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May 28, 2018 / 6:47 AM / Updated 4 hours ago President readies Italy for snap polls to be fought on EU, euro Steve Scherer , Alberto Sisto 6 Min Read
ROME (Reuters) - Italy’s president set the country on a path to fresh elections on Monday, appointing a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and passing the next budget.
The decision to appoint Carlo Cottarelli to form a stopgap administration sets the stage for elections that are likely to be fought over Italy’s role in the European Union and the euro zone, a prospect that is rattling global financial markets.
The euro zone’s third-largest economy has been seeking a new government since inconclusive March elections, with anti-establishment forces abandoning efforts to form a coalition at the weekend after a standoff with the head of state.
President Sergio Mattarella vetoed the parties’ choice of a eurosceptic as economy minister, prompting the 5-Star Movement and far-right League party to accuse him of betraying voters.
Both parties dropped drop their plan to take power, switched to campaign mode, and 5-Star called for street protests against the president’s rejection of their nominee, 81-year-old Paolo Savona, who has argued for Italy to quit the euro zone.
Cottarelli told reporters after his appointment that elections would be held in the autumn or early next year. He also tried to reassure investors on the Italian economy.
“Speaking as an economist, in the past few days tensions on the financial markets have increased,” said Cottarelli, who had served as a cost-cutting tsar to a previous government.
“Nonetheless the Italian economy is still growing and the public accounts remain under control.”
The prospect of fresh elections raised fears among investors that the vote could become a de facto referendum on Italy’s euro membership. The euro touched a fresh six-month low and yields on Italian debt climbed, increasing the extra borrowing costs or spread that Italy pays in comparison with Germany.
Already Italian politicians are pondering election tactics.
A 5-Star source said it was considering an election alliance with the League. In March, 5-Star ran its own campaign while the League campaigned as part of a right-wing coalition with the party of former prime minister Silvio Berlusconi. Related Coverage Italy's League leader hopes a new government can pass 2019 budget
“This is not a democracy, this doesn’t respect the popular vote,” League chief Matteo Salvini said after Cottarelli accepted his appointment by the president.
Salvini characterised the move as the death throes of a political establishment intent on keeping Italy “enslaved”, and afraid of the reaction of financial markets.
“The next elections will be a plebiscite — the population and real life against old political castes and the ‘lords of the spread’,” he said. FAILURE LIKELY
Salvini is tapping into a belief among many Italians that EU fiscal rules are rigged against Italy, even if many voters do not want to exit the euro.
“The euro has to stay, but we have to make our voice heard,” said Roberto D’Amelia, 68, a bar owner in central Rome.
At a Rome market, others criticised 5-Star and the League.
“I am a mother of a boy who has to travel the world and so I am convinced an anti-European minister is not the right thing for Italy,” said shopper Irene Teramo.
Cottarelli must try in the coming hours to form a government with majority support from parliament. He seems almost certain to fail, at which point the president would swear in him and his proposed cabinet, to serve until the next election. Former senior International Monetary Fund (IMF) official Carlo Cottarelli arrives for a meeting with the Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 28, 2018. Italian Presidential Press Office/Handout via REUTERS
He has been tasked with passing the 2019 budget by the end of this year, a challenge that may prove impossible without the confidence of parliament. In those circumstances, elections could be held as soon as September. FUNDAMENTAL CHOICE
In a televised address on Sunday, Mattarella said he had rejected Savona, the coalition’s candidate for the economy portfolio, because he had threatened to pull Italy out of the euro zone.
“The uncertainty over our position has alarmed investors and savers both in Italy and abroad,” Mattarella said, adding: “Membership of the euro is a fundamental choice. If we want to discuss it, then we should do so in a serious fashion.”
The League and 5-Star, which had spent days drawing up a coalition pact aimed at ending a two-month stalemate, responded with fury to Mattarella, accusing him of abusing his office.
The 5-Star leader, Luigi Di Maio, called on parliament to impeach the mild-mannered Mattarella.
“Last night was the darkest Italy’s democracy has ever seen,” Di Maio said. “The truth is they don’t want us to take power.”
The 31-year-old said the anti-establishment group would organise rallies across Italy, including in Rome on June 2.
“Make some noise, it is important that we do so all together,” Di Maio said in a live address on Facebook in which he reiterated the group had never planned for Italy to quit the euro.
League chief Salvini also threatened mass protests.
“If there’s not the OK of Berlin, Paris or Brussels, a government cannot be formed in Italy. It’s madness, and I ask the Italian people to stay close to us because I want to bring democracy back to this country,” he told reporters. Slideshow (11 Images)
However, Salvini dismissed Di Maio’s impeachment call.
“We need to keep cool. Some things cannot be done in the throes of anger ... I don’t want to talk about impeachment,” he told Radio Capital. Additional reporting by Massmiliano Di Giorgio, Giulia Segreti, Giuseppe Fonte, Giselda Vagnoni and Stefano Bernabei; Writing by Mark Bendeich; Editing by David Stamp and Robin Pomeroy | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics/italys-league-leader-dismisses-talk-of-presidents-impeachment-idUKKCN1IT0GN |
May 6, 2018 / 10:11 AM / Updated an hour ago Israel seeks to ease regulations to save economy time, money Reuters Staff 2 Min Read
JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu unveiled a governmental plan on Sunday to reduce the country’s heavy regulation burden, saying it would lead to annual savings for the economy of more than 1.35 billion shekels (276.26 million pounds). FILE PHOTO: Israeli Prime Minister Benjamin Netanyahu attends the weekly cabinet meeting at the Prime Minister's office in Jerusalem April 15, 2018. Gali Tibbon/Pool via Reuters/File Photo
Under the plan devised from 15 ministries, the Tax Authority and Antitrust Authority, more than 80 requirements will be cancelled or eased, for example, in the importation of wireless communication devices.
In preparing the plans, existing regulation was examined in a range of fields, including approximately 50 licenses and permits, seven exportation procedures and seven importation procedures.
Netanyahu said that in addition to cost savings, the plans would reduce the number of days spent waiting for permits by more than 40 million a year.
Israel slipped to 54th place in the World Bank’s 2018 Doing Business survey from 52nd in 2017.
“The momentum of regulatory reductions is expected to accelerate in the coming years,” Netanyahu said. Reporting by Steven Scheer; Editing by Tova Cohen | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-regulations/israel-seeks-to-ease-regulations-to-save-economy-time-money-idUKKBN1I7087 |
Q4: 19.3 percent
Source: Thomson Reuters
3. Inflation remains moderate. Today's 10-year Treasury auction kept 10-year yields at 3 percent. April's Producer Price Index, a measure of inflation at the wholesale level, saw core prices (excluding food, energy and trade) well within expectations, despite somewhat higher costs for some commodities: Core PPI
(YOY, less food, energy, trade)
April: 2.5 percent
Feb.: 2.7 percent
Jan.: 2.5 percent
It's not just the S&P 500 that is breaking out of a downtrend. Sectors that were market leaders earlier in the year — semiconductors, banks, consumer discretionary and FAANG stocks — are also showing improving trading patterns.
Commodity price inflation remains a concern, but many companies have discussed passing on the higher prices or improving productivity. Companies in those sectors that are having trouble doing either, like consumer staples, are facing margin erosion and are being discounted.
What's missing is more volume on days when the market is up. The highest volume days of the year have all been on big down days, none of the big up days has seen heavy volume.
Finally, here's an important point: Breaking out of a downtrend does not mean we are in a convincing uptrend. Sideways may be the most likely trade as we hit very notable seasonal patterns (sell in May, mid-term elections).
One data point to watch: The small-cap Russell 2000 is 1 percent from breaking out to a historic high. The number to beat is 1,615, which it hit on Jan. 24 this year. Bob | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/stocks-break-out-of-a-downtrend-but-is-it-a-convincing-uptrend.html |
May 18, 2018 / 9:28 AM / Updated 2 hours ago Rowing - Grobler rides the waves as Tokyo 2020 approaches Alan Baldwin 4 Min Read
LONDON (Reuters) - Juergen Grobler is thinking about having a dinner and inviting all the winning Olympic rowers he has coached to bring their medals. FILE PHOTO: A rower warms up before semi-finals during the 2016 GB Rowing Team Olympic-season trials in Caversham near London, Britain March 22, 2016. REUTERS/Stefan Wermuth Picture Supplied by Action Images/File Photo
By the German’s reckoning, there would be 33 golds in the room — more than many countries have won in over a century of competing.
Chief coach of Britain’s men’s team, Grobler is a phenomenon — even if many people outside of his sport would not recognise him if he knocked on their door wearing a name badge.
Arguably the most successful coach in British sport, if not the world, the former East German has mentored champions at every Olympics since Munich in 1972, excluding the boycotted 1984 Los Angeles Games.
With Britain, he has personally coached gold medal-winning crews at every Games since 1992 — the first two with five-times gold medallist Steve Redgrave and four-times champion Matthew Pinsent.
As he works towards a likely farewell in Tokyo in 2020 — “I think I should be honest. I shouldn’t discuss it now, but yes,” he told Reuters when asked if it would be his last — the 71-year-old is finding new ways to get the best out of his rowers.
“It would be totally wrong just to copy (past programmes),” he explained in an interview during a UK Sport event to launch an ‘Athletes Futures’ fair at the Bisham Abbey high performance centre.
“Of course, some things are the same, you will not change everything, but as a coach you have to adapt always to the new situation, to different athletes, to their habits and problems they have.
“You have to think about your programme so it’s not just... doing the same thing every time again because the sport moves on,” said Grobler, choosing his words carefully in heavily accented English.
“What was good yesterday will not be good for tomorrow,” added the man who arrived in Britain in 1991 and was based with the Leander club in Henley-on-Thames, this year celebrating the 200th anniversary of its founding in 1818. NEVER LOOK BACK
Grobler has a reputation as someone who does not look back, perhaps inevitable for someone who started out in the old East German system with its murky past, preferring to focus on the next challenge without sentimentality.
A famously hard taskmaster, he has had to be ruthless in deciding who gets the golden ticket and who misses out after years of sweat and toil. But there are signs of a slight softening.
“I’m getting older now,” he smiled. “At the moment, as long as I’m in the business, I will say I have to look forward. I might when I finish, sit down and think ‘hmm, it was a great time’.
“I was thinking now of inviting all my successful athletes, and that’s quite a lot of Olympic gold medallists, and having a dinner. That’s maybe a little bit of sentimental thinking before I have even finished, to do that.
“I have never been sitting down so much with them after the Olympics, because the show goes on and the next generation is already waiting,” he added.
Rowing has been a regular contributor to the medal table, with Britain second overall in Rio de Janeiro in 2016, but as in other sports athlete welfare, career planning and personal development is increasingly a big part of the job.
That is something Grobler, who says he treats all his athletes as “gold dust” and with respect even if they do not ultimately make it, is particularly pleased about.
“If an athlete comes to us and takes all the pain, he has a dream to win a gold medal. I think we would lie if you said that’s not important,” he said.
“But what is important now, and that’s where I think we are really moving on and doing a good job, is bringing that other aspect in as well... to help the athletes, not just using them for medal winning.
“We are seeing the athlete as a person.” Reporting by Alan Baldwin; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rowing-britain-grobler/rowing-grobler-rides-the-waves-as-tokyo-2020-approaches-idUKKCN1IJ0ZT |
May 1 (Reuters) - Standard Chartered PLC:
* SHAREHOLDER ADVISORY FIRM PIRC RECOMMENDS INVESTORS OPPOSE STANDARD CHARTERED’S EXECUTIVE PAY PLAN AT ANNUAL MEETING
* PIRC SAYS STANDARD CHARTERED CEO PAY INCREASES OVER LAST 5 YEARS ARE NOT IN LINE WITH THE BANK’S SHARE PERFORMANCE Source text for Eikon: Further company coverage: (Reporting by Lawrence White)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shareholder-advisory-firm-pirc-rec/brief-shareholder-advisory-firm-pirc-recommends-vote-against-stanchart-executive-pay-idUSL9N1NT01A |
* Brent rose above $80/bbl on Thursday
* Saudi Arabia makes assurances on supplies
* BP sees oil prices falling to $50-$65 a barrel - Dudley
* U.S. oil rig count unchanged this week -Baker Hughes (Updates prices, market activity; adds commentary, U.S. rig count)
NEW YORK, May 18 (Reuters) - Oil prices fell on Friday, but Brent crude was on track for a sixth straight week of gains, boosted by plummeting Venezuelan production, strong global demand and looming U.S. sanctions on Iran.
Brent futures for July delivery fell 26 cents, 0.3 percent, to $79.04 a barrel, by 1:08 p.m. EDT (1708 GMT). The global benchmark on Thursday broke through $80 for the first time since November 2014, and investors anticipate more gains due to supply concerns, at least in the short-term. Brent has gained about 20 percent since the start of the year.
U.S. West Texas Intermediate (WTI) crude futures for June delivery dropped 21 cents to $71.28 a barrel, a 0.3 percent loss. The contract was on track for a third straight week of gains.
"Oil prices are in overbought territory, which has prompted some profit taking in today's trading session ahead of the weekend," said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
Traders were looking ahead to Venezuela's election on Sunday, which could then trigger additional U.S. sanctions if President Nicolas Maduro is re-elected for a six-year term, though the opposition party has largely boycotted and two of his most popular opponents have been banned from running.
The process has been has been criticized by the United States, the European Union and major Latin America countries.
Further sanctions could hurt Venezuelan oil supply further, already reeling from lack of maintenance and state-run PDVSA's inability to pay its bills. Most recently, the company elected to close its refinery in Curacao after ConocoPhillips has seized oil as it seeks to collect on a $2 billion court award.
Barclays said output from Venezuela could fall below 1 million barrels per day. The country produced around 1.4 million bpd in April, according to OPEC secondary sources. <PRODN-VE>
OPEC leading producer Saudi Arabia said on Thursday it would make sure the world is adequately supplied with oil just as major consumer India expressed frustration with rising prices.
Saudi Energy Minister Khalid al-Falih called India's Petroleum Minister Dharmendra Pradhan to assure him that supporting global economic growth was "one of the kingdom's key goals," the Saudi Energy Ministry said.
Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries. Oil has also been buoyed by this month's announcement by the United States that it would withdraw from the 2015 Iran nuclear arms treaty and renew sanctions against the OPEC member.
U.S. investment bank Jefferies said sanctions against Iran could remove more than 1 million bpd from the market.
The U.S. oil rig count held steady at 844 this week after rising for six weeks in a row, General Electric Co's Baker Hughes energy services firm said.
BP Plc, however, expects the rally to cool off. The oil major's chief executive, Bob Dudley, told Reuters he saw the price of oil falling to between $50 and $65 a barrel due to surging shale output and OPEC's capacity to boost production.
(Additional reporting by Ahmad Ghaddar in London and Henning Gloystein in Singapore; Editing by Marguerita Choy and Jon Boyle) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/reuters-america-update-8-oil-prices-fall-brent-set-for-sixth-week-of-gains.html |
9 COMMENTS The Federal Bureau of Investigation on Wednesday sought to defend itself from mounting accusations it had irresponsibly relied on inflated statistics about the number of encrypted phones investigators were unable to access last year, saying there was no evidence the error was due to impropriety.
“There is no indication that this was misconduct,” an FBI official said during a news briefing at the bureau’s headquarters, adding that the error appeared to be the result of a computational mistake.
FBI Director Christopher Wray and other senior officials repeatedly told Congress and the public in recent months that law-enforcement investigators were unable to unlock nearly 7,800 devices last year due to strong encryption. That figure was significantly overstated, the agency said late Tuesday.
Mr. Wray has ordered an independent review of the miscalculation by the FBI’s inspection division, and the bureau’s technology division is also reviewing the problem, FBI officials said Wednesday.
From the Archives The debate between privacy and national security has never been more heated, with Apple and other tech firms going up against the government. So how are text messages encrypted, and what are the controversial "backdoors" that could allow access to them? FBI officials declined to comment on the size of the encryption error, but said it was “significant.” They said they hoped to identity or publish a corrected count soon, but wouldn’t provide more details. The Washington Post reported the error on Tuesday.
An internal FBI estimate has calculated the true number of locked devices to be closer to 1,200, according to people who have seen the estimate.
News of the error, discovered by the agency in late April, comes as the FBI faces continued criticism from President Donald Trump and some Republicans in Congress, who have accused the bureau of improperly surveilling the Trump presidential campaign in connection to the Russia investigation.
It also threatens to further impede the bureau’s largely unsuccessful effort in recent months to kick-start a debate over whether technology companies should be required to provide a way for investigators to lawfully access encrypted devices during a criminal investigation.
The miscalculation stemmed from a change the FBI introduced in April 2016 to the way it counted encrypted devices, the bureau said. The new method culled data from three separate databases and contained an undetected coding error that led to some duplicative counting, officials said.
The disclosure prompted swift backlash from privacy advocates, who have long questioned the FBI’s claims about the so-called Going Dark problem , a term law-enforcement officials use to describe their inability to unlock encrypted devices seized from criminal suspects, even when makers like Apple are presented with a court order .
Technology companies and digital security experts say requiring companies to weaken encryption or provide a means to access the devices would harm overall internet security and empower malicious actors. They also frequently fault the FBI and local law enforcement for not trying other means to pry open devices, including working with third-party firms to hack phones.
Newsletter Sign-up The decades-old encryption fight exploded into public view in 2016, when the Justice Department sought to force Apple to help open an iPhone connected to a dead gunman involved in a shooting in San Bernardino , Calif. Apple refused, prompting a high-stakes legal showdown . The Justice Department withdrew its demand after finding a way to unlock the iPhone with the help of a third-party vendor.
In a letter to Mr. Wray on Wednesday, Sen. Ron Wyden (D., Ore.) faulted the FBI for having “repeatedly misled” lawmakers and the public about the scope of the encryption issue.
“Now we see that the FBI is struggling with basic arithmetic—clearly it should not be in the business of dictating the design of advanced cryptographic algorithms,” wrote Mr. Wyden.
The FBI on Wednesday sent a letter to leaders of the House Judiciary Committee notifying lawmakers of the error. The letter, a copy of which was reviewed by The Wall Street Journal, didn’t provide a new estimate or a timetable for when one would be calculated.
Senior FBI officials said that regardless of the degree of error involved, they don’t expect to retreat from lobbying on the Going Dark issue.
“Whatever that number is…we still think it is a critical and serious problem,” Paul Abbate, the FBI’s associate deputy director, said at a cybersecurity event Wednesday. | ashraq/financial-news-articles | https://www.wsj.com/articles/fbi-says-no-misconduct-in-inflated-number-of-encrypted-phones-1527113031 |
NEW YORK (Reuters) - United Airlines is resuming the shipment of pets in its airplane cargo holds, the carrier said on Tuesday, after having paused the program for improvements following the high-profile death of a puppy on one of its flights earlier this year.
FILE PHOTO: A United Airlines Boeing 737-900ER plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake/File Photo United, the third-largest U.S. airline by passenger traffic, said it is partnering with the American Humane animal rights organization to improve the well-being of the pets it flies, after a spate of animal-related mishaps.
“As we continue our review process to ensure that we are always doing what’s right, we are committed to making significant improvements in our program,” United Vice President of Cargo Jan Krems said in a statement.
United suspended cargo pet transport in March after a puppy died when an attendant forced its owner to stow the dog’s carrying case in an overhead bin. In the days after, United again made headlines for flying two dogs to the wrong locations.
According to the U.S. Department of Transportation, of the 24 animals that died on U.S. carriers last year, 18 were on United flights.
The animal problems compounded a public relations nightmare for United tracing back to last year, when a passenger was pulled from his seat and dragged down the aisle of a parked United plane in order to make room for an airline employee.
Effective June 18, the Chicago-based airline will only accept cats and dogs in its PetSafe transport program, and no other household pets.
Short- or snub-nosed cat and dog breeds, like French bulldogs - the breed of the dog that died in the overhead bin - and strong-jawed dog breeds, like Mastiffs, will no longer be permitted to fly as cargo.
United’s policy changes reflect a growing trend of airlines tightening restrictions on what animals they will fly, following a spike in animal transport requests.
Rival Delta Air Lines earlier this year announced it would impose stricter requirements after what the carrier said was a 150 percent increase in service and emotional support animals - pets, often dogs, that accompany people with disabilities - carried onboard since 2015.
American Airlines has also said it is examining its policies surrounding onboard animals.
U.S. carriers have looked to the federal government to impose universal requirements on what animals passengers are allowed to fly.
Reporting by Alana Wise; editing by Dan Grebler and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ual-dog-transport/united-airlines-resumes-animal-transport-program-idUSKBN1I24DQ |
BERLIN (Reuters) - German unions and employers on Saturday reached an inflation-busting pay hike of roughly six percent for more than 800,000 construction workers, the strongest wage deal sealed so far this year in Europe’s biggest economy.
FILE PHOTO: A construction site at the river Spree is pictured in Berlin, Germany November 27, 2017. REUTERS/Hannibal Hanschke The IG Bau union said construction workers in West Germany would get a pay hike of 5.7 percent while wages in East Germany would jump by 6.6 percent. Both steps are backdated to May 1.
The deal, reached after 19 hours of mediation by former Economy Minister Wolfgang Clement, has a duration of 26 months.
“That’s the highest wage deal sealed nationwide this year,” IG BAU head Robert Feiger said, adding that the result ensured workers finally got their fair share of the economic boom.
The German economy is enjoying an unusually prolonged upswing, now in its ninth year, expanding by 2.2 percent in 2017. With employment at record highs, construction companies in particular are struggling with massive labor shortages.
German unions in April reached a three-stage pay hike deal for more than 2 million public sector workers that is likely to boost the consumer-led upswing.
The complex wage agreement gives public sector workers a 3.2 percent pay raise backdated to March 1, followed by a 3.1 percent increase from April 2019. In a third stage, wages will rise by a further 1 percent from March 2020.
The public sector deal came in the wake of an unusually high pay hike reached in February for 3.9 million workers in the industrial sector, amounting to a roughly 4 percent annual rise for 2018 and 2019.
The European Central Bank is keeping a close eye on German wage negotiations for any sign that wage growth is picking up, potentially helping lift inflation and giving the euro zone’s central bank added leeway to start winding down its massive stimulus program.
Salary growth has been missing despite a brisk expansion in the euro zone economy over the past year, largely fueled by the central bank’s easy money and by a booming global economy.
The German wage deals are likely to bolster the ECB’s confidence that salaries in the bloc’s largest economy are finally picking up, paving the ground for a long-awaited recovery in inflation.
Reporting by Michael Nienaber; Editing by Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-wages/german-construction-workers-seal-inflation-busting-wage-deal-idUSKCN1ID0BJ |
May 3 (Reuters) - DTE Energy Co:
* DTE ENERGY ISSUES SECOND QUARTER DIVIDEND; OFFERS INVESTORS “GREEN” BOND OPPORTUNITY Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dte-energy-issues-second-quarter-d/brief-dte-energy-issues-second-quarter-dividend-offers-idUSFWN1SA1AH |
May 18 (Reuters) - AstraZeneca PLC:
* ASTRAZENECA SAYS U.S. FDA APPROVED LOKELMA IN THE U.S. FOR THE TREATMENT OF ADULTS WITH HYPERKALAEMIA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-astrazeneca-says-us-fda-approved-l/brief-astrazeneca-says-u-s-fda-approved-lokelma-in-u-s-for-treatment-of-adults-with-hyperkalaemia-idUSFWN1SP0VN |
MADRID (Reuters) - Spain’s parliament has fixed the date for a debate and vote of confidence in Spanish Prime Minister Mariano Rajoy for May 31 and June 1, Spain’s leading newspaper El Pais reported on Monday.
Spain's Prime Minister Mariano Rajoy gestures during a news conference at the Moncloa Palace in Madrid, Spain, May 25, 2018. REUTERS/Stringer A parliamentary spokeswoman could not confirm the date.
On Friday, Rajoy was threatened with no-confidence motions and demands for a snap election over a graft trial involving members of his party in which a judge cast doubt on his testimony.
Reporting By Jesus Aguado; editing by Sonya E. Dowsett
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics/date-for-spain-pm-confidence-vote-set-for-june-1-el-pais-idUSKCN1IT0WM |
The feud between CBS and National Amusements has descended into a playground brawl. CBS is right to defend shareholder value but in doing so it could hurt investors in both companies.
National Amusements, which controls CBS and Viacom, has been trying to merge the two companies. CBS has fiercely resisted the deal, arguing that merging with Viacom would drag down the company’s value. On Monday, CBS filed a lawsuit against National Amusements and its president, Shari Redstone, to block it from forcing the merger.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/investors-may-be-the-losers-in-cbs-redstone-feud-1526334090 |
NEW YORK, May 14, 2018 /PRNewswire/ -- Bernstein Liebhard LLP announces that a class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Kulicke & Soffa Industries, Inc. ("K&S" or the "Company") (NASDAQ: KLIC) between November 16, 2017 and May 10, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover K&S shareholders' investment losses.
To join the K&S class action, and/or if you have information relating to this matter, please visit our K&S SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected] .
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) K&S' consolidated financial statements for the fiscal year ending September 30, 2017 could no longer be relied upon due to misstated warranty accruals; and (2) as a result, Defendants' public statements were materially false and misleading at all relevant times.
On May 10, 2018, during aftermarket hours, K&S revealed that "[f]ollowing the end of the fiscal quarter, the Company learned of certain unauthorized transactions by a senior finance employee of the Company." The Company further disclosed that it "discovered that certain warranty accruals in prior periods had been accounted for incorrectly and therefore misstated," and therefore, "the Company's previously issued consolidated financial statements for the fiscal year ended September 30, 2017 can no longer be relied upon due to the misstated warranty accruals made in prior periods." As a result, the Company disclosed that it will be restating its financial statements.
On this news, K&S' stock price fell $1.80 per share, or over 7%, from its previous closing price to close at $21.99 per share on May 11, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than July 10, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
Please follow us for updates on LinkedIn: https://www.linkedin.com/company/bernstein-liebhard-llp/ and Twitter: https://twitter.com/bernlieb .
ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
[email protected]
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SOURCE Bernstein Liebhard LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-kulicke-and-soffa-class-action-bernstein-liebhard-llp-announces-that-a-class-action-lawsuit-has-been-filed-against-kulicke-and.html |
NEW DELHI (Reuters) - India’s annual infrastructure output grew 4.7 percent in April from a year ago, government data showed on Thursday.
A labourer works at the construction site of a flyover in New Delhi, India, February 1, 2018. REUTERS/Adnan Abidi The growth in output compares with an upwardly revised 4.4 percent year-on-year growth in March.
Infrastructure growth slowed to a three-year low of 4.2 percent in 2017/18 fiscal year, indicating Prime Minister Narendra Modi faces a tough challenge to boost investment ahead of general elections due early next year.
Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40 percent of India’s industrial output.
Reporting by Nidhi Verma; Editing by Malini Menon
| ashraq/financial-news-articles | https://in.reuters.com/article/india-economy-infrastructure/indias-infrastructure-output-grows-4-7-percent-in-april-idINKCN1IW1L7 |
Oasis Petroleum CEO: Oil prices always come back to supply and demand 10 Hours Ago Oasis Petroleum CEO Tommy Nusz speaks with CNBC's Brian Sullivan about the state of oil prices and energy production. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/oasis-petroleum-ceo-oil-prices-always-come-back-to-supply-and-demand.html |
OMAHA, Neb.--(BUSINESS WIRE)-- Berkshire Hathaway Inc. (BRK.A; BRK.B) –
Berkshire’s operating results for the first quarter of 2018 and 2017 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com . The limited information that follows in this press release is not adequate for making an informed investment judgment.
Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarter of 2018 and 2017 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).
First Quarter
2018
2017
Net earnings (loss) attributable to Berkshire shareholders $ (1,138 ) $ 4,060 Net earnings (loss) includes: Investment and derivative gains/losses – Investments (6,263 ) 205 Derivatives (163 ) 299 (6,426 ) 504 Operating earnings 5,288 3,556 Net earnings (loss) attributable to Berkshire shareholders $ (1,138 ) $ 4,060 Net earnings (loss) per Class A equivalent share attributable to Berkshire shareholders
$
(692
)
$
2,469
Average Class A equivalent shares outstanding 1,644,958 1,644,425 Note: Per share amounts for the Class B shares are 1/1,500 th of those shown for the Class A.
In 2018, due to a change in Generally Accepted Accounting Principles (“GAAP”), we are now required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our earnings statements. In the table above, investment gains/losses in 2018 include a loss of approximately $6.2 billion due to changes during the first quarter of 2018 in the unrealized gains/losses of equity security investments held at March 31, 2018. In 2017 and in prior years, while changes in unrealized gains/losses were reflected in our shareholders’ equity, they were not included in our earnings statements. Accordingly, the following statement which has been included in each of Berkshire’s earnings releases for many years is even more important when analyzing Berkshire’s periodic results. The amount of investment gains/losses in any given quarter is usually meaningless.
An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).
First Quarter
2018
2017
Insurance-underwriting $ 407 $ (267 ) Insurance-investment income 1,012 908 Railroad, utilities and energy 1,730 1,318 Other businesses 2,196 1,608 Other (57 ) (11 ) Operating earnings $ 5,288 $ 3,556 At March 31, 2018, our book value per Class A equivalent share was $211,184. Insurance float (the net liabilities we assume under insurance contracts) at March 31, 2018 was approximately $116 billion, an increase of $2 billion since yearend 2017.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.
Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment and derivative gains/losses.
Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are now required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our periodic earnings statements. In sum, investment gains/losses for any particular period are not indicative of quarterly business performance.
About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
Cautionary Statement
Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180505005005/en/
Berkshire Hathaway Inc.
Marc D. Hamburg, 402-346-1400
Source: Berkshire Hathaway Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/05/business-wire-berkshire-hathaway-inc-news-release.html |
May 3, 2018 / 5:14 AM / Updated 14 minutes ago UPDATE 1-Macau's Galaxy posts 36 pct rise in Q1 EBITDA, eyes overseas expansion push Reuters Staff
* VIP gaming revenues jump 44 percent y/y
* Galaxy still planning on Philippines casino
* Actively exploring Japan (Adds details on earnings, expansion plans)
HONG KONG, May 3 (Reuters) - Macau casino operator Galaxy Entertainment Group posted a 36 percent rise in its first-quarter EBITDA due to resurgent demand from gamblers in the world’s biggest casino hub.
Galaxy is one of the six listed casino operators in the Chinese territory of Macau, which is the only place in the country where citizens are legally allowed to gamble.
Macau’s overall market has grown over the past year, with new resorts increasing competition for casino operators such as Wynn Macau Ltd, MGM China Holdings Ltd, SJM Holdings Ltd, Sands China Ltd and Melco Resorts & Entertainment Ltd.
Galaxy said on Thursday revenue rose 32 percent year-on-year to HK$18.5 billion ($2.36 billion), while adjusted EBITDA was HK$4.3 billion.
In the first quarter, total gaming revenue from VIP high-rollers jumped 44 percent year on year to HK$9.9 billion, Galaxy said. Revenue from mass market players gained 17 percent year on year to HK$6.7 billion.
The company outlined several of its development strategies in a filing to the Hong Kong stock exchange on Thursday including its development on Cotai, which will add 4,500 hotel rooms to a strip of flashy resorts built on reclaimed land modelled after Las Vegas.
The company is also planning to build a non-gaming resort on the neighbouring Chinese island of Hengqin.
Galaxy, which announced in March plans to develop a $500 million casino resort in the Philippines holiday island of Boracay, said it was working with its local partner for further clarification after the government shut the island for restoration at the end of April.
The company said it was actively pursuing a resort in Japan and had expanded its team there with the appointment of Ted Chan as chief operating officer of Japan Development. ($1 = 7.8492 Hong Kong dollars) (Reporting by Farah Master; Editing by Subhranshu Sahu and Sunil Nair) | ashraq/financial-news-articles | https://www.reuters.com/article/galaxy-entertainment-results/update-1-macaus-galaxy-posts-36-pct-rise-in-q1-ebitda-eyes-overseas-expansion-push-idUSL3N1SA23Z |
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Monday that none of the contentious issues in a new NAFTA trade deal appear to have been resolved, diminishing chances of meeting a Thursday deadline to notify U.S. lawmakers of an agreement.
A NAFTA logo is seen during the fifth round of NAFTA talks involving the United States, Mexico and Canada, in Mexico City, Mexico, November 18, 2017. REUTERS/Edgard Garrido If the notification is not sent by May 17, U.S. House Speaker Paul Ryan has said that the Republican-controlled Congress likely would not have enough time to approve an update to the North American Free Trade Agreement before a newly elected Congress takes over in January.
Even under the negotiating law known as ‘fast track,’ trade deals require lengthy notification periods before they can be signed by the president and considered by lawmakers. Congress has fewer legislative days this year due to mid-term elections in November.
Speaking at the National Press Club on Monday, Ross said he did not believe any of the “big hot topics” were resolved, including rules of origin for autos, labor issues, U.S. demands for a five-year “sunset” provision and major changes to dispute settlement systems.
“The big topics like that are still a work in progress. And those are very complex issues, particularly rules of origin, so eventually it will come down to every comma, every semicolon, everything before we can figure out if it’s something that’s workable,” said Ross.
Related Coverage Trudeau, Trump discussed bringing NAFTA talks to conclusion: PM's office NAFTA trade ministers failed in intensive talks last week to reach consensus on the all-important auto content rules, agreeing instead to resume negotiations soon. A deal on autos is considered crucial for the rest of a NAFTA update to fall into place.
Canadian Prime Minister Justin Trudeau and U.S. President Donald Trump spoke on Monday and discussed the possibility of bringing the NAFTA talks to a “prompt conclusion,” Trudeau’s office said.
There are no definite plans for U.S. Trade Representative Robert Lighthizer to meet this week with Mexican Economy Minister Ildefonso Guajardo or Canadian Foreign Minister Chrystia Freeland, although negotiating teams from the three countries are still meeting.
U.S. Commerce Secretary Wilbur Ross testifies before a Senate Commerce, Justice, Science, and Related Agencies Subcommittee holds a hearing on the FY2019 funding request and budget justification for the Commerce Department on Capitol Hill in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas “The ball is in their court,” one Mexican government official said of the Americans when asked about next steps for the NAFTA talks.
Freeland declined to answer questions on NAFTA on Monday at a meeting in Mexico City on the political and economic upheaval in Venezuela.
A spokesman for Freeland said there were no immediate plans for her to travel to Washington, but added that could change.
A USTR spokeswoman, asked if the three ministers would meet again this week, said: “We have no announcements at this time.”
Ross, who is not directly involved in the negotiations, alluded to the idea that talks could still be in progress on June 1, when a U.S. steel and aluminum tariff exemption for Canada and Mexico expires. Lighthizer has linked negotiations on permanent exemptions for the two countries to a deal on NAFTA.
Ross said he doubted that the tariff exemptions would be extended on a monthly basis except in cases where the United States was in “continuous negotiations.”
“For example, Canada and Mexico also have the postponement until June 1. So depending on where we are on NAFTA on June 1, the president will decide whether or not to extend their situation,” Ross said. “So it’s unforecastable at the moment.”
Reporting by David Lawder in Washington, David Ljunggren in Ottawa and Dave Graham in Mexico City, Editing by Rosalba O'Brien
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta/nafta-hot-topics-unresolved-as-deal-deadline-looms-says-u-s-official-ross-idUSKCN1IF2Z9 |
May 21, 2018 / 2:11 PM / Updated 2 hours ago UPDATE 2-PGA Fedex Cup FedEx Cup Rankings Reuters Staff 2 Min Read May 21 (OPTA) - The PGA Fedex Cup Rankings on May 20 Rnk Prv Total 1. (1) Justin Thomas (US) 1874 2. (2) Jason Day (Australia) 1533 3. (3) Phil Mickelson (US) 1348 4. (4) Patton Kizzire (US) 1329 5. (5) Patrick Reed (US) 1315 6. (6) Bubba Watson (US) 1292 7. (7) Dustin Johnson (US) 1228 8. (8) Webb Simpson (US) 1228 9. (9) Jon Rahm (Spain) 1144 10. (10) Tony Finau (US) 1118 11. (11) Justin Rose (England) 1069 12. (12) Paul Casey (England) 1047 13. (13) Andrew Landry (US) 1014 14. (33) Marc Leishman (Australia) 1008 15. (14) Pat Perez (US) 1006 16. (15) Luke List (US) 1002 17. (16) Patrick Cantlay (US) 997 18. (56) Aaron Wise (US) 993 19. (17) Chesson Hadley (US) 983 20. (18) Brendan Steele (US) 977 21. (19) Bryson DeChambeau (US) 961 22. (20) Rickie Fowler (US) 920 23. (21) Alex Noren (Sweden) 882 24. (22) Brian Harman (US) 879 25. (23) Chez Reavie (US) 874 | ashraq/financial-news-articles | https://in.reuters.com/article/golf-pga-rankings/update-2-pga-fedex-cup-fedex-cup-rankings-idINMTZXEE5L30IJMV |
Nearly a third of American homeowners may have no idea what their mortgage rate is.
That's according to new data from Bankrate , which surveyed 2,194 adults, including 1,330 homeowners. When asked, 29 percent of respondents with a mortgage either didn't know their rate or wouldn't say.
Understanding your mortgage rate is crucial because even the smallest difference can add up to tens of thousands of dollars over time. It's an especially important number for homeowners with adjustable-rate mortgages, which rise and fall.
Let's use a $200,000 home, since that's approximately the median home value in the U.S., with 20 percent down and a 30-year mortgage as an example. A rate of 3 percent means you'd pay about $82,843 in interest over the length of the mortgage. A rate just 1 percent higher would cost $114,991 in interest — an increase of over $32,000.
show chapters Here's how Tony Robbins suggests millennials approach buying homes 11:28 AM ET Mon, 27 March 2017 | 00:57 With mortgage rates rising to their highest level in years , it's becoming an increasingly important decision for homeowners with adjustable rates to consider switching to a fixed rate.
The Federal Reserve has already raised interest rates in 2018 and is expected to do so three more times. "If you have an adjustable-rate mortgage, you could be in for a doozy of a payment increase at the next reset," Greg McBride, chief financial analyst at Bankrate.com , tells CNBC Make It . Although your bills might not have changed much right away, things could really start to add up by the end of the year and beyond.
In addition to the rate, the type of mortgage you get matters. Although more than 90 percent of buyers opt for a 30-year fixed rate mortgage, financial expert and former CNBC host Suze Orman says home-buyers are overlooking an easy way to save big. "I wish more people would take out a 15-year mortgage instead," she writes in a post on her blog .
show chapters Kevin O'Leary says this is the best way to buy a home that will appreciate 12:59 PM ET Thu, 22 Feb 2018 | 01:20 The reason Orman favors a shorter term loan is simple: It's cheaper. The shorter-term option locks in lower rates, which results in less interest paid out over time.
Again, even a change of just 1 percent can make a huge difference. On a $250,000 loan, paying 4.3 percent for 30 years amounts to $195,000 in interest, according to Orman, while 15 years at 3.5 percent comes out to only $72,000. That's more than $100,000 in savings.
However, a 15-year mortgage isn't the right choice for everyone. While the lower interest rate saves money in the long term, the monthly payments are much higher, which simply isn't possible for many owners.
No matter which type of mortgage is right for you, it's important to know your rate. It determines if you should opt for a different type of mortgage and if you can still afford your home overall.
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Suze Orman: Most people miss out on a simple way to save up to $100,000 on a home Here's the best way to invest your money over the long-term The 10 most affordable places to live in the US Like this story? Like CNBC Make It on Facebook !
show chapters American dream backfires for homeowner 4:31 PM ET Fri, 11 March 2016 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/a-third-of-homeowners-dont-know-their-mortgage-rate.html |
May 8 (Reuters) - Diodes Inc:
* ORPORATED REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.48
* Q1 GAAP EARNINGS PER SHARE $0.37 * Q1 REVENUE $274.5 MILLION VERSUS I/B/E/S VIEW $269.5 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.40 — THOMSON REUTERS I/B/E/S
* FOR Q2 OF 2018, EXPECT REVENUE TO RANGE BETWEEN $292 MILLION AND $308 MILLION
* EXPECT Q2 GAAP GROSS MARGIN TO BE 35.5 PERCENT, PLUS OR MINUS 1 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-diodes-inc-reports-q1-adjusted-non/brief-diodes-inc-reports-q1-adjusted-non-gaap-earnings-per-share-0-48-idUSASC0A0M5 |
BOSTON, MA, May 16, 2018 (GLOBE NEWSWIRE) -- ValueSetters, Inc. (OTC:VSTR) announced today that Kathy Kraysler has joined the company as Chief Marketing Officer. A Yale M.B.A., with over 20 years of digital marketing, strategy, and analytics experience, Ms. Kraysler has held Senior Marketing positions at multiple high profile institutions, including PayPal, Dow Jones and MIT, as well as several early-stage companies.
“Kathy comes to us with a wealth of experience in all aspects of marketing, including digital marketing, demand generation, and audience analytics. These are critical success factors for our clients,” said ValueSetters’ CEO, Cecilia Lenk. “Her proven ability to drive sales for a wide range of industries and company types will be a major asset to our team, as we continue to build out our marketing consulting services effort.”
“ValueSetters is well positioned to benefit from the explosive growth in private capital markets, and their relationship with Netcapital, a leading funding portal, provides a significant competitive advantage in terms of lead generation,” said Ms. Kraysler. “I am impressed with what this dynamic group has accomplished so far and look forward to helping drive the company’s future success.”
About ValueSetters : Led by a team of professional investors and technology specialists, ValueSetters is a publicly-traded boutique advisory firm with unique expertise in helping early-stage companies raise capital over the internet. The company also provides technology consulting services as well as strategic advice to help companies grow and evolve to meet the challenges of today's marketplace. For more information, visit our website at http://valuesetters.com .
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
ValueSetters, Inc. Coreen Kraysler [email protected]
Source:ValueSetters, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-kathy-kraysler-joins-valuesetters-as-chief-marketing-officer.html |
Surprising Facebook is so late to the online dating game, says Elle's Emma Rosenblum 20 Hours Ago Emma Rosenblum, Elle Magazine, and Anthony DiClemente, Evercore ISI, discuss Facebook's new dating feature and whether the company can be trusted with users' data. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/surprising-facebook-is-so-late-to-the-online-dating-game-says-elles-emma-rosenblum.html |
By Ellen McGirt Updated: May 16, 2018 2:33 PM ET RaceAhead is two years old! Happy anniversary to us all.
Looking back on our first column, an interview with long-time Obama adviser Valerie Jarrett, I was struck by how different I thought the world was going to be.
Even then, there were convenings and commitment — I had just attended a two-day White House briefing that brought some 30 CEOs and senior executives together to talk candidly about diversity and inclusion from the supply chain to the C-Suite. AT&T , Caterpillar , Citigroup , Coca-Cola , GM , Intel , Johnson & Johnson , Staples , Starbucks , UPS , Walgreens, and Xerox , were all in the house.
Jarrett talked about the business case for diversity, but also the blind spots of society: From Trayvon Martin to more general topics of race, reconciliations and the complexities of a country that has never fully reckoned with its past:
And anyone who thought over night that we would heal wounds that are old and deep was being naïve. However, the fact that we have seen across the country reactions to injustice that have mobilized — particularly young people — to engage and be a part of the solution, it’s heartening.
I think there were some people in this country who thought that all was well because of the symbolism of our first black president. But that ignores the history of our country where progress has always taken time. And to change a culture doesn’t happen overnight. It happens gradually. And we have to take the long view coupled with that fierce urgency of now. And having organizations sprout up such as Black Lives Matter, Campaign Zero, and the youth organizations of the NAACP, and the Urban League, and The National Action Network is very encouraging.
That said, I originally thought I’d mostly be covering data and research, profiling inspiring chief human resource officers, and reminding people not to be racist jerks at Halloween. I did not anticipate white supremacists with Tiki torches and the rise of hate speech, or the need to explore the lasting imprint of Jim Crow, the global history of colonization, and whether or not Robert E. Lee was a good person.
But as hard as it is to see sometimes, I think Jarrett is right. There are reasons to be encouraged. Things take time.
And this is the time we’re living in.
And so the work of understanding the world continues. I’ve come to see that the vast majority of the noble business of diversity and inclusion is acknowledging the barriers that exist in hearts and minds long before someone shares their LinkedIn profile with a recruiter. It’s a tender task requiring rigor, empathy, imagination, and compassion, and it’s a lot to ask business to do. But if there’s one thing I’ve learned, is that you’re up to the job.
Thank you for everything.
On Point Civil rights groups issue ten-point plan for police reform in Chicago The coalition of groups, which include Black Lives Matter Chicago and the NAACP, submitted their plan yesterday, and includes anti-violence and de-escalation training, and pulling police officers out of public schools. The plan also calls for officers to be trained on the violent history of policing in Chicago, notably the torture allegations against former Cmdr. Jon Burge. (Learn more about him here .) The coalition has agreed to suspend a pending lawsuit while they’re consulting on the implementation of their plan. The Chicago Reporter has created a handy tool that will let you track the implementation of a broader set of police reform recommendations that the city has been working on, including those issued by the DOJ last year. Chicago Tribune We need to talk about bias in retail Instances of “shopping while black” continue to garner headlines, though once a company is embarrassed publicly and apologizes, it’s hard to tell if substantive changes are ever made. Deborah Munster, executive director of Diversity Best Practices, tells industry publication Retail Dive that there is no standard for bias mitigation training within the retail industry, and as a result, no benchmark for compliance. But the divisiveness in political life may be an opportunity in disguise. “I think for the first time you’re seeing an intersection between politics, diversity inclusion and the workplace — all three of those things are intersecting,” she says. Retail Dive Here’s an example of the bias in retail we need to talk about Two black women were shopping at a Tacoma, Wash.-based clothing store when one entered the dressing room. Then, to their horror, the store manager stood outside the dressing room and loudly read the store’s shoplifting-related procedures. When they asked why they were being singled out, the manager called security and asked the women to leave. Simone Gamble, who identifies as a “Queer, androgynous individual,” posted the story and video on Facebook, which prompted outrage and an official statement by the company shared with The Root. The manager has been fired, they plan to make it right and they’re promising a company-wide training initiative, all good stuff. What kind of training would help? D&I superheroes, get on this. The Root Building a more diverse engineering force by breaking bad habits Joan Williams, director of the Center for WorkLife Law at the University of California Hastings College of the Law, has launched Bias Interrupters , a free set of tools that (hopefully) will allow hiring managers become aware of the discriminatory behaviors that prevent underrepresented groups from thriving within their engineering ranks. Most are simple things – like not giving “housework” duties to women engineers, or noticing when certain underrepresented groups were not getting access to networking opportunities. There are also tools for managers who want to do better right away — like a more comprehensive self-evaluation worksheet they can give to direct reports to help people from cultures that eschew self-promotion better document their accomplishments. Click through for a short Q&A. IEEE Spectrum Advertisement The Woke Leader A special guest at a royal wedding The upcoming wedding of Prince Harry and Meghan Markle has been equal parts drama and break-from-tradition delightful. Here’s one in the latter category: One of the officiants at their ceremony will be Reverend Michael Bruce Curry, the 27th Presiding Bishop and Primate of The Episcopal Church, currently based in Chicago. He will be, best I can tell, the first African American to play such a role. Curry is a civil rights stalwart and has been a champion for inclusion during his long career, tackling the AIDS crisis early on, and focusing on “the interconnections between…patterns of exclusion across a lot of different lines — race, gender, class.” He was once the rector of the third oldest historically African American parish, St. James in Baltimore, and was a leader in the successful effort to get the Episcopal church to bless same-sex marriages. His bio is here , but if you want to get a preview of what spirit he might bring to the convening on Saturday, spend three minutes with him on the streets of NYC talking about The Jesus Movement, “a way of love that is not self-centered, but other directed.” Praise up. YouTube Remember that study that said that poor kids don’t hear as many words growing up? It was a 1995 study that investigated the verbal environments of a variety of households, and concluded with a now oft-Quote: d figure, that poor children hear 30 million fewer words than their wealthier counterparts by the time they’re four years old. From the original study : “Simply in words heard, the average child on welfare was having half as much experience per hour (616 words per hour) as the average working-class child (1,251 words per hour) and less than one-third that of the average child in a professional family (2,153 words per hour).” But new research now calls that conclusion into question, and with it, the image of welfare-recipients grimly sitting in silence, ignoring their children and permanently damaging their prospects in school. Turns out, the original study didn’t account for the vocal contributions of multiple caregivers. According to the researchers, this is the first time the 30 million word gap theory has ever been tested. National Institute of Health How the Haitian Revolution made the Louisiana Purchase possible Slate has put together a series exploring the history of American slavery, complete with references for more reading. In this particular installment, they explore the details of the Haitian Revolution of 1791, which in its violence and success, shocked the wider white world. It’s worth a read when you’ve got time; every great white hero from Napoleon to Thomas Jefferson is implicated, and solidly on the wrong side of history. A sovereign Haiti, which stubbornly lasted for years, inspired anti-slavery activism in Europe while making slavery more entrenched in the New World. From Edward Baptist’s book, The Half Has Never Been Told: Slavery and the Making of American Capitalism : “Haitians had opened 1804 by announcing their grand experiment of a society whose basis for citizenship was literally the renunciation of white privilege, but their revolution’s success had at the same time delivered the Mississippi Valley to a new empire of slavery.” Slate Quote:
Our world today is marked by great unrest. Inequality between peoples continues to rise, and many communities are impacted directly by war and poverty, or the migration and displacement which flow from them. People want to make their voices heard and express their concerns and fears. They want to make their rightful contribution to their local communities and broader society, and to benefit from the resources and development too often reserved for the few. While this may create conflict and lay bare the many sorrows of our world, it also makes us realize that we are living in a moment of hope... Your very presence here today is a sign of such hope, because it shows that you recognize the issues before us and the imperative to act decisively. - His Holiness Pope Francis | ashraq/financial-news-articles | http://fortune.com/2018/05/16/happy-anniversary-raceahead/ |
By Bloomberg 2:15 PM EDT
Admit it, U Want the Look. On Friday, May 18, Julien’s Auctions will be selling garments, artifacts, and objects from the life and career of Prince. In July, for true super fans, Premiere Properties will auction the musician’s five-acre, 10,000-square-foot Turks & Caicos Estate.
The icon passed away two years ago without a will, leaving his $200 million estate in probate hell, with entertainment lawyers charged with maximizing value before potential heirs step in. Graceland Holdings, which has overseen Elvis Presley’s Graceland since 1982, has taken control of Paisley Park, Prince’s home and production complex just outside Minneapolis. But not all of the pop star’s stuff is staying there.
Auction lots include a five-piece set of custom wedding china for his first marriage to Mayte Garcia (mother to Prince’s only children, neither of whom survived infancy), as well as many of his stage-worn bespoke ensembles, including a purple, long-sleeve turtleneck jumpsuit with purple glitter sequins. More wearable, perhaps, is a pendant in 14-karat yellow gold, topped with a round cabochon amethyst and ending in 19 pave-set full-cut round diamonds.
Part of the appeal is that Prince didn’t merely go shopping at luxury boutiques for his many glittery things. Minneapolis is home to one of the most robust theater communities in the world, and Prince took full advantage, hiring an army of world-class costume designers and fabricators that were just a purple motorcycle ride away.
“He never wore ready-made clothing,” says Prince scholar Karen Turman. Even his beach estate in Turks & Caicos was customized to have a purple driveway
Liz Bucheit, from Crown Trout Jewelers in Lanesboro, Minn., was a contractor for Paisley Park from 1991 to 1994, between the Batman and Love Symbol eras. She made shoe buckles and zipper pulls (such as Lot 46), plus most other jewelry that Prince and his performers wore during that time. “I cut so many Love Sexy Symbols out of brass in a lot of different sizes,” says Bucheit. “He put them on everything, and they took a lot of time to finish and polish.”
We asked her and Turman to give us an insider’s look at the parts of his legacy that are up for grabs.
How involved was Prince?
Bucheit: He was very hands-on with his wardrobe, and design revisions were always a given! As a metalsmith and jewelry designer, I was given the task to produce pieces (mainly involving metal decorations for his shoes, zipper pulls, etc.) based on drawings and specific directions from Stacia Lang [Prince’s head designer]. His ideas and vision for his many looks were manifested between himself and his designer. He would often send tear sheets of designs out of fashion magazines to Stacia, who would work with me on the technical aspects of honoring his requests.
Turman: He drew from everything, yet never seemed to be beholden to the trends; rather, he would set his own style that would constantly evolve. At one time, he was really into [Jean Paul] Gaultier corsets and netting. But if you look at the progression of his looks throughout his 40-year career, he has phases with both hair and fashion but would move on to an entirely different look in a short span of time. Most of the looks seemed to last about a year (or album-tour).
Were fabricators simply handed down plans, or were they involved in creating looks?
Turman: Everything was custom-made and -designed. He had a large design department that was housed in Paisley Park and moved to the space above his Glam Slam club in the Warehouse District of downtown Minneapolis during the 1990s. Stacia Lang has talked about how she would sketch designs for him, and all she would get back was a Post-It that said “approved.” She knew he liked the outfits if he asked for them in multiple colors.
Bucheit: It was always exhilarating to meet with Stacia and her team. There were works in progress we were not allowed to talk about, so it was terribly fun to have a juicy secret about some new look Prince would be trotting out on the red carpet.
Turman: For the backless yellow pants [infamously worn during his 1991 MTV Video Music Awards live performance], Prince gave a vague idea about wanting a backless look (he was not verbose), and Stacia presented him two different designs: one with the entire back of the legs backless, and one with just the cheeks. He chose the one with the cheeks, as we all know. They all had to keep it a secret before the live performance, so he was wearing some type of cape to cover his backside, and even the backup dancers didn’t know about it until the performance. You can see a look of surprise on their faces during the performance. [Check out the man atop Prince at the 0:53 mark.]
If you could get your hands on one particular item from Prince’s archives, what would it be?
Bucheit: Just one?! I recall a beautiful pair of pants he wore made entirely of Versace print fabric. I believe they were silk. He wore them during the Diamonds and Pearls Tour.
Turman: I’m obsessed with the cloud suit worn in the “Raspberry Beret” video. It’s constructed of blue silk, with hand-painted clouds. The same fabric covers the Cuban 3-inch-heeled boots he would wear over the years.
Music Icons: Featuring Property From The Life and Career of Prince auction takes place at the Hard Rock Cafe New York at 2 p.m. on May 18. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/17/prince-items-up-for-auction/ |
BRASÍLIA—Brazilian efforts to reform the economy have lost momentum, but Congress is still likely to pass some market-friendly legislation before October elections, the country’s new finance minister, Eduardo Guardia, said Thursday.
A pension overhaul considered key to keep the country solvent was shelved earlier this year and bills to privatize money-losing power company Eletrobrás, reduce consumer-credit risk, simplify corporate tax and modernize bankruptcy have lost steam as Brazilian lawmakers turn their focus toward the... | ashraq/financial-news-articles | https://www.wsj.com/articles/brazils-new-finance-minister-hopeful-legislation-can-pass-before-elections-1526057009 |
May 2 (Reuters) - Nikkei:
* SUMITOMO MITSUI FINANCIAL GROUP & DAIWA SECURITIES GROUP IN FINAL TALKS TO COMBINE SUMITOMO MITSUI ASSET MANAGEMENT & DAIWA SB INVESTMENTS - NIKKEI
* SUMITOMO MITSUI FINANCIAL GROUP WOULD HOLD MORE THAN HALF OF NEW CO - NIKKEI Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-smfg-daiwa-securities-group-in-fin/brief-smfg-daiwa-securities-group-in-final-talks-to-merge-their-affiliate-investment-cos-nikkei-idUSFWN1S80O7 |
By Bloomberg 7:52 AM EDT
China’s second-largest state-owned bank offered wealthy clients the opportunity to have dinner with the American president for $150,000 a ticket, spurring a complaint from Donald Trump’s re-election campaign to the U.S. Department of Justice.
A branch of China Construction Bank Corp. invited high-net-worth clients willing to pay the ticket price to a May 31 dinner in Dallas, according to an invitation seen by Bloomberg News and confirmed with bank staff. Chinese participants would have the opportunity to communicate with U.S. “tycoons,” take photos with Trump and get his autograph, according to the invitation.
While Trump was expected to host a $50,000-a-head fund-raising dinner with the Republican National Committee in Dallas that night, it’s illegal for U.S. political campaigns to accept donations from foreign nationals or from corporations. That means only the Chinese bank’s customers with U.S. passports would be eligible to attend.
Officials with Trump’s campaign and the RNC said they had no knowledge of the Chinese bank’s advertisement before Bloomberg News asked about it. The campaign alerted U.S. Attorney General Jeff Sessions’ office about the solicitation, said a person familiar with the matter, who asked not to be identified discussing a potential law enforcement matter. Employees Marketed
China Construction Bank’s Shenzhen branch said organizers in China promoted the event to the branch and then some employees marketed it, adding that the outlet itself wasn’t involved. The bank will strengthen internal management and marketing oversight, it said in an emailed statement.
The bank earlier forwarded a statement from VVISA, a Shanghai-based travel agency, which said it assisted with other groups that initiated the offers to participate in the event.
The invitations were circulating in China even as Trump met with President Xi Jinping’s top economic envoy to discuss a resolution to the ongoing trade dispute between the world’s two largest economies. Some version of the solicitations included references to signs of progress in negotiations and ZTE Corp., the sanctioned Chinese telecommunications equipment maker promised a personal reprieve by Trump earlier this week . Trade Frictions
“ As Sino-U.S. trade frictions have eased recently , Chinese businessmen including representatives from ZTE were invited to Dallas to attend President Trump’s dinner, and thus discuss cooperation and development with U.S. political and business elites,” the invitation said. The Shenzhen branch later reissued the invitation Thursday to remove references to trade friction and ZTE.
Notably, the tickets advertised by the Chinese flier were three times more expensive than those selling to U.S. donors for Trump’s Dallas event. The fund-raiser was previously reported by the Dallas Morning News , which obtained U.S. invitations to the event.
“We do not accept foreign donations of any kind,” a Trump campaign official said in a statement, declining to be identified by name. “Since it has been brought to our attention, we have notified the appropriate authority about this unauthorized flier.” Client Treat
Construction Bank’s solicitation was confirmed by two people at the bank who said the dinner was a treat for private banking clients of the Shenzhen branch, and that they’ve already received some queries from private and state businessmen. The deadline for the registration is May 25 and applicants must hold U.S. visas and go through a background screening process to show they don’t have U.S. criminal records.
The Shenzhen branch acquired the tickets from VVISA, according to a person familiar with the matter. Both the bank and the travel agency earn commissions from the sales, said the person, who asked not to be named discussing internal bank business.
VVISA said the invitations were initiated by a U.S. foundation and a Chinese entrepreneurs group and assisted by VVISA, with no relation to Construction Bank. The event is still proceeding and VVISA is cooperating with many institutions, it said in the statement, adding that participants are paying on their own. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/18/china-construction-bank-trump-campaign-dinner-150000-ticket/ |
May 15 (Reuters) - Northland Power Inc:
* NORTHLAND POWER RENEWS PRELIMINARY BASE SHELF PROSPECTUS * FILED A PRELIMINARY SHORT FORM BASE SHELF PROSPECTUS WHICH WILL REPLACE NORTHLAND’S EXPIRING $500 MILLION BASE SHELF PROSPECTUS
* THE FILING WILL ENABLE CO TO OFFER UPTO $1 BILLION OF DEBENTURES, PREFERRED SHARES, SHARES,SUBSCRIPTION RECEIPTS OVER A 25-MONTH PERIOD Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-northland-power-renews-preliminary/brief-northland-power-renews-preliminary-base-shelf-prospectus-idUSFWN1SM1FV |
May 15 (Reuters) - COLIAN HOLDING SA:
* SAID ON MONDAY THAT ITS SHAREHOLDERS WILL VOTE ON JUNE 11 TO CHANGE THE RESOLUTION FROM JUNE 29, 2015, REGARDING THE AUTHORISATION OF THE COMPANY’S MANAGEMENT TO BUY BACK COLIAN’S OWN SHARES
* FOLLOWING THE CHANGE, FROM JUNE 11, 2018, UNTIL JUNE 30, 2020, THE COMPANY OR COLIAN SP. Z O.O. WILL BE ABLE TO ACQUIRE UP TO 28.4 MILLION SHARES FOR NO LESS THAN 0.5 ZLOTY/SHR AND NO MORE THAN 3.76 ZLOTY/SHR
* THE AIM OF THE SHARE BUYBACK IS TO BE DECIDED BY THE MANAGEMENT, IT COULD BUY THE SHARES TO REDEEM THEM OR TO WITHDRAW THEM FROM THE WARSAW STOCK EXCHANGE AMONG OTHERS
* SHAREHOLDERS ARE ALSO TO DECIDE ON THE ACQUISITION OF THE COMPANY’S OWN SHARES IN AN AMOUNT NOT HIGHER THAN 8.5 MILLION SHARES UNTIL JUNE 30, 2020, IN ORDER TO REDEEM THEM
* THE SHARES WILL ALSO BE BOUGHT FOR NO LESS THAN 0.5 ZLOTY/SHR AND NO MORE THAN 3.76 ZLOTY/SHR
* IN MARCH SOME OF THE CO’S SHAREHOLDERS, INCLUDING COLIAN HOLDING SA, ANNOUNCED THEIR PLANS TO BUY 41.9 MILLION OF CO’S SHARES AT 3.76 ZLOTY/SHR
SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SM5BW |
May 21, 2018 / 9:09 AM / Updated 39 minutes ago Five working to clear way for gas pipeline killed in Afghanistan
KANDAHAR, Afghanistan (Reuters) - Unidentified gunmen killed five mine-clearance workers in Afghanistan on Monday who were preparing for construction of an international gas pipeline, while one worker was kidnapped, officials said.
The $8 billion TAPI pipeline, intended to transport some 33 billion cubic metres of natural gas a year along an 1,800 km route from Turkmenistan through Afghanistan to Pakistan and India, is seen as vital for the future of Afghanistan’s economy.
Daoud Ahmadi, a spokesman for the governor of Kandahar province, said the demining team was working in the southern province’s Maiwand district when attacked early on Monday.
“The victims had told the district governor and district police that they had no problem with Taliban so they would not need any protection,” he said.
The route of the Turkmenistan, Afghanistan, Pakistan, India (TAPI) pipeline passes through large areas under Taliban control or influence.
But when the Afghan section of the project was launched this year, the Taliban said they would cooperate because of its importance for the country.
However, construction work will still have to pass through lawless areas of southern Afghanistan where armed groups with shifting loyalties operate and security is highly uncertain.
A Taliban spokesman said the incident was being investigated and said the victims were not wearing the usual uniform worn by TAPI workers. Reporting by Sarwar Amani and Qadir Sediqi in KABUL; Editing by Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-afghanistan-tapi/five-working-to-clear-way-for-gas-pipeline-killed-in-afghanistan-idUKKCN1IM0T9 |
When Jeff and Millie Baird bought a rugged 165-acre property in California’s Sonoma County in 2010, their goal was to spend more family time outdoors. So the first thing they built was a tree house: a honeycomb-like structure high in a towering live-oak tree, with decks, ladders and open-air “pods” designed for animal-watching, sleeping, stargazing and wine tasting.
“You climb into the initial pod—the docking station. Then you climb up and around. At the very top there’s an open deck in the canopy,” said Mr. Baird, a 44-year-old... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/tree-houses-for-grown-ups-1525357288 |
Positive Fourth Quarter EBITDA of $1.7 million Store Rightsizing Plan to Be Completed at the End of the Current Fiscal Year
MONTRÉAL, May 18, 2018 (GLOBE NEWSWIRE) -- Le Château Inc. (TSX VENTURE:CTU), today reported that sales for the fourth quarter ended January 27, 2018 amounted to $56.0 million as compared with $62.6 million for the fourth ended January 28, 2017, a decrease of 10.6%, with 27 fewer stores in operation. Comparable store sales decreased 1.7% for the fourth quarter as compared to last year, with comparable regular store sales decreasing 0.5% and comparable outlet store sales decreasing 7.2% (see non-GAAP measures below). Included in comparable store sales are online sales which increased 23.5% for the fourth quarter. Considering the closure of a large number of non-performing stores in the past few years, comparable store sales of regular stores have levelled-off. However, the retail brick-and-mortar environment remains highly competitive and continues to be adversely impacted by reduced store traffic which reflects in part the increase in the digital shopping behavior of today’s consumer.
Adjusted EBITDA (see non-GAAP measures below) for the fourth quarter of 2017 amounted to $1.7 million, compared to $(2.9) million for the same period last year. The improvement of $4.6 million in adjusted EBITDA for the fourth quarter was primarily attributable to the reduction of $5.8 million in selling, general and administrative (“SG&A”) expenses, partially offset by the decrease in gross margin dollars of $1.2 million. The decrease in SG&A expenses resulted primarily from the reduction in store operating expenses due mainly to store closures. The decrease of $1.2 million in gross margin dollars was the result of the 10.6% overall sales decline for the fourth quarter of 2017, partially offset by an increase in the gross margin percentage to 63.1% from 58.4% in 2016. The gross margin benefited from the closure of non-performing stores in recent quarters and improved inventory levels and quality, partially offset by the short-term liquidation process of store merchandise during the closing period of stores.
Net loss for the fourth quarter ended January 27, 2018 amounted to $3.0 million or $(0.10) per share compared to a net loss of $8.8 million or $(0.29) per share for the same period last year.
Year-end Results
Sales for the year ended January 27, 2018 amounted to $204.4 million as compared with $226.6 million last year, a decrease of 9.8%, with 27 fewer stores in operation. Comparable store sales decreased 2.6% versus the same period a year ago, with comparable regular store sales decreasing 1.4% and comparable outlet store sales decreasing 7.7%. Included in comparable store sales are online sales which increased 20.3% for the year ended January 27, 2018.
Adjusted EBITDA for the year ended January 27, 2018 amounted to $(5.4) million, compared to $(16.3) million last year. The improvement of $10.9 million in adjusted EBITDA for 2017 was primarily attributable to the reduction of $19.5 million in SG&A expenses, partially offset by the decrease in gross margin dollars of $8.6 million. The decrease in SG&A expenses resulted primarily from the reduction in store operating expenses due mainly to store closures. The decrease of $8.6 million in gross margin dollars was the result of the 9.8% overall sales decline for 2017, partially offset by the increase in the gross margin percentage to 64.4% from 61.9% in 2016.
Net loss for the year ended January 27, 2018 amounted to $24.0 million or $(0.80) per share compared to a net loss of $37.2 million or $(1.24) per share the previous year.
Outlook
In light of the impact of e-commerce on consumer behavior, the execution of our business plan required a significant reduction in the number of stores and of retail square footage. Over the past two years, the Company has made significant progress. In the past fiscal year, the Company closed 27 stores as part of its retail right-sizing strategy. This represents the largest number of store closures in one year, surpassing the 25 closures in the previous year. In 2018, the Company is planning to close approximately 20 stores and expects its total square footage to decline from 896,000 square feet to approximately 800,000 square feet. Most of the executed store closures and those forecasted for this year are related to outlet stores. By the end of the current fiscal year the network optimization process will be mostly completed.
During the store closure process, the planned increase in promotional activities had a significant impact on store contribution as merchandise from those stores were heavily discounted, thus reducing our margins. Despite the impact of store closures, the gross margin improved by 250 basis point to 64.4% for the year ended January 27, 2018. For the current fiscal year, considering the significant decline in the number of non-performing stores in the network and the improved inventory level and quality, the Company’s gross margin should see further improvement.
For 2018, the projected capital expenditures are $3.0 to $3.5 million, of which $1.8 million is expected to be invested in the renovation of two existing stores, with $1.2 to $1.7 million to be used for investments in information technology and infrastructure.
Profile
Le Château de Montréal is a leading Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories for contemporary and style-conscious women and men, with an extensive network of 151 prime locations across Canada and an e-com platform servicing Canada and the U.S. Le Château, committed to research, design and product development, manufactures approximately 30% of the Company’s apparel in its own Canadian production facilities.
Non-GAAP Measures
In addition to discussing earnings measures in accordance with IFRS, this press release provides adjusted EBITDA as a supplementary earnings measure, which is defined as earnings (loss) before interest, income taxes, depreciation, amortization, write-off and/or impairment of property and equipment and intangible assets and accretion of First Preferred shares series 1 (“Adjusted EBITDA”). Adjusted EBITDA is provided to assist readers in determining the ability of the Company to generate cash from operations and to cover financial charges. It is also widely used for valuation purposes for public companies in our industry.
The following table reconciles adjusted EBITDA to loss before income taxes for the fourth quarters and years ended January 27, 2018 and January 28, 2017:
(Unaudited) For the three months ended For the year ended (In thousands of Canadian dollars) Janua ry 27, 2018
January 28, 2017 January 27, 2018
January 28, 2017 Loss before income taxes $ (3,012) $ (8,750) $ (23,973 ) $ (37,226) Depreciation and amortization 2,403 3,670 10,526 14,303 Write-offs and net impairment of property and equipment and intangible assets 382 913 1,064 1,489 Finance costs 1,322 1,268 5,460 5,092 Accretion of First Preferred shares series 1 588 - 1,536 - Adjusted EBITDA $ 1,683 $ (2,899) $ (5,387) $ (16,342) The Company also discloses comparable store sales which are defined as sales generated by stores that have been open for at least one year on a comparable week basis. Comparable store sales exclude sales from stores converted to outlet or clearance stores during the year of conversion.
The following table reconciles comparable store sales to total sales disclosed in the consolidated statements of loss for the fourth quarters and years ended January 27, 2018 and January 28, 2017:
(Unaudited) For the three months ended For the year ended (In thousands of Canadian dollars) January 27, 2018
January 28, 2017 January 27, 2018 January 28, 2017 Comparable store sales – Regular stores $ 44,857 $ 45,079 $ 158,879 $ 161,096 Comparable store sales – Outlet stores 9,137 9,850 36,117 39,145 Total comparable store sales 53,994 54,929 194,996 200,241 Non-comparable store sales 1,978 7,691 9,373 26,346 Total sales $ 55,972 $ 62,620 $ 204,369 $ 226,587 The above measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
Forward-Looking Statements
This news release may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company's expectations, estimates and forecasts. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company's control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors also include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.
Factors which could cause actual results or events to differ materially from current expectations include, among other things: the ability of the Company to successfully implement its business initiatives and whether such business initiatives will yield the expected benefits; liquidity risks; competitive conditions in the businesses in which the Company participates; changes in consumer spending; general economic conditions and normal business uncertainty; seasonality and weather patterns; changes in the Company's relationship with its suppliers; lease renewals; information technology security and loss of customer data; fluctuations in foreign currency exchange rates; interest rate fluctuations and changes in laws, rules and regulations applicable to the Company. There can be no assurance that borrowings will be available to the Company, or available on acceptable terms, in an amount sufficient to fund the Company's needs or that additional financing will be provided by any of the controlling shareholders of the Company. The foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results.
The Company’s audited consolidated financial statements and Management’s Discussion and Analysis for the year ended January 27, 2018 are available online at www.sedar.com .
For further information
Emilia Di Raddo, CPA, CA, President (514) 738-7000
Johnny Del Ciancio, CPA, CA, Vice-President, Finance, (514) 738-7000
MaisonBrison: Pierre Boucher, (514) 731-0000
Source: Le Château Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands of Canadian dollars) As at
January 27, 2018
As at
January 28, 2017 ASSETS Current assets Cash $ - $ 266 Accounts receivable 957 992 Income taxes refundable 449 459 Inventories 89,911 101,128 Prepaid expenses 1,747 1,604 Total current assets 93,064 104,449 Deposits 485 621 Property and equipment 27,052 36,969 Intangible assets 2,434 2,900 $ 123,035 $ 144,939 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Bank indebtedness $ 261 $ - Current portion of credit facility 6,322 54,564 Trade and other payables 17,342 19,335 Deferred revenue 2,842 3,022 Current portion of provision for onerous leases 576 846 Current portion of long-term debt - 1,643 Total current liabilities 27,343 79,410 Credit facility 32,221 - Long-term debt 30,518 32,113 Provision for onerous leases 924 1,364 Deferred lease credits 7,111 8,192 First Preferred shares series 1 24,718 - Total liabilities 122,835 121,079 Shareholders' equity Share capital 47,967 47,967 Contributed surplus 9,600 9,287 Deficit (57,367 ) (33,394 ) Total shareholders' equity 200 23,860 $ 123,035 $ 144,939
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Unaudited) For the three months ended For the year ended (In thousands of Canadian dollars, except per share information) January 27, 2018 January 28, 2017 January 27, 2018 January 28, 2017 Sales $ 55,972 $ 62,620 $ 204,369 $ 226,587 Cost of sales and expenses Cost of sales 20,670 26,068 72,737 86,317 Selling 29,417 35,740 118,694 139,778 General and administrative 6,987 8,294 29,915 32,626 57,074 70,102 221,346 258,721 Results from operating activities (1,102 ) (7,482 ) (16,977 ) (32,134 ) Finance costs 1,322 1,268 5,460 5,092 Accretion of First Preferred shares series 1 588 - 1,536 - Loss before income taxes (3,012 ) (8,750 ) (23,973 ) (37,226 ) Income tax recovery - - - - Net loss and comprehensive loss $ (3,012 ) $ (8,750 ) $ (23,973 ) $ (37,226 ) Net loss per share Basic $ (0.10 ) $ (0.29 ) $ (0.80 ) $ (1.24 ) Diluted (0.10 ) (0.29 ) (0.80 ) (1.24 ) Weighted average number of shares outstanding ('000) 29,964 29,964 29,964 29,964
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) For the three months ended For the year ended (In thousands of Canadian dollars) January 27, 2018 January 28, 2017 January 27, 2018 January 28, 2017 SHARE CAPITAL $ 47,967 $ 47,967 $ 47,967 $ 47,967 CONTRIBUTED SURPLUS Balance, beginning of period $ 9,572 $ 9,154 $ 9,287 $ 8,555 Fair value adjustment of long-term debt - 50 99 397 Stock-based compensation expense 28 83 214 335 Balance, end of period $ 9,600 $ 9,287 $ 9,600 $ 9,287 RETAINED EARNINGS (DEFICIT) Balance, beginning of period $ (54,355 ) $ (24,644 ) $ (33,394 ) $ 3,832 Net loss (3,012 ) (8,750 ) (23,973 ) (37,226 ) Balance, end of period $ (57,367 ) $ (33,394 ) $ (57,367 ) $ (33,394 ) Total shareholders’ equity $ 200 $ 23,860 $ 200 $ 23,860
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) For the three months ended For the year ended (In thousands of Canadian dollars) January 27, 2018 January 28, 2017 January 27, 2018 January 28, 2017 OPERATING ACTIVITIES Net loss $ (3,012 ) $ (8,750 ) $ (23,973 ) $ (37,226 ) Adjustments to determine net cash from operating activities Depreciation and amortization 2,403 3,670 10,526 14,303 Write-off and net impairment of property and equipment and intangible assets 382 913 1,064 1,489 Amortization of deferred lease credits (273 ) (390 ) (1,484 ) (1,546 ) Deferred lease credits - - 403 225 Stock-based compensation 28 83 214 335 Provision for onerous leases (164 ) (61 ) (710 ) 137 Finance costs 1,322 1,268 5,460 5,092 Accretion of First Preferred shares series 1 588 - 1,536 - Interest paid (944 ) (662 ) (3,139 ) (2,934 ) Deposits 136 - 136 - 466 (3,929 ) (9,967 ) (20,125 ) Net change in non-cash working capital items related to operations 6,283 13,218 7,246 12,397 Income taxes refunded - - 250 300 Cash flows related to operating activities 6,749 9,289 (2,471 ) (7,428 ) FINANCING ACTIVITIES Increase (decrease) in credit facility (7,557 ) (11,494 ) (15,324 ) 9,418 Financing costs (2 ) - (1,025 ) - Proceeds from long-term debt - 1,685 19,500 4,185 Repayment of long-term debt - - - (848 ) Cash flows related to financing activities (7,559 ) (9,809 ) 3,151 12,755 INVESTING ACTIVITIES Additions to property and equipment and intangible assets (128 ) (228 ) (1,807 ) (4,516 ) Proceeds from disposal of property and equipment - - 600 - Cash flows related to investing activities (128 ) (228 ) (1,207 ) (4,516 ) Increase (decrease) in cash (bank indebtedness) (938 ) (748 ) (527 ) 811 Cash (bank indebtedness), beginning of period 677 1,014 266 (545 ) Cash (bank indebtedness), end of period $ (261 ) $ 266 $ (261 ) $ 266
Source:Le Chateau Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-le-chateau-reports-fourth-quarter-and-year-end-results.html |
ABC cancels TV's 'Roseanne' hours after star's racist 'ape' tweet Wednesday, May 30, 2018 - 01:45
ABC on Tuesday canceled the popular U.S. television comedy ''Roseanne'' after star Roseanne Barr sparked outrage by comparing a black former Obama administration official to an ape in a tweet. Jonah Green reports. ▲ Hide Transcript ▶ View Transcript
ABC on Tuesday canceled the popular U.S. television comedy "Roseanne" after star Roseanne Barr sparked outrage by comparing a black former Obama administration official to an ape in a tweet. Jonah Green reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IVCfbT | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/abc-cancels-tvs-roseanne-hours-after-sta?videoId=431519200 |
May 16, 2018 / 11:05 AM / Updated 20 minutes ago May defeats Labour bid to force her hand on customs Elizabeth Piper 4 Min Read
LONDON (Reuters) - British Prime Minister Theresa May defeated a bid by the opposition Labour Party on Wednesday to force her government to disclose details of its two Brexit customs proposals, thwarting efforts to embarrass her divided team. Britain's Prime Minister Theresa May speaks to supporters during a visit to Finchley Conservatives in Barnet, London, Britain May 4, 2018. REUTERS/Toby Melville/Pool
May’s Conservative Party defeated Labour by 301 to 269 votes, handing the government a victory in a parliament equally divided over the terms of Britain’s divorce from the European Union and their future customs arrangements.
Labour used a rare parliamentary device called a “humble address” to try to force the publication of “all papers, presentations and economic analysis” on the two options which have split May’s government and all but stalled Brexit talks.
The government had already moved late on Tuesday to rebuff Labour by saying it would soon publish its vision for Brexit, setting out over more than 100 pages its plans for everything from fishing to finance to security cooperation.
May is under pressure at home and in Brussels to move forward with talks on Britain’s divorce from the EU, but is struggling to unite her cabinet of ministers around a single customs proposal to bring to the negotiating table.
Her cabinet office minister David Lidington told parliament the release of such documents as requested by Labour would undermine the need for ministers to have “frank discussions”, the ability of officials to give advice and the privacy needed to prepare for negotiations.
“It would not be in the national interest to release information that will form part of our negotiating position,” he told parliament to jeers from opposition lawmakers.
Earlier on Wednesday, Labour leader Jeremy Corbyn called on May to step down and allow his party to negotiate a “comprehensive customs union” with the EU, something opposition lawmakers say is gaining support in parliament.
But May has yet to swayed by the growing calls for such a union with the EU.
Instead, she has pressed on with work on the two options - a customs partnership which would see Britain collect tariffs for the EU, and a streamlined customs arrangement, which would use technology to maintain trade flows.
She has divided most of her cabinet into two groups to try to improve the two proposals and come to a conclusion over which is best placed to prevent a return to a hard border with EU member Ireland and ensure trade moves as freely as possible.
They have been meeting regularly, but on Tuesday the wider, so-called Brexit war cabinet again did not reach agreement. Ministers have suggested that any decision could take weeks.
EU negotiator Michel Barnier said on Monday that no significant progress had been made in the Brexit talks since March and warned London that time was running out to seal a deal by October to prevent Britain crashing out of the bloc.
By promising to publish a White Paper, a policy document that sets out proposals for future legislation, next month, the government hopes to set out its stall before the next summit of EU leaders on June 28-29. But without an agreement on customs, those plans would be incomplete.
It is “an opportunity to set out clearly to both a domestic and an EU audience the reasoning behind our approach”, Brexit minister David Davis said. Reporting by Elizabeth Piper; editing by Richard Balmforth | ashraq/financial-news-articles | https://in.reuters.com/article/uk-britain-eu-labour/britains-labour-tries-to-force-pm-mays-hand-on-customs-proposals-idINKCN1IH1AH |
May 7 (Reuters) - Unichem Laboratories Ltd:
* SAYS GOT ANDA APPROVAL FROM USFDA FOR VALSARTAN TABLETS, USP
* SAYS PRODUCT WILL BE COMMERCIALIZED FROM UNICHEM'S GHAZIABAD PLANT Source text - reut.rs/2HUcOqu
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-unichem-laboratories-gets-anda-app/brief-unichem-laboratories-gets-anda-approval-from-u-s-fda-for-valsartan-tablets-usp-idUSFWN1SE0CP |
LOS ANGELES (AP) — After more than a decade at Sony Pictures, James Bond has a few new partners.
In a joint announcement Thursday, Michael G. Wilson and Barbara Broccoli said Universal Pictures will release the 25th installment of the superspy franchise internationally while MGM will handle the U.S. release.
Daniel Craig will reprise his role as 007 in the film and Oscar-winner Danny Boyle will direct.
Sony's Bond contract expired in 2015 and many of the major studios competed for the chance to distribute the profitable franchise.
As per tradition Bond 25 will open a bit earlier in the U.K., on Oct. 25 2019, than in the U.S., where it will debut on Nov. 8, 2019. Production will begin in December at Pinewood Studios in London. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/the-associated-press-sony-no-more-bond-25-finds-distribution-from-universal-mgm.html |
0 COMMENTS A picture from the launch party in Chicago of Athena Bitcoin, a cryptocurrency transaction service. Photo: BRITTANY SOWACKE FOR THE WALL STREET JOURNAL
Sign up here for , and get the most important news in business technology emailed to you each weekday morning. Subscribe to WSJ Pro Cybersecurity for in-depth coverage on cybersecurity trends, breaches and best practices. Good morning, CIOs. Given the intensity of conversation and capital formation, one might think that the age of the blockchain is well-established. Yet blockchain adoption by corporations is at the earliest stage, according to a survey from Gartner Inc.
Only 1% of 3,138 chief information officers at companies surveyed by Gartner last year said they had “any kind of blockchain adoption” within their organizations, according to results released by the IT research firm Thursday. CIO Journal’s Angus Loten has the story . Gartner Fellow David Furlonger tells him there were multiple issues preventing adoption, including the “immaturity of underlying technical components,” a lack of adequate technical and business governance models, and implementation and integration challenges.
Still, Mr. Furlonger warned that blockchain is a transformative technology, and businesses that give up on it entirely risked being left behind.
TECHNOLOGY NEWS
Toyota Motor and General Motors back a Wi-Fi-based technology known as DSRC for vehicle connectivity, while Ford Motor and BMW support fast-tracking fifth-generation cellular broadband. WILLY KURNIAWAN/REUTERS 5G race pits Ford, BMW against GM, Toyota. General Motors Co. and Toyota Motor Corp. support a Wi-Fi-based technology known as DSRC, or dedicated short-range communication, that allows cars to link to “smart” traffic lights designed to smooth congestion and provide warnings about accidents or poor weather conditions ahead. The WSJ’s Chester Dawson reports that Ford Motor Co ., BMW AG and other auto makers are pressing the Trump administration to allow them to leapfrog that system by fast-tracking fifth-generation cellular broadband in automobiles.
Flood of trademark applications from China alarms U.S. officials. Patent and trademark officials tell the Journal’s Jacob Gershman that cash incentives could be a factor. As part of a national effort to ramp up intellectual-property ownership, China’s provincial governments are paying citizens hundreds of dollars in Chinese currency for each trademark registered in the U.S. Officials say many China filings appear to be rife with false information.
Walmart bets $15 Billion for 75% stake in India e-commerce giant. If the union with Flipkart Group works, Walmart Inc. would be well-positioned for e-commerce in the world’s second-most-populous nation, the WSJ reports . Flipkart says it has more than 100 million customers.
GDPR is the latest sign of the EU’s growing power in global regulation. The EU’s General Data Protection Regulation, which takes effect later this month, has prompted a number of tech companies to change their data collecting habits, and not just for users in Europe, the WSJ’s Daniel Michaels reports . Apple Inc. , Facebook Inc. and Twitter Inc. say they have updated their global privacy rules in anticipation of the new law.
House Democrats plan to release 3,000 Russian-linked Facebook ads. The Democrats are preparing to soon release the ads, which Facebook identified as bought by the pro-Kremlin Internet Research Agency, the WSJ’s Deepa Seetharaman reports . The cache will show the images of the ads, which groups the ads targeted, how much they cost and how many Facebook users viewed them.
Solution to privacy? Give Facebook and Google more of our data. With personal information often outside the user’s control, one solution could be creating a central authority to manage all data, suggests WSJ tech columnist Christopher Mims . Giving companies like Facebook and Alphabet Inc. ‘s Google even more data might seem like the opposite of protecting it. But both companies already have the start of the infrastructure required to support such a massive undertaking.
Robocalls are getting worse. Robocalls hit an estimated 3.4 billion in April, an increase of 900 million over the previous year, the New York Times reports. One reason for the flood: the dismissal in court of a federal definition of an auto dialer. The Federal Communications Commission has yet to deliver new guidance.
How Cambridge Analytica turned clicks into votes . The Guardian talks to former Cambridge Analytica employee Christopher Wylie about how the company transformed data collected from 32,000 U.S. voters taking a personality test into a data set of millions with hundreds of data points per person.
Who’s Guarding Facebook’s data? Until 2014, when Facebook limited third-party apps like quizzes from obtaining user information, academics were able to compile profiles of users with techniques similar to those employed by Aleksandr Kogan, the psychology professor, at the heart of the Cambridge Analytica affair. There’s no guarantee that such data was properly secured and some academics tell the New York Times that data could have been copied and sold to marketers or political consulting firms.
Facebook opens AI labs in Pittsburgh, Seattle. And with the openings, the company is putting pressure on local universities in search of the same talent to drive their own efforts, the New York Times reports . Pittsburgh’s Carnegie Mellon already recognized a talent exit in 2015 when Uber Technologies Inc. opened a self-driving lab in the city.
ZTE asks for stay of U.S. ban on selling to company. ZTE Corp. , the Chinese telecommunications firm in the crossfire of a U.S.-China trade fight, has asked the U.S. government for a stay of its order banning American companies from selling to the firm, the Journal’s Dan Strumpf reports . ZTE relies on U.S. companies for a number of crucial parts, including semiconductors for its phones and components used in its telecommunications equipment.
EVERYTHING ELSE YOU NEED TO KNOW
Food giant Nestlé is taking over Starbucks retail marketing and sales business, agreeing to pay more than $7 billion for the rights to sell the chain’s coffee, tea and food products in grocery stores and other outlets. (WSJ)
The Trump administration’s proposed changes to the North American Free Trade Agreement seeks to force Mexican factories to pay more for labor—or send auto jobs back to the U.S. or Canada. (WSJ)
Oil prices rallied to a three and a half year high on Monday, with the U.S. benchmark breaking above $70 a barrel . (WSJ)
Lava and toxic gases continued to spew in neighborhoods from Hawaii’s Kilauea volcano, with 26 homes destroyed since the eruption began on Thursday and authorities ordering evacuations of 1,800 people . (WSJ)
is edited by Tom Loftus and cues up the most important news in business technology every weekday morning. You can get emailed to you each weekday morning by clicking http://wsj.com/TheMorningDownload .
Share this: 5G BLOCKCHAIN DOWNLOAD FACEBOOK GDPR PRIVACY Previous What Your CEO Is Reading: Hacking Back; Agile at Scale; Virtual Assistant Etiquette | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/07/the-morning-download-cios-say-blockchain-adoption-barely-registers/ |
CONCORD, Calif. (AP) _ Cerus Corp. (CERS) on Tuesday reported a loss of $13.9 million in its first quarter.
The Concord, California-based company said it had a loss of 11 cents per share.
The biomedical products company posted revenue of $13.6 million in the period.
Cerus expects full-year revenue in the range of $53 million to $55 million.
Cerus shares have risen 62 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $5.47, an increase of 76 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 CERS at https://www.zacks.com/ap/CERS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-cerus-1q-earnings-snapshot.html |
Churchill Downs CEO on future of sports betting 45 Mins Ago William Carstanjen, Churchill Downs Inc. CEO, discusses how the company will benefit from the legalization of sports betting in individual states. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/churchill-downs-ceo-on-future-of-sports-betting.html |
MOSCOW (Reuters) - The board of Russian gas producer Gazprom ( GAZP.MM ) has agreed to management’s proposal for a 2017 dividend of 8.04 rubles ($0.1285) per share, the Interfax news agency reported on Wednesday citing an unnamed source close to the board.
FILE PHOTO: The logo of Russian gas giant Gazprom is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin The company would pay a total of 190 billion rubles in dividends for 2017, Interfax reported.
Gazprom declined to comment.
Reporting by Oksana Kobzeva; writing by Maria Kiselyova; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gazprom-dividend/gazprom-sets-2017-dividend-at-8-04-rubles-per-share-ifax-idUSKCN1IH12N |
Muslims around the world began the month of Ramadan last Thursday, abstaining from food and drink during daylight hours.
The Islamic lunar calendar means that the start date of Ramadan moves forward by under two weeks every year versus the Gregorian calendar. In countries near or on the equator, such as Saudi Arabia, Singapore and Indonesia, this movement makes little difference to the hours of daylight critical to observe the fast.
But for those observing in the world's most northern countries near the Arctic Circle, the issue is more pressing in summer months.
In Iceland, the sun sets at midnight and returns two hours later during peak summer.
Icelandic Muslims can expect to fast for up to 21 hours and 51 minutes this year, with the sun setting at 11:57 p.m. on the final night of Ramadan on June 14.
Muslims living in countries where the sun doesn't set — or where the sun only drops momentarily — can follow one of three solutions offered by some Islamic scholars and organizations.
They can break their fast using the time of either the sunset in the nearest country that does not have near continuous daylight, the nearest Muslim-majority country, or observe Saudi Arabia's time. Otherwise, they can stick to observing local times.
Karim Askari, executive director of the Islamic Foundation of Iceland, is in no doubt which edict he will be following this Ramadan.
"I'll be going by the local time in Reykjavik," Askari told CNBC. "Going 21 hours without eating is a long time. But God willing, the majority of Muslims here in Reykjavik are doing it too."
Two mosques in Iceland's capital city have agreed to follow local dawn and dusk times to decide when they should break their fast. Other mosques and organizations have chosen to follow the times of other European countries. Askari said that one mosque in Reykjavik is following the times of a city in France.
"They can choose what they want. We have space in our community relations here," Askari said. "Some people cannot accept that they'll be eating when the sun is up, even if it's near midnight, because they are used to waiting in their home country — so they will go by local time. Others can accept that they'll have to eat even when the sun is partially up."
show chapters The economy of Ramadan 6:18 AM ET Fri, 18 May 2018 | 01:24 What may seem like extreme conditions to some is a blessing in disguise for Askari.
He is adamant that fasting in the cold is easier than doing so in Asia and the Middle East, where temperatures can soar during the day.
"It's more difficult to fast in the heat. People can end up feeling angry without eating or drinking, whereas in the cool, it's easier to go through the day."
Whichever ruling they choose, Reykjavik's 2,500-strong Icelandic Muslim population is free to choose a ruling that suits.
Slightly further down in latitude, a Norwegian Muslim living towards the north of the country can expect to fast for up to 20 hours and 20 minutes this year, while those in Oslo will observe between 18 and 19 hours of fasting.
In Oslo, actress Iman Meskini feels that the biggest challenge isn't the long hours, but to incorporate her Ramadan in a society that demands constant high productivity and may not value the need to slow down the pace of life.
"The challenge with conducting Ramadan in Norway is to fast in a non-Islamic society," Meskini told CNBC. "Everyday-life continues as usual and society expects you to perform — school, job, exams etc. — at the same level as rest of the year."
Statistics Norway estimates that 200,000 Muslims currently live in the country — a diverse group consisting of native Norwegians alongside migrants from Pakistan, Iraq, Morocco and Turkey.
While they will all break their fast in the same traditional way, with a handful of dates and a glass of water, there is no monolithic standard for Muslims in the most extreme corners of the world. For observers, that is the beauty in Islam.
"There is flexibility for Muslims," said Askari. "Each person does what they want. We can only offer what we feel in our hearts. Muslims have this flexibility inside them wherever they are." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/how-muslims-observe-ramadan-in-the-land-of-the-midnight-sun.html |
Deutsche Bank is caught in a vicious spiral. It is losing profit-making staff, clients and investors and it desperately needs to restore confidence among all three.
Christian Sewing, the bank’s new chief executive, didn’t mention anything at Thursday’s annual investor meeting that will stem these losses. More radical ideas are needed.
Mr.... | ashraq/financial-news-articles | https://www.wsj.com/articles/how-deutsche-bank-can-halt-its-downward-slide-1527167013 |
May 26, 2018 / 5:01 PM / Updated an hour ago Poland says EU needs more 'empathy' towards U.S. over Iran deal Justyna Pawlak , Pawel Sobczak 3 Min Read
WARSAW (Reuters) - The EU should pay more heed to U.S. security concerns linked to Washington’s withdrawal from the 2015 Iran nuclear deal as the bloc decides how to address American sanctions against the Islamic Republic, Poland’s chief diplomat said.
Since President Donald Trump withdrew the United States from the accord this month, European states have been scrambling to ensure Iran gets enough economic benefits to persuade it to stay in the deal and keep limits on its nuclear activities.
Tehran is pressuring Europe to come up with a package of economic measures to offset the U.S. pullout by May 31, saying it was “weeks” from deciding whether to quit the pact. Britain, China, France, Germany and Russia remain in it.
Earlier this month, the European Commission, the EU executive, proposed a series of measures which include banning EU-based firms from complying with the revived U.S. sanctions.
Poland’s Foreign Minister Jacek Czaputowicz said Warsaw — a staunch ally of Washington — had not decided yet whether to back the ban, potentially complicating a decision that needs unanimous backing from the EU’s 28 members.
“We need to think, there is still time,” Czaputowicz told Reuters. “This doesn’t mean we don’t feel part of the EU community in these discussions ... We will see what other EU members think.”
Referring to European companies doing business in Iran since the nuclear deal was put in place, Czaputowicz said Poland felt “economic considerations appeared to take precedence” in EU talks.
“During discussions (within the EU), we will emphasise the need to consider the motives of the United States and a greater empathy towards them.”
Warsaw has been at loggerheads with Brussels since the right-wing Law and Justice (PiS) came into power in 2015 over issues ranging from the rule of law, energy policy and logging in an ancient forest.
Warsaw is keen for security assurances from the United States as a deterrence policy against Russia.
Czaputowicz said EU member states should weigh broader security issues during discussions about policy on Iran such as Russia’s increased assertiveness in eastern Europe.
“It doesn’t seem there is a direct link, but ... this is another issue we need to resolve.”
He cautioned that Washington could at some point impose economic sanctions against European companies participating in the subsea Nord Stream 2 gas pipeline from Russia to Germany.
“This would become another issue for the European Union to find a position on.”
EU foreign ministers will discuss policy on Iran at a meeting in Brussels on Monday.
Trump has complained that the Iran accord did not address Iran’s ballistic missile programme, its nuclear activities beyond 2025 or its role in conflicts in Yemen and Syria. Reporting by Justyna Pawlak; Editing by Helen Popper | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-poland/poland-says-eu-needs-more-empathy-towards-u-s-over-iran-deal-idUKKCN1IR0KN |
May 7 (Reuters) - Enable Midstream Partners LP:
* ENABLE MIDSTREAM PARTNERS, LP ANNOUNCES PRICING OF SENIOR NOTES
* ENABLE MIDSTREAM PARTNERS - PRICED OFFERING OF $800 MILLION OF 4.950% SENIOR NOTES DUE 2028 AT 99.197% OF THEIR FACE VALUE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-enable-midstream-partners-lp-annou/brief-enable-midstream-partners-lp-announces-pricing-of-senior-notes-idUSASC0A0A5 |
U.S. mall owners look to apartments and hotels to replace Sears and JC Penney 5 Hours Ago Mall owners are still grappling with how to fill those spaces being vacated by department store chains like Sears and J.C. Penney. Hotels and apartments may be the next tenants in their place. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/malls-replace-sears-and-jc-penney-with-marriott-hotels.html |
Investors are flocking to short-term bond funds at a record pace as yields have risen to their highest levels in a decade.
For the first time since the financial crisis, investors this year can earn 2% or more on low-risk debt that matures in a year or less. While it is a paltry payout compared with precrisis levels, it is a welcome reprieve after years of near-zero interest rates, which dragged down payments on money-market accounts or certificates of deposit and pushed savers to buy riskier bonds, or those with longer maturities,... | ashraq/financial-news-articles | https://www.wsj.com/articles/bond-investors-pour-into-short-term-funds-1525863600 |
TORONTO, May 08, 2018 (GLOBE NEWSWIRE) -- Kuuhubb Inc. (“ Kuuhubb ” or the “ Company”) (TSX-V:KUU) announces that, further to its February 28, 2018 press release, it has signed the definitive agreement for, and completed the acquisition of, the full global rights and revenue to the My Hospital game.
Kuuhubb has purchased the full global rights and revenue to the My Hospital game for 2.6 million Euros, to be paid in monthly instalments between May 2019 and June 2021. Additionally, after Kuuhubb has recouped the entire purchase price, Cherrypick Games is entitled to 25% net profit share. Cherrypick Games will continue the current game development and update efforts until June 2021.
“We are delighted with the long-term potential of My Hospital. The acquisition of My Hospital from Cherrypick Games is expected to provide Kuuhubb with cash flow and profitability as well as create long-term value through our expanding product portfolio globally,” commented Jouni Keränen, CEO of Kuuhubb.
About Kuuhubb
Kuuhubb is a company active in the digital space that focuses mainly on lifestyle and mobile video game applications. Its strategy is to create sustainable shareholder value through acquisitions of proven, yet underappreciated, assets with robust long-term growth potential. Headquartered in Helsinki, Finland, the Company has a global presence with a strong focus on developing U.S. brand collaborations and Asian partnerships.
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the potential of My Hospital, future cash flow and profitability, growth of the Company’s business and expected benefits from the My Hospital acquisition) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to the growth strategy of the Company, the possibility that results from the My Hospital acquisition will not be consistent with the Company's expectations, the early stage of the Company's development, competition from companies in a number of industries, the ability of the Company to manage expansion, future business development of the Company and the other risks disclosed under the heading "Risk Factors" in the Company's annual information form dated October 30, 2017 filed on SEDAR at www.sedar.com . Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Kuuhubb Inc.
Jouni Keränen - CEO
[email protected]
Office: +358 40 590 0919
Bill Mitoulas
Investor Relations
[email protected]
Office: +1 (416) 479-9547
Source:KuuHubb Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-kuuhubb-acquires-full-global-rights-and-revenue-to-my-hospital-game.html |
CALGARY, Alberta, April 30, 2018 (GLOBE NEWSWIRE) -- (TSX-V:DVT) – Divestco Inc. (“Divestco” or the “Company”), an exploration services company dedicated to providing a comprehensive and integrated portfolio of data, software and services to the oil and gas industry worldwide, today announced its financial and operating results for the three months and year ended December 31, 2017.
Financial Highlights
Overall Performance and Operational Results
Financial Results (Thousands, Except Per Share Amounts) Three months ended December 31 Year ended December 31 2017 2016 $ Change % Change 2017 2016 $ Change % Change Revenue $ 3,323 $ 7,679 $ (4,356 ) -57 % $ 12,755 $ 15,966 $ (3,211 ) -20 % Operating Expenses (1) 3,044 2,501 543 22 % 11,424 10,141 1,283 13 % Other Loss (Gain) 50 18 32 178 % (756 ) 80 (836 ) N/A EBITDA (2) 229 5,160 (4,931 ) -96 % 2,087 5,745 (3,658 ) -64 % Finance Costs 403 236 167 71 % 1,634 1,305 329 25 % Depreciation and Amortization (3) 1,610 1,627 (17 ) -1 % 7,995 6,377 1,618 25 % Net Loss $ (1,784 ) $ 3,297 $ (5,081 ) N/A $ (7,542 ) $ (1,937 ) $ (5,605 ) N/A Per Share - Basic and Diluted (0.03 ) 0.05 (0.08 ) N/A (0.11 ) (0.03 ) (0.08 ) N/A Funds from (used in) Operations $ 253 $ 4,136 $ (3,883 ) -94 % $ 1,098 $ 4,703 $ (3,605 ) -77 % Per Share - Basic and Diluted - 0.06 (0.06 ) -100 % 0.02 0.07 (0.05 ) -71 % Class A Shares Outstanding 66,133 66,884 N/A N/A 66,133 66,884 N/A N/A Weighted Average Shares Outstanding Basic and Diluted 66,180 67,150 N/A N/A 66,565 67,217 N/A N/A
(1) Includes salaries & benefits, general & administrative expenses and share-based payments but excludes depreciation and amortization and other losses (income)
(2) See the “Non GAAP Measures” section of the Company’s Management Discussion and Analysis filed on the Company’s website and on SEDAR
(3) Increase in 2017 from 2016 is due to a new seismic survey completed in Q1 2017. The Company’s policy is to amortize 40% of the cost of a new seismic survey in the period of data delivery.
Q4 2017 vs. Q4 2016
Divestco generated revenue of $3.3 million in Q4 2017 compared to $7.7 million in Q4 2016, a decrease of $4.4 million (56%) which was mainly due to lower seismic data library sales partially offset by higher Services and Software & Data revenues. Revenue in the Seismic Data segment ($0.7 million) decreased by $5.6 million (89%) as there no new seismic participation surveys in Q4 2107. Revenue in the Software & Data segment ($1.8 million) increased by $1.0 million (125%) due to a large log data sale. Revenue in the Services segment ($0.9 million) increased by $0.3 million (50%) due to additional international projects.
Operating expenses increased by $0.5 million (22%) to $3.0 million in Q4 2017 from $2.5 million in Q4 2016. Salaries increased by $0.4 million (36%) due to the expiry of certain austerity measures put in place in 2016. G&A expenses increased by $81,000 (7%) due to an increase in stock-based compensation, as well as software licences and contractor fees and an increase in bad debts partially offset by lower discretionary expenses.
Finance costs increased by $167,000 (71%) to $403,000 in Q4 2017 from $236,000 in Q4 2016 due to a new term loan secured in March 2017. While debt levels are lower at December 31, 2017 compared to 2016, a portion of the term loan was not repaid until December 2017.
Depreciation and amortization was $1.6 million in Q4 2017 compared to $1.6 million in Q4 2016.
Year Ended December 31, 2017 vs. Year Ended December 31, 2016
Divestco generated revenue of $12.8 million during 2017 compared to $16.0 million in 2016, a decrease of $3.2 million (20%). During 2017, Seismic Data, Services, and Software & Data had lower revenue. Revenue in the Seismic Data segment ($6.4 million) decreased by $2.9 million (31%) mainly due to lower seismic participation revenue. Revenue in the Software & Data segment ($3.9 million) decreased by $0.2 million (5%) mainly due to reduced industry activity. Revenue in the Services segment ($2.4 million) decreased by $0.2 million (8%) mainly due to delays in the awarding of new contracts on successful bids. These projects are expected to be completed by Q2 2018. The Company recognized gains of $0.5 million in 2017 for the sale of shares in one of its investees and $0.3 million in 2017 for the sale of intangible assets.
Operating expenses increased by $1.3 million (13%) to $11.4 million in 2017 from $10.1 million in 2016. Salaries increased by $0.9 million (16%) due to the expiry of certain austerity measures put in place in 2016. G&A expenses increased by $0.3 million (6%) due to an increase in occupancy costs and stock-based compensation partially offset by lower bad debt expenses.
Finance costs increased by $0.3 million (25%) to $1.6 million in 2017 from $1.3 million in 2016 due to higher debt levels as the Company entered into a new term loan agreement in March 2017.
Depreciation and amortization increased by $1.6 million (25%) to $8.0 million from $6.4 million in 2016 mainly due to the addition of new seismic data in March 2017 which commenced in Q4 2016.
Financial Position (1)
As at December 31, 2017, Divestco had an adjusted working capital deficiency of $3.7 million (December 31, 2016: $3.9 million deficiency), excluding deferred revenue of $1.6 million (December 31, 2016: $1.7 million). The decrease in the adjusted working capital deficiency from the end of 2016 was due to the repayment of a bridge loan in March 2017, which was replaced by a long-term debt facility and positive funds from operations.
(1) See the “Non GAAP Measures” section of the Company’s Management Discussion and Analysis filed on the Company’s website and on SEDAR
Operations Update and Outlook
The improvement in West Texas Intermediate oil prices in 2018 is expected to have a positive impact on capital spending by the industry in later part of the year. As access to capital remains challenging in Canada, Divestco continues to pursue international opportunities and continues to be awarded new projects. To mitigate the continued pressure on the domestic oil and gas market, the Company recently announced the formation of two new joint arrangements with Bird River Resources Inc., an oil and gas E&P company. The first is a cogeneration project set up to generate up to three megawatts of low-cost electricity. The natural gas required for the cogeneration project will be supplied by a company controlled by two of the directors of Divestco. The other is a cryptocurrency mining operation. It is expected that these projects will generate additional cash flows for the companies. Divestco is also expected to benefit from the addition the new computer hardware required for the cryptocurrency mining activity in its seismic processing division. Both activities are heavily reliant on high-volume data processing.
Mr. Stephen Popadynetz, CEO and President commented: “Despite significantly improved oil prices, Divestco has actually seen a reduction of project work domestically and our industry now appears to be entering stagnation. We have come to the realization that the bottlenecks caused by the political climate we are in is beyond our control and focusing on international projects and pursuing new revenue streams within our existing operations is the best way we can assure new growth. As such, Divestco has taken a bold leap to commence a cogeneration energy project and to leverage its substantial infrastructure into cryptocurrency mining. We have completed our initial proof of concept phase for both projects and are now beginning the first phase of commercial implementation. We have also commenced a Blockchain scoping project in the seismic industry and look forward to presenting this to our clients for full industry review and buy in. We continue to see interest in our stable of products and services; however, many of our clients have delayed spending on exploration given the current environment. If the Western Canadian industry can secure the political stability it needs to grow, this backlog is expected to quickly convert into paying projects and substantially grow our existing business lines. We remain optimistic that a solution will be found to realize the immense potential of the Alberta economy and coupled with our new business lines, enable Divestco to exit 2018 stronger and better than ever.”
About the Company
Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco’s breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and trades on the TSX Venture Exchange under the symbol “DVT”.
Additional information on the Company is available on its website at Divestco.com and on SEDAR at sedar.com .
For more information please contact:
Divestco Inc.
( www.divestco.com )
Mr. Stephen Popadynetz
CEO and President
Tel 587-952-8152
Mr. Danny Chiarastella
CFO
Tel 587-952-8027
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains forward-looking information related to the Company’s capital expenditures, projected growth, view and outlook with respect to future oil and gas prices and market conditions, and demand for its products and services. Statements that contain words such as “could’, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning applicable by Canadian securities legislation. Although management of the Company believes that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to have been correct because, should one or more of the risks materialize, or should the assumptions underlying forward-looking statements or forward-looking information prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Readers should not place undue reliance on forward-looking statements or forward-looking information. All of the forward-looking statements and forward-looking information of the Company contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Except where required by law, the Company does not assume any obligation to update these forward-looking statements or forward-looking information if conditions or opinions should change.
In particular, this press release contains forward-looking statements pertaining to the following: Company’s ability to keep debt and liquidity at acceptable levels, improve/maintain its working capital position and maintain profitability in the current economy; availability of external and internal funding for future operations; relative future competitive position of the Company; nature and timing of growth; oil and natural gas production levels; planned capital expenditure programs; supply and demand for oil and natural gas; future demand for products/services; commodity prices; impact of Canadian federal and provincial governmental regulation on the Company; expected levels of operating costs, finance costs and other costs and expenses; expectations regarding the Company’s ability to raise capital; treatment under tax laws; and new accounting pronouncements.
These forward-looking statements are based upon assumptions including: future prices for crude oil and natural gas; future interest rates and future availability of debt and equity financing will be at levels and costs that allow the Company to manage, operate and finance its business and develop its software products and various oil and gas datasets including its seismic data library, and meet its future obligations; the regulatory framework in respect of royalties, taxes and environmental matters applicable to the Company and its customers will not become so onerous on both the Company and its customers as to preclude the Company and its customers from viably managing, operating and financing its business and the development of its software and data; and that the Company will continue to be able to identify, attract and employ qualified staff and obtain the outside expertise as well as specialized and other equipment it requires to manage, operate and finance its business and develop its properties.
These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including: general economic, market and business conditions; volatility in market prices for crude oil and natural gas; ability of Divestco’s clients to explore for, develop and produce oil and gas; availability of financing and capital; fluctuations in interest rates; demand for the Company’s product and services; competitive actions by other companies; availability of skilled labour; failure to obtain regulatory approvals in a timely manner; adverse conditions in the debt and equity markets; and government actions including changes in environment and other regulation.
Source:Divestco Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-divestco-reports-2017-q4-and-annual-results.html |
May 21 (Reuters) - Tapestry Inc:
* ANNOUNCES DEPARTURE OF STUART WEITZMAN CREATIVE DIRECTOR * TAPESTRY INC - COMMENCED A SEARCH FOR A NEW CREATIVE LEADER
* TAPESTRY - RESIGNATION OF STUART WEITZMAN CREATIVE DIRECTOR GIOVANNI MORELLI Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-announces-departure-of-stuart-weit/brief-announces-departure-of-stuart-weitzman-creative-director-idUSASC0A34D |
ST PETERSBURG, Russia (Reuters) - Chinese Vice President Wang Qishan said on Friday there would be no winners if there was a trade war between China and the United States, but said Beijing had to be ready for any turn of events.
Chinese Vice President Wang Qishan delivers a speech during a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Grigory Dukor Speaking at an economic forum in St Petersburg, Wang Qishan said there were frequent consultations between the world’s two largest economies aimed at tamping down trade tensions which have flared after talk of potential tariffs.
U.S. President Donald Trump has said he is unhappy about what he regards as the excessive nature of his country’s trade deficit with China and has cast uncertainty over progress in trade talks with Beijing.
“We need to be restrained and not limited by emotions,” Wang Qishan told the forum, according to an instantaneous translation of his remarks into Russian.
“We must avoid a trade war because there won’t be any winners in such a war.”
He said a mutually beneficial arrangement needed to be found and spoke out against pursuing what he called a zero sum game.
“We can learn a lot from the United States,” he said, citing its super power status. “We need to cooperate.”
However, despite the conciliatory tone of his comments on the subject, he said Beijing had to be ready for any turn of events.
International Monetary Fund Managing Director Christine Lagarde, speaking at the same event, said U.S. complaints about the size of its trade deficit with China were strange.
She also said that U.S. complaints about alleged Chinese intellectual property violations should be discussed at the World Trade Organization.
Additional reporting by Katya Golubkova and Christian Lowe; Editing by Andrew Osborn
| ashraq/financial-news-articles | https://in.reuters.com/article/russia-economy-forum-qishan/chinas-wang-qishan-trade-war-with-washington-would-have-no-winners-idINKCN1IQ2JU |
May 24, 2018 / 8:07 PM / Updated 33 minutes ago Movie producer Weinstein to surrender on sex assault charges -media reports Reuters Staff 3 Min Read
NEW YORK (Reuters) - Harvey Weinstein, who went from one of Hollywood’s most powerful film producers to being disgraced by accusations of sexual assault by scores of women, is expected to surrender to police and face charges in New York on Friday morning, the New York Times reported. FILE PHOTO: Harvey Weinstein, co-chairman of the Weinstein Company, kicks off the Film Finance Circle conference with an informal discussion at the inaugural Middle East International Film Festival in Abu Dhabi, October 15, 2007. REUTERS/Steve Crisp/File Photo
Weinstein’s spokesman Juda Engelmayer and Weinstein’s lawyer Benjamin Brafman both declined to comment on the report, which cited two unidentified law enforcement officials.
The New York Daily News and NBC News also reported Weinstein was expected to be arrested and charged following a months-long investigation, including by the Manhattan district attorney’s office.
More than 70 women have accused the co-founder of the Miramax studio and The Weinstein Co of sexual misconduct, including rape. The allegations, first reported by the New York Times and the New Yorker last year, gave rise to the #MeToo movement in which hundreds of women have publicly accused powerful men in business, government and entertainment.
Weinstein has denied having non-consensual sex with anyone.
Weinstein will be charged over an allegation by at least one accuser, Lucia Evans, a former aspiring actress who told the New Yorker that Weinstein forced her to give him oral sex in 2004, the Times and Daily News reported. The exact nature of the charges being brought by the Manhattan District Attorney’s office was unclear on Thursday afternoon.
The New York Police Department and the Manhattan district attorney’s office declined to confirm the news reports.
Entertainment industry heavyweights have distanced themselves from Weinstein, once one of Hollywood’s most powerful men, since the accusations became public. The board of the Weinstein Co fired him, the company itself filed for bankruptcy in March. In 2017, he was expelled from the Academy of Motion Pictures Arts and Sciences, which presents the Oscars.
A former fixture in the most elite entertainment circles of Manhattan and Los Angeles, Weinstein has since been seen spending time in Scottsdale, Arizona, where the New York Times said he had been seeking treatment for sex addiction.
Actor Ashley Judd last month sued Weinstein, saying that he cost her a part in 1998 for the film “The Lord of the Rings” after she rejected his sexual advances, charges that Weinstein has denied.
Other prominent actors who have publicly accused Weinstein of sexual misconduct include Uma Thurman and Salma Hayek.
Brafman, Weinstein’s lawyer, is known for representing high-profile criminal defendants, including pop star Michael Jackson and Martin Shkreli, the former drug company executive.
In 2011, Brafman represented Dominique Strauss-Kahn, the former head of the International Monetary Fund, over charges, which were eventually dropped, that he sexually assaulted a New York City hotel maid. Reporting by Jonathan Allen, Dan Trotta, Karen Freifeld and Peter Szekely in New York and Jill Serjeant in Los Angeles; editing by Grant McCool | ashraq/financial-news-articles | https://in.reuters.com/article/people-harvey-weinstein/ex-hollywood-executive-weinstein-to-surrender-on-sex-assault-charges-media-reports-idINKCN1IP3HQ |
Burberry bags profit rise ahead of Tisci design era 10:59am EDT - 01:12
Burberry has beat profit forecasts as a strategy to re-energise its luxury brand showed early promise ahead of the arrival of its new designer Riccardo Tisci. Lea Jakobiak reports.
Burberry has beat profit forecasts as a strategy to re-energise its luxury brand showed early promise ahead of the arrival of its new designer Riccardo Tisci. Lea Jakobiak reports. //reut.rs/2rLHWO8 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/burberry-bags-profit-rise-ahead-of-tisci?videoId=427421605 |
May 21, 2018 / 3:07 PM / Updated 44 minutes ago Carrefour could close 227 DIA stores in France after June 4 Reuters Staff 2 Min Read
PARIS (Reuters) - French retailer Carrefour ( CARR.PA ) has not found buyers for 227 of 273 former DIA stores in France it plans to sell, putting them at risk of closure after June 4, a spokesman for the company said on Monday. A Carrefour logo is seen on a Carrefour Hypermarket store in Montreuil, near Paris, France, February 5, 2018. REUTERS/Regis Duvignau
The stores are part of a network of 600 stores Europe’s largest retailer bought from Spain’s Dia ( DIDA.MC ) in 2014, but has said it plans to sell or close the underperforming stores mostly in north and eastern France from its scope by the end of 2018.
Carrefour reported a full-year net loss of 531 million euros (465.4 million pounds) in February after non-recurring charges of 1.3 billion euros tied to impairments in Italy and assets linked to the former DIA stores.
The spokesman, confirming reports about the stores in French media, said out of 273 stores it had planned to sell, it had received firm or indicative offers for 46 stores.
He said the company would help the 2,100 employees concerned by the 273 DIA shops to find new jobs within the Carrefour. Reporting by Pascale Denis; Writing by Bate Felix. Editing by Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-carrefour-shops/carrefour-could-close-227-dia-stores-in-france-after-june-4-idUKKCN1IM1OD |
Workers are most willing to move for technology jobs in big, expensive coastal cities, a new study found. The only problem? Those aren’t the bulk of open jobs in the U.S. Firms in cities such as San Francisco, New York and San Jose are attracting the most out-of-area job candidates, according to a new study Real Time Economics: U.S.-China Tensions Easing? | 'Nowhere Near' a Nafta Deal | Mortgage Rates Hit 7-Year High | ashraq/financial-news-articles | https://blogs.wsj.com/economics/2018/05/18/which-jobs-are-workers-most-willing-to-move-for-these-ones/ |
(Reuters) - Ophir Energy is replacing CEO Nicholas Cooper with immediate effect, the company announced on Friday, amid delays in funding a major gas project in Equatorial Guinea that have slashed its share value in the past year.
Alan Booth, currently a non-executive director, has been named interim CEO and executive director, Ophir said.
The company is looking “to rebalance its portfolio towards a larger production and cash flow base, to support more focused and sustainable exploration activity,” the board said in a statement.
Cooper served as chief executive for almost seven years. He led the company’s IPO in 2011, its sale of part of its interest in Tanzania in 2013 and its acquisition of Salamander in 2015.
Most recently, Cooper initiated a proposed acquisition of Santos Ltd’s Southeast Asian assets.
However, the company has struggled to secure $1.2 billion in bank loans needed to fund the Fortuna deepwater liquefied natural gas (LNG) project in Equatorial Guinea, forcing it to push back first production to 2022.
This week, Equatorial Guinea’s energy minister told Reuters that Ophir would be forced out of the project unless loan deals were presented to the government by December. Gabriel Obiang Lima said the country had already lined up a potential replacement.
Ophir’s board said it would continue to focus on realizing value for shareholders from the Fortuna project and work with Equatorial Guinea on achieving that.
However, Morgan Stanley analyst Sasikanth Chilukuru said in a note that Cooper’s departure “adds more uncertainty to the investment thesis, one that is dominated by the Fortuna FLNG project”.
Ophir shares fell as much as 8 percent of Friday and stood down 3.2 percent at 63.70 pounds at 1014 GMT.
The stock is down 33 percent in the past year, losing out on gains enjoyed by peers courtesy of a rise in energy prices including Brent crude oil and spot LNG .
Reporting by Arathy S Nair in Bengaluru and Oleg Vukmanovic in London; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ophir-ceo/ophir-energy-replaces-ceo-cooper-amid-lng-project-delays-idUSKCN1IJ17C |
Thousands of pages of emails that New York City Mayor Bill de Blasio had long fought to keep private were released Thursday, providing a peek into how his administration strategized over investigations into his campaign financing, his feud with Gov. Andrew Cuomo and his education agenda.
The mayor’s office released the trove of documents after an appeals court ruled earlier this month that Mr. de Blasio, a Democrat, must make public the emails he exchanged with five outside advisers dating back to January 2014, his first month... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/emails-shed-light-on-de-blasio-skirmishes-1527216534 |
May 23 (Reuters) - Alexandria Real Estate Equities Inc :
* ALEXANDRIA REAL ESTATE EQUITIES, INC. APPOINTS DANIEL J. RYAN AS CO-CHIEF INVESTMENT OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alexandria-real-estate-equities-ap/brief-alexandria-real-estate-equities-appoints-daniel-ryan-as-co-chief-investment-officer-idUSASC0A3DW |
Cowen's big call on chip stocks 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/cowens-big-call-on-chip-stocks.html |
The U.S. needs to get other governments to pay more for prescription drugs through trade negotiations and agreements, Health and Human Services Secretary Alex Azar told CNBC on Friday.
The comments came ahead of a blueprint will unveil later Friday for lowering U.S. drug prices. The plan will target "foreign freeloading" in other countries that use "socialized healthcare to command unfairly low prices from U.S. drug makers," according to a White House summary released Thursday.
Some countries set price controls for prescription drugs. Several experts have questioned how the U.S. can make other governments pay more.
Azar said the administration will propose ideas aimed at lowering costs American patients pay.
"On the foreign side, we need to, through our trade negotiations and agreements, pressure them," Azar said on " Squawk Box ." "And so we pay less, they pay more. It shouldn't be a one-way ratchet. We all have some skin in this game."
Also see: For Medicare recipients, Trump's drug price proposal can't come soon enough | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/hhs-azar-says-us-will-pursue-trade-agreements-on-foreign-drug-prices.html |
* NSE index up 0.8 pct, BSE index up 0.7 pct
* Sun Pharma top pct gainer
May 28 (Reuters) - Indian shares ended higher for a third session on Monday, as lower crude prices and a firmer rupee lifted sentiment, with financial and oil stocks accounting for much of the gains.
The broader NSE index closed 0.79 percent higher at 10,688.65 while the benchmark BSE index rose 0.69 percent to 35,165.48.
HDFC Bank Ltd ended 1.5 percent higher while Bharat Petroleum Corp Ltd rose 5.4 percent.
Drugmaker Sun Pharmaceutical Industries Ltd, which posted quarterly results on Friday, was the top percentage gainer on the indexes, ending 7.1 percent higher.
For the mid-day report, click (Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-stocks/indian-shares-end-higher-banks-oil-firms-gain-idUSB8N1SB00C |
April 30 (Reuters) - Intevac Inc:
* INTEVAC ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP LOSS PER SHARE $0.23
* Q1 LOSS PER SHARE $0.23 * Q1 EARNINGS PER SHARE VIEW $-0.23 — THOMSON REUTERS I/B/E/S
* QTRLY NET REVENUES $18.0 MILLION VERSUS $30.4 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-intevac-reports-q1-loss-per-share/brief-intevac-reports-q1-loss-per-share-of-0-23-idUSASC09YAM |
Cramer Remix: The fall of cloud stocks could be a worrisome sign for tech 11 Hours Ago Jim Cramer deciphers the collapse of the “cloud kings” and what it could mean for FANG and the rest of tech. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/cramer-remix-the-fall-of-cloud-stocks-could-be-worrisome-for-tech.html |
April 30 (Reuters) - MAS Real Estate Inc:
* PURCHASE PRICE FOR ACQUISITION IS EUR 95.0 MILLION * ACQUISITION HAS BEEN UNDERTAKEN IN TERMS OF A LONG-TERM CO-INVESTMENT AGREEMENT THAT MAS HAS ENTERED INTO WITH PRIME KAPITAL LTD
* PURCHASE PRICE TO BE SETTLED IN CASH AND PAYABLE UPON FULFILMENT OF CERTAIN CONDITIONS PRECEDENT TO SPA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mas-real-estate-announces-acquisit/brief-mas-real-estate-announces-acquisition-of-investment-property-in-romania-idUSFWN1S6078 |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB10920515820464333357004584184343501866468 |
May 2 (Reuters) - Matador Resources Co:
* MATADOR RESOURCES REPORTS FIRST QUARTER 2018 RESULTS AND PROVIDES OPERATIONAL UPDATE
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.36
* Q1 GAAP EARNINGS PER SHARE $0.55 * Q1 EARNINGS PER SHARE VIEW $0.33 — THOMSON REUTERS I/B/E/S
* Q1 2018 AVERAGE DAILY OIL EQUIVALENT PRODUCTION INCREASED 4% SEQUENTIALLY TO 45,300 BOE PER DAY AS COMPARED TO Q4 2017
* QTRLY AVERAGE DAILY OIL PRODUCTION INCREASED 7% SEQUENTIALLY TO 26,500 BARRELS PER DAY
* SEES AVERAGE DAILY OIL PRODUCTION AND AVERAGE DAILY NATURAL GAS PRODUCTION TO INCREASE ABOUT 3 TO 4% IN Q2 VERSUS Q1 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-matador-resources-q1-gaap-earnings/brief-matador-resources-q1-gaap-earnings-per-share-0-55-idUSASC09Z66 |
Former UN Secretary-General Ban Ki-Moon is worried about America's image when it comes to establishing credibility in its upcoming talks with North Korea.
President Donald Trump's recent decision to withdraw from the Iranian Nuclear Deal does not set a good precedent for reliability and that will matter to North Korea President Kim Jong Un during upcoming nuclear talks , the South Korean diplomat told CNBC's Nancy Hungerford on Wednesday.
"I personally believe that it has given a very problematic message in terms of credibility, and trust and confidence in (the) U.S. What kind of message North Korea will get from this?" Ban asked.
"Can I trust the U.S. president? This may be the first question by North Korea's leader."
Trump on May 8 announced America's withdrawal from the Iran deal , formally called the Joint Comprehensive Plan of Action (JCPOA), signed in 2015 with China, France, Russia, the U.K. and Germany. The landmark agreement lifted economic sanctions on Iran in exchange for restrictions on its nuclear program, and the International Atomic Energy Agency regularly reported that Iran was in compliance with its rules.
Trump, however, vocally derided it, calling it the "worst deal ever" and pledging to do away with it as he has done with a number of policy actions by the Barack Obama administration.
With the stated aim of denuclearizing the Korean Peninsula , the Trump administration has scheduled talks with North Korea's Kim. Planned to take place in Singapore on June 12, the meeting would be the first ever between a sitting U.S. president and a North Korean head of state.
show chapters Ban Ki-moon: Deeply concerned about North Korea talks cancellation 11 Hours Ago | 02:23 Following the historic signing of a peace agreement in April between North and South Korea's presidents in the border truce village of Panmunjom, hopes are high for progress on peace and nuclear talks between the two longtime adversaries and with the U.S. But Trump's Iran move casts an unfavorable light on his negotiating position, Ban said.
"Now they're on the verge of agreeing a very grand and big agreement between U.S. and North Korean leader, and there was very historic agreement between South Korean president and North Korean leader in Panmunjom. Then all this agreement, having seen what happened to JCPOA in Iran, what kind of message North Korea's leader will have?"
Ban added that he had long been warning the Trump administration against leaving the JCPOA, but to no avail. "Now it has been done, I sincerely hope that President Trump will have a successful meeting and convince North Korea that this time, the U.S. will be strongly committed, together with South Korea."
Ban also discussed his skepticism over North Korea's sincerity in its pledges, recounting four previous instances going back to the 1990s in which the North backtracked on its agreements to work toward denuclearization.
Asked if Trump was deserving of a Nobel Prize, as was suggested by the South Korean President Moon Jae-In, Ban was reserved.
"I do not want to prejudge, or impinge upon the judgment and integrity of the Nobel Committee," he said. "This is up to them to decide."
Talks under threat In an unexpected move, North Korea on Tuesday abruptly cancelled talks with the South planned for Wednesday and threatened to walk away from the U.S. negotiations.
Pyongyang blamed joint military drills between the U.S. and South Korea, longtime security partners, for triggering "provocation" and accused them of preparing for an invasion. The head of the North's delegation for the talks said his country was "indefinitely canceling the planned high-level inter-Korean talks" due to the military exercises.
The Pentagon defended the drills, describing them as "defensive exercises" that are "part of the ROK-U.S. Alliance's routine, annual training program to maintain a foundation of military readiness." The spring exercises have been taking place for decades.
The U.S. State Department said it had not received information concerning a cancellation of the June summit between Trump and Kim, and would continue planning for it. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/ban-ki-moon-iran-deal-pullout-sends-bad-message-to-north-korea.html |
NEW YORK--(BUSINESS WIRE)-- The Rohatyn Group (“TRG”), a specialized asset management firm focused on emerging markets, and J.P. Morgan Asset Management today announced that TRG has acquired the J.P. Morgan Asian Infrastructure & Related Resources Opportunity (“AIRRO”) platform. In addition to acquiring the rights to manage the AIRRO funds, the India-based AIRRO investment team will join TRG’s India private markets team as part of the transaction. Rajeev Kalra, TRG Managing Director and Head of India, will lead the combined group from offices in Mumbai and New Delhi.
Nicolas Rohatyn, Chief Executive Officer and Chief Investment Officer of TRG, said, “We are thrilled to welcome AIRRO investors to our firm and further our mission of providing LPs with thoughtful solutions to achieve their investment goals in emerging markets. As with other platform acquisitions that TRG has previously undertaken, our highest priority will be to maximize the AIRRO portfolio’s value with an eye towards successful realization of its investments.”
“We are pleased that The Rohatyn Group is the new home of the AIRRO platform and team,” said Anton Pil, Managing Partner, J.P. Morgan Global Alternatives. “TRG’s pedigree, infrastructure and emerging markets experience, and acquisition, integration and realization track record will provide stability and continuity for the AIRRO investors.”
The AIRRO funds currently hold approximately $750 million in Indian assets across investments spanning the toll road, thermal power, renewable energy, and social infrastructure sub-sectors. The addition of AIRRO’s portfolio of Indian infrastructure assets is a strong strategic fit with TRG’s focus on structural and special opportunities in emerging markets. TRG has multifaceted experience in infrastructure and renewable energy, including CapAsia, TRG’s Southeast Asian infrastructure subsidiary, which is in the process of being fully integrated into the firm.
Mr. Kalra commented, “Since establishing its private markets presence in India in December 2013 with the acquisition of Citi Venture Capital International (“CVCI”), TRG has executed a number of value accretive initiatives in its investments to achieve seven successful exits in its India portfolio, despite complex circumstances in a number of cases. We are well positioned to apply our skills and knowledge base to the AIRRO portfolio and other future initiatives.”
Mr. Rohatyn added, “TRG is excited to supplement our current investment capabilities in both India and infrastructure more broadly. We see a pressing need for increased and improved infrastructure across emerging markets to perpetuate the strong growth and dynamism of these economies. The firm has a deep pool of investment professionals with decades of experience investing in the sectors and markets where AIRRO operates, and are excited to bolster these resources with the experience of the AIRRO team to achieve successful outcomes for our investors.”
About TRG
Founded in 2002, The Rohatyn Group is an emerging markets asset management firm headquartered in New York, with offices around the globe including Boston, Singapore, Seoul, Rotorua, London, Buenos Aires, Lima, Montevideo, Mexico City, São Paulo, Mumbai and New Delhi. For more information, please visit www.rohatyngroup.com .
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $130 billion in assets under management and over 800 professionals (as of March 31, 2018), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005374/en/
The Rohatyn Group:
Sard Verbinnen & Co
Chris Kittredge/Julie Rudnick, 212-687-8080
or
J.P. Morgan Asset Management:
Kristen Chambers, 212-622-4111
Source: The Rohatyn Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-the-rohatyn-group-acquires-j-p-morgan-asian-infrastructure-platform.html |
May 18, 2018 / 8:09 AM / in an hour Armed British police arrest man on suspicion of terrorism offenses Reuters Staff 1 Min Read
LONDON (Reuters) - British police said they had arrested a man in London early on Friday on suspicion of preparation of terrorist acts.
The arrest of the 18 year-old man took place in a street in the north London area and involved armed officers, London’s Metropolitan Police said in a statement.
The arrest was not connected to Saturday’s wedding of Britain’s Prince Harry and his fiancee Meghan Markle, a spokeswoman for the Metropolitan Police said. Reporting by Alistair Smout; Writing by William Schomberg | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-security-arrest/armed-british-police-arrest-man-on-suspicion-of-terrorism-offenses-idUSKCN1IJ0SD |
WASHINGTON (Reuters) - The international agreement on limiting Iran’s development of nuclear weapons was reached under false pretenses because the country’s nuclear program was more advanced than it indicated at the time the deal was negotiated in 2015, White House press secretary Sarah Sanders said on Tuesday.
“The problem is the deal was made on a completely false pretense. Iran lied on the front end,” Sanders said at a regular White House briefing. “They were dishonest actors and so the deal that was made was made on things that were not accurate. Particularly the fact that Iran’s nuclear capability were far more advanced and further along than they indicated.”
Reporting by Steve Holland; Writing by Lisa Lambert; Editing by Leslie Adler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-trump/white-house-irans-nuclear-program-further-along-than-indicated-in-2015-idUSKBN1I2499 |
May 18, 2018 / 7:16 AM / Updated 5 minutes ago CVC to buy Finnish healthcare group Mehilainen from KKR, Triton Reuters Staff 2 Min Read
HELSINKI, May 18 (Reuters) - Buyout fund CVC Capital has agreed to buy a majority stake in Mehilainen, one of Finland’s largest healthcare companies, from private equity companies KKR and Triton.
The companies, announcing the sale in separate statements on Friday, did not disclose the price but the Financial Times, citing unnamed sources, said the deal would be valued at 1.8 billion euros ($2.1 billion). Mehilainen had sales of 756 million euros last year.
The Finnish healthcare industry is restructuring ahead of a potential shake-up aimed at boosting competition between healthcare providers by opening up more opportunities to the private sector.
Mehilainen said CVC would buy a stake of around 50 percent and Finnish insurance group Lahitapiola and pension funds Varma and Ilmarinen would increase their stakes to more than 30 percent combined. The actual stakes will be announced when the deal has closed.
“This is a very good solution. A stock market listing would have been an option, but this is better at this stage as the market is in transformation,” Mehilainen’s CEO Janne-Olli Jarvenpaa told Reuters by phone. “We’ll have a long-term investor with capability to fund growth projects.”
He declined to disclose the price of the deal and CVC, KKR and Triton were not immediately available to comment.
The Finnish parliament is expected to vote on the government’s healthcare reform bill next month.
On Thursday, Mehilainen’s rival Terveystalo agreed to buy Swedish rival Attendo’s Finnish operations for 233 million euros. ($1 = 0.8470 euros) (Reporting by Jussi Rosendahl; Editing by Susan Fenton) | ashraq/financial-news-articles | https://www.reuters.com/article/mehilainen-ma-cvc/cvc-to-buy-finnish-healthcare-group-mehilainen-from-kkr-triton-idUSL5N1SP14L |
BERLIN, May 2 (Reuters) - Volkswagen’s labour leaders should focus on staff-related matters and not get involved in other aspects of management, the head of the carmaker’s controlling shareholder group was Quote: d as saying on Wednesday.
Wolfgang Porsche’s comments to Germany’s Stern magazine come a month after Volkswagen (VW) appointed a labour representative to its management board for the first time.
Analysts said the move appeared aimed at securing the support of the German company’s powerful works council for the appointment of a new chief executive and a far-reaching overhaul of the group’s structure.
But some were also concerned it could hinder Europe’s biggest carmaker in its efforts to cut costs and improve efficiency, as it embarks on a huge investment in electric vehicles and self-driving technology.
Unions have a say in how German companies are run under the country’s so-called co-determination rules, but their influence is greater at VW thanks to a deal struck after the Second World War.
Labour leaders should participate in deciding staff-related matters, “but it (co-determination) should be confined to this and it should not give rise to a claim to co-management,” Porsche told Stern, calling for a “separation of powers.”
Porsche is the chairman of Porsche SE, the holding firm through which the Porsche and Piech families control the majority of VW’s voting shares.
Porsche also said he expected new VW boss Herbert Diess to step up the pace of reform at the group, which is still struggling to emerge from under the cloud of its 2015 emissions scandal.
Before replacing Matthias Mueller as CEO, Diess repeatedly clashed with works council chief Bernd Osterloh over the implementation of a hard-fought cost-cutting programme at VW’s namesake brand, which Diess continues to run.
Osterloh, in an interview with German newspaper Handelsblatt published on Wednesday, denied labour leaders were running VW, saying management was responsible for corporate decisions.
“And if it (management) lives up to this responsibility, takes plausible decisions and provides leadership, then we have nothing to criticize,” Osterloh was Quote: d as saying.
Together with VW’s home state of Lower Saxony, labour representatives hold more than half of the 20 seats on the group’s supervisory board that ratifies key decisions on investment, plant closures and executive appointments.
The implications of VW’s delicately balanced ownership structure are likely to come up during discussions at the carmaker’s annual shareholder meeting on Thursday. (Reporting by Andreas Cremer; Editing by Mark Potter)
| ashraq/financial-news-articles | https://www.reuters.com/article/volkswagen-unions/key-vw-shareholder-says-unions-should-stick-to-staff-matters-stern-idUSL8N1S923S |
DAMASCUS, Syria—As warplanes roared across Syria’s sky, shoppers strolled in the capital’s markets and couples chatted in outdoor bars. The explosive thumps of the war nearby could be heard over a cover band performing an enthusiastic version of the 2014 pop hit “Happy.”
Ordinary Syrians in Damascus, a government stronghold, went on with their daily lives as Israel this week launched a large-scale retaliatory attack against what it called Iranian military assets in Syria—both defiant and resigned that the violence that has... | ashraq/financial-news-articles | https://www.wsj.com/articles/in-damascus-a-mix-of-resignation-and-defiance-as-israel-strikes-1526058829 |
May 1 (Reuters) - Matson Inc:
* MATSON, INC. ANNOUNCES FIRST QUARTER 2018 RESULTS AND RAISES 2018 OUTLOOK
* Q1 EARNINGS PER SHARE $0.33 * Q1 REVENUE $511.4 MILLION VERSUS I/B/E/S VIEW $461 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.23 — THOMSON REUTERS I/B/E/S
* COMPANY EXPECTS FULL YEAR 2018 EBITDA TO BE LOWER THAN $296.0 MILLION ACHIEVED IN 2017
* EXPECTS INTEREST EXPENSE FOR FULL YEAR 2018 TO BE APPROXIMATELY $23 MILLION
* FOR 2018, EXPECTS TO MAKE MAINTENANCE CAPITAL EXPENDITURE PAYMENTS OF ABOUT $68 MILLION, VESSEL CONSTRUCTION EXPENDITURES OF ABOUT $388 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-matson-reports-q1-2018-earnings-pe/brief-matson-reports-q1-2018-earnings-per-share-0-33-idUSL8N1S85TV |
Amazon's cloud business is now releasing numbers that show something important about its customer base: loyalty.
Amazon disclosed in its latest quarterly report that it had $12.4 billion in backlog revenue for Amazon Web Services. The balance represents the total value of signed contracts that didn't get reported as revenue because the agreements run for multiple years.
On average, the remaining life on those contracts is 3.2 years, which means Amazon has over $12 billion of sales that will turn into revenue over that stretch. The contracts have different terms, so it's unclear exactly when the revenue will be recognized.
The new disclosure is the latest sign of AWS' maturity as a software business, expanding from a pay-as-you-go service for smaller startups to a multi-year contract model that targets enterprise customers. The increase in backlog revenue gives investors a clearer sense of the strength of the business.
"This is further confirmation to the notion that Amazon's AWS business has great scale and is becoming increasingly predictable with longer-term, enterprise customers," Tom Roderick, an analyst Stifel Nicolaus, told CNBC.
Microsoft reported contracted revenue of $61 billion as of the end of March and expects to recognize 60 percent of that over the next 12 months. Salesforce said in February that it has $13.3 billion of business that's contracted but not billed.
'Sticky' service Roderick said AWS' numbers suggest that it's become a "sticky" service that locks in customers, a model big businesses prefer because it comes with volume discounts.
Large enterprise customers are nothing new to AWS, which has long served companies like Netflix and Airbnb and has a giant contract with the CIA. But now it's becoming more common for big companies to move their entire computing infrastructure to the public cloud, with AWS leading that market.
"It used to be if you were an enterprise customer, you only used AWS for 'burst' or extra capacity, so pay-as-you-go totally made sense," said Tien Tzuo, CEO of Zuora , a provider of cloud software that helps businesses manage their subscription revenue. "Now people are defaulting any computing to be in the public cloud, so they can estimate their computing needs in advance."
AWS reported revenue growth of 49 percent in the first quarter to $5.4 billion. So far this year, companies including Shutterfly and GoDaddy announced they're going "all-in" on AWS, while Oath and Comcast (owner of NBC, the parent of CNBC) chose it as their "preferred partner."
show chapters AWS CEO: We're customer-focused, not competitor-focused 3 Hours Ago | 05:04 Matt McIlwain, a partner at Seattle-based Madrona Ventures, said the growth in backlog revenue is partly driven by aggressive discounts. AWS offers Reserved Instances, a one to three-year prepaid option on computing resources that comes with hefty price cuts. Its enterprise discount program for larger customers has also been gaining traction of late.
Additionally, the company has been offering more subscription-friendly products like cloud data warehouse and database services, McIwain said.
"It's really an 'and' equation, where they're adding more things to their very large base of existing revenue," he said.
Based on the new disclosure, an average of $4 billion in backlog revenue will convert to sales every year, which accounts for less than 20 percent of AWS' projected $22 billion revenue run rate for 2018.
That means the majority of its revenue comes from shorter commitments, and AWS has to find ways to get those customers to spend more every year, said Prasadh Cadambi, a partner at KPMG, who wrote a report on this topic .
"It suggests that most of the contracts are short-term or with smaller companies, versus longer duration, committed contracts with enterprise customers," Cadambi said. Every year, "they still have to book a lot of deals."
Incomplete number Tzuo said AWS' metric is incomplete because it doesn't tell investors how many customers are renewing after their contracts expire or how much they're increasing their spending. Most cloud companies disclose additional information, like renewal rates and net expansion rates.
"At the end of the day, it's not about the backlog," Tzuo said. "It's about how much revenue is recurring and its retention power."
Still, Tzuo said AWS likely has high retention because of its dominance in the market over competitors like Microsoft and Google . And now we know it has a huge base to tap as it tries to get customers to stick around for many more years.
"AWS has already spent money acquiring $12.4 billion of revenue," Tzuo said. "Wouldn't we all love to wake up with $12.4 billion, even if we get it over time?" | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/amazon-aws-has-a-revenue-backlog-of-at-least-12-point-4-billion.html |
Changes Name to Elah Holdings, Inc.
Well positioned to execute acquisition business strategy with strong cash balance and zero debt
BEACHWOOD, Ohio--(BUSINESS WIRE)-- Real Industry, Inc. (the “Company”) today announced its emergence from bankruptcy proceedings. The Company has met all requirements for the completion of its plan of reorganization under Chapter 11 of the Bankruptcy Code, as amended and approved by the United States Bankruptcy Court for the District of Delaware (the “Plan”). The effective date of the Plan is May 9, 2018.
In connection with the Plan, the Company adopted new organizational documents, and changed its name to Elah Holdings, Inc.
Key features of the Plan include:
The common stock of the Company has been recapitalized, with 2.5 million shares of capital stock authorized 210/RELY Partners, LP (“210 Partners”), Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit LLC and Goldman Sachs Middle Market Lending Corp. acquired newly issued common stock for an aggregate purchase price of $17.5 million, totaling approximately 49% of the Company, with a portion of the proceeds used to repay the Company’s debtor-in-possession (DIP) financing in full The holder of the Company’s Series B Preferred Stock received $2.0 million in cash consideration plus newly issued common stock, totaling 31% of the Company, in exchange for the cancellation of its Series B Preferred Stock Each holder of Real Industry common stock is receiving one share of common stock for each of its 200 shares before the effective date, and in the aggregate, the common stockholders are collectively receiving 20% of the new common stock The new Board of Directors of the Company includes Robert Alpert, C. Clark Webb, Brian Laibow, Douglas Tabor and Randy Brown
The Company will seek to generate long term shareholder value through the continuation of its strategy of seeking profitable acquisitions and generate increased free cash flow from the utilization of its tax assets.
The Company’s subsidiary, Real Alloy Holding, Inc., expects to emerge from its Chapter 11 proceedings in the second quarter of 2018 at which time the Company will abandon its equity interests in this subsidiary.
Management Comments
C. Clark Webb, the Company’s new Chairman of the Board, stated, “We are pleased that the Company has emerged from these proceedings, and we look forward to working with the Company’s management team to create long-term shareholder value.”
Additional Information on the Chapter 11 Proceedings
Court filings and other information related to the court-supervised proceedings are available at a website administered by the Company’s claims agent, Prime Clerk, at https://cases.primeclerk.com/realindustry .
Cautionary Note Regarding Forward-Looking Statements
This release contains , which are based on our current expectations, estimates, and projections about the businesses and prospects of the Company and our subsidiaries (“we” or “us”), as well as management’s beliefs, and certain assumptions made by management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will” and variations of these words are intended to identify . Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to revise or update publicly any for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Forward-looking statements discuss, among other matters: our financial and operational results, as well as our expectations for future financial trends and performance of our business in future periods; our strategy; risks and uncertainties associated with Real Alloy’s, and the completion of its Chapter 11 proceedings;; the trading of common stock; Real Alloy’s ability to close its sale and the timing thereof; negotiations with the holders of Real Alloy’s senior secured notes, its asset-based facility lender, and its trade and other unsecured creditors; risks and uncertainties with performing under the terms of Real Alloy’s DIP financing arrangements and any other arrangement with lenders or creditors while in the Chapter 11 proceedings; Real Alloy’s ability to pay any amounts under key employee incentive or retention plans adopted in connection with the Chapter 11 proceedings; Real Alloy’s ability to conduct business as usual in the United States and worldwide, as well its ability to continue to serve customers, suppliers and other business partners at the high level of service and performance they have come to expect from Real Alloy; our ability to fund ongoing business operations through the proceeds of the stock sale; the ability to predict and control costs during and following the Chapter 11 proceedings; the risk that Real Alloy’s Chapter 11 proceedings may be converted to cases under Chapter 7 of the Bankruptcy Code; the ability of the Company to preserve and utilize its tax net operating losses (NOLs) following the Chapter 11 proceedings; the Company’s ability to secure and preserve operating capital; the Company’s ability to execute on its strategic plan to evaluate and close potential M&A opportunities; our long-term outlook; our preparation for future market conditions; and any statements or assumptions underlying any of the foregoing. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any as a result of various factors.
Important factors that may cause such differences include, but are not limited to, the decisions of the bankruptcy court; negotiations with Real Alloy’s debtholders, our creditors and any committee approved by the bankruptcy court; Real Alloy’s ability to meet the closing conditions of its sale, including obtaining third party approvals; the Company’s ability to meet the closing conditions of its equity investment or post-emergence credit facilities; changes in our cash needs as compared to our historical operations or our planned reductions in operating expense; adverse litigation; changes in domestic and international demand for recycled aluminum; the cyclical nature and general health of the aluminum industry and related industries; commodity and scrap price fluctuations and our ability to enter into effective commodity derivatives or arrangements to effectively manage our exposure to such commodity price fluctuations; inventory risks, commodity price risks, and energy risks associated with Real Alloy’s buy/sell business model; the impact of tariffs and trade regulations on our operations; the impact of the recently approved U.S. tax legislation and any other changes in U.S. or non-U.S. tax laws on our operations or the value of our NOLs; our ability to successfully identify, acquire and integrate companies and businesses that perform and meet expectations after completion of such acquisitions; our ability to achieve future profitability; our ability to control operating costs and other expenses; that general economic conditions may be worse than expected; that competition may increase significantly; changes in laws or government regulations or policies affecting our current business operations and/or our legacy businesses, as well as those risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Real Industry, Inc.’s Forms 10-K filed with the Securities and Exchange Commission (“SEC”) on April 5, 2018, and similar disclosures in subsequent reports filed with the SEC.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006484/en/
Elah Holdings, Inc.
Kyle Ross, 805-435-1255
Source: ReaI Industry, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-real-industry-completes-reorganization-under-chapter-11.html |
ST. LOUIS, May 7, 2018 /PRNewswire/ -- Spire Inc. (NYSE: SR) announced today that it has priced a public offering of 2,000,000 shares of its common stock at $68.75 per share. Spire has also granted the underwriters a 30-day option to purchase up to 300,000 additional shares of common stock. Gross proceeds from the offering are expected to be $137.5 million or $158.1 million if the option to purchase additional shares is exercised in full. The offering is expected to close on May 10, 2018, subject to customary closing conditions.
The offering is intended to support investments in ongoing infrastructure upgrades, as well as the Spire STL Pipeline and recently acquired storage assets. To that end, we intend to use the net proceeds from the offering to repay short-term borrowings used to fund such investments as well as for general corporate purposes.
Wells Fargo Securities, Credit Suisse and RBC Capital Markets are acting as joint bookrunners for the offering, and Stifel and Ramirez & Co., Inc. are co-managers. Copies of the preliminary prospectus supplement and accompanying prospectus for the offering may be obtained from:
Wells Fargo Securities, LLC, 375 Park Avenue, New York, NY 10152
Attention: Equity Syndicate Department
800-326-5897 [email protected] Credit Suisse Securities (USA) LLC, One Madison Avenue, New York, NY 10010
Attention: Credit Suisse Prospectus Department
800-221-1037 [email protected] RBC Capital Markets, LLC, 200 Vesey Street, 8 th Floor, New York, NY 10281-8098
Attention: Equity Syndicate
877-822-4089 [email protected]
This news release shall not constitute an offer to sell or the solicitation of any offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.
About Spire
At Spire Inc. (NYSE: SR) we believe energy exists to help make people's lives better. It's a simple idea, but one that's at the heart of our company. Every day we serve 1.7 million homes and businesses, making us the fifth-largest publicly traded natural gas company in the country. We help families and business owners fuel their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our non-utility operations include Spire Marketing, which provides natural gas marketing and related services. We are committed to transforming our business and pursuing growth through 1) growing organically, 2) investing in infrastructure, 3) acquiring and integrating, and 4) innovation and technology.
Forward-Looking and Cautionary Statements
This news release contains within the meaning of Section 21E of the Securities Exchange Act of 1934. Our future operating results may be affected by various uncertainties and risk factors, many of which are beyond our control, including weather conditions, economic factors, the competitive environment, governmental and regulatory policy and action, and risks associated with acquisitions. For a more complete description of these uncertainties and risk factors, see the preliminary prospectus supplement and accompanying prospectus for the offering, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2017 and our Quarterly Reports on Form 10-Q for the quarters ended December 31, 2017 and March 31, 2018 incorporated by reference therein, each as filed with the Securities and Exchange Commission.
Investor Contact:
Scott W. Dudley Jr.
[email protected]
314-342-0878
Media Contact:
Jessica B. Willingham
[email protected]
314-342-3300
View original content: http://www.prnewswire.com/news-releases/spire-prices-public-offering-of-common-stock-300644112.html
SOURCE Spire Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-spire-prices-public-offering-of-common-stock.html |
WARSAW, Ind., OrthoPediatrics Corp. (NASDAQ:KIDS), a company exclusively focused on advancing the field of pediatric orthopedics, announced today its financial results for the first quarter ended March 31, 2018.
First Quarter & Recent Highlights
Increased total revenue 23.9% to $12.1 million for first quarter 2018, from $9.8 million in first quarter 2017 Deployed $5.5 million of consignment sets during the first quarter 2018 Added 9 incremental U.S. sales representatives in the first quarter 2018 for a total of 84 Launched Titanium PediPlates® and upgraded PediFlex™ Advanced system Received FDA 510(k) clearance for 25 th surgical system, Pediatric Nailing Platform | FEMUR Recognized as one of the 100 Best Places to Work in Indiana for second year
Mark Throdahl, Chief Executive Officer of OrthoPediatrics, commented, “We are very pleased by our solid start to the year with greater than anticipated first quarter revenue growth of 24%. Since becoming a public company last October, we have exceeded anticipated growth in every quarter. While all of our product lines contributed, strong domestic scoliosis sales continued to outpace the industry, further establishing our leading market position in pediatric orthopedics. In addition, we significantly increased our investment in consignment sets to $5.5 million and R&D by 77%, which helped support the FDA 510(k) clearance of our Pediatric Nailing Platform | FEMUR. These investments will further enable our expanding sales force to drive future growth. Once again, we are honored to be recognized as one of the 100 Best Places to Work in Indiana, which validates our culture and its commitment to transforming the lives of children around the world with orthopedic conditions.”
First Quarter 2018 Financial Results
Total revenue for the first quarter of 2018 was $12.1 million, a 23.9% increase compared to $9.8 million for the same period last year. U.S. revenue for the first quarter of 2018 was $8.7 million, a 18.0% increase compared to $7.3 million for the same period last year, representing 71.5% of total revenue. International revenue was $3.4 million, a 41.8% increase compared to $2.4 million for the same period last year, representing 28.5% of total revenue.
Trauma and Deformity revenue for the first quarter of 2018 was $9.1 million, an 17.9% increase compared to $7.7 million for the same period last year. Scoliosis revenue was $2.7 million, a 39.7% increase compared to $1.9 million for the first quarter 2017. Sports Medicine/Other revenue for the first quarter of 2018 was $0.3 million, a 186.0% increase compared to $0.1 million for the same period last year.
Gross profit for the first quarter of 2018 was $8.9 million, a 20.3% increase compared to $7.4 million for the same period last year. Gross profit margin for the first quarter of 2018 was 73.7%, compared to 76.0% for the same period last year, primarily driven by a higher mix of international revenue, including instrument set sales.
Total operating expenses for the first quarter of 2018 were $13.3 million, a 61.3% increase compared to $8.3 million for the same period last year. The increase in operating expenses was primarily driven by $2.2 million of non-cash stock compensation in the first quarter of 2018 reflecting restricted stock accelerated vesting six months after our IPO. This compared to $0.3 million in non-cash stock compensation in the first quarter of 2017. The operating expense increase was also driven by higher commissions, R&D, and the addition of public company expenses. Operating loss for the quarter increased to ($4.4) million from ($0.8) million for the same period last year.
Net interest expense for the first quarter of 2018 was $0.6 million, a 24.0% increase compared to $0.4 million for the same period last year, due to the use of incremental debt during 2017.
Net loss for the first quarter of 2018 was ($5.0) million, compared to ($1.3) million for the same period last year. Net loss per share attributable to common stockholders for the first quarter of 2018 was ($0.41) per basic and diluted share, compared to ($1.55) per basic and diluted share for the same period last year. Adjusted EBITDA for the first quarter of 2018 was ($1.2) million as compared to zero for the first quarter of 2017. The change was primarily driven by higher R&D and legal expenses. See below for additional information and a reconciliation of non-GAAP financial information.
The weighted average number of diluted shares outstanding as of March 31, 2018 was 12,073,776 shares.
As of the first quarter of 2018 our independent sales agencies in the United States employed 84 full-time equivalent sales representatives specifically focused on pediatrics, up 9 from the 75 employed in the fourth quarter of 2017. This increase is well ahead of the 18 planned additions for the full year 2018.
Purchases of property and equipment during the first quarter of 2018 were $2.8 million, a 108.0% increase compared to $1.3 million for the same period last year. The primary driver of this increase was the deployment of consigned sets, which include product specific instruments as well as cases and trays.
As of March 31, 2018, cash and cash equivalents were $34.6 million, compared to $42.6 million as of December 31, 2017, and the Company had approximately $25.4 million in total outstanding indebtedness, including $3.9 million outstanding under the revolving credit facility.
Conference Call
OrthoPediatrics will host a conference call on Tuesday, May 15, 2018 at 8:00 a.m. ET to discuss its financial results. The dial-in numbers are (855) 289-4603 for domestic callers and (614) 999-9389 for international callers. The conference ID number is 2290769. A live webcast of the conference call will be available online at OrthoPediatrics’ investor relations website, ir.orthopediatrics.com .
A replay of the webcast will remain available online at OrthoPediatrics’ investor relations website, ir.orthopediatrics.com , until OrthoPediatrics releases its second quarter 2018 financial results. In addition, a telephonic replay of the conference call will be available until May 22, 2018. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. The replay conference ID number is 2290769.
Forward-Looking Statements
This press release includes " " within the meaning of U.S. federal securities laws. You can identify by the use of words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "could," "believe," "estimate," "project," "target," "predict," "intend," "future," "goals," "potential,” "objective," "would" and other similar expressions. Forward-looking statements involve risks and uncertainties, many of which are beyond OrthoPediatrics’ control. Important factors could from those in the , including, among others, the risks, uncertainties and factors set forth under "Risk Factors" in OrthoPediatrics’ K filed with the SEC on March 15, 2018. Forward-looking statements speak only as of the date they are made. OrthoPediatrics assumes no obligation to update to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable securities laws.
Use of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net loss, plus interest expense (income), net plus other expense (income), depreciation and amortization, stock-based compensation expense, accelerated vesting of restricted stock upon our IPO, public company costs and initial public offering costs. Adjusted EBITDA is presented because the Company believes it is a useful indicator of its operating performance. Management uses the metric as a measure of the Company’s operating performance and for planning purposes, including financial projections. The Company believes this measure is useful to investors as supplemental information because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company believes Adjusted EBITDA is useful to its management and investors as a measure of comparative operating performance from period to period. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to, or superior to, net income or loss as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, the measure is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as debt service requirements, capital expenditures and other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and other potential cash requirements. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same or similar to some of the adjustments in this presentation. The Company’s presentation of Adjusted EBITDA should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using Adjusted EBITDA on a supplemental basis. The Company’s definition of this measure is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation. The schedules below contain a reconciliation of Net Income to non-GAAP Adjusted EBITDA.
About OrthoPediatrics Corp.
Founded in 2006, OrthoPediatrics is an orthopedic company focused exclusively on providing a comprehensive product offering to the pediatric orthopedic market to improve the lives of children with orthopedic conditions. OrthoPediatrics currently markets 25 surgical systems that serve three of the largest categories within the pediatric orthopedic market. This offering spans trauma & deformity, scoliosis, and sports medicine/other procedures. OrthoPediatrics’ global sales organization is focused exclusively on pediatric orthopedics and distributes its products in the United States and 38 countries outside the United States.
Investor Contacts
The Ruth Group
Tram Bui / Emma Poalillo
(646) 536-7035 / 7024
[email protected] / [email protected]
ORTHOPEDIATRICS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Data)
March 31, December 31, 2018 2017 (unaudited) ASSETS Current assets: Cash $ 34,591 $ 42,582 Accounts receivable - trade, less allowance for doubtful accounts of $131 and $143, respectively 6,838 5,603 Inventories, net 22,004 19,498 Inventories held by international distributors, net 1,402 1,047 Prepaid expenses and other current assets 1,114 831 Total current assets 65,949 69,561 Property and equipment, net 12,280 10,391 Other assets: Amortizable intangible assets, net 2,154 2,089 Other intangible assets 260 260 Total other assets 2,414 2,349 Total assets $ 80,643 $ 82,301 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable - trade $ 7,197 $ 5,495 Accrued compensation and benefits 2,313 2,905 Current portion of long-term debt with affiliate 114 113 Other current liabilities 946 954 Total current liabilities 10,570 9,467 Long-term liabilities: Long-term debt with affiliate, net of current portion 21,389 21,418 Revolving credit facility with affiliate 3,930 3,921 Total long-term liabilities 25,319 25,339 Total liabilities 35,889 34,806 Commitments and contingencies Stockholders' equity: Common stock, $0.00025 par value; 50,000,000 shares authorized; 12,770,796 shares and 12,621,781 shares issued and outstanding as of March 31, 2018 (unaudited) and December 31, 2017 2 2 Additional paid-in capital 152,601 150,424 Accumulated deficit (108,066 ) (103,066 ) Accumulated other comprehensive income 217 135 Total stockholders' equity 44,754 47,495 Total liabilities and stockholders' equity $ 80,643 $ 82,301 ORTHOPEDIATRICS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In Thousands, Except Share and Per Share Data)
Three Months Ended March 31, 2018 2017 Net revenue $ 12,094 $ 9,762 Cost of revenue 3,175 2,347 Gross profit 8,919 7,415 Operating expenses: Sales and marketing 6,079 4,192 General and administrative 6,017 3,373 Research and development 1,218 687 Total operating expenses 13,314 8,252 Operating loss (4,395 ) (837 ) Other expenses: Interest expense, net 552 445 Other expense 53 3 Total other expenses 605 448 Net loss $ (5,000 ) $ (1,285 ) Net loss attributable to common stockholders $ (5,000 ) $ (2,711 ) Weighted average common shares - basic and diluted 12,073,776 1,744,356 Net loss per share attributable to common stockholders - basic and diluted $ (0.41 ) $ (1.55 ) ORTHOPEDIATRICS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)
For the Three Months Ended March 31, 2018 2017 OPERATING ACTIVITIES Net loss $ (5,000 ) $ (1,285 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 681 498 Stock-based compensation 2,177 339 Changes in certain current assets and liabilities: Accounts receivable - trade (1,235 ) 198 Inventories (2,202 ) (1,360 ) Inventories held by international distributors (355 ) 207 Prepaid expenses and other current assets (283 ) (191 ) Accounts payable - trade 1,702 2,167 Accrued expenses and other liabilities (600 ) (578 ) Other 82 - Net cash used in operating activities (5,033 ) (5 ) INVESTING ACTIVITIES Purchases of licenses (159 ) (300 ) Purchases of property and equipment (2,771 ) (1,332 ) Net cash used in investing activities (2,930 ) (1,632 ) FINANCING ACTIVITIES Proceeds from issuance of debt with affiliate - 2,500 Payments on mortgage notes (28 ) (26 ) Net cash provided by financing activities (28 ) 2,474 NET INCREASE (DECREASE) IN CASH (7,991 ) 837 Cash, beginning of year 42,582 1,609 Cash, end of period $ 34,591 $ 2,446 SUPPLEMENTAL DISCLOSURES Cash paid for interest $ 552 $ 445 Accretion of redeemable convertible preferred stock $ - $ 1,426 Transfer of instruments from property and equipment to inventory $ 304 $ 567 ORTHOPEDIATRICS CORP.
NET REVENUE BY GEOGRAPHY AND PRODUCT CATEGORY
(Unaudited)
(In Thousands)
Three Months Ended March 31, Product sales by geographic location: 2018 2017 U.S. $ 8,653 $ 7,336 International 3,441 2,426 Total $ 12,094 $ 9,762 Three Months Ended March 31, Product sales by category: 2018 2017 Trauma and deformity $ 9,123 $ 7,740 Scoliosis 2,685 1,922 Sports medicine/other 286 100 Total $ 12,094 $ 9,762 ORTHOPEDIATRICS CORP.
RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA
(Unaudited)
(In Thousands)
Three Months Ended March 31, 2018 2017 Net Loss $ (5,000 ) $ (1,285 ) Interest expense, net 552 445 Other expense 53 3 Depreciation and amortization 672 498 Stock-based compensation 420 339 Accelerated vesting of restricted stock upon our IPO 1,757 - Public company costs 337 - Adjusted EBITDA $ (1,209 ) $ -
Source:OrthoPediatrics Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-orthopediatrics-corp-reports-first-quarter-2018-financial-results.html |
Pictures | Thu May 24, 2018 | 8:12am EDT Editors Choice Pictures
The night sky is illuminated by lava pouring from a fissure eruption the Leilani Estates near Pahoa, Hawaii. REUTERS/Marco Garcia Reuters / Thursday, May 24, 2018 The night sky is illuminated by lava pouring from a fissure eruption the Leilani Estates near Pahoa, Hawaii. REUTERS/Marco Garcia Close 1 / 24
Surfer Chuck Patterson rides his foil board on a morning swell of the coast of Del Mar, California. REUTERS/Mike Blake Reuters / Wednesday, May 23, 2018 Surfer Chuck Patterson rides his foil board on a morning swell of the coast of Del Mar, California. REUTERS/Mike Blake Close 2 / 24
Yulia Skripal, who was poisoned in Salisbury along with her father, Russian spy Sergei Skripal, speaks to Reuters in London, Britain. REUTERS/Dylan Martinez Reuters / Wednesday, May 23, 2018 Yulia Skripal, who was poisoned in Salisbury along with her father, Russian spy Sergei Skripal, speaks to Reuters in London, Britain. REUTERS/Dylan Martinez Close 3 / 24
Members of performing group Houle Douce practise their instruments on tightropes ahead of a performance, at the Tianmen Mountain National Park in Zhangjiajie, Hunan province, China. China Daily via REUTERS Reuters / Thursday, May 24, 2018 Members of performing group Houle Douce practise their instruments on tightropes ahead of a performance, at the Tianmen Mountain National Park in Zhangjiajie, Hunan province, China. China Daily via REUTERS Close 4 / 24
A woman walks with a girl along a flooded road in the heavy rains in Malwana, Sri Lanka. REUTERS/Dinuka Liyanawatte Reuters / Wednesday, May 23, 2018 A woman walks with a girl along a flooded road in the heavy rains in Malwana, Sri Lanka. REUTERS/Dinuka Liyanawatte Close 5 / 24
A damaged missile is displayed during a news conference by members of the Joint Investigation Team, comprising the authorities from Australia, Belgium, Malaysia, the Netherlands and Ukraine who present interim results in the ongoing investigation of... more Reuters / Thursday, May 24, 2018 A damaged missile is displayed during a news conference by members of the Joint Investigation Team, comprising the authorities from Australia, Belgium, Malaysia, the Netherlands and Ukraine who present interim results in the ongoing investigation of the 2014 MH17 crash that killed 298 people over eastern Ukraine, in Bunnik, Netherlands. REUTERS/Francois Lenoir Close 6 / 24
Boston Celtics forward Jayson Tatum (0) attempts a layup in front of Cleveland Cavaliers forward LeBron James (23) during the third quarter of game five of the Eastern conference finals of the 2018 NBA Playoffs. Greg M. Cooper-USA TODAY Sports Reuters / Thursday, May 24, 2018 Boston Celtics forward Jayson Tatum (0) attempts a layup in front of Cleveland Cavaliers forward LeBron James (23) during the third quarter of game five of the Eastern conference finals of the 2018 NBA Playoffs. Greg M. Cooper-USA TODAY Sports Close 7 / 24
A fan tries to see the German soccer team outside of their hotel in Eppan, Italy. REUTERS/Leonhard Foeger Reuters / Wednesday, May 23, 2018 A fan tries to see the German soccer team outside of their hotel in Eppan, Italy. REUTERS/Leonhard Foeger Close 8 / 24
Women chat in front of a Pro-Choice mural ahead of a 25th May referendum on abortion law, in Dublin, Ireland. REUTERS/Clodagh Kilcoyne Reuters / Thursday, May 10, 2018 Women chat in front of a Pro-Choice mural ahead of a 25th May referendum on abortion law, in Dublin, Ireland. REUTERS/Clodagh Kilcoyne Close 9 / 24
A man stands between binoculars that look towards the north at an observatory platform near the demilitarized zone separating the two Koreas in Paju, South Korea. REUTERS/Kim Hong-Ji Reuters / Thursday, May 24, 2018 A man stands between binoculars that look towards the north at an observatory platform near the demilitarized zone separating the two Koreas in Paju, South Korea. REUTERS/Kim Hong-Ji Close 10 / 24
The interior of a bullet-riddled Catholic church is seen in Marawi, southern Philippines. REUTERS/Neil Jerome Morales Reuters / Wednesday, May 23, 2018 The interior of a bullet-riddled Catholic church is seen in Marawi, southern Philippines. REUTERS/Neil Jerome Morales Close 11 / 24
A girl prepares before performing a dance in front of Spain's Queen Letizia at the Center of the Sisters of Saint Vincent de Paul in Cite Soleil, Port-au-Prince, Haiti. REUTERS/Andres Martinez Casares Reuters / Wednesday, May 23, 2018 A girl prepares before performing a dance in front of Spain's Queen Letizia at the Center of the Sisters of Saint Vincent de Paul in Cite Soleil, Port-au-Prince, Haiti. REUTERS/Andres Martinez Casares Close 12 / 24
The twisted wreckage of a train that plowed into a truck last night is seen in Caluso, near Turin, Italy. REUTERS/Massimo Pinca Reuters / Thursday, May 24, 2018 The twisted wreckage of a train that plowed into a truck last night is seen in Caluso, near Turin, Italy. REUTERS/Massimo Pinca Close 13 / 24
Honour guards stand behind a string used to ensure that they stand in a straight line, outside the Great Hall of the People before the welcome ceremony for Germany Chancellor Angela Merkel, in Beijing, China. REUTERS/Jason Lee Reuters / Thursday, May 24, 2018 Honour guards stand behind a string used to ensure that they stand in a straight line, outside the Great Hall of the People before the welcome ceremony for Germany Chancellor Angela Merkel, in Beijing, China. REUTERS/Jason Lee Close 14 / 24
Students from Ar-Raudhatul Hasanah Pesantren read the Koran during the holy fasting month of Ramadan in Medan, Indonesia. REUTERS/YT Haryono Reuters / Wednesday, May 23, 2018 Students from Ar-Raudhatul Hasanah Pesantren read the Koran during the holy fasting month of Ramadan in Medan, Indonesia. REUTERS/YT Haryono Close 15 / 24
Aziz Sheikh father of Sabika Aziz Sheikh, a Pakistani exchange student, who was killed with others when a gunman attacked Santa Fe High School in Santa Fe, Texas, U.S., sits in an ambulance next to her coffin, wrapped in national flag, during a... more Reuters / Wednesday, May 23, 2018 Aziz Sheikh father of Sabika Aziz Sheikh, a Pakistani exchange student, who was killed with others when a gunman attacked Santa Fe High School in Santa Fe, Texas, U.S., sits in an ambulance next to her coffin, wrapped in national flag, during a funeral in Karachi, Pakistan. REUTERS/Akhtar Soomro Close 16 / 24
A Pro-Life activist interrupts a Pro-Choice demonstration where volunteers dress up as Handmaids ahead of a May 25 referendum on abortion law, in Dublin, Ireland. REUTERS/Clodagh Kilcoyne Reuters / Wednesday, May 23, 2018 A Pro-Life activist interrupts a Pro-Choice demonstration where volunteers dress up as Handmaids ahead of a May 25 referendum on abortion law, in Dublin, Ireland. REUTERS/Clodagh Kilcoyne Close 17 / 24
A student of the Andres Bello National University (UNAB), part of the Laureate International Universities network, finishes a mural of an uterus during an occupation of the university to demand the end to sexism and gender violence, at Vina del Mar,... more Reuters / Wednesday, May 23, 2018 A student of the Andres Bello National University (UNAB), part of the Laureate International Universities network, finishes a mural of an uterus during an occupation of the university to demand the end to sexism and gender violence, at Vina del Mar, Chile. Mural reads "My garden". REUTERS/Rodrigo Garrido Close 18 / 24
A mariachi band takes part in a protest against U.S. President Donald Trump outside of a hotel where he will meet donors in New York. REUTERS/Lucas Jackson Reuters / Wednesday, May 23, 2018 A mariachi band takes part in a protest against U.S. President Donald Trump outside of a hotel where he will meet donors in New York. REUTERS/Lucas Jackson Close 19 / 24
U.S. President Donald Trump speaks to the media before departing the White House for a trip to New York, in Washington. REUTERS/Carlos Barria Reuters / Wednesday, May 23, 2018 U.S. President Donald Trump speaks to the media before departing the White House for a trip to New York, in Washington. REUTERS/Carlos Barria Close 20 / 24
A time exposure showing the SpaceX Falcon 9 rocket lifting off carrying the NASA/German Research Centre for Geosciences GRACE Follow-On spacecraft from Space Launch Complex 4E at Vandenberg Air Force Base, California. NASA/Bill Ingalls/via REUTERS Reuters / Tuesday, May 22, 2018 A time exposure showing the SpaceX Falcon 9 rocket lifting off carrying the NASA/German Research Centre for Geosciences GRACE Follow-On spacecraft from Space Launch Complex 4E at Vandenberg Air Force Base, California. NASA/Bill Ingalls/via REUTERS Close 21 / 24
Facebook's founder and CEO Mark Zuckerberg meets with French President Emmanuel Macron at the Elysee Palace after the "Tech for Good" summit, in Paris, France. Christophe Petit Tesson/Pool via Reuters Reuters / Wednesday, May 23, 2018 Facebook's founder and CEO Mark Zuckerberg meets with French President Emmanuel Macron at the Elysee Palace after the "Tech for Good" summit, in Paris, France. Christophe Petit Tesson/Pool via Reuters Close 22 / 24
New York Police stand guard at the street while U.S. president Trump attends a forum about Central American-based Mara Salvatrucha (MS-13) gang organization at the Morrelly Homeland Security Center in Bethpage, New York. REUTERS/Eduardo Munoz Reuters / Wednesday, May 23, 2018 New York Police stand guard at the street while U.S. president Trump attends a forum about Central American-based Mara Salvatrucha (MS-13) gang organization at the Morrelly Homeland Security Center in Bethpage, New York. REUTERS/Eduardo Munoz Close 23 / 24
Author Margaret Atwood presents an award to Thura Aung (R) on behalf of detained Reuters journalists Kyaw Soe Oo and Wa Lone at the PEN America Literary Gala in New York. REUTERS/Lucas Jackson Reuters / Tuesday, May 22, 2018 Author Margaret Atwood presents an award to Thura Aung (R) on behalf of detained Reuters journalists Kyaw Soe Oo and Wa Lone at the PEN America Literary Gala in New York. REUTERS/Lucas Jackson Close | ashraq/financial-news-articles | https://www.reuters.com/news/picture/editors-choice-pictures-idUSRTS1T0PM |
SAN JUAN OSTUNCALCO, Guatemala (Reuters) - For Claudia Gomez, the 19-year old indigenous Guatemalan who was shot last week by a border patrol officer, the chance for a better life in the United States outweighed worries about a crackdown at the border, her family said on Sunday.
A general view shows the village where the family of Claudia Gomez, a 19-year old Guatemalan immigrant who was shot by an U.S. Border Patrol officer, lives in San Juan Ostuncalco, Guatemala May 27, 2018. REUTERS/Luis Echeverria Gomez grew up in the village of San Juan Ostuncalco, surrounded by cinder block homes built with dollars sent home by relatives in the United States and a road the community had paved with a collection of remittances.
Interviewed at their home, her parents said she had set off despite what they had heard about tougher policies toward illegal immigrants under U.S. President Donald Trump.
“Yes, you hear about it,” said Gilberto Gomez, Claudia’s father, when asked about Trump’s policies. “But sometimes you hear that a lot of people manage to make it through, so because of that, she thought of leaving.”
Gomez was shot last on Wednesday in south Texas by an officer who opened fire after several people “rushed him,” the Border Patrol said on Friday, backing away from a previous statement that said migrants had attacked the agent with blunt objects, and that Gomez was among the assailants.
Women prepare tamales for the invitees to the house of the family of Claudia Gomez, a 19-year old Guatemalan immigrant who was shot by an U.S. Border Patrol officer, in San Juan Ostuncalco, Guatemala May 27, 2018. REUTERS/Luis Echeverria On Sunday, his wife sat in their home next to pictures of Claudia displayed on a table. In one, Claudia wore her graduation gown from high school, in another, a colorful frock of the Mam group of Guatemala’s native Maya.
Women neighbors made tamales outside to feed others who stopped by to offer their condolences.
Claudia finished an accounting degree from a technical high school two years ago, but she failed to find work in the nearby town, where every place she looked asked for a college degree, her mother Lidia Gonzalez said. Her parents could not afford to send her to school.
Slideshow (10 Images) “So she asked for my permission to go. ... I said no, you do not leave,” Gonzalez said, fighting back tears. “‘Mom,’ she said, ‘I’m grown up already, I’m going to achieve something, I’m going earn my own money to study.’”
Now, Gonzalez is unsure when her daughter’s body will be returned. “I didn’t say good bye to my daughter,” she repeated to herself, her face beneath a handkerchief, between singing religious refrains and speaking phrases to her absent daughter.
“Right now, what we want is for justice to be done and that whoever did this, pays for it,” her father said. “She was a quality girl with a lot going for her. That is why it hurts so.”
In the months after Trump took office, the number of migrants caught along the U.S.-Mexico border and Mexico’s southern border with Guatemala fell dramatically. But arrests have crept back up since.
Data from Mexico’s migration institute shows deportations of Guatemalans fell in the first three months of 2017 compared to the prior year, but they have been rebounding close to 2016 levels to nearly 13,200 in the first quarter of 2018.
Poverty, as well as deepening violence from with criminal gangs and drug traffickers has driven hundreds of thousands of Central Americans to try and cross the U.S. border illegally or to try and seek asylum.
In the area around Gomez’ village, locals pay human smugglers more than $9,000 to get them across the border, said one of her relatives who noted that he had snuck into the United States and preferred not to give his name. People often mortgage their farms to get the funds to go, he said.
Fernando Vicente, a 73-year old farmer, saw both his children leave for the United States. “Here, the option is to go there, because there is no work here, there is no opportunity,” he said.
Writing by Michael O'Boyle; Editing by Richard Chang
| ashraq/financial-news-articles | https://www.reuters.com/article/us-guatemala-usa-immigration/guatemalan-family-mourns-accountant-daughter-shot-dead-on-u-s-border-idUSKCN1IT04C |
5/7/2018 4:27PM West Virginia Has Tuesday's Wildest Primary Four states will hold primaries on Tuesday, May 8. WSJ's Gerald F. Seib previews the key races, and explains why West Virginia's Republican Senate primary has become the main event. Photo: Getty | ashraq/financial-news-articles | http://www.wsj.com/video/west-virginia-has-tuesday-wildest-primary/1E8EA5F2-49F0-43D5-BD7D-2C658B1F15A0.html |
May 2, 2018 / 2:53 'Umbrella in a hurricane' - U.N. says climate funding far too low Alister Doyle , Laurie Goering 3 Min Read
(Reuters) - Worldwide investments in limiting climate change are far too low and as flimsy as using an umbrella in a hurricane, the United Nations climate chief Patricia Espinosa said on Wednesday. Patricia Espinosa, Executive Secretary of the United Nations Framework Convention on Climate Change, speaks at the Paris 2017 Climate Finance Day at the Finance Ministry ahead of the One Planet Summit in Paris, France, December 11, 2017. REUTERS/Charles Platiau
Espinosa, a former Mexican foreign minister, also told delegates from almost 200 nations meeting in Germany that more storms, droughts and floods linked to man-made greenhouse gas emissions threatened “global destabilisation”.
She urged far more investments to limit global warming, by shifting from fossil fuels towards cleaner energy, and to protect people from the worsening effects of extreme weather.
“Trying to address climate change at current financing levels is like walking into a Category 5 hurricane protected by only an umbrella,” she said in a speech.
“Right now we are talking in millions and billions of dollars when we should be speaking in trillions,” said Espinosa, who is head of the U.N. Climate Change Secretariat. “The impacts of extreme weather are already creating chaos.”
Nations at the April 30-May 10 meeting in Bonn are working on a detailed rule book for the 2015 Paris Agreement, aiming to have it in place by the end of 2018, and are reviewing actions so far to limit global warming.
Developing nations at the talks want firmer guarantees of funds - rich nations have promised to mobilise $100 billion a year in climate finance, from both public and private sources, by 2020 to help them tackle warming.
The Organisation for Economic Cooperation and Development has estimated that climate finance for the poor totalled $62 billion in 2014. Developing nations say the accounts are exaggerated.
“There remains a vast gap between the support needed and support received,” Gebru Jember Endalew, who chairs the least developed nations group, said in a statement.
Espinosa said average world surface temperatures were set to rise by 3.0 degrees Celsius (5.7 Fahrenheit) above pre-industrial times, based on current commitments to curb greenhouse gas emissions.
The Paris Agreement seeks to limit warming to “well below” a 2C rise. U.S. President Donald Trump, who doubts climate change is primarily man-made, plans to quit the Paris pact and instead promote domestic fossil fuels.
Espinosa said a three degree rise “will lead to nothing less than global destabilisation. It will cost lives. It will raise competition over resources, it will increase instability and conflict.”
Inia Seruiratu, Fiji’s agriculture minister who is tasked with driving more ambitious action to meet Paris Agreement targets, said countries face limits on how much they can adapt to coming changes - such as worsening cyclones.
“We live in constant fear that a direct hit from intensifying cyclones could wipe out our economy altogether and set back our development by decades,” he said in Bonn. Reporting By Alister Doyle; editing by David Stamp | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-climatechange-accord/umbrella-in-a-hurricane-u-n-says-climate-funding-far-too-low-idUKKBN1I320G |
May 15 (Reuters) - Innergex Renewable Energy Inc:
* INNERGEX ACQUIRES REMAINING INTERESTS IN THREE HYDRO FACILITIES IN BRITISH COLUMBIA
* INNERGEX RENEWABLE ENERGY INC - ACQUIRED LEDCOR POWER GROUP’S 33.3% INTEREST IN CREEK POWER 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-innergex-acquires-remaining-intere/brief-innergex-acquires-remaining-interests-in-three-hydro-facilities-in-british-columbia-idUSASC0A28N |
MILAN, May 10 (Reuters) - Telecom Italia (TIM) said on Thursday it had signed a TV content agreement with Mediaset that will give its customers access to the Italian broadcaster’s free-to-air channels starting from January next year.
“The new accord marks a further step forward in the content strategy set out in the DigiTIM Plan, focused on delivering the maximum value to TIM customers combining the top television experience with the best connectivity,” TIM said in a statement, without providing any financial details of the deal.
Reporting by Agnieszka Flak
| ashraq/financial-news-articles | https://www.reuters.com/article/telecomitalia-mediaset/telecom-italia-mediaset-sign-tv-content-accord-idUSI6N1S300H |
BERLIN/FRANKFURT, May 7 (Reuters) - The following are some of the factors that may move German stocks on Monday:
VOLKSWAGEN The U.S. Justice Department said on Friday that former Volkswagen Chief Executive Martin Winterkorn, indicted on four felony charges in Detroit in the company’s diesel emissions scandal, is a fugitive who faces a U.S. arrest warrant.
In Germany, the prosecutors are entering the final stretches of their investigation into Winterkorn and 38 other suspects about their alleged manipulation of diesel engines, Frankfurter Allgemeine Sonntagszeitung Quote: d senior prosecutor Klaus Ziehe as saying.
Separately, Handelsblatt daily cited sources as saying that some members of Volkswagen’s supervisory board were increasingly unhappy that the internal investigation of the diesel scandal promised by Chairman Hans Dieter Poetsch is expected to take at least one more year.
ALLIANZ Allianz has sold an 8.4 percent stake of Banco BPI to CaixaBank for 178 million euros - valuing each BPI share at 1.45 euros - for a premium of 22.67 percent to the stock’s closing price on May 4, the insurer said on Sunday.
DAIMLER Stuttgart prosecutors will be able to review files seized a year ago at the carmaker during searches related to diesel pollution, Handelsblatt reported, citing a spokesman for the prosecutor’s office.
DEUTSCHE BANK Deutsche Bank will shift its New York headquarters from Wall Street to a location midtown, at a time when Germany’s largest bank is scaling back its U.S. operations.
DEUTSCHE POST The German government plans to push for better working conditions for employees of Deutsche Post, which is partly state-owned, Finance Minister Olaf Scholz said on ARD programme Anne Will on Sunday.
LUFTHANSA Budget unit Eurowings currently has no acquisitions on the agenda as the company first needs time to integrate business it took over from collapsed competitor Air Berlin, Eurowings CEO Thorsten Dirks told Sueddeutsche Zeitung.
AIRBUS Airbus and Boeing are preparing for possible changes to dozens of plane orders from Middle East carrier Etihad Airways as it presses ahead with a company-wide review, four sources familiar with the matter said.
HANNOVER RE Q1 results due.
HOCHTIEF Q1 results due after market close.
ROCKET INTERNET The ecommerce investor repurchased 9.7 million own shares through a public buyback programme, it said.
SCOUT24 The company’s supervisory board chairman and two other members of the controlling panel resigned after the annual shareholder meeting, the firm said on Friday.
STABILUS The group hiked its 2018 guidance for organic sales growth to 8.8 percent from 7.1 percent as it reported first-half results.
SPRINGER NATURE Springer Nature has attracted strong demand for its stock market listing, with order books, excluding a so-called greenshoe option, oversubscribed, bookrunner Morgan Stanley said on Friday. The company has set a price range at between 10.50 euros ($12.53) and 14.50 euros.
ANNUAL GENERAL MEETINGS HANNOVER RE - 5.00 eur/shr dividend proposed
EX-DIVIDEND
BASF - 3.10 eur/shr dividend
DRAEGERWERK - 0.40 eur/ordinary shr, 0.46 eur/preference shr dividend
DMG MORI - 1.03 eur/shr dividend
JOST WERKE - 0.50 eur/shr dividend
OVERSEAS STOCK MARKETS Dow Jones +1.4 pct, S&P 500 +1.3 pct, Nasdaq +1.7 pct at close.
Nikkei -0.1 pct, Shanghai stocks +1.3 pct.
Time: 5.08 GMT.
GERMAN ECONOMIC DATA German March industrial orders due at 0600 GMT. Seen +0.5 pct m/m.
DIARIES REUTERS TOP NEWS (Reporting by Andreas Cremer, Arno Schuetze and Maria Sheahan)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-7-idUSL8N1SB2JQ |
May 23 (Reuters) - Bechtle AG:
* BUYS ANALYTICS AND CLOUD SPECIALIST EVOLUSYS Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bechtle-buys-analytics-and-cloud-s/brief-bechtle-buys-analytics-and-cloud-specialist-evolusys-idUSFWN1SU0AV |
JERUSALEM, May 22 (Reuters) - Israel is the first country to have used the U.S.-made F-35 stealth fighter in combat, the Israeli air force chief said on Tuesday in remarks carried by the military’s official Twitter account.
Israeli media further Quote: d Major-General Amikam Norkin as saying: “We are flying the F-35 all of the Middle East and have already attacked twice on two different fronts”.
Writing by Dan Williams Editing by Jeffrey Heller
| ashraq/financial-news-articles | https://www.reuters.com/article/lockheed-f35-israel/israel-says-first-country-to-use-u-s-made-f-35-in-combat-idUSJ7N1PG02E |
May 15, 2018 / 6:28 PM / Updated 19 minutes ago U.S. state attorneys general sue Purdue Pharma over opioid epidemic Reuters Staff 1 Min Read
NEW YORK (Reuters) - Several U.S. state attorneys general on Tuesday announced lawsuits against OxyContin maker Purdue Pharma LP, accusing the company of fueling a national opioid epidemic by deceptively marketing prescription painkillers to generate billions of dollars in sales. FILE PHOTO: Bottles of prescription painkiller OxyContin made by Purdue Pharma LP sit on a shelf at a local pharmacy in Provo, Utah, U.S., April 25, 2017. REUTERS/George Frey
The attorneys general of Nevada, Texas, Florida, North Carolina, North Dakota and Tennessee separately said the company had violated state consumer protection laws by falsely denying or downplaying the risk of addiction while overstating the benefits of opioids. Reporting by Tina Bellon; Editing by Bernadette Baum | ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-opioids-litigation/u-s-state-attorneys-general-sue-purdue-pharma-over-opioid-epidemic-idINKCN1IG2WU |
“Mean Girls” and “SpongeBob SquarePants” topped this year’s Tony Awards nominations with 12 each, while “Harry Potter and the Cursed Child” emerged as the front-runner among plays.
The awards, presented by the American Theatre Wing and the Broadway League, are set for June 10. They will air on CBS, hosted by Josh Groban and Sara Bareilles.
“Cursed... | ashraq/financial-news-articles | https://www.wsj.com/articles/mean-girls-and-spongebob-lead-tony-nominations-while-harry-potter-dominates-play-categories-1525179927 |
May 14 (Reuters) - Hexion Inc:
* Q1 SALES ROSE 9 PERCENT TO $946 MILLION * SEGMENT EBITDA FOR QUARTER ENDED MARCH 31, 2018 WAS $118 MILLION, AN INCREASE OF 24% COMPARED WITH PRIOR YEAR PERIOD
* QTRLY NET LOSS OF $13 MILLION Source text for Eikon: Further company coverage: ([email protected])
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hexion-inc-posts-qtrly-net-loss-of/brief-hexion-inc-posts-qtrly-net-loss-of-13-million-idUSASC0A1VY |
PHILADELPHIA, May 23, 2018 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (NYSE:BDN) announced today that its Board of Trustees has declared a quarterly cash dividend of $0.18 per common share and OP Unit payable on July 20, 2018 to holders of record on July 6, 2018. The quarterly dividend is equivalent to an annual rate of $0.72 per share.
Conference Call and Audio Webcast
We will release our second quarter earnings after the market close on Thursday, July 19, 2018, and will hold our second quarter conference call on Friday, July 20, 2018 at 9:00 a.m. EDT. The conference call can be accessed by dialing 1-833-818-6810 and providing conference ID: 4898156. Beginning two hours after the conference call, a taped replay of the call can be accessed through Friday, August 3, 2018, by calling 1-855-859-2056 and entering access code 4898156. The conference call can also be accessed via a webcast on our website at www.brandywinerealty.com.
About Brandywine Realty Trust
Brandywine Realty Trust (NYSE:BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 185 properties and 25.3 million square feet as of March 31, 2018, which excludes assets held for sale. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com .
Forward-Looking Statements
Estimates of future earnings per share, FFO per share, common share dividend distributions and certain other statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our and our affiliates’ actual results, performance, achievements or transactions to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others: our ability to lease vacant space and to renew or relet space under expiring leases at expected levels; competition with other real estate companies for tenants; the potential loss or bankruptcy of major tenants; interest rate levels; the availability of debt, equity or other financing; risks of acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; unanticipated operating and capital costs; our ability to obtain adequate insurance, including coverage for terrorist acts; dependence upon certain geographic markets; and general and local economic and real estate conditions, including the extent and duration of adverse changes that affect the industries in which our tenants operate. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including the Company's financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. The Company's practice regarding payment of dividends may be modified at any time and from time to time. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2017. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.
Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434
[email protected]
Source:Brandywine Realty Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-brandywine-realty-trust-announces-common-quarterly-dividend-andaconfirms-second-quarter-2018-earnings-release-and.html |
Home / NEWS / Japan’s Tokyo Gas takes first LNG cargo from Cove Point Japan’s Tokyo Gas takes first LNG cargo from Cove Point 32 mins ago NEWS , tokyo
TOKYO, May 21 (Reuters) – Japan received its first shipment of liquefied natural gas (LNG) on Monday from Dominion Energy Inc’s newly completed Cove Point export plant, the beginning of a jump in imports from the United States by the world’s biggest buyer of the fuel.
The docking of the tanker LNG Sakura at Tokyo Gas Co’s Negishi terminal near Tokyo is another marker of shifting global energy flows as the United States ramps up exports of gas and oil from shale formations.
The cargo is the first of 2.2 million tonnes of LNG a year Japanese companies are purchasing under long-term contracts from Cove Point in Maryland. A ramp-up of purchases now by Japan may draw some of the sting from President Donald Trump’s criticisms of the Asian nation’s trade imbalance with the United States.
“The first cargo from Cove Point could not come at a more timely juncture for Japan in the light of trade tensions,” said Nicholas Browne, senior gas analyst at energy consultancy Wood Mackenzie in Singapore.
“U.S. LNG imports will reduce the trade deficit to an extent, while also helping Japan’s politicians demonstrate they are doing their part,” he said.
Tokyo Gas said in a statement the 177,000-cubic metre Sakura docked earlier on Monday and is unloading about 70,000 tonnes of LNG. It passed through the Panama Canal, which was widened in 2016 to allow passage of large LNG tankers.
Tokyo Gas has a contract to buy 1.4 million tonnes a year of Cove Point LNG for 20 years. Kansai Electric Power has contracted to take 800,000 tonnes a year.
The Japanese companies, which have agreed to swap cargoes of LNG when needed, declined to say under what contract the shipment was bought. An industry source said the cargo was originally contracted to Kansai Electric.
Japanese buyers have been buying cargoes on a spot basis from Cheniere Energy Inc’s Sabine Pass terminal in Louisiana, which exported its first cargo in February 2016.
Since then Japanese buyers have imported a little over 1.4 million tonnes of LNG total from the United States, paying about 93 billion yen ($835 million). Japan had previously bought cargoes from Alaska.
U.S. President Donald Trump has singled out Japan and others countries, including China, for running trade surpluses with the United States, demanding that they take steps to reduce the perceived imbalance.
To placate Trump, Japanese officials have suggested buying more U.S. energy supplies, although private companies have said they do not have the capacity to take in more.
Japan’s trade surplus with the United States was 616 billion yen in April, up 4.7 percent from the same period a year earlier, official data showed on Monday.
The Cove Point contracts were signed before Trump took office, but any increase in LNG imports may help Japanese officials show Washington they are responding to his demands.
“The start up of Cameron and Freeport LNG (in the United States) next year, which also have contracts to Japan will further help,” said Woodmac’s Browne.
Dominion Energy was not immediately available for comment outside operating hours. The company said recently the Cove Point terminal had entered commercial service for natural gas liquefaction and exports.
($1 = 111.3100 yen) Reporting by Aaron Sheldrick and Osamu Tsukimori; Editing by Richard Pullin and Tom Hogue | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-tokyo-gas/japans-tokyo-gas-takes-first-lng-cargo-from-cove-point-idUSL3N1SS240/ |
Kidnapped newborn sentencing hearing begins 4:19pm EDT - 02:11
The sentencing hearing began in Jacksonville, Florida on Thursday for Gloria Williams, who plead guilty earlier this year of kidnapping a newborn child in 1998. Shanara Mobley, the biological mother of Kamiyah Mobley, and Williams' ex-boyfriend, Charles Manigo, who helped raise Mobley, both testified on Thursday saying that Williams should get the maximum sentence of 22 years in prison. Rough Cut (no reporter narration).
The sentencing hearing began in Jacksonville, Florida on Thursday for Gloria Williams, who plead guilty earlier this year of kidnapping a newborn child in 1998. Shanara Mobley, the biological mother of Kamiyah Mobley, and Williams' ex-boyfriend, Charles Manigo, who helped raise Mobley, both testified on Thursday saying that Williams should get the maximum sentence of 22 years in prison. Rough Cut (no reporter narration). //reut.rs/2KAviKq | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/kidnapped-newborn-sentencing-hearing-beg?videoId=423585806 |
Generates Continued Revenue Growth During Quarter
Company Reaffirms 2018 Guidance
ATLANTA, May 10, 2018 (GLOBE NEWSWIRE) -- Crawford & Company ( www.crawfordandcompany.com ) (NYSE:CRD‐A) (NYSE:CRD‐B), the world’s largest publicly listed independent provider of claims management solutions to insurance companies and self-insured entities, today announced its financial results for the first quarter ended March 31, 2018.
The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75% of CRD-A, voting as a class.
Consolidated Results
First Quarter 2018 Summary
Revenues before reimbursements of $273.1 million, compared with $267.3 million for the 2017 first quarter Net income attributable to shareholders of $8.6 million, compared to $7.7 million in the same period last year Diluted earnings per share of $0.16 for CRD-A and $0.14 for CRD-B, compared with $0.14 for CRD-A and $0.12 for CRD-B in the prior year first quarter Diluted earnings per share of $0.16 for CRD-A and $0.14 for CRD-B in the 2018 first quarter, compared to non-GAAP earnings per share before restructuring and special charges, of $0.15 for CRD-A and $0.13 for CRD-B in the prior year first quarter Consolidated operating earnings, a non-GAAP financial measure, were $18.2 million or 6.7% of revenues in the 2018 first quarter, compared with $18.3 million or 6.8% of revenues in the 2017 first quarter Consolidated adjusted EBITDA, a non-GAAP financial measure, was $28.1 million or 10.3% of revenues in the 2018 first quarter, compared with $26.6 million or 10.0% of revenues in the 2017 period
Mr. Harsha V. Agadi, president and chief executive officer of Crawford & Company, stated, “This is an exciting time at Crawford as the comprehensive strategy that we implemented through 2017 is beginning to show signs of success as can be seen in our first quarter results where sales grew 2.2%, year over year, and earnings per share improved. The review of our core values, which led to the realignment of our organization around a refreshed corporate mission and vision, was central to our strategy which is designed to return Crawford to sustained revenue growth. This now drives everything we do including how we go to market, how we service our clients and who we hire.
“The second step to our growth strategy was the recruitment of experienced, solution based sales people to improve our sales capabilities as we focus on selling the One Crawford Solution. We have also re-evaluated our entire sales process including our sales materials, how we respond to RFPs, how we measure and track sales leads, as well as exploring opportunities to improve our technology and training to support our global sales team. Improving top line revenue growth is core to our strategy and early signs of success are clear as the momentum in our new business pipelines is building. The effectiveness of our sales teams is critical to our success as we deliver innovative solutions designed to solve the industry’s most complex challenges.
“The most recent step in our strategy was the realignment of our organization such that Crawford faces the market in the same manner as our clients. What we had found through our extensive review this past year was that our 2017 business structure was not meeting our clients’ needs, not to mention limiting the growth potential of the Company. As a result, we have successfully reorganized the Company into Global Service Lines during the first quarter, which will sharpen our method of delivery to our clients and better enable our sales teams to increase market share and grow the Company.
“Another benefit of our move to Global Service Lines is our ability to harness the expertise and product knowledge from across the Company in order to develop innovative solutions designed to solve the challenges of Carriers, Corporations, and Intermediaries. This will position Crawford to be a stronger partner to our clients as technology continues to drive the evolution of our industry. Our goal is to drive innovation in the claims settlement process, in order to deliver value to our clients in the form of improved customer satisfaction and service and reduced claim leakage which will result in improved market share and profitability for Crawford.”
Mr. Agadi concluded, “The momentum in our business is clearly accelerating as our move to Global Service Lines is unleashing the vast potential that exists within Crawford. We will continue to strive to be on the forefront of innovation within the claims settlement process and see opportunities to enhance and expand our solutions internationally. Taken together, we are excited with the progress that we have achieved executing our strategic plan in the first quarter as we have made real progress towards the achievement of our longer term goal of delivering 5% revenue growth and 15% earnings growth, annually.”
Segment Results for the First Quarter
Crawford TPA Solutions: Broadspire
Crawford TPA Solutions: Broadspire segment revenues before reimbursements were $100.2 million in the 2018 first quarter, increasing 4% from $96.3 million in the 2017 first quarter. On a constant dollar basis, a non-GAAP measure, first quarter 2018 revenues were $98.8 million. Crawford TPA Solutions: Broadspire recorded operating earnings of $7.8 million in the first quarter of 2018, representing an operating margin of 8%, compared with $8.0 million, or 8% of revenues, in the 2017 first quarter.
Crawford Claims Solutions
Crawford Claims Solutions revenues before reimbursements were $90.4 million in the first quarter of 2018, increasing 9% from $83.1 million in the first quarter of 2017. On a constant dollar basis, first quarter 2018 revenues were $87.2 million. Operating earnings were $0.7 million in the 2018 first quarter, compared with $2.4 million in the first quarter of 2017, representing operating margins of 1% in the 2018 period and 3% in the 2017 period.
Crawford Specialty Solutions
Crawford Specialty Solutions revenues before reimbursements were $82.4 million in the first quarter of 2018, down 6% from $87.8 million in the same period of 2017. On a constant dollar basis, first quarter 2018 revenues were $80.0 million. Operating earnings were $10.5 million in the 2018 first quarter compared with $8.4 million in the 2017 period. The segment’s operating margin for the 2018 quarter was 13%, as compared to 10% in the 2017 quarter.
Unallocated Corporate and Shared Costs and Credits, Net
Unallocated corporate costs, net were $0.8 million in the first quarter of 2018, compared with $0.5 million in the same period of 2017.
Restructuring and Special Charges
The Company recorded no restructuring and special charges in the 2018 first quarter and $0.6 million in the 2017 first quarter. Restructuring costs for the 2017 first quarter were comprised of costs related to the establishment and phase in of the Company's global business and technology service centers and other restructuring charges for asset impairments and lease termination costs.
Balance Sheet and Cash Flow
The Company’s consolidated cash and cash equivalents position as of March 31, 2018 totaled $64.0 million, compared with $54.0 million at December 31, 2017. The Company’s total debt outstanding as of March 31, 2018 totaled $267.3 million, compared with $225.7 million at December 31, 2017.
During the three months ended March 31, 2018, the Company repurchased 1,011,958 shares of CRD-A and 53,888 shares of CRD-B at an average cost of $8.28 and $8.96, respectively. During the three months ended March 31, 2017, the Company did not repurchase any shares of CRD-A or CRD-B.
The Company’s operations used $13.6 million of cash during the 2018 period, compared with $20.5 million used in the 2017 period.
2018 Guidance
Crawford & Company is reaffirming its guidance for 2018 as follows:
Consolidated revenues before reimbursements between $1.12 and $1.14 billion; Net income attributable to shareholders of Crawford & Company between $43.0 and $48.0 million, or $0.78 to $0.88 diluted earnings per CRD-A share, and $0.71 to $0.81 diluted earnings per CRD-B share; Consolidated operating earnings between $85.0 and $95.0 million; Consolidated adjusted EBITDA between $127.0 and $137.0 million.
To a significant extent, Crawford’s business depends on case volumes. The Company cannot predict the future trend of case volumes for a number of reasons, including the fact that the frequency and severity of weather-related claims and the occurrence of natural and man-made disasters, which are a significant source of claims and revenue for the Company, are generally not subject to accurate forecasting.
Conference Call
As previously announced, Crawford & Company will host a conference call on May 11, 2018 at 8:30 a.m. Eastern Time to discuss its first quarter 2018 results. The conference call can be accessed live by dialing 1-800-374-2518 and using Conference ID 4496059. A presentation for tomorrow’s call can also be found on the investor relations portion of the Company’s website, http://www.crawfordandcompany.com . The call will be recorded and available for replay through June 11, 2018. You may dial 1-855-859-2056 to listen to the replay.
Non-GAAP Presentation
In the normal course of business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under U.S. generally accepted accounting principles (“GAAP”), these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In the foregoing discussion and analysis of segment results of operations, we do not include a gross up of segment expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income or operating earnings. A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying unaudited condensed consolidated statements of operations.
Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker (“CODM”) to evaluate the financial performance of our Company and operating segments, and make resource allocation and certain compensation decisions. Unlike net income, segment operating earnings is not a standard performance measure found in GAAP. We believe this measure is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria used by our senior management and CODM. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs and credits, but before net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, goodwill impairment charges, restructuring and special charges, income taxes, and net income or loss attributable to noncontrolling interests and redeemable noncontrolling interests. The reconciliation of operating earnings to net income attributable to shareholders of the Company on a GAAP basis is presented below.
Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. However, adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results. The Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income attributable to shareholders of the Company with adjustments for depreciation and amortization, net corporate interest expense, income taxes, restructuring and special charges, and stock-based compensation expense.
Unallocated corporate and shared costs and credits include expenses and credits related to our chief executive officer and Board of Directors, certain provisions for bad debt allowances or subsequent recoveries such as those related to bankrupt clients, defined benefit pension costs or credits for our frozen U.S. pension plan, certain unallocated professional fees, and certain self-insurance costs and recoveries that are not allocated to our individual operating segments. Restructuring and special charges are non-core items not directly related to our normal business operations, or our future performance.
Income taxes, net corporate interest expense, stock option expense, and amortization of customer-relationship intangible assets are recurring components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income taxes are calculated for the Company on a consolidated basis based on statutory rates in effect in the various jurisdictions in which we provide services, and vary significantly by jurisdiction. Net corporate interest expense results from capital structure decisions made by senior management and the Board of Directors, affecting the Company as a whole. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings in order to better assess the results of each segment's operating activities on a consistent basis.
Income taxes are calculated for the non-GAAP presentation of net income before restructuring and special charges based on statutory rates in effect in the various jurisdictions in which charges exist, and vary by jurisdiction. Following is a reconciliation of segment and consolidated operating earnings to net income attributable to shareholders of Crawford & Company on a GAAP basis. The reconciliation of 2018 guidance is to the midpoint of the guidance range.
Three months ended Full Year (in thousands) March 31,
2018 March 31,
2017 Guidance
2018 Operating earnings: Crawford TPA Solutions: Broadspire $ 7,824 $ 7,968 Crawford Claims Solutions 715 2,434 Crawford Specialty Solutions 10,451 8,352 Unallocated corporate and shared costs, net (815 ) (461 ) Consolidated operating earnings 18,175 18,293 $ 90,000 (Deduct) Add: Net corporate interest expense (2,564 ) (2,036 ) (10,000 ) Stock option expense (450 ) (417 ) (1,800 ) Amortization expense (2,765 ) (2,777 ) (11,000 ) Goodwill impairment charges — — — Restructuring and special charges — (605 ) — Income taxes (3,966 ) (4,835 ) (21,000 ) Net loss (income) attributable to noncontrolling interests and redeemable noncontrolling interests 139 41 (700 ) Net income attributable to shareholders of Crawford & Company $ 8,569 $ 7,664 $ 45,500 Following is a reconciliation of net income attributable to shareholders of Crawford & Company on a GAAP basis to adjusted EBITDA. The reconciliation of 2018 guidance is to the midpoint of the guidance range.
Three months ended Full Year (in thousands) March 31,
2018 March 31,
2017 Guidance
2018 Net income attributable to shareholders of Crawford & Company $ 8,569 $ 7,664 $ 45,500 Add: Depreciation and amortization 11,440 10,180 48,300 Stock-based compensation 1,565 1,296 7,200 Net corporate interest expense 2,564 2,036 10,000 Restructuring and special charges — 605 — Income taxes 3,966 4,835 21,000 Adjusted EBITDA $ 28,104 $ 26,616 $ 132,000 Following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share.
Three months ended (in thousands) March 31,
2018 March 31,
2017 Weighted-Average Shares Used to Compute Basic Earnings Per Share: Class A Common Stock 31,199 31,409 Class B Common Stock 24,472 24,690 Weighted-Average Shares Used to Compute Diluted Earnings Per Share: Class A Common Stock 31,761 32,248 Class B Common Stock 24,472 24,690 Following is the reconciliations of GAAP Net Income and Earnings Per share to non-GAAP Adjusted Net Income and Diluted Earnings Per Share for the three months ended March 31, 2017. The three months ended March 31, 2018 did not have any adjustments to GAAP Net Income and Earnings Per share.
Three months ended March 31, 2017 (in thousands) Net income
attributable to
Crawford &
Company Diluted
earnings per
CRD-A share Diluted
earnings per
CRD-B share GAAP $ 7,664 $ 0.14 $ 0.12 Add back: Restructuring and special charges, net of tax of $198 407 0.01 0.01 Non-GAAP Adjusted $ 8,071 $ 0.15 $ 0.13 Further information regarding the Company’s operating results and cash flows for the quarter ended March 31, 2018, and financial position as of March 31, 2018, and cash flows for the three months ended March 31, 2018 is shown on the attached unaudited condensed consolidated financial statements.
About Crawford & Company
Based in Atlanta, Georgia, Crawford & Company ( www.crawfordandcompany.com ) is the world's largest publicly listed independent provider of claims management solutions to the risk management and insurance industry, as well as to self-insured entities, with an expansive global network serving clients in more than 70 countries.
The Company’s shares are traded on the NYSE under the symbols CRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights and the Company's ability to pay greater cash dividends on the non-voting Class A Common Stock than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, voting as a class.
Earnings per share may be different between CRD-A and CRD-B due to the payment of a higher per share dividend on CRD-A than CRD-B, and the impact that has on the earnings per share calculation according to generally accepted accounting principles.
FOR FURTHER INFORMATION REGARDING THIS PRESS RELEASE, PLEASE CALL BRUCE SWAIN AT (404) 300-1051.
This press release contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not historical facts may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company’s present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the made. For further information regarding Crawford & Company, including factors that could cause our actual financial condition, results or earnings to differ from those described in any forward-looking statements, please read Crawford & Company’s reports filed with the SEC and available at www.sec.gov and in the Investor Relations section of Crawford & Company’s website at www.crawfordandcompany.com .
CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In Thousands, Except Per Share Amounts and Percentages) Three Months Ended March 31, 2018 2017 % Change Revenues: Revenues Before Reimbursements $ 273,104 $ 267,267 2 % Reimbursements 17,283 12,263 41 % Total Revenues 290,387 279,530 4 % Costs and Expenses: Costs of Services Provided, Before Reimbursements 197,619 192,737 3 % Reimbursements 17,283 12,263 41 % Total Costs of Services 214,902 205,000 5 % Selling, General, and Administrative Expenses 61,660 59,992 3 % Corporate Interest Expense, Net 2,564 2,036 26 % Restructuring and Special Charges — 605 (100 )% Total Costs and Expenses 279,126 267,633 4 % Other Income 1,135 561 102 % Income Before Income Taxes 12,396 12,458 — % Provision for Income Taxes 3,966 4,835 (18 )% Net Income 8,430 7,623 11 % Net Loss Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests 139 41 239 % Net Income Attributable to Shareholders of Crawford & Company $ 8,569 $ 7,664 12 % Earnings Per Share - Basic: Class A Common Stock $ 0.16 $ 0.15 7 % Class B Common Stock $ 0.14 $ 0.13 8 % Earnings Per Share - Diluted: Class A Common Stock $ 0.16 $ 0.14 14 % Class B Common Stock $ 0.14 $ 0.12 17 % Cash Dividends Per Share: Class A Common Stock $ 0.07 $ 0.07 — % Class B Common Stock $ 0.05 $ 0.05 — %
CRAWFORD & COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2018 and December 31, 2017 Unaudited (In Thousands, Except Par Values) March 31, December 31, 2018 2017 ASSETS Current Assets: Cash and Cash Equivalents $ 63,956 $ 54,011 Accounts Receivable, Net 173,554 174,172 Unbilled Revenues, at Estimated Billable Amounts 132,915 108,745 Income Taxes Receivable 4,109 7,987 Prepaid Expenses and Other Current Assets 24,651 25,452 Total Current Assets 399,185 370,367 Net Property and Equipment 41,869 41,664 Other Assets: Goodwill 98,462 96,916 Intangible Assets Arising from Business Acquisitions, Net 96,224 97,147 Capitalized Software Costs, Net 88,627 89,824 Deferred Income Tax Assets 23,398 24,359 Other Noncurrent Assets 72,134 67,659 Total Other Assets 378,845 375,905 Total Assets $ 819,899 $ 787,936 LIABILITIES AND SHAREHOLDERS’ INVESTMENT Current Liabilities: Short-Term Borrowings $ 24,546 $ 24,641 Accounts Payable 41,982 49,303 Accrued Compensation and Related Costs 64,670 75,892 Self-Insured Risks 11,994 13,407 Income Taxes Payable 3,193 2,703 Deferred Rent 15,839 15,717 Other Accrued Liabilities 43,740 36,563 Deferred Revenues 37,182 37,794 Current Installments of Capital Leases 557 571 Total Current Liabilities 243,703 256,591 Noncurrent Liabilities: Long-Term Debt and Capital Leases, Less Current Installments 242,202 200,460 Deferred Revenues 24,083 22,515 Accrued Pension Liabilities 81,550 87,035 Other Noncurrent Liabilities 27,084 27,596 Total Noncurrent Liabilities 374,919 337,606 Redeemable Noncontrolling Interests 6,447 6,775 Shareholders’ Investment: Class A Common Stock, $1.00 Par Value 30,529 31,439 Class B Common Stock, $1.00 Par Value 24,448 24,502 Additional Paid-in Capital 54,647 53,170 Retained Earnings 267,682 269,686 Accumulated Other Comprehensive Loss (187,537 ) (196,477 ) Shareholders’ Investment Attributable to Shareholders of Crawford & Company 189,769 182,320 Noncontrolling Interests 5,061 4,644 Total Shareholders’ Investment 194,830 186,964 Total Liabilities and Shareholders’ Investment $ 819,899 $ 787,936
CRAWFORD & COMPANY SUMMARY RESULTS BY OPERATING SEGMENT Unaudited (In Thousands, Except Percentages) Three Months Ended March 31, Crawford TPA Solutions:
Broadspire % Crawford Claims Solutions % Crawford Specialty Solutions % 2018 2017 Change 2018 2017 Change 2018 2017 Change Revenues Before Reimbursements $ 100,237 $ 96,326 4.1 % $ 90,442 $ 83,148 8.8 % $ 82,425 $ 87,793 (6.1 )% Direct Compensation, Fringe Benefits & Non-Employee Labor 58,718 55,590 5.6 % 60,948 55,468 9.9 % 43,386 41,521 4.5 % % of Revenues Before Reimbursements 58.6 % 57.7 % 67.4 % 66.7 % 52.6 % 47.3 % Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor 33,695 32,768 2.8 % 28,779 25,246 14.0 % 28,588 37,920 (24.6 )% % of Revenues Before Reimbursements 33.6 % 34.0 % 31.8 % 30.4 % 34.7 % 43.2 % Total Operating Expenses 92,413 88,358 4.6 % 89,727 80,714 11.2 % 71,974 79,441 (9.4 )% Operating Earnings (1) $ 7,824 $ 7,968 (1.8 )% $ 715 $ 2,434 (70.6 )% $ 10,451 $ 8,352 25.1 % % of Revenues Before Reimbursements 7.8 % 8.3 % 0.8 % 2.9 % 12.7 % 9.5 % (1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization of customer-relationships intangible assets, restructuring and special charges, goodwill impairment charges and certain unallocated corporate and shared costs and credits. See pages 4-5 for additional information about segment operating earnings.
CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 and March 31, 2017 Unaudited (In Thousands) 2018 2017 Cash Flows From Operating Activities: Net Income $ 8,430 $ 7,623 Reconciliation of Net Income to Net Cash Used In Operating Activities: Depreciation and Amortization 11,440 10,180 Stock-Based Compensation Costs 1,565 1,296 Changes in Operating Assets and Liabilities, Net of Effects of Acquisitions and Dispositions: Accounts Receivable, Net 2,848 (9,296 ) Unbilled Revenues, Net (20,180 ) (5,729 ) Accrued or Prepaid Income Taxes 4,839 2,866 Accounts Payable and Accrued Liabilities (13,594 ) (17,028 ) Deferred Revenues 239 1,906 Accrued Retirement Costs (10,143 ) (10,445 ) Prepaid Expenses and Other Operating Activities 932 (1,888 ) Net Cash Used in Operating Activities (13,624 ) (20,515 ) Cash Flows From Investing Activities: Acquisitions of Property and Equipment (5,141 ) (695 ) Capitalization of Computer Software Costs (5,717 ) (5,432 ) Payments for Business Acquisitions, Net of Cash Acquired — (36,029 ) Other Investing Activities — 96 Net Cash Used in Investing Activities (10,858 ) (42,060 ) Cash Flows From Financing Activities: Cash Dividends Paid (3,421 ) (3,441 ) Payments Related to Shares Received for Withholding Taxes Under Stock-Based Compensation Plans — (436 ) Proceeds from Shares Purchased Under Employee Stock-Based Compensation Plans 14 37 Repurchases of Common Stock (3,925 ) — Increases in Short-Term and Revolving Credit Facility Borrowings 50,408 58,727 Payments on Short-Term and Revolving Credit Facility Borrowings (10,000 ) (5,386 ) Payments on Capital Lease Obligations (125 ) (416 ) Net Cash Provided by Financing Activities 32,951 49,085 Effects of Exchange Rate Changes on Cash and Cash Equivalents 1,476 718 Increase (Decrease) in Cash and Cash Equivalents 9,945 (12,772 ) Cash and Cash Equivalents at Beginning of Year 54,011 81,569 Cash and Cash Equivalents at End of Period $ 63,956 $ 68,797
Source: Crawford & Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-crawford-company-reports-2018-first-quarter-results.html |
Federal Reserve
Inflation continues to be pretty much as subdued as it was when Stanley Fischer stepped down from the Fed, the former central bank vice chairman said Wednesday.
As his former colleagues plan to continue what has been a steady rate-hiking cycle, Fischer said they have "some time to wait" as conditions unfold.
"When I left, which was only six or seven months ago [in October 2017], all the concerns were we're not seeing any inflation," said told CNBC's Leslie Picker during an interview on the sidelines of the Context Leadership Summit in Las Vegas. "I don't think we're seeing a whole lot more inflation than we saw at that time."
Indicators on one of the Fed's key economic points have been mixed lately.
The personal consumption expenditures index , which is the Fed's preferred measure, rose 1.9 percent excluding food and energy, in March, and was up 2 percent on a headline basis. The Fed considers 2 percent inflation to be an ideal level.
However, wage growth has remained below what policymakers would like to see.
Still, the Fed has continued to raise interest rates, with the next hike widely expected to happen in June. Officials have worried that continuing to keep rates low runs the risk of creating financial imbalances like asset bubbles, and gives the Fed little wiggle room to handle the next crisis.
"Central banks who don't look at inflation and don't worry about inflation can make more mistakes than they should," Fischer said.
He stated that the Fed has "done a pretty good job" at achieving its goals of full employment and price stability and expects "they'll find their way to good policy."
At an earlier panel talk with Mohamed El-Erian, the chief economic advisor at Allianz, Fischer said the Fed "will have some room to move" in the next downturn, though maybe not as much as normal.
He also said the current members should prepare to handle some kind of emergency.
"My advice is to get ready, you will experience a crisis," he said. "Almost every central banker experiences a crisis at some time … Bernanke got it, Yellen avoided it through excellent management and some good luck."
Investors have been watching both the Fed with its target rate, currently at 1.5 percent to 1.75 percent, as well as the path of the 10-year Treasury note, which again touched 3 percent Wednesday.
Whether the benchmark government debt instrument will hit 4 percent will be a function both of the market and economic conditions, El-Erian said.
"The technical argument will tend to support the economical argument to moving up from where we are," he said.
—CNBC's Dawn Giel contributed to this report . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-fed-has-time-to-wait-while-hiking-rates-former-vice-chair-fischer-says.html |
May 18, 2018 / 3:24 PM / Updated 20 minutes ago Moore named West Brom manager on permanent basis Reuters Staff 1 Min Read
(Reuters) - West Bromwich Albion have appointed Darren Moore as their new permanent manager after they were relegated from the Premier League, the club announced on Friday. FILE PHOTO: Soccer Football - Premier League - Crystal Palace vs West Bromwich Albion - Selhurst Park, London, Britain - May 13, 2018 West Bromwich Albion caretaker manager Darren Moore applauds the fans after the match Action Images via Reuters/Matthew Childs
The former West Brom defender guided the club on an unbeaten run in April as caretaker manager after replacing the sacked Alan Pardew.
But he failed to save West Brom, who finished at the bottom of the top-flight standings with 31 points. Reporting by Hardik Vyas in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-wba-moore/moore-named-west-brom-manager-on-permanent-basis-idUKKCN1IJ21F |
BOSTON, May 15, 2018 /PRNewswire/ -- Blue Cross Blue Shield of Massachusetts (Blue Cross), Inc. and Blue Cross Blue Shield of Massachusetts HMO Blue, Inc. today reported a combined after-tax first quarter net income of $57.5 million (2.9% net margin) on revenue of $2.0 billion, which includes the impact of two extraordinary items related to the Affordable Care Act (ACA) insurer fee and federal tax reform. As a result of the ACA fee, the company reported an operating loss of $97.2 million. Under recognized statutory accounting guidelines, the company is required to expense – in the first quarter – the full-year cost of the ACA insurer fee, which resumed this year. The company reported investment income of $12.2 million.
"Our first quarter results are consistent with our expectations," said Andreana Santangelo, Blue Cross' chief financial officer. "They reflect a highly competitive marketplace, reinforcing the need for us to continue to effectively manage both administrative and medical spending while continuing to offer exceptional, affordable health plans to our employer customers and members." Blue Cross uses approximately 90 cents of every premium dollar to pay for health care services for our members.
Blue Cross is the leading private health plan in Massachusetts with 2.8 million members.
About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts ( bluecrossma.com ) is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. We're the trusted health plan for more than 25,000 Massachusetts employers and are committed to working with others in a spirit of shared responsibility to make quality health care affordable. Consistent with our corporate promise to always put our 2.8 million members first, we're rated among the nation's best health plans for member satisfaction and quality. Connect with us on Facebook , Twitter , YouTube, and LinkedIn .
View original content with multimedia: http://www.prnewswire.com/news-releases/blue-cross-blue-shield-of-massachusetts-announces-first-quarter-2018-financial-results-300648840.html
SOURCE Blue Cross Blue Shield of Massachusetts | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-blue-cross-blue-shield-of-massachusetts-announces-first-quarter-2018-financial-results.html |
Charlie Morton set a new single-game standard for strikeouts while Brian McCann and Evan Gattis slugged home runs in support as the Houston Astros evened their three-game, weekend series with the Texas Rangers with a 6-1 victory on Saturday at Minute Maid Park.
May 12, 2018; Houston, TX, USA; Houston Astros starting pitcher Charlie Morton (50) walks back to the dugout after recording his career-high 14th strikeout against the Texas Rangers during the seventh inning at Minute Maid Park. Mandatory Credit: Erik Williams-USA TODAY Sports Morton (5-0) recorded a career-high 14 strikeouts, posting double-digit strikeouts in a start for the third time this season. He did not walk a batter and allowed just four hits over seven innings, with Rangers first baseman Ronald Guzman accounting for the lone run with a solo homer to right field with two outs in the third inning. Morton surrendered a double to the ensuing batter, Delino DeShields, but recovered to punch out Shin-Soo Choo to end the threat.
Choo, left fielder Joey Gallo and second baseman Rougned Odor were a combined 0-for-10 with nine strikeouts against Morton, who fanned 12 batters over six innings against Texas on April 14, a game the Astros lost 6-5. He posted 10 strikeouts against the Yankees on April 30.
Morton struck out the final two batters of the first inning, the first two batters of the second and struck out the side swinging after Jurickson Profar reached on a leadoff single in the fifth.
The Astros trailed 1-0 after the Guzman blast, but that deficit was short-lived. Gattis followed a leadoff double by Josh Reddick in the bottom of the third with an RBI single to center, pulling Houston even against Rangers right-hander Doug Fister (1-4). An inning later, McCann slugged his third home run of the season into the home bullpen in right-center, pushing Houston to a 2-1 lead. Gattis added a solo homer, his second, with one out in the fifth.
Fister allowed three runs on four hits and three walks with four strikeouts over 6 1/3 innings.
Astros shortstop Carlos Correa bashed his sixth home run in the eighth inning off Rangers right-hander Tony Barnette, a two-run, 439-foot shot to straightaway center field. Houston played without outfielder George Springer for the first time this season. Springer remains sidelined after being hit by a pitch on the left elbow in the third inning on Friday night.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-tex-hou/morton-ks-career-high-14-as-astros-top-rangers-6-1-idUSKCN1IE02Z |
In an era rife with concerns about cybersecurity, election officials are increasingly turning to a decidedly low-tech solution: paper.
While security advocates have long considered use of paper a best practice for election integrity, the pace of its adoption has accelerated in the wake of Russian meddling in the U.S. election in 2016. City and county governments around the country and a handful of states, so far, have moved to replace electronic voting methods with paper ballots or to adopt electronic-voting machines that... | ashraq/financial-news-articles | https://www.wsj.com/articles/remember-the-age-of-paper-ballots-its-back-1527172511 |
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