text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
SANTA CLARA, Calif. (AP) _ Nvidia Corp. (NVDA) on Thursday reported fiscal first-quarter earnings of $1.24 billion.
On a per-share basis, the Santa Clara, California-based company said it had profit of $1.98. Earnings, adjusted for one-time gains and costs, came to $2.05 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.65 per share.
The maker of graphics chips for gaming and artificial intelligence posted revenue of $3.21 billion in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $2.91 billion.
Nvidia shares have increased 34 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 2 percent. In the final minutes of trading on Thursday, shares hit $260.13, more than doubling 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 NVDA at https://www.zacks.com/ap/NVDA | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-nvidia-fiscal-1q-earnings-snapshot.html |
(Reuters) - Celebrity chef Mario Batali, who already faces sexual harassment accusations from four women, is under criminal investigation by the New York Police Department for sexual misconduct, police said on Monday, confirming a 60 Minutes television report.
FILE PHOTO: Celebrity chef Mario Batali talks during an interview with Reuters at his latest restaurant, Del Posto, in New York, U.S., April 11, 2006. REUTERS/Brendan McDermid Batali “vehemently” denied the new allegations in a statement to CBS, which airs the program.
An NYPD public information officer said in an email on Monday the department was investigating the allegations. The officer did not respond to a question about whether the 2005 incident was too old to face prosecution.
Reuters was unable to immediately reach a representative of Batali for comment.
The chef, who owns numerous restaurants, is accused of drugging and sexually assaulting an employee at one of his restaurants in 2005 in the new criminal investigation, according to the report.
The woman, who was not named on 60 Minutes, told CBS she was invited by Batali to a party at the Spotted Pig, a trendy restaurant in New York’s West Village owned by a friend of Batali.
CBS concealed her face during the interview with shaded lighting. The woman said she was afraid the revelation of her identity would hurt her future job prospects in the industry.
“Who wants to be defined by their worst day in their life?” she asked.
Other restaurant workers told the program on the record that they had witnessed Batali inappropriately touching other women.
The new accusations are the latest in the era of the #MeToo movement against sexual assault and harassment, which has ensnared media moguls and celebrities.
Actor Bill Cosby, 80, who is best known for his 1980s comedy TV program “The Cosby Show,” was convicted in April of three counts of sexual assault for an incident in 2004. He faces up to 30 years in prison.
Batali was fired in December 2017 by ABC as co-host of The Chew, a daytime food and talk show, and also stepped away from his restaurant company after the accusations by the four women first surfaced.
Writing by Rich McKay in Atlanta, additional reporting by Peter Szekely in New York; Editing by Scott Malone and Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-people-mariobatali/police-probe-celebrity-chef-mario-batali-for-sexual-misconduct-media-idUSKCN1IM0JX |
May 14 (Reuters) - Accelerize Inc:
* Q1 LOSS PER SHARE $0.02 * Q1 REVENUE $6.0 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-accelerize-q1-loss-per-share-002/brief-accelerize-q1-loss-per-share-0-02-idUSASC0A1YJ |
BUENOS AIRES, May 20 (Reuters) - The United States will not recognize the result of Venezuela’s presidential election on Sunday, U.S. Deputy Secretary of State John Sullivan told journalists.
The United States is actively considering oil sanctions on Venezuela and Sullivan said a response to Sunday’s vote would be discussed at a G20 meeting in Buenos Aires on Monday.
Sullivan also said he knew of no plan to withdraw U.S. assistance from northwest Syria.
CBS news reported on Friday the Trump administration had withdrawn all assistance from northwest Syria, a move it said demonstrated the administration intended to leave quickly once Islamic State is fully defeated.
Reporting by Caroline Stauffer; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-g20-sullivan/u-s-will-not-recognize-venezuela-election-result-state-dept-idUSL2N1SR055 |
May 24, 2018 / 11:25 AM / Updated 18 hours ago Fashion and sport brands clash in luxury sneakers race 5 Min Read
MILAN (Reuters) - What do you get when luxury fashion meets sport? $10,000 sneakers. A model presents a creation from the Gucci Autumn/Winter 2018 women collection during Milan Fashion Week in Milan, Italy February 21, 2018. Picture taken February 21, 2018. REUTERS/Alessandro Garofalo
High-end brands such as Kering’s ( PRTP.PA ) Gucci, Prada ( 1913.HK ) and Balenciaga are increasingly looking to sneakers for growth, putting them in direct competition with sportswear giants like Nike ( NKE.N ), Puma PMUG.DE and Adidas ( ADSGn.DE ), and giving rise to ever-more striking and expensive designs.
Luxury groups say they are now increasing investments and marketing budgets to face down their new opponents.
“When I saw sneakers were going to be a thing, I fought it for a bit,” Salvatore Ferragamo’s ( SFER.MI ) designer Paul Andrew said at a conference. “We’re definitely now investing heavily in that category, getting in very specialized people”.
Global sales of sneakers - or trainers - rose 10 percent to 3.5 billion euros last year, outperforming a 7 percent rise in handbags, according to consultancy Bain & Co.
“It’s not really even a trend anymore - it’s become a category,” said Bruce Pas, Men’s Fashion Director at U.S. department store Neiman Marcus.
Both luxury groups and sports companies are looking to cash in on a booming market. Premium sneakers can start at around $400 but can easily rise as high as $3,000, for a pair of Christian Louboutin’s leather, crystal-embellished sneakers.
Limited editions can sell for well over $10,000, including the Chanel X Pharrell Hu Race Trail or Nike’s Air Jordan 3 Retro DJ Khaled Grateful.
Sneakers are a big driver of the luxury shoe business, which accountancy firm EY says is the fashion industry’s fastest-growing area.
The rise of luxury sneakers is part of the growing influence of casual and streetwear in high-end fashion, where it is now acceptable to team sneakers with a tailored suit.
Upmarket brands are tapping into street style to refresh their looks and young buyers are driving the shift. “Millennials” - born between the early 1980s and mid-90s - already represent a third of the luxury market, according to Bain.
Several luxury group executives recently noted the importance of sneakers for their business and the need to step up their game to face the rising competition.
Emilio Macellari, finance chief of Italian luxury goods company Tod’s ( TOD.MI ) - a pioneer in the sector, having launched its first Hogan luxury sneaker in 1986 - said “there is no brand that is not currently considering its (sneaker) offer”.
Pointing out how times are changing, he said luxury brands were now “under attack” from sportswear companies, on top of the usual competition from their luxury peers.
But so-called “sneakerisation” could steal market share from more traditional and formal-looking footwear, industry operators say.
“After many seasons of comfortable shoes, it will be hard to bring women back on heels,” said Federica Montelli, head of fashion at Milan’s renowned la Rinascente department store. BLUE SNAKE AND PROFIT MARGINS
In central Milan a pair of Nike’s black leather, ankle-high Air Jordan 5 Retro Premium sneakers sell for over 400 euros ($470). Only steps away, in one of the city’s most exclusive shopping areas, clients buy a pair of Gucci’s ACE made with the GG logo canvas, with a blue snake-leather detail for 450 euros.
“What has changed is competition, with a clear overlap,” said Claudia D’Arpizio, partner at Bain & Co. “Luxury consumers are buying Nike and Adidas and vice-versa”.
Ilaria, a young saleswoman in Milan streetwear shop One Block Down, said that many customers walk in carrying shopping bags from the nearby luxury boutiques.
Sports groups say they are not worried by the competition.
“If (luxury groups) go the sports way... it is only positive,” said Puma Chief Executive Bjorn Gulden said. “If that is a trend that pulls the sneaker market up, we can only be happy.”
Analysts also say the intensifying competition is unlikely to erode profit margins because the market is expanding.
“There is large space for prices moving up,” said Erwan Rambourg from HSBC. “The ‘luxurisation’ of sneakers could possibly impact margins positively”. Additional reporting by Melissa Fares in New York, Emma Thomasson in Berlin, Sarah White in Venice, Claudia Cristoferi in Milan and Sonya Dowsett in Madrid; Editing by Pravin Char | ashraq/financial-news-articles | https://uk.reuters.com/article/us-fashion-sneakers-analysis/fashion-and-sport-brands-clash-in-luxury-sneakers-race-idUKKCN1IP1OU |
May 9 (Reuters) - Johnson Controls International PLC :
* JOHNSON CONTROLS WINS CONTRACTS WITH NAVISTAR AND MAN TRUCK AND BUS TO SUPPORT INCREASING ELECTRICAL DEMANDS ON FLEETS IN NORTH AMERICA AND GLOBALLY
* JOHNSON CONTROLS POWER SOLUTIONS - AWARDED CONTRACTS TO SUPPLY ABSORBENT GLASS MAT AND FLOODED BATTERIES TO NAVISTAR AND MAN TRUCK AND BUS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-johnson-controls-wins-contracts-wi/brief-johnson-controls-wins-contracts-with-navistar-and-man-truck-and-bus-to-support-increasing-electrical-demands-on-fleets-in-north-america-and-globally-idUSFWN1SG0QU |
Automotive industry veteran joins leading global supplier of fluid-handling systems and precision aluminum parts
DETROIT--(BUSINESS WIRE)-- HDT Automotive Solutions (HDT Automotive), the world’s leading supplier of fluid-handling systems and precision aluminum parts, today announced the appointment of Patrick Paige as its Chief Executive Officer. Mr. Paige will be based in Michigan and will report into the Board of Directors.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180521005341/en/
Patrick Paige, CEO, HDT Automotive (Photo: Business Wire)
HDT Automotive employs more than 4,000 people at ten manufacturing facilities across the United States, Canada, Mexico, Italy, United Kingdom, Poland, Hungary and China serving the North American, European and Asian automotive markets. It is the leading global supplier of automotive tubular components, with a worldwide manufacturing footprint, a well-balanced customer base, and a diverse array of products and material capabilities.
HDT Automotive is the result of the 2017 merger between Huron and Dynamic Technologies. In 2017, Ardian , a world-leading private investment house, acquired Dynamic Technologies and merged it with Huron, an existing portfolio company controlled by the Ardian North America Direct Buyouts team.
Mr. Paige, who has over three decades of experience in the automotive industry, was most recently President and CEO of Acument Global Technologies, Inc (AGT), a leading manufacturer of automotive mechanical fasteners. In his role, he was responsible for overseeing AGT’s engineering, manufacturing and distribution operations in the global transportation, industrial construction and aerospace industries.
Vincent Fandozzi, Head of Ardian North America Direct Buyouts said “We thank Walter Zonta, former CEO, for his remarkable leadership helping to solidify the successful 2017 merger and look forward to his continued contributions as Executive Chairman of the HDT Automotive Board. We are excited to welcome Patrick as we embark on HDT Automotive’s next stage of growth. We look forward to supporting Patrick and the world-class HDT Automotive team in the years ahead as they continue to serve HDT customers with innovative products and superior support.”
Walter Zonta said “We are very happy that Patrick is joining our company allowing us to continue serving our customers in the conventional areas but also to help us develop exciting new products for evolving segments such as Hybrid and Electric Vehicles.”
Mr. Paige said “As CEO of HDT Automotive, I am excited to be at the helm of this global leader of automotive fluid transfer systems. HDT Automotive is uniquely positioned to deliver products, technologies and services to its world-class customer base by utilizing and leveraging best practices throughout the company. I am grateful to have such a deeply committed team. The input, engagement and guidance of all HDT Automotive employees will play a vital role in this transformational and exciting process.”
Mr. Paige has a long track record of success in the automotive industry, working for top suppliers including Johnson Controls, Inc. and American Axle & Manufacturing (AAM), where during one of his roles, he was CEO of AAM’s UK-based subsidiary Albion Automotive. Mr. Paige began his career at Chrysler Corporation in 1987.
Mr. Paige holds both a bachelor’s and law degree from Michigan State University.
About HDT Automotive Solutions
HDT Automotive Solutions is the leading global supplier of automotive tubular components, with a diverse array of products, new materials capabilities, a worldwide manufacturing footprint, and a well-balanced customer base. Headquartered in Michigan, HDT has ten manufacturing facilities across the United States, Canada, Mexico, Italy, United Kingdom, Poland, Hungary and China and serves the North American, European and Asian automotive markets. It was established in 2017 as a result of the merger between Huron and Dynamic Technologies. www.dyntecspa.com , www.huroninc.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005341/en/
HDT Automotive Press Contact
Emma Murphy
The Neibart Group
Tel 718-875-4545
Cell 347 968-6800
[email protected]
Source: HDT Automotive Solutions | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-hdt-automotive-solutions-names-patrick-paige-as-new-ceo.html |
May 7 (Reuters) - Frutarom Industries Ltd:
* PRESS RELEASE - IFF TO COMBINE WITH FRUTAROM TO CREATE A GLOBAL LEADER IN TASTE, SCENT AND NUTRITION
* DEFINITIVE AGREEMENT UNDER WHICH IFF WILL ACQUIRE FRUTAROM IN A CASH AND STOCK TRANSACTION VALUED AT APPROXIMATELY $7.1 BILLION
* EXPECTED TO REALIZE APPROXIMATELY $145 MILLION IN RUN-RATE COST SYNERGIES BY THIRD FULL YEAR
* TRANSACTION INCLUDES ASSUMPTION OF FRUTAROM’S NET DEBT
* FRUTAROM INDUSTRIES- FRUTAROM SHAREHOLDER REPRESENTING 36% OF SHARES OUTSTANDING HAS ENTERED INTO AN AGREEMENT TO VOTE IN FAVOR OF THE TRANSACTION
* FRUTAROM’S SHAREHOLDERS WILL RECEIVE FOR EACH FRUTAROM SHARE $71.19 IN CASH AND 0.249 OF A SHARE OF IFF COMMON STOCK
* IFF EXPECTS TO MAINTAIN ITS QUARTERLY DIVIDEND CONSISTENT WITH PRIOR GUIDANCE
* FRUTAROM INDUSTRIES - FRUTAROM SHAREHOLDER REPRESENTING 36% OF SHARES OUTSTANDING HAS ENTERED INTO AN AGREEMENT TO VOTE IN FAVOR OF TRANSACTION
* TRANSACTION IS EXPECTED TO BE NEUTRAL TO ADJUSTED CASH EARNINGS PER SHARE IN FIRST FULL YEAR FOR IFF
* FRUTAROM INDUSTRIES - ORI YEHUDAI, PRESIDENT AND CEO OF CO, WILL SERVE AS STRATEGIC ADVISOR SUPPORTING ANDREAS FIBIG, CHIEF EXECUTIVE OFFICER OF IFF
* FRUTAROM INDUSTRIES- IFF TO FINANCE CASH PORTION OF DEAL THROUGH COMBINATION OF EXISTING CASH ON HAND, NEW DEBT RAISED AND ABOUT $2.2 BILLION IN NEW EQUITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-international-flavors-fragrances-t/brief-international-flavors-fragrances-to-buy-frutarom-for-about-7-1-bln-idUSASC09ZZO |
May 2, 2018 / 12:28 PM / Updated 9 minutes ago BRIEF-Norwegian Cruise Line Reports Adj EPS Of $0.60 Reuters Staff
May 2 (Reuters) - Norwegian Cruise Line Holdings Ltd :
* NORWEGIAN CRUISE LINE HOLDINGS REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER 2018 * Q1 GAAP EARNINGS PER SHARE $0.45
* Q1 EARNINGS PER SHARE VIEW $0.54 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE $1.3 BILLION VERSUS I/B/E/S VIEW $1.29 BILLION * SEES Q2 2018 ADJUSTED EPS OF ABOUT $1.02
* NEW $1 BILLION, THREE-YEAR SHARE REPURCHASE PROGRAM AUTHORIZATION ANNOUNCED
* SEES FUEL CONSUMPTION OF 840,000 IN METRIC TONS IN FY 2018
* FY2018 EARNINGS PER SHARE VIEW $4.61 — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $1.02 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-norwegian-cruise-line-reports-adj/brief-norwegian-cruise-line-reports-adj-eps-of-0-60-idUSASC09YZE |
Doctor Who's Jodie Whittaker on her 'wonderful' new role and Time's Up 1:18pm BST - 01:39
British actress talks about 'incredbile time' filming TV 'time lord' role and a 'no-brainer' supporting legal fund movement.
British actress talks about 'incredbile time' filming TV 'time lord' role and a 'no-brainer' supporting legal fund movement. //reut.rs/2rCnDm6 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/doctor-whos-jodie-whittaker-on-her-wonde?videoId=426817233 |
Reports Sales Growth in Both Marketing Solutions and Business Services
Reaffirms Full Year Guidance
CHICAGO--(BUSINESS WIRE)-- R.R. Donnelley & Sons Company (NYSE: RRD) (“RRD”) today reported financial results for the first quarter of 2018.
Key messages
Net sales grew 2.9% and organic sales grew 1.3% for the first quarter 2018 - represents second consecutive quarter of organic growth GAAP and non-GAAP income from operations down from prior year - both include unfavorable foreign exchange losses of approximately $12 million and an $8.3 million charge related to a retail client bankruptcy GAAP and non-GAAP diluted earnings (loss) per share both include reduced interest expense of $6.6 million and higher income tax expense Results provided on recently announced new segment basis - Marketing Solutions, a preeminent provider of multichannel marketing activation programs and Business Services, a premier global provider of business communications services Company reaffirms its full year guidance
“I am pleased to report that we delivered our second consecutive quarter of organic sales growth as we extend our differentiated capabilities to win new business and fuel growth with our existing clients. And despite an unexpected client bankruptcy-related charge and unfavorable foreign exchange rates, our underlying results for the first quarter of 2018 were in line with our expectations, and we remain on track to deliver our plan for the year,” said Dan Knotts, RRD’s President and Chief Executive Officer. “Our sales growth is directly attributable to the progress we are making in advancing our strategic transformation as a leading marketing and business communications services company. Our new organizational alignment positions us to further leverage our extensive business portfolio to help our clients create better connections with their customers across the full customer journey – from the marketing programs needed to acquire new and repeat customers, to the business communications that service those customers and strengthen the brand over time. Our teams remain focused on executing our cost reduction plans and driving long-term value for our stockholders.”
Financial highlights
The following table provides an overview of RRD’s financial performance.
Q1 2018 Q1 2017 Net sales $1.71 billion $1.66 billion Income from operations $32.2 million $43.3 million Net loss attributable to common stockholders $(9.6) million $(50.1) million Diluted loss per share $(0.14) $(0.71) Income from operations - Non-GAAP (1) $32.9 million $54.5 million Net (loss) earnings attributable to common stockholders - Non-GAAP (1) $(7.1) million $10.0 million Diluted (loss) earnings per share - Non-GAAP (1) $(0.10) $0.14 (1) See page 8 for a complete listing of items excluded and a reconciliation of GAAP to non-GAAP amounts.
Net sales in the quarter were $1.71 billion, up $48.9 million or 2.9% from the first quarter of 2017. On an organic basis, consolidated net sales increased 1.3% driven by higher volumes in both segments as well as higher fuel surcharges in Business Services, partially offset by price pressure in Business Services. From a products and services perspective, Packaging, Logistics, Direct Mail and Business Process Outsourcing accounted for most of the increase while Commercial Print was down due to ongoing secular pressure and lower specialty card sales.
Gross profit in the first quarter of 2018 was $294.7 million or 17.3% of net sales versus $326.8 million or 19.7% of net sales in the prior year quarter. The favorable impact of volume growth and cost reduction initiatives was more than offset by inflationary increases, primarily in paper and costs of transportation, unfavorable changes in foreign exchange rates, operational inefficiencies due to volume reductions from two clients and modest price pressure.
Selling, general and administrative expenses (“SG&A”) of $214.6 million, or 12.6% of net sales, in the first quarter of 2018 decreased from $225.8 million, or 13.6% of net sales, in the prior year. The improvement was primarily due to cost reduction initiatives, partially offset by higher bad debt expense due to the retail client bankruptcy.
Income from operations was $32.2 million in the first quarter compared to $43.3 million in the 2017 quarter. The first quarter of 2018 included pre-tax restructuring and other charges of $0.8 million. The prior year period included pre-tax restructuring and other charges of $9.1 million and $2.1 million for spinoff-related transaction expenses. Non-GAAP income from operations of $32.9 million, or 1.9% of net sales, decreased $21.6 million from $54.5 million, or 3.3% of net sales, reported in the prior year period. This decrease was primarily due to lower gross profit, partially offset by lower SG&A and depreciation and amortization expense.
Net loss attributable to common stockholders of $9.6 million in the first quarter compared to a net loss of $50.1 million in the first quarter of 2017. The prior year period included a loss of $51.6 million related to the sale of the Company’s equity interest in LSC Communications, Inc. (“LSC”). Non-GAAP net loss attributable to common stockholders was $7.1 million, a decrease of $17.1 million compared to net earnings of $10.0 million in the first quarter of 2017, primarily driven by lower income from operations and higher taxes, partially offset by lower interest expense. The prior year effective tax rate included a one-time benefit due to a favorable tax rate change obtained in Asia.
First quarter 2018 diluted loss per share attributable to common stockholders was $0.14 compared to diluted loss per share of $0.71 in the first quarter of 2017. Non-GAAP diluted loss per share attributable to common stockholders was $0.10 in 2018 compared to diluted earnings per share of $0.14 in 2017.
Other highlights and information
Cash used in operating activities in 2018 was $140.3 million compared to $5.0 million in the prior year period. The decrease in net cash flow from operating activities primarily related to net unfavorable changes in working capital and higher tax payments. Capital expenditures in 2018 were $21.5 million versus $26.1 million in the prior year period.
As of March 31, 2018, cash on hand was $235.2 million and total debt outstanding was $2.19 billion, including $258.0 million drawn against the credit facility. Availability under the credit facility was $477.3 million at March 31, 2018.
During the first quarter of 2018, the Company sold a vacant building in Europe for $12.0 million cash. The resulting pre-tax gain of $4.9 million was recorded as a reversal of a previously recorded impairment charge and is reflected in restructuring and other charges in the Consolidated Statement of Operations.
2018 guidance
The Company reaffirms its guidance previously issued on February 27, 2018 as follows:
Current Guidance May 1, 2018 Net sales $6.80 billion to $7.00 billion Non-GAAP diluted EPS (1) $0.90 to $1.20 Cash flow from operations $190 million to $225 million $185 million to $190 million Interest expense - net $165 million to $170 million Effective tax rate - Non-GAAP (1) Approximately 40% Capital expenditures $100 million to $115 million (1) Certain components of the guidance given in the table above are provided on a non-GAAP basis only, without providing a reconciliation to guidance provided on a GAAP basis. Information is presented in this manner, consistent with SEC rules, because the preparation of such a reconciliation could not be accomplished without "unreasonable efforts." The Company does not have access to certain information that would be necessary to provide such a reconciliation, including non-recurring items and other items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, restructuring charges, impairment charges, pension settlement charges, acquisition-related expenses, gains or losses on investments and business disposals, losses on debt extinguishment, OPEB curtailment and other similar gains or losses not reflective of the Company's ongoing operations. The Company does not believe that excluding such items is likely to be significant to an assessment of the Company's ongoing operations, given that such excluded items are not believed to be indicators of business performance. Conference call
RRD will host a conference call to discuss its first quarter results Wednesday, May 2, 2018 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). Participants may listen to the call by dialing 612.234.9960 (access code 447604#). For those unable to listen live, a telephonic replay of the call will be available until July 31, 2018 at 320.365.3844 (access code 447604#).
A slide presentation will be available in Events & Presentations in the Investors section of the RRD website at www.rrd.com .
About RRD
RRD is a leading global provider of multichannel business communications services and marketing solutions. With more than 50,000 clients and 43,000 employees across 34 countries, RRD offers the industry’s most comprehensive portfolio of solutions designed to help companies - from Main Street to Wall Street - optimize customer engagement and streamline business operations across the complete customer journey. RRD offers a comprehensive portfolio of capabilities, experience and scale that enables organizations around the world to create, manage, deliver and optimize their marketing and business communications strategies.
For more information, visit the Company's web site at www.rrd.com .
Use of non-GAAP information
This news release contains non-GAAP financial measures, including non-GAAP SG&A, non-GAAP income from operations, non-GAAP Adjusted EBITDA, non-GAAP effective tax rate, non-GAAP net earnings (loss) attributable to common stockholders, non-GAAP diluted earnings (loss) per share and non-GAAP organic net sales. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide useful information about its operating results and enhance the overall ability to assess the Company’s financial performance. These measures should be considered in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. RRD uses these non-GAAP measures, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing the performance of its business. Additional information relating to the adjustments for the non-GAAP SG&A, non-GAAP income from operations, non-GAAP Adjusted EBITDA, non-GAAP effective tax rate, non-GAAP net earnings (loss) attributable to common stockholders, non-GAAP diluted earnings (loss) per share and non-GAAP organic net sales for RRD is set forth in the attached schedules.
Use of
This news release includes certain “ ” within the meaning of, and subject to the safe harbor created by, Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, strategy and plans of the Company and its expectations relating to future financial condition and performance. These statements include all those under the column labeled “2018 Guidance” in the table included under the “2018 Guidance” section. Statements that are not historical facts, including statements about RRD’s management’s beliefs and expectations, are . Words such as “believes,” “anticipates,” “estimates,” “expects,” “intends,” “aims,” “potential,” “will,” “would,” “could,” “considered,” “likely,” “estimate” and variations of these words and similar future or conditional expressions are intended to identify but are not the exclusive means of identifying such statements. While RRD believes these expectations, assumptions, estimates and projections are reasonable, such are only predictions and involve known and unknown risks and uncertainties, many of which are beyond RRD’s control. By their nature, involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Actual results may differ materially from RRD’s current expectations depending upon a number of factors affecting the business and risks associated with the performance of the business. These factors include such risks and uncertainties detailed in RRD’s periodic public filings with the SEC, including but not limited to those discussed under the “Risk Factors” section in RRD’s Form 10-K for the fiscal year ended December 31, 2017, and other filings with the SEC and in other investor communications of RRD from time to time. RRD does not undertake to and specifically disclaims any obligation to publicly release the results of any revisions to these that may be made to reflect future events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
R.R. Donnelley & Sons Company Condensed Consolidated Statements of Operations For the Three Months Ended March 31, 2018 and 2017 (UNAUDITED) (in millions, except per share data) For the Three Months Ended March 31, 2018 2017 Total net sales $ 1,707.8 $ 1,658.9 Total cost of sales (1) 1,413.1 1,332.1 Total gross profit (1) 294.7 326.8 Selling, general and administrative expenses (SG&A) (1) 214.6 225.8 Restructuring and other - net 0.8 9.1 47.2 48.6 Other operating income (0.1 ) — Income from operations 32.2 43.3 Interest expense - net 41.7 48.3 Investment and other (income) expense - net (5.6 ) 44.6 Loss on debt extinguishment 0.1 — Loss before income taxes (4.0 ) (49.6 ) Income tax expense 5.3 0.2 Net loss (9.3 ) (49.8 ) Less: Income attributable to noncontrolling interests 0.3 0.3 Net loss attributable to RRD common stockholders $ (9.6 ) $ (50.1 ) Net loss per share attributable to RRD common stockholders:
Basic net loss per share $ (0.14 ) $ (0.71 ) Diluted net loss per share $ (0.14 ) $ (0.71 ) Weighted average common shares outstanding: Basic 70.3 70.1 Diluted 70.3 70.1 Additional information:
Gross margin (1) 17.3 % 19.7 % SG&A as a % of total net sales (1) 12.6 % 13.6 % Operating margin 1.9 % 2.6 % Effective tax rate (132.5 %) (0.4 %) (1) Exclusive of depreciation and amortization.
R.R. Donnelley & Sons Company Condensed Consolidated Balance Sheets As of March 31, 2018 and December 31, 2017 (UNAUDITED) (in millions, except per share data) 3/31/2018 12/31/2017 Assets
Cash and cash equivalents $ 235.2 $ 273.4 Receivables, less allowances for doubtful accounts 1,345.4 1,417.6 Inventories 339.9 416.8 Prepaid expenses and other current assets 115.8 109.1 Total Current Assets 2,036.3 2,216.9 Property, plant and equipment - net 588.7 615.1 Goodwill 590.7 588.5 Other intangible assets - net 136.3 143.3 Deferred income taxes 73.3 81.7 Other noncurrent assets 255.3 259.0 Total Assets $ 3,680.6 $ 3,904.5 Liabilities
Accounts payable 860.8 1,094.7 Accrued liabilities 349.2 447.5 Short-term and current portion of long-term debt 219.1 10.8 Total Current Liabilities 1,429.1 1,553.0 Long-term debt 1,969.4 2,098.9 Pension liabilities 93.6 102.7 Other postretirement benefits plan liabilities 108.8 113.2 Long-term income tax liability 59.4 59.4 Other noncurrent liabilities 208.6 180.2 Total Liabilities $ 3,868.9 $ 4,107.4 Equity
Common stock, $0.01 par value 0.9 0.9 Authorized: 165.0 shares; Issued: 89.0 shares in 2018 and 2017 Additional paid-in capital 3,412.5 3,444.0 Accumulated deficit (2,232.3 ) (2,225.7 ) Accumulated other comprehensive loss (82.7 ) (103.7 ) Treasury stock, at cost, 18.7 shares in 2018 (2017 - 18.9 shares) (1,301.2 ) (1,333.1 ) Total RRD stockholders' equity (202.8 ) (217.6 ) Noncontrolling interests 14.5 14.7 Total Equity $ (188.3 ) $ (202.9 ) Total Liabilities and Equity $ 3,680.6 $ 3,904.5 R.R. Donnelley & Sons Company Condensed Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2018 and 2017 (UNAUDITED) (in millions) 2018 2017 Net loss $ (9.3 ) $ (49.8 ) Adjustment to reconcile net loss to net cash used in operating activities 56.2 103.3 Changes in operating assets and liabilities (180.9 ) (53.6 ) Pension and other postretirement benefits plan contributions (6.3 ) (4.9 ) Net cash used in operating activities $ (140.3 ) $ (5.0 ) Capital expenditures (21.5 ) (26.1 ) All other cash provided by 49.2 111.5 Net cash provided by $ 27.7 $ 85.4 Net cash provided by (used in) financing activities $ 66.1 $ (153.3 ) Effect of exchange rate on cash, cash equivalents and restricted cash 4.4 1.5 Net change in cash, cash equivalents and restricted cash $ (42.1 ) $ (71.4 ) Cash, cash equivalents and restricted cash at beginning of year 301.5 335.9 Cash, cash equivalents and restricted cash at end of period $ 259.4 $ 264.5 R.R. Donnelley & Sons Company Reconciliation of GAAP to Non-GAAP Measures For the Three Months Ended March 31, 2018 and 2017 (UNAUDITED) (in millions, except per share data) For the Three Months Ended March 31, 2018 For the Three Months Ended March 31, 2017 Income
from
operations
Investment
and other
income -
net
Income tax
expense
Net loss
attributable
to common
stockholders
Net loss
attributable
to common
stockholders
per diluted
share
SG&A (1) Income
from
operations
Investment
and other
expense
(income) -
net
Income tax
expense
Net (loss)
earnings
attributable
to common
stockholders
Net (loss)
earnings
attributable
to common
stockholders
per diluted
share
GAAP basis measures $ 32.2 $ (5.6 ) $ 5.3 $ (9.6 ) $ (0.14 ) $ 225.8 $ 43.3 $ 44.6 $ 0.2 $ (50.1 ) $ (0.71 ) Non-GAAP adjustments: Restructuring and other-net (2) 0.8 — 0.1 0.7 0.01 — 9.1 — 1.6 7.5 0.10 Spinoff-related transaction expenses (3) — — — — — (2.1 ) 2.1 — 0.8 1.3 0.02 Pension settlement charges (4) — (0.3 ) 0.1 0.2 — — — — — — — Net loss on investments (5) — — — — — — — (50.3 ) (1.0 ) 51.3 0.73 Income tax adjustment (6) — — (1.6 ) 1.6 0.03 — — — — — — All other (0.1 ) — — — — — — — — — — Total Non-GAAP adjustments 0.7 (0.3 ) (1.4 ) 2.5 0.04 (2.1 ) 11.2 (50.3 ) 1.4 60.1 0.85 Non-GAAP measures $ 32.9 $ (5.9 ) $ 3.9 $ (7.1 ) $ (0.10 ) $ 223.7 $ 54.5 $ (5.7 ) $ 1.6 $ 10.0 $ 0.14 2018 2017 GAAP diluted weighted average common shares outstanding 70.3 70.1 Dilutive impact of change in earnings — 0.2 Non-GAAP diluted weighted average common shares outstanding 70.3 70.3 Additional non-GAAP information: 2018 2017 Gross margin (1) 17.3 % 19.7 % SG&A as a % of total net sales (1) 12.6 % 13.5 % Operating margin 1.9 % 3.3 % Effective tax rate (134.5 %) 13.4 % (1) Exclusive of depreciation and amortization. (2) Restructuring and other - net: included pre-tax charges of $3.2 million for employee termination costs; $1.6 million of lease termination and other restructuring costs; a $4.9 million net gain on the sale of previously impaired assets; $0.3 million related to impairment of buildings, machinery and equipment associated with facility closures; and $0.6 for multi-employer pension plan withdrawal obligations unrelated to facility closures. Charges incurred in the first quarter of 2017 included pre-tax charges of $6.4 million for employee termination costs; $1.6 million of lease termination and other restructuring costs; $0.6 million for multi-employer pension plan withdrawal obligations unrelated to facility closures; and $0.5 million of impairment charges related to equipment. (3) Spinoff-related transaction expenses: included pre-tax charges of $2.1 million related to consulting and other expenses for the three months ended March 31, 2017 associated with the Separation and Distribution. (4) Pension settlement charges: included a $0.3 million pension settlement charge for the three months ended March 31, 2018. (5) Net loss on investments: included a pre-tax loss of $51.6 million ($51.6 million after-tax) resulting from the sale of the Company’s investment in LSC, partially offset by a pre-tax gain of $1.3 million ($0.3 million after-tax) related to the Company’s affordable housing investments for the three months ended March 31, 2017. (6) Income tax adjustment: primarily included an adjustment of $2.3 million to increase the provisional amounts recorded at December 31, 2017 for the impact of the Tax Cuts and Jobs Act of 2017 for the three months ended March 31, 2018. R.R. Donnelley & Sons Company Segment GAAP to Non-GAAP Income from Operations and Non-GAAP Adjusted EBITDA and Margin Reconciliation For the Three Months Ended March 31, 2018 and 2017 (UNAUDITED) (in millions) Business Services Marketing Solutions Corporate Consolidated For the Three Months Ended March 31, 2018
Net sales $ 1,416.1 $ 291.7 $ — $ 1,707.8 Income (loss) from operations 39.8 12.3 (19.9 ) 32.2 Operating margin % 2.8 % 4.2 % nm 1.9 % Non-GAAP Adjustments
Restructuring and other-net (1.6 ) 1.5 0.9 0.8 Net gain on disposal of business (0.1 ) — — (0.1 ) Total Non-GAAP adjustments (1.7 ) 1.5 0.9 0.7 Non-GAAP income (loss) from operations $ 38.1 $ 13.8 $ (19.0 ) $ 32.9 Non-GAAP operating margin % 2.7 % 4.7 % nm 1.9 % 34.0 11.9 1.3 47.2 Investment and other income-net 0.4 — 5.5 5.9 Non-GAAP Adjusted EBITDA $ 72.5 $ 25.7 $ (12.2 ) $ 86.0 Non-GAAP Adjusted EBITDA margin % 5.1 % 8.8 % nm 5.0 % For the Three Months Ended March 31, 2017
Net sales $ 1,376.4 $ 282.5 $ — $ 1,658.9 Income (loss) from operations 58.7 4.9 (20.3 ) 43.3 Operating margin % 4.3 % 1.7 % nm 2.6 % Non-GAAP Adjustments
Restructuring and other-net 5.4 2.1 1.6 9.1 Spinoff-related transaction expenses — — 2.1 2.1 Total Non-GAAP adjustments 5.4 2.1 3.7 11.2 Non-GAAP income (loss) from operations $ 64.1 $ 7.0 $ (16.6 ) $ 54.5 Non-GAAP operating margin % 4.7 % 2.5 % nm 3.3 % 35.1 12.2 1.3 48.6 Investment and other income-net (1) 0.9 — 4.9 5.8 Non-GAAP Adjusted EBITDA $ 100.1 $ 19.2 $ (10.4 ) $ 108.9 Non-GAAP Adjusted EBITDA margin % 7.3 % 6.8 % nm 6.6 % (1) Represents amounts in investment and other (income) expense-net that are not non-GAAP adjustments, and primarily includes pension and postretirement benefits interest cost, expected return on plan assets, net amortization and settlements; dividend income from LSC; and proceeds from company-owned life insurance. Non-GAAP adjustments from investment and other (income) expense-net for the three months ended March 31, 2017, included a pre-tax loss of $51.6 million resulting from the sale of the Company’s investment in LSC and a pre-tax gain of $1.3 million related to the Company’s affordable housing investments R.R. Donnelley & Sons Company Reconciliation of Reported to Organic Net Sales For the Three Months Ended March 31, 2018 (UNAUDITED) Business Services Marketing Solutions Consolidated Reported net sales change 2.9 % 3.3 % 2.9 % Less: Year-over-year impact of changes in foreign currency rates 1.9 % --- % 1.6 % Net organic sales change 1.0 % 3.3 % 1.3 % R.R. Donnelley & Sons Company Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA For the Three Months Ended March 31, 2018 and 2017 (UNAUDITED) (in millions) For the Three Months Ended March 31, 2018 2017 GAAP net loss attributable to RRD common stockholders $ (9.6 ) $ (50.1 ) Adjustments
Income attributable to noncontrolling interests 0.3 0.3 Income tax expense 5.3 0.2 Interest expense - net 41.7 48.3 47.2 48.6 Restructuring and other-net 0.8 9.1 Loss on debt extinguishment 0.1 — Loss on sale of LSC shares — 51.6 Gain from the sale of certain of the Company's affordable housing investments — (1.3 ) Spinoff-related transaction costs — 2.1 Net gain on disposal of business (0.1 ) — Pension settlement charges 0.3 — Other — 0.1 Total Non-GAAP adjustments 95.6 159.0 Non-GAAP adjusted EBITDA $ 86.0 $ 108.9 Net sales $ 1,707.8 $ 1,658.9 Non-GAAP adjusted EBITDA margin % 5.0 % 6.6 %
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006840/en/
RRD
Investor Contact:
Brian Feeney, Senior Vice President, Investor Relations
630-322-6908
[email protected]
Source: RRD | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-rrd-reports-first-quarter-2018-results.html |
SAO PAULO, May 22 (Reuters) - Brazil’s central bank ordered the liquidation of brokerage Gradual Corretora de Câmbio, Títulos e Valores Mobiliários on Tuesday for “serious violations of legal norms and regulations”.
In a statement, the central bank said “the brokerage’s compromised financial-economic situation, and the existence of losses that subject creditors to abnormal risk” also led the body to effectively shut down the brokerage.
The central bank said it was currently in the process of determining who was at fault for Gradual’s current situation.
It added that the brokerage was of “low relevance” to Brazil’s financial system, making up 0.003 percent of total assets and 0.04 percent of currency exchange transactions in the fourth quarter.
Additional details of the circumstances behind Gradual’s liquidation were not immediately available.
Gradual did not respond to a request for immediate comment. (Reporting by Gram Slattery; editing by Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-fraud/brazils-central-bank-liquidates-brokerage-due-to-serious-violations-idUSL2N1ST09K |
CHICAGO, May 24, 2018 /PRNewswire/ -- Today, McDonald's Board of Directors declared a quarterly cash dividend of $1.01 per share of common stock payable on June 18, 2018 to shareholders of record at the close of business on June 4, 2018.
Upcoming Communications
For important news and information regarding McDonald's, including the timing of future investor conferences and earnings calls, visit the Investor Relations section of the Company's Internet home page at www.investor.mcdonalds.com . McDonald's plans to use this website as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information.
About McDonald's
McDonald's is the world's leading global foodservice retailer with over 37,000 locations in over 100 countries. Over 90% of McDonald's restaurants worldwide are owned and operated by independent local business men and women.
Forward-Looking Statements
This release contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in the Company's filings with the Securities and Exchange Commission, such as its annual and quarterly reports and current reports on Form 8-K. The Company undertakes no obligation to update such forward-looking statements, except as may otherwise be required by law.
View original content: http://www.prnewswire.com/news-releases/mcdonalds-announces-quarterly-cash-dividend-300653903.html
SOURCE McDonald's Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-mcdonalds-announces-quarterly-cash-dividend.html |
"Goldilocks" jobs report fueling Wall Street, says Kristina Hooper 12:24am IST - 04:32
Invesco's global chief market strategist also tells Reuters' Fred Katayama investors should allocate more of their equity portfolios to Europe and the emerging markets.
Invesco's global chief market strategist also tells Reuters' Fred Katayama investors should allocate more of their equity portfolios to Europe and the emerging markets. //reut.rs/2FKmVIy | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/goldilocks-jobs-report-fueling-wall-stre?videoId=423895713 |
These shoes are made out of gum 2 Hours Ago Gum is a major headache for cities tasked with cleaning up the mess. But one company in the Netherlands teamed up with partners to recycle that gum and turn it into distinctive pink footwear. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/sneakers-shoes-gum-recycled.html |
May 16, 2018 / 12:08 AM / Updated 17 minutes ago Cricket-Windies and Bangladesh to play T20 matches in Florida Reuters Staff 2 Min Read
May 15 (Reuters) - West Indies and Bangladesh will play two Twenty20 matches in Florida in August, Cricket West Indies (CWI) announced on Tuesday.
The scheduling continues CWI’s efforts to make inroads into the largely untapped North American market, following on the heels of two matches between West Indies and India at the same venue two two years ago.
The Aug. 4-5 matches will be held at the Central Broward oval in Lauderhill, south Florida.
“Both matches are scheduled for the weekend and will be played under the lights,” CWI chief executive Johnny Grave said.
“Our intention is to work with ICC Americas members, USA Cricket & Cricket Canada in partnership to establish cricket as a popular sport from North to South America.”
Though West Indies has fallen on hard times at the five-day test level, they remain a powerhouse in the short three-hour version of the game and are the reigning world champions.
The Bangladesh tour of the Caribbean will include two tests in July, followed by three one-day internationals and three Twenty20s.
Sri Lanka will also tour the Caribbean, with three tests next month — one each in Trinidad, St. Lucia and Barbados. (Reporting by Andrew Both; Editing by Ian Ransom) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-win-florida/cricket-windies-and-bangladesh-to-play-t20-matches-in-florida-idINL2N1SM2NZ |
OMAHA, Neb. & SAN DIEGO--(BUSINESS WIRE)-- Mutual of Omaha Bank has reached a definitive agreement to acquire Synergy One Lending, Inc., a national mortgage company based in San Diego, Mutual of Omaha Bank Chairman and CEO Jeff Schmid announced.
The transaction is expected to be finalized in June, pending regulatory approval. The terms of the transaction were not disclosed.
Licensed in 45 states, Synergy One offers a full suite of home financing products and services including mortgages and reverse mortgages through a wide network of loan officers, mortgage brokers as well as direct sales channels. It will operate as a wholly owned subsidiary of Mutual of Omaha Bank.
“Synergy One is an impressive company with a very talented team and dynamic management. We are a strong cultural fit – with both of us committed to collaboration, accountability and customer-focus – and our businesses are extremely complementary. We are excited by the potential this acquisition offers both companies to expand and serve more customers in the mortgage and reverse mortgage markets,” Schmid said.
“Mutual of Omaha Bank is a respected, trusted brand with a complementary team of people, a significant base of capital and a commitment to excellence,” said Synergy One President and CEO Torrey Larsen. “The impact of two high performance teams working as one provides an undeniable opportunity to grow market share by executing every day on behalf of our customers. The combined company is fully aligned on vision, culture and purpose as we aim to build the best mortgage enterprise in the market, while maintaining our core values and commitment to serving others.”
As a wholly owned subsidiary of Mutual of Omaha Bank, the company will continue to operate under the Synergy One name and its headquarters will remain in San Diego.
“We already have a banking presence in San Diego, so it makes perfect sense for Synergy One’s headquarters and team to remain and expand there,” Schmid said.
Synergy One will benefit from Mutual of Omaha Bank’s financial strength, strong brand and national presence, while the acquisition brings a comprehensive product portfolio, dynamic distributions and robust mortgage back office operations to the Bank, Schmid said.
The acquisition also expands Mutual of Omaha Bank’s product offerings to include the Home Equity Conversion Mortgage (HECM), more commonly known as the reverse mortgage. In 2013, the U.S. Department of Housing and Urban Development (HUD) dramatically changed the product to make it a more consumer-friendly and valuable financial planning tool for seniors. HECM products are offered through Synergy One’s Retirement Funding Solutions arm.
Terry Connealy, president of Mutual of Omaha Mortgage, will oversee Synergy One’s operations on behalf of Mutual of Omaha Bank.
About Mutual of Omaha Bank
Mutual of Omaha Bank is a full-service bank providing financial solutions to individuals and businesses across the United States. With more than $8 billion in assets, Mutual of Omaha Bank is a subsidiary of Mutual of Omaha, a Fortune 500 insurance and financial services company founded in 1909. For more information about Mutual of Omaha Bank, visit www.mutualofomahabank.com .
About Synergy One Lending, Inc.
Synergy One Lending is an agency approved Seller/Servicer, licensed to conduct mortgage origination activities in 45 States. The firm is strategically built to support and grow both retail and wholesale business channels, while operating under the brand Retirement Funding Solutions for its reverse mortgage lending activities and More Lending for its specialty product wholesale channel. Synergy One was incorporated in 2013 and has been a leader in creating the modern mortgage company. For more information about Synergy One Lending, visit www.s1lending.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006567/en/
Mutual of Omaha Bank
Andy Halperin, 402-351-2903
[email protected]
or
Synergy One Lending
Tyler Larsen, 619-454-1653
[email protected]
Source: Mutual of Omaha Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-mutual-of-omaha-bank-to-acquire-synergy-one-lending.html |
Here's a question for anyone who's about to leave an employer: Are you keeping your money in the retirement plan, or are you taking your savings with you?
For companies that provide workplace retirement plans, that's a $9.2 trillion question — that's the number of assets held in individual retirement plans as of the end of 2017, according to the Investment Company Institute.
These 401(k) record-keepers have a bird's eye view of employees' savings and they are in a prime position to contact plan participants about rolling over their balance into an IRA with them — which may not always work out in favor of departing workers.
"They will try to take you out of your 401(k) and put you into a suboptimal IRA rollover," said Anthony Isola, a financial advisor at Ritholtz Wealth Management in New York.
"You can go from a 401(k) plan with an expense ratio under 1 percent to a rollover with costs of 2 to 3 percent, which is very substantial," he said.
""If I were to ask you, 'Do you value low-cost investments with fiduciary oversight?' You'd say, 'Yes, of course,' and you'd keep your assets in the plan."" -James Veneruso, senior vice president, Callan Wells Fargo made headlines in late April, following a report from The Wall Street Journal that the Labor Department was investigating its 401(k) practices and examining whether the bank is pushing 401(k) plan customers into more costly IRAs.
Wells Fargo spokeswoman Leslie Ingberg referred back to a March 1 filing with the Securities and Exchange Commission , wherein the bank's board disclosed that it was reviewing activities in its wealth and investment management unit "in response to inquiries from federal government agencies."
Wells Fargo's board is "assessing whether there have been inappropriate referrals or recommendations, including with respect to rollovers for 401(k) plan participants, certain alternative investments, or referrals of brokerage customers to the Company's investment and fiduciary services business," the bank said in its SEC filing.
The Labor Department would neither confirm nor deny the existence of an investigation.
Here's what you should know when your 401(k) plan record-keeper contacts you to talk about an IRA rollover.
Changing practices The Labor Department's investor protection rule , which would have required financial advisors working with your retirement savings to act in your best interests, shined a spotlight on 401(k) record-keepers and the rollover conversations they would have with departing employees.
More from Investor Toolkit:
Medicare doesn't cover everything. How to avoid surprises
Here's how much an estate plan should actually cost to prepare
Do you really want your ex-spouse to get your inheritance? It's time to update beneficiaries
"There is more of an awareness around the conversations taking place between service providers and participants around that decision and the extent to which they were steering people into proprietary IRA products," said James Veneruso, senior vice president at Callan, an investment consulting firm.
Employers who hold onto departed employees' 401(k) assets have better bargaining power to negotiate lower investment fees for the plan.
However, companies that keep these assets continue to act as fiduciaries and may face litigation risk from those ex-employees.
As of late, more companies would prefer that workers who are on their way out leave their savings in the 401(k) plan. See below.
A change in demographics — the large number of workers retiring and the big slice of assets they command — is a possible reason why plan sponsors are changing their approach, Veneruso said.
A costly decision The way a representative from a 401(k) plan record-keeper presents the question of "stay or go?" can nudge the employee into a course of action.
"If I were to ask you, 'Do you value low-cost investments with fiduciary oversight?' You'd say, 'Yes, of course,' and you'd keep your assets in the plan," said Veneruso.
"If I lead with 'Do you value choice, rather than choosing from the limited number of funds in your lineup,' you'd prefer choice and you would go with the IRA," he said.
Indeed, 401(k) plan costs have been declining over time. The larger the plan, the lower the expense. See below.
At the same time, switching to an IRA can come with higher costs, such as the 1 percent asset under management fee a financial advisor may charge.
However, if you're paying for comprehensive advice, you're getting individualized guidance that you might not be able to find in your 401(k) plan.
"Advisors can demonstrate value — it's tied to planning," said Douglas Boneparth, president of Bone Fide Wealth in New York.
Ask questions Don't just roll with what your plan service provider suggests. Here are a few questions to ask before you decide whether to stay or go.
Compare your costs: Large retirement plans have access to low-cost investments. This may not be the case for a small retirement plan . Find out how costs compare between your 401(k) and an IRA. "Don't rely on the record-keeper to give you the right information," said Isola.
Learn about your in-plan options: If you stay in the plan, will you be able to draw down from your funds through retirement? If so, find out whether there are fees for transferring your savings to your checking account.
"Usually, there's a distribution fee and a wire fee if you can wire the money," said Aaron Pottichen, president of retirement services at CLS Partners in Austin, Texas.
Think about how to invest your savings: Even if you leave your money in the plan through retirement, consider how you might want to allocate your funds to protect your principal. The answer to that question will vary based on the investor. Plan sponsors are grappling with this issue, Veneruso said. "What can you say to them without necessarily telling them what to do?" he asked. "What guidance can you give without straying into advice? There is no clear answer to that yet." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/hit-the-brakes-before-you-take-this-step-with-your-401k.html |
CALGARY, Alberta, May 14, 2018 (GLOBE NEWSWIRE) -- Harvest Operations Corp. (“Harvest” or the “Company”) announced its financial and operating results for the first quarter ended March 31, 2018.
This press release is an overview of the first quarter results for 2018 and should be read with the unaudited condensed interim financial statements and Management’s Discussion and Analysis (MD&A) for the first quarter ended March 31, 2018 available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com .
All financial data has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board except where otherwise noted. All figures reported herein are in Canadian dollars unless otherwise stated.
Q1 2018 HIGHLIGHTS:
Conventional
Sales volumes 2018 decreased by 1,832 boe/d, as compared to the same period in 2017, to 25,394 boe/d. This excludes Harvest’s share of the Deep Basin Partnership (“DBP”) of 3,301 boe/d. This decrease was primarily due to natural declines which were partially offset by production resulting from new wells, and recent asset optimization and revitalization projects. Operating loss 2018 was $19.7 million (2017: $16.5 million). The increase in operating loss from 2017 was primarily due to higher depreciation, depletion and amortization expense. Capital expenditures totaled $23.9 million 2018, and were mainly related to drilling and completion, and recent asset optimization and revitalization projects. During the three months ended March 31, 2018, ten gross wells (6.2 net) were rig-released. Operating netback per boe prior to hedging 2018 was $14.35, a decrease of $0.26 from the same period in 2017. Operating netback per boe was relatively consistent with the prior year as increases in realized prices were offset by increased operating expenses.
Oil Sands
Capital expenditures 2018 were $22.7 million (2017: $0.2 million), and mainly related to facility expenditures relating to construction and preliminary commissioning costs on the central processing facility (“CPF”). The increase in capital expenditure over the comparative period is the result of the recommencement of construction of the BlackGold Oil Sands project in the fourth quarter of 2017. Commissioning and first steam injection is expected to be completed in the second quarter of 2018, with first production anticipated in the third quarter of 2018.
Corporate
On May 1, 2018 Harvest issued US$397.5 million 4.2% senior notes for net proceeds of US$395.8 million. The 4.2% senior notes are unsecured and mature on June 1, 2023, with interest payable semi-annually. The notes are unconditionally and irrevocably guaranteed by KNOC. On May 11, 2018 Harvest entered into an agreement to borrow $300 million through a five year term loan at a variable rate. The term loan is guaranteed by KNOC and contains no financial covenants. On May 11, 2018 the loan was fully drawn. Proceeds from the senior notes and term loan were used to repay the 2⅛% senior notes that matured on May 14, 2018. On May 14, 2018 Harvest repaid the 2⅛% senior notes.
HARVEST CORPORATE PROFILE
Harvest is a wholly-owned, subsidiary of Korea National Oil Corporation (“KNOC”). Harvest is a significant operator in Canada's energy industry offering stakeholders exposure to exploration, development and production of crude oil and natural gas (Upstream) and an oil sands project under construction and development in northern Alberta (BlackGold).
KNOC is a state owned oil and gas company engaged in the exploration and production of oil and gas along with storing petroleum resources. KNOC will fully establish itself as a global government-run petroleum company by applying ethical, sustainable and environment-friendly management and by taking corporate social responsibility seriously at all times. For more information on KNOC, please visit their website at www.knoc.co.kr/ENG/main.jsp .
ADVISORY
Certain information in this press release contains forward-looking information that involves risk and uncertainty. For this purpose, any statements that are contained in this press release that are not statements of historical fact may be deemed to be . Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions. Such risks and uncertainties in respect of such forward-looking information include, but are not limited to, risks associated with: imprecision of reserve estimates; conventional oil and natural gas operations; volatility in commodity prices and currency exchange rates; risks associated with realizing the value of acquisitions; general economic, market and business conditions; changes in environmental legislation and regulations; the availability of sufficient capital from internal and external sources; and, such other risks and uncertainties described from time to time in Harvest's regulatory reports and filings made with securities regulators.
Readers are cautioned not to place undue reliance on as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Harvest assumes no obligation to update should circumstances or management's estimates or opinions change. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Harvest Operations Corp.
INVESTOR & MEDIA CONTACT:
Greg Foofat
Manager, Investor Relations & Corporate Communications
Harvest Operations Corp.
Toll Free Investor Mailbox: (866) 666-1178
Email: [email protected]
Harvest Operations Corp.
1500, 700 – 2nd Street S.W.
Calgary, AB Canada T2P 2W1
Website: www.harvestoperations.com
Source:Harvest Operations Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-harvest-operations-corp-reports-q1-2018-results.html |
May 12, 2018 / 10:51 AM / Updated 7 hours ago DC United coach Olsen confirms Rooney interest Reuters Staff 2 Min Read
(Reuters) - DC United coach Ben Olsen has confirmed the club’s interest in signing Everton’s Wayne Rooney but added any deal to take the English striker to Major League Soccer had yet to be completed. FILE PHOTO: Soccer Football - FA Cup Third Round - Liverpool vs Everton - Anfield, Liverpool, Britain - January 5, 2018 Everton's Wayne Rooney during the warm up before the match Action Images via Reuters/Carl Recine/File Photo
Former England captain Rooney has been subject to intense speculation over the last few days, with multiple British media reports saying that a deal had been agreed “in principle” for him to move to the U.S.
“Certainly the deal is not done but obviously there is some interest from our end,” Olsen told American website TMZ on Friday.
Rooney, who rejoined his boyhood club Everton from Manchester United in July last year, scored 11 goals in the first half of the campaign but has failed to nail down a starting place under manager Sam Allardyce.
Allardyce said on Friday that Rooney has not requested to leave the Merseyside club but he would be “comfortable” if any player wanted to move on.
The 32-year-old Rooney will have an opportunity to complete a move to DC United when the MLS mid-season transfer window opens on July 10. Reporting by Hardik Vyas in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-eve-rooney/dc-united-coach-olsen-confirms-rooney-interest-idUKKCN1ID0BV |
In crumbling Basra, Iraqis yearn for the past 6:08am EDT - 01:27
Basra, in southern Iraq, was once nicknamed the Venice of the East and tourists used to flock there. But years of war and neglect have taken their toll on its crumbling old houses.
Basra, in southern Iraq, was once nicknamed the Venice of the East and tourists used to flock there. But years of war and neglect have taken their toll on its crumbling old houses. //reut.rs/2KYEmZL | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/in-crumbling-basra-iraqis-yearn-for-the?videoId=426738963 |
0 COMMENTS Readers can subscribe to The Morning Risk Report here: http://on.wsj.com/MorningRiskReportSignup . Follow us on Twitter at @WSJRisk.
A Gaz logo on a car produced by the GAZ Group , in Nizhny Novgorod, Russia, in 2015. Bloomberg News Good morning. The U.S. Treasury Department gave Americans more time to unwind their ties to a vehicle maker linked to Russian oligarch Oleg Deripsaka, as the firm works to get out from under sanctions.
Treasury’s Office of Foreign Assets Control said Tuesday it issued a license allowing transactions necessary for the winding down of operations at GAZ Group , which is about 60% owned by Russian Machines , a company controlled by Mr. Deripaska. The license allows for the use of frozen funds until Oct. 23 to conduct the necessary transactions, though assets will remain otherwise blocked. Treasury also said GAZ could escape sanctions by breaking ties with Mr. Deripaska.
“The path for the U.S. to provide sanctions relief” to GAZ Group is “through divestment and relinquishment of control” by anyone on the U.S. blacklist, including Mr. Deripaska, OFAC said in a frequently-asked-question document .
Mr. Deripaska was hit with U.S. sanctions in April as part of a broad sweep of measures targeting Russian oligarchs. He has said he doesn’t separate himself from the Russian state, but the sanctions targeting him have put a strain on his business relationships. For example, Russian energy-related firm EN+ Group PLC accepted his resignation from its board of directors as part of a plan from Chairman Lord Barker to get EN+ and aluminum giant United Co. Rusal PLC off the U.S. sanctions list .
The license is another example of OFAC’s increasingly frequent effort to calibrate the effects of its sanctions, especially against major companies, said Adam M. Smith, a partner at the law firm Gibson Dunn & Crutcher LLP.
“Allowing such wind-downs used to be rare but they have become common,” he said, noting how they “limit harm to innocent parties” but also give “further time to remove any oligarch ownership or control of the company.”
It was the latest in a flurry of activity from the Treasury’s sanctions office in the past two weeks. Much of the activity has involved Venezuela, Iran or Hezbollah, with multiple announcements of new sanctions targets and allegations of malign activity. The moves could push the limits of U.S. sanctions power, if Washington’s allies stop following the U.S. line, said some observers.
Venezuela on Tuesday expelled two U.S. diplomats in apparent response to U.S. sanctions barring the purchase of public debt and the targeting of the country’s second-most powerful official.
Iran has reacted harshly to U.S. conditions for achieving a new nuclear dea l following Washington’s exit from the agreement, as well as sanctions targeting alleged weapons trafficking to the Houthis in Yemen and links to Hezbollah .
European companies have already begun to walk away from Iran in response to U.S. aggressiveness and they are likely to continue leaving the country despite efforts to protect them, said the Eurasia Group, a political risk analysis, advisory and consulting organization.
“The EU and member states are playing a weak hand. They are asking companies to rely on novel financial mechanisms and political commitments against the established and aggressive enforcement track record of U.S. regulators,” the group said in a policy note.
EXCLUSIVE ON RISK AND COMPLIANCE JOURNAL
Crisis-management experts assess PPG Industries ‘s public handling of a disclosure that some of its employees had made improper accounting entries at the direction of the company’s now-former controller.
The U.K. Serious Fraud Office brought additional charges Tuesday against two people facing trial in its ongoing investigation of Monaco-based Unaoil Group .
COMPLIANCE
The U.S. Congress moved to relax crisis-era restrictions on financial firms, as the House approved a plan to ease rules for small and midsize banks.The measure now advances to President Donald Trump for his signature, setting off deregulatory actions by federal agencies that will ease—but not dismantle—the 2010 Dodd-Frank financial law, the WSJ reports.
House Speaker Paul Ryan said the move will help free the U.S. economy from overregulation. J. Scott Applewhite/Associated Press Big banks are avoiding dealing with Iran, but six small credit unions from southern Germany are still providing trade financing , Handelsblatt Global reports. The credit unions’ International Competence Center, set up to handle foreign business, is likely to continue handling transactions until early August, when new U.S. rules take effect.
GOVERNANCE
Shareholders in Wynn Resorts voted overwhelmingly against the company’s executive compensation plan, according to results released Tuesday, a rare public rebuke of the corporation’s leadership in the months since founder Steve Wynn resigned amid sexual-misconduct allegations, the WSJ reports.
REPUTATION
Two hundred professors at the University of Southern California called for the school’s president, C.L. Max Nikias, to step down amid a scandal over how the university dealt with sexual-misconduct allegations against a student health center gynecologist. Dr. Nikias said he is committed to regaining the facuty’s trust, the WSJ reports.
RISK
U.S. President Donald Trump said he would scotch a planned summit with Kim Jong Un unless the North Korean leader first agreed to a list of unspecified conditions, adding new uncertainty to the meeting scheduled for Singapore in just three weeks, the WSJ reports.
The U.S. and European Union clashed anew in a dispute over aircraft subsidies when Washington rejected Airbus SE ’s claim that it had satisfied World Trade Organization demands with a new European loan agreement, the WSJ reports.
Talks to renegotiate the North American Free Trade Agreement have reached a stalemate , the WSJ reports. Key points remain rules on auto production, removing international arbitration panels that now resolve commercial disputes and creating a clause that would terminate the deal every five years.
President Donald Trump is weighing measures to cut European Union steel and aluminum exports to the U.S. by about 10%, in a sign the bloc’s concessions to secure tariff exemptions aren’t meeting White House demands, EU officials said. Temporary exemptions end June 1, the WSJ reports.
U.S. lawmakers are moving to thwart Trump administration efforts to ease restrictions on Chinese telecommunications giant ZTE Corp. and other sensitive technology, citing fears the positions would compromise national security, the WSJ reports.
OPERATIONS
Hawaiian authorities scrambled to protect an Ormat Technologies geothermal power plant from lava, in the latest threat from renewed eruption of the Big Island’s Kilauea volcano. The plant produces electricity by tapping superheated water from wells; if lava enters the wells, it could produce toxic gas, the WSJ reports.
Lava flowed from a Kilauea volcano fissure near the Puna Geothermal Venture plant on Hawaii’s Big Island. PHOTO: MARIO TAMA/GETTY IMAGES STRATEGY
SoftBank Group Corp. agreed to sell its entire stake in India’s Flipkart Group to Walmart Inc. SoftBank Chief Executive Masayoshi Son said last week he was considering investing more in Paytm , a startup that runs an online marketplace competing against Flipkart, the WSJ reports.
The Morning Risk Report from WSJ’s Risk & Compliance Journal cues up the most important news in risk and compliance every weekday morning. Send tips, suggestions and complaints to [email protected] .
Share this: Airbus Derispaska En+ Flipkart GAZ Group Hawaii geothermal Hawaii volcano Iran Sanctions Masayoshi Son Nafta Nikias OFAC Ormat Paytm PPG Rusal Softbank Unaoil University of Southern California USC Walmart Wynn ZTE Previous Corruption Currents: Dirty Russian Money Continues Flowing to U.K. Next Corruption Currents: Potential ZTE Deal Marches Forward Amid Congressional Objection Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte How Agile Internal Audit Can Add Value Internal auditor groups are continually challenged to provide more value to stakeholders while enhancing organizational influence and impact. However, many efforts to address these challenges are not working—or not working quickly enough. An agile internal audit function can provide methods that work to change both the mindset of internal auditors and their work processes. Learn the key concepts that help build an agile internal audit function, and understand how applying a few agile practices can provide a glimpse into the methodology’s transformative power.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/23/the-morning-risk-report-new-reprieve-for-russian-automaker-gaz-group/ |
May 8, 2018 / 8:01 AM / Updated 20 minutes ago Armenian ruling party to vote for PM nominee: lawmaker Reuters Staff 1 Min Read
YEREVAN (Reuters) - Armenia’s governing Republican Party will provide the additional votes needed to elect a prime minister during a parliamentary vote on Tuesday, a Republican Party lawmaker told Reuters.
Opposition politician Nikol Pashinyan is the only nominee in the vote in parliament.
“By the end of the parliamentary session Armenia will have a prime minister. The Republican Party’s votes will go towards making up for any votes missing from the 53 needed for the election of a prime minister,” member of parliament Samvel Farmanyan said.
Pashinyan, a former journalist, has led weeks of anti-government demonstrations, prompting the prime minister to resign. Reporting by Hasmik Mkrtchyan; Writing by Polina Ivanova; Editing by Christian Lowe | ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-primeminister-nomina/armenian-ruling-party-to-vote-for-pm-nominee-lawmaker-idUSKBN1I90QG |
NEW YORK, May 10, 2018 /PRNewswire/ -- Tribune Media Company (the "Company") (NYSE: TRCO) today reported its results for the three months ended March 31, 2018.
FIRST QUARTER 2018 FINANCIAL HIGHLIGHTS (compared to first quarter 2017)
Consolidated operating revenues increased 1% to $443.6 million Consolidated operating profit was $187.3 million, including a $133 million net pretax gain on the sales of spectrum, compared to an operating loss of $21.0 million for the first quarter of 2017 Consolidated Adjusted EBITDA increased 108% to $119.9 million Television and Entertainment net advertising revenues fell 7% to $270.4 million Net core advertising revenues (which exclude political and digital revenues) decreased 10% to $245.0 million Retransmission revenues increased 25% to $118.1 million Carriage fee revenues increased 24% to $41.7 million Programming expenses decreased 29% to $100.7 million, primarily due to the shift in strategy at WGN America Cash distributions from TV Food Network were $115.1 million
"Tribune Media is off to a strong start in 2018 with first quarter revenues up one percent and consolidated Adjusted EBITDA more than doubling year-over-year," said Peter Kern, Tribune Media's Chief Executive Officer. "Our new strategy at WGN America, our sustained focus on overall expense management, and our very strong growth in retransmission and carriage fee revenues, are driving meaningful improvements in profitability across the company. These improvements more than offset the anticipated headwinds to core advertising due to the soft overall advertising environment and our limited exposure to Olympics and Super Bowl advertising. When adjusted for the substantial impact of core advertising dollars shifting into the Olympics and a challenging Super Bowl comparison to last year, we estimate that first quarter core advertising revenues were down in the low single digit percentage range year-over-year.
"As we continue to move toward closing our previously announced merger with Sinclair, the company maintains an aggressive focus on profitability. At WGN America, our new programming strategy has produced solid audience growth and made the network a significant contributor to consolidated Adjusted EBITDA. Additionally, corporate expenses were down double-digits year-over-year. Finally, while we expect to generate the majority of our political advertising revenue in the second half of the year, the momentum of political spending we saw in the first quarter is very encouraging. As we move deeper into 2018, we are well positioned to execute on our strategy and remain committed to delivering value for our shareholders, advertisers and the communities we serve."
FIRST QUARTER RESULTS
Consolidated
Consolidated operating revenues for the first quarter of 2018 were $443.6 million compared to $439.9 million in the first quarter of 2017, representing an increase of $3.7 million, or 1%. The increase was primarily driven by higher retransmission revenues and carriage fee revenues and higher political advertising revenues, partially offset by lower core advertising revenues and barter/trade revenues. Barter/trade revenues declined as barter revenues and related expenses are no longer recognized under the new revenue guidance the Company adopted in the first quarter of 2018. Excluding barter revenues in 2017, consolidated operating revenues increased by 2%.
Consolidated operating profit was $187.3 million for the first quarter of 2018 compared to an operating loss of $21.0 million for the first quarter of 2017, representing an increase of $208.3 million. The increase was primarily attributable to higher operating profit at Television and Entertainment, largely as a result of a $133 million net pretax gain related to licenses sold in the FCC spectrum auction for which the spectrum was surrendered in January 2018, lower programming expenses, as described below, and a lower operating loss at Corporate and Other driven primarily by a decline in compensation expense.
Consolidated income from continuing operations was $141.2 million in the first quarter of 2018 compared to a consolidated loss from continuing operations of $101.2 million in the first quarter of 2017. Diluted earnings per common share from continuing operations for the first quarter of 2018 was $1.60 compared to a diluted loss per common share from continuing operations of $1.17 for the first quarter of 2017. Adjusted diluted earnings per share ("Adjusted EPS") for the first quarter of 2018 was $0.51 compared to adjusted diluted loss per share of $0.07 for the first quarter of 2017. Both diluted earnings per common share from continuing operations and Adjusted EPS from continuing operations include an income tax charge of $2 million, or $0.03 per share, in the first quarter of 2018 and an income tax charge of $1 million, or $0.01 per share, in the first quarter of 2017 related to certain tax adjustments.
Net income attributable to Tribune Media Company was $141.2 million in the first quarter of 2018 compared to a net loss attributable to Tribune Media Company of $85.6 million in the first quarter of 2017.
Consolidated Adjusted EBITDA increased to $119.9 million in the first quarter of 2018 from $57.5 million in the first quarter of 2017, representing an increase of $62.4 million, or 108%. The increase in consolidated Adjusted EBITDA was primarily attributable to higher retransmission revenues and carriage fee revenues and lower programming and promotion expenses at Television and Entertainment.
Cash distributions from TV Food Network in the first quarter of 2018 were $115.1 million compared to $111.5 million in the first quarter of 2017.
Television and Entertainment
Revenues were $440.7 million in the first quarter of 2018 compared to $436.0 million in the first quarter of 2017, an increase of $4.7 million. The increase was driven by an increase in retransmission revenues of $23.9 million, or 25%, an increase in carriage fee revenues of $8.1 million, or 24%, and an increase in net political advertising revenue of $7.7 million, partially offset by a $28.7 million, or 10%, decrease in net core advertising revenues, and a $7.1 million decrease due to the Company no longer recognizing barter revenues, as noted above. The decrease in net core advertising revenue was primarily due to a decline in market revenue along with a decrease in revenues associated with airing the Super Bowl on 2 NBC-affiliated stations in 2018 compared to 14 FOX-affiliated stations in 2017 and the 2018 Winter Olympics, which negatively impacted advertising revenues for stations other than NBC affiliates.
Television and Entertainment operating profit was $211.9 million for the first quarter of 2018 compared to $20.0 million for the first quarter of 2017, an increase of $191.8 million. The increase was primarily due to a $133 million net pretax gain related to licenses sold in the FCC spectrum auction for which the spectrum of these stations was surrendered in January 2018, lower programming expense of $40.5 million, primarily due to lower amortization of license fees at WGN America, and lower compensation and other expenses.
Television and Entertainment Adjusted EBITDA was $135.2 million for the first quarter of 2018 compared to $75.2 million in the first quarter of 2017, an increase of $60.0 million, or 80%, primarily due to higher retransmission revenues and carriage fee revenues and lower programming and promotion expense, partially offset by lower net core advertising revenues and barter/trade revenues, as described above.
Television and Entertainment Broadcast Cash Flow was $116.5 million for the first quarter of 2018 compared to $64.6 million in the first quarter of 2017, an increase of $52.0 million, or 80%.
Corporate and Other
Real estate revenues for the first quarter of 2018 were $2.9 million compared to $3.9 million for the first quarter of 2017, representing a decrease of $0.9 million, or 24%. The decrease was driven by lower revenues due to the sale of real estate properties in 2017.
Corporate and Other operating loss for the first quarter of 2018 was $24.6 million compared to $41.0 million for the first quarter of 2017. The reduction of the loss was primarily due to lower compensation expense, largely due to the absence of severance expense and accelerated equity compensation expense related to the resignation of our CEO in the first quarter of 2017. Corporate and Other Adjusted EBITDA for the first quarter of 2018 represented a loss of $15.2 million compared to a loss of $17.6 million for the first quarter of 2017.
Discontinued Operations
On January 31, 2017, the Company completed the sale of substantially all of the Digital and Data business operations (the "Gracenote Sale") and received gross proceeds of $584 million, including a purchase price adjustment of $3 million. The historical results of operations for the businesses included in the Gracenote Sale are reported as discontinued operations for all periods presented herein. Accordingly, all references made to financial data in this release are to Tribune Media Company's continuing operations.
RETURN OF CAPITAL TO SHAREHOLDERS
Quarterly Dividend
On May 8, 2018, the Board of Directors (the "Board") declared a quarterly cash dividend on the Company's common stock of $0.25 per share to be paid on June 5, 2018 to holders of record of the Company's common stock and warrants as of May 21, 2018. Future dividends will be subject to the discretion of the Board and the terms of the agreement and plan of merger between the Company and Sinclair Broadcast Group, Inc. ("Sinclair"), dated May 8, 2017 (the "Merger Agreement"), which limits the Company's ability to pay dividends, except for the payment of quarterly cash dividends not to exceed $0.25 per share and consistent with record and payment dates in 2016.
RECENT DEVELOPMENTS
Sinclair Acquisition
On May 8, 2017, the Company entered into the Merger Agreement with Sinclair, providing for the acquisition by Sinclair of all of the outstanding shares of the Company's Class A common stock and Class B common stock by means of a merger of Samson Merger Sub Inc., a wholly owned subsidiary of Sinclair, with and into Tribune Media Company (the "Merger"), with the Company surviving the Merger as a wholly owned subsidiary of Sinclair.
The applications seeking FCC approval of the transactions contemplated by the Merger Agreement (the "Applications") were filed on June 26, 2017, and the FCC issued a public notice of the filing of the Applications and established a comment cycle on July 6, 2017. Several petitions to deny the Applications, and numerous other comments, both opposing and supporting the transaction, were filed in response to the public notice. Sinclair and the Company jointly filed an opposition to the petitions to deny on August 22, 2017 (the "Joint Opposition"). Petitioners and others filed replies to the Joint Opposition on August 29, 2017. On September 14, 2017, the FCC's Media Bureau issued a Request for Information ("RFI") seeking additional information regarding certain matters discussed in the Applications. Sinclair submitted a response to the RFI on October 5, 2017. On October 18, 2017, the FCC's Media Bureau issued a public notice pausing the FCC's 180-day transaction review "shot-clock" for 15 days to afford interested parties an opportunity to comment on the response to the RFI. On January 11, 2018, the FCC's Media Bureau issued a public notice pausing the FCC's shot-clock as of January 4, 2018 until Sinclair has filed amendments to the Applications along with divestiture applications and the FCC staff has had an opportunity to review any such submissions. On February 20, 2018, the parties filed an amendment to the Applications (the "February 20 Amendment") that, among other things, (1) requested authority under the FCC's "Local Television Multiple Ownership Rule" (the "Duopoly Rule") for Sinclair to own two top four rated stations in each of three television markets (the "Top-4 Requests") and (2) identified stations (the "Divestiture Stations") in 11 television markets that Sinclair proposes to divest in order for the Merger to comply with the Duopoly Rule and the National Television Multiple Ownership Rule. Concurrently, Sinclair filed applications (the "Divestiture Trust Application") proposing to place certain of the Divestiture Stations in an FCC-approved divestiture trust, if and as necessary, in order to facilitate the orderly divestiture of those stations following the consummation of the Merger. On February 27, 2018, in furtherance of certain undertakings made in the Applications and the February 20 Amendment, the parties filed separate applications seeking FCC approval of the sale of Tribune's stations WPIX-TV, New York, New York, and WGN-TV, Chicago, Illinois, to third-party purchasers. On March 6, 2018, the parties filed an amendment to the Applications that, among other things, eliminated one of the Top-4 Requests and modified the remaining two Top-4 Requests. Also on March 6, 2018, the parties modified certain of the Divestiture Trust Applications. On April 24, 2018, the parties jointly filed (1) an amendment to the Applications (the "April 24 Amendment") that superseded all prior amendments and, among other things, updated the pending Top-4 Requests and provided additional information regarding station divestitures proposed to be made by Sinclair in 15 television markets in order to comply with the Duopoly Rule or the National Television Multiple Ownership Rule, (2) a letter withdrawing the Divestiture Trust Applications and (3) a letter withdrawing the application for approval of the sale of WPIX-TV to a third-party purchaser. In order to facilitate certain of the compliance divestitures described in the April 24 Amendment, between April 24, 2018 and April 30, 2018, Sinclair filed applications seeking FCC consent to the assignment of license or transfer of control of certain stations in 11 television markets.
On May 8, 2018, the Company, Sinclair Television Group, Inc. ("Sinclair Television") and Fox Television Stations, LLC ("Fox") entered into an asset purchase agreement (the "Fox Purchase Agreement") to sell the assets of seven network affiliates of Tribune for $910.0 million in cash, subject to post-closing adjustments. The network affiliates subject to the Fox Purchase Agreement are: KCPQ (Tacoma, WA); KDVR (Denver, CO); KSTU (Salt Lake City, UT); KSWB-TV (San Diego, CA); KTXL (Sacramento, CA); WJW (Cleveland, OH); and WSFL-TV (Miami, FL). The Fox Purchase Agreement contains representations, warranties, covenants and indemnification provisions of the Company and Sinclair Television. The closing of the sale pursuant to the Fox Purchase Agreement (the "Closing") is subject to approval of the FCC and clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), as well as the satisfaction or waiver of all conditions of the consummation of the Merger, which is scheduled to occur immediately following the Closing. Pursuant to the terms of the Fox Purchase Agreement, the requisite applications and other necessary instruments or documents requesting the FCC's consent to the assignment of the FCC licenses relating to the network affiliates subject to the Fox Purchase Agreement shall be filed within five business days following the date of the Fox Purchase Agreement.
On August 2, 2017, the Company received a request for additional information and documentary material, often referred to as a "second request", from the United States Department of Justice (the "DOJ") in connection with the Merger Agreement. The second request was issued under the HSR Act. Sinclair received a substantively identical request for additional information and documentary material from the DOJ in connection with the transactions contemplated by the Merger Agreement. Issuance of the second request extends the waiting period under the HSR Act until 30 days after Sinclair and the Company have substantially complied with the second request, unless the waiting period is terminated earlier by the DOJ or the parties voluntarily extend the time for closing.
The parties entered into an agreement with the DOJ on September 15, 2017 (the "DOJ Timing Agreement"), by which they agreed not to consummate the Merger Agreement before December 31, 2017, or 60 days following the date on which both parties have certified compliance with the second request, whichever is later. In addition, the parties agreed to provide the DOJ with 10 calendar days' notice prior to consummating the Merger Agreement. The DOJ Timing Agreement has been amended twice, on October 30, 2017, to extend the date before which the parties may not consummate the Merger Agreement to January 30, 2018, and on January 27, 2018, to extend that date to February 11, 2018. The DOJ Timing Agreement thus currently provides that the parties will not consummate the Merger Agreement before February 11, 2018, or 60 days following the date on which both parties have certified compliance with the second request. The parties certified compliance on November 30, 2017 and are required under the DOJ Timing Agreement to provide the DOJ with 10 days' notice before consummating the Merger Agreement.
On October 19, 2017, holders of a majority of the outstanding shares of the Company's Class A common stock and Class B common stock, voting as a single class, voted on and approved the Merger Agreement and the transactions contemplated by the Merger Agreement at a duly called special meeting of Tribune Media Company shareholders.
FCC Spectrum Auction
On April 13, 2017, the FCC announced the conclusion of the incentive auction, the results of the reverse and forward auction and the repacking of broadcast television spectrum. The Company participated in the auction and has received approximately $191 million in pretax proceeds (including $26 million of proceeds received by Dreamcatcher Broadcasting LLC ("Dreamcatcher")) as of December 31, 2017. FCC licenses that were part of the FCC spectrum auction with a carrying value of $39 million have been included in assets held for sale as of December 31, 2017. In 2017, the Company received $172 million in gross pretax proceeds for these licenses as part of the spectrum auction and in the first quarter of 2018 recognized a net pretax gain of $133 million related to the surrender of the spectrum of these television stations in January 2018.
In light of the Company's previously announced transaction with Sinclair, Tribune Media is not providing financial guidance for the full year 2018 in this release, nor is the Company conducting a conference call regarding its first quarter 2018 financial results.
Tribune Media Company (NYSE: TRCO) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting's 42 owned or operated local television stations reaching approximately 50 million households, national entertainment cable network WGN America, whose reach is more than 77 million households, and a variety of digital applications and websites commanding 54 million monthly unique visitors online. Tribune Media also includes Chicago's WGN-AM and the national multicast networks Antenna TV and THIS TV. Additionally, the Company owns and manages a significant number of real estate properties across the U.S. and holds a variety of investments, including a 31% interest in Television Food Network, G.P., which operates Food Network and Cooking Channel. For more information please visit www.tribunemedia.com .
Non-GAAP Financial Measures
This press release includes a discussion of Adjusted EBITDA and Adjusted EPS for the Company and Adjusted EBITDA for our operating segments (Television and Entertainment and Corporate and Other) and presents Broadcast Cash Flow for our Television and Entertainment segment. Adjusted EPS, Adjusted EBITDA and Broadcast Cash Flow are financial measures that are not recognized under GAAP. Adjusted EPS is calculated based on income (loss) from continuing operations before investment transactions, loss on extinguishments and modification of debt, certain special items (including severance), certain income tax charges, non-operating items, gain (loss) on sales of real estate, gain on sales of spectrum, impairments and other non-cash charges and reorganization items per common share. Adjusted EBITDA for the Company is defined as income (loss) from continuing operations before income taxes, investment transactions, loss on extinguishments and modification of debt, interest and dividend income, interest expense, pension expense (credit), equity income and losses, depreciation and amortization, stock-based compensation, certain special items (including severance), non-operating items, gain (loss) on sales of real estate, gain on sales of spectrum, impairments and other non-cash charges and reorganization items. Adjusted EBITDA for the Company's operating segments is calculated as segment operating profit plus depreciation, amortization, pension expense (credit), stock-based compensation, impairments and other non-cash charges, gain (loss) on sales of real estate, gain on sales of spectrum and certain special items (including severance). Broadcast Cash Flow for the Television and Entertainment segment is calculated as Television and Entertainment Adjusted EBITDA plus broadcast rights amortization expense less broadcast rights cash payments. We believe that Adjusted EBITDA and Broadcast Cash Flow are measures commonly used by investors to evaluate our performance with that of our competitors. We also present Adjusted EBITDA because we believe investors, analysts and rating agencies consider it useful in measuring our ability to meet our debt service obligations. We further believe that the disclosure of Adjusted EPS, Adjusted EBITDA and Broadcast Cash Flow is useful to investors as these non-GAAP measures are used, among other measures, by our management to evaluate our performance. By disclosing Adjusting EPS, Adjusted EBITDA and Broadcast Cash Flow, we believe that we create for investors a greater understanding of, and an enhanced level of transparency into, the means by which our management operates our company. Adjusted EPS, Adjusted EBITDA and Broadcast Cash Flow are not measures presented in accordance with GAAP, and our use of these terms may vary from that of others in our industry. Adjusted EPS, Adjusted EBITDA and Broadcast Cash Flow should not be considered as an alternative to net income, operating profit, revenues, cash provided by operating activities or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. The tables at the end of this press release include reconciliations of consolidated Adjusted EPS and Adjusted EBITDA and segment Adjusted EBITDA and Broadcast Cash Flow to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains " " within the meaning of the federal securities laws. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements may include, but are not limited to, the anticipated Merger with Sinclair and the related regulatory process, our real estate monetization strategy, anticipated growth in political advertising revenues, our costs savings initiatives, the changes to our WGN America original programming, the conditions in our industry, our operations, our economic performance and financial condition, including, in particular, statements relating to our business and growth strategy. Important factors that could cause actual results, developments and business decisions to these are uncertainties discussed below and in the "Risk Factors" section of the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"). "Forward-looking statements" include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "may," "might," "will," "could" "should," "estimate," "project," "plan," "anticipate," "expect," "intend," "outlook," "seek," "designed," "assume," "implied," "believe" and other similar expressions. You are cautioned not to place undue reliance on these , which speak only as of their dates. These are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties.
The following list represents some, but not necessarily all, of the factors that could cause actual results to differ from historical results or those anticipated or predicted by these ; risks associated with the ability to consummate the Merger with Sinclair and the timing of the closing of the Merger, the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; the risk that the regulatory approvals for the proposed Merger with Sinclair may be delayed, not be obtained or may be obtained subject to conditions that are not anticipated; risks related to the disruption of management time from ongoing business operations due to the Merger and the restrictions imposed on the Company's operations under the terms of the Merger Agreement; the effect of the announcement of the Merger on our ability to retain and hire key personnel, on our ability to maintain relationships with advertisers and customers, and on our operating results and businesses generally; litigation in connection with the Merger; changes in advertising demand and audience shares; competition and other economic conditions including incremental fragmentation of the media landscape and competition from other media alternatives; changes in the overall market for broadcast and cable television advertising, including through regulatory and judicial rulings; our ability to protect our intellectual property and other proprietary rights; our ability to adapt to technology changes; availability and cost of quality network, syndicated and sports programming affecting our television ratings; the loss, cost and / or modification of our network affiliation agreements; our ability to renegotiate retransmission consent agreements, or resolve disputes, with multichannel video programming distributors; our ability to realize the full value, or successfully complete the planned divestitures of our real estate assets; the incurrence of additional tax-related liabilities related to historical income tax returns; the potential impact of the modifications to the spectrum on the operation of our television stations, the costs, terms and restrictions associated with such; the incurrence of costs to address contamination issues at sites owned, operated or used by our businesses; adverse results from litigation, governmental investigations or tax-related proceedings or audits; our ability to settle unresolved claims filed in connection with our and certain of our direct and indirect wholly-owned subsidiaries' Chapter 11 cases and resolve the appeals seeking to overturn the bankruptcy court order confirming the First Amended Joint Plan of Reorganization for Tribune Company and its Subsidiaries; our ability to satisfy pension and other postretirement employee benefit obligations; our ability to attract and retain employees; the effect of labor strikes, lock-outs and labor negotiations; the financial performance and valuation of our equity method investments; the impairment of our existing goodwill and other intangible assets; compliance with, and the effect of changes or developments in, government regulations applicable to the television and radio broadcasting industry; changes in accounting standards; the payment of cash dividends on our common stock; impact of increases in interest rates on our variable rate indebtedness or refinancings thereof; our indebtedness and ability to comply with covenants applicable to our debt financing and other contractual commitments; our ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; the factors discussed under the heading "Risk Factors" of the Company's filings with the Securities and Exchange Commission; and other events beyond our control that may result in unexpected adverse operating results. In addition, in light of these risks and uncertainties, the matters referred to in the contained in this press release may not in fact occur. Any forward-looking information presented herein is made only as of the date of this press release and we undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of dollars, except per share data)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
Operating Revenues
Television and Entertainment
$
440,702
$
436,033
Other
2,933
3,877
Total operating revenues
443,635
439,910
Operating Expenses
Programming
100,741
141,246
Direct operating expenses
101,388
98,807
Selling, general and administrative
131,956
165,594
Depreciation
13,775
13,571
Amortization
41,687
41,659
Gain on sales of spectrum
(133,197)
—
Total operating expenses
256,350
460,877
Operating Profit (Loss)
187,285
(20,967)
Income on equity investments, net
39,137
37,037
Interest and dividend income
1,898
505
Interest expense
(40,631)
(38,758)
Pension and other postretirement periodic benefit credit, net
7,084
5,735
Loss on extinguishment and modification of debt
—
(19,052)
Gain on investment transactions
3,888
4,950
Write-down of investment
—
(122,000)
Other non-operating gain (loss), net
117
(26)
Reorganization items, net
(893)
(250)
Income (Loss) from Continuing Operations Before Income Taxes
197,885
(152,826)
Income tax expense (benefit)
56,702
(51,614)
Income (Loss) from Continuing Operations
141,183
(101,212)
Income from Discontinued Operations, net of taxes
—
15,618
Net Income (Loss)
$
141,183
$
(85,594)
Net loss from continuing operations attributable to noncontrolling interests
6
—
Net Income (Loss) attributable to Tribune Media Company
$
141,189
$
(85,594)
Basic Earnings (Loss) Per Common Share Attributable to Tribune Media Company from:
Continuing Operations
$
1.61
$
(1.17)
Discontinued Operations
—
0.18
Net Earnings (Loss) Per Common Share
$
1.61
$
(0.99)
Diluted Earnings (Loss) Per Common Share Attributable to Tribune Media Company from:
Continuing Operations
$
1.60
$
(1.17)
Discontinued Operations
—
0.18
Net Earnings (Loss) Per Common Share
$
1.60
$
(0.99)
Regular dividends declared per common share
$
0.25
$
0.25
Special dividends declared per common share
$
—
$
5.77
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except for share and per share data)
(Unaudited)
March 31, 2018
December 31, 2017
Assets
Current Assets
Cash and cash equivalents
$
795,438
$
673,685
Restricted cash and cash equivalents
16,607
17,566
Accounts receivable (net of allowances of $5,023 and $4,814)
383,120
420,095
Broadcast rights
91,681
129,174
Income taxes receivable
18,067
18,274
Prepaid expenses
21,796
20,158
Other
23,195
14,039
Total current assets
1,349,904
1,292,991
Properties
Property, plant and equipment
677,247
673,682
Accumulated depreciation
(243,677)
(233,387)
Net properties
433,570
440,295
Other Assets
Broadcast rights
105,254
133,683
Goodwill
3,229,238
3,228,988
Other intangible assets, net
1,571,957
1,613,665
Assets held for sale
—
38,900
Investments
1,205,785
1,281,791
Other
151,996
139,015
Total other assets
6,264,230
6,436,042
Total Assets
$
8,047,704
$
8,169,328
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except for share and per share data)
(Unaudited)
March 31, 2018
December 31, 2017
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable
$
43,068
$
48,319
Income taxes payable
76,189
36,252
Employee compensation and benefits
46,958
71,759
Contracts payable for broadcast rights
215,857
253,244
Deferred revenue
13,641
11,942
Interest payable
14,412
30,525
Deferred spectrum auction proceeds
—
172,102
Other
30,056
30,124
Total current liabilities
440,181
654,267
Non-Current Liabilities
Long-term debt (net of unamortized discounts and debt issuance costs of $34,635 and $36,332)
2,920,882
2,919,185
Deferred income taxes
527,719
508,174
Contracts payable for broadcast rights
252,941
300,420
Pension obligations, net
390,090
396,875
Postretirement, medical, life and other benefits
9,174
9,328
Other obligations
161,582
163,899
Total non-current liabilities
4,262,388
4,297,881
Total Liabilities
4,702,569
4,952,148
Commitments and Contingent Liabilities
Shareholders' Equity
Preferred stock ($0.001 par value per share)
Authorized: 40,000,000 shares; No shares issued and outstanding at March 31, 2018 and at December 31, 2017
—
—
Class A Common Stock ($0.001 par value per share)
Authorized: 1,000,000,000 shares; 101,713,544 shares issued and 87,611,359 shares outstanding at March 31, 2018 and 101,429,999 shares issued and 87,327,814 shares outstanding at December 31, 2017
102
101
Class B Common Stock ($0.001 par value per share)
Authorized: 1,000,000,000 shares; Issued and outstanding: 5,557 shares at March 31, 2018 and December 31, 2017
—
—
Treasury stock, at cost: 14,102,185 shares at March 31, 2018 and December 31, 2017
(632,194)
(632,194)
Additional paid-in-capital
4,012,052
4,011,530
Retained earnings (deficit)
4,706
(114,240)
Accumulated other comprehensive loss
(39,569)
(48,061)
Total Tribune Media Company shareholders' equity
3,345,097
3,217,136
Noncontrolling interests
38
44
Total shareholders' equity
3,345,135
3,217,180
Total Liabilities and Shareholders' Equity
$
8,047,704
$
8,169,328
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
Operating Activities
Net income (loss)
$
141,183
$
(85,594)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation
5,114
14,963
Pension credit, net of contributions
(6,750)
(5,549)
Depreciation
13,775
13,571
Amortization of contract intangible assets and liabilities
220
208
Amortization of other intangible assets
41,687
41,659
Income on equity investments, net
(39,137)
(37,037)
Distributions from equity investment
115,137
111,509
Non-cash loss on extinguishment and modification of debt
—
6,823
Original issue discount payments
—
(6,873)
Write-down of investment
—
122,000
Amortization of debt issuance costs and original issue discount
1,848
2,170
Gain on sales of spectrum
(133,197)
—
Gain on sale of business
—
(35,462)
Gain on investment transactions
(3,888)
(4,950)
Impairments of real estate
—
754
Other non-operating (gain) loss, net
(117)
26
Changes in working capital items:
Accounts receivable, net
35,770
44,963
Prepaid expenses and other current assets
(10,794)
4,568
Accounts payable
(2,881)
(6,797)
Employee compensation and benefits, accrued expenses and other current liabilities
(40,925)
(49,580)
Deferred revenue
1,697
(2,326)
Income taxes
40,144
77,201
Change in broadcast rights, net of liabilities
(18,942)
(18,546)
Deferred income taxes
16,726
(115,922)
Other, net
725
3,517
Net cash provided by operating activities
157,395
75,296
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
Investing Activities
Capital expenditures
(13,673)
(14,634)
Investments
(28)
—
Net proceeds from the sale of business
—
551,419
Sale of partial interest in equity investment
833
—
Proceeds from sales of real estate and other assets
44
44,315
Proceeds from the sale of investments
3,057
4,950
Net cash (used in) provided by investing activities
(9,767)
586,050
Financing Activities
Long-term borrowings
—
202,694
Repayments of long-term debt
—
(584,245)
Long-term debt issuance costs
—
(1,689)
Payments of dividends
(21,922)
(520,849)
Tax withholdings related to net share settlements of share-based awards
(5,493)
(7,053)
Proceeds from stock option exercises
581
2,385
Net cash used in financing activities
(26,834)
(908,757)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
120,794
(247,411)
Cash, cash equivalents and restricted cash, beginning of period (1)
691,251
611,198
Cash, cash equivalents and restricted cash, end of period
$
812,045
$
363,787
Cash, Cash Equivalents and Restricted Cash are Comprised of:
Cash and cash equivalents
$
795,438
$
346,221
Restricted cash
16,607
17,566
Total cash, cash equivalents and restricted cash
$
812,045
$
363,787
Supplemental Schedule of Cash Flow Information
Cash paid (received) during the period for:
Interest
$
54,866
$
54,246
Income taxes, net
$
(425)
$
752
(1)
Cash, cash equivalents and restricted cash at the beginning of the three months ended March 31, 2017 of $611 million are comprised of $595 million of cash, cash equivalents and restricted cash from continuing operations as reflected in the Company's unaudited Condensed Consolidated Balance Sheets and $16 million of cash, cash equivalents and restricted cash reflected in current assets of discontinued operations.
TRIBUNE MEDIA COMPANY - CONSOLIDATED
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA
(in thousands of dollars)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
Revenue
$
443,635
$
439,910
Net Income (Loss) attributable to Tribune Media Company
$
141,189
$
(85,594)
Net loss from continuing operations attributable to noncontrolling interests
6
—
Net Income (Loss)
141,183
(85,594)
Income from discontinued operations, net of taxes
—
15,618
Income (Loss) from Continuing Operations
$
141,183
$
(101,212)
Income tax expense (benefit)
56,702
(51,614)
Reorganization items, net
893
250
Other non-operating (gain) loss, net
(117)
26
Write-down of investment
—
122,000
Gain on investment transactions
(3,888)
(4,950)
Loss on extinguishment and modification of debt
—
19,052
Pension and other postretirement periodic benefit credit, net
(7,084)
(5,735)
Interest expense
40,631
38,758
Interest and dividend income
(1,898)
(505)
Income on equity investments, net
(39,137)
(37,037)
Operating Profit (Loss)
$
187,285
$
(20,967)
Depreciation
13,775
13,571
Amortization
41,687
41,659
Stock-based compensation
5,114
12,971
Severance and related charges
(904)
6,677
Transaction-related costs
5,365
2,992
Gain on sales of spectrum
(133,197)
—
Real estate impairments and other
512
459
Pension expense
293
186
Adjusted EBITDA
$
119,930
$
57,548
TRIBUNE MEDIA COMPANY - TELEVISION AND ENTERTAINMENT
RECONCILIATION OF OPERATING PROFIT TO ADJUSTED EBITDA AND BROADCAST CASH FLOW
(in thousands of dollars)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
Advertising
$
270,439
$
291,707
Retransmission revenues
118,142
94,214
Carriage fees
41,662
33,610
Barter/trade (1)
2,094
9,012
Other
8,365
7,490
Total Revenues
$
440,702
$
436,033
Operating Profit
$
211,852
$
20,013
Depreciation
10,870
10,039
Amortization
41,687
41,659
Stock-based compensation
3,791
3,995
Severance and related charges
(283)
210
Gain on sales of spectrum
(133,197)
—
Real estate impairments and other
440
(727)
Adjusted EBITDA
$
135,160
$
75,189
Broadcast rights - Amortization
$
92,282
$
126,311
Broadcast rights - Cash Payments
(110,900)
(136,917)
Broadcast Cash Flow
$
116,542
$
64,583
(1)
Barter revenues and related expenses are no longer recognized under the new revenue guidance. For the three months ended March 31, 2017, barter/trade revenue includes $7 million of barter revenue.
TRIBUNE MEDIA COMPANY - CORPORATE AND OTHER
RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA
(in thousands of dollars)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
Total Revenues
$
2,933
$
3,877
Operating Loss
$
(24,567)
$
(40,980)
Depreciation
2,905
3,532
Stock-based compensation
1,323
8,976
Severance and related charges
(621)
6,467
Transaction-related costs
5,365
2,992
Real estate impairments and other
72
1,186
Pension expense
293
186
Adjusted EBITDA
$
(15,230)
$
(17,641)
TRIBUNE MEDIA COMPANY - CONSOLIDATED
RECONCILIATION OF DILUTED EPS TO ADJUSTED EPS
(in thousands of dollars, except per share data)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
Pre-Tax
After-Tax
Diluted EPS
Pre-Tax
After-Tax
Diluted EPS
Diluted EPS
$
1.60
$
(0.99)
Income from discontinued operations
—
(0.18)
Reorganization items, net
893
893
0.01
250
250
0.00
Other non-operating (gain) loss, net
(117)
(85)
(0.00)
26
16
0.00
Write-down of investment
—
—
—
122,000
79,997
0.92
Gain on investment transactions
(3,888)
(2,823)
(0.03)
(4,950)
(3,010)
(0.03)
Loss on extinguishment and modification of debt
—
—
—
19,052
11,584
0.13
Severance and related charges
(904)
(671)
(0.01)
6,677
4,060
0.05
Transaction-related costs
5,365
4,853
0.05
2,992
1,963
0.02
Gain on sales of spectrum
(133,197)
(98,899)
(1.12)
—
—
—
Real estate impairments and other
512
362
0.00
459
299
0.00
Adjusted EPS (1)
$
0.51
$
(0.07)
(1) Adjusted EPS totals may not foot due to rounding.
View original content: http://www.prnewswire.com/news-releases/tribune-media-company-reports-first-quarter-2018-results-300645979.html
SOURCE Tribune Media Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-tribune-media-company-reports-first-quarter-2018-results.html |
May 4 (Reuters) - GOZDE GIRISIM:
* IPO BOOKBUILDING PRICE RANGE OF UNIT PENTA TEKNOLOJI IS AT 9.50 - 11.40 LIRA
* IPO BOOKBUILDING TIMELINE OF UNIT PENTA TEKNOLOJI TO BE ON 10-11 MAY
* TO OFFER 19.8 MILLION NOMINAL SHARES IN PENTA TEKNOLOJI DURING IPO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gozde-girisim-ipo-bookbuilding-pri/brief-gozde-girisim-ipo-bookbuilding-price-range-of-unit-penta-teknoloji-is-at-9-50-11-40-lira-idUSFWN1SB14T |
May 9, 2018 / 11:21 AM / in 11 minutes BRIEF-New World Resource Corp CFO Tammy Gillis Resigns Reuters Staff
May 9 (Reuters) - New World Resource Corp:
* NEW WORLD ANNOUNCES RESIGNATION OF CFO, APPOINTMENT OF INTERIM CFO
* TAMMY GILLIS, COMPANY’S CHIEF FINANCIAL OFFICER, HAS RESIGNED
* SAYS ELIZABETH RICHARDS APPOINTED INTERIM CFO | ashraq/financial-news-articles | https://www.reuters.com/article/brief-new-world-resource-corp-cfo-tammy/brief-new-world-resource-corp-cfo-tammy-gillis-resigns-idUSASC0A0WR |
An electricians’ union in Detroit violated federal labor law by requiring members to appear at its union hall and present photo identification in order to resign from the union or revoke their authorization for automatic dues deductions, a federal appeals court ruled on Tuesday.
A unanimous three-judge panel of the U.S. Court of Appeals for the D.C. Circuit affirmed the National Labor Relations Board’s ruling against an International Brotherhood of Electrical Workers affiliate, saying the board’s conclusion that the resignation policy unlawfully burdened members’ rights under the National Labor Relations Act was reasonable.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2K3cQZQ
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-employment-unions/union-resignation-policy-violates-federal-labor-law-d-c-circuit-idUSL1N1SG02Q |
ATM/Debit Card Content for this page, unless otherwise indicated with a Fidelity pyramid logo, is published or selected by Fidelity Interactive Content Services LLC ("FICS"), a Fidelity company with main offices in New York, New York. All Web pages that are published by FICS will contain this legend. FICS was established to present users with objective news, information, data and guidance on personal finance topics drawn from a diverse collection of sources including affiliated and non-affiliated financial services publications and FICS-created content. Content selected and published by FICS drawn from affiliated Fidelity companies is labeled as such. FICS selected content is not intended to provide tax, legal, insurance or investment advice and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by any Fidelity entity or any third-party. Quotes are delayed unless otherwise noted. FICS is owned by FMR LLC and is an affiliate of Fidelity Brokerage Services LLC. Terms of use for Third-Party Content and Research . These links are provided by Fidelity Brokerage Services LLC ("FBS") for educational and informational purposes only. FBS is responsible for the information contained in the links. FICS and FBS are separate but affiliated companies and FICS is not involved in the preparation or selection of these links, nor does it explicitly or implicitly endorse or approve information contained in the links. Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/managing-analog-id-theft-risks.html?play=1 |
May 18, 2018 / 7:19 Italy's 5-star members back coalition program with League in online vote Reuters Staff 2 Min Read
ROME (Reuters) - More than 90 percent of supporters of Italy’s 5-Star Movement have backed a program for government drawn up by the group and the far-right League, its prospective coalition partner, in an online vote. FILE PHOTO: Anti-establishment 5-Star Movement leader Luigi Di Maio speaks following a talk with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 12, 2018. REUTERS/Max Rossi/File Photo
The 40-page document calls for billions of euros in tax cuts, additional spending on welfare for the poor, and a roll-back of pension reforms.
It is seen by the two anti-establishment parties as the basis for governing for an entire five-year legislative term.
5-Star and the League are close to forming a coalition government after 11 weeks of political stalemate in the euro zone’s third-largest economy following a March 4 election in which they won the most parliamentary seats.
5-Star asked its members on Friday to approve, through an online ballot, the “contract” the two parties have drawn up.
“More than 94 percent of members of the 5-Star Movement have said yes to contract for the ‘Government of Change’!”, said a statement by leader Luigi di Maio on Friday evening.
He added that there had been “great participation” with 44,796 people casting votes.
Both parties will consult their wider electorates during the weekend, with gazebos set up in the main Italian squares.
League leader Matteo Salvini and Di Maio will meet Italy’s President Sergio Mattarella on Monday. Mattarella must give his blessing to their program for governing and has a final say on the name of the prime minister and the cabinet, both yet to be named, before a government can be formed. Reporting by Gavin Jones and Giulia Segreti; Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics/italys-5-star-members-back-coalition-program-with-league-in-online-vote-idUSKCN1IJ2KQ |
May 8, 2018 / 3:42 PM / Updated an hour ago Halep marches on in Madrid with win over Mertens Reuters Staff 2 Min Read
(Reuters) - World number one Simona Halep trounced an out of sorts Elise Mertens to reach the third round of the Madrid Open on Tuesday and stay on course for her third consecutive title at the event. Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 8, 2018 Romania's Simona Halep in action during her second round match against Belgium's Elise Mertens REUTERS/Susana Vera
The Romanian top seed wrapped up victory in an hour and 11 minutes, hitting 23 winners and limiting herself to 18 unforced errors as she ended her Belgian opponent’s 13-match winning streak.
Mertens, who has won titles in Morocco and Switzerland this year, previous form deserted her as she struggled to cope with Halep’s combination of power, guile and relentless court coverage. Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 8, 2018 Belgium's Elise Mertens in action during her second round match against Romania's Simona Halep REUTERS/Susana Vera
She found her feet at the start of the second set and fought gamely to the end, saving four match points while serving in the final game before netting a routine forehand to cough up a fifth and conceding the match with a tame double fault. Slideshow (2 Images)
Halep will face Kristyna Pliskova in the last-16 after the Czech beat Spaniard Sara Sorribes Tormo 7-5 6-2.
Petra Kvitova, who is seeded 10th in Madrid, edged out wild card Monica Puig 6-3 7-6(8) in the day’s early encounter and will face either Belarusian Aliaksandra Sasnovich or Estonia’s Anett Kontaveit in the next round.
Kvitova dished out nine aces, but made an equal number of double faults as she held on to extend her winning streak to seven matches despite her opponent’s aggressive brand of tennis.
The two went toe-to-toe as the advantage swung back and forth, but Puig paid the price for not getting enough first serves across the net and failing to take her opportunities when they arose, allowing the Czech to prevail.
With the score tied at 8-8 in the second-set tiebreak, Kvitova secured a match point with an ace, before sealing victory with a powerful forehand. Reporting by Simon Jennings in Bengaluru; Editing by Jon Boyle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-madrid-women/halep-marches-on-in-madrid-with-win-over-mertens-idUKKBN1I926S |
President Donald Trump 's eagerly anticipated announcement on the Iran nuclear deal could be the flashpoint for a "long-lasting" uptick in oil prices, according to Barclays analysts.
Crude futures hovered close to multiyear highs on Tuesday, as investors awaited Trump's announcement at 2 p.m. ET.
The prospect of the U.S. withdrawing from the landmark agreement to limit Iran's nuclear program, formerly known as the Joint Comprehensive Plan of Action, has ramped up energy market fears of an imminent supply shock .
"The geopolitical consequences of a possible dismantling of the JCPOA would likely to play a larger and long-lasting role in pushing oil prices higher than short-term policy uncertainty," Michael Cohen, Barclays director of energy market research, said in a research note Monday.
Eddie Seal | Bloomberg | Getty Images Workers position a section of pipe during drilling operations at a gas well outside Corpus Christi, Texas. Patterson-UTI Energy, Inc. is drilling the well for Decker Operating Company of Houston. Trump is likely to either announce he will not be renewing a waiver on Iranian sanctions or reaffirm his firm opposition to the global pact, Barclays said. Regardless of Tuesday's announcement, Cohen predicted the current Iran nuclear deal would "not survive under President Trump."
"And in the next couple of years, this more hawkish foreign policy could fuel already elevated tensions in the Middle East , specifically in Iraq, Syria, and Yemen, as the hostilities between Iran and Saudi Arabia escalate," Cohen added.
'No right' to renegotiate Trump, a fervent critic of the accord, has long threatened to walk away from the landmark deal signed by Iran, the Obama administration, Russia, China, Britain, France, Germany and the European Union. Trump has complained the "insane" agreement does not restrict Iran's nuclear activities for long enough and fails to stop the country's development of ballistic missiles.
In response, Iranian President Hassan Rouhani has said Trump has "no right" to renegotiate the deal and accused him of "maliciously violating" its conditions.
Carlos Barria | Reuters President Donald Trump gives a thumbs up while holding an umbrella in the rain as he arrives at Dallas Love Field aboard Air Force One to address the National Rifle Association Convention in Dallas, Texas U.S., May 4, 2018. A dramatic uptick in crude futures over recent months has partly been driven by mounting expectations that the world's largest economy could soon pull out of the agreement.
Ahead of the Trump administration's decision, Brent crude traded at around $75.38 on Tuesday morning, down 1 percent while U.S. West Texas Intermediate futures stood at $69.85, off around 1.2 percent.
'Trump is regularly underestimated' Alongside OPEC -led production cuts, robust demand for crude has helped diminish a global supply overhang in recent months and left the energy market more exposed to shocks.
Iran's oil production has rebounded to nearly 4 million barrels a day since world powers opted to ease sanctions over its nuclear program. However, external observers have warned that reimposing sanctions could reduce Iranian oil exports by up to 1 million barrels a day — just the type of supply shock that could be price supportive.
"We would expect an inevitable jump in oil prices should the sanctions return," Cliff Kupchan, chairman of Eurasia Group, a Washington-based political consulting firm, said in a research note.
"We return to the possibility that the president's looming verdict may — to a significant extent — be a negotiating ploy and hence should not be considered a final verdict on the deal. … Trump is regularly underestimated, and it's not over." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/trump-will-kill-the-iran-nuclear-deal--and-thats-a-long-lasting-boost-for-oil-prices.html |
'Huge destruction' and deaths in Kenya dam burst 5:10am EDT - 00:41
Scores are dead or injured after weeks of rain caused a dam to burst in Kenya, what local officials say has led to ''mass destruction.''
Scores are dead or injured after weeks of rain caused a dam to burst in Kenya, what local officials say has led to "mass destruction." //reut.rs/2rz5OEz | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/huge-destruction-and-deaths-in-kenya-dam?videoId=425516681 |
May 11, 2018 / 4:36 PM / Updated 39 minutes ago IWG receives takeover approaches from Starwood Capital, TDR and Lone Star Reuters Staff 1 Min Read
LONDON (Reuters) - British serviced office provider IWG ( IWG.L ) said on Friday that it had attracted takeover approaches from three suitors, signalling the company behind the Regus brand could become embroiled in a bidding war.
Starwood Capital and TDR Capital have made separate indicative proposals while Lone Star has also made an approach, the company said. It comes after talks with joint bidders Onex and Brookfield Asset Management failed at the start of February. Reporting by Ben Martin; Editing by Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iwg-m-a/iwg-receives-takeover-approaches-from-starwood-capital-tdr-and-lone-star-idUKKBN1IC232 |
May 16, 2018 / 5:17 AM / Updated an hour ago Saudi World Cup ref gets life ban for match-fixing attempt Reuters Staff 2 Min Read
(Reuters) - Saudi Arabia has banned referee Fahad Al Mirdasi from football for life for a match-fixing attempt, weeks before he was due to fly to Russia to officiate at the World Cup, the country’s football federation (SAFF) said in a statement late on Tuesday.
Al Mirdasi had confessed to offering to fix Saturday’s King’s Cup final on behalf of the Al Ittihad club, the SAFF said. It added that it had requested FIFA hand him a lifetime global ban as well as removing him from the World Cup list.
The 32-year-old referee made the approach to Al Ittihad chief Hamad Al-Senaie, who immediately handed over the WhatsApp messages to SAFF officials who in turn alerted the relevant government authorities, SAFF said.
Al Mirdasi was taken into police custody where he confessed to soliciting the corrupt payment, the statement from the SAFF Ethics Committee added.
Al Ittihad played Al Faisaly in the King’s Cup final at Jeddah’s King Abdullah Sports City on Saturday, winning in extra-time in a game refereed by former Premier League official Mark Clattenburg.
Clattenburg, who was appointed Head of Refereeing at the SAFF last year, stepped in to replace Al Mirdasi on the eve of the game.
Al Mirdasi has been on the FIFA referees’ list since 2011 and officiated at last year’s Confederations Cup in Russia. Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-referee-ban/saudi-world-cup-ref-gets-life-ban-for-match-fixing-attempt-idUKKCN1IH0EF |
SASKATOON, Saskatchewan, GFG Resources Inc. (TSX-V:GFG) (OTCQB:GFGSF) (“GFG” or the “Company”) is pleased to announce that it has completed a high-resolution helicopter-borne magnetic survey (9,850 line-kilometres on 50-metre line spacing) over a large portion of the Pen Gold Project, located between Tahoe Resources’ West Timmins gold mine and Goldcorp’s Borden gold project. The new magnetic survey, combined with existing data, now provides complete coverage of the highly prospective 445 square kilometre property (See Figures 1, 2 and 3) . A property-wide structural model has been constructed from this new data to trace the major (first order) and minor (second order) deformation zones and prospective structural settings. This data is crucial to provide context to known gold occurrences and has identified numerous new structural targets for investigation during the upcoming field campaign in preparation for the 8,000 metre drill program in the third and fourth quarters.
Pen Gold Project Magnetic Survey Results and Interpreted Structures
Pen Gold Project Geology Map with Structural Interpretation
Regional Map of Pen Gold and Dore Gold Projects
Brian Skanderbeg, President and CEO of GFG, commented, “Since the acquisition of the Pen Gold and Dore Gold projects, our team has undertaken a complete review and compilation of the historic exploration data and have designed a multi-faceted exploration program for 2018. The first step in the 2018 program was to complete a property-wide detailed airborne magnetic survey to build a coherent structural model of the district and provide context to the numerous targets on the property. We are very pleased with the results from the magnetic survey and the development of the structural model as it is an essential tool in prioritizing drill targets, drilling efficiently and in ultimately making a new gold discovery.”
The new high-resolution magnetic survey data is critical in generating a better understanding of the structural setting of historic high-grade intercepts such as the 50 grams of gold per tonne (“g/t Au”) over 1.5 metres along the east-west trending Deerfoot Deformation Zone, 94 g/t Au over 1.1 metres along a second-order north-south trending shear zone on the east portion of the property and 13.4 g/t Au over 4.3 metres drilled by Rapier Gold within the Reeves Ultramafic Complex. With this information in hand, we have now better identified these prospective structural targets across the property. The new structural model has also better defined our structural interpretation and has revealed new target areas where limited exploration work has been completed.
The summer field campaign is scheduled to commence before the end of the May with initial efforts focusing on prospecting, mapping and till sampling to screen the numerous structural targets. While target identification and ranking is still on-going, there are certain prospective areas, such as along the Deerfoot Deformation Zone, that lack ground geophysical data and where till cover limits bedrock exposure. In these areas, ground-based Induced Polarization (IP) surveys will be used to better define drill targets. Based on the results of the IP surveys and on-going evaluation of existing surface and drilling data, targets will be ranked and prioritized for drilling starting in the third quarter of this year.
Figure 1: Pen Gold Project Magnetic Survey Results and Interpreted Structures
http://gfgresources.com/files/doc_news/2018/05/Fig1_GFG_Pen-Gold-Magnetics_May-2018.jpg
Figure 2: Pen Gold Project Geology Map with Structural Interpretation
http://gfgresources.com/files/doc_news/2018/05/Fig2_GFG_Pen-Gold_Structure-Lithology_May-2018.jpg
Figure 3: Regional Map of Pen Gold and Dore Gold Projects
http://gfgresources.com/files/doc_news/2018/05/Fig3_GFG_-Regional-Abitibi-Gold-Map_May-2018.jpg
Brian Skanderbeg, P.Geo. and M.Sc., President and CEO, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
About GFG Resources Inc.
GFG Resources is a North American precious metals exploration company headquartered in Saskatoon, Saskatchewan, Canada, whose shares trade on the TSX Venture Exchange (GFG) and on the OTCQB (GFGSF). The Company owns 100% of two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Ontario properties are comprised of the 44,500-hectare Pen Gold Project (including the West Porcupine property) and the 20,000-hectare Dore Gold Project. The Company also controls 100% of the Rattlesnake Hills Gold Project, a district scale gold exploration project located approximately 100 kilometres southwest of Casper, Wyoming, U.S. The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “ ” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “ ”). Forward-looking statements include, but are not limited to, the future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
All are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada and the United States will continue to support the development of mining projects in Canada and the United States. In addition, the similarity or proximity of other gold deposits to the Rattlesnake Hill Gold Project, the Pen Gold Project and the Dore Gold Project is not necessary indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Pen Gold Project and the Dore Gold Project.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such , including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in , there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on .
Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any , except as required by applicable laws.
For further information, please contact:
Brian Skanderbeg, President & CEO
Phone: (306) 931-0930
or
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
Email: [email protected]
Website: www.gfgresources.com
Source: GFG Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-gfg-geophysical-survey-outlines-prospective-corridors-at-the-pen-gold-project-west-of-timmins-ontario.html |
May 14, 2018 / 5:27 PM / Updated 2 hours ago EU targets 30 percent cut in truck CO2 emissions by 2030: source Alissa de Carbonnel 3 Min Read
BRUSSELS (Reuters) - The European Union executive will propose at least a 30 percent reduction target for CO2 emissions from trucks by 2030, an EU source said on Monday, as the bloc seeks to slash greenhouse gas emissions.
The target will be the first ever CO2 standard for trucks in the EU, which has no limits on what accounts for almost one quarter of the bloc’s transport-related emissions.
Countries such as the United States, China, Japan and Canada have already set targets to reduce CO2 emissions from trucks.
Environmental campaigners alongside France and some other EU governments have pushed for an ambitious CO2 reduction target of at least 24 percent for 2025 and 34-45 percent for 2030.
The Commission will also propose an intermediary target of 15 percent and would introduce an incentive system of credits to reward manufacturers who invest more in low-carbon technologies, the source said.
Credits would be allowed to relax manufacturer’s annual CO2 targets for heavy duty vehicles by no more than 3 percent, while for buses, coaches and small lorries by 1.5 percent.
Europe’s Climate Commissioner Miguel Arias Canete has had a flurry of meetings with the auto industry and environment campaigners in the past four months that have led up to Thursday’s unveiling of the European Commission’s draft legislation.
Other EU Commissioners will vote on Wednesday to approve the proposal, which then needs to win the backing of national governments and the European Parliament.
A 30 percent target would cut about 54 million tonnes of CO2 from the bloc’s emissions from 2020 to 2030, or roughly the size of Sweden’s yearly output, according to the Commission’s estimates.
It argues that the benefits outweigh the technological cost of meeting the new CO2 standards, leading to lower fuel consumption, reduced transport company bills, job creation and a more competitive auto industry.
Europe’s powerful car industry lobbied this month for a 16 percent tail-pipe CO2 reduction between 2019 and 2030, with an intermediate target of 7 percent in 2025, the ACEA industry group said in a statement.
Thursday’s proposal to curb transport pollution is part of the bloc’s overall pledge to cut emissions by at least 40 percent below 1990 levels by 2030. It follows new draft rules on CO2 standards for cars. Reporting by Alissa de Carbonnel; Additional reporting by Julia Fioretti; Editing by Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-trucks-emissions/eu-targets-30-percent-cut-in-truck-co2-emissions-by-2030-source-idUSKCN1IF2HL |
May 11, 2018 / 4:02 PM / Updated an hour ago France sets limit for bank exposure to corporate debt Reuters Staff 2 Min Read
PARIS (Reuters) - France’s six biggest banks must limit their exposure to highly indebted French companies under a new rule effective from July, the country’s financial stability council said on Friday. A small-particle haze hangs above the skyline, with the Eiffel Tower that is seen in the distance, in Paris, France, December 29, 2016. REUTERS/Pascal Rossignol
The High Council for Financial Stability, headed by the finance minister and which also includes the central bank governor, has been concerned about surging corporate debt levels.
In December, it announced banks would have to cap their exposure to the most indebted companies at five percent of their capital, once details had been hammered out.
On Friday, the council said BNP Paribas ( BNPP.PA ), Societe Generale ( SOGN.PA ), Credit Agricole ( CAGR.PA ), Credit Mutuel, BPCE [BPCE.UL] and La Banque Postale [LAPSTE.UL] would be subject to the new limit from July for two years, which could then be renewed.
It added that other EU countries were expected to impose the limit on French companies, a move aimed at preventing firms from simply turning to other European banks for credit.
French corporate debt has hit record levels as big firms with easy access to bond markets have binged on cheap credit to finance investments and foreign takeovers.
Central bank governor Francois Villeroy de Galhau has repeatedly warned that if borrowing did not slow the council would consider additional credit curbs at its next meeting in June.
The central bank said on Friday its latest data showed growth in corporate borrowing picked up in March to 5.2 percent over one year from 5.0 percent in February.
Bond issuance in particular surged 7.3 percent as pharmaceuticals group Sanofi and insurer AXA tapped markets to finance acquisitions. Reporting by Leigh Thomas; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-france-banking-regulation/france-sets-limit-for-bank-exposure-to-corporate-debt-idUSKBN1IC1ZV |
Growth stocks doing better than value plays, strategist says 3 Hours 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/2018/05/16/growth-stocks-doing-better-than-value-plays-strategist-says.html |
SAN FRANCISCO — A funny as Lord Carpenter Rover of Sunnyside might sound, please don't reply to a Facebook prompt asking you to create your royal wedding guest name using details from your past.
Facebook is always awash in sharable quizzes and prompts (remember ' Tell us your first 10 rock concerts ' last year?) and this week's suggestion inspired by the pending wedding of Meghan Markle and Prince Harry is no different. But it also puts you in real danger of identity theft.
It sounds innocuous enough. Much as other, more adult, prompts have asked users to create and forward along their "porn star" name, this one helps you craft an aristocratic title from seemingly innocuous items from your family and your past.
More from USA Today:
Cambridge Analytica files for Chapter 7 bankruptcy liquidation after debilitating scandal
Royal wedding is the stage to display the best British cars like Rolls-Royce, Jaguars
Millions flow to fast-growing lobbying firms with ties to the Trump administration
"In honor of the royal wedding," it reads, "use your royal wedding guest name this week. Start with either Lord or Lady. Your first name is one of your grandparents' names. Your surname is the name of your first pet, then "of" followed by the name of the street you grew up on. Just for fun, let's do this! Post below. Then cut and paste it into your status."
It's all fun and games until somebody gets hacked, which is why you're more than welcome to say the name aloud and giggle, but by no means should you cut and paste into your status.
Why?
Because your peerage name is an excellent hunting ground for any and all hackers looking to harvest the answers to those pesky online security questions more and more sites make you come up with.
First Pet? Mother's maiden name? The street you grew up on?
All very common security questions and all exactly the information you don't want to be publicly posting.
We don't know who started this particular meme making the rounds or whether they had the best, or the worst, intentions.
It doesn't really matter. Once you post those answers, you should assume that every hacking group worth its salt will find and index them quicker than Harry and Meghan can say "I do." This material is key to getting inside your online accounts.
The best response to online quizzes, at least when it comes to posting the answers, is "just say no." The same goes for shared, anonymously sourced quizzes on favorite books, musical styles, concerts, flowers and pretty much anything else that could be used against you.
Sorry to be a party pooper but it's the world we live in. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/facebook-royal-wedding-quiz-could-put-you-at-risk-for-identity-theft.html |
ABIDJAN (Reuters) - Ivory Coast will ask donors, timber firms and cocoa companies to help finance a reforestation strategy costing 616 billion CFA francs ($1 billion) over 10 years, the country’s water and forests minister said on Friday.
The top cocoa grower is experiencing one of the world’s fastest deforestation rates and has lost an average of 400,000 hectares (990,000 acres) of tropical forest a year since 1990, mainly due to agriculture.
Around 40 percent of Ivory Coast’s cocoa production is grown illegally on protected land, the government estimates.
The strategy, approved during a cabinet meeting on Wednesday, seeks to extend forest cover to 20 percent of national territory by 2030, from 11 percent now, by replanting around 170,000 hectares each year.
“This is a goal that depends on our capacity to obtain the planned financing,” forests minister Alain-Richard Donwahi told reporters. “This policy was conceived with the participation of the private sector in mind, a public-private partnership.”
Ivory Coast’s cocoa regulator, the Coffee and Cocoa Council, has contributed 4 billion CFA francs in emergency funding in order to launch the strategy.
Cocoa and chocolate companies have already pledged their support, Donwahi said, and timber companies would also be called upon to contribute.
In addition to replanting, the plan also foresees the establishment of a special brigade, initially supported by army special forces, which will monitor the forests and protect them against incursions.
“The threats against our forests are permanent. We’re informed of the massive arrival of populations inside our forests each week,” Donwahi said.
Ivory Coast has carried out on again-off again campaigns to expel squatting farmers from national parks and forest reserves in recent years, often coming under criticism from rights groups decrying the authorities’ heavy-handed tactics.
Donwahi said the government would restart evictions from the Goin-Debe forest reserve - Ivory Coast’s largest - and destroy cocoa plantations there following a one-month census.
The invasion of Ivory Coast’s protected forests was helped by a decade-long political crisis that included two civil wars and eroded state authority.
Despite a restoration of order in 2011, the continued degradation of parks and forest reserves has been facilitated by rampant corruption.
“It’s not just forestry agents directly involved,” Donwahi said. “Local governments as well as the tribal leadership and police are also responsible. These illegal squatters get escorted. That must stop.”
($1 = 578.6400 CFA francs)
Reporting by Ange Aboa; Writing by Joe Bavier; Editing by Susan Fenton, Edmund Blair and David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ivorycoast-environment/ivory-coast-needs-over-1-billion-for-reforestation-strategy-minister-idUSKCN1IQ2C3 |
Xerox scraps $6.1 bln Fujifilm deal 3:49pm BST - 01:20
Xerox shares fall after the photocopier pioneer said it had scrapped a planned $6.1 billion deal to merge with Fujifilm Holdings Corp. Jacob Greaves reports.
Xerox shares fall after the photocopier pioneer said it had scrapped a planned $6.1 billion deal to merge with Fujifilm Holdings Corp. Jacob Greaves reports. //reut.rs/2L1dQ1J | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/xerox-scraps-61-bln-fujifilm-deal?videoId=426858447 |
ValueAct Capital Partners has built a $1.2 billion stake in Citigroup in a wager that the U.S. bank's businesses serving corporations will help it rebound.
ValueAct has built the position over the past four to five months and is growing its stake opportunistically, The Wall Street Journal reported Monday, citing a letter to investors. The stake equals about .07 percent of the U.S. bank, according to the Journal.
The wager on Citigroup, led by CEO Michael Corbat, is partially based on its treasury services business, according to the Journal. ValueAct isn't calling for a strategic shakeup, the report said.
That move echoes a 2016 investment by ValueAct in shares of Morgan Stanley , another bank on the rebound after the financial crisis.
"We have been having constructive conversations with ValueAct and welcome them as investors,'' Mark Costiglio, a spokesman for New York-based Citigroup, said in a statement sent to CNBC.
Shares of Citi were up 1.6 percent after hours after closing up 0.8 percent on Monday.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/activist-investor-valueact-takes-1-point-2-billion-stake-in-citigroup-wsj.html |
May 23 (Reuters) - Mitek Systems Inc:
* MITEK SYSTEMS INC - HAS ACQUIRED A2IA, SAS FOR EUR 42.5 MILLION IN CASH AND SHARES OF MITEK’S COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mitek-systems-has-acquired-a2ia-fo/brief-mitek-systems-has-acquired-a2ia-for-eur-42-5-mln-idUSFWN1SU0XB |
May 3 (Reuters) - Lanner Electronics Inc
* Says it will use undistributed profit to pay cash dividend of T$2 per share to shareholders for 2017
* Says it will pay cash dividend of T$212.3 million in total
* Says it will use undistributed profit to distribute stock dividend worth T$0.2 for every one share
* Says it will distribute stock dividend of 2.1 million shares in total
Source text in Chinese: goo.gl/m4Eh7o
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lanner-electronics-announces-2017/brief-lanner-electronics-announces-2017-dividend-payment-idUSL3N1SA3DM |
If a woman’s place is in the kitchen, a man’s place is surely at the grill. Right? The first part of that statement sounds hopelessly outdated, but the second part still seems to be in full effect. If you’re a woman and you like to grill, you’ll inevitably experience what I call “back-seat grilling”—a fascinating behavior among male bystanders with no particular expertise in outdoor cookery who will nevertheless try to co-opt your coals and determine your doneness. And Susan Hermann Loomis, a veteran cookbook author who lives the expat life in France, has certainly experienced her fair share of the phenomenon.
“I... | ashraq/financial-news-articles | https://www.wsj.com/articles/battle-of-the-sexes-summertime-grilling-edition-1526573863 |
DIYARBAKIR, Turkey (Reuters) - Kurdish electrician Sukru Gunduz was out on a job when a friend came running to tell him his house was being knocked down, with five members of his family inside.
A woman with her children walks through a narrow back alley of Sur, a historical district of the southeastern city of Diyarbakir, Turkey, March 20, 2018. REUTERS/Umit Bektas Angry and alarmed, he rushed home. By the time he got there, a mechanical digger had smashed a hole in the small house in the historic Sur district of Diyarbakir, the biggest city in predominantly Kurdish southeastern Turkey.
Gunduz’s mother, his wife and three of their five children were inside but no one was hurt and he persuaded the demolition workers to stop. But it was only a brief reprieve: two weeks later, at the start of this year, the two-storey structure was torn down in line with a state expropriation order.
The house was one of thousands razed under a state urban renewal program intended also to relocate residents from areas devastated after a decades-old conflict between government forces and Kurdistan Workers Party (PKK) militants resumed in 2015.
The government hopes the program will boost the economy and win President Tayyip Erdogan and the ruling AK Party some goodwill — and votes — as they prepare for snap presidential and parliamentary elections on June 24.
But Gunduz and three others interviewed by Reuters whose homes were demolished say they are awaiting compensation. The 47-year-old electrician has also lost part of his livelihood: the ground floor of his house was his electrical shop and a grocery store.
“I haven’t sold the house, received money or signed anything. What right do you have to demolish my house?” Gunduz, 47, said in the courtyard of a house in Sur where he and his family are staying.
Two government officials in Ankara declined to comment on the redevelopment issue. But Urbanisation Minister Mehmet Ozhaseki said in March the government would provide housing for all those left homeless by the destruction in Sur, one of seven areas of southeast Turkey that are being redeveloped.
“We will give houses to all our brothers whose homes have been destroyed. Our levels of agreement are around 80 percent. When houses for the remaining 20 percent have been built and handed over, we will have dressed the wounds,” he told a crowd in Sur when Erdogan visited to launch the construction of new homes.
Hundreds of thousands in southeast Turkey have been displaced by clashes between Turkish security forces and the PKK, which began its separatist insurgency in 1984, and more than 40,000 people have been killed in its conflict with the Turkish state. The PKK is designated a terrorist organization by Turkey, the United States and the European Union.
A group set up to support those displaced in Sur says more than 700 people have opened court cases to challenge the expropriation and settlement terms for their homes, among some 4,000 properties demolished in the process.
A boy walks through a narrow back alley of Sur, a historical district of the southeastern city of Diyarbakir, Turkey, March 20, 2018. REUTERS/Umit Bektas The top administrative court rejected the challenges to the expropriations, citing the need to redevelop areas damaged by conflict and on the grounds that affected buildings presented a risk to locals and did not respect the area’s cultural heritage.
Homeowners say they have been offered only small improvements in the sums the state offers for their properties. Appeals over the expropriation have also been made to Turkey’s constitutional court.
The constitutional court has not yet put these appeals on its agenda and it is unclear when it will do so, according to a court official who declined further comment.
Turkey's Sur district: tmsnrt.rs/2FQGBKM
SNAP ELECTIONS Erdogan’s announcement of snap elections has caught the opposition off guard and will complete Turkey’s switch from a parliamentary to a presidential system.
But the opposition pro-Kurdish Peoples’ Democratic Party (HDP) is dominant in southeastern Turkey and won a large share of votes there in a parliamentary election in 2015.
In the clashes between Turkish security forces and the PKK, Sur witnessed some of the heaviest fighting in the conflict, and violence has picked up in the southeast since the breakdown of a 2-1/2 year-old ceasefire in 2015.
When he visited Sur in March, Erdogan launched the construction of 1,500 houses and inaugurated the renovation of the district’s main streets under the 10-billion-lira ($2.36 billion) plan to revive damaged areas in the southeast.
Slideshow (27 Images) “When the terror is over, tourists will come. My citizens will come from across the country. The economy will be vibrant,” Erdogan told a crowd waving Turkish flags near revamped shop fronts in the main thoroughfare running through Sur.
Firat Kertisci, who is among those whose homes were demolished in Sur, has been offered an apartment in a new housing development outside Diyarbakir city.
“I went and saw it and liked it very much,” the 34-year-old tradesman said. “We are now slowly getting over it and the biggest support came from the state, materially, morally and psychologically.”
Despite the availability of new housing, rights group Amnesty International says many of the 25,000 displaced residents, around half the district’s former population, had expressed a desire to return to Sur.
The AKP disputes this, saying the vast majority of people who have been displaced have agreed on compensation.
“People will move to a more modern life than in those ramshackle, run-down, derelict houses,” Serdar Budak, the head of the AKP in Diyarbakir, told Reuters.
“OLD SPIRIT HAS GONE” The HDP says Erdogan cannot count on winning votes from the urban renewal program.
“They are calculating that they can turn this into votes in the elections,” said Mustafa Akengin, the HDP’s deputy head for Diyarbakir province. “They won’t be able to succeed in that in the region. The elections will show that.”
People who have lost homes receive monthly rental support of 1,000 lira ($236), and the state has paid out 96 million lira in such support, the provincial governor said in April.
Like the other Sur residents interviewed by Reuters, carpet seller Hasan Yilmaz, 53, did not disclose how he planned to vote in the snap elections. His preoccupation is with how more has been lost than buildings.
“There was deep solidarity, coordination and social activity among the people who lived there,” he said in his carpet store in Sur. “That old spirit has gone.”
Editing by Dominic Evans and Timothy Heritage
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-kurds/in-turkeys-kurdish-heartland-a-battle-for-homes-and-votes-idUSKBN1I80F9 |
Maersk shares sink, joins others with Iran warning 8:49am EDT - 01:43
A.P. Moller-Maersk has said it would shut down its business in Iran to abide with reimposed sanctions after Washington pulled the U.S. from a nuclear accord. As Ciara Lee reports, the world's largest container shipping firm also missed first quarter profit expectations and warned trade tensions and politics were clouding its outlook.
A.P. Moller-Maersk has said it would shut down its business in Iran to abide with reimposed sanctions after Washington pulled the U.S. from a nuclear accord. As Ciara Lee reports, the world's largest container shipping firm also missed first quarter profit expectations and warned trade tensions and politics were clouding its outlook. //reut.rs/2wOFegz | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/maersk-shares-sink-joins-others-with-ira?videoId=427732688 |
May 22, 2018 / 8:59 AM / Updated 16 minutes ago Varian says will not match Chinese bid for Australia's Sirtex Reuters Staff 2 Min Read
(Reuters) - Varian Medical Systems ( VAR.N ) said it would not increase its offer to buy Australian liver cancer treatment provider Sirtex Medical Ltd ( SRX.AX ) after Sirtex on Tuesday said Chinese private equity firm CDH Investments had submitted a formal bid.
CDH Investments this month made a last-minute offer of $1.4 billion, or A$33.60 per share, for Sirtex Medical, topping Varian Medical Systems’ proposal days before the U.S. firm was set to seal a takeover deal.
Varian continues to believe that its offer is superior to the CDH bid, the company said in a statement.
In January, Varian offered to buy Sirtex Medical for A$28 per share.
Sirtex, in a separate statement, said it would make a recommendation on which proposal it believed was in the best interests of shareholders after assessing the CDH offer.
“Since the announcement of the Varian scheme, Sirtex has experienced uncertainty and distraction, and this has contributed to dose sales being below expectations,” Sirtex Chief Executive Andrew McLean said.
The company’s worldwide dose sales from January to April this year fell 10.6 percent, it said.
Sirtex’s second-half dose sales are expected to be relatively flat versus the first half, McLean said.
Sirtex also said it now expects its fiscal 2018 underlying earnings before interest tax and amortization to come in at the lower end of previous guidance of A$75-A$85 million ($56.94 million-$64.53 million). Reporting by Susan Mathew in Bengaluru; Editing by Clarence Fernandez and Sunil Nair | ashraq/financial-news-articles | https://www.reuters.com/article/us-sirtex-medical-m-a-cdh/australias-sirtex-medicals-gets-binding-offer-from-chinas-cdh-idUSKCN1IN0XS |
EDMOND, Okla., May 18, 2018 /PRNewswire/ -- ADFITECH, Inc. ("ADFITECH") (OTC: ADFT) announced the election of Jon Sion as its new Chairman of the Board effective May 17, 2018.
"We are pleased to have Jon step into the role of Chairman of the Board" said Dru Jacobs, President and CEO, ADFITECH. "Jon has been a shareholder of ADFITECH since ADFITECH emerged from the Thornburg estate in March 2010 and has continued to grow his stake in ADFITECH since that time. I have known Jon for approximately 8 years and have found his input and advice beneficial to the strategic goals of ADFITECH."
Mr. Sion remarked, "I have enjoyed getting to know Mr. Jacobs and the ADFITECH team over the last 8 years and am excited to be able to add Strategic Vision and leadership to the Board and make a few introductions that could benefit ADFITECH."
Mr. Sion is a former commodities trader who currently focuses on value investing. From 1983 to 2012 he was a full member of the Chicago Board of Trade, the Kansas City Board of Trade, The Minneapolis Grain Exchange, and the Chicago Board Options Exchange. While at the Chicago Board of Trade, he served on the new products committee that launched new trading products for the Chicago Board of Trade.
With the appointment of Mr. Sion, ADFITECH's board consists of 6 members, including: Jon Sion, Chairman, ADFITECH; Dru Jacobs, President and CEO, ADFITECH; Jay Lustig; Senior Vice President, ADFITECH, Kevin Gusinow, Riley Peveto, and Gary Blankenship.
About ADFITECH, Inc.
Founded in 1982, ADFITECH has earned an impeccable reputation in the mortgage industry as the premier provider of outsourced mortgage quality control, due diligence and mortgage fulfillment services. From its 20 acre corporate campus in Edmond, Oklahoma, ADFITECH's army of dedicated employees review and validate countless pieces of critical information vital to the wellbeing of an ever increasingly regulated mortgage industry.
For more information on ADFITECH, visit our website at www.adfitech.com .
View original content: http://www.prnewswire.com/news-releases/adfitech-announces-new-chairman-of-the-board-300651232.html
SOURCE ADFITECH, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-adfitech-announces-new-chairman-of-the-board.html |
LONDON (Reuters) - Britain said it was unlikely to refer Comcast’s bid for Sky for a lengthy investigation after an initial review found that the $30 billion offer did not raise public concerns about media ownership.
FILE PHOTO: The NBC and Comcast logos are displayed on 30 Rockefeller Plaza in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo Media minister Matt Hancock said however that he would give interested parties until 1700 local time on May 24 to respond before giving his final decision on whether the deal should be examined by British as well as European officials.
Sky is at the centre of a bid battle between Comcast, the world’s biggest entertainment company, and Rupert Murdoch’s Twenty-First Century Fox, which founded the British pay-TV group and already owns 39 percent.
Unlike Comcast, Fox has faced lengthy political and regulatory delays. After agreeing an initial takeover in December 2016, it is still waiting for the government to say whether it should be allowed to buy Sky.
Hancock said on Monday that the Comcast bid was unlikely to be challenged.
“I am minded not to issue a European Intervention Notice on the basis that the proposed merger does not raise concerns in relation to public interest considerations which would meet the threshold for intervention,” he said of the Comcast offer.
Comcast’s bid for Sky is however being examined in Brussels after the company notified the European Commission of its intention to buy the group which broadcasts in Britain, Ireland, Germany, Austria and Italy.
Next month Fox will find out from the UK whether it is permitted to buy Sky, while Comcast will receive a verdict from European authorities, which could potentially end the regulatory uncertainty attached to the deal, and pave the way for a takeover battle on price.
($1 = 0.7448 pounds)
Reporting by Kate Holton; editing by Sarah Young
| ashraq/financial-news-articles | https://in.reuters.com/article/sky-m-a-comcast/britain-unlikely-to-investigate-comcast-bid-for-sky-says-minister-idINKCN1IM19U |
April 30(Reuters) - Yonyou Network Technology Co Ltd
* Says it plans to invest 50 million yuan to set up a wholly owned network technology unit in Ningbo
Source text in Chinese: goo.gl/T6W6m7
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-yonyou-network-technology-to-set-u/brief-yonyou-network-technology-to-set-up-network-technology-unit-idUSL3N1S73KF |
May 23 (Reuters) - Russian mobile phone operator MTS says:
* Q1 2018 net profit at 15.4 billion roubles ($250 million), taking into account the effect from the adoption of new IFRS standards, vs. 12.5 billion roubles in Q1 2017
* Q1 revenue at 107.9 billion roubles, up 3.1 percent year on year
* Q1 adjusted OIBDA at 52.1 billion roubles, up 24.6 percent year on year
* Q1 adjusted OIBDA margin at 48.3 percent vs. 40.0 percent in Q1 2017
* Free cash flow at 13.9 billion roubles, down 39.1 percent year on year
* MTS believes that compliance with the data storage law could result in an additional investment of 60 billion roubles over five years Source text for Eikon: Further company coverage: ($1 = 61.6795 roubles) (Reporting by Moscow Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-russias-mts-says-q1-net-profit-up/brief-russias-mts-says-q1-net-profit-up-23-6-pct-y-y-idUSR4N1OC04O |
(Reuters) - Elliott Management has proposed an all cash offer of $160 per share for Athenahealth Inc ( ATHN.O ) that would value the healthcare software maker at about $6.9 billion including debt, the hedge fund said in a letter Monday.
The offer from Elliott, which has pressured Athenahealth to make operational and strategic changes, represents a premium of about 27 percent to the healthcare company’s Friday closing price.
The hedge fund said it had “extensive private engagement” with Athenahealth’s management and board during the past year, and believes that the company, which former General Electric Co ( GE.N ) CEO Jeff Immelt joined as chairman this year, cannot make the changes it needs while it remains a public company.
Athenahealth shares rose 22.4 percent to $154.37 per share on Monday following news of the bid, which was first reported by CNBC. The shares were last up around 19 percent.
Athenahealth said in a statement it had received an unsolicited proposal from Elliott and that the board will review it. It is being advised by the investment bank Lazard Ltd ( LAZ.N ) and the law firm Weil, Gotshal & Manges LLP.
A KeyBanc Capital Markets research note said that Elliott’s offer price was relatively low given the company’s margins, cloud service model and growing revenue profile.
About a year ago, Elliott disclosed a 9 percent stake in Athenahealth and said it planned to push for changes at the Watertown, Massachusetts-based company. It said in the letter that it had approached it last November about the possibility of taking the company private and the company refused to engage.
Elliott said that the company had also not followed through with changes including finding a president to oversee operations.
Athenahealth announced last year it would separate the role of chairman and CEO and brought in Immelt to be the company’s chairman in February.
Athenahealth was co-founded by Chief Executive Jonathan Bush, a cousin to former U.S. President George W. Bush and an executive who has publicly criticized the Republican party’s plan to overhaul the U.S. healthcare system.
While activists have made offers for companies in the past and investors such as Carl Icahn have acquired companies before, New York-based Elliott, with assets of more than $33 billion, is one of the few hedge funds with a dedicated team chasing buyouts.
If Elliott is successful in this buyout, it would represent the largest deal to date for its Evergreen private equity arm, based in Menlo Park, California, spearheaded by partner Jesse Cohn.
Elliott said it had received “financing indications” from banks to support its bid.
Reporting by Liana B. Baker in New York and Manas Mishra in Bengaluru; Editing by Shailesh Kuber and Susan Thomas
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-athenahealth-m-a-elliott/elliott-management-to-make-all-cash-offer-for-athenahealth-cnbc-idUSKBN1I81EX |
May 31, 2018 / 1:00 PM / Updated 29 minutes ago Cilic beats qualifier Hurkacz in French Open second round Reuters Staff 1 Min Read
(Reuters) - Marin Cilic beat Polish qualifier Hubert Hurkacz 6-2 6-2 6-7(3) 7-5 to book a third round spot in the French Open on Thursday. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Croatia's Marin Cilic during his second round match against Poland's Hubert Hurkacz REUTERS/Charles Platiau
The Croatian third seed breezed through the first two sets virtually unchallenged by the world number 188, who stepped up his game in the third and fourth, forcing errors from Cilic. Related Coverage
The 21-year-old forced and then won a third-set tiebreak, but was broken in the 11th game of the fourth set with Cilic clinching the contest on his first match point with an unreturnable serve. Slideshow (10 Images)
Cilic, who got his best result at Roland Garros last year by reaching the quarter-finals, faces German Jan Lennard Struff or American Tennys Sandgren in the next round.
“I lost focus a bit and he played much better. I missed a few balls in the tiebreak,” the 2014 U.S. Open champion said.
“I was staying positive but at some point you lose it, I had to regain composure.” Reporting by Julien Pretot; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-cilic/cilic-beats-qualifier-hurkacz-in-french-open-second-round-idUKKCN1IW1Q0 |
Increases Full-year Outlook
DULUTH, Ga.--(BUSINESS WIRE)-- AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment, reported net sales of approximately $2.0 billion for the first quarter of 2018, an increase of approximately 23.3% compared to the first quarter of 2017. Reported net income was $0.30 per share for the first quarter of 2018, and adjusted net income, excluding restructuring expenses, was $0.35 per share. These results compare to a reported net loss of $0.13 per share and adjusted net loss, excluding restructuring expenses and a non-cash expense related to waived stock compensation, of $0.02 per share for the first quarter of 2017. Excluding favorable currency translation impacts of approximately 9.4%, net sales in the first quarter of 2018 increased approximately 14.0% compared to the first quarter of 2017.
First Quarter Highlights
Reported regional sales results (1) : North America +31.4%, Europe/Middle East (“EME”) +30.4%, South America (18.0)%, Asia/Pacific/Africa (“APA”) +21.9% Constant currency regional sales results (1)(2 ) : North America +29.6%, EME +14.3%, South America (13.2)%, APA +12.4% Regional operating margin performance: North America 5.3%, EME 8.5%, South America (9.1)%, APA 2.9% Increased full-year outlook for net sales and net income per share Quarterly dividend increased 7% to $0.15, effective first quarter 2018
(1)
As compared to first quarter 2017
(2)
Excludes currency translation impact. See reconciliation in appendix.
“AGCO capitalized on strengthening industry demand and delivered solid results in the first quarter,” stated Martin Richenhagen, Chairman, President and Chief Executive Officer. “Improved market demand in North America and healthy industry conditions in Western Europe supported sales and margin improvement in those regions resulting in better than expected sales and earnings growth for the Company. Our weak results in South America reflect the challenging industry environment and lower levels of production, as well as the transition costs associated with localizing newer product technology into our Brazilian factories. While our focus on cost management to mitigate market pressures continues, we are maintaining a strong level of investment in new products and technologies, as demonstrated by an increase in engineering expenses in 2018 over 2017, both in the first quarter, and the total planned for the full year.”
Market Update
Industry Unit Retail Sales
Tractors
Combines
Three months ended March 31, 2018 Change from
Prior Year Period
Change from
Prior Year Period
North America (1) ~Flat (2)% South America (8)% (11)% Western Europe (2) 7% 26% (1) Excludes compact tractors.
(2) Based on company estimates.
“Farmers are facing difficult growing conditions as we start 2018,” continued Mr. Richenhagen. “A dry weather pattern across Argentina and southern Brazil has decreased 2018 crop production expectations in those regions. Cold wet weather across much of the mid-western U.S. is delaying the start of planting and has contributed to modest increases in soft commodity prices. Global farm equipment demand continues on a slow recovery path following the extended period of decline. In North America, the industry has worked through much of the excess used equipment inventory and used equipment pricing has started to improve. Row crop farmers are beginning to replace their equipment after years of weaker demand. North American industry retail sales were relatively flat in the first quarter of 2018 compared to the same period in 2017. Overall, we project industry retail tractor sales to increase modestly in 2018 with retail sales of small tractors expected to be flat compared to last year, while retail sales in the row crop segment are expected to improve. Industry retail sales in Western Europe increased in the first three months of 2018, following a year of improved profitability by the arable farming segment as well as healthy economics for dairy producers. Sales improved across the important markets of Germany, the United Kingdom and France. For the full year of 2018, industry demand in Western Europe is expected to be relatively flat compared to 2017 as the benefit of last year’s improved harvest offsets the impact of projected softening economics in the dairy and livestock sector. Industry retail sales in South America decreased during the first three months of 2018. Industry demand in Brazil softened in advance of expected positive revisions to the government financing program which starts on July 1. In addition, industry sales declined in Argentina in response to a weaker first harvest. Industry demand in South America is expected to improve in the second half of the year and be relatively flat for the full year compared to 2017. Higher retail sales in Brazil are expected to be offset by lower sales in Argentina due to the impact of lower crop production on farm income. Longer term, we are optimistic about the fundamentals supporting commodity prices and farm income as well as healthy growth in our industry.”
Regional Results
AGCO Regional Net Sales (in millions)
Three Months Ended March 31, 2018 2017 %
change
from
2017
% change
from 2017 due
to currency
translation (1)
% change
from 2017 due
to acquisitions (1)
North America $ 502.9 $ 382.6 31.4 % 1.9 % 17.9 % South America 182.1 222.2 (18.0 )% (4.8 )% 1.1 % Europe/Middle East 1,163.7 892.5 30.4 % 16.1 % 3.8 % Asia/Pacific/Africa 158.8 130.3 21.9 % 9.4 % 3.4 % Total $ 2,007.5 $ 1,627.6 23.3 % 9.4 % 6.7 % (1) See appendix for additional disclosures North America
AGCO’s North American net sales increased 29.6% in the first three months of 2018 compared to the same period of 2017, excluding the positive impact of currency translation. Precision Planting, which was acquired in the fourth quarter of 2017, contributed sales of approximately $61.2 million in its seasonally strong first quarter. Excluding the impact of acquisitions and currency translation, sales grew approximately 11.7% compared to the first quarter of 2017. The largest increases were in mid-range and high horsepower tractors and sprayers. Income from operations for the first three months of 2018 improved approximately $23.8 million compared to the same period in 2017. The benefit of the Precision Planting acquisition and higher sales and production volumes produced most of the increase.
South America
Net sales in the South America region decreased 13.2% in the first three months of 2018 compared to the first three months of 2017, excluding the impact of unfavorable currency translation. Significant sales decreases in Argentina and Brazil produced most of the decline. Income from operations dropped approximately $19.0 million for the first three months of 2018 compared to the same period in 2017. Lower sales and production volumes, the impact of material cost inflation and the costs associated with transitioning to the new products with tier 3 emission technology all contributed to the decrease in income from operations.
Europe/Middle East
AGCO’s EME net sales increased 14.3% in the first three months of 2018 compared to the same period in 2017, excluding favorable currency translation impacts. Acquisitions benefited sales by approximately 3.8% during the first three months compared to the same period last year. Higher sales in Germany, the United Kingdom and France produced most of the increase. Income from operations improved approximately $35.4 million for the first three months of 2018, compared to the same period in 2017, due to the benefit of higher sales and margin improvement partially offset by higher engineering costs.
Asia/Pacific/Africa
Asia/Pacific/Africa net sales increased 12.4%, excluding the positive impact of currency translation, in the first three months of 2018 compared to the same period in 2017. Higher sales in Australia and China produced most of the increase. Acquisitions benefited sales by approximately 3.4% during the first three months of 2018 compared to the same period last year. Income from operations improved approximately $2.6 million in the first three months of 2018, compared to the same period in 2017, due to higher sales and production levels.
Outlook
AGCO’s net sales for 2018 are expected to reach $9.3 billion reflecting improved sales volumes, positive pricing as well as acquisition and foreign exchange impacts. Gross and operating margins are expected to improve from 2017 levels due to higher sales as well as the benefits resulting from the Company’s cost reduction initiatives, partially offset by increased engineering expenses. Based on these assumptions, 2018 earnings per share are targeted at approximately $3.65 on a reported basis, or approximately $3.70 on an adjusted basis, which excludes restructuring expenses.
* * * * *
AGCO will be hosting a conference call with respect to this earnings announcement at 10:00 a.m. Eastern Time on Tuesday, May 1, 2018. The Company will refer to slides on its conference call. Interested persons can access the conference call and slide presentation via AGCO’s website at www.agcocorp.com in the “Events” section on the “Company/Investors” page of our website. A replay of the conference call will be available approximately two hours after the conclusion of the conference call for twelve months following the call. A copy of this press release will be available on AGCO’s website for at least twelve months following the call.
* * * * *
Safe Harbor Statement
Statements that are not historical facts, including the projections of earnings per share, sales, industry demand, market conditions, commodity prices, currency translation, farm income levels, margin levels, investments in product and technology development, new product introductions, restructuring and other cost reduction initiatives, production volumes, tax rates and general economic conditions, are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. The following are among the factors that could cause actual results to differ materially from the results discussed in or implied by the forward-looking statements.
Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us. A majority of our sales and manufacturing take place outside the United States, and, as a result, we are exposed to risks related to foreign laws, taxes, economic conditions, labor supply and relations, political conditions and governmental policies. These risks may delay or reduce our realization of value from our international operations. Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. Our joint ventures with Rabobank, which are controlled by Rabobank and are dependent upon Rabobank for financing as well, finance 40% to 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. Both AGCO and our finance joint ventures have substantial account receivables from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was not consistent with historical experience; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section. We have experienced substantial and sustained volatility with respect to currency exchange rate and interest rate changes, including uncertainty associated with the Euro, which can adversely affect our reported results of operations and the competitiveness of our products. Our success depends on the introduction of new products, particularly engines that comply with emission requirements, which requires substantial expenditures. Our production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades at our manufacturing facilities, could adversely affect our results. Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks. We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell products. We also are subject to raw material price fluctuations, which can adversely affect our manufacturing costs. We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and profitability would decline. We have a substantial amount of indebtedness, and, as a result, we are subject to certain restrictive covenants and payment obligations that may adversely affect our ability to operate and expand our business.
Further information concerning these and other factors is included in AGCO’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2017. AGCO disclaims any obligation to update any forward-looking statements except as required by law.
* * * * *
About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural solutions and supports more productive farming through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® precision technologies and farm optimization services. Founded in 1990, AGCO is headquartered in Duluth, GA, USA. In 2017, AGCO had net sales of approximately $8.3 billion. For more information, visit http://www.AGCOcorp.com . For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.
Please visit our website at www.agcocorp.com
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in millions)
March 31, 2018 December 31, 2017 ASSETS Current Assets: Cash and cash equivalents $ 348.2 $ 367.7 Accounts and notes receivable, net 1,023.6 1,019.4 Inventories, net 2,283.3 1,872.9 Other current assets 406.2 367.7 Total current assets 4,061.3 3,627.7 Property, plant and equipment, net 1,486.9 1,485.3 Investment in affiliates 422.0 409.0 Deferred tax assets 117.9 112.2 Other assets 157.1 147.1 Intangible assets, net 639.9 649.0 Goodwill 1,563.8 1,541.4 Total assets $ 8,448.9 $ 7,971.7 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Current portion of long-term debt $ 129.7 $ 95.4 Accounts payable 990.4 917.5 Accrued expenses 1,325.5 1,407.9 Other current liabilities 269.9 229.8 Total current liabilities 2,715.5 2,650.6 Long-term debt, less current portion and debt issuance costs 1,989.0 1,618.1 Pensions and postretirement health care benefits 243.9 247.3 Deferred tax liabilities 133.2 130.5 Other noncurrent liabilities 247.9 229.9 Total liabilities 5,329.5 4,876.4 Stockholders’ Equity: AGCO Corporation stockholders’ equity: Common stock 0.8 0.8 Additional paid-in capital 135.3 136.6 Retained earnings 4,266.6 4,253.8 Accumulated other comprehensive loss (1,349.8 ) (1,361.6 ) Total AGCO Corporation stockholders’ equity 3,052.9 3,029.6 Noncontrolling interests 66.5 65.7 Total stockholders’ equity 3,119.4 3,095.3 Total liabilities and stockholders’ equity $ 8,448.9 $ 7,971.7 See accompanying notes to condensed consolidated financial statements.
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
Three Months Ended March 31, 2018 2017 Net sales $ 2,007.5 $ 1,627.6 Cost of goods sold 1,579.5 1,297.3 Gross profit 428.0 330.3 Selling, general and administrative expenses 264.6 222.7 Engineering expenses 90.9 73.1 Restructuring expenses 5.9 5.1 Amortization of intangibles 15.7 13.4 Bad debt expense 0.4 0.3 Income from operations 50.5 15.7 Interest expense, net 10.3 10.7 Other expense, net 11.5 13.1 Income (loss) before income taxes and equity in net earnings of affiliates 28.7 (8.1 ) Income tax provision 11.4 11.1 Income (loss) before equity in net earnings of affiliates 17.3 (19.2 ) Equity in net earnings of affiliates 7.7 11.0 Net income (loss) 25.0 (8.2 ) Net income attributable to noncontrolling interests (0.7 ) (1.9 ) Net income (loss) attributable to AGCO Corporation and subsidiaries $ 24.3 $ (10.1 ) Net income (loss) per common share attributable to AGCO Corporation and subsidiaries: Basic $ 0.31 $ (0.13 ) Diluted $ 0.30 $ (0.13 ) Cash dividends declared and paid per common share $ 0.15 $ 0.14 Weighted average number of common and common equivalent shares outstanding: Basic 79.6 79.5 Diluted 80.5 79.5 See accompanying notes to condensed consolidated financial statements.
AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in millions)
Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income (loss) $ 25.0 $ (8.2 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation 59.2 54.3 Deferred debt issuance cost amortization 0.2 0.2 Amortization of intangibles 15.7 13.4 Stock compensation expense 9.2 12.0 Equity in net earnings of affiliates, net of cash received (4.3 ) (6.3 ) Deferred income tax benefit (7.0 ) (1.5 ) Other (0.1 ) (0.2 ) Changes in operating assets and liabilities: Accounts and notes receivable, net 6.2 (17.2 ) Inventories, net (398.2 ) (234.4 ) Other current and noncurrent assets (36.2 ) (43.3 ) Accounts payable 66.4 63.7 Accrued expenses (108.4 ) (78.4 ) Other current and noncurrent liabilities 11.0 (5.5 ) Total adjustments (386.3 ) (243.2 ) Net cash used in operating activities (361.3 ) (251.4 ) Cash flows from investing activities: Purchases of property, plant and equipment (46.1 ) (57.1 ) Proceeds from sale of property, plant and equipment 1.5 0.8 Investment in unconsolidated affiliates — (0.8 ) Other 0.4 — Net cash used in investing activities (44.2 ) (57.1 ) Cash flows from financing activities: Proceeds from debt obligations, net 401.5 176.8 Purchases and retirement of common stock (7.1 ) — Payment of dividends to stockholders (11.9 ) (11.1 ) Payment of minimum tax withholdings on stock compensation (3.2 ) (3.2 ) Investments by noncontrolling interest — 0.2 Net cash provided by financing activities 379.3 162.7 Effects of exchange rate changes on cash and cash equivalents 6.7 6.0 Decrease in cash and cash equivalents (19.5 ) (139.8 ) Cash and cash equivalents, beginning of period 367.7 429.7 Cash and cash equivalents, end of period $ 348.2 $ 289.9 See accompanying notes to condensed consolidated financial statements.
AGCO CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited, in millions, except share amounts, per share data and employees) 1. STOCK COMPENSATION EXPENSE
The Company recorded stock compensation expense as follows:
Three Months Ended March 31, 2018 2017 Cost of goods sold $ 0.8 $ 0.6 Selling, general and administrative expenses 8.4 11.4 Total stock compensation expense $ 9.2 $ 12.0 2. RESTRUCTURING EXPENSES
From 2014 through 2018, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and administrative offices located in Europe, South America, China and the United States in order to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately 3,370 employees between 2014 and 2017. The Company had approximately $10.9 million of severance and related costs accrued as of December 31, 2017. During the three months ended March 31, 2018, the Company recorded an additional $5.9 million of severance and related costs associated with further rationalizations associated with the termination of approximately 110 employees, and paid approximately $3.7 million of severance and associated costs. The remaining $13.2 million of accrued severance and other related costs as of March 31, 2018, inclusive of approximately $0.1 million of positive foreign currency translation impacts, are expected to be paid primarily during 2018.
3. INDEBTEDNESS
Indebtedness at March 31, 2018 and December 31, 2017 consisted of the following:
March 31, 2018 December 31, 2017 1.056% Senior term loan due 2020 $ 246.5 $ 239.8 Credit facility, expires 2020 823.8 471.2 Senior term loans due 2021 123.2 119.9 5⅞% Senior notes due 2021 305.0 305.3 Senior term loans due between 2019 and 2026 462.1 449.7 Other long-term debt 161.8 131.6 Debt issuance costs (3.7 ) (4.0 ) 2,118.7 1,713.5 Less: Current portion of other long-term debt (129.7 ) (95.4 ) Total indebtedness, less current portion $ 1,989.0 $ 1,618.1 4. INVENTORIES
Inventories at March 31, 2018 and December 31, 2017 were as follows:
March 31, 2018 December 31, 2017 Finished goods $ 848.9 $ 684.1 Repair and replacement parts 652.2 605.9 Work in process 277.9 178.7 Raw materials 504.3 404.2 Inventories, net $ 2,283.3 $ 1,872.9 5. ACCOUNTS RECEIVABLE SALES AGREEMENTS
The Company has accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. As of both March 31, 2018 and December 31, 2017, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $1.3 billion.
Losses on sales of receivables associated with the accounts receivable financing facilities discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $7.8 million and $8.3 million during the three months ended March 31, 2018 and 2017, respectively.
The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers. As of March 31, 2018 and December 31, 2017, these finance joint ventures had approximately $47.8 million and $41.6 million, respectively, of outstanding accounts receivable associated with these arrangements. In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world.
6. NET INCOME PER SHARE
A reconciliation of net income (loss) attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share for the three months ended March 31, 2018 and 2017 is as follows:
Three Months Ended March 31, 2018 2017 Basic net income (loss) per share: Net income (loss) attributable to AGCO Corporation and subsidiaries $ 24.3 $ (10.1 ) Weighted average number of common shares outstanding 79.6 79.5 Basic net income (loss) per share attributable to AGCO Corporation and subsidiaries $ 0.31 $ (0.13 ) Diluted net income (loss) per share: Net income (loss) attributable to AGCO Corporation and subsidiaries $ 24.3 $ (10.1 ) Weighted average number of common shares outstanding 79.6 79.5 Dilutive stock-settled appreciation rights, performance share awards and restricted stock units 0.9 — Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income (loss) per share 80.5 79.5 Diluted net income (loss) per share attributable to AGCO Corporation and subsidiaries $ 0.30 $ (0.13 ) 7. SEGMENT REPORTING
The Company’s four reportable segments distribute a full range of agricultural equipment and related replacement parts. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income from operations for one segment may not be comparable to another segment. Segment results for the three months ended March 31, 2018 and 2017 are as follows:
Three Months Ended March 31, North
America
South
America
Europe/
Middle East
Asia/
Pacific/Africa
Consolidated
2018 Net sales $ 502.9 $ 182.1 $ 1,163.7 $ 158.8 $ 2,007.5 Income (loss) from operations 26.8 (16.6 ) 99.0 4.7 113.9 2017 Net sales $ 382.6 $ 222.2 $ 892.5 $ 130.3 $ 1,627.6 Income from operations 3.0 2.4 63.5 2.1 71.0 A reconciliation from the segment information to the consolidated balances for income from operations is set forth below:
Three Months Ended March 31, 2018 2017 Segment income from operations $ 113.9 $ 71.0 Corporate expenses (33.4 ) (25.4 ) Stock compensation expense (8.4 ) (11.4 ) Restructuring expenses (5.9 ) (5.1 ) Amortization of intangibles (15.7 ) (13.4 ) Consolidated income from operations $ 50.5 $ 15.7 RECONCILIATION OF NON-GAAP MEASURES
This earnings release discloses adjusted income from operations, adjusted net income (loss) and adjusted net income (loss) per share, each of which exclude amounts that are typically included in the most directly comparable measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). A reconciliation of each of those measures to the most directly comparable GAAP measure is included below.
The following is a reconciliation of reported income from operations, net income (loss) and net income (loss) per share to adjusted income from operations, net income (loss) and net income (loss) per share for the three months ended March 31, 2018 and 2017 (in millions, except per share data):
Three Months Ended March 31, 2018 2017 Income From
Operations
Net Income (1) Net Income
Per Share (1)
Income From
Operations
Net Loss (1)
Net Loss
Per Share (1)
As reported $ 50.5 $ 24.3 $ 0.30 $ 15.7 $ (10.1 ) $ (0.13 ) Restructuring expenses (2) 5.9 4.2 0.05 5.1 3.8 0.05 Non-cash expense related to waived stock compensation (3) — — — 4.8 4.8 0.06 As adjusted $ 56.4 $ 28.5 $ 0.35 $ 25.6 $ (1.5 ) $ (0.02 ) (1) Net income (loss) and net income (loss) per share amounts are after tax. (2) The restructuring expenses recorded during the three months ended March 31, 2018 and 2017 related primarily to severance costs associated with the Company’s rationalization of certain U.S., European and South American manufacturing operations and various administrative offices. (3) The Company recorded approximately $4.8 million of accelerated stock compensation expense during the three months ended March 31, 2017 associated with a waived award declined by the Company’s CEO. The following is a reconciliation of targeted net income per share to adjusted targeted net income per share for the year ended December 31, 2018:
Net Income Per Share (1) As targeted $ 3.65 Restructuring expenses 0.05 As adjusted targeted (2) $ 3.70 (1) Net income per share amount is after tax. (2) The above reconciliation reflects adjustments to full year 2018 targeted net income per share based upon restructuring expenses incurred during the three months ended March 31, 2018. Full year restructuring expenses could differ based on future restructuring activity. The following tables set forth, for the three months ended March 31, 2018, the impact to net sales of currency translation and recent acquisitions by geographical segment (in millions, except percentages):
Three Months Ended
March 31,
Change due to
currency translation
Change due to
acquisitions
2018 2017 % change
from 2017
$
%
$
%
North America $ 502.9 $ 382.6 31.4 % $ 7.1 1.9 % $ 68.5 17.9 % South America 182.1 222.2 (18.0 )% (10.7 ) (4.8 )% 2.5 1.1 % Europe/Middle East 1,163.7 892.5 30.4 % 143.6 16.1 % 34.0 3.8 % Asia/Pacific/Africa 158.8 130.3 21.9 % 12.3 9.4 % 4.4 3.4 % $ 2,007.5 $ 1,627.6 23.3 % $ 152.3 9.4 % $ 109.4 6.7 %
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005876/en/
AGCO
Greg Peterson, 770-232-8229
Vice President, Investor Relations
[email protected]
Source: AGCO | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-agco-reports-improved-first-quarter-results.html |
VANCOUVER, British Columbia, May 15, 2018 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (TSX:PTM-TSX) (NYSE American:PLG) (the “Company” or “Platinum Group Metals”) announces the closing of its previously announced strategic investment in the Company by Hosken Consolidated Investments Limited (“HCI”) on a private placement basis. HCI has subscribed, through a subsidiary, for 15,090,999 units (the “Units”) at a price of US$0.15 per unit for gross proceeds of US$2,263,649.85 (the “Private Placement”). Each Unit consists of one common share and one common share purchase warrant, with each common share purchase warrant allowing HCI to purchase one further common share of the Company at a price of US$0.17 per share for a period of 18 months until November 15, 2018.
HCI is a South African black empowerment investment holding company with a US$1.1 billion market capitalization, listed on the JSE Securities Exchange. Pursuant to the subscription agreement, upon completion of the Private Placement, HCI became entitled to nominate one person to be appointed to the board of directors of the Company and has a right to participate in future equity financings of the Company to maintain its pro-rata interest. Accordingly, the Company has appointed HCI’s nominee, Mr. John Anthony Copelyn, B.A. Hons, B.Proc., Chief Executive Officer of HCI, to its board of directors.
The Company intends to use the net proceeds of the Private Placement: (i) for debt repayment towards a loan facility and production payment termination fees due to Liberty Metals & Mining Holdings, LLC; and (ii) for general corporate and working capital purposes.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of such Act.
About Platinum Group Metals Ltd.
Platinum Group is focused on, and is the operator of, the Waterberg Project, a bulk mineable underground deposit in northern South Africa. Waterberg was discovered by the Company.
For further information, please contact:
R. Michael Jones, President and Chief Executive Officer
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
The Toronto Stock Exchange and the NYSE American LLC have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
This press release contains forward-looking information within the meaning of Canadian securities laws and within the meaning of U.S. securities laws (collectively “ ”). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are . Forward-looking statements in this press release include, without limitation, statements regarding the use of proceeds of the Private Placement and future equity financings. Although the Company believes the in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any by the Company are not guarantees of future results or performance and that actual results may differ materially from those in as a result of various factors, including flexibility in the use of proceeds; delays in receipt of, or the inability to receive, the remaining proceeds of the Maseve Investments 11 (Pty) Ltd. (“Maseve”) sale transaction or to realize on the proceeds thereof; additional financing requirements and the uncertainty of future financing; the Company’s history of losses; the Company’s inability to generate sufficient cash flow or raise sufficient additional capital to make payment on its indebtedness, and to comply with the terms of such indebtedness; the Company’s secured loan facility (the “LMM Facility”) with Liberty Metals & Mining Holdings, LLC (“LMM”) is, and any new indebtedness may be, secured and the Company has pledged its shares of PTM RSA, and PTM RSA has pledged its shares of Waterberg JV Resources (Pty) Limited (“Waterberg JV Co.”) to LMM under the LMM Facility, which potentially could result in the loss of the Company’s interest in PTM RSA and the Waterberg Project in the event of a default under the LMM Facility or any new secured indebtedness; the Company’s negative cash flow; the Company’s ability to continue as a going concern; completion of the definitive feasibility study for the Waterberg Project, which is subject to resource upgrade and economic analysis requirements; uncertainty of estimated production, development plans and cost estimates for the Waterberg Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; the Company’s ability to regain compliance with NYSE American continued listing requirements; fluctuations in the relative values of the U.S. Dollar, the Rand and the Canadian Dollar; volatility in metals prices; the failure of the Company or the other shareholders to fund their pro rata share of funding obligations for the Waterberg Project; any disputes or disagreements with the other shareholders of Waterberg JV Co. or Mnombo Wethu Consultants (Pty) Ltd. or former shareholders of Maseve; the ability of the Company to retain its key management employees and skilled and experienced personnel; contractor performance and delivery of services, changes in contractors or their scope of work or any disputes with contractors; conflicts of interest; capital requirements may exceed its current expectations; the uncertainty of cost, operational and economic projections; the ability of the Company to negotiate and complete future funding transactions and either settle or restructure its debt as required; litigation or other administrative proceedings brought against the Company; actual or alleged breaches of governance processes or instances of fraud, bribery or corruption; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and South Africa; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability to obtain and maintain necessary permits, including environmental authorizations and water use licences; extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations or failures to comply with the terms of such permits; risks of doing business in South Africa, including but not limited to, labour, economic and political instability and potential changes to and failures to comply with legislation; and other risk factors described in the Company’s most recent Form 20-F annual report, annual information form and other filings with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com , respectively. Proposed changes in the mineral law in South Africa if implemented as proposed would have a material adverse effect on the Company’s business and potential interest in projects. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Source:Platinum Group Metals Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-platinum-group-metals-closes-private-placement-and-appoints-an-additional-director.html |
Senate approves Gina Haspel as next CIA director 13 Hours Ago CNBC's Eamon Javers reports that Gina Haspel has been confirmed as the next CIA director, in spite of concerns over her stance on torture. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/senate-approves-gina-haspel-as-next-cia-director.html |
BERLIN, May 9 (Reuters) - German consumer goods firm Henkel expects no significant improvement in the tight U.S. freight market even thought it has fixed its own internal delivery problems, its finance chief said on Wednesday.
Carsten Kobel told journalists that U.S. freight costs are at their highest level since 20 years, adding: “We don’t see any significant change in the market situation in the short term.”
Earlier on Wednesday, Henkel reported a hit to first-quarter results due to delivery problems in North America although it said it had fixed internal issues and was on track to return to normal in the course of the second quarter.
Chief Executive Hans van Bylen said that the delivery crisis had a positive side in that Henkel had spoken in depth to its transport providers and agreed contracts that should protect deliveries long-term.
Henkel hit problems as it tried to improve its logistics system in North America, with shortfalls in U.S. freight capacities making the situation worse as a dearth of drivers and higher diesel prices makes transporting goods more expensive. (Reporting by Emma Thomasson Editing by Arno Schuetze)
| ashraq/financial-news-articles | https://www.reuters.com/article/henkel-freight/henkel-sees-no-short-term-change-to-high-u-s-freight-costs-idUSL8N1SG3FC |
The last time gas saw this kind of rally, this consumer stock surged over 100% 3 Hours Ago Craig Johnson of Piper Jaffray and Gina Sanchez of Chantico Global discuss Costco shares with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/the-last-time-gas-saw-this-kind-of-rally-this-consumer-stock-surged-over-100-percent.html |
Underweight Europe on Italian election concerns, says Oliver Pursche 12:34am IST - 05:21
Bruderman Brothers' chief market strategist explains in a chat with Reuters' Fred Katayama why he cut his recommended exposure to European equities and why he has become more defensive in U.S. equities.
Bruderman Brothers' chief market strategist explains in a chat with Reuters' Fred Katayama why he cut his recommended exposure to European equities and why he has become more defensive in U.S. equities. //reut.rs/2IYLdVS | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/underweight-europe-on-italian-election-c?videoId=431496061 |
ISTANBUL (Reuters) - Yildiz Holding, the Turkish food giant that owns Godiva chocolate, has signed a deal with its banks to refinance $5.5 billion in debt, its chief financial officer said on Wednesday.
Mustafa Tercan told broadcaster Bloomberg HT that Yildiz had agreed to an eight-year loan and offered some of its assets as collateral. He declined to say which assets.
Sources said last month that Yildiz was in talks to restructure $6.5 billion of its $8.5 billion in debt.
Investors have been increasingly concerned about Turkish firms' ability to service foreign currency-denominated debt. Chronic weakness in the lira TRYTOM=D3 - the currency has lost some 13 percent against the dollar this year - has driven up the cost of debt repayment.
Yildiz also owns McVitie’s biscuits and Istanbul-listed biscuit maker Ulker ( ULKER.IS ).
Reporting by Ceyda Caglayan; Writing by Ezgi Erkoyun; Editing by David Dolan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yildiz-debt/turkish-owner-of-godiva-chocolate-signs-5-5-billion-debt-refinance-deal-cfo-says-idUSKBN1IA1H8 |
May 10, 2018 / 5:55 AM / Updated an hour ago Cambodian court upholds convictions of 11 jailed for opposition protest Reuters Staff 2 Min Read
PHNOM PENH (Reuters) - A Cambodian judge on Thursday upheld the “insurrection” convictions of 11 members and supporters of the country’s now dissolved main opposition party. Members of the dissolved opposition Cambodia National Rescue Party (CNRP) react inside a police vehicle on their way to attend a verdict announcement at the appeal court in Phnom Penh, Cambodia, May 10, 2018. REUTERS/Samrang Pring
The decision comes amid growing concern about a crackdown on his critics by Prime Minister Hun Sen, who has ruled the country for 33 years, ahead of a general election set for July 29.
“The Appeal Court decides to uphold the Phnom Penh Municipal Court’s decision...and continues to detain the 11 individuals,” Judge Plang Samnang said, without giving a reason. Member of the dissolved opposition Cambodia National Rescue Party (CNRP) Ouk Pich Samnang reacts inside a police vehicle on his way to attend a verdict announcement at the appeal court in Phnom Penh, Cambodia, May 10, 2018. REUTERS/Samrang Pring
The 11 members of the Cambodia National Rescue Party (CNRP)were jailed for terms ranging from seven to 20 years in 2014, after they forcibly tried to reopen the country’s only designated protest venue, “Freedom Park”, in July that year. Slideshow (5 Images)
Critics say Hun Sen stepped up pressure on his enemies after his ruling Cambodian People’s Party (CPP) narrowly won a 2013 general election, following the loss of seats to the CNRP.
Such fears were revived after weekend news of the sale of the Phnom Penh Post newspaper to a Malaysian businessman whose public relations firm lists Hun Sen as a client.
That led to the resignation of as many as 13 foreign journalists from the 26-year-old paper, which Cambodian civil society bodies called the country’s “last independent paper”.
Dozens of radio stations have been forced off the air and an English-language newspaper, the Cambodia Daily, was forced to close last year after the government gave it a month’s deadline to settle a $6.3-million tax bill.
New York-based Human Rights Watch said the case against the opposition aimed to silence government critics ahead of the election.
“Prime Minister Hun Sen and the ruling Cambodian People’s Party apparently decided to lock up political opponents to stave off defeat at the ballot-box,” Brad Adams, the group’s Asia director, said in a statement on Monday. Reporting by Prak Chan Thul in PHNOM PENH; Additional reporting and writing by Amy Sawitta Lefevre; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cambodia-politics/cambodian-court-upholds-convictions-of-11-jailed-for-opposition-protest-idUKKBN1IB0KR |
LONDON (Reuters Breakingviews) - European politicians have ways of coping with U.S. President Donald Trump’s withdrawal from the Iran nuclear deal. Their options are, however, not very good ones. The so-called Joint Comprehensive Plan of Action (JCPOA) – signed between Tehran, Britain, China, France, Germany, Russia, the United States and the European Union in 2015 – made it possible for European firms to work in Iran without getting sanctioned by the United States. Trump’s blunt action reverses this in a way that will be hard to face down.
FILE PHOTO: Iranian President Hassan Rouhani attends a meeting with Muslim leaders and scholars in Hyderabad, India, February 15, 2018. REUTERS/Danish Siddiqui/File Photo - RC141051F3A0 There’s a precedent for the EU contesting such “secondary sanctions” that have not been imposed by the bloc. In 1996 it deployed regulation that effectively blocked European companies from complying with U.S. strictures over Cuba and Iran. In 2007 the Austrian government used the same rules to legally challenge domestic bank BAWAG’s attempt to cancel Cuban accounts.
This might offer some comfort to European companies that have returned to Iran. These include Total, which in 2016 struck a $4.8 billion deal to help develop the Islamic Republic’s South Pars gas field. Ultimately the U.S. Office of Foreign Assets Control gave BAWAG dispensation to keep the accounts. Total could win a similar reprieve.
Yet European groups may focus on a different precedent. HSBC, Credit Suisse, ING, Standard Chartered and Commerzbank received combined fines running into billions of dollars for transgressing U.S. sanctions, while BNP Paribas alone was hit with one for $8.9 billion. Given Trump’s tough rhetoric on Tuesday, new entrants into Iran would have to find a watertight way to avoid the U.S. financial system.
That isn’t easy. Even if the EU capitalised a bank to handle Iran trade exclusively in euros, the sanctions apply to U.S. products and technology as well as dollars cleared through New York. The alternative – not doing business in Iran – will seem more attractive.
Ultimately, the EU’s problem is political as much as procedural. Its member states are for the time being excluded from Trump’s steel tariffs, but pushing back hard on Iran would complicate attempts to win a more permanent exemption. That leaves the bloc with an uncomfortable choice: either use a 180 day grace period before sanctions apply to toughen the JCPOA – which Iran may not accept – or grudgingly comply with Trump’s red lines.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-breakingviews/breakingviews-europe-has-uphill-fight-to-keep-iran-trade-flowing-idUSKBN1IA1LT |
Hasbrouck Heights, NJ , May 30, 2018 (GLOBE NEWSWIRE) -- Kimberly Parry Organics, Corp. ("KPOC" or the "Company") (OTCPINK: KPOC), which had previously announced that Company will be changing its name to “KPOC Mining USA, Inc.” to better reflect the public Company’s exit from the organic cosmetics marketplace, today announced that the Company is moving forward on schedule for its plans to begin copper mining operations for its Tilama Project in Chile.
Company representatives have narrowed their list of potential mining operators to several operators in the Tilama Region, the site of the Company’s initial mining operations.
Company President Theodore Collas said: “For the moment our main objective is to get the production started and then we can grow in to a larger operation with more sites and a variety of ores. On Friday if all goes well we will have our mining contractor signed for our initial copper site, the Tilama Project.”
About KCOP Mining USA, Inc.
KPOC Mining has entered into agreements to purchase 23 copper mining sites in the Republic of Chile. Our geologists have determined that each of mining properties will be highly commercially productive. We believe that development of the first mining site will commence in the first half of 2018, and the remaining sites will be developed over a three- year period. All mining operations will be conducted by KPOC Mining Chile, our Chilean subsidiary. Chile is the world’s No. 1 exporter of copper.
If you have specific questions about the Company, please email us at [email protected] &/or visit our website at www.kpocmining.com
Cautionary Language Concerning Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the Company's mission statement and growth strategy, are "forward-looking statements." Although management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC. The Company assumes no obligation to update any of the information contained or referenced in this press release.
CONTACT: [email protected] 201-870-4291
Source:KPOC Mining, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-kpoc-starts-permit-process-for-its-tilama-project-in-chile.html |
BEIJING, May 3 (Reuters) - China would welcome a successful outcome from upcoming trade talks with the United States, but is fully prepared for all outcomes and will not negotiate on core interests, a Chinese government official said on Wednesday.
Talks must be held as equals and be mutually beneficial, said the official, who declined to be named, adding that Beijing would not yield to any trade threats from Washington or accept any preconditions for talks.
A top-level U.S. trade delegation is travelling to Beijing for talks on Thursday and Friday amid a festering dispute between the world’s two largest economies.
U.S. President Donald Trump has threatened tariffs on up to $150 billion worth of Chinese goods to punish China over its joint-venture requirements and other policies he says force American companies to surrender their intellectual property to state-backed Chinese competitors.
China has denied that it forces companies to transfer technology and has promised to retaliate in kind to any U.S. tariffs.
“In the event of a trade war, we have a much greater ability to endure (the consequences) than the U.S.,” the official said.
The United States has asked China to reduce its bilateral trade surplus by $100 billion and has targeted Beijing’s “Made in China 2025” initiative, which aims to upgrade the domestic manufacturing base with more advanced products.
The Chinese official said Beijing would not accept talks with any preconditions on these or other issues.
Last year China had a record trade surplus of $375 billion with the United States. (Reporting by Elias Glenn Editing by Gareth Jones)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-commerce/china-wont-accept-preconditions-in-us-trade-talks-chinese-govt-official-idUSL3N1S9446 |
May 3, 2018 / 5:03 PM / Updated 2 hours ago Olympic gold medallist Van Niekerk targeting July return Reuters Staff 2 Min Read
CAPE TOWN (Reuters) - South Africa’s Olympic 400-metre gold medallist Wayde van Niekerk is targeting a return to the track by the start of July, his coach Ans Botha has said. FILE PHOTO: Athletics - World Athletics Championships – men’s 200 metres final – London Stadium, London, Britain – August 10, 2017 – Wayde van Niekerk of South Africa reacts after winning the silver. REUTERS/Toby Melville
Van Niekerk is to travel to Qatar this week for an assessment by sports physician Louis Holtzhausen as he recovers from a knee injury sustained in a charity touch rugby game last October that forced him to miss the recent Commonwealth Games.
“We are flying to Doha to see Dr Louis (Holtzhausen) and the medical team and he will start intensive rehabilitation in two weeks’ time,” Botha told TimesLIVE.co.za.
“He will come back to continue with the process for six weeks in South Africa and return to Doha for the last time.”
While stating that Van Niekerk hoped to return in late June or early July, it remains unclear when exactly he will be back on the track.
“It will only be after his second visit to Doha that we will have a good idea of how far he is in terms of returning to competitive running,” Botha added.
Following the retirement of Jamaican sprint great Usain Bolt, Van Niekerk was keen to compete in the 100 and 200-meters as well as the 400 at the 2020 Olympics in Tokyo. However, he may now have to manage his workload more carefully.
Van Niekerk was one of the major attractions at the 2016 Olympic Games in Rio de Janeiro when he smashed the 400m world record with a time of 43.03, beating the long-standing mark set by American Michael Johnson in 1999. Reporting By Nick Said; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-athletics-safrica-vanniekerk/olympic-gold-medallist-van-niekerk-targeting-july-return-idUKKBN1I4280 |
May 17 (Reuters) - Manchester United PLC:
* MANCHESTER UNITED PLC 2018 THIRD QUARTER RESULTS * FOR FISCAL 2018, MANCHESTER UNITED CONTINUES TO EXPECT REVENUE TO BE £575M TO £585M
* REVENUE FOR QUARTER £137.5 MILLION - UP 8% FROM Q3 2017
* FOR FISCAL 2018, MANCHESTER UNITED CONTINUES TO EXPECT ADJUSTED EBITDA TO BE £175M TO £185M
* MANCHESTER UNITED - QTRLY BASIC EARNINGS PER SHARE 0.07 PENCE
* MANCHESTER UNITED - QTRLY ADJUSTED BASIC LOSS PER SHARE 3.30 PENCE
* MATCHDAY REVENUE FOR THE QUARTER WAS £31.1 MILLION, AN INCREASE OF £1.8 MILLION, OR 6.1%, OVER THE PRIOR YEAR QUARTER
* BROADCASTING REVENUE FOR QUARTER WAS £39.7 MILLION, AN INCREASE OF £8.3 MILLION
* EMPLOYEE BENEFIT EXPENSES FOR QUARTER WERE £75.1 MILLION, AN INCREASE OF £8.6 MILLION, OR 12.9%, OVER THE PRIOR YEAR QUARTER
* BORROWINGS AT Q3 END WERE GBP 457 MILLION * Q3 EARNINGS PER SHARE VIEW -2.50 PENCE, REVENUE VIEW 138.3 MILLION STG — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-manchester-united-reports-qtrly-ad/brief-manchester-united-reports-qtrly-adj-basic-loss-per-share-3-30-pence-idUSFWN1SO0KS |
CAMP HILL, Pa.--(BUSINESS WIRE)-- Rite Aid Corporation (NYSE: RAD) today announced the results of its previously announced offer to purchase (the “Asset Sale Offer”) up to $700,000,000 of certain of its outstanding indebtedness, consisting of its outstanding 6.75% Senior Notes due 2021 (the “2021 Notes”) and 6.125% Senior Notes due 2023 (the “2023 Notes” and, together with the 2021 Notes, the “Notes”) for cash at a price equal to 100% of the principal amount of the Notes, equivalent to $1,000 per $1,000 principal amount of Notes, plus accrued and unpaid interest, for such Notes up to the date of purchase. The Asset Sale Offer was made pursuant to the respective indentures governing the Notes and an Offer to Purchase and related Letter of Transmittal, each dated April 19, 2018.
As of 5:00 P.M., Eastern Time, on May 21, 2018 (the expiration date with respect to each series of Notes), $1,360,000 principal amount of the 2021 Notes, representing 0.17% of the outstanding principal amount of the 2021 Notes and $4,759,000 principal amount of the 2023 Notes, representing 0.27% of the outstanding principal amount of the 2023 Notes, had been validly tendered and accepted for purchase by Rite Aid.
This press release does not constitute a notice of redemption under the optional redemption provisions of the Indentures, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
Rite Aid is one of the nation’s leading drugstore chains with fiscal 2018 revenues from continuing operations of $21.5 billion. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com .
Important Notice Regarding Forward-Looking Statements
This communication contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the pending merger between Rite Aid and Albertsons Companies, Inc. (“Albertsons”) and the transactions contemplated thereby, and the parties perspectives and expectations, are forward looking statements. Such statements include, but are not limited to, statements regarding the benefits of the proposed merger, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions contemplated by the merger agreement. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated. Such risks and uncertainties include, but are not limited to, risks related to the expected timing and likelihood of completion of the pending merger, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals, or that the required approval of the merger agreement by the stockholders of Rite Aid was not obtained; risks related to the ability of Albertsons and Rite Aid to successfully integrate the businesses; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement (including circumstances requiring Rite Aid to pay Albertsons a termination fee pursuant to the merger agreement); the risk that there may be a material adverse change of Rite Aid or Albertsons; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Rite Aid’s common stock, and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Rite Aid to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; risks related to successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies; and risks associated with the financing of the proposed transaction. A further list and description of risks and uncertainties can be found in Rite Aid’s Annual Report on Form 10-K for the fiscal year ended March 3, 2018 filed with the Securities and Exchange Commission (“SEC”) and in the registration statement on Form S-4 that was filed with the SEC by Albertsons on April 6, 2018, as amended by Amendment No. 1 to the registration statement on Form S-4 filed with the SEC on May 15, 2018, as it may be further amended, in connection with the proposed merger, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Rite Aid undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation. All information regarding Rite Aid assumes completion of Rite Aid’s previously announced transaction with Walgreens Boots Alliance, Inc. There can be no assurance that the consummation of such transaction will be completed on a timely basis, if at all. For further information on such transaction, see Rite Aid’s Form 8-K filed with the SEC on March 28, 2018.
Additional Information and Where to Find It
In connection with the proposed merger involving Rite Aid and Albertsons, Rite Aid and Albertsons have prepared and Albertsons has filed with the SEC on April 6, 2018 a registration statement on Form S-4, as amended by Amendment No. 1 to the registration statement on Form S-4 filed with the SEC on May 15, 2018, as it may be further amended, that includes a proxy statement of Rite Aid that also constitutes a prospectus of Albertsons. The registration statement is not yet final and will be amended. Rite Aid will mail the proxy statement/prospectus and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed merger. Rite Aid and Albertsons also plan to file other relevant documents with the SEC regarding the proposed merger. INVESTORS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, AS WELL AS OTHER DOCUMENTS FILED WITH THE SEC, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. RITE AID’S EXISTING PUBLIC FILINGS WITH THE SEC SHOULD ALSO BE READ, INCLUDING THE RISK FACTORS CONTAINED THEREIN.
Investors and security holders may obtain copies of the Form S-4, including the proxy statement/prospectus, as well as other filings containing information about Rite Aid, free of charge, from the SEC’s website ( www.sec.gov ). Investors and security holders may also obtain Rite Aid’s SEC filings in connection with the transaction, free of charge, from Rite Aid’s website ( www.RiteAid.com ) under the link “Investor Relations” and then under the tab “SEC Filings,” or by directing a request to Rite Aid, Byron Purcell, Attention: Senior Director, Treasury Services & Investor Relations. Copies of documents filed with the SEC by Albertsons will be made available, free of charge, on the SEC’s website ( www.sec.gov ) and on Albertsons’ website at www.albertsonscompanies.com .
Participants in Solicitation
Rite Aid, Albertsons and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Rite Aid common stock in respect of the proposed transaction. Information regarding Rite Aid’s directors and executive officers is available in its definitive proxy statement for Rite Aid’s 2017 annual meeting of stockholders filed with the SEC on June 7, 2017, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such definitive proxy statement. Information about the directors and executive officers of Albertsons is set forth in the registration statement on Form S-4, including the proxy statement/prospectus that has been filed with the SEC on April 6, 2018, as amended by Amendment No. 1 to the registration statement on Form S-4 filed with the SEC on May 15, 2018, as it may be further amended. Other information regarding the interests of the participants in the proxy solicitation may be included in the definitive proxy statement/prospectus when it becomes available. These documents can be obtained free of charge from the sources indicated above.
Non-Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005829/en/
Rite Aid Corporation
INVESTORS:
Byron Purcell, 717-975-5809
[email protected]
or
MEDIA:
Susan Henderson, 717-730-7766
Source: Rite Aid Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-rite-aid-announces-results-of-offer-to-purchase-certain-of-its-outstanding-series-of-notes.html |
May 14, 2018 / 7:03 PM / in 17 minutes Valero expands into South America with Peru biofuels deal David French 2 Min Read
(Reuters) - Valero Energy Corp has agreed to purchase Pure Biofuels Del Peru from private equity firm Pegasus Capital Advisors, the companies said on Monday, marking the U.S. refiner’s first infrastructure investment in South America. A Valero logo is seen at a Valero gas station in Hoboken, New Jersey, U.S., May 2, 2016. REUTERS/Mike Segar
Pure Biofuels Del Peru owns an approximately 1-million- barrel liquid storage terminal, a biodiesel production facility, and two refined products terminals at Callao, near Lima, and Paita in the north of the country. Financial terms were not disclosed.
Cos Cob, Connecticut-based Pegasus is exiting an investment first made in April 2012. Since then, it has increased Pure Biofuels’ operational capacity to 270 million gallons in 2017 from 24 million gallons in 2012.
“It was time to hand over the asset to a company such as Valero, which has the scale and expertise to continue driving growth to the next level,” Alec Machiels, partner at Pegasus, told Reuters.
Valero currently has refining operations in the United States, Canada and Britain, and is one of North America’s largest ethanol producers, according to its website.
Peru is heavily dependent on imports of both fuel ethanol and biodiesel to meet blending rules for gasoline and diesel, which were introduced in 2010 and 2011 respectively to reduce emissions and improve air quality.
Having closed one of two fuel ethanol production facilities in 2015, Peruvian production was forecast at around 118 million liters in 2017, versus expected demand of 182 million liters, according to a September 2017 report from the U.S. Department of Agriculture.
Peruvian imports of biodiesel were expected to fall by 33 percent to 250 million liters in 2017, after the government slapped anti-dumping tariffs on Argentina the previous year. But imports still dwarf domestic production, which only resumed in 2017 after a three-year hiatus and was expected around 60 million liters, the same report said. Reporting by David French in New York; Editing by Jeffrey Benkoe | ashraq/financial-news-articles | https://www.reuters.com/article/us-valero-energy-m-a-peru/valero-expands-into-south-america-with-peru-biofuels-deal-idUSKCN1IF2O9 |
May 20, 2018 / 8:24 PM / Updated 8 hours ago Players' union asks FIFA to allow Guerrero to play in the World Cup Reuters Staff 2 Min Read
ZURICH (Reuters) - The world players’ union FIFPro said it had written to FIFA to request that Peru captain Paolo Guerrero, banned from the World Cup over cocaine contained in a cup of tea, be allowed to participate in the tournament. Peruvian soccer player Paolo Guerrero arrives in Lima, Peru May 15, 2018. REUTERS/Guadalupe Pardo
FIFPro said on Twitter that it was “hoping for a breakthrough in the next 24-48 hours”.
Guerrero had just completed a six-month ban after testing positive for cocaine, contained in a tea he drank, when the Court of Arbitration for Sport (CAS) increased it to 14 months on Monday.
The extended ban, imposed after an appeal to CAS by the World Anti-Doping Agency (WADA), means the 34-year-old will miss next month’s World Cup where Peru have qualified for the first time in 36 years. Peruvian soccer player Paolo Guerrero arrives in Lima, Peru May 15, 2018. REUTERS/Guadalupe Pardo
CAS increased the ban despite accepting that Peru’s all-time leading scorer did not intend to enhance performance and that he had not knowingly ingested the substance.
FIFPro has already criticised the ban as being disproportionate and said that the WADA code had been imposed on football without properly consulting the players.
Tea infused with coca leaves, which are used as the raw ingredient in cocaine, is popular in Andean countries and a traditional treatment for altitude sickness. Writing by Brian Homewood in Berne; Editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-per-guerrero/players-union-asks-fifa-to-allow-guerrero-to-play-in-the-world-cup-idUKKCN1IL0TQ |
(Reuters) - Hedge fund Tiger Management is urging GameStop Corp to conduct a strategic review in the wake of management changes at the videogame retailer, CNBC reported on Wednesday, citing a letter sent to the company’s board.
Tiger Management owned 25,000 shares of GameStop as of March 31, according to a filing on Tuesday with the U.S. Securities and Exchange Commission.
Neither GameStop nor Tiger Management immediately responded to Reuters’ requests for comment.
GameStop shares rose 11.7 percent to $15.09 in premarket trading.
Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gamestop-tiger-management/hedge-fund-asks-gamestop-to-conduct-strategic-review-cnbc-idUSKCN1IH1NI |
May 3, 2018 / 2:48 AM / Updated 38 minutes ago Sprint reports quarterly profit, appoints new CEO Sheila Dang , Vibhuti Sharma 2 Min Read
(Reuters) - U.S. wireless carrier Sprint Corp ( S.N ) on Wednesday posted net annual income for the first time in 11 years and named a new chief executive ahead of its proposed $26 billion (£19.1 billion) merger with bigger rival T-Mobile US Inc ( TMUS.O ). The Sprint logo is displayed on a a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 30, 2018. REUTERS/Brendan McDermid
Michel Combes, Sprint’s chief financial officer, will take the top job on May 31, replacing CEO Marcelo Claure, who will become chief operating officer at Sprint’s controlling shareholder SoftBank Group Corp ( 9984.T ) and executive chairman of Sprint.
The No. 4 U.S. wireless carrier added 39,000 phone customers who pay a monthly bill during the fourth quarter ended March 31, compared with losses of 118,000 customers a year earlier.
Shares of Sprint edged up less than 1 percent to $5.21 after the bell. Related Coverage Sprint's outgoing CEO says scepticism over T-Mobile merger is expected
MoffettNathanson analyst Craig Moffett said in a research note that Sprint’s average revenue per user was still falling despite subscriber growth, suggesting it might not remain profitable.
“Now, they face a steep uphill climb of new network investment, and they will be back to burning cash,” Moffett wrote.
Sprint reported a profit of $69 million, or 2 cents per share, compared with a loss of $283 million, or 7 cents per share, in the year-ago quarter.
Analysts had expected a loss of 7 cents per share, according to Thomson Reuters I/B/E/S.
Net operating revenue fell to $8.09 billion from $8.54 billion over the same period.
Sprint and T-Mobile said on Sunday they had agreed to an all-stock merger which would better prepare them to create the next-generation wireless network.
In a post-earnings call, Claure told investors that he and T-Mobile Chief Executive John Legere were pleased that regulators had received them with “an open mind” during meetings this week in Washington.
“We’re both aligned to put our best foot forward in terms of getting this transaction approved,” Claure said. Reporting by Vibhuti Sharma in Bengaluru and Sheila Dang in New York; Editing by Arun Koyyur and Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sprint-corp-results/sprint-reports-quarterly-profit-appoints-new-ceo-idUKKBN1I32U6 |
‘Not very optimistic’ NK will denuclearize: Rubio 11:37am EDT - 00:43
Republican Senator Marco Rubio says he's 'not very optimistic' North Korean leader Kim Jong Un will give up his nuclear program.
Republican Senator Marco Rubio says he's 'not very optimistic' North Korean leader Kim Jong Un will give up his nuclear program. //reut.rs/2GUPZNV | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/27/not-very-optimistic-nk-will-denuclearize?videoId=430877627 |
Indonesia police say deadly hostage crisis ends 10:10am BST - 01:22
Indonesian police say a hostage crisis at a high-security jail outside Jakarta ends after Islamist militant prisoners who killed five police surrender and release an officer they were holding. ▲ Hide Transcript ▶ View Transcript
Indonesian police say a hostage crisis at a high-security jail outside Jakarta ends after Islamist militant prisoners who killed five police surrender and release an officer they were holding. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KT2psO | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/10/indonesia-police-say-deadly-hostage-cris?videoId=425465855 |
May 22 (Reuters) - Dycom Industries Inc:
* DYCOM INDUSTRIES, INC. ANNOUNCES FISCAL 2019 FIRST QUARTER RESULTS, PROVIDES GUIDANCE FOR THE NEXT FISCAL QUARTER AND LOWERS EXPECTATIONS FOR THE FULL FISCAL YEAR
* Q1 GAAP EARNINGS PER SHARE $0.53 * Q1 EARNINGS PER SHARE VIEW $0.69 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.65
* COMPANY IS REVISING ITS FINANCIAL GUIDANCE FOR 2019 FISCAL YEAR ENDING JANUARY 26, 2019
* CONTRACT REVENUES OF $731.4 MILLION FOR QUARTER ENDED APRIL 28, 2018, COMPARED TO $786.3 MILLION FOR QUARTER ENDED APRIL 29, 2017
* SEES FISCAL 2019 CONTRACT REVENUES $3.23 BILLION - $3.43 BILLION
* DYCOM INDUSTRIES - SEES 2019 NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE $4.26 - $5.15
* SEES CONTRACT REVENUES FOR FISCAL 2019 $3.23 BILLION TO $3.43 BILLION
* SEES FISCAL 2019 GAAP EARNINGS PER SHARE $3.81 - $4.70
* SEES CONTRACT REVENUES $830 MILLION TO $860 MILLION FOR QUARTER ENDING JULY 28
* SEES GAAP EARNINGS PER SHARE FOR QUARTER ENDING JULY 28, 2018 $1.02 - $1.17
* DYCOM INDUSTRIES - SEES NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE $1.13 - $1.28 FOR QUARTER ENDING JULY 28
* Q2 EARNINGS PER SHARE VIEW $1.79, REVENUE VIEW $884.8 MILLION — THOMSON REUTERS I/B/E/S
* FY2019 EARNINGS PER SHARE VIEW $5.70, REVENUE VIEW $3.40 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dycom-industries-inc-announces-q1/brief-dycom-industries-inc-announces-q1-adjusted-non-gaap-earnings-per-share-0-65-idUSASC0A368 |
NEW YORK (Reuters) - Speculators’ net short dollar position slid to its lowest level in 12 weeks, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.
U.S. dollar banknote is seen in this picture illustration taken May 3, 2018. REUTERS/Dado Ruvic/Illustration The value of the net short dollar position was $9.82 billion in the week ended May 15, from $10.84 billion the previous week. The net short dollar position has declined for four straight weeks.
U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars.
In a wider measure of dollar positioning <0#NETUSDFX=> that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the U.S. dollar posted a net short position equivalent to $11.02 billion, down from $13.31 billion the previous week.
That was the lowest net short dollar positioning in four months.
Since mid-April, the dollar has rallied by more than 5 percent, underpinned by rising U.S. Treasury yields and solid economic data that puts the Federal Reserve on track to raise interest rates at least two more times this year.
However, Eric Viloria, currency strategist at Wells Fargo Securities, believes the dollar’s rally should prove temporary, although he said for now there is further room for the greenback to extend its gains.
But he expects that once global economic trends become more stable and major foreign central banks start signalling they would adjust monetary policy later this year, the dollar should resume its downtrend.
In the cryptocurrency market, speculators’ net short position on bitcoin Cboe futures rose to 1,874 contracts <0#1CFTC1330E1> from 1,635 the previous week, the data showed.
After a downtrend in the first few months of the year, bitcoin has stabilized between $8,000 and $9,000. It last traded at $8,229.91, up 2.2 percent on the day on the Bitstamp platform.
Fundstrat in a research note on Friday said the CME posted record volumes in the past week for bitcoin futures, which suggests institutional interest on the virtual currency is rising.
Reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Jonathan Oatis and Matthew Lewis
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-cftc-forex/speculators-cut-net-short-u-s-dollar-bets-bitcoin-shorts-up-cftc-reuters-data-idUSKCN1IJ2R7 |
Maryland police arrest suspects in police officer's slaying Wednesday, May 23, 2018 - 01:19
Maryland police manhunt ended on Tuesday when officers arrested three male teenagers suspected of playing a role in the killing of a female police officer who responded to a burglary report in a Baltimore suburb, according to Baltimore County Police Chief Terrence Sheridan. Rough Cut (no reporter narration).
Maryland police manhunt ended on Tuesday when officers arrested three male teenagers suspected of playing a role in the killing of a female police officer who responded to a burglary report in a Baltimore suburb, according to Baltimore County Police Chief Terrence Sheridan. Rough Cut (no reporter narration). //reut.rs/2IF3vez | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/maryland-police-arrest-suspects-in-polic?videoId=429450231 |
PARIS (Reuters) - Iran is in contact with European planemaker Airbus ( AIR.PA ) to try to use a narrow window available for business following this week’s U.S. decision to withdraw from an international nuclear pact, said a senior official.
“We are in contact with Airbus and they are exploring all possibilities that might exist to take advantage of the limited time in front of us,” said Asghar Fakhrieh-Kashan, senior advisor to Iran’s Roads and Urban Development Minister.
“It all depends on European government support and policies,” he told Reuters by telephone.
Iran also hopes to import more Franco-Italian ATR turboprops but there are some “technical issues”, he added. ATR is a joint venture between Airbus and Italian group Leonardo ( LDOF.MI ).
Airbus said it had no immediate comment on the matter.
Fakhrieh-Kashan was Quote: d earlier as saying Airbus would announce soon whether it would sell planes to Tehran after the United States - which must approve the export of planes with a significant number of U.S. parts - said it would withdraw from a 2015 international nuclear deal with Iran.
White House National Security Adviser John Bolton said earlier this week that there would be “wind-down” periods of 90 to 180 days, and perhaps other durations, for existing Iranian contracts with companies, following President Donald Trump’s decision to pull out of the 2015 Iran deal.
Reporting by Tim Hepher; Editing by Sudip Kar-Gupta and Laurence Frost
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-planes-airbus/iran-aims-to-buy-airbus-jets-before-sanctions-window-closes-official-idUSKBN1IC13J |
May 29, 2018 / 3:08 PM / Updated an hour ago Golf-World tour 'great concept' but complicated to organise: Ogilvy Andrew Both 3 Min Read
SHOAL CREEK, Ala., May 29 (Reuters) - Former U.S. Open champion Geoff Ogilvy says a world tour is a “great concept” but also thinks it will be difficult to lure top players into signing up.
Ogilvy’s comments come in the wake of a Reuters report last week that a British-based group is planning a World Golf Series (WGS) of between 15 and 20 tournaments, each with prize money approaching $20 million.
“I’m not sure how developed this plan is, but it’s a complicated thing to get worked out,” Ogilvy told Reuters via email.
“There have been rumours floating around about this idea for a long time, but I’d been hearing them more and more recently. I really had no idea that anyone was close to trying to do something.
“It’s a great concept. You would think a much larger market would make the best players even more money. And it would let more of the world see the game played at that level up close.
“I’m sure that the sponsors, and money and TV could all get organised, but getting the players will be difficult.”
Ogilvy is on the PGA Tour’s Player Advisory County (PAC), which acts as a liaison between the tour policy board and the players.
The Australian, who won the 2006 U.S. Open at Winged Foot, doubts the World Golf Group behind the WGS proposal will be able to put it together without the blessing of either the PGA Tour or the European Tour. LOT OF ISSUES
Nearly all top players are members of the PGA Tour, which likely views the WGS as a threat to be nipped in the bud before it gets off the ground.
Co-operation with the American-based tour seems unlikely, though the European Tour, which is not as wealthy, could be more amenable to a partnership.
“There are a lot of issues that would need to get worked out if you couldn’t get (the PGA Tour) and/or the European Tour to go along with the idea,” Ogilvy said. “Who knows, maybe they have all that worked out?”
Another player told Reuters he was definitely interested in the World Golf Series.
World number 11 Tommy Fleetwood, on the other hand, sounded happy with the status quo when questioned about the WGS.
“My schedule this year is absolutely amazing,” Englishman Fleetwood told the Press Association last week. “I’ve played events on the PGA Tour for three months. Every single one of them has been a great event.
“I’ve got the summer of Rolex Series events (on the European Tour) and you’ve got World Golf Championships and majors, and you get to the end of the year with the FedEx Cup (on the PGA Tour) and the Race to Dubai (on the European Tour).”
Ogilvy, meanwhile, says he has not heard from the tour regarding the WGS. “We haven’t discussed this issue in the PAC, but I would imagine we will if this gets closer to happening.” (Reporting by Andrew Both Editing by David Holmes) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-worldtour/golf-world-tour-great-concept-but-complicated-to-organise-ogilvy-idINL2N1SZ165 |
ACCRA, May 17 (Reuters) - The Ghanaian Cedi and Zambian kwacha are forecast to extend losses against the dollar in the next week to Thursday, while Nigeria and other currencies are expected to hold steady, traders said.
GHANA Ghana’s cedi could lose further ground against the dollar next week pending the drawdown of proceeds of last week’s sovereign debt sale, analysts said.
The cedi, which had been fairly stable this year, has weakened in the past two weeks, touching 4.46 on Wednesday. It was trading at 4.59 to the greenback by mid morning on Thursday, compared with 4.54 a week ago.
Looking ahead, the cedi is likely to remain under pressure and could cross the 4.6 mark as market traders seek to improve their positions, pending inflows from the bond, said currency analyst Raphael Adubila.
ZAMBIA The kwacha is expected to weaken marginally as the market continues to experience reduced supply of foreign currency while demand remains constant.
Commercial banks Quote: d the currency of Africa’s second-largest copper producer at 10.1900 per dollar on Thursday.
“We expect the local currency to remain subdued in the short-term because the greenback continues to remain constrained, demand sustains,” a local commercial bank treasurer said anonymously.
“I see support at 10.000 and resistance at 10.2500 going into next week,” he added.
KENYA The Kenyan shilling is expected to remain steady against the dollar in the coming week due to inflows from offshore investors offsetting demand from oil importers and manufacturing sector, traders said.
Commercial banks Quote: d the shilling at 100.45/55 per dollar, compared with 100.30/50 at last Thursday’s close.
“We are likely to trade at current levels.. some inflows from private equity investors...energy and manufacturing buyers are active,” said a senior trader at a commercial bank.
NIGERIA The Nigerian naira is seen stable against the dollar next week for investors as offshore funds buy short-term money market bills after the local currency eased last week, traders said.
Lenders traded the naira at 363 last week due to increased demand for dollars as companies repatriated dividends following the end of the earnings season. Some portfolio investors also took.
Traders said the naira was Quote: d at 361 on Thursday and could maintain that level into next week on improved dollar liquidity from international investors.
On the official market, the naira was Quote: d at 305.85, supported by the central bank’s regular intervention.
TANZANIA The Tanzanian shilling is seen holding steady against the U.S. dollar or strengthen marginally, helped by a slowdown in demand for hard currency and inflows from the mining sector.
Commercial banks Quote: d the shilling at 2,282/2,287 to the dollar on Thursday, weaker than 2,276/2,286 a week ago.
“We expect to see stability of the local currency next week due to subdued demand for dollars and inflows of dollars from mining companies and some offshore clients,” said a trader at CRDB Bank.
UGANDA The Uganda shilling is seen trading stable over the next one week with players seen unwilling to take hard currency positions at levels weaker than 3,720.
At 1046 GMT commercial banks Quote: d the shilling at 3,710/3,720, unchanged from last Friday’s close.
“From what we have seen there does not seem to be (hard currency) appetite past current levels,” Faisal Bukenya, head of treasury at Exim Bank told Reuters.
The local currency would likely play in the 3,700-3,720 range over the coming days. (Reporting by Kwasi Kopodo, Chiwoyu Sinyangwe, John Ndiso, Chijioke Ohuocha, Fumbuka Ng’wanakilala and Elias Biryabarema Compiled by Patricia Aruo; Editing by Toby Chopra)
| ashraq/financial-news-articles | https://www.reuters.com/article/african-currencies/weekahead-africa-fx-ghana-zambia-currencies-to-weaken-others-to-remain-steady-idUSL5N1SO55R |
May 21 (Reuters) - CONSUMER REPORTS :
* CONSUMER REPORTS SAYS TESLA MODEL 3 FALLS SHORT OF A CR RECOMMENDATION
* CONSUMER REPORTS SAYS “THE TESLA’S STOPPING DISTANCE OF 152 FEET FROM 60 MPH WAS FAR WORSE THAN ANY CONTEMPORARY CAR WE’VE TESTED”
* CONSUMER REPORTS ALSO FAULTS MODEL 3'S CONTROLS, SAYS THEY CAN CAUSE DRIVERS TO BE DISTRACTED FROM THE ROAD Source text : bit.ly/2Llhbcb Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-consumer-reports-says-tesla-model/brief-consumer-reports-says-tesla-model-3-falls-short-of-a-cr-recommendation-idUSFWN1SS0OT |
0 COMMENTS
MUST READS
The Long and Difficult Road to a U.S.-U.K. Trade Deal : The British government has said it wants to leave the European Union’s customs union so it can pursue trade deals elsewhere in the world. Of those, the biggest prize would be an agreement with the U.S., the U.K.’s biggest national trading partner, writes Stephen Fidler.
Lifting Trump’s Playbook Is Risky for Europe : Flattery, charm and traditional diplomacy failed to stop U.S. President Donald Trump from pulling out of the Iran nuclear deal, exiting the Paris climate accord and threatening tariffs on European steel and aluminum. So now, with relations between the U.S. and the European Union at their lowest ebb in 70 years, they are ramping up the rhetoric, writes Simon Nixon.
City of London Pushes for Immigration Overhaul After Brexit : The U.K. finance industry has called for wide-ranging reforms of the British immigration system in order to maintain the pipeline of global talent into the sector, in one of the City of London’s biggest interventions into the Brexit debate so far.
The Euro’s Headache: Growth, Not Italian Politics : Italy is back in the headlines and the euro is falling, giving up all its gains and more against the dollar this year to move below $1.18. But while the formation of an antiestablishment government in Rome is a headwind, there are bigger forces at work: the currency market has been rethinking the global growth story, writes Richard Barley.
Iran Uses Nuclear Pact as Bargaining Chip With EU Over U.S. Sanctions : Iran vowed to uphold the pact curbing its nuclear activities if the European Union can offset renewed U.S. sanctions, senior officials here said, advocating an approach that would widen a deepening schism between Washington and Brussels.
NATO Pushes New Antiterror Efforts to Quell Unease of Southern Members : As NATO relocates its headquarters in Brussels, an Italian Renaissance oil painting is going elsewhere, a departure some alliance officials say points to a deeper problem with the organization’s mission and cohesion.
Greece Steps Closer to Completing Bailout Review : Greece and its international creditors have reached an initial agreement on the reforms Athens must adopt thus paving the way for the completion of the bailout review, the country’s last after an eight-year bailout regime.
Data-Privacy Law Creates New Business for Tech Consultants : The European Union’s tough new data-protection law demands costly changes for many companies—and opens rich business opportunities for others.
Royal Wedding: How Will Meghan Markle Adapt to Life in Britain’s Monarchy? : Members of Britain’s Royal family don’t vote and are expected to remain politically neutral. This video explores how Meghan Markle, a humanitarian activist and star of the hit show “Suits,” will adapt to her new life.
‘Gammon,’ a Porcine Term, Boosts Britons’ Diet of Insults : A tongue-in-cheek political insult has been causing some controversy in Great Britain lately. Britons are applying “gammon,” a term for a cured hind leg of pork to a stereotypical image of an older conservative white man, whose complexion and pudginess are seen as resembling the cut of meat.
IN THE PAPERS
Political Novice Giuseppe Conte Emerges as Frontrunner to be Italy PM – Financial Times
London is Awash with Russian ‘Dirty Money’ and It’s Damaging Britain, Say U.K. Politicians – Quartz
Roman Abramovich Awaits Decision on U.K. Visa – The Times
U.K. Conservatives Split by Brexit Seek to Unite for Survival – Bloomberg
City of London is Already Dying – Politico
Be the first with intelligence for an ambitious day. Download WSJ City and let us keep you in the loop from 6 a.m. UK time. Upwardly mobile on iPhone and Android , also available in a Newsletter and on the Web . Share this: Italy on Collision Course With Europe | ashraq/financial-news-articles | http://blogs.wsj.com/moneybeat/2018/05/21/the-long-road-to-a-u-s-u-k-trade-deal-newsletter-draft/ |
May 3 (Reuters) - ServiceNow Inc:
* SERVICENOW ACQUIRES PARLO, AI WORKFORCE SOLUTION * SERVICENOW INC - AGREED TO ACQUIRE PARLO, IN AN ALL-CASH TRANSACTION EXPECTED TO CLOSE THIS MONTH Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-servicenow-acquires-parlo-ai-workf/brief-servicenow-acquires-parlo-ai-workforce-solution-in-an-all-cash-transaction-idUSASC09ZMS |
(Adds picture)
* KWS wants to buy Bayer’s vegetable seed business
* Bayer has already agreed vegetable seed sale to BASF
* KWS offer is non-binding, financial terms not disclosed
By Ludwig Burger and Patricia Weiss
FRANKFURT, May 29 (Reuters) - German seed seller KWS Saat has made a rival offer for Bayer’s vegetable seed business, a unit Bayer had agreed to sell to BASF as part of its planned merger with Monsanto.
KWS on Tuesday said its non-binding proposal was first made to Bayer on Jan. 26, but not disclosed to investors at the time.
Frustration over Bayer’s rejection despite a “highly attractive price” led KWS to break cover on the bid, in the hope that antitrust regulators will regard it more favourably, KWS Chief Executive Hagen Duenbostel told Reuters.
Having turned down the KWS bid, Bayer continued to negotiate the sale of the vegetable assets - known under the Nunhems brand - with BASF, which was already due to buy other Bayer assets worth 5.9 billion euros ($6.8 billion).
“Somebody has to move. We’ve waited so long, we decided to make a move now to get the ball rolling,” said Duenbostel.
KWS let itself “be guided” by a multiple of close to 17 times earnings before interest, taxes, depreciation and amortisation (EBITDA) for the proposed price, which Duenbostel said was what Bayer agreed to pay for all of Monsanto. He declined to give more detailed terms.
Sales of more than 400 million euros at the vegetable unit and an EBITDA margin of about 20 percent would translate to a bid value of roughly 1.4 billion euros.
BASF last month agreed to pay up to 1.7 billion euros for a bundle of assets comprising Bayer’s vegetable seeds business, seed treatments and digital farming activities.
That would come on top of 5.9 billion euros worth of Bayer assets including soy, cotton and canola seed and herbicide businesses that BASF agreed to buy in October.
While BASF has already secured EU antitrust approval for the October transaction, the go-ahead for BASF to also snap up the vegetable business is still outstanding, a Bayer spokesman said. He declined to comment further.
BASF said it had an agreed deal with Bayer and declined to comment on KWS’s move.
Shares in KWS Saat fell 4.3 percent at 0844 GMT on concern the deal would be too big a financial burden for a buyer with a market value of about 2 billion euros. “Isn’t it a little too big for KWS?” a Frankfurt-based trader said.
Bayer’s bid to buy seed and chemical company Monsanto is on track to win U.S. antitrust approval by the end of May, unless there is a last-minute complication, two people familiar with the matter said in late April. ($1 = 0.8672 euros) (Additional reporting by Christoph Steitz; Editing by Edward Taylor and Alexandra Hudson)
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/monsanto-ma-bayer-kws/rpt-update-2-kws-seeks-to-buy-bayers-vegetable-business-countering-basf-idUSL5N1T02E7 |
Pro-democracy leader Anwar Ibrahim—greeted by a boisterous crowd of supporters crying out for reform--walked free Wednesday and received a royal pardon for what he said was a trumped-up sodomy charge, paving the way for a political rebirth. | ashraq/financial-news-articles | http://live.wsj.com/video/malaysias-anwar-ibrahim-freed-from-detention-pardoned/F2F532CB-4421-4F73-BE77-1B0CBEEBACF3.html |
May 3, 2018 / 1:09 PM / Updated 7 minutes ago German car registrations up 8 pct in April on SUV sales - KBA Reuters Staff 1 Min Read
FRANKFURT, May 3 (Reuters) - Passenger car registrations in Germany rose 8 percent in April from the same month last year to 314,055 cars, boosted by a surge in demand for sport-utility vehicles (SUVs) and luxury cars, the country’s KBA vehicle authority said on Thursday.
SUV sales jumped 30.2 percent year-on-year, taking the category’s market share to 16.4 percent. Sales of luxury cars were up 31.7 percent, but sales of compact cars down 2.6 percent.
In the wake of Volkswagen’s emissions scandal, sales of diesel-fuelled cars continued their decline, dropping 12.5 percent and accounting for 33.4 percent of new registrations.
Registrations of hybrid cars leapt 69.8 percent, but still only accounted for 3.5 percent of the market.
While registrations for most German brands rose, except for Audi, sales of Tesla vehicles fell 46.2 percent, despite its return to a government list of cars eligible for electronic car subsidies. (Reporting by Riham Alkousaa; Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/germany-vehicleregistrations/german-car-registrations-up-8-pct-in-april-on-suv-sales-kba-idUSL8N1SA4SJ |
Updated 10 minutes ago BRIEF-Fuel Tech Reports Q1 Loss Per Share $0.01 Fuel Tech Inc: * Q1 REVENUE ROSE 50.6 PERCENT TO $12.8 MILLION
* CAPITAL PROJECTS BACKLOG WAS $19.7 MILLION AT MARCH 31 2018
* COMPANY REITERATES ITS FORECAST FOR CONTINUING OPERATIONAL IMPROVEMENT IN 2018 WHEN COMPARED TO 2017 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fuel-tech-reports-q1-loss-per-shar/brief-fuel-tech-reports-q1-loss-per-share-0-01-idUSASC0A14S |
May 25, 2018 / 3:01 AM / Updated 11 hours ago Gunman at Oklahoma restaurant shot dead by bystander Reuters Staff 1 Min Read
(Reuters) - A gunman who wounded two people in an Oklahoma restaurant on Thursday was shot dead by a bystander when he walked outside the business, authorities said.
The gunman opened fire when he entered a Louie’s restaurant in Oklahoma City’s Lake Hefner district on Thursday evening, wounding two people, police said on Twitter.
“A bystander with a pistol confronted the shooter outside the restaurant and fatally shot him,” the police Twitter feed said.
The wounded people were taken to hospital and are expected to survive. One other person was injured but not by gunfire, and a fourth person had a minor injury with the cause unclear.
The motive for the shooting is under investigation and the gunman’s identity has not been confirmed, police said. Reporting by Ian Simpson in Washington; Editing by Michael Perry | ashraq/financial-news-articles | https://www.reuters.com/article/us-oklahoma-shooting/gunman-at-oklahoma-restaurant-shot-dead-by-bystander-idUSKCN1IQ0AJ |
(Reuters) - Autodesk Inc ( ADSK.O ) forecast second-quarter profit on Thursday below Wall Street expectations, sending the AutoCAD software maker’s shares down nearly 4 percent in extended trading.
The company’s forecast overshadowed a beat on both first quarter revenue and profit.
Autodesk forecast second-quarter adjusted profit between 13 cents and 16 cents per share. Analysts on average were expecting a profit of 18 cents per share, according to Thomson Reuters I/B/E/S.
The company — which competes with Adobe Systems Inc ( ADBE.O ), Ansys Inc ( ANSS.O ) and Dassault Systemes SA for design software customers — is shifting to a subscription-based business model to generate a more sustainable revenue stream.
Autodesk’s subscription revenue more than doubled to $350.4 million in the reported quarter, above estimates of $328.9 million.
Net loss narrowed to $82.4 million, or 38 cents per share, in the first quarter ended April 30, from $129.6 million, or 59 cents per share, a year earlier.
Excluding items, the company earned 6 cents per share, above estimates of 3 cents.
Total revenue rose 15.3 percent to $559.9 million, beating estimates of $558.4 million.
Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta
| ashraq/financial-news-articles | https://www.reuters.com/article/us-autodesk-results/autodesk-reports-15-3-percent-rise-in-quarterly-revenue-idUSKCN1IP3HW |
By Don Reisinger 1:06 PM EDT
Facebook on Tuesday released numbers on the kinds of content—and how much of it—the company has removed in recent months. And the data is staggering.
In the first quarter of 2018, Facebook removed 2.5 million pieces of hate speech from its social network. Just 38% of that content was “flagged” by the company’s automated technology, requiring the remaining content to be discovered and flagged by humans. Facebook’s technology did a better job of finding graphic violence and automatically identified 86% of the 3.5 million pieces of that kind of content that was removed during the period.
Moving on, Facebook said that it removed 21 million pieces of content that depicted adult nudity and sexual activity and 96% of that was discovered by its technology before a user reported the content. Facebook said that for every 10,000 pieces of content on the service, seven to nine views were made on content that in some way violates its pornography regulations.
Get Data Sheet , Fortune’s technology newsletter
Spam continues to be a problem at Facebook and a whopping 837 million pieces were removed from its service during the first quarter. Luckily for Facebook, nearly all of that content was scrubbed from the social network by its technology.
Fake accounts disabled during the first quarter hit 583 million, and the majority of them were removed “within minutes of registration,” Facebook reported. Facebook also stops millions of fake accounts from even signing up for its service each day. However, the company estimates that between 3% and 4% of the active accounts on its service are fake. Facebook has more than 2 billion monthly active users, suggesting there are still millions of fake accounts on its service at any given time.
Facebook released the data not to brag, but instead, the company said in a statement that it’s offering up its statistics so users can judge its performance themselves.
“We believe that increased transparency tends to lead to increased accountability and responsibility over time, and publishing this information will push us to improve more quickly too,” Facebook vice president of product management Guy Rosen wrote in a statement. He added that Facebook welcomes feedback to the data.
The data’s release comes at a tumultuous time for Facebook as the company grapples with privacy concerns following the revelation earlier this year that information on millions of its users was obtained by former political consulting company Cambridge Analytica . Facebook and its CEO Mark Zuckerberg subsequently apologized for the data leak. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/facebook-hate-speech-removals/ |
May 3 (Reuters) - MedicPen AB (publ):
* Q1 NET SALES SEK 2,608 * Q1 PRETAX LOSS SEK 4.1 MILLION VERSUS LOSS SEK 3.4 MILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-medicpen-q1-pretax-loss-widens-to/brief-medicpen-q1-pretax-loss-widens-to-sek-4-1-million-idUSFWN1SA07H |
SPRINGFIELD, Mass. and SAN FRANCISCO, May 25, 2018 /PRNewswire/ -- University Games, a San Francisco-based game and puzzle company, announced today the acquisition of The Haywire Group, the award-winning manufacturer of dozens of games including Flickin' Chicken and Pizza Party dice game.
Haywire was founded in 2005 by Barbara and Michael Fisher as a place where they could improve the lives of kids around the world through game play. Since 2005, Haywire has literally gone "haywire" introducing dozens of games that are directed at helping kids develop their fine and gross motor skills, reading, early math and critical thinking skills. In 2017, Haywire broadened its scope with the hilarious trivia game "Are You Dumber than a Box of Rocks?" to provide entertaining and learning for the entire family.
"We are honored to have the great assortment of games from The Haywire Group join our stable at University Games. I hope that the rest of the world enjoys Flickin' Chicken as much as I do, and who doesn't like a good game of Shaboom?" asked University Games' co-founder, Bob Moog.
Michael Fisher added, "For The Haywire Group, we look forward to our collaboration with University Games to broaden our reach internationally and expand our mission to help kids learn and develop as people. University Games shares our original goal of mixing learning and fun."
Along with their creative team, Michael and Barbara Fisher will continue to be active in the game industry under Haywire's sister company, Grand Prix International (GPI) and its newly expanded Design and Development Services.
University Games will expand the reach of the Haywire product line to include international markets in Canada, UK, Australia and New Zealand in 2018 and then additional international markets in 2019.
ABOUT UNIVERSITY GAMES
University Games was founded by Cris Lehman and Bob Moog on April 1, 1985. The company is active in more than 60 countries developing, marketing and distributing board games, puzzles, STEAM products and pre-school activities. The Haywire Group is the 12 th acquisition for University Games.
ABOUT THE HAYWIRE GROUP
Haywire was founded in 2005 by Barbara and Michael Fisher. The Company specializes in learning games starting with the award winning Dicecapades. Currently the company markets games to children and families. Top sellers include Flickin' Chicken ® , Pizza Party ® , Kerfuffle ® and Shaboom ® .
For more information contact: Jenny Mizicko 415-934-3705, [email protected]
View original content: http://www.prnewswire.com/news-releases/university-games-announces-acquisition-of-the-haywire-group-300655106.html
SOURCE University Games | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-university-games-announces-acquisition-of-the-haywire-group.html |
Palestinians, Israeli troops clash on Nakba day 1:06pm EDT - 00:48
Palestinians clashed with Israeli forces in the West Bank during Nakba or ''catastrophe'' day when hundreds of thousands of Palestinians were dispossessed when the state of Israel was created. Rough cut (no reporter narration).
Palestinians clashed with Israeli forces in the West Bank during Nakba or "catastrophe" day when hundreds of thousands of Palestinians were dispossessed when the state of Israel was created. Rough cut (no reporter narration). //reut.rs/2rKuKsO | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/palestinians-israeli-troops-clash-on-nak?videoId=427136626 |
DALIAN/MANILA (Reuters) - Global trader Glencore ( GLEN.L ) carried out the first trade by a foreign firm for Chinese iron ore futures on Friday, the first day that the Dalian Commodity Exchange opened the contract to overseas investors, the exchange said.
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Iron ore is the second commodity China has opened to outside investors after launching crude oil futures in March. The move is expected to increase trading in the contract, which was launched in 2013 and is already among China’s most liquid derivatives.
Reporting by Muyu Xu and Manolo Serapio Jr.; Editing by Christian Schmollinger
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-futures-glencore/glencore-first-foreign-firm-to-trade-iron-ore-futures-after-china-opens-market-idUSKBN1I507L |
SAN FRANCISCO (AP) — Three of the five close-calls involving aircraft reported in the past 16 months at San Francisco International Airport were caused by pilots, federal authorities said Wednesday.
The Federal Aviation Administration found that in three instances planes lined up to use the wrong runway and taxiways due to pilot error.
Another plane was mistakenly cleared to land on the wrong runway by a tower controller, the FAA said.
In the most recent incident on Jan. 9, an Aeromexico passenger jet was ordered to abort a landing as it descended toward a runway occupied by another commercial jet.
The FAA determined the mistake was pilot error and said Aeromexico provided more training to its pilots for flying into San Francisco and distributed a safety alert to its pilots about the incident.
On Oct. 22, 2017, an Air Canada flight was cleared to land but a tower controller then instructed the crew multiple times to circle because he was not certain that a preceding arrival would be clear of the runway.
The Air Canada crew did not acknowledge the controller's instructions. The FAA's investigation found the crew inadvertently switched from the San Francisco tower frequency to a ground frequency after receiving landing clearance.
The FAA determined that on Feb. 15, 2017, a traffic controller mistakenly cleared a Compass passenger jet lo land on a runway where a Virgin America plane was waiting for take-off.
Two months earlier, on Dec. 14, 2016, a SkyWest pilot was given taxiing instructions and correctly read them back but then turned onto the wrong taxiway. The aircraft stopped 65 feet from the runway edge, where a United Airlines Boeing 737 was taking off.
The airport, which many pilots say is notoriously difficult for landings, has been under more scrutiny since July 8, when an Air Canada jet was descending toward a taxiway holding four other loaded planes rather than the assigned runway and narrowly avoided disaster.
The investigation led by the National Transportation Safety Board is ongoing.
Since then, the airport has reinforced its ground radar system and shut down a confusing taxiway, the FAA said.
The report findings were first reported by the Mercury News in San Jose. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-agency-pilots-caused-3-san-francisco-airport-close-calls.html |
5/10/2018 12:01PM Historic Malaysian Election: Why the World Is Watching Malaysia’s opposition ousted the embattled ruling coalition, clearing the way for new investigations into Prime Minister Najib Razak’s alleged misappropriation of money in the 1MDB corruption scandal, possibly one of the largest global financial scams of all time. | ashraq/financial-news-articles | http://www.wsj.com/video/historic-malaysian-election-why-the-world-is-watching/2874CF34-2170-44A5-BF79-982FA60BDF6A.html |
NEW YORK (Reuters) - A New York nanny convicted of murder in the fatal stabbing of two young children in her care heads to court on Monday to be sentenced for her role in a crime that has been described as every parent’s nightmare.
FILE PHOTO: Yoselyn Ortega, a nanny who is accused of killing Lucia and Leo Krim, ages 6 and 2 respectively, arrives for a hearing for her trial at Manhattan Supreme Court in New York, NY, U.S., July 8, 2013. REUTERS/Lucas Jackson/File Photo In a case that drew national headlines, Yoselyn Ortega, 56, faces life behind bars for slaying Lucia Krim, 6, nicknamed Lulu, and her 2-year-old brother, Leo, and leaving their bloody bodies in a bathtub in their luxury Manhattan apartment in October 2012.
A jury in April found her guilty of murdering both children, which is punishable by a maximum sentence of life in prison.
Ortega, whose lawyers failed to convince the panel she was not guilty by reason of insanity, on Monday returns to state Supreme Court in Manhattan for sentencing in a case that rattled many parents who entrust their children to a caretaker.
The two-month trial featured testimony by the children’s mother, Marina Krim. She recalled the shock of returning to the family’s Upper West Side apartment to find her children slain and their nanny standing over them stabbing her own neck with a kitchen knife. Krim had come home with the children’s 3-year-old sister, Nessie, after Ortega failed to show up with the children at Lulu’s dance lesson.
“I just wanted to wake up from this nightmare that I knew wasn’t a nightmare. It was real,” Krim told jurors. “It’s like a total horror movie.”
The motive, prosecutors said, was Ortega’s overwhelming financial problems after bringing her 17-year-old son from the Dominican Republic and her resentment toward Marina Krim, married to then-CNBC executive Kevin Krim, for being the mother “she could never be.”
In 2012, in the aftermath of the killings, the Krims founded the Lulu & Leo Fund, which supports creativity in schools. Their family now includes two more children: Felix, born in October 2013, and Linus, born in January 2016.
Writing by Barbara Goldberg; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-nanny/new-york-nanny-faces-life-in-haunting-murder-of-children-in-her-care-idUSKCN1IF15I |
BOSTON--(BUSINESS WIRE)-- Tri-Continental Corporation (the “Corporation”) (NYSE: TY) today declared a second quarter ordinary income distribution of $0.2236 per share of Common Stock and $0.6250 per share of Preferred Stock. In addition, the Corporation declared a capital gain distribution of $0.2295 per share of Common Stock. Distributions on Common Stock will be paid on June 28, 2018 to Common Stockholders of record on June 20, 2018 and dividends on Preferred Stock will be paid on July 2, 2018 to Preferred Stockholders of record on June 20, 2018. The ex-dividend date for both the Common Stock and the Preferred Stock is June 19, 2018. The $0.2236 per share ordinary income distribution and the $0.2295 per share capital gain distribution on the Common Stock is in accordance with the Corporation’s distribution policy. The capital gain distribution, being a special distribution, will be paid in stock except that any stockholder of record as of June 20, 2018, may elect to receive such distribution as follows: 75% in shares and 25% in cash; 50% in shares and 50% in cash; or 100% in cash.
The Corporation has paid dividends on its common stock for 74 consecutive years. The Corporation’s investment manager is Columbia Management Investment Advisers, LLC, a wholly owned subsidiary of Ameriprise Financial, Inc.
The Corporation’s distributions on common stock will vary. The Corporation’s current distributions (as estimated by the Corporation based on current information) are from the earnings and profits of the Corporation. No amount of the Corporation’s current distribution consists of a return of capital (i.e., a return of some or all of your original investment in the Corporation).
The net asset value of the Corporation’s common shares may not always correspond to the market price of such shares. Shares of many closed-end funds frequently trade at a discount from their net asset value. An investment in the Corporation is subject to stock market risk, which is the risk that market prices for the Corporation’s common shares may decline over short or long periods, adversely affecting the value of an investment in the Corporation.
Securities selected for the Corporation using quantitative methods may perform differently from the market as a whole and there can be no assurance that this methodology will enable it to achieve its objective. The Corporation’s portfolio investments are subject to market risk, which may affect a single issuer, sector of the economy, industry or the market as a whole. Fixed income investments, including convertible securities, are subject to credit risk, interest rate risk, and prepayment and extension risk. These risks may be more pronounced for longer-term securities and high-yield securities (“junk bonds”). In general, bond prices rise when interest rates fall and vice versa. Convertible securities are subject to both the risks of their security type prior to conversion as well as their security type after conversion. The Corporation’s use of leverage, including through its preferred stock, exposes it to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns.
You should consider the investment objectives, risks, charges, and expenses of the Corporation carefully before investing. A prospectus containing information about the Corporation (including its investment objectives, risks, charges, expenses, and other information) may be obtained by contacting your financial advisor or Columbia Management Investment Services Corp. at 800-345-6611. The prospectus can also be found on the Securities and Exchange Commission’s EDGAR database. The prospectus should be read carefully before investing in the Corporation. There is no guarantee that the Corporation’s investment goals/objectives will be met or that distributions will be made, and you could lose money.
Tri-Continental is managed by Columbia Management Investment Advisers, LLC. This material is distributed by Columbia Management Investment Distributors, Inc., member FINRA.
Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.
Past performance does not guarantee future results.
Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
© 2018 Columbia Management Investment Advisers, LLC. All rights reserved.
columbiathreadneedle.com/us
Adtrax #2130024
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005429/en/
For Tri-Continental Corporation
Stockholder contact:
Kevin Howley, 617-385-9517
[email protected]
or
Media contact:
Elizabeth Kennedy, 617-897-9394
[email protected]
Source: Tri-Continental Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-tri-continental-corporation-declares-second-quarter-distribution.html |
May 11, 2018 / 5:32 PM / Updated 16 minutes ago English County Championship Division Two Scoreboard Reuters Staff 2 Scoreboard at stumps on the first day of between Middlesex and Gloucestershire on Friday at London, England Middlesex are 356 for 6 Middlesex 1st innings Sam Robson c Gareth Roderick b Daniel Worrall 36 Nick Gubbins c Gareth Roderick b Daniel Worrall 99 Stevie Eskinazi c Kieran Noema-Barnett b Daniel Worrall 31 Dawid Malan lbw Matt Taylor 76 Eoin Morgan lbw Ryan Higgins 76 Hilton Cartwright c Chris Dent b Matt Taylor 0 John Simpson Not Out 15 James Harris Not Out 2 Extras 9b 12lb 0nb 0pen 0w 21 Total (96.0 overs) 356-6 Fall of Wickets : 1-77 Robson, 2-165 Eskinazi, 3-186 Gubbins, 4-318 Malan, 5-320 Cartwright, 6-353 Morgan To Bat : Rayner, Helm, Finn Bowling Ov Md Rn Wk Econ Ex Daniel Worrall 20 3 59 3 2.95 Matt Taylor 20 1 92 2 4.60 Ryan Higgins 18 4 55 1 3.06 Craig Miles 16 2 70 0 4.38 Kieran Noema-Barnett 7 0 24 0 3.43 Graeme van Buuren 15 3 35 0 2.33 Umpire Steve O'Shaughnessy Umpire Jonathan Blades Home Scorer Donald Shelley Away Scorer Adrian Bull | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-two-scoreboard-idUKMTZXEE5BKRA84F |
May 3, 2018 / 7:50 AM / Updated 12 minutes ago EU moves to curb imports of Chinese e-bikes Reuters Staff 1 Min Read
BRUSSELS (Reuters) - The European Commission has made imports of electric bicycles (e-bikes) from China subject to registration, meaning that eventual duties can be backdated to early in May, the EU official journal said on Thursday.
The Commission has launched anti-dumping and anti-subsidy investigations, the latest in a series of EU studies into and measures against Chinese exports ranging from solar panels to steel.
The European Bicycle Manufacturers Association (EBMA), whose complaints prompted the investigations, says Chinese companies are flooding the EU market with pedal-assist e-bikes at prices sometimes below the cost of production, aided by subsidies.
The Commission has until July 20 to determine whether to impose provisional anti-dumping duties. If they are imposed, they would also apply to the period during which imports are registered. The EU official journal said that this would start on Friday. Reporting by Philip Blenkinsop | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eu-china-bicycles/eu-moves-to-curb-imports-of-chinese-e-bikes-idUKKBN1I40ND |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.