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WASHINGTON (Reuters) - Tax activists this week criticized a U.S. government move to exempt large defense contractors from a financial disclosure rule meant to fight international tax dodging, saying the need for a national security exemption was unproven.
The Financial Accountability and Corporate Transparency (FACT) Coalition’s criticism came after the U.S. Treasury and Internal Revenue Service sided in late March with defense contractors that had asked the agencies for the exemption.
The new rule, part of a global tax accountability push that the United States has largely supported, requires U.S.-based multinational corporations with revenues exceeding $850 million to report revenue annually on a country-by-country basis.
The disclosure is meant to give tax authorities a clearer idea of a company’s business commitments in specific countries, especially low-tax nations where multinationals often funnel revenues to minimize their tax liabilities.
But defense contractors, represented by both the Aerospace Industries Association (AIA) and the National Association of Manufacturers (NAM), argued that the reporting rule would also result in disclosure of other information.
“We are concerned that militarily sensitive information would be contained in or extractable from country-by-country reports envisioned by the proposed rule, particularly with respect to reporting on personnel, sales, and tangible assets in each country,” the AIA said in a March 2016 letter to the IRS.
AIA’s members include contractors such as General Dynamics Corp. ( GD.N ), Lockheed Martin Corp. ( LMT.N ), Northrop Grumman Corp. ( NOC.N ), Raytheon Co. ( RTN.N ) and Boeing Co. ( BA.N )
Treasury and the IRS sided with the contractors and exempted entities with more than 50 percent of annual revenue derived from contracts with the U.S. Department of Defense or other U.S. intelligence or security agencies.
The IRS said in a March 30 notice that they had sought input on a possible national security exemption when crafting the original rule. Subsequent consultations with the Defense Department and Treasury prompted the exemption, the IRS said.
But, in a letter this week to the Treasury, the FACT Coalition, which represents 100 groups including organizations on tax fairness, government ethics and international poverty, said the agencies had provided no “reasoned analysis justifying creation of the national security exception.”
“The notice’s creation of an immediate national security exception to the (country-by-country) reporting requirement is arbitrary and capricious,” the FACT Coalition wrote in the April 30 letter.
The IRS could not immediately be reached for comment on the FACT letter. The Treasury did not immediately respond to a request for comment.
The country-by-country IRS rule was intended to align with 2015 recommendations from the Organisation for Economic Co-operation and Development, an international group of advanced economies that has been working to curb corporate tax dodging.
The FACT letter said the IRS failed to acknowledge that the Defense Department, when crafting the original rule, had said that country-by-country revenue information “generally does not pose a national security concern.”
Additional reporting by Mike Stone; Editing by Kevin Drawbaugh and Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-tax-corporate/tax-activists-slam-u-s-reporting-exemption-for-defense-firms-idUSKBN1I24J4 |
ZURICH, May 1 (Reuters) - Austrian Airlines and labour representatives have agreed a wage deal through 2021 for flight staff that increases pay while making working conditions more flexible, the unit of Deutsche Lufthansa said on Tuesday.
Salaries for cabin crew and pilots are set to increase by 5.5 percent in 2018, 2.5 percent in 2019, 1.83 percent in 2020 and by at least 1.4 percent in 2021, it said in a statement.
Starting salaries for flight attendants are to increase by 10.7 percent to 1,700 euros a month.
“At the same time, flight duty regulations are to be made more flexible in order to better compensate seasonal fluctuations in passenger demand,” it said.
Austrian Airlines employs around 7,000 people, including more than 1,200 pilots and 2,400 flight attendants. (Reporting by Michael Shields, editing by Louise Heavens)
| ashraq/financial-news-articles | https://www.reuters.com/article/lufthansa-austria/austrian-airlines-agrees-wage-deal-with-flight-staff-idUSL8N1S814S |
May 4 (Reuters) - Graham Holdings Co:
* KAPLAN ACQUIRES LEADING PUBLISHER OF PROFESSIONAL LICENSING EXAM GUIDES IN ENGINEERING FIELDS
* KAPLAN - UNDER KAPLAN’S MANAGEMENT, PPI CEO PATTY STEINHARDT WILL CONTINUE TO LEAD OPERATIONS AND COMPANY WILL REMAIN IN BELMONT
* KAPLAN INC - TERMS OF TRANSACTION, WHICH CLOSED TODAY, WERE NOT RELEASED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kaplan-acquires-publisher-of-profe/brief-kaplan-acquires-publisher-of-professional-licensing-exam-guides-in-engineering-fields-idUSASC09ZYJ |
April 30 (Reuters) - Scoa Nigeria PLC:
* Q1 ENDED MARCH 2018 LOSS BEFORE TAX OF 121.6 MILLION NAIRA VERSUS LOSS OF 240.0 MILLION NAIRA YEAR AGO
* QTRLY REVENUE 114.3 MILLION NAIRA VERSUS 370.3 MILLION NAIRA Source text : bit.ly/2HDrgTO Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-scoa-nigeria-qtrly-revenue-1143-ml/brief-scoa-nigeria-qtrly-revenue-114-3-mln-naira-versus-370-3-mln-naira-idUSFWN1S70MT |
Consumer could be about to face biggest hurdle yet 20 Hours Ago How much of an impact will pain at the pump have on consumer stocks. With CNBC's Melissa Lee and the Fast Money traders, Pete Najarian, Tim Seymour, Dan Nathan and Guy Adami. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/consumer-could-be-about-to-face-biggest-hurdle-yet.html |
Costamare Inc:
* . REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* Q1 ADJUSTED EARNINGS PER SHARE $0.12 * Q1 EARNINGS PER SHARE VIEW $0.12 — THOMSON REUTERS I/B/E/S
* QTRLY EARNINGS PER SHARE $0.20 * Q1 REVENUE VIEW $95.3 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-costamare-q1-adjusted-earnings-per/brief-costamare-q1-adjusted-earnings-per-share-0-12-idUSASC09YSF |
Marseilles, May 31, 2018
Main decisions of the Combined General Meeting of May 30, 2018
The Combined General Shareholders' Meeting of BOURBON Corporation SA was held on May 30, 2018 at 3 pm in Palais Brongniart - Place de la Bourse - Paris, and chaired by Mr. Jacques de Chateauvieux.
All resolutions presented to the General Meeting were approved and, in particular:
the appropriation of 2017 net income in available reserve account; the ratification of the transfer of the head office of BOURBON Corporation SA to Marseilles; the ratification of the provisional appointment of Mr. Adrien de Chomereau; the reappointment of Ms. Agnès Pannier-Runacher and of Mr. Mahmud B. Tukur as Directors; the appointment of Mr. Antoine Grenier as Director; the approval of the principles and criteria for determination, distribution, and allocation of the fixed, variable and exceptional components of total compensation and benefits of any kind payable to the Executive Directors for the 2018 fiscal year; the approval of the compensation components paid or granted for the fiscal year ended December 31, 2017 to Mr. Jacques de Chateauvieux, Mr. Christian Lefèvre, Mr. Gaël Bodénès and Ms. Astrid de Bréon; the authorization for the Board of Directors to arrange for the Company to buy back and cancel its own shares; the renewal of the delegation of authority enabling the Board of Directors to increase the capital through the incorporation of reserves, profits and/or premiums; the introduction of an article 13 bis "Directors representing employees" into the bylaws.
To mark the 70 years of BOURBON, Jacques de Chateauvieux shared with the shareholders a personal view on the company's perspectives in the difficult context that she is going through.
The Board of Directors, as a result, comprises ten members including four women, three members of foreign nationality and five independent members and continues to serve the company through its gender-equal and diverse composition and a complementary range of experiences and cultures of its members.
As a consequence of the General Meeting, there will not be any dividend paid for 2017.
In the coming few days, full results of the votes on resolutions, full transcript and presentation will be available on http://www.bourbonoffshore.com/en/2018-combined-annual-shareholders-meeting
FINANCIAL CALENDAR
2018 1 st Half Results press release September 6, 2018 2018 3 rd Quarter Financial information press release November 8, 2018 ABOUT BOURBON
Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub - surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest - generation vessel s and the expertise of almost 8,400 skilled employees. Through its 29 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.
BOURBON provides three operating activities (Marine & Logistics, Mobility and Subsea Services) and also protects the French coastline for the French Navy.
In 2017, BOURBON'S revenue came to €860.6 million and the company operated a fleet of 508 vessels.
Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment B.
Contacts
BOURBON Media relations agency
Publicis Consultants Investor Relations, analysts, shareholders Vilizara Lazarova +33 140 138 607 +33 144 824 634 [email protected] [email protected] Corporate Communication Christelle Loisel +33 491 136 732 [email protected]
Attachment
PDF version.pdf
Source: Bourbon | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-bourbon-main-decisions-of-the-combined-general-meeting-of-may-30-2018.html |
April 30 (Reuters) - Pegasus Heights Bhd:
* LOW TUCK MENG RESIGNS AS EXECUTIVE DIRECTOR Source text : ( bit.ly/2jhkOmL ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pegasus-heights-says-low-tuck-meng/brief-pegasus-heights-says-low-tuck-meng-resigns-as-executive-director-idUSFWN1S70GN |
ATLANTA--(BUSINESS WIRE)-- Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology services, announced today that Winnie Smith has joined the company as Vice President, Investor Relations reporting to Cameron Bready, Senior Executive Vice President and Chief Financial Officer.
"I am delighted to welcome Winnie as our new Vice President of Investor Relations,” said Bready. ”She brings a wealth of experience and a deep understanding of financial markets to the role, which I am confident will serve to further strengthen our Investor Relations function.”
Winnie joins Global Payments from Delta Air Lines, where she was Director of Investor Relations. She previously served as Director and Senior Equity Research Analyst covering the Small and Mid Cap Industrials sector at UBS Securities. She is a CFA charterholder, a member of the National Investor Relations Institute, and received a BA in Economics from Bucknell University.
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading worldwide provider of payment technology and software solutions delivering innovative services to our customers globally. Our technologies, services and employee expertise enable us to provide a broad range of solutions that allow our customers to accept various payment types and operate their businesses more efficiently across a variety of distribution channels in many markets around the world.
Headquartered in Atlanta, Georgia with more than 10,000 employees worldwide, Global Payments is a member of the S&P 500 with customers and partners in 30 countries throughout North America, Europe, the Asia-Pacific region and Brazil. For more information about Global Payments, our Service. Driven. Commerce brand and our technologies, please visit www.globalpaymentsinc.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005206/en/
Global Payments Inc.
Investor contact:
Heather Ross, 770-829-8478
[email protected]
or
Media contact:
Laura Coerper, 770-829-8755
[email protected]
Source: Global Payments Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-global-payments-names-winnie-smith-vice-president-of-investor-relations.html |
" Solo ," the latest movie in the "Star Wars" franchise, is expected to bring in $170 million during its opening weekend, which is also forecast to be the biggest weekend for U.S. theaters ever . And although the original "Star Wars" creator George Lucas sold Lucasfilm and the franchise to Disney in 2012 for $4 billion, the retired filmmaker's Type A tendencies are arguably what set up the sci-fi series for continued, decades-long success.
Mashable editor Chris Taylor describes Lucas as a "ruthless perfectionist" in his 2014 book " How Star Wars Conquered the Universe ," further explaining, in a New Yorker interview , that Lucas "had a dogged persistence to produce something that had the general contours of his vision."
It is possible that Lucas picked up some of his creative habits from the late tech visionary Steve Jobs. The two worked together when Jobs briefly left Apple and bought the computer animation studio Pixar from Lucas . And they both benefited from having Type A personalities.
Venture capitalist Guy Kawsaki , who also worked with Jobs in the '80s and '90s, says that "one of the things that made Steve so successful was he was such a perfectionist."
"One of the most important lessons that I learned from Steve Jobs is that changing your mind is a sign of intelligence, it's a sign of competence," he adds.
show chapters How Steve Jobs transformed Apple according to one of Apple's early employees 4:27 PM ET Tue, 31 Oct 2017 | 01:16 Lucas has noted that he is a lot like Jobs and proud of it.
"Steve was way, way out there," Lucas tells Fortune in a eulogy for Jobs in 2011 . "I make movies that nobody thinks are going to work. Steve made products that nobody thinks would work."
In the end, Jobs' perfectionism and his enthusiasm for Apple taught Lucas a major lesson: "For any entrepreneur or corporate executive, if they don't love the product and love the job – if they're not passionate – it doesn't work long term."
show chapters This breakout lead used her ‘Star Wars’ salary to pay off student loans 10:57 AM ET Thu, 28 Dec 2017 | 01:06 Lucas no longer directs the "Star Wars" movies but his influence is all over "Solo," director Ron Howard says. Though Lucas came up with the idea for it years ago, he made a point to visit the "Solo" set after a major director shakeup to share the vision he originally had for the movie.
In a recent interview, Taylor asked Howard, whether Lucas wrote any lines for the film. It turns out Lucas didn't tell the actors what to say but rather how to carry out their roles: "It wasn't a line. It was an attitude, it was a behavior, it was physical comedy," Howard tells Taylor. And Lucas taught lead actor Alden Ehrenreich to have "the swagger of Han Solo," which, Howard says, Lucas "generally does not carry around with him."
Still, Taylor points out that Lucas has the ability to be flexible, too, and not get bogged down in micromanaging, often telling his collaborators things like , "I will allow you to influence this movie and insert things I wouldn't think of."
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'Solo' star Alden Ehrenreich: The best investment you can make only costs 'a few bucks' Bill Gates learned what he needed to start Microsoft in high school show chapters Tim Cook says Apple founder Steve Jobs had this unique gift 5:07 PM ET Tue, 12 Sept 2017 | 02:55 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/the-same-trait-helped-both-george-lucas-and-steve-jobs-succeed.html |
May 7 (Reuters) - OPONEO.PL SA:
* APRIL REVENUE AT 114.6 MILLION ZLOTYS, UP 52 PERCENT YOY Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-oponeopl-april-revenue-up-52-pct-y/brief-oponeo-pl-april-revenue-up-52-pct-yoy-idUSFWN1SE0BS |
PARIS (Reuters) - Rival Libyan factions agreed on Tuesday on a declaration that would create a political framework to pave the way for U.N.-backed elections in December to end the country’s seven-year-old conflict.
French President Emmanuel Macron, Libyan Prime Minister Fayez al-Sarraj, Khalifa Haftar, the military commander who dominates eastern Libya, and the participants of the International Conference on Libya listen to a verbal agreement between the various parties regarding the organization of a democratic election this year at the Elysee Palace in Paris, France, May 29, 2018. Etienne Laurent/Pool via Reuters The oil-producing nation splintered following the 2011 NATO-backed revolt that toppled Muammar Gaddafi, and since 2014 has been divided between competing political and military groups based in Tripoli and the east.
The United Nations is leading an effort to reunify Libya and to organise national elections. France under President Emmanuel Macron has sought to play a bigger role in coaxing the factions to end the turmoil, which has let Islamist militants gain a foothold and migrant smugglers flourish.
The Paris meeting, included eastern-based commander Khalifa Haftar, Tripoli Prime Minister Fayez Seraj, and the leaders of rival parliamentary assemblies, aimed to urge them to agree general principles for ending the conflict and moving towards elections.
The four stakeholders said they had agreed on a document to work constructively with the U.N. to realise credible and peaceful elections by Dec. 10 and abide by the results.
“Nobody says it will be a path layered with roses. The challenges exist and will continue to grow,” Seraj told a news conference.
“Last month there was a terrorist attack and there are a certain number of enemies to this democratic process.”
The declaration was not signed as originally planned because the parties do not all recognise each other’s legitimacy and want to consult their home base, but they agreed in principle.
The eight-point document includes a call for the immediate unification of the central bank and the phasing out of parallel government and institutions. It makes a commitment to support the creation of a national army and encourage a dialogue on the issue in Cairo.
The parties committed to set the constitutional basis for elections and to adopt electoral laws by Sept. 16 with a view to holding legislative and presidential elections on Dec. 10.
TEXT CHANGED Libya U.N. envoy Ghassan Salame said he would have his work cut out in the coming weeks, but that he saw a convergence between the will of the Libyan people and the international community.
“This convergence must not be lost,” he said.
The declaration also agrees to an inclusive political national conference, without setting a timeframe. Unlike an earlier draft, it no longer directly threatens international sanctions on those who impede the accord or dispute the outcome of elections.
Claudia Gazzini, senior Libya analyst for the non-governmental International Crisis Group, said the statement was more nuanced than earlier drafts, but set an “extremely optimistic” timeframe for elections and left unclear how the powers of a future president would be decided.
Past attempts at peace deals in Libya have often been scuttled by internal divisions among the country’s armed groups and by the different countries backing the local actors.
To tackle that, 20 countries and organisations were represented, including Italy, Turkey, United Arab Emirates, Qatar and Libya’s neighbours, who all have influence over different groups on the ground.
“By accepting these dates and a protocol, nobody will be able to say they don’t agree, because (all the protagonists) were here today,” Macron said at the news conference.
French President Emmanuel Macron accompanies Tunisia's President Beji Caid Essebsi after an international conference on Libya at the Elysee Palace in Paris, France, May 29, 2018. REUTERS/Philippe Wojazer Additional reporting by Aidan Lewis in Tunis; Editing by Andrew Roche
| ashraq/financial-news-articles | https://in.reuters.com/article/libya-security-meeting/libyan-factions-agree-to-dec-10-elections-at-paris-talks-idINKCN1IU1VY |
May 8 (Reuters) - Banque Profil De Gestion SA:
* Q1 NET PROFIT OF CHF 247,357 COMPARED TO A NET PROFIT OF CHF 309,196 AS OF MARCH 31, 2017 Source text - bit.ly/2KJDMis Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-banque-profil-de-gestion-q1-net-pr/brief-banque-profil-de-gestion-q1-net-profit-at-chf-247357-idUSFWN1SF191 |
May 8, 2018 / 3:07 PM / Updated 13 hours ago Bardem and Cruz walk the red carpet to open Cannes Film Festival Robin Pomeroy 3 Min Read
CANNES, France (Reuters) - Spanish film royalty, Penelope Cruz and Javier Bardem, walked the red carpet to open the Cannes Film Festival on Tuesday with their film “Everybody Knows”, written and directed by Iranian double-Oscar winner Asghar Farhadi.
Farhadi strode up the red carpet arm in arm with Bardem and Cruz, who wore a black ball gown and long ruby earrings, and Bardem, along with Argentine co-star Ricardo Darin, who is also a screenwriter and director in his own right.
The film is one of 21 vying for the Palme d’Or at the first Cannes festival since sexual abuse and harassment allegations rocked the global movie industry and gave birth to the MeToo campaign to get greater female participation in films.
Cannes has set up a hotline for victims to report any abuse during the festival and will host a series of discussions on the issue. And the jury that will award the Palme d’Or is this year headed by a woman, Australian actress Cate Blanchett, and is majority-female.
But Blanchett said the increased awareness of women’s issues would have “no direct impact” on who wins.
When asked whether she was concerned that of the 21 films in the main competition, there were only three directed by women, Blanchett told a news conference:
“A few years ago there were only two!”
“Is (MeToo) going to have a direct impact upon the films in competition this year, six, nine months on? Not specifically. There are several women in competition but they are not there because of their gender, they are there for the quality of their work.”
She added: “Would I like to see more women in competition? Absolutely. Do I expect and hope that’s going to happen in the future? I hope so.” 71st Cannes Film Festival - Opening ceremony and screening of the film "Everybody Knows" (Todos lo saben) in competition - Cannes, France, May 8, 2018. Cate Blanchett, Jury President of the 71th Cannes Film Festival, on stage. REUTERS/Stephane Mahe
But, as if to show how women must not be overlooked in cinema, she had a barbed response to a reporter who asked the “filmmakers” - meaning the directors, rather than actors - on the jury to answer “why are movies still important?”
“Actresses: don’t answer that because you have no idea how to answer that question!” Blanchett said with a raised eyebrow to fellow jury members Lea Seydoux and Kristen Stewart (an actress who has recently moved into directing).
The news conference was the last time the five-women, four-men jury will speak to the media until the end of the fortnight.
After Farhadi, another Iranian director, Jafar Panahi, will screen a movie in competition, but will be unable to attend the festival as he is officially banned from film-making by his government. Russian director Kirill Serebrennikov will also be absent as he is under house arrest in Russia on charges that his supporters say are politically motivated.
Blanchett, who called their plight “a terrible situation” was asked it that would alter the way their films are judged.
“It’s not a political film festival,” she replied, insisting that all films will be judged solely on their artistic merits.
“This is not the Nobel Peace Prize, it’s the Palme d’Or.” Slideshow (20 Images)
The festival runs from May 8 to May 19. Reporting by Robin Pomeroy; Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-filmfestival-cannes/metoo-will-not-sway-cannes-film-contest-says-jury-head-blanchett-idUKKBN1I9232 |
May 11 (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell for a second week ahead of the Treasury Department's sales of longer-dated government debt, according to Commodity Futures Trading Commission data released on Friday. The amount of speculators' bearish, or short, positions in 10-year Treasury futures exceeded bullish, or long, positions by 408,629 contracts on May 8, according to the CFTC's latest Commitments of Traders data. A week earlier, speculators held 445,678 net short positions in 10-year T-note futures. Below is a table of the speculative positions in Treasury futures on the Chicago Board of Trade and in Eurodollar futures on the Chicago Mercantile Exchange in the latest week: U.S. 2-year T-notes (Contracts of $200,000) 08 May 2018 Prior week week Long 431,577 409,605 Short 485,833 470,841 Net -54,256 -61,236 U.S. 5-year T-notes (Contracts of $100,000) 08 May 2018 Prior week week Long 544,450 570,120 Short 1,201,358 1,171,646 Net -656,908 -601,526 U.S. 10-year T-notes (Contracts of $100,000) 08 May 2018 Prior week week Long 697,678 631,024 Short 1,106,307 1,076,702 Net -408,629 -445,678 U.S. T-bonds (Contracts of $100,000) 08 May 2018 Prior week week Long 143,269 138,869 Short 137,034 145,578 Net 6,235 -6,709 U.S. Ultra T-bonds (Contracts of $100,000) 08 May 2018 Prior week week Long 66,749 64,893 Short 244,186 236,493 Net -177,437 -171,600 Eurodollar (Contracts of $1,000,000) 08 May 2018 Prior week week Long 961,731 1,067,371 Short 5,002,025 5,019,453 Net -4,040,294 -3,952,082 Fed funds (Contracts of $1,000,000) 08 May 2018 Prior week week Long 268,470 274,739 Short 222,037 165,953 Net 46,433 108,786 (Reporting by Richard Leong; Editing by Steve Orlofsky)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds-cftc/speculative-u-s-10-year-t-note-net-shorts-fall-cftc-idUSEMNI580V8 |
Eight women have come forward. | ashraq/financial-news-articles | http://fortune.com/2018/05/24/morgan-freeman-accused-of-inappropriate-behavior-and-sexual-harassment/ |
April 30 (Reuters) - Saint Jean Carbon Inc:
* SAINT JEAN CARBON INC SAYS ANNA LENTZ APPOINTED CFO * SAINT JEAN CARBON INC - ACCEPTED RESIGNATION OF BARRY PEARSON AS COMPANY’S PRIOR CFO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-saint-jean-carbon-appoints-new-cfo/brief-saint-jean-carbon-appoints-new-cfo-idUSASC09Y75 |
President Trump reverses stance on ZTE 8 Hours Ago John Rutledge of Safanad and Sara Fagen, former George W. Bush senior aide and White House political director, discuss what was driving President Trump's sudden reversal on ZTE. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/president-trump-reverses-zte-.html |
WASHINGTON, May 10, 2018 /PRNewswire-USNewswire/ -- Today, the A. James & Alice B. Clark Foundation – the family foundation of late construction pioneer Jim Clark – announced the appointment of three senior programmatic and operations leaders.
The Foundation team has been expanded to include: Ryan Palmer, Director of DC Community Initiatives; Natalie Grandison, Director of Engineering Initiatives; and Jennifer Houston, Operations and Grants Manager.
Over the course of his long and successful career, Clark constructed some of Washington's most iconic buildings. Yet his philanthropy has been, and continues to be, as impactful as the structures he built. Under the leadership of their daughter, Courtney Clark Pastrick, Mr. and Mrs. Clark quietly and generously supported Washington-area organizations, hospitals, schools, cultural institutions and veterans groups for the past 30 years through the Clark Charitable Foundation.
In 2017, Courtney Clark Pastrick – now Chair of the Board of Directors – unveiled the Foundation's new name, the A. James & Alice B. Clark Foundation, with the appointment of Joe Del Guercio as President and CEO. The Foundation established four priority investment areas – DC Community, DC Education, Engineering and Veterans Support – and appointed directors for education and veterans' initiatives, as well as a program officer responsible for monitoring and evaluation.
"Mr. Clark's vision was to give back to his community," Del Guercio said. "The team at the Clark Foundation is humbled and excited to help realize his philanthropic legacy in the next decade and beyond. To that end, I am very proud to announce our newest team members – Ryan, Natalie, and Jennifer – who will bolster our efforts to help others achieve their greatest ambitions."
The new hires bring expertise in community engagement, philanthropy, university relations and grants management.
Ryan Palmer, Director of DC Community Initiatives – A native Washingtonian, Palmer has dedicated her career to serving and advocating for the most vulnerable populations. Most recently, she served as Chief External Relations Officer for Martha's Table. Palmer brings extensive experience working across the nonprofit, philanthropic, business, and government sectors. In her new role, she is committed to building and leveraging partnerships with an array of Washington-area leaders and community champions to achieve the Foundation's mission.
Natalie Grandison, Director of Engineering Initiatives – Grandison will oversee the Foundation's engineering portfolio. Previously, she was the Director of External Relations in the Department of Mechanical Engineering at the University of Maryland's Clark School of Engineering. At the University of Maryland, she fostered business-university partnerships and oversaw student and departmental programs. In her new position, she will manage the Foundation's signature academic program, the A. James Clark Scholars program, which has now been established at 10 campuses nationwide. She will also manage the Foundation's multi-year investment of nearly $220 million to the University of Maryland.
Jennifer Houston, Operations and Grants Manager – Houston will spearhead the Foundation's grant and operations infrastructure, overseeing systems to streamline grant management and support the success of the Foundation's grantees. Having previously served as Vice President of Special Projects and Events at the consulting firm Innovative Philanthropy, Jennifer brings strong experience working with high-profile nonprofit clients in capacities that include grantmaking, foundation management, and event execution.
For media inquiries, please contact [email protected] . The executive search firm, LeaderFit, worked with the Clark Foundation on this search.
About the Foundation
The A. James & Alice B. Clark Foundation seeks out grantees who build practical, immediate and concrete connections between effort and opportunity — from scholarships for engineering students to better schools for D.C.'s children to veteran reintegration programs and the D.C. community.
View original content: http://www.prnewswire.com/news-releases/a-james--alice-b-clark-foundation-announces-three-new-leaders-300646252.html
SOURCE A. James & Alice B. Clark Foundation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-a-james-alice-b-clark-foundation-announces-three-new-leaders.html |
FAIRPORT HARBOR, Ohio, April 30, 2018 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by OurPet's Company (OTCQX:OPCO) please note the headers of the data columns in the first table have changed from 2017 and 2016, as originally issued, to 2018 and 2017. The corrected release follows.
OurPet’s Company Reports First Quarter 2018 Results
Focused E-Commerce Strategy Continues to Offset Softness in Brick and Mortar Market
OurPet’s Company (OTCQX:OPCO) ( www.ourpets.com ), a leading proprietary pet supply company, today reported operating results for the three months ended March 31, 2018.
First Quarter 2018 Summary
Grew E-Commerce revenue by 17% to $1,043,000 compared to $888,779 in the first quarter of 2017; Realized net revenue of $6.1 million, a decrease of 6.6% from the first quarter of 2017; Reported net income of $127,574, down 66.7% from the first quarter of 2017; Achieved earnings per diluted share of $0.01 compared to $0.02 in the first quarter of 2017; Expanded sales function with internal and external resources, and; Introduced Revolutionary Cosmic Gold™ Catnip Nuggets at Global Pet Expo 2018.
“Despite solid growth in our emerging E-Commerce business, our performance during the first quarter was below our expectations,” said Dr. Steven Tsengas, Chairman and CEO of OurPet’s. “The macro-economic factors that we saw in 2017 continue to pressure retailers and the supply chain, impacting both our top and bottom line during the quarter. The pet brick and mortar stores were among those impacted, and we continue to adapt our business in order to capture the benefits of our robust E-commerce platform. The pet industry and consumer demand continue to grow, and as established brands and newcomers expand their digital presence, we are positioning ourselves to benefit. Our E-commerce segment has shown sequential year over year growth for 5 years in a row from $2.0 million in 2013 to $4.1 million in 2017. We feel that OurPet’s has invested in the right people and our innovative offerings in all segments allow us to stay relevant with consumers that are shifting their shopping habits towards convenience and value.”
“During the quarter our revenues from the Food, Drug and Mass retail channel and the Pet Specialty channel were down 12.5% and 7.6% respectively, compared to the year-ago period. E-Commerce continues to increase market share and is a bright spot for us, with revenue growth of 17.4%. International sales were down 2.9% versus last year as increased sales in Asia were offset by declines in Canada where more customers opted for our direct order programs. Sales driven by our European distributor are still in early stages but are gaining traction each quarter. We are optimistic that European sales will become significant over the next 12 months. Our private label sales remained near 10% of total sales, and we continue to explore opportunities to further engage our brick and mortal channel with these offerings.”
Dean Tsengas, Vice President, Chief Operating Officer & Corporate Secretary added, “The company is constantly adapting to the market in which we operate. The first quarter is seasonally a slow quarter for OurPet’s. Additionally, we made adjustments in our west coast sales organization and addressed underperformance in that group. During the quarter we have hired internal and external sales resources to market our products aggressively across the country. We have also identified areas to remove costs from the business, including the hiring of a global sourcing manager to ensure our focus on high-quality low-cost inputs. We are optimistic about the remainder of 2018 as these organizational changes take hold. Just this week we closed a sale of about $250,000 with a national club chain for a premium version of our Designer Diner that will ship in the second quarter of this year and get placed into about 90 locations. Club chains provide increased visibility to a large audience and this sale is an example of one of the many 'irons in the fire' we have that finally came to fruition.”
Dr. Tsengas concluded, “With respect to product categories, Toys/Accessories continue to drive our revenue, comprising almost 50% of our sales followed by Bowls/Feeders at 38%, Waste/Odor at 6%, and Edibles/Consumables at 5%. Compared to the same period a year ago, sales increased 1% in the Waste/Odor category as our Switchgrass BioChar natural litter has gained traction. Revenues decreased 1% in Bowls/Feeders, although Raised feeders grew 6% over the comparable prior period. Steel bowls declined 6% due to stiff competition and direct sourcing for private label products. Edibles/Consumables declined 27% due to the discontinuation of some private label tuna and catnip products at two domestic retailers and one international Pet Specialty retailer. We expect new offerings like Cosmic Gold™ Catnip Nuggets to offset some of these losses and improve our competitive positioning. As noted above we will be offering unique innovative products to those Mass Retailers who are building their own their Private Label brands. During this first quarter, we introduced about 25 new products, with an emphasis on dog toys. Our Chompy Chewer™ dog toy combines strong reinforced fabric covered with bonded dental tips to promote healthy teeth and gums. Our Wobble Doggle™ is an electronic treat dispenser that offers a fun, interactive feeding experience. Our Metalshield™ dog bowls have been well received because of the safe durable metal coating over a special plastic that increases the strength of the bowl as well as discouraging bacteria growth.”
“A year ago, I communicated that our business model combines technical knowledge with pet knowledge to create and market innovative products that satisfy the needs of pets, pet parents, and retailers. Over the past year we have been adapting to a rapidly changing landscape in the marketplace. We still believe our strategy is solid and that our goals are achievable.”
2018 First-Quarter Results
Net revenue decreased 6.6% to $6,107,381 for the first quarter of 2018 compared to revenues of $6,536,810 for the prior-year period. The approximate $429,000 decrease was due to weaker sales of Toys/Accessories and Bowls/Feeders in the Grocery, Drug and Mass retail and Pet Specialty channels. These were offset by a 17.4% growth in E-Commerce, mainly from stronger sales of bowls and feeders.
Gross profit decreased 22.4% to $1,649,543 for the first quarter 2018 compared to $2,124,768 for the prior-year period. Gross profit margin decreased to 27.0% from 32.5% in the prior-year period due to increased component and freight costs as well as less absorption of operating overhead related to lower sales volume.
Net income decreased 66.7% to $127,574 in the first quarter of 2018 compared to $383,377 for the prior-year period. The company recognized an income tax benefit of approximately $110,000, primarily due to adjusting our deferred tax liabilities to reflect the 2018 tax rate reduction from 34% to 21%. Net income per diluted share decreased to $0.01 compared to $0.02 in the prior-year period , based on weighted average shares of 20,020,559 for the current quarter compared to a weighted average of 19,698,390 shares for the prior-year period.
About OurPet’s Company
OurPet’s Company designs, produces and markets a broad line of innovative, high-quality accessory and consumable pet products in the U.S. and overseas. Investors and customers may visit www.ourpets.com for more information about our company and its products. OurPet’s websites include www.petzonebrand.com and www.ourpets.com .
Forward-Looking Statements
Certain of the matters set forth in this press release are forward-looking and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: business conditions; growth in the industry; general economic conditions; addition or loss of significant customers; the loss of key personnel; product development; competition; risks of doing business abroad; foreign government regulations; fluctuations in foreign currency rates; rising costs for raw materials and sources of supply that may be limited or unavailable from time to time; the timing of orders booked; and the other risks that are described from time to time in OurPet’s filings with the Securities and Exchange Commission. For further information, contact:
Contacts
OurPet’s Company
Dr. Steven Tsengas, CEO
(440) 354-6500, x111
Alpha IR Group
Chris Donovan or Steve Calk
(312) 445-2870
[email protected]
OURPET'S COMPANY AND SUBSIDIARIES CONSOLIDATED OPERATING RESULTS For the Three Months Ended March 31, 2018 2017 Net revenue $ 6,107,381 $ 6,536,810 Cost of goods sold 4,457,838 4,412,042 Gross profit on sales 1,649,543 2,124,768 Selling, general and administrative expenses 1,577,533 1,643,880 Income from operations 72,010 480,888 Other (income) and expense, net 28,329 9,952 Interest expense 26,339 21,846 Income before taxes 17,342 449,090 Income Tax expense (benefit) (110,232 ) 65,713 Net Income $ 127,574 $ 383,377 Basic and Diluted Earnings Per Common Share After Dividend Requirements For Preferred Stock: Net Income $ 0.01 $ 0.02 Weighted average number of common shares outstanding used to calculate basic earnings per share 19,805,210 17,808,569 Weighted average number of common and equivalent shares outstanding used to calculate diluted earnings per share 20,020,559 19,698,390 OURPET'S COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, December 31, 2018 2017 ASSETS Cash and cash equivalents $ 828,666 $ 522,170 Investments - Trading 970,655 993,911 Receivables, net 4,381,511 5,425,513 Inventories, net 7,114,402 7,235,440 Prepaid expenses 968,027 1,000,679 Total current assets 14,263,261 15,177,713 LONG TERM ASSETS Property and equipment, net 1,872,137 1,997,186 Amortizable intangible assets, net 409,531 421,078 Intangible Assets 477,328 477,328 Goodwill 67,511 67,511 Deposits and Other assets 25,900 25,900 Total long term assets 2,852,407 2,989,003 Total assets $ 17,115,668 $ 18,166,716 LIABILITIES AND STOCKHOLDERS' EQUITY Current maturities of long-term debt 560,241 561,723 Accounts payable 867,771 792,122 Accrued expenses 422,468 691,293 Total current liabilities 1,850,480 2,045,138 LONG TERM LIABILITIES Long-term debt - less current portion above 1,028,258 1,172,374 Revolving line of credit 1,073,542 1,777,907 Deferred income taxes 183,740 325,223 Total long term liabilities 2,285,540 3,275,504 Total liabilities 4,136,020 5,320,642 Stockholders' Equity 12,979,648 12,846,074 Total liabilities and stockholders' equity $ 17,115,668 $ 18,166,716
EBITDA -- | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-correcting-and-replacing-a-ourpetas-company-reports-first-quarter-2018-results.html |
NEW YORK, May 17, 2018 /PRNewswire/ -- Campus Labs, Inc., a subsidiary of Edcentric, Inc. and a portfolio company of Leeds Equity Partners, LLC, today announced the acquisition of Chalk & Wire Learning Assessment, Inc. ("Chalk & Wire" or the "Company"), a provider of learning assessment and credentialing software used by higher education institutions to assess and measure student learning. Chalk & Wire, based in Ridgeway, Ontario, won first place for the best ePortfolio product in 2016 and 2017 based on a survey of Campus Technology readers. Chalk & Wire represents the fifth acquisition for Edcentric.
"With the addition of Chalk & Wire's market-leading ePortfolio tools and services, Campus Labs continues to evolve the resources available to follow the student journey through an institution," said Eric Reich, Co-Founder and CEO of Campus Labs. "By delivering a more embedded offering to assess students at the individual level, Campus Labs can enable institutions to deepen their understanding of student learning."
Eric Geveda, Principal of Leeds Equity Partners said, "The addition of Chalk & Wire to Campus Labs and Edcentric further solidifies its software suite. We look forward to building deeper partnerships with our customers as we seek to increase student success and enhance teaching and learning."
"Through our two-decades long legacy of work with more than 400 colleges and universities, we have developed tools and processes that evolve teaching in ways that improve student learning," said Geoff Irvine, Founder and CEO of Chalk & Wire. "Joining Campus Labs is an exciting, natural next step that will allow us to offer more comprehensive, student-centered solutions to institutions."
About Leeds Equity Partners:
Leeds Equity Partners, LLC, is a New York-based private equity firm focused exclusively on investing in the education, training and information services industries (the "Knowledge Industries"). Since 1993, Leeds Equity has provided more than $1.5 billion of private equity capital to a broad spectrum of companies across the Knowledge Industries. Leeds Equity seeks to leverage its sector-focused expertise and market insights to create long term value for its portfolio companies.
For additional information on Leeds Equity Partners, see
http://www.leedsequity.com/
About Edcentric:
Edcentric is the leading provider of institutional effectiveness software to education institutions. Edcentric's go-to-market operations include Campus Labs, based in Buffalo, NY and iModules, based in Leawood, KS. The company's software enables planning, assessment, engagement and fundraising, thereby improving overall institutional effectiveness.
For additional information on Edcentric, see
http://www.edcentric.io
About Campus Labs:
Founded in 2001, Campus Labs empowers education institutions to make valuable connections with their data. The Company offers a complete set of integrated solutions for areas such as assessment, retention, teaching, learning, student engagement, and institutional effectiveness.
For additional information on Campus Labs, see
https://www.campuslabs.com/
For More Information:
Jeffrey T. Leeds
Tel. 212-835-2000
Fax: 212-835-2020
www.leedsequity.com
View original content: http://www.prnewswire.com/news-releases/campus-labs-a-portfolio-company-of-leeds-equity-partners-completes-acquisition-of-chalk--wire-300650697.html
SOURCE Leeds Equity Partners, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-campus-labs-a-portfolio-company-of-leeds-equity-partners-completes-acquisition-of-chalk-wire.html |
8 COMMENTS Qualcomm ’s deal plans and tariff-free U.S. pork in exchange for ZTE Corp.’s continued existence—that appears to be the upshot of U.S.-China trade talks .
Whether Chinese telecom leader ZTE willfully violated the terms of its settlement with the U.S. government over sales to sanctioned Iran now appears irrelevant—barely a month after the Trump administration banned American firms from dealing with the company.
Investors will likely celebrate easing trade tensions. But the weapons used to achieve these modest ends—a halt to Chinese agricultural-tariff threats and the green light for Qualcomm’s NXP acquisition, in return for clemency on ZTE—are straight from the Chinese playbook. Beijing has long regarded laws as tools to be applied when politically convenient, rather than impartial rules.
Now, the U.S. has weaponized Iran sanctions and a Cold War-era national-security law, the legal basis of President Donald Trump’s steel and aluminum tariffs , for mercantilist ends—precisely the sort of arbitrary enforcement of law that infuriates Western businesses in China.
What does this mean for investors?
First, Beijing will see the U.S.’s obvious desire to water down agricultural tariffs ahead of the midterm elections as validating its strategy to go after Mr. Trump’s political base, weakening the administration’s hand in future negotiations. Extracting meaningful concessions that could help a broad range of businesses, instead of just a few, will become more difficult.
Second, other big trading nations and multinational companies watching the U.S. use national-security legislation and sanctions to resolve trade disputes may conclude that the rules-based international trade system is in permanent decline. Companies will intensify lobbying to protect themselves and new trade barriers will spring up. And global manufacturers may curtail investment in global supply chains— ultimately pushing up costs , and inflation.
Related Video President Trump says China is forcing U.S. companies to transfer their technology secrets to China. WSJ's Shelby Holliday tells you how. Illustration: Adele Morgan Those might seem abstract considerations. Over the long run they can matter a lot. The long-term decline of inflation in advanced economies since the early 1980s has many causes, among them graying populations, the rise of automation and regulatory reforms. But the emergence of global supply chains was certainly a significant factor in the early 2000s, during the last big synchronized global growth uptick: U.S. goods imports from China in 2007, for example, were cheaper than in late 2003, according to the U.S. Bureau of Labor Statistics.
That price competition was painful for some developed nations’ manufacturers and their workers, but it also helped keep prices for consumers cheap when oil prices were rocketing and real wage growth was moderating.
Global growth has finally shown signs of life over the past year. If the world economy keeps growing steadily—and global supply chains start to get Balkanized again—don’t be surprised to see inflation return as well.
Write to Nathaniel Taplin at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/trumps-zte-deal-is-no-u-s-win-1526376517 |
The nation’s largest public pension fund is wrestling with more turnover in the executive suite following the abrupt departure of its chief financial officer.
Charles Asubonten, who joined as CFO less than eight months ago, “no longer works” at the California Public Employees’ Retirement System, a Calpers spokesman said Tuesday. The spokesman declined to describe the circumstances surrounding Mr. Asubonten’s exit.
“It’s... | ashraq/financial-news-articles | https://www.wsj.com/articles/calpers-cfo-becomes-latest-official-to-exit-largest-u-s-public-pension-1527018374 |
The importance of having a footprint around the world: WiseTech 8:23 PM ET Tue, 1 May 2018 Richard White of WiseTech Global discusses the importance of mergers and acquisitions for the company to gain access to foreign markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/the-importance-of-having-a-footprint-around-the-world-wisetech.html |
T-Mobile US beats the Street 1 Hour Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/t-mobile-us-beats-the-street.html |
May 21, 2018 / 5:22 AM / Updated 15 minutes ago PRESS DIGEST- New York Times business news - May 21 Reuters Staff 2 Min Read
May 21 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- Comcast Corp has lined up bridge financing with investment banks as it intends to mount a campaign to snatch Twenty-First Century Fox from Walt Disney Co. nyti.ms/2rZdMH3
- The Trump administration has suspended its plan to impose sweeping tariffs on China as it presses forward with trade talks, a gesture that will temporarily ease tensions between the two nations but rapidly increase pressure on President Trump to secure the type of tough deal that he has long said is necessary to protect American workers. nyti.ms/2LgqtX5
- Deutsche Bank shareholders are set to gather for the company's annual meeting on Thursday and one of the items on the agenda will be a motion to oust Paul Achleitner, who has been the chairman of the company's supervisory board since 2012. nyti.ms/2rVuyb8 Compiled by Bengaluru newsroom | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-may-21-idUSL3N1SS29A |
WASHINGTON, May 8 (Reuters) - Trump administration officials called key members of the U.S. Congress on Tuesday and told them he had decided to withdraw from the Iran nuclear agreement, but would not reimpose sanctions for up to six months, congressional aides said.
Trump will not lift waivers for 90 days, with an option for another 90, one aide explained, as senior administration officials called members of Congress to brief them on the president’s decision shortly before his promised announcement. (Reporting by Patricia Zengerle Editing by James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-congress-calls/u-s-withdrawing-from-iran-deal-with-window-before-reimposing-sanctions-sources-idUSW1N1QW00R |
Trump blasts drugmakers for high U.S. drug prices 01:28
U.S. President Donald Trump criticized drugmakers, health insurers, and pharmacy benefits managers for making prescription drugs unaffordable for Americans, announcing his new plan to lower drug prices. Aleksandra Michalska reports.
U.S. President Donald Trump criticized drugmakers, health insurers, and pharmacy benefits managers for making prescription drugs unaffordable for Americans, announcing his new plan to lower drug prices. Aleksandra Michalska reports. //reut.rs/2rCArZz | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/11/trump-blasts-drugmakers-for-high-us-drug?videoId=426018681 |
May 18, 2018 / 4:31 AM / in 25 minutes SE Asia Stocks-Most markets slip as investors focus on US-China trade talks Reuters Staff 4 Min Read * Indonesia rises up to 0.5 pct, Malaysia climbs 0.4 pct * DBS says Malaysia may benefit from fuel subsidy By Susan Mathew May 18 (Reuters) - Most Southeast Asian stock markets slipped on Friday as investors kept a watchful eye on Sino-U.S. trade negotiations. Wall Street ended slightly lower on Thursday as investors grappled with U.S.-China trade tensions after U.S. President Donald Trump said that China "has become very spoiled on trade". But helping ease some of the tension, Beijing has offered Trump a package of proposed purchases of American goods and other measures aimed at reducing the U.S. trade deficit with China by some $200 billion a year, U.S. officials familiar with the proposal said. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1 percent higher. In Southeast Asia, Philippine stocks declined 0.5 percent, hurt by industrials and financials, while Singapore shares were down for a fourth session in five with financials being the top losers. Indonesian shares rose as much as 0.5 percent after the central bank raised interest rates late on Thursday, in an attempt to curb capital outflows and support the rupiah which is wallowing at a more than 2-1/2-year low. Rising oil prices and U.S. bond yields amid the Federal Reserve's posited rate hike pace forced Bank Indonesia (BI) to raise the benchmark rate, by 25 basis points to 4.5 percent, for the first time since November 2014. "BI also gave a hawkish tone signalling further rate hike is possible, but by next month we will have a new BI governor, so investors may not be willing to price in this hawkish tone yet," Trimegah Securities said in a note. Unilever Indonesia and Bank Mandiri were biggest boosts with a gain of 1.4 percent each. Malaysia shares climbed up to 0.4 percent with consumer stock Genting Malaysia rising 2.9 percent and Petronas Gas gaining 1.5 percent. The new government had promised the reintroduction of fuel subsidies, which along with the removal of the Goods and Service tax had made investors worry that fiscal deficit could widen. However, DBS said in a note that domestic sentiment remains positive of the fuel tax re-introduction which places Malaysia in a better position than its peers to weather the current market. "Until more details become available (on the new government's fiscal and monetary policy), rising energy prices is considered positive for this net oil exporter amidst confidence that growth will hold up above 5 percent this year," DBS said. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0419 GMT Market Current Previous close Pct Move Singapore 3522.62 3536.76 -0.40 Bangkok 1747.8 1751.2 -0.19 Manila 7659.51 7694.12 -0.45 Jakarta 5833.79 5815.92 0.31 Kuala Lumpur 1859.24 1854.44 0.26 Ho Chi Minh 1027.4 1030.64 -0.31 Change on year Market Current End 2017 Pct Move Singapore 3522.62 3402.92 3.52 Bangkok 1747.8 1753.71 -0.34 Manila 7659.51 8558.42 -10.50 Jakarta 5833.79 6355.654 -8.21 Kuala Lumpur 1859.24 1796.81 3.47 Ho Chi Minh 1027.4 984.24 4.39 (Reporting by Susan Mathew in Bengaluru; additional reporting by Fransiska Nangoy; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-most-markets-slip-as-investors-focus-on-us-china-trade-talks-idUSL3N1SP1FZ |
Home Depot's rare sales miss 10:42am EDT - 00:54
Fewer customers visiting its stores and an unusually long winter crimped quarterly sales growth at Home Depot. As Fred Katayama reports, the rare sales miss hurt its stock.
Fewer customers visiting its stores and an unusually long winter crimped quarterly sales growth at Home Depot. As Fred Katayama reports, the rare sales miss hurt its stock. //reut.rs/2GiFMKY | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/home-depots-rare-sales-miss?videoId=427141477 |
May 25, 2018 / 3:29 PM / Updated 14 hours ago Bottles of 1774 wine for sale at French auction Reuters Staff 1 Min Read
PARIS (Reuters) - Wine connoisseurs have the chance to buy a truly vintage tipple on Saturday when three bottles of “yellow wine” dating from 1774 go under the hammer in France. Two bottles, of three vintage bottles of vin jaune "yellow wine" from 1774, are presented in a cellar in Arbois, France, May 22, 2018 before the three bottles are put up for auction in Lons le Saunier on May 26th. REUTERS/Jean-Pierre Amet
The bottles of Arbois Vin Jaune, among the oldest wines in the world, are estimated at 15,000 euros - 20,000 euros ($17,000 -$23,000) each, according to auction house Jura Encheres, which will conduct the sale in the eastern town of Lons-le-Saunier.
Auctioneer Philippe Etievant said a group of experts in 1994 tasted a bottle of the 1774 wine and scored it 9.4 out of 10. In 2011, a similar bottle sold for 57,000 euros at auction.
The wine is still made in the Jura region. Writing by Marie-Louise Gumuchian; editing by Andrew Roche | ashraq/financial-news-articles | https://in.reuters.com/article/france-wine-auction/bottles-of-1774-wine-for-sale-at-french-auction-idINKCN1IQ2AM |
May 14 (Reuters) - Raging River Exploration Inc:
* RAGING RIVER EXPLORATION INC. ANNOUNCES FIRST QUARTER OPERATING AND FINANCIAL RESULTS AND REAFFIRMS CREDIT FACILITIES
* RAGING RIVER EXPLORATION INC - QTRLY EARNINGS PER SHARE $0.09
* RAGING RIVER EXPLORATION INC - QTRLY FFO PER SHARE $0.38
* RAGING RIVER EXPLORATION- QTRLY PRODUCTION WITH AVERAGE PRODUCTION OF 24,118 BOE/D (93% OIL) REPRESENTING INCREASE OF 6% OVER COMPARABLE PERIOD IN 2017
* RAGING RIVER EXPLORATION INC - THE STRATEGIC REPOSITIONING OF CO PROCESS IS ONGOING Source text for Eikon: Further company coverage:
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47 COMMENTS The 18-foot statue of Karl Marx, set to be unveiled on Saturday, was a gift from China to the city of Trier, where Marx was born 200 years ago. Photo: Anahit Hayrapetyan for The Wall Street Journal Karl Marx is long dead, but his specter still haunts Europe.
The author of the Communist Manifesto, whose statues were torn down across the former East Bloc after the fall of the Berlin Wall, is again at the center of clashing world views.
The reason: An 18-foot-tall Marx statue in his hometown of Trier, a gift from the Chinese government, is set to be unveiled Saturday, the bicentennial of his birth.
On the eve of the ceremony, some foes of communism—among them former Czech President Vaclav Klaus —walked the cobble-stoned streets and shook their heads in disbelief at banners reading “We are Marx.”
Trier, Germany, has a Marx museum and now a statue, adding to the allure for tourists from China. Street artist Joachim Zils was inspired to paint a portrait of the hometown hero. Photo: Anahit Hayrapetyan for The Wall Street Journal The statue stood wrapped on the eve of the unveiling. Its presence, Mr. Klaus said, “makes a mockery of history, of the victims of regimes that emerged based on Marx’s teaching.”
Mr. Klaus was particularly incensed about the participation of European Commission President Jean-Claude Juncker in the events surrounding the unveiling. “This shows that the EU is turning into a Marxist project,” said Mr. Klaus, a onetime anticommunist activist.
Four U.S. congressmen, co-chairs of the Victims of Communism Caucus, wrote this week to Mr. Juncker, urging him not to appear or speak at the Marx festivities. They described the statue as a direct insult to the millions of Europeans who suffered under Marxist dictatorships.
“Marxist regimes are responsible for murdering at least 100 million lives: 65 million in China; over 20 million in the Soviet Union; and over 2 million in North Korea,” the letter stated.
Vaclav Klaus, former president of the Czech Republic, was in Trier to protest the adulation of Marx. Photo: Anahit Hayrapetyan for The Wall Street Journal Mr. Juncker, a native of neighboring Luxembourg and an honorary citizen of Trier, rejected the criticism and said the German philosopher wasn’t responsible for the horrors committed long after his death in 1883.
Speaking on Friday in a Trier church built during the Roman Empire, Mr. Juncker described Marx as a critic of social inequalities. Mr. Juncker said he shared Marx’s view that “blind, unconditional capitalism” can be a “plague” when it doesn’t take into account human individuals.
He said the city of Trier was right to memorialize Marx, because he is part of Europe’s history.
Erecting the Chinese statue in the center of Trier, close to its main attraction, a large Roman city gate, sparked controversy. Some complained it would attract a flood of Chinese tourists, while others counted on exactly that .
Tourists visit the Karl Marx Museum in Trier, which is celebrating the 200th anniversary of his birth. Photo: Anahit Hayrapetyan for The Wall Street Journal A Chinese couple posing in front of the Roman gate on Friday said they were sad to miss the inauguration and disappointed that the statue was still wrapped. “We’re here just for the afternoon. We didn’t time it right,” the man said.
“I find it a bit sad that tourists come all the way from China just to see a statue made in China,” said 69-year-old Joachim Zils, a local street portrait artist.
The Marx connection has made Trier an attraction for Chinese tourists in recent years. The house where he was born has been turned into a museum. The house where he grew up is now the location of a discount store called “EuroShop.”
Trier Mayor Wolfram Leibe said the statue wouldn’t have been possible 30 years ago. “Today, with more distance from the socialism practiced in East Germany, it’s the right time to deal with Marx in this form,” Mr. Leibe said last month.
A view of Marx’s hometown in Germany. Photo: Anahit Hayrapetyan for The Wall Street Journal Winfried Speitkamp, a history professor and expert on political monuments, said the Marx statue was unusual in its form and what he called “oddness.”
“It seems to have fallen out of time for being so oversized and turning him into a hero,” Mr. Speitkamp said. “But it’s a town visited by many tourists and Trier had to ask itself whether they could turn down such a gift.”
Some others criticized the Chinese donation, including Ralf Nestmeyer, the vice president of the German unit of PEN International.
“Marx saw press freedom as an expression of a liberal democratic form of society,” Mr. Nestmeyer said. “Paradoxically, this freedom has been extremely limited in China for years.”
Related
Russian Communists Rebrand to Attract Young Supporters (Sept. 12, 2016) Write to Valentina Pop at [email protected] and Andrea Thomas at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/marx-is-home-for-his-birthday-and-not-everyone-is-happy-1525472359 |
SAN JOSE, Calif. — Salesforce.com Inc.’s $6.5 billion acquisition of MuleSoft was driven by a growing demand among enterprises to better integrate business applications and data locked within their systems and deliver innovative products and services, Salesforce Chief Executive Marc Benioff says. “We always viewed MuleSoft as a critical part of our strategy,” Mr. Benioff […]
To Read the Full Story Subscribe Sign In Previous Seeking Insights into Rare Diseases, Pfizer Scales AI Analytics Platform Next The Morning Download: AI Is Only as Good as the Data You Feed It | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/09/benioff-mulesoft-purchase-critical-to-salesforce-strategy/ |
ISTANBUL, May 14 (Reuters) - Turkish discount grocer Sok Marketler on Monday raised 2.3 billion lira ($531 million) in an initial public offering, after being forced to cut the price and extend the bookbuilding amid weakening demand for new listings.
Sok, whose largest shareholder is the investment arm of food giant Yildiz Holding, said it priced the offering at 10.5 lira a share, the top of its reduced range of 10-10.5 lira.
Last week it cut the price by a quarter and said its top shareholder had placed an order for another $100 million shares, moves designed to boost demand.
The outlook for its IPO was clouded after two clothing retailers, Beymen Magazacilik and DeFacto, cancelled plans to list in recent weeks, citing low demand. The cancellations also coincide with a downturn in Turkish equity prices after shares reached a record high in January.
Sok’s book was oversubscribed and 85 percent of the shares was sold to foreign investors, while the remainder was bought by domestic investors.
Shares of Sok will start trading on May 18. ($1 = 4.3280 liras) (Reporting by Ezgi Erkoyun; Editing by David Dolan)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/turkey-ipo/turkish-discount-grocer-sok-raises-531-mln-after-cutting-ipo-price-idUSL5N1SL1AA |
Market News May 2, 2018 / 10:33 AM / in 7 minutes BRIEF-Mid-Con Energy Partners Files For Offering Of Up To 13.85 Mln Units Representing Ltd Partner Interests Issuable To Selling Unitholders Reuters Staff 1 Min Read
May 2 (Reuters) - Mid-Con Energy Partners LP:
* MID-CON ENERGY PARTNERS FILES FOR OFFERING OF UP TO 13.85 MILLION UNITS REPRESENTING LIMITED PARTNER INTERESTS ISSUABLE TO SELLING UNITHOLDERS- SEC FILING Source text ( bit.ly/2HGCgzL ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mid-con-energy-partners-files-for/brief-mid-con-energy-partners-files-for-offering-of-up-to-13-85-mln-units-representing-ltd-partner-interests-issuable-to-selling-unitholders-idUSFWN1S90JT |
13 Results Reuters Staff 1 Results 1st Round .. Malek Jaziri (TUN) beat Marsel Ilhan (TUR) 6-1 6-2 Thiago Monteiro (BRA) beat Gerald Melzer (AUT) 6-2 3-6 6-1 7-Jiri Vesely (CZE) beat beat Radu Albot (MDA) 6-4 6-4 Jeremy Chardy (FRA) beat 8-Nikoloz Basilashvili 7-5 6-3 (GEO) Dusan Lajovic (SRB) beat John Millman (AUS) 6-4 6-0 Thomas Fabbiano (ITA) beat Mikhail Youzhny (RUS) 6-1 6-1 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-250-istanbul-mens-singles-results-idUKMTZXEE51221N8T |
May 15, 2018 / 8:21 PM / Updated 3 minutes ago Greece passes asylum bill to ease overcrowding in island camps Reuters Staff 3 Min Read
ATHENS (Reuters) - Greece’s parliament passed a bill on Tuesday aimed at making asylum procedures simpler and faster and to ease overcrowding on its island refugee camps.
Five camps on Greek islands close to the Turkish coast hold more than double their capacity, government figures show, and have been mired in violence over living conditions and delays in asylum claims that often take months to process.
Human rights groups and the European Commission, which has offered Greece millions of euros in emergency aid, have criticised the government for not doing enough to manage the situation.
Addressing lawmakers before the vote, Migration Minister Dimitris Vitsas acknowledged that the bill “will not magically solve the refugee and migration issue” but said the government wanted to reduce the wait for thousands of asylum seekers.
“What are we seeking to do with this bill? To carry out a speedy processing of asylum claims while respecting the rights of those seeking international protection,” he said. The government also planned to hire more staff, including on the islands, he said.
On Monday, a dozen human rights groups criticised the bill, which also foresees a shortened appeals procedure for rejected asylum seekers, saying it would lead to slapdash procedures violating refugees’ rights.
The bill also allows for the imposition of a ban on asylum-seekers travelling beyond the islands until their claims are processed, which had been lifted by Greece’s top administrative court last month.
Greece has for years been a gateway to Europe for refugees fleeing violence in the Middle East and beyond, arriving via Turkey before travelling north to wealthier European nations.
A 2016 European deal with Turkey has stemmed the flow but effectively trapped thousands in Greece until their asylum applications are processed.
Although the number of new arrivals remains well below 2015 levels, the pace has picked up in recent months both through the Greek islands and on Greece’s northern land border with Turkey, United Nations data shows. Reporting by Karolina Tagaris; editing by David Stamp | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-migrants-greece-asylum/greece-passes-asylum-bill-to-ease-overcrowding-in-island-camps-idUKKCN1IG369 |
Nestle is reportedly close to deal with Starbucks on its grocery business Nestle is close to a deal with Starbucks on its grocery business. The deal is for the part of the Seattle-based company's coffee beans and drinks in supermarkets. Published 3 Hours Ago Bastiaan Slabbers | NurPhoto | Getty Images Starbucks branded items for sale at a local supermarket, in Philadelphia.
Nestle , the world's largest packaged food company, is close to a deal with Starbucks on its grocery business, according to media reports on Friday.
An agreement will probably be announced on Monday, according to Bloomberg, who cited a person familiar with the situation.
It added that the deal was for the part of the business that sells coffee beans and drinks in supermarkets, and does not involve any of the Seattle-based company's stores.
The news was first reported by Swiss financial blog Inside Paradeplatz. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/nestle-is-reportedly-close-to-deal-with-starbucks-on-its-grocery-business.html |
More than ever, Facebook is under pressure to prove that its algorithms are being deployed responsibly.
On Wednesday, at its F8 developer conference, the company revealed that it has formed a special team and developed discrete software to ensure that its artificial intelligence systems make decisions as ethically as possible, without biases.
Facebook, like other big tech companies with products used by large and diverse groups of people, is more deeply incorporating AI into its services. Facebook said this week it will start offering to translate messages that people receive via the Messenger app. Translation systems must first be trained on data, and the ethics push could help ensure that Facebook's systems are taught to give fair translations.
"We'll look back and we'll say, 'It's fantastic that we were able to be proactive in getting ahead of these questions and understand before we launch things what is fairness for any given product for a demographic group,'" Isabel Kloumann, a research scientist at Facebook, told CNBC. She declined to say how many people are on the team.
Facebook said these efforts are not the result of any changes that have taken place in the seven weeks since it was revealed that data analytics firm Cambridge Analytica misused personal data of the social network's users ahead of the 2016 election. But it's clear that public sentiment toward Facebook has turned dramatically negative of late, so much so that CEO Mark Zuckerberg had to sit through hours of congressional questioning last month.
Every announcement is now under a microscope.
show chapters Facebook just changed the online dating game 20 Hours Ago | 05:40 Facebook stopped short of forming a board focused on AI ethics, as Axon (formerly Taser) did last week. But the moves align with a broader industry recognition that AI researchers have to work to make their systems inclusive. Alphabet's DeepMind AI group formed an ethics and society team last year. Before that, Microsoft's research organization established a Fairness Accountability Transparency and Ethics group.
The field of AI has had its share of embarrassments, like when Google Photos was spotted three years ago categorizing black people as gorillas .
Last year, Kloumann's team developed a piece of software called Fairness Flow, which has since been integrated into Facebook's widely used FBLearner Flow internal software for more easily training and running AI systems. The software analyzes the data, taking its format into consideration, and then produces a report summarizing it.
Kloumann said she's been working on the subject of fairness since joining Facebook in 2016, just when people in the tech industry began talking about it more openly and as societal concerns emerged about the power of AI.
'Doubling down' She said her group has "a bunch of collaborations" with teams inside the company and has worked with outside organizations, like the Better Business Bureau's Institute for Marketplace Trust and the Brookings Institution.
Facebook doesn't plan to release the new Fairness Flow software to the public under an open-source license, but the team could publish academic papers documenting its findings, Kloumann said.
At the same time, Facebook knows it can do more in terms of hiring AI researchers with a diversity of ideas and backgrounds to try to minimize bias in its software. The company's AI research group has been opening labs far away from Facebook's Silicon Valley headquarters — most recently in Montreal .
"This is something that I see us doubling down, for sure," said Joaquin Quinonero Candela, the company's director of applied machine learning. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/facebook-ethics-team-prevents-bias-in-ai-software.html |
May 2, 2018 / 3:51 PM / Updated 26 minutes ago WTA International, Prague (Women) Women's Singles Seeds Progress Reuters Staff 2 Min Read May 2 (OPTA) - Seeds Progress from the WTA International, Prague (Women) Women's Singles matches on Wednesday .. Seeds .. Seed Round Rslt Opponent Score 2 Petra Kvitova (CZE) qtr to play 8-Katerina Siniakova (CZE) (start 09:00) 2nd won Natalia Vikhlyantseva (RUS) 6-3 6-1 1st won Tereza Smitkova (CZE) 6-1 6-3 3 Daria Kasatkina (RUS) 1st lost Jasmine Paolini (ITA) 7-6(6) 6-3 4 Daria Gavrilova (AUS) 1st lost Samantha Stosur (AUS) 6-3 4-6 0-0 (Retired) 5 Barbora Strycova (CZE) 1st lost Camila Giorgi (ITA) 6-0 2-6 6-2 6 Shuai Zhang (CHN) qtr to play Jasmine Paolini (ITA) (start 11:00) 2nd won Elena-Gabriela Ruse (ROU) 6-4 6-4 1st won Stefanie Voegele (SUI) 6-4 7-5 7 Mihaela Buzarnescu (ROU) qtr to play Kristyna Pliskova (CZE) (start 13:00) 2nd won Antonia Lottner (GER) 6-0 7-6(7) 1st won Beatriz Haddad Maia (BRA) 6-1 7-5 8 Katerina Siniakova (CZE) qtr to play 2-Petra Kvitova (CZE) (start 09:00) 2nd won Ekaterina Alexandrova (RUS) 6-4 3-6 6-3 1st won Andrea Petkovic (GER) 6-2 7-6(4) 9 Aliaksandra Sasnovich (BLR) 1st lost Kristyna Pliskova (CZE) 7-6(5) 6-3 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-seeds-womens-singles/wta-international-prague-womens-singles-seeds-progress-idUKMTZXEE523YK9MB |
This is the web version of the WSJ’s economic newsletter. You can sign up for daily delivery here. Good morning! Today we look at progress and possibilities for U.S.-China trade relations, “gaping differences” in Nafta talks, President Trump’s pressure on Germany, oil’s latest jump, and the not coincidental rise of U.S. Treasury yields and U.S. mortgage rates. U.S.-CHINA BREAKTHROUGH? Argentina’s Economy Is Near Crisis. Will a Bailout Be Big Enough, Fast Enough? Next Which Jobs Are Workers Most Willing to Move For? These Ones | ashraq/financial-news-articles | https://blogs.wsj.com/economics/2018/05/18/real-time-economics-u-s-china-tensions-easing-nowhere-near-a-nafta-deal-mortgage-rates-hit-7-year-high/ |
NEW YORK--(BUSINESS WIRE)-- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Live Nation Entertainment, Inc. (NYSE: LYV) who purchased shares between February 23, 2017 and March 30, 2018. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) the Company failed to abide by the terms of the Consent Decree; (2) the Company lacked adequate internal controls to prevent a violation of the Consent Decree; (3) as a result of the foregoing, the Company's financial statements and statements about Live Nation's business, operations, and prospects, were materially false and misleading at all relevant times. On April 1, 2018, The New York Times reported that the U.S. Department of Justice is investigating whether certain of Live Nation’s business practices are in violation of a consent decree negotiated in connection with the approval of Live Nation’s 2010 merger with Ticketmaster. The article reported that officials at the Department of Justice “have been reviewing complaints that Live Nation…has used its control over concert tours to pressure venues into contracting with its subsidiary, Ticketmaster.”
Shareholders have until June 18, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/live-nation-entertainment-inc?wire=2 .
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006427/en/
The Klein Law Firm
Joseph Klein, Esq., 212-616-4899
Fax: 347-558-9665
www.kleinstocklaw.com
Source: The Klein Law Firm | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-the-klein-law-firm-announces-a-class-action-commenced-on-behalf-of-live-nation-entertainment-inc-shareholders-and-a-lead.html |
May 9, 2018 / 9:21 AM / Updated 34 minutes ago China to grant Japan 200 bln yuan investment quota - Xinhua Reuters Staff 1 Min Read
BEIJING, May 9 (Reuters) - China has agreed to grant Japan a quota of 200 billion yuan ($31.4 billion) under the Renminbi Qualified Foreign Institutional Investors (RQFII) scheme, the Xinhua official news agency quoted Chinese Premier Li Keqiang as saying on Wednesday.
China resumed a key outbound investment scheme in late April, granting qualified domestic financial institutions fresh quotas to buy overseas stocks and bonds for the first time since early 2015. ($1 = 6.3728 Chinese yuan) (Reporting by Beijing Monitoring Desk Editing by Jacqueline Wong) | ashraq/financial-news-articles | https://www.reuters.com/article/china-japan-rqfii/china-to-grant-japan-200-bln-yuan-investment-quota-xinhua-idUSB9N1RM00R |
May 9, 2018 / 4:22 AM / Updated 17 minutes ago South Korean prosecutors raid LG's head office in tax probe Reuters Staff 2 Min Read
SEOUL (Reuters) - South Korean prosecutors have raided LG Group’s head office as part of a probe into alleged tax evasion by family members controlling the conglomerate, the prosecutors’ office said on Wednesday. A man walks past an LG logo at the Mobile World Congress in Barcelona, Spain, February 27, 2018. REUTERS/Sergio Perez
Prosecutors are looking into possible evasion of capital gains tax worth about 10 billion won (6.8 million pounds) in relation to the transfer of shares of an LG affiliate, the Seoul Central District Prosecutors’ Office said in a text message to reporters.
A spokesman at LG Corp, the group’s holding company, had no immediate comment.
The probe into the country’s fourth-biggest conglomerate by assets would be the latest in a string of troubles faced by families controlling the country’s conglomerates, known as chaebols.
A tantrum by the heiress of Korean Air Lines Co Ltd earlier this year reignited public anger at the behaviour of the rich and powerful, and sparked investigations into her family and its businesses.
The liberal government of Moon Jae-in has pledged to pursue chaebol reform, urging them to improve governance structures to improve transparency and fair competition. Reporting by Joyce Lee, Ju-min Park; additional reporting by Hyunjoo Jin, Editing by Christopher Cushing | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-lg-raid/south-korean-prosecutors-raid-lgs-head-office-in-tax-probe-idUKKBN1IA0DB |
May 11 (Reuters) - Metropolitan Energy Corp:
* ANNOUNCES PRIVATE PLACEMENT, CHANGES TO THE BOARD OF DIRECTORS AND GRANT OF OPTIONS TO MANAGEMENT
* ANNOUNCED A NON-BROKERED PRIVATE PLACEMENT OF UP TO 2,142,857 UNITS (“UNITS”) AT A PRICE OF CDN$0.35 PER UNIT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-metropolitan-energy-announces-priv/brief-metropolitan-energy-announces-private-placement-changes-to-the-board-of-directors-and-grant-of-options-to-management-idUSASC0A1UI |
Trump delays metal tariffs, EU still wants exemption Tuesday, May 01, 2018 - 01:57
The European Commission says U.S. President Donald Trump's decision not to impose steel and aluminium tariffs on the E.U for now prolongs business uncertainty and repeats its call for a permanent exemption. But as David Pollard reports, markets welcomed the delay.
The European Commission says U.S. President Donald Trump's decision not to impose steel and aluminium tariffs on the E.U for now prolongs business uncertainty and repeats its call for a permanent exemption. But as David Pollard reports, markets welcomed the delay. //reut.rs/2FvD2JS | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/trump-delays-metal-tariffs-eu-still-want?videoId=422928874 |
May 1, 2018 / 11:51 AM / Updated 9 minutes ago BRIEF-AbbVie Commences Self-Tender Offer For Up To $7.5 Bln Of Its Common Stock Reuters Staff 1 Min Read
May 1 (Reuters) - AbbVie Inc:
* ABBVIE COMMENCES SELF-TENDER OFFER FOR UP TO $7.5 BILLION OF ITS COMMON STOCK Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-abbvie-commences-self-tender-offer/brief-abbvie-commences-self-tender-offer-for-up-to-7-5-bln-of-its-common-stock-idUSFWN1S807F |
''Border'' scoops top Un Certain Regard prize in Cannes Friday, May 18, 2018 - 01:08
Scandinavian movie ''Border'' wins the Un Certain Regard prize at the Cannes Film Festival. Bob Mezan reports.
Scandinavian movie "Border" wins the Un Certain Regard prize at the Cannes Film Festival. Bob Mezan reports. //reut.rs/2LcSYF1 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/border-scoops-top-un-certain-regard-priz?videoId=428200290 |
NEW YORK, May 3, 2018 /PRNewswire/ -- Snow Phipps Group ("Snow Phipps") is pleased to announce that veteran CFO Gary Spitz has joined as Managing Director, Financial Operations. In this role, Mr. Spitz will provide senior level support to portfolio companies and their management teams aimed at improving financial performance and conduct operational due diligence of new Snow Phipps investment opportunities. This is a new position at Snow Phipps.
Ian Snow, CEO and Partner of Snow Phipps Group, said, "Gary will significantly enhance our ability to work with portfolio companies to create value for our investors. I have worked with him as portfolio company CFO on two successful investments, one in our first Snow Phipps fund and the second when I was previously at Ripplewood Holdings. Gary's expertise and insight will be invaluable in working with CFOs across our portfolio to implement best practices in finance, taxation, accounting and controls. We welcome him to the firm."
Mr. Spitz noted, "I enjoyed working with Snow Phipps when I was CFO of FiberVisions, and I am thrilled to have the opportunity to join their team. I am confident that my 30+ years of experience working in private equity-backed and public companies will be an attractive resource for Snow Phipps portfolio companies. I look forward to helping the CFOs and their teams strengthen their finance and accounting functions and systems during Snow Phipps's ownership."
Mr. Spitz joins Snow Phipps from Coriant, a private equity-backed leading supplier of optical network equipment to telecommunications companies, cloud computing and data center operators and Web 2.0 content providers. Mr. Spitz was the Chief Financial Officer at Coriant where he was responsible for leading all aspects of global financial services, including accounting, treasury, audit, financial planning and analysis and risk management. Previously, Mr. Spitz was CFO of FiberVisions, a Snow Phipps-backed global manufacturer of polypropylene fibers that was "carved out" of the Hercules Chemical Company and later sold to Indorama Ventures Limited. Before joining FiberVisions, he was corporate vice president and CFO of Kraton Polymers LLC, a $1 billion global manufacturer of engineered materials that was backed by Ripplewood Holdings in a spin-out from Shell Oil Company. Earlier, Mr. Spitz held executive and CFO positions at several other companies, including Sterling Chemical Company and the Grace Davidson Division of W.R. Grace & Company. He holds an M.B.A. from the University of Michigan and a BA from the University of Vermont.
About Snow Phipps Group
Snow Phipps is a private equity firm focused on lower middle-market control investments with $2.4 billion of total capital commitments raised since its founding in 2005. The firm generally focuses on companies in attractive sub-sectors across the Industrials, Services and Consumer industries and targets platform investments with enterprise values ranging from $100 million to $500 million. The Snow Phipps investment team collaborates with its Operating Partners and portfolio management teams to create value through an operationally focused strategy often led by organic or acquisition-driven growth. Snow Phipps has made 23 platform investments and over 45 add-on acquisitions. The firm has been investing Snow Phipps III, L.P., with $913 million of total commitments, since 2016. To learn more about Snow Phipps, visit www.snowphipps.com .
View original content: http://www.prnewswire.com/news-releases/gary-spitz-joins-snow-phipps-group-as-managing-director-financial-operations-300641748.html
SOURCE Snow Phipps Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-gary-spitz-joins-snow-phipps-group-as-managing-director-financial-operations.html |
ATLANTA--(BUSINESS WIRE)-- PulteGroup, Inc. (NYSE: PHM) announced today that its Board of Directors has declared a quarterly cash dividend of $0.09 per common share payable July 5, 2018, to shareholders of record at the close of business on June 7, 2018.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in approximately 50 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, the Company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup conducts extensive research to provide homebuyers with innovative solutions and consumer inspired homes and communities to make lives better.
For more information about PulteGroup, Inc. and PulteGroup brands, go to www.pultegroupinc.com ; www.pulte.com ; www.centex.com ; www.delwebb.com ; www.divosta.com and www.jwhomes.com .
Follow PulteGroup, Inc. on Twitter: @PulteGroupNews
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005069/en/
PulteGroup, Inc.
Jim Zeumer, 404-978-6434
[email protected]
Source: PulteGroup, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-pultegroup-announces-quarterly-cash-dividend-of-0-point-09-per-share.html |
Jon Taffer of 'Bar Rescue' once lost $600,000 but it taught him a valuable lesson 1 Hour Ago Jon Taffer of "Bar Rescue" once lost $600,000 but, he says, he learned a valuable lesson about how to handle his business. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/jon-taffer-of-bar-rescue-lost-600000-but-learned-a-valuable-lesson.html |
NEW YORK, May 21, 2018 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers REIT and Preferred Income Fund, Inc. (NYSE: RNP) (the "Fund") with information regarding the sources of the distribution to be paid on May 31, 2018 and cumulative distributions paid fiscal year-to-date.
In December 2017, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.
The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.
DISTRIBUTION ESTIMATES
May 2018
YEAR-TO-DATE (YTD)
May 31, 2018*
Source
Per Share Amount
% of Current Distribution
Per Share Amount
% of 2018
Distributions
Net Investment Income
$0.0739
59.60%
$0.3424
55.23%
Net Realized Short-Term Capital Gains
$0.0000
0.00%
$0.0000
0.00%
Net Realized Long-Term Capital Gains
$0.0471
37.98%
$0.2721
43.89%
Return of Capital (or other Capital Source)
$0.0030
2.42%
$0.0055
0.88%
Total Current Distribution
$0.1240
100.00%
$0.6200
100.00%
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.
* THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES
The Fund's Year-to-date Cumulative Total Return for fiscal year 2018 (January 1, 2018 through April 30, 2018) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2018. In addition, the Fund's Average Annual Total Return for the five-year period ending April 30, 2018 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2018. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.
Fund Performance and Distribution Rate Information:
Year-to-date January 1, 2018 to April 30, 2018
Year-to-date Cumulative Total Return1
–5.55%
Cumulative Distribution Rate2
2.96%
Five-year period to April 30, 2018
Average Annual Total Return3
8.39%
Current Annualized Distribution Rate4
7.10%
1.
Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.
2.
Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2018 through May 31, 2018) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of April 30, 2018.
3.
Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending April 30, 2018. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.
4.
The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of April 30, 2018.
Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com . These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.
Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.
Website: http://www.cohenandsteers.com
Symbol: (NYSE: CNS)
About Cohen & Steers. Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle.
View original content: http://www.prnewswire.com/news-releases/cohen--steers-reit-and-preferred-income-fund-inc-rnp-notification-of-sources-of-distribution-under-section-19a-300652228.html
SOURCE Cohen & Steers | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-cohen-steers-reit-and-preferred-income-fund-inc-rnp-notification-of-sources-of-distribution-under-section-19a.html |
Experienced Biotechnology Executive to Lead Company’s Growth Strategy for Cancer Immunotherapies, Including Lead Clinical Candidate SNS-301
GAITHERSBURG, Md.--(BUSINESS WIRE)-- Sensei Biotherapeutics, Inc., a privately-held biopharmaceutical company developing immuno-oncology therapies that teach the immune system to recognize and attack cancer, today announced the appointment of John Celebi, M.B.A., as President and Chief Executive Officer. He also joins the company’s board of directors. Mr. Celebi brings more than two decades of leadership experience with innovative and growing biotechnology companies, most recently in the field of cancer immunotherapies.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180516005369/en/
Sensei CEO John Celebi (Photo: Business Wire)
The appointment of Mr. Celebi as President and Chief Executive Officer occurs at a time when Sensei is emerging with a focused immuno-oncology strategy, promising clinical data from the Phase I trial of its lead drug candidate SNS-301, and the proprietary SPIRIT drug development platform that is generating a pipeline of innovative immuno-oncology therapies. SNS-301 and the SPIRIT platform originated at Panacea Pharmaceuticals which has become Sensei Biotherapeutics. Sensei’s growing team of 14 employees is focused on its growth strategy in immuno-oncology, operating out of its new 30,000 square foot laboratory and office space.
“I am delighted to join Sensei at this exciting time when we have the opportunity to apply our SPIRIT platform to develop immuno-oncology therapies with an innovative mechanism for detecting and eliminating cancer. We are encouraged by the clinical data that is emerging for our lead drug candidate, SNS-301, which we are advancing to lead the way in our strategy to build a precision pipeline of immuno-oncology therapies through companion diagnostics,” said Mr. Celebi. “Sensei is well positioned to leverage our unique technology to develop novel therapies with the potential to achieve our mission to have a positive and profound impact for cancer patients.”
“We welcome John’s strong experience and strategic business acumen to help build our vision and future for Sensei,” said Hossein Ghanbari, PhD, Chief Scientific Officer and Board Chair of Sensei Biotherapeutics, and the company’s original co-founder and Chief Executive Officer. “John’s oncology background and accomplished track record in biotech will serve Sensei exceptionally well as we move forward with our innovative immuno-oncology platform and advance new medicines for patients.”
Mr. Celebi has a distinguished track record for growing innovative entrepreneurial biotechnology companies, including in the field of oncology. Previously, Mr. Celebi served as the Chief Operating Officer of X4 Pharmaceuticals where he established and oversaw the company’s oncology business strategy. He also served as Chief Business Officer of Igenica Biotherapeutics, Inc., an immunotherapy company formed by The Column Group, 5AM Ventures, Orbimed and Third Rock Ventures, where he established key academic and industry relationships, including with MedImmune. He has extensive transactional and alliance management experience. Previously, he served as Vice President of Business Development, New Product Planning and Alliance Management at ArQule, Inc., where he played a central role in the formation of alliances with Roche, Daiichi-Sankyo, and Kyowa Hakko Kirin. Mr. Celebi was one of the early employees at Tularik, Inc., where he conducted drug discovery and basic research for an anti-viral drug program. Mr. Celebi received an M.B.A. from Carnegie Mellon University and a B.S. in Biophysics from the University of California, San Diego.
About Sensei Biotherapeutics
Sensei Biotherapeutics is a privately-held biopharmaceutical company developing immuno-oncology therapies that stimulate the immune system to ‘teach’ it to recognize cancer-specific antigens and attack cancer cells. The company’s patented and proprietary technology platform, called SPIRIT, creates novel therapies that target neoantigens or altered self-antigens – which are antigens encoded by tumor-specific mutated genes – and are designed to overcome self-tolerance by eliciting a potent cellular and humoral immune response to eliminate cancer cells. Sensei’s precision medicine approach in immuno-oncology includes novel therapies along with companion diagnostics. The company’s lead drug candidate, SNS-301, is a first-in-class cancer vaccine that targets a novel embryonic self-antigen and has successfully completed a Phase 1 clinical study. Sensei Biotherapeutics is located in Gaithersburg, MD. For more information, please visit www.senseibio.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005369/en/
The Yates Network
Kathryn Morris, 914-204-6412
[email protected]
Source: Sensei Biotherapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-sensei-biotherapeutics-appoints-john-celebi-as-president-and-chief-executive-officer.html |
You might not expect two naval engineers to run a greeting card company. LovePop co-founders Wombi Rose and John Wise certainly didn't expect it either, but that's exactly what happened.
By happenstance, on a Harvard Business School trip in 2014 while the friends were working in Vietnam, they stumbled upon a street vendor in Ho Chi Minh City selling cards featuring pop-up, 3D designs. What started as a late-night food run became the impetus for their multimillion-dollar company, and a perfect reminder that inspiration can hit you anywhere.
"We were looking at industrial businesses — we we're ship designers, we didn't think that we would end up in something that was so aesthetic or fun," Rose tells CNBC Make It of LovePop. But now, years after an appearance on season seven of ABC's "Shark Tank" and an initial investment by star Kevin O'Leary in 2015, the two are at the helm of a burgeoning card and wedding invitation company that topped $18 million in sales last year.
With Americans spending an estimated $7 billion a year on cards, according to trade group The Greeting Card Association, that's big business.
And yet, it almost didn't happen. After buying about 30 pop-up cards that night from the street vendor in Vietnam there wasn't an immediate "aha" moment.
"We were very excited about it, not from a business standpoint, just from like a 'this is really cool [standpoint],'" Rose says. In fact, it wasn't until the duo returned to Boston and started asking people what they thought of the pop-up art in a greeting card concept that they dove in full time.
Rose says one woman picked up a card with a blooming Japanese orchid and explained that she'd give it to her mother since the day marked the five-year anniversary of her father passing away, "and [that] this would just make her day, it's like a tree of life," Rose recalls.
LovePop | Rose and Wise created early prototypes by hand in their basement in 2014. Rose's first original design was a throwback to a ship once created by William Webb, the benefactor of the maritime design school Webb Institute where the two co-founders met. "That was I think the first moment where we truly recognized that there's more here than just like the fun that we have in designing and making it," he says.
Pooling the assets they had, the co-founders launched the business in 2014 while they were still in school. When that still wasn't enough, they took out high-interest loans and worked out of Harvard's shared student work space to save on office costs.
By the time Rose and Wise were invited to appear on "Shark Tank" in the summer of 2015, the company had sold about $300,000 worth of cards. Securing a $300,000 deal with O'Leary for a 15 percent stake in LovePop proved to be a turning point that led to later rounds of institutional capital, including a $12.5 million round led by Highland Capital Partners in January.
LovePop | Co-founders Wombi Rose (left) and John Wise (right) pose with investor Kevin O'Leary while holding their 3D cards. At the forefront of the investment decision for O'Leary was the possibility of applying the 3D artwork to the wedding category, a total market opportunity LovePop estimates at $2 billion. When the show aired five months later, LovePop's website featured a wedding invitation option to test the waters.
"We got so much response from that, I think within a few days we had 1,800 submissions to get a LovePop wedding invitation … which we were not really in a position to fulfill at that time," Rose says. But now, the fully-customizable wedding invitations LovePop rolled out earlier this year, have become a key component in the company's quest to disrupt the established card industry.
LovePop | LovePop started offering customized wedding invitations, like this one, at the beginning of 2018. "At this point, now we've developed a system where there's limitless possibilities of how you can make your own LovePop for a wedding invitation," Rose says, pointing to the way customers can customize color, font and design options online at a retail cost of $6 per invitation. It's a price point that comes in well above the $1.63 cost couples tend to spend on average per invite according to The Wedding Report , but not completely unexpected from the company that's made a name for itself as a premium card option. Rose says that assembly still takes place by hand at their processing facility in Vietnam.
The hope is that the new category will help LovePop reach its goal of 1 billion shared "magical moments." The fact that the company recently crossed the 6 million mark — or that Rose and his former ship-designing classmate find themselves running a card business at all — is already something that seems surreal for the co-founders.
"I kind of think there was like a million different reasons that all needed to happen for us to even get close to where we've been able to go, and there's a lot of journey left."
— Video by Zack Guzman
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show chapters Here's how much the royal wedding is expected to cost 9:47 AM ET Thu, 17 May 2018 | 01:48 Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/shark-tank-backed-lovepop-raised-12m-to-sell-3d-wedding-invites.html |
Potential oil supply disruptions in Iran and Venezuela have prompted oil traders to focus on geopolitics rather than fundamentals, the International Energy Agency (IEA) said in its latest monthly report Wednesday, warning that any supply cuts could prompt prices to rocket.
"The potential double supply shortfall represented by Iran and Venezuela could present a major challenge for producers to fend off sharp price rises and fill the gap, not just in terms of the number of barrels but also in terms of oil quality," the Paris-based organization said.
President Donald Trump's decision to withdraw the U.S. from the Iran nuclear deal just over a week ago — and the expected re-imposition of sanctions on the country — coupled with political and economic disorder in recession-hit Venezuela has cast the supply of Iran and the Latin American country into doubt.
Neil Atkinson, head of the oil industry and markets division at the IEA, told CNBC's "Street Signs" that "the stability of the market" could be at stake.
"If there is a large shortfall in Iranian exports then clearly that will have an impact on a market that is already quite tight," he said.
"And it's not beyond the realms of possibility that by the end of 2018, production in Venezuela could be several hundred thousand barrels lower than in its today. If that shortfall there coincides with a large shortfall in Iranian exports as the sanctions are implemented that potentially poses a challenge."
Iran doubt and Venezuela 'freefall' It's yet uncertain how much of Iran's supply could be affected under new U.S. sanctions which have yet to be detailed. The IEA noted that the last time sanctions were imposed in 2012 until 2015, production from the world's fifth-largest producer fell by about 1.2 million barrels a day (mb/d) "but only time will tell the extent of the disruption this time round."
"In these early days, there is understandable uncertainty about its potential impact on Iran's oil exports, which are currently about 2.4 mb/d," the IEA noted.
The IEA's Atkinson emphasized that customers for Iranian oil have 180 days to adjust their purchasing strategies and make other arrangements "if that's what they decide to do."
"We can't be sure how much lower Iranian exports will be ... We just don't know, we'll just have to see how the U.S. implementation of the decision plays out over the next few months," he said.
In its May report, OPEC (of which Iran is a member) put Iran's daily production at 3.82 million barrels a day, according to both first and secondary sources, making it the third largest OPEC producer and potentially making any supply loss a challenge .
In Venezuela, meanwhile, the IEA noted that "the pace of decline of oil production is accelerating and by the end of this year output could have fallen by several hundred thousand barrels a day." In April, Venezuela's crude oil output sunk to 1.42 mb/d, the lowest level since the early 1950s.
Describing Venezuela as being in "freefall," the IEA said its production collapse was significant.
"The freefall in Venezuela has already pushed compliance with the Vienna Agreement off the charts and, together with losses in Mexico, accounts for almost 40 percent of the 2.5 mb/d that was removed from the market in April. That is before the re-imposition of sanctions by the U.S. on Iran," it said.
"Continued declines could cut capacity by several hundred thousand barrels a day by the end of this year — just as the market feels the full impact of US sanctions on Iran," the IEA warned.
Plugging the gap A potential loss of Iran output, declining Venezuelan output, and the "double supply shortfall" it presents could prompt other producers to step in to fill the gap — although this comes at a time of production restraint among major oil producers in an attempt to boost prices.
Twenty-four OPEC and non-OPEC producers, most notably Russia, are expected to continue a deal (called the 'Vienna Agreement') to cut production by 1.2 mb/d until at least the end of 2018 and the strategy has been working with benchmark Brent crude currently trading around $78 a barrel and WTI almost touching $71.
Markets are treading carefully around uncertainty over Iran's supply, however, and signs of ample supply kept a lid on price rises Wednesday .
Examining whether other producers "could step in to ensure an orderly flow of oil to the market and offset a disruption to Iranian exports," the IEA said that neither Venezuela nor Mexico can raise output in the short term, "but some of the 1.5 mb/d that have been cut by other producers under the Vienna Agreement might be available to keep markets well supplied."
For one, OPEC's largest oil producer Saudi Arabia has signaled that it could step into the breach, although it and other Gulf producers have yet to ramp up output to compensate for Venezuela's losses. The next OPEC meeting on June 22 could prove decisive, however, with producers potentially removing cuts.
" Should a decision be taken to remove the cuts, only Saudi Arabia, the United Arab Emirates, Kuwait and Russia are likely to be capable of a quick ramp up of substantial volumes. The four producers pumped at record rates ahead of the supply cuts and could, in theory, increase output by a combined 1.3 mb/d in short order," the IEA said.
Saudi Arabia made up the lion's share of spare production capacity, the IEA said.
"As of April, OPEC's spare production capacity was 3.47 mb/d — defined as the level that can be reached within 90 days and sustained for an extended period — with Saudi Arabia accounting for roughly 60 percent of the total."
WATCH: Here's what drives the price of oil show chapters Here's what drives the price of oil 22 Hours Ago | 04:40 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/iran-and-venezuela-are-a-major-challenge-to-avoiding-oil-price-hikes-iea-warns.html |
ATLANTA--(BUSINESS WIRE)-- Walter E. Jospin has joined the Atlanta-based law firm of Finch McCranie, LLP ( www.finchmccranie.com ) as Counsel. Jospin is the former Director of the Atlanta Regional Office of the U.S. Securities and Exchange Commission (SEC), where he led over 110 lawyers, accountants and compliance examiners in the Atlanta office’s enforcement and examination programs. He also supervised numerous enforcement actions relating to financial and accounting fraud, disclosure failures, audit failures, offering frauds, Ponzi schemes, violations of the Investment Advisers Act, municipal securities and insider trading.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180515006147/en/
Walter Jospin, former Director of the Atlanta Regional Office of the U.S. Securities and Exchange Commission (SEC), has joined Finch McCranie, LLP. (Photo: Business Wire)
“Walter Jospin’s successes as the SEC Regional Director and his long experience in private practice fit perfectly with Finch McCranie’s white collar and SEC defense, corporate governance and internal investigations practices. He will be a tremendous asset to our firm’s clients,” said Finch McCranie Counsel and former U.S. Deputy Attorney General Larry D. Thompson.
“In addition to his securities regulatory defense and internal investigations work, Walter will be an outstanding addition to our whistleblower practice,” said Finch McCranie Partner Michael A. Sullivan, who leads the firm’s whistleblower practice group. “Because of his SEC background and relationships, Walter knows what interests the SEC and which SEC office and lawyers are best for a case. Walter was attracted to our firm’s work in representing whistleblowers who report violations of the federal securities laws and the Foreign Corrupt Practices Act,” said Sullivan.
Prior to joining the SEC, Jospin was a long-time partner in the international law firm of Paul Hastings LLP, where he specialized in corporate governance, internal investigations, securities regulatory enforcement and corporate transactions. Early in his career, Jospin was a staff lawyer with the Division of Enforcement of the SEC.
Among Jospin’s many honors, he has been recognized by Chambers USA, The Best Lawyers in America, Who’s Who Legal Georgia, Who’s Who of International Mergers & Acquisition Lawyers, Georgia Super Lawyers and Corporate Counsel Super Lawyers. He is the current Vice-Chair of the Georgia Innocence Project and a Life Trustee of the Anti-Defamation League (SE region), and former Chair of the Business Law Section and the Securities Committee of the State Bar of Georgia. A graduate of the Wharton School, University of Pennsylvania and Emory Law School, Jospin is married to Fulton County Senior Superior Court Judge Wendy Shoob.
About Finch McCranie
Finch McCranie, LLP is one of the most experienced specialty law firms in the United States, with a history of more than 50 years. Led by former federal prosecutors, its practice includes securities regulatory defense, corporate governance, internal investigations, and white collar criminal defense; representation of whistleblowers worldwide in qui tam litigation under the False Claims Act and in the IRS, CFTC and SEC Whistleblower Programs; complex business litigation; and serious injury and wrongful death litigation. The firm also supports and serves as Counsel to Larry D. Thompson in his role as the Volkswagen AG Independent Compliance Monitor and Auditor, as part of its corporate compliance practice. Finch McCranie is headquartered in Atlanta, with two attorneys, both former Department of Justice trial attorneys, based in Washington, D.C. www.finchmccranie.com , www.qui-tam-litigation.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006147/en/
Finch McCranie, LLP
Michael Sullivan, 404-658-9070
[email protected]
Source: Finch McCranie, LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-walter-jospin-former-director-of-the-atlanta-office-of-the-sec-joins-finch-mccranie-llp.html |
PORT LOUIS, May 8 (Reuters) - Foreign direct investment (FDI) in Mauritius grew faster in 2017 than earlier reported, driven by inflows into real estate, revised central bank data showed on Tuesday.
The Bank of Mauritius said in a statement FDI grew 28 percent year-on-year to 17.49 billion rupees ($507.69 million).
Last month the bank put the figure at 14.22 billion rupees in 2017 compared with 13.64 billion in 2016.
Foreign investment in real estate led with 8.79 billion rupees, followed by financial and insurance activities with 6.58 billion, up from an earlier estimate of 3.32 billion, the central bank said.
“The biggest chunk of direct investment came from Europe with France and Luxembourg combined accounting for over 40 per cent of total gross direct investment inflows,” it said.
France was the biggest source, accounting for 4.38 billion rupees, followed by Luxembourg, with 3.31 billion.
Mauritius is moving from an economy traditionally focused on sugar, textiles and tourism towards offshore banking, business outsourcing, luxury real estate and medical tourism. ($1 = 34.4500 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by George Obulutsa and Andrew Roche)
| ashraq/financial-news-articles | https://www.reuters.com/article/mauritius-economy/mauritius-2017-fdi-jumps-28-pct-yr-yr-central-bank-idUSL8N1SE5DD |
A work-authorization program for foreign graduates of U.S. colleges and universities has been expanding rapidly, new data show, potentially putting the program more squarely in the Trump administration’s crosshairs as it considers letting in fewer foreign workers.
The U.S. government authorized 257,064 applications for its Optional Practical Training program in 2016, according to a new Pew Research Center report based on data the group received through a public-records request to Immigration and Customs Enforcement. That is... | ashraq/financial-news-articles | https://www.wsj.com/articles/program-allowing-foreign-students-to-work-in-u-s-hasgrownrapidly-1525960800 |
LAS VEGAS, May 7, 2018 /PRNewswire/ --
Fusion Bank , a leading cash and treasury management solution for the underserved and under-banked high-risk emerging markets, announced Canadian-born, South African-raised content writer and science author Thea R. Beckman as its choice for Content Director. In this position, Ms. Beckman will be responsible for writing all the content (blogs, website text, press releases, email campaigns, and more), while also managing and coordinating the company's content production, scheduling, and marketing efforts.
Thea Beckman has a Master of Science degree (MSc) in Atmospheric Sciences and a certificate in Internet Marketing, which she earned at the University of Cape Town, where she also lectured third-year students in Synoptic Climatology. Subsequent to graduation, she moved to Thailand to travel Southeast Asia. It was here that she chanced upon an online job opening at WorldClass Brand Management, a thriving Internet marketing and e-business consulting firm based in San Diego, California. This business was owned and operated by Fusion Bank Chairman Kendell Lang and thus began a long and profitable working relationship between the two.
Ms. Beckman, who had always 'had a flourish for creative writing' began her writing career as an SEO copywriter but then, over the years, worked her way up the ranks to Managing Editor, overseeing all the content production, scheduling, and marketing for WorldClass Brand Management and Mr. Lang's other entrepreneurial endeavors, including Fusion Properties Management Group, Inc . (FPMG), a privately held Puerto Rico corporation and real estate developer.
Now, having moved back to South Africa and started her own freelance writing business, Content Queen , Ms. Beckman has come on board with Fusion Bank as its Content Director.
"I'm extremely excited about the work I will be doing with Fusion Bank, especially since this organization is blazing fresh trails," says Ms. Beckman. "We have a real chance here to change the face of the legal cannabis industry, not only for the licensed businesses that are struggling against federal prohibition but also - especially - for the patients and researchers."
Outside of her commitment to Fusion Bank, Thea Beckman writes for a celebrated South African-based lifestyle, travel, and leisure magazine, Southern Vines , which has her travelling all over South Africa to experience its wine, food, and culture. Additionally, she is the author of the book "Why? Because Science!" which provides a sweeping and hilarious look at the world, the universe, and human nature (and occasional idiocy) in a way that everyone can understand.
"I have worked with Thea since 2011 and so I couldn't be better qualified to judge her mettle; hence the easy decision to offer her this position as Content Director of Fusion Bank," says Kendell Lang. "She's not only my long-standing friend and trusty wordsmith, but also my shero!"
About Fusion Bank
Fusion Bank is an innovative cash and treasury management solution that is in compliance with required government and central bank regulations. This members-only financial institution is licensed under the Bahamas-based Sovereign Friendly Society and provides safe, legal, and ethical financial, cash, and treasury management services to licensed cannabis operators, ancillary service providers, and qualified cannabis friendly members around the globe, including cultivators, grower industry supporters, patients, healthcare providers, lobbyists, and more.
For information
[email protected]
+1-866-347-3321
visit Fusion Bank to Register for a Bank Account .
SOURCE Fusion Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-fusion-bank-introduces-its-new-content-director.html |
May 22, 2018 / 4:21 AM / Updated 3 minutes ago Ousted Malaysian government accused of covering up scandal at state fund Rozanna Latiff 6 Min Read
KUALA LUMPUR (Reuters) - The government of ousted Malaysian Prime Minister Najib Razak deceived parliament over the finances of state fund 1MDB and suppressed an investigation by intimidating and purging anti-corruption agents, officials said on Tuesday. Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Mohd Shukri Abdull speaks during a news conference in Putrajaya, Malaysia May 22, 2018. REUTERS/Lai Seng Sin
“It is clear that the previous government has conducted an exercise of deception to the public about certain hot-button items, especially 1MDB, and even misrepresented the financial situation to parliament,” new Finance Minister Lim Guan Eng said in a statement.
Lim said he had discovered that Malaysia has been “bailing out” 1Malaysia Development Berhad (1MDB) debt obligations since April 2017, but the true financial situation was still unclear because officials were unable to access certain “red files”.
The bailout had cost 6.98 billion ringgit ($1.8 billion) so far, but more payments of 954 million ringgit would fall due by November, and from 2022 Malaysia would be required to make further payments running into billions of ringgit, Lim said.
Earlier, the head of the Southeast Asian country’s anti-graft agency gave an explosive account of how witnesses disappeared and officers were purged and intimidated after they tried in 2015 to charge Najib for siphoning funds from 1MDB.
Najib has consistently denied any wrongdoing since the 1MDB scandal erupted in 2015, but he replaced an attorney-general and several Malaysian Anti-Corruption Commission (MACC) officers to shut down the initial investigation.
Describing the lengths taken to suppress an investigation at the time, Shukri Abdull - who was restored to the agency following Najib’s shock election defeat on May 9 - said that on one occasion a bullet was sent to his home. [L3N1ST20D] Related Coverage Malaysia says finance ministry has been bailing out 1MDB
Shukri was addressing a news conference after Najib arrived at the headquarters of the MACC, which has ordered him to explain transfers of $10.6 million into his bank account.
Shukri said he had called Najib into the agency to record a statement, not to arrest or charge him.
Several hours later, Najib emerged from the MACC headquarters and spoke briefly to reporters, saying he would be returning to complete his statement on Thursday.
Najib said he had amplified on a statement made to the agency in 2015 “with verification of documents and several more complete details”.
The new government’s uncertainty over how much debt Najib’s administration had left behind provoked questions from foreign investors in Malaysian bonds and shares. Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Mohd Shukri Abdull speaks during a news conference in Putrajaya, Malaysia May 22, 2018. REUTERS/Lai Seng Sin
“If they have been fudging these figures, what else have they been fudging?” said Alex Holmes, Asia Economist at Capital Economics in London. “ACCUSED OF BEING TRAITORS”
The MACC action is just the beginning of a new investigation into the alleged theft of billions of dollars from 1MDB, a scandal that dogged the last three years of Najib’s near-decade-long rule and was a key reason why voters dumped him.
In the most revealing account so far of an apparent cover-up, Shukri said his agency had been poised to launch a case in 2015 against Najib but had been stopped in its tracks by the sacking of the attorney-general.
“We wanted to bring back money that was stolen ... Instead we were accused of bringing down the country, we were accused of being traitors,” Shukri said, shedding tears briefly as he made his remarks.
This month’s election upended Malaysia’s political order, as it was the first defeat for a coalition that had governed Malaysia since its independence from colonial rule in 1957.
Malaysia’s new leader, Mahathir Mohamad, who at the age of 92 came out of political retirement and joined the opposition to topple his former protege, has reopened investigations into 1MDB and has set up a task force to recover the money. Slideshow (5 Images)
Since losing power, Najib and his allegedly shopaholic wife, Rosmah Mansor, have suffered a series of humiliations, starting with a ban on them leaving the country, and then police searching their home and other properties. U.S. TO PURSUE INVESTIGATION
Najib has said $681 million of funds deposited in his personal bank account were a donation from a Saudi royal, rebutting reports that the funds came from 1MDB.
The initial focus of the MACC’s new investigation is on how 42 million ringgit ($10.6 million) went from SRC International to Najib’s account.
SRC was created in 2011 by Najib’s government to pursue overseas investments in energy resources, and was a unit of 1MDB until it was moved to the finance ministry in 2012.
MACC has been able to track the money trail from SRC more easily because transactions were made through Malaysian entities, whereas most other transfers of 1MDB funds went through foreign banks and companies.
The new 1MDB task force will liaise with enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries.
The U.S Department of Justice said on Tuesday it would pursue investigations into 1MDB and looked forward to working with Malaysian law enforcement authorities.
“The Department of Justice is committed to ensuring that the United States and its financial system are not threatened by corrupt individuals and kleptocrats who seek to hide their ill-gotten wealth,” a DoJ spokesperson said in a statement.
The DoJ filed forfeiture complaints in 2016 and 2017 seeking to recover over $1.7 billion in assets traceable to funds allegedly misappropriated from 1MDB.
These complaints alleged that more than $4.5 billion was diverted from 1MDB and laundered through a web of shell companies and bank accounts located in the United States and elsewhere. Writing by John Chalmers; Editing by Simon Cameron-Moore and Clarence Fernandez | ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics/malaysias-anti-graft-chief-says-was-threatened-while-probing-1mdb-idUSKCN1IN0CH |
May 5, 2018 / 6:42 PM / Updated 24 minutes ago Protests staged for gun control, gun rights outside NRA meeting Lisa Maria Garza 4 Min Read
DALLAS (Reuters) - Protesters on both sides of the U.S. gun debate took to the streets on Saturday outside the National Rifle Association’s annual meeting in Dallas after the latest in a long series of mass shootings put the issue back in the spotlight. Activists shout slogans while taking part in a protest march against the National Rifle Association (NRA) in Dallas, Texas, U.S., May 4, 2018. REUTERS/Adrees Latif
Across the street from the convention centre where President Donald Trump addressed NRA members on Friday, a “Rally4Reform” drew about 200 demonstrators demanding tighter restrictions on firearms sales. Many were dressed in the orange that has become the colour of the gun control movement.
They watched as Manuel Oliver, whose 17-year-old son, Joaquin, was killed in the Feb. 14 massacre of 17 people at a high school in Parkland, Florida, spray painted a mural of kids running and a backpack-wearing student in a rifle’s crosshairs.
Many flinched and some sobbed as he hit the wall with a hammer to simulate the sound of gunfire.
“You were in the wrong room yesterday,” Oliver said of Trump, who enthusiastically embraced the NRA on Friday. “You should be talking to the people we are now.”
Two hours later, about 150 people attended a counterprotest at the same site in support of the NRA, many of them carrying sidearms and with rifles slung over their shoulders.
One of the organizers, Open Carry Texas President C.J. Grisham, said he has criticized the NRA in the past but wanted to show his support for fellow gun owners who have been vilified during gun control protests.
“When you’ve got groups who have no idea what they’re talking about, going after the largest organisation dedicated to preserving liberty, then I feel like we have a duty to stand up,” Grisham said.
Carrying a “Don’t Tread On Me” flag, a rifle at her side and a pistol holstered on her hip, Texas resident Teri Horne, 55, engaged in a debate with two male gun control activists. After 20 minutes of spirited discussion, everyone shook hands and went their separate ways.
Horne said she supports the NRA, with a few recent exceptions. Attendees walk past a sign at the annual National Rifle Association (NRA) meeting in Dallas, Texas, U.S., May 4, 2018. REUTERS/Adrees Latif
“The bump stocks gave me pause because that’s an open door, a slippery slope, to way more infringements,” she said, referring to the NRA’s support for restrictions on the devices, which let semiautomatic rifles fire almost like an automatic weapon.
“They do great work, and I support them but sometimes there’s just things we don’t agree on,” Horne said.
An estimated 80,000 people were expected in Dallas for the NRA’s three-day meeting, which began on Friday.
The debate over access to guns took centre stage after a 19-year-old former student used a semiautomatic rifle to gun down 17 students and staff members at Marjory Stoneman Douglas High School in Parkland, a suburb of Fort Lauderdale.
Students who survived became national figures, demanding tighter firearms controls and a check on the power of the NRA.
Gun rights advocates cite the right to bear arms guaranteed by the Second Amendment of the U.S. Constitution.
About 100 protesters gathered at a second gun-control demonstration across town on Saturday, wearing orange ribbons and carrying signs that said “Shame on you NRA!” One NRA member dressed in a suit and black cowboy hat briefly scuffled with protesters as the rally began, but was quickly escorted away by police.
Actress Alyssa Milano said she created the organization NoRA, which organised the second rally, to combat the influence that the gun lobby wields with U.S. politicians.
“It debilitates our lawmakers from implementing common-sense gun reform,” Milano said in an interview. Reporting by Lisa Maria Garza; writing by Daniel Wallis; editing by Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-guns-nra-protest/protests-staged-for-gun-control-gun-rights-outside-nra-meeting-idUKKBN1I60S4 |
May 8 (Reuters) - LivePerson Inc:
* LIVEPERSON INC - ON MAY 7, 2018, BOARD RATIFIED, EFFECTIVE JAN 1, 2018, EXTENSION OF STOCK REPURCHASE PROGRAM THROUGH DEC 31, 2018 - SEC FILING Source text: ( bit.ly/2ruY7zO ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-liveperson-says-board-ratified-ext/brief-liveperson-says-board-ratified-extension-of-stock-repurchase-program-through-dec-31-2018-idUSFWN1SF1BL |
1Q 2018 Net Income of $106.0 million, $1.96 per diluted share
1Q 2018 Net Operating Income of $107.2 million, $2.00 per diluted share
• Key Financial Highlights for First Quarter 2018:
$114.6 million of net operating income, excluding reportable catastrophes, up 8 percent year-over-year 1 $2.14 of operating earnings per diluted share, excluding reportable catastrophes, up 14 percent year-over-year 2 9.7 percent annualized GAAP ROE 11.2 percent annualized operating ROE, excluding AOCI and reportable catastrophes 3 Approximately $575 million of corporate capital available at quarter end, excluding the proceeds related to The Warranty Group acquisition financing
Note: Assurant entered into an agreement to acquire The Warranty Group (TWG) from TPG Capital for $2.5 billion of enterprise value, including TWG’s existing debt. In first quarter 2018, Assurant completed the financing related to the acquisition, which is expected to close in second quarter 2018. This included a $1.3 billion debt issuance, of which $350 million replaced the debt that matured in March 2018, and a $288 million mandatory convertible preferred stock issuance. Prior to closing the transaction, the impact of the $1.2 billion acquisition-related financing will not be reflected in net operating income or net operating income per diluted share. GAAP net income and GAAP diluted earnings per share, however, will include the interest expense on the debt and the dilutive impact of the convertible preferred stock issued in connection with the acquisition. Once the transaction closes, the impact of the acquisition financing will also be reflected in operating results. See footnotes 1 and 2 for reconciliations.
NEW YORK--(BUSINESS WIRE)-- Assurant, Inc. (NYSE: AIZ), a premier global provider of risk management solutions, today reported results for first quarter ended March 31, 2018.
“We are pleased with our first quarter 2018 results, which were in-line with our expectations. The quarter benefitted from the lower effective U.S. tax rate and modest underlying profitable growth in key businesses such as mobile and multi-family housing, despite higher corporate expenses and catastrophe losses,” said Assurant President and Chief Executive Officer Alan Colberg.
“We continue to believe we can achieve double-digit operating earnings growth in 2018 and capitalize on future growth opportunities as we integrate our acquisition of The Warranty Group later this year,” he added.
Reconciliation of Net Operating Income to GAAP Net Income
(UNAUDITED) 1Q 1Q (in millions, net of tax) 2018 2017 Global Housing $ 71.2 $ 61.9 Global Lifestyle 55.8 52.4 Global Preneed 9.8 9.9 Corporate and other (20.0 ) (10.1 ) Interest expense (9.6 ) (8.2 ) Net operating income 107.2 105.9 Adjustments: Assurant Health runoff operations 2.0 7.9 Net realized gains on investments 0.4 2.2 Amortization of deferred gains and gains on disposal of businesses 14.6 24.1 Expenses related to The Warranty Group acquisition (1) (20.5 ) — Other adjustments 2.3 3.7 GAAP net income $ 106.0 $ 143.8 (1) 1Q 2018 includes transaction, financing and integration costs related to the pending acquisition of The Warranty Group, including $7.4 million after-tax ($9.3 million pre-tax) of pre-close interest expense on the debt issued in connection with the acquisition and amortization of the premium on derivatives used to hedge the debt. Additional financial information, including a schedule of disclosed items that affected Assurant’s results by business for the last eight quarters, appears on page 21 of the company’s Financial Supplement and is located on Assurant’s Investor Relations website http://ir.assurant.com/investor/default.aspx
First Quarter 2018 Consolidated Results
Net income declined to $106.0 million, or $1.96 per diluted share, compared to first quarter 2017 net income of $143.8 million, or $2.53 per diluted share, primarily reflecting higher expenses related to The Warranty Group acquisition and lower amortization of deferred gains and gains on disposal of businesses from the sale of Assurant Employee Benefits. This was partially offset by a lower effective tax rate following the enactment of the U.S. Tax Cuts and Jobs Act (TCJA). Net operating income 4 increased to $107.2 million, or $2.00 per diluted share, compared to first quarter 2017 net operating income of $105.9 million, or $1.87 per diluted share. Results reflected a lower effective tax rate, decreasing from 33.1 percent to 22.3 percent, following the enactment of the TCJA and modest underlying business growth. This was partially offset by a higher Corporate net operating loss and greater reportable catastrophes in Global Housing. First quarter 2017 also included the benefit of $7.5 million in Global Lifestyle client recoverables that did not repeat this quarter.
Assurant incurred $7.4 million of reportable catastrophes in first quarter 2018, compared to $0.6 million of reportable catastrophe losses in first quarter 2017. Excluding catastrophe losses, net operating income for first quarter 2018 increased to $114.6 million compared to $106.5 million in the prior-year period due to the factors noted above. Net earned premiums, fees and other income from Global Housing, Global Lifestyle and Global Preneed segments totaled $1.49 billion, compared to $1.38 billion in first quarter 2017. The increase primarily reflects growth from mobile programs launched in 2017 and existing mobile programs in Connected Living and continued expansion of Assurant’s vehicle protection and multi-family housing businesses. This was partially offset by lower lender-placed insurance premiums and declining fee income in mortgage solutions.
Reportable Segments
Global Housing
(in millions) 1Q18 1Q17 % Change Net operating income $ 71.2 $ 61.9 15%
Net earned premiums, fees and other $ 523.1 $ 531.7 (2)% Net operating income increased in first quarter 2018 due to the impact of a lower effective tax rate following the enactment of the TCJA, partially offset by $8.7 million in reportable catastrophe losses from severe winter storms in the Northeastern U.S. Excluding reportable catastrophe losses and the impact of a lower effective tax rate, underlying earnings grew mainly due to higher contributions from international housing products, profitable growth in multi-family housing and residual income for processing National Flood Insurance Program (NFIP) flood claims following Hurricane Harvey. This was partially offset by ongoing normalization of lender-placed insurance. Net earned premiums, fees and other income decreased in first quarter 2018, primarily reflecting lower placement rates and lower real-estate owned volume in lender-placed insurance and reduced client demand for originations and field services in mortgage solutions. This was partially offset by continued growth in multi-family housing and higher contributions from international housing products. Combined ratio for risk-based businesses (a) increased to 85.3 percent in the first quarter 2018 from 82.9 percent in prior-year quarter. This reflects higher reportable catastrophes compared to the first quarter 2017. Excluding reportable catastrophes, the combined ratio for risk-based business was roughly flat. Pre-tax margin for fee-based, capital-light businesses (b) was 11.4 percent, up from 8.8 percent from the first quarter of 2017. The increase was primarily due to profitable growth in multi-family housing.
(a) Combined ratio for the Global Housing risk-based businesses is equal to total policyholder benefits, losses and expenses, including reportable catastrophe losses, divided by net earned premiums and fees and other income, for lender-placed and manufactured housing and other businesses.
(b) Pre-tax margin for the Global Housing fee-based, capital-light businesses is equal to income before provision for income taxes divided by total net earned premiums, fees and other income, for multi-family housing and mortgage solutions businesses.
Global Lifestyle
(in millions) 1Q18 1Q17 % Change Net operating income $ 55.8 $ 52.4 6%
Net earned premiums, fees and other $ 918.5 $ 804.9 14%
Net operating income increased in first quarter 2018 due to the impact of a lower effective tax rate following the enactment of the TCJA. First quarter 2017 included $7.5 million of one-time client recoverables in Connected Living and credit insurance, resulting from actions taken to improve profitability in select international markets. Excluding this one-time benefit and the impact of a lower effective tax rate, underlying results increased mainly from mobile programs launched in 2017, continued growth from existing mobile programs and favorable client contract term amendments in Connected Living. This was partially offset by less favorable vehicle protection results and continued declines in credit insurance. Net earned premiums, fees and other income increased compared to first quarter 2017 due to growth from new and existing mobile protection programs and vehicle protection, partially offset by lower mobile trade-in volumes. Combined ratio for risk-based businesses (a) increased to 99.1 percent from 92.2 percent in first quarter 2017, largely driven by less favorable vehicle protection results, which included increased expenses and higher loss experience compared to a favorable prior period. The ratio increase also reflects the absence of the $4.3 million pre-tax client recoverable in credit insurance in the first quarter of 2017. Pre-tax margin for fee-based, capital-light businesses (b) was 8.2 percent, up from 7.1 percent in first quarter 2017. The increase was largely driven by growth from new and existing mobile programs and favorable client contract term amendments. The main factors partially offsetting the improvement were the absence of the $6.7 million pre-tax of client recoverables from Connected Living and lower mobile repair and logistics margins.
(a) Combined ratio for the Global Lifestyle risk-based businesses is equal to total policyholder benefits, losses and expenses, divided by net earned premiums and fees and other income, for vehicle protection, credit and other businesses.
(b) Pre-tax margin for the Global Lifestyle fee-based, capital-light businesses is equal to income before provision for income taxes divided by total net earned premiums, fees and other income, for Connected Living, including mobile, extended service contracts and assistance services.
Global Preneed
(in millions) 1Q18 1Q17 % Change Net operating income $ 9.8 $ 9.9 (1)% Net earned premiums, fees and other $ 46.2 $ 44.2 5%
Net operating income was flat in first quarter 2018 due to the impact of a lower effective tax rate following the enactment of the TCJA. Excluding the impact of a lower effective tax rate, underlying results decreased primarily reflecting higher technology expenses. Net earned premiums, fees and other income increased due to growth in U.S., including prior period sales of the Final Need product. Face sales totaled $224.1 million in first quarter 2018 compared to $235.8 million in first quarter 2017 due to a decrease in Final Need product sales.
Corporate & Other
(in millions) 1Q18 1Q17 % Change Net operating loss (5) $ (20.0) $ (10.1) 98%
Net operating loss 5 increased in first quarter 2018 reflecting higher employee-related costs compared to first quarter 2017, and the adverse impact from the lower effective tax rate.
Capital Position
During the quarter, we completed the financing related to the pending acquisition of The Warranty Group, which is expected to close in second quarter 2018. This included a $1.3 billion debt issuance, of which $350 million replaced the 2018 notes that matured in the quarter and $288 million mandatory convertible preferred stock issuance. The financing mix and overall reduced debt and equity issued took into account additional cash available at the holding company following the impact of TCJA and bringing forward capital that was originally earmarked for share repurchases later in the year. The remaining consideration is expected to be financed by a 10.4 million share issuance to TPG Capital and cash available at the holding company at closing. Excluding the net proceeds of approximately $1.2 billion related to the TWG financing, corporate capital totaled approximately $575 million as of March 31, 2018. Deployable capital totaled approximately $325 million, net of the company’s $250 million risk buffer. Dividends paid by Global Housing, Global Lifestyle and Global Preneed operating segments to the holding company in first quarter 2018 totaled $182 million, including $140 million from the capital related to the reduction in deferred tax liabilities following the enactment of the TCJA. Assurant also made a $42 million payment for final settlement of claim reserve indemnification obligations related to the 2015 sale of its general agency business. This settlement payment was previously accrued for and therefore had no material impact to earnings. In addition, Assurant invested $8 million mainly to strengthen connected home and asset disposition capabilities. Common stock dividends to shareholders totaled $30 million. There were no share repurchases during the quarter.
Company Outlook
On October 18, 2017, Assurant announced an agreement to acquire The Warranty Group from TPG Capital for $2.5 billion of enterprise value, including TWG’s existing debt. Prior to closing, Assurant’s 2018 outlook will exclude the impact of TWG and $1.2 billion in related acquisition financing.
Based on current market conditions, for full-year 2018 the company now expects:
Assurant net operating income, excluding reportable catastrophe losses, to increase between 10 to 14 percent from 2017 reported results of $413 million. Earnings growth to reflect a lower effective tax rate, and modest growth in underlying segment earnings when adjusting for $12.5 million of net benefits in 2017 disclosed items. Profitable growth in Connected Living and multi-family housing, as well as vehicle protection to offset declines in lender-placed insurance and credit insurance.
With the enactment of the U.S. Tax Cuts and Jobs Act (TCJA), Assurant’s consolidated effective tax rate is expected to decrease to 22-24 percent from 33 percent, with approximately one-third of the savings to be reinvested to support future growth. Assurant operating earnings per diluted share, excluding catastrophe losses to grow in excess of net operating income, reflecting the benefit of a lower consolidated effective tax rate, modest growth in underlying earnings, as well as capital management. Global Housing net operating income, excluding reportable catastrophes, to be down before taking into account recently enacted tax reform. Further declines expected in lender-placed insurance and mortgage solutions. Declines to be partially offset by continued growth in multi-family housing. Additional savings from expense management efforts to be realized towards the end of 2018 and into 2019. Net operating income to increase after reflecting a lower effective tax rate of approximately 20-21 percent, with a portion of the tax savings to be reinvested for future growth. Revenue expected to approximate 2017 levels as declines in lender-placed are offset by growth in multi-family housing. Global Lifestyle net operating income to increase modestly, before taking into account recently enacted tax reform. Profitable growth driven primarily by newly launched mobile programs and vehicle protection expansion and ongoing expense management efforts, partially offset by ongoing declines in credit insurance. Mobile trade-in activity to vary based on the timing and availability of new smartphone introductions and carrier promotional activity. Results to benefit from a lower effective tax rate of approximately 22-24 percent, with a portion of the tax savings to be reinvested for future growth. The tax rate may fluctuate based on geographic mix of income across various jurisdictions. Revenue expected to increase from growth in Connected Living and vehicle protection, globally. Global Preneed revenue and earnings to continue to increase modestly from our alignment with market leaders, before taking into account recently enacted tax reform. Results to benefit from a lower effective tax rate of roughly 22 percent, with a portion of the tax savings to be reinvested for future growth. Corporate & Other 6 full-year net operating loss to approximate 2017 loss of $63 million, before taking into account recently enacted tax reform. Increased investments for growth will be partially funded by continued expense management initiatives. The loss will increase after accounting for an effective tax rate of approximately 20 percent. Business segment dividends from Global Housing, Global Lifestyle and Global Preneed to exceed segment net operating income, including catastrophe losses, due to the impact of TCJA. This is subject to the growth of the businesses, and rating agency and regulatory capital requirements.
Capital to be deployed primarily to fund the financing and integration of TWG and other ongoing capital needs of the business. Excess capital will be deployed primarily to fund other investments and dividends, subject to market conditions.
Earnings Conference Call
The first quarter 2018 earnings conference call and webcast will be held Friday, May 4, 2018 at 8:00 a.m. ET. The live and archived webcast, along with supplemental information, will be available in the Investor Relations section of www.assurant.com .
About Assurant
Assurant, Inc. (NYSE: AIZ) is a global provider of risk management solutions, protecting where consumers live and the goods they buy. A Fortune 500 company, Assurant focuses on the housing and lifestyle markets, and is among the market leaders in mobile device protection and related services; extended service contracts; vehicle protection; pre-funded funeral insurance; renters insurance; lender-placed homeowners insurance; and mortgage valuation and field services. With approximately $32 billion in assets and $6 billion in annualized revenue as of March 31, 2018, Assurant has a market presence in 16 countries, while its Assurant Foundation works to support and improve communities. Learn more at assurant.com or on Twitter @AssurantNews .
Safe Harbor Statement
Some of the statements included in this news release and its exhibits, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters including with respect to the pending transaction with The Warranty Group and the benefits and synergies of the transaction, are within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of words such as “outlook,” “will,” “may,” “can,” “anticipates,” “expects,” “estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,” “potential,” “approximately,” or the negative version of those words and other words and terms with a similar meaning. Any contained in this news release or its exhibits are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. Our actual results might differ materially from those projected in the The company undertakes no obligation to update or review any in this news release or the exhibits, whether as a result of new information, future events or other developments. The following risk factors could cause our actual results to differ materially from those currently estimated by management, including those projected in the company outlook:
(i) the successful completion of the pending transaction with The Warranty Group and the effective integration of its operations; (ii) the loss of significant client relationships or business, distribution sources and contracts; (iii) the impact of general economic, financial market and political conditions; (iv) the adequacy of reserves established for future claims; (v) the impact of catastrophic losses, including human-made catastrophic losses; (vi) a decline in our credit or financial strength ratings; (vii) risks related to our international operations, including fluctuations in exchange rates; (viii) an impairment of the company’s goodwill or other intangible assets resulting from a sustained significant decline in the company’s stock price, a decline in actual or expected future cash flows or income, a significant adverse change in the business climate or slower growth rate, among other circumstances; (ix) a failure to effectively maintain and modernize our information technology systems; (x) the company’s vulnerability to system security threats, data protection breaches, cyber-attacks and data breaches compromising client information and privacy; (xi) significant competitive pressures in our businesses or changes in customer preferences; (xii) the failure to find and integrate suitable acquisitions and new ventures; (xiii) a decline in the sales of our products and services resulting from an inability to develop and maintain distribution sources or attract and retain sales representatives; (xiv) a decrease in the value of our investment portfolio; (xv) the impact of recently enacted tax reform legislation in the U.S.; (xvi) the impact of unfavorable outcomes in potential litigation and/or potential regulatory investigations; (xvii) the extensive regulations we are subject to could increase our costs; restrict the conduct of our business and limit our growth; (xviii) the failure to successfully manage outsourcing activities, such as functions in our mortgage solution business and call center services; (xix) a decline in the value of mobile devices in our inventory or those that are subject to guaranteed buyback provisions; (xx) the unavailability or inadequacy of reinsurance coverage; (xxi) the insolvency of third parties to whom we have sold or may sell businesses through reinsurance or modified co-insurance; (xxii) the credit risk of some of our agents that we are exposed to due to the structure of our commission program; (xxiii) the inability of our subsidiaries to pay sufficient dividends to the holding company; and (xxiv) the failure to attract and retain key personnel and to provide for succession of senior management and key executives. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our , as filed with the SEC.
Non-GAAP Financial Measures
Assurant uses the following non-GAAP financial measures to analyze the company’s operating performance for the periods presented in this news release. Because Assurant’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing Assurant’s non-GAAP financial measures to those of other companies.
(1) Assurant uses net operating income (defined below), excluding reportable catastrophes (which represents catastrophe losses net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums), as an important measure of the company’s operating performance. The company believes this metric provides investors a valuable measure of the performance of the company’s ongoing business because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income. (UNAUDITED) 1Q 1Q (in millions) 2018 2017 Global Housing, excluding reportable catastrophes $ 79.9 $ 62.5 Global Lifestyle (1) 54.5 52.4 Global Preneed 9.8 9.9 Corporate and other (20.0 ) (10.1 ) Interest expense (9.6 ) (8.2 ) Net operating income 114.6 106.5 Adjustments, pre-tax: Assurant Health runoff operations 2.6 12.6 Net realized gains on investments 0.5 3.4 Reportable catastrophes (9.4 ) (0.9 ) Amortization of deferred gains and gains on disposal of businesses 18.5 37.0 Expenses related to The Warranty Group acquisition (2) (26.0 ) — Other adjustments 3.2 5.8 Benefit (provision) for income taxes 2.0 (20.6 ) GAAP net income $ 106.0 $ 143.8 (1) 1Q 2018 excludes a $1.3 million benefit after-tax ($1.6 million pre-tax) due to favorable development related to 3Q 2017 reportable catastrophes. (2) 1Q 2018 includes transaction, financing and integration costs related to the pending acquisition of The Warranty Group, including $7.4 million after-tax ($9.3 million pre-tax) of pre-close interest expense on the debt issued in connection with the acquisition and amortization of the premium on derivatives used to hedge the debt. (2) Assurant uses net operating income per diluted share (defined below), excluding reportable catastrophes (defined above) as an important measure of the company's stockholder value. The company believes this metric provides investors a valuable measure of stockholder value because it excludes reportable catastrophes, which can be volatile. The comparable GAAP measure is net income per diluted share, defined as net income divided by weighted average diluted shares outstanding. (UNAUDITED) 1Q 1Q 2018 2017 Net operating income, excluding reportable catastrophes, per diluted share (1) $ 2.14 $ 1.88 Adjustments, pre-tax: Dilutive effect from mandatory convertible preferred stock (0.03 ) — Assurant Health runoff operations 0.05 0.22 Net realized gains on investments 0.01 0.06 Reportable catastrophes (0.17 ) (0.02 ) Amortization of deferred gains and gains on disposal of businesses 0.33 0.65 Expenses related to The Warranty Group acquisition (0.47 ) — Other adjustments 0.06 0.10 Benefit (provision) for income taxes 0.04 (0.36 ) Net income per diluted share $ 1.96 $ 2.53 (1) Net operating income per diluted share, excluding reportable catastrophes, for 1Q 2018 is calculated by dividing the net operating income by 53,477,776 shares which is the weighted average diluted shares outstanding, excluding the effect for the period of 711,722 shares of dilutive securities from the assumed conversion of the outstanding mandatory convertible preferred stock, which was issued as part of the financing of the pending TWG acquisition. Net income per diluted share for 1Q 2018 includes the effect of such dilutive securities. (3) Assurant uses operating return on equity ("Operating ROE"), excluding accumulated other comprehensive income ("AOCI") and reportable catastrophes (defined above), as an important measure of the company’s operating performance. Operating ROE, excluding AOCI and reportable catastrophe losses, equals net operating income (as defined below) for the periods presented divided by average stockholders’ equity, excluding AOCI and reportable catastrophe losses, for the year to date period. The company believes this metric provides investors a valuable measure of the performance of the company’s ongoing business because it excludes the effect of reportable catastrophes, which can be volatile. The comparable GAAP measure is GAAP return on equity (“GAAP ROE”), defined as net income (loss), for the period presented, divided by average stockholders’ equity for the year to date period. (UNAUDITED) 1Q 1Q 2018 2017 Annual operating return on average equity, excluding AOCI and reportable catastrophes (1) 11.2 % 10.8 % Assurant Health runoff operations 0.2 % 0.8 % Net realized gains (losses) on investments —% 0.2 % Reportable catastrophes (0.7)% —% Amortization of deferred gains and gains on disposal of businesses 1.4 % 2.5 % Expenses related to The Warranty Group acquisition (2.0)% —% Other adjustments 0.2 % 0.4 % Change due to effect of including AOCI (0.6)% (0.8)% Annual GAAP return on average equity 9.7 % 13.9 % (1) 1Q 2018 excludes the effect of $276.4 million of the mandatory convertible preferred stock which was issued as part of the financing of the pending TWG acquisition. Annual GAAP return on average equity for 1Q 2018 includes the effect of the mandatory convertible preferred stock. (4) Assurant uses net operating income as an important measure of the company’s operating performance. Net operating income equals net income, excluding Assurant Health runoff operations, Assurant Employee Benefits, net realized gains on investments, amortization of deferred gains and gains on disposal of businesses, expenses relating to the pending acquisition of TWG and other highly variable or unusual items. Additionally, the calculation for the fourth quarter and full year 2017 excludes a one-time estimated benefit related to the enactment of the TCJA. The company believes net operating income provides investors a valuable measure of the performance of the company’s ongoing business because it excludes the effect of Assurant Health runoff operations and the divested Assurant Employee Benefits business, which was sold in 2016, and the other excluded items that do not represent the ongoing operations of the company. The comparable GAAP measure is net income. (UNAUDITED) 1Q 1Q (in millions) 2018 2017 Net operating income $ 107.2 $ 105.9 Adjustments (pre-tax): Assurant Health runoff operations 2.6 12.6 Net realized gains on investments 0.5 3.4 Amortization of deferred gains and gains on disposal of businesses 18.5 37.0 Expenses related to The Warranty Group acquisition (1) (26.0 ) — Other adjustments 3.2 5.8 Provision for income taxes — (20.9 ) GAAP net income $ 106.0 $ 143.8 (1) 1Q 2018 includes transaction, financing and integration costs related to the pending acquisition of The Warranty Group, including $7.4 million after-tax ($9.3 million pre-tax) of pre-close interest expense on the debt issued in connection with the acquisition and amortization of the premium on derivatives used to hedge the debt. (5) Assurant uses Corporate and Other net operating loss as an important measure of the corporate segment’s performance. Corporate and Other net operating loss equals Total Corporate and Other segment net (loss) income, excluding Health runoff operations net income, amortization of deferred gains and gains on disposal of businesses, net realized gains on investments, interest expense, expenses associated with the pending TWG acquisition and other highly variable or unusual items. Additionally, the calculation for the fourth quarter and full year 2017 excludes a one-time estimated benefit related to the enactment of the TCJA. The company believes Corporate and Other net operating loss provides investors a valuable measure of the performance of the company’s corporate segment because it excludes highly variable items that do not represent the ongoing results of the company’s corporate segment. The comparable GAAP measure is Total Corporate & Other segment net (loss) income. (UNAUDITED) 1Q 1Q (in millions) 2018 2017 GAAP Total Corporate & Other segment net (loss) income $ (30.8 ) $ 19.6 Excluding: Health runoff operations net income 2.0 7.9 GAAP Corporate & Other segment net (loss) income (32.8 ) 11.7 Adjustments, pre-tax: Amortization of deferred gains and gains on disposal of businesses (18.5 ) (37.0 ) Expenses related to The Warranty Group acquisition (1) 26.0 — Interest expense 12.2 12.6 Net realized gains on investments (0.5 ) (3.4 ) Other adjustments (3.2 ) (5.8 ) (Benefit) provision for income taxes (3.2 ) 11.8 Corporate & other net operating loss $ (20.0 ) $ (10.1 ) (1) 1Q 2018 includes transaction, financing and integration costs related to the pending acquisition of The Warranty Group, including $7.4 million after-tax ($9.3 million pre-tax) of pre-close interest expense on the debt issued in connection with the acquisition and amortization of the premium on derivatives used to hedge the debt. (6) The company outlook for Corporate & Other full-year net operating loss constitutes forward-looking information and the company believes that it cannot reconcile such forward-looking information to the most comparable GAAP measure without unreasonable efforts. A reconciliation would require the company to quantify amortization of deferred gains and gains on disposal of businesses, interest expense, net realized gains on investments, and change in derivative investment. The last two components cannot be reliably quantified due to the combination of variability and volatility of such components and may, depending on the size of the components, have a significant impact on the reconciliation. The company is able to reasonably quantify a range for the first component based on certain assumptions relating to future reinsured premium on disposed business during the forecast period. In addition, the company is able to quantify a range for the second component assuming it does not incur additional debt or extinguish debt in the forecast period. Amortization of deferred gains and gains on disposal of businesses is expected to be approximately $42-50 million after-tax while interest expense is expected to be approximately $43-45 million after-tax. This reflects the lower effective tax rate and the recently refinanced Assurant notes but excludes debt incurred in connection with the financing of the TWG acquisition. A summary of net operating income disclosed items is included on page 21 of the company’s Financial Supplement, which is available in the Investor Relations section of www.assurant.com .
Assurant, Inc.
Consolidated Statement of Operations (unaudited)
Three Months Ended March 31, 2018 and 2017
1Q 2018 2017 (in millions except number of shares and per share amounts) Revenues Net earned premiums $ 1,124.9 $ 1,050.3 Fees and other income 364.5 340.2 Net investment income 130.2 120.6 Net realized gains on investments 0.5 3.4 Amortization of deferred gains and gains on disposal of businesses 18.5 37.0 Total revenues 1,638.6 1,551.5 Benefits, losses and expenses Policyholder benefits 414.6 358.0 Selling, underwriting, general and administrative expenses 1,066.0 965.8 Interest expense 21.5 12.6 Total benefits, losses and expenses 1,502.1 1,336.4 Income before provision for income taxes 136.5 215.1 Provision for income taxes 30.5 71.3 Net income $ 106.0 $ 143.8 Net income per share: Basic $ 1.99 $ 2.56 Diluted $ 1.96 $ 2.53 Dividends per share $ 0.56 $ 0.53 Share data: Basic weighted average shares outstanding 53,169,358 56,201,342 Diluted weighted average shares outstanding 54,189,498 56,756,641 Assurant, Inc.
Consolidated Condensed Balance Sheets (unaudited)
At March 31, 2018 and Dec. 31, 2017
March 31, December 31, 2018 2017 (in millions) Assets Investments and cash and cash equivalents $ 13,304.9 $ 12,550.3 Reinsurance recoverables 9,278.4 9,790.2 Deferred acquisition costs 3,646.3 3,484.5 Goodwill 923.1 917.7 Assets held in separate accounts 1,816.9 1,837.1 Other assets 2,416.3 2,516.7 Assets of consolidated investment entities 1,042.0 746.5 Total assets $ 32,427.9 $ 31,843.0 Liabilities Policyholder benefits and claims payable $ 13,579.6 $ 14,179.6 Unearned premiums 7,084.8 7,038.6 Debt 2,004.4 1,068.2 Liabilities related to separate accounts 1,816.9 1,837.1 Deferred gain on disposal of businesses 109.6 128.1 Accounts payable and other liabilities 2,500.7 2,736.5 Liabilities of consolidated investment entities 830.9 573.4 Total liabilities 27,926.9 27,561.5 Stockholders' equity Equity, excluding accumulated other comprehensive income 4,438.1 4,036.6 Accumulated other comprehensive income 51.7 234.0 Total Assurant, Inc. stockholders' equity 4,489.8 4,270.6 Non-controlling interest 11.2 10.9 Total equity 4,501.0 4,281.5 Total liabilities and equity $ 32,427.9 $ 31,843.0
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006537/en/
Assurant, Inc.
Media:
Linda Recupero
Senior Vice President, Enterprise Communication
Phone: 212.859.7005
[email protected]
or
Investor Relations:
Suzanne Shepherd
Vice President, Investor Relations
Phone: 212.859.7062
[email protected]
or
Sean Moshier
Manager, Investor Relations
Phone: 212.859.5831
[email protected]
Source: Assurant, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-assurant-reports-first-quarter-2018-financial-results.html |
* Net loss $32 from loss of $181 million a year ago
* Net cash at $17 mln from $63 million at December quarter
* To cut 3,700 jobs this year
* GRAPHIC: reut.rs/2KmVuY7 (Adds detail, Quote: s, analysts, shares, Johannesburg dateline)
By Zandi Shabalala and Ed Stoddard
LONDON/JOHANNESBURG, May 14 (Reuters) - Lonmin narrowed its first-half operating loss and set out plans to cut spending as the platinum miner tries to keep a takeover by Sibanye-Stillwater on track by conserving cash.
The proposed deal with precious metals producer Sibanye-Stillwater, vital to Lonmin’s survival, is conditional upon Lonmin retaining a positive cash balance by the time it is scheduled to close in the second half of the year.
Lonmin has been crippled by soaring costs and subdued platinum prices, forcing it to raise cash from investors three times since 2009 and cut thousands of jobs.
But the appreciation of the rand against the dollar is undermining Lonmin’s efforts, the company said, as it pays costs in the local currency and receives revenue in dollars.
“It remains a tough operating environment,” Chief Executive Ben Magara told a results presentation in Johannesburg.
“Despite great mining and processing assets and being net cash positive for 11 successive quarters, Lonmin continues to be hamstrung by macro-economic challenges, its capital structure and liquidity constraints.”
The London-listed miner reported a first-half operating loss of $32 million for the six months to the end of March, compared with a loss of $181 million a year earlier.
Net cash at the end of March fell to $17 million from $75 million a year earlier and from $63 million at the end of December.
The company has about $47 million that is locked up to cover a smelter outage that should be released and added back to net cash in the second half of the year, easing its position.
JOB CUTS Lonmin will cut 3,700 jobs in 2018 as part of the 12,600 employees it plans to cut over the next three years, as it winds down high cost production, Magara said.
Job cuts are a thorny issue in South Africa where unemployment runs at about 28 percent. The layoffs could also be a challenge in securing approval for the merger from South Africa’s Competition Commission.
Magara stressed the importance of the approval of the transaction, saying more jobs were at risk should it fail to close on schedule.
Shares in Lonmin, which have lost nearly all of their value, rose 6.5 percent by 1100 GMT.
“Looking to H2 as the smelter processes locked up material, we expect a significant working capital release, driving a net cash inflow in the half. This should reduce concerns over Sibanye walking away from the transaction,” analysts at Peel Hunt said in a note. They have a “hold” rating on the stock.
Credit waivers that prevented Lonmin from defaulting on its loans granted in January are dependent on the company’s planned merger and the company still faced liquidity challenges, its finance head said.
“This company’s ability to continue to as a going concern for the next 12-18 months has material uncertainties associated with it,” said CFO Barrie van der Merwe.
To save more cash, Lonmin lowered its full year capital expenditure target to 1.2-1.3 billion rand ($98 million-$106 million) from 1.4-1.5 billion.
It said unit costs for 2018 will be at the upper end of guidance but maintained is full-year sales guidance.
In the three months to March 31, platinum production rose to 143,374 ounces, up 3.9 percent from a year earlier. ($1 = 12.2525 rand)
Additional reporting by Justin Varghese in Bengaluru Editing by Jason Neely/Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/lonmin-results/update-1-miner-lonmin-narrows-h1-loss-trims-spending-target-idUSL5N1SL14M |
TORONTO and NUCLA, Colo., May 01, 2018 (GLOBE NEWSWIRE) -- Western Uranium Corporation (CSE:WUC) (OTCQX:WSTRF) (“ Western ” or the ” Company ”) announces changes on its Board of Directors and to its senior management. In that regard, Western announces that Russell Fryer no longer serves as Executive Chairman or on the Board of Directors of the Company, and is pleased to appoint Mr. Bryan Murphy as Chairman of the Board.
Over the past two years, Western has been engaged in a cost reduction program. To further such cost reductions, Western has taken steps to streamline its management. As disclosed in the Company’s financial statements for the year ended December 31, 2017, on January 28, 2018 the Company provided 90-day notice to Mr. Fryer’s Baobab Asset Management terminating its consulting contract with the Company effective April 30, 2018. Russell Fryer served as Executive Chairman of the Company pursuant to that contract. Concurrently with the effective date of that termination, Mr. Fryer resigned from all positions on the Board of Directors of the Company (effective May 1, 2018). After Board and management review, the Company has implemented a governance and management restructuring both to reduce costs and more effectively meet the short and long term goals of the Company.
George Glasier, President/CEO, stated that ”We are very pleased that Bryan has agreed to serve as Chairman, as his background in corporate finance, business strategy and M&A will be a valuable asset in this role”. The implementation of the governance and management restructuring will be facilitated by President/CEO, George Glasier, and Chief Financial Officer, Robert Klein absorbing additional day-to-day management and investor relations duties. Andrew Wilder, a longtime Board Member, will provide high-level capital markets expertise to the Company.
A bout Western Uranium Corporation
Western Uranium Corporation is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States and development and application of ablation mining technology.
This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT :
INVESTOR RELATIONS CONTACT:
George Glasier , President and CEO
Office: 970-864-2125 or mobile 970-778-9195
[email protected]
WEBSITE: www.western-uranium.com
Robert Klein , Chief Financial Officer
Office: 908-872-7686
[email protected]
Source:Western Uranium Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-western-uranium-corporation-announces-board-and-management-changesaand-reduces-management-expenses.html |
May 10, 2018 / 7:40 PM / in 7 minutes MOVES- JP Morgan, Rothschild Global, ANZ, DBO Partners Reuters Staff 1 Min Read
May 10 (Reuters) - The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email [email protected]. JP MORGAN PRIVATE BANK
The JPMorgan & Chase Co unit said Jessica Matthews has joined the firm to lead its new sustainable investing offering within its wealth management business. ROTHSCHILD GLOBAL ADVISORY
The Rothschild & Co Group division hired Sumner Farren and Sara Coyle as managing directors in its Chicago office. AUSTRALIA AND NEW ZEALAND BANKING GROUP
The bank has elevated Alexis George to deputy chief executive officer. DBO PARTNERS
The financial advisory firm said Brian White had joined the firm as a partner to lead a dedicated global security practice. (Compiled by Nivedita Balu and Mrinalini Krothapalli) | ashraq/financial-news-articles | https://www.reuters.com/article/financial-moves/moves-jp-morgan-rothschild-global-anz-dbo-partners-idUSL3N1SH68U |
May 23, 2018 / 9:33 AM / Updated 20 minutes ago Saudi-led coalition destroys Houthi boats targeting tanker in Red Sea-Al Arabiya Reuters Staff 1 Min Read
DUBAI (Reuters) - The Saudi-led coalition has destroyed two Houthi boats threatening an oil tanker in the Red Sea, Al Arabiya television reported on Wednesday.
Separately, the United Arab Emirates (UAE) news agency WAM said UAE coalition forces destroyed two boats described as being deployed by the Iran-aligned Houthi movement to target the tanker, while another two escaped.
Neither report gave specifics about the tanker or mentioned whether it had been damaged. Reporting by Ghaida Ghantous; Editing by Katie Paul and Dale Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-yemen-security-tanker/saudi-led-coalition-destroys-houthi-boats-targeting-tanker-in-red-sea-al-arabiya-idUKKCN1IO15T |
DHAKA (Reuters) - The Dhaka Stock Exchange (DSE) expects to get regulatory approval for a 25 percent stake sale in the bourse to a Chinese consortium by next week, Managing Director K.A.M. Majedur Rahman said on Tuesday.
“We have already submitted the revised proposal to Bangladesh’s Securities and Exchange Commission (BSEC) and we’re expecting an approval by the next week,” Rahman told Reuters a day after DSE shareholders gave their green signal for the deal.
A Chinese consortium that included the Shenzhen and Shanghai Stock exchanges, apart from India’s National Stock Exchange, had submitted rival proposals in December to acquire the stake that DSE put up for sale.
The Chinese consortium was later chosen as the winner.
Mohammad Saifur Rahman, an executive director at BSEC, said the regulatory body has received a revised proposal for DSE which will be scrutinized and examined before the final decision.
BSEC had ordered DSE to ensure that any deal did not include terms that contradicted the laws of the country, or those that harmed the interest of other shareholders.
Reporting By Serajul Quadir; Editing Euan Rocha and Vyas Mohan
| ashraq/financial-news-articles | https://in.reuters.com/article/bangladesh-dhaka-stock-divestiture/bangladeshs-dse-expects-regulatory-nod-for-stake-sale-next-week-idINKBN1I22WN |
May 3, 2018 / 6:39 AM / Updated 20 minutes ago Australian shares hit 3-mth high on weaker local currency, materials; NZ up Reuters Staff
* Aussie shares extend gains into a fifth session
* Materials lead gains on main index
* NZ at six-week high (Updates to close)
May 3 (Reuters) - Australian shares rose to a three-month high on Thursday as investors cheered a weaker local currency, while firmer commodities prices boosted materials.
The S&P/ASX 200 index climbed 0.8 percent or 48.10 points to 6,098.3 at the close of trade, adding to the 0.6 percent gain on Wednesday.
While Wall Street wobbled overnight, European shares rose on the back of some strong earnings updates and a robust tech sector.
Demand for local stocks was partly underpinned by a weaker Australia dollar, which hit multi-month lows on Wednesday as its U.S. counterpart rode higher against most major currencies amid bets interest rates will rise at a faster pace in the United States.
Materials were the biggest gainers on the benchmark, with the metals and mining index climbing 1.7 percent to more than a fifteen week high on higher prices for iron ore, copper and aluminium.
The world’s biggest miner BHP gained 1 percent to its highest since Feb. 16, while South32 Ltd surged 4 percent.
Soaking up the improved sentiment, financial stocks also advanced, with top lender Commonwealth Bank of Australia rising 0.6 percent, while Westpac Banking Corp ticked up 0.8 percent.
Consumer staples rose to a record closing high supported by a rally in Woolworths Group Ltd. The grocery giant jumped 2.2 percent, extending gains after reporting an encouraging rise in third-quarter same-store food sales on Wednesday.
New Zealand’s benchmark S&P/NZX 50 index added 0.6 percent or 52.64 points to finish the session at 8,546.88.
Consumer staples and telecommunication services underpinned the market, with dairy firm a2 Milk Company Ltd strengthening 1.4 percent and Spark New Zealand Ltd rising 1.3 percent. (Reporting by Aditya Soni in Bengaluru Editing by Shri Navaratnam) | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-close/australian-shares-hit-3-mth-high-on-weaker-local-currency-materials-nz-up-idUSL3N1SA2HI |
This graduation season, the podium is all hers.
For the first time in at least two decades, the majority of the nation's top colleges are featuring women as their spring commencement speakers, a shift that industry experts credit to the wave of female empowerment that has fueled the #MeToo movement.
Yale is bringing Hillary Clinton. MIT will host Sheryl Sandberg. Vanderbilt landed Amal Clooney, while Dartmouth chose Mindy Kaling.
Overall, women account for nearly 60 percent of the speakers at the 25 schools that have the largest endowments and traditionally carry the clout to draw big names to the lectern. By contrast, women made up just a quarter of the speakers at those schools over the previous 19 years, according to an Associated Press analysis of university records.
Companies that are hired to find speakers say they've seen a surge in requests for women at the same time that the #MeToo movement has shed light on sexual misconduct from Hollywood to Capitol Hill. Demand has grown so quickly that some say they're struggling to keep up.
"There's been a much bigger push to bring in white females, black females — anyone other than a white male," said Richard Schelp, owner of Executive Speakers Bureau in Memphis, Tennessee, where 40 percent of recent booking requests from schools and other clients have been for women. "We're digging deep into our reservoir of resources."
Schools contacted by the AP said the #MeToo movement didn't directly influence their decisions, but some said it might have been on the minds of students who help pick finalists. Many start looking for speakers more than a year in advance, competing for prominent figures that will impress alumni and prospective students.
Speakers chosen this year include women from politics, business, athletics and the arts, and many reflect diversity beyond their gender. Film director Ava DuVernay will be the first woman of color to give Cornell's speech in a decade. Raquel Bono, a vice admiral in the U.S. Navy and a Filipina American, will speak at the University of Texas, Austin.
As ceremonies unfold in coming weeks, experts say graduates can expect to hear speeches on equality, inclusivity and other topics that might have been seen as too thorny in the past.
"Because there's so much demand out there, I think they're much more comfortable talking about this," said Don Epstein, CEO of the Greater Talent Network, a New York agency owned by United Talent Agency. "The public is finally saying enough, we want to hear about it."
Outside the richest schools, many of this year's marquee speakers are also women.
Queen Latifah is headed to Rutgers University's Newark campus. Wesleyan University in Connecticut will hear from Anita Hill, who has become a #MeToo icon for her 1991 testimony accusing then-Supreme Court nominee Clarence Thomas of sexual harassment.
It's a stark contrast with past years that saw few female speakers. In 2007, for example, only two of the 25 richest schools chose women. In 2003, none of the eight Ivy League schools did.
Colleges say they strive for diversity but face tough competition for a small pool of speakers. And while more women have joined the speaking industry in recent years, experts say they remain widely outnumbered by men.
Bringing celebrity speakers can also carry a hefty cost — sometimes upward of $100,000 — leading many schools to seek alumni or others who won't charge a fee.
Still, some schools have brought far fewer women than their peers. A handful of colleges have brought just three in the past two decades, including Harvard University and the universities of Notre Dame, Michigan and Pennsylvania.
Notre Dame officials said they look for a mix of speakers but are sometimes thwarted by scheduling conflicts. Still, they showcase diversity in other ways, spokesman Dennis Brown said. Class valedictorians, who also speak at graduation, have been women five of the past 10 years, he said.
"Our graduates do hear from a variety of voices, including women and people of color," he said.
In cases where schools don't have speakers at their university-wide graduation ceremonies, the AP analysis counted less formal class day or senior day speeches that are typically organized by students. Yale, which has brought five women to its class day over the past 20 years, said administrators usually play only a small role.
A few colleges have brought a rough balance of men and women in recent decades. At Dartmouth College and Duke University, women account for 40 percent of spring speakers since 1999. Dartmouth officials attribute it to a wide pool of successful female graduates, along with some scheduling luck.
At Vanderbilt, which has been bringing speakers for 15 years, 60 percent have been women. Provost Susan Wente credits the committee of students that helps pick finalists.
"That student advisory group is diverse amongst itself," she said. "They have consistently produced a slate of finalists that are also diverse."
Epstein, whose company worked with about 30 college commencements this year, said demand for women has been growing over the last year — and is still mounting as schools begin planning for next year.
"I think we're just scratching the surface here," he said. "This is not a flash in the pan. This is a long-term issue that's going to be around for a long time, until there's real equality."
More from the Associated Press:
Trump promotes federal government hiring of military spouses
White House hosts AI summit with tech firms
Facebook ads show Russian effort to stoke political division
show chapters Venus and Serena Williams fought for equal pay at Wimbledon — here's their next big challenge 11:34 AM ET Thu, 8 March 2018 | 01:07 Like this story? Like CNBC Make It on Facebook . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/amid-metoo-more-colleges-host-women-as-graduation-speakers.html |
May 16, 2018 / 6:03 PM / Updated 31 minutes ago Fed's Bullard says further rate hikes will restrict growth Reuters Staff 1 Min Read
(Reuters) - St. Louis Federal Reserve Bank President James Bullard on Wednesday said he believes the Fed’s policy rate is “pretty close” to neutral, and that further rate hikes would act to slow economic growth and push downward on inflation. FILE PHOTO: St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York, NY, U.S., February 26, 2015. REUTERS/Lucas Jackson/File Photo
“If we start going up from here we are going to get into restrictive territory,” Bullard said in a Bloomberg Television interview. “Do we really want to do that when inflation expectations are already hovering below our target for the next five years?” Most of Bullard’s colleagues believe at least two more rates hikes are appropriate this year, given that unemployment is at 3.9 percent and inflation is edging up toward the Fed’s 2-percent target. Reporting by Ann Saphir; Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-bullard-neutral/feds-bullard-says-further-rate-hikes-will-restrict-growth-idUSKCN1IH2KU |
May 22 (Reuters) - One Horizon Group Inc:
* ONE HORIZON GROUP ASSESSING REQUEST FOR NEW DIRECTORS * ONE HORIZON GROUP - RECEIVED REQUEST FROM ZHANMING WU THAT CO APPOINT FOUR INDIVIDUALS DESIGNATED BY WU TO BOARD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-one-horizon-group-assessing-reques/brief-one-horizon-group-assessing-request-for-new-directors-idUSFWN1ST0FO |
April 30 (Reuters) - Karyopharm Therapeutics Inc:
* KARYOPHARM ANNOUNCES POSITIVE TOP-LINE DATA FROM PHASE 2B STORM STUDY EVALUATING SELINEXOR IN PATIENTS WITH PENTA-REFRACTORY MULTIPLE MYELOMA
* KARYOPHARM THERAPEUTICS INC - SELINEXOR CONTINUES TO DEMONSTRATE A PREDICTABLE AND MANAGEABLE TOLERABILITY PROFILE
* KARYOPHARM THERAPEUTICS INC - COMPANY PLANS TO SUBMIT A NEW DRUG APPLICATION TO FDA IN SECOND HALF OF 2018
* KARYOPHARM THERAPEUTICS INC - REGARDING STORM STUDY’S PRIMARY OBJECTIVE, ORAL SELINEXOR ACHIEVED A 25.4% OVERALL RESPONSE RATE
* KARYOPHARM THERAPEUTICS INC - PLANS TO SUBMIT A MARKETING AUTHORIZATION APPLICATION TO EUROPEAN MEDICINES AGENCY IN EARLY 2019
* KARYOPHARM THERAPEUTICS INC - EXPECTING TO COMPLETE ENROLLMENT IN BOSTON STUDY BY END OF 2018, WITH TOP-LINE DATA ANTICIPATED IN 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-karyopharm-announces-positive-top/brief-karyopharm-announces-positive-top-line-data-from-phase-2b-storm-study-evaluating-selinexor-in-patients-with-penta-refractory-multiple-myeloma-idUSFWN1S71C4 |
WASHINGTON, May 25 (Reuters) - Fiat Chrysler Automobiles NV said on Friday it is recalling 4.8 million U.S. vehicles over a defect that could prevent drivers from deactivating cruise control and warned owners not to use the function until they get software upgrades.
The Italian-American automaker said no injuries or crashes are related to the large recall campaign but said it had one report of a driver of a 2017 Dodge Journey unable to deactivate the cruise control.
Fiat Chrysler, which in 2015 was hit with penalties from U.S. regulators totalling $175 million for safety lapses, did not say how much the recalls would cost.
The recall addresses what Fiat Chrysler called an “unlikely sequence of events” that could lead to drivers being unable to cancel cruise control. The company emphasized drivers could overpower the system by continuously applying the brakes until the vehicle stopped or the vehicle could be stopped by shifting into neutral and braking.
Fiat Chrysler noted that at times cruise control systems automatically initiate acceleration to help vehicles maintain driver-selected speeds, including when going up an incline. If an acceleration occurs simultaneously with a short-circuit in a specific electrical network, a driver could be unable to deactivate cruise-control.
Fiat Chrysler said vehicles may be placed in park once stopped, at which point cruise-control is canceled.
The recall involves a group of gasoline-powered vehicles with automatic transmissions from various model years built from 2014 through the 2019 model year. Most of the vehicles being recalled cover 2014-2018 model years.
Among the vehicles being recalled are the Chrysler 200, Chrysler 300, Chrysler Pacifica, Dodge Charger, Dodge Challenger, Dodge Journey, Dodge Durango, Jeep Cherokee, Jeep Grand Cherokee, Jeep Wrangler and Ram 1500, 2500 and 3500 pickup trucks and Ram 3500/4500/5500 cab chassis trucks.
Fiat Chrysler made the announcement on the first day of the busy Memorial Day weekend, which traditionally kicks off the summer driving season. The company said it is recalling an unspecified number of additional vehicles in Canada, Mexico and other markets, and recalling some Fiat Fremont vehicles built on the same platform of the Dodge Journey. The company said it was also warning owners in other markets not to use cruise control until recalls are completed.
Fiat Chrysler said it uncovered the issue through tests its engineers had conducted.
“Notwithstanding the extraordinary circumstances that must exist before a customer would experience a problem, we are taking this action because we are fully committed to vehicle safety,” Mark Chernoby, Fiat Chrysler’s chief technical compliance officer, said in a statement.
“We have a remedy and a widespread network of engaged dealers who are preparing to deliver service... We urge customers to follow the instructions on their recall notices.”
Fiat Chrysler noted the recall repairs are free of charge and said it will begin alerting affected customers as early as next week. The recalled vehicles have collectively been driven more than 200 billion miles.
Fiat Chrysler has vowed to improve safety procedures after the National Highway Traffic Safety Administration in 2015 imposed $175 million in civil penalties for safety lapses.
In July 2015, Fiat Chrysler agreed to a $105 million settlement for mishandling nearly two dozen recall campaigns covering 11 million vehicles. It agreed to a three-year consent agreement and monitoring by former Transportation Secretary Rodney Slater. It was separately fined $70 million by U.S. regulators in 2015 for failing to report vehicle crash deaths and injuries since 2003.
In 2015, Fiat Chrysler booked a 602 million-euro ($705 million) after-tax charge, mainly for estimated future recall costs. (Reporting by David Shepardson; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/fiat-chrysler-recall/fiat-chrysler-recalls-4-8-mln-u-s-vehicles-for-cruise-control-defect-idUSL2N1SW03J |
May 7 (Reuters) - ABU DHABI NATIONAL HOTELS CO:
* Q1 NET PROFIT 97.3 MILLION DIRHAMS VERSUS 85.7 MILLION DIRHAMS YEAR AGO
* Q1 OPERATING REVENUE 331.1 MILLION DIRHAMS VERSUS 353.8 MILLION DIRHAMS YEAR AGO Source:( bit.ly/2jAFE0I )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-abu-dhabi-national-hotels-q1-profi/brief-abu-dhabi-national-hotels-q1-profit-rises-idUSFWN1SD04I |
May 23 (Reuters) - Avinger Inc:
* AVINGER RECEIVES FDA CLEARANCE OF NEXT GENERATION PANTHERIS DEVICE
* AVINGER - DISTRIBUTION OF PANTHERIS WILL BE EXPANDED AS CO INCREASES PRODUCTION AND GAINS PURCHASING APPROVALS IN ADDITIONAL LUMIVASCULAR SITES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-avinger-receives-fda-clearance-of/brief-avinger-receives-fda-clearance-of-next-generation-pantheris-device-idUSFWN1SU0NW |
May 14, 2018 / 3:56 PM / Updated 18 minutes ago Lava threatens Hawaii exit routes, could spur more evacuations Terray Sylvester 4 Min Read
PAHOA, Hawaii (Reuters) - Lava flowing from giant rips in the earth on the flank of Hawaii’s erupting Kilauea volcano threatened highways on Monday, raising the possibility officials may order thousands more people to evacuate before escape routes are cut off. Volcanic gases rise from a fissure near the remains of a structure in the Leilani Estates subdivision during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 13, 2018. REUTERS/Terray Sylvester
Lava from a huge new fissure tore through farmland towards a coastal dirt road that is one of the last exit routes for some 2,000 residents in the southeast area of Hawaii’s Big Island.
More lava-belching cracks are expected to open among homes and countryside some 25 miles (40 km) east of Kilauea’s smoking summit, possibly blocking one of the last exit routes, Highway 132.
Fountains of magma spouted “lava bombs” over 100 feet (30 meters) into the air as the molten rock travelled east-southeast towards the coastal road — Highway 137, the Hawaiian Volcano Observatory said.
If either highway is hit by lava, mass evacuations would be triggered, said Hawaii National Guard spokesman Jeff Hickman.
“There’s a lot of worst-case scenarios and roads getting blocked is one of them,” said Hickman, standing on Highway 137, in the potential path of the lava flow, some two miles (3.2 km) away. ERUPTIONS COULD LAST WEEKS
Since eruptions began 10 days ago, dozens of homes have been destroyed and officials have ordered the evacuations of nearly 2,000 people in the lower Puna district of the Big Island, home to around 187,000 residents.
The American Red Cross said 500 people sought refuge in its shelters on Sunday night because of worsening volcanic activity.
Two more fissures opened in the last 24 hours, to total 19.
“It’s optimistic to think that this is the last fissure we’re going to see,” said Hawaiian Volcano Observatory Deputy Scientist-In-Charge Scientist Steve Brantley, adding that a similar seismic event in 1955 lasted 88 days.
Unnerved by near constant small earthquakes and emissions of toxic sulphur dioxide gas, Rob Guzman and his husband Bob Kirk left their home in Kalapana Seaview Estates while they still could.
“We just need the local government to calm down the panic that some of these 2,000 people are feeling, that today, we’re going to be trapped with no way out,” said Guzman, who left behind a banana farm and rental properties to go stay with friends.
While residents deal with noxious gas and lava on the ground, the U.S. Geological Survey is concerned that pent-up steam could cause a violent explosive eruption at the volcano crater, launching a 20,000-foot (6,100-meter) plume that could spread debris over 12 miles (19 km).
Scientists had expected such explosions by the middle of this month as Kilauea’s lava lake fell below the water table. The possibility exists, however, that water may not be entering the crater, as feared, and gas and steam may be safely venting, scientists said.
“So far those explosions have not occurred, and I think the key here is that the vent system is an open one, therefore pressure is not being built or developed down at the top of the lava column,” Brantley told a conference call.
Scorched Earth: tmsnrt.rs/2jIJ5lG A crack is seen in a road in the Leilani Estates subdivision during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 13, 2018. REUTERS/Terray Sylvester Reporting by Terray Sylvester in Pahoa and Jolyn Rosa in Honolulu; Additional reporting by Rich McKay in Atlanta; Writing by Andrew Hay in Taos, New Mexico; Editing by Bill Tarrant and Sandra Maler | ashraq/financial-news-articles | https://in.reuters.com/article/hawaii-volcano/warnings-of-more-lava-and-possible-explosion-at-hawaiian-volcano-idINKCN1IF275 |
May 24, 2018 / 8:21 PM / Updated 32 minutes ago Democratic lawmakers say no evidence in briefings of FBI spy in Trump campaign Reuters Staff 1 Min Read
WASHINGTON, May 24 (Reuters) - Senior Democratic lawmakers said nothing they heard in classified briefings on Thursday from FBI and intelligence officials on an FBI probe into Russian election meddling changed their view that there is no evidence to support President Donald Trump’s claim that the FBI had planted a spy in his campaign.
“There is no evidence to support any allegation that the FBI or any intelligence agency placed a spy in the Trump campaign or otherwise failed to follow appropriate procedures and protocols,” Senate Democratic leader Chuck Schumer, House of Representatives Democratic leader Nancy Pelosi, and Adam Schiff, the top Democrat on the House Intelligence Committee, said in a statement. (Reporting by Amanda Becker and Susan Cornwell; Writing by Mohammad Zargham; Editing by Eric Walsh) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-russia-democrats/democratic-lawmakers-say-no-evidence-in-briefings-of-fbi-spy-in-trump-campaign-idUSW1N1PL02R |
It's a big question for smokers and policymakers alike: Do electronic cigarettes help people quit? In a large study of company wellness programs, e-cigarettes worked no better than traditional stop-smoking tools, and the only thing that really helped was paying folks to kick the habit.
Critics of the study say it doesn't close the case on these popular vaping products. It didn't rigorously test effectiveness, just compared e-cigarettes to other methods among 6,000 smokers who were offered help to quit. That's still valuable information because it's what happens in daily life.
Providing e-cigarettes "did not improve the number of people who quit compared to essentially doing nothing," said Dr. Scott Halpern of the University of Pennsylvania. "The very best way to help them quit is to offer them money."
He led the study, published Wednesday by the New England Journal of Medicine. It was sponsored by the Vitality Group, which runs company wellness programs. The makers of NJOY e-cigarettes provided them but had no role in the research.
Separately in the journal, another study reports that lung cancer rates are now higher for white and Hispanic women under 50 than for men that age, a reversal of a longtime trend that can't be explained by smoking patterns alone.
VAPING TO QUIT SMOKING
E-cigarettes are battery-powered devices that vaporize nicotine. They've been sold in the U.S. since 2007 and contain less toxic substances than traditional cigarettes. The Food and Drug Administration is mulling how to regulate them, and earlier this year, a national panel of experts said vaping may help folks reduce smoking but that more research is needed.
The new study differed from usual studies of smokers wanting to quit: It automatically enrolled smokers in 54 company wellness programs and asked those who didn't want to join to opt out. Only 125 did, but the vast majority of the rest didn't actively participate yet their results were tracked as part of the study.
They were put into five groups: usual care, which was information on benefits of quitting and motivational text messages; free quit-smoking aids such as nicotine patches and medicines like Chantix or Zyban plus e-cigarettes if those failed; free e-cigarettes without any requirement to try other methods first; free quit-smoking aids and a $600 reward if people were abstinent six months later; and free cessation tools plus $600 placed in an account at the start of the study that they'd lose if they didn't quit.
The results: Only 0.1 percent in the usual care group succeeded; rates ranged from 0.5 percent to nearly 3 percent for the rest. The groups offered cash did best; rates among the other groups did not differ much from each other.
Success rates were higher — from 0.7 percent to nearly 13 percent — among 1,200 smokers who actively participated.
COST
Average costs were less than a dollar per participant in the usual care group and around $100 for those given redeemable cash accounts. But when looked at per successful quitter, the cash programs cost less than e-cigarettes or traditional methods.
Most big companies offer stop-smoking programs and half of them offer financial incentives, study leaders said. It costs companies $3,000 to 6,000 more per year to employ a smoker versus a non-smoker.
WHAT OTHERS SAY
"E-cigarettes are substantially less harmful than burned or lit cigarettes, but that doesn't mean they're helpful for cessation" and they're not regulated for that, said Cliff Douglas, the American Cancer Society's tobacco policy expert.
Gregory Conley, who heads the American Vaping Association, said the type used in this study is obsolete, and all of the methods proved "pathetic" because smokers were automatically enrolled and may not have wanted to quit. "You're just thrusting the product on people," he said.
Dr. Nancy Rigotti, director of the tobacco research and treatment center at Massachusetts General Hospital who was on the expert panel, said it was a well-done study that gives "a little discouraging and surprising" results. The value of traditional methods is well established, so counseling and support might have been inadequate in this study, she said.
Others were critical of the study's methods. David Abrams, a former tobacco researcher at the National Institutes of Health and now at New York University, said researchers don't know how many in each group actually used the quit-smoking tools.
"You can't conclude that the treatments didn't work if nobody used them," said Abrams, who called e-cigarettes "the best thing that's come along in 10 years to help people quit."
A smoker took a different view.
"For me personally, it was useless," said Georges Touaichi, a 22-year-old San Diego hotel worker who tried e-cigarettes but went back to smoking after a day or two.
An FDA spokesman said the agency was pondering the results, but that this is not the type of study needed to evaluate safety and effectiveness of e-cigarettes for smoking cessation.
LUNG CANCER RATES
For the other study in the journal, researchers used U.S. cancer registries and federal health statistics to track new lung cancer cases by gender and race over various time periods. Rates historically have been higher in men but that trend reversed among whites and Hispanics born since the mid-1960s.
For example, among people ages 45 to 49 and diagnosed from 1995 to 1999, rates in women were 26 percent lower than for men. But in a more recent time period, 2010 to 2014, women had an 8 percent higher incidence rate than men, said one study leader, the American Cancer Society's Ahmedin Jemal.
Women are catching up to men in smoking rates — 14 percent smoke versus 17 percent of men — but that's not enough to explain the switch, he said. Women also smoke fewer cigarettes than men.
One theory is that certain types of lung cancer are more common in women and the risk of them declines more slowly after someone quits, and women have lagged behind men in cessation rates, said Caitlin Murphy of the Simmons Cancer Center at UT Southwestern in Dallas.
"Maybe women are getting diagnosed more often through CT screening," which also would boost their rates compared to men, said Murphy, who had no role in the work.
For smokers who are 50, "if they quit now they can gain about six years of life," Jemal said. "They have this opportunity to avoid not only lung cancer but also other causes of smoking-related deaths."
AP writer Julie Watson in San Diego contributed to this report.
Marilynn Marchione can be followed at @MMarchioneAP .
The Associated Press Health & Science Department receives support from the Howard Hughes Medical Institute's Department of Science Education. The AP is solely responsible for all content. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/the-associated-press-e-cigarettes-disappoint-in-a-workplace-quit-smoking-study.html |
BARCELONA, May 10 (Reuters) - Formula One world champion Lewis Hamilton has cast an expert eye over the proposed layout for a street race in Miami next year and was not impressed.
The Mercedes driver indicated at the Spanish Grand Prix on Thursday that he had been underwhelmed by what he had seen so far.
“I don’t get why, for example, in golf, all the great golfers design golf courses,” the Briton, winner of 63 races and four world championships, told reporters.
“You have not got any of the top racing drivers in history having ever designed a race track, and I don’t get it. Not that any of us are designers, but they haven’t asked for our input.
“Miami is a super-cool place and I was very excited to hear about it, but when I saw the layout I was like, meh. I think it could be a lot more fun,” he added.
The City of Miami Commission was due to vote on Thursday on a proposal to authorise city manager Emilio Gonzalez to negotiate a contract with Formula One by July 1.
City commissioner Ken Russell posted a potential track layout on Twitter last week with most of the course in the port area and featuring a loop around the downtown American Airlines Arena along Biscayne Bay.
“You have got two of the longest straights, but maybe when you drive it it will be fun,” said Hamilton. “I dread the thought of a street circuit like we had in Valencia, which wasn’t a great street circuit.”
“Maybe it is a hit, but if there is time and anyone wants to approach me or any of the drivers, I am sure we can give some good insight to what the layout is like and how it can be better.
“I know Miami quite well, so there are a few better locations (in which) to put the track.”
Formula One chairman Chase Carey said on Wednesday in a Liberty Media conference call with analysts that he hoped and believed the race would happen.
“We think this race could probably be a real signature race for us on the schedule,” he added. (Reporting by Alan Baldwin, editing by Neville Dalton)
| ashraq/financial-news-articles | https://www.reuters.com/article/motor-f1-spain-miami/motor-racing-hamilton-has-designs-on-layout-and-is-happy-to-offer-miami-advice-idUSL3N1SH68J |
May 17 (Reuters) - Nordstrom Inc:
* Q1 EARNINGS PER SHARE $0.51 * Q1 EARNINGS PER SHARE VIEW $0.43 — THOMSON REUTERS I/B/E/S
* TOTAL COMPANY NET SALES INCREASED 5.8 PERCENT FOR Q1 ENDED MAY 5, 2018
* QTRLY COMPARABLE SALES INCREASED 0.6 PERCENT * SEES 2018 EARNINGS PER DILUTED SHARE (EXCLUDING IMPACT OF ANY FUTURE SHARE REPURCHASES) $3.35 TO $3.55
* 2018 NET SALES OUTLOOK UNCHANGED FROM PRIOR OUTLOOK * FY EARNINGS PER SHARE VIEW $3.43, REVENUE VIEW $15.71 BILLION — THOMSON REUTERS I/B/E/S
* “BEGINNING IN Q1 OF FISCAL 2018, WE NO LONGER REDUCE FREE CASH FLOW BY CASH DIVIDENDS PAID” Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nordstrom-reports-q1-earnings-per/brief-nordstrom-reports-q1-earnings-per-share-0-51-idUSASC0A2UJ |
PRINCETON, N.J., Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, announced today its recent accomplishments and financial results for the first quarter ended March 31, 2018.
Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix stated, "We are actively enrolling patients in our pivotal double-blind, placebo-controlled, multinational Phase 3 clinical trial of SGX942 (dusquetide) for the treatment of oral mucositis in patients with head and neck cancer receiving chemoradiation therapy, and expect final results in the second half of 2019. We also continue to actively enroll patients in our pivotal double-blind, placebo-controlled Phase 3 study for the treatment of cutaneous T-cell lymphoma (CTCL) with SGX301 (synthetic hypericin), where we expect an interim analysis in the second half of 2018 and expect final results in the first half of 2019."
Dr. Schaber continued, "We have been fortunate to secure non-dilutive funding from various government sources, allowing us to advance multiple development programs across our biodefense and biotherapeutics pipelines. For the first quarter of 2018, our combined revenues from both our business segments were $1.1 million and we expect this non-dilutive government funding to continue throughout 2018 and beyond."
Soligenix Recent Accomplishments:
On March 22, 2018, the Company announced the European Commission, acting on the positive recommendation from the European Medicines Agency (EMA) Committee for Orphan Medicinal Products, had granted orphan drug designation to the Company's recombinant modified ricin toxin A-chain subunit (the active pharmaceutical ingredient in RiVax ® ) for the prevention of ricin poisoning. RiVax ® has previously been granted orphan drug designation from the US Food and Drug Administration (FDA). On January 25, 2018, the Company issued an update letter from Dr. Schaber. This letter summarized our progress and accomplishments during 2017 as well as provided further guidance on the development programs for 2018. On January 2, 2018, the Company announced that the United States (US) Patent and Trademark Office had granted the patent titled "Novel Peptides and Analogs for Use in the Treatment of Oral Mucositis." The newly issued patent claims therapeutic use of dusquetide (active ingredient in SGX942) and related innate defense regulator analogs, and adds to composition of matter claims for dusquetide and related analogs that have been granted in the US and worldwide. Dusquetide previously demonstrated positive results in a Phase 2 oral mucositis clinical trial and a pivotal Phase 3 study was initiated in 2017.
Financial Results – First Quarter Ended March 31, 2018
Soligenix's revenues for the quarter ended March 31, 2018 were $1.1 million as compared to $1.3 million for the quarter ended March 31, 2017. Revenues included contracts in support of RiVax ® , in addition to the grants received to support the development of SGX301 for the treatment of CTCL and SGX942 for the treatment of oral mucositis in head and neck cancer, as well as the subaward from the Ebola collaboration with the University of Hawaii.
Soligenix's basic net loss was $2.4 million, or ($0.27) per share, for the quarter ended March 31, 2018 as compared to $1.7 million, or ($0.32) per share, for the quarter ended March 31, 2017.
Research and development expenses were $1.8 million as compared to $1.2 million for the quarters ended March 31, 2018 and 2017, respectively. The increase is primarily related to expenditures incurred in the Phase 3 clinical trial of SGX942 and the ongoing Phase 3 clinical trial of SGX301.
General and administrative expenses were $0.7 million as compared to $0.8 million for the quarters ended March 31, 2018 and 2017, respectively.
As of March 31, 2018, the Company's cash position was $6.4 million.
About Soligenix, Inc.
Soligenix is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. Our BioTherapeutics business segment is developing SGX301 as a novel photodynamic therapy utilizing safe visible light for the treatment of cutaneous T-cell lymphoma, our first-in-class innate defense regulator (IDR) technology, dusquetide (SGX942) for the treatment of oral mucositis in head and neck cancer, and proprietary formulations of oral beclomethasone 17,21-dipropionate (BDP) for the prevention/treatment of gastrointestinal (GI) disorders characterized by severe inflammation including pediatric Crohn's disease (SGX203) and acute radiation enteritis (SGX201).
Our Vaccines/BioDefense business segment includes active development programs for RiVax ® , our ricin toxin vaccine candidate, OrbeShield ® , our GI acute radiation syndrome therapeutic candidate and SGX943, our therapeutic candidate for antibiotic resistant and emerging infectious disease. The development of our vaccine programs incorporates the use of our proprietary heat stabilization platform technology, known as ThermoVax ® . To date, this business segment has been supported with government grant and contract funding from the National Institute of Allergy and Infectious Diseases (NIAID) and the Biomedical Advanced Research and Development Authority (BARDA).
For further information regarding Soligenix, Inc., please visit the Company's website at www.soligenix.com .
This press release may contain forward-looking statements that reflect Soligenix, Inc.'s current expectations about its future results, performance, prospects and opportunities, including but not limited to, potential market sizes, patient populations and clinical trial enrollment. Statements that are not historical facts, such as "anticipates," "estimates," "believes," "hopes," "intends," "plans," "expects," "goal," "may," "suggest," "will," "potential," or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements. Soligenix cannot assure you that it will be able to successfully develop, achieve regulatory approval for or commercialize products based on its technologies, particularly in light of the significant uncertainty inherent in developing therapeutics and vaccines against bioterror threats, conducting preclinical and clinical trials of therapeutics and vaccines, obtaining regulatory approvals and manufacturing therapeutics and vaccines, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that it will be able to successfully obtain any further funding to support product development and commercialization efforts, including grants and awards, maintain its existing grants which are subject to performance requirements, enter into any biodefense procurement contracts with the US Government or other countries, that it will be able to compete with larger and better financed competitors in the biotechnology industry, that changes in health care practice, third party reimbursement limitations and Federal and/or state health care reform initiatives will not negatively affect its business, or that the US Congress may not pass any legislation that would provide additional funding for the Project BioShield program. In addition, there can be no assurance as to the timing or success of the Phase 3 clinical trial of SGX942 (dusquetide) as a treatment for oral mucositis in patients with head and neck cancer receiving chemoradiation therapy or the Phase 3 clinical trial of SGX301 (synthetic hypericin) for the treatment of cutaneous T-cell lymphoma. Further, there can be no assurance that RiVax ® will qualify for a biodefense Priority Review Voucher (PRV) or that the prior sales of PRVs will be indicative of any potential sales price for a PRV for RiVax ® . Also, no assurance can be provided that the Company will receive or continue to receive non-dilutive government funding from grants and contracts that have been or may be awarded or for which the Company will apply in the future. These and other risk factors are described from time to time in filings with the Securities and Exchange Commission, including, but not limited to, Soligenix's reports on Forms 10-Q and 10-K. Unless required by law, Soligenix assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.
releases/soligenix-announces-recent-accomplishments-and-first-quarter-2018-financial-results-300646494.html
SOURCE Soligenix, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-soligenix-announces-recent-accomplishments-and-first-quarter-2018-financial-results.html |
(Reuters) - A court in Aruba on Wednesday lifted liens on two oil cargoes put in place by ConocoPhillips as part of a legal strategy to enforce a $2 billion arbitration decision, the latest reversal for the U.S. oil firm’s collection efforts.
In April, the International Chamber of Commerce awarded Conoco compensation for the 2007 nationalization of two of its projects in Venezuela. The oil firm since has moved aggressively to seize oil inventories, assets and cargoes tied to Venezuela’s state-run PDVSA, which uses the Caribbean as an export hub.
But in recent days, courts in Curacao, Bonaire and Aruba have completely or partially lifted the attachments, mainly citing the potential for economic harm to the economies of the islands, which are dependent on PDVSA’s refined products.
Aruba’s Court of the First Instance said the owner of a crude cargo and a fuel cargo off Aruba was not Venezuela’s state-run PDVSA but its U.S. refining subsidiary, Citgo Petroleum.
Citgo said in a statement on the court decision that the crude and refined products were its property and the vessels “will now continue to their intended destinations.”
Since 2016, a unit of Citgo has leased from the island’s government the 209,000-barrel-per-day Aruba refinery and a 13-million-barrel terminal mostly used to store crude for feeding the subsidiary’s U.S. Gulf of Mexico refineries.
About 800,000 barrels of Venezuelan crude and imported gasoline, jet fuel and diesel on the tankers Atlantic Lily and Grimstad were seized earlier this month through a court order requested by Conoco. The fuel was for domestic distribution.
Conoco brushed off Wednesday’s court decision as a temporary setback to its legal strategy of pursuing PDVSA assets around the world to satisfy its ICC award. The company has previously said it was evaluating PDVSA assets in Asia, Europe and the Caribbean.
“We have expected the process of recovery could take some time,” Conoco spokesman Daren Beaudo said in statement. “As we have said, we intend to pursue all available legal avenues to obtain full and fair compensation.”
PDVSA and Citgo are responsible for supplying Curacao’s state-owned Curoil NV and other fuel distributors in Aruba, Curacao and Bonaire.
Aruba’s Prime Minister Evelyn Wever-Croes last week said no fuel shortages had been reported, but officials were trying to line up imports from other sources.
In Curacao, a court order seizing PDVSA’s crude and fuel inventories at the 335,000-barrel-per-day Isla refinery was partially lifted earlier this month to allow Curoil to continue receiving and distributing fuel. Proceeds from the permitted fuel deliveries will be deposited into an escrow account until the Conoco-PDVSA dispute is ultimately resolved, the court ordered.
In Bonaire, PDVSA’s BOPEC oil terminal also was seized but Conoco allowed Curoil to have access to fuel inventories there to continue to supply a local utility.
Reporting by Sailu Urribarri and Marianna Parraga; Editing by James Dalgleish and Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-conocophillips-pdvsa-aruba/aruba-court-lifts-conoco-seizures-affecting-citgo-cargoes-source-idUSKCN1IO3EQ |
ANKARA (Reuters) - The presidential candidate for Turkey’s main opposition on Saturday called for the release of the pro-Kurdish opposition’s jailed candidate, challenging President Tayyip Erdogan to “let us race like men” in next month’s election.
Muharrem Ince, Turkey's main opposition Republican People's Party (CHP) candidate for the upcoming snap presidential election, greets supporters as he starts his campaign in Ankara, Turkey, May 4, 2018. REUTERS/Umit Bektas On Friday, the Republican People’s Party (CHP) nominated Muharrem Ince to challenge Erdogan in the June 24 presidential election. The pro-Kurdish Peoples Democratic Party (HDP) nominated its jailed former leader Selahattin Demirtas.
“The HDP are also children of this nation, the AKP are also children of this country ... Don’t keep Demirtas in jail. Come, let’s race like men,” Ince told crowds of flag-waving supporters in his hometown of Yalova, where he held his first rally.
In his first interview with international media since being nominated, Demirtas, who has been in jail on security charges for a year and a half, told Reuters a fair election was impossible under the state of emergency imposed after the July 2016 coup attempt.
Erdogan last month called snap parliamentary and presidential elections for June 24, more than a year early, in order to switch to the powerful executive presidency narrowly approved in a referendum last April.
Ahead of the elections, Erdogan’s ruling AK Party (AKP) formed an election alliance, the “People Alliance”, with the Nationalist Movement Party (MHP), which supported Erdogan in the referendum.
Ince called on CHP members to sign for other candidates seeking 100,000 signatures in order to run for the presidency, including former interior minister Meral Aksener from the Iyi (Good) Party.
On Saturday, the CHP, Iyi Party, Saadet Party and Democrat Party signed a declaration marking a four-way election alliance called the “Nation Alliance”, pledging to remove polarization, instill independence for the judiciary and ensure basic rights and freedoms can be exercised.
Rights groups and Turkey’s Western allies have criticized Ankara for its deteriorating record on civil rights and have voiced concerns that the NATO member has been sliding further into authoritarianism under Erdogan.
Since the abortive putsch, authorities have carried out a sweeping crackdown on alleged supporters of the cleric Ankara blames for the coup attempt, detaining 160,000 people and dismissing nearly the same number of civil servants, the United Nations said in March.
The government says the measures are necessary due to the security threats it faces.
Reporting by Tuvan Gumrukcu; Additional reporting by Gulsen Solaker; Editing by Janet Lawrence
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-election-opposition/turkish-opposition-candidate-for-president-tells-erdogan-lets-race-like-men-idUSKBN1I60KE |
Tiger Management urges GameStop to launch review 46 Mins 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/tiger-management-urges-gamestop-to-launch-review.html |
Protests turns deadly in Nicaragua: witnesses 4:34pm IST - 01:09
Witnesses say there are new casualties in Nicaragua, after a march in the capital meant to demonstrate against recent deaths itself came under fire.
Witnesses say there are new casualties in Nicaragua, after a march in the capital meant to demonstrate against recent deaths itself came under fire. //reut.rs/2LbPl1b | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/protests-turns-deadly-in-nicaragua-witne?videoId=431860885 |
Check out the companies making headlines before the bell:
Booking Holdings – The company reported adjusted quarterly profit of $12 per share, beating the consensus estimate of $10.70 a share. The company formerly known as Priceline also saw revenue beat forecasts, but the travel website operator gave weaker-than-expected earnings and revenue guidance for the second quarter.
21st Century Fox – Fox fell 4 cents a share shy of consensus forecasts, with quarterly profit of 49 cents per share . The media company's revenue beat estimates. Fox saw better revenue from higher fees, but not enough to negate a drop in ad sales. The decline was largely due to the network broadcasting the Super Bowl a year ago but not this year.
Roku – Roku lost 7 cents a share for its latest quarter, less than half of the 15 cents a share loss that analysts were projecting. The provider of streaming video devices saw revenue beat estimates and it gave stronger-than-expected revenue guidance for the current quarter and the full year.
Ford Motor – Ford suspended production of its best-selling F-150 pickup truck due to a fire at a factory of a key parts supplier. The automaker said current quarter earnings would be affected but expects any financial impact to be short-term in nature.
General Motors – GM agreed to stay in South Korea for at least another decade, and it will also set up its Asia-Pacific headquarters there. The agreement is part of the deal reached to help GM's Korea unit avoid a bankruptcy protection filing.
Royal Bank of Scotland – Royal Bank of Scotland settled a US mortgage bond probe for $4.9 billion, a smaller amount than had been expected. The investigation had involved mortgage-backed securities sold during the financial crisis era.
Amazon.com – Amazon was among the companies that were passed over by the Transportation Department in its picks for pilot projects involving drones. Apple , Intel , FedEx , and Microsoft were among those who will be part of projects that will go forward.
Visa – CEO Alfred Kelly will meet with several senior female executives today, according to The Wall Street Journal. The executives are seen telling Kelly that they aren't given enough opportunities to advance at the payment network operator.
Wells Fargo – The bank has acknowledged keeping fee rebates that should have been passed back to a public pension fund in Tennessee, according to correspondence between the two parties seen by The Wall Street Journal.
Comcast – The NBCUniversal parent will reportedly include a $2.5 billion breakup fee in its proposal to buy 21st Century Fox assets, according to the Financial Times. That would match the breakup fee in the deal that Walt Disney previously struck with Fox for those assets.
Macy's – The retailer was downgraded to "underweight" from "equal-weight" at Morgan Stanley, which notes the stock's 61 percent run-up since October and negative comparable-store sales.
Duke Energy – The utility company earned an adjusted $1.28 per share for its latest quarter, beating the $1.14 a share consensus estimate. Revenue also beat forecasts. However, profit was down more than 13 percent from a year ago due to higher costs.
AMC Networks – AMC reported adjusted quarterly profit of $2.65 per share, well above the consensus estimate of $2.19 a share. The TV network operator was helped by an increase in national networks revenue. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/early-movers-bkng-foxa-roku-f-gm-rbs-amzn-v-more.html |
Elon Musk rethinks 'bonehead' call as 'foolish' 2:07pm EDT - 01:38
Tesla Chief Executive Officer Elon Musk said it was “foolish” of him to snub Wall Street analysts on a conference call after earnings on Wednesday, an erratic outburst which initially cost the electric car company billions of dollars in lost market wealth. ▲ Hide Transcript ▶ View Transcript
Tesla Chief Executive Officer Elon Musk said it was “foolish” of him to snub Wall Street analysts on a conference call after earnings on Wednesday, an erratic outburst which initially cost the electric car company billions of dollars in lost market wealth. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FIQwCg | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/elon-musk-rethinks-bonehead-call-as-fool?videoId=423880772 |
By Natasha Bach 6:15 AM EDT
Amidst ongoing concerns about privacy in social media—including most recently a revelation that a bug had left some Twitter users’ passwords stored in plain text —the social media company may be exploring an option to allow users to send encrypted direct messages.
Jane Manchun Wong, a computer science student, recently noticed a feature called “Secret Conversation” in the Twitter Android application package (APK). According to TechCrunch , APKs “often contain code for unlaunched features that companies are quietly testing or will soon make available.” Twitter is working on End-to-End Encrypted Secret DM! pic.twitter.com/2lLr5i1p42
— Jane Manchun Wong (@wongmjane) May 4, 2018
The feature, if released, would reportedly allow users to privately share information in a way similar to other encrypted messaging apps like Signal, Telegram, or even WhatsApp. The end-to-end encryption scrambles content so that the messages are only able to be read by the sender and receiver and prevents interception by third-parties.
The move comes more than a year after whistleblower Edward Snowden publicly asked Twitter to make such a feature available on the service, which CEO Jack Dorsey called “reasonable and something we’ll think about.” reasonable and something we'll think about
While the feature now appears to have been built, it is unclear if or when it will be officially launched. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/08/twitter-testing-encrypted-direct-messaging-feature/ |
May 21, 2018 / 11:54 AM / Updated 3 hours ago Nabriva shares tumble as safety worries plague pneumonia drug Manas Mishra 3 Min Read
(Reuters) - Nabriva Therapeutics Plc’s antibiotic drug to treat a common form of pneumonia met the main goal of a key clinical trial, but concerns over its side effects sent the drug developer’s shares down 13 percent on Monday.
In a late-stage study, 45 of 370 patients taking Nabriva’s drug suffered from diarrhea, compared with only four cases in patients who took moxifloxacin, a commonly used antibiotic for pneumonia.
There were also several more cases of nausea and vomiting in patients taking Nabriva’s drug, lefamulin, compared with those taking moxifloxacin.
Still, the study showed that lefamulin was just as effective as moxifloxacin in treating community-acquired bacterial pneumonia.
Shares of Ireland-headquartered Nabriva rose more than 20 percent on Monday morning, but reversed course and fell as much as 14 percent to $4.67 by midday.
The decline likely reflected investors’ focus on the gastrointestinal side effects of the drug, said Wedbush analyst Robert Driscoll.
“Given that none of (the diarrhea cases) were serious, and lasted more than a couple of days, I don’t think that’s a big deal,” he said, noting such side effects were common with antibiotics and that it would not affect how doctors prescribed lefamulin.
Because lefamulin belongs to a new class of medicines which prevents the growth of a protein that helps bacteria grow, the drug could be effective in combating “superbugs,” or bacteria that are increasingly resistant to older antibiotics.
Lefamulin is also Nabriva’s lead experimental treatment and has already succeeded in another late-stage study in CABP patients last September.
The company plans to file for marketing approval of lefamulin with the U.S. Food and Drug Administration in the fourth quarter of the year.
“We are one step closer to potentially making a much-needed new class of antibiotics available to patients and health care providers,” Nabriva Chief Medical Officer Jennifer Schranz said in a statement.
Lefamulin could rake in peak sales of $684 million, SunTrust analysts estimated earlier this month.
Pneumonia is the leading cause of infection-related deaths in the United States, and the second leading cause of hospitalizations in the country, according to Nabriva. Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur and Sai Sachin Ravikumar | ashraq/financial-news-articles | https://uk.reuters.com/article/us-nabriva-study/nabrivas-pneumonia-drug-succeeds-in-late-stage-study-idUKKCN1IM14X |
May 22, 2018 / 8:56 PM / Updated 24 minutes ago Johnson says Britain must ditch EU tariff rules quickly - Bloomberg Reuters Staff 2 Min Read
(Reuters) - Foreign secretary Boris Johnson said Britain must ditch the European Union’s tariff rules as quickly as possible, Bloomberg reported on Tuesday. Britain's Foreign Secretary Boris Johnson speaks during a news conference in Buenos Aires, Argentina, May 22, 2018. REUTERS/Marcos Brindicci
Johnson said Britain should set its own tariffs and run its own trade policy, declining to comment on whether he would quit Prime Minister Theresa May’s cabinet if she failed to deliver those conditions.
A row over future customs arrangements with the EU is undermining May’s authority, having divided her government and all but stalled Brexit negotiations.
She said last week that Britain would leave the customs union, but a source told Reuters that London was considering a backstop plan that would apply the bloc’s external tariffs beyond December 2020.
"The prime minister is the custodian of the (Brexit) plan, which is to come out of the customs union, out of the single market and to get on with it... with all convenient speed," Johnson told Bloomberg in an interview. bloom.bg/2IFkysL
Jacob Rees-Mogg, a Conservative lawmaker who is a staunch supporter of Brexit, earlier on Tuesday expressed doubts about May, saying in a podcast saying he wondered if the government really wanted to leave the EU at all. bit.ly/2KKWaGJ Reporting by Kanishka Singh in Bengaluru; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-johnson/foreign-minister-johnson-says-britain-must-ditch-eu-tariff-rules-quickly-bloomberg-idUKKCN1IN2XJ |
PHNOM PENH (Reuters) - Cambodia’s royal oxen predicted a bountiful harvest of rice, the country’s biggest crop, as well as corn and beans at an ancient royal plowing ceremony on Thursday.
Cambodia's King Norodom Sihamoni greets people as he attends a royal plowing ceremony in Svay Rieng province, Cambodia, May 3, 2018. REUTERS/Stringer King Norodom Sihamoni presided over the annual ritual, in which oxen plow a field before being given offerings, held in the southeastern province of Svay Rieng and broadcast on national television.
During the ceremony, which signals the start of the new rice growing season, two oxen ate 95 percent of the rice and corn on offer and 80 percent of beans presented in ornate bowls.
Palace astrologers make their predictions each year depending on the oxen’s choice of crops and the amount they eat.
Korng Ken, a Brahmin priest dressed in traditional white robes, prayed for regular rainfall and crop season free of mishaps.
Cambodia's royal oxen eat during a royal plowing ceremony in Svay Rieng province, Cambodia, May 3, 2018. REUTERS/Stringer “I pray for the Kingdom of Cambodia to escape various natural disasters that are harmful to crops that are the lives of the people and the nation,” he said.
Cambodia exported 635,679 tonnes of rice last year, a 17.3 percent rise from 2016, according to government data. Exports fell three percent in the first quarter of this year compared to the same period a year ago.
The Cambodia Rice Federation said the overall trend was for exports to grow due mainly to rising demand from China.
“They like to take our rice to cook fried rice...the demand increases every year,” said Moul Sarith, the Federation’s Secretary General.
Reporting by Prak Chan Thul; Editing by Amy Sawitta Lefevre and Darren Schuettler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cambodia-rice/cambodias-royal-oxen-predict-good-harvests-this-year-idUSKBN1I40QC |
May 2 (Reuters) - The Reserve Bank of India said on Wednesday it accepted all 6 bids for 38 billion rupees ($569.86 million) at its one-day repo auction, through which it injects liquidity into the banking system. REPO DATE BIDS BIDS FIXED RECEIVED ACCEPTED RATE No. AMT (bln No. AMT (bln (%) rupees) rupees) 02/05 6 38 6 38 6.00 27/04 26 189.26 26 189.26 6.00 26/04 14 122.90 14 122.90 6.00 25/04 7 90.20 7 90.20 6.00 24/04 9 110.95 9 110.95 6.00 23/04 9 120.10 9 120.10 6.00 21/04 5 27.15 5 27.15 6.00 20/04 23 172.82 23 172.82 6.00 19/04 8 103.35 8 103.35 6.00 18/04 5 36.35 5 36.35 6.00 17/04 6 37.05 6 37.05 6.00 16/04 13 86.10 13 86.10 6.00 13/04 8 45.85 8 45.85 6.00 12/04 4 27.60 4 27.60 6.00 11/04 5 38.10 5 38.10 6.00 10/04 12 64.75 12 64.75 6.00 09/04 7 35.35 7 35.35 6.00 07/04 1 2.40 1 2.40 6.00 06/04 6 36.85 6 36.23 6.00 05/04 7 37.50 7 37.50 6.00 04/04 5 36.10 5 36.10 6.00 03/04 6 34.30 6 34.30 6.00 REVERSE REPO DATE BIDS BIDS FIXED RECEIVED ACCEPTED RATE NO AMT (bln NO AMT (bln (%) rupees) rupees) 01/05 27 139.24 27 139.24 5.75 30/04 15 73.25 15 73.25 5.75 27/04 56 248.20 56 248.20 5.75 26/04 53 149.65 53 149.65 5.75 25/04 46 170.40 46 170.40 5.75 24/04 53 152.73 53 152.73 5.75 23/04 42 95.32 42 95.32 5.75 21/04 24 51.71 24 51.71 5.75 20/04 25 32.62 25 32.62 5.75 19/04 28 45.91 28 45.91 5.75 18/04 36 54.97 36 54.97 5.75 17/04 37 88.59 37 88.59 5.75 16/04 35 123.69 35 123.69 5.75 13/04 72 325.99 72 325.99 5.75 12/04 68 518.60 68 518.60 5.75 11/04 61 396.04 61 396.04 5.75 10/04 53 157.31 53 157.31 5.75 09/04 53 224.67 53 224.67 5.75 07/04 41 164.36 41 164.36 5.75 05/04 73 510.39 73 510.39 5.75 04/04 76 936.02 76 936.02 5.75 03/04 74 568.40 74 568.40 5.75 Source text - bit.ly/2HLKLFs ($1 = 66.6825 Indian rupees) (Bengaluru newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-cenbank-repo/table-india-cenbank-says-repo-bids-fall-to-38-bln-rupees-idUSB8N1RI013 |
New York’s Gov. Andrew Cuomo led the cheer squad last month when the Interior Department announced it would begin allowing offshore wind turbines to be built in the shallow waters between New Jersey and Long Island. Mr. Cuomo had recently announced a $6 billion plan to build 2,400 megawatts of offshore wind capacity by 2030, with the costs passed on to bill payers. But though Mr. Cuomo portrays himself as a champion of cutting greenhouse-gas emissions, his simultaneous opposition to a New York City-area nuclear plant exposes his wind plan as a mere play for progressive prestige.
Mr.... | ashraq/financial-news-articles | https://www.wsj.com/articles/andrew-cuomos-wind-farm-wont-fly-without-fracking-1526679929 |
May 30, 2018 / 5:18 PM / Updated 2 hours ago Uber seeks to cut pricing on $1.13 billion term loan Jonathan Schwarzberg 4 Min Read
NEW YORK (LPC) - Ride-hailing service Uber Technologies Inc is asking lenders to lower pricing on its $1.13 billion term loan due in 2023, sources said. FILE PHOTO: The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu/File Photo
Strong demand for the company’s debt has kept bids for the loan above 100 in the secondary market since September 2017, according to LPC data. The loan had an average bid of 100.7 at the start of the week, which typically allows issuers to lower pricing as investors are more eager to hold onto the paper at a lower interest rate than allow it to be refinanced and handed over to someone else.
Uber is tapping its original lenders to cut the interest rate on the loan after deciding to privately place a separate $1.5 billion term loan with investors in March – an unusual move in the leveraged loan market, which typically relies on investment banks to arrange syndicated deals.
The privately held company has generated huge interest among loan investors due to its massive valuation, which currently stands at US$62bn based on proposed terms from a secondary stock sale announced last week, as well as the fact that so many people use the service.
A lenders call is scheduled for May 31 at noon. Morgan Stanley is leading with Bank of America Merrill Lynch, Barclays, Citibank, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Royal Bank of Canada and SunTrust.
Uber made waves in the leveraged loan market in 2016 when it arranged the loan and priced the debt at 400bp over Libor despite generating negative Ebitda. The leveraged loan market typically requires companies to be generating profits before investors are willing to lend.
As reported by Reuters, Uber lost $312 million during the first quarter of 2018, less than half of the $775 million loss posted during the fourth quarter of 2017 and substantially less than the US$598m loss reported during the same quarter a year ago.
Investors were eager to buy the loan when it came to the market due to the buzz generated by the popular startup, allowing the company to increase the size to $1.15 billion from $1 billion during syndication. The loan was later criticized by federal regulators, as reported.
Federal banking regulators implemented Leveraged Lending Guidance in 2013 that more closely examined loans with leverage of greater than 6.0 times debt to Ebitda and required banks to make sure issuers can pay down all senior debt, or at least half of all debt, within five to seven years.
Comptroller of the Currency Joseph Otting, one of the heads of the regulators responsible for overseeing the guidelines, said last week that banks have the flexibility to underwrite loans outside those parameters if they do it in a “safe and sound manner.”
After banks were criticized for the original loan, Uber privately placed the separate US$1.5bn seven-year term loan with investors in March using Cortland Capital Market Services as the administrative agent in an effort to evade more scrutiny from banking regulators.
The company increased the size of that loan to $1.5 billion from $1.25 billion and lowered pricing to the same rate of 400bp over Libor from initial guidance in the 425bp-450bp over Libor range.
The loan placed directly is also currently seeing a bid of 100.7, according to LPC data. Reporting by Jonathan Schwarzberg; Editing by Michelle Sierra and Lynn Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-uber-loancut/uber-seeks-to-cut-pricing-on-1-13-billion-term-loan-idUSKCN1IV2CG |
Sales for the first quarter of 2018 increased 6.4% to $11.4 million, compared to $10.8 million for the first quarter of 2017
Gross profit for the first quarter of 2018 increased to $4.5 million, up from $4.3 million for the first quarter of 2017 Net income for the first quarter of 2018 was $508,000, or $0.04 per diluted share, compared to $550,000, or $0.04 per diluted share, for the first quarter of 2017 The Company repurchased and retired 153,000 shares of common stock at a cost of $576,000
NOGALES, Ariz., May 08, 2018 (GLOBE NEWSWIRE) -- Alpha Pro Tech, Ltd. (NYSE American:APT), a leading manufacturer of products designed to protect people, products and environments, including disposable protective apparel and building products, today announced financial results for the first quarter ended March 31, 2018.
Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech, commented, “Increased sales in the first quarter were led by growth in our Building Supply segment, specifically our housewrap and other woven material products. After nine consecutive quarters of growth in housewrap sales, we believe that we are well-positioned to continue to benefit from further increases in demand, which are expected to be driven by the ongoing recovery in construction activity and an increased focus on building weatherization technologies and strategies.”
Hoffman continued, “Our first quarter operating expenses include an accrual for an expense associated with an attorneys’ fee claim resulting from a protracted litigation matter that we initially filed against one of the Company’s competitors. As a result of a recent mediation with that party, we have reached a settlement, the amount of which has been fully accrued for in our financial statements and significantly impacted our net income for the first quarter. We are in the process of evaluating avenues for the potential recovery of the settlement amount from former litigation counsel.”
Net sales
Consolidated sales for the first quarter of 2018 were up by 6.4% to $11.4 million, compared to $10.8 million for the same period of 2017. The increase was primarily due to a 12.3% increase in Building Supply segment sales and a 1.6% increase in Infection Control segment sales, which was partially offset by a 1.9% decrease in sales in the Disposable Protective Apparel segment.
Building Supply segment sales for the three months ended March 31, 2018 increased by 12.3% to $6.7 million, compared to $5.9 million for the same period of 2017. This segment increase was primarily due to a 19.0% increase in sales of housewrap and a 114.2% increase in sales of other woven material, partially offset by a 1.4% decrease in sales of synthetic roof underlayment (including REX™, TECHNOply™ and the new TECHNO SB®). The sales mix of the Building Supply segment for the three months ended March 31, 2018 was 47% for synthetic roof underlayment, 44% for housewrap and 9% for other woven material, compared to 54% for synthetic roof underlayment, 41% for housewrap and 5% for other woven material for the three months ended March 31, 2017.
Sales for the Disposable Protective Apparel segment for the three months ended March 31, 2018 decreased 1.9% to $3.2 million, compared to $3.3 million for the same period of 2017. The decrease was primarily due to decreased sales to the Company’s major international supply chain partner and national distributors, which was partially offset by an increase in sales to the Company’s regional distributors.
Infection Control segment sales for the three months ended March 31, 2018 increased by $24,000, or 1.6%, to $1.54 million, compared to $1.52 million for the same period of 2017. Mask sales were up 1.4%, or $16,000, to $1.1 million, and shield sales were up 1.8%, or $8,000, to $446,000.
Gross profit
Gross profit for the first quarter of 2018 increased by 3.7% to $4.5 million, or 38.9% gross profit margin, compared to $4.3 million, or 39.9% gross profit margin, for the same period of 2017. Gross margin in the Building Supply segment was affected by a change in the product mix from the premium REX™ synthetic underlayment to the lower priced TECHNO family of products. Gross margin in the Disposable Protective Apparel segment was affected by increased rebates. Management expects gross profit margin to be reduced in 2018 but still to be in the high thirty percent range.
Selling, general and administrative expenses
Selling, general and administrative expenses increased by $407,000, or 11.7%, to $3.9 million for the first quarter of 2018, compared to $3.5 million for the same period of 2017, primarily as a result of the litigation settlement expense discussed above. As a percentage of net sales, selling, general and administrative expenses increased to 33.9% for the first quarter ended March 31, 2018, up from 32.3% for the same period of 2017.
Provision for Income Taxes
The provision for income taxes for the three months ended March 31, 2018 was $92,000, compared to $222,000 for the same period of 2017. The estimated effective tax rate was 15.3% for the three months ended March 31, 2018, compared to 28.8% for the same period of 2017. The lower effective rate for the three months ended March 31, 2018 compared to the same period of 2017 was due to U.S. tax reform (Tax Cuts and Jobs Act of 2017).
Net income
Net income for the first quarter of 2018 was $508,000, compared to $550,000 for the same period of 2017, a decrease of $42,000, or 7.6%. Net income as a percentage of net sales for the first quarter of 2018 was 4.4%, compared to 5.1% for the first quarter of 2017. Basic and diluted earnings per common share for the three months ended March 31, 2018 and 2017 was $0.04 per basic and diluted share.
Balance Sheet
As of March 31, 2018, the Company had a cash balance of $5.7 million, compared to $8.8 million as of December 31, 2017. The decrease in cash was primarily the result of cash used in operating activities of $2.5 million, due to an increase in accounts receivable of $1.9 million and an increase in prepaid inventory of $0.8 million. Also affecting cash was cash used in financing activities of $499,000, primarily cash used for the repurchase of common stock, and cash used in investing activities of $102,000. As of March 31, 2018, the Company had working capital of $24.2 million and a current ratio of 10:1.
Inventory was $10.6 million as of March 31, 2018, compared to $10.2 million as of December 31, 2017, an increase of $386,000, or 3.8%. The increase was primarily due to an increase in inventory for the Disposable Protective Apparel segment of $73,000, or 2.1%, to $3.5 million, an increase in inventory for the Building Supply segment of $225,000, or 4.9%, to $4.8 million, and an increase in inventory for the Infection Control segment of $88,000, or 4.0%, to $2.3 million.
Colleen McDonald, Chief Financial Officer, commented, “At the end of the first quarter of 2018, we had $1.7 million available for additional stock purchases under our stock repurchase program. During the three months ended March 31, 2018, we repurchased 153,000 shares of common stock at a cost of $576,000, bringing the program total to 16,357,007 shares of common stock at a cost of $29.5 million since inception. All stock is retired upon repurchase, and future repurchases are expected to be funded from cash on hand and cash flows from operating activities.”
The Company currently has no outstanding debt and maintains an unused $3.5 million credit facility. Management believes that current cash balances and the borrowings available under its credit facility will be sufficient to satisfy projected working capital needs and planned capital expenditures for the foreseeable future.
About Alpha Pro Tech, Ltd.
Alpha Pro Tech, Ltd. is the parent company of Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc. Alpha Pro Tech, Inc. develops, manufactures and markets innovative disposable and limited use protective apparel products for the industrial, cleanroom, medical and dental markets. Alpha ProTech Engineered Products, Inc. manufactures and markets a line of construction weatherization products, including building wrap and roof underlayment. The Company has manufacturing facilities in Salt Lake City, Utah; Nogales, Arizona; Valdosta, Georgia; and a joint venture in India. For more information and copies of all news releases and financials, visit Alpha Pro Tech’s website at http://www.alphaprotech.com .
Certain statements made in this press release constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that may predict, forecast, indicate or imply future results, performance or achievements instead of historical facts and may be identified generally by the use of forward-looking terminology and words such as "expects," "anticipates," "estimates," "believes," "predicts," "intends," "plans," "potentially," "may," "continue," "should," "will" and words of similar meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected earnings, margins, costs, expenditures, cash flows, sources of capital, growth rates and future financial and operating results are forward-looking statements. We caution investors that any such forward-looking statements are only estimates based on current information and involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. We cannot give assurances that any such statements will prove to be correct. Factors that could cause actual results to differ materially from those estimated by us include the risks, uncertainties and assumptions described from time to time in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release. Given these uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
-- Tables follow --
Condensed Consolidated Balance Sheets (Unaudited)
March 31, December 31, 2018 2017 (1) Assets Current assets: Cash $ 5,666,000 $ 8,763,000 Investments 375,000 343,000 Accounts receivable, net of allowance for doubtful accounts of $83,000 as of March 31, 2018 and December 31, 2017 6,463,000 4,597,000 Accounts receivable, related party 381,000 361,000 Inventories 10,635,000 10,249,000 Prepaid expenses 3,455,000 2,665,000 Total current assets 26,975,000 26,978,000 Property and equipment, net 3,115,000 3,158,000 Goodwill 55,000 55,000 Definite-lived intangible assets, net 20,000 21,000 Deferred income tax assets 19,000 19,000 Equity investments in unconsolidated affiliate 4,032,000 3,893,000 Total assets $ 34,216,000 $ 34,124,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 1,042,000 $ 1,236,000 Accrued liabilities 1,764,000 1,565,000 Total current liabilities 2,806,000 2,801,000 Commitments Shareholders' equity: Common stock, $.01 par value: 50,000,000 shares authorized; 14,187,749 and 14,290,749 shares outstanding as of March 31, 2018 and December 31, 2017, respectively 142,000 143,000 Additional paid-in capital 4,995,000 5,415,000 Accumulated other comprehensive loss - (458,000 ) Retained earnings 26,273,000 26,223,000 Total shareholders' equity 31,410,000 31,323,000 Total liabilities and shareholders' equity $ 34,216,000 $ 34,124,000 (1) The condensed consolidated balance sheet as of December 31, 2017 has been prepared using information from the audited consolidated balance sheet as of that date.
Condensed Consolidated Statements of Income (Unaudited)
For the Three Months Ended March 31, 2018 2017 Net sales $ 11,442,000 $ 10,751,000 Cost of goods sold, excluding depreciation and amortization 6,987,000 6,457,000 Gross profit 4,455,000 4,294,000 Operating expenses: Selling, general and administrative 3,881,000 3,474,000 Depreciation and amortization 146,000 154,000 Total operating expenses 4,027,000 3,628,000 Income from operations 428,000 666,000 Other income: Equity in income of unconsolidated affiliate 139,000 105,000 Unrealized gain on marketable securities 32,000 - Interest income, net 1,000 1,000 Total other income 172,000 106,000 Income before provision for income taxes 600,000 772,000 Provision for income taxes 92,000 222,000 Net income $ 508,000 $ 550,000 Basic earnings per common share $ 0.04 $ 0.04 Diluted earnings per common share $ 0.04 $ 0.04 Basic weighted average common shares outstanding 14,217,919 15,207,659 Diluted weighted average common shares outstanding 14,383,005 15,301,801 Company Contact:
Alpha Pro Tech, Ltd.
Donna Millar
905-479-0654
e-mail: [email protected]
Investor Relations Contact:
Hayden IR
Cameron Donahue
651-653-1854
e-mail: [email protected]
Source:Alpha Pro Tech | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-alpha-pro-tech-ltd-announces-financial-results-for-the-first-quarter-ended-march-31-2018.html |
Assad turns his sights on Syrian rebel outposts 12:06pm BST - 01:41
The Syrian Army unleashed a massive bombardment on the largest encircled rebel stronghold in Syria on Monday.
The Syrian Army unleashed a massive bombardment on the largest encircled rebel stronghold in Syria on Monday. //reut.rs/2FtIop3 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/assad-turns-his-sights-on-syrian-rebel-o?videoId=422888534 |
Bank stocks still a good bet, says Amy Kong 12:40am IST - 04:49
One day after the sell-off in bank stocks, Fiduciary Trust's senior portfolio manager tells Reuters' Fred Katayama why she's overweight on the banking sector and why large-cap biopharma companies are ripe for M&A action. ▲ Hide Transcript ▶ View Transcript
One day after the sell-off in bank stocks, Fiduciary Trust's senior portfolio manager tells Reuters' Fred Katayama why she's overweight on the banking sector and why large-cap biopharma companies are ripe for M&A action. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L9ZyLH | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/bank-stocks-still-a-good-bet-says-amy-ko?videoId=431737581 |
May 24, 2018 / 6:02 PM / Updated 2 hours ago Facebook launches searchable archive of U.S. political ads David Ingram 3 Min Read
SAN FRANCISCO (Reuters) - Facebook Inc ( FB.O ) on Thursday launched an archive of U.S. political ads that appear on the world’s largest social network, showing who paid for them and other details, after an outcry over Russians’ alleged purchase of such ads during the 2016 elections. FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/File Photo
The archive tool will be rolled out to other countries in coming months, it added.
Facebook, which has 2.2 billion monthly active users, pledged seven months ago to create a cache, saying on the eve of U.S. congressional hearings that it wanted to increase transparency about its role in political advertising.
Digital services such as Facebook, Twitter Inc ( TWTR.N ) and Alphabet Inc’s ( GOOGL.O ) Google and YouTube have upended how political campaigns reach voters in many countries because of their power at targeting ads at narrow audiences and their low cost compared to television ads.
Beginning on Thursday, all U.S. ads about elections or political issues on Facebook and Instagram, which is owned by Facebook, must be labeled with the payer, Rob Leathern, Facebook’s director of ad product management, said in a post on a company blog. The archive begins with ads that ran in May.
Clicking on the label will take people to a searchable archive with information such as the campaign budget, how many people saw it and the demographics of those people such as age, location and gender, Leathern said.
“We believe that increased transparency will lead to increased accountability and responsibility over time - not just for Facebook but advertisers as well,” Leathern said.
Google and Twitter have said that they plan to build similar searchable databases.
Facebook’s archive is a “big step” in right direction, tweeted Democratic Senator Mark Warner, a co-sponsor of legislation to require internet companies to publish political ad data. However, legislation is needed to avoid a “patchwork of disclosure across social media,” he added.
A Russian propaganda arm tried to tamper in the 2016 U.S. elections by posting and buying ads on Facebook, according to the company and U.S. intelligence agencies. Moscow has denied involvement.
In February, the office of U.S. Special Counsel Robert Mueller charged 13 Russians and three Russian companies with participating in a criminal and espionage conspiracy.
The United States is entering a heated political season ahead Nov. 6 elections that will test the strength of President Donald Trump. Voters will choose all 435 members of the House of Representatives and one-third of the 100-member Senate. Reporting by David Ingram; Editing by Richard Chang | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-politics/facebook-launches-searchable-archive-of-u-s-political-ads-idUSKCN1IP37K |
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