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May 01 (Reuters) -
For other diaries, please see:
Top Economic Events
Emerging Markets Economic Events
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Political and General News
U.S. Federal Reserve
Today in Washington
This Diary is filed daily. ** Indicates new events
TUESDAY, MAY 1 YELLOWKNIFE, Canada - Bank of Canada Governor Stephen S. Poloz will give speech at Yellowknife Chamber of Commerce 1845 GMT.
WASHINGTON, D.C. - U.S. Federal Reserve's Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates. WEDNESDAY, MAY 2
** LONDON - Keynote speech by ECB Supervisor Ignazio Angeloni at the FT-Fitch Global Banking Conference "The Lending Landscape and Financial Stability Ten Years On" in London, United Kingdom 1140 GMT.
** BERLIN - German Finance Minister Olaf Scholz presents his budget plans for 2018 and 2019 during a news conference - 1030 GMT. LONDON - Sweden Central Bank Governor Stefan Ingves will hold a closing address at the Financial Times Global Banking Conference in London 1200 GMT. WASHINGTON, D.C. - U.S. Federal Reserve's Federal Open Market Committee (FOMC) announces decision on interest rate, followed by statement 1800 GMT. THURSDAY, MAY 3
** ZURICH, Sweden - Swiss National Bank Chairman Thomas Jordan gives speech on "That's why Switzerland's full money," Swiss Institute for Banking and Finance s / bf-HSG, Zurich 1600 GMT. FRANKFURT, Germany - ECB Vice-President Vitor Constancio will give Keynote speech at Joint ECB/EC Conference "Fostering banking union and capital markets union a top-down or bottom-up approach?" organised by the ECB in Frankfurt, Germany - 1200 GMT. FRANKFURT, Germany - ECB Executive Board member Benoit Coeure moderating high-level a policy panel at Joint ECB/EC conference "Fostering banking union and capital markets union a top-down or bottom-up approach?" organised by the ECB in Frankfurt, Germany - 1230 GMT. STOCKHOLM - The Riksdag Committee on Finance will hold an open hearing with Riksbank Governor Stefan Ingves and others on the report Account of Monetary Policy 2017 - 0800 GMT. PARIS - Bank of France Governor Francois Villeroy de Galhau is to speak at a conference hosted by the French central bank and the European Investment Bank titled "Investment in France: gearing up momentum" 0700 GMT.
OLSO - Norway Central Bank announces interest rate decision - 0800 GMT.
FRIDAY, MAY 4
** VALLETTA - Keynote speech by ECB Vice President Vitor Constancio at a conference on 'Central Banks in Historical Perspective: What Changed After the Financial Crisis?' organised by the Central Bank of Malta in Valletta, Malta 0745 GMT. STANFORD, California - Federal Reserve Bank of San Francisco President John Williams speaks before the Hoover Institution/Stanford University "Currencies, Capital, and Central Bank Balances: a Policy Conference," - 1900 GMT. STANFORD, California - Federal Reserve Vice Chair for Supervision Randal Quarles makes presentation before panel, "Financial Stability, Regulations and the Balance Sheet" at the Hoover Institution/Stanford University "Currencies, Capital, and Central Bank Balances: a Policy Conference," - 2130 GMT. STANFORD, California - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Kansas City President Esther George and Federal Reserve Bank of Dallas President Robert Kaplan participate in "Monetary Policy and Reform in Practice" panel before the Hoover Institution/Stanford University "Currencies, Capital, and Central Bank Balances: a Policy Conference," - 0000 GMT.
OSLO - Norway Central Bank chief Oystein Olsen and Director Yngve Slyngstad participate in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. 0700 GMT. STOCKHOLM - Riksbank General Council Meeting - 1100 GMT. SUNDAY, May 6 AMELIA ISLAND, Florida - Federal Reserve Vice Chair for Supervision Randal Quarles speaks before the 2018 Financial Markets Conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability - 2300 GMT TOKYO - Bank of Japan releases minutes of Monetary Policy Meeting held on Mar 8 and 9 2350 GMT.
MONDAY, MAY 7
** AMELIA ISLAND, Florida - Federal Reserve Bank of Philadelphia President Patrick Harker moderates "Research Session 1: Artificial Intelligence and Modern Productivity Paradox: a Clash of Expections and Statistics" panel before conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability 1800 GMT.
** FAIRFAX, Va. - Federal Reserve Bank of Richmond President Tom Barkin speaks in a conversation at an event hosted by George Mason University - 1800 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks before the 2018 Financial Markets Conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability - 1225 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Dallas President Robert Kaplan and Federal Reserve Bank of Chicago President Charles Evans participate in "Policy Session 3: Learning About an ML-Driven Economy" before the 2018 Financial Markets Conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability - 1930 GMT. CASCAIS, Portugal Bank of Canada Deputy Governor Timothy Lane participates in panel discussion at Horasis, Cascais 1900 GMT. TUESDAY, MAY 8 STOCKHOLM - Swedish Central Bank publishes Minutes from the Monetary Policy meeting - 0730 GMT.
WEDNESDAY, MAY 9
JACKSONVILLE, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on the economic outlook and monetary policy before the World Affairs Council, Jacksonville - 1715 GMT. TOKYO - Bank of Japan to release summary of opinions from board members at its April 26-27 policy meeting 2350 GMT. STOCKHOLM - Riksbank executive board meeting - 0700 GMT. THURSDAY. MAY 10 LONDON - Bank of England publishes summary and minutes of the Monetary Policy Committee meeting and Inflation Report - 1100 GMT. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR) and Monetary Policy Statement. FRIDAY, MAY 11 TORONTO, Canada - Bank of Canada Senior Deputy Governor Carolyn A. Wilkins participates in panel discussion at Women's Forum Canada, Toronto - 1300 GMT.
MONDAY, MAY 14 PARIS, France - Federal Reserve Bank of Cleveland President Loretta Mester speaks before the Global Interdependence Center "Central Banking Series with Banque de France," - 0645 GMT OSLO - Norway Central Bank chief Oystein Olsen participates in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. 1015 GMT.
TUESDAY, MAY 15 MALMO, Sweden - Riksbank Deputy Governor Cecilia Skingsley will discuss the Riksbank's history and the development of money and she will also hold a breakfast presentation in Malmö on the economic situation and current monetary policy (to May. 16). OSLO - Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at a meeting hosted by Econa, Hoyres Hus Conference Center, Oslo - 1530 GMT. WEDNESDAY, MAY 16 OTTAWA Bank of Canada Deputy Governor Lawrence Schembri will give speech at CFA Society Ottawa and Ottawa Economics Association 1615 GMT.
FRANKFURT, Germany - ECB Governing Council meeting. No interest rate announcements scheduled.
MONDAY, MAY 21 STOCKHOLM - Riksbank executive board meeting - 0700 GMT. WEDNESDAY, MAY 23 MADRID - Bank of Spain Governor Linde to open a Deloitte-ABC economy event in Madrid - 0730 GMT.
BRUSSELS - The European Business Summit's annual 2-day conference at Egmont Palace in Brussels (to May 24). WASHINGTON, D.C. - U.S. Federal Reserve's Federal Open Market Committee (FOMC) will release minutes from its March 20-21 policy meeting 1800 GMT. STOCKHOLM - Swedish Central Bank publishes The Financial Stability Report 2018:1 - 0730 GMT.
THURSDAY, MAY 24 LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London's Society of Professional Economists 1800 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on "Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy". Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates "Session I: The Disruption Challenge Facing Business" of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in "Session III: Broader Labor Market Implications of Technology-Enabled Disruption" of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 STOCKHOLM Central Bank Governor Mark Carney from the Bank of England, Finland's central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank's 350th conference 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in "Session VIII: Policymaker Panel" of the conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks at the conference - 1830 GMT. TUESDAY, MAY 29 FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30
WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report 1400 GMT. THURSDAY, MAY 31 WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of "investing in growth that works for everyone" (to June 2). THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review 1530 GMT.
MONDAY, JUNE 11
STOCKHOLM - Riksbank executive board meeting 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve's Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). THURSDAY, JUNE 14
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) 1230 GMT.
FRIDAY, JUNE 15
TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18
STOCKHOLM - Riksbank general council meeting 1100 GMT.
TUESDAY, JUNE 19
HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 2350.
THURSDAY, JUNE 21
BERN - Swiss National Bank Financial Stability Report 2018 0430 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board's interest rate decision and publication of Monetary Policy followed by press conference 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision 1100 GMT.
SUNDAY, JUNE 24
TOKYO - Bank of Japan to release summary of opinions from board members at its Jun. 14-15 policy meeting 2350 GMT.
TUESDAY, JUNE 26
STOCKHOLM - Riksbank executive board meeting 0700 GMT.
WEDNESDAY, JUNE 27
FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28
FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR). | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/reuters-america-diary-top-economic-events-to-june-28.html |
ISTANBUL (Reuters) - Turkey will tighten fiscal policy as it recently did with monetary policy, Finance Minister Naci Agbal said on Thursday, adding that it is important that the two policies are in harmony.
FILE PHOTO: Turkish Finance Minister Naci Agbal is pictured in Ankara, Turkey, May 30, 2016. REUTERS/Umit Bektas/File Photo Turkey’s central bank hiked interest rates by 3 percentage points last week, following a deep sell-off in the lira.
Agbal made the comments in an interview with private broadcaster Bloomberg HT. He also said debt restructuring and construction amnesty measures introduced earlier this year will generate a 40-45 billion lira ($9-$10 billion) income, preventing upward risks to Turkey’s budget deficit.
Reporting by Birsen Altayli; Writing by Ali Kucukgocmen; Editing by David Dolan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-minister-fiscal/turkey-to-tighten-fiscal-policy-finance-minister-idUSKCN1IW0RT |
Trump financial disclosure forms released 36 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/trump-financial-disclosure-forms-released.html |
Jason Furman explains why a return to 3 percent annual growth is highly unlikely. | ashraq/financial-news-articles | http://live.wsj.com/video/opinion-the-economic-growth-debate-jason-furman/D250CDFC-E14F-498C-AFA5-F8611E4470CD.html |
MURRELLS INLET, S.C., May 1, 2018 /PRNewswire/ -- U.S. LBM Holdings, LLC ("U.S. LBM"), a leading distributor of specialty building materials in the United States, announced today that it has acquired Myrtle Beach Building Supply. With this acquisition, U.S. LBM now operates eight locations across North and South Carolina.
Founded in 2002, Myrtle Beach Building Supply operates two locations, situated in Murrells Inlet and Little River, S.C., distributing a wide range of products to custom home builders and professional remodelers, including roofing, siding, windows, doors, hardware, fasteners and trusses. Founders Bobby Smith and Joe Jenkins will both remain with the company, with Smith continuing to serve as president.
"Myrtle Beach Building Supply has built a reputation for providing superior service to its customers over the past 16 years, and we are pleased to welcome the entire team to the growing U.S. LBM network," said U.S. LBM President and CEO L.T. Gibson. "We believe this new partnership further improves our competitive position in the expanding Southeast construction market and complements our strategy of adding local market leaders with long-standing customer relationships to our portfolio."
Myrtle Beach Building Supply was advised on the transaction by Note Orius, Inc. U.S. LBM was advised by Honigman Miller Schwartz and Cohn LLP.
U.S. LBM is a leading distributor of specialty building materials in the United States. Offering a comprehensive portfolio of specialty products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry, U.S. LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country. For more information, please visit www.uslbm.com .
Contact:
Timothy Wirth
U.S. LBM Communications
484-886-5705
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/us-lbm-acquires-myrtle-beach-building-supply-in-south-carolina-300640136.html
SOURCE U.S. LBM | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-u-s-lbm-acquires-myrtle-beach-building-supply-in-south-carolina.html |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB10229774626089234747904584194951987972052 |
TEHRAN, Iran (AP) — The Latest on 's decision to pull the U.S. out of the Iran nuclear deal (all times local):
10:30 p.m.
French President Emmanuel Macron has spoken with the Iranian president, expressing France's determination to keep in place the nuclear accord disavowed by U.S. .
Macron told Hassan Rouhani in a telephone call on Wednesday that France wants to continue with the multilateral accord "in all its dimensions" and stressed the importance of Iran doing the same.
Macron noted the project to engage in talks with all parties concerned with the 2015 accord to reach a "mutually beneficial framework" on issues including the development of Iran's nuclear program after 2025, when some restrictions are lifted. Macron's office said that those talks would also encompass Iran's ballistic missile activities and the main crises in the Middle East.
The French and Iranian leaders agreed to continue work with all concerned states.
8:50 p.m.
is defending his decision to withdraw the U.S. from the Iran nuclear deal, saying "bedlam" and "death" follow wherever Iran is involved.
Speaking during a Cabinet meeting, Trump says he is open to negotiating a new deal with Iran, but adds: "We're going to make either a really good deal for the world or we're not going to make a deal at all."
Trump disregarded the pleas of U.S. allies to remain in the agreement, and instead announced Tuesday that he would reinstate sanctions on Iran in the coming months.
Trump says the Iran deal was "one sided" and would have led to nuclear proliferation. He adds that he would "advise Iran not to start their nuclear program."
7:45 p.m.
Egypt says it wants Arab countries to have a role in decisions about amending the nuclear treaty with Iran from which just withdrew.
In a statement Wednesday, the Foreign Ministry says it has followed the U.S. decision closely, and that it sees a need to preserve the "security and stability of the region."
Egypt said it was important that all concerned Arab parties participate in any dialogue on the future situation in the region, in particular the possibility of amending the deal
Cairo calls "on all regional powers, including Iran, to stop adopting policies or actions against the security of the Arab region," adding that it "hopes that the current developments will not result in any armed conflicts in the region."
7:35 p.m.
Defense Secretary Jim Mattis says decided to withdraw the U.S. from the Iran nuclear deal because he found it inadequate and could not affirm that the agreement was being lived up to.
Mattis made his remarks in response to questions by members of a Senate committee.
The Pentagon chief said that since the deal was made in 2015 there has been no reduction in what he called Iran's "malicious activities," such as Tehran's support for Syrian President Bashar Assad. Prior to Trump's decision, Mattis had said that while he would not have signed the deal, he believed the U.S. should stick with it.
Mattis said the U.S. will now work with allies and other countries to try to steer Iran toward more responsible behavior around the world.
6:50 p.m.
U.S. Defense Secretary Jim Mattis is telling a U.S. Senate panel work with allies and partners to prevent Iran from acquiring a nuclear weapon.
In an opening statement to the defense subcommittee of the Senate Appropriations Committee, focused mainly on the administration's proposed 2018 defense budget, Mattis noted that had announced his decision Tuesday to withdraw U.S. participation in the 2015 Iran nuclear deal.
Without commenting directly on the implications of leaving the nuclear deal, Mattis said the U.S. will work with "others" to address what he called "the range of Iran's malign influence."
6:35 p.m.
A former top official in the George W. Bush administration says 's decision to leave the Iran nuclear deal bodes well for future talks with North Korea.
Elliot Abrams, the deputy national security adviser under Bush, says Wednesday the "effect on North Korea is salutary in that it suggests the president is true to his rhetoric — he is not going to accept a very bad deal."
Speaking on the sidelines of the Herzliya Conference, an annual security gathering north of Tel Aviv, Abrams says that staying in the deal would have sent a negative message that the Americans would buckle under the international pressure to abide by the 2015 deal. He says Trump was strengthening his hand for his upcoming summit with North Korean leader Kim Jong-Un.
6:10 p.m.
A senior Israeli Cabinet minister says 's decision to withdraw from the Iran nuclear agreement will force the Islamic Republic to abandon its pursuit of a bomb for good.
Intelligence Minister Yisrael Katz says Wednesday that "Iran has two options — to align or to fold and crumble." Speaking to the Herzliya Conference, an annual security gathering north of Tel Aviv, Katz says if Iran doesn't truly shut down its nuclear ambitions "it will encounter the U.S. economic power, and we know the state of the Iranian economy."
The Israeli government has staunchly opposed the 2015 nuclear deal and warmly congratulated Trump on his decision. It says Iran abided by the deal because it served them well. Katz says the 2015 deal "was leading toward a nuclear weapon."
5:55 p.m.
The head of the European Union's executive says that the United States under is turning its back on multilateral relations and friendly cooperation "with a ferocity that can only surprise us."
EU Commission President Jean-Claude Juncker said Wednesday that in the wake of Trump's decision to pull out of the Iran nuclear deal, the United States "no longer wants to cooperate with other parts in the world."
In an address to Belgium's Flemish regional parliament, Juncker said that it was up to the EU to take on the mantle of the United States.
Juncker says, "At this point, we have to replace the United States, which as an international actor has lost vigor, and because of it, in the long term, influence."
4:55 p.m.
A top Turkish official says the Trump administration's decision to pull out of the Iran nuclear deal is a worrying development that will also "destroy U.S. credibility."
Ibrahim Kalin, spokesman for President Recep Tayyip Erdogan, said that the decision could lead to new tensions and clashes in the region.
Kalin said that "our position is for this agreement to continue the way it is."
He added, however, that Turkey didn't want nuclear weapons in the region, saying "our main aim is to ensure that our region is completely cleared of nuclear weapons."
4:40 p.m.
Two more Gulf Arab nations, the United Arab Emirates and Bahrain, have expressed support for 's decision .
The UAE says the agreement didn't guarantee Iran would refrain from pursuing a nuclear weapon in the future.
Bahrain, which has accused Iran of arming and training Shiite Bahraini protesters with the aim of destabilizing the Sunni-ruled country, said late Tuesday that Trump's decision reflects the U.S. commitment to confront Iran's "continuous attempts to spread terrorism in the region."
Saudi Arabia— one of Iran's staunchest regional foes— earlier rushed to express its support for Trump's decision, saying Iran had exploited the economic benefits of sanctions being lifted to continue its destabilizing activities.
Oman, a Gulf Arab nation that helped mediate talks between the U.S. and Iran that eventually led to the deal, said it "values the stance of the five partners (P5+1) to adhere to this agreement, thus contributing to regional and international security and stability."
It was referring to the agreement's co-signers — Britain, France, Germany, Russia and China — all of which had urged the U.S. to adhere to the deal.
4:30 p.m.
Britain's foreign secretary says the country "has no intention of walking away" from the Iran nuclear agreement despite the United States' decision to pull out.
Boris Johnson says the decision announced by "makes no difference to the British assessment" that the deal is working to curb Iran's nuclear ambitions.
He told lawmakers that Britain will abide by the agreement as long as international inspectors say Iran is complying.
Britain, France and Germany tried unsuccessfully to persuade Trump to stay in the deal, negotiated under his predecessor, Barack Obama.
Trump says the U.S. will re-impose sanctions on Iran, meaning European companies must stop doing business with the country or run afoul of the U.S. government.
Johnson urged the U.S. not to "take any action that would hinder other parties" from making the Iran deal work.
4:20 p.m.
The head of the U.N. nuclear watchdog says that Iran is fulfilling its commitments under the nuclear deal with world powers.
In a brief statement Wednesday, the International Atomic Energy Agency's director-general, Yukiya Amano, said that "as of today, the IAEA can confirm that the nuclear-related commitments are being implemented by Iran."
The Vienna-based IAEA was tasked with monitoring and verifying Iran's adherence to the 2015 deal with six world powers. announced the withdrawal of the U.S. on Tuesday.
Amano said: "Iran is subject to the world's most robust nuclear verification regime under the (deal), which is a significant verification gain."
4:10 p.m.
German Chancellor Angela Merkel says the U.S. withdrawal from the Iran nuclear deal shows Europe will face increasing responsibility to secure peace and seek political solutions to conflicts.
Merkel underlined the commitment of Germany, France and Britain to stick with the accord.
She said In a speech to members of her conservative party that "we have taken note with regret but also concern of this withdrawal by the United States of America, which is of course serious for such an agreement. We will remain committed to this agreement and try to do everything so that Iran also fulfills its commitments in the future."
Merkel said that "yesterday showed us once again that we will face more responsibility in Europe, in foreign policy, in the area of securing peace, in the area of the political solutions we must find."
4 p.m.
An official says that France and the European Union will work with the Trump administration to ensure European business interests in Iran are protected despite the U.S. decision .
An adviser to French President Emmanuel Macron said the U.S. decision to re-impose sanctions on Iran means European companies could be affected.
The adviser, who isn't authorized to be publicly named, said "we are going to do everything with the businesses involved to safeguard our interests. We will have discussions at the European level."
He added that France wants to preserve the Iran nuclear deal as part of its effort to guarantee global security in the Middle East, and that Macron would speak with Iranian President Hassan Rouhani later Wednesday. One of the main topics of Macron's trip to Russia in May will be the Iran nuclear deal.
--By Samuel Petrequin in Paris.
3:25 p.m.
An influential German business association says Washington's call for companies to stop dealing with Iran is contrary to international law.
The Federation of German Industries, or BDI, said Wednesday it rejects "the extraterritorial application of sanctions" and called upon the EU to find a solution to protect European companies from the "unlawful and unilateral" application of U.S. sanctions.
Many in Germany bristled at a tweet Tuesday from U.S. Ambassador Richard Grenell after only hours on the job saying "German companies doing business in Iran should wind down operations immediately."
He later defended it as "the exact language sent out from the White House."
BDI says German firms don't want to jeopardize business with the U.S. so there's an "urgent need to effectively protect our companies from the effect of U.S. sanctions."
2:40 p.m.
Germany's foreign minister is vowing to work to preserve the Iran nuclear deal and prevent an "uncontrolled escalation" of tensions in the Middle East.
Heiko Maas said Wednesday that "the agreement is working." He added that "it is not at all clear what, in the United States' view, could take the place of the nuclear agreement to prevent Iran verifiably from producing nuclear weapons."
Maas said it isn't in Iran's interests to jeopardize the opportunities created by the nuclear deal. He said "a cool head" will be needed in the coming days as the next steps are discussed.
He added: "We will also have to analyze what consequences the United States' withdrawal will have for European companies and how we in Europe can react to them together."
2:35 p.m.
A group representing German trade interests says the U.S. decision will hit Germany's economy hard.
The head of the Association of German Chambers of Commerce and Industry says the decision to lift sanctions on Iran in 2016 resulted in many new business relationships between the two countries.
Eric Schweitzer said Wednesday that the "unilateral actions by the U.S. government now subject this business to big reservations" because of the punitive sanctions German companies might face from the U.S.
Schweitzer cited a warning issued by the new U.S. ambassador in Berlin and urged Germany's government and the European Union to protect German business interests.
Trade between Germany and Iran reached 3.4 billion euros ($4 billion) last year, according to BGA, another foreign trade association.
2:30 p.m.
Belgian Prime Minister Charles Michel says that instead of scuttling the nuclear deal with Iran, as the United States has done, others should consider expanding economic relations instead, to promote peace and good relations.
Michel told VRT network on Wednesday that at a European Union summit next week, the 28 leaders need to throw their full weight behind the agreement, "but perhaps also to expand the deal."
Michel said that "together with our partners in the world we must see perhaps whether to develop an economic element." He added that "we can promote stability in the region by reinforcing our economic exchanges."
The 28 EU leaders will have a summit in Sofia on May 17 and the Iranian nuclear deal has been put on the agenda.
2:25 p.m.
China is expressing regret over 's decision to withdraw the U.S. from the Iran nuclear deal and says it remains committed to the landmark pact.
Foreign Ministry spokesman Geng Shuang told reporters Wednesday that "ensuring the integrity and sanctity" of the agreement was important for upholding the international nonproliferation regime and promoting peace and stability in the Middle East.
"We express regret over this decision made by the United States," Geng said.
China is strongly invested in the agreement, and it's unclear what effect Trump's widely-criticized decision to re-impose sanctions will have on its relationship with Tehran.
China was involved in negotiating the agreement as one of the five permanent members of the United Nations Security Council and has long been a close Iranian economic partner, buying about 1/3 of Iran's oil shipments
Geng said China would "carry on the normal and transparent pragmatic cooperation with Iran on the basis of not violating our international obligation."
2 p.m.
Iran's supreme leader has challenged over America pulling out of nuclear deal, saying: "You cannot do a damn thing!"
Ayatollah Ali Khamenei's comments came Wednesday as he met with a group of school teachers in Tehran, a day after Trump announced he was renewing sanctions on Iran.
Khamenei described Trump's speech Tuesday night as having "over 10 lies," without elaborating. He also said Trump's remarks threatened Iran's people and its theocratic government.
Under Iran's Islamic Republic, Khamenei has final say on all state matters.
1:15 p.m.
European plane-maker Airbus says it will abide by renewed U.S. sanctions on Iran but that it could take "some time" to determine the full impact of the American decision on the aviation industry's plans to sell billions of dollars' worth of planes to Iran.
Airbus and rival Boeing are among the biggest companies affected by Trump's decision to pull out of a landmark 2015 accord on curbing Iran's nuclear activities.
An Airbus spokesman said Wednesday that "we're carefully analyzing the announcement and will be evaluating next steps consistent with our internal policies and in full compliance with sanctions and export control regulations." He said he expected it to take "some time."
U.S. Treasury has said that licenses held by Airbus and Boeing to sell jetliners to Iran will be revoked, but that certain exemptions will be negotiated.
12:30 p.m.
The head of Iran's Revolutionary Guard has welcomed 's decision to withdraw the U.S. from the 2015 nuclear deal, saying it was clear from the beginning that the Americans were "not trustworthy" and that the move would have no impact.
The semi-official Fars news agency on Wednesday quoted Gen. Mohammad Ali Jafari as predicting that the European Union, which opposed the pullout, would eventually join the U.S., meaning the "the fate of the deal is clear."
He is quoted as saying: "We welcome Trump's decision on pulling out of the deal. This is not a new event and has no effective role in any field." He added that "it was clear that the Americans are not trustworthy."
Trump on Tuesday announced that the U.S. would withdraw from the international deal and restore sanctions on Iran, leaving the future of the agreement in doubt.
The Revolutionary Guard is a paramilitary force dominated by hard-liners, which answers directly to Iran's supreme leader.
12:10 p.m.
German multinational Siemens says it will abide by any sanctions on Iran but is waiting to see how the international community reacts to U.S. 's decision to pull out of the nuclear deal.
CFO Ralf Thomas told reporters on a conference call Wednesday that Siemens, which has multi-billion euro (dollar) contracts with Iran for rail, power plant and other projects, was currently assessing the possible impact.
He says "we will always comply and adhere to all relevant export control regulations," but "we are waiting for guidance from the international community."
Thomas says in the big picture, Siemens' Iranian business was "immaterial to the company" but that "we take note that one of the most important industrial countries on the planet has reached a political decision."
12:05 p.m.
France says the Iranian nuclear accord is "not dead" despite the U.S. withdrawal and that European countries will hold talks with Iran to find ways to keep it alive.
French Foreign Minister Jean-Yves Le Drian said Wednesday on RTL radio that "the risks of confrontation are real" after U.S. 's decision to pull out of the landmark agreement.
Le Drian said "we are ready to work on a widened accord" that would address Trump's concerns about the 2015 deal aimed at curbing Iran's nuclear ambitions. He said he and his British and German counterparts will meet Monday with Iranian representatives to discuss next steps.
Airbus, Renault and other French and European companies risk problems after resuming business with Iran following the 2015 deal, which lifted international sanctions in exchange for restrictions on Iran's nuclear activities.
French President Emmanuel Macron will discuss Mideast tensions at a special security meeting Wednesday and is expected to talk with Iranian President Rouhani in the coming hours.
11:30 a.m.
The European Union's envoy to China says the Iran nuclear deal will not "fall apart" despite the United States withdrawing from the landmark accord.
Ambassador Hans Dietmar Schweisgut said Wednesday that the EU believes "this is an agreement which belongs to the international community."
Speaking during a press briefing in Beijing, he said: "This is not an agreement that will fall apart if you just walk away."
Negotiated by the 2015 accord included EU members Germany, France and Britain, and had lifted most U.S. and international economic sanctions against Iran. In exchange, Iran agreed to restrictions on its nuclear program, making it impossible to produce a bomb and establishing rigorous inspections.
withdrew the U.S. from the deal on Tuesday and restored harsh sanctions against Iran.
10:40 a.m.
China's special envoy for the Middle East is urging all parties to adhere to the Iran nuclear deal and solve the dispute through dialogue.
China's Xinhua News Agency reported Wednesday that Gong Xiaosheng spoke at a press conference in Iran after meeting with Iranian officials, saying the multilateral deal is "very serious and important."
Gong says the deal helps maintain the international nuclear non-proliferation system and promotes peace and stability in the Middle East, and that the integrity of the agreement must be observed.
Gong says: "Having a deal is better than no deal. Dialogue is better than confrontation."
on Tuesday announced that the United States would withdraw from the international deal and restore sanctions on Iran, leaving the future of the agreement in doubt.
China was a co-signer of the agreement, along with Russia, Britain, France and Germany.
10:15 a.m.
A prominent Iranian lawmaker says parliament is preparing to increase spending on the country's ballistic missile program.
The head of Iran's parliamentary committee on national security and foreign policy, Alaeddin Boroujerdi, made the comments Wednesday after 's decision to pull America out of the nuclear deal.
One of Trump's criticisms of the deal has been the fact it does not address Iran's missile program.
Boroujerdi said: "With America's decision, Iran's missile program will not change at all."
9:50 a.m.
's decision to pull out of the Iranian nuclear deal is dominating newspaper front pages and discussions across Iran, with some saying the accord will go on "without the troublemaker."
Iranian moderate newspapers on Wednesday sought to buoy embattled President Hassan Rouhani, with the daily newspaper Asr-e Eghtesad proclaiming: "Iran's diplomacy has blunted Trump's blade."
The state-run IRNA news agency referred to Trump as "the troublemaker." Meanwhile, the hardline daily Kayhan went with: "Trump tears apart the nuclear deal; It is time to set it afire!"
President Hassan Rouhani warned Tuesday that Iran could restart enriching uranium "without any limitations" within weeks, after pulled America out of the nuclear deal, though the Iranian leader said world powers still in the accord could potentially save the pact.
9:45 a.m.
Iran's parliament speaker is saying his country will evaluate the European Union's ability to protect the nuclear deal.
In an opening speech Wednesday expressing pessimism about future of the deal, Ali Larijani said: "The period is only a window in which the EU can prove if it has enough weight for settling down international issues or not?"
He also said that Iran will examine diplomatic ways at first, but he also urged the country's nuclear department to prepare for "resumption of all aspects of nuclear activities."
Larijani added Iran is not after hasty "reaction and adventurism."
9:35 a.m.
Iranian lawmakers have set a paper U.S. flag ablaze at parliament after 's nuclear deal pullout, shouting, "Death to America!"
Lawmakers held the impromptu demonstration inside parliament on Wednesday, the day after Trump's decision. They also burned a piece of paper representing the nuclear deal.
The chant "Death to America" long has been used in Iran since its 1979 Islamic Revolution. It also has been common to hear it within parliament.
However, Wednesday's demonstration shows the public anger coursing through Iran after Trump's decision. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-the-latest-frances-macron-speaks-with-iranian-president.html |
DUSTIN OTTON took the bait. The 28-year-old barista was idly scrolling through Instagram when a pair of pastel-colored Asics sneakers (a collaboration with Boston boutique Bodega) caught his eye. The sneaker’s sunset palette and speckled sole leapt off the screen, and Mr. Otton’s scrolling thumb went into park. He bought the shoes.
For Julian De Sevilla, 24, a social media manager in Tallahassee, Fla., it was an arresting yellow hoodie from John Elliott that gave him pause. The instagram post in question actually showed an... | ashraq/financial-news-articles | https://www.wsj.com/articles/how-instagram-is-changing-the-way-men-dressfor-the-worse-1527699705 |
May 18, 2018 / 6:59 AM / Updated 16 minutes ago Materials drag Aussie shares lower, offset record CSL gains; NZ rises Reuters Staff
* Aussie shares snap six weeks of gains
* Lower commodity prices weigh on miners
* Auckland International Airport posts near 9-month closing high (Updates to close)
May 18 (Reuters) - Australian shares ended slightly lower on Friday as weak commodity prices hit material stocks, tempering a rally in the healthcare sector which was buoyed by shares of biotherapeutics firm CSL Ltd after an earnings upgrade.
The S&P/ASX 200 index ended 0.1 percent, or 6.9 points, lower at 6,087.4. The benchmark fell 0.5 percent this week, ending a six-week winning streak.
The healthcare index closed at a record-high led by CSL Ltd, which jumped 4.1 percent to an all-time high, after the biotherapeutics company raised its full-year net profit for the second time this year, underpinned by a severe influenza season in northern hemisphere.
The healthcare index rose 2.4 percent over the week.
Weak commodity prices weighed on material stocks, with major miners BHP and Rio Tinto, down over 1 percent each, among the biggest decliners on the benchmark.
Chinese steel futures fell to a one-week low on Friday, with supply rising and concerns of seasonal recovery in demand ending soon.
In the financial sector, lender Australia and New Zealand Banking Group rose 0.6 percent while its ‘Big Four’ peers fell between 0.7 percent to 0.9 percent.
New Zealand’s benchmark S&P/NZX 50 index rose 0.6 percent, or 53.95 points, to 8,657.33. However, the benchmark fell slightly on the week after rising for the past three.
Auckland International Airport was the biggest gainer on the index, rising 2.4 percent to a near nine month closing high.
Ryman Healthcare closed 2.5 percent higher, after reporting a 14 percent jump in its full-year profit. Reporting by Sumeet Gaikwad in Bengaluru Editing by Shri Navaratnam | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-close/materials-drag-aussie-shares-lower-offset-record-csl-gains-nz-rises-idUSL3N1SP2LV |
NEW YORK (Reuters Breakingviews) - Nearly ninety years ago, economist John Maynard Keynes warned darkly about widespread “technological unemployment” – a condition which would replace human workers faster than it could find new uses for them. Looking at the low and falling jobless rates in large economies like the United States and Britain, it would be easy to assume he was wrong. But there may be an alternative explanation. Maybe jobs didn’t disappear as industry advanced, but just turned to bullshit.
An employee answers phone calls at the switchboard an office. REUTERS/Christian Hartmann Such is the central thesis of David Graeber’s “Bullshit Jobs: A Theory”, based on an essay published in the radical magazine Strike! in 2013. The anthropologist tackles one of the questions about labour markets that governments and statistics bureaus have never quite answered. Namely, could an unfulfilling, soulless job be worse than not having one at all? Of the 164,000 non-farming jobs that the American economy added in April, say, how many gave their occupant a sense of purpose, or made the world a better place? And if few, why does society tolerate so much wasted time and effort?
The book’s main contribution is its highly entertaining definition of terms. A bullshit job is a paid role that’s “so completely, pointless, unnecessary or pernicious that even the employee cannot justify its existence” – even though the incumbent will typically pretend that’s not the case. Qualifying positions are numerous, from the bored receptionist whose main job is to wind up a grandfather clock once a week, to the unhappy employee in a warehouse full of clown noses. Anyone who works in public relations, or has “strategic” in their title, automatically joins the club.
The taxonomy gets more sophisticated as these thankless roles split into five archetypes: the duct tapers, the goons, the flunkies, box tickers and task masters. Graeber interviews examples of each. Some jobs derive their bullshitness from involving long stretches of dead time; others are busy but unproductive. There are “mostly bullshit” jobs and “partly bullshit” jobs. And then there are the plain old “shit jobs”, like cleaning toilets, which while horrible are useful. Even these can exist in companies that are, at risk of overusing the word, bullshit.
The existence of these soul-sucking forms of employment, which range from the menial to the high-level but share a lack of useful tangible outcomes, is a challenge for economists. In an efficient world, they wouldn’t exist – or would be under extreme pressure from cost-conscious company bosses. Yet they undeniably persist and proliferate. Graeber claims that as many as two jobs in five are basically meaningless. His list of reasons is compelling, if hard to verify.
One of the most convincing is the government obsession with pursuing full employment at all costs. That in turn comes from the Puritan idea that not working is somehow wicked, or that “idle hands knit the devil’s jumper”. A related idea, also religious in its origins, is that joyless work somehow completes a person. Graeber argues that is why genuinely useful jobs like nursing and teaching are badly paid. In this perverse society, the “psychological violence” of knowing a job is utterly pointless justifies it carrying a generous salary. Good jobs, on the other hand, bring their own reward.
Some blame may lie with the financial sector, which by Graeber’s account has ruined everything by filling economies with “smoke and mirrors”, and created countless dehumanizing jobs in related “information services”. He also reserves a modicum of vitriol for the “liberal elites” - defined as “the sort of people who live in coastal cities” - who have staked out the few professions, like movie star or elite journalist, that combine high pay with being interesting.
From thence, mutual hatred flows. Holders of pointless jobs disdain those who do helpful jobs because they envy the sense of purpose. That loathing is reciprocated. And everybody dislikes the liberal elites. Hence, the book argues, the discontent that drove the election of U.S. President Donald Trump. That kind of theory-of-everything sprawl is where “Bullshit Jobs” loses its way. Late in the book, Graeber declares himself an anarchist in favour of the dismantling of the nation state, which may distance him from many of his readers.
Unfortunately, Graeber also falls into the trap of trying to find a solution. His proffered answer to bullshitization is a “universal basic income”: pay everyone a regular sum just for being alive, and let them decide what to do with their time. That’s not a new idea – it’s supported by investor Bill Gross and electric car maker Elon Musk, and just about anyone else who wants to see governments reduced to only the simplest of functions.
Would it work? That’s anyone’s guess. Finland tried a limited experiment, which its finance minister suggested would not be extended, according to a recent interview in the Financial Times. The scheme had attracted both fanatical supporters, who believe unconditional transfers are a necessity as robots start to steal jobs, and detractors who fear handouts will cause inertia, budget blowouts and intellectual stagnation. The Finnish experiment was just too small and too complex. For now, a universal income probably isn’t the answer to all those bullshit jobs. Nonetheless, the passion on both sides of the debate suggests Graeber is asking the right question.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-employment-technology-breakingviews/breakingviews-review-get-used-to-your-bullsht-job-idUSKBN1IC1T7 |
A new report by the New York City Comptroller directly links the explosion of Airbnb rentals to rising rents in the Big Apple .
The report charges Airbnb with costing renters $616 million in additional rent in 2016 alone, and disproportionately burdening neighborhoods with higher concentrations of Airbnb rentals.
"For years, New Yorkers have felt the burden of rents that go nowhere but up, and Airbnb is one reason why," NYC Comptroller Scott Stringer said in a statement.
New York rents rose by about 25 percent between 2009 and 2016, the years that the study targeted.
Not all of that comes from Airbnb, but the report found that "as the share of units listed on Airbnb goes up by one percentage point, rental rates in the neighborhood go up by 1.58 percent." In other words, after controlling for external factors, the study found Airbnb contributed about 9.2 percent of overall rent increases.
According to the comptroller, that's because the rash of Airbnb listings prevents affordable units from being leased to renters.
"From Bushwick to Chinatown and in so many neighborhoods in-between, affordable apartments that should be available to rent never hit the market, because they are making a profit for Airbnb," Stringer said in a statement.
Despite city legislation that make Airbnb rentals illegal in many cases , listings soared from 1,000 in 2010 to more than 43,000 in 2015, according to AirDNA , a short-term rental analytics firm that provided data to the comptroller's office for this report.
Manhattan's Chelsea and Midtown Business District neighborhoods and Brooklyn's Greenpoint and Williamsburg were among the most affected. Airbnb rentals accounted for slightly more than 4 percent of total residential units in those areas.
Those same areas saw rents rise most rapidly. In Chelsea, rent rose 21.6 percent or $398 per month between 2009 and 2016. In Greenpoint and Williamsburg, rent rose by 18.6 percent or $659 per month.
New York City Airbnb rentals are no longer at highs, but in many cases those rentals are still illegal. After a 2014 report found that three-quarters of Airbnb listings in the city were in violation of regulations, Governor Andrew Cuomo in 2016 signed a bill allowing hosts to be fined up to $7,500 for violating regulations, The New York Times reported.
For its part, Airbnb has been proactive in removing what it calls "bad actors" — or those hosts who violate local laws or company policy. Since November 2016, it has removed close to 5,000 bad actors in New York City, alone, according to a spokesperson.
Following Cuomo's signing of the bill, Airbnb listings declined from their highs. But Comptroller Stinger's report demonstrates those listings are actively impacting rent increases — legal or not.
"Airbnb has grown exponentially at the expense of New Yorkers who face rising rents and the risk of being pushed out of communities they helped build. If we're going to preserve the character of our neighborhoods and expand our middle class, we have to put people before profits. It's that simple," Stringer said.
Airbnb took issue with the methodology behind the findings of Stringer's report. The online hospitality marketplace argued that most hosts share their homes, rather than removing permanent housing from the market, and that rising rental rates cannot be attributed to Airbnb when prices have been rising for decades.
"This mistakes correlation for causation, and it is deeply problematic," a company blog post said.
In the aftermath of the comptroller's study, Airbnb filed a Freedom of Information Law request with New York City's comptroller office. It hopes to acquire communications on the development of the report.
"Additionally, other information has been brought to our attention and we have reason to believe that this report was influenced by powerful special interests," said Chris Lehane, head of global policy for Airbnb.
Airbnb has sparred with regulators across the globe, but Chief Executive Brian Chesky in February seemed to be changing his approach to responsibility for how the company can impact housing markets and neighborhoods.
"When Airbnb started 10 years ago it was kind of the culture that you really can't take responsibility for what happens on your platform," he said. "We changed our point of view."
Chesky's February statements represent an evolution for the company, which previously defended itself as a passive technology platform, not responsible for what homes it listed or how they were used.
—Reuters contributed to this report.
WATCH: Airbnb co-founder: We're a responsible actor in homesharing regulations show chapters Airbnb co-founder: We're a responsible actor in homesharing regulations 8:33 PM ET Thu, 22 Feb 2018 | 03:22 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/airbnb-raises-nyc-rents-comptroller.html |
May 15 (Reuters) - SAILDRONE INC:
* SAILDRONE, INC. RAISES $60 MILLION IN SERIES B FUNDING TO SCALE ITS GLOBAL FLEET OF WIND-POWERED OCEAN SAILING DRONES AND ACCELERATE ITS INTERNATIONAL EXPANSION
* SAILDRONE - $60 MILLION ROUND OF SERIES B FUNDING LED BY HORIZONS VENTURES; TOTAL AMOUNT RAISED BY CO SINCE DEBUT IS ABOUT $90 MILLION Source text for Eikon: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-saildrone-inc-raises-60-million-in/brief-saildrone-inc-raises-60-million-in-series-b-funding-idUSASC0A27H |
May 24, 2018 / 6:23 AM / in 37 minutes British lender Paragon's H1 profit up 4.7 pct Reuters Staff 1 Min Read
May 24 (Reuters) - British mortgage lender Paragon Banking Group said its first-half underlying profit rose 4.7 percent to 73.4 million pounds, driven by strong buy-to-let lending volumes.
New buy-to-let lending rose over 20 percent to 670.5 million pounds in the first six months ended March 31, from 556.2 million pounds a year earlier, the company said.
The company said pretax profit rose to 77.2 million pounds from 69.4 million pounds a year ago. (Reporting by Sangameswaran S in Bengaluru; Editing by Sunil Nair) | ashraq/financial-news-articles | https://www.reuters.com/article/paragon-banking-results/british-lender-paragons-h1-profit-up-4-7-pct-idUSL3N1SV2T6 |
May 15, 2018 / 8:06 AM / Updated 13 minutes ago France has no plans to reduce stake in Air France-KLM: Elysee adviser Reuters Staff 1 Min Read
PARIS, May 15 (Reuters) - France has no plans to lower its 14.3 percent stake in troubled airline Air France-KLM but it may not maintain this level forever, an adviser to French President Emmanuel Macron told reporters.
The French government has said it will not bail out the airline’s French brand, where a protracted dispute between management and unions over pay has forced the resignation of the group’s chief executive.
Air France-KLM’s board meets on Tuesday morning to appoint an interim chief executive. The French state is the group’s largest shareholder ahead of Delta Air Lines and China Eastern. (Reporting by Jean-Baptiste Vey and Michel Rose; Writing by Richard Lough) | ashraq/financial-news-articles | https://www.reuters.com/article/air-france-klm-ceo-france/france-has-no-plans-to-reduce-stake-in-air-france-klm-elysee-adviser-idUSP6N1QQ01M |
EU data protection rules take effect on Friday 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/eu-data-protection-rules-take-effect-on-friday.html |
LOS ANGELES, May 21, 2018 (GLOBE NEWSWIRE) -- Peter Adderton, founder and former CEO of Boost Mobile USA, joins the growing list of industry experts, consumer advocates and lawmakers raising concerns about the proposed merger of Sprint and T-Mobile. Adderton’s concern is about a critical, but overlooked, problem from the two monolithic brands’ convergence: the impact it will have on a key subset of the market—the over 30 million prepaid subscribers who would be consolidated under this deal.
As currently proposed, along with the merger of the Sprint and T-Mobile, other brands owned by the two companies would also be centralized under the ownership of the new T-Mobile brand. These include Boost Mobile and Virgin Mobile USA—currently owned by Sprint, and MetroPCS—currently owned by T-Mobile. Combined, these three companies command over 40-percent share of the prepaid wireless market.
“These prepaid brands serve an extremely valuable need for a tremendous number of wireless consumers,” said Adderton. “They’re the challenger brands in the space, and they have the lowest rates, simply because they’re competing with each other so aggressively for prepaid customers. So, the current level of competition is a win for consumers. In fact, just recently, Boost offered two months of free service for any MetroPCS customer who switched. Only hours later, MetroPCS came out with the same offer. But clearly, these types of deals go away if all the challenger brands serve the same master.”
“I founded Boost Mobile in 2001 to bring high-quality, yet affordable, prepaid wireless service specifically to the youth market and credit-challenged consumers,” stated Adderton. “Prepaid allowed people who haven’t yet established credit to get access to the same wireless service we’ve all come to rely on. And it’s just as important, if not more so, to that segment of consumer today. So, I’m naturally concerned that this proposed merger could lead to higher prices for the people who are actually the most cost-sensitive.”
“If this merger is approved without the divesture of Boost Mobile and/or MetroPCS, the new combined entity will hold a 40-percent market share in the prepaid segment—which I would argue has the effect of being a monopoly or extreme dominance in the category,” stated Adderton. “This level of market domination virtually always leads to rising prices, more onerous terms and conditions and lower service quality, and young and credit-challenged prepaid subscribers simply can’t afford that.”
Additionally, the Sprint/T-Mobile Merger Will be Detrimental to the MVNO Model
Mobile Virtual Network Operators, or MVNOs, are mobile service providers who don’t own their own physical network infrastructure, but rather negotiate wholesale rates with the network operators, including Sprint, T-Mobile, AT&T and Verizon—then resell mobile plans under their own brand. There are a multitude of MVNOs in the U.S. today, most of which serve a very specific market niche, and many of which buy at a 25-35-percent discount off retail pricing. Virtually all those service providers buy wholesale services from Sprint or T-Mobile, and many of them buy from both.
“Given that Sprint and T-Mobile are a dominant force in prepaid, they will have significant incentive to restrict network access to competing MVNOs. What’s more, if the merger goes through without formal wholesale pricing protections in place and we end up with only three carrier networks instead of four, it’s only logical to assume the new T-Mobile entity will raise wholesale rates to these MVNO competitors. This creates a pricing ceiling under which the remaining two networks can also raise rates. If that happens, MVNOs, who already run on extremely tight margins, have little or no opportunity to make a profit, and we can expect many of them to close their doors,” said Adderton.
“When you factor in the MVNOs and their tens of millions of subscribers, the Sprint/T-Mobile proposed merger is not just about losing one of our four primary carriers,” stated Adderton. “Without wholesale pricing protections in place, this deal stands to put most MVNOs out of business, many of which offer highly competitive rates and serve very important market needs. And ultimately this all trickles down to the hundreds of thousands of independent wireless dealers that dot the country. MVNO prepaid offerings are their bread and butter, so I am very concerned about the impact this could have for these folks at the local level.”
“If the Boost Mobile and MetroPCS brands are included in this merger, it would be bad for the overall competitive landscape, bad for the prepaid market, bad for our country’s MVNOs, and bad for the economy. Therefore, I’m contacting regulators and lawmakers, asking that they give specific consideration to the ramifications of this merger on prepaid wireless consumers. And I’m asking for formal regulation of wholesale pricing for MVNOs so that these important industry players can compete fairly and generate a reasonable profit,” concluded Adderton.
MEDIA CONTACT
Susan Donahue
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Source: Boost Global | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-founder-and-former-ceo-of-boost-mobile-usa-raises-concerns-that-prepaid-customers-are-being-forgotten-in-sprintt-mobile.html |
BAGHDAD (Reuters) - Iraqi Prime Minister Haider al-Abadi met with Moqtada al-Sadr on Saturday, less than 24 hours after the Shi’ite cleric’s bloc was declared winner of Iraq’s parliamentary election, the clearest sign yet they could work together to form a coalition.
“During our meeting, we agreed to work together and with other parties to expedite the process of forming a new Iraqi government,” Abadi said at a joint press conference.
“It will be a strong government, capable of providing to its citizens services, security and economic prosperity.”
Sadr, a long-time adversary of the United States who also opposes Iranian influence in Iraq, cannot become prime minister because he did not run in the election.
However, his bloc’s victory puts him in a position to have a strong say in negotiations. His Sairoon electoral list captured 54 parliamentary seats, 12 more than Abadi’s.
“Our door is open to anyone as long as they want to build the nation, and that it be an Iraqi decision,” Sadr said.
Iraqi Shi'ite cleric Moqtada al-Sadr (L) speaks during a news conference with Iraqi prime Minister Haider al-Abadi in Baghdad, Iraq May 20, 2018. Iraqi Prime Minister Media Office/Handout via REUTERS A bloc led by Hadi al-Amiri, one of the most powerful figures in Iraq, came in second. Amiri, who leads an umbrella of paramilitary groups, has maintained close ties with Iran for decades.
Before the election, Tehran publicly stated it would not allow Sadr’s bloc to govern close ally Iraq, with which it shares a border. Iran has influenced the choice for prime minister in the past.
Winning the largest number of seats does not automatically guarantee that Sadr will be able to hand-pick a prime minister.
Parties will have to align themselves to try and form a bloc large enough for the parliamentary majority necessary to nominate a candidate. The government should be formed within 90 days of the official results, but negotiations are expected to drag on for months.
Iraqi Shi'ite cleric Moqtada al-Sadr meets with Iraqi Prime Minister Haider al-Abadi in Baghdad, Iraq May 20, 2018. Iraqi Prime Minister Media Office/Handout via REUTERS The election dealt a blow to Abadi, but he could still emerge as a compromise candidate palatable to all sides because he has managed the competing interests of the United States and Iran - unwitting allies in the war against Islamic State - during his term in office.
In recent days, Sadr also met with Ammar al-Hakim, whose Hikma Movement trailed in seventh place, as well as with ambassadors from Iraq’s neighboring countries including Saudi Arabia, Tehran’s main rival in the Middle East.
Reporting by Raya Jalabi; Editing by Michael Georgy and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election/cleric-sadr-meets-iraq-pm-abadi-hinting-at-coalition-idUSKCN1IL071 |
May 19, 2018 / 9:32 PM / Updated 40 minutes ago Monaco and Lyon clinch Champions League spots Reuters Staff 3 Min Read
PARIS (Reuters) - Monaco and Olympique Lyonnais secured Champions League spots with victories in the final round of Ligue 1 matches as Olympique de Marseille’s season ended in disappointment on Saturday. Soccer Football - Ligue 1 - Olympique Lyonnais vs OGC Nice - Groupama Stadium, Lyon, France - May 19, 2018 Lyon's Memphis Depay celebrates scoring their second goal REUTERS/Emmanuel Foudrot
Monaco finished runners-up to Paris St Germain after their 3-0 win at Troyes sent their opponents down to Ligue 2, while Lyon ended third after coming from behind to beat Nice 3-2, thanks to Memphis Depay’s treble.
Fourth-placed Marseille, who lost to Atletico Madrid in the Europa League final on Wednesday, beat visiting Amiens 2-1 but it was not enough to put them on the podium.
They end up with 77 points, one behind Lyon, while Monaco have 80.
But PSG, who had already been crowned, finished well clear on 93 points after a 0-0 draw at Caen that kept the Normandy side in the elite. Related Coverage 2017-18 Ligue 1 season roll of honour
Marseille will play in the Europa League, along with fifth-placed Stade Rennais and sixth-placed Girondins de Bordeaux, who respectively drew 1-1 at home to Montpellier and won 4-0 at Metz.
Troyes join bottom club Metz in Ligue 2 while Toulouse beat En Avant Guingamp 2-1 to finish 18th and will play either AC Ajaccio or Le Havre in a playoff.
The game between Ajaccio and Le Havre, due to be played on Friday, was postponed until Sunday after fans attacked the Le Havre bus, the French League said on Saturday, condemning “serious incidents”. Soccer Football - Ligue 1 - Olympique Lyonnais vs OGC Nice - Groupama Stadium, Lyon, France - May 19, 2018 Lyon coach Bruno Genesio celebrates with their players after the match REUTERS/Emmanuel Foudrot
Monaco needed a draw to secure a Champions League spot but went further, defeating Troyes.
Rony Lopes beat Erwin Zelazny on 21 minutes after the keeper had parried Youri Telemans’ shot into the Portugal striker’s path.
Lopes made sure there would be no late drama when he scored again with a low shot in the 71st minute and Jordi Mboul added a third in stoppage time.
At Lyon’s Groupama stadium, Nice went ahead in the 18th minute when Alassane Plea collected a fine through ball from Mario Balotelli and shot between keeper Mathieu Gorgelin’s legs.
Lyon hit the woodwork before the break, but Depay struck three times in the second half. Slideshow (3 Images)
The Dutch striker poked the ball home from Nabil Fekir’s cross in the 48th minute and he made it 2-1 on 65 minutes with a low free kick that went under the wall.
Four minutes before time, Depay chipped the ball past Walter Benitez to wrap up the game. Plea pulled one back two minutes later with a powerful strike for his second of the game.
Marseille, too, did what they needed to, but it proved to be in vain.
They opened the scoring after 10 minutes when Morgan Sanson found the back of the net with a half-volley from inside the box.
They doubled the tally eight minutes later, Kostas Mitroglou heading home from Lucas Ocampos’s cross. Amiens reduced the arrears on the half-hour when Moussa Konate beat Steve Mandanda from close range.
But while Marseille hung on, it was not enough to take them into a Champions League place. Reporting by Julien Pretot; Editing by Neville Dalton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-france/monaco-and-lyon-clinch-champions-league-spots-idUKKCN1IK0UH |
The US dollar has some tailwinds going into this week: Strategist 6 Hours Ago Elias Haddad of Commonwealth Bank says the U.S. dollar tends to perform well during periods of "heightened risk aversion." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/27/the-us-dollar-has-some-tailwinds-going-into-this-week-strategist.html |
SYDNEY, May 15 (Reuters) - Google is under investigation in Australia following claims that it collects data from millions of Android smartphones users, who unwittingly pay their telecom service providers for gigabytes consumed during the harvesting, regulators said on Tuesday.
Responding to the latest privacy concerns surrounding Google, a spokesman for the U.S. based search engine operator said the company has users’ permission to collect data.
The Australian investigations stem from allegations made by Oracle Corp in a report provided as part of an Australian review into the impact that Google, owned by Alphabet Inc, and Facebook have on the advertising market.
Both the Australian Competition and Consumer Commission (ACCC) and the country’s Privacy Commissioner said they were reviewing the report’s findings.
“The ACCC met with Oracle and is considering information it has provided about Google services,” said Geesche Jacobsen, a spokeswoman for the competition regulator.
“We are exploring how much consumers know about the use of location data and are working closely with the Privacy Commissioner.”
Oracle, according to The Australian newspaper, said Alphabet receives detailed information about people’s internet searches and user locations if they have a phone that carries Android - the mobile operating system developed by Google.
Transferring that information to Google means using up gigabytes of data that consumers have paid for under data packages purchased from local telecom service providers, according to the Oracle report.
Reuters was unable to immediately verify the content of the Oracle report.
Data privacy advocates said many consumers are unlikely to understand what they agreed to when signing up to use a smartphone. Industry analysts estimate there are more than 10 million Android users in Australia.
“Some mobile plans may only include a few gigabytes of data so if Google is harvesting a gigabyte of data, it is a very real cost to consumers,” said David Vaile, chairman of the industry group, the Australian Privacy Foundation.
Australian telecommunications companies said they were seeking confirmation from Google on the allegations.
“We are aware of the reports in the media and we have asked Google to advise whether they are accurate,” a spokesman for Australia’s biggest telecom company Telsta said.
The investigations will raise more questions about the way big technology companies collect and use people’s data online.
Earlier this year, social media giant Facebook Inc apologised after web marketing firm Cambridge Analytica was accused of obtaining users’ data without permission for the 2016 election campaign of United States President Donald Trump.
Oracle has its own long-running dispute with Google. The U.S. based software company is seeking royalties for Google’s use of some of the Java language, while Google argues it should be able to use Java without paying a fee. (Reporting by Colin Packham Editing by Byron Kaye and Simon Cameron-Moore)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/australia-google-privacy/australia-probes-claim-google-harvests-data-consumers-pay-idUSL3N1SM1NC |
May 28, 2018 / 12:29 AM / Updated 11 hours ago Motor racing-Power completes mission with Indy500 win Lewis Franck 3 Min Read
INDIANAPOLIS, May 27 (Reuters) - Will Power was on a critical mission on Sunday, to finally win the Indianapolis 500 and prove that he belonged amongst the higher echelons of drivers.
Despite an enviable IndyCar career, including a series championship, the 37-year old was still in the shadow of his teammates at Penske Racing, which has 16 previous victories in the iconic race and the Brickyard had become his Moby Dick after finishing second in 2015.
“Absolutely, it was the last box to tick, to be considered as a very successful driver,” said the Australian.
Ironically, Power came to the team as a part-time replacement driver for three-time Indy 500 winner Helio Castroneves, in 2009 who was involved in litigation.
“If you remember back to the situation that Helio had there,” said Penske Team president Tim Cindric.
“Will, honestly wasn’t on our radar screen.
“We couldn’t commit to a full season, we couldn’t commit to more than one race,” Cindric added noting that team was not going to add other car to their stable.
Power was strapped into a car for the season opener at St. Petersburg, Florida just as the Castroneves legal issue ended.
He was fastest in the first practice session but told he was no longer needed.
That performance, however, impressed Roger Penske and a major sponsor enough to provide another car.
“Roger told him that night, ‘you have a ride at the Indy 500’,” Cindric added.
Even before that year’s Indy 500, Power finished second at Long Beach and then later won in Edmonton, Canada to earn a full-time drive for 2010.
In his first full year he garnered five victories. The following year, he had six wins and in 2014 was the IndyCar Series champion.
The following year, he finished second at the iconic race to team mate Colombia’s Juan Pablo Montoya.
“I was so disappointed in 2015, so close,” Power said.
“I thought about that a lot, what I should have done should have changed this and that. It’s just not your day. That day I did everything (I) could.
“Today I did it again, and it all worked out well.
“It was through speed, pit stops, in and out laps, good restarts.
“It was a fight to win it. It was not an easy win. That makes it much more satisfying.” Reporting by Lewis Franck; Editing by Greg Stutchbury | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-indy-indy500-power/motor-racing-power-completes-mission-with-indy500-win-idUKL3N1SY0UQ |
BRASILIA (Reuters) - Brazil’s Superior Labor Court (TST) ruled on Tuesday that a 72-hour strike planned by workers of state-run oil company Petroleo Brasileiro SA was illegal, the office of the government’s solicitor general said.
The strike due to start on Wednesday was called by unions that are demanding the resignation of Petrobras Chief Executive Officer Pedro Parente and the reversal of market-based changes to pricing that sparked a nine-day truckers strike. The government called the strike political and asked the TST to declare it illegal, while Petrobras said it has taken provisions so that the stoppage does not affect production.
Reporting by Anthony Boadle; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-petrobras-strike/brazil-labor-court-declares-petrobras-workers-strike-illegal-idUSKCN1IV01B |
CNBC.com Menahem Kahana | AFP | Getty Images Israel's Prime Minister Benjamin Netanyahu (2nd L), his wife Sara Netanyahu (L), Senior White House Advisor Jared Kushner (C), US President's daughter Ivanka Trump (C-R), US Treasury Secretary Steve Mnuchin (R) and Israel's President Reuven Rivlin (2nd R) attend the opening of the US embassy in Jerusalem on May 14, 2018.
President Donald Trump charged his son-in-law and senior advisor Jared Kushner with trying to figure out a peace deal between Israel and Palestinians . On Monday, Kushner acted as the face of the administration at a ceremony celebrating the U.S. Embassy in Israel being moved to Jerusalem – an action that triggered more unrest in the volatile region.
Israeli forces killed dozens of Palestinian protesters along the Gaza border as Kushner and Israeli Prime Minister Benjamin Netanyahu led an inauguration ceremony for the embassy. Later Monday, the White House denounced militant group Hamas for the violence in Gaza, saying Israel has a right to defend itself.
In his address, meanwhile, Kushner said that Jerusalem "must remain a city that brings people of all faiths together" and that the United States "recognizes the sensitivity" surrounding the city.
Yet despite his calls for peace, he also said that Palestinians "provoking violence are part of the problem and not part of the solution" and that the "journey to peace started with a strong America recognizing the truth."
"What a glorious day for Israel," Netanyahu said in his speech at the ceremony . "We are in Jerusalem and we are here to stay."
Possible peace talks are likely to become even more difficult to bring to fruition in the wake of Trump's decision to recognize Jerusalem as the capital of Israel and relocate the embassy there from Tel Aviv. The move sparked international outcry and infuriated Palestinians, who have been protesting near the Gaza-Israeli border since March.
Kushner has been in charge of drafting the White House's peace plan for for months, despite having no diplomatic experience when he took on the role. The White House was putting its finishing touches on the plan in March, The New York Times reported at the time, but administration officials were trying to figure out a way to unveil it without it being greeted as dead on arrival.
While Netanyahu has happily endorsed Trump's approach to the Middle East, namely the U.S. president's hard-line stance on Iran, many have been skeptical of the administration's approach.
Khaled Elgindy, a fellow with the Brooking Institute's Center for Middle East Policy, said that the Trump administration has shown a "real fundamental lack of understanding of the Israeli and Palestinian conflict."
"It's not really clear what they have to offer to the Palestinians that is of value," Elgindy told CNBC.
Elgindy said that the Trump administration is "offering a combination of carrots and sticks" to the two sides, but that Israel is getting all of the carrots and Palestine is only getting sticks, especially with Jerusalem off of the table. He said the U.S. has no real answers for the conflict and instability in the region.
Peace between Israel and the Palestinians is not the White House's first priority in the Middle East, however, according the Trump's lawyer Rudy Giuliani .
"We have a president who is as committed to regime change as we are." Giuliani said confronting Iran is "more important than an Israeli-Palestinian deal," the Washington Post reported.
On Sunday, Kushner discussed with Netanyahu if and when the United States should unveil the plan, according to Axios .
The White House did not immediately respond to CNBC's request for comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/kushner-hails-new-jerusalem-us-embassy-as-palestinians-are-killed.html |
Health care is broken.
It's a common theme at conversations and presentations at conferences. That was no different this week at the World Health Care Congress in Washington, D.C . Yet another idea was also present: Change is coming.
Spending on health care in the U.S. ballooned to $3.3 trillion in 2016, representing 18 percent of gross domestic product. And it's expected to only keep increasing — unless we fix it.
Government officials and industry leaders alike seemed hopeful that innovation in technology and how we pay for drugs could help finally control costs and improve patient outcomes. Any improvements could take awhile, but they're optimistic they're coming.
"We all know change represents opportunity," Health and Human Services Secretary Alex Azar said in his keynote address Wednesday. "So I exhort all of you to engage with us on the efforts I've discussed today and take advantage of the opportunities they represent. Because I assure you, in American healthcare, change is possible, change is necessary, and change is coming."
President Donald Trump has instructed his administration to tackle rising drug prices. Azar said Trump wants to go "much further." Trump's expected to address the issue in a speech next week.
Azar, formerly an executive at Eli Lilly , advocated for moving the system toward one that pays for health outcomes rather than simply treatments or procedures. Known as value-based care, some companies have welcomed the concept.
Two pharmaceutical company executives on a panel said within five years, 100 percent of drugmakers will use value-based contracts. One of them, Enrique Conterno, head of diabetes at Azar's former employer, said these type of agreements make sense.
Value-based contracts put patients at the center because they connect reimbursement to actual outcomes, Conterno said. These systems can save payers money, while pharmaceutical companies get paid for the value they provide, he said in an interview with CNBC.
"I like that it basically rewards performance, and I think it's also a great system for innovation," Conterno said. "Then we'll be looking in a system like this to bring innovation and to bring value. Value-based arrangements in a way create an environment where I think everybody can win. We can get great clinical outcomes and great economic outcomes."
Change could also come from Silicon Valley, where companies are trying to use technology to simplify and improve old ways of doing things. However, they could face obstacles unique to the complex health-care system.
"There's a huge capability for change, but other parts are slow to change," Alan Warren, formerly an executive at Google and now chief technology officer and senior vice president of engineering at insurance start-up Oscar Health, said in an interview with CNBC. "The insurer is at the heart of it and can force change to all the other parts, which is why I'm here."
Most agree that in order to truly change things, the system needs transparency, especially when it comes to prices.
In an interview with CNBC's Bertha Coombs , Centers for Medicare and Medicaid Services Administrator Seema Verma said unlike other parts of the economy, knowing how much things will cost in health care is a "a big mystery." Her administration wants to require hospitals to post prices for procedures online.
"We have a long way to go," she said.
People know things need to change. The question now is whether they can do it. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/health-spending-and-innovation-in-focus-at-world-health-care-congress.html |
AT&T CEO: We'll need to do things to drive value 56 Mins Ago AT&T CEO Randall Stephenson speaks onstage at the Code Conference about the merger with Time Warner, including dealing with stars and content. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/att-ceo-drive-value.html |
CHINA'S SHANGHAI CRUDE OIL FUTURES HIT DOLLAR CONVERTED RECORD OF $73.38 PER BARREL | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/reuters-america-chinas-shanghai-crude-oil-futures-hit-dollar-converted-record-of-73-point-38-per-barrel.html |
President Donald Trump signaled his intention to impose tariffs on $50 billion in Chinese imports and curbs on investments in sensitive technology, sending a hawkish message to Beijing days before the latest round of trade talks between the world’s two largest economies.
In a statement Tuesday, the White House said a final list of covered imports will be released by June 15 and the tariffs will be imposed “shortly thereafter.” It’s the most specific the administration has been about when the duties will take effect.
The White House also said new restrictions on Chinese investment and enhanced export controls will be announced by June 30, with implementation soon after.
“The United States will continue efforts to protect domestic technology and intellectual property, stop non-economic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market,” the statement said. “The United States will request that China remove all of its many trade barriers, including non-monetary trade barriers, which make it both difficult and unfair to do business there.”
Ross’s Trip It’s the latest twist in a trade dispute between the U.S. and China that has roiled financial markets and prompted the International Monetary Fund to warn of a trade war that could undermine the broadest global upswing in years. The announcement raises the stakes for the third round of talks between the two economies. Commerce Secretary Wilbur Ross is scheduled to meet with officials in Beijing on June 2-4 to continue negotiations.
Trump has vacillated in recent weeks on how hard to push Beijing over issues such as tariffs and intellectual property. The dispute began in March, when his administration threatened to slap tariffs on up to $50 billion in Chinese shipments to punish Beijing for violating American IP rights.
After Beijing promised to retaliate in kind to any duties, the president raised the ante to slap tariffs on an additional $100 billion in Chinese goods. However, the U.S. has yet to publish a list of target products for the $100 billion, and the White House statement makes no reference to the second potential tranche of duties.
Trump is under pressure from Congress to stay tough on China, especially Chinese telecoms-equipment maker ZTE Corp. Last week, the president said he would allow ZTE to stay in business after it pays a $1.3 billion fine, shakes up its management, and provides “high-level security guarantees.”
ZTE Criticism China pressed the U.S. to give ZTE a break after the Commerce Department cut off the company from U.S. suppliers to punish it for allegedly lying to American officials in a sanctions case. Republican Senator Marco Rubio and other lawmakers from both parties have criticized Trump’s leniency toward ZTE, arguing that doing business with the company presents a risk to national security.
When he announced the initial plan to impose tariffs, the president also instructed the Treasury Department to draw up new curbs on investments in the U.S. by Chinese companies. The Treasury has presented its findings to the president, but its conclusions haven’t been made public.
The latest signal from the White House sounds like the more hawkish wing of Trump’s trade team is trying to amplify its hard line, after Treasury Secretary Steven Mnuchin said this month that any talk of a trade war was suspended for now.
“Mnuchin’s ‘trade war on hold’ comments look to have been repudiated this morning, and possibly his investment stance, too,” said Derek Scissors, a China analyst at American Enterprise Institute in Washington. “It may be the administration has shifted somewhat to appease the Congress on the lifting of the ZTE sanctions.”
The White House statement also said the U.S. plans to continue litigation at the World Trade Organization for China’s intellectual-property practices. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/trump-china-tariffs-imports/ |
May 7 (Reuters) - DELFINGEN INDUSTRY SA:
* THE EXCHANGE RATES HAD A NEGATIVE IMPACT BY 10.2 % CONDUCTING TO A SALES DECREASE IN AUTOMOTIVE MARKET BY 2.2 % IN PUBLISHED DATA
* Q1 NET SALES EUR 53.1 MILLION VERSUS EUR 54.6 MILLION YEAR AGO
* THE IMPACT OF THE EXCHANGE RATES ON - AUTOMOTIVE - SALES WAS UNFAVORABLE OF 4.4 M€ AT THE END OF MARCH MAINLY DUE TO THE PARITY (€/$)
* SALES INCREASE AT CONSTANT EXCHANGE RATE IN 2018 CONFIRMS CO GROWTH POTENTIAL, IN LINE WITH STRATEGIC PLAN Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-delfingen-industry-q1-net-sales-do/brief-delfingen-industry-q1-net-sales-down-at-53-1-million-euros-idUSL8N1SE0VQ |
NEW YORK, May 8, 2018 /PRNewswire/ -- MFA Financial, Inc. (NYSE:MFA) today announced its financial results for the first quarter ended March 31, 2018.
First Quarter 2018 and other highlights:
MFA generated first quarter net income available to common shareholders of $79.6 million, or $0.20 per common share (based on 398.3 million weighted average common shares outstanding). As of March 31, 2018, book value per common share was $7.62. Net Income was lower than in the fourth quarter of 2017, which included mark to market gains on CRT securities that had recovered in value following declines due to hurricane-related concerns in the third quarter of 2017. Asset acquisitions exceeded run-off during the quarter. MFA purchased in excess of $700 million of residential mortgage assets in the first quarter, including $522 million of residential whole loans. On April 30, 2018, MFA paid its first quarter 2018 dividend of $0.20 per share of common stock to shareholders of record as of March 29, 2018.
Craig Knutson, MFA's CEO and President, said, "In the first quarter, we continued to execute our strategy of targeted investment within the residential mortgage universe with a focus on credit sensitive assets. We again grew our portfolio this quarter, as acquisitions exceeded run-off, which included opportunistic sales of $19.4 million of Legacy Non-Agency MBS that generated realized gains of $8.8 million. As we have done for over five years now, we continue to manage this Legacy Non-Agency MBS portfolio through selective and strategic sales of positions.
"MFA remains well-positioned to generate attractive returns despite the continuing low interest rate environment and elevated asset prices. Through our asset selection and hedging strategy, the estimated net effective duration, a gauge of our portfolio's sensitivity to interest rates, remains relatively low and measured 1.02 at quarter-end. MFA's book value per common share decreased to $7.62 from $7.70 at the end of 2017 despite a substantial increase in interest rates, as our investment strategy continues to produce relatively stable book value. Leverage, which reflects the ratio of our financing obligations to equity, was 2.2:1 at quarter-end."
Mr. Knutson added, "MFA's portfolio asset selection process continues to emphasize residential mortgage credit exposure while seeking to minimize sensitivity to interest rates. As housing prices maintain their upward trend and borrowers repair their credit and balance sheets, the performance of our credit sensitive residential whole loan portfolio benefits from this fundamental strength. MFA's proactive asset management team has been able to shorten liquidation timelines and increase property sale proceeds, leading to improved outcomes and better returns. Additionally, MFA's Legacy Non-Agency MBS portfolio continues to outperform our credit assumptions. In the first quarter of 2018, we reduced our credit reserve on this portfolio by $7.1 million."
During the first quarter MFA purchased more than $700 million of residential mortgage assets, including $522 million of residential whole loans. Portfolio run-off in RPL/NPL MBS, which had been elevated during most of 2017, was relatively low during the first quarter.
At March 31, 2018, our investments in credit sensitive residential whole loans totaled $2.7 billion. Of this amount, $1.1 billion is recorded at carrying value and generated a loss-adjusted yield of 5.81% (5.52% net of servicing costs) during the quarter, and $1.6 billion is recorded at fair value on our consolidated balance sheet. On this portion of the portfolio, we recorded gains for the quarter of approximately $38.5 million, primarily reflecting coupon interest payments and other cash received during the quarter and changes in the fair value of the underlying loans.
MFA's Legacy Non-Agency MBS had a face amount of $2.6 billion with an amortized cost of $1.9 billion and a net purchase discount of $770.3 million at March 31, 2018. This discount consists of a $572.6 million credit reserve and other-than-temporary impairments and a $197.7 million net accretable discount. We believe this credit reserve appropriately factors in remaining uncertainties regarding underlying mortgage performance and the potential impact on future cash flows. Our Legacy Non-Agency MBS have underlying mortgage loans that are on average approximately twelve years seasoned and approximately 12.6% are currently 60 or more days delinquent.
As of March 31, 2018, the Agency MBS portfolio totaled $2.6 billion, had an amortized cost basis of 103.8% of par and generated a 2.21% yield in the first quarter. The Legacy Non-Agency MBS portfolio had an amortized cost of 70.9% of par as of March 31, 2018, and generated a loss-adjusted yield of 9.44% in the first quarter. At the end of the first quarter, MFA held approximately $935.2 million of RPL/NPL MBS. These securities had an amortized cost of 99.80% of par and generated a 4.36% yield for the quarter. Our investments in CRT securities totaled $679.5 million at March 31, 2018, and generated a yield of 6.12% in the first quarter. Values of our CRT securities were largely unchanged during the quarter, in contrast to the higher price volatility experienced in the third and fourth quarters of 2017.
For the three months ended March 31, 2018, MFA's costs for compensation and benefits and other general and administrative expenses were $10.6 million, or an annualized 1.31% of stockholders' equity as of March 31, 2018.
The following table presents the weighted average prepayment speed on MFA's MBS portfolio.
Table 1
First Quarter
2018 Average CPR
Fourth Quarter
2017 Average CPR
Agency MBS
12.7%
14.1%
Legacy Non-Agency MBS
14.9%
16.3%
RPL/NPL MBS (1)
14.0%
20.1%
(1)
All principal payments are considered to be prepayments for conditional prepayment rate ("CPR") purposes. RPL/NPL MBS are securitized financial instruments that are primarily backed by securitized re-performing and non-performing loans. The majority of these securities are structured such that the coupon increases up to 300 basis points at 36 months from issuance or sooner.
As of March 31, 2018, under its swap agreements, MFA had a weighted average fixed-pay rate of interest of 2.04% and a floating receive rate of 1.82% on notional balances totaling $2.6 billion, with an average maturity of 24 months.
The following table presents MFA's asset allocation as of March 31, 2018, and the first quarter 2018 yield on average interest-earning assets, average cost of funds and net interest rate spread for the various asset types.
Table 2
ASSET ALLOCATION
At March 31, 2018
Agency
MBS
Legacy
Non-Agency
MBS
RPL/NPL
MBS
Credit Risk
Transfer
Securities
MSR
Related
Assets
Residential
Whole
Loans, at
Carrying
Value (1)
Residential
Whole
Loans, at Fair
Value
Other,
net (2)
Total
($ in Millions)
Fair Value/Carrying Value
$
2,647
$
2,463
$
935
$
679
$
455
$
1,100
$
1,556
$
421
$
10,256
Less Payable for
Unsettled Purchases
—
—
—
—
—
(14)
—
—
(14)
Less Repurchase
Agreements
(2,339)
(1,662)
(569)
(467)
(293)
(353)
(876)
—
(6,559)
Less Securitized Debt
—
—
—
—
—
(152)
(199)
—
(351)
Less Senior Notes
—
—
—
—
—
—
—
(97)
(97)
Net Equity Allocated
$
308
$
801
$
366
$
212
$
162
$
581
$
481
$
324
$
3,235
Debt/Net Equity Ratio (3)
7.6x
2.1x
1.6x
2.2x
1.8x
0.9x
2.2x
2.2x
For the Quarter Ended March 31, 2018
Yield on Average Interest
Earning Assets (4)
2.21%
9.44%
4.36%
6.12%
6.37%
5.81%
N/A
—%
5.15%
Less Average Cost of
Funds (5)
(1.91)
(3.29)
(2.94)
(2.76)
(3.27)
(3.56)
(3.79)
—
(2.90)
Net Interest Rate Spread
0.30%
6.15%
1.42%
3.36%
3.10%
2.25%
N/A
—%
2.25%
(1)
The carrying value of such loans reflects the purchase price, accretion of income, cash received and provision for loan losses since
acquisition. At March 31, 2018, the fair value of such loans is estimated to be approximately $1.2 billion.
(2)
Includes cash and cash equivalents and restricted cash, securities obtained and pledged as collateral, other assets, obligation to return securities obtained as collateral and other liabilities.
(3)
Represents the sum of borrowings under repurchase agreements and securitized debt as a multiple of net equity allocated. The numerator of our Total Debt/Net Equity Ratio also includes the obligation to return securities obtained as collateral of $254.0 million and Senior Notes.
(4)
Yields reported on our interest earning assets are calculated based on the interest income recorded and the average amortized cost for the quarter of the respective asset. At March 31, 2018, the amortized cost of our interest earning assets were as follows: Agency MBS - $2.7 billion; Legacy Non-Agency MBS - $1.9 billion; RPL/NPL MBS - $933.2 million; Credit Risk Transfer securities - $624.3 million; and Residential Whole Loans at carrying value - $1.1 billion. In addition, the yield for residential whole loans at carrying value was 5.52% net of 29 basis points of servicing fee expense incurred during the quarter. For GAAP reporting purposes, such expenses are included in Loan servicing and other related operating expenses in our statement of operations. Interest payments received on residential whole loans at fair value is reported in Other Income as Net gain on residential whole loans held at fair value in our statement of operations. Accordingly, no yield is presented as such loans are not included in interest earning assets for reporting purposes.
(5)
Average cost of funds includes interest on repurchase agreements, the cost of swaps, Senior Notes and securitized debt. Agency cost of funds includes 26 basis points and Legacy Non-Agency cost of funds includes 30 basis points associated with swaps to hedge interest rate sensitivity on these assets.
At March 31, 2018, MFA's $5.1 billion of Agency and Legacy Non-Agency MBS were backed by hybrid, adjustable and fixed-rate mortgages. Additional information about these MBS, including average months to reset and three-month average CPR, is presented below:
Table 3
Agency MBS
Legacy Non-Agency MBS (1)
Total (1)
Time to Reset
Fair
Value
(2)
Average
Months
to Reset
(3)
3 Month
Average
CPR (4)
Fair
Value
Average
Months
to Reset
(3)
3 Month
Average
CPR (4)
Fair
Value
(2)
Average
Months
to Reset
(3)
3 Month
Average
CPR (4)
($ in Millions)
< 2 years (5)
$
1,396
6
15.3%
$
1,629
4
15.8%
$
3,025
5
15.5%
2-5 years
161
45
13.8
—
—
—
161
45
13.8
> 5 years
22
73
15.0
—
—
—
22
73
15.0
ARM-MBS Total
$
1,579
11
15.1%
$
1,629
4
15.8%
$
3,208
8
15.4%
15-year fixed (6)
$
1,068
9.3%
$
3
4.8%
$
1,071
9.3%
30-year fixed (6)
—
—
793
13.5
793
13.5
40-year fixed (6)
—
—
38
9.3
38
9.3
Fixed-Rate Total
$
1,068
9.3%
$
834
13.2%
$
1,902
11.1%
MBS Total
$
2,647
12.7%
$
2,463
14.9%
$
5,110
13.8%
(1)
Excludes $935.2 million of RPL/NPL MBS.
(2)
Does not include principal payments receivable of $604,000.
(3)
Months to Reset is the number of months remaining before the coupon interest rate resets. At reset, the MBS coupon will adjust based
upon the underlying benchmark interest rate index, margin and periodic or lifetime caps. Months to Reset does not reflect scheduled
amortization or prepayments.
(4)
3 month average CPR weighted by positions as of beginning of each month in the quarter.
(5)
Includes floating rate MBS that may be collateralized by fixed-rate mortgages.
(6)
Information presented based on data available at time of loan origination.
Webcast
MFA Financial, Inc. plans to host a live audio webcast of its investor conference call on Tuesday, May 8, 2018, at 10:00 a.m. (Eastern Time) to discuss its first quarter 2018 financial results. The live audio webcast will be accessible to the general public over the internet at http://www.mfafinancial.com through the "Webcasts & Presentations" link on MFA's home page. To listen to the conference call over the internet, please go to the MFA website at least 15 minutes before the call to register and to download and install any needed audio software. Earnings presentation materials will be posted on the MFA website prior to the conference call and an audio replay will be available on the website following the call.
Cautionary Language Regarding Forward-Looking Statements
When used in this press release or other written or oral communications, statements which are not historical in nature, including those containing words such as "will," "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "could," "would," "may" or similar expressions, are intended to identify " " within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. Statements regarding the following subjects, among others, may be forward-looking: changes in interest rates and the market (i.e., fair) value of MFA's MBS, residential whole loans, CRT securities and other assets; changes in the prepayment rates on the mortgage loans securing MFA's MBS, an increase of which could result in a reduction of the yield on MBS in our portfolio and an increase of which could require us to reinvest the proceeds received by us as a result of such prepayments in MBS with lower coupons; credit risks underlying MFA's assets, including changes in the default rates and management's assumptions regarding default rates on the mortgage loans securing MFA's Non-Agency MBS and relating to MFA's residential whole loan portfolio; MFA's ability to borrow to finance its assets and the terms, including the cost, maturity and other terms, of any such borrowings; implementation of or changes in government regulations or programs affecting MFA's business; MFA's estimates regarding taxable income, the actual amount of which is dependent on a number of factors, including, but not limited to, changes in the amount of interest income and financing costs, the method elected by MFA to accrete the market discount on Non-Agency MBS and residential whole loans and the extent of prepayments, realized losses and changes in the composition of MFA's Agency MBS, Non-Agency MBS and residential whole loan portfolios that may occur during the applicable tax period, including gain or loss on any MBS disposals and whole loan modification, foreclosure and liquidation; the timing and amount of distributions to stockholders, which are declared and paid at the discretion of MFA's Board of Directors and will depend on, among other things, MFA's taxable income, its financial results and overall financial condition and liquidity, maintenance of its REIT qualification and such other factors as MFA's Board of Directors deems relevant; MFA's ability to maintain its qualification as a REIT for federal income tax purposes; MFA's ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended (or the "Investment Company Act"), including statements regarding the Concept Release issued by the Securities and Exchange Commission ("SEC") relating to interpretive issues under the Investment Company Act with respect to the status under the Investment Company Act of certain companies that are engaged in the business of acquiring mortgages and mortgage-related interests; MFA's ability to successfully implement its strategy to grow its residential whole loan portfolio, which is dependent on, among other things, the supply of loans offered for sale in the market; expected returns on our investments in non-performing residential whole loans ("NPLs"), which are affected by, among other things, the length of time required to foreclose upon, sell, liquidate or otherwise reach a resolution of the property underlying the NPL, home price values, amounts advanced to carry the asset (e.g., taxes, insurance, maintenance expenses, etc. on the underlying property) and the amount ultimately realized upon resolution of the asset; risks associated with our investments in MSR related assets, including servicing, regulatory and economic risks, and risks associated with investing in real estate assets, including changes in business conditions and the general economy. These and other risks, uncertainties and factors, including those described in the annual, quarterly and current reports that MFA files with the SEC, could cause MFA's actual results to differ materially from those projected in any it makes. All are based on beliefs, assumptions and expectations of MFA's future performance, taking into account all information currently available. Readers are cautioned not to place undue reliance on these , which speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect MFA. Except as required by law, MFA is not obligated to, and does not intend to, update statements, otherwise.
MFA FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Per Share Amounts)
March 31,
2018
December 31,
2017
(Unaudited)
Assets:
Mortgage-backed securities ("MBS") and credit risk transfer ("CRT") securities:
Agency MBS, at fair value ($2,547,350 and $2,727,510 pledged as collateral, respectively)
$
2,647,148
$
2,824,681
Non-Agency MBS, at fair value ($2,630,425 and $2,379,523 pledged as collateral, respectively)
3,398,254
3,533,966
CRT securities, at fair value ($590,551 and $595,900 pledged as collateral, respectively)
679,491
664,403
Mortgage servicing rights ("MSR") related assets ($432,468 and $482,158 pledged as collateral,
respectively)
455,124
492,080
Residential whole loans, at carrying value ($438,202 and $448,689 pledged as collateral, respectively) (1)
1,099,876
908,516
Residential whole loans, at fair value ($1,238,016 and $996,226 pledged as collateral, respectively) (1)
1,555,620
1,325,115
Securities obtained and pledged as collateral, at fair value
253,993
504,062
Cash and cash equivalents
214,686
449,757
Restricted cash
7,100
13,307
Other assets
303,920
238,847
Total Assets
$
10,615,212
$
10,954,734
Liabilities:
Repurchase agreements and other advances
$
6,558,860
$
6,614,701
Obligation to return securities obtained as collateral, at fair value
253,993
504,062
Payable for unsettled residential whole loans purchases
13,525
—
Other liabilities
553,403
574,335
Total Liabilities
$
7,379,781
$
7,693,098
Stockholders' Equity:
Preferred stock, $.01 par value; 7.50% Series B cumulative redeemable; 8,050 shares authorized;
8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)
$
80
$
80
Common stock, $.01 par value; 886,950 shares authorized; 398,429 and 397,831 shares issued
and outstanding, respectively
3,984
3,978
Additional paid-in capital, in excess of par
3,227,550
3,227,304
Accumulated deficit
(578,913)
(578,950)
Accumulated other comprehensive income
582,730
609,224
Total Stockholders' Equity
$
3,235,431
$
3,261,636
Total Liabilities and Stockholders' Equity
$
10,615,212
$
10,954,734
(1)
Includes approximately $180.0 million and $183.2 million of Residential whole loans, at carrying value and $275.6 million and $289.3 million of Residential whole
loans, at fair value transferred to consolidated VIEs at March 31, 2018 and December 31, 2017, respectively. Such assets can be used only to settle the obligations
of each respective VIE.
MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(In Thousands, Except Per Share Amounts)
2018
2017
(Unaudited)
(Unaudited)
Interest Income:
Agency MBS
$
15,293
$
17,894
Non-Agency MBS
56,102
79,208
CRT securities
9,496
6,376
MSR related assets
7,623
4,734
Residential whole loans held at carrying value
14,329
8,690
Cash and cash equivalent investments
909
355
Interest Income
$
103,752
$
117,257
Interest Expense:
Repurchase agreements and other advances
$
45,717
$
48,339
Other interest expense
4,837
2,010
Interest Expense
$
50,554
$
50,349
Net Interest Income
$
53,198
$
66,908
Other-Than-Temporary Impairments:
Total other-than-temporary impairment losses
$
—
$
(63)
Portion of loss reclassed from other comprehensive income
—
(351)
Net Impairment Losses Recognized in Earnings
$
—
$
(414)
Other Income, net:
Net gain on residential whole loans held at fair value
$
38,498
$
13,773
Net gain on sales of investment securities
8,817
9,708
Other, net
345
4,512
Other Income, net
$
47,660
$
27,993
Operating and Other Expense:
Compensation and benefits
$
6,748
$
7,793
Other general and administrative expense
3,832
4,225
Loan servicing and other related operating expenses
6,883
4,409
Operating and Other Expense
$
17,463
$
16,427
Net Income
$
83,395
$
78,060
Less Preferred Stock Dividends
3,750
3,750
Net Income Available to Common Stock and Participating Securities
$
79,645
$
74,310
Earnings per Common Share - Basic and Diluted
$
0.20
$
0.20
Dividends Declared per Share of Common Stock
$
0.20
$
0.20
INVESTOR CONTACT:
[email protected]
212-207-6488
www.mfafinancial.com
MEDIA CONTACT:
Abernathy MacGregor
Tom Johnson
212-371-5999
View original content: http://www.prnewswire.com/news-releases/mfa-financial-inc-announces-first-quarter-2018-financial-results-300644009.html
SOURCE MFA Financial, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-mfa-financial-inc-announces-first-quarter-2018-financial-results.html |
AMBLER, Pa., May 08, 2018 (GLOBE NEWSWIRE) -- Phenom People , the leader in Talent Relationship Marketing (TRM), announced today that Nancy Gray-Starkebaum will assume the role of vice president of Customer Experience.
Nancy Gray-Starkebaum, VP of Customer Experience at Phenom People
Nancy Gray-Starkebaum joined Phenom People from Canadian Tire where she served as associate vice president of Talent Acquisition. Over the duration of her 25-year career in human resources and talent acquisition, Gray-Starkebaum has become a well-respected thought leader while taking on strategic positions at large corporations including, Business Objects, Electronic Arts and Blackberry.
“Nancy’s successful career has led to an influential mentorship for her followers, HR practitioners and colleagues,” said Mahe Bayireddi, CEO of Phenom People. “With her experience in talent acquisition and HR technology solutions, she will be an invaluable asset to Phenom People.”
As vice president of Customer Experience, Gray-Starkebaum will aide adopters of the TRM platform in ensuring they are utilizing its benefits to make the greatest impact on candidate experience. In doing so, she will marry her extensive talent acquisition expertise and knowledge of Phenom People’s suite of products. She will also serve as a public facing influencer through speaking engagements, written content and more.
“Having dedicated my career to mastering talent acquisition while helping build robust and thriving companies, this opportunity to advance Phenom People’s purpose will be incredibly rewarding,” said Gray-Starkebaum. “Our clientele is teeming with smart and forward-thinking individuals. I’m excited about the opportunity to build strong relationships with current and prospective customers in this space and help them maximize their ROI on the Phenom platform.”
About Phenom People
Phenom People, the leader in Talent Relationship Marketing, helps companies attract phenomenal talent through personalized digital experiences. The Phenom People Talent Relationship Marketing platform automates the complex process of driving awareness, interest, engagement, and acquisition for qualified talent.
For more information, please visit www.phenompeople.com to learn more about Talent Relationship Marketing.
Note to editors: Trademarks and registered trademarks referenced herein remain the property of their respective owners.
Media Contact:
Justin Noll
Phenom People
[email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/b3adc003-144a-4644-b061-1d49c55299f7
Source:Phenom People, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-phenom-people-welcomes-vice-president-of-customer-experience.html |
TEL AVIV, May 1 (Reuters) - European banking app Numbrs said on Tuesday it has raised $27 million in a funding round that included Israeli billionaire Marius Nacht, bringing its total raised to $152 million.
Nacht is co-founder and chairman of cybersecurity provider Check Point Software Technologies. Nacht co-founded Israeli healthcare fund aMoon, which last month said it raised $200 million to invest in mid and late-stage life science companies.
Zurich-based Numbrs said it has aggregated 7.2 billion euros ($8.7 billion) on its platform, growing over 1 billion euros in the fourth quarter of 2017. It enables customers to manage their existing bank accounts and personal finances and cooperates with institutions such as Deutsche Bank Group.
Saidler & Co, the investment firm owned by Numbrs founder Martin Saidler, is the controlling shareholder. Private investors in Europe and Israel and the Investment Corporation of Dubai have also invested in Numbrs.
Nacht and Saidler said they intend to co-invest and facilitate each other’s business initiatives. ($1 = 0.8281 euros) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)
| ashraq/financial-news-articles | https://www.reuters.com/article/banking-numbrs-fundraising/israeli-billionaire-nacht-invests-in-european-banking-app-numbrs-idUSL8N1S74ES |
May 4, 2018 / 4:23 AM / Updated 7 hours ago Ireland winger Trimble to retire at the end of season Reuters Staff 1 Min Read
(Reuters) - Ireland winger Andrew Trimble has announced that he will retire at the end of the season, bringing to a close a 70-test international career and hanging up his boots as Ulster’s most-capped player. Rugby Union - France v Ireland - RBS Six Nations Championship 2016 - Stade de France, St Denis, France - 13/2/16 Irelands Andrew Trimble looks dejected Action Images via Reuters / Andrew Boyers Livepic EDITORIAL USE ONLY.
The versatile 33-year-old played at two World Cups for Ireland in 2011 and 2011, missed out on a third in 2015 as he struggled with a toe injury and had clearly decided that next year’s tournament in Japan is beyond him.
“These have been some of the most fulfilling days of my life and I feel nothing but gratitude for them,” Trimble said in a statement.
“But there’s no way of stopping time and I see that each day in the lives of my young children, who are now close to beating me over 5 metres.”
Trimble was his country’s Player of the Year when Ireland won the Six Nations in 2014 and was in the team which gave the country its first win over the All Blacks in Chicago in 2016.
He made his debut for Ulster as a teenager and went on to play a record 229 times for his province. Reporting by Hardik Vyas in Bengaluru, editing by Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-ireland-trimble/ireland-winger-trimble-to-retire-at-the-end-of-season-idUKKBN1I509A |
May 21 (Reuters) - Urogen Pharma Ltd:
* UROGEN PHARMA ANNOUNCES POSITIVE INTERIM RESULTS FROM PIVOTAL PHASE 3 OLYMPUS TRIAL OF UGN-101 (MITOGEL™) FOR NON-SURGICAL TREATMENT OF UPPER TRACT UROTHELIAL CANCER (UTUC)
* UROGEN PHARMA LTD - INTERIM RESULTS SHOWED COMPLETE RESPONSE (CR) RATE OF 59 PERCENT IN PATIENTS WITH LOW-GRADE UTUC
* UROGEN PHARMA LTD - OLYMPUS TRIAL CONTINUES TO ENROLL PATIENTS, AND TOP-LINE RESULTS ARE EXPECTED IN SECOND HALF OF 2018
* UROGEN PHARMA LTD - CRS TO DATE REMAIN DURABLE AT THREE, SIX AND NINE-MONTH FOLLOW-UP IN PHASE 3 OLYMPUS TRIAL OF UGN-101
* UROGEN PHARMA LTD - UGN-101 APPEARED TO BE WELL-TOLERATED WITH MOST TREATMENT-EMERGENT ADVERSE EVENTS CHARACTERIZED AS MILD OR MODERATE AND TRANSIENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-urogen-pharma-announces-positive-i/brief-urogen-pharma-announces-positive-interim-results-from-pivotal-phase-3-olympus-trial-of-ugn-101-idUSASC0A333 |
May 7 (Reuters) - AFC-HD AMS Life Science Co Ltd
* Says it will issue 1.7 million shares via public offering and 255,000 shares via private placement
* Says it aims to raise up to 1.55 billion yen in total, to invest equipments and other firms as well as repay loans
Source text in Japanese: goo.gl/Mm7v6G
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-afc-hd-ams-life-science-to-issue-s/brief-afc-hd-ams-life-science-to-issue-shares-to-raise-up-to-1-55-bln-yen-idUSL3N1SE2N4 |
May 16 (Reuters) - Group 1 Automotive Inc:
* GROUP 1 AUTOMOTIVE INCREASES SHARE REPURCHASE AUTHORIZATION BY $100 MILLION TO $126 MILLION
* GROUP 1 AUTOMOTIVE INC - BOARD OF DIRECTORS INCREASED COMPANY’S COMMON STOCK SHARE REPURCHASE AUTHORIZATION BY $100.0 MILLION TO $125.7 MILLION
* GROUP 1 AUTOMOTIVE INC - COMPANY EXPECTS THAT ANY REPURCHASE OF SHARES WILL BE FUNDED BY CASH FROM OPERATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-group-1-automotive-increases-share/brief-group-1-automotive-increases-share-repurchase-authorization-by-100-mln-to-126-mln-idUSASC0A2O7 |
May 3 (Reuters) - Hero MotoCorp Ltd:
* SOLD 694,022 VEHICLES IN APRIL 2018 * CO HAD SOLD 595,706 VEHICLES IN APRIL 2017 Source text - bit.ly/2FF3wsn
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-hero-motocorp-april-sales-u/brief-indias-hero-motocorp-april-sales-up-16-5-pct-idUSFWN1SA0RV |
May 31, 2018 / 2:00 AM / Updated 6 hours ago Investors see FTSE 100 hovering short of a new record - Reuters poll Helen Reid , Kit Rees 5 Min Read
LONDON (Reuters) - British stocks have already powered through a record high this year. Now, investors expect the FTSE 100 index to hold just shy of a fresh record by this time next year as sluggish economic growth slows returns. FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett
Investors expect British stocks to end this year more or less unchanged, sticking close to their current levels, as worries over the approaching divorce date with the European Union rein in stock market gains.
A Reuters poll of more than 30 fund managers, brokers and analysts conducted in recent weeks predicted a median gain of 1.5 percent for the FTSE 100 across 2018, to end the year at 7,800 points - which would be 2.2 percent up from Tuesday’s close.
The FTSE 100 is set to lag an expected 5.6 percent gain for the euro zone's largest companies .STOXX50E this year.
Respondents saw Brexit negotiations as key, given the index’s sensitivity to sterling which has remained under pressure since Britons voted, nearly two years ago, to exit the European Union.
“The UK market will ebb and flow with the success or otherwise of Brexit negotiations,” said Gary Waite, portfolio manager at Walker Crips.
Investors polled by Reuters saw the FTSE 100 rising to 7,900 points by the middle of 2019, after the deadline for Britain’s formal exit from the EU at the end of March.
The index would fall back again to trade at 7,850 points by the end of that year, however, according to the median.
Led higher by gains for its large, dollar-earning constituents, the FTSE 100 has risen around 25 percent since the June 2016 Brexit vote.
Even though the pound has clawed its way back to its highest level since taking a plunge in the immediate aftermath of the referendum result in June 2016, it remains nearly 11 percent below its pre-vote level and is expected to be volatile.
But despite the boost from the currency, the FTSE is down 0.7 percent so far this year.
Rising inflation and sluggish growth have hit businesses and consumers alike, with a number of high-profile profit warnings from Debenhams, Greggs, Carpetright and Micro Focus, to name a few, and the collapse of outsourcer Carillion giving investors reason to be cautious over investing in Britain.
“UK economic growth expectations are weakening and Brexit remains a longer-term threat,” said Craig Hoyda, senior quantitative analyst at Aberdeen Standard Investments, adding that he is underweight the market.
Britain’s economy almost stagnated in the first quarter, recording GDP growth of just 0.1 percent as falling business investment and weak household spending took their toll.
But some investors are being tempted to take another look at UK equities given the relatively cheap valuations. The broader FTSE 350 index .FTLC trades at a 7.3 percent discount to world equities.
“We saw the Q1 dip in the FTSE 100 as the most tradeable opportunity so far. We bought that dip,” said Paul O’Connor, head of multi-asset at Janus Henderson.
Divergent destinies for the FTSE 100 index of mostly international earners, large multinational companies, and the mid- and small-cap parts of the market, were not as clear-cut as they had been for a long time after the Brexit referendum.
“Our attention has been drawn more to domestic facing companies in recent months but the recent weakness in sterling could attract capital to the larger multi-nationals too,” said Charles Glasse, director at Waverton Investment Management.
Having traded around in line with the FTSE 100 in terms of valuations since the Brexit vote, mid-caps are now more expensive. The FTSE 250 was last trading at 14.8 times next year’s earnings, while the FTSE 100 was trading at 13.9 times - below its 20-year average valuation.
But for some, ongoing Brexit uncertainty continues to be a deterrent.
“We believe there are better growth opportunities outside the UK where you don’t need to take on this level of political risk,” said Edward Park, investment director at Brooks Macdonald. Reporting by Helen Reid, Kit Rees and the stocks team in London; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-stocks-poll/investors-see-ftse-100-hovering-short-of-a-new-record-reuters-poll-idUKKCN1IW06R |
NORTH ANDOVER, Mass.--(BUSINESS WIRE)-- Watts Water Technologies, Inc. (NYSE: WTS) today declared a quarterly dividend of twenty-one cents ($0.21) per share on each outstanding share of the Company’s Class A Common Stock and Class B Common Stock, said dividend to be paid on June 15, 2018 to stockholders of record at the close of business on June 1, 2018.
Watts Water Technologies, Inc., through its family of companies, is a global manufacturer headquartered in the USA that provides one of the broadest plumbing, heating, and water quality product lines in the world. Watts companies and brands offer innovative plumbing, heating, and water quality solutions for commercial, residential, and industrial applications. For more information, visit www.wattswater.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006154/en/
Watts Water Technologies, Inc.
Timothy MacPhee
Treasurer & Vice President
Investor Relations
Phone: 978-689-6201
Fax: 978-794-0353
Source: Watts Water Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-watts-water-technologies-inc-declares-quarterly-dividend.html |
BRUSSELS (Reuters) - EU Economics Commissioner Pierre Moscovici welcomed on Thursday what he said was a call for dialogue with Brussels from Italy’s new prime minister-designate Giuseppe Conte.
European Commissioner for Economic and Financial Affairs Pierre Moscovici holds a news conference on the European Semester Spring package at the EU Commission headquarters in Brussels, Belgium May 23, 2018. REUTERS/Francois Lenoir “I hope Italy retains confidence in itself and confidence in Europe,” the former French finance minister tweeted after an interview on French radio.
“The fact that Giusepee Conte has spoken in favor of a dialogue with the European institutions is a move in the right direction.”
Other euro zone governments and financial markets have been alarmed at the impending arrival of a new coalition in Rome under Conte comprising two eurosceptic, anti-establishment parties, who won votes in a March election by calling for an easing of euro zone budget discipline and public debt rules.
Reporting by Alastair Macdonald
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-italy-moscovici-confidence/eus-moscovici-welcomes-italian-pm-call-for-eu-dialogue-idUSKCN1IP15O |
Elon Musk says a ride on the Boring Company's tunnels beneath Los Angeles will cost $1 Ryan Browne, CNBC Published 9:07 a.m. ET May 18, 2018 Billionaire entrepreneur Elon Musk detailed the Boring Company's plans to build mass transit tunnels beneath Los Angeles on Thursday. The Boring Company CEO, speaking alongside Steven Davis, a former SpaceX engineer and Boring's project leader, said that the fare for the up-to-150 mph "Loop" system would be $1. It will carry people from downtown LA to the city's international airport, a distance of 11 miles, in eight minutes. Conceptual images of the transit show it taking passengers directly from the surface down to the underground facility, and then sending them on through a network of multiple connected tunnels. "This system is designed to be more like a highway and a bunch of off-ramps and loops connecting to the highway, kind of like cars," Musk said. "Almost like an autonomous underground, multi-level car system… that costs a dollar."
SpaceX CEO Elon Musk congratulates teams competing on the Hyperloop Pod Competition II at SpaceX's Hyperloop track in Hawthorne, Calif on Aug. 27, 2017. A committee of the Los Angeles City Council on April 18, 2018, approved an environmental review exemption for a Los Angeles-area tunnel that Elon Musk wants to dig to test a novel underground transportation system. (Photo: DAMIAN DOVARGANES/AP) Musk is also the boss of electric automaker Tesla and space exploration firm SpaceX. He assured people in the audience that the project would not be noisy and would reduce traffic significantly. "Compared to a flying car, you don't have to worry about bad weather, you can't see it, hear it feel it, you're not dividing communities with lanes and we think we can make this really fun," Musk said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/elon-musk-promises-1-rides-for-boring-companys-la-tunnels.html |
May 4, 2018 / 7:51 AM / in 10 minutes BRIEF-Flipkart Board Approves $15 Bln Stake Sale Deal To Walmart - Bloomberg Citing Sources Reuters Staff 1 Min Read
May 4 (Reuters) -
* INDIA’S FLIPKART BOARD APPROVES DEAL TO SELL ABOUT 75 PERCENT OF CO TO WALMART-LED GROUP FOR ABOUT $15 BILLION - BLOOMBERG CITING SOURCES
* SOFTBANK TO SELL ALL ITS 20-PLUS PERCENT STAKE IN FLIPKART AS PART OF FLIPKART-WALMART DEAL - BLOOMBERG CITING SOURCES
* GOOGLE PARENT ALPHABET LIKELY TO PARTICIPATE IN INVESTMENT WITH WALMART IN FLIPKART DEAL - BLOOMBERG CITING SOURCES
* A FINAL CLOSE OF WALMART-FLIPKART DEAL IS EXPECTED WITHIN 10 DAYS - BLOOMBERG CITING SOURCES
* WALMART-FLIPKART DEAL TERMS COULD STILL CHANGE AND A DEAL ISN’T CERTAIN - BLOOMBERG CITING SOURCES (Mumbai Newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-flipkart-board-approves-15-bln-sta/brief-flipkart-board-approves-15-bln-stake-sale-deal-to-walmart-bloomberg-citing-sources-idUSI8N1QW00C |
Palestinians, Israeli troops clash on Nakba day Tuesday, May 15, 2018 - 00:48
Palestinians clashed with Israeli forces in the West Bank during Nakba or ''catastrophe'' day when hundreds of thousands of Palestinians were dispossessed when the state of Israel was created. Rough cut (no reporter narration).
Palestinians clashed with Israeli forces in the West Bank during Nakba or "catastrophe" day when hundreds of thousands of Palestinians were dispossessed when the state of Israel was created. Rough cut (no reporter narration). //reut.rs/2GkIXBQ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/palestinians-israeli-troops-clash-on-nak?videoId=427136626 |
MAEBASHI, Japan (Reuters) - Bank of Japan board member Makoto Sakurai said on Thursday excessive monetary easing could destabilize the economy and suggested the central bank could whittle down its massive stimulus programme if growth continues to strengthen.
FILE PHOTO: Bank of Japan's (BOJ) board member Makoto Sakurai speaks during an interview with Reuters at the BOJ headquarters in Tokyo, Japan, September 1, 2016. Picture taken September 1, 2016. REUTERS/Toru Hanai Sakurai, a former academic who is seen as representing the BOJ’s mainstream views, also said the central bank must be mindful of the risk that prolonged easing may hurt financial institutions’ profits and disrupt Japan’s banking system.
“If the current easy policy continues, the effect on banks will be cumulative. We could see more signs of the side-effects of our policy,” Sakurai told a news conference after meeting business leaders in Maebashi, eastern Japan.
But he stressed that it was premature to exit ultra-loose policy now, as inflation remains distant from the BOJ’s 2 percent target and labor shortages have yet to boost wages.
“If inflation picks up, the effect of our stimulus policy will increase. That would be the timing where the BOJ would need to think about various steps,” Sakurai said.
“It’s not something we need to think about now,” he said, when asked whether the BOJ should raise its yield target.
The remarks underscore a growing concern among central bankers about the rising cost of the BOJ’s stimulus programme, which has made them more open to debating a future exit from crisis-mode policies.
Sakurai said the BOJ’s yield curve control (YCC), which caps long-term borrowing costs at zero, will have a stronger effect in boosting demand as inflation expectations grow.
That means maintaining ultra-loose policy for too long could create excessive demand, he added.
Related Coverage BOJ's Sakurai says central bank could exit easy policy, but not now “We need to pay utmost caution so that changes in the external environment don’t disrupt the balance between supply and demand,” Sakurai said in a speech to the business leaders.
“The BOJ must examine how best to guide monetary policy as needed without any preset idea, taking this point into account.”
He told the news conference that all options were on the table when the BOJ were to dial back stimulus, including rate hikes and a slowdown in its asset purchases.
“If the negative effect of monetary easing becomes clear, we need to change policy,” Sakurai said. “I don’t think we’re in a stage where the demerits are so clear and warrant a policy shift.”
Under YCC, the BOJ guides short-term rates at minus 0.1 percent and the 10-year bond yield around zero percent.
BOJ Governor Haruhiko Kuroda has stressed the central bank was in no rush to reduce its stimulus with inflation still distant from its 2 percent target.
But he has also signaled the chance of raising the yield target before inflation hits 2 percent, given the rising cost and diminishing returns of prolonged easing.
A summary of the debate at the BOJ’s April rate review showed some board members voicing concern over the cost of easing.
One member said the BOJ must find ways to gain public understanding that the bank is ready to dial back monetary support if the economy continues to improve, a sign it is working to prepare markets for a future exit.
Reporting by Leika Kihara; Editing by Chris Gallagher and Sam Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-boj/boj-sakurai-warns-against-overly-stimulating-demand-with-monetary-easing-idUSKCN1IP07P |
May 31, 2018 / 11:45 AM / Updated 4 hours ago Serbian archaeologists find sarcophagus with two skeletons and jewellery in ancient city Aleksandar Vasovic 2 Min Read
KOSTOLAC, Serbia (Reuters) - Serbian archaeologists at the site of the ancient Roman city of Viminacium have found an intact sarcophagus with two skeletons bedecked with gold and silver adornments. Sculls found inside a Roman-era sarcophagus are seen at an archaeological site in the remains of the ancient city of Viminacium, now Kostolac, Serbia, May 29, 2018. REUTERS/Marko Djurica
Ilija Mikic, an anthropologist at the site, said the skeletons were of a tall, middle-aged man and a slim younger woman.
In addition to three delicate glass perfume bottles, the woman had golden earrings, a necklace, a silver mirror and several expensive hair pins, while a silver belt buckle and remains of shoes were found lying around the man.
“According to grave goods ... we can conclude that these two people surely belonged to a higher social class,” Mikic said. Items found inside a Roman-era sarcophagus are seen at an archaeological site in the remains of the ancient city of Viminacium, now Kostolac, Serbia, May 29, 2018. REUTERS/Marko Djurica
The Viminacium site, near the town of Kostolac, around 70 km east of Belgrade, was a military camp and the capital of the Roman province of Moesia Superior, dating back to the 1st century AD. It had a hippodrome, fortifications, a forum, palace, temples, amphitheatre, aqueducts, baths and workshops.
According to historians, it could have been the home to some 40,000 people. So far, only about 4 percent of it has been explored, said Miomir Korac, the director of the site. Slideshow (6 Images)
He said that ancient Roman settlements that were not buried under modern cities such as London, Milan, Budapest or Belgrade were rare.
“Only Viminacium with its 450 hectares is an open area for exploration. And I am sure this will bring an immeasurable quantity of information,” Korac said.
So far, archaeologists there have uncovered tens of thousands of artefacts, including golden tiles engraved with Roman magical symbols, jade and marble sculptures, pottery, mosaics and frescos, along with 14,000 tombs, since excavations started in 1882.
Devastated by the Huns in the 5th century, Viminacium was later rebuilt by the Emperor Justinian. It was razed and destroyed by the Slavs in the 6th century.
Over the centuries since, the sarcophagus would have survived looters, plowing and a machinery of a nearby coal mine. Reporting by Aleksandar Vasovic; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/us-serbia-archeology/serbian-archaeologists-find-sarcophagus-with-two-skeletons-and-jewellery-in-ancient-city-idUKKCN1IW1JB |
May 7 (Reuters) - National CineMedia Inc:
* NATIONAL CINEMEDIA, INC. REPORTS RESULTS FOR FISCAL FIRST QUARTER 2018
* SEES FY 2018 REVENUE $425 MILLION TO $445 MILLION * Q1 REVENUE $80.2 MILLION VERSUS I/B/E/S VIEW $75.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.05 — THOMSON REUTERS I/B/E/S
* REAFFIRMS FULL YEAR 2018 OUTLOOK * FY2018 EARNINGS PER SHARE VIEW $0.32, REVENUE VIEW $433.4 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-national-cinemedia-reports-q1-loss/brief-national-cinemedia-reports-q1-loss-per-share-of-0-03-idUSASC0A01E |
Markle: from Windsor Hills to Windsor Castle Monday, May 14, 2018 - 01:49
From Windsor Hills to Windsor Castle, Meghan Markle's road to royalty began in a Southern California community where her mother still lives.
From Windsor Hills to Windsor Castle, Meghan Markle's road to royalty began in a Southern California community where her mother still lives. //reut.rs/2rI02Am | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/markle-from-windsor-hills-to-windsor-cas?videoId=426784757 |
(Reuters) - Revlon Inc ( REV.N ) named Debra Perelman its first female chief executive officer on Wednesday, as the cosmetics maker controlled by her billionaire father, Ronald Perelman, tries to keep up with changing consumer preferences.
Debra Perelman moves into the role immediately. She replaces Fabian Garcia who stepped down in January after two years. He was hired to turn around Revlon.
With 20 years at Revlon, Debra Perelman was most recently chief operating officer at the company, where her father is also chairman.
Debra Perelman was also most recently the executive vice president MacAndrews & Forbes, the holding company through which her father owns an 85 percent stake in Revlon.
Board member Paul Meister, who was overseeing day-to-day operations of Revlon on an interim basis, will keep his position as the vice chairman, Revlon said.
Reporting by Tamara Mathias and Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber
| ashraq/financial-news-articles | https://www.reuters.com/article/us-revlon-moves-ceo/revlon-names-debra-perelman-as-ceo-idUSKCN1IO1R9 |
May 9, 2018 / 9:26 AM / Updated 12 minutes ago Iraq lifts oil production at Eni's Zubair field to 475,000 bpd - oil official Reuters Staff 1 Min Read
BASRA, Iraq, May 9 (Reuters) - Iraq lifted oil production at Eni’s Zubair field, in the south, by 50,000 barrels per day, to 475,000 bpd, an Iraqi oil official said on Wednesday.
Production rose after the completion of new oil processing facility, Zubair field project director Muhannad Abbas told Reuters on the sideline of a ceremony to launch the new installations by Oil Minister Jabar al-Luaibi.
Zubair’s production capacity will rise gradually to 625 bpd, as three additional processing facilities are added, he said, without indicating a timeline for their completion. (Reporting by Aref Mohammed; writing by Maher Chmaytelli, editing by Louise Heavens) | ashraq/financial-news-articles | https://www.reuters.com/article/iraq-oil-production/iraq-lifts-oil-production-at-enis-zubair-field-to-475000-bpd-oil-official-idUSL8N1SG3HW |
May 1 (Reuters) - Johnson Controls International PLC :
* JOHNSON CONTROLS REPORTS SOLID FISCAL Q2 EARNINGS WITH STRONGER ORDERS AND FREE CASH FLOW
* Q2 ADJUSTED EARNINGS PER SHARE $0.53 FROM CONTINUING OPERATIONS EXCLUDING ITEMS
* Q2 GAAP EARNINGS PER SHARE $0.47 FROM CONTINUING OPERATIONS
* Q2 SALES $7.5 BILLION VERSUS I/B/E/S VIEW $7.44 BILLION * Q2 EARNINGS PER SHARE VIEW $0.52 — THOMSON REUTERS I/B/E/S
* REAFFIRMS FY 2018 ADJUSTED EARNINGS PER SHARE VIEW $2.75 TO $2.85 FROM CONTINUING OPERATIONS
* JOHNSON CONTROLS INTERNATIONAL - BUILDING SOLUTIONS NORTH AMERICA BACKLOG AT QUARTER-END OF $5.3 BILLION INCREASED 5% Y-O-Y, EXCLUDING ITEMS
* FY2018 EARNINGS PER SHARE VIEW $2.79 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-johnson-controls-q2-adjusted-eps-0/brief-johnson-controls-q2-adjusted-eps-0-53-from-continuing-operations-excluding-items-idUSASC09YII |
NEW DELHI (Reuters) - India’s antitrust regulator has approved the acquisition of U.S. seed major Monsanto Co ( MON.N ) by Bayer AG ( BAYGn.DE ), in a decision that moves the $62.5 billion deal a step closer to the finish line.
FILE PHOTO: The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo German conglomerate Bayer is preparing to close the takeover this quarter, giving it control of more than 25 percent of the world’s seed and pesticides market.
Both Bayer and Monsanto had subsidiaries in India, making it mandatory for them to receive clearance from the Competition Commission of India (CCI).
The acquisition had been approved “subject to compliance of certain modifications,” the CCI said on Twitter, without elaborating.
A source with direct knowledge of the matter said CCI’s clearance was among the last antitrust hurdles for the deal.
The CCI hasn’t yet made public the conditions imposed, but the source said the watchdog had asked for divestment of Bayer’s agriculture seeds, vegetable seeds, glufosinate-ammonium and the digital agriculture business.
In a statement on Tuesday, Bayer said the Indian clearance was “another milestone” towards the global acquisition.
The takeover, one of a trio of major deals in the agribusiness sector in recent years, would create a company with a share of more than a quarter of the world’s seed and pesticides market.
Bayer last week said Russia’s antitrust regulator FAS had approved the company’s Monsanto takeover.
Reporting by Aditya Kalra; Editing by Euan Rocha/Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-monsanto-m-a-bayer/indias-antitrust-regulator-approves-bayers-acquisition-of-monsanto-idUSKCN1IN1H0 |
May 21 (Reuters) - Arca Capital:
* ARCA CAPITAL - PLANS TO WORK WITH CARL ICAHN AND OTHER MINORITY SHAREHOLDERS IN OPPOSING PROPOSED AMTRUST’S PRIVATIZATION TRANSACTION
* ARCA CAPITAL SAYS OWNS ABOUT 2.4% OUTSTANDING SHARES OF AMTRUST FINANCIAL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arca-capital-plans-to-work-with-ca/brief-arca-capital-plans-to-work-with-carl-icahn-shareholders-to-oppose-amtrust-privatization-idUSFWN1SS0F6 |
May 30, 2018 / 11:37 AM / Updated an hour ago Ukraine and Russia trade accusations over killing of dissident journalist Matthias Williams , Andrew Osborn 4 Min Read
KIEV/MOSCOW (Reuters) - Ukraine and Russia traded accusations on Wednesday after a dissident Russian journalist and Kremlin critic was shot dead in Kiev, in a killing that sent shivers through the journalistic communities in both countries. A picture of Russian dissident journalist Arkady Babchenko, who was shot dead in the Ukrainian capital on May 29, hangs from a fence of the Russian embassy in Kiev, Ukraine May 30, 2018. REUTERS/Gleb Garanich
Arkady Babchenko, 41, died of his wounds in an ambulance on Tuesday after an unidentified gunman shot him in the back several times as he returned home after buying bread.
Babchenko, a critic of President Vladimir Putin and of Russian policy in Ukraine and Syria, had lived in exile in the Ukrainian capital after receiving threats at home for saying he did not mourn the victims of a Russian defence ministry plane crash in 2016.
Ukrainian Prime Minister Volodymyr Groysman said in a social media posting late on Tuesday he was convinced that what he called “the Russian totalitarian machine” had not forgiven Babchenko for what Groysman called his honesty.
The Ukrainian president’s office referred reporters on Wednesday to comments by Foreign Minister Pavlo Klimkin, who said it was too early to draw conclusions but that there was “an astounding similarity to the methods Russia uses to provoke political destabilisation”.
The Kremlin described such allegations as part of an anti-Russian smear campaign.
“This is the height of cynicism against the backdrop of such a brutal murder, it is anti-Russian bluster instead of talking about the need to conduct a thorough, objective investigation,” Kremlin spokesman Dmitry Peskov told reporters. A man hangs a picture of Russian dissident journalist Arkady Babchenko, who was shot dead in the Ukrainian capital on May 29, on a fence of the Russian embassy in Kiev, Ukraine May 30, 2018. REUTERS/Gleb Garanich FOURTH KILLING
Peskov said Ukraine had become a dangerous country for journalists and press freedom there was under severe pressure.
Babchenko’s killing was the fourth of a Kremlin critic in the Ukrainian capital in two years. None of the others, which Kiev has also blamed on Russia, have been solved.
“We think this should attract very tough international reaction which will move the Ukrainian authorities towards active measures to resolve the situation,” said Peskov.
Russian investigators have opened their own investigation into the killing and said they are ready to cooperate with Ukraine. A man hangs a picture of Russian dissident journalist Arkady Babchenko, who was shot dead in the Ukrainian capital on May 29, on a fence of the Russian embassy in Kiev, Ukraine May 30, 2018. REUTERS/Gleb Garanich
Russian Foreign Minister Sergei Lavrov and Alexander Bortnikov, head of Russia’s Federal Security Service (FSB), also flatly denied any Russian involvement in the killing.
Harlem Desir, OSCE Representative on Freedom of the Media, said he was on his way to Kiev to meet the Babchenko’s colleagues on Wednesday as a slew of Western foreign ministers condemned the killing.
“I am outraged by this horrific act,” Desir said in an earlier statement.
The European Union, Desir, and the Council of Europe all called on Ukraine to spare no effort in its investigation.
Police in Kiev were preparing to further investigate the scene of the crime on Wednesday by conducting ballistic and forensic examinations and looking at CCTV footage.
Babchenko fought in the Russian army in Chechnya, and then became a war reporter for several Russian newspapers.
He reported on Russia sending private military contractors into Syria and the downing of Malaysia Airlines Flight MH-17 in July 2014 over eastern Ukraine, for which investigators last week held the Russian state responsible, something it denies.
On Feb. 27 last year, he wrote on social media that he had left Russia.
One man stuck black and white photos of Babchenko on the fence of the Russian embassy in Kiev, and mourners were expected to gather in Kiev’s central Maidan square on Wednesday evening. Additional reporting by Tom Balmforth and Maria Kiselyova; Editing by Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ukraine-russia-journalist/ukraine-and-russia-trade-accusations-over-killing-of-dissident-journalist-idUKKCN1IV1E2 |
Pfizer's, Merck's revenue disappoint investors 4:42pm BST - 01:05
Sales of Pfizer's blockbuster drug Ibrance zoomed higher but missed forecasts. Sales of Merck's cancer drug Keytruda catapulted higher, but overall revenue disappointed Wall Street. Fred Katayama reports.
Sales of Pfizer's blockbuster drug Ibrance zoomed higher but missed forecasts. Sales of Merck's cancer drug Keytruda catapulted higher, but overall revenue disappointed Wall Street. Fred Katayama reports. //reut.rs/2Fxd60k | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/pfizers-mercks-revenue-disappoint-invest?videoId=422966177 |
GOMA, Democratic Republic of Congo (Reuters) - Health workers in Democratic Republic of Congo will begin a vaccination campaign on Monday aimed at containing an outbreak of the deadly Ebola virus, a spokeswoman for the health ministry said.
Medecins Sans Frontieres (MSF) workers talk to a worker at an isolation facility, prepared to receive suspected Ebola cases, at the Mbandaka General Hospital, in Mbandaka, Democratic Republic of Congo May 20, 2018. REUTERS/Kenny Katombe Jessica Ilunga said 4,000 doses of vaccine were shipped on Saturday to the city of Mbandaka, which last week registered the first cases in an urban area since the latest flare-up of the disease was announced earlier this month.
The outbreak is Congo’s ninth since the disease made its first known appearance in the 1970s. The cases in Mbandaka, a port city on the Congo river, have raised concerns that the virus could spread downstream to the capital Kinshasa, which has a population of 10 million.
According to Congolese health ministry data released late on Saturday, there have been four cases of Ebola confirmed through testing in Mbandaka’s Wangata neighborhood and another two suspected cases.
One confirmed Ebola patient has died there, the figures showed.
The World Health Organization (WHO) said on Friday that the disease had killed 25 people since early April.
Confirmation of Ebola in Mbandaka, a city of about 1.5 million people, prompted the WHO last week to declare a “very high” public health risk for the country and a “high” risk for the region.
Slideshow (5 Images) However, it said the outbreak could be brought under control and was not yet an international public health emergency.
“Previous outbreaks have demonstrated the importance of a rapid and well-resourced response in order to save lives, but also prevent an exponential increase in the economic cost of a response,” WHO spokesman Tarik Jasarevic said on Sunday.
The U.N. health body was heavily criticized as too slow to declare an international emergency during an outbreak in West Africa. That epidemic spread mainly through Guinea, Sierra Leone and Liberia, killing more than 11,300 people from 2013 to 2016.
Jasarevic said the WHO was seeking $26 million to fund the Ebola response in Congo.
The WHO is sending 7,540 doses of the vaccine developed by Merck ( MRK.N ) to Congo. It is also in talks about a second vaccine made by Johnson & Johnson ( JNJ.N ).
More than 30 health workers with experience administering Ebola vaccines are being deployed from Guinea to help with the campaign in Congo.
A government spokesman said late on Saturday that Congo’s partners had promised to make available 300,000 doses of vaccine.
Reporting by Fiston Mahamba in Goma and Issa Sikiti da Silva in Kinshasa; writing by Joe Bavier; Editing by Dale Hudson and Jason Neely
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-ebola-congo/congo-to-begin-ebola-vaccinations-on-monday-health-ministry-idINKCN1IL0EV |
May 22, 2018 / 3:24 PM / Updated 11 minutes ago EMERGING MARKETS-Brazil's real climbs again after central bank defends rate decision Reuters Staff 5 Min Read SAO PAULO, May 22 (Reuters) - Brazil's real jumped almost 1 percent on Tuesday after the central bank released meeting minutes that many traders interpreted as hawkish, while a rally in commodities prices pushed up currencies in other major Latin American economies. Last Wednesday, Brazil's central bank unexpectedly kept the benchmark Selic rate at 6.50 percent, defying market expectations of a 25-basis-point cut. In the minutes of that meeting released early on Tuesday, the bank said it had considered a rate cut and acknowledged that the decision came as a surprise to the market. But the bank also indicated that the recent strength of the U.S. dollar had reduced the likelihood of Brazilian inflation remaining below the official target for the foreseeable future. The body also indicated it would likely keep the rate steady in the near future and called Wednesday's rate hold "the best possible decision." "In the central bank's argument, they say that inflation expectations have become unanchored toward the upside, which is to say that it's no longer necessary to cut the Selic rate," said José Francisco Gonçalves, head economist at Banco Fator in Sao Paulo. The real had climbed 0.98 percent by late morning, following a 1.35 percent gain on Monday, after the central bank almost quadrupled the value of its currency swap program. That followed a rough streak for the real, which reached its lowest level in two years on Friday. Elsewhere in Latin America, Chile's peso shot up some 1.27 percent, following global copper prices, which had jumped 1.45 percent by mid-day. Colombia's peso jumped 0.78 percent, boosted by prices for oil, which climbed back over $80 per barrel amid supply constraints. Equities markets were relatively flat across the region. Among the major winners on Brazil's benchmark Bovespa index was state electricity utility Cia Energetica de Minas Gerais SA. Its shares rose 4 percent after the nation's electricity regulator approved a power tariff hike. Key Latin American stock indexes and currencies at 1446 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1143.56 0.62 -1.9 MSCI LatAm 2721.91 1.22 -4.92 Brazil Bovespa 81972.79 0.19 7.29 Mexico IPC 45231.07 -0.16 -8.35 Chile IPSA 5664.87 -0.05 1.80 Chile IGPA 28671.63 -0.03 2.47 Argentina MerVal 31588.50 -0.14 5.07 Colombia IGBC 12109.14 0.2 6.49 Venezuela IBC 22940.52 0.63 1716.15 Currencies daily % YTD % change change Latest Brazil real 3.6525 0.98 -9.29 Mexico peso 19.7655 0.25 -0.34 Chile peso 628.5 1.27 -2.20 Colombia peso 2852.75 0.78 4.53 Peru sol 3.274 0.27 -1.13 Argentina peso 24.3200 0.29 -23.52 (interbank) Argentina peso 25.3 0.40 -23.99 (parallel) (Reporting by Gram Slattery and Claudia Violante; Editing by Dan Grebler) | ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazils-real-climbs-again-after-central-bank-defends-rate-decision-idUSL2N1ST0XN |
The Afternoon Rundown: May 4, 2018 8 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/the-afternoon-rundown-may-4-2018.html |
May 10, 2018 / 2:07 AM / Updated 32 minutes ago IMF deal would secure Argentina funds through Macri's term - finance minister Reuters Staff 1 Min Read
BUENOS AIRES (Reuters) - The credit deal Argentina is negotiating with the International Monetary Fund (IMF) would guarantee financing through the end of President Mauricio Macri’s first term, which ends in late 2019, Finance Minister Luis Caputo said on Wednesday. FILE PHOTO - Argentina's Finance Minister Luis Caputo speaks at the discussion panel "Market Forces at Work" on the side of the IMF/World Bank spring meeting in Washington, U.S., April 19, 2018. REUTERS/Yuri Gripas
The so-called ‘stand-by arrangement’ would allow Argentina to obtain financing at an interest rate of around 4 percent, and would allow the South American country to receive more money than other options available from the IMF, Caputo said in an interview on local television channel TN. Reporting by Luc Cohen and Maximiliano Rizzi | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-argentina-imf-caputo/imf-deal-would-secure-argentina-funds-through-macris-term-finance-minister-idUKKBN1IB06Q |
Wall Street slides on trade talk uncertainty 01:13
U.S. stocks ended near the session lows on Tuesday as uncertainty lingered over trade talks between the U.S. and China. Fred Katayama reports.
U.S. stocks ended near the session lows on Tuesday as uncertainty lingered over trade talks between the U.S. and China. Fred Katayama reports. //reut.rs/2GFP3wI | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/wall-street-slides-on-trade-talk-uncerta?videoId=429409043 |
May 30, 2018 / 5:37 PM / in an hour Blackstone's Gray sees scope for Italian deals despite political strife Reuters Staff 1 Min Read
NEW YORK, May 30 (Reuters) - Alternative asset manager Blackstone Group LP is still open to doing deals in Italy despite political turmoil in the euro zone country, President and Chief Operating Officer Jon Gray said on Wednesday.
“Sure,” Gray said at a conference organized by Deutsche Bank, when asked if the firm would be buy Italian assets right now. “It’s a function of price.”
In January, Blackstone agreed to buy a majority stake in the Financial and Risk business of Thomson Reuters Corp, , the parent company of Reuters News, in a $20 billion deal. Reuters News will remain part of Thomson Reuters. Reporting by Joshua Franklin in New York; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/blackstone-group-italy/blackstones-gray-sees-scope-for-italian-deals-despite-political-strife-idUSL2N1T11C7 |
TORONTO, May 28, 2018 (GLOBE NEWSWIRE) -- Newstrike Resources Ltd. (TSX-V:HIP) (" Newstrike " or the " Company ") confirms that all of the issued and outstanding shares of its wholly-owned subsidiary, Enderlein Nurseries Ltd. (" Enderlein "), have been sold to 10673242 Canada Inc. (the " Purchaser ") pursuant to a share purchase agreement dated May 25, 2018 (" Share Purchase Agreement ").
“We have decided to focus our growth strategy elsewhere as we are ramping up our production capacity at our Niagara facility and actively assessing accretive opportunities,” states Jay Wilgar, CEO and Chairman of Newstrike.
Pursuant to the Share Purchase Agreement, the Purchaser is acquiring all of the issued and outstanding shares of Enderlein for total consideration of CAD$2,504,500, consisting of an upfront payment in the amount of CAD$1,479,500 and a future payment of CAD$1,025,000 (the " Holdback Amount "). Any further gain or loss attributable to the aforesaid transaction is expected to be nominal. The Holdback Amount is to be paid within 10 business days of Enderlein obtaining its cultivation licence from Health Canada (the " HC Licence ") and becoming a licensed producer of medical cannabis (a " Licensed Producer ") pursuant to the Access to Cannabis for Medical Purposes Regulations .
If Enderlein, which has been issued a pre-licence “ready to build” letter from Health Canada, does not receive the HC Licence by the date that is 18 months following May 25, 2018 (the " Holdback Release Date "), the Holdback Amount is subject to an extension. The Holdback Release Date may be extended provided that the Company has not breached any of its ongoing obligations under the Share Purchase Agreement in a manner that has had a material effect on, or delay in, the HC Licence or Enderlein otherwise becoming a Licensed Producer.
For further information, please contact:
Jay Wilgar, Director and CEO
Telephone: (905) 844-8866 ext. 12
Email: [email protected]
ABOUT NEWSTRIKE
Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms. Up Cannabis is in turn the parent company of Up Cannabis Niagara Inc. Newstrike, through Up Cannabis and together with select strategic partners, including Canada's iconic musicians The Tragically Hip, is developing a diverse network of high quality cannabis brands. For more information visit www.up.ca or www.newstrike.ca .
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, but are not limited to, statements relating to Newstrike's expectations with respect to its performance and achievements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.
Newstrike does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Source: Newstrike Resources Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-newstrike-resources-ltd-announces-the-sale-of-subsidiary-enderlein-nurseries-ltd.html |
Italy's future governing parties over-promised during election campaigning: Analyst 1 Hour Ago Eurasia Group Europe analyst Federico Santi says that a euro zone exit is not on the agenda, at least for the time being, for the next Italian government. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/italys-future-governing-parties-over-promised-during-election-campaigning-analyst.html |
BRENTWOOD, Tenn.--(BUSINESS WIRE)-- Quorum Health Corporation (NYSE: QHC) announced today that the Company will issue a press release reporting its financial results for the first quarter ended March 31, 2018 on Wednesday, May 9, 2018, after the market closes. A conference call to discuss these results will be held the next day, Thursday, May 10, 2018 at 10:00 a.m Central time, 11:00 a.m. Eastern time. A live broadcast of the conference call will be available online at www.quorumhealth.com . To listen to the live call, please go to the web site at least 15 minutes prior to the call to register, download and install any necessary audio software. A 30-day online replay will be available approximately one hour following the conclusion of the live broadcast.
About Quorum Health Corporation
Quorum Health Corporation is an operator of general acute care hospitals and outpatient services in the United States. Through its subsidiaries, the Company owns, leases or operates a diversified portfolio of 28 affiliated hospitals in rural and mid-sized markets located across 14 states with an aggregate of 2,675 licensed beds. The Company also operates Quorum Health Resources, LLC, a leading hospital management advisory and consulting services business. More information about Quorum Health Corporation can be found at www.quorumhealth.com .
Forward-Looking Statements
Statements contained in this news release regarding expected operating results, acquisition transactions or divestitures and other events are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Quorum Health Corporation with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
The terms “QHC,” “Quorum Health,” “the Company,” “we,” “us” or “our” refer to Quorum Health Corporation or one or more of its subsidiaries or affiliates as applicable.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006666/en/
Quorum Health Corporation
Alfred Lumsdaine, 615-371-4936
Executive Vice President and Chief Financial Officer
Source: Quorum Health Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-quorum-health-corporation-announces-first-quarter-2018-earnings-release-conference-call-schedule.html |
This Day in History, May 21, 2018 2 Hours Ago Among the events that happened on this day in history, in 1980 "The Empire Strikes Back" is released. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/this-day-in-history-may-21-2018.html |
SEOUL, May 10 (Reuters) - General Motors can’t sell any of its 77 percent stake in its troubled South Korean unit over the next five years and has to keep its holding at over 35 percent between 2023 and 2028, South Korea said on Thursday, unveiling details of a new deal with the U.S. automaker.
The restriction on the stake sale in GM Korea was one of tools that will prevent GM from leaving the South Korean market, the nation’s Finance Minister, Kim Dong-yeon, told a press conference.
The Detroit car maker and state-run Korea Development Bank (KDB) have agreed on $7.15 billion of investments, including a $2.8 billion debt-for-equity swap for existing loans GM Korea owed to its parent, to rescue the unit. GM and KDB will sign a binding deal on May 11, the minister said. (Reporting by Hyunjoo Jin, Writing by Ju-min Park; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/gm-southkorea/gm-cant-sell-stake-in-s-korea-unit-over-next-5-years-under-rescue-deal-s-korea-idUSS6N1R203Y |
Veteran analyst Dick Bove is about to put some skin in the game as an activist investor in the banking industry.
After a career in financial services that has spanned some 53 years, his new adventure will see him switch to strategist for a Hilton Capital Management effort that seeks to capitalize on what he sees as a major opportunity.
That comes amid a friendlier regulatory environment and a shift in monetary policy that will see the flow of money slow and interest rates rise. The result, he said, will be a big opportunity for dealmaking as well as other chances to make money in a new phase of growth for real estate.
"All the people who are enormously anti-bank and pro-regulation are gone," the Florida-based Bove said during an interview at the New York offices of Rafferty Holdings, the holding company for Hilton Capital. "We are going into a golden age of banking."
This is not, however, a golden age for bank analysts.
A turn to passive investing, in which investors use exchange-traded funds to track indexes rather than individual stock selection, has made times tougher for sell-side professionals on Wall Street. Many big institutions have dramatically cut what they're paying for analysis, and the trend is likely to continue.
For Bove, that climate presents an opportunity to put his long-held ideas to work.
'I'm always flipping out' Normally bullish on the banking sector, Bove in recent years has complained that investors are misunderstanding what drives the industry.
While many in the market have focused on the benefits that rising interest rates should bring to banking, Bove sees that as misplaced. Rather, he expects the best opportunities coming for banks that will be able to provide funding at a time when the money supply will be tightening.
He also is against banks using large portions of their earnings toward share buybacks, advocating instead that they should be investing in their businesses and focusing in selling rather than financial engineering.
"I've got all these ideas and theories about how money should be invested in the banking industry," he said. "I'm always flipping out about what I think are incorrect views in investing in banks. I want to prove that these theories are correct in a very tangible fashion."
Jin Lee | Bloomberg | Getty Images Dick Bove That philosophy will drive the activist position that he and Hilton will take. He doesn't envision taking hostile positions or trying to pack boards with appointments, but rather will look for cooperative arrangements to improve performance.
"I'm going to be putting my money where my mouth is," Bove added.
Specifically, they'll be looking for both acquirers and institutions ripe to be taken over. Banks that have been active in takeovers have largely outperformed their peers during this decade, and the action hasn't always come from the industry's most well-known names.
For example, Pinnacle Financial Partners , which has completed 12 acquisitions, saw a compound annual growth rate of 28.6 percent from 2012-17, third best in the industry. Another, Glacier Bancorp , has done nine deals and boasts CAGR of 21.8 percent.
Too many banks? Those are the kinds of companies Bove's new venture will seek.
"There are way too many banks in the U.S.," said Abbott Cooper, senior portfolio manager at Hilton and part of the Bove venture. "There are chances to buy great banks for great prices."
That philosophy comes even though the total number of commercial banks in the U.S. has fallen by about a third since the beginning of 2008, when the financial crisis hit in full force. There currently are 4,888 banks, down from a peak of more than 14,000 in 1984.
In addition to looking for acquirers, Bove said focusing on geography has worked well, with banks in the Southwest and Midwest performing especially well. That approach, too, will be part of the activist investing thesis for the Hilton team.
Bove and Cooper are out raising money now to put that thesis to work. They don't plan to start a fund right away, though that could happen later.
"What is actually shocking here is that the attitude towards acquisitions has completely changed in the past generation," Bove wrote in a presentation to investors. "No longer do pundits argue that acquisitions do not work. No longer do they suggest that households do not want to do all off their financial transactions in one place. No, now the game is buy the buyers." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/analyst-dick-bove-now-an-investor-in-a-golden-age-of-banking.html |
Studen Loans Democratic Lawmaker Wants to Repeal GOP Tax Cuts to Alleviate Student Loan Debt Around a hundred people protested, outside U.S. Sen. Cory Gardner's Denver office, against a tax bill in the U.S. Senate on November 28, 2017 in Denver, Colorado. RJ Sangosti—The Denver Post via Getty Images By Erin Corbett 1:17 PM EDT
Since the GOP’s Tax Cuts and Jobs Act passed late last year, Democrats have fiercely opposed it, claiming that it mostly benefits the wealthiest Americans. Rep. Jared Polis (D-Colo.) plans to introduce a new bill next week in a push to repeal the controversial tax law .
Polis is expected to introduce the Students Over Special Interests Act on Wednesday in an effort to repeal the current tax law, and redirect taxpayer dollars toward alleviating student loan debt. A fact sheet of the legislation outlined that the bill will “cancel all outstanding student loan debt for nearly 43 million borrowers” and will increase the maximum Pell Grant in an effort to make college more affordable.
“The Republican tax plan was all about special interests cashing in at the expense of everyone else,” Polis said in a statement obtained by Fortune . “My plan shows what a difference we can make for middle-class Americans for even less cost. So many people go to school, get a job, and work hard but still struggle to get ahead because they are weighted down by student loans. It’s time to help them get out from the mountain of debt they are under.”
The GOP tax bill has been largely unpopular among Americans, according to an April NBC News/Wall Street Journal poll that found 27% of adults believe the bill is a good idea, and 53% think it will have negative impacts on the economy.
Social Security Works, an organization whose mission is to “improve the economic security of disadvantaged and at-risk populations,” is endorsing Polis’s bill. “The tax scam was a handout to the richest people the world has ever seen instead of helping hardworking Americans,” executive director Alex Lawson told Fortune about why the organization supports the bill.
Polis has pushed to help students paying back loans in the past. In 2013, the Colorado representative sponsored the Student Loan Affordability Act in an effort to maintain affordable interest rates for students paying back their loans.
While Polis’s bill is unlikely to move forward with Republicans controlling the House and Senate, it appears to be a push forward for Democrats fighting the GOP’s tax plan. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/polis-repeal-gop-tax-cuts/ |
LITTLE ROCK, Ark.--(BUSINESS WIRE)-- Dillard’s, Inc. (NYSE: DDS) will announce results for the 13 weeks ended May 5, 2018 tomorrow, May 17, 2018, before the opening of the New York Stock Exchange.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006264/en/
Dillard’s, Inc.
Julie J. Bull, 501-376-5965
Director of Investor Relations
Source: Dillard’s, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-dillardas-inc-to-report-first-quarter-results.html |
ANNAPOLIS, Md., May 29, 2018 /PRNewswire/ -- Severn Bancorp, Inc., (Nasdaq: SVBI) (the "Company"), parent company of Severn Savings Bank, FSB, today announced that the Board of Directors approved a cash dividend to shareholders. The cash dividend of three cents ($0.03) per share of common stock will be payable on June 18, 2018 to shareholders of record at the close of business on June 8, 2018.
Alan J. Hyatt, President and Chief Executive Officer said "The Company is happy to announce another dividend payment. Our commitment to increasing shareholder value is strong, and we are striving to continue our upward trend for our financial performance."
About Severn Savings Bank: Founded in 1946, Severn is a full-service community bank offering a wide array of personal and commercial banking products as well as residential and commercial mortgage lending. It has assets of $800 million and five branches located in Annapolis, Edgewater, Glen Burnie, and Severna Park, Maryland. The bank specializes in exceptional customer service and holds itself and its employees to a high standard of community contribution. Severn is on the Web at www.severnbank.com .
Forward Looking Statements
In addition to the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties that may be affected by various factors that may cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements contained herein include, but are not limited to, those with respect to management's determination of the amount of loan loss reserve and statements about the economy. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "would," "could," "should," "guidance," "potential," "continue," "project," "forecast," "confident," and similar expressions are typically used to identify forward-looking statements. Severn's operations and actual results could differ significantly from those discussed in the forward-looking statements. Some of the factors that could cause or contribute to such differences include, but are not limited to, changes in the economy and interest rates both in the nation and in Severn's general market area, federal and state regulation, competition and other factors detailed from time to time in Severn's filings with the Securities and Exchange Commission (the "SEC"), including "Item 1A. Risk Factors" contained in Severn's Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
View original content with multimedia: http://www.prnewswire.com/news-releases/severn-bancorp-inc-announces-dividend-300655987.html
SOURCE Severn Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-severn-bancorp-inc-announces-dividend.html |
May 7, 2018 / 10:02 AM / Updated 23 minutes ago Siemens plans Power & Gas shutdowns due to power weakness Alexander Hübner 2 Min Read
MUNICH (Reuters) - Siemens ( SIEGn.DE ) said on Monday weakness in the power generation market is forcing it to temporarily shut down its Power & Gas (PG) sites around the world. FILE PHOTO: People pass Siemens flags ahead of the company's annual shareholders meeting in Munich, Germany, January 31, 2018. REUTERS/Michael Dalder/File Photo
Large gas turbines are increasingly unloved as the world shifts to renewable energy, which is weighing on Siemens’ earnings and prompting the group to restructure the PG business.
In November, Siemens said it would cut 6,900 jobs, mainly at the PG division, which once thrived on supplying turbines for electricity generation. Excluding its services business, the PG division has around 30,000 employees worldwide, of which 12,000 are based in Germany.
“The shutdowns are part of a comprehensive package of measures, which also includes issues such as travel costs, sponsoring, participation in trade fairs and investments,” Siemens said in a statement on Monday.
Siemens said it aimed to temporarily shut down all of its PG sites after the Pentecost holiday later in May, depending on local regulation. It did not say how long each site would be closed for.
In Siemens’ fiscal first quarter through end-December, the division’s profit nearly halved and its profit margin shrank from 12 percent to 7.6 percent, well below the target range of 11 to 15 percent.
Analysts on average expect this to have accelerated in the second quarter, with the division’s profit seen down 62 percent from the year-earlier period, according to a Reuters poll.
Siemens is due to publish second-quarter results on Wednesday. Reporting by Alexander Huebner; Writing by Maria Sheahan; Editing by Victoria Bryan and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-siemens-restructuring/siemens-plans-power-gas-shutdowns-due-to-power-weakness-idUKKBN1I80WD |
ALLENTOWN, Pa., May 16, 2018 (GLOBE NEWSWIRE) -- JetPay Corporation (“JetPay” or the “Company”) (NASDAQ:JTPY) announced Diane (Vogt) Faro, CEO of JetPay Corporation, was awarded the Women in Payments ® Distinguished Professional Award at the fifth annual Women in Payments ® USA Awards Dinner Monday evening in Arlington, Virginia. The event honors and celebrates achievements of women across the payments industry. The Distinguished Professional Award is a lifetime achievement award recognizing a leading woman who has made significant contributions to the payments industry – an acknowledged trend-setter, role model, and positive contributor.
In four decades in payment services, Ms. Faro has accumulated an impressive resume, including President of National Benefit Programs, President of First Data Global Merchant Services, and CEO of Chase Merchant Services LLC.
Ms. Faro was appointed CEO of JetPay in May 2016, after serving on its board of directors for two years. JetPay is a leading single vendor provider of vertically integrated payments, human resource and payroll solutions. Utilizing state of the art technology, JetPay designs and delivers to its customers and partners unique and cost-effective payment solutions for organizations of all sizes.
When Ms. Faro joined the Company, she brought a new vision of simplified business solutions that would unite the Company’s Payment and HR & Payroll Segments under a “One JetPay” umbrella. Under her leadership, JetPay delivered an increase in consolidated revenues of 35.0% in 2017, including a 44.5% increase in Payment Services revenues.
Ms. Faro is passionate about leadership development, with a special focus on mentoring female professionals. She is one of the founding members of Women’s Networking in Electronic Transactions (Wnet), a national organization that provides networking and growth opportunities for women in the payments industry. Ms. Faro has also served on the Wnet board since its inception in 2005.
About JetPay Corporation
JetPay Corporation, based in Allentown, PA, is a leading provider of vertically integrated solutions for businesses including card acceptance, processing, payroll, payroll tax filing, human capital management services, and other financial transactions. JetPay provides a single vendor solution for payment services, debit and credit card processing, ACH services, and payroll and human capital management needs for businesses throughout the United States. The Company also offers low-cost payment choices for the employees of these businesses to replace costly alternatives. The Company's vertically aligned services provide customers with convenience and increased revenues by lowering payments-related costs and by designing innovative, customized solutions for internet, mobile, and cloud-based payments. Please visit www.jetpay.com for more information on what JetPay has to offer or call 866-4JetPay (866-453-8729).
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. JetPay’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Many of these factors are outside JetPay’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, those described under the heading “Risk Factors” in the Company’s Annual Report filed with the Securities and Exchange Commission (“SEC”) on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on March 28, 2018, the Company’s Quarterly Reports on Forms 10-Q and the Company’s Current Reports on Form 8-K.
JetPay cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in JetPay’s most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning JetPay or other matters and attributable to JetPay or any person acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. JetPay cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. JetPay does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Contacts
JetPay Corporation
Peter B. Davidson
Vice Chairman and Corporate Secretary
(610) 797-9500
[email protected] JetPay Corporation
Gregory M. Krzemien
Chief Financial Officer
(610) 797-9500
[email protected]
Source:JetPay Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-jetpay-ceo-diane-vogt-faro-receives-women-in-paymentsa-distinguished-professional-award.html |
May 17, 2018 / 9:34 AM / in 2 minutes Dutch lawmaker Wilders appeals discrimination conviction Toby Sterling 3 Min Read
AMSTERDAM (Reuters) - Dutch anti-Islam politician Geert Wilders began his appeal on Thursday against a conviction for inciting discrimination, accusing prosecutors of trying to destroy his right to free speech. Dutch anti-Islam politician Geert Wilders appears in court for his appeal against a conviction for inciting discrimination accusing prosecutors of trying to destroy his right to free speech, in Amsterdam, Netherlands, May 17, 2018. REUTERS/Francois Walschaerts
Wilders, whose party finished second in an election last year, is the leader of the opposition in the Netherlands and one of the leading figures in Europe’s far right.
“What the Islamists haven’t been able to do to me, the prosecutors are trying to do anyway: destroy freedom of expression,” Wilders said on Twitter before the start of Thursday’s hearing, held in a special high-security courtroom near Amsterdam’s Schiphol airport.
Wilders is appealing against his 2016 conviction for inciting discrimination, over a campaign rally at which he asked supporters whether they wanted more or fewer Moroccans in the country. When they chanted “Fewer! Fewer!” he replied: “We’re going to take care of that.”
His lawyer Geert-Jan Knoops argued at the start of proceedings that the criteria that determined whether speech was discriminatory were hazy and had been “selectively applied” against Wilders.
To support his argument, he highlighted the fact that prosecutors chose last month not to bring a case against Wilders’ biggest domestic political rival, Alexander Pechtold of the centrist D66 Party, over comments this year that were possibly insulting to Russians, despite people’s complaints. Dutch anti-Islam politician Geert Wilders appears in court for his appeal against a conviction for inciting discrimination, accusing prosecutors of trying to destroy his right to free speech, in Amsterdam, Netherlands, May 17, 2018. REUTERS/Francois Walschaerts
He asked for a delay in proceedings until prosecutors released information about that case. Pechtold was never formally accused of any wrongdoing.
Prosecutors are also appealing against Wilders’ acquittal over separate charges of inciting hatred. Prosecutors have sought a fine of 5,000 euros ($5,910) but no jail time.
Article 1 of the Dutch constitution forbids discrimination on any grounds. Wilders says he has never called for violence and the number of Moroccans in the country could be reduced by legal means. He was previously acquitted of hate speech in 2011.
The appeals hearings run through June 6, with a verdict expected a month later.
Wilders has lived in safe houses under 24-hour guard since 2004 to protect him from Islamist militants who threaten to kill him. He says Islam is a fascist ideology, and has called for halting immigration from Muslim countries, shutting mosques and banning the Koran. Editing by Anthony Deutsch and Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-wilders-discrimination/dutch-lawmaker-wilders-appeals-discrimination-conviction-idUSKCN1II14W |
TULSA, Okla., May 18, 2018 (GLOBE NEWSWIRE) -- AAON, Inc. (NASDAQ:AAON), today announced that its Board of Directors has declared a $0.03 increase in the Company’s regular semi-annual cash dividend, to $0.16 per share or $0.32 annually (a 23% increase from the previous $0.13 per share or $0.26 annually). The next cash dividend will be payable on July 6, 2018, to stockholders of record as of the close of business on June 8, 2018.
The Board of Directors also authorized the Company to make up to $15.0 million in purchases of shares of the Company’s common stock in accordance with a pre-arranged stock repurchase plan adopted by the Company in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Repurchases under the Company’s 10b5-1 plan will be administered through an independent broker and will cover the repurchase of shares commencing June 1, 2018 and expiring March 1, 2019. Repurchases are subject to SEC regulations as well as certain market volume, price and timing limitations as set forth in the 10b5-1 plan. All shares repurchased under the plan will be restored to the status of authorized but unissued stock.
Norman H. Asbjornson, CEO, stated, “The Company’s strong capital position and prospects for accelerated growth allow us to provide tangible value to our stockholders through the increased cash dividend.”
Gary D. Fields, President, stated, “We continually strive to create value for our stockholders and are pleased our current financial strength enables us to initiate the stock buyback program at this time. At current market prices, we believe the stock buyback program provides a compelling way to continue delivering value to our stockholders.”
About AAON
AAON, Inc. is engaged in the engineering, manufacturing, marketing and sale of air conditioning and heating equipment consisting of standard, semi-custom and custom rooftop units, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recover units, condensing units, geothermal/water-source heat pumps and coils. Since the founding of AAON in 1988, AAON has maintained a commitment to design, develop, manufacture and deliver heating and cooling products to perform beyond all expectations and demonstrate the value of AAON to our customers. For more information, please visit www.aaon.com .
Certain statements in this news release may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.
For Further Information: Jerry R. Levine • Phone: (914) 244-0292 • Fax: (914) 244-0295 Email: [email protected]
Source:AAON, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-aaon-announces-23-percent-increase-in-cash-dividendaandastock-buyback-program.html |
Despite close ties, Trump gives Abe a hard time 1:06pm IST - 02:07
Tariffs on steel, threats of car import levies and intense pressure for a two-way economic deal: despite warm personal ties, U.S. President Donald Trump is giving Japanese Prime Minister Shinzo Abe a decidedly tough time on trade.
Tariffs on steel, threats of car import levies and intense pressure for a two-way economic deal: despite warm personal ties, U.S. President Donald Trump is giving Japanese Prime Minister Shinzo Abe a decidedly tough time on trade. //reut.rs/2H1rxKM | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/despite-close-ties-trump-gives-abe-a-har?videoId=431604799 |
TOKYO—Don’t hold your breath for the fifth-generation PlayStation.
Sony Corp. wants to spend three more years readying its next videogame move, the head of the PlayStation business said Wednesday. That would mark a slight slowdown in the six-to-seven-year update cycle for the console since the first one in 1994. The PlayStation 4 went on sale in 2013 and has sold more than 79 million units.
“We... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/next-playstation-is-three-years-off-sony-says-1527067818 |
(Adds comments, details)
WASHINGTON, May 24 (Reuters) - The U.S. military said on Thursday that it had not increased the already high-level of vigilance or changed its posture on North Korea after President Donald Trump called off a historic summit with North Korean leader Kim Jong Un.
“There is a high state of vigilance - the state of vigilance that we always have because they have proven to be unpredictable in the past,” Lieutenant General Kenneth McKenzie, joint staff director, told a news briefing at the Pentagon.
“But it is not a heightened state of vigilance. It is the normal state of vigilance that we maintain.”
Trump canceled the summit a few hours after North Korea said it followed through on a pledge to blow up tunnels at its main nuclear test site, which Pyongyang said was proof of its commitment to end nuclear testing.
McKenzie said the U.S. military was still assessing the damage.
“We’re looking at pictures of it right now and we don’t have a final assessment,” he said. “They obviously did some visible destruction of (the) entrance to the tunnel.”
The announcement came as U.S. Defense Secretary Jim Mattis and other top U.S. military commanders gathered at Peterson Air Force Base in Colorado for a ceremony to usher in a new commander to oversee U.S. forces in North America, whose responsibilities include defending against an incoming missile attack.
The Pentagon acknowledged that Mattis knew about Trump’s decision ahead of his public announcement.
But it was not immediately clear whether the two spoke ahead of time, how long they spoke or whether Mattis provided any direct input ahead of Trump’s decision.
Trump, in public remarks, noted he had spoken with Mattis and other U.S. military commanders, adding “we are more ready than we have ever been before” for a potential conflict with North Korea.
McKenzie said there had been no change in the U.S. military’s support to a U.S.-led campaign to pressure the North to denuclearize.
He said the military was ready to respond to any North Korean provocations, but did not speculate further.
“We’ll see what develops over the next few days, if any provocative actions occur from DPRK, we will certainly, in concert with our allies and partners in the region, by ready for it,” he said. (Reporting by Idrees Ali and Phil Stewart Editing by Bill Trott and Marguerita Choy)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-missiles-military/update-1-no-change-in-u-s-military-posture-after-n-korea-talks-scrapped-pentagon-idUSL2N1SV1K8 |
Retail stocks boost Wall Street 3:07am IST - 01:06
Retail and tech stocks led Wall Street higher Wednesday, sending the S&P 500 back in the black and the Russell 2000 to a record high. Fred Katayama reports.
Retail and tech stocks led Wall Street higher Wednesday, sending the S&P 500 back in the black and the Russell 2000 to a record high. Fred Katayama reports. //reut.rs/2rLZrOg | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/retail-stocks-boost-wall-street?videoId=427522100 |
1 Min Ago | 02:48
Is a hush money payment to a porn star from President Donald Trump's personal attorney Michael Cohen an "expense" or a "liability"?
That question is at the center of an ongoing controversy over $130,000 in hush money Cohen paid to porn star Stormy Daniels in return for her silence about an alleged affair just a month before then candidate Trump was elected 45th president.
At issue is whether the payment represented a personal expense or an unreported loan to Trump's campaign – which could run afoul of federal election law. Getty Images Michael Cohen, U.S. President Donald Trump's personal attorney, walks to the Loews Regency hotel on Park Ave on April 13, 2018 in New York City.
The question was once again brought into sharp focus Wednesday by the release of Trump's annual financial filing with the Office of Government Ethics, which requires top officials to disclose their assets, income and liabilities.
At issue is whether the payment to Daniels was a personal legal expense or a loan from Cohen that would benefit the Trump campaign in final weeks of the race against Democrat Hillary Clinton.
Following initial denials from Trump that he knew of the payment, Trump's recently hired attorney, former New York city mayor Rudy Giuliani, told Fox News host Sean Hannity earlier this month that Trump had reimbursed Cohen and that the payment was "perfectly legal" and did not violate campaign finance law.
"It's not campaign money. No campaign finance violation. They funneled through a law firm and the president repaid it," Giuliani said.
In a separate interview the next day on Fox & Friends, Giuliani insisted the hush money was paid "for personal reasons."
"The president had been hurt personally, not politically, personally so much — and the first lady — by some of the false allegations," he said. "That one more false allegation six years old, I think [Cohen] was trying to help the family."
But later in the same interview, Giuliani conceded that the payment clearly had a political component.
"Imagine if that came out of October 15, 2016, in the middle of the last debate with Hillary Clinton?" he said. "Cohen made it go away. He did his job."
Trump's annual financial filing, released Wednesday includes conflicting characterizations of the Cohen payments. Two footnotes
The disclosure of the payments to Cohen appears in two footnotes. The first, on the cover page, notes that "information related to the payment by Mr. Cohen is required to be reported" and that the "information provided meets the disclosure require for a "reportable liability." That footnote is initialed by Office of Government Ethics Acting Director David Apol, who certified the disclosure on May 16.But Section 8 of the filing, which lists all liabilities, does not include the Cohen payment along with the rest of Trump's debts. Instead, a second footnote on that page seems to contradict the first footnote by insisting that the payment "is not required to be disclosed" as a "reportable liability." Instead, the payment is described as an "expense" that was incurred by Cohen and "fully reimbursed" by Trump.
In a separate letter to the Deputy Attorney General Rod Rosenstein, Apol wrote that his office "has concluded that, based on the information provided as a note to part 8, the payment made by Mr. Cohen is required to be reported as a liability."
The distinction could have important legal ramifications if the payment is determined to be an unreported loan that benefited Trump's campaign, which could land both Cohen and Trump in legal hot water.
That, at least, was the interpretation of Walter Shaub, the former head of the Office of Goverrnment Ethics, who tweeted Wednesday that Apol's letter "was tantamount to a criminal referral."
"OGE has effectively reported the president to DOJ for potentially committing a crime," Shaub tweeted. "Dave Apol comes through in the end!!" John W. Schoen CNBC.com Economics Reporter Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/trump-financial-filing-gives-conflicting-accounts-of-cohen-payment.html |
SOFIA/BRUSSELS (Reuters) - The European Union is ready to negotiate opening its markets wider to U.S. imports including cars, in a bid to avert a potential trade war with Washington, EU leaders said on Thursday.
U.S. President Donald Trump has imposed import duties of 25 percent on steel and 10 percent on aluminium on grounds of national security but has granted EU producers an exemption until June 1 pending the outcome of talks.
EU leaders meeting at a summit in Sofia sought to find a common stance, balancing the interests of those such as Germany who are most keen to avoid a trade conflict and those including France most determined not to be bullied into concessions.
“We have a common position. We want a permanent exemption and then we are ready to talk about how we can reciprocally reduce the barriers to trade,” Merkel told reporters on Thursday.
EU diplomats say the need to find a unified stance goes beyond just tariffs. The United States has withdrawn from the Iran nuclear deal, posing a threat to European companies doing business there, and has blocked appointments to the World Trade Organization, undermining its ability to settle trade disputes.
French President Emmanuel Macron said trade and Iran were vital tests of Europe’s ability to act on its own.
“On trade, we have been very explicit. There cannot be any detailed discussions with the United States unless we first have a permanent exemption,” he said.
NO TALKS UNDER SWORD OF DAMOCLES EU leaders agreed on four areas on which the bloc would be willing to open talks with the United States, but only on condition that Washington grant EU steel and aluminium makers a permanent exemption from tariffs.
European Commission President Jean-Claude Juncker said Europeans would not negotiate “with the sword of Damocles hanging over our heads.”
Lithuanian President Dalia Grybauskaite said the EU leaders’ agreement had given some space for talks.
But some diplomats voiced scepticism, saying that trade discussions with Washington would be far from easy.
“We are not so sure that this administration is willing to create a win-win situation. Some member states have some real doubts on the desirability or wisdom of this process,” one EU diplomat said, adding that only export-oriented Germany was really keen on the idea.
The areas identified for cooperation are market access for industrial products, including cars, and government tenders, energy, notably liquefied natural gas (LNG), possible cooperation among regulators and reform of the WTO.
Trump has railed against EU import duties on cars that are higher than U.S. duties, and he has threatened to slap on a retaliatory tax. The EU says that for other products, such as trucks, U.S. import duties are higher.
“These talks will be based on the principles of reciprocity and WTO compatibility and with the objective of avoiding a trade war,” an EU official said.
Trade ministers are expected to discuss the issue at a meeting in Brussels next Tuesday.
The European Commission, which oversees trade policy for the 28 EU members, has said it would respond to tariffs with its own duties on U.S. products, including motorcycles and whisky.
To keep this possibility open, it published a draft law on Thursday to allow it to impose 25 percent tariffs on a range of U.S. imports from June 20 and tariffs of up to 50 percent on imports from March 23, 2021.
It will notify the World Trade Organization of its potential plans by Friday.
French President Emmanuel Macron, British Prime Minister Theresa May and German Chancellor Angela Merkel walk during the EU-Western Balkans Summit in Sofia, Bulgaria, May 17, 2018. REUTERS/Stoyan Nenov Reporting by Philip Blenkinsop and Alastair Macdonald; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-eu/eu-leaders-ready-to-offer-trump-greater-market-access-to-avert-trade-war-idUSKCN1II16U |
Bloomberg 12:14 PM EDT
Walmart Inc. will fund college degrees for its U.S. workforce, the latest benefit rolled out by the nation’s largest private employer to reduce turnover and counter criticism over its treatment of staff.
The retailer’s 1.5 million employees can now pursue associate’s or bachelor’s degrees in business or supply-chain management at three nonprofit schools for $1 a day, according to a statement Wednesday. Walmart will subsidize tuition, books and fees and provide support with the application and enrollment processes. As many as 68,000 employees might sign up, Walmart executives estimated. They declined to disclose the potential cost of the program.
“Many of our associates don’t have the opportunity to complete a degree,” said Drew Holler, Walmart’s U.S. vice president of people innovation, in an interview. “We felt strongly that this is something that would improve their lives and help us run a better business.”
The tuition program — offered to part-time staff as well as full-timers — is the latest move by Walmart to improve employee retention and engagement. Earlier this year, the company boosted its starting hourly wage to $11, expanded its maternity and parental leave policy and added an adoption benefit. The newest offer comes three years after Starbucks Corp. said it would pay full tuition for its workers, rather than just partially foot the bill. Three Schools
The Walmart and Sam’s Club employees can choose from three schools that focus on adult learning: the University of Florida, California’s Brandman University or Bellevue University in Nebraska. Courses can be taken at the campuses or online, Walmart said, and there is no penalty for courses already taken if an employee leaves the company while enrolled in school. There’s also no requirement to continue working at Walmart for any period after receiving the degree.
Walmart estimates that as many as 5 percent of its U.S. workforce could take advantage of the college program. The company currently offers subsidized programs to help employees get their high-school diploma.
Academic counseling will be provided by Guild Education, a company that helps large employers extend education benefits.
Starbucks said it hopes to have 25,000 employees graduate from Arizona State University by 2025 as part of its free four-year college tuition program. Chairman Howard Schultz said last year that Starbucks was the first American company to offer free four-year tuition for all its employees. This story originally appeared on Fortune You May Like | ashraq/financial-news-articles | https://fortune.com/2018/05/30/walmart-paying-college-tuition-for-employees/ |
JERSEY CITY, N.J., May 2, 2018 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the first quarter 2018.
FIRST QUARTER 2018 HIGHLIGHTS
Reported net income of $0.45 per diluted share for the quarter; Achieved Core Funds from Operations per diluted share of $0.50 for the quarter; Attained Adjusted Funds from Operations of $36.3 million for the quarter; Leased 265,885 square feet of office space; Core portfolio 85.2% leased at quarter end; Grew Core portfolio office rental rates by 5.1% on a cash basis and 10.7% on a GAAP basis; Multifamily stabilized portfolio was 97.3% leased at March 31, 2018, as compared to 96.6% for the fourth quarter; 2017 lease-up properties containing 1,162 units were 97.6% leased at March 31, 2018; Commenced multifamily leasing activities at three communities located in Worcester, Massachusetts, Morris Plains, New Jersey and the East Boston waterfront totaling 858 units; Completed property sales of $232 million in the first quarter. Additional dispositions of $170 million expected to be completed by year end; and Declared $0.20 per share quarterly common stock dividend.
Michael J. DeMarco, Chief Executive Officer, commented "We have made solid progress toward our disposition goals for the year, completing $232 million of non-core asset sales in the first quarter. We only have $170 million remaining for the rest of the year. As we have stated previously, our core focus in 2018 is on leasing, and while we cannot control the timing we remain aggressive in our efforts. To that point, interest from potential office users, and the waterfront in particular, has accelerated since year-end; however, the conversion cycle remains longer than preferred. Our residential deliveries and lease-ups continue to meet our expectations and we anticipate higher velocity as we approach the height of leasing season in the coming months. Overall the team is singularly focused on improving the portfolio's collective occupancy and operational cash flows for our shareholders."
FINANCIAL HIGHLIGHTS
* All per share amounts presented below are on a diluted basis.
Net income available to common shareholders for the quarter ended March 31, 2018 amounted to $43.0 million, or $0.45 per share, as compared to $19.9 million, or $0.11 per share, for the quarter ended March 31, 2017.
Funds from operations (FFO) for the quarter ended March 31, 2018 amounted to $35.3 million, or $0.35 per share, as compared to $55.9 million, or $0.56 per share, for the quarter ended March 31, 2017.
For the first quarter 2018, Core FFO was $0.50 per share, as compared to $0.56 for the same period last year.
OPERATING HIGHLIGHTS
Mack-Cali's consolidated Core office properties were 85.2 percent leased at March 31, 2018, as compared to 87.6 percent leased at December 31, 2017 and 90.4 percent leased at March 31, 2017.
First quarter 2018 same store GAAP revenues for the office portfolio declined by 1.8 percent while same store GAAP NOI fell by 6.7 percent. First quarter 2018 same store cash revenues for the office portfolio declined by 2.8 percent while same store cash NOI fell by 8.7 percent.
For the quarter ended March 31, 2018, the Company executed 41 leases at its consolidated in-service commercial portfolio totaling 265,885 square feet. Of these totals, 11 leases for 55,204 square feet (21 percent) were for new leases and 30 leases for 210,681 square feet (79 percent) were for lease renewals and other tenant retention transactions. Rental rate roll up for the Core portfolio for first quarter 2018 transactions was 5.1 percent on a cash basis and 10.7 percent on a GAAP basis. Rental rate roll up for first quarter 2018 for new transactions was 4.0 percent on a cash basis and 15.7 percent on a GAAP basis; and for renewals and other tenant retention transactions was 5.3 percent on a cash basis and 10.1 percent on a GAAP basis.
The Company's residential same store portfolio increased net operating income by 1.3 percent for the first quarter. The same store portfolio is comprised of 3,156 units that were 97.3 percent leased at quarter-end.
Included in equity in earnings for the first quarter 2018 was $2.6 million of the Company's share of the Urby venture's income from its first annual sale of an economic tax credit certificate to a third party.
The Company incurred a $5.1 million charge in connection with the departure of two key executives and a broader reduction in force. These charges are excluded from Core Funds from Operations.
DISPOSITIONS
The Company continued its repositioning efforts in the first quarter with the sale of 20 properties containing 1.7 million square feet for $232 million. The Company continues to expect dispositions to range between $375 million and $425 million for the year. This will conclude the Company's major disposition program started in 2015, with future sales occurring on a select one-off basis.
LEASING COMMENCEMENT
In March, the Company commenced residential leasing activities at Residences at City Square (Phase I), a 365-unit multi-family property located in Worcester, Massachusetts; Signature Plaza, a 197-unit community in Morris Plains, New Jersey; and Portside 5/6, a 296-unit community on the East Boston waterfront.
BALANCE SHEET/CAPITAL MARKETS
As of March 31, 2018, the Company had a debt-to-undepreciated assets ratio of 44.5 percent compared to 46.5 percent at December 31, 2017 and 43.8 percent at March 31, 2017. Net debt to adjusted EBITDA for the quarter ended March 31, 2018 was 8.8x compared to 9.3x for the quarter ended December 31, 2017. The Company had an interest coverage ratio of 3.7x for the quarter ended March 31, 2018 compared to 3.3x for the quarter ended December 31, 2017 and 3.8x for the quarter ended March 31, 2017.
The Company retired three high-coupon mortgages with a weighted average interest rate of 6.8 percent during the quarter, the largest of which was a $209 million mortgage at Harborside Plaza 5 in Jersey City, NJ. The Company utilized its line of credit, which has a lower cost of funds, to repay these loans. Total pre-payment charges were $10.3 million. These charges are excluded from Core Funds from Operations.
DIVIDENDS
In March 2018, the Company's Board of Directors declared a quarterly cash dividend of $0.20 per common share (indicating an annual rate of $0.80 per common share) for the first quarter 2018, which was paid on April 13, 2018 to shareholders of record as of April 3, 2018. The Company's Core FFO dividend payout ratio for the quarter was 39.7 percent.
GUIDANCE/OUTLOOK
The Company's projected net income and Core FFO per diluted share guidance for full year 2018 is as follows:
Full Year
2018 Range
Net income available to common shareholders
$
0.60
-
$
0.70
Add (deduct):
Real estate-related depreciation and amortization on continuing operations
1.60
Redemption value adjustment to redeemable noncontrolling interests
0.03
Realized (gains) losses and unrealized losses on disposition of rental property, net
(0.58)
Loss from extinguishment of debt, net
0.10
Severance/separation costs on management restructuring
0.05
Core FFO
$
1.80
-
$
1.90
Full Year 2018 Guidance Assumes:
$ in millions
Low
High
Office Occupancy (year-end % leased)
84%
86%
Office Same Store GAAP NOI Growth Post Sale Portfolio
(18)%
(16)%
Office Same Store Cash NOI Growth Post Sale Portfolio
(17)%
(15)%
Multifamily Same Store NOI Growth Post Sale Portfolio
3%
5%
Straight-Line Rent Adjustment
$10
$14
FAS 141 Mark-to-Market Rent Adjustment
$5
$6
Dispositions
$375
$425
Base Building CapEx
$13
$15
Leasing CapEx
$50
$70
G&A
$45
$45
Interest Expense
$83
$85
This guidance reflects management's view of current market conditions and certain assumptions with regard to rental rates, occupancy levels and other assumptions/projections. Actual results could differ from these estimates.
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for May 3, 2018 at 10:00 a.m. Eastern Time, which will be broadcast live via the Internet at:
https://edge.media-server.com/m6/p/tmu6anka
The live conference call is also accessible by calling (323) 794-2093 and requesting the Mack-Cali conference call.
The conference call will be rebroadcast on Mack-Cali's website at http://investors.mack-cali.com/corporate-profile beginning at 12:00 p.m. Eastern Time on May 3, 2018.
A replay of the call will also be accessible May 3, 2018 through May 10, 2018 by calling (719) 457-0820 and using the pass code, 1941485.
Copies of Mack-Cali's Form 10-Q and Supplemental Operating and Financial Data are available on Mack-Cali's website, as follows:
First Quarter 2018 Form 10-Q:
http://investors.mack-cali.com/sec-filings
First Quarter 2018 Supplemental Operating and Financial Data:
http://investors.mack-cali.com/quarterly-supplementals
In addition, these items are available upon request from:
Mack-Cali Investor Relations Department - Deidre Crockett
Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311
(732) 590-1025
INFORMATION ABOUT FFO
Funds from operations ("FFO") is defined as net income (loss) before noncontrolling interests of unitholders, computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from depreciable rental property transactions, and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from sales of properties and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.
FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("NAREIT"). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Core FFO is presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO, the Company's measures of Core FFO may not be comparable to the Core FFO reported by other REITs. A reconciliation of net income per share to Core FFO in dollars and per share is included in the financial tables accompanying this press release.
ABOUT THE COMPANY
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com .
The information in this press release must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the "10-Q") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings.
We consider portions of this report, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Contacts:
Michael J. DeMarco
David Smetana
Deidre Crockett
Mack-Cali Realty Corporation
Mack-Cali Realty Corporation
Mack-Cali Realty Corporation
Chief Executive Officer
Chief Financial Officer
Senior Vice President, Corporate Communications
(732) 590-1589
(732) 590-1035
and Investor Relations
[email protected]
[email protected]
(732) 590-1025
[email protected]
Mack-Cali Realty Corporation
Consolidated Statements of Operations
(In thousands, except per share amounts) (unaudited)
Three Months Ended
March 31,
REVENUES
2018
2017
Base rents
$
112,902
$
121,255
Escalations and recoveries from tenants
12,791
15,119
Real estate services
4,661
6,465
Parking income
5,327
4,229
Other income
3,286
2,819
Total revenues
138,967
149,887
EXPENSES
Real estate taxes
18,361
21,092
Utilities
12,504
11,414
Operating services
25,618
27,091
Real estate services expenses
4,936
6,270
General and administrative
16,085
11,592
Depreciation and amortization
41,297
47,631
Total expenses
118,801
125,090
Operating income
20,166
24,797
OTHER (EXPENSE) INCOME
Interest expense
(20,075)
(20,321)
Interest and other investment income (loss)
1,128
474
Equity in earnings (loss) of unconsolidated joint ventures
1,572
(51)
Realized gains (losses) and unrealized losses on disposition of rental property, net
58,186
5,506
Gain on sale of investment in unconsolidated joint venture
-
12,563
Loss from extinguishment of debt, net
(10,289)
(239)
Total other income (expense)
30,522
(2,068)
Net income
50,688
22,729
Noncontrolling interest in consolidated joint ventures
30
237
Noncontrolling interest in Operating Partnership
(4,883)
(2,295)
Redeemable noncontrolling interest
(2,799)
(792)
Net income available to common shareholders
$
43,036
$
19,879
Basic earnings per common share:
Net income available to common shareholders
$
0.45
$
0.11
Diluted earnings per common share:
Net income available to common shareholders
$
0.45
$
0.11
Basic weighted average shares outstanding
90,263
89,955
Diluted weighted average shares outstanding
100,604
100,637
Mack-Cali Realty Corporation
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)
Three Months Ended
March 31,
2018
2017
Net income available to common shareholders
$
43,036
$
19,879
Add (deduct): Noncontrolling interest in Operating Partnership
4,883
2,295
Real estate-related depreciation and amortization on continuing operations (a)
45,602
51,757
Gain on sale of investment in unconsolidated joint venture
-
(12,563)
Realized (gains)/losses and unrealized losses on disposition of rental property, net
(58,186)
(5,506)
Funds from operations (b)
$
35,335
$
55,862
Add/(Deduct):
Loss from extinguishment of debt, net
10,289
239
Severance/separation costs on management restructuring
5,052
-
Core FFO
$
50,676
$
56,101
Diluted weighted average shares/units outstanding (c)
100,604
100,637
Funds from operations per share/unit-diluted
$
0.35
$
0.56
Core funds from operations per share/unit diluted
$
0.50
$
0.56
Dividends declared per common share
$
0.20
$
0.15
Dividend payout ratio:
Core Funds from operations-diluted
39.7
%
26.9
%
Supplemental Information:
Non-incremental revenue generating capital expenditures:
Building improvements
$
1,666
$
4,969
Tenant improvements & leasing commissions (d)
$
4,468
$
3,965
Tenant improvements & leasing commissions on space vacant for more than a year
$
7,695
$
7,160
Straight-line rent adjustments (e)
$
2,742
$
3,013
Amortization of (above)/below market lease intangibles, net (f)
$
2,130
$
1,577
Amortization of stock compensation
$
2,657
$
1,168
Amortization of lease inducements
$
294
$
278
Non real estate depreciation and amortization
$
511
$
377
Amortization of deferred financing costs
$
1,096
$
1,103
(a)
Includes the Company's share from unconsolidated joint ventures of $4,815 and $4,503 for the three months ended March 31, 2018 and 2017, respectively. Excludes non-real estate-related depreciation and amortization of $511 and $377 for the three months ended March 31, 2018 and 2017, respectively.
(b)
Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See "Information About FFO" in this release.
(c)
Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (10,242 and 10,384 shares for the three months ended March 31, 2018 and 2017, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).
(d)
Excludes expenditures for tenant spaces that have not been owned for at least a year.
(e)
Includes free rent of $6,375 and $6,653 for the three months ended March 31, 2018 and 2017, respectively. Also, includes the Company's share from unconsolidated joint ventures of $(438) and $(12) for the three months ended March 31, 2018 and 2017, respectively.
(f)
Includes the Company's share from unconsolidated joint ventures of $80 and $95 for the three months ended March 31, 2018 and 2017, respectively.
Mack-Cali Realty Corporation
Statements of Funds from Operations (FFO) and Core FFO per Diluted Share
(amounts are per diluted share, except share counts in thousands) (unaudited)
Three Months Ended
March 31,
2018
2017
Net income available to common shareholders
$
0.45
$
0.11
Add (deduct): Real estate-related depreciation and amortization on continuing
operations (a)
0.45
0.51
Redemption value adjustment to redeemable noncontrolling interests
0.03
0.11
Gain on sale of investment in unconsolidated joint venture
-
(0.12)
Realized (gains) losses and unrealized losses on disposition of rental property, net
(0.58)
(0.05)
Funds from operations (b)
$
0.35
$
0.56
Add/(Deduct):
Loss from extinguishment of debt, net
0.10
-
Severance/separation costs on management restructuring
0.05
-
Core FFO
$
0.50
$
0.56
Diluted weighted average shares/units outstanding (c)
100,604
100,637
(a)
Includes the Company's share from unconsolidated joint ventures of $0.05 and $0.04 for the three months ended March 31, 2018 and 2017, respectively.
(b)
Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See "Information About FFO" in this release.
(c)
Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (10,242 and 10,384 shares for the three months ended March 31, 2018 and 2017, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).
Mack-Cali Realty Corporation
Consolidated Balance Sheets
(in thousands, except per share amounts) (unaudited)
March 31,
December 31,
Assets
2018
2017
Rental property
Land and leasehold interests
$
784,619
$
786,789
Buildings and improvements
3,982,190
3,955,122
Tenant improvements
311,778
330,686
Furniture, fixtures and equipment
32,059
30,247
5,110,646
5,102,844
Less – accumulated depreciation and amortization
(1,055,562)
(1,087,083)
4,055,084
4,015,761
Rental property held for sale, net
38,566
171,578
Net investment in rental property
4,093,650
4,187,339
Cash and cash equivalents
25,307
28,180
Restricted cash
34,830
39,792
Investments in unconsolidated joint ventures
249,513
252,626
Unbilled rents receivable, net
98,418
100,842
Deferred charges, goodwill and other assets, net
306,557
342,320
Accounts receivable, net of allowance for doubtful accounts of $763 and $1,138
7,331
6,786
Total assets
$
4,815,606
$
4,957,885
Liabilities and Equity
Senior unsecured notes, net
$
569,438
$
569,145
Unsecured revolving credit facility and term loans
863,738
822,288
Mortgages, loans payable and other obligations, net
1,182,035
1,418,135
Dividends and distributions payable
21,357
21,158
Accounts payable, accrued expenses and other liabilities
198,005
192,716
Rents received in advance and security deposits
40,610
43,993
Accrued interest payable
14,186
9,519
Total liabilities
2,889,369
3,076,954
Commitments and contingencies
Redeemable noncontrolling interests
225,326
212,208
Equity:
Mack-Cali Realty Corporation stockholders' equity:
Common stock, $0.01 par value, 190,000,000 shares authorized,
90,136,278 and 89,914,113 shares outstanding
901
899
Additional paid-in capital
2,567,300
2,565,136
Dividends in excess of net earnings
(1,071,420)
(1,096,429)
Accumulated other comprehensive income (loss)
11,310
6,689
Total Mack-Cali Realty Corporation stockholders' equity
1,508,091
1,476,295
Noncontrolling interests in subsidiaries:
Operating Partnership
171,817
171,395
Consolidated joint ventures
21,003
21,033
Total noncontrolling interests in subsidiaries
192,820
192,428
Total equity
1,700,911
1,668,723
Total liabilities and equity
$
4,815,606
$
4,957,885
View original content with multimedia: http://www.prnewswire.com/news-releases/mack-cali-realty-corporation-reports-first-quarter-2018-results-300641616.html
SOURCE Mack-Cali Realty Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-mack-cali-realty-corporation-reports-first-quarter-2018-results.html |
SCOTTS VALLEY, Calif., May 22, 2018 /PRNewswire/ -- Threshold® Enterprises, Ltd., an industry-leading distributor of nutritional supplements, and the manufacturer of the innovative brands Source Naturals® and Planetary Herbals®, today announced the promotion of Tom Grillea from Chief Operating Officer to Chief Executive Officer.
Grillea, with his extensive industry background, is known as one of the natural channel's most influential and innovative leaders. Prior to joining Threshold Enterprises, Grillea served a nine-year tenure with UNFI, where he was a C-Level Officer and Divisional President overseeing Select Nutrition, which saw a tremendous growth in sales and development of key industry relationships.
A proven leader, Grillea has also held a Director role with Whole Foods Market, and previously served as Regional Director of Retail Operations of Vitamin Shoppe, where he was responsible for the retail division, and oversaw industry-changing sales growth that transformed the brand into a nationwide retail chain.
Founder and Chairman of Threshold Enterprises, Ira Goldberg pioneered what has become an industry-leading company, founded on his principal values of helping individuals empower their health. After 40 years of serving this mission, Goldberg is proudly appointing Grillea as Chief Executive Officer.
Goldberg states, "Last year I was fortunate to have hired Tom as our Chief Operating Officer. We have already seen tremendous growth. Tom has raised the bar and brought us success in meeting the challenges of a rapidly changing marketing. He has done this by bringing increased professionalism and competency to our organization. I am confident that under his leadership, Threshold will flourish."
Grillea states, "My admiration for what Ira has built over the last 40 years is tremendous. I'm beyond thankful and honored to be a part of the future at Threshold, as the hardworking team here is something special. I believe in our industry, and how our products truly help our customers. The vision for Threshold is to move to new heights as a Health and Wellness company and consistently be the 'go to' distributor for our vendor and retail partners."
About Threshold Enterprises, Ltd. - For over 40 years, Threshold has been committed to enhancing individual potential to enjoy optimal health and well-being by providing superior quality dietary supplements and nutritional education. Threshold has grown to become a leading purveyor of natural health products, distributing over 18,000 items to over 6,000 independent retailers as well as major chains such as Whole Foods, Sprouts, and Vitamin Shoppe. For more information, please visit www.thresholdenterprises.com
Media Contact:
Flavia Miracle
(831) 461-7316
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/tom-grillea-appointed-new-chief-executive-officer-of-threshold-enterprises-300652484.html
SOURCE Threshold Enterprises, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-tom-grillea-appointed-new-chief-executive-officer-of-thresholda-enterprises.html |
May 14 (Reuters) - VEON LTD:
* VEON REPORTS GOOD Q1 2018 RESULTS WITH FY 2018 TARGETS CONFIRMED
* Q1 REVENUE FELL 1.4 PERCENT TO $2.25 BILLION * VEON REPORTS GOOD REVENUE AND EBITDA ORGANIC GROWTH IN Q1 2018
* IN Q1 2018 USD 334 MILLION IN EQUITY FREE CASH FLOWEXCLUDING LICENSES
* Q1 EBITDA MARGIN OF 38.0%, UP 0.2 PERCENTAGE POINTS YEAR ON YEAR
* VEON HAS COMPLETED SALE OF LAOS OPERATIONS; ENTERED INTO AN AGREEMENT TO SELL OPERATIONS IN TAJIKISTAN
* FY 2018 GUIDANCE CONFIRMED * Q1 LOSS ATTRIBUTABLE TO VEON SHAREHOLDERS $ 109 MILLION VERSUS LOSS OF $5 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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DENVER, Birner Dental Management Services, Inc. (OTCQX: BDMS), business services provider of PERFECT TEETH ™ dental practices, will conduct a conference call to review first quarter 2018 results. In addition to first quarter 2018 results, the teleconference may include discussion of management's expectations of future financial and operating results. The call will be held on Tuesday, May 15, 2018 at 9:00 a.m. MT.
Dial in to 1-888-298-3465 refer to Confirmation Code 9279206 approximately five minutes prior to the scheduled time. Please put this on your calendar and plan on joining us for this call. If you are unable to join us on May 15, 2018, the rebroadcast number is 1-888-203-1112 with Passcode 9279206 which will be available through May 29, 2018.
Birner Dental Management Services, Inc. acquires, develops, and manages geographically dense dental practice networks in select markets in Colorado, New Mexico, and Arizona. The Company currently manages 68 dental offices, which operate under the PERFECT TEETH™ name.
Certain of the matters that may be discussed in the conference call may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. These and other risks are set forth in the reports filed by the Company with the Securities and Exchange Commission.
Contact:
Birner Dental Management Services, Inc.
Dennis Genty
Chief Financial Officer
303-691-0680
releases/birner-dental-management-services-inc-schedules-call-to-discuss-1q-2018-results-300639720.html
SOURCE Birner Dental Management Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-birner-dental-management-services-inc-schedules-call-to-discuss-1q-2018-results.html |
NESS ZIONA, Israel, Sol-Gel Technologies Ltd. (NASDAQ:SLGL) (“Sol-Gel” or the “Company”), a clinical-stage dermatology company focused on identifying, developing and commercializing branded and generic topical drug products for the treatment of skin diseases, today announced financial results for the first quarter ended March 31, 2018 and provided an update on its clinical development programs.
“We are continuing to make progress with our pipeline in our lead indications of acne vulgaris and subtype II rosacea as we prepare to initiate pivotal clinical trials for both programs this year,” stated Dr. Alon Seri-Levy, Sol-Gel Technologies’ Chief Executive Officer. “With our successful IPO earlier this year, we expect our current cash position to be sufficient to fund the completion of the planned Phase III clinical programs for TWIN and Epsolay ® (formerly VERED) while also advancing the development of SIRS-T and our generic product candidates.”
Corporate Highlights and Recent Developments
In February 2018, Sol-Gel presented TWIN Phase II data for the treatment of acne vulgaris and Epsolay Phase II data for the treatment of subtype II rosacea at the 2018 American Academy of Dermatology (AAD) Annual Meeting.
In February 2018, Sol-Gel completed an initial public offering (IPO) generating aggregate gross proceeds of approximately $86.3 million, before underwriting discounts and commissions and estimated offering expenses.
In January 2018, Perrigo Company plc (NYSE: TASE: PRGO) was granted a tentative approval from the U.S Food and Drug Administration (FDA) for ivermectin cream, 1%, the active ingredient in Soolantra ® , indicated for the treatment of inflammatory lesions of rosacea. Perrigo and Sol-Gel shared development costs and will share the gross profit 50/50.
Clinical Program Update
Sol-Gel recently held an end-of-phase II meeting with the FDA regarding TWIN and expects to commence the pivotal Phase III trials in acne vulgaris in the second half of 2018 as planned.
Sol-Gel has submitted a Special Protocol Assessment (SPA) request with the FDA regarding Epsolay and expects to commence the pivotal Phase III trials in subtype II rosacea in the first half of 2018 as planned.
Sol-Gel plans to commence bioequivalence study for a generic drug candidate in 2018.
Financial Results
First quarter 2018 Financial Results
Research and development expenses were $4.6 million in the first quarter of 2018, compared to $5.0 million during the same period in 2017. The decrease was primarily due to a decrease of $1.6 million in clinical trial expenses, partially offset by an increase of $1.0 million in share-based compensation expenses and an increase of $0.2 million in salary expenses.
General and administrative expenses were $1.1 million in the first quarter of 2018, compared to $0.6 million during the same period in 2017. The increase was primarily due to an increase of $0.3 million in salary expenses and an increase of $0.2 million in share-based compensation expenses.
Sol-Gel reported a loss of $5.7 million for the first quarter of 2018, compared to a loss of $5.6 million for the same period in 2017.
As of March 31, 2018, Sol-Gel had $79.8 million in cash and cash equivalents, compared to $5.0 million as of December 31, 2017.
About Sol-Gel Technologies
Sol-Gel is a clinical-stage dermatology company focused on identifying, developing and commercializing branded and generic topical drug products for the treatment of skin diseases. Sol-Gel’s current product candidate pipeline consists of late-stage branded product candidates that leverage our proprietary, silica-based microencapsulation technology platform, and several generic product candidates across multiple indications.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the commencement of our planned clinical trials and our existing cash resources being sufficient to fund the completion of our planned Phase III clinical programs for TWIN and Epsolay ® . These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statement, including but not limited to, the following: (i) the fact that we have and expect to continue to incur significant losses; (ii) our need for additional funding, which may not be available; (iii) our ability to complete the development of our product candidates; (iv) our ability to obtain and maintain regulatory approvals for our product candidates in our target markets and the possibility of adverse regulatory or legal actions relating to our product candidates even if regulatory approval is obtained; (v) our ability to rely on data from our Phase II TWIN trial to advance the development of SIRS-T; (vi) our ability to commercialize our product candidates; (vii) our ability to obtain and maintain adequate protection of our intellectual property; (viii) our ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost; (ix) our ability to establish adequate sales, marketing and distribution channels; (x) acceptance of our product candidates by healthcare professionals and patients; (xi) the possibility that we may face third-party claims of intellectual property infringement; (xii) the timing and results of clinical trials that we may conduct or that our competitors and others may conduct relating to our or their products; (xiii) intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do; (xiv) potential product liability claims; (xv) potential adverse federal, state and local government regulation in the United States, Europe or Israel; and (xvi) loss or retirement of key executives and research scientists. These and other important factors discussed in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 26, 2018 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
For further information, please contact:
Sol-Gel Contact:
Gilad Mamlok
Chief Financial Officer
+972-8-9313433
Investor Contact:
Patricia L. Bank
Westwicke Partners
+1-415-513-1284
[email protected]
SOL-GEL TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
December 31,
March 31,
2017
2018
A s s e t s CURRENT ASSETS : 5,024 $ 79,796 Bank deposit 4,000 4,000 Prepaid expenses and other current assets 1,511 1,357 Advance payment 13 - TOTAL CURRENT ASSETS 10,548 85,153 NON-CURRENT ASSETS: Long-term receivables 1,653 1,600 Restricted long-term deposits 120 120 Property and equipment, net 2,314 2,396 Funds in respect of employee rights upon retirement 680 671 TOTAL NON-CURRENT ASSETS 4,767 4,787 TOTAL ASSETS $ 15,315 $ 89,940 Liabilities and shareholders' equity (capital deficiency) CURRENT LIABILITIES: Accounts payable 534 444 Accrued expenses and other 1,332 1,527 Loans from the controlling shareholder 65,338 - TOTAL CURRENT LIABILITIES $ 67,204 $ 1,971 LONG-TERM LIABILITIES - Liability for employee rights upon retirement 810 932 TOTAL LONG-TERM LIABILITIES 810 932 COMMITMENTS TOTAL LIABILITIES $ 68,014 $ 2,903
CAPITAL DEFICIENCY: Ordinary Shares, NIS 0.1 par value – authorized: 8,775,783 as of December 31, 2017 and March 31, 2018; issued and outstanding: 6,290,244 and 18,949,968 as of December 31, 2017 and March 31, 2018, respectiveley 82 520 42,480 187,491 Accumulated deficit (95,261) (100,974) TOTAL SHAREHOLDERS' EQUITY (CAPITAL DEFICIENCY) (52,699) 87,037 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (CAPITAL DEFICIENCY) $ 15,315 $ 89,940 SOL-GEL TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended
March 31 2017 2018 REVENUES $ - $ 44 RESEARCH AND DEVELOPMENT EXPENSES (5,017 ) (4,645 ) GENERAL AND ADMINISTRATIVE EXPENSES (611 ) (1,142 ) TOTAL OPERATING LOSS $ (5,628 ) $ (5,743 ) FINANCIAL (INCOME) EXPENSES, net (2 ) 30 LOSS FOR THE PERIOD $ (5,630 ) $ (5,713 ) BASIC AND DILUTED LOSS PER ORDINARY SHARE $ 0.89 $ 0.39 WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING USED IN COMPUTATION OF
BASIC AND DILUTED LOSS PER SHARE 6,290,242 14,523,161
Source:Sol-Gel Technologies Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-sol-gel-technologies-reports-first-quarter-2018-financial-results.html |
0 COMMENTS Photo: PHOTO: AMR ALFIKY/REUTERS
Sign up here for The Morning Download, and get the most important news in business technology emailed to you each weekday morning. Subscribe to WSJ Pro Cybersecurity for in-depth coverage on cybersecurity trends, breaches and best practices. Good morning, CIOs. JP Morgan Chase & Co. demonstrated a prototype of its blockchain-based platform for capital markets, called Dromaius, on Wednesday at the Consensus 2018 conference, CIO Journal’s Sara Castellanos reports . “We think the technology has the potential to be transformative,” said Christine Moy, executive director and head of J.P. Morgan’s Blockchain Center of Excellence. (See below for much more on blockchain and the Consensus event.)
J.P. Morgan joins other banks including Banco Santander S.A. that are experimenting with how blockchain-based platforms could be used for capital markets, where huge sums of money, a variety of stakeholders and lots of coordination are involved.
J.P. Morgan and Santander are among a consortium of banks and tech giants that last year formed the Enterprise Ethereum Alliance, a nonprofit foundation that aims to connect enterprises with experts in the blockchain-based Ethereum network. Ms. Moy and her team of about 15 will work over the next year to overcome some of the challenges associated with deploying the platform. “The technology is still in the early stages,” she said.
BLOCKCHAIN + CRYPTOCURRENCY
Crypto enthusiasts take Manhattan… Throughout this week’s Consensus 2018 cryptocurrency conference in New York there was a healthy dose of glitz and sense that this was the dot-com boom from the late 1990s all over again, the Journal’s Alizon Sider and Ben Eisen report . One booth hocked “crypto jewelry,” including an $8,700 gold Super Bowl-size ring with the bitcoin logo. Outside, three Lamborghinis hugged the curb, a symbol for those who made big money in bitcoin.
…with an exception for Wall Street. Eight months after the first report that Goldman Sachs Group was planning a bitcoin trading desk, most other New York banks are resisting the idea of trading cryptocurrency. The Journal’s Paul Vigna has the story .
You’ve been Howey-d! Give props to the Securities and Exhange Commission for ‘coining’ the perfect cryptocurrency name: HoweyCoins. Interested? A trip to the slickly-designed website conjurs a white paper, celebrity pics and promises of 1 percent daily returns. But users who click to buy the coins are presented with a warning that it’s all fake, Bloomberg reports . The SEC has been warnings investors that many token sales may be violating securities laws.
EUROPE
Zuckerberg to appear before EU Parliament. Facebook Inc. ‘s CEO will meet with top European lawmakers in Brussels next week to discuss the social network’s handling of its users’ personal information, and its potential impact on European elections, the WSJ’s Natalia Drozdiak and Sam Schechner report . The hearing won’t be open to the public, an EU official said. The big question: Will EU politicians demonstrate more tech savviness than their peers in the U.S. Congress ?
Ireland takes center stage in GDPR. With the country serving as European headquarters for some of the largest U.S. tech companies, its tiny data protection office is set to play an influential role as Europe’s sweeping new privacy rules go into effect May 25. The New York Times profiles data protection commissioner Helen Dixon.
Fun fact. “Her agency subsists on an annual budget of 7.5 million euros, equivalent to $9 million. That’s roughly as much revenue as the companies she oversees generate over all in 10 minutes.”
MORE TECHNOLOGY NEWS
Senate votes to reinstate Obama-era net neutrality rules. The measure, adopted by 52 to 47, still faces long odds of passage in the House and many Republicans believe President Donald Trump would veto the reinstatement measure if it ever reached his desk, says the WSJ’s John D. McKinnon . Nevertheless the debate is sure to continue for months, in part because Democrats view it as good politics as well as good policy.
Big tech investing more in business than non-tech peers. Facebook and Alphabet Inc. both spent 23% of revenues last quarter on capital expenditures, the FT reports .
Chinese accelerators grow in Silicon Valley. As the U.S. government cracks down on the transfer of homegrown technology to China, there’s a growing China-focused accelerator scene in the San Francisco Bay Area. Many of the incubators are focused on bringing U.S. startup tech back to China, Reuters reports .
Former employee of Cambridge Analytica contacted by FBI. Chris Wylie, who previously revealed that the company improperly harvested data from millions of Facebook users, said Wednesday that he had been contacted by the Federal Bureau of Investigation. The Journal’s Julie Bykowicz has more .
Amazon adopts ‘Rooney Rule.’ The company announced Monday that it would require any pool of potential board members to include minority and female candidates, the San Jose Mercury News reports . The practice, initiated by the National Football League for coaching and managment jobs, has been adopted by other tech firms as well.
Apple considers northern Virgina. Local officials say Apple Inc. is interested in four million square feet in the region with room for 20,000 people, the Washington Post reports . “That amount of space is nearly two-thirds the size of the Pentagon and about half what Amazon is seeking for its second headquarters,” the Post reports. And speaking of Amazon.com Inc ., three locations in the region are among the 20 finanlists in Amazon.com’s second headquarters search.
When the CEO bans phones at meetings. Employees wear smartwatches, as happened at Brown, Parker & DeMarinis Advertising after Chief Executive Jason Brown issued the edict. The WSJ’s John Simons looks at the struggle between work productivity and the urge to fiddle with phones.
FEMA CIO reassigned. NextGov reports that Adrian Gardner has been reassigned to a post in the Federal Emergency Management Agency’s Caribbean division after reports of outstanding IT management issues by the agency’s inspector general. Deputy CIO Patsy Garnett will step in as acting CIO.
Disabled gamers get a new controller from Microsoft. Microsoft Corp . is making its first videogame controller designed for people with disabilities. The Journal’s Sarah E. Needleman calls the move the latest in a growing number of industry efforts to accommodate players who face challenges seeing, hearing and directing the on-screen action.
EVERYTHING ELSE YOU NEED TO KNOW
A Senate committee backed U.S. intelligence’s finding that Moscow attempted to boost Donald Trump ’s presidential campaign. (WSJ)
Former Secretary of State Rex Tillerson warned that a lack of integrity and ethics among America’s leaders is putting freedom and democracy at risk. (WSJ)
American women are having children at the lowest rate on record, with the number of babies born in the U.S. last year dropping to a 30-year low . (WSJ)
A new financial disclosure from President Donald Trump acknowledged that he reimbursed his lawyer, Michael Cohen, for a $130,000 payment to an adult-film star just before the 2016 election. (WSJ)
The Morning Download is edited by Tom Loftus and cues up the most important news in business technology every weekday morning.
Share this: BLOCKCHAIN CRYPTOCURRENCY DOWNLOAD GDPR JP MORGAN CHASE Previous JP Morgan Tests Blockchain's Capital Markets Potential Next Blockchain Adoption Now Hinges on Standards and Rules, Hyperledger Chief Says | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/17/the-morning-download-jp-morgan-tests-blockchain-use-in-capital-markets/ |
May 11 (Reuters) -
* FITCH AFFIRMS CAMEROON AT ‘B’; OUTLOOK STABLE Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fitch-affirms-cameroon-at-b-outloo/brief-fitch-affirms-cameroon-at-b-outlook-stable-idUSFWN1SI1FE |
RICHMOND, Va., May 22, 2018 /PRNewswire/ -- The Hilb Group, LLC (THG) announced today the acquisition of New York – based Bentson Insurance Group. The transaction became effective May 1, 2017.
Founded in 1948, Bentson Insurance Group is a full-service property and casualty insurance agency specializing in home and business insurance as well as group benefits insurance. With its office in Staten Island, this acquisition will be the fifth location in THG's New Jersey/New York region. Bob Bentson, principal of Bentson Insurance Group, will continue to lead the agency's associates under their current name.
"Joining THG will allow us to continue providing our community the same top-notch service with the expanded resources of a national organization," says Bentson. "With our core values and business goals aligned, it is hard to imagine a more suitable fit."
"The addition of Bentson Insurance Group allows us to continue our growth in the region while bringing additional depth and expertise to our existing operations in the Tri-State Area," said Ricky Spiro, CEO of THG. "We have found a great partner within a great community and look forward to working with Bob and his fantastic team."
About the Hilb Group: The Hilb Group is a leading middle market insurance agency headquartered in Richmond, Virginia and is a portfolio company of Boston-based private equity firm, Abry Partners. The Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The company now has 58 offices in 17 states. Please visit our website at: http://hilbgroup.com .
Media Contact:
Margaret Clary
804-205-1209
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/the-hilb-group-adds-bentson-insurance-group-300650427.html
SOURCE The Hilb Group, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-the-hilb-group-adds-bentson-insurance-group.html |
May 30, 2018 / 11:18 AM / Updated 22 minutes ago Naftogaz asks Swiss courts to force Gazprom to pay $2.6 billion settlement Reuters Staff 2 Min Read
KIEV (Reuters) - Ukraine’s state energy group Naftogaz said it has asked Swiss courts to enforce a ruling that it receive $2.6 billion from Russian giant Gazprom after a long-running legal battle. FILE PHOTO: The logo of Russian gas giant Gazprom is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin/File Photo
“The company confirms that it has asked the Swiss courts to enforce the award, and understands that Swiss authorities already have taken measures against Gazprom’s assets there,” Naftogaz said in a statement on Wednesday.
The ruling, made by the Stockholm arbitration court in February, was meant to conclude a legal battle over gas deliveries. But Naftogaz said Gazprom had not complied with the ruling which obliged the Russian company to resume gas supplies to Ukraine at a market reflective price and to pay $2.6 billion.
“Despite the awards and timely pre-payment by Naftogaz, Gazprom refused to resume deliveries to Naftogaz as agreed on 1 March 2018,” Naftogaz said in its statement.
Naftogaz said last month that it would go to court to seize Gazprom assets in Europe, but would not touch Russian gas transits through Ukraine.
“Gazprom will defend its right in accordance with the applicable law,” Gazprom said in a statement on Wednesday.
The legal battle has run alongside Ukraine’s broader political stand-off with Russia.
Gazprom appealed against the Stockholm ruling in April, and the case is ongoing.
Ukraine is a major transit country for Russian gas supplies to Europe where Gazprom accounts for around 35 percent of the gas market. Reporting by Pavel Polityuk in Kiev and Vladimir Soldatkin in Moscow; editing by David Evans and Susan Fenton | ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-naftogaz-gazprom/ukraines-naftogaz-initiates-enforcement-2-6-billion-award-from-gazprom-idUSKCN1IV1CF |
May 3 (Reuters) - TARGOVAX ASA:
* Q1 OPERATING LOSS NOK 33.5 MILLION VERSUS LOSS NOK 27.1 MILLION YEAR AGO
* Q1 TOTAL REVENUE NOK 6 MILLION VERSUS NOK 6 MILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-targovax-q1-operating-loss-widens/brief-targovax-q1-operating-loss-widens-to-nok-33-5-million-idUSL8N1SA0TW |
CHICAGO, May 4 (Reuters) - Exchange-operator CME Group Inc is weighing an increase in the storage rates for its corn and soybean futures to address concerns the contracts’ prices are not accurately reflecting the underlying U.S. cash grain markets.
* CME may raise the fixed maximum storage rate that regular warehouses can charge holders of its outstanding shipping certificates, according to a notice the company sent to customers.
* CME contacted market participants for their views, and most support an adjustment to contract storage rates to make sure that futures converge with cash prices, the notice says.
* The current maximum storage rate that regular warehouses can charge is about 5 cents per bushel per month.
* Traders told Reuters in February that CME was talking with them about potential adjustments to the contracts. (Reporting by Tom Polansek)
| ashraq/financial-news-articles | https://www.reuters.com/article/cme-group-grains-storage/cme-group-considers-raising-corn-soybean-storage-rates-idUSL1N1SB1WS |
May 30, 2018 / 10:24 AM / Updated 13 minutes ago Deutsche Bank looking to sell stake in Dubai-based Abraaj - sources Davide Barbuscia , Tom Arnold 4 Min Read
DUBAI (Reuters) - Deutsche Bank ( DBKGn.DE ) is looking to sell its small stake in Dubai-based Abraaj, the embattled private equity firm involved in a row over alleged misuse of investor money, two sources familiar with the matter said. FILE PHOTO: People are silhouetted next to the Deutsche Bank's logo prior to the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach
The potential sale, which the German bank has been considering for some time, has become more urgent since Abraaj, the Middle East and Africa’s biggest private equity fund, has been locked in a dispute with investors, said the sources.
Deutsche, which is undergoing a restructuring and said last week it plans to cut at least 7,000 jobs worldwide, has an 8.8 percent stake in Abraaj Holdings, according to the bank’s latest annual report.
Deutsche Bank declined to comment on the planned stake sale. An Abraaj spokeswoman said Abraaj Holdings could not comment on a matter related to its shareholders.
Deutsche considers its share in Abraaj as a non-core asset.
One of the sources said the bank asked for a valuation of its shareholding about two years ago, but the valuation was not as strong as hoped.
As part of a global scaling back of its equities business, Germany’s largest lender has cut eight positions within its equities research team in Dubai as it moves to close the unit, sources familiar with the matter told Reuters this week.
The restructuring process added more urgency to the plan to get rid of its stake in Abraaj, the sources said.
“There was never an active pitching process before, maybe they are regretting it now. Any sale now will be at a big discount,” said one of the sources, speaking on condition of anonymity because the matter is private.
According to Abraaj’s 2014-15 annual review - the latest available on its website - Deutsche Bank had a representative on Abraaj’s board. A source close to the matter said that was no longer the case.
A valuation of Deutsche’s stake is difficult because Abraaj has not disclosed the quantum of its debt, bankers say. One way to look at it, amid no visibility of future fund raising, is that Abraaj Holdings’ investment management unit is valued at as much as $500 million (377 million pounds), one of the bankers said.
Abraaj is facing an investigation by four investors, including the Bill & Melinda Gates Foundation and the World Bank’s lending arm - the International Finance Corporation - over the alleged misuse of some of their money in a $1 billion healthcare fund.
Following the row the firm, which has denied any wrongdoing, has been considering selling some or all of its investment business unit.
The cash from the sale of the investment business unit, and from a sale of Abraaj’s stake in Pakistani utility K-Electric, would ease cash flow pressures that have seen the company violating certain conditions related to a portion of its debt, sources told Reuters earlier this month.
Since the investor dispute erupted earlier this year, Abraaj, which at one point was managing $13.6 billion, has undertaken a review of its corporate structure. That has included cutting around 15 percent of jobs, shaking up its management, suspending new investments, and freeing up large investors from millions of dollars in capital commitments.
In the latest sign of changes, Bisher Barazi, the chief financial officer of Abraaj’s private equity unit, and Matthew McGuire, the chief operating officer, have resigned from the firm, a source close to the matter said. Neither could immediately be reached for comment. Additional reporting by Saeed Azhar; Editing by Susan Fenton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-deutsche-bank-abraaj/deutsche-bank-looking-to-sell-stake-in-dubai-based-abraaj-sources-idUKKCN1IV17D |
May 31, 2018 / 1:28 PM / a few seconds ago WEEKAHEAD-AFRICA-FX-Kenyan, Zambian currencies to make gains, Uganda's to weaken Reuters Staff 3 Min Read
NAIROBI, May 31 (Reuters) - The Kenyan shilling and Zambia’s kwacha are set to make gains against the dollar, while the currencies of Tanzania and Ghana are forecast to remain stable. KENYA
The Kenyan shilling is expected to strengthen in the coming week due to decreased demand for dollars from routine buyers, traders said.
Commercial banks quoted the shilling at 101.30/50 per dollar on Thursday, from a close of 101.00/20 a week ago.
“A lot of the active buyers cleared their obligations. We are expecting it to strengthen and see what the new level will be,” said a senior trader from a Nairobi-based commercial bank. TANZANIA
The Tanzanian shilling is expected to trade in a tight range in the coming week due to a balance between demand for dollars and supply in the market, traders said.
Commercial banks quoted the shilling at 2,276/2,286 to the dollar on Thursday, compared with 2,282/2,287 a week ago.
“As long as supply is not outweighed by demand, the shilling is probably not going to strengthen nor weaken next week and will maintain its current stable momentum,” said a trader at the Commercial Bank of Africa. GHANA
Ghana’s cedi is seen stable within its current range, with dollar inflows matching demand by local businesses, analysts said.
The local unit, which was fairly stable in the first quarter, came under pressure this month, touching 4.7 to the dollar by mid-morning on Thursday, from 4.64 a week ago and down around 3 percent since January.
“We expect the cedi to see some stability in the week ahead on expected inflows including central bank intervention,” said currency analyst Raphael Adubila. UGANDA
The Uganda shilling may weaken past a psychological level of 3,800 over the next one week, if the central bank does not intervene to soak up soaring demand for dollars from manufacturing and energy importers.
At 1125 GMT, commercial banks quoted the shilling at 3,770/3,780, weaker than last Thursday’s close of 3,735/3,745. The shilling has been posting losses over the last few days.
“There’s high demand from importers and the sentiment is that if the central bank doesn’t come in, the unit will hit or cross 3,800 level,” said Faisal Bukenya, head of treasury at Exim Bank. ZAMBIA
The kwacha is likely to hold on to its gains next week as exporters sell dollars in anticipation of further appreciation by the local currency.
On Thursday, commercial banks quoted the currency of Africa’s No.2 copper producer at 10.3100 per dollar from a close of 10.3700 a week earlier. “In the week ahead, we could also see some panic selling of dollars for fear of being left behind, which will give the local unit some much-needed support,” the local branch of South Africa’s First National Bank (FNB) said in a note. (Reporting by John Ndiso, Fumbuka Ng’wanakilala, Kwasi Kpodo, Elias Biryabarema, Chris Mfula; Compiled by Aaron Maasho; Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/africa-currencies/weekahead-africa-fx-kenyan-zambian-currencies-to-make-gains-ugandas-to-weaken-idUSL5N1T224L |
LOS ANGELES, May 17, 2018 /PRNewswire/ -- Cathay General Bancorp (NASDAQ: CATY) announced today that its Board of Directors declared a cash dividend of twenty-four cents per common share, payable on June 11, 2018, to stockholders of record at the close of business on June 1, 2018.
ABOUT CATHAY GENERAL BANCORP
Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. Cathay General Bancorp's website is found at www.cathaygeneralbancorp.com . Founded in 1962, Cathay Bank offers a wide range of financial services. Cathay Bank currently operates 41 branches in California, 12 branches in New York State, three in the Chicago, Illinois area, three in Washington State, two in Texas, one in Maryland, one in Massachusetts, one in Nevada, one in New Jersey, one in Hong Kong, and a representative office in Taipei, Beijing, and Shanghai. Cathay Bank's website is found at www.cathaybank.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/cathay-general-bancorp-declares-0-24-per-share-dividend-300650785.html
SOURCE Cathay General Bancorp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-cathay-general-bancorp-declares-0-point-24-per-share-dividend.html |
MINNETONKA, Minn., May 23, 2018 /PRNewswire/ -- Communications Systems, Inc. (NASDAQ: JCS) ("CSI" or the "Company") , a global provider of connectivity infrastructure and services for deployments of broadband networks, today announced that its Board of Directors has declared a cash dividend of $0.04 per common share. The dividend is payable on July 2, 2018, to shareholders of record as of June 15, 2018. This marks the 63 rd consecutive quarter that CSI has paid a dividend to its shareholders.
The Board has also initiated a strategic review of the Company's businesses and assets to explore opportunities for enhancing value for the Company's loyal shareholders. A Special Board Committee consisting of independent directors Richard Primuth, Randy Sampson and Steven Webster will oversee this process. The Special Committee expects to retain an investment banking firm to advise it in this process.
CSI's Chief Executive Officer Roger H.D. Lacey commented, "The strategic review will be a thorough process. The Company will report on its findings and conclusions at the completion of the review and does not expect to comment on the progress of the strategic review until it is completed. We will consider all reasonable options but cannot guarantee that any actions will be taken as a direct result of this review. CSI currently has several growth initiatives within our operating segments that we believe can grow our revenues and return CSI to positive cash flow. We also fully understand the challenges that these segments face and how those challenges continue to affect the price of our common stock. While it is uncertain what, if any, specific action or transaction may result from this process, we believe the timing is right for the Board to assess all potential opportunities to maximize long-term value for our loyal shareholders."
About Communications Systems
Communications Systems, Inc. provides connectivity infrastructure and services for global deployments of broadband networks. Focusing on innovative, cost-effective solutions, CSI provides customers the ability to deliver, manage, and optimize their broadband network services and architecture. From the integration of fiber optics in any application and environment to efficient home voice and data deployments to optimization of data and application access, CSI provides tools for maximum utilization of the network from the edge to the user. With partners and customers in over 50 countries, CSI has built a reputation as a reliable global innovator focusing on quality and customer service.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, and future growth. These statements are based on Communications Systems' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by these statements due to changes in economic, business, competitive or regulatory factors, and other risks and uncertainties affecting the operation of Communications Systems' business. These risks, uncertainties and contingencies are presented in the Company's Annual Report on Form 10-K and, from time to time, in the Company's other filings with the Securities and Exchange Commission. The information set forth in this press release should be read in light of these risks. Further, investors should keep in mind that the Company's financial results in any particular period may not be indicative of future results. Communications Systems is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Contacts:
Communications Systems, Inc.
Mark Fandrich
CFO
952-582-6416
[email protected]
Roger H. D. Lacey
Chief Executive Officer
952-996-1674
View original content with multimedia: http://www.prnewswire.com/news-releases/communications-systems-inc-declares-quarterly-dividend-of-0-04-per-share-and-establishes-special-committee-to-explore-strategic-options-300653148.html
SOURCE Communications Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-communications-systems-inc-declares-quarterly-dividend-of-0-point-04-per-share-and-establishes-special-committee-to-explore.html |
Cramer’s Exec Cut: Why Amazon’s dominance could work in Paypal’s favor 3 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/cramers-exec-cut-why-amazons-dominance-could-work-in-paypals-favor.html |
May 14, 2018 / 5:24 AM / a minute ago Malaysia investors shift to Mahathir's camp from Najib-linked losers Liz Lee , Tom Westbrook 5 Min Read
KUALA LUMPUR (Reuters) - Investors sorted Malaysia’s political haves from the have-nots on the first trading day after a shock election result, dumping shares in firms associated with supporters of ousted prime minister Najib Razak and projects backed by his government. People look at trading boards at a private stock market gallery in Kuala Lumpur, Malaysia May 14, 2018. REUTERS/Stringer
Veteran politician Mahathir Mohamad came out of retirement to lead the opposition Pakatan Harapan (Alliance of Hope) to a stunning victory over a ruling party he had once led, defeating Najib, a former protege he had accused of corruption.
As Malaysian markets reopened for trading after being shut for two days last week, one of the biggest losers in the equity market was AirAsia Group Bhd ( AIRA.KL ), whose chief executive Tony Fernandes endorsed the incumbent Najib during the campaign. Shares of CIMB Group Holdings Bhd ( CIMB.KL ), whose group chairman Nazir Razak is Najib’s younger brother, also plunged.
Among Monday’s biggest winners was the Robert Kuok-controlled PPB Group Bhd ( PEPT.KL ), which rose over four percent following the appointment of Kuok, one of Asia’s richest tycoons, as an adviser to the new administration.
More broadly, construction companies were the biggest underperformers after Mahathir’s pledge to review large-scale infrastructure projects sponsored by the Najib administration, particularly those that would expand China’s economic interests in Malaysia. Related Coverage Former senior anti-graft official files complaint against ousted PM Najib: Bernama
Shares of YTL Corp. ( YTLS.KL ), the conglomerate which was awarded the contract to build the Kuala Lumpur-Singapore high-speed railway line, fell more than 8 percent.
“Near-term performance may be constrained by a potential flux in capex plays and government-linked stocks, both prominently represented in institutional portfolios, in our view, as policy risks are repriced,” said Hoy Kit Mak, head of Malaysia equity research at JP Morgan.
Mak said his stance was to stay in consumer and defensive sectors, including healthcare and telecommunications. Slideshow (2 Images)
The main stock index , one of Asia’s top three performers this year in dollar terms, recovered quickly from an early drop, even as the utilities sector remained a drag. The construction sector .KLCT fell nearly 13 percent.
“The opposition party’s victory has also put into question the future of Chinese investment in the infrastructure sector, which could affect construction stocks,” Credit Suisse said in a note to clients. SONS OF THE SOIL
Malaysia was second only to Russia on a “crony capitalism” index published two years ago by the Economist magazine, showing how closely business fortunes have relied on political connections in the Southeast Asian economy.
Successive Malaysian administrations have persisted with statist policies, embodied in five-year plans, that have seen mega-contracts awarded to government-friendly businessmen.
Thus, the end of six decades of rule by the UMNO bloc saw shares of My E.G. Services, a company whose incomes come mainly from government contracts, fall 30 percent.
Shares in AirAsia ( AIRA.KL ) fell as much as 10 percent after its chief Tony Fernandes apologized for endorsing former prime minister Najib Razak in the election.
Meanwhile, 10-year bond yields spiked to 4.25 percent, their highest levels since early 2017, as investors worried that foreign investors who hold nearly half the outstanding government bonds, will sell down.
Investors had anticipated the bearish reaction to the 92-year-old Mahathir becoming prime minister once more - he had retired in 2003 after 22 years in power.
Mahathir’s poll promises to roll back a goods and services tax, scrap toll fees, reinstate fuel subsidies and raise minimum wages also raise the specter of Malaysia’s fiscal deficit widening again.
The ringgit MYR= hit a four-month low of 3.9850 per dollar, but stabilized off those lows fairly early.
“Banks are significantly vulnerable and could come under pressure given their high foreign ownership and sharp rally in the sector over the past few months,” Credit Suisse said. Writing by Vidya Ranganathan; Editing by Simon Cameron-Moore | ashraq/financial-news-articles | https://uk.reuters.com/article/us-malaysia-election-markets/malaysia-investors-shift-to-mahathirs-camp-from-najib-linked-losers-idUKKCN1IF0DZ |
TYSONS, Va.--(BUSINESS WIRE)-- DXC Technology (NYSE: DXC), the world’s leading independent, end-to-end IT services company, today announced that it will release financial results for the fourth quarter and full year fiscal 2018 on Thursday, May 24, 2018, at approximately 4:15 p.m. Eastern Daylight Time (EDT).
DXC Technology senior management will host a conference call and webcast on the same day at 5 p.m. EDT. The dial-in number for domestic callers is (800) 289-0438. Callers who reside outside of the United States should dial +1 (323) 794-2423. The passcode for all participants is 6166236. The webcast audio and any presentation slides will be available on DXC Technology’s Investor Relations website .
A replay of the conference call will be available from approximately two hours after the conclusion of the call until May 31, 2018. Replay numbers can be found at the following link . The replay passcode is also 6166236.
About DXC Technology
DXC Technology (NYSE: DXC) is the world's leading independent, end-to-end IT services company, serving nearly 6,000 private and public-sector clients from a diverse array of industries across 70 countries. The company's technology independence, global talent and extensive partner network deliver transformative digital offerings and solutions that help clients harness the power of innovation to thrive on change. DXC Technology is recognized among the best corporate citizens globally. For more information, visit dxc.technology .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005335/en/
DXC Technology
Richard Adamonis
Corporate Media Relations
+1-862-228-3481
[email protected]
or
Jonathan Ford
Investor Relations
+1-703-245-9700
[email protected]
Source: DXC Technology | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-dxc-technology-to-report-fourth-quarter-2018-results-on-thursday-may-24-2018.html |
WHEN: Today, Tuesday, May 8, 2018 at 4:00PM ET
WHERE: CNBC's " Closing Bell "
In a FIRST ON CNBC interview, Disney CEO Bob Iger will speak with CNBC's Julia Boorstin on CNBC's "Closing Bell" (M-F 3PM – 5PM) today, Tuesday, May 8th at 4:00PM ET. Topics will include: earnings, the pending Fox deal, ESPN's new direct to consumer product, and the recent box office success with Black Panther and Avengers.
Transcript to follow the interview.
For more information contact:
Jennifer Dauble
CNBC
t: 201.735.4721
m: 201.615.2787
e: [email protected]
Emma Martin
CNBC
t: 201.735.4713
m: 551.275.6221
e: [email protected] | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/first-on-cnbc-media-alert-disney-ceo-bob-iger-speaks-with-cnbcs-julia-boorstin-today-tuesday-may-8-at-4pm-et.html |
CIO Journal. JP Morgan Tests Blockchain’s Capital Markets Potential The bank is experimenting with blockchain in a field defined by huge sums of money, multiple stakeholders and lots of coordination By 0 COMMENTS Christine Moy, executive director and head of J.P. Morgans Blockchain Center of Excellence, speaking at the Consensus 2018 conference in New York, May 16, 2018. Photo: Sara Castellanos / The Wall Street Journal
NEW YORK — J.P. Morgan Chase & Co. is experimenting with the way blockchain could help cut costs and facilitate smoother transactions within capital markets, where securities are bought and sold.
The bank demonstrated a prototype of its blockchain-based platform for capital markets, called Dromaius, on Wednesday at the Consensus 2018 conference. A team of employees will work this year on overcoming challenges related to integrating and scaling the technology before deploying it to customers, said Christine Moy, executive director and head of J.P. Morgan’s Blockchain Center of Excellence.
“We think the technology has the potential to be transformative,” she said.
Blockchain is the technology best known as the record-keeping system behind cryptocurrencies. A blockchain ledger allows participants to add blocks of information after each party runs algorithms to evaluate a proposed transaction.
If the parties agree that the transaction looks valid — identifying information matches the blockchain’s history and follows the rules created by the participants — then it will be approved, time-stamped and added to the chain. The data, encrypted and unchangeable, is always up-to-date on all participants’ systems. Blockchains appeal to banks because they can potentially reduce some costs, but the technology raises questions about how banks would handle proprietary information on such a transparent ledger, as WSJ has previously reported.
J.P. Morgan joins other banks including Banco Santander S.A. that are experimenting with how blockchain-based platforms could be used for capital markets, where huge sums of money, a variety of stakeholders and lots of coordination are involved.
Today, transacting within capital markets is an experience fraught with disparate systems and silos, where there are multiple different systems for the different stakeholders, ranging from issuers and asset managers to clearing houses and fund administrators, Ms. Moy said. J.P. Morgan's Christine Moy at the Consenus 2018 conference in New York, May 16, 2018. Photo: Sara Castellanos / The Wall Street Journal
“The promise of natively issuing financial instruments on blockchain is that you can share that infrastructure,” she said. Instead of having different silos, there would be just one application that everyone could share and participate in, designed so that each entity can trust the application without necessarily trusting each other, she said.
Simplifying some of the legacy systems required to facilitate transactions within capital markets could also make the process cheaper.
“(Blockchain) should streamline operations, help with cost savings and overall make the experience of transacting or issuing a financial instrument like this more seamless and simplified,” Ms. Moy said.
J.P. Morgan and Santander are among a consortium of banks and tech giants that last year formed the Enterprise Ethereum Alliance, a nonprofit foundation that aims to connect enterprises with experts in the blockchain-based Ethereum network .
The company used the Ethereum network to build Dromaius.
Ms. Moy and her blockchain team of about 15 employees will work over the next year to overcome some of the challenges associated with deploying the blockchain-based platform for capital markets. “The technology is still in the early stages,” she said.
The challenges include building robust, enterprise-grade technology systems to support the blockchain infrastructure, and coordinating with multiple participants to agree on standards for the blockchain protocol. There might also be other challenges related to figuring out how this new technology integrates with legacy systems, Ms. Moy said. In addition, the company needs to think about risk monitoring or operational processes that might have to change to accommodate blockchain.
In tackling these endeavors, Ms. Moy and her blockchain team have the support of Lori Beer, global chief information officer for J.P. Morgan. Ms. Beer also has been bullish on other emerging technologies including quantum computing and its potential for solving computationally-intensive problems related to risk analysis and trading strategies. Share this: Close JP Morgan Tests Blockchain's Capital Markets Potential The bank is experimenting with blockchain in a field defined by huge sums of money, multiple stakeholders and lots of coordination From An error has occurred, please try again later. 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Asian companies also need to navigate new EU data rules: IAPP 3 Hours Ago Omer Tene of the International Association of Privacy Professionals says Asian firms handling data from European customers need to work as well to comply with the new European Union data rules known as GDPR. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/asian-companies-also-need-to-navigate-new-eu-data-rules-iapp.html |
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