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DUBAI/RIYADH (Reuters) - Saudi Binladin Group will be slimmed down and renamed, six sources familiar with the matter said, after the government seized management control of the construction giant from family members that were swept up in an anti-graft drive.
The moves would be the first in a broad restructuring planned for Saudi Arabia’s biggest builder as Riyadh takes a stake of at least 35 percent.
The company, crucial to the state’s plans for major tourism and infrastructure projects, is now being run by a five-member committee appointed by the government to oversee the shake-up.
The restructuring, expected to include hundreds of layoffs, is intended to streamline operations at the conglomerate, which has spawned more than 500 units ranging from construction to energy since its formation in 1931, said the sources, who are engaged in the process or have been informed about it.
As part of the reorganization, a new holding company will be formed with a new name, four of them said, without saying whether the name has been chosen or what it might be.
Binladin, which had over 100,000 employees at its peak, is undergoing the transformation after several members of the Binladin family that owns the company were detained in November as part of an anti-graft purge that ensnared hundreds of business people and government officials.
Most of those detained have been released after reaching a settlement with the state. Although Osama Bin Laden, the founder of al-Qaeda who was killed by U.S. forces in 2011, was part of the same family, the company cut ties to him.
One of the sources said the 537 business units under the current company set-up would be rationalized, which could include them being sold off, wound down or merged. The remaining units will be placed under the new structure, the source said.
Among the units expected to remain under the new holding company will be a contractor that will retain the Saudi Binladin name as well as operational maintenance, real estate, energy and advanced technology and business investments, two sources said.
The company’s spokesman and the Ministry of Finance did not immediately respond to Reuters’ requests for comment.
LAYOFFS The overhaul is the latest challenge Binladin has faced in recent years after stalled projects, delayed payments and a temporary exclusion from new state contracts after a crane accident killed 107 people at Mecca’s Grand Mosque in 2015.
The group plans to lay off hundreds of staff as part of the restructuring, two separate sources familiar with the matter said. One of the sources said 750 staff were recently given one-month notice and would receive their financial rights in full.
Another source said most of the job cuts involved employees working at Jeddah’s King Abdulaziz International Airport, one of the company’s projects, which is almost finished although delayed beyond the initial May 1, 2018 completion date.
The source said another round of layoffs was expected.
The company has already shed thousands of workers in recent years, but also in recent weeks ordered hundreds of staff who had been on leave from the stalled King Abdullah Financial District project to return to work as the project restarted.
To try to turn around the company’s fortunes, the finance ministry has provided the company with around 11 billion riyals ($2.9 billion) of loans, sources told Reuters last month.
The money will be used to prioritize work on projects deemed critical to the government, as well as to pay staff and creditors, the people said, with one adding that further cash transfers from the government were possible in the near future.
In February, sources told Reuters the company had been awarded a contract in a project to build palaces for the king, crown prince and other senior royals at NEOM, a huge new business zone on the Red Sea coast.
Editing by Ghaida Ghantous and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-construction-restructuring-excl/exclusive-saudi-binladin-group-to-be-slimmed-down-renamed-sources-idUSKCN1IP23F |
April 30 (Reuters) - Maternus-Kliniken AG:
* SAID ON FRIDAY ACHIEVED A NET LOSS OF EUR 4.1 MILLION IN THE 2017 FINANCIAL YEAR AFTER SPECIAL ITEMS
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70ZG |
May 30, 2018 / 11:33 AM / Updated 9 minutes ago Sprinter Bolt trains at Norwegian club Stromsgodset Reuters Staff 2 Min Read
OSLO (Reuters) - Multiple Olympic sprint champion Usain Bolt is training with Norwegian top-flight side Stromsgodset as he pursues his dream of becoming a professional footballer, newspaper Verdens Gang reported on Wednesday. FILE PHOTO: Gold Coast 2018 Commonwealth Games - Gold Coast, Australia - April 12, 2018. Former Jamaican sprinter Usain Bolt kicks a soccer ball during a press conference. REUTERS/David Gray/File Photo
The 31-year-old Jamaican, who retired from athletics after winning eight Olympic gold medals, is a soccer fanatic and trained with the club in Drammen, some 40km south-west of Oslo, earlier on Wednesday.
He also hopes to play some part in a friendly against the club’s Under-19 side.
“I want to try to get better, to work as hard as I can, play as much as I can. Maybe a club will see something and decide to give me a chance,” said Bolt, who hung up his spikes after last year’s world championships in London.
Stromsgodset sporting director Jostein Flo said Bolt was given shirt number 9.58 - his world record time for the 100 metres - to wear during his time at the club and added that he may get a chance to play in a game to show what he can do.
The Stromsgodset players were surprised to find the world’s fastest man in their dressing room on Wednesday, Flo said.
“We told them a player was coming to try out and that he was damn fast - the door opened, and Bolt came in. It was a shock for them, they couldn’t believe it,” Flo added.
Manchester United fan Bolt also trained with Bundesliga club Borussia Dortmund in March. Reporting by Philip O'Connor, additional reporting by Terje Solsvik in Oslo | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-norway-bolt/sprinter-bolt-trains-at-norwegian-club-stromsgodset-idUKKCN1IV1DQ |
May 29, 2018 / 10:12 AM / Updated 23 minutes ago CBI files case against AirAsia CEO Tony Fernandes Reuters Staff 1 Min Read
NEW DELHI (Reuters) - The Central Bureau of Investigation (CBI) said on Tuesday it has filed a case against AirAsia Group CEO Tony Fernandes in relation to the granting of a flying licence in the country. Tony Fernandes, CEO of AirAsia, holds a media event in Bangkok, Thailand May 15, 2018. REUTERS/Soe Zeya Tun
Malaysia low-cost carrier AirAsia launched domestic flight operations in India in 2014, along with local joint venture partner Tata Sons.
A CBI spokesman said it was conducting searches at AirAsia’s offices in Delhi and Mumbai, without elaborating. Reporting by Aditya Kalra; Editing by Alex Richardson | ashraq/financial-news-articles | https://in.reuters.com/article/airasia-india-police/cbi-files-case-against-airasia-ceo-tony-fernandes-idINKCN1IU13O |
NEW YORK (Reuters) - Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to estimates from the Anti-Phishing Working Group released on Thursday.
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration The estimates were part of the non-profit group’s research on cryptocurrency and include reported and unreported theft.
“One problem that we’re seeing in addition to the criminal activity like drug trafficking and money laundering using cryptocurrencies is the theft of these tokens by bad guys,” Dave Jevans, chief executive officer of cryptocurrency security firm CipherTrace, told Reuters in an interview.
Jevans is also chairman of APWG.
Of the $1.2 billion, Jevans estimates that only about 20 percent or less has been recovered, noting that global law enforcement agencies have their hands full tracking down these criminals.
Their investigations of criminal activity will likely take a step back with the European Union’s new General Data Protection Regulation, which takes effect on Friday.
“GDPR will negatively impact the overall security of the internet and will also inadvertently aid cybercriminals,” said Jevans. “By restricting access to critical information, the new law will significantly hinder investigations into cybercrime, cryptocurrency theft, phishing, ransomware, malware, fraud and crypto-jacking,” he added.
GDPR, which passed in 2016, aims to simplify and consolidate rules that companies need to follow in order to protect their data and to return control of personal information to EU citizens and residents.
The implementation of GDPR means that most European domain data in WHOIS, the internet’s database of record, will no longer be published publicly after May 25. WHOIS contains the names, addresses and email addresses of those who register domain names for websites.
WHOIS data is a fundamental resource for investigators and law enforcement officials who work to prevent thefts, Jevans said.
He noted that WHOIS data is crucial in performing investigations that allow for the recovery of stolen funds, identifying the persons involved and providing vital information for law enforcement to arrest and prosecute criminals.
“So what we’re going to see is that not only the European market goes dark for all of us; so all the bad guys will flow to Europe because you can actually access the world from Europe and there’s no way you can get the data anymore,” Jevans said.
Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-crypto-currency-crime/about-1-2-billion-in-cryptocurrency-stolen-since-2017-cybercrime-group-idUSKCN1IP2LU |
Here's why it's a big deal for the US to leave the Iran nuclear pact 2 Hours Ago President Donald Trump's hotly anticipated decision on the Iran nuclear deal on Tuesday could have widespread implications. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/heres-why-its-a-big-deal-for-the-us-to-leave-the-iran-nuclear-pact.html |
Guenon monkeys crossing species divide 12:10pm BST - 01:03
Guenon monkeys in a Tanzanian national park are crossing the species divide to mate and produce hybrid offspring, according to a new study published in the International Journal of Primatology. Amy Pollock
Guenon monkeys in a Tanzanian national park are crossing the species divide to mate and produce hybrid offspring, according to a new study published in the International Journal of Primatology. Amy Pollock //reut.rs/2L26s6e | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/guenon-monkeys-crossing-species-divide?videoId=427398324 |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“ Namaste ” or the “ Company ”) (TSX-V:N) (FRA:M5BQ) (OTCMKTS:NXTTF) is pleased to announce that on May 1, 2018 the Company executed a definitive agreement to acquire (the “ Acquisition ”) all of the issued and outstanding shares of Findify AB (a Swedish corporation, “ Findify ”), for a purchase price of US $12,000,000 in a combination of cash and common shares of the Company. Findify is a global leader in A.I. powered e-commerce personalization, delivering solutions such as personalized search, recommendations, and advanced data analytics. Among its customers are Nine West, PLV Shoes, and Rocketdog.
Management expects the integration of Findify’s proprietary technology to increase monetization and propel revenue growth in both cannabis and hardware sales. In addition to anticipated growth in Namaste’s core business, the Company will allocate resources to expand on Findify’s existing platform and expects this to result in increased EBITDA by the end of 2019. Namaste also anticipates accelerating patient growth through its wholly owned subsidiary and Canada’s first fully-compliant online patient portal, NamasteMD Inc. (“ NamasteMD ” or “ NamasteMD.com ”). By implementing Findify’s technology in applications of patient acquisition, conversion rates, order value and customer retention, the Company expects to reach 50,000 medical cannabis patients by the end of 2018 and up to 100,000 by the end of 2019.
Findify’s platform which is used by leading e-commerce websites, including Namaste, uses proprietary real-time machine learning algorithms to build unique user profiles, and deliver a personalized experience for each user. The platform continuously learns from user behavior to automatically improve search results, recommendations, and product landing pages, displaying the most relevant products at any given time. It identifies product trends and, in combination with an analysis of unique customer behavior, ranks products in a way to optimize revenue, conversion rates and average order value. Based on the Bank of Canada’s exchange rate on May 1, 2018, Findify’s annual 2017 revenue was $503,170 and its first quarter 2018 revenue was $198,211.
Key terms of the Acquisition:
Namaste will acquire all issued and outstanding shares of Findify in exchange for: US $2,000,000 in cash to be paid upon the closing date of the transaction. US $10,000,000 to be paid in common shares of Namaste at a mutually agreed price of C$1.80 per common share.
Key designated employees of Findify will be remaining with the company after the completion of the acquisition.
The acquisition of Findify brings an incredible amount of value to the Company in applications related to the online retail of medical cannabis. Namaste recognizes this as a unique opportunity to offer medical cannabis patients an even more personalized experience. The acquisition of Findify will reinforce Namaste’s goal of becoming the global leader in cannabis technology solutions by further expanding its innovative e-commerce platform and enhancing the user experience for cannabis patients globally.
In addition, the acquisition of Findify creates a new revenue stream for the Company in the field of artificial intelligence and data analytics. Namaste will continue to operate and expand on Findify’s existing platform and client portfolio. Namaste anticipates rapid expansion of its technology licensing business.
Management Commentary
Meni Morim, Founder and CEO of Findify comments: “The Findify team is very excited to join the Namaste family, and take part in revolutionizing the online cannabis domain. The team brings years of experience, having built a unique machine learning platform that leverages user behavior, to deliver a personalized e-commerce experience across touchpoints, with a focus on search & discovery. We believe that Namaste’s strong positioning in the market will enable us to take advantage of this technology in the best possible way, and deliver immediate value to customers and shareholders - by buildings the world’s first fully integrated A.I. platform for cannabis.
Having built a relationship with Namaste as a client over the past two years, we found that we share many of the same core values, work ethic, and passion for building products that people love. We’re confident that the merging of our teams will enable us to continue innovating in this fast-paced, growing industry.”
Laurens Feenstra, Director of Namaste, an A.I. expert, and Product Manager for Google Waymo comments: “I am super excited for the talented team of Findify to join Namaste! Their leading machine learning models have already made Namaste much better at recommending the right products to our customers. And, even more importantly, we are thrilled to apply their deep A.I. expertise to cannabis. There are approximately 800 identified strains of cannabis each with hundreds of active ingredients, meaning each plant works differently for each person. Understanding which plant works for whom will be key in helping cannabis benefit everyone.”
Sean Dollinger, President and CEO of Namaste comments: “We’re very pleased to announce the acquisition of Findify. This is a very exciting opportunity for Namaste to forge new ground in the cannabis industry by introducing what we believe to be the most innovative technology for on-site personalization. Moving forward we believe global cannabis patients will demand a more customized online experience, as products and services in the cannabis industry continue to grow exponentially. Having worked with Findify as a client, we have witnessed excellent results through the implementation of their technology and believe strongly in the quality of their management team. Based on the success we have seen in the utilization of similar technology in other industries, we are extremely excited and optimistic to become the first company to introduce this incredible technology into the cannabis market and further enhance the online experience for cannabis patients.
Our vision for the Company in becoming a global leader in medical cannabis technology is evident from the addition of our new board members coming from Google and SpaceX, industry leaders in the areas of machine learning and A.I. that chose to join Namaste’s team. Furthermore, this acquisition represents a major milestone for Namaste in solidifying itself as one of the most innovative technology companies in the cannabis industry.”
About Findify AB
Findify is a leader in e-commerce machine learning applications, with over 1200 customers in more than 60 countries around the world. Findify has developed a unique machine learning core, that leverages user behaviour, to personalize online experiences in real-time. Findify’s machine learning technology has been proven to deliver up to 27% uplift in conversion rate, and up to 30% uplift in revenue per user.
Findify is an official Shopify Plus Technology Partner, recognized as a “Best-In-Class Solution” for modern, rapidly growing e-Commerce businesses.
About Namaste Technologies Inc.
Namaste Technologies is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Namaste has developed innovative technology platforms including NamasteMD.com , Canada's first ACMPR compliant telemedicine application. The company is focused on patient acquisition through NamasteMD and intends on building Canada's largest database of medical cannabis patients. The company's subsidiary, CannMart Inc. is an ACMPR Licensed Producer with a "sales-only" license, whereby the company will offer a large variety of medical cannabis sourced from domestic and international producers. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
“Sean Dollinger”
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: [email protected]
Further information on Namaste and its products can be accessed through the links below:
namastetechnologies.com
namastevapes.ca
everyonedoesit.ca
namastevaporizers.co.uk
everyonedoesit.co.uk
australianvaporizers.com .au
Forward Looking Information
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com . This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Neither the TSX Venture Exchange nor its market regulator has reviewed or approved the contents of this press release.
Source:Namaste Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-namaste-acquires-findify-a-leading-a-i-and-machine-learning-company-to-increase-conversion-rates-average-order-value.html |
May 30, 2018 / 6:38 AM / in an hour Australian shares dragged lower by Italian turmoil, but NZ higher Reuters Staff
* Global tensions drive index lower, banks weigh
* Investors seek safe haven in gold, pharma stocks
* NZ stocks higher on telecom & consumer stocks (Updates to close)
May 30 (Reuters) - Australian shares ended lower on Wednesday as global equities reeled from the political crisis in Italy, which drained risk appetite and sent investors into safe haven assets like U.S. Treasuries.
The S&P/ASX 200 index closed at its weakest since April 30, dropping 0.4 percent or 28.9 points to 5984.7 as investors opted for defensive plays.
Due to inconclusive elections in March and failed attempts to form a government, Italy may hold fresh elections as early as July, sparking fears it could become a disruptive de facto referendum on the European Union and the euro.
Adding to the pressure, Australia’s housing activity slowed in April with approvals to build new homes down more than expected while non-residential permits also slipped in an ominous sign for economic growth.
Banks accounted for most of the ASX’s losses with the index of financial stocks falling 1.4 percent to its worst close in well over a year.
Australia’s “Big Four” banks lost between 0.9 percent and 2 percent, with Australia and New Zealand Banking finishing at its lowest in a month after its New Zealand arm agreed to sell its New Zealand life unit to U.S-listed Cigna Corp for NZ$700 million ($484.12 million)
Mining stocks fell 0.4 percent on weakness in metal prices, with global miners Rio Tinto and BHP Billiton losing 1.2 percent and 0.3 percent, respectively.
Some investors took shelter in defensive stocks, driving the gold and healthcare indexes up 1 percent and 0.7 percent, respectively.
Index heavyweight gold producer Evolution Mining rose 1.3 percent while Saracen Mineral Holdings gained 2.4 percent.
Healthcare stock CSL Ltd was the top boost to the benchmark, rising 1 percent to a record close, with a weaker Australian dollar making pharmaceutical exports more competitive.
New Zealand’s benchmark S&P/NZX 50 index closed 0.1 percent higher or 12 points to 8647.86.
Telecom and consumer staple stocks led gainers on the index, with telco Spark New Zealand Ltd and dairy producer A2 Milk Company Ltd ending up 1.8 percent and 3.1 percent, respectively.
The central bank said the financial system is better prepared to weather any unforeseen global shocks that could push up borrowing costs ($1 = 1.4459 New Zealand dollars) (Reporting by Devika Syamnath in Bengaluru; Editing by Kim Coghill) | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-close/australian-shares-dragged-lower-by-italian-turmoil-but-nz-higher-idUSL3N1T12MU |
May 7 (Reuters) - Homeunion Holdings:
* HOMEUNION HOLDINGS FILES TO SAY IT HAS RAISED $9.3 MILLION IN EQUITY FINANCING - SEC FILING Source text ( bit.ly/2rrQitW )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-homeunion-holdings-says-it-has-rai/brief-homeunion-holdings-says-it-has-raised-9-3-mln-in-equity-financing-idUSFWN1SE0CC |
May 25, 2018 / 7:54 PM / Updated 21 minutes ago Investors find little appetite for consumer staples Sinéad Carew 5 Min Read
(Reuters) - The consumer staples index .SPLRCS, the S&P 500’s biggest laggard for 2018, could have further to fall and may even look less appealing as a defensive play in the event the economy turns sour. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 21, 2018. REUTERS/Brendan McDermid
The sector, which includes suppliers of so-called recession-proof items ranging from toilet paper and toothpaste to canned soup and cookies, has fallen 13 percent in 2018, on track for its first annual decline since 2008, while the S&P 500 .SPX is up 1.7 percent year-to-date.
Investors have been turning away from staples companies because they are grappling with changing consumer preferences, fierce competition and other obstacles to raising prices even as their costs swell.
On top of this, the sector - long viewed as a defensive play partly because of its high dividends and predictable growth rate - faces tough competition from fixed income investments while U.S. Treasury yields are rising, and from other equities as most industry groups are generating faster earnings growth.
“We think the sector will remain under pressure, especially as investors have better opportunities elsewhere,” said Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute in St. Louis.
Consumers are showing less loyalty to food and household brands than ever before, according to Burns McKinney, a portfolio manager at Allianz Global Investors in Dallas. As a result shoppers are more easily drawn toward cheaper store-brands for goods such as toilet paper, putting pressure on brand names.
A growing preference for healthier, fresher food is keeping people away from pre-packaged staples. Health concerns are also hurting tobacco companies such as Altria ( MO.N ) as smokers increasingly favor cigarette alternatives.
And, as brick and mortar retailers face tough competition from online retailers such as Amazon.com ( AMZN.O ), they are putting pressure on product suppliers to keep prices low.
For example, Procter & Gamble ( PG.N ), the world’s largest consumer goods maker, in April pointed to pressure from struggling retailers in addition to higher transportation costs and rising commodities prices when it reported disappointing fiscal third-quarter financial results.
Wall Street currently expects 2018 earnings growth of 11.4 percent in the staples sector, down from the 11.6 percent expected on April 1 and slower than all but two of the S&P 500’s 11 other major sectors, according to Thomson Reuters data.
The broader S&P is expected to report earnings growth of 22 percent for 2018.
(Graphic: Consumer staples have become cheaper - reut.rs/2J39edo )
“We’re right now in an earnings driven market and there are other sectors that have a much better earnings outlook,” said John Praveen, chief investment strategist at Prudential International Investments Advisers LLC in Newark. “I don’t see the catalyst for this sector to do well in the near term.”
The consumer staples sector currently trades at 19 times earnings on a 12-month trailing basis, indicating a roughly 10 percent discount to the S&P 500’s multiple of 21, according to Wells Fargo’s Samana. He adds that the “the trough for staples” typically happens when the sector trades at a 20 percent to 30 percent discount to the rest of the market, implying a multiple of 15 to 17.
To be sure lower valuations and a weak economy could eventually give some support to staples.
“We would get interested if valuations lowered to levels that compensated investors to take on the risk of the sector,” said Samana. “They don’t trade all that cheap compared to the market right now.”
Staples stocks tend to perform better than the broader market in a weak economy as investors bet that even if consumers have to cut back on spending they still need to buy things like toilet paper, soap and food basics. But Prudential’s Praveen sees the U.S. economy staying strong through 2018 and 2019.
But some investors like Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, say current valuations could present an opportunity.
“They’re reasonably priced. It doesn’t mean they’re screaming cheap. You can start to accumulate them here,” said Nolte.
But even if investors do look more kindly on the staples sector in economic downturn, the sector’s may be “less of a port in the storm” than in the past, said Wells Fargo’s Samana. Reporting By Sinéad Carew; Editing by Steve Orlofsky | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-stocks-weekahead/investors-find-little-appetite-for-consumer-staples-idUSKCN1IQ2WQ |
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- GCI Liberty, Inc. (“GCI Liberty”) (Nasdaq: GLIBA, GLIBP) announced today that, at its special meeting of shareholders held on May 7, 2018 at 8:00 a.m. M.D.T., the holders of its common and preferred stock entitled to vote thereat approved its reincorporation from Alaska into Delaware (as further described below). The Reincorporation Merger (as defined below) is expected to be completed as soon as practicable. Under the amended and restated articles of incorporation of GCI Liberty, once the Reincorporation Merger is consummated, the annual dividend rate on the GCI Liberty Series A Cumulative Redeemable Preferred Stock will increase from its current rate of 5% per annum to 7% per annum. The next regular quarterly dividend will be paid on July 15, 2018.
Pursuant to the Agreement and Plan of Merger, dated as of March 22, 2018 (the “Reincorporation Merger Agreement”), by and between GCI Liberty and GCI Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of GCI Liberty (“GCI Newco”), GCI Liberty will merge with and into GCI Newco (the “Reincorporation Merger”), with GCI Newco (to be renamed GCI Liberty, Inc.) continuing as the surviving corporation in the Reincorporation Merger and existing under the laws of the State of Delaware.
Forward-Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the completion of the reincorporation merger. These forward-looking statements speak only as of the date of this press release, and GCI Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in GCI Liberty’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of GCI Liberty, including its most recent Form 10-K, for additional information about GCI Liberty and about the risks and uncertainties related to GCI Liberty’s business which may affect the statements made in this press release.
About GCI Liberty, Inc.
GCI Liberty, Inc. (Nasdaq: GLIBA, GLIBP) operates and owns interests in a broad range of communications businesses. GCI Liberty’s principal assets consist of its subsidiary GCI and interests in Charter Communications and Liberty Broadband Corporation. GCI is Alaska’s largest communications provider, providing data, wireless, video, voice and managed services to consumer and business customers throughout Alaska and nationwide. GCI has delivered services for nearly 40 years to some of the most remote communities and in some of the most challenging conditions in North America. GCI Liberty’s other businesses and assets consist of its subsidiary Evite and its interest in Lending Tree.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006859/en/
GCI Liberty, Inc.
Courtnee Chun, 720-875-5420
Source: GCI Liberty, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-reincorporation-merger-proposal-approved-at-gci-libertyas-special-meeting-of-shareholders.html |
Teradata Corp:
* TERADATA REPORTS 2018 FIRST QUARTER RESULTS * SEES Q2 NON-GAAP EARNINGS PER SHARE $0.17 TO $0.19
* SEES FY 2018 GAAP EARNINGS PER SHARE $0.58 TO $0.64 * Q1 REVENUE $506 MILLION VERSUS I/B/E/S VIEW $495.9 MILLION
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE $1.40 TO $1.46
* Q1 NON-GAAP EARNINGS PER SHARE $0.19
* SEES FY 2018 REVENUE ABOUT $2.15 BILLION TO $2.18 BILLION
* Q1 GAAP LOSS PER SHARE $0.06 * Q1 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S
* Q2 GAAP EARNINGS PER SHARE EXPECTED TO BE IN THE RANGE OF EARNINGS OF $0.00 TO LOSS OF $0.02
* Q2 EARNINGS PER SHARE VIEW $0.32, REVENUE VIEW $521.9 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $1.53, REVENUE VIEW $2.18 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-teradata-q1-gaap-loss-per-share-00/brief-teradata-q1-gaap-loss-per-share-0-06-idUSASC09ZR3 |
May 17, 2018 / 11:20 AM / Updated an hour ago Griezmann warned he will 'never go down in history' at Barcelona Richard Martin 3 Min Read
LYON, France (Reuters) - Antoine Griezmann, a talismanic figure at Atletico Madrid, will not enjoy the same status at Barcelona if he joins the Liga champions in the close-season, Atletico chief executive Miguel Angel Gil Marin has said. Soccer Football - Europa League Final - Olympique de Marseille vs Atletico Madrid - Groupama Stadium, Lyon, France - May 16, 2018 Atletico Madrid's Antoine Griezmann celebrates scoring their first goal REUTERS/Vincent Kessler
Griezmann stole the headlines by scoring twice as Atletico beat Olympique de Marseille 3-0 in the Europa League final on Wednesday, although his decisive display could be one of his last acts for the club.
Barca can capture the France international for 100 million euros (87.4 million pounds) when his buy-out clause is cut in half on July 1.
Gil Marin, however, told him to consider the fact that he would be seen as just another player in Ernesto Valverde’s side, where he would line up alongside fellow attackers Lionel Messi and Luis Suarez.
“He needs to decide if he wants to make history at Atletico where everything is built around him or go to a club where he will never go down in history,” Gil Marin told reporters.
“A few days ago I spoke to his sister and agent to make them an offer and they will have to give us an answer in a few days. I don’t know what will happen, it’s not something he can decide in the heat of the moment after winning the final.”
Griezmann’s starring role in the final was hailed by Madrid newspaper AS, who headlined their edition on Thursday “Super Griezmann, Super Atletico”.
The Frenchman was also lauded by Barcelona-based dailies Mundo Deportivo and Sport, who described him as “colossal” and “magical”, rubbing their hands at the prospect of him moving to Barca.
The striker said he would not discuss his future after the final, but added that he had grown ever more fond of Atletico and his team mates in the four years since he joined from Real Sociedad for 25 million euros.
Griezmann was substituted in stoppage time to allow Atletico’s long-serving, departing forward Fernando Torres to come on for the final minutes and win his first major trophy for the club.
Spanish media reported Griezmann had volunteered to go off in order to give Torres the chance to play.
Atletico defender Juanfran said the departing veteran striker had warned Griezmann to give careful consideration to his next move.
“In the dressing room Torres said to Griezmann that first of all he should enjoy the night,” Juanfran said. “And then in a couple of days he should think long and hard about what he does next.” Reporting by Richard Martin; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-europa-final-griezmann/griezmann-warned-he-will-never-go-down-in-history-at-barcelona-idUKKCN1II1ID |
* UK prepares for royal wedding on Saturday
* Prince Harry to marry Meghan Markle
* Markle’s mother to meet Queen Elizabeth
* Crowds gather in Windsor for wedding
* Graphic of the wedding tmsnrt.rs/2IhvlgJ
By Guy Faulconbridge and Michael Holden
WINDSOR, England, May 18 (Reuters) - Meghan Markle’s American mother was due to take tea with Britain’s Queen Elizabeth, Prince Harry’s grandmother, on the eve of a sumptuous royal wedding that will be watched by millions across the world.
Outside the ancient stone walls of Windsor Castle, home to the English royal family for nearly 1,000 years, well-wishers mingled with tourists and swarms of television crews under swathes of British and American flags.
Harry will marry Markle, a star of the TV drama “Suits”, in Windsor Castle’s 15th-century St George’s Chapel at a ceremony that begins about 1100 GMT on Saturday.
The newly weds will then be driven around Windsor in a horse-drawn carriage.
Markle’s African-American mother, Doria Ragland, was due to meet Queen Elizabeth, 92, for tea in Windsor on Friday. The yoga instructor charmed Harry’s father, Prince Charles, when they met on Wednesday.
But it is still unclear who will walk Markle down the aisle after her father, Thomas, pulled out of the wedding in a family drama that was played out under the glare of global media attention. Markle said she was sad he could not make it.
After the schism of Brexit divided the United Kingdom and triggered a wave of doubt about its future place in the world, the glittering union of one of the most popular royals and an elegant U.S. divorcee may offer some distraction.
The British remain broadly supportive of the monarchy albeit with a sense of mild irony about the pomp and pageantry that accompanies it, though many have deep respect for the current monarch, Elizabeth, after her decades of dutiful service.
For some black Britons, the prospect of a mixed-race royal princess has increased interest in the monarchy, which has so far been all white. A black American bishop is to give the address at the wedding.
But for some other Britons, the event has as much relevance as the union of two distant super stars. Many will not even bother to watch the wedding despite massive media interest.
After the hour-long ceremony, the couple will take part in a procession through the town’s ancient streets on a 19th century Ascot Landau carriage pulled by four Windsor Grey horses.
Police are expecting more than 100,000 people to throng the streets outside the castle, the queen’s home west of London and the oldest and largest inhabited fortress in the world, and have said there would be tight security for the event.
Harry, 33, the younger son of the late Princess Diana, has always been a popular member of the royal family.
A cheeky child who stuck his tongue out at photographers, he left a lasting memory in the minds of many when aged just 12, he walked solemnly behind his mother’s coffin as her funeral cortege made its way through London after her death in a car crash in 1997. (Reporting by Guy Faulconbridge Editing by Matthew Mpoke Bigg)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-wedding/meghan-markles-mother-due-to-meet-queen-elizabeth-on-eve-of-royal-wedding-extravaganza-idUSL5N1SP10Q |
If you want to travel to beautiful resorts for free, become a financial adviser. Later this month, three dozen advisers will spend three days at the Ritz-Carlton Hotel in Marina del Rey, Calif., all expenses paid. Next month, about 75 wealth managers will spend four days and three nights in Mexico City, staying at the Four Brexit & Beyond: Mixed Picture for British Prime Minister After Local Elections Next WSJ City PM: Why a 3.9% US Jobless Rate Is a Big Deal, How the Dollar Dominated a Week in Markets | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/04/the-free-trips-your-financial-adviser-takes-could-cost-you/ |
May 25, 2018 / 7:28 PM / Updated an hour ago Bombs target Iraq communist party headquarters Reuters Staff 2 Min Read
BAGHDAD (Reuters) - Two homemade bombs targeted the headquarters of the Iraqi Communist Party, which is part of an alliance with cleric Moqtada al-Sadr that won Iraq’s parliamentary election, a party official and security sources said.
The explosive devices were hurled into the garden of the building in Baghdad on Friday and did not cause any casualties, said Jassim Helfi, a senior member of the party.
He described the incident as a message from those opposed to the Sairoon bloc’s calls for reforms in Iraq. Sairoon has promised to end corruption and foreign interference in Iraq’s affairs.
Sadr scored a surprise victory in the election by promising better services and tapping growing resentment with Iran and what voters say is its support for a corrupt political elite.
The cleric himself cannot become prime minister because he did not run in the election, though his bloc’s victory puts him in a position to have a strong say in negotiations on forming a new government.
Sadr reached out to dispossessed Shi’ites and marginalized Sunnis, and restored links with Sunni neighbors while keeping Iran at bay.
The nationalist cleric’s success could be a setback for Iran, which has steadily increased its influence in Iraq - its most important ally in the Middle East - since a U.S.-led invasion toppled Saddam Hussein in 2003.
Before the election, Iran publicly stated it would not allow Sadr’s bloc to govern in Iraq, with which it shares a border. Reporting by Michael Georgy; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-communists/bombs-target-iraq-communist-party-headquarters-idUSKCN1IQ2V3 |
May 18, 2018 / 4:27 PM / Updated 15 minutes ago Russia's Economy Ministry says U.S. has refused to discuss tariffs: Ifax Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russia’s Economy Ministry said on Friday that the United States has refused to discuss its steel and aluminium tariffs with Russia within the framework of the World Trade Organization (WTO), Interfax news agency reported.
The ministry also plans to inform the WTO that it may introduce measures in response to Washington, Interfax cited the ministry as saying. Writing by Polina Ivanova; Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-russia-tariffs/russias-economy-ministry-says-u-s-has-refused-to-discuss-tariffs-ifax-idUSKCN1IJ27U |
May 6 (Reuters) - WIDAM FOOD CO:
* SIGNS MOU WITH JORDANIAN INVESTORS TO STUDY ESTABLISHMENT OF ANIMAL WASTE RECYCLING COMPANY IN QATAR Source:( bit.ly/2wf9AZ8 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-widam-food-to-study-establishment/brief-widam-food-to-study-establishment-of-animal-waste-recycling-company-idUSFWN1SD02X |
May 3 (Reuters) - Ratos AB:
* Q1 LOSS BEFORE TAX SEK -147M (-32)
* Q1 EBITA IN PORTFOLIO SEK -18M (102)
* Q1 ADJUSTED EBITA IN PORTFOLIO SEK 13M (105) * SAYS WHILE THE DECLINE IN EARNINGS WAS LARGELY ATTRIBUTABLE TO PLANTASJEN, WHICH WAS IMPACTED BY AN UNUSUALLY COLD MARCH AND RESTRUCTURING COSTS, AND DIAB, SEVERAL OTHER COMPANIES ALSO REPORTED A NEGATIVE EARNINGS TREND
* SAYS PERFORMANCE REMAINS UNSATISFACTORY * SAYS CONTINUES TO COMMAND A STRONG FINANCIAL POSITION, AND OUR ASSESSMENT IS THAT WE HAVE ALL THE NECESSARY PREREQUISITES TO REVERSE THE EARNINGS TREND IN THE PORTFOLIO COMPANIES Source text for Eikon: (Stockholm Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ratos-posts-q1-loss-says-perfomanc/brief-ratos-posts-q1-loss-says-perfomance-remains-unsatisfactory-idUSFWN1SA06K |
HONG KONG (Reuters) - Two Chinese bitcoin mining equipment makers are set to test international investor appetite for cryptocurrencies with plans to raise as much as $1 billion each - in what are expected to be the world’s largest bitcoin-focused floats to date.
Canaan Creative co-chairman Jianping Kong speaks during an interview in Hong Kong, China April 6, 2018. REUTERS/Bobby Yip Canaan Creative has applied to the Hong Kong stock exchange for an IPO while Zhejiang Ebang Communication has started working with advisers on a Hong Kong float, according to IFR, a Thomson Reuters publication.
While the price of bitcoin BTC=BTSP has tumbled 35 percent this year and Beijing has tightened its grip on trade in the virtual currency, equipment makers are still hungry for capital to fund growth and to meet still robust demand for their machines.
Both are seeking as much as $1 billion, IFR said, which would dwarf other known listings for crytopcurrency firms.
Canaan Creative declined to comment. Ebang could not be immediately reached for comment.
FILE PHOTO: A token of the virtual currency Bitcoin is seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic//File Photo Canaan estimates it supplies a quarter of the world’s bitcoin blockchain computing power, according to a Reuters interview last month with co-chairman Jianping Kong, who also expects China’s push to promote its domestic chip industry to help drive growth for the company.
Ebang delisted from China’s National Equities Exchange and Quotations, also known as the New Third Board, this year after announcing in January that it would seek a Hong Kong listing.
While many companies promote links to bitcoin and, more commonly, blockchain - the distributed ledger technology that underpins bitcoin - few that focus on the cryptocurrency have listed publicly.
In Australia, DigitalBTC went public via a backdoor listing in 2014 when it merged with Macro Energy, an investing group in a deal which raised A$9.1 million ($6.8 million). The company later changed its name to DigitalX ( DCC.AX ) and switched its focus from bitcoin to fintech software.
Another miner, Bitcoin Group, withdrew its Sydney listing plans in 2016 after the local regulator questioned whether it would have sufficient working capital to be a going concern.
In Canada, Leeta Gold, a mineral exploration company, renamed itself Hive Blockchain ( HIVE.V ) last summer and partnered with Hong Kong-based Genesis Mining on a bitcoin mining facility in Iceland. It has a market capitalization of $333 million.
Canaan was valued at about $500 million in mid-2017 according to one source cited by IFR. The valuation for its IPO has yet to be set due to a lack of companies to compare it to and fluctuating prices of cryptocurrencies, IFR Quote: d sources as saying.
Credit Suisse, CMB International, Deutsche Bank and Morgan Stanley are joint sponsors for Canaan’s float, IFR added.
Credit Suisse and Deutsche Bank declined to comment. The other banks did not immediately respond to a request for comment.
Bitcoin mining equipment makers make computers with special chips that mine the coins more efficiently than more mainstream chips made by companies such as Intel.
Reporting by Fiona Lau at IFR and Jennifer Hughes; Additional reporting by Sijia Jiang, Alun John and Julie Zhu; Editing by Muralikumar Anantharaman and Edwina Gibbs
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bitcoin-hongkong-ipo/two-chinese-bitcoin-mining-equipment-makers-plan-to-list-in-hk-this-year-ifr-idUSKCN1IG0F2 |
May 14, 2018 / 2:58 AM / Updated 17 minutes ago Militant family uses child in suicide bomb attack on Indonesian police Kanupriya Kapoor 4 Min Read
SURABAYA, Indonesia (Reuters) - A family of Islamist militants in Indonesia carried an eight-year-old into a suicide bomb attack against police in Surabaya on Monday, a day after another militant family killed 13 people in suicide attacks on three churches in the same city.
The suicide bombers rode two motorbikes up to a checkpoint outside a police station and blew themselves up, Tito Karnavian, the police chief in Indonesia’s second-largest city, told a news conference.
He said the child survived the explosion, and CCTV footage showed a child stumbling around in the aftermath.
Four officers and six civilians were wounded in the attack, East Java police spokesman Frans Barung Mangera said.
President Joko Widodo branded the attacks in Surabaya the “act of cowards”, and pledged to push through a new anti-terrorism bill to combat Islamist militant networks.After some major successes tackling Islamist militancy since 2001, there has been a resurgence in recent years, including in January 2016 when four suicide bombers and gunmen attacked a shopping area in central Jakarta.
Police suspected Sunday’s attacks on the churches were carried out by a cell of the Islamic State-inspired group Jemaah Ansharut Daulah (JAD), an umbrella organisation on a U.S. State Department terrorist list that is reckoned to have drawn hundreds Indonesian sympathizers of Islamic State.
“In the case of Surabaya, they escaped detection, but once it happened we moved fast to identify their network,” Karnavian said.
The father of the family involved in those attacks was the head of a JAD cell in the city, the police chief said.
Earlier, police said his family was among 500 Islamic State sympathizers who had returned from Syria, but the police chief said that was incorrect.
During the hunt to for the cell, police shot dead one suspect and arrested four others.
The police chief said the JAD cell may have been answering a call from Islamic State in Syria to “cells throughout the world to mobilise.” Anti-terror policemen stand guard following a bomb blast at police office in Surabaya, Indonesia May 14, 2018. REUTERS/Beawiharta
He said the imprisonment of JAD’s leader, Aman Abdurrahman, could be another motive, and cited clashes with Islamist prisoners at jail near Jakarta last week in which five counter-terrorism officers were killed.
In another incident in Sidoarjo, south of Surabya, Karnavian said police recovered unexploded pipe bombs an apartment where an explosion killed three members of a family alleged to have been making bombs. Three children from the family survived and were taken to hospital.
In all, 25 people have died since Sunday in attacks, including 13 suspected militants, Karnavian said. CHILDREN USED IN ATTACKS
CCTV footage of the blast outside the police station on Monday morning showed two motorbikes arriving at a checkpoint next to a car followed by an explosion as officers approached.
Security experts said it was the first time in Indonesia that a child had been used by militants on a suicide mission.
“The objective of using a family for terror acts is so it is not easily detected by the police,” said Indonesian terrorism analyst Stanislaus Riyanta.
He said that families could also avoid communicating using technology that could be tracked.
Indonesia’s chief security minister said on Monday that police backed by the military would step up security across Indonesia. Slideshow (2 Images)
President Widodo said he would issue a regulation in lieu of a new anti-terror law next month if parliament failed to pass the bill.
Police have complained that current laws do not allow them to detain suspects to prevent attacks. Additional reporting by Agustinus Beo Da Costa, Fransiska Nangoy and Gayatri Suroyo; Writing by Ed Davies; Editing by Simon Cameron-Moore | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-indonesia-bomb-police/vehicle-explodes-in-indonesias-surabaya-several-police-wounded-idUKKCN1IF072 |
NEW YORK (AP) — A New York City artist is facing eviction and a $185,000 fine after renting out her rent-regulated loft to tourists on Airbnb.
The New York Post reports a judge ruled this week that a landlord could evict Eileen Hickey.
Landlord Robert Moskowitz says Hickey's rentals made $4,500 a month, triple what she pays. Moskowitz says Hickey violated state laws against short-term renting and profiting off rent-stabilized apartments.
Hickey says the Airbnb rentals spanned 85 nights over 10 months a few years ago. She says she needed money for her then-husband's medical bills and believed the rentals were legal.
The 72-year-old also owns a Manhattan condo. She says she uses it as an office.
San Francisco-based Airbnb said Friday it encourages tenants to consult their landlords before renting out their homes. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/the-associated-press-new-york-city-loft-dweller-fined-185k-for-tourist-rentals.html |
CNBC.com Photo by fizkes via Getty Images
There's a website out there touting a hot initial coin offering, and it happens to be bogus.
So who created it? The Securities and Exchange Commission.
HoweyCoins.com , set up to mimic other too-good-to-be-true coin offerings that have surged during the rise of bitcoin and other digital currencies, is a bogus site intended to help investors recognize investment scams.
The site details how investors can get in on the offer, which purportedly combines blockchain technology and travel. It even says HoweyCoins are registered with the U.S. government and will trade on an SEC-compliant exchange.
The site also includes aspects that regulators view as common enticements to fraudulent offerings, such as a complex white paper, promises of guaranteed returns and a countdown clock showing how long you have left to get in on the deal. show chapters 12:56 PM ET Mon, 30 April 2018 | 01:37
When investors click on "Buy coins now" they are taken to an SEC site explaining they were about to be duped.
"We embrace new technologies, but we also want investors to see what fraud looks like, so we built this educational site with many of the classic warning signs of fraud," said SEC Chairman Jay Clayton in a public statement.
More from Personal Finance: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/sec-bogus-coin-offering-site-warns-investors-what-scams-look-like.html |
CHICAGO - When Doug Anderson retired as an electrician at the end of 2016, he worried would run out of money. So he put himself on a miserly spending plan.
A financial planner disagreed, however, and assured Anderson that his pension and savings would be plenty for a lifetime. In fact, the planner told Anderson to give himself a break and have some fun.
In response, Anderson, 67, and his wife Pam, 65, took three driving vacations last year from their suburban St. Paul, Minnesota home. Anderson also treated himself to a new – but used – Chevrolet Silverado pickup truck.
“It’s beautiful,” said Anderson, who rarely indulged himself while working and raising six children. “I roll down the window, stick my arm out, play retro music and turn back the clock 40 years.”
Most retirement research points to an impending retirement crisis for about half of Americans who save too little. But a new study suggests that behavior like Anderson’s makes the outlook far less dire. Because people worry about outlasting their savings, most adjust by living humbly – often overly so. Consequently, they make even modest savings last for years longer than expected by researchers.
While some people do run out of money, a person with less than $500,000 in savings, on average, spends just about a quarter of it during the first 20 years of retirement, according to a study by Sudipto Banerjee of the Employee Benefit Research Institute.
One-third actually end up with a nest egg larger than they had when they left their jobs, the study says. Even people who had only $32,000 shortly after leaving the workforce had about $24,000 left some two decades after retiring.
Rational behavior defies the assumption in many studies that people exhaust their savings and live in crisis, Banerjee said. He used government data from the U.S. Health and Retirement Study to track retirees born between 1931 and 1941 with assets ranging from stocks, bonds, mutual funds, real estate and CDs to savings and checking accounts. Individual homes were excluded, although people with homes and pensions stretched their savings the furthest.
“People don’t know how long they are going to live,” said Lori Lucas, the president and chief executive of the Employee Benefit Research Institute. “They may also be afraid of facing catastrophic healthcare costs if they need to stay in a long-term care facility for a prolonged period.”
Those uncertainties are valid, yet many people overdo frugality, said Brett Anderson, the financial planner who urged Doug Anderson to treat himself a little. (The two men are not related.)
“I have a lot of clients who are very well off financially and live in trailers in Florida,” said the Hudson, Wisconsin financial planner. “They are quiet millionaires.”
The EBRI study found conservative spending among every income group.
“People don’t want to touch their nest eggs,” said financial planner Anderson. “They feel fine spending interest or income from their investments but are reluctant to touch anything else.”
FINANCIAL RESTRAINT In the EBRI study, those with the most savings - a median of $857,450 shortly after retiring - still had $756,300 two decades later. The decrease amounts to just 11.8 percent of the original sum.
The largest drop in retirement nest eggs, 24.4 percent, was among those with the least savings, or a median of $29,975.
Frugal behavior is consistent with research led by Anna Rappaport for the Society of Actuaries. She and her team found that most people do not plan for retirement or know what they should spend, but they adapt - even when shocked by high dental bills or a roof repair.
What can devastate financially are divorce, caring for a mentally or physically ill adult child who cannot work, and long-term care expenses, according to the Society’s research.
Still, debilitating healthcare costs are far more rare than people fear, according to the EBRI research. Half of retirees face no nursing home expenses since Medicare covers short recoveries after hospital stays and Medicaid can help when resources run out.
The medical annual out-of-pocket spending for 90 percent of retirees is just $2,000, and the big nursing home costs over $87,000 hit only 10 percent of people living longer than 95, according to the EBRI study.
Editing by Lauren Young and Steve Orlofsky
| ashraq/financial-news-articles | https://www.reuters.com/article/us-column-marksjarvis-savingsmyth/the-myth-of-outliving-your-retirement-savings-idUSKBN1I3293 |
By Phil Wahba 12:55 PM EDT
Investors sure like the idea that Sears (shld) is looking beyond its struggling retail business to drum up new sources of revenue and places to sell products under its own brands.
The retailer said on Wednesday it would offer full-service installation for tires ordered on Amazon.com (amzn) , including its own DieHard brand. Customers can order tires on Amazon and then have them shipped to a Sears Auto Center where they can be installed when they bring in their car. Last year, Amazon started selling Sears’ Kenmore brand of appliances such as ovens and washing machines as well as DieHard car batteries.
The new partnership news sent Sears’ battered shares (shld) up 15% in late morning trading.
The move is the latest pragmatic concession by a large traditional retailer to the reality of Amazon’s strength in retail now: last month Best Buy (bby) announced a deal to sell sell televisions that run on Amazon’s new Fire TV operating system, while Kohl’s (kss) has been testing handling returns for Amazon and selling its gadgets in its stores. Bloomberg News reported that the move has led to a surge in shopper visits to Kohl’s stores. Both Best Buy and Kohl’s were among retail’s best performers on a sales growth basis during the holiday season.
All these collaborations also help Amazon which does not have a national network of stores to serve customers when they need in-person services.
The tire installation service is 47 Sears Auto Centers in eight markets, including Chicago, Dallas, and New York and will eventually roll it out to all 400 of its auto centers nationwide in the coming weeks.
As for Sears, its crumbling sales have led it to look for new avenues of revenue. Last year, combined comparable sales at its Kmart and Sears chains fell 13.5% despite the closing of dozens of its weakest stores. Sears CEO and top shareholder Eddie Lampert conceded in a blog coinciding with the company’s annual shareholder meetings on Wednesday that, “We’re still not where we need to be, and Sears continues to face significant challenges in a tough retail environment.”
Lampert recently made a proposal to buy some of Sears’ most attractive assets such as its home improvement business, its Kenmore appliance brand, and some of its real estate. Sears has been trying to sell those assets for some time but to no avail. The company has in recent years sold off a number of key assets to protect its liquidity amid steep sales declines. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/sears-amazon-tire-installations/ |
May 3 (Reuters) - IsoRay Inc:
* ISORAY ANNOUNCES THIRD QUARTER FISCAL 2018 REVENUE OF $1.57 MILLION, 23 PCT THIRD QUARTER-OVER-THIRD QUARTER INCREASE
* Q3 REVENUE ROSE 23 PERCENT TO $1.57 MILLION * SEES FY 2018 REVENUE UP AT LEAST 20 PERCENT Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-isoray-reports-q3-loss-per-share-0/brief-isoray-reports-q3-loss-per-share-0-02-idUSASC09ZOA |
May 24, 2018 / 11:43 AM / Updated 11 minutes ago Brazil's Caixa Econômica Federal posts $882m net profit in Q1 Reuters Staff 1 Min Read
SAO PAULO, May 24 (Reuters) - State-controlled savings bank Caixa Econômica Federal said on Thursday net profit jumped 114.5 percent in the first quarter, according to a statement.
Net profit totaled 3.2 billion reais ($882.15 million) in the period despite a 2.1 percent drop in Caixa’s loan portfolio to 700.2 billion reais, Brazil’s biggest mortgage lender said. ($1 = 3.6275 reais) (Reporting by Flavia Bohone Writing by Ana Mano Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/caixa-results/brazils-caixa-econmica-federal-posts-882m-net-profit-in-q1-idUSE6N1SV001 |
May 23, 2018 / 5:13 PM / Updated an hour ago WTA International, Strasbourg Women's Singles Seeds Progress Reuters Staff 2 Min Read May 23 (OPTA) - Seeds Progress from the WTA International, Strasbourg Women's Singles matches on Wednesday .. Seeds .. Seed Round Rslt Opponent Score 1 Ashleigh Barty (AUS) qtr to play Qiang Wang (CHN) (start 09:00) 2nd won Pauline Parmentier (FRA) 6-1 6-4 1st won Luksika Kumkhum (THA) 6-4 6-4 3 Anastasia Pavlyuchenkova (RUS) qtr to play Zarina Diyas (KAZ) (start 11:00) 2nd won Natalia Vikhlyantseva (RUS) 6-4 6-4 1st won Tatjana Maria (GER) 6-0 6-0 4 Mihaela Buzarnescu (ROU) qtr to play 8-Su-Wei Hsieh (TPE) (start 13:00) 2nd won Elena Rybakina (RUS) 6-3 7-6(2) 1st won Magda Linette (POL) 4-6 7-6(1) 6-3 5 Dominika Cibulkova (SVK) qtr to play Samantha Stosur (AUS) (start 15:30) 2nd won Reka-Luca Jani (HUN) 6-1 6-4 1st won Chloe Paquet (FRA) 6-4 6-2 6 Timea Babos (HUN) 2nd lost Zarina Diyas (KAZ) 7-6(2) 4-6 6-2 1st won Fiona Ferro (FRA) 6-4 6-0 7 Danielle Collins (USA) 2nd lost Qiang Wang (CHN) 4-6 7-5 6-2 1st won Amandine Hesse (FRA) 6-1 4-6 6-3 8 Su-Wei Hsieh (TPE) qtr to play 4-Mihaela Buzarnescu (ROU) (start 13:00) 2nd won Lucie Safarova (CZE) 6-2 6-3 1st won Kaia Kanepi (EST) 2-6 7-5 6-2 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-seeds-womens-singles/wta-international-strasbourg-womens-singles-seeds-progress-idUKMTZXEE5N6YG8WD |
May 3, 2018 / 11:47 AM / Updated 10 minutes ago BRIEF-Resolute Forest Products Q1 Earnings Per Share $0.11 Reuters Staff
May 3 (Reuters) - Resolute Forest Products Inc: * Q1 SALES $874 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.30 — THOMSON REUTERS I/B/E/S * Q1 EARNINGS PER SHARE $0.18 EXCLUDING ITEMS
* RESOLUTE FOREST PRODUCTS- “WE ANTICIPATE SUPPLY AND DEMAND BALANCE TO REMAIN FAVORABLE IN OUR PULP, LUMBER, NEWSPRINT AND SPECIALTY PAPERS SEGMENTS.”
* RESOLUTE SAYS TRANSPORTATION HEADWINDS WILL CONTINUE TO NEGATIVELY IMPACT PROFITABILITY IN COMING MONTHS BUT TO LESSER EXTENT
* QTRLY PROFITABILITY IMPACTED BY TRANSPORTATION CHALLENGES Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-resolute-forest-products-q1-earnin/brief-resolute-forest-products-q1-earnings-per-share-0-11-idUSASC09ZHO |
LOUISVILLE, Ky., May 15, 2018 /PRNewswire/ -- Preferred Medical announced today that Mark Pew, renowned for his work on the intersection of chronic pain and appropriate treatment in workers' compensation, has joined the company as senior vice president of product development and marketing.
"Mark's vast experience and expertise in treating the whole patient will enable Preferred Medical to innovate new ways for our clients to drive better clinical and financial outcomes," said Amy Wrightsel, chief operating officer for Preferred Medical. "We're proud to have one of the most respected voices in the workers' compensation industry join our team."
In his role as senior vice president of product development and marketing, Pew will identify new solutions and enhance existing ones to meet the needs of Preferred Medical's clients. He'll also play a critical role in strategic business growth through client and partner relationships. Pew, who is also known in the industry as the "RxProfessor," will continue to serve as an industry thought leader by authoring content, serving as a speaker and blogger, as well as conducting CE and other educational sessions around the country.
"I'm thrilled to bring my passion for challenging the industry to think differently about treatment to Preferred Medical," Pew said. "I look forward to collaborating with both Preferred Medical and its clients to find new ways to approach the care of injured workers."
Pew, who was formerly senior vice president of a medical intervention services company, will continue his focus on the clinical and financial implications of opioids, benzodiazepines and the evolution of medical marijuana in workers' compensation. Known for his passion for ensuring every injured worker receives the appropriate treatment, Pew will continue to champion the industry to #CleanUpTheMess and share his extensive research on the BioPsychoSocialSpiritual treatment model.
Pew has been recognized by the industry for his work as a 2016 recipient of the WorkCompCentral Magna Comp Laude award and a 2017 winner of the IAIABC Samuel Gompers Award. His blog, RxProfessor, has also received industry acclaim and was recognized as one of the best blogs in the industry in 2016 and 2017 by WorkersCompensation.com .
About Preferred Medical
A national workers' compensation pharmacy benefit manager and ancillary services provider, Preferred Medical remains the independent, stable choice for insurance carriers, self-insured employers and third-party administrators. Since its founding in 1997, Preferred Medical's expert, tenured team does what it takes to give its clients the best offense and defense to drive greater impact on clinical outcomes and the bottom line. By tailoring its approach, commitment to responsiveness and with a steadfast focus on workers' compensation, Preferred Medical takes the pain out of managing every claim it touches.
Learn more at www.thepreferredmedical.com .
Media Contact:
Stacy Wood
Marketing Works for Preferred Medical
Tel: 614-540-5520
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/chronic-pain-treatment-expert-mark-pew-joins-preferred-medical-300648500.html
SOURCE Preferred Medical | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-chronic-pain-treatment-expert-mark-pew-joins-preferred-medical.html |
Veteran trader Art Cashin on what's moving markets 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/veteran-trader-art-cashin-on-whats-moving-markets.html |
BRASILIA (Reuters) - Brazilian police arrested 132 men on Thursday in the country’s largest offensive against child pornography on the internet, seizing more than 1 million picture files in 284 cities across the country, the government said.
The operation involved 2,600 police officers, who seized computers, thumb drives and cellphones for inspection.
Public Security Minister Raul Jungmann said the men arrested in the operation faced charges of sexual exploitation of children and adolescents.
Under Brazilian law, anyone found in possession of child pornography can face a prison sentence of up to four years, increasing to six years for selling pictures and eight years for producing pornographic material with children.
“This was the biggest ever coordinated police operation in Brazil and the largest in the world in one single day against the crimes of child abuse and sexual exploitation of children,” Jungmann said at a news conference.
An earlier operation in October against online child pornography led to the arrest of 112 people.
Reporting by Pedro Fonseca and Anthony Boadle; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-childpornography/brazil-busts-online-child-porn-rings-132-arrested-idUSKCN1II2QF |
May 10 (Reuters) - Neovasc Inc:
* NEOVASC ANNOUNCES RESULTS FOR THE FIRST QUARTER 2018 * NEOVASC INC - QTRLY OPERATING LOSSES & COMPREHENSIVE LOSSES WERE $6.5 MILLION & $55.5 MILLION, RESPECTIVELY, OR $0.38 BASIC AND DILUTED LOSS PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-neovasc-qtrly-operating-losses-65/brief-neovasc-qtrly-operating-losses-6-5-million-idUSASC0A1KB |
May 14 (Reuters) - Atossa Genetics Inc:
* ATOSSA GENETICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES COMPANY UPDATE
* ATOSSA GENETICS INC QUARTERLY LOSS PER SHARE $0.71 Source text for Eikon: Further company coverage:
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May 17, 2018 / 6:38 PM / Updated an hour ago Hawaii community clings to life in shadow of fiery volcano Terray Sylvester 4 Min Read
PAHOA, Hawaii (Reuters) - When magma first began spouting like a demonic lawn sprinkler from a fissure near Mark Clawson’s Hawaii home, it was exciting. But the novelty of the Kilauea volcano’s eruption is wearing off for Clawson and other Big Island residents living in its shadow. People watch as ash erupts from the Halemaumau crater near the community of Volcano during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 15, 2018. REUTERS/Terray Sylvester
“It’s gotten oppressive,” said Clawson, 64, a semi-retired plumber who has lived in the area for 15 years and grows fruit and macadamia nuts on his lush property. “I’m ready for it to be over.”
About every 10 minutes, the fissure shoots jets of steam and smoke 20 to 30 feet (7 to 9 m) high, whining like a fighter jet. Small fires burn in the distance as the lava flow’s leading edge heads toward coastal Highway 137, one of the last exit routes for 2,000 residents to the south.
Clawson does not think his house is in danger but the screeching steam and the vibration of his house from frequent small earthquakes has become “unnerving,” he said.
Yet Clausen is resisting pressure from authorities to evacuate and has no plans to abandon his home, a stance shared by many others in communities 25 miles (40 km) down Kilauea’s eastern side where residents are known for self-reliance and resilience.
“It’s less stressful for me being here, than it would be for me being gone,” he said, not knowing whether his house and property are intact. “I feel a sense of obligation in a way. It just seems like the neighborly thing to do.”
The eruptions from one of the world’s most active volcanoes have destroyed 37 structures and forced nearly 2,000 people to flee homes many of them built themselves in the lower Puna district. People drive through a haze of volcanic ash near the community of Volcano during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 16, 2018. REUTERS/Terray Sylvester
Hawaii Civil Defense and National Guard are pressuring remaining residents to leave and threatening mandatory evacuations if lava closes the remaining exit routes.
Conditions worsened on Thursday after an explosive eruption spewed ash 30,000 feet (9,144 meters) into the air and residents of the Big Island were warned to take shelter as the plume engulfed a wide area
(GRAPHIC: Scorched earth - tmsnrt.rs/2IldVyS ) BEACHES AND LAVA
Many residents of the Kalapana Seaview Estates housing development have already gone, worn down by constant tremors and toxic gas wafting down from a string of fissures about 4 miles north. People drive through a haze of volcanic ash near Hawaii Volcanoes National Park during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 16, 2018. REUTERS/Terray Sylvester
Among those remaining is Hazen Komraus, head of the community’s housing association.
“Most who stay here do it either out of grit, lack of options or attachment,” said Komraus.
The volcano’s frequent eruptions since 1983 have depressed property values in the remote area and made it accessible to residents priced out of most Big Island areas.
That has made Puna district one of the fastest growing on the island, with a population of nearly 20,000 people. Old lava fields from a 1955 eruption cover large swathes of the district which boasts secluded beach parks and geothermal pools.
Homes at Kalapana Seaview collect drinking water from rainfall catchment systems, many get electricity from solar panels and vegetable and fruit farming is popular among residents who pride themselves on their ability to live “off the grid.”
With tolerant attitudes and little police presence, this lower Puna area is also the destination for drifters with nowhere else to go, said Komraus.
Despite levels of sulfur dioxide that can become intolerable, people stay because they do not like the conditions at shelters, do not have friends or relatives they can live with or cannot afford to rent or buy elsewhere.
“Many scrape together enough to fly here and then can never afford to leave,” Komarus said. Reporting by Terray Sylvester; additional reporting by Jolyn Rosa in Honolulu, Hawaii; Writing by Andrew Hay; Editing by Bill Tarrant and Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano-staying/hawaii-community-clings-to-life-in-shadow-of-fiery-volcano-idUSKCN1II2O0 |
May 9, 2018 / 12:28 PM / in 36 minutes Germany's AfD decides not to expel critic of Holocaust memorial Reuters Staff 2 Min Read
BERLIN (Reuters) - A senior member of the far-right Alternative for Germany party will not be expelled for criticizing the Holocaust memorial in Berlin, the party said on Wednesday. FILE PHOTO: FILE PHOTO: Bjoern Hoecke of the right-wing Alternative for Germany stands outside the former Nazi concentration camp Buchenwald near Weimar, Germany, January 27, 2017. REUTERS/Hannibal Hanschke/File Photo/File Photo
Member of the AfD had voted to expel Bjoern Hoecke after a speech in which he criticized the memorial in Berlin to victims of the Nazi Holocaust as a “monument of shame”. AfD leaders reprimanded Hoecke, who is the party head in the eastern state of Thuringia, for damaging the party’s image.
The decision by the AfD’s internal arbitration court in Thuringia, already made on Monday, puts an end to legal proceedings that have been going on since February last year.
The arbitration court decided that Hoecke’s speech did not indicate an allegiance to Nazi ideology and that he had not violated the party’s regulations. It found no grounds for his expulsion. Slideshow (2 Images)
“The proposal of his expulsion was purely motivated by power politics, as Bjoern Hoecke violated neither the constitution nor the regulations of the party,” said Stefan Moeller, the party’s spokesman in Thuringia.
After federal elections last September, the AfD became the third-largest party in the Bundestag, the lower house of parliament.
Set up in 2013 by an economist to oppose euro zone bailouts, the AfD has since morphed into an anti-immigration party, drawing support from Germans angry about Chancellor Angela Merkel’s decision in 2015 to welcome refugees. Reporting by Laura Dubois; editing by Larry King | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-afd/germanys-afd-decides-not-to-expel-critic-of-holocaust-memorial-idUSKBN1IA1TM |
May 6, 2018 / 3:59 PM / Updated 17 minutes ago Super League results Reuters Staff 1 Min Read May 6 (OPTA) - results from the Super League matches on Sunday Wakefield (18) 54 Hull Kingston Rovers (12) 18 | ashraq/financial-news-articles | https://uk.reuters.com/article/rugbyleague-super-results/super-league-results-idUKMTZXEE56BDK15M |
May 15 (Reuters) - Hudson Global Inc:
* Q1 REVENUE ROSE 15.9 PERCENT TO $16.2 MILLION * EXPECTS RPO OPERATIONS BEFORE CORPORATE COSTS TO DELIVER ADJUSTED EBITDA OF BETWEEN $5.0 MILLION TO $6.0 MILLION IN 2018
* EXPECTS ADJUSTED EBITDA LOSS OF $2.0 MILLION TO $3.5 MILLION IN 2018 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hudson-global-q1-earnings-per-shar/brief-hudson-global-q1-earnings-per-share-0-33-idUSASC0A284 |
Tiger Global Management's portoflio changes include big tech 1 Hour Ago CNBC's Leslie Picker reports on the new holdings for Tiger Global Management as reported in their 13F filing. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/tiger-global-managements-portoflio-changes-include-big-tech.html |
May 14 (Reuters) - AxoGen Inc:
* AXOGEN, INC. ANNOUNCES CLOSING OF PUBLIC OFFERING OF COMMON STOCK Source text for Eikon: Further company coverage: ([email protected])
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-axogen-inc-announces-closing-of-pu/brief-axogen-inc-announces-closing-of-public-offering-of-common-stock-idUSASC0A1W3 |
May 3, 2018 / 7:54 PM / Updated 41 minutes ago Sprouts ended Amazon Prime Now delivery partnership on May 1 Reuters Staff 2 Min Read
LOS ANGELES (Reuters) - Sprouts Farmers Market Inc ( SFM.O ) said on Thursday it ended its Prime Now delivery partnership with Amazon.com ( AMZN.O ) on May 1 and cut its full-year sales targets, sending shares of the U.S. supermarket chain down almost 12 percent. FILE PICTURE - The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. REUTERS/Carlos Jasso/Illustration/File Photo
The partnership was struck before Amazon bought rival speciality grocery Whole Foods Market for $13.7 billion last summer. Amazon Prime Now had delivered from 15 of its 298 Sprouts stores.
“The transition will impact comps for the next several quarters, but we remain very confident about growing our home delivery business as it brings a unique health and value proposition to our customers,” Chief Executive Amin Maredia said on a conference call with investors.
Sprouts will continue to deliver groceries through Instacart, a relationship it started at the beginning of the year, and expand that to its major markets.
Amazon Prime Now provides free delivery, with some restrictions, for subscribers of Amazon’s $99 Prime service that also offers free video streaming and other perks. Instacart users in Los Angeles pay a delivery fee of $5.99 to $7.99 at Sprouts, or can choose to pay a $149 membership fee.
Sprouts also cut its full-year sales forecasts.
Its new net sales forecast calls for growth in the range of 10.5 percent to 11.5 percent versus 11.5 percent to 12.5 percent previously.
For same-store sales, it forecast a rise of 1.5 percent to 2.5 percent versus 2.5 percent to 3.5 percent previously.
Shares in Sprouts fell 13 percent to $21.22 shortly before the close of trading. Reporting by Lisa Baertlein in Los Angeles; Editing by Richard Chang | ashraq/financial-news-articles | https://in.reuters.com/article/sprouts-farmers-amazon-com/sprouts-ended-amazon-prime-now-delivery-partnership-on-may-1-idINKBN1I42IG |
VICTORIA FALLS, Zimbabwe, May 18 (Reuters) - Zimbabwe needs up to $11 billion to modernise its mines and boost production to maximum capacity over the next five years, the head of the country’s Chamber of Mines said on Friday.
Foreign investor interest in the southern African nation is growing after the fall of longtime leader Robert Mugabe following a de facto military coup last November but projects are still constrained by lack of funding.
Batirai Manhando, Chamber of Mines president, said with the exception of platinum producers, all other mines, including those of gold, nickel, cobalt and coal were operating below their installed capacity.
Mining generates more than half of Zimbabwe’s export receipts — last year it earned $2.8 billion — but industry executives say it has the potential to earn more with increased investment.
“The local mining industry is currently operating below capacity on the back of capital shortages,” Manhando told an annual meeting of the mining chamber.
“At the beginning of the year the capital intensive industry required $7 billion for both ramp-up and sustenance capital. The figure has lately been revised upwards to $11 billion with renewed interest in our sector,” Manhando said.
Zimbabwe holds the second largest deposits of platinum and chrome after South Africa and has lately seen increased interest from lithium investors, who however say funding still remains a hurdle.
Manhando said mining companies in Zimbabwe faced problems that included high costs of electricity, labour and royalty fees when compared to other jurisdictions. There had also been little exploration in the country since 2000, he added.
Equipment at most mines was more than 50 years old, severely undermining efficiency and cost effectiveness of the sector, said Manhando.
Mines Minister Winston Chitando said the government would announce a new “mining vision” at the end of June and projected that the output of gold could rise to 85 tonnes in five years.
Output of gold, the biggest mineral by earnings, is expected to rise to 30 tonnes this year from 23 tonnes in 2017, according to Ministry of Mines data. (Reporting by MacDonald Dzirutwe Editing by Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/zimbabwe-mining-funding/zimbabwe-mines-need-11-billion-investment-to-modernise-idUSL5N1SP1E0 |
Good morning. today: –Breaking overnight: Special counsel Robert Mueller outlined over 40 questions for […]
U.S. Cautious on North Korea | Pompeo Rails Against Iran | AT&T-Time Warner Closing Arguments | ashraq/financial-news-articles | https://blogs.wsj.com/washwire/2018/05/01/capital-journal-190/ |
US to re-impose sanctions on Iran 1 Hour Ago CNBC’s Eamon Javers reports on the U.S. sanctions against Iran that will return as the U.S. prepares to leave the Iran nuclear deal. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/us-to-re-impose-sanctions-on-iran.html |
A trust for General Motors holding many of the carmaker’s liabilities from before its 2009 bankruptcy has revived a deal with plaintiffs suing over faulty ignition switches that might require the company to pay $1 billion in shares to resolve millions of claims.
In a filing on Wednesday night, the trust asked U.S. Bankruptcy Judge Martin Glenn in Manhattan to set a hearing to approve a settlement agreement similar to one that the trust itself had scrapped under its previous counsel last year.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2HRg0zg
Our | ashraq/financial-news-articles | https://www.reuters.com/article/gm-ignition-bankruptcy/gm-trust-with-new-counsel-revisits-deal-in-long-running-bankruptcy-case-idUSL1N1SA243 |
Baha Mar, the largest casino and retail complex in the Caribbean, is finally complete.
The final of the three hotels planned for the development will welcome its first guests on June 1.
Rosewood Baha Mar had its ribbon cutting last week.
Baha Mar now has three hotel brands on-site: Grand Hyatt , SLS and Rosewood Baha Mar.
The complex now offers 2,300 rooms, suites and villas.
The completion of Baha Mar has been years in the making. Its previous owners declared bankruptcy and the project was stalled.
The complex has more than 40 restaurants, bars and lounges. There is beachfront property, spas, art and culture, a state-of-the-art Performing Arts and Convention Center, the Burwash International Baha Mar Racquet Club and the 18-hole Jack Nicklaus-designed Signature Royal Blue golf course.
"This spring marks a momentous occasion as the resort destination of Baha Mar marks its full completion," says Graeme Davis, president of Baha Mar.
The $4.2 billion project is now operated by Hong Kong-based conglomerate Chow Tai Fook Enterprises Limited.
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2018 summer food and wine festivals | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/baha-mar-the-largest-casino-and-hotel-complex-in-the-caribbean-is-open.html |
ATLANTA, May 24, 2018 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that it closed on an aggregate loan investment of up to approximately $11.9 million. This investment is in connection with Oxford Properties' plans to develop a 301-unit Class A multifamily community located in the Nashville, Tennessee MSA. Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market. "We continue to originate multifamily real estate loan investments that provide both attractive current returns and the opportunity to acquire newly constructed properties at a discount to stabilized value," said Jeff Sherman, the Company's Executive Vice President and Director of Multifamily Investments.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by our manager as appropriate for us. At March 31, 2018, the Company was the approximate 97.3% owner of Preferred Apartment Communities Operating Partnership, L.P., the Company's operating partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. Learn more at www.pacapts.com .
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of forward-looking terminology such as "may", "trend", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "goals", "objectives", "outlook" and similar expressions. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, those disclosed in PAC's filings with the Securities and Exchange Commission. PAC undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
Additional Information
The SEC has declared effective the registration statement (including prospectus) filed by the Company for each of the offerings to which this communication may relate. Before you invest, you should read the final prospectus, and any prospectus supplements, forming a part of the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the offering to which this communication may relate. In particular, you should carefully read the risk factors described in the final prospectus and in any related prospectus supplement and in the documents incorporated by reference in the final prospectus and any related prospectus supplement to which this communication may relate. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov . Alternatively, the Company or its dealer manager, Preferred Capital Securities, LLC, with respect to PAC's mShares Redeemable Preferred Stock Offering and Series A Redeemable Preferred Stock and Warrant Unit Offering, and JonesTrading Institutional Services LLC, with respect to PAC's ATM Common Stock Offering, will arrange to send you a prospectus if you request it by calling Leonard A. Silverstein at (770) 818-4100, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The ATM Common Stock Offering prospectus supplement, dated July 10, 2017, including a base prospectus, dated May 17, 2016, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000110/atmprospectusspring2017.htm
The mShares Redeemable Preferred Stock Offering prospectus, dated January 19, 2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217 8/a424prospectus-mshares1.htm
The Series A Redeemable Preferred Stock and Warrant Unit Offering prospectus, dated March 16, 2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000061/a424prospectus-15bseriesar.htm
View original content with multimedia: http://www.prnewswire.com/news-releases/preferred-apartment-communities-inc-announces-investment-in-nashville-tennessee-multifamily-development-300654626.html
SOURCE Preferred Apartment Communities, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-preferred-apartment-communities-inc-announces-investment-in-nashville-tennessee-multifamily-development.html |
Sports betting gets a green light. Don't forget Uncle Sam will want his taxes The Supreme Court struck down a 1992 federal law prohibiting states from allowing legal sports betting. Generally speaking, if you win above $5,000 from gambling, you can expect the payer (i.e., casino) to withhold 24 percent for taxes. Depending on your other income, that rate might not be enough to cover taxes owed on the winnings. Published 21 Mins Ago CNBC.com
The U.S. Supreme Court ruled on Monday that states can legalize betting on sports, which means putting some cash down on your favorite team might become easier.
While the decision has the potential to bring such gambling out of the shadows, don't think the government won't be interested in your winnings.
The Internal Revenue Service always wants a piece of the action. Photo by Jose Luis Pelaez Inc via Getty Images
"The amount of gambling winnings, less any losses, gets tacked on to all other income you have … and is taxed as ordinary income," said Bill Smith, managing director at CBIZ MHM's National Tax Office in Washington.
In the Supreme Court decision, justices upheld a 2014 New Jersey law allowing sports betting while striking down a 1992 federal law that had banned it in states that didn't already have a law on the books, such as Nevada. Now, other states could follow the Garden State's lead.
The American Gaming Association estimates that Americans spend about $150 billion on illegal sports wagers each year. show chapters 5 Hours Ago | 00:55
As for the taxation of gambling winnings: The new tax law that took effect in 2018 continues to allow winners to deduct their gambling losses up to the amount of gambling income, as long as they itemize their deductions instead of taking the standard deduction. The information gets reported on your Form 1040 as "other income."
Be aware that because the standard deduction nearly doubled for all taxpayers and most deductions were eliminated, fewer taxpayers are expected to have enough deductions to make itemizing worth it.
Professional gamblers, meanwhile, face other rules for 2018 through 2025: When they deduct their expenses (i.e., traveling to and from a casino), they must add them to their gambling losses when calculating the value of the deduction instead of writing them off separately as a business expense.
More from Personal Finance: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/sports-betting-gets-a-green-light-dont-forget-the-irs-will-tax-it.html |
May 8 (Reuters) - NanoString Technologies Inc:
* NANOSTRING TECHNOLOGIES RELEASES OPERATING RESULTS FOR FIRST QUARTER OF 2018
* SEES FY 2018 REVENUE $100 MILLION TO $105 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.78, REVENUE VIEW $21.1 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $-2.78, REVENUE VIEW $103.3 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nanostring-technologies-q1-loss-pe/brief-nanostring-technologies-q1-loss-per-share-0-75-idUSASC0A0LA |
ESSEN, Germany (Reuters) - E.ON’s ( EONGn.DE ) chief executive promised a steady increase in shareholder payouts on Wednesday, seeking to convince investors of a planned deal to break up rival Innogy ( IGY.DE ) with peer RWE ( RWEG.DE ).
Chief Executive of German utility E.ON Johannes Teyssen attends annual shareholders meeting in Essen, Germany, May 9, 2018. REUTERS/Wolfgang Rattay “Thanks to the considerable synergy potential with Innogy, we intend to achieve value growth starting in the second year after the transaction closes,” Johannes Teyssen told shareholders at the group’s annual general meeting.
Related Coverage E.ON undecided on Elliott motion regarding Uniper stake sale “As a result, we expect the dividend to increase year after year,” he added.
Closing of the complex transaction that was first announced in March and includes a 4.9 billion euro ($5.8 billion) bid to Innogy’s minority shareholders is expected in the second half of 2019.
On Friday, Teyssen and his counterparts at RWE and Innogy — Rolf Martin Schmitz and Uwe Tigges — will meet with trade unions to discuss the deal’s impact on jobs, with labor sources saying that a basic framework agreement could be reached.
Unions are demanding that the up to 5,000 job cuts E.ON foresees as part of the asset swap be realized without forced layoffs. Teyssen has said he is confident that can be done.
($1 = 0.8420 euros)
Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Arno Schuetze and Maria Sheahan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-e-on-agm/e-on-ceo-signals-rising-payouts-after-rwe-asset-swap-deal-idUSKBN1IA0ZQ |
KUALA LUMPUR, Malaysia—Mahathir Mohamad was sworn in as Malaysia’s new prime minister Thursday and signaled a tougher line toward an influx of Chinese investment after a stunning election win a day earlier.
Dr. Mahathir, who at age 92 is beginning his second stint as prime minister after turning the country into an economic powerhouse in the 1980s and 90s, signed the oath of office at around 9:30 p.m. local time—completing the first transfer of power since Malaysia’s independence in 1957. Heading a new opposition alliance... RELATED VIDEO Malaysia’s opposition ousted the embattled ruling coalition, clearing the way for new investigations into Prime Minister Najib Razak’s alleged misappropriation of money in the 1MDB corruption scandal, possibly one of the largest global financial scams of all time. | ashraq/financial-news-articles | https://www.wsj.com/articles/malaysias-king-invites-opposition-leader-mahathir-to-be-next-prime-minister-1525959532 |
By Polina Marinova 9:31 AM EDT THE PET WARS
Good morning, Term Sheet readers.
HOUSEKEEPING: As a reminder, Term Sheet won’t be in your inbox on Monday because of Memorial Day. But in the meantime, feel free to tweet at me here . Have a great weekend, and see you next week!
UP AGAINST SOFTBANK: Rover , the pet-sitting and pet-walking company, is raising $125 million in funding, along with $30 million of debt, to keep growing in the face of increasing competition. It will use the capital to expand in Europe, starting with the U.K.
The funding comes on the heels of the $300 million in funding that rival Wag raised from SoftBank just a few months ago. Both companies are playing with serious money now, and it appears that Rover & its lead investor T. Rowe Price are not afraid to challenge SoftBank’s kingmaker strategy.
Both startups are entering each other’s turf, both have a nearly identical paw logo, and both are very well-funded. In total, Rover has raised ~$311 million while Wag has raised ~$362 million.
Like I’ve said before , money matters when competing with a SoftBank-backed startup. The pet service startup wars are heating up, and I have a hunch that SoftBank won’t put down its capital cannon just yet.
EXCLUSIVE: Albert , a financial service startup, raised $5 million in Series A funding from investors including QED, American Express Ventures, and Portag3. This brings its total funding to approximately $7.5 million. Read the full story here.
WEEKEND LONG-READS: If you have some time during this three-day weekend, here are 6 longform stories to add to your reading list:
• Inside Pfizer’s Drug Supply Problem: How a much-touted acquisition by America’s biggest pharmaceutical company helped turn the country’s chronic drug shortage into a full-blown crisis. Read more.
• How JPMorgan Chase Learned to Love the Blockchain: America’s biggest bank is figuring out how to collaborate with cryptocurrency hacker types like Amber Baldet and Patrick Mylund Nielsen—and the cultural collision could soon pay off. Read more.
• What the Hell Happened at GE?: Few corporate meltdowns have been as swift and dramatic as General Electric’s over the past 18 months—but the problems started long before that. Read more.
• Why Nordstrom Is Betting on High-Touch Tech: No department-store chain has embraced technology more aggressively. But will that strategy help Nordstrom avoid the slump in higher-end retail? Read more.
• Facebook’s Fix-It Team: The social-media giant is deploying AI and thousands of moderators to fight bad content. But will the clean-up efforts create a new mess over user privacy? Read more.
• How Amazon Is Using Whole Foods in a Bid for Total Retail Domination: The Seattle giant believes selling you groceries is the key to selling you everything else. Read more.
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• ICEYE , an Earth observation data company, raised $34 million in Series B funding. True Ventures led the round, and was joined by investors including Draper Nexus, Draper Associates, Seraphim Capital, Space Angels, OTB, Tesi, Draper Esprit and Promus Ventures.
• BRD , a Switzerland-based bitcoin and cryptocurrency mobile wallet, has raised $32 million in funding. Investors include East Ventures.
• Phenom People , a Horsham, Penn.-based talent relationship marketing platform, raised $22 million in Series B funding. AXA Venture Partners led the round, and was joined by investors including Sierra Ventures, Sigma Prime Ventures and Omidyar Ventures.
• Surkus Inc , a Los Angeles-based provider of event technology, raised $10 million in Series B funding. EOS.global led the round.
• Crowd Cow, a Seattle-based small-batch craft meat company, raised $8 million in Series A funding. Madrona Venture Group led the round, and was joined by investors including Sound Ventures and Joe Montana.
• Porter Road , a online whole animal butcher shop, raised $3.7 million in seed funding. Investors include Max Ventures, Slow Ventures, BoxGroup, Tribeca Venture Partners, Collaborative Fund, and Great Oaks VC.
HEALTH AND LIFE SCIENCES DEALS
• Brii Biosciences , a China-based biotechnology company, raised $260 million in funding. Investors include ARCH Venture Partners, 6 Dimensions Capital, Boyu Capital, Yunfeng Capital, Sequoia Capital and Blue Pool Capital.
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• Riot Blockchain, Inc invested in The Block Crypto, Inc , an online community focused on blockchain technology and cryptoassets.Financial terms weren’t disclosed.
• CentralReach acquired Chartlytics , a State College, Penn.-based real-time behavior change analytics software provider. Financial terms weren’t disclosed.
• Razer acquired MOL Global, Inc , a Malaysia-based operator of a payments platform. Financial terms weren’t disclosed.
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• Greensky , an Atlanta, Ga.-based sales platform, raised $874 million in an IPO of 38 million shares priced at $23, an upsized IPO at the tip end of its range (previously, the firmplanned to sell 34.1 million shares priced between $21 to $23). Pacific Investment Management Company and TPG back the firm. Goldman Sachs, J.P. Morgan, and Morgan Stanley are underwriters in the deal. The firm listed as “GSKY” Thursday on the Nasdaq. Read more .
• Focus Financial Partners, a New York-based wealth management firm, filed for an $100 million IPO. The firm posted revenue of $662.9 million in 2017. Goldman Sachs, BofA Merrill Lynch, and KKR are underwriters in the deal. The firm plans to list on the Nasdaq as “FOCS.” Read more .
• Magenta Therapeutics , a Cambridge, Mass.-based focused on bone marrow transplants, filed for a $100 million IPO. J.P. Morgan, Goldman Sachs, and Cowen are underwriters in the deal. The firm has yet to post a revenue. Third Rock Ventures (28.9%), Atlas Venture (17.5%), and Alphabet (12%) back the firm.
• Kezar Life Sciences , a South San Francisco-based small molecule therapeutics maker for autoimmune diseases and cancer, filed for an $80.5 million IPO. The firm has yet to post revenue. Morningside Venture Investments (15.5% pre-offering), Cormorant Asset Managers (9.9%), Onyx Therapeutics (8.4%), and Cowen Healthcare Investments (7.6%) back the firm. Jefferies, Cowen, Wells Fargo, and William Blair are underwriters in the deal. The firm plans to list on the Nasdaq as “KZR.” Read more .
• Scholar Rock Holding , a Cambridge, Mass.-based biotech developing diseases in which protein growth plays a main factor, raised $75 million in an IPO of 5.36 million shares priced at midpoint of $14 a share. Fidelity (15%), Polaris Venture (14%), ARCH Venture (14%), and Artal International (10%) back the firm. Jefferies, Cowen, and BMO Capital Markets are underwriters in the deal. The firm listed on the Nasdaq as “SPRK” Thursday. Read more .
• Xeris Pharmaceuticals , a Chicago-based Glucagon pen maker, filed for a $75 million IPO. Palmetto Partners (14% pre-offering), Deerfield Management (12.3%), and Redmile Group (12.3%) back the firm. Jefferies, Leerink Partners, RBC Capital, and Mizuho Securities are underwriters in the deal. The company plans to list on the Nasdaq as “XERS.” Read more.
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• A consortium led by Partners Group Holding will buy Techem , a Germany-based provider of energy billing and energy management services for real estate, from Macquarie in a deal that values the company at a value of 4.6 billion euros ($5.4 billion).
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• MSouth Equity Partners , an Atlanta-based private equity firm, raised $764.8 million for its fourth fund, according to an SEC filing .
• Draper Esprit , a U.K.-based venture capital firm, raised £176 million (€200 million) in capital.
• Contrary , a university-focused VC fund, raised $2 million for its first fund.
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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here . | ashraq/financial-news-articles | http://fortune.com/2018/05/25/term-sheet-friday-may-25/ |
DOUALA, Cameroon (Thomson Reuters Foundation) - Sitting on a stool outside her wood-plank house in Cameroon, indifferent to the light rain falling, Diane described how she killed her five-year-old “sorcerer” son.
They boy had suffered from episodes of severe pain his whole life, and was weak and thin, she said. As is the custom in the Central African country, she and his father consulted traditional healers known as marabouts about what to do.
“Madam, your child is a sorcerer,” they said. “He came into the world to torture you. He will die one day,” recalled Diane, who asked not to be identified by her real name. The marabouts told her it was useless to seek medical help.
So on a Thursday morning in February last year, at the rooster’s crow, she suffocated her son with an old pillow.
“I kept the pressure on like in movies and he died,” she told the Thomson Reuters Foundation, with no sign of remorse.
“I killed my child because he was going to die anyway. Before, he was suffering greatly. Now he is at peace.”
What the boy really suffered from was sickle-cell disease, a genetic condition that causes abnormally shaped red blood cells and a variety of complications. It can be treated but not cured.
Diane had learned that she and her partner carried the disease trait during a hospital visit with their first child, who died. But she believed the marabouts over the doctors.
“They told us we couldn’t have more children because we would give them the disease. It was false. The marabouts showed us that sickle-cell children came into the world to torture us and spend all our money,” said the frail 32-year-old.
It took seven months for Diane to agree to tell her story, on the condition that her real name and location not be revealed.
Of the 19 people with sickle-cell disease the Thomson Reuters Foundation interviewed for this story, 16 said they were called “sorcerers” and “devils” as children, abandoned by their fathers and subjected to “demystification” rituals that could have killed them.
Eleven mothers said they believed their children were sorcerers.
“In Cameroon, sickle-cell disease is synonymous with discrimination, the disease of shame, something mystical,” said Fernand Tekoua, president of the national association of people with sickle-cell disease.
“It is ingrained in habits and in society. Even the family thinks you are worthless and just waiting for your day to die,” he said.
LIVING DEAD Sickle-cell disease is most common in Africa, and affects up to two percent of the population in tropical countries such as Cameroon, according to the World Health Organization (WHO).
The main symptoms are pain attacks which can last up to a week, a susceptibility to infections, and anemia, which causes weakness and fatigue. Most children with the most severe form die before the age of five, according to WHO.
Like Diane, other parents interviewed described their children as having been constantly sick since birth.
“Sickle-cell crises are frequent and a week of hospitalization can cost over 200,000 CFA francs ($350). The majority of families don’t even have money to eat,” said Tekoua of the national association.
“The child with sickle-cell disease is thus seen as the one that ruins the family.”
Although there is no evidence that children with sickle-cell disease are regularly murdered in Cameroon, interviews with doctors, patients, and parents suggested that it is possible, and that others die of intentional neglect.
“He’s a monster, he deserves to die,” said one mother in the capital Yaounde of her nine-year-old son. When she found out he had sickle-cell disease two years ago, her partner abandoned her and she never took the boy to the hospital again.
“I wouldn’t shed a tear at the death of this child that separated me from my husband,” she said.
Several people with the disease said their parents would tell them: “Why did I bring you into the world? You shouldn’t be alive. Die and leave us in peace.”
They were referred to as “living dead”, “revenants”, “disciples of the devil” and “guardians of hell”, they said.
Hans Edgar, 24, who is living with the disease, said that his father walked out on the family after refusing to spend a penny on his “sorcerer son”.
His mother then took him to a marabout, who one day put him on a grate over burning coals to rid his body of the bad spirit.
“I was little and I jumped with all the force of desperation to save my skin,” he said. “He wanted to grill me like a chicken.”
PREVENTION Cameroon’s health ministry estimates that sickle-cell disease is responsible for 16 percent of all deaths of children under five, said Etoundi Mballa, head of the division for diseases and epidemics.
“This is a lot. It’s a really worrying problem,” he said.
In 2014, the first treatment center devoted to the disease was opened in a hospital in Cameroon’s second city Douala. But unlike HIV, tuberculosis and malaria programs, it is not subsidized by the government.
Mballa said the health ministry’s plan for fighting the disease included awareness-raising, free vaccines for certain infections and free iron tablets and antibiotics.
The ministry also recommends that young adults get tested for the trait before marrying and having children, he said.
But people living with the disease said much more must be done to spread correct information and make treatment affordable.
In Douala, those who have survived into adolescence and adulthood meet twice a week to console one another, discuss the future, and share concerns and advice.
To end the disease, they think the government should make blood tests free and mandatory.
“If my parents had done this test, I would not be going around today with this disease that destroyed my life,” said Allan, a 17-year-old student.
“We must give all Cameroonians a chance to save the next generation of children.”
($1 = 570.8300 CFA francs)
Reporting by Josiane Kouagheu, Writing by Nellie Peyton, Editing by Claire Cozens. Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, and climate change. Visit www.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cameroon-health-crime/labeled-sorcerers-cameroonian-children-with-sickle-cell-disease-face-death-idUSKCN1IT05P |
There could have been a path to get Skybridge deal done, says Anthony Scaramucci 1 Hour Ago Skybridge Capital co-managing partner and former White House communications director Anthony Scaramucci discuss HNA dropping their bid to buy his hedge fund Skybridge Capital. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/there-could-have-been-a-path-to-get-skybridge-deal-done-says-anthony-scaramucci.html |
PURCHASE, N.Y.--(BUSINESS WIRE)-- MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $98 million, or $(1.12) per diluted common share, for the first quarter of 2018 compared to a consolidated GAAP net loss of $72 million, or $(0.55) per diluted common share, for the first quarter of 2017. Losses before income taxes for the first quarter of 2018 declined to $(96) million versus $(120) million for the first quarter of 2017. The Company recorded income taxes of $2 million for the first quarter of 2018 compared to a tax benefit of $48 million for the first quarter of 2017. The adverse variance of income tax provision (benefit) primarily reflects the valuation allowance against the Company’s net deferred tax asset for the first quarter of 2018 and the absence of a valuation allowance for the first quarter of 2017.
Book value per share was $13.97 as of March 31, 2018 compared with $15.44 as of December 31, 2017. The decrease in book value per share since year-end 2017 was due to the consolidated net loss for the quarter, partially offset by the reduction of shares outstanding by 2 million, primarily from the repurchase of MBIA common shares during the first quarter of 2018.
The Company also reported an Adjusted Net Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $61 million or $(0.69) per diluted share for the first quarter of 2018 compared with Adjusted Net Income of $9 million or $0.07 per diluted share for the first quarter of 2017. The negative comparison was primarily due to increased losses and loss adjustment expenses at National, resulting largely from certain of its Puerto Rico exposures.
Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was $28.60 as of March 31, 2018 compared with $29.32 as of December 31, 2017. The decrease in ABV per share since year-end 2017 was primarily due to additional loss and loss adjustment expense reserves at National, partially offset by the 2 million reduction of shares outstanding resulting primarily from the repurchase of MBIA common shares during the first quarter of 2018.
Adjusted Net Income (Loss) and ABV per share provide investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of ABV per share to book value per share, and Adjusted Net Income (Loss) to net income, calculated in accordance with GAAP, are attached.
Statement from Company Representative
Bill Fallon, MBIA’s Chief Executive Officer noted, “Puerto Rico continues to prominently influence our day-to-day activities and our financial results. Additional losses and loss adjustment expenses related to Puerto Rico credits insured by National were the largest contributor to our Adjusted Net Loss and reduction to Adjusted Book Value for the quarter. We continue to prepare for the eventual resolution of our insured Puerto Rico credits with intentions to minimize our net losses and pursue maximum recoveries of our paid insurance claims.”
MBIA Inc.
As of March 31, 2018, MBIA Inc.’s liquidity position totaled $419 million, unchanged from December 31, 2017, consisting primarily of cash and cash equivalents and other highly liquid invested assets. During the first quarter of 2018, $18 million of National’s 2015 tax payment was released to MBIA Inc. from the tax escrow facility and the Company also benefitted from lower net collateral posting requirements related to swaps contracts and the assets backing the outstanding investment agreements. MBIA Inc. also repurchased the $20 million of MBIA Global Funding LLC medium-term notes maturing in 2018 during the first quarter of 2018.
During the first quarter of 2018, National purchased 2.0 million of MBIA Inc. common shares at an average price of $7.25 per share. As of May 3, 2018, there was $236 million remaining under the Company’s $250 million share repurchase authorization that was approved on November 3, 2017 and 90.5 million of the Company’s common shares were outstanding. Subsequent to quarter-end, MBIA Inc. issued 1.2 million shares of MBIA common shares in accordance with the net settlement exercise provisions of warrants related to 9.9 million of MBIA common shares.
National Public Guarantee Financial Corporation
National had statutory capital of $2.7 billion and claims-paying resources totaling $4.1 billion as of March 31, 2018. National’s total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $3.4 billion as of March 31, 2018. National’s insured portfolio declined by $5 billion during the quarter, ending the quarter with $67 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par to statutory capital of 24 to 1, down from 26 to 1 as of year-end 2017.
MBIA Insurance Corporation
The statutory capital of MBIA Insurance Corporation as of March 31, 2018 was $455 million and claims-paying resources totaled $1.5 billion. As of March 31, 2018, MBIA Insurance Corporation’s liquidity position (excluding resources from its subsidiary and branch) totaled $130 million consisting primarily of cash and cash equivalents and liquid short-term invested assets.
Conference Call
The Company will host a webcast and conference call for investors tomorrow, Thursday, May 10, 2018 at 8:00 AM (ET) to discuss its first quarter 2018 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.
The dial-in number for the call is (877) 694-4769 in the U.S. and (404) 665-9935 from outside the U.S. The conference call code is 3195318. A live webcast of the conference call will also be accessible on www.mbia.com .
A replay of the conference call will become available approximately two hours after the completion of the call and will remain available until 11:59 p.m. on May 24 by dialing (800) 585-8367 in the U.S. or (404) 537-3406 from outside the U.S. The code for the replay of the call is 3195318. In addition, a recorded replay of the call will become available on the Company's website approximately two hours after the completion of the call.
Forward-Looking Statements
This release includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,, “anticipate,” “project,” “plan,” “expect,” “estimate,” “intend,” “will,” “will likely result,” “looking forward,” or “will continue,” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other factors, the possibility that MBIA Inc. or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.’s or National’s ability to fully implement their strategic plan; and changes in general economic and competitive conditions. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying MBIA Inc.’s or National’s forward-looking statements are discussed under the “Risk Factors” section in MBIA Inc.’s most recent and Quarterly Report on Form 10-Q, which may be updated or amended in MBIA Inc.’s subsequent filings with the Securities and Exchange Commission. MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. National and MBIA Inc. undertake no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.
MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com .
Explanation of Non-GAAP Financial Measures
The following are explanations of why the Company believes that the non-GAAP financial measures used in this press release, which serve to supplement GAAP information, are meaningful to investors.
Adjusted Book Value: Adjusted Book Value (ABV), a non-GAAP measure, is used by the Company to supplement its analysis of GAAP book value. The Company uses ABV as a measure of fundamental value and considers the change in ABV an important measure of periodic financial performance. ABV adjusts GAAP book value by removing the GAAP book value amounts for items that are not expected to impact shareholder value and to add in the impact of certain items which the Company believes will be realized in GAAP book value in future periods. The Company has limited such adjustments to those items that it deems to be important to fundamental value and performance and which the likelihood and amount can be reasonably estimated. ABV assumes no new business activity. The Company has presented ABV to allow investors and analysts to evaluate the Company using the same measure that MBIA’s management regularly uses to measure financial performance. ABV is not a substitute for and should not be viewed in isolation from GAAP book value.
ABV per share represents that amount of ABV allocated to each common share outstanding at the measurement date.
Claims-paying Resources (CPR) : CPR is a key measure of the resources available to National and MBIA Corp. to pay claims under their respective insurance policies. CPR consists of total financial resources and reserves calculated on a statutory basis. CPR has been a common measure used by financial guarantee insurance companies to report and compare resources and continues to be used by MBIA’s management to evaluate changes in such resources. The Company has provided CPR to allow investors and analysts to evaluate National and MBIA Corp. using the same measure that MBIA’s management uses to evaluate their resources to pay claims under their respective insurance policies. There is no directly comparable GAAP measure.
Adjusted Net Income (Loss) : Adjusted Net Income (Loss) is a useful measurement of performance because it measures income from the Company excluding its international and structured finance insurance segment, which is not part of our ongoing business strategy. Also excluded from Adjusted Net Income (Loss) are investment portfolio realized gains and losses, gains and losses on financial instruments at fair value and foreign exchange, and realized gains and losses on extinguishment of debt. Adjusted Net Income (Loss) eliminates the tax provision (benefit) as a result of the establishment of a full valuation allowance against the Company’s net deferred tax asset in 2017. Trends in the underlying profitability of the Company’s businesses can be more clearly identified without the fluctuating effects of the excluded items previously noted. Adjusted Net Income (Loss) as defined by the Company does not include all revenues and expenses required by GAAP. Adjusted Net Income (Loss) is not a substitute for and should not be viewed in isolation from GAAP net income.
Adjusted Net Income (Loss) per share represents that amount of Adjusted Net Income (Loss) allocated to each fully diluted weighted-average common share outstanding for the measurement period.
MBIA INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions except share and per share amounts) March 31, 2018 December 31, 2017 Assets Investments: Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $3,812 and $3,728) $ 3,757 $ 3,712 Investments carried at fair value 228 200 Investments pledged as collateral, at fair value (amortized cost $34 and $147) 32 148 Short-term investments, at fair value (amortized cost $448 and $589) 448 589 Other investments (includes investments at fair value of $- and $4) 1 6 Total investments 4,466 4,655 Cash and cash equivalents 120 122 Premiums receivable 368 369 Deferred acquisition costs 92 95 Insurance loss recoverable 530 511 Other assets 134 128 Assets of consolidated variable interest entities: Cash 21 24 Investments held-to-maturity, at amortized cost (fair value $901 and $916) 890 890 Investments carried at fair value 176 182 Loans receivable at fair value 1,662 1,679 Loan repurchase commitments 407 407 Other assets 27 33 Total assets $ 8,893 $ 9,095 Liabilities and Equity Liabilities: Unearned premium revenue $ 712 $ 752 Loss and loss adjustment expense reserves 1,006 979 Long-term debt 2,154 2,121 Medium-term notes (includes financial instruments carried at fair value of $146 and $115) 790 765 Investment agreements 330 337 Derivative liabilities 219 262 Other liabilities 162 165 Liabilities of consolidated variable interest entities: Variable interest entity notes (includes financial instruments carried at fair value of $1,031 and $1,069) 2,260 2,289 Total liabilities 7,633 7,670 Equity: Preferred stock, par value $1 per share; authorized shares--10,000,000; issued and outstanding--none - - Common stock, par value $1 per share; authorized shares--400,000,000; issued shares--283,569,254 and 283,717,973 284 284 Additional paid-in capital 3,174 3,171 Retained earnings 1,164 1,095 Accumulated other comprehensive income (loss), net of tax of $7 and $16 (241) (19) Treasury stock, at cost--194,243,689 and 192,233,526 shares (3,133) (3,118) Total shareholders' equity of MBIA Inc. 1,248 1,413 Preferred stock of subsidiary 12 12 Total equity 1,260 1,425 Total liabilities and equity $ 8,893 $ 9,095
MBIA INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions except share and per share amounts) Three Months Ended March 31, 2018 2017 Revenues: Premiums earned: Scheduled premiums earned $ 23 $ 28 Refunding premiums earned 17 21 Premiums earned (net of ceded premiums of $1 and $1) 40 49 Net investment income 31 52 Fees and reimbursements 6 2 Change in fair value of insured derivatives: Realized gains (losses) and other settlements on insured derivatives (19) (31) Unrealized gains (losses) on insured derivatives 14 (22) Net change in fair value of insured derivatives (5) (53) Net gains (losses) on financial instruments at fair value and foreign exchange (9) 17 Net investment losses related to other-than-temporary impairments: Investment losses related to other-than-temporary impairments - - Other-than-temporary impairments recognized in accumulated other comprehensive income (loss) (1) (2) Net investment losses related to other-than-temporary impairments (1) (2) Net gains (losses) on extinguishment of debt - 8 Other net realized gains (losses) (1) 3 Revenues of consolidated variable interest entities: Net investment income 8 6 Net gains (losses) on financial instruments at fair value and foreign exchange 4 (33) Other net realized gains (losses) - 28 Total revenues 73 77 Expenses: Losses and loss adjustment 72 94 Amortization of deferred acquisition costs 4 7 Operating 20 29 Interest 51 48 Expenses of consolidated variable interest entities: Operating 2 2 Interest 20 17 Total expenses 169 197 Income (loss) before income taxes (96) (120) Provision (benefit) for income taxes 2 (48) Net income (loss) $ (98) $ (72) Net income (loss) per common share: Basic $ (1.12) $ (0.55) Diluted $ (1.12) $ (0.55) Weighted average number of common shares outstanding: Basic 88,131,373 131,402,465 Diluted 88,131,373 131,402,465
ADJUSTED NET INCOME (LOSS) RECONCILIATION (1)
(In millions) Three Months Ended March 31, 2018 2017 Net income (loss) $ (98 ) $ (72 ) Less: adjusted net income (loss) adjustments: Income (loss) before income taxes of the international and structured finance insurance segment and eliminations (36 ) (165 ) Adjustments to income before income taxes of the U.S. public finance insurance and corporate segments: Mark-to-market gains (losses) on financial instruments (2) 22 32 Foreign exchange gains (losses) (2) (13 ) (7 ) Net gains (losses) on sales of investments (2) (5 ) 2 Net investment losses related to OTTI (1 ) (2 ) Net gains (losses) on extinguishment of debt - 8 Other net realized gains (losses) (2 ) (1 ) Adjusted net income adjustment to the (provision) benefit for income tax (3) (2 ) 52 Adjusted net income (loss) $ (61 ) $ 9 Adjusted net income (loss) per diluted common share (0.69 ) (4)
0.07 (5)
(1) - A non-GAAP measure; please see Explanation of non-GAAP Financial Measures.
(2) - Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations.
(3) - Reported within “Provision (benefit) for income taxes” on the Company’s consolidated statements of operations.
(4) - Adjusted net income (loss) per diluted common share is calculated by taking adjusted net income (loss) divided by the GAAP weighted average number of diluted common shares outstanding.
(5) - Adjusted net income (loss) per diluted common share is calculated by taking adjusted net income divided by the weighted average number of diluted common shares outstanding, which includes GAAP diluted weighted average number of common shares of 131,402,465 and the dilutive effect of common stock equivalents of 617,622 shares.
COMPONENTS OF ADJUSTED BOOK VALUE PER SHARE (1)
As of
March 31, 2018
As of
December 31, 2017
Reported Book Value per Share $ 13.97 $ 15.44 Reverse book value of the MBIA Corp. legal entity (2) 9.32 8.84 Book value after MBIA Corp. legal entity adjustment 23.29 24.28 Other book value adjustments: Reverse net unrealized (gains) losses on available-for-sale securities included in other comprehensive income (loss) 0.70 0.26 Add net unearned premium revenue (3) 4.61 4.78 Total other book value adjustments per share 5.31 5.04 Adjusted book value per share $ 28.60 $ 29.32 (1) A non-GAAP measure; please see Explanation of Non-GAAP Financial Measures.
(2) The book value of the MBIA Corp. legal entity does not provide significant economic or shareholder value to MBIA Inc.
(3) Consists of financial guarantee premiums, net of deferred acquisition costs. The discount rate on financial guarantee installment premiums was the risk-free rate as defined by the accounting principles for financial guarantee insurance contracts.
INSURANCE OPERATIONS Selected Financial Data Computed on a Statutory Basis
(Dollars in millions) National Public Finance Guarantee Corporation
As of As of March 31, 2018 December 31, 2017 Policyholders' surplus $ 2,169 $ 2,166 Contingency reserves 565 594 Statutory capital 2,734 2,760 Unearned premiums 554 585 Present value of installment premiums (1) 163 164 Premium resources (2) 717 749 Net loss and loss adjustment expense reserves (1) 201 227 Salvage reserves 428 387 Gross loss and loss adjustment expense reserves 629 614 Total claims-paying resources $ 4,080 $ 4,123 Net debt service outstanding $ 121,712 $ 129,668 Capital ratio (3) 45:1 47:1 Claims-paying ratio (4) 31:1 33:1 MBIA Insurance Corporation
As of As of March 31, 2018 December 31, 2017 Policyholders’ surplus $ 223 $ 237 Contingency reserves 232 227 Statutory capital 455 464 Unearned premiums 193 195 Present value of installment premiums (5) (7) 192 192 Premium resources (2) 385 387 Net loss and loss adjustment expense reserves (5) (801 ) (792 ) Salvage reserves (6) 1,425 1,428 Gross loss and loss adjustment expense reserves 624 636 Total claims-paying resources $ 1,464 $ 1,487 Net debt service outstanding $ 19,736 $ 20,151 Capital ratio (3) 43:1 43:1 Claims-paying ratio (4) 13:1 14:1 (1) Calculated using a discount rate of 3.25% as of March 31, 2018 and December 31, 2017.
(2) Includes financial guarantee and insured credit derivative related premiums.
(3) Net debt service outstanding divided by statutory capital.
(4) Net debt service outstanding divided by the sum of statutory capital, unearned premium reserve (after-tax), present value of installment premiums (after-tax), net loss and loss adjustment expense reserves and salvage reserves.
(5) Calculated using a discount rate of 5.20% as of March 31, 2018 and December 31, 2017.
(6) This amount primarily consists of expected recoveries related to the Company's excess spread, put-backs and CDOs.
(7) Based on the Company's estimate of the remaining life for its insured exposures.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006305/en/
MBIA Inc.
Greg Diamond, 914-765-3190
Investor and Media Relations
[email protected]
Source: MBIA Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-mbia-inc-reports-first-quarter-2018-financial-results.html |
May 17, 2018 / 11:11 PM / Updated 11 hours ago U.S. FDA approves Amgen drug for prevention of migraines Deena Beasley 4 Min Read
(Reuters) - Amgen Inc won U.S. Food and Drug Administration approval on Thursday for the first drug in a new class designed to prevent migraine headaches in adults.
The drug, Aimovig, which is given monthly by self-injection, will have a list price of $6,900 a year, or $575 a month, the company said. The price applies to both a 70 milligram and a 140 mg dose. Any discounts or rebates will depend on negotiations with health plans, Amgen spokeswoman Kristen Davis said.
Some Wall Street analysts had expected a price as high as $10,000 a year.
Amgen’s pricing strategy “appears to play into (an) appropriate framework of lower gross pricing,” Jefferies analyst Michael Yee said in a research note.
Express Scripts, the largest U.S. manager of prescription benefits, has called for Amgen to reconsider its strategy of setting a high list price for new drugs and then lowering the cost for health plans through hefty rebates.
In a statement on Thursday, Express Scripts said migraine patients have a serious unmet need, but “not everyone will need this drug” and it will have a program in place to make sure the medication is authorized for only the appropriate patients.
U.S. President Donald Trump last week blasted drugmakers and healthcare “middlemen” for making prescription medicines unaffordable for Americans as the administration said it would act to boost competition between pharmaceutical companies and test ways to pay for drugs based on their effectiveness.
The administration said longer-term priorities include restricting use of rebates, creating incentives for drugmakers to lower list prices, and investigating tools to address foreign government practices that it said could be harming innovation and driving up U.S. prices.
Aimovig is the first in a new class of treatments designed to prevent migraine by interfering with calcitonin gene-related peptide (CGRP), which is involved in the processes that kick off the severe headaches, such as dilation of blood vessels in the brain.
Companies including Teva Pharmaceutical Industries, Eli Lilly & Co and Alder Biopharmaceuticals Inc are developing similar treatments.
In three separate pivotal trials, involving patients with chronic or episodic migraines, patients given Aimovig experienced an average of one to 2.5 fewer migraine days a month than those treated with a placebo, the FDA said.
The most common side effects reported by patients in the trials were injection site reactions and constipation.
Preventive medications may be an option for around eight million Americans suffering from migraine, Amgen said.
Current migraine treatments are mostly repurposed generic drugs including anti-depressants and hypertension medicines. Allergan’s anti-wrinkle injection Botox is approved for patients suffering from 15 or more migraine headaches a month.
Analysts, on average, have forecast annual Aimovig sales of nearly $1 billion by 2022, according to Thomson Reuters I/B/E/S.
Express Scripts has also suggested that Aimovig prescriptions be at least partially refunded if the drug fails to work, since many patients in the clinical trials did not have a significant response to the treatment.
Amgen, which will market Aimovig in partnership with Novartis, said the drug’s price “reflects the value it brings to patients and society.” The company said it will pay most out-of-pocket costs for eligible patients with commercial insurance. Reporting by Deena Beasley; Editing by Leslie Adler and Grant McCool | ashraq/financial-news-articles | https://uk.reuters.com/article/us-amgen-migraine-fda/fda-approves-amgen-migraine-drug-price-set-at-6900-per-year-idUKKCN1II344 |
By Michael Hirtzer CHICAGO, May 24 (Reuters) - Chicago Mercantile Exchange live cattle futures fell nearly 1 percent on Thursday, pressured by fears of lower trades in cash cattle markets and positioning ahead of a government supply report due on Friday, traders said. The U.S. Department of Agriculture was set to release its monthly Cattle on Feed report during Friday's session, one of only a handful of the reports that will come out during the trading day this year. Analysts polled by Reuters expected USDA to show that placements of cattle into feedlots in April dropped by about 9 percent from the same month in 2017. Traders were squaring up their positions ahead of the report, which could trigger volatile swings in prices. CME June live cattle was down 1.050 cents to 104.400 cents per pound and August cattle 1.025 cents lower to 101.775 cents. August feeder cattle fell 0.050 cent to 143.300 cents per pound, after earlier hitting a two-week high of 144.800 cents. Beef packers have not bid aggressively for cattle this week, suggesting that they had relatively ample supplies for their slaughter needs. Some feedlots in Texas and Kansas were offering to sell cattle at about $115 to $116 per cwt, in prices that would be about even with cattle sales last week. "No one has a good grasp on what cash (cattle) is going to do this week," one futures trader said. "It doesn't seem like packers really need cattle. I would be surprised they do anything before the (USDA) report." Next week will see reduced cattle and hog slaughters as most meat plants shut down for Monday's U.S. Memorial Day holiday - closures that can result in a backlog in available animals. "The bottom line is that it's extremely likely the cash steer market will be lower this week," said Archer Financial Services broker Dennis Smith. However, the three-day holiday weekend is also the unofficial start of summer grilling season, typically resulting in increased demand for beef steaks and chops, hot dogs and other cuts. Beef packers, in particular, have taken advantage of comparative low cattle prices and meat prices to lock in big profits. Lean hog futures were higher as they extended their recovery from recent multiweek lows. CME June hogs were up 0.225 cent to 74.825 cents per pound and most-active July hogs up 0.550 cent to 76.775 cents. (Reporting by Michael Hirtzer, editing by G Crosse)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-cattle-ease-on-positioning-ahead-of-usda-supply-report-idUSL2N1SV2I4 |
May 8 (Reuters) - PHH Corp:
* Q1 REVENUE ROSE 63 PERCENT * ROVIDES UPDATE ON PROPOSED MERGER WITH OCWEN FINANCIAL CORPORATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-phh-corp-reports-q1-loss-per-share/brief-phh-corp-reports-q1-loss-per-share-0-92-idUSASC0A0PE |
SANTA FE, Texas (Reuters) - Texas Governor Greg Abbott said 10 people were killed and 10 others wounded in a high school attack he called “one of the most heinous” in the history of the state’s schools.
“It’s impossible to describe the magnitude of the evil of someone who would attack innocent children in a school,” Abbott told reporters. “It is with a very heavy heart that I can confirm that as of this time there have been 10 lives that have been lost and another 10 that have been wounded.”
Writing by Tim Ahmann; Editing by Eric Beech
| ashraq/financial-news-articles | https://www.reuters.com/article/us-texas-shooting-casualties/governor-says-10-dead-10-others-wounded-in-texas-school-shooting-idUSKCN1IJ2KO |
in 7 minutes BRIEF-Valeritas Qtrly Loss Per Share $1.72 Reuters Staff 1 Min Read
May 9 (Reuters) - Valeritas Holdings Inc:
* VALERITAS REPORTS RECORD FIRST QUARTER REVENUE WITH 32% YEAR-OVER-YEAR GROWTH AND GROSS MARGINS EXPAND TO RECORD 47.6% * Q1 REVENUE ROSE 32 PERCENT TO $6.1 MILLION
* QTRLY LOSS PER SHARE $1.72 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-valeritas-qtrly-loss-per-share-172/brief-valeritas-qtrly-loss-per-share-1-72-idUSASC0A11Y |
DALLAS, May 31, 2018 (GLOBE NEWSWIRE) -- Aimed at driving continued growth across all aspects of its business and industry, Freeman — the world’s leading brand experience company — today announced it has created a new chief growth officer (CGO) position and has named Janet Dell as the inaugural CGO.
Janet Dell, Inaugural CGO of Freeman
The announcement aligns with the recent CGO trend occurring in business today — in both small and large companies. In the past few years, industry leaders including The Coca-Cola Company, The Hershey Company and Kellogg Company (to name a few), have all hired CGOs to drive company growth and growth for their customers. Previously, traditional business growth strategies centered heavily around marketing campaigns for lead generation. With the rise of the CGO, an emphasis has been placed on cross-business visibility to drive not only growth through acquisitions of services and new competencies, but also through retention and expanding services provided to clients.
“As our first CGO, Janet will focus on proactively cultivating existing relationships and identifying new and expanded opportunities for Freeman to deliver the most meaningful and engaging brand experiences for clients and prospective customers,” said Bob Priest-Heck, CEO of Freeman. “In her new role, Janet will have a clear view across multiple business functions, enabling her to take a holistic approach to company growth. The business growth landscape is shifting, and with Dell leading the charge, we look forward to taking Freeman to new levels of success.”
Prior to joining Freeman, Dell served as the CEO of Marsh ClearSight, a global leader in risk, safety and claims management software. She was elevated to CEO after leading exponential growth as Marsh’s chief operating officer of global sales. During her tenure, the company’s annual sales topped more than $1.2 billion and global new business growth doubled. Before that, she held numerous leadership positions at Marsh ClearSight (formerly CS STARS LLC), including eastern zone leader of the United States, Canada and the Caribbean, global head of client experience, and head of product management. She has also held consultant, financial analyst, and fixed-income institutional trading positions throughout her career. Her impressive career, proven track record, expertise and leadership will play a critical role in delivering sustained, profitable growth for Freeman.
“I’ve held a variety of different positions throughout my career, all of which have helped prepare me for this new endeavor. I’m looking forward to applying what I’ve learned from past experiences and the knowledge I’ve garnered though my work to grow the Freeman brand and, by extension, the clients and brands that we engage with,” said Dell. “Uncovering new opportunities for our customers and developing and cultivating synergistic relationships with clients will be concentrated points of focus for us as we continue to grow the Freeman brand and best position it to build on its legacy of success.”
Get to know Freeman’s new CGO a bit more by visiting her page on the Freeman website.
About Freeman
Freeman is the world’s leading brand experience company. We help our clients design, plan, and deliver immersive experiences for their most important audiences. Through comprehensive solutions including strategy, creative, logistics, digital solutions, and event technology, Freeman helps increase engagement and drive business results. What makes us different is our collaborative culture, intuitive knowledge, global perspective, and personalized approach, gained from our 90 years as an industry leader. Freeman is a family-owned company with 90+ locations worldwide and over 4,500 employees, 500 of whom are located outside the U.S. For more information, visit https://www.freeman.com .
Social Networks:
Web: www.freeman.com
Insights: www.freeman.com/insights
Twitter: www.twitter.com/freemanco
Facebook: www.facebook.com/freemanfans
LinkedIn: www.linkedin.com/company/the-freeman-company
YouTube: www.youtube.com/user/FreemancoVideos
Pinterest: https://www.pinterest.com/freemanco/
Tumblr: https://freemancompany.tumblr.com/
Instagram: www.instagram.com/freemancompany/
Media Contacts :
Stephen Phillips, Freeman
214.445.1205
[email protected]
Matt Falso, on behalf of Freeman
518.886.1076
[email protected]
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2b3591e0-e9d7-4ece-b209-b93b722e7ef8
Source: Freeman | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-freeman-puts-emphasis-on-continued-customer-growth-names-janet-dell-cgo.html |
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:
Do you own shares of ARMO BioSciences, Inc. (NASDAQ GS: ARMO )? Did you purchase any of your shares prior to May 10, 2018? Do you think the proposed buyout is fair? Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of ARMO BioSciences, Inc. (“ARMO” or the “Company”) (NASDAQ GS: ARMO ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Eli Lilly and Company (“Lilly”) (NYSE: LLY ) in a transaction valued at approximately $1.6 billion. Under the terms of the agreement, shareholders of ARMO will receive $50.00 in cash for each share of ARMO common stock.
If you own common stock of ARMO and purchased any shares before May 10, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at [email protected] .
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions .
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524006036/en/
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
888-969-4242
302-295-5310
Fax: 302-654-7530
[email protected]
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-shareholder-alert-rigrodsky-long-p-a-announces-investigation-of-armo-biosciences-inc-buyout.html |
Decision on Fox and Sky takeover out later Tuesday 2:36 AM ET Tue, 1 May 2018 CNBC's Adam Reed speaks about Fox's proposed takeover of broadcaster Sky. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/decision-on-fox-and-sky-takeover-out-later-tuesday.html |
May 9, 2018 / 7:39 PM / in 23 minutes Former Fed official Fischer worried by Iran, international tensions Lawrence Delevingne 3 Min Read
LAS VEGAS, May 9 (Reuters) - Stanley Fischer, the former vice chairman of the U.S. Federal Reserve, said the Trump administration’s decision to pull out of the Iran nuclear deal and other geopolitical developments were cause for concern given the potential for international conflict.
“My internal VIX went up a lot,” Fischer said on Wednesday during the Context Leadership Summit in Las Vegas, a 750-person hedge fund-focused conference.
VIX refers to the CBOE Volatility Index, which measures expected volatility in the U.S. stock market. The VIX spiked in February amid a pullback in equities but has mostly declined since, including in May.
Fischer, who left the Fed in October, called the situation in the Middle East “very tough.” U.S. President Donald Trump on Tuesday pulled out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.
“This is a problem that could lead to nuclear proliferation,” he said. “It’s a problem that could break the relations between the United States and Europe even more than they have been affected already.”
Fischer, speaking alongside Mohamed El-Erian, the chief economic adviser for Allianz, also cited concerns about looming tariffs by and on the United States. The world’s two largest economies are in a heated feud over U.S. tariffs on steel and aluminum and China’s retaliatory tariffs and port inspections.
“Trade wars in the past ended up with major economic negative consequences, and that could happen now,” Fischer said.
Fischer also discussed the potential negative effect on future economic policy of the recent U.S. tax overhaul that cut top corporate tax rates to 21 percent from 35 percent.
He said that future fiscal expansion would be “very difficult” and that the United States could one day be in a position where it could not float debt as easily.
“If people really were as worried about fiscal deficits as they should be, we wouldn’t have had a tax cut of this magnitude,” he said.
Still, Fischer said he was positive on the Fed leadership and indicated government interest rates were likely to rise given healthy economic indicators that traditionally lead to inflation, such as demand for labor and the supply of goods.
“I think if you are looking two to three years ahead in the capital markets you shouldn’t be ruling out numbers which are reasonable,” Fischer said, without specifying a number.
A U.S. 10-year Treasury bill currently yields around 3 percent. Reporting by Lawrence Delevingne; Additional reporting by Svea Herbst; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/hedgefunds-conference-fischer/former-fed-official-fischer-worried-by-iran-international-tensions-idUSL1N1SG1SP |
May 21, 2018 / 4:23 PM / in 18 minutes UPDATE 1-FTSE 100 hits fresh record high, Ryanair recovers after results Reuters Staff
* FTSE 100 up 1 pct at record high
* FTSE 250 also hits new record
* Ryanair recovers from opening fall, up 5 pct
* Financials, energy lead gains on U.S.-Sino trade detente (Adds detail, updates prices at close)
By Helen Reid
LONDON, May 21 (Reuters) - Britain’s FTSE 100 hit another record high on Monday as an easing in U.S.-Chinese trade tensions and a strengthening dollar gave more fuel to the internationally-exposed index.
The index of Britain’s biggest companies ended the session up 1 percent, hitting a new record high of 7,868.12 points. The mid-cap FTSE 250 also hit a record of 21,151.32 points, up 0.7 percent.
UK equities enjoyed a broad-based rally, with all sectors making gains, while financials and energy provided the strongest boost. The FTSE 100 has gained nearly 5 percent so far this month.
“I don’t think sentiment has changed towards the UK stock market dramatically over the last two to six months,” said James Illsley, UK equity portfolio manager at JP Morgan Asset Management, saying the FTSE 100’s exposure to international growth was instead the most likely driver.
“This morning news of the easing of trade tensions for China and the U.S. has been driving stocks up,” he added.
On a calmer day for corporate updates, Ryanair stole the spotlight. Its shares had a strong swing back into positive territory, up 5.1 percent, having fallen as much as 3 percent at the open.
The budget airline said higher fuel and staff costs would hurt profits in its new financial year, but investors focused on Ryanair’s record earnings for 2017-2018.
“We believe Ryanair’s industry-leading competitive advantage remains and thus see no reason to change our 12-month ‘outperform’ rating,” said Davy Research analysts. BANKS RISE
Banks HSBC and Barclays, and insurance company Prudential, provided the big boosts, up 0.7 to 1.1 percent. Oil majors Royal Dutch Shell and BP also climbed as crude prices gained after China and the United States put a looming trade war “on hold”.
“We are overweight financials with some of the banks and insurers, reflecting a cyclical exposure in terms of global growth continuing to do well,” said Illsley.
Despite the index reaching new highs, analysts continue to downgrade earnings for the FTSE 100. The recent strengthening of sterling is likely to blame for this.
“You could see some of that technical FX downgrade reverse,” said Illsley. “When you actually talk to companies by and large they are positive.”
Overall year-to-date, earnings for the FTSE 350 have been revised up 2.9 percent, according to Goldman Sachs analysts, though they say all of this is attributable to commodity-related sectors. Reporting by Helen Reid and Kit Rees | ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/update-1-ftse-100-hits-fresh-record-high-ryanair-recovers-after-results-idUSL5N1SS40D |
May 14, 2018 / 6:42 AM / Updated 10 minutes ago Bank of France sees French Q2 GDP growth at 0.3 pct Reuters Staff 1 Min Read
PARIS, May 14 (Reuters) - France’s economy will grow 0.3 percent during the second quarter, maintaining the same pace of growth seen from January to March, the Bank of France said on Monday in its first estimate for the period.
The Bank of France’s business sentiment indicators for the manufacturing industry and the services sector both dipped to 102 points in April from 103 points in March.
The Bank of France last month trimmed its first quarter economic growth forecast to 0.3 percent from 0.4 percent, thanks largely to a slowdown in manufacturing activity.
The French data mirrors a broader dip in the euro zone economy, with European Central Bank Executive Board member Benoit Coeure stating last month that the bloc was experiencing a largely anticipated correction, rather than a slowdown, after growth rates reached multi-year highs. (Reporting by Sudip Kar-Gupta; Editing by Richard Lough) | ashraq/financial-news-articles | https://www.reuters.com/article/france-economy-outlook/bank-of-france-sees-french-q2-gdp-growth-at-0-3-pct-idUSP6N1RO029 |
May 1, 2018 / 11:39 London Stock Exchange to suspend EN+ GDRs due to U.S. sanctions Reuters Staff 1 The London Stock Exchange said on Tuesday it will suspend trading in EN+ GDRs from the end of trade reporting on May 2 in relation to U.S. sanctions imposed on some Russian individuals and entities. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo
According to Reuters data, London-listed En+ shares last traded on April 9. They sank 54 percent in two sessions when the U.S. imposed new sanctions on Russian entities.
“The exchange will continue to monitor the situation and is in communication with the UK authorities,” the LSE said in a notice on its website. Reporting by Pratima Desai and Helen Reid; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-russia-sanctions-en-group/london-stock-exchange-to-suspend-en-gdrs-due-to-u-s-sanctions-idUKKBN1I23HX |
May 2 (Reuters) - Graham Holdings Co:
* Q1 REVENUE ROSE 13 PERCENT TO $659.4 MILLION * Q1 EARNINGS PER SHARE $9.04 EXCLUDING ITEMS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-graham-holdings-co-q1-earnings-per/brief-graham-holdings-co-q1-earnings-per-share-7-78-idUSASC09YZV |
LONDON (Reuters) - Cambridge Analytica, the firm embroiled in a controversy over its handling of Facebook data, should not escape scrutiny through its decision to shut down, the chairman of a committee of British lawmakers said.
People walk past the building housing the offices of Cambridge Analytica in central London, Britain, March 20, 2018. REUTERS/Henry Nicholls Cambridge Analytica and its parent, SCL Elections, said on Wednesday they would begin bankruptcy proceedings after losing clients and facing mounting legal fees following reports the company wrongly harvested Facebook users’ personal data from 2014.
“They are party to very serious investigations and those investigations cannot be impeded by the closure of these companies,” Damian Collins, chairman of parliament’s Digital, Culture, Media and Sport Committee - which is scrutinizing Cambridge Analytica - told Reuters.
“I think it’s absolutely vital that the closure of these companies is not used as an excuse to try and limit or restrict the ability of the authorities to investigate what they were doing.”
Reporting by Andy Bruce; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-privacy-scrutiny/cambridge-analytica-shouldnt-escape-scrutiny-through-closure-uk-lawmaker-idUSKBN1I32RP |
(Reuters) - Kevin De Bruyne is already counted among the world’s top players after his exploits during Manchester City’s spectacular march to the Premier League title but the World Cup in Russia will present the midfielder with a chance to become part of Belgian folklore.
Soccer Football - Premier League - Manchester City vs Huddersfield Town - Etihad Stadium, Manchester, Britain - May 6, 2018 Manchester City's Kevin De Bruyne applauds fans after winning the Premier League title REUTERS/Phil Noble The 26-year-old has been the driving force in Pep Guardiola’s record-breaking City side who earned more points and wins in the Premier League than any previous champions.
De Bruyne’s work rate and ability to produce a procession of pinpoint passes helped to lift City to a new level, leaving all other title aspirants lagging way behind.
His unrivalled range of short and long passing can tear apart sides and he has registered more assists than any other player in Europe’s top five leagues since 2012.
Belgium captain and Chelsea playmaker Eden Hazard believes his team mate could create “magic” with the ball at his feet.
“He’s fantastic,” Hazard told Sky Sports recently. “He’s clever on and off the pitch.
“When he’s on the pitch with good players, he’s one of the best in the world. Every time he has the ball at his feet he can do something magic.
“He doesn’t score a lot of goals but he can create something with just one movement or pass. It’s simple, he’s a special player.”
De Bruyne’s passing and attacking play from deep is of the highest quality and he can find a player on the move with a perfectly placed and weighted pass.
He also has the ability to find the net from distance and is hard to catch with the ball at his feet and open space in front of him.
It helps Belgium coach Roberto Martinez to use De Bruyne in a central role in a 3-4-3 formation in the national side.
“We get a lot of advantage from getting him on the ball,” the Spaniard said. “Systems very much depend on the teams you play but it is a system that has worked for us very well in qualification.”
Reporting by Sudipto Ganguly in Mumbai; editing by Neville Dalton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-bel-star/belgium-bank-on-king-of-assists-de-bruyne-to-steer-them-to-glory-idUSKCN1IP29O |
Lawyers for President Donald Trump are increasingly skeptical of letting him give an interview with prosecutors running the Russia investigation, but are thinking through how to prepare him for the possible high-stakes session nonetheless.
Rudy Giuliani, one of the president’s outside lawyers, said in an interview Tuesday that he is currently opposed to letting Mr. Trump field questions from Special Counsel Robert Mueller. Noting the perils of talking to prosecutors, Mr. Giuliani said that were the president to testify he... | ashraq/financial-news-articles | https://www.wsj.com/articles/giuliani-says-he-opposes-letting-trump-speak-to-mueller-1527031361 |
May 8, 2018 / 1:45 PM / in 6 hours Exclusive: Walmart's grocery delivery partnerships with Uber, Lyft fail to take off Nandita Bose , Heather Somerville 6 Min Read
(Reuters) - Walmart Inc’s ( WMT.N ) online grocery delivery partnerships with ride-hailing services Uber and Lyft have ended, according to two sources, a potential setback for the retailer’s ambitions to challenge Amazon.com Inc ( AMZN.O ) head-on with speedy delivery of groceries to people’s homes.
The end of the Walmart partnerships, which has not been previously reported and was confirmed by Walmart and Uber, undercuts a vision the ride-hailing companies laid out: a service that can efficiently deliver anything on-demand, including people and cargo, at the touch of a smartphone app.
“It is incredibly hard to deliver people and packages together,” said a source with a delivery company that works with Walmart and has direct knowledge of the matter. “They are two completely different business models.”
The decision marks an abrupt end to a business relationship that Walmart and Uber announced with much fanfare less than two years ago. At Walmart's shareholders meeting in June 2016, CEO Doug McMillon touted the company's investments in technology and spoke about the partnerships in front of a cheering crowd of 14,000 employees. goo.gl/xJdN2e
Soon after, Uber’s grocery delivery service was launched and expanded to four markets. As recently as March, just before Uber ended the arrangement, Walmart said Uber would be a partner in its plans to deliver groceries to more than 40 percent of the country.
“There was clearly some lack of communication there,” said one of the sources with knowledge of the partnerships ending.
Walmart spokeswoman Molly Blakeman confirmed the end of the tie-ups when asked by Reuters, but did not detail the reasons behind the decision. She said Walmart will use other delivery service providers in the four markets where it had previously used Uber.
“Customers shouldn’t notice any difference as the transition takes place,” said Blakeman, who added that the partnership with Lyft never expanded beyond the initial test market of Denver.
Blakeman said the end of the partnerships will not impact Walmart’s plans to scale grocery delivery as they are not tied to any single provider.
Uber put a stop to the grocery partnership when it informed Walmart in March that it would cease delivery operations on June 30, Uber spokeswoman Ellen Cohn told Reuters. The retailer was Uber’s largest partner for its ‘Rush’ service, which delivered groceries as well as clothes, flowers and other goods.
Uber will shutter the entire Rush program at the end of next month.
“We are coordinating with Walmart to make this change as seamless as possible,” Cohn said.
Lyft declined comment and deferred to Walmart on the issue.
For Walmart, which is the country’s largest grocer and gets 56 percent revenue from groceries, the partnerships offered a fast solution to expand its online grocery offerings and improve overall revenue from internet shoppers. FILE PHOTO: A customer pushes a shopping cart at a Walmart store in Chicago, Illinois, U.S. November 23, 2016. REUTERS/Kamil Krzaczynski/File Photo
For example, Walmart delivers groceries in China through a partnership with ecommerce company JD.com Inc ( JD.O ), and in Japan through an alliance with Rakuten.
But the retailer was recently punished for its fourth-quarter online sales performance, which investors say is key to the company’s future.
LAST-MILE COMPETITION
Last-mile delivery of packages is an intensely competitive business, with companies ranging from Amazon to United Parcel Services Inc ( UPS.N ), FedEx Corp ( FDX.N ) and the U.S. Postal service, as well as startups like Instacart and Deliv, vying for a share.
Since the dot-com boom, companies have tried to crack the business model for online grocery delivery. The rush to solve the technological and logistical challenges has gotten even more frenzied since Amazon acquired high-end grocery chain Whole Foods Market Inc for $13.7 billion last year, a deal that has intensified competition in the sector.
Former Uber Chief Executive Travis Kalanick touted the idea of carrying a person in the backseat and a bag of groceries in the trunk as the ultimate cash-generating transportation service in a smart-phone era.
The delivery service marked the first time Uber publicly committed to a business outside of ride-hailing that was supposed to be meaningful to its bottom line and support its stratospheric valuation, although the private company never offered exact dollar projections.
But startup investors and experts in on-demand delivery say there is a much different set of logistical and economic challenges for moving around cargo than people, requiring a single company to be proficient in two distinct business models.
Uber’s Cohn said Rush was “an experiment” and the company has turned its focus and resources to UberEats, a restaurant delivery service that in the fourth quarter last year generated $1.1 billion, or about 10 percent of Uber’s overall revenue. NEW PARTNERS
Walmart has added startups Deliv, Postmates and DoorDash to its list of delivery partners. These companies have the singular business of delivering goods, not people, and drivers have more experience safely transporting perishables.
It remains unclear if these startups will step in and replace Uber in the various markets they served.
A particular challenge for companies such as Postmates, however, will be offering rush delivery in suburban and rural areas, where most Walmart stores are located. Such startups have been most successful in urban centers, where there is a high density of customers and couriers can use bicycles or walk to deliver multiple packages in one trip.
“Density has been a challenge historically for all types of delivery companies, all the way back to the Pony Express,” said Ben Narasin, a partner at venture capitalist firm NEA who has been critical of the on-demand delivery business model. “The reality is that the far-away drives will likely be subsidized.” Reporting by Nandita Bose in New York and Heather Somerville in San Francisco; Editing by Vanessa O'Connell and Edward Tobin | ashraq/financial-news-articles | https://www.reuters.com/article/us-walmart-grocery-delivery-exclusive/exclusive-walmarts-grocery-delivery-partnerships-with-uber-lyft-fail-to-take-off-idUSKBN1I91S4 |
By Polina Marinova 11:44 AM EDT
Bird, the Santa Monica-based electric scooter company, is raising $150 million in a round led by Sequoia Capital that will value the company at $1 billion, Bloomberg first reported . That’s just two months after it raised $100 million in Series B funding at a $300 million valuation.
The scooter startup wars began heating up in April when Uber acquired dockless e-bike service Jump Bikes (formerly known as Social Bicycles) for a reported amount of $200 million. The company had only raised little more than $11 million in venture funding from investors including Menlo Ventures, SOSV, and SineWave Ventures. It wouldn’t be a stretch to think that Jump will likely get into e-scooters as well.
Bird’s new fundraise is reportedly intended to fend off competitors. Rival LimeBike is rumored to be in the middle of raising a massive round, and Lyft is reportedly developing prototypes of potential scooter designs.
Sources tell Fortune that it’s likely that Bird’s final fundraising amount will be much higher than the reported $150 million. To put this into context, Bird is less than a year old, and it is potentially the fastest company ever to gain unicorn status. In other words, this is only the beginning.
As we’ve reported before , it’s very clear the Bird electric scooter trend has exploded in popularity. People are riding them, hiding them, and tying them places. But the company, like many of the others, is operating in a legal gray zone.
Bird is hitting some regulatory challenges as it hopes to expand across 50 U.S. markets by the end of 2018. In February, it had to pay $300,000 in fines for obscuring the public right of way (undocked Bird scooters were left lying across a sidewalk, blocking a doorway, or driveway) and operating without a proper commercial business license. And now, San Francisco is looking to create legislation to regulate electric scooter sharing. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/bird-scooter-funding/ |
SAN JOSE, Calif. (AP) _ PDF Solutions Inc. (PDFS) on Tuesday reported a first-quarter loss of $424,000, after reporting a profit in the same period a year earlier.
On a per-share basis, the San Jose, California-based company said it had a loss of 1 cent. Earnings, adjusted for stock option expense and non-recurring costs, were 7 cents per share.
The provider of software and services for semiconductor makers posted revenue of $24.7 million in the period.
PDF Solutions shares have fallen 23 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.16, a decline of 28 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on PDFS at https://www.zacks.com/ap/PDFS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-pdf-solutions-1q-earnings-snapshot.html |
NEW DELHI (Reuters) - Prime Minister Narendra Modi said on Sunday he expected around a 30 percent drop in the number of vehicles entering Delhi, as he opened two new expressways around the capital aimed at decongesting its streets and reducing deadly pollution.
Prime Minister Narendra Modi visits the Digital Art Gallery before inaugurating the Delhi-Meerut Expressway in New Delhi, May 27, 2018. India's Press Information Bureau/Handout via REUTERS A damning report by the World Health Organisation this month said India was home to the world’s 14 most polluted cities, with Delhi ranked sixth most polluted. Air quality has worsened over recent winters, prompting Modi’s office to directly monitor measures to clean up the capital’s air.
“The expressways will greatly benefit the people of Delhi National Capital Region (NCR) by reducing pollution and will bring down traffic jams,” Modi said.
The NCR is a rapidly urbanising and polluted area around New Delhi that is one-third the size of New York state, but houses 2.5 times more people.
Illegal crop burning in farm states surrounding New Delhi, vehicle exhausts and swirling construction dust have contributed to what has become an annual crisis.
The 135-kilometre (84-mile), six-lane Eastern Peripheral Expressway was built in 17 months at a total cost of around 110 billion rupees ($1.62 billion), the government said.
More than 50,000 vehicles that transit the capital city on their way to other destinations would no longer need to enter New Delhi, Transport and Highways Minister Nitin Gadkari told reporters on Saturday.
It offers signal-free connectivity and is the first green highway fully lit by solar power, has drip pumps for watering plants alongside the highway and has rain water harvesting.
Modi also opened an initial stretch of an 82 km Delhi-Meerut highway, which is India’s first 14-lane.
Modi’s administration is marking its fourth year in office this weekend and has vowed to speed up infrastructure development as it heads into a national election in 2019.
($1 = 67.7300 Indian rupees)
Reporting by Malini Menon; Editing by Alexandra Hudson
| ashraq/financial-news-articles | https://in.reuters.com/article/india-road-modi/pm-modi-opens-two-expressways-around-delhi-to-reduce-pollution-idINKCN1IS0EX |
April 30 (Reuters) - Northrim BanCorp Inc:
* NORTHRIM BANCORP FIRST QUARTER 2018 NET INCOME INCREASES 6% TO $4.1 MILLION, OR $0.58 PER DILUTED SHARE
* Q1 EARNINGS PER SHARE $0.58 * QTRLY NET INTEREST INCOME IN Q1 OF 2018 INCREASED 3% TO $14.3 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-northrim-bancorp-reports-q1-eps-of/brief-northrim-bancorp-reports-q1-eps-of-0-58-idUSASC09YBV |
May 22, 2018 / 3:26 PM / Updated 15 minutes ago UPDATE 1-South African rand recovers on retreating dollar Reuters Staff 2 Min Read
(Updates to reflect afternoon trading)
JOHANNESBURG, May 22 (Reuters) - South Africa’s rand staged a modest recovery on Tuesday, as the dollar retreated after a recent rally.
At 1505 GMT the rand traded at 12.5900 to the dollar, up 0.7 percent from the previous day’s close.
The South African currency was around 2.5 percent stronger than a five-month low struck on Monday, helped by the dollar easing back from a five-month high.
The rand’s fortunes have been determined mainly by global market moves in recent weeks, in the absence of major shifts in local economic indicators.
A central bank business cycle indicator on Tuesday pointed to a slight slowdown in the pace of an economic recovery, but traders said its impact on the rand was minimal.
First-quarter gross domestic product data is expected to be released in early June.
Economists polled by Reuters expect the central bank to leave interest rates unchanged on Thursday, while market expectations are for ratings agency S&P Global to leave South Africa’s sovereign rating unchanged on Friday.
Stocks ended higher on Tuesday, tracking a upbeat tone in major overseas markets as an easing of pressure on Italy’s debt markets coincided with China’s latest move to open up its giant economy to the rest of the world.
The blue-chip JSE Top-40 index rose 0.56 percent to 51,598 points and the broader All-share index advanced 0.52 percent to 58,121 points.
Mobile phone company Vodacom and drugmaker Aspen were among the top gainers on the benchmark index, rising 4.4 percent and 4.6 percent, respectively.
Among the worst performers, Aveng slumped 23.8 percent as investors worried that its tie-up with rival builder Murray & Roberts could be scuppered.
In fixed income, the yield on the benchmark government bond due in 2026 was little changed at 8.56 percent. (Reporting by Patricia Aruo and Tiisetso Motsoeneng Editing by Alexander Winning and Alison Williams) | ashraq/financial-news-articles | https://www.reuters.com/article/safrica-markets/update-1-south-african-rand-recovers-on-retreating-dollar-idUSL5N1ST4NH |
Sam Gaviglio pitched six strong innings, Justin Smoak hit a two-run homer and the visiting Toronto Blue Jays held on to defeat the Philadelphia Phillies 6-5 Friday night at Citizens Bank Park.
The Phillies had home runs from starting pitcher Zach Eflin and Carlos Santana in the opener of a three-game interleague series.
Gaviglio (2-0) allowed three runs, three hits (including two home runs), and two walks while striking out six in his second start since being recalled from Triple-A Buffalo. The right hander’s other Toronto win was in relief.
Ryan Tepera picked up his first save of the season despite allowing one run, a single, a double, two walks and a wild pitch in a hairy ninth inning.
Eflin (1-1) allowed six runs (five earned), nine hits and one walk in 4 2/3 innings. The right-hander struck out seven.
The Blue Jays scored three runs in the first inning. Josh Donaldson doubled with one out, took third on Smoak’s groundout and scored on Teoscar Hernandez’s infield single to shortstop. Yangervis Solarte and Kevin Pillar followed with RBI doubles.
Solarte has an extra-base hit in five straight games.
After Gaviglio doubled for his first major league extra-base hit in the second inning, Eflin hit his first career homer with two outs in the third.
The Blue Jays increased their lead to 6-1 in the fifth. Curtis Granderson singled to lead off and one out later Smoak hit his seventh homer of the season. Solarte singled with two outs, took second on a passed ball and moved to third on a throwing error by third baseman Maikel Franco on Pillar’s grounder. Victor Arano replaced Eflin and Russell Martin hit an RBI single.
The Phillies scored twice in the bottom of the sixth. Odubel Herrera doubled with two out and Santana hit his ninth homer of the season.
Toronto reliever Seunghwan Oh pitched around a leadoff walk in the bottom of the seventh.
Phillies left-hander Adam Morgan survived a leadoff infield single in the seventh and pitched a perfect eighth.
Cesar Hernandez led off the bottom of the eighth with a double against Tyler Clippard to reach base for the 28th straight game. Rhys Hoskins followed with an RBI double.
The Phillies rallied again in the final inning as Jorge Alfaro singled with one out, took third on Pedro Florimon’s double and scored on Tepera’s wild pitch. Hernandez walked to load the bases. After a mound meeting, Hoskins struck out looking and Herrera grounded out to second to end the game.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-phi-tor-recap/blue-jays-hang-on-in-9th-to-beat-phillies-idUSMTZEE5QBD7MIX |
Harry, Meghan depart Windsor Castle for evening reception 8:20pm BST - 01:07
Prince Harry and his bride Meghan Markle depart Windsor Castle for an evening reception. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Prince Harry and his bride Meghan Markle depart Windsor Castle for an evening reception. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wT0kKw | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/19/harry-meghan-depart-windsor-castle-for-e?videoId=428490318 |
Democratic Sen. Joe Manchin said Wednesday he will vote for President Donald Trump 's CIA director pick, Gina Haspel, giving her a crucial nod of support in a contentious confirmation process.
The West Virginia Democrat, who faces a tough re-election this year in a state Trump won by about 40 percentage points, became the first member of his party to commit to supporting Haspel. It improves her chances of leading the U.S. intelligence agency.
"I have found Gina Haspel to be a person of great character," Manchin said in a statement, saying he looks forward to "working with [her] to ensure the people of West Virginia and the United States are kept safe."
Democratic Sen. Jon Tester of Montana, another senator facing a difficult re-election bid this year, previously said he will not back Haspel.
Manchin questioned Haspel on Wednesday as part of her confirmation hearing before the Senate Intelligence Committee. Earlier, he said she did a "great job" in the hearing.
Haspel has faced criticism from opponents, including many Democrats, for overseeing a CIA detention facility in Thailand at which a suspect was waterboarded. She has also faced backlash for the destruction of recordings of interrogations.
On Wednesday, she tried to assuage lawmakers' concerns about the potential for her to allow the use of so-called enhanced interrogation techniques , which were used after the Sept. 11, 2001, terror attacks but have since been cracked down on in the U.S. As a candidate, Trump said he supports the use of waterboarding or worse tactics that are broadly considered torture.
Repeatedly pressed about whether she would allow tactics she considers immoral, Haspel at times evaded senators' questions and noted that the CIA does not have a formal role in interrogations. She said she would not restore "under any circumstances" an interrogation program at the CIA and supports the "higher moral standard" the U.S. holds now. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/joe-manchin-will-vote-for-gina-haspel-trumps-cia-director-pick.html |
May 14, 2018 / 11:22 AM / Updated 31 minutes ago CME Group in deal to offer ether reference rate Reuters Staff 1 Min Read
(Reuters) - CME Group Inc said on Monday it had launched the CME CF ether-dollar reference rate along with crypto-trading platform Crypto Facilities Ltd to provide real-time ether price in dollars.
The reference rate will be based on transactions and order book activity from Kraken and Bitstamp - two major cryptocurrency exchanges, the company said. Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D'Silva | ashraq/financial-news-articles | https://www.reuters.com/article/us-cme-group-cryptocurrency/cme-group-in-deal-to-offer-ether-reference-rate-idUSKCN1IF1E7 |
May 21, 2018 / 8:09 AM / Updated 4 minutes ago Italy's 5-Star leader says told president his recommendation for PM Reuters Staff 1 Min Read
ROME (Reuters) - The leader of Italy’s anti-establishment 5-Star Movement said on Monday he had told the head of state who he believes should be named prime minister to end 11 weeks of political deadlock after March’s inconclusive election.
“We indicated to the president the name of the person we think is best placed to push forward, with solid leadership, the government contract that we will soon sign,” Luigi Di Maio said after meeting President Sergio Mattarella.
Di Maio gave no name, but Italian newspapers have reported that 5-Star and its coalition partner the League have agreed that Giuseppe Conte, a little-known law professor, should lead their government. Related Coverage | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics-president/italys-5-star-league-to-see-president-about-government-on-monday-statement-idUKKCN1IM0OM |
Breakingviews TV: Malaysia upset 3:19pm BST - 04:05
Pete Sweeney and Clara Ferreira Marques discuss why Malaysian voters replaced Prime Minister Najib Razak with 92-year old Mahathir Mohamad, in an election shocker. Was it the 1MDB corruption scandal? Anti-China sentiment? Yes, plus plain old pocketbook voting.
Pete Sweeney and Clara Ferreira Marques discuss why Malaysian voters replaced Prime Minister Najib Razak with 92-year old Mahathir Mohamad, in an election shocker. Was it the 1MDB corruption scandal? Anti-China sentiment? Yes, plus plain old pocketbook voting. //reut.rs/2rGVGK7 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/11/breakingviews-tv-malaysia-upset?videoId=425915561 |
Hawaiian volcano threatens another major eruption 2:23pm EDT - 01:50
New fissures opened on Hawaii's Kilauea volcano, spewing lava as the U.S. Geological Survey warned more outbreaks are likely.
New fissures opened on Hawaii's Kilauea volcano, spewing lava as the U.S. Geological Survey warned more outbreaks are likely. //reut.rs/2KV79OG | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/13/hawaiian-volcano-threatens-another-major?videoId=426596373 |
May 17 (Reuters) - Blue Apron Holdings Inc:
* BLUE APRON APPOINTS TIM BENSLEY AS CHIEF FINANCIAL OFFICER
* BLUE APRON HOLDINGS INC - APPOINTMENT OF TIM BENSLEY AS CHIEF FINANCIAL OFFICER, WITH AN EXPECTED START DATE OF MAY 21 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blue-apron-appoints-tim-bensley-as/brief-blue-apron-appoints-tim-bensley-as-cfo-idUSASC0A2S6 |
Public officials and celebrities in America are bound to get in trouble when they make offensive comments about race. But in Europe it seems the quickest way to start a controversy is to suggest that governments may have to answer to the investors who lend them money.
Politico reports:
European Budget Commissioner Günther Oettinger apologized on Tuesday after facing criticism for suggesting that financial markets would show Italians... | ashraq/financial-news-articles | https://www.wsj.com/articles/things-you-cant-say-in-europe-1527633884 |
MUMBAI (Reuters) - India’s Supreme Court on Monday refused to grant a stay on a Delhi High Court ruling that U.S. company Monsanto cannot claim patents on its GM cotton seeds, but the world’s largest seed maker said it is “confident on the merits” of its case.
FILE PHOTO: Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. REUTERS/Brendan McDermid/File Photo The Delhi High Court last month concurred with Indian seed company Nuziveedu Seeds Ltd, which argued that India’s Patent Act does not allow Monsanto any patent cover for its genetically modified (GM) cotton seeds.
The case is being submitted for an expedited preliminary hearing on July 18, said a Monsanto India spokesman.
“We remain confident on the merits of the case. India has been issuing patents on man-made biotech products for more than 15 years, as is done widely across the globe,” the Monsanto India spokesman said.
New Delhi approved Monsanto’s GM cotton seed trait, the only lab-altered crop allowed in India, in 2003, and an upgraded variety in 2006. The approvals helped turn the country into the world’s top producer and second-largest exporter of cotton.
Monsanto’s GM cotton seed technology now dominates 90 percent of India’s cotton acreage.
The Delhi High Court’s decision in April would provide relief to farmers by reducing royalties and seed prices, said Kalyan Goswami, director general of the National Seed Association of India (NSAI).
Details of the Supreme Court’s refusal to grant a stay on the ruling against Monsanto were not immediately available.
Reporting by Rajendra Jadhav; Editing by Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-monsanto/india-top-court-refuses-to-stay-order-against-monsanto-on-gm-cotton-patents-idUSKBN1I8142 |
An Indian generic drug company on Monday urged a federal appeals court to reconsider a recent decision that revived a patent infringement case against Google LLC, saying the ruling could spur “vexatious lawsuits” by makers of brand-name pharmaceutical products.
Dr Reddy’s Laboratories Ltd asked the U.S. Court of Appeals for the Federal Circuit to rehear en banc its March 12 decision that a lawsuit brought against Google by licensing company SimpleAir Inc was not barred by the doctrine of claim preclusion.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2FzxVbw
| ashraq/financial-news-articles | https://www.reuters.com/article/ip-patent-simpleair/generic-drugmaker-urges-fed-circ-to-rehear-google-patent-case-fearing-vexatious-lawsuits-idUSL1N1S81KZ |
May 31, 2018 / 11:45 AM / Updated 6 minutes ago 'Buy now or wait?', Italian sell-off lures back investors Danilo Masoni 5 Min Read
MILAN (Reuters) - Some European and U.S. fund managers are stepping back into Italian equities after fresh angst about a break from the euro zone wiped five months of gains off Milan’s top share index. Traders talk in front of the German share price index DAX board at the stock
Analysts expect uncertainty about Italy’s role in Europe and worries over its finances are here to stay, keeping markets turbulent, but investors say that could make good companies cheaper, boosting returns over the longer term.
“In the last couple of weeks we’ve been investing a little bit more in Italy as prices have come down,” said Luiz Sauerbronn, director at San Diego, California-based Brandes Investment Partners, where he helps manage $30 billion.
“We’re long-term investors and if people sell off indiscriminately Italy, we see an opportunity,” he said.
Brandes’s European funds hold stakes in companies such as oil group Eni, cement maker Buzzi Unicem and Danieli, which builds steelmaking plants.
Italy-based global companies could be interesting picks, but so too are some domestically focused firms and banks, which were hit hardest during this month’s rout, traders said.
After days of twists and turns, Italy on Thursday was awaiting a decision from the right-wing League party on whether to join a last-ditch attempt to form a government with the anti-establishment 5-Star Movement and avoid snap elections that would be focused on membership of the euro zone.
Worries that the parties’ binge-spending agenda could put Rome on a collision course with Brussels, and that new elections could put Italy’s role in Europe into question, have caused panic selling on the bond market and sparked record weekly outflows from Italian equities.
Possible bargains include Eni, cable maker Prysmian, caterer Autogrill or fitness equipment firm Technogym. Debt collector Cerved and well capitalised banks like Intesa Sanpaolo or UniCredit have become more attractive.
Their valuations have been squeezed in the sell-off.
To view a graphic on Sell-off puts Italy Inc's valuations under pressure, click: reut.rs/2Jh9WnE ITALY LOOKS CHEAPER
Investors taking a constructive view on Italy, however, believe that checks and balances on its political system would make it hard for any government to blow up state finances, while they see a euro zone break-up as a remote option.
Gilles Guibout, who helps manage 746 billion euros ($871 billion) at AXA Investment Managers in Paris, believes volatility stemming from Italy’s political instability is a risk worth taking.
“Italy is cheaper and has more earnings growth (than the rest of Europe). You must accept this extra bit of volatility but I believe that will be rewarded with better returns,” Guibout said.
“Italy is systemic and I don’t think it will leave the euro, but if it does happen it will be a problem for the whole of Europe and you would have to rethink all your euro zone equity allocation, not only Italy’s,” he said.
Two polls on Thursday showed that between 60 and 72 percent of Italians want the country to remain part of the euro.
In early May Italy’s main share index was up 12 percent year to date, the best performer among top European benchmarks. On Thursday it was up 0.6 percent year to date.
To view a graphic on Italian stocks look cheaper to euro zone peers, click: reut.rs/2Jh9WnE “TURBULENCE IS NOT OVER”
Banks are also being eyed by bargain hunters but any move is seen as highly risky because their big holdings of government bonds have made them a target for hedge funds seeking to profit from a fall in their share prices.
“UniCredit for example is a very solid bank but I don’t think turbulence is over,” said Antonio Garufi at Decalia Asset Management in Geneva.
“We must be careful when our positions are being shorted and use volatility to our advantage,” he added.
More broadly the key question is about timing.
Investors said purchases needed to be very gradual to avoid being trapped in any further sell-off or missing out on the chance to buy when prices are even lower. It’s a matter of “buy now or wait”, said JCI Capital fund manager Alessandro Balsotti.
Kepler Cheuvreux strategist Christopher Potts forecast this week that Italian stocks could fall another 10-15 percent.
“There is still a significant degree of downside risk attached to Italian financial assets because there are so few incentives for the investor to move to the buy side at this time,” he said in a note.
To view a graphic on What's the FTSE MIB's downside potential?, click: reut.rs/2L6UtDW Reporting by Danilo Masoni; Editing by Susan Fenton | ashraq/financial-news-articles | https://uk.reuters.com/article/us-italy-markets-stocks-graphic/graphic-buy-now-or-wait-italian-sell-off-lures-back-investors-idUKKCN1IW1IO |
HAUPPAUGE, N.Y., May 18, 2018 (GLOBE NEWSWIRE) -- United-Guardian, Inc. (NASDAQ:UG) announced today that the company's Board of Directors, at its meeting on May 16, 2018, declared a cash dividend of $0.50 per share, to be paid on June 13, 2018 to all stockholders of record as of the close of business on May 30, 2018. This will be the 23 rd consecutive year that the company has paid a dividend, and represents a 19% increase over the mid-year dividend the company paid last year.
Ken Globus, President of United-Guardian, stated, “We are pleased to once again be in a position to not only pay a mid-year dividend but also to increase it to 50 cents a share from the 42 cents a share we paid at this time last year. It has been our policy for many years to share our success as much as possible with our shareholders, and with a strong first quarter and our expectation that our second quarter will be profitable as well, we are happy to be able to increase this dividend. With strong sales in China, some new cosmetic ingredients in the hands of our marketing partners, and more new products in development, we are optimistic that this will be another strong year for us.”
United-Guardian is a manufacturer of cosmetic ingredients, personal and health care products, pharmaceuticals, and specialty industrial products. For more information, please contact Robert Rubinger at [email protected] or (631) 273-0900, or visit the company’s web site at www.u-g.com .
NOTE: This press release contains both historical and "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements about the company’s expectations or beliefs concerning future events, such as financial performance, business prospects, and similar matters, are being made in reliance upon the “safe harbor” provisions of that Act. Such statements are subject to a variety of factors that could cause our actual results or performance to differ materially from the anticipated results or performance expressed or implied by such forward-looking statements. For further information about the risks and uncertainties that may affect the company’s business please refer to the company's reports and filings with the Securities and Exchange Commission.
Source:United-Guardian, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-united-guardian-announces-increase-in-mid-year-dividend.html |
May 4 (Reuters) - Geo Group Inc:
* GEO GROUP INC SAYS ON APRIL 30 ENTERED INTO THAT CERTAIN AMENDMENT NO.1 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT - SEC FILING
* GEO GROUP INC - AMENDMENT PROVIDES FOR REFINANCING OF ALL EXISTING SENIOR SECURED TERM LOANS WITH REFINANCING TERM LOANS IN AGGREGATE OF $792.0 MILLION
* GEO GROUP INC - INTEREST RATE APPLICABLE TO REFINANCING TERM LOANS IS EQUAL TO LIBOR PLUS 2.00% Source text: ( bit.ly/2JWsuX0 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-geo-group-says-entered-into-that-c/brief-geo-group-says-entered-into-that-certain-amendment-no-1-to-third-amended-and-restated-credit-agreement-idUSFWN1SB1F6 |
May 4, 2018 / 12:13 PM / Updated 4 hours ago Commentary: Widest ever U.S.-European earnings gap set to narrow Jamie McGeever 4 Min Read
LONDON (Reuters) - U.S. corporate profit growth is outpacing European profit growth at the fastest pace on record, but the anomaly is unlikely to last. File photo: Shipping containers are stacked on a cargo ship in the dock at the ABP port in Southampton, Britain. REUTERS/Peter Nicholls
The drivers of that divergence, such as the U.S. tax cuts, a weak dollar, and disparity between share buybacks on either side of the Atlantic are fading, and some could even reverse in the second half of the year.
Certainly, the earnings gap now is remarkable. Based on comparative 12-month forward earnings per share, it’s never been wider.
“We’ve never seen such a big gap. U.S. and European earnings have always correlated, so this is a huge anomaly,” said Martin Skanberg, a European equity portfolio manager at Schroders.
“The gap will close.”
(For a graphic showing U.S. vs euro zone earnings, click here: reut.rs/2IePqTX )
Skanberg estimates that U.S. earnings per share are around 60-70 percent above the earnings peak in 2007, while European earnings are some 30 percent below the peak in 2007.
Just under half the companies in the MSCI EMU (European) index have reported first-quarter (Q1) results so far, and profits are up just 0.2 percent on the same period last year.
Around 80 percent of the firms listed on the U.S. S&P 500 have reported Q1 results, and earnings growth is running at 26 percent.
Charlie Bilello at Pensions Partners reckons U.S. earnings are growing even faster, at a 30 percent rate. That’s the fastest pace of year on year growth in more than seven years.
(For a graphic showing U.S. stocks EPS growth, click here: reut.rs/2Igm73i )
Yet Q1 this year will be the peak for U.S. earnings growth.
The rise in U.S. Treasury yields to multi-year highs is altering the so-called equity risk premium, essentially the extra yield investors are paid to buy relatively risky equities over safer fixed income.
With 10-year U.S. Treasury yields on the rise and now offering investors a pretty juicy 3 percent, the U.S. equity risk premium is under pressure.
It’s a different story in the euro zone - bond yields are considerably lower, meaning equities offer a far more attractive return. Assuming ‘ceteris paribus’, equity risk premia suggest European stocks are more appealing than U.S. equities.
(For a graphic showing Equity risk premium - U.S. vs euro zone, click here: reut.rs/2Ik27wG )
Of course, everything else never does remain the same, and one of the most important variables for international money managers is the euro/dollar exchange rate.
Last year, the dollar fell 12 percent against the euro, its worst year since 2003. This boosted the dollar value of U.S. profits accrued overseas, and at the same time had the opposite impact on European firms’ profitability.
The dollar now appears to be in the early stages of a reversal, rebounding 4 percent in the last three weeks to its highest since January. Wall Street is feeling the pinch, slipping nearly 4 percent over the last three weeks.
If the dollar continues to drift higher and the euro lower, the impact on relative profitability should continue to favour Europe over Wall Street.
Another area where the European market could be poised to follow the U.S. lead is share buybacks. Since 2010, S&P 500 companies have spent nearly $4 trillion on share buybacks, according to S&P Dow Jones Indices.
This has had a massive impact on Wall Street. And with Apple leading the way with its $23.5 billion buyback in Q1 and targeting up to $100 billion in future repurchases, 2018 is on track to be another record year.
But Europe could finally be about to play catch up.
Skanberg at Schroders estimates European firms are sitting on some 900 billion euros of cash, or over $1 trillion. Much of that is in negative-yielding, short-term debt that could be used for investing, M&A, or share buybacks, he argues.
The opinions expressed here are those of the author, a columnist for Reuters. Reporting by Jamie McGeever; Graphics by Helen Reid and Jamie McGeever; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-markets-stocks/commentary-widest-ever-u-s-european-earnings-gap-set-to-narrow-idUKKBN1I51DW |
(Reuters) - Malaysian shuttlers Tan Chun Seang and Zulfadli Zulkiffli have received 15- and 20-year bans after being found guilty of offences relating to “betting, wagering and irregular match results”, Badminton World Federation (BWF) said on Wednesday.
Tan and former junior world champion Zulkiffli were banned from any involvement in badminton, including administrative, coaching, officiating, and developmental functions.
An independent panel came to the conclusion that both players “engaged in corruption offences over a significant period and a significant number of tournaments” dating back to 2013, BWF said in a statement.
Zulkiffli has committed more code of conduct violations than Tan and had been proven to influence the results of four matches, it added.
“In addition, Tan has been fined $15,000 while Zulkiffli has been fined $25,000 by a BWF Ethics Hearing Panel,” BWF said.
“The suspensions begin from 12 January 2018 – the date on which both players were provisionally suspended by the Badminton World Federation.”
Reporting by Hardik Vyas in Bengaluru; Editing by Peter Rutherford
| ashraq/financial-news-articles | https://www.reuters.com/article/us-badminton-malaysia-bans/badminton-malaysian-players-banned-for-15-20-years-over-betting-fixing-offences-idUSKBN1I30AN |
Incumbency has its advantages.
We at Fortune should know. We’ve been publishing the annual Fortune 500 list of largest companies in the U.S. since 1955. Others publish lists of bigness and profitability and market value. But only the Fortune 500, a ranking based on revenues, is synonymous with size and durability and prestige among America’s biggest enterprises.
That gorgeous issue (326 pages in print!) hits newsstands—and our website—this week. It’s a great opportunity to dig into some of the most important companies in the world’s (still) largest economy. Unsurprisingly, tech companies are more than well represented on the list, as well as in our deep-dive stories in the issue.
And the obstacles to challenging an incumbent shine through in Beth Kowitt’s penetrating story about Amazon’s (amzn) notably tough slog in establishing itself as a powerhouse in the grocery business. Walmart (wmt) steamrolled incumbents in the business a generation ago to become the nation’s biggest grocer. Amazon , which has boldly challenged Walmart in a retail slugfest, has had far less success in the grocery segment. The competitive beast from Seattle, it turns out, excels at selling non-perishable goods. When freshness is imperative and the merchandise can’t be warehoused, Amazon has struggled.
This explains Amazon’s purchase of Whole Foods. Kowitt has sparkling examples of how Whole Foods give Amazon a shot at grocery relevancy and doubles as a real-time laboratory for Amazon’s technology ideas.
Whether you’re a challenger or an incumbent yourself, this is a story that’s worth a read. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/amazon-whole-foods-walmart-grocery/?iid=recirc_f500landing-zone2 |
Reported Q1 revenues of $956.1 million, up 6.2% compared to prior year; constant currency growth 1 of negative 1.1% Q1 2018 GAAP EPS of $0.35 with Q1 2018 non-GAAP adjusted EPS of $0.45 Updated 2018 guidance: non-GAAP adjusted EPS in the range of $2.55 to $2.65 Closed acquisition of OraMetrix on May 1, 2018 Board of Directors authorizes an increase of $500 Million in share repurchase program, bringing total current authorization to $1 billion
YORK, Pa., May 06, 2018 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. (“Dentsply Sirona”) (Nasdaq:XRAY), The Dental Solutions Company, today announced its financial results for the three months ended March 31, 2018.
First Quarter 2018 Financial Results
Reported net sales of $956.1 million increased 6.2% compared to $900.5 million in the first quarter of 2017. Sales growth was negative 1.1% on a constant currency basis. Net income attributable to Dentsply Sirona for the first quarter of 2018 was $81.2 million, or $0.35 per diluted share, compared to net income of $59.8 million, or $0.26 per diluted share in the first quarter of 2017. On an adjusted basis, excluding certain items, non-GAAP net earnings per diluted share were $0.45 compared to $0.49 in the first quarter of 2017. A reconciliation of the non-GAAP measures to earnings per share calculated on a US-GAAP basis is provided in the attached tables.
"Despite a solid performance in many businesses and regions, overall results for the quarter were disappointing due headwinds in the U.S. Technologies & Equipment business," said Donald M. Casey, Jr., Chief Executive Officer of Dentsply Sirona. “Our revised guidance reflects our expectations of continued headwinds in that important business and more importantly the steps we are taking to return the company to growth. Our priority for the remainder of 2018 is to invest in comprehensive strategies designed to help accelerate demand in this market. They include increased marketing support, additional sales representatives and other efforts designed to create growth both short term and long term. Additionally, we are opening a state-of-the-art training facility in Charlotte that underscores our commitment to clinical education. It is our belief that these investments are essential to support our total portfolio, including the Technologies & Equipment business, our robust R&D pipeline and important new technology platforms like OraMetrix. We remain very much committed and on track with our cost savings programs. By focusing on these critical priorities we expect to drive significant and sustainable shareholder value.”
1 Non-GAAP adjusted EPS, constant currency growth and results are non-GAAP financial measures that exclude certain items. Please refer to the disclosure at the end of the release.
For a reconciliation of constant currency growth to internal revenue growth please see supplemental tables at the end of the release.
Summary of 2018 First Quarter Sales Results as Compared to First Quarter 2017
($s in millions) Reported Constant Currency Results By Region Reported Sales Growth Growth U.S. $ 291.8 -6.9 % -7.4 % Europe $ 425.5 14.2 % 0.6 % Rest of World $ 238.8 11.4 % 5.3 % Total Sales $ 956.1 6.2 % -1.1 % Results By Segment Consumables $ 447.8 6.2 % -0.4 % Technologies & Equipment $ 508.3 6.1 % -1.7 % Total Sales $ 956.1 6.2 % -1.1 %
Guidance for 2018^
Management expects adjusted EPS for 2018 in the range of $2.55 to 2.65 per diluted share.
2018 guidance assumes approximately 2% constant currency revenue growth for the year.
Closed Acquisition of OraMetrix
On May 1 st , 2018, Dentsply Sirona closed the acquisition of OraMetrix, a leading provider of innovative 3-D technology solutions improving the quality and efficiency of orthodontic care. OraMetrix offers an advanced, CAD platform developed for dental professionals to deliver consistently predictable orthodontic outcomes. The acquisition will enable Dentsply Sirona to provide a comprehensive orthodontic offering that will include a full arch clear aligner solution.
OraMetrix has revenues of approximately $20 million and is profitable. In order to accelerate and broaden the commercialization of OraMetrix’s technologies and services, Dentsply Sirona is planning to incur additional investments and expenses which will be slightly dilutive to overall earnings per share in 2018 and 2019.
Additional Stock Repurchase Authorization
On April 25 th , 2018, Dentsply Sirona’s Board of Directors authorized an increase of $500 million of common stock to its share repurchase program, reflecting the company’s strong balance sheet and free cash flow generation. This authorization is in addition to the $500 million previously authorized by the Board of Directors on February 14, 2018, bringing the total share repurchase authorization up to $1 billion of common stock.
Announces Investor and Analyst Day
Dentsply Sirona is announcing that it will hold an Investor and Analyst Day on Thursday, September 27 th , 2018 in Charlotte, North Carolina. Financial analysts and institutional investors who are interested in attending the event in person should contact Joshua Zable at [email protected] . A webcast of the event will be available on the company website at www.dentsplysirona.com in the investor relations section.
^Our guidance is presented on a non-GAAP basis, as it does not include the impact of prospective acquisitions, acquisitions announced but not yet closed and other non-GAAP items, including restructuring costs, many of which are difficult to predict. Therefore, we cannot provide a full reconciliation of these measures. The Company is unable at this time to address the probable significance of all of the unavailable information.
Conference Call/Webcast Information
Dentsply Sirona’s management team will host an investor conference call and live webcast tomorrow, May 7 th at 8:30 am EST.
Investors can access the webcast via a link on Dentsply Sirona’s web site at www.dentsplysirona.com (under Investors-Events & Presentations). For those planning to participate on the call, please dial +1-800-239-9838 for domestic calls, or +1-323-794-2551 for international calls. The Conference ID # is 5737052. A replay of the conference call will be available online on the Dentsply Sirona web site, and a dial-in replay will be available for one week following the call at +1-888-203-1112 (for domestic calls) or +1-719-457-0820 (for international calls), replay passcode # 5737052.
About Dentsply Sirona:
Dentsply Sirona is the world’s largest manufacturer of professional dental products and technologies, with over a century of innovation and service to the dental industry and patients worldwide. Dentsply Sirona develops, manufactures, and markets a comprehensive solutions offering including dental and oral health products as well as other consumable medical devices under a strong portfolio of world class brands. As The Dental Solutions Company, Dentsply Sirona’s products provide innovative, high-quality and effective solutions to advance patient care and deliver better, safer and faster dentistry. Dentsply Sirona’s global headquarters is located in York, Pennsylvania. The Company’s shares are listed in the United States on Nasdaq under the symbol XRAY. Visit www.dentsplysirona.com for more information about Dentsply Sirona and its products.
Contact Information:
Joshua Zable, IRC
VP, Investor Relations
+1-718-482-2184
[email protected]
Forward-Looking Statements and Associated Risks
Information the Company has included or incorporated by reference in this Form 8-K, and information which may be contained in other filings with the U.S. Securities and Exchange Commission ("SEC") as well as press releases or other public statements, contains or may contain These include, among other things, statements about the Company’s plans, objectives, expectations (financial or otherwise) or intentions.
The Company’s involve risks and uncertainties. Actual results may differ significantly from those projected or suggested in any The Company does not undertake any obligation to release publicly any revisions to such to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Any number of factors could cause the Company’s actual results to those contemplated by any , including, but not limited to, the risks associated with the following:
the Company’s ability to remain profitable in a very competitive marketplace, which depends upon the Company’s ability to differentiate its products and services from those of competitors
the Company’s failure to anticipate and appropriately adapt to changes or trends within the rapidly changing dental industry
the effect of changes in the Company’s management and personnel
the Company’s ability to control costs
changes in applicable laws, rules or regulations, or their interpretation or enforcement, or the enactment of new laws, rules or regulations, which apply to the Company’s business practices (past, present or future) or require the Company to spend significant resources for compliance
the Company’s failure to execute on, or other issues arising under, certain key client contracts
a significant failure or disruption in service within the Company’s operations or the operations of key distributors
the Company’s failure to successfully integrate the business operations or achieve the anticipated benefits from any acquired businesses
results in pending and future litigation, investigations or other proceedings which could subject the Company to significant monetary damages or penalties and/or require us to change our business practices, or the costs incurred in connection with such proceedings
the Company’s failure to attract and retain talented employees, or to manage succession and retention for its Chief Executive Officer or other key executives
the impact of the Company’s debt service obligations on the availability of funds for other business purposes, the terms of and required compliance with covenants relating to the Company’s indebtedness and its access to the credit markets in general
general economic conditions
other risks described from time to time in the Company’s filings with the SEC
You should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company's most recent Form 10-K and any other information included or incorporated by reference in this Report, and information which may be contained in the Company’s other filings with the SEC, when reviewing any forward-looking statement. The Company notes these factors for investors as permitted under the Private Securities Litigation Reform Act of 1995. Investors should understand it is impossible to predict or identify all such factors or risks. As such, you should not consider either foregoing lists, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties.
Non-US GAAP Financial Measures
In addition to the results reported in accordance with US GAAP, the Company provides adjusted net income attributable to Dentsply Sirona and adjusted earnings per diluted common share (“adjusted EPS”). The Company discloses adjusted net income attributable to Dentsply Sirona to allow investors to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period and may not be indicative of past or future performance of the normal operations of the Company and certain large non-cash charges related to purchased intangible assets. The Company believes that this information is helpful in understanding underlying operating trends and cash flow generation.
The principal measurements used by the Company in evaluating its business are: (1) constant currency sales growth by segment and geographic region; (2) internal sales growth by segment and geographic region; and (3) adjusted operating income and margins of each reportable segment, which excludes the impacts of purchase accounting, corporate expenses, and certain other items to enhance the comparability of results period to period. These principal measurements are not calculated in accordance with accounting principles generally accepted in the United States; therefore, these items represent non-US GAAP measures. These non-US GAAP measures may differ from other companies and should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.
The Company defines “constant currency sales growth” as the increase or decrease in net sales from period to period excluding precious metal content and the impact of changes in foreign currency exchange rates. This impact is calculated by comparing current-period revenues to prior-period revenues, with both periods converted at the U.S. dollar to local currency foreign exchange rate for each month of the prior period, for the currencies in which the Company does business.
The Company defines “internal sales growth” as constant currency sales growth excluding the impacts of net acquisitions and divestitures, merger accounting impacts and discontinued products.
Management also believes that the presentation of net sales, excluding precious metal content, provides useful information to investors because a portion of Dentsply Sirona’s net sales is comprised of sales of precious metals generated through sales of the Company’s precious metal dental alloy products, which are used by third parties to construct crown and bridge materials. Due to the fluctuations of precious metal prices and because the cost of the precious metal content of the Company’s sales is largely passed through to customers and has minimal effect on earnings, Dentsply Sirona reports net sales both with and without precious metal content to show the Company’s performance independent of precious metal price volatility and to enhance comparability of performance between periods. The Company uses its cost of precious metal purchased as a proxy for the precious metal content of sales, as the precious metal content of sales is not separately tracked and invoiced to customers. The Company believes that it is reasonable to use the cost of precious metal content purchased in this manner since precious metal dental alloy sale prices are typically adjusted when the prices of underlying precious metals change.
Adjusted net income and adjusted EPS are important internal measures for the Company. Senior management receives a monthly analysis of operating results that includes adjusted net income and adjusted EPS and the performance of the Company is measured on this basis along with other performance metrics.
The adjusted net income attributable to Dentsply Sirona consists of net income attributable to Dentsply Sirona adjusted to exclude the following:
(1) Business combination related costs and fair value adjustments . These adjustments include costs related to integrating and consummating mergers and recently acquired businesses, as well as costs, gains and losses related to the disposal of businesses or significant product lines. In addition, this category includes the roll off to the consolidated statement of operations of fair value adjustments related to business combinations, except for amortization expense noted below. These items are irregular in timing and as such may not be indicative of past and future performance of the Company and are therefore excluded to allow investors to better understand underlying operating trends.
(2) Restructuring program related costs and other costs . These adjustments include costs related to the implementation of restructuring initiatives as well as certain other costs. These costs can include, but are not limited to, severance costs, facility closure costs, lease and contract terminations costs, related professional service costs, duplicate facility and labor costs associated with specific restructuring initiatives, as well as, legal settlements and impairments of assets. These items are irregular in timing, amount and impact to the Company’s financial performance. As such, these items may not be indicative of past and future performance of the Company and are therefore excluded for the purpose of understanding underlying operating trends.
(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets. Amortization expense has been excluded from adjusted net income attributed to Dentsply Sirona to allow investors to evaluate and understand operating trends excluding these large non-cash charges.
(4) Credit risk and fair value adjustments . These adjustments include both the cost and income impacts of adjustments in certain assets and liabilities including the Company’s pension obligations, that are recorded through net income which are due solely to the changes in fair value and credit risk. These items can be variable and driven more by market conditions than the Company’s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
(5) Gain on sale of marketable securities. This adjustment represents the gain on the sale of marketable securities held by the Company. The gain has been excluded from adjusted net income attributed to Dentsply Sirona to allow investors to evaluate and understand operating trends excluding this gain.
(6) Income tax related adjustments. These adjustments include both income tax expenses and income tax benefits that are representative of income tax adjustments mostly related to prior periods, as well as the final settlement of income tax audits, and discrete tax items resulting from the implementation of restructuring initiatives and the vesting and exercise of employee share-based compensation. These adjustments are irregular in timing and amount and may significantly impact the Company’s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
Adjusted earnings per diluted common share is calculated by dividing adjusted net income attributable to Dentsply Sirona by diluted weighted-average common shares outstanding. Adjusted net income attributable to Dentsply Sirona and adjusted earnings per diluted common share are considered measures not calculated in accordance with US GAAP, and therefore are non-US GAAP measures. These non-US GAAP measures may differ from other companies. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate. The non-US GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.
DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts and percentages)
(unaudited)
Three Months Ended March 31, 2018 2017 Net sales $ 956.1 $ 900.5 Net sales, excluding precious metal content 945.8 889.4 Cost of products sold 442.0 408.5 Gross profit 514.1 492.0 % of Net sales 53.8 % 54.6 % % of Net sales, excluding precious metal content 54.4 % 55.3 % Selling, general and administrative expenses 435.2 404.7 Restructuring and other costs 10.2 3.1 Operating income 68.7 84.2 % of Net sales 7.2 % 9.4 % % of Net sales, excluding precious metal content 7.3 % 9.5 % Net interest and other expense (income) (26.1 ) 7.6 Income before income taxes 94.8 76.6 Provision for income taxes 13.7 16.9 Net income 81.1 59.7 % of Net sales 8.5 % 6.6 % % of Net sales, excluding precious metal content 8.6 % 6.7 % Less: Net loss attributable to noncontrolling interests (0.1 ) (0.1 ) Net income attributable to Dentsply Sirona $ 81.2 $ 59.8 % of Net sales 8.5 % 6.6 % % of Net sales, excluding precious metal content 8.6 % 6.7 % Net income per common share attributable to Dentsply Sirona: Basic $ 0.36 $ 0.26 Diluted $ 0.35 $ 0.26 Weighted average common shares outstanding: Basic 227.2 230.1 Diluted 229.9 234.0 Dividends declared per common share $ 0.0875 $ 0.0875
DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(unaudited)
March 31, 2018 December 31, 2017 Assets Current Assets: Cash and cash equivalents $ 317.1 $ 320.6 Accounts and notes receivable-trade, net 670.4 746.2 Inventories, net 696.6 623.1 Prepaid expenses and other current assets, net 316.4 312.6 Total Current Assets 2,000.5 2,002.5 Property, plant and equipment, net 888.2 876.0 Identifiable intangible assets, net 2,811.4 2,800.7 Goodwill, net 4,573.2 4,539.2 Other noncurrent assets, net 99.5 156.1 Total Assets $ 10,372.8 $ 10,374.5 Liabilities and Equity Current liabilities $ 895.4 $ 954.5 Long-term debt 1,645.5 1,611.6 Deferred income taxes 641.4 718.0 Other noncurrent liabilities 485.3 462.5 Total Liabilities 3,667.6 3,746.6 Total Dentsply Sirona Equity 6,693.1 6,616.3 Noncontrolling interests 12.1 11.6 Total Equity 6,705.2 6,627.9 Total Liabilities and Equity $ 10,372.8 $ 10,374.5
DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(unaudited)
Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income $ 81.1 $ 59.7 Net cash provided by operating activities 55.1 82.5 Net cash used in investing activities (45.2 ) (41.1 ) Net cash used in financing activities (19.4 ) (67.6 ) Effect of exchange rate changes on cash and cash equivalents 6.0 5.6 Net decrease in cash and cash equivalents (3.5 ) (20.6 ) Cash and cash equivalents at beginning of period 320.6 383.9 Cash and cash equivalents at end of period $ 317.1 $ 363.3
DENTSPLY SIRONA INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)
For the three month period ended March 31, 2018, net sales, excluding precious metal content, decreased 1.1% on a constant currency basis. This includes a benefit of 0.3% from acquisitions, which results in negative internal sales growth of 1.4%. Net sales, excluding precious metal content, were positively impacted by approximately 7.3% due to the weakening of the U.S. dollar over the prior year period. A reconciliation of reported net sales to net sales, excluding precious metal content, is as follows:
Three Months Ended March 31, (in millions, except percentages) 2018 2017 Variance % Net sales $ 956.1 $ 900.5 6.2 % Less: precious metal content of sales 10.3 11.1 (7.2 %) Net sales, excluding precious metal content 945.8 889.4 6.3 % Merger related adjustments (a) — 1.5 (100.0 %) Non-US GAAP, net sales,
excluding precious metal content $ 945.8 $ 890.9 6.2 % Foreign exchange impact 7.3 % Constant currency growth (1.1 %) Acquisitions 0.3 % Internal sales growth (1.4 %) (a) Represents an adjustment to reflect deferred subscription and warranty revenue that was eliminated under business combination accounting standards to make the 2017 non-U.S. GAAP results comparable.
United States
Net sales decreased by 6.9% in the quarter ended March 31, 2018 as compared to the three months ended March 31, 2017. Net sales, excluding precious metal content, decreased by 6.9% in the first quarter of 2018 as compared to the first quarter of 2017.
For the three month period ended March 31, 2018, net sales, excluding precious metal content, decreased 7.4% on a constant currency basis. This includes a benefit of 0.2% from acquisitions, which results in negative internal sales growth of 7.6%. The decline in internal sales growth was attributable to both the Technologies & Equipment and Consumables segments.
Europe
Net sales increased by 14.2% in the quarter ended March 31, 2018 as compared to the three months ended March 31, 2017. Net sales, excluding precious metal content, increased by 14.6% in the first quarter of 2018 as compared to the first quarter of 2017, which was positively impacted by approximately 14.0% due to the weakening of the U.S. dollar over the prior year period.
For the three month period ended March 31, 2018, net sales, excluding precious metal content, increased 0.6% on a constant currency basis. This includes a benefit of 0.4% from acquisitions, which results in internal sales growth of 0.2%. Internal sales growth was driven by the Consumables segment partially offset by declines in the Technologies & Equipment segment.
Rest of World
Net sales increased by 11.4% in the quarter ended March 31, 2018 as compared to the three months ended March 31, 2017. Net sales, excluding precious metal content, increased 11.6% in the first quarter of 2018 as compared to the first quarter of 2017, which was positively impacted by approximately 6.3% due to the weakening of the U.S. dollar over the prior year period.
For the three month period ended March 31, 2018, sales, excluding precious metal content, increased 5.3% on a constant currency basis. This includes a benefit of 0.6% from acquisitions, which results in internal sales growth of 4.7%. Internal sales growth was driven by both segments.
Three Months Ended March 31, 2018 Q1 2018 Growth Three Months Ended March 31, 2017 (in millions, except percentages) US Europe ROW Total US Europe ROW Total US Europe ROW Total Net sales $ 291.8 $ 425.5 $ 238.8 $ 956.1 (6.9 %) 14.2 % 11.4 % 6.2 % $ 313.5 $ 372.7 $ 214.3 $ 900.5 Less: precious metal content of sales 1.3 8.1 0.9 10.3 1.4 8.6 1.1 11.1 Net sales, excluding precious metal content 290.5 417.4 237.9 945.8 (6.9 %) 14.6 % 11.6 % 6.3 % 312.1 364.1 213.2 889.4 Merger related adjustments (a) — — — — 1.5 — — 1.5 Non-US GAAP, net sales, excluding precious metal content $ 290.5 $ 417.4 $ 237.9 $ 945.8 (7.4 %) 14.6 % 11.6 % 6.2 % $ 313.6 $ 364.1 $ 213.2 $ 890.9 Foreign exchange impact — % 14.0 % 6.3 % 7.3 % Constant currency growth (7.4 %) 0.6 % 5.3 % (1.1 %) Acquisitions 0.2 % 0.4 % 0.6 % 0.3 % Internal sales growth (7.6 %) 0.2 % 4.7 % (1.4 %) (a) Represents an adjustment to reflect deferred subscription and warranty revenue that was eliminated under business combination accounting standards to make the 2017 non-U.S. GAAP results comparable.
Technologies & Equipment
Net sales increased by 6.1% in the quarter ended March 31, 2018 as compared to the three months ended March 31, 2017. Net sales, excluding precious metal content, increased by 6.4% in the first quarter of 2018 as compared to the first quarter of 2017. Net sales, excluding precious metal content, were positively impacted by approximately 7.8% due to the weakening of the U.S. dollar over the prior year period.
For the three months ended March 31, 2018, net sales, excluding precious metal content, decreased 1.7% on a constant currency basis compared to the three months ended March 31, 2017. This includes a decrease of approximately 0.1% related to the disposal of a non-strategic business, which results in negative internal sales growth of 1.6%. The decline in internal sales growth was driven by the U.S., mostly offset by internal sales growth in Rest of World region.
Consumables
Net sales increased by 6.2% in the quarter ended March 31, 2018 as compared to the three months ended March 31, 2017. Net sales, excluding precious metal content, increased 6.2% for the three months ended March 31, 2018 as compared to the three months ended March 31, 2017. Net sales, excluding precious metal content, were positively impacted by approximately 6.6% due to the weakening of the U.S. dollar over the same prior year period.
For the three month period ended March 31, 2018, net sales, excluding precious metal content, decreased 0.4% on a constant currency basis. This includes a benefit of 0.9% from acquisitions, which results in negative internal sales growth of 1.3%. The negative internal sales growth was primarily driven by the U.S., mostly offset by Rest of World region.
Three Months Ended March 31, 2018 Q1 2018 Growth Three Months Ended March 31, 2017 (in millions, except percentages) Consumables Technologies
& Equipment Total Consumables Technologies
& Equipment Total Consumables Technologies
& Equipment Total Net sales $ 447.8 $ 508.3 $ 956.1 6.2 % 6.1 % 6.2 % $ 421.5 $ 479.0 $ 900.5 Less: precious metal content of sales — 10.3 10.3 — 11.1 11.1 Net sales, excluding precious metal content 447.8 498.0 945.8 6.2 % 6.4 % 6.3 % 421.5 467.9 889.4 Merger related adjustments (a) — — — — 1.5 1.5 Non-US GAAP, net sales, excluding precious metal content $ 447.8 $ 498.0 $ 945.8 6.2 % 6.1 % 6.2 % $ 421.5 $ 469.4 $ 890.9 Foreign exchange impact 6.6 % 7.8 % 7.3 % Constant currency growth (0.4 %) (1.7 %) (1.1 %) Acquisitions 0.9 % — % 0.3 % Discontinued products — % (0.1 %) — % Internal sales growth (1.3 %) (1.6 %) (1.4 %) (a) Represents an adjustment to reflect deferred subscription and warranty revenue that was eliminated under business combination accounting standards to make the 2017 non-U.S. GAAP results comparable.
DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions)
(unaudited)
GAAP NON-GAAP Three
Months
Ended March
31, 2018 Amortization
of
Purchased Intangible
Assets Gain on
Sale of
Marketable Securities Restructuring
Program
Related
Costs and
Other Costs Credit Risk
and Fair
Value Adjustments Business
Combination
Related
Costs and
Fair Value Adjustments Tax Impact
of Non-US
GAAP Adjustments Income Tax
Related Adjustments Total Non-
GAAP Adjustments Three
Months
Ended March
31, 2018 NET SALES $ 956.1 — — — — — — — $ — $ 956.1 NET SALES-without precious metals 945.8 — — — — — — — — 945.8 GROSS PROFIT 514.1 29.9 — 2.7 — 1.5 — — 34.1 548.2 % OF NET SALES-without precious metals 54.4 % 58.0 % SG&A EXPENSES 435.2 (20.1 ) — (3.0 ) — (1.5 ) — — (24.6 ) 410.6 % OF NET SALES-without precious metals 46.0 % 43.4 % RESTRUCTURING AND OTHER COSTS 10.2 — — (10.2 ) — — — — (10.2 ) — INCOME FROM OPERATIONS 68.7 50.0 — 15.9 — 3.0 — — 68.9 137.6 % OF NET SALES-without precious metals 7.3 % 14.5 % NET INTEREST AND OTHER EXPENSE (26.1 ) — 44.1 — (10.7 ) (0.2 ) — — 33.2 7.1 PRE-TAX INCOME 94.8 50.0 (44.1 ) 15.9 10.7 3.2 — — 35.7 130.5 INCOME TAXES 13.7 — — — — — 22.9 (8.7 ) 14.2 27.9 14.5 % 21.4 % LESS: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (0.1 ) — (0.1 ) NET INCOME ATTRIBUTABLE TO DENTSPLY SIRONA $ 81.2 $ 21.5 $ 102.7 % OF NET SALES-without precious metals 8.6 % 10.9 % EARNINGS PER SHARE - DILUTED $ 0.35 $ 0.10 $ 0.45 DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions)
(unaudited)
GAAP NON-GAAP Three
Months
Ended March
31, 2017 Amortization
of
Purchased Intangible
Assets Gain on
Sale of
Marketable Securities Restructuring
Program
Related
Costs and
Other Costs Credit Risk
and Fair
Value Adjustments Business
Combination
Related
Costs and
Fair Value Adjustments Tax Impact
of Non-US
GAAP Adjustments Income Tax
Related Adjustments Total Non-
GAAP Adjustments Three
Months
Ended March
31, 2017 NET SALES $ 900.5 — — — — 1.5 — — $ 1.5 $ 902.0 NET SALES-without precious metals 889.4 — — — — 1.5 — — 1.5 890.9 GROSS PROFIT 492.0 26.0 — 0.3 0.9 5.9 — — 33.1 525.1 % OF NET SALES-without precious metals 55.3 % 58.9 % SG&A EXPENSES 404.7 (19.3 ) — (1.8 ) (1.7 ) (4.7 ) — — (27.5 ) 377.2 % OF NET SALES-without precious metals 45.5 % 42.3 % RESTRUCTURING AND OTHER COSTS 3.1 — — (3.1 ) — — — — (3.1 ) — INCOME FROM OPERATIONS 84.2 45.3 — 5.2 2.6 10.6 — — 63.7 147.9 % OF NET SALES-without precious metals 9.5 % 16.6 % NET INTEREST AND OTHER EXPENSE 7.6 — — (0.2 ) 0.1 (0.2 ) — — (0.3 ) 7.3 PRE-TAX INCOME 76.6 45.3 — 5.4 2.5 10.8 — — 64.0 140.6 INCOME TAXES 16.9 — — — — — 12.8 (2.7 ) 10.1 27.0 22.1 % 19.2 % LESS: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (0.1 ) — (0.1 ) NET INCOME ATTRIBUTABLE TO DENTSPLY SIRONA $ 59.8 $ 53.9 $ 113.7 % OF NET SALES-without precious metals 6.7 % 12.8 % EARNINGS PER SHARE - DILUTED $ 0.26 $ 0.23 $ 0.49
Source:DENTSPLY SIRONA Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/06/globe-newswire-dentsply-sirona-reports-first-quarter-2018-results.html |
Malaysia's Mahathir: New government needed today 'without delay' 3 Hours Ago Malaysia's Mahathir Mohamad spoke at a news conference after leading an opposition coalition to a historic election result. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/malaysias-mahathir-new-government-needed-today-without-delay.html |
A longtime business partner of Michael D. Cohen, the personal lawyer of President Donald Trump, has pleaded guilty to tax evasion in a deal that allows him to dodge prison time, indicating that he is cooperating with prosecutors.
Evgeny Freidman, a taxi operator who allegedly owed some $5 million in back taxes, entered into the surprise plea deal in Albany on Tuesday.
His lawyer, Patrick Egan, said he was satisfied with the guilty plea. Freidman — the so-called Taxi King of New York who operated taxis for Cohen’s family and others — will serve five years of probation for evading $50,000 in taxes.
Egan declined to comment on whether his client was cooperating with federal prosecutors in Manhattan who are investigating Cohen’s financial dealings. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/michael-cohen-partner-plea-deal/ |
SACRAMENTO, Calif. (AP) _ Pacific Ethanol Inc. (PEIX) on Tuesday reported a loss of $7.8 million in its first quarter.
On a per-share basis, the Sacramento, California-based company said it had a loss of 19 cents.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 28 cents per share.
The ethanol producer posted revenue of $400 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $411.2 million.
The company's shares closed at $3.15. A year ago, they were trading at $7.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on PEIX at https://www.zacks.com/ap/PEIX | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-pacific-ethanol-1q-earnings-snapshot.html |
CNBC.com George Osodi | Bloomberg A worker fits parts to the underside of a raised Hyundai Accent car at a vehicle assembly plant in Lagos, Nigeria, on February 17, 2016.
China has funneled billions of dollars into aid, loans and business deals on the African continent in recent years.
But as ties continue to strengthen, a former Nigerian finance minister has warned that Beijing-style economic governance will not work for Africa.
"China has been very helpful," particularly with building much-needed infrastructure in Africa, Ngozi Okonjo-Iweala, a two-time former finance minister in Nigeria, told CNBC on Wednesday.
But while less economically advanced countries may wish to emulate China's economic success, the Chinese approach of state-led development would prove unsuccessful for the majority of Africa, she said.
"In most African countries, it has been shown that state-led growth — pure state-led growth — has really not worked," Okonjo-Iweala said, citing the example of Nigeria's "vibrant private sector." Michael Nagle | Bloomberg | Getty Images Ngozi Okonjo-Iweala, former finance minister of Nigeria, during a panel discussion at the annual meeting of the Clinton Global Initiative in New York, U.S., on September 19, 2016.
In her view, the Nigerian government, through state-owned enterprises, has not shown itself capable of managing its manufacturing and heavier industries, for example.
Corruption could result from increased government intervention in business, Okonjo-Iweala said. "Some of our governments, when they get into direct provision of jobs and services — that's where corruption creeps in because it's not well-handled, the institutions of state are not strong enough, the checks and balances are not strong."
Okonjo-Iweala served as Nigeria's finance minister twice, from 2003-2006 and most recently during 2011-2015 under previous President Goodluck Jonathan. She is a former director at the World Bank and is currently an adviser at the Asian Infrastructure Development Bank. Where China-style economic management has worked
Nonetheless, one African country known for its economic partnership with China is Ethiopia . Infrastructure, as well as industrial parks to boost the manufacturing sector, have been built as part of Beijing's Belt and Road Initiative, a multi-billion dollar spending plan to resurrect ancient trading routes centered on China. Jenny Vaughan | AFP | Getty Images People working on an assembly line at Huajian shoe factory in Dukem, Ethiopia, on April 19, 2012.
Ethiopia, an East African country that has seen double-digit gross domestic product (GDP) growth as recently as 2017, has echoed China's state-led development style.
This approach "will only work in countries where the power is highly centralized," Anna Rosenberg, research director at emerging market advisory firm Frontier Strategy Group, told CNBC on Friday. Besides Ethiopia, she cited Mozambique and Rwanda as suitable examples. Nigeria's entrepreneurial society was less conducive to China-style economic management, she said.
History could also play a role, Rosenberg suggested. While Cold War allegiances to the Soviet Union may be present in some African countries, Nigeria, by contrast, is a former British colony and therefore more espoused to a free market system. China's strategic partner
"I think China sees Africa as a strategic continent that it wants to be a partner with," Okonjo-Iweala said. "Africa does have the natural resources that China lacks in many ways."
But, she added that in her view, this partnership extends beyond pure economic deals. "I believe strongly there is overarching political and soft power that is involved." show chapters 2:29 PM ET Mon, 30 April 2018 | 04:06
For Okonjo-Iweala, it is important to demonstrate the fruits of African business deals with China to the public. She described Beijing-funded new airport terminals in the Nigerian capital Abuja as an example of this because "people will be able to see them, and witness them, and know that the money went into something concrete."
Last week, China's state-run news agency Xinhua reported that Nigeria had signed a deal with the China Civil Engineering Construction Corporation to build a railway from its economic hub Lagos to Kano, a commercial hotspot in the north of the country.
African countries must enter business deals with China "with our eyes open," Okonjo-Iweala said, to capitalize on its manufacturing expertise and technological development.
Africa is in the process of expanding its manufacturing sector in an attempt to bolster economic development. Nigeria, as part of an attempt to wean itself off oil dependence, has grown its manufacturing base from just 2.5 percent of value added to GDP in 2009 to 8.8 percent in 2016, according to the World Bank.
But with regards to regulating Africa-China business deals, "we are absolutely not there," Okonjo-Iweala said, although she added that this varied between African countries. Providing that fair and transparent agreements are drawn up, "we can work with China – why not?" Pius Utomi Ekpei | AFP | Getty Images Oshodi market in Lagos, Nigeria. Justina Crabtree Digital News Assistant Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/china-state-led-growth-wont-work-in-africa-former-nigeria-finance-minister.html |
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