainger, and a wonderful leader and mentor. She will be missed."
"My more than 18 years at Grainger have been very rewarding," said Brown. "I have so many fond memories and friendships that have developed over the years. Leading the Communications and Investor Relations function has been the highlight of my entire career. I look forward to the next chapter of my life, which will include spending more time with family and friends, and serving on boards."
With Brown's retirement, Grainger will transition its Investor Relations and Communications functions. Investor Relations will be led by Irene Holman, who will report to Tom Okray, Senior Vice President and CFO. Communications will be led by Michele Mazur, who will report to the company's Senior Vice President of Human Resources, a role the company is actively seeking to fill.
About Grainger
W.W. Grainger, Inc., with 2017 sales of $10.4 billion, is North America's leading broad line supplier of maintenance, repair and operating (MRO) products , with operations also in Europe, Asia and Latin America.
View original content: http://www.prnewswire.com/news-releases/graingers-head-of-communications-and-investor-relations-to-retire-300656626.html
SOURCE W.W. Grainger, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-graingers-head-of-communications-and-investor-relations-to-retire.html |
ST. PAUL, Minn., May 14, 2018 (GLOBE NEWSWIRE) -- Image Sensing Systems, Inc. (NASDAQ:ISNS) today announced results for its first quarter
First Quarter 2018 Financial Highlights
First quarter royalties were $2.2 million, an increase of 32 percent from the same period in the prior year. First quarter product sales were $844,000, a decrease of 41 percent from the same period in the prior year. Operating expenses totaled $2.6 million in the first quarter of 2018, an increase of 15 percent from the prior year period. Capitalized software costs in the first quarter were $66,000 compared to $174,000 in the prior year period. Net loss for the first quarter of 2018 totaled $17,000, compared to net income of $197,000 for the same period in the prior year. Cash balance increased to $3.3 million, up from $3.2 million at the end of 2017.
First-Quarter Results:
Image Sensing Systems' (ISS) 2018 first quarter revenue was $3.0 million, compared to $3.1 million in the first quarter of 2017. Gross margin from the first quarter of 2018 was 85 percent, a 6 percent increase from a gross margin of 79 percent for the same period in 2017. The increase in the gross margin percent was primarily the result of a larger portion of sales from royalties during the quarter. Revenue from royalties was $2.2 million in the first quarter of 2018 compared to $1.6 million in the first quarter of 2017, a 32 percent increase.
Product sales decreased to $844,000 in the 2018 first quarter, a 41 percent decrease from $1.4 million in the first quarter of 2017. The decrease in product sales resulted from lower volumes of sales in all jurisdictions. Autoscope video product sales and royalties were $251,000 and $2.2 million, respectively, and RTMS radar product sales were $593,000 in the first quarter of 2018. Product sales gross margin for the first quarter of 2018 was 58 percent, compared to 62 percent in the prior year period. The decrease in product margin was due to a higher percentage of Autoscope video product sold during the quarter, compared to the same period in the prior year.
ISS’s net loss in the first quarter was $17,000, or no income (loss) per basic share, compared to net income of $197,000, or $0.04 per basic share, in the prior year period. The first quarter of 2018 net income includes operating expenses of $2.6 million, a 15 percent increase from the first quarter of 2017. This increase is primarily due to increased sales and marketing costs related to a semi-annual industry trade show, Intertraffic, that took place in the first quarter of 2018. During the first quarter of 2018, ISS capitalized $66,000 of internal software development costs compared to $174,000 in the prior year period.
On a non-GAAP basis, excluding the amortization of intangible assets and depreciation for the applicable periods, operating income for the first quarter of 2018 was $157,000 compared to operating income of $353,000 in the prior year period.
“While we are encouraged by the increase in Autoscope royalty from the prior year period, we are very disappointed in the decrease in product sales. In response to this product revenue erosion, we have appointed new sales leadership. We are excited to have Andrew Markese join our team as Vice President of Global Sales and Marketing effective May 21 st ,” said Chad Stelzig, CEO of ISS. “Andy has demonstrated success cultivating high performing sales teams and taking a hands-on approach to generating sales growth.”
Non-GAAP Financial Measures:
We provide certain non-GAAP financial information as supplemental information to financial measures calculated and presented in accordance with GAAP (Generally Accepted Accounting Principles in the United States). This non-GAAP information excludes the impact of amortizing intangible assets and depreciation and may exclude other non-recurring items. Management believes that this presentation facilitates the comparison of our current operating results to historical operating results. Management uses this non-GAAP information to evaluate short-term and long-term operating trends in our core operations. Non-GAAP information is not prepared in accordance with GAAP and should not be considered a substitute for or an alternative to GAAP financial measures and may not be computed the same as similarly titled measures used by other companies.
About Image Sensing Systems
Image Sensing Systems, Inc. is a global company dedicated to helping improve safety and efficiency for cities and highways by developing and delivering above-ground detection technology, applications and solutions. We give Intelligent Transportation Systems (ITS) professionals more precise and accurate information – including real-time reaction capabilities and in-depth analytics – to make more confident and proactive decisions. We are headquartered in St. Paul, Minnesota. Visit us on the web at imagesensing.com .
Safe Harbor Statement: Statements made in this release concerning the Company’s or management’s intentions, expectations, or predictions about future results or events are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current expectations or beliefs, and are subject to risks and uncertainties that could cause actual results or events to vary from stated expectations, which variations could be material and adverse. Factors that could produce such a variation include, but are not limited to, the following: the inherent unreliability of earnings, revenue and cash flow predictions due to numerous factors, many of which are beyond the Company’s control; developments in the demand for the Company’s products and services; relationships with the Company’s major customers and suppliers; the mix of and margins on the products we sell; unanticipated delays, costs and expenses inherent in the development and marketing of new products and services; adverse weather conditions in our markets; the impact of governmental laws and regulations; international presence; our success in integrating any acquisitions; and competitive factors. Our forward-looking statements speak only as of the time made, and we assume no obligation to publicly update any such statements. Additional information concerning these and other factors that could cause actual results and events to differ materially from the Company’s current expectations are contained in the Company’s reports and other documents filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2017 filed on March 14, 2018.
Image Sensing Systems, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share information)
(unaudited) Three-Month Periods
Ended March 31, 2018 2017 Revenue Product sales $ 844 $ 1,440 Royalties 2,166 1,644 3,010 3,084 Cost of revenue 447 634 Gross profit 2,563 2,450 Operating expenses Selling, general and administrative 1,761 1,436 Research and development 819 816 2,580 2,252 Income (loss) from operations (17) 198 Other income - 3 Income (loss) before income taxes (17) 201 Income tax expense - 4 Net income (loss) $ (17) $ 197 Basic net income (loss) per share $ (0.00) $ 0.04 Diluted net income (loss) per share $ (0.00) $ 0.04 Weighted shares - basic 5,181 5,096 Weighted shares - diluted 5,181 5,096
Image Sensing Systems, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited) March 31,
2018 December 31,
2017 Assets Current assets Cash and cash equivalents $ 3,322 $ 3,190 Receivables, net 2,756 3,339 Inventories 388 335 Prepaid expenses and other current assets 347 255 6,813 7,119 Property and equipment, net 472 486 Intangible assets, net 3,440 3,485 Deferred taxes 37 38 $ 10,762 $ 11,128 Liabilities and Shareholders’ Equity Current liabilities Accounts payable $ 612 $ 563 Warranty and other current liabilities 1,452 1,924 2,064 2,487 Shareholders’ equity 8,698 8,641 $ 10,762 $ 11,128
Image Sensing Systems, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited) Three-Month Periods
March 31, 2018 2017 Operating activities Net income (loss) $ (17) $ 197 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 174 155 Stock option expense 85 65 Loss on disposal of assets 1 - Changes in operating assets and liabilities 13 277 Net cash provided by operating activities 256 694 Investing activities Capitalized software development costs (66) (95) Purchases of property and equipment (47) (33) Net cash used for investing activities (113) (128) Financing activities Stock for tax withholding (10) - Net cash used for financing activities (10) - Effect of exchange rate changes on cash (1) 7 Increase in cash and cash equivalents 132 573 Cash and cash equivalents at beginning of period 3,190 1,547 Cash and cash equivalents at end of period $ 3,322 $ 2,120 Non-Cash investing and financing activities: Purchase of property and equipment in accounts payable $ 25 $ 11 Capitalization of software development costs in accounts payable - 79
Image Sensing Systems, Inc.
Non-GAAP Income from Continuing Operations
(in thousands)
(unaudited)
We define non-GAAP income from operations as income from operations before amortization of intangible assets and depreciation for the applicable periods. Management believes non-GAAP income from operations is a useful indicator of our financial performance and our ability to generate cash flows from operations. Our definition of non-GAAP income from operations may not be comparable to similarly titled definitions used by other companies. The table below reconciles non-GAAP income from operations, which is a non-GAAP financial measure, to comparable GAAP financial measures:
Three-Month
Periods Ended
March 31, 2018 2017 Income (loss) from operations $ (17) $ 198 Amortization of intangible assets 111 90 Depreciation 63 65 Non-GAAP income from operations $ 157 $ 353 Note – Our calculation of non-GAAP income (loss) from operations is considered a non-GAAP financial measure and is not in accordance with, or preferable to, “as reported”, or GAAP financial data. However, we are providing this information, as we believe it facilitates analysis of the Company’s financial performance by investors and financial analysts.
Contact:
Todd Slawson, Interim Chief Financial Officer
Image Sensing Systems
Phone: 651.603.7700
Source:Image Sensing Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-image-sensing-systems-announces-first-quarter-2018-financial-results.html |
WASHINGTON—The Trump administration is considering executive action that would restrict some Chinese companies’ ability to sell telecommunications equipment in the U.S., based on national-security concerns, said several people familiar with the matter.
The move, if it happens, would represent a significant escalation of a growing feud between the U.S. and China over tech and telecommunications. The affected firms likely would include Huawei Technologies Co. and ZTE Corp., two of the world’s leading telecommunications equipment... RELATED VIDEO The Tech Arms Race Driving the U.S.-China Trade Dispute “Made in China 2025” is Beijing’s industrial plan to dominate high-tech industries including robotics, aerospace and computer chips. The Trump administration argues China is using the plan to give its tech companies unfair advantage over foreign rivals. But what is it exactly? | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-weighs-curbs-on-chinese-telecom-firms-over-national-security-concerns-1525279627 |
1.20 +0.00 ( +0.35% ) I asked Siri, Alexa and Google Assistant if they're spying on me — here's what they said Todd Haselton Reblog Here's what each voice assistant said when I asked. A lot of people are worried that voice assistants like Amazon AMZN 's Alexa, Apple AAPL 's Siri or the Google GOOGL Assistant are spying on us at home. "I only send audio back to Amazon when you activate me. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/are-siri-alexa-and-google-assistant-spying-on-me.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 27, 2018 / 6:17 PM / Updated an hour ago Cavaliers to start Green in Game 7 with Kevin Love out Reuters Staff 3 Min Read
With Cleveland forward Kevin Love ruled out of Sunday’s Game 7 against the Boston Celtics, the Cavaliers will start Jeff Green in his place, coach Tyronn Lue announced Sunday morning. May 25, 2018; Cleveland, OH, USA; Boston Celtics forward Jayson Tatum (0) shoots the ball against Cleveland Cavaliers center Kevin Love (0) during the first quarter in game six of the Eastern conference finals of the 2018 NBA Playoffs at Quicken Loans Arena. Mandatory Credit: Ken Blaze-USA TODAY Sports
Love has been placed in the NBA’s concussion protocol, but traveled with the team to Boston and is expected to attend the game.
For Green, at stake is a chance to play in the NBA Finals for the first time in his 10-year career.
“It’s a chance to go to the Finals. I’m prepared. So, it will be fun,” he told reporters after Sunday’s shootaround.
Green performed well in replacing Love in Game 6, finishing with 14 points, three rebounds and two blocks off the bench. The Cavaliers will need all they can get as they face elimination in Boston, where the Celtics are 10-0 this postseason.
Green, 31, averaged 10.8 points this season, starting 14 of the 78 regular-season games he appeared in. He’s averaged 7.6 points in the postseason.
Lue says Green gives the team a different look defensively.
“He attacked the small guys, the switches, and took his time, did a good job attacking, rebounded the ball well,” Lue told reporters. “I just think defensively being able to switch and guard multiple positions, that’s huge for us. He was able to switch a lot more, we were able to do a lot of different stuff defensively and he came through for us.” May 23, 2018; Boston, MA, USA; Cleveland Cavaliers forward Jeff Green (32) blocks a layup from Boston Celtics guard Terry Rozier (12) during the fourth quarter of Boston's 96-83 win over the Cleveland Cavaliers in game five of the Eastern conference finals of the 2018 NBA Playoffs at TD Garden. Mandatory Credit: Winslow Townson-USA TODAY Sports
Love was re-evaluated Saturday before the decision to hold him out of the deciding game of the Eastern Conference Finals.
Love exited Game 6 on Friday night following a head-to-head collision with Celtics rookie Jayson Tatum during the first quarter. The Cavs announced at halftime that Love would not return as a precaution as he was being evaluated for a concussion.
With 6:58 remaining in the first quarter, Tatum accidentally ran into Love while he was trying to get positioning as the Cavaliers controlled the ball. Love immediately fell to the court with his hands to his head as time was called.
Cavs point guard George Hill helped Love to the bench before the 29-year-old went to the locker room for evaluation.
Cleveland went on to win 109-99 to even the series at three games apiece.
Love entered Friday averaging 14.8 points and 10.4 rebounds in this year’s playoffs. He has a history of concussions, including one during the 2016 NBA Finals against the Golden State Warriors, which caused him to miss Game 3 of the series.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-cle-bos-green-love/cavaliers-to-start-green-in-game-7-with-kevin-love-out-idUSKCN1IS0PE |
It's no secret that buying a home for under US$1 million in the San Francisco Bay Area is a nearly impossible task. Case in point: Somebody has paid over US$900,000 for a burned-out home.
The one-story, single-family house at 1375 Bird Avenue in San Jose, California, was ravaged by fire two years ago. In photos, the structure appears dilapidated and held together with plywood.
According to real-estate site Redfin and the Silicon Valley Business Journal, the home sold for US$938,000 in April — more than US$130,000 over the listing price of US$799,000.
More from the South China Morning Post:
ZTE ceases 'major operating activities' as seven-year ban on selling it US technology shuts down most of its operations
China bitcoin miner Canaan Creative ditches US for Hong Kong IPO | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/burned-out-house-in-silicon-valley-sells-for-938000.html |
(Reuters Health) - A common gene variant linked to migraine headaches may have proliferated because it made it easier for early humans adapt to cold weather in northern climates, a new study suggests.
Migraines have long been more common in people of European descent than those from Africa, and both genetics and environment are thought to play a role. For the current study, researchers focused on TRPM8, a gene involved in regulating the ability to detect cold that’s also associated with vulnerability to migraines.
Researchers discovered that a genetic variant upstream from this gene, which may regulate it, became increasingly common in populations living in cold climates. For example, 88 percent of people of Finnish ancestry carry the variant, compared with just 5 percent of people of Nigerian ancestry.
“The direct link between cold sensation and migraine is unknown; however, both are related to pain which provides a possible, but speculative, link,” said lead study author Felix Key of the Max Planck Institute for the Science of Human History in Leipzig, Germany.
Within the last 50,000 years, some humans left the warm climate of Africa to colonize colder locales in Asia, Europe, and other parts of the world, researchers note in PLoS Genetics. Genetic adaptations to help humans respond to cold temperatures may have helped people survive this migration.
The gene TRPM8 helps control the only known receptor that enables people to detect and respond to cold temperatures. Variants found in people whose ancestors lived in cold climates thousands of years ago might help shut off or reduce the ability to detect cold or feel pain from the cold.
The researchers found that a variant of this gene became increasingly common in populations living in higher latitudes and colder climates during the past 25,000 years.
While this gene has been linked to migraines in previous research, the current study authors speculate that adaptation to cold temperatures in early human populations may at least partially explain the variation in migraine prevalence among different groups of people.
“Most genetic variants have very similar frequencies across human populations,” said senior study author Aida Andres of University College London in the UK.
“So it was surprising that this (variant) is at very low frequency in some populations, say Yoruba, Nigeria, and very high frequency in others, for example Finnish in northern Europe,” Andres said by email.
But the exact molecular cause of migraines remains unknown, and even in populations where most people are of northern European descent, only about 10 to 15 percent suffer from migraines, said Andy Weyer, a researcher at Pacific University in Forest Grove, Oregon, who wasn’t involved in the study.
“Just because a person’s DNA contains this variant does not mean that they will suffer from migraines,” Weyer said by email.
While drugmakers are currently exploring whether it’s possible to develop migraine medicines that work by targeting TRPM8, the current study findings won’t change how people are currently treated for these headaches, Weyer added.
People may manage migraines by trying to avoid triggers like stress, lack of sleep or poor diet that can make the headaches more likely. Some patients may also take painkillers or antidepressants for acute migraines.
Cold is can be a trigger, noted Greg Dussor, a researcher at the University of Texas at Dallas who wasn’t involved in the study.
“Stressors, or deviations from normal patterns, seem to be triggers for migraine attacks and exposure to cold is a stressor that the body doesn’t like,” Dussor said by email. “The migraine might be a warning sign that the stressor, in this case cold, could be dangerous and the person should protect themself from the temperature.”
SOURCE: bit.ly/2Kw2Hps PLoS Genetics, online May 3, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-migraines-genetics/gene-tied-to-migraines-may-have-helped-humans-adapt-to-cold-idUSKBN1I42HQ |
NEW YORK--(BUSINESS WIRE)-- E*TRADE Financial Corporation (NASDAQ:ETFC) today released its Monthly Activity Report for April 2018.
Daily Average Revenue Trades (DARTs) for April were 249,939, a 12 percent decrease from March and a 28 percent increase from the year-ago period. Derivatives represented 35 percent of DARTs during the month. The Company added 188,056 gross new brokerage accounts in April and ended the month with approximately 3.9 million brokerage accounts—an increase of 155,634 from March. The acquisition of Trust Company of America (TCA) added 145,891 to gross, net and end of period brokerage accounts during the month.
Net new brokerage assets were $18.2 billion in the month. During the month, customer security holdings increased by $21.1 billion, while brokerage-related cash remained flat, ending the month at $51.9 billion. The acquisition of TCA added $18.4 billion in net new brokerage assets which includes $17.2 billion of security holdings and $1.2 billion of sweep deposits. Customer margin balances decreased, ending the month at $10.4 billion. Customers were net buyers of approximately $0.9 billion in securities of which TCA accounted for $0.6 billion during the month.
Monthly Activity Data
Apr-18 Mar-18 Apr-17 % Chg. M/M % Chg. Y/Y Trading days 21.0 21.0 19.0 N.M. N.M. DARTs 249,939 284,682 196,022 (12)% 28% Derivative DARTs 86,859 95,617 60,803 (9)% 43% Derivative DARTs % 35 % 34 % 31 % 1% 4% Gross new brokerage accounts (1) 188,056 44,473 38,904 323% 383% Gross new stock plan accounts 32,358 36,635 23,276 (12)% 39% Gross new banking accounts 278 372 252 (25)% 10% Total gross new accounts 220,692 81,480 62,432 171% 253% Net new brokerage accounts (1) 155,634 7,670 10,695 N.M. N.M. Net new stock plan accounts 18,840 16,397 9,850 15% 91% Net new banking accounts (1,757 ) (1,003 ) (1,671 ) (75)% (5)% Net new accounts 172,717 23,064 18,874 N.M. N.M. End of period brokerage accounts (1) 3,850,228 3,694,594 3,531,913 4% 9% End of period stock plan accounts 1,551,169 1,532,329 1,471,388 1% 5% End of period banking accounts 293,324 295,081 311,296 (1)% (6)% End of period total accounts 5,694,721 5,522,004 5,314,597 3% 7% Customer margin balances ($B) (2) $ 10.4 $ 10.5 $ 7.5 (1)% 39% Customer Assets ($B)
Security holdings (1) $ 317.1 $ 296.0 $ 248.3 7% 28% Sweep deposits (1) 37.9 38.0 31.6 —% 20% Customer cash held by third parties (3) 5.3 5.0 12.1 6% (56)% Customer payables (cash) 8.7 8.9 9.0 (2)% (3)% Brokerage customer assets 369.0 347.9 301.0 6% 23% Unexercised stock plan holdings (vested) 40.1 39.9 34.4 1% 17% Savings, checking and other banking assets 4.7 5.0 5.3 (6)% (11)% Total customer assets $ 413.8 $ 392.8 $ 340.7 5% 21% Net new brokerage assets (1)(4) $ 18.2 $ 1.8 $ (0.2 ) N.M. N.M. Net new banking assets (4) (0.3 ) 0.2 (0.2 ) (250)% (50)% Net new customer assets (1) $ 17.9 $ 2.0 $ (0.4 ) N.M. N.M. Brokerage related cash $ 51.9 $ 51.9 $ 52.7 —% (2)% Other cash and deposits 4.7 5.0 5.3 (6)% (11)% Total customer cash and deposits $ 56.6 $ 56.9 $ 58.0 (1)% (2)% Managed products $ 5.6 $ 5.6 $ 4.4 —% 27% Customer net (buy) / sell activity (1) $ (0.9 ) $ (3.6 ) $ (0.5 ) N.M. N.M. (1) Includes the impact of the TCA acquisition, which was completed on April 9, 2018, as follows: gross new, net new, and end of period brokerage accounts of 145,891, and net new brokerage assets of $18.4 billion, which is reflected within total customer assets and includes $17.2 billion of security holdings and $1.2 billion of sweep deposits. These results also reflect post-acquisition activity of TCA, including customer net buy activity of $0.6 billion.
(2) Represents margin receivables held on the balance sheet and customer margin balances held by a third party clearing firm. The balances held by a third party were transferred to E*TRADE Securities during August 2017 in connection with the OptionsHouse integration. (3) Customer cash held by third parties is held outside E*TRADE and includes money market funds and sweep deposit accounts at unaffiliated financial institutions. During August 2017, customer cash held by a third party clearing firm was transferred to E*TRADE Securities in connection with the OptionsHouse integration. Customer cash held by third parties is not reflected in the Company's consolidated balance sheet and is not immediately available for liquidity purposes. (4) Net new brokerage assets are total inflows to all new and existing brokerage customer accounts less total outflows from all closed and existing brokerage customer accounts, excluding the effects of market movements in the value of brokerage customer assets. Net new banking assets are total inflows to all new and existing banking customer accounts less total outflows from all closed and existing banking customer accounts. The net new banking assets and net new brokerage assets metrics treat asset flows between E*TRADE entities in the same manner as unrelated third party accounts. Historical metrics and financials can be found on E*TRADE Financial's corporate website at https://about.etrade.com .
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Securities products and services are offered by E*TRADE Securities LLC, Member FINRA/SIPC. Investment advisory services are offered through E*TRADE Capital Management, LLC, a Registered Investment Adviser. Commodity futures and options on futures products and services are offered by E*TRADE Futures LLC, Member NFA. Banking products and services are offered by E*TRADE Bank, a federal savings bank, Member FDIC, and E*TRADE Savings Bank, a federal savings bank, Member FDIC, which also provides custody solutions to Registered Investment Advisers. E*TRADE Securities LLC, E*TRADE Capital Management, LLC, E*TRADE Futures LLC, and E*TRADE Bank are separate but affiliated companies. More information is available at www.etrade.com .
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Source: E*TRADE Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-etrade-financial-corporation-reports-monthly-activity-for-april-2018.html |
May 30, 2018 / 5:22 PM / Updated 9 minutes ago Soccer helps migrants feel at home in World Cup city St Petersburg Reuters Staff 3 Min Read
ST PETERSBURG, Russia (Reuters) - Far from his native Uzbekistan, labor migrant Rustam Mustafakulov has found a second home in the World Cup host city of St Petersburg, playing soccer with other immigrants from Mali to Turkmenistan.
The 34-year-old window cleaner plays for FC Maxima, an amateur soccer team set up specially to help immigrants settle in the northern Russian city. He says the regular sport and close camaraderie keep him going.
“We have been playing together for so many years, we’ve all become friends,” said Mustafakulov who played professional football in his native Uzbekistan.
Maxima, which also comprises players from Egypt, Cameroon, Armenia and Egypt, was formed in 2007 in St Petersburg, one of 11 Russian cities hosting the FIFA World Cup that kicks off next month.
Mustafakulov says life in Russia has not always been easy, and that some locals have made comments about his nationality and accused him of taking jobs that should go to Russians.
The team’s Turkmen founder and coach, Bakhtiyar Yusupov, said he set up the team to make players “feel at home, regardless of their social status”.
“(They) are all equal on the pitch,” he said.
Maxima has taken part in St Petersburg’s city championships, a competition for amateur soccer players, finishing fourth in 2017.
Some of the players are hoping to use the team as a launch pad to higher tier football.
Mohammed Hafez who moved to Russia after meeting his now-wife Natalia at a beach resort in his native Egypt is hoping to get talent-spotted by scouts.
The 27-year-old is hoping to emulate the rise to fame of Egyptian Liverpool striker Mohamed Salah.
“This is my dream, to play, and I will not give up, God willing I will make this come true,” Hafez said.
In Russia, migrant workers often carry out poorly paid menial work, and according to human rights groups are subject to frequent document checks by police and suffer racist discrimination.
Russian authorities deny migrants are mistreated and say document checks are required for national security. Writing by Tom Balmforth; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-russia-migrant-team/soccer-helps-migrants-feel-at-home-in-world-cup-city-st-petersburg-idUSKCN1IV2CE |
The power-sharing agreement between Italy's two populist parties is likely to raise concerns for officials at the European Union.
The left-wing Five Star Movement (M5S) and the far-right Lega are on the brink of clinching power in the southern European nation, forming a coalition after neither party gained enough seats to govern alone at March elections. They released their plans for the next executive Friday morning which would potentially end more than two months of political instability in the third largest euro zone economy. The plan will be voted on by their members over the weekend and, if approved, could bring further problems for the EU.
Their plan aims for a "necessary" re-discussion over European treaties, a "reduction" of the powers coming from Brussels, and a return to a pre-Maastricht setting.
Under an accord signed in the city of Maastricht in 1992, European countries are supposed to comply with euro-wide fiscal rules. This means that their debt-to-GDP (gross domestic product) ratio should not exceed 60 percent and their public accounts should not register a deficit above 3 percent of GDP. Italy's debt stands at about 132 percent of GDP and the country registered a deficit of 2.3 percent in 2017.
show chapters Why Italy's migrant crisis is the issue at the center of its election 6:34 AM ET Tue, 15 May 2018 | 04:22 The two Italian parties want to increase public spending when in power. As a result, they want a relaxation of EU rules to be able to fill those campaign promises. However, some Brussels-based officials have been sending public warnings. The European Commissioner Valdis Drombroskis said earlier this week that independently of who's in charge in Italy, the government will have to respect the EU rulebook.
The agreement, revealed Friday, also called for an end to EU sanctions on Russia. Since the annexation of Crimea, in 2014, the EU has applied restrictions to Russian companies and citizens. The document included some criticism of the EU's response to migration. Italy is, along with Greece, the biggest recipient of illegal migration from war-torn countries. Some member states have refused to receive some of those migrants and give them shelter.
M5S and Lega also demand a renegotiation of how much Italy pays into the EU budget. Rome is one of the top contributors to the common European basket, which is used to pay civil servants, infrastructure projects across the region, as well as sponsoring student exchanges, among others.
The two parties also included a line on trade, saying they are against large trade deals, like the one signed with Canada and the agreement that was being negotiated with the U.S. prior to the arrival of the President Donald Trump administration.
Italian borrowing costs surged following the announcement of the government program. The yield on the 10-year Italian note rose to 2.21 percent at about 11.40 a.m. London time Friday. The sovereign bond was on track for its biggest weekly jump since June 2015.
The euro also fell on the news to $1.1775 from $1.1810. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/italys-incoming-government-wants-to-lift-russia-sanctions-and-rewrite-eu-rules.html |
MOSCOW, May 31, 2018 (GLOBE NEWSWIRE) -- Mechel PAO (NYSE:MTL) (MOEX:MTLR) , a leading Russian mining and metals company, announces the decisions made by its Board of Directors at a meeting held on May 31, 2018.
The Board of Directors made the following recommendations to the general meeting of Mechel PAO’s shareholders:
- not to pay an annual dividend with respect to ordinary shares;
- to pay an annual dividend of 16.66 rubles per one preferred share;
- that the list of persons entitled to receive dividends for 2017 be made based on the data in the Mechel PAO Shareholders’ Register as of July 18, 2018.
The Board of Directors also recommended the general meeting of Mechel PAO’s shareholders to approve dividing part of accumulated profit from previous years as follows:
- to allocate 2,311,690,203.90 rubles for payment of dividends for listed preferred shares;
- to allocate 15,204,268,696.65 rubles to cover the 2017 losses;
- to leave the remainder of profit (8,589,233,330.93 rubles) unallocated.
The Board of Directors has also approved the following people as candidates to the Board and the company’s Revision Commission to be voted upon at the annual general meeting of Mechel PAO’s shareholders:
- For election to the Board of Directors:
1. Igor V. Zyuzin
2. Alexander N. Shokhin
3. Viktor A. Trigubko
4. Oleg V. Korzhov
5. Georgy G. Petrov
6. Alexander N. Kotsky
7. Alexander D. Orischin
8. Tigran G. Khachaturov
9. Yury N. Malyshev
- For election to the Revision Commission:
1. Alexander N. Kapralov
2. Natalya S. Zykova
3. Irina V. Bolkhovskikh
The annual general meeting of shareholders will be held on June 29, 2018 at the following address: Russia, Moscow, Leningradsky Prospect, 37 bldg 9, Aerostar Hotel.
Filled vote bulletins may be mailed to 125167, Moscow, Krasnoarmeiskaya St, 1, Mechel PAO.
The annual general meeting of shareholders will be held at 12:00 local time. Registration of persons participating in the general meeting of shareholders will begin at 11:00 local time.
Mechel PAO
Ekaterina Videman
Tel: + 7 495 221 88 88
[email protected]
Mechel is an international mining and steel company. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.
Source: Mechel PAO | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-mechel-reports-decisions-of-its-board-of-directors.html |
HOUSTON, May 02, 2018 (GLOBE NEWSWIRE) -- Apache Corporation (NYSE, Nasdaq:APA) today announced first-quarter 2018 financial and operational results on its website at www.apachecorp.com or investor.apachecorp.com as well as on Twitter (@ApacheCorp). There will be a conference call on May 3 at 10 a.m. Central time to discuss the results.
The conference call will be webcast from the website, and the webcast replay will be archived there as well. The conference call will also be available for playback by telephone for one week. The number for the replay is (855) 859-2056 or (404) 537-3406 for international calls. The conference access code is 3758236.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com , and on its Media and Investor Center mobile application, which is available for free download from the Apple App Store and the Google Play store. To sign up to receive email alerts regarding news and other website updates, please visit http://investor.apachecorp.com/alerts.cfm .
Contacts
Investor: (281) 302-2286 Gary Clark
Media: (713) 296-7276 Castlen Kennedy
Source:Apache Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-apache-corporation-announces-first-quarter-financial-and-operational-results.html |
May 19, 2018 / 10:38 AM / Updated 14 minutes ago Fans send best wishes to Prince Harry at Paris shrine to Diana Reuters Staff 2 Min Read
PARIS (Reuters) - Well-wishers in Paris gathered by a shrine to Prince Harry’s late mother, Princess Diana, on Saturday to mark Prince Harry’s marriage to American actress Meghan Markle. The view along the Long Walk as spectators gather ahead of the wedding of Prince Harry and Meghan Markle at Windsor castle in Windsor, Britain, May 19, 2018. Yui Mok/Pool via REUTERS
The shrine by the Pont de l’Alma, next to the River Seine and the glitzy Avenue George V, is near the spot where Diana was fatally injured in a car crash in 1997.
“I hope they get happy. It’s one of the most important days for England,” said Maria Kuntgen, a 35-year-old tourist from Brazil, at the memorial, where people had placed photos of Harry and Meghan.
That view was echoed by Roksana Arakelyan, a 32-year-old tourist from Moscow.
“They are so noble, so gorgeous,” she said.
France’s main TV stations all had teams reporting live from Windsor, while Le Parisien newspaper had a photo of Harry and Meghan dominating its front page.
Parisian David Andre Azoulay, 70, said he would watch the wedding on TV, although others were less enthusiastic.
“I am very happy for them, but personally I’m not that bothered,” Gerard Le Gall told Reuters as he bought his papers at a kiosk opposite the Diana memorial. Reporting by Sudip Kar-Gupta, Pascale Antonie and Clotaire Achi; Editing by Giles Elgood | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-wedding-world-france/fans-send-best-wishes-to-prince-harry-at-paris-shrine-to-diana-idUKKCN1IK0CA |
May 14, 2018 / 1:07 PM / a few seconds ago Global banks signal pragmatism over EU access after Brexit Huw Jones 4 Min Read
LONDON (Reuters) - Top banks in London have begun lobbying to improve the European Union’s existing system of market access after the bloc’s officials dismissed British calls for a bespoke Brexit deal. FILE PHOTO: Anti-Brexit demonstrators wave EU and Union flags outside the Houses of Parliament in London, Britain, January 30, 2018. REUTERS/Toby Melville
Despite the scepticism in Brussels, the British government and financial lobbies TheCityUK, City of London financial district and UK Finance banking lobby, are unified in backing a “mutual recognition” blueprint for EU market access after Britain’s departure from the bloc next March.
This involves Britain and the EU agreeing to accept each other’s financial rules in return for two-way market access for banks, insurers and asset managers under a bespoke trade agreement.
But a trade deal of this sort has never been done before in financial services, and the EU has said only that it could improve the bloc’s existing “equivalence” system.
Britain rejects this because access is granted at the sole discretion of Brussels. It can be scrapped at short notice and would force Britain to keep copying EU rules.
Unlike the other industry bodies based in London, the Association for Financial Markets in Europe (AFME) has so far not formally backed mutual recognition, its chairman Michael Cole-Fontayn said.
He signaled an openness among members, who include Goldman Sachs and Morgan Stanley banks, top asset manager BlackRock, and British lenders HSBC and Barclays, to build on equivalence.
“We are pragmatic in recognizing that markets will and need to continue to function,” Cole-Fontayn told Reuters.
“The negotiations are highly political but we would naturally want to be constructive in providing input into whatever model is ultimately taken forward to seek the most optimal outcome possible under the political constraints.” FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul's Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall//File Photo ‘E’ FOR EUROPE
London’s financial sector has sought to stay “on message” and dismiss alternatives to mutual recognition, but AFME says it was taking a broad view given its remit.
“There is a very important and big letter in our name, and that is the E in AFME. That makes our voice distinct, particularly as we operate in a global context as well,” Cole-Fontayn said.
AFME hopes its active backing for the EU’s capital markets union project to raise more funds for the economy by issuing stocks and bonds will help convince the EU to offer Britain good trading terms.
“We have an eye on the future of the capital markets union’s success and ensuring as much of the integrity of the pan-European capital market area as is possible,” Cole-Fontayn said.
AFME is taking part in consultations by the European Commission and European Parliament to reform equivalence. Luxembourg is keen to make equivalence more flexible, but France is more cautious.
Countries that already have equivalence arrangements are watching closely.
“The relationship that the EU and Britain strike must be seen in a global context, and it must be seen in a context that equivalence impacts Japan, Singapore and the United States as much as it impacts the UK,” Cole-Fontayn said.
AFME members are not relying on market access being agreed and plan to open new hubs or expand existing ones in the bloc by next March. A good trade deal could mean moving fewer staff and activities from London to those hubs over time. Reporting by Huw Jones; Editing by Hugh Lawson | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-banks/global-banks-signal-pragmatism-over-eu-access-after-brexit-idUSKCN1IF1OL |
May 22, 2018 / 4:26 PM / Updated 16 minutes ago Shell's oil spill dispute with Nigeria's Bodo villagers back in UK court Estelle Shirbon 3 Min Read
LONDON (Reuters) - Lawyers for the Bodo community in Nigeria’s oil-producing Niger Delta, which was devastated by two major oil spills a decade ago, went to court in London on Tuesday to fend off what they said was an attempt by Shell to kill off their litigation.
The Bodo oil spills have been the subject of years of legal wrangling. In 2015, Shell accepted liability for the spills, agreeing to pay 55 million pounds ($83 million at the time) to Bodo villagers and to clean up their lands and waterways.
Oil spills, sometimes due to vandalism, sometimes to corrosion, are common in the Niger Delta, a vast maze of creeks and mangrove swamps criss-crossed by pipelines and blighted by poverty, pollution, oil-fuelled corruption and violence.
The spills have had a catastrophic impact on many communities where people have no other water supply than the creeks and rely on farming and fishing for survival.
At the same time, oil companies have run into problems trying to clean up spills, sometimes because of obstruction and even violence by local gangs trying to extract bigger payouts, or to obtain clean-up contracts.
After years of delays, the clean-up in Bodo is currently underway and litigation in the London High Court is stayed, or on hold.
Lawyers for SPDC, the Nigerian arm of Shell, argued on Tuesday that the litigation should be struck off in October 2018, or at the latest a year later, and that it should only be re-activated if SPDC failed to comply with its obligation to pay for the clean-up.
Lawyers for the Bodo community said that was unacceptable, because the clean-up could go wrong for any number of reasons and that under Shell’s proposal the villagers would be left without the recourse of going back to court.
“The effect of what Shell is trying to do is to kill off the case,” said Dan Leader, the Bodo community’s lead lawyer, on the sidelines of the hearing. “It’s only because of the pressure of litigation that the clean-up is getting back on track.”
But Shell’s lawyers, citing an earlier judgment, compared the stayed litigation to a “gun in the cupboard” that the Bodo community’s lawyers wanted to be able to hold to Shell’s head at their convenience, for years on end.
They said the litigation was a hindrance to the clean-up because it gave some local community members the impression that there was still the possibility of a bigger payout, incentivising them to block the clean-up rather than cooperate.
“The previous persistent delays to the clean-up process clearly demonstrate that litigating Nigerian oil spill cases in the English courts does little to resolve the complex underlying security and community issues which can frustrate attempts to clean up areas impacted by oil pollution,” an SPDC spokeswoman said.
“We hope that the community will continue to grant the access needed for clean-up to progress as planned.”
A judgment on the litigation issues is expected on Friday. Editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/us-shell-nigeria-spill/shells-oil-spill-dispute-with-nigerias-bodo-villagers-back-in-uk-court-idUKKCN1IN2BO |
CNBC Tech Check Evening Edition: May 18, 2018 1 Hour Ago CNBC’s Tech Check brings you the latest in tech news from CNBC’s 1 Market in the heart of San Francisco. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/cnbc-tech-check-evening-edition-may-18-2018.html |
Lebanon has to improve its economy in multiple ways, says IMF director 1 Hour Ago Jihad Azour, director of Middle East and Central Asia Department at the IMF, offers advice to Lebanon to improve its economic stability. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/lebanon-has-to-improve-its-economy-in-multiple-ways-says-imf-director.html |
Venture Capital Meet the most hated stocks in the market today: Consumer staples Shares of Campbell Soup, General Mills, Kraft Heinz, Procter & Gamble, Colgate-Palmolive and Clorox are down between 17 and 30 percent year to date, compared with a slight gain for the S&P 500. Operating pressures like rising commodity costs are hurting profits, while rising bond yields are making the companies' once-coveted dividend payouts less interesting to investors. P&G, Colgate and Clorox were last this cheap on a relative basis to the market seven to nine years ago. CNBC.com Stephanie Kuykendal | Bloomberg | Getty Images
Just how contrarian are you? How to know when the onrushing herd has it right? When following Warren Buffett's credo to be greedy when others are fearful, where's the line between brave and foolhardy?
These are the self-directed questions of an investor today mulling Wall Street's most-hated trade: owning the classic American consumer-staples stocks.
Exactly how much does Wall Street hate the packaged-food and household-products group? Let's count the ways: The shares of Campbell Soup , General Mills , Kraft Heinz , Procter & Gamble , Colgate-Palmolive and Cl orox are down between 17 and 30 percent year to date, compared with a slight gain for the S&P 500. Aside from Kraft Heinz, those stocks currently carry buy ratings from one-third or fewer of the analysts who cover them versus a bit more than 50 percent buys among all large-cap stocks. Goldman Sachs strategists calculate that hedge funds collectively have a bigger bet shorting the consumer-staples stocks than owning them. An already disliked group got another kick Friday with Campbell Soup's lousy results accompanying the hasty departure of its CEO of seven years, Denise Morrison. She joins the former heads of Mondelez and General Mills in a gust of CEO turnover atop Big Food, a sign that the operating climate itself is forcing abrupt change.
While worse-positioned than most old-line food makers (heavily dependent on passe canned soup, and on condensed soup at that), Campbell is representative of the group's difficulties: fraying loyalty among younger consumers for older brands and processed foods, rising commodity costs with little pricing power, and stiffer competition from retailer-controlled private-label products.
Michael Ramlet, founder of the market-research firm Morning Consult, told CNBC's " Closing Bell " on Monday that the Campbell's brand fell 22 positions in a consumer ranking among millennials compared with its standing with baby boomers and Generation X. show chapters 23 Hours Ago | 01:19
If those operating pressures weren't bad enough, the stocks are a bad fit for the current market moment. A thrumming U.S. economy has more cyclically geared investments in fashion. Rising bond yields make the staples companies' once-coveted dividend payouts less interesting. Buy their way out of the slump?
Even the companies' efforts to escape the trap of "tired 20th-century brand portfolio" through targeted acquisitions have failed to win over investors. General Mills has acquired Annie's organic-snacks, Cascadian Farms organic products and Blue Buffalo pet foods, but it has so far gotten the company plenty of new debt without diverting investor attention away from its struggles in cereal and yogurt.
Acquisitions or mergers involving the staples companies themselves are a constant topic of wishful chatter on Wall Street. Yet there are only a few large, likely buyers such as Kraft Heinz, Nestle, Unilever and Danone, and none has been tempted yet. Because the U.S. staples companies generally have a fair amount of debt or are too large, private equity purchases are a stretch at current share-price levels.
Which leaves an investor with the conclusion that most of what there is to like about this sector is how hated it is. Plus the faith — shared by Buffett himself — that the decline in sales is not accelerating or permanent.
Esteemed deep-value hedge-fund investor Seth Klarman of Baupost Group has said, "Value investing is at its core the marriage of a contrarian streak and a calculator."
The pervasive gloom surrounding the staples stocks, detailed above, shows that buying them here qualifies as contrarian. As for the calculator, some of the numbers are starting to fall into line. Historically cheap valuations
The food stocks now all trade at steep discounts to both the broad market and their own history, based on current forecast profits — which, admittedly, have come down and might continue falling. The forward price/earnings ratios of Campbell, General Mills and Kellogg relative to the S&P 500 have not been as low as they are today for 15 to 18 years. P&G, Colgate and Clorox were last this cheap on a relative basis seven to nine years ago.
And while their dividend streams might no longer be the only game in town for income and will not do much to buffer further share-price declines, several of these stocks yield above 4 percent, on par with high-grade corporate bonds.
One reason investors seem so certain of the hopelessness of the staples' business prospects is how wretched their stock performance has been over the past two years: Campbell cut in half, General Mills down 42 percent since the spring of 2016, in a market that's up 30 percent.
Back then, of course, the market pushed these stocks to historically overvalued levels, in love with what they thought were their stable, defensive businesses, low volatility and reliable yields.
There is no saying the pantry-and-medicine-cabinet companies are cheap enough yet, even at half their P/Es of two years ago. But at some point and some price, they will require merely "less bad" news or one deal announcement or a sufficiently urgent strategic restructuring or a hint of stabilizing sales trends to start a recovery.
Probably the last group that was considered similarly uninvestable was the brick-and-mortar retailers last year, after Amazon's purchase of Whole Foods.
The stocks went down relentlessly for months and seemed like perpetual value traps, before staging a fierce rebound — though not close to full recoveries of all losses.
And perhaps we're seeing something similar now with General Electric — the poor corporate performance and ugly stock action came in so many waves and went so much further than most thought possible, that the negative case for the stock came to seem irresistible. GE shares are up 20 percent in the past several weeks — but are still down by half since a year ago.
Is that a comfort to the would-be contrarians in consumer-staples stocks — or a dire warning? Michael Santoli CNBC Senior Markets Commentator Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/meet-the-most-hated-stocks-in-the-market-today-consumer-staples.html |
EMERYVILLE, Calif. (AP) _ Adamas Pharmaceuticals Inc. (ADMS) on Thursday reported a loss of $35 million in its first quarter.
On a per-share basis, the Emeryville, California-based company said it had a loss of $1.35.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of $1.38 per share.
The drugmaker posted revenue of $2.6 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.7 million.
Adamas shares have dropped 12 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $29.76, a rise of 75 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on ADMS at https://www.zacks.com/ap/ADMS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-adamas-1q-earnings-snapshot.html |
Elon Musk brings technology charm offensive to high tech tunnel plan Friday, May 18, 2018 - 01:37
Billionaire entrepreneur Elon Musk is bringing his technology charm offensive to an attempt at digging a tunnel beneath part of Los Angeles to test designs for a high-speed subterranean transportation network he envisions for the city. Ryan Brooks reports
Billionaire entrepreneur Elon Musk is bringing his technology charm offensive to an attempt at digging a tunnel beneath part of Los Angeles to test designs for a high-speed subterranean transportation network he envisions for the city. Ryan Brooks reports //reut.rs/2ItBS7U | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/elon-musk-brings-technology-charm-offens?videoId=428080189 |
Acquisition Extends PrescribeWellness Solutions for Patient Engagement and Clinical Care in the U.S. and Canada
IRVINE, Calif.--(BUSINESS WIRE)-- PrescribeWellness , a leading cloud-based patient relationship management solutions company that inspires collaboration between pharmacies, payers, providers, pharmaceutical companies and their patients for better health, today announced the acquisition of all pharmacy-related assets of VoicePort, LLC, a leading provider of intelligent, interactive voice response patient engagement solutions to regional pharmacy chains and independent pharmacies.
“This acquisition provides pharmacies with an end-to-end solution for patient encounters, clinical interventions, and workflow efficiencies. As reimbursement models become more focused on value-based care and as consumers take greater control over healthcare decisions, these tools will empower pharmacies to be a core healthcare destination within their local community,” said Al Babbington, CEO of PrescribeWellness.
Through the acquisition of the VoicePort assets, PrescribeWellness will extend and elevate its offering of combined solutions that connect patients via voice, text, email and mobile to their pharmacists, doctors and other healthcare providers. Leveraging the PrescribeWellness suite to capture inbound patient requests on VoicePort technology will enhance the seamless identification of clinical opportunities and documentation of encounters, as well as the submission to health system EMRs and billing systems. PrescribeWellness has extended its complete patient relationship management solution for retail, health system, 340B and specialty pharmacies.
With the growing physician shortage, the complications associated with data interoperability and the movement towards value-based care, pharmacists will play an increasingly important role in the continuum of care, with empowered consumers demanding seamless integration of their preventive healthcare needs.
The PrescribeWellness solution suite helps pharmacies streamline their ability to get paid for clinical services and participate in value-based payment models, such as shared savings and performance-based reimbursements. It also offers information technology and automation tools to support reporting, coding, billing, collections and other administrative tasks, including:
Collaborative Practice Agreements contracting Clinical guidelines support Standard process of care via PrescribeWellness technology platform Pharmacist medical services billing support Reporting and evaluation support Tools to optimize Star Ratings and HEDIS scores Connectivity to EHR Workflow optimization Hospital and office claims data
“As we prepare to join together these two entrepreneurial companies with strong corporate cultures that are deeply rooted in innovation and achievement, our focus remains on providing customers with substantial system value and the highest-quality solutions as we build a strong foundation for the future,” said Chris Mann, VoicePort President and CEO.
About VoicePort
Founded in 2003, VoicePort, LLC, provides automated, customizable and integrated communication solutions to pharmacies. Headquartered in Rochester, New York, our experienced team of engineers has created technologically superior solutions using advanced speech, mobile and web applications. The VoicePort proactive HIPAA- and PIPEDA-compliant patient communications platform delivers multi-channel, intelligent interactive communications that allow for direct patient engagement on behalf of the pharmacy via permission-based outbound calls, text messages and email or through mobile applications. VoicePort's superior solutions are recognized as innovative and highly effective in the healthcare industry. Visit VoicePort.net to learn more.
About PrescribeWellness
PrescribeWellness is a leading cloud-based patient relationship management solution company that inspires collaboration between pharmacies, payers, providers, pharmaceutical companies and their patients for better health. PrescribeWellness enables collaboration between disparate healthcare systems for better health across America by connecting patients to locally owned community pharmacies. Its proprietary cloud-based platform empowers pharmacists to provide more effective preventive healthcare services, which improve medication adherence, chronic disease management, transitions in care, and population health. With data integration and behavioral science as the foundation, PrescribeWellness software solutions position the pharmacist at the center of community healthcare prevention. Inc. 5000 named PrescribeWellness one of America’s Fastest Growing Privately-Held Companies for the past three years. For more information, please visit www.prescribewellness.com //www.businesswire.com/news/home/20180508005473/en/
PrescribeWellness
Alessandra Nagy
[email protected]
Source: PrescribeWellness | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-prescribewellness-acquires-pharmacy-related-assets-of-voiceport.html |
May 3 (Reuters) -
* SWIFT HEALTH SYSTEMS INC SAYS HAS CLOSED $20 MILLION IN SERIES B FUNDING, BRINGING TOTAL AMOUNT RAISED TO OVER $25 MILLION Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-swift-health-systems-raises-20-mil/brief-swift-health-systems-raises-20-million-in-series-b-financing-idUSFWN1SA1DC |
In June 1999, Jeff Bezos sat down with CNBC to announce a deal between Amazon and Sotheby's to start a collectible bidding site. Within a few years, the failed venture would be seen as one of Amazon's early mistakes as a company.
Amazon wasn't always the e-commerce powerhouse it is today. In its early days, it was best known for being the online rival to bookstores like Barnes & Noble. While the world of online selling grew, Amazon made a deal to compete with bidding sites like eBay.
In 1999, Amazon and Sotheby's struck a deal to sell antiques, collectibles and pieces of art online. Sotheby's and Amazon would create two auction websites, one that would be accessed through Sotheby's and the other that would be accessed through Amazon.
"Both companies are very hopeful that this would be a significant revenue stream, and we could build a significant business together," Bezos said during one of his earliest interviews with CNBC.
But that deal didn't go as planned. In 2000, Diana Brooks, the then CEO of Sotheby's, pleaded guilty to price-fixing . Not long after, the deal between the two companies fell through leaving both Amazon and Sotheby's to close up shop on their venture .
show chapters Watch Jeff Bezos talk about Warren Buffett in this 2005 interview 13 Hours Ago | 00:42 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/amazon-jeff-bezos-failed-partnership-sothebys.html |
May 4, 2018 / 8:44 PM / Updated 35 minutes ago UPDATE 2-ATP World Tour 250, Estoril Men's Singles Final Rounds and Seeds Progress Reuters Staff 4 Final Rounds and Seeds Progress from the ATP World Tour 250, Estoril Men's Final Rounds .. Seed Round Rslt Opponent Score 2 Pablo Carreno Busta (ESP) qtr won Nicolas Jarry (CHI) 6-2 2-6 6-1 2nd won Nicolas Kicker (ARG) 6-1 7-5 1st won (Bye) - Nicolas Jarry (CHI) qtr lost 2-Pablo Carreno Busta (ESP) 6-2 2-6 6-1 2nd won Ricardo Ojeda Lara (ESP) 6-3 7-6(6) 1st won 7-Leonardo Mayer (ARG) 3-6 7-6(7) 6-4 - Stefanos Tsitsipas (GRE) qtr won Roberto Carballes Baena 6-7(21) 6-2 7-6(3) (ESP) 2nd won 1-Kevin Anderson (RSA) 6-7(3) 6-3 6-3 1st won Pablo Andujar (ESP) 7-6(2) 6-3 - Roberto Carballes Baena (ESP) qtr lost Stefanos Tsitsipas (GRE) 6-7(21) 6-2 7-6(3) 2nd won Cameron Norrie (GBR) 5-7 6-2 7-6(1) 1st won Bjorn Fratangelo (USA) 7-6(1) 6-3 - Joao Sousa (POR) qtr won 3-Kyle Edmund (GBR) 6-3 1-6 6-0 2nd won Pedro Sousa (POR) 4-6 7-6(1) 7-5 1st won 8-Daniil Medvedev (RUS) 7-6(1) 7-5 3 Kyle Edmund (GBR) qtr lost Joao Sousa (POR) 6-3 1-6 6-0 2nd won Alex De Minaur (AUS) 6-2 7-5 1st won (Bye) - Frances Tiafoe (USA) qtr won Simone Bolelli (ITA) 7-5 6-2 2nd won 4-Gilles Muller (LUX) 6-4 7-5 1st won Tennys Sandgren (USA) 3-6 7-6(5) 7-6(4) - Simone Bolelli (ITA) qtr lost Frances Tiafoe (USA) 7-5 6-2 2nd won Federico Delbonis (ARG) 3-6 7-5 6-2 1st won Joao Domingues (POR) 6-3 6-2 .. Seeds .. Seed Round Rslt Opponent Score 1 Kevin Anderson (RSA) 2nd lost Stefanos Tsitsipas (GRE) 6-7(3) 6-3 6-3 1st won (Bye) 2 Pablo Carreno Busta (ESP) semi to play Frances Tiafoe (USA) (start 16:00) qtr won Nicolas Jarry (CHI) 6-2 2-6 6-1 2nd won Nicolas Kicker (ARG) 6-1 7-5 1st won (Bye) 3 Kyle Edmund (GBR) qtr lost Joao Sousa (POR) 6-3 1-6 6-0 2nd won Alex De Minaur (AUS) 6-2 7-5 1st won (Bye) 4 Gilles Muller (LUX) 2nd lost Frances Tiafoe (USA) 6-4 7-5 1st won (Bye) 5 Albert Ramos-Vinolas (ESP) 1st lost Federico Delbonis (ARG) 6-2 6-4 6 Robin Haase (NED) 1st lost Cameron Norrie (GBR) 6-4 3-6 6-3 7 Leonardo Mayer (ARG) 1st lost Nicolas Jarry (CHI) 3-6 7-6(7) 6-4 8 Daniil Medvedev (RUS) 1st lost Joao Sousa (POR) 7-6(1) 7-5 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-seeds-mens-singles/atp-world-tour-250-estoril-mens-singles-final-rounds-and-seeds-progress-idUKMTZXEE5481EXDG |
WASHINGTON—Special counsel Robert Mueller earlier this year outlined for President Donald Trump’s legal team more than 40 questions he planned to ask in a possible interview with the president as part of his investigation into Trump associates’ ties to Russia, according to a person familiar with the matter.
The questions focused largely on the president’s decisions to fire former FBI Director James Comey last spring as the agency’s Russia investigation was under way and to oust former national security adviser Mike Flynn,... RELATED VIDEO What People Really Mean When They Say 'Collusion' When it comes to the Russia investigation, the word "Collusion" gets thrown around a lot. But there's not a lot of clarity on what it actually means. Is it illegal? Is it grounds for impeachment? We asked a law professor to explain. Photo Illustration: Drew Evans/The Wall Street Journal. To | ashraq/financial-news-articles | https://www.wsj.com/articles/mueller-outlined-over-40-questions-for-trump-in-potential-interview-1525147883 |
WASHINGTON, May 23, 2018 /PRNewswire-USNewswire/ -- New York will soon have the nation's second largest health conversion foundation. With an anticipated $150 million in annual grants for the health and well-being of underserved New Yorkers, there is much at stake to ensure that the new Mother Cabrini Health Foundation (MCHF) fulfills its mission.
The National Committee for Responsive Philanthropy (NCRP) urges the New York Attorney General to mandate that the new foundation's founding board of directors include representatives from communities it will serve.
In a formal comment submitted online to Attorney General Barbara Underwood yesterday, NCRP shared its concerns over the lack of diversity in the current board that will be tasked to oversee the assets and operation of what will become the largest foundation to serve New York state exclusively.
"Nothing for us without us"
In his comments, NCRP chief executive Aaron Dorfman notes that the MCHF board is mostly made up of white, wealthy powerful individuals from large hospital systems and corporations. He observes that there is little representation from community-based organizations and advocacy groups focused on improving health care coverage, access and affordability.
"The Foundation will be more effective at advancing strategies that lead to better outcomes for marginalized communities if the board of directors includes leadership from community-based organizations with experience and relationships in those communities," writes Dorfman.
NCRP believes that it is important for organizations that seek to address the needs and improve outcomes for communities that are poor and underserved to be led by racially, ethnically and economically diverse boards. In its landmark " Criteria for Philanthropy At Its Best ," the D.C.-based philanthropy watchdog group recommends that foundation boards have at least five members with diverse perspectives and experiences, including representatives from communities they serve, to be truly effective.
Ensuring public benefit
Health conversion foundations are created to ensure that the public continues to benefit when nonprofit health providers are bought by for-profit companies. MCHF was created when Centene Corporation purchased Fidelis Care.
"The public has an interest in the over $3 billion in assets accumulated by Fidelis Care that are destined for the Mother Cabrini Health Foundation," says Dorfman in the submitted comments. "And the board of directors who oversee those assets should better reflect the public."
The full text of the letter to Attorney General Underwood is available on NCRP.org .
About NCRP
The National Committee for Responsive Philanthropy amplifies the voice of nonprofits and the communities they serve in the philanthropic sector. Through research and advocacy, it works to ensure that grantmakers and donors contribute to the creation of a fair, just and equitable world. Learn more at www.ncrp.org .
View original content: http://www.prnewswire.com/news-releases/philanthropy-watchdog-ny-attorney-general-must-require-new-mega-health-foundation-board-to-represent-the-communities-it-will-serve-300653530.html
SOURCE National Committee for Responsive Philanthropy | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-philanthropy-watchdog-ny-attorney-general-must-require-new-mega-health-foundation-board-to-represent-the-communities-it-will.html |
May 8 (Reuters) - Beacon Roofing Supply Inc:
* BEACON ROOFING SUPPLY REPORTS SECOND QUARTER 2018 RESULTS
* Q2 SALES $1.43 BILLION VERSUS I/B/E/S VIEW $1.41 BILLION * Q2 EARNINGS PER SHARE VIEW $-0.09 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-beacon-roofing-supply-reports-q2-a/brief-beacon-roofing-supply-reports-q2-adjusted-loss-per-share-0-35-idUSASC0A0MQ |
BETHESDA, Md., May 21, 2018 /PRNewswire/ -- Today Lockheed Martin (NYSE: LMT) announced Michele Evans has been named Deputy Executive Vice President for its Aeronautics business area, effective June 4. Evans will report to the business area's Executive Vice President, Orlando Carvalho, and will be based at the Aeronautics headquarters in Fort Worth, Texas.
Evans will be responsible for all programs, including F-35, F-16, C-130 and Advanced Development Programs, and will partner with Carvalho to ensure Lockheed Martin Aeronautics continues to meet customer commitments and grow the business.
Evans was most recently Vice President and General Manager for Integrated Warfare Systems and Sensors in Lockheed Martin's Rotary and Mission Systems business area. In this role, she oversaw the strategy and execution of the Littoral Combat Ship program, Aegis Combat Systems and sea-based missile defense, as well as a host of other systems. The programs she led in this role supported all branches of the U.S. Armed Forces, and more than 40 countries. She also was Vice President of Modernization and Sustainment, where she was responsible for the A-10 weapons system, and avionics programs on the C-130 and F-35.
"The variety of her experiences make Michele uniquely qualified to take on this new role," Carvalho said. "Aligning program leadership to her will enable us to maintain and enhance best practices; and further build a cohesive, strategic operating rhythm for our programs."
Evans holds a bachelor's degree in Mechanical Engineering from Clarkson University. She serves on the corporate boards for Lockheed Martin Australia and the United Kingdom, and is a member of Clarkson University's Coulter School of Engineering Advisory Board.
With her appointment, Paul Lemmo has been named Vice President and General Manager for Integrated Warfare Systems and Sensors in the Rotary and Mission Systems business area. Paul most recently served as Vice President of Fire Control/SOF GLSS line-of-business which provides a wide range of logistics support services.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
View original content with multimedia: http://www.prnewswire.com/news-releases/michele-evans-named-aeronautics-deputy-executive-vice-president-300651984.html
SOURCE Lockheed Martin | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-michele-evans-named-aeronautics-deputy-executive-vice-president.html |
May 9 (Reuters) - Yangarra Resources Ltd:
* YANGARRA ANNOUNCES FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* YANGARRA RESOURCES LTD QTRLY PRODUCTION OF 7,507 BOE/D (59% LIQUIDS), AN INCREASE OF 12% FROM Q4 OF 2017
* YANGARRA RESOURCES LTD QTRLY FUNDS FLOW FROM OPERATIONS PER SHARE - DILUTED $ 0.22 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-yangarra-qtrly-funds-flow-from-ope/brief-yangarra-qtrly-funds-flow-from-operations-per-share-diluted-0-22-idUSASC0A11M |
Regarding Tunku Varadarajan’s “The Weekend Interview with Glenn Hubbard: A Conservative Economics of Dignity” (May 19): Mobility isn’t what it used to be because the more people are downwardly mobile economically, the more they depend on their social safety net of family, friends, church and community. It not only provides help when needed, it is often the primary way of finding a new job. That invaluable safety net is lost moving to another city, and it takes years, at best, to replace it. And what if the new city suffers the same decline as the one left behind? Selling a house means that major asset is gone, perhaps... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-workers-arent-as-mobile-asthey-used-to-be-1527515453 |
May 4, 2018 / 10:38 AM / in 28 minutes Statoil eyes Britain's 2019 renewable subsidy auction for Dogger Bank Reuters Staff 1 Min Read
LONDON/OSLO (Reuters) - Statoil is working with its partner SSE ( SSE.L ) to mature the Dogger Bank offshore wind project so it can take part in Britain’s renewable energy subsidy auction in 2019, the company said on Friday. FILE PHOTO: Statoil's logo is seen during a company results presentation in London February 6, 2015. REUTERS/Toby Melville/File Photo
“We are working this together with our partner SSE really hard, and aiming to bring this forward for the next CfD auction in the UK in 2019,” Executive Vice President Irene Rummelhoff told a company conference in London.
The 4.8 gigawatt (GW) Dogger Bank is set to become the world’s largest offshore wind park and could potentially deliver more than five percent of the electricity Britain needs, she added.
“The strategic importance of that project to the UK and Statoil can not be overestimated,” she added. Reporting by Ron Bousso in LONDON and Nerijus Adomaitis in OSLO, editing by Terje Solsvik | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-statoil-renewables/statoil-eyes-britains-2019-renewable-subsidy-auction-for-dogger-bank-idUKKBN1I513Z |
May 30, 2018 / 11:53 AM / Updated an hour ago Sri Lankan rupee falls on importer dollar demand after holidays Reuters Staff 2 Min Read
COLOMBO, May 30 (Reuters) - The Sri Lankan rupee fell on Wednesday due to importer dollar demand following a holiday in the United States on Monday, while markets in the island nation were closed on Tuesday for a local holiday.
The spot rupee closed at 158.20/30 per dollar, compared with Monday’s close of 157.90/158.05.
“There was usual importer dollar demand, but it was piled up due to two days of holidays,” a currency dealer said.
“We expect the local currency to depreciate gradually because of more imports than exports.”
Dealers said the rupee will be under pressure with exporters staying on the sidelines in anticipation of a fall in the unit, in line with other emerging market currencies.
A possible slump in the country’s top agriculture export, tea, due to heavy monsoon rains also weighed on sentiment.
Dealers expect lower dollar inflows from tea exports to weigh on the currency, apart from debt repayments by the government, and see the rupee declining between 4 percent and 5 percent this year.
The rupee hit an all-time low of 158.50 per dollar on May 16. The currency has declined 0.25 percent so far this month after a 1.5 percent fall in April. It has fallen 3 percent so far this year.
The pressure on the currency is unwarranted as gross external reserves are at $9.1 billion and the real effective exchange rate indexes indicate that the currency is competitive, the central bank had said.
Foreign investors sold government securities worth a net 457 million rupees ($2.89 million) in the week ended May 23, bringing the outflow so far this year to 16.2 billion rupees, central bank data showed. ($1 = 158.0000 Sri Lankan rupees) (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-forex/sri-lankan-rupee-falls-on-importer-dollar-demand-after-holidays-idUSL3N1T14E4 |
WASHINGTON (Reuters) - U.S. Secretary of State Mike Pompeo spoke to German, French and British counterparts in recent days to discuss cooperation over Iran, a State Department spokeswoman said on Monday a week after U.S. President Donald Trump withdrew from the Iran nuclear deal.
FILE PHOTO: U.S. Secretary of State Mike Pompeo speaks during a joint press availability with South Korean Foreign Minister Kang Kyung-wha (not shown) after their meeting at the State Department in Washington, DC, U.S., May 11, 2018. REUTERS/Kevin Lamarque/File Photo “The Secretary underlined that the United States and our European allies share strong interests in preventing Iran from ever developing a nuclear weapon and in countering the Iranian regime’s destabilizing activities in the region,” spokeswoman Heather Nauert said in a statement.
“He is hopeful we can continue strong cooperation,” she added.
The White House on Sunday threatened to impose sanctions on European companies that do business with Iran after Trump withdrew the United States from the 2015 accord negotiated by the Obama administration.
Pompeo was in Pyongyang on Tuesday when Trump made the announcement and senior State Department officials said the secretary will try to persuade allies in Europe, the Middle East and Asia to pressure Tehran to return to talks.
White House national security adviser John Bolton said on Sunday U.S. sanctions on European companies that maintain business dealings with Iran were “possible” although Pompeo has remained hopeful Washington and its allies could strike a new nuclear deal with Tehran.
So far, China, France, Russia, Britain, Germany and Iran remain in the accord, which placed controls on Iran’s nuclear program and led to a relaxation of economic sanctions against Iran and companies doing business there.
In a statement, British Foreign Secretary Boris Johnson said after talks with his French counterpart, Jean-Yves Le Drian, that both countries were determined “to conserve the essence of the Iran nuclear deal.”
He said British and European officials would meet in Brussels on Tuesday to discuss ways to protect companies against U.S. sanctions on Iran, which will be phased in over the next six months.
“I want to stress that that does not mean we are in any sense not going to be working with the Americans,” Johnson said, adding: “it’s vital that we continue to engage with the USA and continue to interrogate our friends in Washington about how they see the nuclear deal developing.”
Reporting by Lesley Wroughton; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-usa/pompeo-discusses-cooperation-over-iran-with-european-counterparts-idUSKCN1IF2JS |
Pandora Media surges on earnings, revenue beat 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/pandora-media-surges-on-earnings-revenue-beat.html |
May 2 (Reuters) - SOUTH CAIRO AND GIZA MILLS AND BAKERIES :
* NINE-MONTH NET PROFIT AFTER TAX EGP 19.1 MILLION VERSUS EGP 24.3 MILLION YEAR AGO
* NINE-MONTH REVENUE EGP 279.1 MILLION VERSUS EGP 945.1 MILLION YEAR AGO Source: ( bit.ly/2retE8s ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-south-cairo-and-giza-mills-and-bak/brief-south-cairo-and-giza-mills-and-bakeries-9-month-profit-falls-idUSFWN1S90FM |
China denies $200 billion package to cut US trade deficit 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/china-denies-200-billion-package-to-cut-us-trade-deficit.html |
May 22 (Reuters) - Australia’s APN Outdoor Group Ltd confirmed on Tuesday it had submitted a bid to buy HT&E’s outdoor advertising unit, Adshel, for an enterprise value of A$500 million ($379.05 million). APN’s proposal comes after HT&E said on Monday oOh!media’s A$470 million offer was not the “most attractive”. APN said it hasn’t reached an agreement for the proposed acquisition. ($1 = 1.3191 Australian dollars) (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/hte-adshel-apn-outdoor-grp/australias-apn-outdoor-says-bids-379-mln-including-debt-for-htes-adshel-idUSL3N1ST026 |
KWM Director Nominees S. Shariq Yosufzai and Sushil ("Sam") Kapoor Are Appointed to Aqua Metals Board
Steve Cotton Rejoins Aqua Metals as President
ALAMEDA, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS) , which is commercializing a non-polluting electrochemical lead recycling technology called AquaRefining™, today announced that it has entered into a settlement agreement with Kanen Wealth Management, LLC (“KWM”).
Under the agreement, Aqua Metals has expanded the Board from five (5) to six (6) directors and has appointed KWM nominees - - Mr. S. Shariq Yosufzai and Mr. Sushil ("Sam") Kapoor - - to the Board, effective immediately. Aqua’s Nominating Committee has determined that Messrs. Yosufzai and Kapoor are “independent directors” under applicable Nasdaq Stock Market rules, and Mr. Yosufzai will serve as Aqua’s new Non-Executive Chairman and lead independent director. With the addition of Messrs. Yosufzai and Kapoor, Aqua’s Board now consists of six directors, all of whom are independent directors. Upon completion of Aqua’s CEO search, the new permanent CEO will join the Board as the seventh director. Each of Messrs. Vincent L. DiVito, Mark Slade, Eric Prouty, Mark Stevenson, Shariq Yosufzai and Sushil (“Sam”) Kapoor has been nominated to stand for election at Aqua’s 2018 Annual Meeting of Stockholders scheduled to be held on June 5, 2018.
Messrs. Yosufzai and Kapoor have been appointed, with Messrs. DiVito and Stevenson, to serve on the Board’s newly constituted CEO Search Committee, which is charged with overseeing and executing Aqua’s previously announced permanent CEO search process, in consultation with an external executive search firm and with authority to make hiring recommendations to the full Board. Mr. Yosufzai has also been appointed to the Board’s Nominating Committee and Mr. Kapoor has been appointed to the Board’s Compensation Committee.
Steve Cotton, the Company's former Chief Commercial Officer (from January 2015 to June 2017) rejoins Aqua as its new President and will be invited by the CEO Search Committee to interview for the position of CEO together with all other candidates for such position during the pendency of the Company’s permanent CEO search process. Mr. Selwyn Mould, who served briefly as Aqua’s interim CEO, has agreed to step down from such capacity immediately following the Company’s filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and has resigned as a director of the Company, effective immediately. Mr. Mould will remain Aqua’s Chief Operating Officer. Although there can be no assurance, the Board expects to complete its search process and to hire a permanent CEO before Q4 2018.
Aqua and KWM are committed to establishing certain corporate governance “best practices” going forward and, in that regard, have agreed to institute a “majority voting” policy for the election of directors which will be effective commencing with the 2019 Annual Meeting of stockholders. The Company will also continue to focus on further refreshing the Board to improve its overall diversity.
In addition, KWM has agreed to certain customary standstill and voting provisions, including voting for the election of the Board’s slate of six (6) directors at the Company’s 2018 Annual Meeting of Stockholders.
“We are very pleased to welcome Shariq and Sam as our two newest independent directors,” said independent director Vincent L. DiVito. “Over the past week, we’ve had very open and positive discussions with Shariq and Sam, and it’s clear that their stellar credentials and strong executive management experience will be most valuable as Aqua enters the next critical phase of commercializing our AquaRefining™ technology.
“We also welcome back Steve Cotton, and greatly appreciate his willingness to join Aqua as our new President to help lead our executive team during this important time of transition and work side-by-side with our Chief Operating Officer and the entire AquaRefining operations team. Steve has considerable institutional knowledge about Aqua from his prior leadership role as Chief Commercial Officer and has built valuable relationships with the Company’s vendors and customers. “
David Kanen, managing member of KWM, stated, “We are pleased to have reached an amicable resolution that enhances Aqua’s board and management team. We believe a solid foundation exists and can be built upon to monetize our revolutionary Aqua refining technology. We are looking forward to executing a strategy that we are hopeful will lead to value creation for all shareholders.”
Steve Cotton noted, “I am looking forward to hitting the ground running by reigniting my existing relationships and developing new ones with Aqua Metals employees, partners, industry and other stakeholders to build momentum and maximize shareholder value.”
As previously announced, Frank Knuettel II will formally assume the CFO role immediately following the filing of the Company’s second quarter. As CFO, Mr. Knuettel will succeed Thomas Murphy, who was named interim CFO after the departure of Mark Weinswig in March 2018.
Biography of S. Shariq Yosufzai
S. Shariq Yosufzai, age 65, was most recently the Vice President, Global Diversity for the Chevron Corporation ("Chevron")(CVX), a multinational energy corporation, from 2013 to March 2018. He held a number of positions at Chevron and its various affiliates, including Vice President (from 2010 to 2013); President of Chevron Global Marketing, a business unit within Chevron (from 2004 to 2010); Co-President of Chevron Products Company, North America, Chevron's North America Refining & Marketing operations (from 2003 to 2004); and President of Chevron Texaco Global Lubricants (from 2001 to 2003). Prior to that, he worked at Caltex Corporation, a joint venture between Chevron and Texaco, Inc., as the Corporate Vice President, Caltex Corporation & President, Caltex Lubricants & New Business Development (from 2000 to 2001) and held a number of other senior level management positions at Caltex Corporation from 1998 to 2000. From 1991 to 1998, he worked at Texaco Inc., a subsidiary of Chevron, and served as the President of Texaco Lubricants Company from 1994 to 1998. As part of a joint enterprise between Texaco, Inc. and Saudi Aramco, Mr. Yosufzai was employed at Star Enterprise from 1988 to 1991 where he held a number of positions and prior to that began his career at Texaco, Inc., from 1975 to 1983. His past board memberships include Chairman of the Board of Directors of Caltex Lubricants Lanka Ltd.; Member of the Board of Directors of Caltex Australia Limited; and Member of the Management Committee of Star Enterprise. Mr. Yosufzai currently serves as Chair of the AIChE Foundation (The American Institute of Chemical Engineers) since November 2017, Chair of the Board of Directors of the California Chamber of Commerce and is an Executive Committee Member of the San Francisco Opera's Board of Directors. He previously served as Chair of the Board of the Association of Former Students of Texas A&M. Mr. Yosufzai also serves as Executive Sponsor of Chevron's University Partnership Program for the University of California, Berkeley, and Texas A&M University, and on the Advisory Board of Texas A&M's Dwight Look College of Engineering and on the Chancellor's Century Council of the Texas A&M University System. Named a Distinguished Graduate of the Chemical Engineering Department of Texas A&M University in 1998, in 1999 he became the first person to be honored by the school as both an Outstanding International Alumnus and a Distinguished Alumnus. In 2011, he served as Chair of the Board of the California Chamber of Commerce and was named an Outstanding Alumnus of the Dwight Look College of Engineering at Texas A&M. He attended Extensive Education schools at both Columbia University, Graduate School of Business at Arden House and McIntire School of Commerce, University of Virginia and received his B.S. in Chemical Engineering from Texas A&M University. The Company believes that Mr. Yosufzai's extensive managerial, operational and financial experience makes him a well-qualified addition to the Board.
Biography of Sushil ("Sam") Kapoor
Sushil ("Sam") Kapoor, age 71, was the Chief Global Operations Officer of Equinix, Inc., a multinational company that specializes in internet connection and related services, since January 2008 until March 2018. As the Chief Operations executive at Equinix, Inc. since early 2001, Mr. Kapoor played a major role in steering the company from near bankruptcy to its current industry leading position. During this period Equinix, Inc. grew from 7 data centers in 6 markets in one country with annual revenue of less than $20 million to more than 180 data centers in 44 metros across 25 major countries spread over 4 continents with annual revenues exceeding $5 Billion. During the same period, the stock price grew from a split adjusted low of around $5 to its current price of more than $400. Mr. Kapoor served as Vice President of Operations of Equinix, Inc., from March 2001 to December 2006 and also served as its Senior Vice President of IBX Operations from December 2006 to January 2008. Prior to joining Equinix, Mr. Kapoor served as Vice President of hosting operations at UUNET Technologies, Inc., the Internet division of MCI (formerly known as WorldCom) from November 1999 to February 2001. He was responsible for the build-out and day-to-day operations of six hosting centers. From May 1995 to November 1999, he served as Vice President, Global Network Technology for Compuserve Network Services, an Internet access provider. Mr. Kapoor served as Senior Director of Telecommunications for over 10 years at Lexis-Nexis in Miamisburg. Mr. Kapoor holds an M.B.A. (Operations Research) from Miami University of Ohio and an M.S. in Electrical Engineering from the University of Cincinnati.
About Aqua Metals
Aqua Metals, Inc. (NASDAQ:AQMS) is reinventing lead recycling with its patented and patent-pending AquaRefining TM technology. Unlike smelting, AquaRefining is a room temperature, water-based process that is fundamentally non-polluting. These modular systems allow the Company to vastly reduce environmental impact and scale lead acid recycling production capacity both by building its own AquaRefineries and licensing the AquaRefining technology to partners. Aqua Metals is based in Alameda, California, and has built its first recycling facility in Nevada’s Tahoe Reno Industrial Complex. To learn more, please visit www.aquametals.com .
Important Additional Information and Where to Find It
This press release may be deemed to contain solicitation material in respect of the solicitation of proxies from the Company’s stockholders in connection with the Company’s 2018 Annual Meeting (the “Annual Meeting”). The Company has filed with the SEC, and mailed to the Company’s stockholders, its definitive proxy statement relating to the Annual Meeting, as well as the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the SEC on March 15, 2018 (the “Annual Report”). The definitive proxy statement contains important information about the Company, the Annual Meeting and related matters. The Company intends to file with the SEC, and mail to the Company’s stockholders, an amendment to its definitive proxy statement that will reflect the nomination by the Company of S. Shariq Yosufzai and Sushil ("Sam") Kapoor for election as directors of the Company at the Annual Meeting. Stockholders may obtain a free copy of the Company’s definitive proxy statement, including any amendments and supplements thereto, and other documents that the Company files with the SEC on the SEC’s website, at www.sec.gov . INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), AND ANY OTHER RELEVANT SOLICITATION MATERIALS BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION.
Aqua Metals, its directors, Messrs. Yosufzai and Kapoor, who have been nominated by the Company for election as directors of the Company at the Annual Meeting, and certain of the Company’s executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company was set forth in the Company’s definitive proxy statement filed with the SEC on April 17, 2018 and other relevant solicitation materials filed by the Company. Additional information regarding the participants in the solicitation of proxies from the Company’s stockholders in connection with the Annual Meeting (including Messrs. Yosufzai and Kapoor), including updated information as to their direct or indirect interests, by security holdings or otherwise, will be included in the Company’s amended definitive proxy statement and other relevant documents to be filed by the Company with the SEC in connection with the Annual Meeting. These documents, and any and all other documents filed by the Company with the SEC, may be obtained by investors and stockholders free of charge on the SEC’s website at www.sec.gov . Copies will also be available at no charge on the Company’s website at www.aquametals.com .
Safe Harbor
This press release contains forward-looking statements concerning Aqua Metals. Forward-looking statements include, but are not limited to our plans, objectives, expectations and intentions and other statements that contain words such as “expects,” “contemplates,” “anticipates,” “plans,” “intends,” “believes” and variations of such words or similar expressions that predict or indicate future events or trends, or that do not relate to historical matters. The forward looking statements in this release include the strength and efficacy of Aqua Metals’ portfolio of patent applications and issued patents, the lead acid battery recycling industry, the future of lead acid battery recycling via traditional smelters, the Company’s development of its commercial lead acid battery recycling facilities and the quality and efficiency of the Company’s proposed lead acid battery recycling operations. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the risk that the Company may not be able to produce and market AquaRefined lead on a commercial basis or, if the Company achieves commercial operations, that such operations will be profitable, (2) the fact that the Company only recently commenced production and has not generated any significant revenue to date, thus subjecting the Company to all of the risks inherent in a pre-revenue start-up; (3) the risk no further patents will be issued on the Company’s patent applications or any other application that it may file in the future and that those patents issued to date and any patents issued in the future will be sufficiently broad to adequately protect the Company’s technology, (4) the risk that the Company’s initial patents and any other patents that may be issued to it may be challenged, invalidated, or circumvented, (5) risks related to Aqua Metals’ ability to raise sufficient capital, as and when needed, to develop and operate its recycling facilities and fund continuing losses from operations as the Company endeavors to achieve profitability; (6) changes in the federal, state and foreign laws regulating the recycling of lead acid batteries; (7) the Company’s ability to protect its proprietary technology, trade secrets and know-how and (8) those other risks disclosed in the section “Risk Factors” included in the Company’s Annual Report on Form 10-K filed on March 15, 2018. Aqua Metals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.
MZ Group | MZ North America
Greg Falesnik
Main: 949-385-6449
[email protected]
MacKenzie Partners, Inc.
Paul R. Schulman
Main: 212-929-5364
[email protected]
Source:Aqua Metals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-aqua-metals-and-kanen-wealth-management-reach-agreement-to-strengthen-companyas-board-and-management-team.html |
Asian markets closed higher on Tuesday, with oil prices tracking lower following President Donald Trump's announcement that he would make a decision on the Iran nuclear deal on Tuesday during U.S. hours.
The Nikkei 225 reversed early weakness to close higher by 0.18 percent, or 41.53 points, at 22,508.69 and the Topix edged up by 0.37 percent, with 25 of its 33 subindexes closing higher. Financials and technology rose, while the mining and oil sectors fell 1.41 percent and 1.33 percent, respectively.
Across the Korean Strait, the benchmark Kospi slipped 0.47 percent to close at 2,449.81.
Strength in the technology sector stateside carried over to the Asian trading day, buoying the broader index, with heavyweight Samsung Electronics rising 1.35 percent and chipmaker SK Hynix climbing 0.6 percent.
Symbol Name Price Change %Change NIKKEI --- HSI --- ASX 200 --- SHANGHAI --- KOSPI --- CNBC 100 --- Over in Hong Kong, the Hang Seng Index advanced 1.4 percent by 3:00 p.m. HK/SIN amid broad-based gains. The technology and heavily weighted financials sectors were among the best-performing before the market close, with Tencent last higher by 3.16 percent at 3:00 p.m. HK/SIN.
Mainland markets also saw convincing gains, with the Shanghai composite closing higher by 0.8 percent at 3,161.60 and the Shenzhen composite edging up by 0.77 percent to 1,836.22.
Elsewhere, the S&P/ASX 200 added 0.12 percent to finish the day at 6,091.90, as the 0.82 percent gain in the financials sector supported the index's overall gains despite declines in energy and materials.
Iran nuclear deal in focus Oil prices declined on Tuesday following President Donald Trump's Monday tweet that he would announce his decision on the Iran nuclear deal on Tuesday at 2 p.m. ET.
U.S. West Texas Intermediate crude futures declined 0.75 percent to trade at $70.20 per barrel, after earlier falling below the $70 level that it surpassed on Monday for the first time since end-2014. Brent crude futures, meanwhile, lost 0.64 percent to trade at $75.68.
The fall in prices was akin to buy the rumor, "sell the news kind of behavior" for markets, which had initially expected a statement from Trump only later in the week, Nicolas Sopel, a strategist at RHB Research Institute Singapore, told CNBC's "Street Signs."
Trump, who had been due to make a decision by May 12 on the agreement, has criticized the deal, taking issue with so-called "sunset clauses." The 2015 accord has seen international sanctions on Iran lifted in exchange for the country curbing its nuclear program.
Oil had initially settled higher on Monday as markets weighed the potential impact of renewed U.S. sanctions.
"There's much to play here. We'd reckon there's still several dollars in the price based on a presumption the U.S. will pull out. So if Trump says he's staying, we could swiftly see another $2 to $3 off crude prices," Ray Attrill, head of foreign exchange strategy at National Australia Bank, said in a morning note.
Gains in the region tracked the firmer close on Wall Street on Monday, with technology shares recording a third consecutive day of gains. Still, U.S. stocks finished the day off their intraday highs on the back of Trump's tweet.
In currencies, the dollar index , which tracks the dollar against a basket of currencies, were steady at 92.705 at 2:50 p.m. HK/SIN after rising as high as 92.974 on Monday — its strongest level since December. Against the yen , the greenback slipped to trade at 108.90.
The Australian dollar , which dipped below $0.75 in the morning on the back of weak retail sales data, recovered slightly to trade at $0.7513.
On the economic front, investors digested China April trade data , which topped expectations. China reported imports rose 21.5 percent on year and exports increased by 12.9 percent. Both of those figures beat Reuters forecasts of 16 percent import growth and 6.3 percent export growth. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/asia-markets-oil-prices-stocks-dollar-and-china-data-in-focus.html |
SEOUL (Reuters) - Samsung Life Insurance Co Ltd said on Thursday it sold 1.12 trillion won ($1 billion) worth of its shares in Samsung Electronics Co Ltd.
FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji/File Photo The stake sale, aimed at removing regulatory risks, was scheduled to be completed before Thursday’s market opening, it said in a regulatory filing.
Reporting by Haejin Choi; Editing by Stephen Coates
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-samsung-elec-samsung-life/samsung-life-sells-1-billion-worth-of-shares-in-samsung-electronics-idUSKCN1IV30K |
May 18, 2018 / 6:03 PM / Updated 8 minutes ago U.N. experts call on Spain to halt extraditions to China Reuters Staff 2 Min Read
MADRID (Reuters) - Human rights experts from the United Nations called on Spain on Friday to halt extraditions of Chinese and Taiwanese nationals to China because of concerns they would be exposed to the risk of torture, ill treatment or the death penalty.
They cited the Dec. 2016 arrest of 269 suspects, including 219 Taiwanese, over their alleged involvement in telecom scams to defraud Chinese citizens in a police swoop dubbed Operation Wall.
Two Taiwanese individuals were reported to have been extradited to China on Thursday and the UN experts said they feared others would also be deported soon.
“We are dismayed by the decision by the Spanish courts to extradite these individuals. The ruling clearly contravenes Spain’s international commitment to refrain from expelling, returning or extraditing people to any state where there are well-founded reasons to believe that they might be in danger of being subjected to torture,” the experts said.
The experts also said some of those detained may be victims of human trafficking after they stated they had been brought to Spain under the promise they would work as tourist guides.
The Justice Ministry did not immediately respond to a request for comment. Reporting by Paul Day; Editing by Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-extradition-china/u-n-experts-call-on-spain-to-halt-extraditions-to-china-idUSKCN1IJ2F8 |
* HK->Shanghai Connect daily quota used 2.6 pct, Shanghai->HK daily quota used -0.7 pct
* HSI -0.5 pct, HSCE -1.3 pct, CSI300 -0.7 pct
* FTSE China A50 -0.7 pct, BNY Mellon ADR China Select Index +0.5 pct
May 17 (Reuters) - Hong Kong’s benchmark stock index fell on Thursday, despite a jump in index heavyweight Tencent Holdings , as U.S. and China resumed trade talks in Washington. ** The Hang Seng index fell 0.5 percent, to 30,942.15, while the China Enterprises Index lost 1.3 percent, to 12,278.43 points.
** Investors turned cautious as the United States and China resumed trade talks on Thursday in a bid to avert a damaging tariff war, with the White House’s harshest China critic relegated to a supporting role, senior Trump administration officials said on Wednesday.
** The sub-index of the Hang Seng, tracking energy shares , dipped 0.9 percent while the IT sector rose 2.95 percent, the financial sector was 1.26 percent lower and property sector dipped 0.97 percent . ** The top gainer on Hang Seng was Tencent Holdings Ltd , up 3.74 percent, while the biggest loser was WH Group Ltd, down 2.15 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.32 percent while Japan’s Nikkei index closed up 0.53 percent. ** The yuan was Quote: d at 6.368 per U.S. dollar at 08:39 GMT, 0.04 percent firmer than the previous close of 6.3705. ** As of the previous trading session, the Hang Seng index was up 3.98 percent this year, while China’s H-share index was up 6.2 percent. As of the previous close, the Hang Seng has risen 0.98 percent this month. ** The top gainers among H-shares included CSPC Pharmaceutical Group Ltd, up 2.41 percent, and Hengan International Group Company Ltd, up 1.52 percent. ** The three biggest H-shares percentage decliners were Guangzhou Automobile Group Co Ltd, down 3.42 percent, Air China Ltd, down 2.9 percent and Huatai Securities Co Ltd, down 2.4 percent. ** About 1.55 billion Hang Seng index shares were traded, roughly 92.7 percent of the market’s 30-day moving average of 1.67 billion shares a day. The volume in the previous session was 1.39 billion. ** At close, China’s A-shares were trading at a premium of 20.73 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 12.45 as of the last full trading day while the dividend yield was 3.1 percent. (Reporting by the Shanghai Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-hongkong-close/hks-hang-seng-falls-as-trade-china-u-s-talks-resume-tencent-gains-idUSZZN2NAU00 |
LONDON, May 29, 2018 /PRNewswire/ -- With record-level dealmaking in the first quarter of 2018 1 , 90% of oil and gas executives now expect the global mergers and acquisitions (M&A) market to improve in the next 12 months, up from 43% in April 2017. That is according to the EY Oil & Gas Global Capital Confidence Barometer (CCB), which finds that oil and gas companies represent the highest dealmaking appetite among all sectors surveyed, with 62% of executives intending to pursue M&A in the next 12 months compared with 52% globally.
Looking ahead, 90% of oil and gas sector executives view global economic growth as improving or stable. However, respondents cite inflation (49%) and market volatility (40%) as the biggest risks to investment plans, amid rising oil prices and oilfield services looking to renegotiate contracts at higher rates. Oil and gas executives also view political uncertainty (54%) and geopolitical tensions (40%) as the two biggest risks to growth.
Andy Brogan, EY Global Oil & Gas Transactions Leader, says:
"The latest EY Global Capital Confidence Barometer reveals that major broad indicators, such as oil price stabilization and continued growth in demand – coupled with discipline shown by OPEC and non-OPEC members – has instilled confidence in oil and gas dealmaking over the past six months. But with government policy becoming harder to predict across the globe, companies are mindful that any increases in protectionism could have an impact on the efficient flow of goods and services across the sector."
The report indicates that uncertainty and related disruption is driving M&A across the sector, with 60% of sector executives now placing portfolio transformation at the top of their boardroom agenda. As businesses look to optimize their fitness for the future, 48% of executives say they are reviewing their portfolios every six months or more, while close to half (42%) say they have increased the frequency of reviews compared with three years ago.
Oil and gas companies' proactive approach to portfolio transformation appears to be aligned to activist shareholder expectations, with more than a third of executives (35%) expecting to focus their influence on divestments over the next 12 months. The CCB also finds that more than half (56%) are looking to divest underperforming assets or assets that are prone to disruption within the next year, as they seek to streamline operations and increase agility in response to the changing landscape.
This is supported by the latest EY Oil & Gas Global Divestment Study , which finds that 87% of oil and gas executives expect to divest within the next two years, with 90% planning to do so in order to invest in improving operating efficiency and to address changing customer needs.
Brogan says: "Movement of assets is creating a robust oil and gas M&A market, and the focus on portfolio transformation has spurred activity and renewed confidence across the sector. Indeed, the latest EY Global Capital Confidence Barometer finds that 73% of oil and gas executives expect to complete more deals in the next 12 months compared with 37% just six months ago. It isn't surprising, therefore, that 74% expect their M&A pipeline to increase in the next year."
In the wake of increased M&A activity, 90% of oil and gas CCB respondents expect to see a corresponding increase in competition. Sixty-eight percent expect to continue going head-to-head with private equity (PE), particularly for pre-development upstream assets or later life mature assets. The report anticipates, however, that increasing activity among PE players and the adoption of more innovative transaction structures will drive upstream M&A in 2018.
Notes to Editors
About EY
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This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
How EY's Global Oil & Gas Sector can help your business
The oil and gas sector is constantly changing. Increasingly uncertain energy policies, geopolitical complexities, cost management and climate change all present significant challenges. EY's Global Oil & Gas Sector supports a global network of more than 10,000 oil and gas professionals with extensive experience in providing assurance, tax, transaction and advisory services across the upstream, midstream, downstream and oil field subsectors. The sector team works to anticipate market trends, execute the mobility of our global resources and articulate points of view on relevant sector issues. With our deep sector focus, we can help your organization drive down costs and compete more effectively.
For more information, please visit ey.com/oilandgas .
About EY Global Capital Confidence Barometer
The EY Global Capital Confidence Barometer is a biannual survey compiled by Euromoney Institutional Investor Thought Leadership of more than 2,500 senior executives from large companies around the world and across industry sectors. This is the 18th biannual CCB in the series, which began in November 2009; respondents for the 18th edition were surveyed in March and April 2018. Respondents represented 14 industries, including financial services, consumer products and retail, technology, life sciences, automotive and transportation, oil and gas, power and utilities, mining and metals, diversified industrial products, and construction and real estate. The objective of the Global Capital Confidence Barometer is to gauge corporate confidence in the global and domestic economic outlook, to understand boardroom priorities in the next 12 months and to identify emerging capital practices that will distinguish those companies building competitive advantage as the global economy continues to evolve. ey.com/ccb #EYCCB
1 EY Global oil and gas transaction review 2017
Michael Curtis
EY Global Media Relations
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View original content: http://www.prnewswire.com/news-releases/oil-and-gas-deal-appetite-soars-as-portfolio-optimization-spurs-ma-300655631.html
SOURCE EY | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-oil-and-gas-deal-appetite-soars-as-portfolio-optimization-spurs-ma.html |
May 15 (Reuters) - Auryn Resources Inc:
* AURYN RESOURCES INC - QTRLY EARNINGS PER SHARE $0.04 Source text: ( bit.ly/2wLkPZK ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-auryn-resources-reports-qtrly-eps/brief-auryn-resources-reports-qtrly-eps-of-0-04-idUSFWN1SM1BG |
* Drop in U.S. inventories pushes up WTI crude
* OPEC cuts, looming U.S. sanctions against Iran lift Brent
* But surging U.S. production could meet fall in OPEC supplies
SINGAPORE, May 17 (Reuters) - Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
Brent crude futures were at $79.32 per barrel at 0027 GMT, up 4 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $71.68 a barrel, up 19 cents, or 0.3 percent, from their last settlement.
ANZ bank said on Thursday that Brent was "now threatening to break through $80 per barrel ... (as) geopolitical risks continue to support prices, (and) an unexpected fall in inventories in the U.S. got investors excited yesterday."
U.S. crude inventories <C-STK-T-EIA> dropped by 1.4 million barrels in the week to May 11, to 432.34 million barrels.
ANZ said the falling U.S. inventories were "raising concerns of tight markets heading into the U.S. driving season," during which demand typically rises.
Looking beyond seasonal changes, U.S. bank Morgan Stanley said it had raised its Brent price forecast to $90 per barrel by 2020, due to a steady increase in demand.
EVERYTHING BULLISH?
Not all pointed to a tighter market, however.
The International Energy Agency (IEA) said on Wednesday that it had lowered its global oil demand growth forecast for 2018 from 1.5 million barrels per day (bpd) to 1.4 million bpd.
The IEA said global oil demand would average 99.2 million bpd in 2018.
And although supplies currently only stand at 98 million bpd due to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), the IEA said that "strong non-OPEC growth ... will grow by 1.87 million bpd in 2018."
Leading production increases is the United States, where crude output <C-OUT-T-EIA> has soared by 27 percent in the last two years, to a record 10.72 million bpd.
That puts the United States within reach of top producer Russia, which pumps around 11 million bpd.
As a result of its surging production, U.S. crude is increasingly appearing on global markets as exports.
Commodity brokerage Marex Spectron said that the surge in U.S. supplies was a "strongly price-bearish development."
It said the economic outlook was also "firmly bearish" as "short-term credit conditions have worsened which ... hasn't been priced correctly by the market."
The brokerage also said that U.S. energy intensity "continues to decrease which is never good news for the future consumption of oil."
(Reporting by Henning Gloystein; Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-oil-markets-firm-as-brent-edges-ever-closer-to-80-per-barrel-on-tight-market.html |
Reports First Quarter of Positive Adjusted Earnings from Operations (AOE) Since Transforming Business to Pure-Play Hospitality Industry Software Provider in July 2013
Guides to 10% Revenue Growth and Expectation of $4 Million to $6 Million Improvement in AOE for Fiscal 2019
ALPHARETTA, Ga.--(BUSINESS WIRE)-- Agilysys, Inc. (Nasdaq: AGYS), a global provider of next-generation hospitality software solutions and services, today reported operating results for its fiscal 2018 fourth quarter and full year ended March 31, 2018.
Summary of Fiscal 2018 Fourth Quarter Financial Results
Total net revenue was $32.1 million, compared to total net revenue of $30.6 million in the comparable prior-year period. Recurring revenues (which are comprised of support, maintenance and subscription services) were $18.1 million, or 56% of total net revenue, compared to $16.2 million, or 53% of total net revenue, for the same period in fiscal 2017. SaaS revenues increased 32% year over year and comprised 30% of total recurring revenues, compared to 25% of total recurring revenues in the fourth quarter of fiscal 2017. Gross margin was 52.2% in the fiscal 2018 fourth quarter, compared to 50.6% in the prior-year period. Net loss in the fiscal 2018 fourth quarter was $(0.2) million, or $(0.01) per diluted share, compared to a net loss of $(5.3) million, or $(0.23) per diluted share, in the prior-year period. Adjusted EBITDA (non-GAAP) was $3.1 million, compared to an Adjusted EBITDA loss of $(0.2) million in the same period last year (see reconciliation below). Adjusted earnings from operations (non-GAAP) in the fiscal 2018 fourth quarter was $0.6 million, compared to Adjusted loss from operations in the fiscal 2017 fourth quarter of $(3.8) million (see reconciliation below).
Ramesh Srinivasan, President and CEO of Agilysys, commented, “We ended fiscal 2018 with growing momentum, particularly in sales, as fiscal 2018 fourth quarter revenue rose sequentially for the second consecutive quarter, driven by an 11% year-over-year increase in recurring revenue to a quarterly record $18.1 million, inclusive of a 32% increase in SaaS subscription revenue. For fiscal 2018, our recurring revenue grew by $5.8M, which is our largest single year increase since fiscal 2014, the year we transformed our business into a pure-play software provider to the hospitality industry. In addition, full year fiscal 2018 SaaS subscription revenue grew by 35%. While overall fiscal 2018 revenue level was flat compared to fiscal 2017, we achieved a much better revenue mix and higher margins, with higher SaaS and other recurring revenue contributions offsetting the decline in hardware revenue. Currently our recurring revenue is approximately 56% of overall revenue and our predictable services revenue is another 19% of overall revenue. As such, our revenue base continues to be increasingly more predictable. Importantly, without the impact of reselling low margin servers and associated maintenance which is now mostly out of our revenue, our revenue mix is now significantly more favorable for achieving profitable growth moving forward.
“We are pleased that we achieved positive adjusted earnings from operations (AOE) in the fiscal 2018 fourth quarter, our first such quarter since we transformed the Company in fiscal 2014. The $4.3 million year-over-year quarterly improvement in AOE, as well as the 48% full fiscal year improvement, clearly demonstrates that the various strategic initiatives we have been working on are positioning Agilysys for sustainable and consistent medium and long-term growth and profitability.
“Throughout fiscal 2018 we made consistent progress on several key priorities, including significantly improving full year adjusted earnings from operations even with flat revenue levels, more than doubling our R&D resources to enable far greater innovation and product development velocity, and establishing an accomplished cohesive management team passionately focused on executing our growth plans. During the past few months, we have implemented a more disciplined and process-oriented sales structure reinforced with a significantly higher level of accountability across all departments. We are currently in the process of enhancing our marketing efforts including brand awareness programs along with a new analytical approach that we expect will lead to increased effectiveness and drive stronger demand generation. We are also making good strides with respect to transforming our Company’s culture as we continue to make progress with establishing Agilysys as an obsessively customer focused organization that is engineering and innovation driven, dedicated to supporting all our products across all the markets we serve with world class zeal, excellence in quality standards, commitment and relentless focus.
“We expect we will build on our current momentum and have a successful fiscal 2019 reflecting growth during the year driven by multiple opportunities including additional gains from certain large strategic accounts and a growing SaaS subscription and annual maintenance recurring revenue base. We are entering fiscal 2019 with sales momentum that has increased over the last several months and expect to generate full year revenue growth of approximately 10%. In addition, we expect our improving operational efficiency will help us achieve a full year adjusted earnings from operations improvement of approximately $4 million to $6 million, compared to fiscal 2018. Overall, we are pleased with our current position in the marketplace and believe we are well poised to be a sought out employer of world-class talent, a responsive fast-moving and reliable partner for our customers and vendors, and a growing profitable hospitality software solutions business unit that unlocks considerable value for our shareholders.”
Fiscal 2019 Outlook
Agilysys today provided an initial forecast for fiscal 2019 full year revenue growth of approximately 10% compared to fiscal 2018 revenue of approximately $127 million. In addition, the Company expects to record a $4 million to $6 million improvement in Adjusted Earnings from Operations (non-GAAP measure) in fiscal 2019, from the loss of approximately $6.0 million for this metric in fiscal 2018. Agilysys also expects fiscal 2019 year-end cash and cash equivalents to reflect a decline of approximately $3 million to $5 million from the fiscal 2018 year-end balance of $39.9 million, a significant improvement from the over $9 million decline in fiscal 2018.
The Company defines adjusted earnings from operations as adjusted EBITDA, less capital expenditures and capitalized software development costs, which management believes is a meaningful measure of earnings and provides insight to investors on the Company’s overall profitability and cash generation from core operations. Adjusted earnings from operations includes costs for capitalized efforts while minimizing the seasonality of the Company’s cash flows due to the timing of billing.
Tony Pritchett, Chief Financial Officer, commented, “The strong progress we made against our strategic initiatives during fiscal 2018 has established a solid foundation for growth. We expect sales momentum will continue in fiscal 2019, including our expectation for SaaS revenue to continue to outpace the rate of total recurring revenue growth. Our focus on prudent management of our cost structure will help drive adjusted earnings from operations improvement this year, which would represent continued significant improvement towards profitability. We also expect a meaningful reduction in cash usage compared to fiscal 2018. Overall, Agilysys now has the people, processes and increasing level of products in place to generate profitable growth going forward.”
2018 Fourth Quarter Conference Call and Webcast
Agilysys is hosting a conference call and webcast today, May 24, 2018, beginning at 4:30 p.m. ET. Both the call and the webcast are open to the public. The conference call number is 224-357-2393 (domestic or international); and the conference ID number is 5573118. Please call five minutes prior to the presentation to ensure that you are connected.
Interested parties may also access the conference call live on the Internet at Agilysys Events & Presentations . Approximately, two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.
Forward-Looking Language
This press release contains " " within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of include, among others, our guidance relating to revenue, adjusted earnings from operations and cash and cash equivalent balance, and statements we make regarding continuing sales momentum, our ability to achieve revenue and profitability growth, greater innovation, product development velocity, and improvements in financial results and shareholder value.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the . Therefore, you should not rely on any of these . Important factors that could cause our actual results and financial condition those indicated in the include, among others, our ability to achieve operational efficiencies and meet customer demand for products and services and the risks described in the Company's filings with the Securities and Exchange Commission, including the Company's reports on Form 10-K and Form 10-Q.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement that may be made from time to time, whether written or oral, whether as a result of new information, future developments or otherwise.
Use of Non-GAAP Financial Information
To supplement the unaudited condensed consolidated financial statements presented in accordance with U.S. GAAP in this press release, certain non-GAAP financial measures as defined by the SEC rules are used. These non-GAAP financial measures include adjusted EBITDA and adjusted earnings from operations. Management believes that such information can enhance investors' understanding of the company's ongoing operations. See the accompanying table below for a reconciliation of adjusted EBITDA and adjusted earnings from operations to the most closely related GAAP measure.
About Agilysys
Agilysys is a leading technology company that provides innovative software and services for point-of-sale (POS) , property management (PMS) , reservation and table management , inventory and procurement , workforce management , analytics , document management , and mobile and wireless solutions exclusively to the hospitality industry. Our products and services allow operators to streamline operations, improve efficiency and understand customer needs across their properties to deliver a superior overall guest experience. The result is improved guest loyalty, growth in wallet share and increased revenue as they connect and transact with their guests based upon a single integrated view of individual preferences and interactions. We serve four major market sectors: Gaming, both corporate and tribal; Hotels, Resorts and Cruise; Corporate Foodservice Management; and Restaurants, Universities, Stadia and Healthcare.
Agilysys operates across North America, Europe, Asia-Pacific, and India with headquarters located in Alpharetta, GA. For more information, visit www.agilysys.com .
AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except per share data) Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Net revenue: Products $ 7,942 $ 8,082 $ 33,699 $ 38,339 Support, maintenance and subscription services 18,078 16,221 69,068 63,308 Professional services 6,036 6,299 24,593 26,031 Total net revenue
32,056 30,602 127,360 127,678 Cost of goods sold: Products, inclusive of developed technology amortization 6,515 6,027 26,381 28,244 Support, maintenance and subscription services 4,078 4,251 16,688 16,965 Professional services 4,714 4,849 19,874 18,684 Total cost of goods sold 15,307 15,127 62,943 63,893 Gross profit 16,749 15,475 64,417 63,785 Gross profit margin 52.2 % 50.6 % 50.6 % 50.0 % Operating expenses: Product development 7,233 8,401 27,936 29,048 Sales and marketing 4,459 5,077 18,075 20,823 General and administrative 5,553 6,183 24,028 19,875 Depreciation of fixed assets 739 618 2,631 2,409 Amortization of intangibles 457 361 1,879 1,392 Restructuring, severance and other charges 557 77 1,798 1,561 Legal settlements - - 150 85 Total operating expense 18,998 20,717 76,497 75,193 Operating loss (2,249 ) (5,242 ) (12,080 ) (11,408 ) Other (income) expense: Interest income (33 ) (27 ) (98 ) (162 ) Interest expense 3 3 10 15 Other (income) expense, net (197 ) 85 (391 ) 224 Loss before taxes (2,022 ) (5,303 ) (11,601 ) (11,485 ) Income tax expense (benefit) (1,812 ) (16 ) (3,251 ) 236 Net loss $ (210 ) $ (5,287 ) $ (8,350 ) $ (11,721 ) Weighted average shares outstanding 22,872 22,643 22,801 22,615 Loss per share - basic and diluted: Loss per share $ (0.01 ) $ (0.23 ) $ (0.37 ) $ (0.52 ) Weighted average shares outstanding - diluted 22,872 22,643 22,801 22,615 Net income (loss) per share - diluted: Net income (loss) per share $ (0.01 ) $ (0.23 ) $ (0.37 ) $ (0.52 ) AGILYSYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share data) March 31, March 31, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 39,943 $ 49,255 Accounts receivable, net of allowance for doubtful accounts of $900 and $509,
respectively
16,389 15,598 Inventories 1,999 2,211 Prepaid expenses and other current assets 5,593 6,456 Total current assets 63,924 73,520 Property and equipment, net 17,512 16,000 Goodwill 19,622 19,622 Intangible assets, net 8,484 8,530 Software development costs, net 45,181 46,999 Other non-current assets 2,484 2,634 Total assets $ 157,207 $ 167,305 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,400 $ 8,702 Deferred revenue 26,820 29,183 Accrued liabilities 9,241 8,331 Capital lease obligations, current 120 121 Total current liabilities 44,581 46,337 Deferred income taxes, non-current 227 3,181 Capital lease obligations, non-current 57 116 Other non-current liabilities 3,911 4,002 Shareholders' equity: Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized;
31,606,831 shares issued; and 23,324,679 and 23,210,682 shares outstanding at March 31,
2018 and March 31, 2017, respectively
9,482 9,482 Treasury shares, 8,282,152 and 8,396,149 at March 31, 2018 and March 31, 2017,
respectively
(2,486 ) (2,519 ) Capital in excess of stated value (1,911 ) (5,782 ) Retained earnings 103,601 112,692 Accumulated other comprehensive loss (255 ) (204 ) Total shareholders' equity 108,431 113,669 Total liabilities and shareholders' equity $ 157,207 $ 167,305 AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Twelve Months Ended (In thousands) March 31, 2018 2017 Operating activities Net loss $ (8,350 ) $ (11,721 ) Adjustments to reconcile net loss to net cash used in operating activities Net restructuring, severance and other charges 474 (224 ) Net legal settlements - (100 ) Loss on disposal of property & equipment - 70 Depreciation 2,631 2,409 Amortization 1,879 1,392 Amortization of developed technology 10,016 8,012 Deferred income taxes (3,085 ) 142 Share-based compensation 4,688 2,427 Change in cash surrender value of company owned life insurance policies (17 ) (18 ) Changes in operating assets and liabilities: Accounts receivable (719 ) 6,372 Inventories 229 476 Prepaid expense 1,485 1,946 Accounts payable 130 554 Deferred revenue (2,448 ) (4,034 ) Accrued liabilities 406 (4,250 ) Income taxes payable (19 ) 45 Other changes, net (426 ) (65 ) Net cash provided by operating activities 6,874 3,433 Investing activities Capital expenditures (6,140 ) (4,158 ) Capitalized software development costs (8,918 ) (11,888 ) Net change from Company-owned life insurance policies (27 ) 2,181 Net cash used in investing activities (15,085 ) (13,865 ) Financing activities Payments to settle contingent consideration arising from business acquisition - (197 ) Repurchase of common shares to satisfy employee tax withholding (1,171 ) (533 ) Principal payments under long-term obligations (124 ) (117 ) Net cash used in financing activities (1,295 ) (847 ) Effect of exchange rate changes on cash 194 (74 ) Net decrease in cash and cash equivalents (9,312 ) (11,353 ) Cash and cash equivalents at beginning of period 49,255 60,608 Cash and cash equivalents at end of period $ 39,943 $ 49,255 SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: Accrued capital expenditures $ 83 $ 411 Accrued capitalized software development costs 201 921 Leasehold improvements acquired under operating lease arrangement 95 35 AGILYSYS, INC.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EARNINGS FROM OPERATIONS
(UNAUDITED)
Three Months Ended Twelve Months Ended (In thousands) March 31, March 31, 2018 2017 2018 2017 Net loss $ (210 ) $ (5,287 ) $ (8,350 ) $ (11,721 ) Income tax expense (benefit) (1,812 ) (16 ) (3,251 ) 236 Loss before taxes (2,022 ) (5,303 ) (11,601 ) (11,485 ) Depreciation of fixed assets 739 618 2,631 2,409 Amortization of intangibles 457 361 1,879 1,392 Amortization of developed technology 2,645 2,307 10,016 8,012 Interest (income) expense (30 ) (24 ) (88 ) (147 ) EBITDA (b) 1,789 (2,041 ) 2,837 181 Share-based compensation 912 1,645 4,688 2,427 Restructuring, severance and other charges 557 77 1,798 1,561 Other non-operating (income) expense (197 ) 85 (391 ) 224 Legal settlements - - 150 85 Adjusted EBITDA (a) $ 3,061 $ (234 ) $ 9,082 $ 4,478 Capital expenditures (851 ) (831 ) (6,140 ) (4,158 ) Capitalized software development costs (1,646 ) (2,714 ) (8,918 ) (11,888 ) Adjusted Operating Earnings (Loss) (c) $ 564 $ (3,779 ) $ (5,976 ) $ (11,568 ) (a) Adjusted EBITDA, a non-GAAP financial measure, is defined as income before income taxes, interest expense (net of interest income), depreciation and amortization (including amortization of developed technology), and excluding charges relating to i) legal settlements, ii) restructuring, severance, and other charges, iii) asset write-offs and other fair value adjustments, iv) share-based compensation, and v) other non-operating (income) expense (b) EBITDA is defined as net income before income taxes, interest expense, depreciation and amortization (c) Adjusted Earnings from Operations, a non-GAAP financial measure, is defined as Adjusted EBITDA, less capital expenditures and capitalized software development costs
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524006094/en/
Investors:
Agilysys, Inc.
Tony Pritchett, 770-810-7941
Chief Financial Officer
[email protected]
or
JCIR
Richard Land, Norberto Aja, Jim Leahy, 212-835-8500
[email protected]
Source: Agilysys, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-agilysys-fiscal-2018-fourth-quarter-revenue-rises-5-percent-to-32-point-1-million-inclusive-of-32-percent-increase-in-saas.html |
Oil caught between Iran pressures and surging US output Wednesday, May 02, 2018 - 01:49
Oil prices rose again on Wednesday on concerns the U.S. may re-impose sanctions on major exporter Iran, before giving up gains on new evidence of surging U.S. output. As David Pollard reports, the moves came as the IMF said Saudi Arabia needs prices to average $85-$87 a barrel this year to balance its state budget.
Oil prices rose again on Wednesday on concerns the U.S. may re-impose sanctions on major exporter Iran, before giving up gains on new evidence of surging U.S. output. As David Pollard reports, the moves came as the IMF said Saudi Arabia needs prices to average $85-$87 a barrel this year to balance its state budget. //reut.rs/2KtJVPL | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/oil-caught-between-iran-pressures-and-su?videoId=423212281 |
May 31, 2018 / 2:08 PM / in 18 minutes UPDATE 1-Equatorial Guinea LNG project stumbles again as Schlumberger quits Reuters Staff 3 Min Read
(Combines with Ophir, adds project details, background)
LONDON, May 31 (Reuters) - A pioneering liquefied natural gas project in Equatorial Guinea, bogged down by delayed financing, ran into further trouble after U.S. oil services company Schlumberger pulled out of the venture, two other operators said on Thursday.
Ophir Energy, the London-based company heading the Fortuna development, and Golar LNG, which operates floating LNG facilities, said Schlumberger had decided to withdraw due to problems with the project’s financing.
Schlumberger was not immediately available for comment.
The Fortuna development would be west Africa’s first deepwater LNG project and includes a pioneering design for the infrastructure in the form of a floating terminal that liquefies gas offshore, not onshore as usual.
Reuters reported earlier this month the growing frustration of Equatorial Guinea’s government at the delays and its ultimatum to take the project off Ophir or scrap it altogether.
Golar LNG participated in Fortuna as part of the OneLNG joint venture it had established with Schlumberger.
“Despite an agreed development plan and extensive efforts over the last 12 months by OneLNG and Ophir management, it has not been possible to finalise an attractive debt financing package,” Golar said in a statement.
“This, together with other capital and resource priorities, has resulted in a decision from Schlumberger to end their participation in the project,” it said.
Ophir said it and Golar were both actively engaged in talks on financing the project. Ophir also suggested it was close to finding a new partner to replace Schlumberger.
“Ophir has already held informal discussions with other, well-capitalised, potential partners for our Fortuna project,” it said. “Following (Golar’s) announcement ... we have now formalised discussions and are actively moving forward with them.”
Ophir replaced its chief executive, Nicholas Cooper, this month in a bid to get its strategy back on track. Its shares were down almost 10 percent at 56.9 pounds each at 1345 GMT while Golar’s shares fell 18 percent to $28.35. (Reporting by Sabina Zawadzki and Shadia Nasralla Editing by Edmund Blair and Adrian Croft) | ashraq/financial-news-articles | https://www.reuters.com/article/lng-golar-fortuna/update-1-equatorial-guinea-lng-project-stumbles-again-as-schlumberger-quits-idUSL5N1T24CH |
Republicans in the U.S. Congress who are pushing for action on immigration legislation said on Thursday they were getting closer to an agreement on a bill that President Donald Trump could support.
“I think we’ve had better discussions in the last 48 hours than in the last 48 months,” said Representative Mark Meadows, chairman of the hard-right House Freedom Caucus.
Meadows was referring to negotiations with both the White House and centrist House Republicans on a bill that would address the future of young immigrants known as “Dreamers” who were brought to the United States illegally when they were children.
But Meadows also said details had to be worked out on difficult issues before a bill could be ready for House floor debate.
Meadows, Trump and many House conservatives are pushing for tough new controls on legal and illegal immigration that Democrats and some moderate Republicans oppose.
Fearing defeat in November congressional elections and possibly their control of the House of Representatives, conservatives want to demonstrate to their voter base that they have been pushing forward on Trump’s demands to clamp down on immigration.
Meadows and other Freedom Caucus members on Thursday even threatened to bring down a massive farm bill being pushed by their leaders if an immigration debate is not held first.
Republican Representative Jeff Denham, who is threatening to use procedural tactics to force a wide-ranging debate on the House floor, said on Thursday he thought negotiators could fashion legislation that both hardline conservatives and Democrats could support.
Denham has been behind a bipartisan immigration bill that falls far short of what Meadows’ group has been advocating.
“We are now having a discussion about the principles the president put out and which ones get bipartisan support,” Denham said.
In remarks to reporters, Meadows warned that simply swapping protections for the “Dreamers” in return for $25 billion to build Trump’s southwest border wall “will never happen” because it would not go far enough for the president, who also wants to cut legal immigration significantly.
Democratic Representative Michelle Lujan Grisham, who heads the Congressional Hispanic Caucus, expressed doubts about Freedom Caucus negotiations leading to a deal.
“It sounds to me like they’re trying to keep a productive process from occurring,” she said in a hallway interview, adding that House Republicans have had since last September to craft an immigration bill. That was when Trump said he was ending a program to help the “Dreamers,” which former Democratic President Barack Obama created in 2012.
FILE PHOTO: Protesters who call for an immigration bill addressing the so-called Dreamers, young adults who were brought to the United States as children, rally on Capitol Hill in Washington, DC, U.S., December 20, 2017. REUTERS/Joshua Roberts/File Photo Reporting by Richard Cowan and Susan Cornwell; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-immigration-congress/some-u-s-house-republicans-see-progress-on-dreamer-immigration-deal-idUSKCN1II32N |
Cramer: You'll miss out if you ignore these giant stock buybacks 12 Hours Ago Jim Cramer highlights large share repurchase programs at Apple, Boeing and others in a market that's grown sour on buybacks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/cramer-dont-ignore-these-giant-stock-buybacks-or-youll-miss-out.html |
May 15 (Reuters) - Prophase Labs Inc:
* PROPHASE LABS REPORTS FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018
* QUARTERLY SALES $3.4 MILLION VERSUS $771,000 * QUARTERLY EARNINGS PER SHARE $0.00 FROM CONTINUING OPERATIONS Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-prophase-labs-quarterly-sales-34-m/brief-prophase-labs-quarterly-sales-3-4-million-versus-771000-idUSASC0A261 |
Adidas scores against Nike in World Cup deals 11:02am EDT - 01:17
Adidas can declare itself the winner over arch rival Nike in the upcoming soccer World Cup even before the first match kicks off as it is kitting out the most teams. But, as Rosanna Philipott reports, it's only expecting a limited financial impact.
Adidas can declare itself the winner over arch rival Nike in the upcoming soccer World Cup even before the first match kicks off as it is kitting out the most teams. But, as Rosanna Philipott reports, it's only expecting a limited financial impact. //reut.rs/2IYO0hA | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/adidas-scores-against-nike-in-world-cup?videoId=431941191 |
May 3 (Reuters) - National Australia Bank Ltd:
* CREDIT GROWTH IS FORECAST TO EASE IN FY 2018 * 2H18 NIM WOULD BE REDUCED BY 2-3BPS IF CURRENT FUNDING CONDITIONS SUSTAINED
* BOARD EXPECTS TO MAINTAIN FY18 DIVIDEND AT THE FY17 LEVEL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nab-says-h2-net-interest-margin-to/brief-nab-says-h2-net-interest-margin-to-reduce-by-2-3-bps-if-current-funding-conditions-sustain-idUSFWN1S91AD |
The " Fast Money " traders shared their first moves for the market open.
Tim Seymour was a buyer of U.S. Steel .
Brian Kelly was a buyer of Deere & Company .
Dan Nathan was a buyer of PayPal .
Guy Adami was a buyer of Wynn Resorts .
Trader disclosure: On May 21, 2018, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AMZA, ACB.TO, APC, APH.TO, BABA, BAC, BX, C, CCJ, CLF, CMG, CRON, CSCO, CX, DAL, DPZ, DVYE, EEM, ERJ, EUFN, EWM, FB, FXI, GE, GILD, GM, GOOGL, GWPH, HAL, INTC, JD, LEAF, MAT, MCD, MO, MOS, MPEL, PAK, PHM, PYPL, RH, RL, SBUX, SQ, T, TIF, TWTR, UA, UAL, VALE, VIAB, VOD, X, XLE, XRT, YNDX, 700.HK. Tim is short IWM, RACE, SPY. Brian Kelly is long AMD, CBOE, CME, GCAP, GS, HIVE, IBM, MCB, MSFT, MU, NVDA, ORCL, OSTK, RHT, SAP, SHG, SHOP, SIVB, SQ, STX, TSM, Bitcoin, Ethereum, Litecoin, Cardano, Bitcoin Cash, Stellar, EOS, STORM. Dan Nathan is short QQQ, SMH, SPY. Guy Adami is long CELG, EXAS, GDX, INTC. Guy Adami's wife, Linda Snow, works at Merck. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/your-first-trade-for-tuesday,-may-22.html |
FRANKFURT, May 16 (Reuters) - The following are some of the factors that may move German stocks on Wednesday:
IRAN The European Union cannot provide legal and economic guarantees to Iran after the United States pulled out of the 2015 nuclear accord, but is serious about seeking a way to keep investment flowing, the EU’s top diplomat said on Tuesday.
NORTH KOREA North Korea threw next month’s unprecedented summit between Kim Jong Un and U.S. President Donald Trump into doubt on Wednesday, threatening weeks of diplomatic progress by saying it may reconsider if Washington insists on unilateral denuclearisation.
BAYER Calyxt said late on Tuesday that Bayer CropScience had agreed to settle a lawsuit brought by Calyxt in the Delaware Chancery Court.
BMW Germany’s BMW will target a group pre-tax profit of more than 10 billion euros ($11.9 billion) this year, finance chief Nicolas Peter told newspaper Handelsblatt, as the carmaker seeks to achieve double-digit margins in the long run.
DEUTSCHE TELEKOM Germany’s Federal Network Regulator said it planned to auction spectrum for fifth-generation (5G) mobile services in early 2019, rather than this year as originally planned.
MERCK Finance chief Marcus Kuhnert said guidance Merck provided on Tuesday was “certainly ambitious”, according to an interview published by Boersen-Zeitung on Wednesday.
SIEMENS Germany’s former foreign minister, Sigmar Gabriel, was nominated as a director of Siemens Alstom, as the Franco-German rail venture announced last year finalised its board lineup.
AIRBUS The World Trade Organization ruled on Tuesday the European Union had maintained illegal support to Airbus, prompting the United States to threaten sanctions against European products in the first of two key aircraft subsidy decisions due this year.
CECONOMY French electronics retailer Fnac Darty and Germany’s MediaMarktSaturn said they had signed a memorandum of understanding to create a European retail alliance on purchasing, in a bid to boost their efficiency.
DEUTSCHE EUROSHOP Deutsche Euroshop reported a double-digit gain in first-quarter profits and reaffirmed its full-year guidance.
DEUTSCHE PFANDBRIEFBANK Hypo Real Estate placed around 22 million shares in Deutsche Pfandbriefbank with institutional investors late on Tuesday, raising around 287 million euros and reducing its stake in the group to 3.5 percent.
DUERR Q1 results due.
LEONI Full Q1 results due. The group published preliminary figures on May 3 and affirmed its 2018 guidance.
UNIPER Shareholder advisory and proxy voting firm ISS is recommending that investors in Uniper do not back a proposal to appoint a special auditor at the group’s annual general meeting, it said in a note to clients.
WIRECARD Full Q1 results due. The group published preliminary figures on April 26 and affirmed its 2018 profit forecast.
ADLER REAL ESTATE Q1 results due. The group lifted its 2018 FFO guidance on April 30 after it bought back 200 mln euros worth of notes.
ADO PROPERTIES The group raised its guidance for its 2018 FFO 1 run rate to at least 66 million euros as it reported first-quarter financial results.
ANNUAL GENERAL MEETINGS DEUTSCHE BOERSE - 2.45 eur/shr dividend proposed
PROSIEBENSAT.1 - 1.93 eur/shr dividend proposed
SYMRISE <SY1G.DE - 0.88 eur/shr dividend proposed
AIXTRON - no dividend proposed
XING - 1.68 eur/shr dividend proposed
ELRINGKLINGER - 0.50 eur/shr dividend proposed
KLOECKNER & CO - 0.30 eur/shr dividend proposed
EX-DIVIDEND
K+S - 0.35 eur/shr dividend
LANXESS - 0.80 eur/shr dividend
COMPUGROUP MEDICAL - 0.35 eur/shr dividend
RIB SOFTWARE - 0.18 eur/shr dividend
BILFINGER - 1.00 eur/shr dividend
BIOTEST - 0.04 eur/preference shr dividend proposed
PORSCHE SE - 1.76 eur/shr dividend
ANALYSTS’ VIEWS STROEER - Morgan Stanley cuts to “equal-weight” from “overweight”, price target 64 euros. Barclays cuts target price to 69 euros from 69.50 euros
OVERSEAS STOCK MARKETS Dow Jones -0.8 pct, S&P 500 -0.7 pct, Nasdaq -0.8 pct at close.
Nikkei -0.4 pct, Shanghai stocks -0.3 pct.
Time: 5.07 GMT.
GERMAN ECONOMIC DATA German final April inflation data due at 0600 GMT. CPI seen flat m/m, +1.6 pct y/y. HICP seen -0.1 pct m/m, +1.4 pct y/y.
DIARIES REUTERS TOP NEWS (Reporting by Douglas Busvine and Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-16-idUSL5N1SM3DN |
LOS ANGELES and HOUSTON, May 21, 2018 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ:HAFC) (“Hanmi”) , the holding company for Hanmi Bank, and SWNB Bancorp, Inc. (“SWNB”) , a privately-held bank holding company for Southwestern National Bank, headquartered in Houston, Texas, today announced that they had entered into a definitive agreement under which Hanmi will acquire SWNB. The acquisition is expected to expand Hanmi’s market share and scale in key markets in Texas through SWNB’s retail branch network strategically located in large Asian-American focused communities.
Southwestern National Bank
As of March 31, 2018, SWNB had approximately $411 million in total assets, $261 million in loans, $347 million in deposits and six retail banking branches located in large banking markets of Houston, Dallas and Austin, TX. Upon closing of the transaction, Hanmi will have approximately $5.7 billion in assets, $4.7 billion in loans and $4.7 billion in deposits. Important strategic benefits of the acquisition to Hanmi include:
Increased operational scale and market share in key high-growth Texas markets with appealing demographic profiles; SWNB also brings a complementary branch network located in highly populated Asian-American communities.
Financially attractive transaction; Accretive to Hanmi’s 2019 earnings per share.
Excess liquidity from SWNB (75% loan-to-deposit ratio) will be deployed through Hanmi’s robust loan origination channels.
Anticipated ease of integration with little to no business disruption to SWNB’s customer base.
Under the terms of the agreement, SWNB shareholders will elect to receive 0.1961 shares of HAFC common stock or $5.74 in cash, subject to the overall requirement that 80% of SWNB shares of common stock receive the stock consideration and the remainder receive cash. The aggregate consideration of the transaction is approximately $76.7 million, which is based on HAFC’s closing stock price of $28.65 per share as of May 18, 2018. The transaction is expected to close late in the third quarter of 2018. Hanmi anticipates the acquisition will be accretive to earnings per share in 2019 and will generate a modest dilution to tangible book value of 1.5% with an earn-back period of approximately three years. The internal rate of return on this transaction will be in excess of 20%.
“I am pleased to announce the acquisition of Southwestern National Bank and look forward to welcoming their customers and employees to Hanmi,” said C. G. Kum, President and Chief Executive Officer of Hanmi Financial Corporation. “This transaction will bolster our footprint in attractive Texas banking markets and is expected to be accretive to earnings per share in 2019 and beyond. SWNB has a strong portfolio of assets with an excellent credit profile along with an attractive deposit base. In addition, with a loan-to-deposit ratio of 75%, SWNB brings over $100 million in excess liquidity that we plan to deploy into new loans as we grow and scale the Hanmi franchise. This transaction is an important milestone for Hanmi and a great opportunity to build on our track record of successful M&A transactions which have enhanced shareholder value.”
Commenting on the agreement, C.K. Lee, Chairman of the Board of Directors of SWNB Bancorp, Inc., said, “This transaction is extremely positive for current SWNB employees, along with our loyal customers. In addition, it provides a great opportunity for current SWNB shareholders to continue to build on the long-term success we have achieved at SWNB through their ownership of Hanmi common stock. We are excited to become part of the Hanmi franchise and to take advantage of new capabilities to serve our customers while contributing to the future growth of the Bank.”
The Board of Directors of both Hanmi and SWNB approved the transaction and directors and executive officers of SWNB have entered into agreement with Hanmi, pursuant to which they have agreed to vote their shares of SWNB common stock in favor the transaction. Closing of the transaction is contingent upon approval by shareholders of SWNB, as well as customary regulatory approvals.
D.A. Davidson & Co. is serving as financial advisor and Luse Gorman, PC is serving as legal advisor to Hanmi. Sheshunoff & Co. is serving as financial advisor and Fennimore, Kay, Harrison & Ford, LLP is serving as legal advisor to SWNB.
Conference Call
Management will host a conference call today, May 21, 2018 at 8:30 a.m. PT (11:30 a.m. ET) to discuss the transaction. This call will also be broadcast live via the internet. Investment professionals and all current and prospective stockholders are invited to access the live call by dialing 1-877-407-9039 before 8:30 a.m. PT, using access code HANMI. To listen to the call online, either live or archived, visit the Investor Relations page of Hanmi’s website at www.hanmi.com .
About Hanmi Financial Corporation
Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 40 full-service branches and 9 loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com .
About SWNB Bancorp, Inc.
Founded in 1997 and headquartered in Houston, Texas, Southwestern National Bank, a wholly-owned subsidiary of SWNB Bancorp, Inc. serves multi-ethnic communities in Houston, Dallas and Austin through a network of six full-service branches. Additional information on SWNB Bancorp, Inc. and Southwestern National Bank may be found on its website: www.swnbk.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (1) the benefits of the merger between Hanmi and SWNB, including anticipated future results, cost savings and accretion to reported earnings that may be realized from the merger; (2) Hanmi and SWNB’s plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (3) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. The following factors, among others, could cause actual results to differ materially from the anticipated results expressed in the forward-looking statements: the businesses of Hanmi and SWNB may not be combined successfully, or such combination may take longer than expected; the cost savings from the merger may not be fully realized or may take longer than expected; operating costs, customer loss and business disruption following the merger may be greater than expected; governmental approvals of the merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger or otherwise; the stockholders of SWNB may fail to approve the merger; credit and interest rate risks associated with Hanmi’s and SWNB’s respective businesses; and difficulties associated with achieving expected future financial results. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Hanmi’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website ( www.sec.gov ). All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to Hanmi or SWNB or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, Hanmi and SWNB do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.
Important Additional Information
This communication is being made in respect of the proposed merger between Hanmi and SWNB. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.
In connection with the proposed transaction, Hanmi intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement of SWNB and a prospectus of Hanmi, and Hanmi and SWNB will file other documents regarding the proposed transaction with the SEC. Before making any voting or investment decision, investors and security holders of SWNB are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by Hanmi with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov . In addition, the documents filed by Hanmi may be obtained free of charge at its website at www.hanmi.com or by contacting Hanmi Financial Corporation, 3660 Wilshire Boulevard, Penthouse Suite A, Los Angeles, California 90010, Attention: Richard Pimentel, Corporate Finance Officer, telephone (213) 427-3191.
Hanmi and SWNB and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies of SWNB’s shareholders in connection with the proposed transaction. Information about the directors and executive officers of Hanmi and their ownership of Hanmi common stock is set forth in the proxy statement for Hanmi’s 2018 Annual Meeting of Shareholders, as filed with the SEC on Schedule 14A on April 13, 2018. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement/prospectus regarding the proposed merger when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.
Hanmi Financial Corporation Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636
Richard Pimentel
Senior Vice President & Corporate Finance Officer
213-427-3191
Lasse Glassen
Investor Relations
Addo Investor Relations
424-238-6249
Source:Hanmi Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-hanmi-financial-corporation-announces-agreement-to-acquire-swnb-bancorp-inc.html |
6 Hours Ago | 02:39
A U.S. delegation to China negotiating the yawning trade gap between the world's two largest economies is just beginning a long and protracted process with any concrete outcomes unlikely from this first round, experts said on Friday.
"This 48-hours negotiation is unlikely to result in any concrete outcomes, and certainly not resolve anything," said Deborah Elms, executive director at the Singapore-based Asian Trade Centre.
The talks, led by Treasury Secretary Steve Mnuchin and Chinese Vice Premier Liu He, began on Thursday. The U.S. team contains key members of President Donald Trump's administration including the National Economic Council's Larry Kudlow and U.S. Trade Representative Robert Lighthizer.
Trump's team was set to depart Friday.
So far, few details from the meeting have emerged, but Mnuchin told reporters on Friday morning that the delegation has been "having very good conversations," Reuters reported.
The current "getting-to-know-you phase" will give Chinese officials the opportunity to assess the delegation, Elms said. It also comes with risks from looming tariffs between the two giants, she added.
"We're in the process of negotiations, which suggests that things are moving along quite well. But, because it's all taking place with the possibility of tariffs that could be triggered at any moment, that's a lot of pressure and things could go quickly awry without a lot of additional pressure," said Elms.
One major issue under scrutiny is if the U.S. will be able to talk China into rolling back Xi Jinping's Made in China 2025 drive — a core government program to upgrade the country's manufacturing base by way of more advanced products. show chapters 7 Hours Ago | 01:54
The meetings this week are seen to be more exploratory than anything, said David Dodwell, CEO of consultancy Strategic Access.
"We have to measure its importance simply in terms of the size of the team. The fact that just about everybody with the responsibility for economic and trade management in the U.S. is there means they obviously want all the troops there to see the status quo," Dodwell told CNBC.
The United States imported about $479 billion from China in 2016, but exported just $170 billion, according to the Office of the U.S. Trade Representative. The U.S. goods and services trade deficit to China the same year was $385 billion. Trump said tariffs on steel and aluminum would correct what he deems an unfair trade system.
Even though China is seen to have helped the U.S. deal with North Korea — which Trump earlier in his term factored into his trade thinking — it doesn't mean Trump will cut Beijing any slack regarding the trade gap, said Elms.
"This 'China thing' is a longstanding problem for Trump. It's a longstanding objection of his. And so, if he would call off the Chinese tariff war, he would be undermining his own longstanding complaints about China," said Elms.
—CNBC's Kellie Ell contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/us-china-trade-discussion-beginning-experts-dont-expect-much-yet.html |
A ‘sinister’ element could be weakening Europe’s growth, Citi economist says Data released Tuesday painted a gloomy picture for Europe's growth trajectory. Analysts have cited temporary factors such as bad weather for the slowdown. Citi's Schulz agrees but highlights China as a possible longer-term headwind. CNBC.com Fabian Bimmer | Reuters Workers of German steel manufacturer Salzgitter AG stand in front of a furnace at a plant in Salzgitter, Germany, March 1, 2018.
Sluggish growth figures for Europe in the first three months of this year may not all be down to temporary factors, according to a Citi economist.
The economy of both the 19-nation single currency area and the 28-nation European Union (EU) grew by 0.4 percent in the first quarter of 2018. That still represents growth, but reveals a slowdown from the final three months of 2017.
In the fourth quarter of 2017, gross domestic product (GDP) had grown by 0.7 percent in the euro area and by 0.6 percent in the wider EU28. The last time euro zone growth was as tepid was in summer 2016.
Analysts have blamed the slowdown on bad weather, noting that the construction and retail sectors are usually negatively affected during cold snaps.
Other temporary headwinds being cited for the first quarter numbers include strikes, the threat of trade wars and an early Easter holiday.
Commenting on the figures, Christian Schulz, senior European economist at Citigroup, said that while seasonal factors were in play there were potentially other areas of concern.
"Unfortunately, there are some signs that something a little bit more sinister is going on," he told CNBC on Wednesday. "If you look at when confidence indicators such as PMIs (Purchasing Managers' Index) and the German IFO index peaked, it was well before the bad weather, the threat of trade wars, Easter holidays and the U.S. tax reform." Qilai Shen | Bloomberg | Getty Images A worker stands among stacks of train carriage wheels at a plant in Maanshan, near Nanjing, China.
Schulz said he and his fellow economists had looked for other links to Europe's growth stutter and found that one data match appeared to be the performance of China.
The team looked, in particular, at the Li Keqiang index that tracks China's rail freight volume, electricity consumption, and loans disbursed by banks.
"That index has turned down from last summer onwards and it typically has a pretty good leading relationship with German business confidence of about six months. That could explain why Germany, or manufacturing the euro zone more broadly, turned down at the end of last year," he said.
Schulz said the connection between Germany and China existed beyond just trade and that investment between the two countries was an important factor.
He added that with China tipped to account for 20 percent of Germany's future export growth, any slowdown in numbers from Beijing could immediately impact investment decisions in Europe.
Separately, euro zone manufacturing PMIs released Tuesday also suggested a slowdown in activity across Europe.
PMI data, released on a monthly basis, track factors such as output, new orders, stock levels, employment and prices across the manufacturing, construction, and retail and service sectors.
The final March reading for manufacturing PMI came in at 56.2, which represented a 13-month low.
For individual countries, multi-month lows were recorded for Germany, the Netherlands, Spain, Italy, and Greece. It should be noted that despite the slowdown all countries remained in expansion mode.
The euro, which has been losing value sharply in recent weeks, gave up almost all of its session gains following both data sets. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/a-sinister-element-could-be-weakening-europes-growth-citi-economist-says.html |
VIENNA, May 24 (Reuters) - Austrian lender Erste Group plans to introduce an employee participation programme in summer, its chief executive said on Thursday.
The bank plans to establish an employee trust, which should hold around 1 percent in the group in the future, Andreas Treichl said at the shareholder meeting in Vienna.
“The goal is to establish an additional stable shareholder with this employee foundation,” Treichl said. (Reporting by Alexandra Schwarz-Goerlich Writing by Kirsti Knolle Editing by Edmund Blair)
| ashraq/financial-news-articles | https://www.reuters.com/article/erste-group-agm/austrias-erste-group-to-introduce-employee-participation-programme-idUSL5N1SV22P |
Tariffs on cars could undercut Trump's national security concerns: Expert 3 Hours Ago The Revs Institute Editor Paul Ingrassia discusses Trump's plan to put tariffs on imported cars based on national security concerns. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/tariffs-on-cars-could-undercut-trumps-national-security-concerns-expert.html |
SINGAPORE, May 16 (Reuters) - Singaporean sovereign wealth fund GIC, Frasers Property Ltd and co-working space provider JustCo will invest $177 million in a partnership that will help JustCo expand into more markets, the companies said in a statement.
JustCo operates in Singapore, Indonesia and Thailand. The company has plans to expand into Greater China, Korea, Japan, Vietnam, Malaysia, the Philippines, Australia and India.
Demand for co-working spaces in the world’s largest cities has surged, drawing billions of dollars in capital into the sector. (Reporting by Aradhana Aravindan, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/justco-partnership/gic-frasers-property-partner-with-co-working-space-provider-justco-idUSL3N1SN2XN |
May 22, 2018 / 6:30 PM / Updated 18 minutes ago U.S. small businesses report rising confidence, earnings: Fed regional survey
WASHINGTON, May 22 (Reuters) - Small U.S. businesses experienced rising profitability, increased confidence, and easier access to financing in 2017 amid a continued economic recovery, the Federal Reserve’s regional banks reported on Tuesday in an annual survey of small firms.
Of roughly 8,000 companies responding to an online questionnaire, 72 percent expect revenue to grow in 2018 and 48 percent expect to add employees, both up slightly from last year’s survey.
Among firms seeking financing 59 percent wanted to expand, down slightly from last year but a fact that the Fed officials who conducted the survey say still pointed to overall economic strength. As of 2011, shortly after the end of the 2007 to 2009 recession, a small business poll found only 31 percent sought financing to expand.
Fewer firms felt the need to seek outside financing, with only 40 percent looking for outside funding, down from 45 percent last year.
The survey pointed to continuing challenges. Of the 64 percent of small businesses that reported trouble paying operating costs, buying inventory or making debt payments, two-thirds relied on an owner or investor’s personal funds.
The smallest firms, startups, and minority-owned businesses struggled the most. About 74 percent of firms with less than $100,000 in revenue had trouble paying their bills, but a majority were either averse to borrowing or worried they would be turned down and so did not apply for a loan or other credit.
Still, the results were in line with other surveys that have found optimism among business owners as a decade long recovery continues.
In an essay released with the survey, outgoing New York Fed President William Dudley said that with small businesses responsible for the majority of job growth, the improvement in confidence and performance should not mask the difficulties those firms face.
Among firms that sought funding last year, 46 percent received all they requested, compared to 40 percent last year.
“Even small businesses with the potential for strong growth are struggling to get sufficient financing,” Dudley said.
The online survey was conducted in the second half of 2017, before a recent change in the tax law that cut corporate taxes and made other changes that may advantage smaller business.
The survey received responses from 8,169 firms with at least one and fewer than 500 employees. The credibility interval differed by question but ranged from plus or minus 1.4 percentage points to plus or minus 2.5 percentage points. (Reporting by Howard Schneider Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-fed-business/u-s-small-businesses-report-rising-confidence-earnings-fed-regional-survey-idUSL2N1ST18T |
Buffett soothes investors fears of a trade war 12:19pm EDT - 01:57
Billionaire Warren Buffett on Saturday said it is unlikely that the United States and China will come to loggerheads on trade, and the countries would avoid doing “something extremely foolish.
Billionaire Warren Buffett on Saturday said it is unlikely that the United States and China will come to loggerheads on trade, and the countries would avoid doing “something extremely foolish. //reut.rs/2rpGNvl | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/buffett-soothes-investors-fears-of-a-tra?videoId=424192605 |
The modern era of American politics—defined by polarization and nonstop intensity—began with the cataclysmic events of 1968, now celebrating, if that’s the right word, its 50th anniversary.
Everyone says the pace of events in the Trump presidency is overwhelming. Compared with 1968, the past year has been a walk in the park.
Nineteen sixty-eight... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-year-politics-collapsed-1527717224 |
May 14 (Reuters) - CRG:
* CRG - ANNOUNCED SALE OF ITS 1 MILLION SQUARE FOOT BUILD-TO-SUIT FACILITY IN SAVANNAH, GEORGIA FOR SHAW INDUSTRIES GROUP TO GRIFFIN CAPITAL CO FOR $57 MILLION Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-crg-announces-57-mln-sale-of-build/brief-crg-announces-57-mln-sale-of-build-to-suit-for-shaw-industries-group-in-savannah-idUSFWN1SL12S |
May 24, 2018 / 12:34 PM / Updated 10 minutes ago U.S. launches criminal probe into bitcoin price manipulation - Bloomberg Reuters Staff 1 The U.S. Department of Justice has launched a criminal probe into whether traders are manipulating the price of bitcoin and other digital currencies, Bloomberg reported on Thursday. FILE PHOTO: A token of the virtual currency Bitcoin is seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic//File Photo
The investigation concerns illegal practices that can influence prices such as spoofing, or flooding the market with fake orders to trick other traders, Bloomberg said, citing four people familiar with the matter.
Federal prosecutors are working with the Commodity Futures Trading Commission (CFTC), the report added.
Neither the Justice Department nor the CFTC were immediately available for comment. Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-bitcoin-investigation/u-s-launches-criminal-probe-into-bitcoin-price-manipulation-bloomberg-idUKKCN1IP1XK |
Just say no — to bro culture. That's the rallying cry behind an emerging type of co-working space, created by women and for women, and expanding to industrial-chic streets across the country.
From cozy community start-ups like The Coven in Minneapolis, to a business with much larger ambitions, like The Wing — which has locations spreading internationally — the women-only office share is the "it" work sanctuary for the #MeToo era.
The Wing gets most of the attention, and not just because the design color scheme skews millennial pink. In just over a year and a half, the start-up has raised more than $40 million from investors, including from WeWork, the co-working giant valued at $20 billion. The Wing now has three spaces in New York City with a total of 22,500 square feet, another in Washington, D.C., and three more coming before the end of this year to Brooklyn, Los Angeles and San Francisco. Seattle, Toronto and London are on track for 2019.
"We're still a tadpole, but we're swimming fast," said co-founder Audrey Gelman, 30.
The basic concept is to create a safe and supportive work environment — a professional home base — where women can take risks in the company of female collaborators and mentors without the sweat or frustration of laboring in a man's world. By day, work gets done; at night a bar opens and speakers give talks. There are beauty stations, hair-braiding workshops and lactation rooms. Membership begins at $215 a month.
Support from powerful women Gelman, a glamorous former political publicist who helped inspire the Marnie character from the HBO Show "Girls" (she's one of "Girls" creator Lena Dunham's best friends) speaks of creating "a global sisterhood" that resurrects the concept of the Women's Club movement of the 19th and early 20th century, when 5,000 women's groups nationwide "gave women space to be themselves and express themselves."
The co-working idea occurred to Gelman while on a commute from New York to Washington for her PR job. She wanted a place to unwind and maybe even shower between meetings, but couldn't find one. With co-founder Lauren Kassan, a veteran of fitness start-up ClassPass, The Wing took flight quickly. It was helped along by an investment from SoulCycle founders Julie Rice and Elizabeth Cutler, and Susan Lyne of BBG Ventures, who once oversaw Martha Stewart Living Omnimedia.
The founders collaborated with an all-female design and architecture team and launched in October 2016, on the eve of the presidential election. "We were expecting a very different political outcome," Gelman said, recalling the 300 Wing members who gathered to watch the results come in that night. "But our mission remained the same: the advancement of women through community."
Angela Pham/BFA.com Coworking space members react to a recent appearance by Hillary Clinton for a talk at The Wing offices. A sense of community is what's driving most of these ventures.
In Twin Cities, Minnesota, The Coven opened this past spring as "a modern, diverse social club," as it calls itself, and coworking space for women. Co-founder Alex West Steinman says the company raised $315,000 through crowdfunding efforts and opened with over 200 founding members. "We've got women, non-binary folks, different ages, races and genders — it's a space that's truly intersectional," she said. "It's so affirming to see people collaborating who otherwise wouldn't have met. Here, they get support, give advice and share work on projects."
Women helping women makes good business sense Hera Hub was a pioneer in the niche, having launched in San Diego in 2011. Founder Felena Hanson is quick to note that female co-working is not about isolating women from men. "We're female-focused not to be exclusionary but because women helping women makes good business sense," said Hanson. "Women have long operated in a business world we didn't create. So many women feel like outsiders in various industries that it's great to create room where our needs come first."
The bro culture that's come to define Silicon Valley can make business difficult for women, Hanson said. But at a place like Hera Hub, corporate competitiveness tends to take a back seat to compassion and vulnerability. "I think women find it easier than men to admit we don't have all the answers. People here aren't puffing themselves up and acting like they know everything they're talking about. If someone has a pitch next week and they're not a thousand percent confident, it's okay to say, I don't know what I'm doing."
The Coven Co-founders of Minneapolis-based women-only coworking space The Coven: Erinn Farrell (far left), Bethany Iverson (left center), Alex West Steinman (right center) and Liz Giel (far right). Gretchen Spreitzer, who studies coworking as faculty director for the Center for Positive Organizations at the University of Michigan, says the rise of corporate coworking behemoths like WeWork shows how big these businesses can grow. The challenge is providing specialized services that continue to attract members. "These companies aren't cheap to run," she said.
In April, | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/women-only-co-working-spaces-are-newest-rage-in-metoo-age.html |
MONTREAL, May 02, 2018 (GLOBE NEWSWIRE) -- Sama Resources Inc. (TSXV:SME) (“SME” or the “Company”) is pleased to report that SRG has announced that in connection with SRG’s marketed public offering (the “Offering”), SRG has entered into an underwriting agreement (the "Underwriting Agreement") with a syndicate of underwriters, providing for the purchase and sale of 5,334,000 units of SRG (“Units”) at a price of $1.50 per Unit (the "Offering Price") for gross proceeds of $8,001,000 (the "Offering"). Each Unit will be comprised of one common share of SRG (a "Common Share") and one Common Share purchase warrant of SRG (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Common Share (each a "Warrant Share") at an exercise price of $2.30 per Common Share at any time for a period of 12 months following the closing date of the Offering. Sama holds a control position in SRG of 24,658,267 shares representing 40.09% of the issued and outstanding shares of SRG and is considered an insider for reporting purposes.
The Offering is being conducted through a syndicate of underwriters co-led by National Bank Financial Inc. and TD Securities Inc. and including Macquarie Capital Markets Canada Ltd., Beacon Securities Limited and Clarksons Platou Securities AS (collectively, the “Underwriters”).
SRG has granted the Underwriters an over-allotment option to purchase up to a number of additional Units and/or Warrants equal to 15% of the Units sold pursuant to the Offering, exercisable in whole or in part at any time up to 30 days after and including the closing date of the Offering, which may be exercised for Units, Warrants or a combination thereof.
In addition, SRG intends to complete a concurrent non-brokered private placement with Coris Capital SA (“Coris”). Coris has a pre-emptive right to maintain its pro rata ownership of SRG in connection with the Offering and has confirmed its intention to SRG to exercise such right by way of a non-brokered private placement of units (the "Concurrent Private Placement"), up to a maximum of 1,333,333 Private Placement Units. The units issuable pursuant to the Concurrent Private Placement will be on the same terms and conditions as those issuable pursuant to the Offering. The units issuable pursuant to the Concurrent Private Placement will be subject to a statutory four month hold period in accordance with applicable securities laws. The closing of the Offering will be conditional upon the closing of the Concurrent Private Placement.
SRG intends to use the proceeds from the Offering and Concurrent Private Placement for advancement of the SRG’s Lola Graphite project, including, in the near term, to further regional exploration and infill resource drilling and to progress towards a feasibility study; for continued exploration of its Gogota Cobalt-Nickel-Scandium project; and for general working capital purposes.
SRG will file today an amended and restated preliminary short form prospectus (the “Amended Preliminary Prospectus”) containing important information relating to the Offering in each of the Provinces of Canada and the Amended Preliminary Prospectus will be available on SEDAR at www.sedar.com .
The Offering and Concurrent Private Placement are expected to close on or about May 18, 2018 and are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the "TSXV"). The closing of the Offering will be conditional upon the closing of the Concurrent Private Placement.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Sama Resources Inc.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa.
FOR FURTHER INFORMATION, PLEASE CONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
OR
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “reduce”, “suggest”, “opportunity”, “demonstrate”, or variations of such words and phrases or state that certain actions, events or results "may", "could", "would" or "might". 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 the SRG to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) inability to satisfy conditions of the Offering; (ii) Coris will complete the Private Placement; (iii) the Offering may not be completed on the terms and timeline indicated, or at all; (iv) the SRG’s use of proceeds of the Offering may differ from those indicated; (v) volatile stock price; (vi) the general global markets and economic conditions; (vii) the possibility of write-downs and impairments; (viii) the risk associated with exploration, development and operations of mineral deposits; (ix) the risk associated with establishing title to mineral properties and assets; (x) fluctuations in commodity prices and other risks and factors described or referred to in the sections entitled "Risk Factors" in the Annual Information Form of the SRG and the Amended Preliminary Prospectus which will be available at www.sedar.com , all of which should be reviewed in conjunction with the information found in this news release.
Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities and no material adverse change in mineral prices. Although the SRG has attempted to identify important factors that could cause actual results to differ materially from those contained in the 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 forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the SRG's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the SRG does not undertake to update such forward-looking information except in accordance with applicable securities laws.
Source: Sama Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-sama-resources-reports-on-srgas-8001000-marketed-unit-offering-and-concurrent-private-placement-of-up-to-2000000.html |
May 11, 2018 / 5:23 PM / Updated 21 minutes ago English County Championship Division Two Scoreboard Reuters Staff 3 Scoreboard at stumps on the first day of between Warwickshire and Northamptonshire on Friday at Birmingham, England Warwickshire trail Northamptonshire by 156 runs with 6 wickets remaining Northamptonshire 1st innings Luke Procter Run Out Henry Brookes 19 Ben Duckett c Tim Ambrose b Chris Wright 4 Alex Wakely b Henry Brookes 3 Richard Levi c Jonathan Trott b Henry Brookes 0 Josh Cobb c Sam Hain b Olly Stone 29 Adam Rossington c Tim Ambrose b Olly Stone 4 Rob Keogh lbw Henry Brookes 1 Steven Crook c Tim Ambrose b Jeetan Patel 92 Doug Bracewell c Sam Hain b Henry Brookes 81 Brett Hutton c Tim Ambrose b Chris Wright 5 Ben Sanderson Not Out 7 Extras 4b 5lb 2nb 0pen 0w 11 Total (60.5 overs) 256 all out Fall of Wickets : 1-13 Duckett, 2-16 Wakely, 3-20 Levi, 4-29 Procter, 5-47 Rossington, 6-52 Keogh, 7-102 Cobb, 8-224 Crook, 9-229 Hutton, 10-256 Bracewell Bowling Ov Md Rn Wk Econ Ex Chris Wright 16 0 65 2 4.06 Henry Brookes 14.5 2 54 4 3.64 Olly Stone 10 1 57 2 5.70 Jeetan Patel 14 0 47 1 3.36 Will Rhodes 6 0 24 0 4.00 1nb Warwickshire 1st innings Will Rhodes c Richard Levi b Doug Bracewell 14 Dominic Sibley c Brett Hutton b Doug Bracewell 0 Ian Bell Not Out 55 Jonathan Trott lbw Brett Hutton 17 Sam Hain lbw Steven Crook 6 Matthew Lamb Not Out 1 Extras 0b 3lb 4nb 0pen 0w 7 Total (29.0 overs) 100-4 Fall of Wickets : 1-0 Sibley, 2-25 Rhodes, 3-53 Trott, 4-92 Hain To Bat : Ambrose, Patel, Stone, Brookes, Wright Bowling Ov Md Rn Wk Econ Ex Ben Sanderson 10 3 31 0 3.10 2nb Doug Bracewell 7 3 21 2 3.00 Brett Hutton 7 2 25 1 3.57 Steven Crook 5 1 20 1 4.00 Umpire Neil Bainton Umpire Ian Blackwell Home Scorer Melvin Smith Away Scorer Anthony Kingston | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-two-scoreboard-idINMTZXEE5BKQTN4C |
NEW YORK, May 10, 2018 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc. (“Checkpoint”) (NASDAQ:CKPT), a clinical-stage, immuno-oncology biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for patients with solid tumor cancers, today announced financial results and recent corporate highlights for the first 2018.
James F. Oliviero, President and Chief Executive Officer of Checkpoint, said, “In the first quarter of 2018, Checkpoint continued to execute on milestones to advance the development of our lead immuno-oncology and targeted therapy clinical programs, while also strengthening our financial position. Notably, we completed an underwritten public offering in March, raising net proceeds of $20.8 million to continue to fund our development programs, and initiated the first dose expansion cohorts in the Phase 1 trials of CK-301, our fully human anti-PD-L1 antibody, and CK-101, our third-generation EGFR inhibitor. We look forward to reporting initial data from these expansion cohorts in the second half of 2018, and are targeting the initiation of our first registration trial for CK-301 in first-line non-small cell lung cancer in the first quarter of 2019.”
Financial Results:
Cash Position : As of March 31, 2018, Checkpoint’s cash and cash equivalents totaled $34.9 million, compared to $19.2 million at December 31, 2017, an increase of $15.7 million. R&D Expenses : Research and development expenses for the first quarter of 2018 were $6.9 million, compared to $3.7 million for the first quarter of 2017, an increase of $3.2 million. G&A Expenses : General and administrative expenses for the first quarter of 2018 were $2.2 million, compared to $1.4 million for the first quarter of 2017, an increase of $0.8 million. Net Loss : Net loss attributable to common stockholders for the first quarter of 2018 was $8.8 million, or $0.35 per share, compared to a net loss of $4.4 million, or $0.20 per share, for the first quarter of 2017.
Recent Corporate Highlights:
In March 2018, Checkpoint completed an underwritten public offering that raised net proceeds of $20.8 million. Also in March 2018, Checkpoint completed the dose escalation portion of the ongoing Phase 1 clinical trial of CK-301, a fully human anti-PD-L1 antibody, in selected recurrent or metastatic cancers, and initiated the first dose expansion cohort, which is evaluating an 800 mg dose of CK-301 administered every two weeks. In April 2018, Checkpoint presented preclinical data on BET inhibitor CK-103 at the American Association for Cancer Research Annual Meeting. CK-103 demonstrated combinatorial effects in an in vivo model with anti-PD-1 antibodies, which may support its development as an anti-cancer agent alone and in combination with Checkpoint’s anti-PD-L1 antibody CK-301.
About Checkpoint Therapeutics
Checkpoint Therapeutics, Inc. (“Checkpoint”) is a clinical-stage, immuno-oncology biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for patients with solid tumor cancers. Checkpoint is currently evaluating its lead product candidate, CK-301, an anti-PD-L1 antibody licensed from the Dana-Farber Cancer Institute, in a Phase 1 clinical trial in checkpoint therapy-naïve patients with selected recurrent or metastatic cancers. Checkpoint plans to develop CK-301 as a treatment for patients with non-small cell lung cancer (“NSCLC”) and other solid tumors. In addition, Checkpoint is evaluating its small-molecule, targeted anti-cancer agent, CK-101, in the Phase 1 portion of a Phase 1/2 clinical trial for the treatment of patients with epidermal growth factor receptor (“EGFR”) mutation-positive NSCLC. Checkpoint’s pipeline also includes antibodies that target glucocorticoid-induced TNFR-related protein (“GITR”) and carbonic anhydrase IX (“CAIX”), in addition to oral, small-molecule, targeted anti-cancer agents that inhibit bromodomain and extra-terminal (“BET”) proteins and poly (ADP-ribose) polymerase (“PARP”). Checkpoint is a majority-controlled subsidiary of Fortress Biotech, Inc., and is headquartered in New York City. For more information, visit www.checkpointtx.com .
About Fortress Biotech
Fortress Biotech, Inc. (“Fortress”) (NASDAQ:FBIO) is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress develops and commercializes products both within Fortress and through certain of its subsidiary companies, also known as Fortress Companies. In addition to its internal development programs, Fortress leverages its biopharmaceutical business expertise and drug development capabilities and provides funding and management services to help the Fortress Companies achieve their goals. Fortress and the Fortress Companies may seek licensing arrangements, acquisitions, partnerships, joint ventures and/or public and private financings to accelerate and provide additional funding to support their research and development programs. For more information, visit www.fortressbiotech.com .
Forward‐Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs, and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; risks relating to the timing of starting and completing clinical trials; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Company Contact:
Jaclyn Jaffe
Checkpoint Therapeutics, Inc.
(781) 652-4500
[email protected]
Investor Relations Contact:
Jeremy Feffer
Managing Director, LifeSci Advisors, LLC
(212) 915-2568
[email protected]
Media Relations Contact:
Laura Bagby
6 Degrees
(312) 448-8098
[email protected]
CHECKPOINT THERAPEUTICS, INC.
BALANCE SHEETS
(in thousands, except share and per share amounts) March 31,
2018 December 31,
2017 ASSETS (Unaudited) Current Assets: Cash and cash equivalents $ 34,863 $ 19,225 Prepaid expenses and other assets 1,222 1,857 Other receivables - related party 344 331 Total current assets 36,429 21,413 Total Assets $ 36,429 $ 21,413 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $ 7,000 $ 5,762 Accounts payable and accrued expenses - related party 530 610 Total current liabilities 7,530 6,372 Total Liabilities 7,530 6,372 Commitments and Contingencies Stockholders' Equity Common Stock ($0.0001 par value), 50,000,000 shares authorized Class A common shares, 7,000,000 shares issued and outstanding as of March 31, 2018 and December 31, 2017 1 1 Common shares, 25,015,088 and 18,512,429 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 3 2 Common stock issuable, 0 and 591,836 shares as of March 31, 2018 and December 31, 2017, respectively - 2,296 Additional paid-in capital 96,690 71,772 Accumulated deficit (67,795 ) (59,030 ) Total Stockholders’ Equity 28,899 15,041 Total Liabilities and Stockholders’ Equity $ 36,429 $ 21,413
CHECKPOINT THERAPEUTICS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share amounts) For the three months ended March 31, 2018 2017 Revenue - related party $ 343 $ 693 Operating expenses: Research and development 6,932 3,704 General and administrative 2,194 1,403 Total operating expenses 9,126 5,107 Loss from operations (8,783 ) (4,414 ) Other income Interest income 18 31 Total other income 18 31 Net Loss $ (8,765 ) $ (4,383 ) Loss per Share: Basic and diluted net loss per common share outstanding $ (0.35 ) $ (0.20 ) Basic and diluted weighted average number of common shares outstanding 24,751,550 22,059,409
Source:Checkpoint Therapeutics, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-checkpoint-therapeutics-reports-first-quarter-2018-financial-results-and-recent-corporate-highlights.html |
May 15 (Reuters) - MSA Safety Inc:
* MSA BOARD ELECTS NISHAN J. VARTANIAN CEO OF MSA SAFETY; WILLIAM M. LAMBERT ELECTED NON-EXECUTIVE CHAIRMAN Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-msa-safetys-board-appoints-nishan/brief-msa-safetys-board-appoints-nishan-vartanian-as-ceo-idUSASC0A2BR |
Uber shutting down self-driving car operation in Arizona 1 Hour Ago CNBC's Josh Lipton reports on the latest announcement from Uber to shut down the company's self-driving operation in Arizona. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/uber-shutting-down-self-driving-car-operation-in-arizona.html |
BRUSSELS (Reuters) - The European Commission on Monday gave Poland until late June to settle a dispute with the EU over the independence of its courts that threatens Warsaw’s future access to funding from the bloc.
FILE PHOTO: A participant holds flags of European Union and Poland during an anti-government protest, called 'Freedom March' and organised by opposition parties, in Warsaw, Poland May 12, 2018. REUTERS/Kacper Pempel/File Photo Frans Timmermans, the EU executive’s deputy chief, welcomed recent progress in negotiations with Warsaw but said more needed to be done to assuage concerns over democratic checks and balances in the largest ex-communist EU member state.
“I hope the Polish government will see that it has to take a few more steps for us to be able to declare that the systemic threat to the rule of law is no longer there,” Timmermans, who oversees the Polish dossier for the EU, told a news conference.
After updating European affairs ministers meeting in Brussels on the protracted dispute, he said the next such meeting, due on June 26, would be the make-or-break moment.
Timmermans said he hoped to be able to announce enough progress then to revoke the unprecedented Article 7 punishment procedure against Poland for flouting the rule of law.
“The main issue remains how much political control can you have to be able to say that the judiciary is independent. We have some concerns there,” he said, citing an early end to the terms of Supreme Court judges and other judges under new laws in Poland as one example of outstanding issues.
The Article 7 procedure could theoretically lead to Poland losing its EU voting rights. Poland’s ally Hungary has vowed to block such a move, but the procedure is still embarrassing for Warsaw and harms its ability to push its agenda in the EU.
Brussels is also awaiting the Polish parliament’s formal adoption of new amendments to already-enacted judicial reforms.
CONCESSIONS Under these amendments, Poland’s supreme court would be more limited in its newly acquired ability to effectively overturn past verdicts, and the president - rather than the justice minister - would gain the right to appoint junior judges.
Hungarian Prime Minister Viktor Orban is seen during his visit in Warsaw, Poland May 14, 2018. REUTERS/Kacper Pempel The concessions are aimed at assuaging EU concerns that the executive is amassing too much control over the judiciary.
Both tweaks still need to be approved by the upper chamber of parliament - which is dominated by the ruling right-wing Law and Justice party (PiS) - and signed into law by the president, who originates from the same party.
The moves mark a complete change of tone in Warsaw after two years of PiS vowing not to yield to EU “blackmail”.
The change of heart in Poland, the biggest beneficiary of EU funds, came as the bloc threatened to cut financing for states flouting democratic standards in its new budget for 2021-27.
“Poland is aiming for an agreement,” its foreign minister, Jacek Czaputowicz, said in the southern Polish city of Katowice.
“We have to go on talking and explaining to find a legal formula to address these concerns... I understand the European Commission is of the same mind and will continue talks.”
Critics of the PiS government say the concessions do not go far enough and that the judicial overhaul has already damaged democracy in the country of 38 million people.
On Monday, the prime ministers of Poland and Hungary said they had similar positions on the EU’s next budget and said they opposed any cut in funds for their farmers.
Germany and France firmly back the Commission.
“We see progress in the rhetoric of Poland... But we now need progress in terms of substance. The rule of law is a binding and obligatory principle for all EU members,” Germany’s EU minister Michael Roth said in Brussels on Monday.
Additional reporting by Philip Blenkinsop in Brussels and Wojciech Zurawski in Katowice, Writing by Gabriela Baczynska; Editing by Gareth Jones
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-poland/eu-gives-poland-new-deadline-for-rule-of-law-deal-idUSKCN1IF1YB |
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BORDEAUX, May 28 (Reuters) - Violent hailstorms ravaged parts of the Bordeaux wine region in southwestern France on Saturday causing major damage in hundreds of vineyards with thousands of hectares of vines destroyed, producers said on Monday.
This comes just a year after the Bordeaux region suffered one of its worst harvests in history with a fall of 39 percent on year due to late frosts, which lead to a jump in prices.
The hail first hit the south of the region on Saturday at midday, affecting the Pessac-Leognan region and the south of Medoc, home to some of the region’s most famous chateaux, Bernard Farges, head of Bordeaux producers’ union CIVB, said.
It then devastated vineyards of Cotes de Bourg and Cotes de Blaye on the right bank of the Gironde river and, further east, in the Gensac and Pessac-sur-Dordogne.
The vineyard of Cognac was also hit by hail. Officials mention an initial figure of 10,000 hectares (24,710 acres)affected out of a total 70,000 hectares. They had also been affected by frosts last year.
“The figures...which will have to be refined, show that between 500 and more than 1,000 wine growers have been affected with a area hit of 1,000 hectares in the Medoc, between 4,000 and 5,000 hectares for Cote de Blaye and Cote de Bourg and about 1,000 hectares in the vicinity of Gensac”, Farges told Reuters.
Some winemakers lost 100 percent of their harvest, he said.
There are 112,000 hectares of vines in the entire Bordeaux vineyard, the second-largest wine producing region in France after Languedoc Roussillon.
Last year France’s total production had fallen to a record low due to a series of poor weather incidents including spring frosts, drought and storms that affected most of the main growing regions including Bordeaux and Champagne.
Bordeaux wine prices rose 16 percent in the first six months of the 2017/18 season, farm ministry data released in March showed. (Reporting by Claude Canellas, writing by Sybille de La Hamaide; Editing by Leigh Thomas)
| ashraq/financial-news-articles | https://www.reuters.com/article/france-wine-hail/rpt-hailstorms-ravage-french-bordeaux-vineyards-idUSL5N1SZ1T5 |
NEW YORK--(BUSINESS WIRE)-- Assurant, Inc. (NYSE: AIZ), a global provider of risk management solutions, announced that its Board of Directors declared dividends of its common and preferred stock as follows:
Common - a quarterly dividend of $0.56 per share of common stock. The dividend will be payable on June 19, 2018 to stockholders of record as of the close of business on May 29, 2018.
Preferred – a quarterly dividend of $1.6792 per share of 6.50% mandatory convertible preferred stock (NYSE: AIZP). The dividend will be payable on June 15, 2018 to stockholders of record as of the close of business on June 1, 2018.
Future dividend declarations will be made at the discretion of the Assurant Board of Directors and will be dependent upon the company's earnings, financial condition, capital requirements, future prospects, regulatory and other restrictions, among other factors.
About Assurant
Assurant, Inc. (NYSE: AIZ) is a global provider of risk management solutions, protecting where consumers live and the goods they buy. A Fortune 500 company, Assurant focuses on the housing and lifestyle markets, and is among the market leaders in mobile device protection and related services; extended service contracts; vehicle protection; pre-funded funeral insurance; renters insurance; lender-placed homeowners insurance; and mortgage valuation and field services. With approximately $32 billion in assets and $6 billion in annualized revenue as of March 31, 2018, Assurant has a market presence in 16 countries, while its Assurant Foundation works to support and improve communities. Learn more at assurant.com or on Twitter @AssurantNews .
###
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005441/en/
Assurant, Inc.
Media:
Linda Recupero, 212.859.7005
Senior Vice President, Enterprise Communication
[email protected]
or
Investor Relations:
Suzanne Shepherd, 212.859.7062
Vice President, Investor Relations
[email protected]
or
Sean Moshier, 212.859.5831
Manager, Investor Relations
[email protected]
Source: Assurant, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-assurant-board-of-directors-declares-quarterly-dividends-on-its-common-and-preferred-stock.html |
GM shares jump on news of SoftBank's $2.2 billion investment 1 Hour Ago CNBC's Phil LeBeau talks with Daniel Ammann, General Motors president about SoftBank Vision Fund's $2.2 billion investment in GM's self-driving unit as the automaker continues to develop autonomous technology. "We have all the technology under one roof," says Ammann. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/gm-shares-jump-on-news-of-softbanks-2-point-2-billion-investment.html |
Laser shoes reduce 'freezing' in Parkinson's patients 01:53
Researchers in the Netherlands have shown how laser guided shoes can alleviate freezing of gait; one of the debilitating symptoms of Parkinson's disease. Matthew Stock reports.
Researchers in the Netherlands have shown how laser guided shoes can alleviate freezing of gait; one of the debilitating symptoms of Parkinson's disease. Matthew Stock reports. //reut.rs/2rr2cnR | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/07/laser-shoes-reduce-freezing-in-parkinson?videoId=424683906 |
May 8 (Reuters) - Aqua America Inc:
* Q1 EARNINGS PER SHARE $0.29 * Q1 REVENUE $194.3 MILLION VERSUS I/B/E/S VIEW $193.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.29 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 EARNINGS PER SHARE $1.37 TO $1.42 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aqua-america-reports-q1-earnings-p/brief-aqua-america-reports-q1-earnings-per-share-0-29-idUSASC0A0SX |
May 3 (Reuters) - Aspen Aerogels Inc:
* ASPEN AEROGELS, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND RECENT BUSINESS DEVELOPMENTS
* Q1 LOSS PER SHARE $0.29 * Q1 REVENUE $23.1 MILLION VERSUS I/B/E/S VIEW $24.3 MILLION
* SEES FY 2018 REVENUE $106 MILLION TO $116 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.28 — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $-0.80, REVENUE VIEW $111.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aspen-aerogels-q1-loss-per-share-0/brief-aspen-aerogels-q1-loss-per-share-0-29-idUSASC09ZR9 |
May 4, 2018 / 10:01 AM / Updated 8 hours ago EU carbon emissions rose in 2017: Eurostat Reuters Staff 2 Min Read
BRUSSELS (Reuters) - European Union carbon emissions from burning fossil fuels increased in 2017, statistics office Eurostat said on Friday, indicating that the reduction of emissions blamed for climate change remains a challenge. FILE PHOTO: Smoke billows from the chimneys of Belchatow Power Station, Europe's biggest coal-fired power plant, in this May 7, 2009 file photo. REUTERS/Peter Andrews/Files
Carbon emissions in the EU were up 1.8 percent from 2016, Eurostat said, with a double-digit increase in Malta and Estonia.
Finland and Denmark showed the sharpest declines while emissions in Germany, the bloc’s largest economy and still dependent on coal for 40 percent of its electricity, was little changed.
The European Union is vocal about trying to save the Paris Agreement on climate change after the United States said it would withdraw from the deal. The agreement seeks to keep increases in the planet’s average temperature to well below 2 degrees Celsius.
The bloc aims to reduce its carbon emissions by 40 percent below 1990 levels by 2030, with a 60 percent drop by 2040.
While the 2008 financial crisis had a dampening effect on industrial activity, recent increases in economic growth have been accompanied by higher emissions of carbon. Reporting by Robert-Jan Bartunek; Editing by David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-carbon-climatechange/eu-carbon-emissions-rose-in-2017-eurostat-idUSKBN1I50YU |
26 COMMENTS WASHINGTON—Rep. Tom Garrett (R., Va.) said Monday he was struggling with alcoholism and wouldn’t run for re-election this fall.
“There’s one area where I haven’t been honest,” Mr. Garrett, a first-term member of Congress, said in an emotional video statement Monday announcing his decision to retire. “Any person, Republican, Democrat or independent, who’s known me for any period of time and has any integrity, knows two things: I am a good man and I am an alcoholic,” he said.
The announcement ended a period of speculation surrounding the political fate of Mr. Garrett, 46 years old and a member of the House Freedom Caucus, a group of the House’s most conservative Republicans.
The lawmaker had said last week in a Facebook livestream that he planned to run again in November, rejecting reports he was expected to retire.
Mr. Garrett faced a competitive race for re-election in November against Democratic nominee Leslie Cockburn, a former journalist and the mother of actress Olivia Wilde. Ms. Cockburn had significantly outraised Mr. Garrett in a district that President Donald Trump won in 2016 with 53% of the vote.
“This must be a very difficult time for him, his family and staff,” Ms. Cockburn said on Twitter Monday. “It is important that he has recognized his alcohol addiction and I wish him well.”
The Republican Party of Virginia said on Twitter Monday that the Fifth District Committee would immediately begin the process of choosing a replacement nominee.
Before being elected to the House, Mr. Garrett served in the Virginia state senate and in the U.S. Army.
Mr. Garrett disputed a Politico report saying he and his wife had asked his employees to run errands for them, including caring for their dog and driving his daughters to and from his district west of Richmond, Va.
“The recent attacks on my family and myself are a series of half truths and whole lies,” Mr. Garrett said in his statement. “They’re driven more by Republicans than Democrats.”
Write to Kristina Peterson at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/virginia-congressman-garrett-wont-run-for-re-election-cites-alcoholism-1527556505 |
May 15 (Reuters) - American Lorain Corp:
* AMERICAN LORAIN CORP FILES FOR NON TIMELY 10-Q - SEC FILING Source bit.ly/2jXOuFN Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-lorain-corp-files-for-non/brief-american-lorain-corp-files-for-non-timely-10-q-idUSFWN1SM1CP |
Israelis kill 41 protesters as U.S. moves embassy 9:19am EDT - 01:12
Israeli gunfire killed dozens and wounded at least 500 other protesters along the Gaza border on Monday, health officials said, as demonstrators streamed to the frontier on the day the United States prepared to open its embassy in Jerusalem.
Israeli gunfire killed dozens and wounded at least 500 other protesters along the Gaza border on Monday, health officials said, as demonstrators streamed to the frontier on the day the United States prepared to open its embassy in Jerusalem. //reut.rs/2GcnNpr | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/israelis-kill-41-protesters-as-us-moves?videoId=426834898 |
* Brent, WTI edge lower on expectations of higher OPEC output
* Talk of sanctions on Iran, lower Venezuelan supply support (Adds quote, updates prices)
SINGAPORE, May 23 (Reuters) - Oil prices edged lower on Wednesday with the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs.
Brent futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014.
U.S. West Texas Intermediate (WTI) crude futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.
"Looks like the market is pausing at current levels," said Michael McCarthy, Chief Market Strategist at brokerage CMC Markets.
"If sanctions are introduced against Iran, most of the OPEC producers would like to be pumping more oil, particularly giving the higher prices."
The Organization of the Petroleum Exporting Countries (OPEC) may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far, OPEC and oil industry sources familiar with the discussions told Reuters.
The OPEC-led supply curbs have largely cleared an inventory surplus in industrialized countries based on the deal's original goals, and stocks continue to decline.
."..Investors are mindful of upcoming talks between Russia and Saudi Arabia about whether they should look at a controlled relaxation of over-compliance with their output cut agreement," ANZ said in a note.
Rising supply in the United States, where shale production is forecast to hit a record high in June, has limited the upward move in prices.
Concerns about a potential drop in Iranian oil exports following Washington's exit from a nuclear arms control deal with Tehran have driven prices to multi-year highs.
On Monday, the United States demanded Iran make sweeping changes - from dropping its nuclear program to pulling out of the Syrian civil war - or face severe economic sanctions.
Iran dismissed Washington's ultimatum and one senior Iranian official said it showed the United States is seeking "regime change" in Iran.
In addition, Venezuela's crude output could drop further following a disputed presidential election.
The United States is actively considering oil sanctions on Venezuela, where output has dropped by a third in two years to its lowest in decades.
U.S. crude and distillate stockpiles fell last week, while gasoline inventories increased unexpectedly, data from industry group the American Petroleum Institute showed on Tuesday. (Reporting by Naveen Thukral; editing by Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-update-1-oil-dips-as-market-eyes-possible-easing-of-opec-supply-curbs.html |
May 3 (Reuters) - Norway’s Food Safety Authority said on Thursday:
* Outbreak of Infectious Salmon Anemia (ISA) suspected at fish farm operated by Nordfjord Forsoeksstasjon in Bremanger, Sogn og Fjordane
* Statement (in Norwegian): bit.ly/2Kwrfyw (Reporting By Ole Petter Skonnord)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/norway-regulator-suspects-outbreak-of-is/norway-regulator-suspects-outbreak-of-isa-salmon-disease-at-bremanger-site-idUSL8N1SA5WI |
May 1 (Reuters) - Mining infrastructure provider Mineral Resources Ltd on Tuesday said it had started the process to sell up to 49 percent of its Wodgina Lithium Project in Australia’s Pilbara region.
The Australian company said it had decided on the sale following a number of unsolicited approaches from parties including lithium processors, battery manufacturers, international trading companies and automakers. (Reporting by Ambar Warrick in Bengaluru Editing by Joseph Radford)
| ashraq/financial-news-articles | https://www.reuters.com/article/mineral-resources-divestiture-wodgina/australias-mineral-resources-says-to-sell-minority-stake-in-lithium-project-idUSL3N1S80IT |
(Reuters Health) - The U.S. Deferred Action for Childhood Arrivals program, known as DACA, has spillover benefits for the health of the young children of DACA-eligible mothers, a recent study suggests.
Researchers found that after DACA was implemented, there was a surge in enrollment of these U.S.-born kids aged 5 and younger in the national Special Supplemental Nutrition Program for Women, Infants and Children (WIC) benefit program.
The findings highlight the potential for multigenerational effects of immigration policy and should be considered in ongoing immigration debates, the study authors say.
Nearly 7 percent of all children in the U.S. have at least one parent who is an undocumented immigrant, and the vast majority of these kids are U.S. citizens, they write in JAMA Pediatrics.
“We were interested in understanding whether immigration-related policies impact how children of undocumented immigrants - children who are U.S. citizens themselves - access critical social services,” said lead author Dr. Maya Venkataramani, a pediatrician at Johns Hopkins University School of Medicine in Baltimore, Maryland.
“Citizen children of undocumented immigrants represent a vulnerable population and are at risk for poorer socioeconomic and health outcomes,” Venkataramani said in an email. These are the very children who stand to benefit from these social services, she added.
“Some policymakers and healthcare professionals believe that there may be a ‘chilling effect’ - whereby immigration-related policies which confer a higher risk of deportation may lead families to shy away from applying for and accessing, services they would otherwise be eligible for.”
The study team looked at the DACA program because of its potential to create a “warming effect,” Venkataramani said.
“By reducing the risk of deportation among parents, we reasoned that their citizen children would be more likely to participate in programs like . . . (WIC), a program which has been documented to have beneficial effects on child health outcomes,” she said.
Venkataramani and her colleagues analyzed data from the 2010-2015 National Health Interview Surveys, focusing on women who were aged 19 or older, identified themselves as Hispanic, were not U.S. citizens but had lived in the U.S. for at least five years and were mothers of children aged 5 and younger.
Within this group, the researchers also looked for women who had graduated high school or had a GED certificate, to identify those likely to match the DACA-eligibility criteria. Of 1,911 children included in the analysis, one third of their mothers were likely eligible for DACA.
Overall, about 43 percent of the children participated in the WIC program. But from 2010-2012, the period before DACA went into effect, to 2014-2015, there was more than a 12 percent jump in participation by kids with DACA-eligible mothers. No change was seen among the children of mothers who didn’t qualify for DACA.
The study provides important new information on the intergenerational impact of DACA, said Duncan Lawrence, executive director of the Immigration Policy Lab at Stanford University in California.
“From prior research, we know a mother’s DACA eligibility reduces the stress and anxiety of her children. This analysis, using a standard method of policy evaluation, shows a link between DACA eligibility and WIC enrollment,” Lawrence, who was not involved in the study, told Reuters Health in an email.
Given the limitations of the survey data and sample, the researchers are unable to narrowly identify the eligible vs ineligible DACA population, and so the upshot from the study should be that DACA is associated with a positive effect on WIC enrollment rather than a focus on the size of that effect, said Lawrence.
“As the debate around immigration policy continues to grow, research providing evidence on the intergenerational impact of federal, state and local policy affecting children in immigrant families is increasingly important,” he said.
SOURCE: bit.ly/2xyAGvg JAMA Pediatrics, online May 29, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-daca-children-nutrition/daca-program-tied-to-health-of-u-s-citizen-kids-idUSKCN1IW2DC |
DALLAS, May 2, 2018 /PRNewswire/ -- Cenergistic, an energy conservation technology company, today announced the appointment of Luis Pajares as Executive Vice President and Chief Revenue Officer. Luis will be based in Dallas, Texas and responsible for leading the Company's strategic growth, sales and marketing teams.
"Luis has proven experience in executive leadership at some of the world's leading technology companies; he's a strategy guy who will focus our sales effort, expand our offering and grow our business in current and future markets," said Ray Hood, Chief Executive Officer, Cenergistic. "As we continue to invest in software development, sales and marketing, Luis will be instrumental in our transition to intelligent building solutions to complement our existing offering for energy conservation in schools, universities, municipalities and healthcare."
Luis has over 30 years of experience in technology spanning large publicly traded and pre-IPO companies. In his previous role as Group Vice President for Oracle Communications, Luis was a senior member of the management team responsible for worldwide sales to its service providers, enterprise customers, partners and alliances. Before joining Oracle, Luis was part of the start-up management team at Airvana, a provider of macro and small cell radio access solutions, where he had oversight of sales, consulting and customer service. He helped take the company public in 2008. Luis also served as Senior Vice President at Inet Technologies, a provider of business and operations management support solutions, and as General Manager of Alcatel's business in Japan, Taiwan, Korea and Canada.
"I have been very fortunate in my career to have had the opportunity to bring technology to billions of people, on every continent, and improve our way of life by making mobile communications and the internet available," said Luis Pajares, Executive Vice President and Chief Revenue Officer, Cenergistic. "I now look forward to making an impact in energy conservation with Cenergistic. We have a unique offering that provides our customers with a more sustainable environment in the form of intelligent building technology and efficiency as a service (EaaS)™."
Luis was recently recognized by HITEC as one of the top 100 most influential Hispanic executives in the technology industry. He earned his bachelor's in economics from the University of Florida and his MBA from the University of Dallas.
About Cenergistic
Cenergistic is a leading provider of energy conservation programs that enable schools, universities, government and healthcare organizations to reduce capital spending and optimize resource planning to enrich the consumer experience and provide a more sustainable, eco-friendly environment for end users. Founded in 1986, Cenergistic serves as a trusted advisor to its clients with a team of seasoned energy engineers and experts who deploy onsite to drive operational efficiencies, process enhancements and behavioral changes to lower energy consumption and cut utility costs. For 10 consecutive years since 2009, Cenergistic has received the Partner of the Year or Partner of the Year - Sustained Excellence Award from the EPA. Cenergistic is headquartered in Dallas, Texas, with energy experts serving more than 1,425 clients across North America.
For more information, contact Samantha Foley at [email protected] or +1.214.263.3547.
View original content with multimedia: http://www.prnewswire.com/news-releases/cenergistic-appoints-luis-pajares-executive-vice-president--chief-revenue-officer-300640847.html
SOURCE Cenergsitic | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-cenergistic-appoints-luis-pajares-executive-vice-president-chief-revenue-officer.html |
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