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May 11, 2018 / 5:12 PM / in 19 minutes U.S. drillers add oil rigs for sixth consecutive week: Baker Hughes Scott DiSavino 4 Min Read
(Reuters) - U.S. energy companies added oil rigs for a sixth week in a row as crude prices continue to soar to multi-year highs after new sanctions on Iran are anticipated to take some supply out of the market, further supporting U.S. drilling and pushing production to record highs.
Drillers added 10 oil rigs in the week to May 11, bringing the total count to 844, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.
That was the first time energy firms added rigs for six weeks in a row since early March.
More than half the total oil rigs are in Permian basin in west Texas and eastern New Mexico, the nation’s biggest shale oil field. Active units there increased by five this week to 463, the most since January 2015.
The U.S. government expects oil output in the Permian to rise to a record high near 3.2 million barrels per day in May, about 30 percent of total U.S. oil production.
The U.S. rig count, an early indicator of future output, is much higher than a year ago when 712 rigs were active as energy companies have been ramping up production in tandem with OPEC’s efforts to cut global output in a bid to take advantage of rising prices.
U.S. crude output has surged since 2010, fueled by output from formations in states including Texas, New Mexico and North Dakota. Amid the recovery in prices and drilling, production this year surpassed a previous long-standing output record.
The U.S Energy Information Administration on Tuesday projected average annual U.S. oil output would rise 1.37 million bpd to a record high 10.72 million bpd in 2018 and 11.86 million bpd in 2019. [EIA/M]
Texas energy regulators said in a report this week the state issued a third more oil and gas drilling permits in April than a year ago as higher prices continue to spur an increase in activity.
After the United States pulled out of the Iran nuclear deal earlier in this week, U.S. crude futures were trading around $71 a barrel, their highest since November 2014. That is up sharply from the $50.85 average hit in 2017 and $43.47 in 2016. [O/R]
Looking ahead, futures were trading around $70 for the balance of 2018 and $65 for calendar 2019.
In anticipation of higher prices, U.S. financial services firm Cowen & Co this week said the exploration and production (E&P) companies they track have provided guidance indicating a 12 percent increase this year in planned capital spending.
Cowen said those E&Ps expect to spend a total of $81 billion in 2018, up from an estimated $72.4 billion in 2017.
Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast average total oil and natural gas rig count would rise to 1,020 in 2018 and 1,135 in 2019, up from an earlier projection of 1,015 in 2018 and 1,130 in 2019.
So far this year, the total number of oil and gas rigs active in the United States has averaged 983, up sharply from an average of 876 rigs in 2017 and on track to be the highest since 2014, which averaged 1,862 rigs. Most rigs produce both oil and gas. Reporting by Scott DiSavino; Editing by Marguerita Choy | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-rigs-baker-hughes/u-s-drillers-add-oil-rigs-for-sixth-consecutive-week-baker-hughes-idUSKBN1IC253 |
DES MOINES, Iowa, May 30, 2018 /PRNewswire/ -- Yesway , the fast growing and innovative convenience store chain, today announced that it had achieved a major milestone with the acquisition of its 100 th store as part of the 11-store Pick-A-Dilly portfolio transaction in northeast Missouri.
This acquisition further enhances Yesway's presence in Missouri. The company now owns and operates 14 stores in Missouri and is looking to add additional stores to its portfolio in the state over the next few years. Four of these stores are located in Hannibal, with other single stores locations in Vandalia, Center, West Quincy, Edina, Kingdom City, Kirksville and Palmyra. Yesway made its first acquisition in December of 2015 and now has acquired 101 stores in Missouri, Iowa, Kansas, Oklahoma, and Texas. With the additional stores it currently has under contract to acquire, the company expects to operate nearly 150 stores and to expand into four new states by the end of June of this year. Its pipeline of new store acquisitions is robust, and the company remains on track to reach its goal of building a 500-location chain of Yesway convenience stores in selected regions of the United States over the next several years.
"We are pleased with the acquisition of the Pick-A-Dilly portfolio and thrilled to have reached our 100-store milestone so quickly," said Thomas Nicholas Trkla, Chairman and Chief Executive Officer of Yesway. "With the stores we have under contract and the depth of the pipeline, we anticipate a heightened level of acquisition activity will be taking place over the next several months. I am very proud of our senior management team. They have done a stellar job of incorporating the new store acquisitions into our rapidly expanding portfolio and of consistently delivering terrific customer experiences in each of our stores."
Editor note: To arrange interviews with Yesway executives, contact Erin Vadala, Warner Communications at [email protected] or (978) 468-3076. High-resolution images and graphics are available on request.
About Yesway – BW Gas & Convenience, d/b/a Yesway, is headquartered in Des Moines, Iowa. Yesway recently debuted at #7 on the Convenience Store News "2018 Top 20 Growth Chains" List and was named a "2017 Chain to Watch" by Convenience Store Decisions. Yesway plans to acquire, improve, and rebrand 500 convenience stores in selected regions of the United States over the next several years. For more information, please visit www.yesway.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/yesway-reaches-its-100-store-milestone-300656091.html
SOURCE Yesway | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-yesway-reaches-its-100-store-milestone.html |
May 17, 2018 / 12:45 PM / Updated 7 hours ago Diesel fallout is responsibility of carmakers: German minister Reuters Staff 1 Min Read
BERLIN (Reuters) - German carmakers will have to take responsibility for the fallout from their cheating in diesel cars’ emission tests, Transport Minister Andreas Scheuer said on Thursday. FILE PHOTO: German Transport Minister Andreas Scheuer arrives at German government guesthouse Meseberg Palace in Meseberg, Germany, April 10, 2018. REUTERS/Fabrizio Bensch
In a statement issued by his ministry, he also described as “disconcerting” a decision by the European Commission to take Germany to court for breaching air targets.
“It is the judiciary that is responsible for prosecuting crime in Germany,” he wrote. “It is disconcerting that the European Commission doesn’t appear to know this.” Writing by Joseph Nasr | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-emissions-scheuer/diesel-fallout-is-responsibility-of-carmakers-german-minister-idUSKCN1II1SX |
Barbara Corcoran, a self-made millionaire and seasoned investor on ABC's "Shark Tank," recently shared behind-the-scenes secrets of what it's like to be on set of the hit show.
Corcoran told New York Magazine's The Cut that for two weeks in June and two weeks in September, she and her co-stars — Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner and Robert Herjavec — spend 14-hour days filming.
On those days, Corcoran gets picked up at 5:30 a.m., but she notes that the men get picked up at 6:30 a.m.
On the way to the studio, Corcoran, a New Yorker, stops by a local Los Angeles bagel place to get an everything bagel toasted with extra cream cheese for Oscar, the man in charge of the show's lighting.
Once at work, "Before hair and makeup starts, I always have my boom box and I play Nicki Minaj," Corcoran tells The Cut. "For whatever reason, she gets my blood going, so I play her loud in my trailer and get ready with Tommy, my stylist. And then we're on set at 9 [a.m.]"
Corcoran explains that the sharks hear 10 to 12 pitches a day, each lasting anywhere from 45 minutes to an hour and 15 minutes. There's a 45-minute break for lunch, and a half hour for makeup and hair touch-ups. Other than that, the star investors are glued to their seats.
"They ask us not to go to the bathroom if we can hold it," Corcoran reveals. "I'm good at that."
The sharks are done for the day and head home around 7:30 or 8 p.m., and Corcoran decompresses afterwards with a little self-care.
"When I get back to the Beverly Hills Hotel, I take a hot bath and then I have a masseuse come and give me a massage," she says. "I'm either snoring within a minute or I will not sleep because I'm too wired."
Corcoran also reveals to The Cut that she thinks long and hard about the deals that go down in the tank, noting that the sharks spend their own, real money.
"When you say to an entrepreneur, 'I'll give you $200,000,' it's not just a line," she says. "Two-hundred thousand dollars would put a kid through Ivy League school for four years. Would I rather put a kid through an Ivy League school, which is a kind of charity I do for myself, or would I rather give it to this entrepreneur? Are they worthy?" she asks herself.
Other stars of "Shark Tank" have also revealed how intense the on-set environment can be, especially for the entrepreneurs. There's even a psychiatrist on set who talks to the contestants before and after they make their pitches, CNBC reported.
"People can get very upset when the outcome is not what they anticipated," "Shark Tank" investor Kevin O'Leary previously told CNBC .
Fellow investor Robert Herjavec also highlighted how the deals are not only high-stakes for the entrepreneurs, but the sharks as well.
"We have a very powerful relationship with our own money so ya, it gets serious. [The] tension is very real," he wrote during a Reddit "Ask Me Anything."
However, the sharks also have their fair share of fun on-set, too. Guest investor Bethenny Frankel previously shared with CNBC Make It her and investor Mark Cuban enjoy jamming out to hip-hop between shots.
"In the breaks, they are playing full-on, old school hip hop," says Frankel. "Mark Cuban and I are rapping and dancing and having the best time."
Don't miss: 'Shark Tank': Here's what happened when Mark Cuban kept interrupting guest judge Bethenny Frankel
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show chapters This is "Shark Tank" investor Barbara Corcoran's $3,000 regret 1:44 PM ET Mon, 9 April 2018 | 01:00 Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/barbara-corcoran-reveals-behind-the-scenes-secrets-of-shark-tank.html |
May 3 (Reuters) -
For other diaries, please see:
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Emerging Markets Economic Events
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Today in Washington - This Diary is filed daily. -
THURSDAY, MAY 3 SANTIAGO - Central Bank of Chile holds monetary policy meeting (Final Day). PRAGUE - Czech National Bank holds Monetary Policy Meeting. Statement and presentation will be published - 1100 GMT. CHISINAU - National Bank of Moldova announces interest rate decision.
FRIDAY, MAY 4 SYDNEY - Reserve Bank of Australia issues statement on Monetary Policy – 0130 GMT.
TUESDAY, MAY 8 BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. SYDNEY - Speech by Matthew Boge, RBA Deputy Head, International Department – 0330 GMT.
WEDNESDAY, MAY 9 ZAGREB - Croatia National Bank holds monetary policy meeting. BUDAPEST - Hungarian Central Bank to publish the minutes of its April 2018 rate-setting meeting – 1200 GMT.
THURSDAY, MAY 10 TIRANA - Bank of Albania publishes the Monetary Policy Report. LIMA - Central Bank of Peru announces interest rate decision. KUALA LUMPUR - Central Bank of Malaysia announces interest rate decision. MANILA - Philippines Central Bank holds Monetary Policy Meeting. BELGRADE - National Bank of Serbia interest rate decision.
FRIDAY, MAY 11 PRAGUE - Czech National Bank will release the minutes of its May 2018 Monetary Policy Meeting.
MONDAY, MAY 14 SYDNEY – Reserve Bank of Australia Deputy Governor Guy Debelle will give a speech at the CFO Forum 2018 - 2300 GMT.
TUESDAY, MAY 15 WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (to May 16).
BRASILIA- Central Bank of Brazil holds Monetary Policy Committee Meeting (to May 16). SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of March monetary policy meeting – 0130 GMT.
WEDNESDAY, MAY 16 JAKARTA – Indonesia Central Bank holds Board of Governors Meeting. (to May 17). BANGKOK - Bank of Thailand monetary policy committee meeting.
THURSDAY, MAY 17 MEXICO CITY - Central Bank of Mexico publishes monetary policy statement. CAIRO - Central Bank of Egypt holds monetary policy committee meeting.
WEDNESDAY, May 18 SYDNEY - Reserve Bank of Australia Payments System Board Meeting.
MONDAY, MAY 21 PRAGUE - European Central Bank Governing Council member Ewald Novotny attends the Czech National Bank’s Research Open Day at the CNB headquarters, delivering the keynote speech and taking part in a short discussion. ABUJA - Central Bank of Nigeria holds monetary policy meeting (to May 22).
TUESDAY, MAY 22 BUCHAREST - OMFIF Economists Meeting with the National Bank of Romania.
CAPE TOWN - South Africa Reserve Bank starts its three day monetary policy committee meeting (to May 24). BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. BUDAPEST - Hungarian Central Bank holds its rate-setting meeting - 1200 GMT.
WEDNESDAY, MAY 23 SYDNEY - Reserve Bank of Australia Deputy Governor Guy Debelle will give a speech at the Australia-China Relations Institute – 0800 GMT.
THURSDAY, MAY 24 AMSTERDAM - Reserve Bank of Australia Assistant Governor (Financial System) Michele Bullock will give a speech at the De Nederlandsche Bank Housing Market seminar. SEOUL - Bank of Korea holds a monetary policy meeting to announce interest rates.
KIEV - National Bank of Ukraine holds monetary policy meeting. KIEV - The Governor of the National Bank of Ukraine Yakiv Smoliy holds a press conference – 1100 GMT.
MONDAY, MAY 28 JERUSALEM - Bank of Israel announces interest rate decision.
TUESDAY, MAY 29 WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (No interest rate announcement).
THURSDAY, MAY 31 SUVA - Reserve Bank of Fiji holds board meeting to announce interest rates. MEXICO CITY - Mexico Central Bank issues the minutes of its monetary policy meeting.
TUESDAY, JUNE 5 CHISINAU - National Bank of Moldova announces interest rate decision.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (to June 6).
SYDNEY - Reserve Bank of Australia (RBA) holds interest rate meeting – 0430 GMT. WEDNESDAY, JUNE 6
BUDAPEST - Hungarian Central Bank to publish the minutes of its May 2018 rate-setting meeting – 1200 GMT. MUMBAI - Reserve Bank of India holds Monetary Policy Committee Meeting.
THURSDAY, JUNE 7 ANKARA - Central Bank of the Republic of Turkey holds monetary policy meeting.
LIMA - Central Bnk of Peru announces interest rate decision.
BELGRADE - National Bank of Serbia interest rate decision.
TUESDAY, JUNE 12 BUENOS AIRES - Central Bank of Argentina releases monetary policy statement SANTIAGO - Central Bank of Chile holds monetary policy meeting (to June 13).
WEDNESDAY, JUNE 13 ZAGREB - Croatia National Bank holds monetary policy meeting.
TBILISI - National Bank of Georgia holds monetary policy meeting.
WINDHOEK - Central Bank of Namibia holds monetary policy meeting.
THURSDAY, JUNE 14 ANKARA - Central Bank of the Republic of Turkey releases minutes of its June monetary policy committee meeting.
KAMPALA - Bank of Uganda announces interest rate decision
FRIDAY, JUNE 15 MOSCOW - Central Bank of Russia announces interest rate decision – 1030 GMT.
TUESDAY, JUNE 19 SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of June monetary policy meeting – 0130 GMT.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (no interest rate announcement).
BRASILIA - Central Bank of Brazil holds Monetary Policy Committee Meeting (to June 20).
BUDAPEST - Hungarian Central Bank holds its rate-setting meeting – 1200 GMT. RABAT - Bank of Morocco holds monetary policy meeting.
WEDNESDAY, JUNE 20 BANGKOK - Bank of Thailand monetary policy committee meeting
THURSDAY, JUNE 21 MEXICO CITY - Central Bank of Mexico publishes monetary policy statement.
WARSAW - National Bank of Poland release the minutes of its monitory policy meeting.
MANILA - Philippines Central Bank holds monetary policy meeting. MANILA - Philippines Central Bank holds Monetary Policy Meeting.
TUESDAY, JUNE 26 BUENOS AIRES - Central Bank of Argentina releases monetary policy statement.
WEDNESDAY, JUNE 27 PRAGUE - Czech National Bank holds monetary policy meeting. Statement and presentation will be published – 1100 GMT. JAKARTA - Indonesia Central Bank holds Board of Governors Meeting. (to June 28).
THURSDAY, JUNE 28 CAIRO - Central Bank of Egypt holds monetary policy committee meeting. JAKARTA - Indonesia Central Bank holds board of governors meeting.
SUVA - Reserve Bank of Fiji holds board meets to announce interest rates. -
NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) here
| ashraq/financial-news-articles | https://www.reuters.com/article/diary-emrg-econ/diary-emerging-markets-economic-events-to-june-28-idUSL3N1S94GB |
May 4, 2018 / 11:59 AM / Updated 22 minutes ago Brussels Airlines pilots call for strike from May 11 Reuters Staff 1 Min Read
BRUSSELS (Reuters) - Pilots of Lufthansa ( LHAG.DE ) subsidiary Brussels Airlines plan to go on strike from May 11 in a dispute over pay and conditions. FILE PHOTO: A Brussels Airlines Airbus A320-200 plane taxis at Lisbon's airport, Portugal April 24, 2018. REUTERS/Rafael Marchante
The unions of pilots formally notified the airline of its intention on Friday, although there will be talks between Brussels Airlines and union representatives on Monday, the airline said.
“We have been in talks for a few weeks. For Monday and also after Monday there are meetings planned,” a Brussels Airlines spokeswoman said. “We hope that we can find a solution to prevent a possible strike.”
Pilots want a pay hike, a better work-life balance, improved career prospects and the possibility of earlier retirement. Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-airlines-belgium-strike/brussels-airlines-pilots-call-for-strike-from-may-11-idUKKBN1I51CV |
Unknown academic proposed as Italy's new PM 5:48pm BST - 02:00
Italy's anti-establishment 5-Star Movement and the far-right League on Monday proposed Giuseppe Conte, a little-known law professor, as prime minister to lead their big-spending coalition government.
Italy's anti-establishment 5-Star Movement and the far-right League on Monday proposed Giuseppe Conte, a little-known law professor, as prime minister to lead their big-spending coalition government. //reut.rs/2ICZtmY | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/unknown-academic-proposed-as-italys-new?videoId=429357435 |
BEIJING, May 10 (Reuters) - Honda Motor Co’s vehicle sales in China fell 8.8 percent in April from a year earlier to 101,027 vehicles, the company said on Thursday.
Sales volume during the first four months of the year totaled 401,853 vehicles, down 4.0 percent from the same period a year ago. (Reporting By Norihiko Shirouzu Editing by Darren Schuettler)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSB9N1S001A |
Modern Medicine Biotech unicorn Moderna raises another $125 million in expanded Merck partnership Moderna Therapeutics received an additional $125 million in funding through an expanded partnership with Merck around a personalized cancer vaccine. The product is called mRNA-5671. It targets mutations in a gene called KRAS that Moderna says occur in about 90 percent of pancreatic cancers and 30 percent of non-small-cell lung cancers. Moderna said it doesn't plan to list in Hong Kong, as previously reported. CNBC.com Adam Glanzman | Bloomberg | Getty Images Stephane Bancel, chief executive officer of Moderna Therapeutics Inc., sits for a photograph at the company's office in Cambridge, Massachusetts.
Moderna Therapeutics is banking an additional $125 million in an expanded partnership with Merck around a personalized cancer vaccine.
The product, called mRNA-5671, targets mutations in a gene called KRAS that Moderna says occur in about 90 percent of pancreatic cancers and 30 percent of non-small-cell lung cancers. It's the fourth program on which the two companies are collaborating.
The $125 million from Merck comes in the form of series H preferred equity; Moderna completed a series G fundraising round earlier this year. It's now raised more than $1.6 billion in equity and $1 billion through partnership payments, CEO Stephane Bancel said in a telephone interview Thursday.
With a private valuation of close to $7 billion at its last financing round, Moderna's future as a private company has come into question. The Wall Street Journal reported in March, citing an unnamed source, that the biotech unicorn was considering a dual listing in the U.S. and Hong Kong .
Bancel said Thursday that's not the plan.
"We are not planning on submitting an application to list in Hong Kong," he said in an interview. "We have no plans to list somewhere else outside the U.S. We are a U.S.-based company; the U.S. is a logical place to list."
Bancel declined to comment further on any plans for an initial public offering, saying only that "we are always looking at our capital needs and accessing the public markets would be among our options."
Meanwhile, funds don't appear to be in short supply for the biotech company, though it does have a pipeline of 19 candidates to support across infectious diseases, immuno-oncology, cardiovascular disease and rare liver diseases.
The Merck partnership comes with an additional potential payment of an undisclosed amount if Merck decides to opt in after human proof-of-concept studies.
Moderna makes drugs based on messenger RNA, essentially aiming to deliver a blueprint for cells to create specific proteins. The compound in the expanded Merck collaboration, mRNA-5671, encodes for the four most common mutations in the KRAS gene.
Though it's called a vaccine, it's not intended to prevent disease; rather, it's designed to be a therapeutic vaccine, inducing the immune system to recognize and attack certain markers on cancer cells. Moderna said mRNA-5671 is designed to target most of the KRAS mutations found in non-small-cell lung cancer, colorectal cancer and pancreatic cancer, and will only be tested in patients whose tumors express one of those four mutations.
Under the agreement, the companies may also collaborate on additional cancer vaccine programs. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/biotech-unicorn-moderna-raises-another-125-million-in-expanded-merck-partnership.html |
By Bloomberg 10:28 AM EDT
Bitcoin was on course to eke out two weeks in a row above the $9,000 mark, until now.
The top digital token broke its streak Friday after South Korean prosecutors raided the offices of Upbit, one of the world’s largest cryptocurrency exchanges, renewing concerns that heightened regulatory scrutiny around the world could hurt business and dampen enthusiasm for digital assets.
The top digital token declined as much as 6.4 percent to as low as $8,508 in New York trading, the lowest level in three weeks, according to Bloomberg data.
There was also speculation that the trustee of failed exchange Mt. Gox was selling its Bitcoin to pay back creditors.
Bitcoin’s drop is part of a broader selloff in the cryptocurrency market, which is currently worth around $380 billion, according to Coinmarketcap.com. That’s almost $100 billion less than it was worth a week ago. The Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital tokens, fell as much as 14 percent.
The market’s decline comes on the eve of Blockchain Week in New York, where thousands of boosters of crypto assets will gather for about two dozen events and conferences. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/11/bitcoin-price-stock-cryptocurrency/ |
Etsy CEO on Amazon 20 Hours Ago Jim Cramer sits down with Etsy CEO Josh Silverman at his company's headquarters to hear about how Etsy is carving its own space in the world of e-commerce. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/etsy-ceo-on-amazon-handmade.html |
May 7 (Reuters) - VISIOMED GROUP SA:
* OLIVIER HUA TO REPLACE ERIC SEBBAN * HAS ASKED EURONEXT FOR RESUMPTION OF LISTING OF ITS SHARES 3 (# _FTN3) AS OF MONDAY, MAY 7
Source text for Eikon:
(Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SE0H2 |
May 24 (Reuters) - Liverpool have extended their sponsorship deal with Standard Chartered Bank for four more years until the 2022-23 season, the Premier League club said on Thursday.
The bank, who signed up as Liverpool’s main sponsor in July 2010, have had their logo on the team shirt for eight seasons in the Merseyside club’s second-longest sponsorship deal.
Liverpool did not disclose financial terms of the agreement but said in a statement that the deal would help support their ambitions on the pitch and compete with the best in the world.
Juergen Klopp’s side will be seeking a sixth European Cup title when they take on holders Real Madrid in the Champions League final in Kiev on Saturday. (Reporting by Shrivathsa Sridhar in Bengaluru; Editing by John O’Brien)
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-england-liv-sponsorship/soccer-liverpool-renew-standard-chartered-sponsorship-deal-idUSL3N1SV3LU |
BMO lowers iPhone estimates ahead of Apple earnings 10 Hours Ago Tim Long, BMO Capital Markets, discusses what he expects to see from Apple when they report quarterly earnings. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/bmo-lowers-iphone-estimates-ahead-of-apple-earnings.html |
IRVING, Texas--(BUSINESS WIRE)-- Global Power Equipment Group Inc. (OTC: GLPW) (“Global Power” or the “Company”) announced today that it intends to file a Form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission (the “SEC”) for its first quarter 2018. The Company intends to remain current with its SEC filings by completing the Form 10-Q filing on May 21, 2018. Financial results are planned to be released after the markets close on Monday, May 21, 2018.
Global Power will host a conference call to review financial results for its first quarter ended March 31, 2018, on Tuesday, May 22, 2018, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). A webcast link to the call, along with the accompanying slide presentation, will be available at www.globalpower.com . To access the conference call by telephone, listeners should dial 201-493-6780.
An audio replay of the call will be available from 12:00 p.m. Central Time (1:00 p.m. Eastern Time) on the day of the conference call until the end of day on June 5, 2018. To listen to the audio replay, dial 412-317-6671 and enter conference ID number 13679912. Alternatively, you may access the webcast replay at http://ir.globalpower.com/ , where a transcript will be posted once available.
About Global Power
Global Power Equipment Group Inc. and its wholly owned subsidiaries are comprehensive providers of custom solutions and maintenance and modification services for customers in the power generation and process and industrial markets. Additional information about Global Power can be found on its website: www.globalpower.com .
Forward-looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s ability to meet its filing obligation in a timely manner and related matters. These statements reflect our current views of future events and financial performance and are subject to a number of risks and uncertainties, including the ability for the auditors to complete their review of the first quarter of 2018 financials in sufficient time. Our actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements, including our ability to prepare and finalize our first quarter of 2018 financial statements, the ability of our auditors to complete their review and audit of those financial statements in the expected timeframe and the Company’s ability to prepare and file the First Quarter 2018 Form 10-Q. For example, additional information may arise during the course of the Company’s accounting review that would require the Company to make unanticipated additional adjustments or revisions, or the Company’s auditors may take longer to complete their work than anticipated, either of which could prevent the Company from being able to prepare and file the First Quarter 2018 Form 10-Q during the extension period provided by the Form 12b-25 filing.
Other important factors that may cause actual results or timing of events to differ materially from those expressed in the forward-looking statements are discussed in our filings with the SEC, including the section of the Company’s 2017 Annual Report on Form 10-K titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and we caution you not to rely upon them unduly.
//www.businesswire.com/news/home/20180510006158/en/
Investor Relations:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
[email protected]
Source: Global Power Equipment Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-global-power-announces-timing-of-first-quarter-2018-financial-results.html |
This strategist says a US-China trade war is unlikely 14 Hours Ago Robert Pavlik of SlateStone Wealth says markets are "coming to terms" with the negotiation style of President Donald Trump. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/this-strategist-says-a-us-china-trade-war-is-unlikely.html |
May 7 (Reuters) - Exela Technologies Inc:
* EXELA TECHNOLOGIES LAUNCHES NEW INVOICE FINANCING PLATFORM Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-exela-technologies-launches-new-in/brief-exela-technologies-launches-new-invoice-financing-platform-idUSFWN1SE0SR |
Opening Bell, May 10 2018 12 Hours Ago Ringing today's opening bells are AXA Equitable Holdings chairman Thomas Buberl and CEO Mark Pearson at the NYSE, and MarketAxess CEO Rick McVey at the NASDAQ. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/opening-bell-may-10-2018.html |
Taxes China to host Iranian president amid nuclear deal doubt China will host Iranian President Hassan Rouhani next month at a regional summit in a Chinese coastal city. Since U.S. President Donald Trump withdrew the United States this month from the Iran nuclear deal, European states have been scrambling to ensure Iran gets enough economic benefits to persuade it to stay in the agreement. Published 15 Hours Ago Reuters Anadolu Agency | Getty Images Chinese President Xi Jinping and Iranian President Hassan Rouhani at a meeting at Saadabad Palace in Tehran, Iran on January 23, 2016.
China will host Iranian President Hassan Rouhani next month at a regional summit in a Chinese coastal city, the country's foreign ministry said on Monday, as major power scramble to save Iran's nuclear deal after the United States pulled out.
Rouhani will pay a working visit to China and attend the summit of the China and Russia -led security bloc the Shanghai Cooperation Organisation, the ministry said.
It did not give exact dates for his visit, but the summit is scheduled to be held on the second weekend of June in the northern Chinese city of Qingdao.
Iran is currently an observer member of the Shanghai Cooperation Organisation, though it has long sought full membership.
Russia has previously argued that with Western sanctions against Tehran lifted, it could finally become a member of the bloc which also includes four ex-Soviet Central Asian republics, Pakistan and India.
The 2015 agreement between Iran and world powers lifted international sanctions on Tehran. In return, Iran agreed to restrictions on its nuclear activities, increasing the time it would need to produce an atom bomb if it chose to do so.
Since U.S. President Donald Trump withdrew the United States this month, calling the agreement deeply flawed, European states have been scrambling to ensure Iran gets enough economic benefits to persuade it to stay in the deal.
China has also strongly supported the deal and is one of its signatories. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/china-to-host-iranian-president-amid-nuclear-deal-doubt.html |
SAO PAULO (Reuters) - A New York court is set to hear a dispute involving Brazilian telecoms company Oi SA and major shareholder Bratel Brasil SA, Bratel said in a statement on Wednesday, as shareholder discontent with Oi’s bankruptcy recovery process shows no signs of abating.
On Friday, Bratel, a subsidiary of Portugal’s Pharol SGPS SA, which owns almost 28 percent of Oi’s common shares, said it had filed a legal complaint in the United States. The complaint alleges that the rights of Oi shareholders were violated as part of an agreement approved by creditors in December to severely dilute shareholders’ equity as part of an agreement to take Oi out of bankruptcy protection.
In the Wednesday statement, Bratel said Judge Sean Lane of the U.S. Bankruptcy Court for the Southern District of New York had scheduled a hearing for May 29.
Representatives for Oi did not immediately respond to a request for comment, though the company has repeatedly said the recovery plan is legally airtight.
In December, creditors in Oi approved a plan to restructure some 65 billion reais ($17.7 billion) in debt which will result in shareholders’ equity being diluted by 72 percent. Shareholders vigorously objected, especially as the company’s board was effectively removed from the process shortly before the vote.
That dilution process, in which debt will be converted into equity, has not yet occurred, though executives have told Reuters they hope to complete the process before the end of June.
That has resulted in several legal challenges.
Common shares in Oi, which have become extremely volatile in recent months, climbed 6.3 percent to 4.22 reais in afternoon trade, while preferred shares were up 2.8 percent at 3.36 reais.
Reporting by Gram Slattery; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-oi-sa-pharol/new-york-court-to-hear-shareholder-objections-to-oi-bankruptcy-plan-idUSKCN1IH2PA |
ROME (Reuters) - President Sergio Mattarella called on Monday for Italy’s bickering political parties to rally behind a short-lived “neutral government” to keep the country’s finances on track and prepare for early elections in 2019.
Looking to end two months of deadlock after an inconclusive election in March, Mattarella said a new vote would have to be held in July or the autumn if such an administration failed to find the necessary backing in parliament.
Italy’s two largest parties said earlier on Monday that they opposed a broad-based government of technocrats and urged a vote on July 8 — the earliest date possible under the law.
Reporting by Crispian Balmer; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-president/italian-president-seeks-support-for-neutral-government-idUSKBN1I81YZ |
It’s that time of the year again .
On Saturday, Berkshire Hathaway (brk-a) shareholders will pile into an arena in Omaha that holds 18,300, where they’ll watch Berkshire CEO Warren Buffett and Vice Chairman Charlie Munger for about five hours.
It’ll be ample time for the investing titans to cover a broad swath of topics, ranging from artificial intelligence, to dieting, to Jeff Bezos, to the future of Berkshire Hathaway itself.
The last 12 eventful months generated much potential fodder for the two business partners to chat about, including corporate tax cuts, trade tariffs, and Berkshire’s new joint health care venture with JPMorgan Chase and Amazon , which hopes to lower health care costs.
Here are a handful of other topics to watch out for when the event begins: Apple
In years past, Buffett has largely avoided investing in technology firms, saying he doesn’t buy what he does not understand.
Cut to Friday, when Berkshire Hathaway announced that it had bought another 75 million shares of iPhone-maker Apple (aapl) —making the company the insurance giant’s largest single holding .
Shareholders will likely be looking for more details as to why Berkshire has ramped up the investment by so much—and for clues to whether Buffett may choose to widen his tech portfolio. Berkshire is now said to be Apple’s third largest shareholder. The future of value investing
In recent years, stocks thought to be value investments—that is, those seen as underpriced relative to their intrinsic value—have underperformed their growth oriented peers. Buffett is perhaps the best-known investor associated with value investing, and he and others have decried the dearth of opportunities in the market.
“So the question would be around this historic value tilt—which has not worked well in terms of the market—where does Buffett see the end game?” asks Stephen Biggar, an analyst at Argus Research. “Is he going to stick with value, and hope it returns, or alter some of [his] positions to be more growth oriented?” Kraft Heinz and the lack of major acquisitions
2017 was something of an acquisition drought for Berkshire Hathaway. Amid elevated stock prices, the firm seldom pulled the trigger, and its dry powder swelled to $116 billion in cash and Treasury bills at the end of the 2017. For investors, that’s raised questions about where and how the company might spend those funds to help boost earnings.
Previously, Buffett has said that share buybacks are a possible route . But Buffett and Munger said in their annual letter to shareholders that what they really want to do is to make “ one or more huge acquisitions .”
Edward Jones analyst James Shanahan says he’s curious especially as to whether packaged-food giant Kraft Heinz (khc) , of which Berkshire Hathaway is the biggest shareholder, will be making acquisitions. Investors haven’t seen a deal from Kraft Heinz in the last two years, even though Kraft Heinz’s other backer, 3G Capital, helped build the company through several years of aggressive M&A.
“But now the narrative will be related to when and if there will be any more acquisitions, and will it be a good idea to roll up the packaged food goods business, given the challenges in the space,” Shanahan said. Will insurance rebound?
Insurance is a major component of Berkshire Hathaway’s business—with auto insurer Geico representing a particularly large segment. But in recent quarters, that business has struggled somewhat amid a tidal shift within the industry itself.
The insurance industry facing the long-term threat of potential car automation, which would reduce the pool of customers. At the same time, better technology in cars has also made it more expensive to repair vehicles, leading to rising claims costs.
Insurers have risen rates in response. Geico has raised its prices less than most, allowing the firm to gobble up market share. But it comes at the cost: higher profits. Investors will be watching for clues as to what Geico will do next. Wells Fargo’s scandals
Buffett has stood steadfast by Wells Fargo as an investment, even after the company was fined in 2016 for opening up millions of fake accounts. But since then, punishments of Wells Fargo have increased, with the bank paying $1 billion in April to settle allegations of abuse in its auto lending and mortgage lending segments . The Federal Reserve also restricted the firm’s ability to grow its assets any further until it manages to fix its internal problems in February.
Another Buffett-backed bank, U.S. Bancorp , was fined $613 million for not defending against money-laundering in its business.
“We’d be curious about an update on those investments, especially since those challenges are avoidable,” says Shanahan. But as the Edward Jones analyst notes, don’t get your hopes up too high for a lecture from Buffett. “I don’t think he has a reputation for bold statements or surprising investors,” Shanahan adds. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/04/berkshire-hathaway-buffett-meeting-5-things/ |
DULLES, Va.--(BUSINESS WIRE)-- Orbital ATK, Inc. (NYSE: OA), a global leader in aerospace and defense technologies, today announced that its Board of Directors has declared a dividend of $0.32 per share to be paid on May 17, 2018 to shareholders of record as of the close of business on May 11, 2018. Orbital ATK’s previous dividend of $0.32 was paid on March 1, 2018.
About Orbital ATK
Orbital ATK is a global leader in aerospace and defense technologies. The company designs, builds and delivers space, defense and aviation systems for customers around the world, both as a prime contractor and merchant supplier. Its main products include launch vehicles and related propulsion systems; missile products, subsystems and defense electronics; precision weapons, armament systems and ammunition; satellites and associated space components and services; and advanced aerospace structures. Headquartered in Dulles, Virginia, Orbital ATK employs approximately 14,000 people across the U.S. and in several international locations. For more information, visit www.orbitalatk.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005343/en/
Orbital ATK, Inc.
Media and Investor Contact:
Barron Beneski, 703-406-5528
[email protected]
Source: Orbital ATK, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-orbital-atkas-board-of-directors-declares-quarterly-cash-dividend.html |
More retirees who moved to Florida are relocating to the mountain communities of western North Carolina, northern Georgia and eastern Tennessee, reshaping local economies and boosting everything from tax revenues to restaurant receipts to sales of electric chair lifts for the elderly, writes Cameron McWhirter. These ‘halfbacks’ are chafing locals who say the migration is pricing WSJ City: Why Markets Aren't In Meltdown Over Italy, Small Caps Point to U.S. Economy Outperforming Next Companies Find Savings in Issuing Floating-Rate Bonds | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/17/wsj-wealth-adviser-briefing-halfbacks-hedge-fund-charity-reclining-nude/ |
May 7, 2018 / 7:45 AM / Updated 8 hours ago Soccer-Australia coach suggests VAR on appeal after A-League gaffe Nick Mulvenney 3 Min Read
SYDNEY, May 7 (Reuters) - Australia coach Bert van Marwijk has suggested that soccer take a lead from tennis on the use of technology in the game in the wake of the Video Assistant Referee (VAR) debacle at the Australian championship game last weekend.
The experienced Dutch coach will lead the Socceroos to the World Cup finals next month in Russia, where VAR will be used for the first time at international soccer’s showpiece event.
The A-League was the first professional league in the world to use the technology last year but all has not gone well.
A season studded with controversies culminated in a stunning embarrassment when it broke down during the final last Saturday, allowing a clear offside in the lead-up to the only goal of the game to go unchallenged.
Van Marwijk, who was at the match, said he thought the use of technology stifled debate about controversial incidents and that a system similar to tennis, cricket or American football, where technology is used upon request, might be better.
“You know, it’s very difficult, a video referee,” he told a news conference in Sydney on Monday after unveiling his preliminary World Cup squad.
“I understand that you try to change the rules to make it better but we have to keep the charming things of football.
“Maybe you can think about giving both teams, one or two maybe three, possibilities to ask the video referee.
“I understand that there will be change and that (it) is also in the (World Cup) but I don’t think that we don’t discuss anymore situations when we have a video referee.”
An appeals system would also reduce the number of lengthy interruptions to the game caused by the referee feeling he has to check every single episode, van Marwijk added.
“Now the referee decides on behalf of what he sees, or what he hears. ‘I’m going to watch the video’,” he said.
“In tennis it’s different, the players themselves can decide when you ask the video ref.”
Football Federation Australia (FFA) said on Sunday they were working with Hawk-Eye, the company which provides the technology both for soccer’s VAR and the tennis review system, to ensure problems like Saturday’s would not happen again. (Editing by Sudipto Ganguly) | ashraq/financial-news-articles | https://uk.reuters.com/article/soccer-worldcup-australia-var/soccer-australia-coach-suggests-var-on-appeal-after-a-league-gaffe-idUKL3N1SE2QP |
WELLINGTON, May 3 (Reuters) - Job advertisements in New Zealand slipped 2.1 percent in April from the previous month, a survey by ANZ Bank showed on Thursday.
Annual job ad growth slowed to 3.9 percent from 6 percent the previous month, the survey showed, suggesting a softer outlook for the labour market.
“With both surveyed business confidence and hiring intentions down, weaker labour demand is likely the main driver,” said Liz Kendall, senior economist at ANZ Bank.
Data released by Statistics New Zealand on Wednesday had shown robust job growth and unemployment falling to a nine-year low in the first quarter. (Reporting by Charlotte Greenfield; Editing by Sandra Maler)
| ashraq/financial-news-articles | https://www.reuters.com/article/newzealand-economy-employment/nz-job-ads-fall-2-1-percent-in-april-anz-bank-idUSS0N1OX013 |
BANGKOK (Reuters) - Erratic delivery of public investment has left Thailand plodding behind faster-growing Southeast Asian economies, yet regulations introduced by the military-led government have made it even harder for state agencies to spend this year.
Cars pass a Skytrain (Bangkok Mass Transit System) construction site in Bangkok, Thailand May 13, 2018. REUTERS/Soe Zeya Tun Disbursements for public projects fell by 5 percent in each of the two latest quarters, as bureaucrats observed stricter procurement rules introduced in the second half of 2017 to clamp down on graft.
That reduced support for the economy just at the time that growth began to falter late last year, adding to pressures on Prime Minister Prayuth Chan-ocha’s junta as it prepares to return Thailand to democracy in early 2019.
The finance ministry has banked on stronger export growth to keep its 2018 economic growth forecast at 4.2 percent, though analysts reckoned the fall in public investment spending could be worse than the ministry anticipates.
“Disbursement has been disappointing and is a key downside risk to growth,” said Charnon Boonnuch, an economist of Nomura in Singapore, who predicts 4 percent growth for 2018.
Assistant central bank governor Jaturong Jantarangs warned last month that the drag on public sector spending caused by the new rules could last into the third quarter of this year.
It is a reason why investors have retreated from construction firms, even though more infrastructure projects are underway.
The construction materials index .SETCO has fallen 11 percent since the middle of last year while the construction services index .SETCS slumped 28 percent, underperforming an 11 percent rise in the broader share market .SETI . "Builders will continue to face risks of delays in the bidding of public works," said Kamonyos Sukhumsuwan, a senior fund manager of Asset Plus Fund Management.
Thai GDP, Exports, Public investment: reut.rs/2K68wJg
Slideshow (2 Images) LAGGING ITS NEIGHBORS Completing four years in power this month, the junta’s best year for economic growth was 2017, when it notched 3.9 percent, a distant fourth behind the Philippines 6.7 percent, Malaysia’s 5.9 percent and Indonesia’s 5.07 percent.
Chances of catching up this year will be handicapped by the 3.5 percent reduction in government investment spending in 2017, which marked a sharp reversal from a 30 percent jump in 2016.
Prayuth, the army chief who led a coup in 2014 against a civilian government, should want to show more success if he intends contesting a general election to retain the premiership.
Having delayed several times already, the latest date given by Prayuth for polls is February next year.
The junta is already facing growing disillusion over shrinking incomes, particularly in the rural areas.
With exports and domestic demand soft, say analysts, the junta, known as the National Council for Peace and Order (NCPO), knows it needs to accelerate spending, including on large infrastructure projects.
ROAD AND RAIL Having ousted a civilian government it accused of being inept and corrupt, the junta wants projects to be as clean as possible, so that critics have less ammunition to attack it later.
Public projects are facing delays over issues arising from bidding and feasibility studies partly as a result of that caution.
To get things moving, Prayuth has sometimes resorted to issuing decrees, as he did in June last year to clear away legal and technical obstacles to a much delayed high-speed railway project from Bangkok to the northeastern province of Nakhon Ratchasima.
At least 20 transport infrastructure projects worth over 730 billion baht ($23 billion) are under construction and 15 others are ready or at the bidding stage. That compares with about eight projects under construction in early 2017.
The junta also plans to open bidding for transport projects worth a further 640 billion baht this year, including a 225 billion baht high-speed rail project to link three main international airports, according to Transport Minister Arkhom Termpittayapaisith.
Construction firms seem to be optimistic too. Public works contractor Seafco Pcl ( SEAFCO.BK ) said it aimed for 25 percent revenue growth this year, betting on higher public investment. CH Karnchang ( CK.BK ) also hopes government investment will increase, though it predicts lower revenue of 30 to 35 billion baht this year.
“I’m confident that transport investment disbursement will accelerate and exceed the government’s target this fiscal year,” Arkhom said.
Thailand, Indonesia Transport infrastructure compared: reut.rs/2wyYte3
($1 = 31.96 baht)
Additional reporting by Amy Sawitta Lefevre and Kitiphong Thaichareon; Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://www.reuters.com/article/us-thailand-economy/thai-juntas-slow-investment-spending-could-drag-on-growth-idUSKCN1IE13D |
May 22, 2018 / 1:50 PM / Updated 12 minutes ago Brazil truckers protest enters second day despite fuel price cut Reuters Staff 2 Min Read
SAO PAULO, May 22 (Reuters) - Brazilian truck drivers kept up their protests on Tuesday against a steep rise in diesel prices by partially blocking roads across the country, according to a group representing the drivers.
At the port of Santos, Latin America’s largest, a truck was blocking traffic near the terminals, said Codesp, the state-run firm that administers the area.
Abcam, the group organizing the demonstrations across the country, said the truckers were protesting in 15 states, including those that are agricultural, industrial and transport hubs.
Federal highway police did not have an immediate comment on the extent of the blockades nor how they were disrupting traffic around the country.
The demonstrations put pressure on the government to provide relief from rising fuel costs, which could mean either backsliding on efforts to close Brazil’s fiscal deficit or interfering in the state-run oil company’s pricing policy.
State-controlled Petroleo Brasileiro SA, or Petrobras, said on Tuesday it would reduce diesel prices 1.54 percent and gasoline prices 2.08 percent starting Wednesday, without elaborating the reasons for that decision.
But fuel prices have surged nearly 50 percent at Brazilian refineries in less than a year, making it unclear whether that cut would be sufficient to halt the protests.
Abcam said it expected more truckers to take part in the blockades on Tuesday than the previous day, when they said some 200,000 drivers took part in 19 states.
Petrobras’ decision in July last year to adjust domestic fuel prices to reflect international price swings has helped an operational turnaround, lifting its share price to the highest level in about 3.5 years. (Reporting by Ana Mano Editing by Frances Kerry) | ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport/brazil-truckers-protest-enters-second-day-despite-fuel-price-cut-idUSL2N1ST0KN |
May 23, 2018 / 1:38 PM / Updated 3 hours ago Rugby - Exeter versus Saracens is true vindication of playoffs Mitch Phillips 4 Min Read
LONDON (Reuters) - Traditionalists once bemoaned the fact that the table-topper at the end of the regular English rugby season was too often unseated in the final but this year’s Premiership decider between Saracens and Exeter feels absolutely right.
The teams who have won the last three titles between them are again far and away the best in the league, a fact underlined by their crushing semi-final victories when Saracens beat Wasps 57-33 and Exeter swatted aside Newcastle 36-5.
“The quality and control both showed was at times breathtaking...they are two sides at the absolute peak of their powers,” said former British and Irish Lions coach Ian McGeechan.
Everyone has become used to Saracens’ dominance, but Exeter’s steady but sure progress to the very top of the game still, despite them being the defending champions and appearing in a third successive final, comes as a bit of a surprise given that they were a second division team eight years ago.
The most remarkable thing about the Chiefs’ march to this year’s final is that they have done it having lost the bulk of the team that triumphed over Wasps in extra time at Twickenham 12 months ago.
Only four players from that starting team played against Newcastle on Saturday but such is the seamless development under coach Rob Baxter that everybody seems to know their role to the minutest degree and the likes of relative newcomers number eight Sam Simmonds and his flyhalf brother Joe are playing like old hands as they comfortably finished top of the season’s table.
Exeter are famed for the way they can strangle the life out of a team with their relentless pressing and recycling but they reached new levels on Saturday.
In the first half they enjoyed an astonishing 93 percent of possession.
Scrambling to stay in the game, Newcastle made 154 tackles while Exeter made nine. Newcastle made 10 first-half metres while Exeter made 368. The only disappointing aspect was that they managed only two tries to lead 16-0, though they cut loose in the second half to complete the crushing win.
There was no complacency, though, as Lachlan Turner charged down the conversion of Newcastle’s sole try.
“Next week it will be those small things that make a difference,” said loose forward Don Armand, one of the four survivors from last year’s final.
Armand and his team mates know that they will need to be even better against a Saracens team who, in the first 20 minutes against Wasps, played “as well as we’ve ever played” according to director of rugby Mark McCall.
Wasps captain Joe Launchbury admitted: “We just couldn’t handle them.”
When Wasps did eventually get a toe-hold Saracens showed that they also knew how to create tries with pace and invention, eventually scoring six to the visitors’ five in a game of almost non-stop attacking.
Owen Farrell converted all six and added five from five penalties and, with his distribution and organisation getting better by the week, Exeter know they need to find a way to minimise the new England captain’s influence.
Having been dethroned as back-to-back European champions this year, Saturday’s final is unquestionably the peak of Saracens’ season and though they are marginal bookmakers’ favourites, Exeter will absolutely not feel like underdogs.
Both teams are brimming with confidence and quality and there will surely be nobody in a sold-out Twickenham yearning for the good old days when the season would have dribbled to an anti-climactic close three weeks ago. Reporting by Mitch Phillips, editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-england-exe-sar-preview/rugby-exeter-versus-saracens-is-true-vindication-of-playoffs-idUKKCN1IO1XW |
May 26, 2018 / 7:15 PM / in 21 minutes Canadian 1 Min Read
Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/cp-strike/canadian-pacific-railway-union-serves-strike-notice-idUSL2N1SX0AQ |
May 1 (Reuters) - NOVO NORDISK A/S SAYS:
* PARTICIPATES IN NEW RESEARCH PROJECT HYPO-RESOLVE TO INVESTIGATE HYPOGLYCAEMIA AND ITS IMPACT IN DIABETES
* THE INTERNATIONAL CONSORTIUM AIMS TO PROVIDE EVIDENCE-BASED CLASSIFICATION OF HYPOGLYCAEMIA TO ACHIEVE BETTER TREATMENTS FOR PEOPLE LIVING WITH DIABETES FURTHER COMPANY COVERAGE: (Reporting by Jacob Gronholt-Pedersen)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-novo-nordisk-investigates-hypoglyc/brief-novo-nordisk-investigates-hypoglycaemias-impact-on-diabetes-idUSFWN1S71IZ |
May 14 (Reuters) - CTI Industries Corp:
* CTI INDUSTRIES ANNOUNCES 2018 FIRST QUARTER FINANCIAL RESULTS
* Q1 SALES $14 MILLION VERSUS $15.4 MILLION * FOR 2018 EXPECTS TO GENERATE HIGHER NET SALES, LOWER TOTAL OPERATING EXPENSES, AND OPERATE PROFITABLY VERSUS 2017 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cti-industries-q1-loss-per-share-0/brief-cti-industries-q1-loss-per-share-0-13-idUSASC0A1XR |
NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Tiffany & Co. (NYSE: TIF) has declared a regular quarterly dividend of $0.55 per share of Common Stock, representing a 10% increase in the quarterly rate. This declaration increases the quarterly dividend from $0.50 per share (or $2.00 annually) to the new rate of $0.55 per share (or $2.20 annually).
Alessandro Bogliolo, Chief Executive Officer, announced the dividend increase at Tiffany’s Annual Meeting of Shareholders, saying, “Our strong balance sheet gives us the ability to continue to invest in the growth of our business while also returning capital to shareholders. This represents the 17th dividend increase in the past 16 years.”
The dividend will be paid on July 10, 2018 to shareholders of record on June 20, 2018. Future dividends are subject to declaration by the directors.
Tiffany is the internationally-renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations. Please visit www.tiffany.com for additional information.
TIF - D
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005718/en/
Tiffany & Co.
Mark L. Aaron, 212-230-5301
[email protected]
Source: Tiffany & Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-tiffany-increases-quarterly-dividend-by-10-percent.html |
By Ellen McGirt Updated: May 9, 2018 11:48 AM ET
Last week, members of the Congressional Black Caucus visited Silicon Valley, their third such visit since the CBC Tech 2020 , a taskforce aiming to increase African American representation in tech, was launched in 2015.
CBC members Rep. G.K. Butterfield (D-NC), Rep. Gregory Meeks (D-NY), Rep. Barbara Lee (D-CA), and Rep. Maxine Waters (D-CA), visited Airbnb, Apple , Lyft, PayPal, Square, and Twitter, as well as some non-profit programs seeking to address the so-called “pipeline problem.”
In light of the sector’s ongoing problems with privacy and safety, the delegation seemed prepared to do business.
“This time, we met with a lot of the workforce that works on diversity and inclusion and learned that the majority of them have been hired within just the last two years,” Lee told The Verge . “That tells me that they haven’t really thought about racial inclusion until we started really focusing on this.”
Waters was her usual direct self. “Floored” to discover that many tech companies had barely 2% black employees, she threatened legislative action. “I’m talking about using the power that our voters have given us to produce legislation and to talk about regulation in these industries that have not been talked about before,” she said. “I’m not urging, I’m not encouraging. I’m about to hit some people across the head with a hammer,” she said at a panel discussion at Lyft .
Bärí A. Williams , a legal and operations executive and StubHub and Facebook alum, suggests that the CBC should look beyond the dismal representation numbers, and ask probing questions about how employees from underrepresented groups are faring in their careers in big tech. Here’s one clue: According to a 2017 report by Recode , black and Latino employees hold only somewhere between 4 percent and 10 percent of leadership roles at seven major tech firms.
With this in mind, when concerned lawmakers scrutinize diversity at tech companies, they should look beyond the raw numbers to ask questions like: Do minorities typically have to have more accomplishments than their peers to be promoted? Do the companies enforce consistent expectations for each role? Are metrics for success clear and communicated? Are all employees given equal opportunities to achieve the goals that are required for promotion to leadership roles? Is there a concrete plan to increase diversity in leadership? All of these things make it more likely that members of underrepresented groups will be treated and promoted fairly — and that they will also be in positions to help shape its culture and its priorities.
There are a couple of indications the CBC is up to the task, at least in terms of raising some key issues. (What can be accomplished in Congress these days is anybody’s guess).
First, the delegation came with a new demand: Companies should help fund affordable housing to mitigate the damage that “gentrification” does to the under-resourced community members they’re trying to teach to code.
And they’re clearly prepared.
When given an opportunity to interview Facebook CEO Mark Zuckerberg during his recent Congressional testimony on user data and privacy issues, Rep. Butterfield showed that he spoke D&I. He took his allotted time to ask about board diversity, and if the company would publish retention numbers disaggregated by race. He then took Zuckerberg to task for his all-white leadership team. Where are his trusted leaders of color?
“Not only you and Sheryl [Sandburg], but David [Wehner], Mike [Schroepfer] and Chris [Cox],” he said, waving a printout of their bios. “This does not represent America,” he said. On Point Intel Capital exceeds its goal for investing in companies founded by underrepresented minorities Intel shared a lot of updates from their Intel Capital Global Summit yesterday, some of which will be welcome news to the raceAhead crowd. First, they announced that they were two and a half years ahead of their 2015 goal to invest $125 million in startups run by women, entrepreneurs with disabilities, people of color, LGBTQ and military veterans. These investments now make up more than 10% of their portfolio. Also check out the new “Champion of Change” strategy, an alliance to advance gender equality in tech. Yes, it’s an alliance about allies! Check out Male Champions of Change Institute , accelerateHER , and EQUALS for more. Intel The president of Nordstrom Rack flew to St. Louis to apologize to three black men falsely accused of theft Geevy Thomas, the chain’s president, met with the three men yesterday. Mekhi Lee, Dirone Taylor, and Eric Rogers II were shopping for prom clothes at the company’s Brentwood Square store when they were harassed by a customer , followed by employees, and then later detained by the police and accused of shoplifting. Twyla Lee, Mekhi’s mother, said the meeting went well. “We just listened to Nordstrom about what they said they were going to do about (training) in their store … and (Mekhi) told them how he felt from the encounter,” she said. The local NAACP leadership has asked Nordstrom Rack to support programs that help educators in the St. Louis area. Saint Louis Today Ford has created a smart window that lets blind passengers “feel” the landscape The “Feel the View” smart window uses a new “haptic visual language,” that captures surrounding images and translates them into vibrations on a display that a visually-impaired passenger can touch to better imagine the world outside. The display was created by Ford of Italy working collaboratively with creative agency GTB Roma and other local start-ups. The company hopes the technology will reach a wider audience. “An innovation that today is designed to use in a car, but that tomorrow could be implemented in schools and institutions for blind people as a tool that could be used in multiple ways,” says executive creative director of GTB Rome Federico Russo. Deezen Commentary: The transgender military ban is bad for national security This column, written by a pseudonymous active duty officer of the CIA, starts with language from a declassified CIA memo from 1980, saying that spotting “a homo” was as challenging and necessary as spotting Communists, and that they “accept [their] psychological deviation from the normal.” But when she came out as transgender in the 2000s, it seemed that the worst bigotry had passed. Now, given the Department of Defense’s recent defense of the transgender ban, the bad old days are back. She makes an exhaustive case for the contributions of LGBT military service members and the expense and folly of the transgender ban. “Discrimination is a reappearing luxury in our history,” she writes. “In times of crisis we enlisted women, African-Americans, and LGBT Americans only to excise them when the emergency passed.” | ashraq/financial-news-articles | http://fortune.com/2018/05/09/raceahead-congressional-black-caucus-silicon-valley/ |
May 7, 2018 / 9:38 AM / Updated 9 hours ago Chinese chemical producers curb output on new round of inspections Reuters Staff 2 Min Read
BEIJING (Reuters) - At least five publicly listed chemical producers has been ordered to reduce output for violating environmental protection regulations, company fillings made this month to the Shanghai Stock Exchange and the Shenzhen Stock Exchange showed, as Beijing steps up its fight against pollution.
Four of the companies, including Nanjing Chemical Fibre, Lianhe Chemical Technology, Jiangsu Yabang Dyestuff and Jiangsu Yoke Technology, are based in eastern Jiangsu province where the local government has launched sweeping checks on its chemical sector.
The wider scrutiny follows the shutdown of a chemical plant in the city of Lianyungang, in northern Jiangsu province, after media reports showed it was polluting nearby water resources.
“Government ordered all chemical producers to temporarily halt production after media reported pollution problems from chemical firms in Lianyungang,” Lianhe Chemical Technology said on Monday.
Local officials in eastern China are facing more pressure to improve air quality and are taking more aggressive measures as a result.
China’s environmental ministry in April warned of a ‘stalemate’ in the war on smog, with poor weather conditions undermining Beijing’s efforts to reduce smog.
In another example of tighter curbs on commodity producers, the city of Xuzhou, also in Jiangsu province, suspended operations at three steel mills until they meet more strict anti-pollution rules.
Jiangsu province is China’s second-largest steelmaking region. Lianyungang is being considered as the site for one of seven planned major oil refining complexes in China.
Under the plan, the city would hold an energy complex with 40 million tonnes per year of crude oil refining capacity. Reporting by Meng Meng and Aizhu Chen; Editing by Christian Schmollinger | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-pollution-chemicals/chinese-chemical-producers-curb-output-on-new-round-of-inspections-idUSKBN1I80UH |
Australia minister: Pacific debts are becoming unsustainable 2 Hours Ago Island nations that take loans should "consider their ability to repay them," says Concetta Fierravanti-Wells, minister for International Development and the Pacific. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/australia-minister-pacific-debts-are-becoming-unsustainable.html |
May 4 (Reuters) - Muyuan Foods Co Ltd:
* SAYS IT PLANS TO ISSUE UP TO 2.5 BILLION YUAN ($393.33 million) MEDIUM-TERM NOTES
* SAYS APRIL HOG SALES AT 910 MILLION YUAN Source text for Eikon: bit.ly/2HVRj4o ; bit.ly/2HQXwD7 Further company coverage: ($1 = 6.3560 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-muyuan-foods-plans-to-issue-medium/brief-muyuan-foods-plans-to-issue-medium-term-notes-hog-sales-at-910-mln-yuan-in-april-idUSH9N1S900Q |
Brandon Belt contributed a single, a double and a home run to a 14-hit attack that sent the San Francisco Giants to a 10-7 victory over the Cincinnati Reds on Monday in a game that began moments before a small earthquake in the San Francisco Bay Area.
The earthquake, barely recognizable at AT&T Park, was measured as a 3.5 on the Richter scale and centered in Piedmont, Calif., a suburb of Oakland on the east side of the bay.
The loss snapped Cincinnati’s six-game winning streak.
The Giants jumped on Reds starter Sal Romano (2-4) for three runs shortly after the quake, with Evan Longoria opening the scoring with an RBI single and Brandon Crawford making it 3-0 with a two-run double.
Belt singled to open a two-run third, smacked a two-RBI double in a three-run sixth and capped the Giants’ big offensive night with his seventh home run of the season, a solo shot, in the eighth inning.
Giants starter Chris Stratton (4-3), who worked five innings, benefitted from the offensive assault. He allowed four runs and nine hits, including home runs by Tucker Barnhart, his third, and Scott Schebler, his fifth.
Stratton walked two and struck out one.
The Giants roughed up four Reds pitchers for a total of eight extra-base hits, including seven doubles. Crawford and Andrew McCutchen had two doubles apiece.
McCutchen’s first double, which came in the first inning, was his 1,500th career hit. He became the 43rd player ever to reach the milestone in a Giants uniform, the most of any team.
The double also extended his hitting streak to 13 games and his string of consecutive games reaching base to 24.
Crawford, McCutchen, Longoria and Buster Posey had two hits apiece for the Giants, who out-hit the Reds 14-13.
The Giants scored 10 or more runs for the third time this season. They are seeking to record their fourth straight series win at home in this three-game set.
Barnhart drove in three runs, two with a second-inning single. He finished with two hits, while Schebler had three for the Reds, who were coming off a four-game sweep in Los Angeles against the Dodgers to open a seven-game trip.
Adam Duvall, who capped the scoring with a three-run home run in the ninth inning, and Jesse Winker added two hits apiece for the Reds.
The Reds had allowed a total of just 12 runs during their six-game winning streak.
Romano was pulled after allowing six runs and eight hits in 2 1/3 innings. He walked two and struck out two.
—Field Level Media
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sf-cin-recap/belt-giants-end-reds-six-game-win-streak-idUSMTZEE5FR92NJK |
LEXINGTON, Mass., May 10, 2018 (GLOBE NEWSWIRE) -- Imprivata ® , the healthcare IT security company, today announced the appointment of Wes Wright to Chief Technology Officer (CTO).
Imprivata's new Chief Technology Officer
Mr. Wright will be responsible for leading Imprivata’s global technology strategy while providing technical leadership across all areas of Imprivata’s overall business plan and strategic vision. Mr. Wright has a wealth of experience leading technology teams supporting innovation in healthcare, most recently as CTO of Sutter Health. Mr. Wright’s appointment reflects Imprivata’s continued commitment to innovation leadership in the healthcare arena.
“I am thrilled to have Wes join Imprivata as he brings a wealth of technical and industry knowledge, an extensive background in healthcare, IT Leadership, and security, and represents a strong voice of our customers, having spent more than 20 years in IT leadership roles within healthcare organizations,” said Gus Malezis, President and CEO of Imprivata. “His tremendous cache of knowledge and experience will help Imprivata further our mission of creating trusted digital identities – of clinicians, of patients, and of medical technologies.”
At Sutter Health, Mr. Wright was responsible for the technical services strategies and operational activities for this $16 billion not-for-profit, Sacramento-based hospital and integrated delivery network. Prior to Sutter, he held the position of CIO at Seattle Children’s hospital, where he was responsible for the information services strategies and operational activities for the $1.8 billion not-for-profit hospital, research institute, and foundation.
“After 25 years in the provider space, I was ready for a new challenge, and I had watched with admiration as Imprivata combined a passion for innovation with ground-breaking technology to transform the world of health IT, while holding digital identity at center of everything they do,” Wright said. “At a time when we’re moving toward digital identity as the ‘new frontier’ in healthcare, I couldn’t be more excited to join the premier healthcare identity company in the world.”
Mr. Wright also has spent extensive time serving in multiple roles in the US Air Force. Most significantly, in his role as Chief of Staff for a 3-Star General, responsible for 77 military hospitals, he managed the coordination of all communications from the General’s staff, prepared all presentations, and understood all of the General’s operational responsibilities.
About Imprivata
Imprivata ® , the healthcare IT security company, provides healthcare organizations globally with a security and identity platform that delivers ubiquitous access, positive identity management, and multifactor authentication. Imprivata enables healthcare securely by establishing trust between people, technology, and information to address critical compliance and security challenges while improving productivity and the patient experience. For more information, please visit www.imprivata.com .
Media Contact :
Kerry Pillion
781-761-1452
[email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/62838906-59eb-495f-b3c9-770298e4579e
Source: Imprivata | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-imprivata-names-wes-wright-as-chief-technology-officer.html |
BERLIN (Reuters) - U.S. steel and aluminium tariffs will probably take effect on June 1 unless a deal is struck, a spokesman for the German economy ministry said on Wednesday.
FILE PHOTO: Aluminium wheels are pictured at a scrapyard in Hamburg, September 28, 2012. Picture taken September 28. REUTERS/Fabian Bimmer U.S. President Donald Trump has granted the European Union an exemption from the tariffs until June 1.
Asked about the procedure, the ministry spokesman said:
“As far as I know it is in the night (going into) June 1,” said the spokesman. “As far as I know, they (the tariffs) would automatically take effect,” he said, adding talks were still going on to try to get a deal.
Reporting by Michelle Martin and Madeline Chambers
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-germany/berlin-braced-for-u-s-steel-aluminum-tariffs-from-june-1-idUSKCN1IV1IX |
*Michigan State to Pay Victims of Nassar Abuse $500 Million
*Michigan State Settlement Covers 332 Victims of Sports Medicine Doctor
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/michigan-state-to-pay-victims-of-larry-nassar-abuse-500-million-1526487015 |
Stock & fruit market traders fear new Italy election 1:37pm EDT - 01:37
Italian government bond yields have risen sharply lifting southern European peers as the possibility of an early Italian election increased with the countries largest anti-establishment parties polling strongly. As Silvia Antonioli reports, many workers also feel frustrated by the political deadlock ▲ Hide Transcript ▶ View Transcript
Italian government bond yields have risen sharply lifting southern European peers as the possibility of an early Italian election increased with the countries largest anti-establishment parties polling strongly. As Silvia Antonioli reports, many workers also feel frustrated by the political deadlock Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FUDQbe | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/stock-fruit-market-traders-fear-new-ital?videoId=425015308 |
May 14 (Reuters) - Ark Restaurants Corp:
* ARK RESTAURANTS ANNOUNCES FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2018
* Q2 SAME STORE SALES ROSE 2.4 PERCENT * Q2 LOSS PER SHARE $0.19 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ark-restaurants-corp-reports-q2-lo/brief-ark-restaurants-corp-reports-q2-loss-per-share-0-19-idUSASC0A22U |
Fresh elections look inevitable in Italy 2:40pm BST - 01:49
Italy's president set the country on a path back to fresh elections on Monday, appointing a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and to pass the next budget.
Italy's president set the country on a path back to fresh elections on Monday, appointing a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and to pass the next budget. //reut.rs/2ISvCXw | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/28/fresh-elections-look-inevitable-in-italy?videoId=431132955 |
WASHINGTON (Reuters) - The U.S. House of Representatives passed on Tuesday bipartisan legislation that would ease bank rules introduced in the wake of the 2007-2009 financial crisis, giving President Donald Trump a major legislative victory.
The vote eases some of the 2010 Dodd-Frank rules that have hurt smaller banks and community lenders and keeps the Republican president’s promise to try to spur more economic growth by cutting regulation, but does little for Wall Street.
It is a far cry from the repeal that Trump pledged on the campaign trail, leaving largely untouched the core Dodd-Frank provisions designed to ensure financial stability and other rules most hated by banks and conservative Republicans.
But industry lobbyists say Trump’s administration played a key role in getting the bipartisan legislation, which had been under discussion for years, across the finish line.
The bill, which was approved by the Senate in March after securing the backing of 17 Democrats, marks the first attempt to revise rules that aimed to prevent a repeat of the crisis that saw Wall Street lenders bailed out to the tune of $700 billion.
Republican critics say Dodd-Frank went too far and curbs banks’ ability to lend, hurting economic growth, while many Democrats say it provides critical protections for consumers and taxpayers.
Speaking to reporters on Tuesday evening, White House officials hailed the legislation as another “milestone” in the administration’s mission to “revitalize the U.S. economy” by lifting barriers to business.
They said Trump aims to sign the bill into law at a formal ceremony within the week.
The bill, approved 258-159 in the House on Tuesday, raises the threshold at which banks are considered systemically risky and subject to stricter oversight to $250 billion from $50 billion. It also eases trading, lending and capital rules for banks with less than $10 billion in assets.
But it does not weaken the top U.S. consumer watchdog created by Dodd-Frank that has been consistently attacked by Republicans who say it oversteps its mandate.
Touching the Consumer Financial Protection Bureau was a red line for Democrats, according to lobbyists.
People walk by a Wall Street sign close to the New York Stock Exchange in New York, U.S., April 2, 2018. REUTERS/Shannon Stapleton/Files Nor does the bill weaken Wall Street’s obligation to comply with the so-called Volcker Rule banning banks from making risky bets with their own money, or limit the ability of regulators to apply stricter rules to large institutions they deem critical to the financial system.
Speaking to Reuters on Tuesday, Democratic U.S. Senator Heidi Heitkamp, a key backer of the bill, said it aimed to fix problems with Dodd-Frank, not to weaken it.
“That’s going to improve Dodd-Frank not diminish or begin to erode Dodd Frank,” she added.
Still, some larger players secured a handful of niche provisions, most notably the nation’s largest custody banks.
The bill will allow the likes of BNY Mellon, State Street Corp and Northern Trust to exclude customer deposits they place with central banks from a stringent capital calculation requirement, potentially offering major capital relief.
They were able to successfully differentiate themselves from the Wall Street titans like Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co, in order to win over some skeptical lawmakers, said lobbyists.
The draft legislation also offers more favorable treatment for municipal bonds, a measure that analysts say is likely to help Citigroup Inc’s bond-trading business and help lower financing costs on infrastructure projects nationwide.
Consumer advocates and Democrats including Senator Elizabeth Warren have warned big banks will exploit these provisions, potentially increasing systemic risk.
But independent regulatory experts said the big banks were better off focusing their efforts on the regulatory agencies where Trump’s appointees are better-positioned to cut them material slack.
A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. REUTERS/Brendan McDermid “This is a legislative win for the banks, but the biggest deregulatory bang for the buck is changing the referees, not the rules,” said Dan Ryan, PwC Banking & Capital Markets Leader.
“I don’t see any more financial services bills passing the Senate this year,” he said.
Reporting by Pete Schroeder and Michelle Price; Editing by Lisa Shumaker and Darren Schuettler
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-house-banks/u-s-house-votes-to-ease-post-crisis-bank-rules-in-victory-for-trump-idINKCN1IN350 |
CONROE, Texas, May 24, 2018 (GLOBE NEWSWIRE) -- Spirit of Texas Bancshares, Inc. (NASDAQ:STXB) (the “Company”), the bank holding company for Spirit of Texas Bank, today announced that it will release 2018 first quarter financial results on Thursday, May 31, 2018 after the market closes. In conjunction with the release, the Company has scheduled a conference call, which will also be broadcast live over the Internet, on Friday, June 1, 2018 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
What: Spirit of Texas Bancshares 2018 First Quarter Earnings Conference Call When: Friday, June 1, 2018 at 10:00 a.m. Eastern / 9:00 a.m. Central How: Live via phone – By dialing 201-389-0867 and asking for the
Spirit of Texas Bancshares call at least 10 minutes prior to the start time, or
Live over the Internet – By logging onto the web at the address below Where: http://ir.sotb.com/events-presentations For those who cannot listen to the live call, a replay will be available through June 8, 2018 and may be accessed by dialing 201-612-7415 and using pass code 13680341#. Also, an archive of the webcast will be available shortly after the call at http://ir.sotb.com/events-presentations for 90 days.
About Spirit of Texas Bancshares, Inc.
The Company is the bank holding company for Spirit of Texas Bank, a state savings bank with total assets of $1.03 billion, headquartered in Conroe, Texas that delivers relationship-driven financial services to small and medium-sized businesses and individuals through 15 full-service branches located primarily in the Houston, Dallas/Fort Worth and Bryan/College Station metropolitan areas. Please visit https://www.sotb.com for more information.
Contacts:
Dennard Lascar Investor Relations
Ken Dennard / Natalie Hairston
(713) 529-6600
[email protected]
Source:Spirit of Texas Bancshares, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-spirit-of-texas-bancshares-inc-announces-2018-first-quarteraearnings-releaseaand-conference-call-schedule.html |
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: The headquarters of the Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo 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, 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 cashflow 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://www.reuters.com/article/us-deutsche-bank-abraaj/deutsche-bank-looking-to-sell-stake-in-dubai-based-abraaj-sources-idUSKCN1IV17F |
May 2, 2018 / 12:24 AM / Updated an hour ago Mueller raises possibility of Trump subpoena: former Trump lawyer Karen Freifeld 3 Min Read
NEW YORK (Reuters) - Special Counsel Robert Mueller, in a meeting with U.S. President Donald Trump’s lawyers in March, raised the possibility of issuing a subpoena for Trump if he declines to talk to investigators in the Russia probe, a former lawyer for the president said on Tuesday.
John Dowd told Reuters that Mueller mentioned the possibility of a subpoena in the early March meeting. Mueller’s subpoena warning was first reported by the Washington Post, which cited four people familiar with the encounter.
“This isn’t some game. You are screwing with the work of the president of the United States,” Dowd said he told the investigators, who are probing possible collusion between the Trump campaign and Russia. Dowd left the president’s legal team about two weeks after the meeting.
The Post said Mueller had raised the possibility of a subpoena after Trump’s lawyers said the president had no obligation to talk with federal investigators involved in the probe.
After the March meeting, Mueller’s team agreed to provide the president’s lawyers with more specific information about the subjects they wished to ask Trump, the Post reported.
With that information, Trump’s lawyer Jay Sekulow compiled a list of 49 questions the president’s legal team believed he would be asked, according to the Post.
That list, first reported by the New York Times on Monday, includes questions on Trump’s ties to Russia and others to determine whether the president may have unlawfully tried to obstruct the investigation.
“We do not discuss conversations we have had or may have had with the Office of Special Counsel,” Sekulow told Reuters on Tuesday evening.
Trump criticized the leak of the questions.
“So disgraceful that the questions concerning the Russian Witch Hunt were ‘leaked’ to the media. No questions on Collusion,” Trump wrote on Twitter on Tuesday. “It would seem very hard to obstruct justice for a crime that never happened!”
Russia has denied interfering in the 2016 U.S. presidential election, as U.S. intelligence agencies allege, and Trump has denied there was any collusion between his campaign and Moscow.
A spokesman for Mueller declined to comment. FILE PHOTO: Special Counsel Robert Mueller departs after briefing the U.S. House Intelligence Committee on his investigation of potential collusion between Russia and the Trump campaign on Capitol Hill in Washington, U.S., June 20, 2017. REUTERS/Aaron P. Bernstein Reporting by Karen Freifeld; Writing by Eric Beech; Editing by Tim Ahmann and Peter Cooney | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-subpoena/mueller-raises-possibility-of-trump-subpoena-washington-post-idUSKBN1I301Y |
TORONTO, May 11, 2018 (GLOBE NEWSWIRE) -- Allied Properties REIT (TSX:AP.UN) (“ Allied ”) announced today the results of matters voted on at its annual meeting of unitholders held on May 10, 2018 (the “ Meeting ”). The voting results for each of the matters presented at the Meeting are outlined below.
There were 82 unitholders represented in person or by proxy at the Meeting holding 72,147,583 units, representing 77.6% of Allied’s total issued and outstanding units.
1. Election of Trustees
Each of the nominees for election as trustees listed in Allied’s management information circular dated April 6, 2018 were elected as trustees of Allied for the ensuing year or until their successors are elected or appointed. Management received proxies in respect of the election of trustees of Allied as follows:
Votes For Votes Withheld # % # % Gerald R. Connor 65,300,274 90.99 6,464,648 9.01 Lois Cormack 71,668,470 99.87 96,452 0.13 Gordon R. Cunningham 65,590,581 91.40 6,174,341 8.60 Michael R. Emory 71,475,120 99.60 289,802 0.40 James Griffiths 69,893,645 97.39 1,871,277 2.61 Margaret T. Nelligan 71,268,506 99.31 496,416 0.69 Ralph T. Neville 70,432,011 98.14 1,332,911 1.86 Peter Sharpe 67,227,724 93.68 4,537,198 6.32 2. Appointment of Auditor
Deloitte LLP, Chartered Professional Accountants, was appointed auditor of Allied until the next annual meeting of unitholders at remuneration to be fixed by the trustees. Management received proxies in respect of the appointment of the auditor of Allied as follows:
Votes For Votes Withheld # % # % 71,074,583 98.57 1,034,759 1.43 Allied Properties REIT is a leading owner, manager and developer of distinctive urban workspace in Canada’s major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael R. Emory
President and Chief Executive Officer
(416) 977-9002
[email protected]
Cecilia C. Williams
Executive Vice President and Chief Financial Officer
(416) 977-9002
[email protected]
Source: Allied Properties REIT | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-allied-properties-reit-announces-voting-results-from-the-2018-annual-meeting-of-unitholders.html |
WASHINGTON, May 8 (Reuters) - U.S. President Donald Trump told French President Emmanuel Macron on Tuesday that the United States was going to pull out of the international nuclear agreement with Iran, the New York Times reported, citing a person briefed on the conversation.
The source said the United States is preparing to reinstate all sanctions it had waived as part of the deal and impose additional economic penalties, the Times reported. (Reporting by Tim Ahmann and Makini Brice Editing by David Aelxander)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-decision/trump-tells-macron-u-s-to-pull-out-of-iran-deal-new-york-times-idUSW1N1QW00G |
India's largest lender posted its first quarterly loss in 17 years for the three months ended in December, but its chairman told CNBC that the rest of the year looks much better.
The State Bank of India reported a net loss of 24.16 billion rupees ($361.8 million) for the December quarter, compared with a profit of 18.20 billion rupees ($272.5 billion) a year earlier. The bank blamed lower trading income from higher bond yields, higher loan loss provisions and significant investment depreciation for the loss.
"Two factors are impacting our profit. Loan loss provision takes the large chunk," Rajnish Kumar, chairman of SBI, told CNBC's Oriel Morrison in Manila, the Philippines , on Friday. "Dictated costs are very, very elevated and not affordable."
Loan loss provisions are counted as expenses that are set aside as allowance for uncollected loans and loan payments.
SBI said its gross non-performing assets increased from 1.86 trillion rupees ($27.8 billion) in September to a staggering 1.99 trillion rupees ($29.8 billion) as of December.
"Last year, in terms of profits, in terms of asset quality, it was a big challenge," Kumar said. "But this year onward, we are expecting that we will be in a much better position and this year looks much, much better."
SBI will release its full fiscal 2018 earnings on May 22, according to Kumar. In India, the financial year usually starts on Apr 1.
Huge problems with bad debts for banks Kumar's comments come in the midst of serious problems for India's banking sector.
Banks, which are a key source of funding for Indian companies, have struggled in recent years as bad debts have risen and instances of fraud have come to light .
show chapters India needs to address 'structural' issues at state-owned banks 8:31 PM ET Mon, 29 Jan 2018 | 02:29 Stressed loans from local banks came to about $146 billion at the end of June last year, according to reports . That included non-performing and restructured or rolled over loans.
The Reserve Bank of India's financial stability report said in December that large borrowers accounted for more than 80 percent of bad debt in portfolios of scheduled commercial banks in September — those include public sector and private sector Indian banks, regional rural banks and private foreign banks.
Public-sector banks wrote off bad loans worth 2.41 trillion rupees ($36 billion) between April 2014 and September 2017, according to local reports that cited government sources. Banks usually write off bad debts or non-performing assets to clean up their balance sheets
Short-term pain ahead This week, Moody's Investors Service said that an ongoing Reserve Bank of India push to make local banks accurately recognize bad assets will reduce near-term profits in the sector. But there will be benefits over the long term, the ratings agency said.
The Reserve Bank of India tightened guidelines for banks to resolve bad assets in February. Under the new rules, banks can't use loan restructuring schemes to delay recognizing bad debt.
"The Reserve Bank of India's rules are credit positive because they provide a clearer, time-bound process for resolving stressed assets and will prevent a future buildup of problem loans in the system," Alka Anbarasu, vice president and senior analyst at Moody's Investor Service, said in a note.
Banks have recognized many loans as bad assets since 2015, Moody's said. But the banks still hold many restructured loans that will go bad in the coming quarters, according to the ratings agency.
"For every delinquent loan, banks now must implement a resolution plan within 180 days of the initial default," analysts at Moody's said. "If a bank fails to implement a resolution plan in time, it must refer that asset for insolvency proceedings."
Moody's added that as banks reclassify those assets, non-performing loan ratios will gradually rise. But once the process is complete, they will stabilize and eventually decline.
— Reuters contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/state-bank-of-india-chairman-upbeat-about-the-future.html |
New orders for key U.S.-made capital goods increased more than expected in April and shipments rebounded, suggesting business spending on equipment was picking up after slowing down at the end of the first quarter.
The Commerce Department said on Friday that orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 1.0 percent last month. The increase in the so-called core capital goods orders reversed March's 0.9 percent drop.
Economists polled by Reuters had forecast core capital goods orders rising 0.7 percent last month. Core capital goods orders increased 6.6 percent on a year-on-year basis.
Shipments of core capital goods rose 0.8 percent last month after falling 0.7 percent in March. Core capital goods shipments are used to calculate equipment spending in the government's gross domestic product measurement.
Business spending is being supported by the Trump administration's $1.5 trillion income tax cut package, which came into effect in January. The government slashed the corporate tax rate to 21 percent from 35 percent. A strong economy and rising oil prices are also underpinning investment.
Business spending on equipment slowed in the first quarter after double-digit growth in the second half of 2017.
Last month, orders for electrical equipment, appliances and components increased 2.6 percent after rising 2.4 percent in March. Orders for computers and electronic products gained 1.1 percent while those for fabricated metals jumped 2.0 percent. There were also increases in orders for primary metals.
But orders for machinery fell 0.8 percent after decreasing 3.2 percent in March.
Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, dropped 1.7 percent in April as demand for transportation equipment tumbled 6.1 percent. That followed a 2.7 percent increase in durable goods orders in March.
Boeing reported on its website that it received only 78 aircraft orders in April compared to 197 in March.
Orders for motor vehicles and parts rose 1.8 percent last month after advancing 0.6 percent in March. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/us-durable-goods-orders-april-2018.html |
May 2, 2018 / 1:08 AM / Updated 33 minutes ago UPDATE 1-Samsung BioLogics shares plunge after regulator says co breached accounting rules Reuters Staff
* Financial watchdog gives prelim notice to co on measures
* Co says will prove accounting practices were proper
* BioLogics shares down as much as 19.8 pct to 3-mnth low (Adds regulator statement, share move milestone, background)
By Joyce Lee
SEOUL, May 2 (Reuters) - Shares in Samsung BioLogics Co Ltd fell more than 19 percent on Wednesday to a three-month low as South Korea’s financial watchdog provisionally decided it had breached accounting rules.
The Financial Supervisory Service (FSS) said on Tuesday it had given preliminary notice to drug contract manufacturer Samsung BioLogics and its accounting firms of measures it could take concerning the provisional breach.
Samsung BioLogics said in a regulatory filing on Wednesday that it would prove its books were sound.
Its shares fell as much as 19.8 percent to their lowest since late January, before pairing losses to trade down 14 percent at 0043 GMT. The benchmark KOSPI was down 0.2 percent.
The FSS said it had begun an investigation into the company earlier this year after an activist group and a lawmaker questioned whether the company had breached accounting rules to inflate its net profit before listing in late 2016.
Samsung BioLogics reported a 1.9 trillion won net profit in 2015, compared to a roughly 28 billion won net loss in 2014 and a 62.4 billion won net loss in 2013.
Shares in Samsung C&T Corp, which held a 43 percent stake in Samsung BioLogics as of end-2017, also fell more than 5 percent. (Reporting by Joyce Lee; Editing by Stephen Coates) | ashraq/financial-news-articles | https://www.reuters.com/article/samsung-biologic-accounting-samsung-ct-c/update-1-samsung-biologics-shares-plunge-after-regulator-says-co-breached-accounting-rules-idUSL3N1S9063 |
SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced that its board of directors has declared a quarterly cash dividend of 38 cents per common share.
The cash dividend is payable on June 15, 2018 to shareholders of record as of June 8, 2018.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and wealth management services. With total revenue of $5.8 billion in 2017, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2018, First American was named to the Fortune 100 Best Companies to Work For ® list for the third consecutive year. More information about the company can be found at www.firstam.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006833/en/
First American Financial Corporation
Media Contact:
Marcus Ginnaty
Corporate Communications
714-250-3298
or
Investor Contact:
Craig Barberio
Investor Relations
714-250-5214
Source: First American Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-first-american-financial-corporation-declares-quarterly-cash-dividend-of-38-cents-per-share.html |
Company’s abrasion tip support catheter demonstrated safe and effective
SALT LAKE CITY--(BUSINESS WIRE)-- XableCath, Inc., innovators of products designed to aid in the treatment of peripheral artery disease (PAD), announced that its second catheter, XableCath™ abrasion tip support catheter, was cleared by the FDA. The XableCath blunt tip catheter received FDA clearance at the end of 2017. This clearance gives peripheral interventionalists another innovative choice in managing all types of lesions and procedures in the peripheral arterials.
“This FDA clearance allows physicians to select between both of XableCath’s unique designs to easily slide past an occluding atheroma through the true lumen of the vessel. It further validates our efforts to deliver safe and effective products for peripheral arterial interventions,” said XableCath President and Chief Executive Officer, Lisa Dunlea.
The company’s Medical Director, Steve Lauterbach, MD, commented, “We are delighted with this new FDA clearance. Interventionalists can now choose the XableCath that is best suited for their patients’ anatomy. Both our blunt and abrasion tips have had remarkable initial clinical success in very challenging cases. We look forward to increasing our clinical experience throughout the year.”
Oded Ben-Joseph, PhD, Board Member at XableCath commented, “With the addition of this second FDA clearance, the company is rapidly preparing to commercialize its product portfolio. Combining its clinical case success rate, patent portfolio, and now FDA cleared product lines, XableCath will have an impact on the peripheral arterial disease marketplace. We are confident that XableCath’s innovative products will seamlessly integrate into the cath lab workflow and provide the interventionalist with a much-needed tool to enable treatment of challenging occlusions.”
XableCath performed its first cases in the United States during the first quarter of this year. The Company is anticipating a full commercial launch in the second half of 2018.
About XableCath
XableCath was founded in 2014 to commercialize catheters for the treatment of vascular disease. Its revolutionary technology allows effective treatment, improving the lives of patients and transforming the ease of vascular interventions for physicians. For more information visit xablecath.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005302/en/
XableCath, Inc.
Lisa Dunlea
President and CEO
[email protected]
Source: XableCath, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-xablecath-receives-second-fda-clearance-for-its-peripheral-arterial-catheters.html |
Ivanka Trump, Steve Mnuchin, and Jared Kushner arrive in Israel ahead of embassy move 1:30pm BST - 00:48
U.S. Treasury Secretary, along with Presidnt Trump's daughter Ivanka and son-in-law land at Israel's airport ahead of the US. Embassy in Jerusalem opening. Rough cut (no reporter narration).
U.S. Treasury Secretary, along with Presidnt Trump's daughter Ivanka and son-in-law land at Israel's airport ahead of the US. Embassy in Jerusalem opening. Rough cut (no reporter narration). //uk.reuters.com/video/2018/05/13/ivanka-trump-steve-mnuchin-and-jared-kus?videoId=426512977&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/13/ivanka-trump-steve-mnuchin-and-jared-kus?videoId=426512977 |
HARVEY, Ill.--(BUSINESS WIRE)-- Atkore International Group Inc. (the “Company”) (NYSE: ATKR) today announced an offering of 7,234,838 shares of the Company’s common stock on an underwritten basis by the selling stockholders, CD&R Allied Holdings, L.P., an affiliate of Clayton, Dubilier & Rice, LLC, and certain charitable organizations, to Credit Suisse, as the underwriter in a registered offering of these shares (the “Offering”). No shares are being sold by the Company. The selling stockholders will receive all of the net proceeds from the Offering.
A shelf registration statement (including a prospectus) relating to the offering of the common stock has previously been filed with the U.S. Securities and Exchange Commission (the “SEC”) and has become effective. The Offering will be made only by means of a preliminary prospectus supplement related to the Offering being filed today by the Company with the SEC. Before investing, interested parties should read the preliminary prospectus supplement and the accompanying prospectus and other documents filed with the SEC for information about the Company and the Offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov . Alternatively, a copy of the preliminary prospectus supplement and the accompanying prospectus, and the final prospectus supplement, when available, may be obtained from the underwriter at: Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York, 10010, or by telephone at +1 (800) 221-1037, or by email at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to financial outlook. Some of the forward-looking statements can be identified by the use of forward-looking terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "is optimistic," "intends," "plans," "estimates," "anticipates" or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of the market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, financial condition and cash flows, and the development of the market in which we operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
About Atkore International Group Inc.
Atkore International Group Inc. is a leading manufacturer of Electrical Raceway products primarily for the non-residential construction and renovation markets and Mechanical Products & Solutions for the construction and industrial markets. The Company manufactures a broad range of end-to-end integrated products and solutions that are critical to its customers' businesses and employs approximately 3,500 people at 58 manufacturing and distribution facilities worldwide. The Company is headquartered in Harvey, Illinois.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006451/en/
Atkore International Group Inc.
Keith Whisenand
Vice President - Investor Relations
708-225-2124
[email protected]
Source: Atkore International Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-atkore-international-group-inc-announces-secondary-public-offering-of-common-stock-by-selling-stockholders.html |
LONDON, May 10 (Reuters) - Facebook is asking users in Europe which news sources they trust to help it gauge whether to extend a change to its News Feed that it made in the United States earlier this year, designed to filter out misinformation.
In January, Facebook Chief Executive Mark Zuckerberg said the News Feed, the social media company's centerpiece service, would prioritize "high quality news" over less trusted sources as part of its fight against false information on the platform.
Facebook has been criticized for failing to prevent false reports - originating from alleged Russia operatives, for-profit spammers and others - spreading on its platform, notably during the 2016 U.S. presidential election campaign.
It has also had a stormy relationship with news organizations, especially those with strong political leanings.
Zuckerberg said in January there was too much "sensationalism, misinformation and polarization" in the world, and social media was making the problem worse.
"Social media enables people to spread information faster than ever before, and if we don't specifically tackle these problems, then we end up amplifying them," he wrote then.
The company, which has more than 2 billion monthly users, turned to its members to determine how news outlets ranked in terms of trustworthiness, using short surveys on the site.
On Thursday, it said it would start showing similar two-part surveys to users in Britain, Germany, France, Italy and Spain, asking them if they are familiar with specific news sources, for example BBC News or the Guardian, and if they trust them.
A Facebook spokesman said the results of the survey would not currently affect the ranking or the composition of News Feed in Britain or any of the other countries yet.
The company said it would announce if it decided to implement any changes. (Reporting by Paul Sandle; Editing by Toby Chopra) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-facebook-asks-european-users-which-news-sources-they-trust.html |
LONDON, May 30 (Reuters) - British discount retailer B&M European Value reported a 25 percent rise in full-year profit on Wednesday, saying its good valued products were wining over customers in a difficult economic environment.
The fast-growing company, which finished the year with 576 B&M stores, reported profit before tax of 229.3 million pounds ($304 million) for the 53 weeks to end-March on sales of 2.98 billion pounds, up 22.4 percent.
$1 = 0.7537 pounds Reporting by Paul Sandle; editing by Kate Holton
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/bm-european-results/uk-retailer-bms-full-year-profit-rises-25-pct-idUSFWN1T1019 |
May 7 (Reuters) - SAIC Motor Corp Ltd:
* SAYS IT SOLD 569,110 VEHICLES IN APRIL VERSUS 501,337 VEHICLES YEAR AGO
* SAYS IT SOLD 2,391,530 VEHICLES IN JAN-APRIL, UP 10.9 PERCENT Y/Y Source text in Chinese: bit.ly/2wggpd7 (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-saic-motor-sells-more-vehicles-in/brief-saic-motor-sells-more-vehicles-in-april-jan-april-idUSH9N1S405I |
– Company continues to make consistent progress in the clinical development programs of lenabasum, in rare, chronic and serious inflammatory and fibrotic diseases –
Norwood, MA, May 10, 2018 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) ("Corbus" or the "Company"), a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic and serious inflammatory and fibrotic diseases, announced today its financial results for the first quarter ended March 31, 2018.
The Company also provided an update on its corporate progress, clinical status and anticipated milestones for lenabasum, its novel synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and halt fibrosis in rare autoimmune and inflammatory diseases.
Recent Clinical and Corporate Highlights
Commenced patient dosing in Phase 3 study in systemic sclerosis; Received a Development Award for up to $25 million from the Cystic Fibrosis Foundation to support the Phase 2b study in cystic fibrosis; Commenced patient dosing following agreement with FDA on a Phase 2b cystic fibrosis study design with pulmonary exacerbations as sole primary endpoint; Commenced patient dosing in 100-patient Phase 2 clinical study in systemic lupus erythematosus, which is being conducted and funded by the NIH; Publication of clinical data demonstrating mechanism of action of lenabasum in human blister model; and Ended the first quarter of 2018 with approximately $71 million in cash and cash equivalents, an increase of $8.4 million from the start of the year.
“We continued to make progress in the first quarter of 2018 in all four of our clinical programs: systemic sclerosis, cystic fibrosis, dermatomyositis and lupus. We look forward to achieving a number of additional important milestones this year,” stated Yuval Cohen, Ph.D., Chief Executive Officer of the Company.
Systemic Sclerosis Clinical Program Update
Systemic sclerosis is a serious autoimmune disease affecting approximately 90,000 people in the US and Europe and is associated with significant morbidity and up to 60% 10-year mortality. There are currently no drugs specifically approved by the FDA for treatment of systemic sclerosis.
Patient dosing is ongoing in the Phase 3 (“RESOLVE-1”) study of lenabasum for the treatment of diffuse cutaneous systemic sclerosis (“systemic sclerosis”). The international, multicenter Phase 3 RESOLVE-1 study is a double-blind, randomized, placebo-controlled study assessing the efficacy and safety of lenabasum for the treatment of systemic sclerosis. The study will enroll approximately 354 subjects at 70 sites in North America, Europe, Israel, Japan, South Korea and Australia. The planned duration of treatment with study drug is 52 weeks. Subjects are randomized 1:1:1 to receive lenabasum 5 mg twice per day, lenabasum 20 mg twice per day or placebo twice per day.
The primary efficacy outcome of the RESOLVE-1 study will be change from baseline in modified Rodnan Skin Score (“mRSS”), a measure of skin fibrosis and a standard clinical trial outcome in systemic sclerosis. Secondary outcomes of the RESOLVE-1 study include patient- and physician-reported outcomes, forced vital capacity, the American College of Rheumatology Combined Response Index in diffuse cutaneous Systemic Sclerosis ("ACR CRISS") score, a novel composite measure of clinical improvement from baseline that incorporates change from baseline in mRSS, and lung function. These same outcomes were measured in the Phase 2 study as well as the follow-on open-label extension study for which the 28-week results in all of these efficacy measures were presented in November 2017 at the American College of Rheumatology conference. For more information on the Phase 3 study, please visit ClinicalTrials.gov and reference Identifier NCT03398837.
Corbus expects to report topline results from the Phase 3 RESOLVE-1 study in the first half of 2020 and will provide regular updates from the ongoing open-label extension study.
Lenabasum has been granted Orphan Drug Designation and Fast Track status for the treatment of systemic sclerosis from the FDA and Orphan Designation from the European Medicines Agency (“EMA”).
Cystic Fibrosis (“CF”) Clinical Program Update
Cystic fibrosis is a chronic, life-threatening, genetic rare disease, characterized by chronic lung inflammation that leads to lung damage and fibrosis that affects approximately 30,000 patients in the U.S and 75,000 patients worldwide. The current average life expectancy for CF patients is 40 years. The harmful inflammation and accompanying fibrosis in CF damages multiple organs, impairs organ function, reduces health-related quality of life, and is the most common cause of mortality. There remains a recognized unmet need for safe and effective drugs that target chronic inflammation and fibrosis for the treatment of CF on top of standard of care but without the risk of immunosuppression currently associated with existing anti-inflammatory drugs.
Corbus has commenced its Phase 2b study evaluating lenabasum for the treatment of CF. This Phase 2b CF study was designed with input from the Therapeutic Development Network of the Cystic Fibrosis Foundation and the European Cystic Fibrosis Society Clinical Trials Network and is supported by a Development Award for up to $25 million from the Cystic Fibrosis Foundation.
The Phase 2b multicenter, double-blinded, randomized, placebo-controlled study will enroll approximately 415 subjects with CF who are at least 12 years of age and at increased risk for pulmonary exacerbations. Secondary efficacy outcomes include other measures of pulmonary exacerbations, change in Cystic Fibrosis Questionnaire-Revised Respiratory domain score and change in forced expiratory volume in 1 second (“FEV1”), % predicted. The study will be conducted in approximately 100 sites across North America, Europe and Australia. Subjects are centrally randomized to one of three cohorts to receive lenabasum 20 mg twice per day, lenabasum 5 mg twice per day, or placebo twice per day for 28 weeks, with 4 weeks follow-up off active treatment. For more information on the Phase 2b study, please visit ClinicalTrials.gov and reference Identifier NCT03451045.
Corbus expects to report topline results for the Phase 2b CF study in the first half of 2020.
Lenabasum was granted Orphan Drug Designation and Fast Track status for the treatment of CF by the FDA in 2015 and Orphan Drug Status from the EMA in 2016.
Dermatomyositis Clinical Program Update
Dermatomyositis is a rare and serious systemic autoimmune condition characterized by skin and muscle inflammation that affects as many as 70,000 people in the US. Mortality is high with 5-year survival of 70% and 10-year survival of 57%. Current standard of care includes antimalarial drugs and potent immunosuppressive agents, which often lead to significant adverse effects.
In October 2017, Corbus announced positive topline results from its Phase 2 study evaluating lenabasum for the treatment of skin-predominant dermatomyositis, demonstrating medically and statistically significant improvement in the Cutaneous Dermatomyositis Disease Area and Severity Index (“CDASI”), the primary endpoint in the study. Significant improvements were also seen in multiple secondary patient-reported outcomes. The Company plans to meet with the FDA in this quarter to discuss the next clinical study of lenabasum for the treatment of DM, which is expected to begin by the end of 2018.
Systemic Lupus Erythematosus (“SLE”) Clinical Program Update
SLE is a prototypical autoimmune disease in which the innate immune system is chronically activated by immune complexes containing autoantibodies and self-antigens, which leads to widespread inflammation and tissue damage. According to the CDC, SLE affects between 161,000 - 322,000 people in the US and has many manifestations, including arthritis, rash, photosensitivity, oral ulcers, pleuritis, pericarditis, kidney problems, seizures and psychosis and blood cell abnormalities. Current drugs specifically approved by the FDA for SLE are limited to aspirin, corticosteroids, hydroxychloroquine and belimumab. Physicians commonly treat disease manifestations with immunosuppressive or corticosteroid therapies that have significant toxicities.
Patient dosing has commenced in the Phase 2 randomized, double-blind, placebo-controlled, clinical study evaluating lenabasum for the treatment of systemic lupus erythematosus which is being conducted by the Autoimmunity Centers of Excellence (“ACE”) and is being funded by The National Institutes of Health. The trial will enroll 100 adult SLE patients with active musculoskeletal disease, which is the most common disease manifestation of SLE. Subjects are randomized in a 1:1:1:1 ratio to one of four cohorts to receive placebo or three different doses of lenabasum for 3 months, with 1-month of follow-up. The primary efficacy outcome assesses pain from active musculoskeletal disease, and secondary efficacy outcomes include other assessments of active musculoskeletal disease, overall disease activity using SLE Responder Index, SLE Disease Activity Index ("SLEDAI") and British Isles Lupus Activity Group ("BILAG") scoring systems, and patient-reported outcomes.
For more information on the Phase 2 study of lenabasum for the treatment of SLE, please visit ClinicalTrials.gov and reference Identifier NCT03093402.
Summary of Financial Results for First Quarter 2018
For the quarter ended March 31, 2018, the Company reported a net loss of approximately $11,695,000 or a net loss per diluted share of $0.21, compared to a net loss of approximately $7,465,000, or a net loss per diluted share of $0.16, for the quarter ended March 31, 2017.
Revenue for the quarter decreased by approximately $0.3 million to $1.0 million from the quarter ended March 31, 2017. Revenue recognized in 2018 was related to the up to $25 million Development Award Agreement with the Cystic Fibrosis Foundation that the Company entered into in the first quarter of 2018. Operating expenses for the quarter increased by approximately $4.1 million to $12.8 million due to increased spending for clinical studies, manufacturing costs to produce lenabasum for clinical studies and staffing costs.
The Company ended the first quarter with approximately $71.0 million of cash and cash equivalents, an increase of $8.4 million from the start of the quarter. The Company received $6.25 million in milestone payments from the Cystic Fibrosis Foundation during the first quarter and raised approximately $11.2 million in net proceeds from the sale of common stock. The Company expects the current cash and cash equivalents together with the expected milestone payments from the up to $25 million Development Award from the Cystic Fibrosis Foundation to fund operations through the fourth quarter of 2019, based on current planned expenditures.
About Lenabasum
Lenabasum (formerly known as anabasum) is a synthetic, oral, small-molecule, selective cannabinoid receptor type 2 (CB2) agonist that preferentially binds to CB2 expressed on activated immune cells and fibroblasts. CB2 activation triggers physiologic pathways that resolve inflammation, speed bacterial clearance and halt fibrosis. CB2 activation also induces the production of specialized pro-resolving lipid mediators that activate an endogenous cascade responsible for the resolution of inflammation and fibrosis, while reducing production of multiple inflammatory mediators. Through activation of CB2, lenabasum also is designed to have a direct effect on fibroblasts to halt tissue scarring. Lenabasum is believed to induce resolution rather than immunosuppression by triggering biological pathways to turn "off" chronic inflammation and fibrotic processes. Lenabasum has demonstrated promising potency in preclinical models of inflammation and fibrosis. Preclinical and human clinical studies have shown lenabasum to have a favorable safety, tolerability and pharmacokinetic profile. Further, the drug has demonstrated clinical benefit and positive impact on inflammatory and immunological markers in Phase 2 studies in diffuse cutaneous systemic sclerosis, dermatomyositis and cystic fibrosis.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. is a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company's lead product candidate, lenabasum, is a novel, synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and fibrotic processes. Lenabasum is currently being evaluated in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus.
For more information, please visit www.CorbusPharma.com and connect with the Company on Twitter , LinkedIn and Facebook .
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended March 31, 2018 2017 Revenue from awards $ 950,442 $ 1,293,697 Operating expenses: Research and development 9,765,362 6,366,112 General and administrative 3,050,032 2,380,125 Total operating expenses 12,815,394 8,746,237 Operating loss (11,864,952 ) (7,452,540 ) Other income (expense): Interest income, net 203,421 1,366 Foreign currency exchange loss, net (33,854 ) (14,265 ) Other income (expense), net 169,567 (12,899 ) Net loss $ (11,695,385 ) $ (7,465,439 ) Net loss per share, basic and diluted $ (0.21 ) $ (0.16 ) Weighted average number of common shares outstanding, basic and diluted 56,367,548 46,381,482
Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Balance Sheets
March 31, 2018 December 31, 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 70,955,652 $ 62,537,495 Restricted cash — 158,991 Prepaid expenses and other current assets 3,531,259 2,808,244 Total current assets 74,486,911 65,504,730 Property and equipment, net 2,593,172 1,432,655 Other assets 59,639 40,776 Total assets $ 77,139,722 $ 66,978,161 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Notes payable $ 208,648 $ 332,861 Accounts payable 4,169,781 3,130,295 Accrued expenses 5,898,274 4,741,519 Total current liabilities 10,276,703 8,204,675 Deferred rent, noncurrent 1,323,415 989,550 Other liabilities — 375 Total liabilities 11,600,118 9,194,600 Commitments and Contingencies Stockholders’ equity Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2018 and December 31, 2017 — — Common stock, $0.0001 par value; 150,000,000 shares authorized, 57,139,892 and 55,603,427 shares issued and outstanding at March 31, 2018 and December 31, 2017 5,714 5,560 Additional paid-in capital 142,927,376 123,476,102 Accumulated deficit (77,393,486 ) (65,698,101 ) Total stockholders’ equity 65,539,604 57,783,561 Total liabilities and stockholders’ equity $ 77,139,722 $ 66,978,161
Investor Contacts:
Institutional Investor Inquiries
Ted Jenkins, Senior Director, Investor Relations and Communications
Corbus Pharmaceuticals, Inc.
Phone: +1 (617) 415-7745
Email: [email protected]
All Other Investor Inquiries
Jenene Thomas
Jenene Thomas Communications, LLC
Phone: +1 (833) 475-8247
Email: [email protected]
Media Contact
Eliza Schleifstein
Scient Public Relations
Phone: + 1 (917) 763-8106
Email: [email protected]
Source: Corbus Pharmaceuticals Holdings, Inc.
###
Source:Corbus Pharmaceuticals Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-corbus-pharmaceuticals-reports-2018-first-quarter-financial-results-and-provides-business-update.html |
May 16, 2018 / 2:41 PM / in 8 minutes Greece shortlists seven groups for Egnatia motorway concession Reuters Staff 1 Min Read
ATHENS, May 16 (Reuters) - Greece on Wednesday prequalified seven investment groups to take part in the second phase of a tender for the administration of Egnatia Odos, a motorway in northern Greece, privatisation agency HRADF said.
It listed them as:
- GEK Terna S.A. with Egis Projects S.A.
- Freyja Holdings SARL [Macquarie European Infrastructure Fund 5 L.P. / Macquarie European Infrastructure Fund 5 SCSp]
- Roadis Transportation Holding S.L.U. with Aktor Concessions S.A.
- Sichuan Communications Investment Group Co., Ltd with Damco Energy S.A.
- Vinci Highways, Vinci Concessions with Mytilineos Holdings S.A.
Egnatia stretches 648 km (402 miles) from the western port town of Igoumenitsa to Evros in the northeast, at the border with Turkey, and the contract for financing, operation and maintenance of the motorway and three annex roads is for 35 years, according to its initial invitation to tender. (Reporting by Michele Kambas) | ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-greece-privatisation-egnatia/greece-shortlists-seven-groups-for-egnatia-motorway-concession-idUSA8N0XO01B |
May 26, 2018 / 5:51 PM / Updated 6 minutes ago Russia and Turkey ink pipeline agreement, end gas dispute Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian state gas giant Gazprom ( GAZP.MM ) said on Saturday it had signed a protocol with the Turkish government on a planned gas pipeline and agreed with Turkish firm Botas to end an arbitration dispute over the terms of gas supplies. 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. REUTERS/Sergei Karpukhin/File Photo
The protocol concerned the land-based part of the transit leg of the TurkStream gas pipeline, which Gazprom said meant that work to implement it could now begin.
It said in the same statement, without elaborating, that the dispute with Botas would be settled out of court. Reporting by Vladimir Soldatkin and Oksana Kobzeva; writing by Maria Kiselyova; Editing by Andrew Osborn | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-gazprom-turkey/russia-and-turkey-ink-pipeline-agreement-end-gas-dispute-idUKKCN1IR0MR |
May 24, 2018 / 2:04 AM / Updated 17 hours ago Svitolina no longer in the shadows as she chases French Open glory Pritha Sarkar 4 Min Read
LONDON (Reuters) - Had it not been for a bout of childhood jealously, Elina Svitolina might never have become the most successful tennis player to emerge out of Ukraine or be tipped as one of the favourites for this year’s French Open title. FILE PHOTO: Ukraine's Elina Svitolina celebrates winning the Italian Open final against Romania's Simona Halep REUTERS/Tony Gentile/File Photo
Desperate to grab some of the attention her parents Mikhaylo and Olena showered on her older brother Yulian, in 1999 Svitolina began pounding furry tennis balls with all the power she could muster from her five-year-old body.
“My brother was playing tennis ... and he was getting all the attention from my parents. So because of him I started playing tennis and for me it was very important to play well so that I could get more attention from my parents,” she told Reuters in a telephone interview from Rome.
“They were so into tennis, they were travelling with my brother. So playing tennis myself was the only way I could get their attention. It really motivated me and I became the best in my group.”
Almost two decades on, the blonde 23-year-old is not far off from becoming the best in the world.
Now ranked fourth, Svitolina has been installed as one of the favourites to lift the Suzanne Lenglen Cup after she destroyed top ranked Simona Halep in the Italian Open final to win her 12th title on Sunday.
But having bagged more tennis trophies than any other Ukrainian - Andriy Medvedev held the previous record of 11 - what Svitolina really wants is to conquer the top ranking.
“Definitely for me, my goal is to be number one. In Ukraine, being number one is something bigger (than winning a grand slam) because lots of people (notice you) if you are number one in the world,” said Svitolina, who has a large tiger draped with a necklace tattooed on her left thigh.
“For the tennis world, winning a grand slam might be better but for people who do not know tennis, being number one gets more attention.”
The little girl who once harboured hopes of getting a little more attention from her parents will have no place to hide over the next fortnight as she takes centre stage on Roland Garros’ famed clay courts. FILE PHOTO: Ukraine's Elina Svitolina kisses the Italian Open trophy as she celebrates winning the final against Romania's Simona Halep REUTERS/Tony Gentile/File Photo SMALL DETAILS
There she will not only want to improve on her two quarter-final appearances but will also hope to emulate a feat last achieved by one of her former coaches, Justine Henin.
A junior champion in 1997, the Belgian went on to win four French Open titles from 2003 to 2007.
Svitolina hopes some of the lessons she learnt from Henin during their year-long association in 2016 will help her to become the first woman since her former mentor to achieve the junior and women’s title double.
“There were small details that she told me that I have to do on court and off court. She shared a lot of her experience with me,” Svitolina, who captured the junior title aged 15 in 2010, said.
So what exactly did Henin teach her?
“It was more about how she sees my game, what I have to improve to play more consistently and be stronger. We have different playing styles so I just took on board what suited me and it helped me a lot.”
The pursuit of greatness means that the London-based Svitolina spends more time on the road than in her homeland, but putting Ukraine on the tennis map remains the ultimate goal for a player who was once offered money to switch allegiance to Israel.
“They offered me money and free training… (but) I never thought about it because for me playing for Ukraine is special as I was born there and I was raised there,” she said.
“I’m very happy I didn’t (take up that offer). In Ukraine tennis is getting more popular because of my results and this is amazing.”
And what about her brother, is he too scared to play her now?
“Yeah! The last time we played against each other was probably when I was 12,” she added with a laugh. Reporting by Pritha Sarkar, editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-svitolina/svitolina-no-longer-in-the-shadows-as-she-chases-french-open-glory-idUKKCN1IP08D |
LAVAL, Quebec, May 8, 2018 /PRNewswire/ --
Outperformed Expectations in the First Quarter of 2018 Revenues of $1.995 Billion GAAP Net Loss of $2.693 Billion GAAP Cash Flow from Operations of $438 Million Adjusted EBITDA (non-GAAP) 1 of $832 Million Delivered Overall Organic Revenue Growth 2 for the First Time since 2015, Driven by Branded Rx and Bausch + Lomb/International Segments Raised 2018 Full-Year Revenue and Adjusted EBITDA (non-GAAP) Guidance Ranges Company's Name Will Change to Bausch Health Companies Inc. in July 2018
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant" or the "Company" or "we") today announced its first-quarter 2018 financial results.
"Our first-quarter 2018 results demonstrate that we are making significant progress in our turnaround. For the first time since 2015, the Company delivered overall organic revenue growth 2 that tracked above expectations and was driven by our Branded Rx and Bausch + Lomb/International segments," said Joseph C. Papa, chairman and CEO, Valeant. "As a result, we are raising our full-year revenue and Adjusted EBITDA (non-GAAP) guidance ranges to reflect our strong performance in the first quarter."
Company Highlights
Executing on Core Businesses and Advancing Pipeline
Reported revenue in the Bausch + Lomb/International segment decreased by 3% compared to the first quarter of 2017 primarily due to divestitures and discontinuations; revenue in this segment grew organically 2 by 2% compared to the first quarter of 2017 Grew revenue in the Global Vision Care business by 15% compared to the first quarter of 2017; revenue in this business grew organically 2 by 9% compared to the first quarter of 2017 Grew revenue in the aggregate in China by 24% compared to the first quarter of 2017; revenue in this business grew organically 2 by 15% compared to the first quarter of 2017 Launches underway for additional two of the "Significant Seven" products, including: VYZULTA™, a treatment option for glaucoma LUMIFY™, the only over-the-counter eye drop with low-dose brimonidine for the treatment of eye redness Reported revenue in the Branded Rx segment decreased by 6% compared to the first quarter of 2017 primarily due to divestitures and discontinuations, and declines in the Ortho Dermatologics business; revenue in this segment grew organically 2 by 8% compared to the first quarter of 2017 Grew revenue in the Salix business by 40% compared to the first quarter of 2017 XIFAXAN ® revenue increased by 49% compared to the first quarter of 2017 RELISTOR ® franchise revenue increased by 54% compared to the first quarter of 2017 APRISO ® revenue increased by 31% compared to the first quarter of 2017 UCERIS ® franchise revenue increased by 27% compared to the first quarter of 2017 The U.S. Food and Drug Administration (FDA) approved PLENVU®, a 1-liter bowel cleansing preparation for colonoscopies, which is expected to be available in the third quarter of 2018 Continued to stabilize the Ortho Dermatologics business Increased dermatology sales force by approximately 25% in January 2018 Expanded the SILIQ™ launch after executing REMS certifications for more than 2,500 physicians, which includes more than 50% of the target prescribers Launched RETIN-A MICRO ® 0.06% topical treatment for acne in January 2018 with sales tracking above the Company's expectations The FDA accepted New Drug Applications for: ALTRENO™ 3 (IDP-121), an acne treatment in lotion form; PDUFA action date of Aug. 27, 2018 BRYHALI™ 3 (IDP-122), a topical treatment for plaque psoriasis; PDUFA action date of Oct. 5, 2018 Pivotal efficacy and safety data for DUOBRII™ 3 (IDP-118), a topical treatment for plaque psoriasis, was published in The Journal of the American Academy of Dermatology Completed Phase 2 studies for IDP-120, a topical treatment for acne that contains a fixed dose combination of tretinoin and benzoyl peroxide gel; Phase 3 studies are expected to begin in the second half of 2018 Entered into an exclusive licensing agreement with Kaken Pharmaceutical Co., Ltd. to develop and commercialize products containing a new chemical entity that, if approved, would represent a novel drug with an alternate mechanism of action in the topical treatment of psoriasis
Reducing Debt and Extending Maturities
Repaid approximately $280 million of debt with cash on hand in the first quarter of 2018 Repaid $200 million of the Company's senior secured term loans, using cash on hand, in January 2018 Redeemed remaining $71 million aggregate principal amount of our outstanding 7.000% Senior Unsecured Notes due 2020, using cash on hand, on March 30, 2018 Issued $1.5 billion aggregate principal amount of 9.250% senior notes due 2026 on March 26, 2018 Used net proceeds, along with cash on hand, to repurchase, through cash tender offers, approximately $1.45 billion aggregate principal amount of outstanding Senior Notes due 2020 and 2021, and to pay fees and expenses
Resolving Legal Issues
Achieved dismissals or other positive outcomes in resolving and managing litigation and investigations in approximately 20 matters since Jan. 1, 2018 The UCERIS ® arbitration was decided in favor of Valeant with the Arbitral Tribunal issuing a ruling that rejected the other party's claims and ordering that they pay the entirety of Valeant's legal costs Agreed to resolve the SOLODYN ® antitrust litigations, with the class settlement ($58 million) being subject to final court approval Agreed to resolve California Department of Insurance matter relating to Philidor, with no finding of admission or liability by Valeant Summary judgment granted that upheld validity of RELISTOR ® Injection patent, U.S. Patent No. 8,552,025, preventing generic competition until 2024
First-Quarter 2018 Revenue Performance
Total reported revenues were $1.995 billion for the first quarter of 2018, as compared to $2.109 billion in the first quarter of 2017, a decrease of $114 million, or 5%. Excluding the impact of the 2017 divestitures and discontinuations of $214 million and the favorable impact of foreign exchange of $66 million, revenue grew organically 2 by 2% compared to the first quarter of 2017, primarily driven by growth in the Salix business and the Bausch + Lomb/International segment. Organic 2 revenue growth was partially offset by declines in the Ortho Dermatologics business and lower volumes in the U.S. Diversified Products segment, attributed to the previously reported loss of exclusivity for a basket of products.
Revenues by segment for the first quarter of 2018 were as follows:
(in millions)
1Q 2018
1Q 2017 4
Reported
Change
Reported
Change
Change at
Constant
Currency 5
Organic 2
Change
Segment
Bausch + Lomb/International
$1,103
$1,134
($31)
(3%)
(8%)
2%
Branded Rx
$593
$629
($36)
(6%)
(6%)
8%
U.S. Diversified Products
$299
$346
($47)
(14%)
(14%)
(9%)
Total Revenues
$1,995
$2,109
($114)
(5%)
(9%)
2%
Bausch + Lomb/International Segment
Bausch + Lomb/International segment revenues were $1.103 billion for the first quarter of 2018, as compared to $1.134 billion for the first quarter of 2017, a decrease of $31 million, or 3%. Excluding the impact of divestitures and discontinuations of $113 million, and the favorable impact of foreign exchange of $65 million, the Bausch + Lomb/International segment grew organically 2 by approximately 2% compared to the first quarter of 2017.
Branded Rx Segment
Branded Rx segment revenues were $593 million for the first quarter of 2018, as compared to $629 million for the first quarter of 2017, a decrease of $36 million, or 6%. Excluding the impact of divestitures and discontinuations of $83 million and the favorable impact of foreign exchange of $1 million, the Branded Rx segment grew organically 2 by approximately 8% compared to the first quarter of 2017. Compared to the first quarter of 2017, the Salix business grew revenue by 40%, largely driven by sales growth in XIFAXAN ® and other promoted products.
U.S. Diversified Products Segment
U.S. Diversified Products segment revenues were $299 million for the first quarter of 2018, as compared to $346 million for the first quarter of 2017, a decrease of $47 million, or 14%. The decline was primarily driven by decreases attributed to the previously reported loss of exclusivity for a basket of products and by the impact of the 2017 divestitures and discontinuations of $18 million.
Operating Loss
Operating loss was $2.281 billion for the first quarter of 2018, as compared to an operating income of $211 million for the first quarter of 2017, a decrease of $2.492 billion. The decrease in operating of 2018 primarily reflects goodwill impairment charges of $2.213 billion related to the Salix and Ortho Dermatologics businesses. These charges were recognized when the Company adopted new accounting guidance from the Financial Accounting Standards Board in January 2018.
Net Loss
Net loss for the three months ended March 31, 2018 was $2.693 billion, as compared to net income of $628 million for the same period in 2017, a decrease of $3.321 billion. The decrease in net income is primarily attributed to a decrease in the benefit from income taxes and the goodwill impairment charges recorded in the first quarter of 2018. Net income in the first quarter of 2017 included an income tax benefit of $908 million from a non-cash internal restructuring in that quarter.
Adjusted net income (non-GAAP) for the first quarter of 2018 was $312 million, as compared to $273 million for the first quarter of 2017, an increase of 14%.
Operating Cash
The Company delivered $438 million in operating cash in the first quarter of 2018, which was above expectations due to reductions in working capital and despite settlement payments of $170 million that were made in the first quarter for certain legacy legal matters, including the SOLODYN ® Antitrust Class Actions and Allergan Shareholder Class Actions.
Cash flow in the first quarter of 2018 decreased by $516 million, as compared to $954 million in the first quarter of 2017. The first quarter of 2017 included a one-time cash receipt attributed to our fulfillment agreement with Walgreens.
EPS
GAAP Earnings Per Share (EPS) Diluted for the first quarter of 2018 was $(7.68), as compared to $1.79 for the first quarter of 2017.
Adjusted EBITDA (non-GAAP)
Adjusted EBITDA (non-GAAP) was $832 million for the first quarter of 2018, as compared to $861 million for the first quarter of 2017, a decrease of $29 million, primarily driven by the impact of the 2017 divestitures of $75 million, offset by growth in the Salix business.
2018 Financial Outlook
Valeant has raised guidance for the full year of 2018 and has not changed anticipated dates for products losing exclusivity (LOE) later this year:
Full-Year Revenues in the range of $8.15 – $8.35 billion from $8.10 – $8.30 billion Full-Year Adjusted EBITDA (non-GAAP) in the range of $3.15 – $3.30 billion from $3.05 – $3.20 billion
Other than with respect to GAAP Revenues, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. In periods where significant acquisitions or divestitures are not expected, the Company believes it might have a basis for forecasting the GAAP equivalent for certain costs, such as amortization, which would otherwise be treated as non-GAAP to calculate projected GAAP net income (loss). However, because other deductions (such as restructuring, gain or loss on extinguishment of debt and litigation and other matters) used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP). The guidance provided in this section represents forward-looking information, and actual results may vary. Please see the risks and assumptions referred to in the Forward-looking Statements section of this news release.
Additional Highlights
Valeant's were $909 million at March 31, 2018 The Company's availability under the Revolving Credit Facility was approximately $1.1 billion at March 31, 2018
Conference Call Details
Date:
Tuesday, May 8, 2018
Time:
8:00 a.m. EDT
Web cast:
http://ir.valeant.com/events-and-presentations
Participant Event Dial-in:
(844) 428-3520 (North America)
(409) 767-8386 (International)
Participant Passcode:
6185877
Replay Dial-in:
(855) 859-2056 (North America)
(404) 537-3406 (International)
Replay Passcode:
6185877 (replay available until July 8, 2018)
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a global company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health. More information can be found at www.valeant.com .
Forward-looking Statements
This press release contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward-looking statements"), including, but not limited to, statements regarding Valeant's future prospects and performance including the Company's 2018 revised full-year guidance, the anticipated approval and launch dates for certain of our products, the anticipated timing of the commencement of studies for certain of our pipeline products, the anticipated timing of loss of exclusivity for certain of our products and the final court approval of the settlements of the Allergan securities litigation and SOLODYN ® antitrust litigation. may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," "tracking," or "continue" and variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the Company's full-year guidance, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs and readers are cautioned that these statements may not be appropriate for other purposes. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results and events to differ materially from those described in these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in the Company's other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which risks and uncertainties are incorporated herein by reference. In addition, certain material factors and assumptions have been applied in making these forward-looking statements (including the Company's 2018 full-year guidance), including that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements, and additional information regarding certain of these material factors and assumptions may also be found in the Company's filings described above. The Company believes that the material factors and assumptions reflected in these forward-looking statements are reasonable, but readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes, unless required by law.
Non-GAAP Information
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures including (i) Adjusted EBITDA (non-GAAP), (ii) organic growth and (iii) constant currency. As discussed below, we also provide Adjusted Net Income (non-GAAP) to provide supplemental information to readers. Management uses these non-GAAP measures as key metrics in the evaluation of company performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures are useful to investors in their assessment of our operating performance and the valuation of our Company. In addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors, and in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors.
However, these measures are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar non-GAAP measures. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
The reconciliations of these historic non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in the tables below. However, as indicated above, for guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.
Specific Non-GAAP Measures
Adjusted EBITDA (non-GAAP)
Adjusted EBITDA (non-GAAP) is GAAP net income (its most directly comparable GAAP financial measure) adjusted for certain items, as further described below. Management of the Company believes that Adjusted EBITDA (non-GAAP), along with the GAAP measures used by management, most appropriately reflect how the Company measures the business internally and sets operational goals and incentives, especially in light of the Company's new strategies. In particular, the Company believes that Adjusted EBITDA (non-GAAP) focuses management on the Company's underlying operational results and business performance. As a result, the Company uses Adjusted EBITDA (non-GAAP) both to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes Adjusted EBITDA (non-GAAP) is a useful measure to evaluate current performance. Adjusted EBITDA (non-GAAP) is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, commencing in 2017, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets.
Adjusted EBITDA (non-GAAP) reflect adjustments based on the following items:
Restructuring and integration costs: Since 2016 and for the foreseeable future, while the Company has undertaken fewer acquisitions, the Company has incurred additional restructuring costs as it implements its new strategies, which will involve, among other things, improvements to our infrastructure and other operational improvements, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the Company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. As a result, the Company does not believe that such costs (and their impact) are truly representative of the underlying business. The Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. Acquired in-process research and development costs: The Company has excluded expenses associated with acquired in-process research and development, as these amounts are inconsistent in amount and frequency and are significantly impacted by the timing, size and nature of acquisitions. Furthermore, as these amounts are associated with research and development acquired, they are not a representation of the Company's research and development efforts during the period. Asset Impairments: The Company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets, as well as impairments of assets held for sale, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes intangible impairments from its non-GAAP expenses, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation. Share-based Compensation: The Company excludes the impact of costs relating to share-based compensation. The Company believes that the exclusion of share-based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted. Acquisition- related adjustments excluding amortization of intangible assets and depreciation expense: The Company has excluded the impact of acquisition-related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments is not consistent and is significantly impacted by the timing and size of the Company's acquisitions, as well as the nature of the agreed-upon consideration. In addition, the Company has excluded the impact of fair value inventory step-up resulting from acquisitions as the amount and frequency of such adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. Loss on extinguishment of debt: The Company has excluded loss on extinguishment of debt as this represents a cost of refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such charges are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management's control. Other Non-GAAP Charges: The Company has excluded certain other amounts, including legal and other professional fees incurred in connection with recent legal and governmental proceedings, investigations and information requests respecting certain of our distribution, marketing, pricing, disclosure and accounting practices, litigation and other matters, and net (gain)/loss on sale of assets. In addition, the Company has excluded certain other expenses that are the result of other, non-comparable events to measure operating performance. These events arise outside of the ordinary course of continuing operations. Given the unique nature of the matters relating to these costs, the Company believes these items are not normal operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the Company believes the costs associated with legal settlements and judgments are not normal operating expenses. In addition, as opposed to more ordinary course matters, the Company considers that each of the recent proceedings, investigations and information requests, given their nature and frequency, are outside of the ordinary course and relate to unique circumstances. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation.
Finally, to the extent not already adjusted for above, Adjusted EBITDA (non-GAAP) reflects adjustments for interest, taxes, (EBITDA represents earnings before interest, taxes, ).
Adjusted Net Income (Loss) (non-GAAP)
Historically, management has used adjusted net income (loss) (non-GAAP) (the most directly comparable GAAP financial measure for which is GAAP net income (loss)) for strategic decision making, forecasting future results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as further described below) that may obscure trends in the Company's underlying performance. By disclosing this non-GAAP measure, it was management's intention to provide investors with a meaningful, supplemental comparison of the Company's operating results and trends for the periods presented. It was management's belief that this measure was also useful to investors as such measure allowed investors to evaluate the Company's performance using the same tools that management had used to evaluate past performance and prospects for future performance. Accordingly, it was the Company's belief that adjusted net income (loss) (non-GAAP) was useful to investors in their assessment of the Company's operating performance and the valuation of the Company. It is also noted that, in recent periods, our GAAP net income was significantly lower than our adjusted net income (non-GAAP). Commencing in 2017, management of the Company identified and began using certain new primary financial performance measures to assess the Company's financial performance. However, management still believes that adjusted net income (loss) (non-GAAP) may be useful to investors in their assessment of the Company and its performance.
In addition to certain of the adjustments described above (namely restructuring and integration costs, acquired in-process research and development costs, loss on extinguishment of debt, asset impairments, acquisition-related adjustments, excluding amortization, and other non-GAAP charges), adjusted net income (non-GAAP) also reflects adjustments based on the following additional items:
Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes amortization of intangible assets from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Organic Growth
Organic Growth, a non-GAAP metric, is defined as an increase on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of recent acquisitions, divestitures and discontinuations. Organic Growth is growth in GAAP Revenue (its most directly comparable GAAP financial measure) adjusted for certain items, as further described below, of businesses that have been owned for one or more years. The Company uses organic revenue and organic growth to assess performance of its business units and operating and reportable segments, and the Company in total, without the impact of foreign currency exchange fluctuations and recent acquisitions, divestitures and product discontinuations. The Company believes that such measures are useful to investors as it provides a supplemental period-to-period comparison.
Organic revenue growth reflects adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates on revenues and (ii) the revenues associated with acquisitions, divestitures and discontinuations of businesses divested and/ or discontinued. These adjustments are determined as follows:
Foreign currency exchange rates: Although changes in foreign currency exchange rates are part of our business, they are not within management's control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the business. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. Acquisitions, divestitures and discontinuations: In order to present period-over-period organic revenues (non-GAAP) on a comparable basis, revenues associated with acquisitions, divestitures and discontinuations are adjusted to include only revenues from those businesses and assets owned during both periods. Accordingly, organic revenue (non-GAAP) growth excludes from the current period, revenues attributable to each acquisition for twelve months subsequent to the day of acquisition, as there are no revenues from those businesses and assets included in the comparable prior period. Organic revenue (non-GAAP) growth excludes from the prior period (but not the current period), all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period.
Constant Currency
Changes in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company's financial results and financial position. To assist investors in evaluating the Company's performance, we have adjusted for foreign currency effects. Constant currency impact is determined by comparing 2018 reported amounts adjusted to exclude currency impact, calculated using 2017 monthly average exchange rates, to the actual 2017 reported amounts.
Please also see the reconciliation tables below for further information as to how these non-GAAP measures are calculated for the periods presented.
1
Please see the tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the nearest comparable GAAP measure.
2
Organic growth, a non-GAAP metric, is defined as an increase on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of recent acquisitions, divestitures and discontinuations.
3
Provisional name
4
Effective in the first quarter of 2018, revenues from the U.S. Solta business included in the U.S. Diversified Products segment in prior periods and revenues from the international Solta business included in the Bausch + Lomb/International segment in prior periods are presented in the Branded Rx segment. Prior period presentations of segment revenues have been conformed to the current segment reporting structure to allow investors to evaluate results between periods on a constant basis. Global Solta revenue was $29 million and $23 million for the first quarters of 2018 and 2017, respectively.
5
To assist investors in evaluating the Company's performance, we have adjusted for changes in foreign currency exchange rates. Change at constant currency, a non-GAAP metric, is determined by comparing 2018 reported amounts adjusted to exclude currency impact, calculated using 2017 monthly average exchange rates, to the actual 2017 reported amounts.
FINANCIAL TABLES FOLLOW
Valeant Pharmaceuticals International, Inc.
Table 1
Condensed Consolidated Statements of Operations
For the Three and 2017
(unaudited)
Three Months Ended
March 31,
(in millions)
2018
2017
Revenues
Product sales
$
1,965
$
2,076
Other revenues
30
33
1,995
2,109
Expenses
Cost of goods sold (exclusive of amortization and impairments of intangible assets)
560
584
Cost of other revenues
13
12
591
661
Research and development
92
96
Amortization of intangible assets
743
635
Goodwill impairments
2,213
—
Asset impairments
44
138
Restructuring and integration costs
6
18
Acquired in-process research and development costs
1
4
Acquisition-related contingent consideration
2
(10)
Other expense (income), net
11
(240)
4,276
1,898
Operating (loss) income
(2,281)
211
Interest income
3
3
Interest expense
(416)
(474)
Loss on extinguishment of debt
(27)
(64)
Foreign exchange and other
27
29
Loss before benefit from income taxes
(2,694)
(295)
Benefit from income taxes
(3)
(924)
Net (loss) income
(2,691)
629
Less: Net income attributable to noncontrolling interest
2
1
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.
$
(2,693)
$
628
Valeant Pharmaceuticals International, Inc.
Table 2
Reconciliation of GAAP Net (Loss) Income to Adjusted Net Income (non-GAAP)
For the Three and 2017
(unaudited)
Three Months Ended
March 31,
(in millions)
2018
2017
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.
$
(2,693)
$
628
Non-GAAP adjustments: (a)
Amortization of intangible assets
743
635
Asset impairments
44
138
Goodwill impairments
2,213
—
Restructuring and integration costs
6
18
Acquired in-process research and development costs
1
4
Acquisition-related adjustments excluding amortization of intangible assets
2
(10)
Loss on extinguishment of debt
27
64
Legal and other professional fees
5
10
Litigation and other matters
11
77
Net gain on sale of assets
—
(317)
Other
(1)
—
Tax effect of non-GAAP adjustments
(46)
(974)
Total non-GAAP adjustments
3,005
(355)
Adjusted net income attributable to Valeant Pharmaceuticals International, Inc.
(non-GAAP)
$
312
$
273
(a)
The components of (and further details respecting) each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a.
Valeant Pharmaceuticals International, Inc.
Table 2a
Reconciliation of GAAP to Non-GAAP Financial Information
For the Three and 2017
(unaudited)
Three Months Ended
March 31,
(in millions)
2018
2017
reconciliation:
GAAP
$
591
$
661
Legal and other professional fees (a)
(5)
(10)
Other (b)
1
—
Adjusted selling, general and administrative (non-GAAP)
$
587
$
651
Amortization of intangible assets reconciliation:
GAAP Amortization of intangible assets
$
743
$
635
Amortization of intangible assets (c)
(743)
(635)
Adjusted amortization of intangible assets (non-GAAP)
$
—
$
—
Goodwill impairment reconciliation:
GAAP Goodwill impairment
$
2,213
$
—
Goodwill impairment (d)
(2,213)
—
Adjusted goodwill impairment (non-GAAP)
$
—
$
—
Restructuring and integration costs reconciliation:
GAAP Restructuring and integration costs
$
6
$
18
Restructuring and integration costs (e)
(6)
(18)
Adjusted restructuring and integration costs (non-GAAP)
$
—
$
—
Acquired in-process research and development costs reconciliation:
GAAP Acquired in-process research and development costs
$
1
$
4
Acquired in-process research and development costs (f)
(1)
(4)
Adjusted acquired in-process research and development costs (non-GAAP)
$
—
$
—
Asset impairments reconciliation:
GAAP Asset impairments
$
44
$
138
Asset impairments (g)
(44)
(138)
Adjusted asset impairments (non-GAAP)
$
—
$
—
Acquisition-related contingent consideration reconciliation:
GAAP Acquisition-related contingent consideration
$
2
$
(10)
Acquisition-related contingent consideration (h)
(2)
10
Adjusted acquisition-related contingent consideration (non-GAAP)
$
—
$
—
Other expense (income), net reconciliation:
GAAP Other expense (income), net
$
11
$
(240)
Litigation and other matters (i)
(11)
(77)
Net gain on sale of assets (j)
—
317
Adjusted other expense (income) (non-GAAP)
$
—
$
—
Loss on extinguishment of debt reconciliation:
GAAP Loss on extinguishment of debt
$
(27)
$
(64)
Loss on extinguishment of debt (k)
27
64
Adjusted loss on extinguishment of debt (non-GAAP)
$
—
$
—
Table 2a (continued)
Three Months Ended
March 31,
(in millions)
2018
2017
Benefit from income taxes reconciliation:
GAAP Benefit from income taxes
$
(3)
$
(924)
Tax effect of non-GAAP adjustments (l)
46
974
Adjusted provision for income taxes (non-GAAP)
$
43
$
50
(a)
Represents the sole component of the non-GAAP adjustment of "Legal and other professional fees" (see Table 2). Legal and other professional fees incurred during the three months ended March 31, 2018 and 2017 in connection with recent legal and governmental proceedings, investigations and information requests related to, among other matters, our distribution, marketing, pricing, disclosure and accounting practices.
(b)
Represents the sole component of the non-GAAP adjustment of "Other" (see Table 2).
(c)
Represents the sole component of the non-GAAP adjustment of "Amortization of intangible assets" (see Table 2).
(d)
Represents the sole component of the non-GAAP adjustment of "Goodwill impairment" (see Table 2).
(e)
Represents the sole component of the non-GAAP adjustment of "Restructuring and integration costs" (see Table 2).
(f)
Represents the sole component of the non-GAAP adjustment of "Acquired in-process research and development costs" (see Table 2).
(g)
Represents the sole component of the non-GAAP adjustment of "Asset impairments" (see Table 2).
(h)
Represents the sole component of the non-GAAP adjustment of "Acquisition-related adjustments excluding amortization of intangible assets" (see Table 2).
(i)
Represents the sole component of the non-GAAP adjustment of "Litigation and other matters" (see Table 2).
(j)
Represents the sole component of the non-GAAP adjustment "Net gain on sale of assets" (see Table 2). Net gain on sale of assets of $317 million during the three months ended March 31, 2017 includes the $319 million gain on the sale of CeraVe, AcneFree and AMBI skincare brands in March of 2017.
(k)
Represents the sole component of the non-GAAP adjustment of "Loss on extinguishment of debt" (see Table 2).
(l)
Represents the sole component of the non-GAAP adjustment of "Tax effect of non-GAAP adjustments" (see Table 2).
Valeant Pharmaceuticals International, Inc.
Table 2b
Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (non-GAAP)
For the Three and 2017
(unaudited)
Three Months Ended
March 31,
(in millions)
2018
2017
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.
$
(2,693)
$
628
Interest expense, net
413
471
Benefit from income taxes
(3)
(924)
Depreciation and amortization
786
674
EBITDA
(1,497)
849
Adjustments:
Asset impairments
44
138
Goodwill impairments
2,213
—
Restructuring and integration costs
6
18
Acquired in-process research and development costs
1
4
Acquisition-related adjustments excluding amortization and depreciation
2
(10)
Loss on extinguishment of debt
27
64
Share-based compensation
21
28
Other adjustments:
Legal and other professional fees (a)
5
10
Litigation and other matters
11
77
Net gain on sale of assets (b)
—
(317)
Other
(1)
—
Adjusted EBITDA (non-GAAP)
$
832
$
861
(a)
Legal and other professional fees incurred during the three months ended March 31, 2018 and 2017 in connection with recent legal and governmental proceedings, investigations and information requests related to, among other matters, our distribution, marketing, pricing, disclosure and accounting practices.
(b)
Net gain on sale of assets of $317 million during the three months ended March 31, 2017 includes the $319 million gain on the sale of CeraVe, AcneFree and AMBI skincare brands in March of 2017.
Valeant Pharmaceuticals International, Inc.
Table 3
Organic Growth (non-GAAP) - by Segment
For the Three and 2017
(unaudited)
Calculation of Organic Revenue
Three Months Ended
March 31, 2018
Three Months Ended
March 31, 2017
Change in
Organic
Revenue
Revenue
as
Reported
Changes
in
Exchange
Rates (a)
Organic
Revenue
(Non-
GAAP) (b)
Revenue
as
Reported
Divested
Revenues
Organic
Revenue
(Non-
GAAP) (b)
(in millions)
Amount
Pct.
Bausch + Lomb/International
Global Vision Care
$
195
$
(10)
$
185
$
170
$
—
$
170
$
15
9%
Global Surgical (c)
171
(12)
159
154
(1)
153
6
4%
Global Consumer Products
330
(17)
313
375
(63)
312
1
—%
Global Ophtho Rx
143
(5)
138
143
—
143
(5)
(3)%
International Rx (c)(d)
264
(21)
243
292
(49)
243
—
—%
Total Bausch + Lomb/International (e)
1,103
(65)
1,038
1,134
(113)
1,021
17
2%
Branded Rx
Salix
422
—
422
302
—
302
120
40%
Ortho Dermatologics (f)
112
—
112
194
—
194
(82)
(42)%
Global Solta (d)
29
(1)
28
23
—
23
5
18%
Dentistry
30
—
30
28
(1)
27
3
11%
Other revenues
—
—
—
82
(82)
—
—
—
Total Branded Rx
593
(1)
592
629
(83)
546
46
8%
U.S. Diversified Products (d)
Neuro & Other
209
—
209
243
—
243
(34)
(14)%
Generics
90
—
90
85
—
85
5
6%
Other revenues (f)
—
—
—
18
(18)
—
—
—
Total U.S. Diversified Products
299
—
299
346
(18)
328
(29)
(9)%
Total revenues
$
1,995
$
(66)
$
1,929
$
2,109
$
(214)
$
1,895
$
34
2%
(a)
The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency
exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.
(b)
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures. For additional information about the Company's use of such non-GAAP financial measures, refer to the body of the press release to which these tables are attached. Organic revenue (non-GAAP) for the three months ended March 31, 2018 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this press release). Organic revenue (non-GAAP) for the three months ended March 31, 2017 is calculated as revenue as reported less revenues attributable to divestitures and discontinuances during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period. Organic revenue is also adjusted for acquisitions, however, during the three months ended March 31, 2018 and 2017, there were no acquisitions.
(c)
As of the third quarter of 2017, one product has been removed from the Global Surgical business unit and added to the International Rx business unit. This change has been made as management believes that the product better aligns with the International Rx business unit, as this product, although acquired as part of the acquisition of certain surgical assets, is an injectable product. Prior period presentations of business unit revenue have been conformed to the current business unit reporting structure to allow investors to evaluate results between period on a consistent basis.
Valeant Pharmaceuticals International, Inc. Table 3 (continued)
Organic Growth (non-GAAP) - by Segment
For the Three and 2017
(unaudited)
(d)
Effective in the first quarter of 2018, revenues from the U.S. Solta business originally included as a separate business in the U.S. Diversified segment in prior periods and revenues from the international Solta business originally included in the International Rx business in the Bausch + Lomb/International segment in prior periods, are presented in the Branded Rx segment. Prior period presentations of segment revenues have been conformed to the current reporting structure to allow investors to evaluate results between period on a consistent basis.
(e)
Includes China organic growth as follows:
Calculation of Organic Revenue
Three Months Ended
March 31, 2018
Three Months Ended
March 31, 2017
Change in
Organic
Revenue
Revenue
as
Reported
Changes
in
Exchange
Rates (a)
Organic
Revenue
(Non-
GAAP) (b)
Revenue
as
Reported
Divested
Revenues
Organic
Revenue
(Non-
GAAP) (b)
(in millions)
Amount
Pct.
China
$
84
$
(6)
$
78
$
68
$
(1)
$
67
$
11
15%
(f)
Beginning in 2018, two products historically included in the reported results of the Other business unit in the U.S. Diversified segment will be included in the reported results of the Ortho Dermatologics business unit in the Branded Rx segment in all current and future periods, as management believes the products better align with that business unit. Revenues related to these products for three months ended March 31, 2017 were $2 million. Prior period presentations of segment and business unit revenues have been conformed to current segment and business unit reporting structures to allow investors to evaluate results between periods on a consistent basis.
Valeant Pharmaceuticals International, Inc.
Table 4
Consolidated Balance Sheet and Other Financial Information
(unaudited)
(in millions)
March 31,
2018
December 31,
2017
Cash Balances
Cash and cash equivalents
$
909
$
720
Restricted cash
—
77
Cash, cash equivalents and restricted cash
$
909
$
797
Debt Balances
Senior Secured Credit Facilities:
Revolving Credit Facility
$
250
$
250
Series F Tranche B Term Loan Facility
3,225
3,420
Senior Secured Notes
4,941
4,939
Senior Unsecured Notes:
5.375% Senior Unsecured Notes due March 2020
688
1,699
7.00% Senior Unsecured Notes due October 2020
—
71
6.375% Senior Unsecured Notes due October 2020
294
656
9.25% Senior Unsecured Notes due 2026
1,480
—
All other Senior Unsecured Notes
14,376
14,394
Other
14
15
Total long-term debt, net of unamortized discounts and issuance costs
25,268
25,444
Plus: Unamortized discounts and issuance costs
299
308
Maturities of debt
$
25,567
$
25,752
Maturities of Debt
Remainder of 2018
$
2
$
209
2019
—
—
2020
1,237
2,690
2021
3,103
3,175
2022
5,115
5,115
2023
6,098
6,051
Thereafter
10,012
8,512
Maturities of debt
$
25,567
$
25,752
2018
2017
Cash provided by operating activities - Three months ended March 31
$
438
$
954
Investor Contact:
Media Contact:
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Lainie Keller
[email protected]
[email protected]
(514) 856-3855
(908) 927-0617
(877) 281-6642 (toll free)
View original content with multimedia: http://www.prnewswire.com/news-releases/valeant-announces-first-quarter-2018-results-and-raises-revenue-and-adjusted-ebitda-non-gaap-guidance-300644146.html
SOURCE Valeant Pharmaceuticals International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-valeant-announces-first-quarter-2018-results-and-raises-revenue-and-adjusted-ebitda-non-gaap-guidance.html |
May 2 (Reuters) - Kirkland Lake Gold Ltd:
* KIRKLAND LAKE GOLD REPORTS SOLID EARNINGS AND CASH FLOW IN FIRST QUARTER 2018, ANNOUNCES DIVIDEND INCREASE
* INCREASE TO ITS QUARTERLY DIVIDEND TO C$0.03 PER SHARE FROM C$0.02 PER SHARE, WITH INCREASE TO COMMENCE WITH Q2 2018
* QTRLY EARNINGS PER SHARE $0.25 * QTRLY PRODUCTION INCREASED TO 147,644 OUNCES FROM 130,425 OUNCES IN Q1 2017
* Q1 EARNINGS PER SHARE VIEW $0.24 — THOMSON REUTERS I/B/E/S
* KIRKLAND LAKE GOLD - GOLD SALES FOR Q1 TOTALED 147,763 OUNCES, A 7% INCREASE FROM 137,841 OUNCES IN Q1 2017
* REALIZED GOLD PRICE IN Q1 2018 AVERAGED $1,333 PER OUNCE, AN INCREASE OF 10% FROM $1,225 PER OUNCE IN Q1 2017
* KIRKLAND LAKE GOLD - EXPECT HIGHER LEVELS OF PRODUCTION AS YEAR PROGRESSES
* COMPANY REMAINS ON TRACK TO ACHIEVE ITS FULL-YEAR 2018 CONSOLIDATED PRODUCTION GUIDANCE OF OVER 620,000 OUNCES
* COMPANY REMAINS ON TRACK TO ACHIEVE FULL-YEAR 2018 CAP-EX GUIDANCE OF $150 - $170 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kirkland-lake-gold-reports-qtrly-e/brief-kirkland-lake-gold-reports-qtrly-earnings-per-share-0-25-idUSASC09YY6 |
April 30 (Reuters) - IS YATIRIM MENKUL DEGERLER:
* Q1 NET PROFIT OF 58.9 MILLION LIRA VERSUS 27.2 MILLION LIRA YEAR AGO
* Q1 REVENUE OF 13.02 BILLION LIRA VERSUS 13.37 BILLION LIRA YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-is-yatirim-menkul-degerler-q1-net/brief-is-yatirim-menkul-degerler-q1-net-profit-surges-to-58-9-million-lira-idUSFWN1S712N |
LONDON (AP) — BP says first-quarter earnings surged 70 percent as the energy company profited from rising oil prices and increased production.
The London-based company reported net income of $2.47 billion, up from $1.45 billion in the same period last year.
Underlying replacement cost profit rose 71 percent to $2.59 billion. The figure, which excludes fluctuations in the value of inventories and one-time items, is the industry's preferred gauge of earnings.
Oil companies are profiting after they cut costs and sold assets to adjust to an era of lower oil prices after crude dropped below $30 a barrel in January 2016. Brent crude averaged $66.82 in the first quarter, 24 percent higher than a year earlier.
BP's energy production increased 9 percent to the equivalent of 2.6 million barrels of oil a day. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/the-associated-press-bp-gets-q1-boost-from-higher-oil-prices-and-more-production.html |
(Reuters) - After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co Ltd should pay $539 million to Apple Inc for copying patented smartphone features, according to court documents, bringing a years-long feud between the technology companies into its final stages.
The world’s top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsung’s smartphones and tablets “slavishly” copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18.
Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week.
Because of that credit, if the verdict is upheld on appeal it will result in Samsung making an additional payment to Apple of nearly $140 million.
In a statement, Apple said it was pleased that the members of the jury “agree that Samsung should pay for copying our products.”
“We believe deeply in the value of design,” Apple said in its statement. “This case has always been about more than money.”
Samsung did not immediately say whether it planned to appeal the verdict but said it was retaining “all options” to contest it.
“Today’s decision flies in the face of a unanimous Supreme Court ruling in favor of Samsung on the scope of design patent damages,” Samsung said in a statement. “We will consider all options to obtain an outcome that does not hinder creativity and fair competition for all companies and consumers.”
Silhouette of mobile user is seen next to a screen projection of Apple logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration The new jury verdict followed a trial in San Jose, California, before Judge Lucy Koh that focused on how much Samsung should pay for infringing Apple patents covering aspects of the iPhone’s design. The jury awarded Apple $533.3 million for Samsung’s violation of so-called design patents and $5.3 million for the violation of so-called utility patents.
Apple this year told jurors it was entitled to $1 billion in profits Samsung made from selling infringing phones, saying the iPhone’s design was crucial to their success.
Samsung sought to limit damages to about $28 million, saying it should only pay for profits attributable to the components of its phones that infringed Apple patents.
Jurors in the earlier trial awarded $1.05 billion to Apple, which was later reduced.
Samsung paid $548 million to Apple in December 2015, including $399 million for infringement of some of the patents at issue in this week’s trial.
Apple’s case against Samsung raised the question of whether the total profits from a product that infringes a design patent should be awarded if the patent applies only to a component of the product, said Sarah Burstein, a professor of patent law at the University of Oklahoma.
FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji/File Photo The verdict appears to be a compromise between Apple and Samsung’s positions and does not offer much clarity on that question, said Burstein, who predicted Samsung would appeal it to the U.S. Court of Appeals for the Federal Circuit.
“This decision just means we are going to have more uncertainty,” Burstein said. “Smart tech industry players are waiting to see what the Federal Circuit does. This is just one jury applying one test.”
Reporting by Stephen Nellis in San Francisco and Jan Wolfe in New York; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-apple-samsung-elec/u-s-jury-awards-apple-539-million-in-samsung-patent-retrial-cnet-idUSKCN1IP3Q1 |
NEW YORK, May 24 (Reuters) - The U.S. oil export infrastructure is straining to keep up as the country’s crude oil exports hit new highs and China snaps up more of it than ever before.
U.S. crude production has surged to a record 10.7 million barrels a day, driven largely by growth from the Permian shale patch in West Texas, which pumps more than 3 million bpd.
However, the infrastructure to move it abroad is lagging, even as U.S. prices are well below the Brent benchmark, a discount that sits just off three-year highs at $8.09 per barrel. WTCLc1-LCOc1
U.S. crude exports peaked at 2.6 million bpd two weeks ago, but are expected to keep rising.
No definitive data are available on how much crude the United States can export, though analysts estimate a nationwide capacity of 3.5 million to 4 million bpd. Most terminal operators and companies do not disclose capacity, and the U.S. Energy Department does not track it.
“So far, export capacity is keeping pace, but we are walking a tightrope,” said Bernadette Johnson, vice president at DrillingInfo.
That capacity may begin to be tested next month, as Sinopec , Asia’s largest refiner, bought a record 16 million barrels, or about 533,000 bpd of U.S. crude, to load in June, two sources with knowledge of the matter said on Wednesday.
For the last six months of available data, ending in February, the United States only exported about 332,000 bpd to China.
Analysts are concerned about how quickly the crude terminals at Gulf Coast ports, many initially designed for imports, can shift to handling exports. Only the Louisiana Offshore Oil Port can handle supertanker exports, but it only started testing in February. The supertankers, known as VLCCs or very large crude carriers, can handle some 2 million barrels of oil - the amount preferred by Asian buyers with bigger ports.
“There’s only one dock on the Gulf Coast that can handle a VLCC deepwater, and that’s LOOP. And the LOOP has only started to export,” said Sandy Fielden, director of research in commodities and energy at Morningstar.
Port of Corpus Christi in Texas is developing its Harbor Island port, which will accommodate 120 VLCCs per year, said Jarl Pedersen, chief commercial officer at the port, with a targeted completion of late 2020.
Kpler, a cargo tracking service, on Thursday estimated that up to 4.8 million bpd can be moved from the top crude-exporting ports of Corpus Christi, Houston, Port Arthur and New Orleans. Their estimate in October was 3.2 million bpd.
PIRA Energy Group put the U.S. overall crude export capacity at 3.5 million bpd, while Morningstar’s estimate is 3.8 million bpd at most.
In addition to port constraints, inadequate pipeline space has created a glut of supply in west Texas, pushing the principle cash grade there WTC-WTM to a $13 discount to benchmark U.S. crude futures this month, the biggest in 3-1/2 years.
“The constraint is really the pipeline coming down from the Permian to Corpus Christi,” said Pedersen. However, the ship channel still needs to be deepened, a $320 million project in development with the U.S. Army Corps of Engineers. (Reporting by Ayenat Mersie; Editing by Richard Chang)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-oil-exports-china/chinese-others-clamor-for-crude-exports-but-u-s-straining-capacity-idUSL2N1SU2EZ |
Cleveland Cavaliers big man Kevin Love remains in the NBA’s concussion protocol, and his status for Game 1 of the NBA Finals on Thursday against the Golden State Warriors is uncertain.
May 25, 2018; Cleveland, OH, USA; Boston Celtics forward Jayson Tatum (0) shoots the ball against Cleveland Cavaliers center Kevin Love (0) during the first quarter in game six of the Eastern conference finals of the 2018 NBA Playoffs at Quicken Loans Arena. Mandatory Credit: Ken Blaze-USA TODAY Sports Cavs head coach Tyronn Lue told reporters Tuesday before the team flew to Oakland that he was “not sure” if Love would be able to play.
Love missed almost all of Games 6 and 7 of the Eastern Conference finals following a head-to-head collision with Boston Celtics rookie Jayson Tatum in the first quarter on Friday. Love was re-evaluated Saturday before the decision to hold him out of Sunday’s Game 7, though he traveled with the team to Boston and attended the game.
Jeff Green started in Love’s place and totaled 19 points and eight rebounds in Game 7.
Love, 29, is averaging 13.9 points and 10.0 rebounds per game in the postseason.
Three years ago, he missed the entirety of the Cavaliers’ NBA Finals series with the Warriors due to a separated shoulder. Golden State won in six games.
This year’s Finals, the fourth straight meeting between the two teams, tips off Thursday at 9 p.m. ET at Oracle Arena in Oakland.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-gsw-cle-love-health/cavaliers-kevin-love-in-concussion-protocol-uncertain-for-nba-finals-game-1-idUSKCN1IU2G9 |
* Dollar recovers after Thursday’s decline; euro slips
* U.S. inflation points to gradual rate rises
* Emerging market currencies get a breather
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
By Tommy Wilkes and Saikat Chatterjee
LONDON, May 11 (Reuters) - The dollar consolidated gains on Friday and is set for a fourth consecutive week of gains as markets grow optimistic about the outlook for the U.S. currency in the coming weeks despite notching up some relatively quick recent gains.
While some investors have been quick to point to the widening interest rate differentials in favour of the United States as a significant factor in the dollar’s surge, the currency has essentially benefited from a broadening recovery compared with a loss of economic momentum in Europe.
That slowdown in growth has made policymakers in Europe and Britain more cautious about ending 2008 financial crisis-era policies, with bond markets gradually dialling back expectations of a UK rate hike to end-2018 while the European Central Bank is set to raise interest rates only in the second half of 2019.
“We are finally starting to see the dollar rise meaningfully and I think this move has further legs to run given the divergence in monetary policy trends between U.S. and Europe,” said SEB senior currency strategist Richard Falkenhall, who expects the euro to weaken to about $1.15.
Against a basket of its rivals, the dollar consolidated gains and was down 0.1 percent at 92.52, edging further from Wednesday’s 4-1/2-month high of 93.42.
It is on track for a fourth consecutive week of gains, its longest weekly winning streak since the fourth quarter of 2016. The dollar has risen nearly 4 percent in the last month.
Bank of America Merrill Lynch strategists said the main catalyst for the dollar’s surge was the lack of improvement in euro zone economic data prompting investors to unwind record short-dollar bets, particularly against emerging market currencies.
Positioning data shows hedge funds have reduced their net speculative short bets against the dollar by $10 billion to about $18 billion in the week of May 4 - still large by historical standards despite some softening in U.S. inflation data.
U.S. consumer prices rose less than expected in April, which would support gradual, rather than more aggressive, rate increases by the Federal Reserve.
Commerzbank strategists said the inflation data only signals a pause in the dollar’s recovery,
“The dollar’s rally is likely to have ended for now. But of course U.S. dollar strength could hardly go on as quickly and smoothly as it had done for the past weeks,” they said.
The euro edged 0.1 percent higher at $1.1935 but was off its 2018 lows of $1.1823 hit on Wednesday.
The single currency had started 2018 on a run as investors bet on a stronger euro zone economy and tighter monetary policy, but is now down year-to-date against the dollar.
The euro has so far weathered the impact from rises in Italian bond yields on signs the two anti-establishment parties could sweep to power as they made “significant steps” towards forming a government after weeks of political stalemate.
However, Italy’s next prime minister could be an independent figure who is not a member of either the anti-establishment 5-Star movement or the far-right League, and a government could be sworn in next week if all goes well, a senior 5-Star member said in a newspaper interview published on Friday.
Currency trading was generally quiet on Friday after a busy week, with most major pairs holding within small ranges.
The dollar traded flat against the yen at 109.33 yen, off its three-month top of 110.05 yen touched on May 2.
The Australian dollar, which had been hit by the loss of its long-cherished status as the highest yielding currency in the developed world as U.S. rates have risen, bounced back to $0.7558 from Wednesday’s 11-month low of $0.7413.
The dollar’s retreat should also take the heat off emerging market currencies that have been battered by worries about rising dollar costs and about capital outflows to the United States.
Political uncertainty in specific emerging markets has also hurt some emerging market currencies.
The Turkish lira, however, fell a further half a percent to 4.267 to the dollar, although that was off the record low of 4.3780 hit on Wednesday.
Additional reporting by Hideyuki Sano in TOKYO Editing by Louise Ireland
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-soaring-dollar-notches-up-fourth-consecutive-week-of-gains-idUSL8N1SI2RV |
May 8, 2018 / 5:54 PM / Updated 23 minutes ago Bardem and Cruz walk the red carpet to open Cannes Film Festival Robin Pomeroy 3 Min Read
CANNES, France (Reuters) - Spanish film royalty, Penelope Cruz and Javier Bardem, walked the red carpet to open the Cannes Film Festival on Tuesday with their film “Everybody Knows”, written and directed by Iranian double-Oscar winner Asghar Farhadi.
Farhadi strode up the red carpet arm in arm with Bardem and Cruz, who wore a black ball gown and long ruby earrings, and Bardem, along with Argentine co-star Ricardo Darin, who is also a screenwriter and director in his own right.
The film is one of 21 vying for the Palme d’Or at the first Cannes festival since sexual abuse and harassment allegations rocked the global movie industry and gave birth to the MeToo campaign to get greater female participation in films.
Cannes has set up a hotline for victims to report any abuse during the festival and will host a series of discussions on the issue. And the jury that will award the Palme d’Or is this year headed by a woman, Australian actress Cate Blanchett, and is majority-female.
But Blanchett said the increased awareness of women’s issues would have “no direct impact” on who wins.
When asked whether she was concerned that of the 21 films in the main competition, there were only three directed by women, Blanchett told a news conference:
“A few years ago there were only two!”
Opening ceremony and screening of the film "Everybody Knows" (Todos lo saben) in competition - Red Carpet Arrivals - Cannes, France, May 8, 2018 - cast members Penelope Cruz and Javier Bardem arrive. REUTERS/Eric Gaillard
fortnight.
After Farhadi, another Iranian director, Jafar Panahi, will screen a movie in competition, but will be that his supporters say are politically motivated.
Blanchett, films Slideshow (4 Images)
| ashraq/financial-news-articles | https://in.reuters.com/article/filmfestival-cannes/bardem-and-cruz-walk-the-red-carpet-to-open-cannes-film-festival-idINKBN1I92KE |
SALT LAKE CITY (AP) — A Tesla that crashed while in Autopilot mode in Utah this month accelerated in the seconds before it smashed into a stopped firetruck, according to a police report obtained by The Associated Press. Two people were injured.
Data from the Model S electric vehicle show it picked up speed for 3.5 seconds before crashing into the firetruck in suburban Salt Lake City, the report said. The driver manually hit the brakes a fraction of a second before impact.
Police suggested that the car was following another vehicle and dropped its speed to 55 mph (89 kph) to match the leading vehicle. They say the leading vehicle then likely changed lanes and the Tesla automatically sped up to its preset speed of 60 mph (97 kph) without noticing the stopped cars ahead.
The police report, which was obtained Thursday through an open records request, provides detail about the vehicle's actions immediately before the May 11 crash and the driver's familiarity with its system.
The driver of the vehicle, Heather Lommatzsch, 29, told police she thought the vehicle's automatic emergency braking system would detect traffic and stop before the car hit another vehicle.
She said she owned the car for two years and used the semi-autonomous Autopilot feature on all kinds of roadways, including the Utah highway where she crashed, according to the report.
Lommatzsch said the car did not provide any audio or visual warnings before the crash. A witness told police she did not see signs the car illuminate its brake lights or swerve to avoid the truck ahead of it.
Lommatzsch did not return a voicemail message on Thursday. A Tesla spokeswoman, Keely Sulprizio, did not immediately respond to an emailed request for comment.
The car company has said it repeatedly warns drivers to stay alert, keep their hands on the wheel and maintain control of their vehicle at all times while using the Autopilot system.
Police say car data show Lommatzsch did not touch the steering wheel for 80 seconds before the crash. She told police she was looking at her phone and comparing different routes to her destination.
She broke her foot in the crash and this week was charged with a misdemeanor traffic citation. Online court records do not show an attorney listed for her.
The driver of the firetruck told police he had injuries consistent with whiplash but did not go to a hospital.
Tesla's Autopilot system uses cameras, ultrasonic sensors and radar to sense the vehicle's surrounding environment and perform basic functions automatically.
Among those functions is automatic emergency braking, which the company says on its website is designed "to detect objects that the car may impact and applies the brakes accordingly." Tesla says the system is not designed to avoid a collision and warns drivers not to rely on it entirely.
The National Highway Traffic Safety Administration has said it is investigating the May 11 crash.
Tesla reached a settlement agreement in a federal lawsuit alleging that it sold Autopilot features that weren't available and made its vehicles dangerous, according to court records released Thursday by the U.S. District Court in San Jose. Neither Tesla nor Seattle attorney Steve Berman, who represented the plaintiffs, would comment Friday.
But Tesla said previously that since rolling out its second generation of Autopilot, it has continued to update software leading to major improvements. The company has said that it agreed to compensate customers who purchased Autopilot and had to wait longer than expected to get all of its features.
Tesla's Autopilot has been the subject of previous scrutiny following other crashes involving the vehicles.
In March, a driver was killed when a Model X with Autopilot engaged hit a barrier while traveling at "freeway speed" in California. NHTSA and the National Transportation Safety Board are investigating that case.
This week, Tesla said Autopilot was not engaged when a Model S veered off a road and plunged into a pond outside San Francisco, killing the driver.
Earlier in May, the NTSB opened a probe into an accident in which a Model S caught fire after crashing into a wall at a high speed in Florida. Two 18-year-olds were trapped and died in the blaze. The agency has said it does not expect Autopilot to be a focus in that investigation.
AP Auto Writer Tom Krisher contributed to this story from Detroit. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/the-associated-press-apnewsbreak-tesla-in-autopilot-mode-sped-up-before-crashing.html |
NEW YORK--(BUSINESS WIRE)-- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who purchased Live Nation Entertainment, Inc. ("Live Nation") (NYSE: LYV) securities between February 23, 2017 and March 30, 2018.
Click here to learn about the case: http://www.wongesq.com/pslra-c/live-nation-entertainment-inc?wire=2 . There is no cost or obligation to you.
According to the complaint, throughout the Class Period, the Company issued materially false and misleading statements and/or failed to disclose that: (1) the Company failed to abide by the terms of the Consent Decree; (2) the Company lacked adequate internal controls to prevent a violation of the Consent Decree; (3) as a result of the foregoing, the Company's financial statements and statements about Live Nation's business, operations, and prospects, were materially false and misleading at all relevant times.
On April 1, 2018, The New York Times reported that the U.S. Department of Justice is investigating whether certain of Live Nation’s business practices are in violation of a consent decree negotiated in connection with the approval of Live Nation’s 2010 merger with Ticketmaster.
If you suffered a loss in Live Nation you have until June 18, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email [email protected] , by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-c/live-nation-entertainment-inc?wire=2 .
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
//www.businesswire.com/news/home/20180510005856/en/
The Law Offices of Vincent Wong
Vincent Wong, Esq.
Tel. 212-425-1140
Fax. 866-699-3880
[email protected]
Source: The Law Offices of Vincent Wong | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-lyv-shareholder-alert-the-law-offices-of-vincent-wong-reminds-investors-of-a-class-action-involving-live-nation.html |
MOSCOW (Reuters) - Never mind Russia’s state of the art World Cup stadiums, Reuters photographers have been capturing the eclectic settings of communities’ spartan goalposts and pitches.
Children play with a puppy near a goalpost on a football pitch in the Siberian settlement of Novosyolovo, Krasnoyarsk region, Russia, April 25, 2018. REUTERS/Ilya Naymushin The sometimes ramshackle goalposts were photographed in Russia and the Crimean peninsula, which it seized from Ukraine in 2014, giving a glimpse of life away from the fervor of a tournament that will be watched by fans from around the world.
Young Russians do pull-ups from the crossbar and run around on pitches in the shadow of golden onion domes, old Soviet concrete walls and modern high-rises.
Slideshow (11 Images) Locals also find alternative uses for the rusty, netless posts that have seen better days. One man ties his goat to the upright, children take a dog for a walk, and a man gallops past another on horseback.
For the photo essay, click on reut.rs/2snVfV0
Writing by Tom Balmforth; Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-russia-goalposts-wide/away-from-the-world-cup-the-secret-lives-of-goalposts-idUSKCN1IV171 |
May 9, 2018 / 1:07 PM / Updated 9 minutes ago BRIEF-First American Financial Corporation Appoints Martha B. Wyrsch To Board Of Directors Reuters Staff 1 Min Read
May 9 (Reuters) - First American Financial Corp:
* FIRST AMERICAN FINANCIAL CORPORATION APPOINTS MARTHA B. WYRSCH TO BOARD OF DIRECTORS Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-first-american-financial-corporati/brief-first-american-financial-corporation-appoints-martha-b-wyrsch-to-board-of-directors-idUSASC0A103 |
Achieves Record First Quarter Revenues (up 10.2% to $280.6 million vs. Q1 2017)
Announces Twenty-Seventh Consecutive Quarterly Dividend Increase
LOS ANGELES--(BUSINESS WIRE)-- j2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the first quarter ended March 31, 2018 and announced that its Board of Directors has declared an increased quarterly cash dividend of $0.4150 per share.
“We are pleased with our Q1 results, particularly the progress we have made with our subscription businesses in the Digital Media segment as well as our initiatives to grow the healthcare business at Cloud Services,” said Vivek Shah, CEO of j2 Global. “We are also very excited to have welcomed several new key executives to our leadership team, including Dan Stone, President of Everyday Health, and Ron Burr, General Manager of Voice and Messaging in Cloud Services.”
FIRST QUARTER 2018 RESULTS
Q1 2018 quarterly revenues increased 10.2% to a first quarter record of $280.6 million compared to $254.7 million for Q1 2017.
Net cash provided by operating activities more than doubled to $103.9 million compared to $51.2 million for Q1 2017. Q1 2018 free cash flow (1) increased 47.5% to an all-time record of $90.7 million compared to $61.5 million for Q1 2017. The increase in free cash flow (1) is primarily due to the media business’ collection cycle which resulted in greater cash inflows associated with accounts receivable in comparison to Q1 2017.
GAAP earnings per diluted share (2) decreased 26.9% to $0.38 in Q1 2018 compared to $0.52 for Q1 2017. The decrease over the prior comparable period is primarily attributed to (1) fair value adjustments associated with investments and contingent consideration; and (2) an increase in interest expense associated with the issuance of the $650 million 6.0% Senior Notes due in 2025.
Adjusted non-GAAP earnings per diluted share (2)(3) for the quarter increased 2.5% to $1.22 compared to $1.19 for Q1 2017.
GAAP net income decreased by 26.7% to $18.9 million compared to $25.8 million for Q1 2017. The decrease over the prior comparable period is primarily attributed to (1) fair value adjustments associated with investments and contingent consideration; and (2) an increase in interest expense associated with the issuance of the $650 million 6.0% Senior Notes due in 2025.
Quarterly Adjusted EBITDA (4) increased 3.2% to $102.7 million compared to $99.5 million for Q1 2017. The impact of a change in accounting principle associated with revenue recognition (ASC 606) was a decrease of approximately $2.0 million for both the quarterly revenues and quarterly adjusted EBITDA for Q1 2018. Without this impact, Q1 2018 revenues would have been $282.6 million and Adjusted EBITDA would have been $104.7 million.
j2 ended the quarter with approximately $400 million in cash and investments after deploying approximately $100 million during the quarter for acquisitions and j2’s regular quarterly dividend.
Key financial results for Q1 2018 versus Q1 2017 are set forth in the following table (in millions, except per share amounts). Reconciliations of Adjusted non-GAAP earnings per diluted share, Adjusted EBITDA and free cash flow to their nearest comparable GAAP financial measures are attached to this Press Release.
Q1 2018 Q1 2017 % Change Revenues Cloud Services $149.5 million $141.6 million 5.6% Digital Media $131.1 million $113.1 million 15.9% Total Revenue:
$280.6 million $254.7 million 10.2% Operating Income $46.2 million $48.0 million (3.8)% Net Cash Provided by Operating Activities $103.9 million $51.2 million 102.9% Free Cash Flow (1) $90.7 million $61.5 million 47.5% GAAP Earnings per Diluted Share (2) $0.38 $0.52 (26.9)% Adjusted Non-GAAP Earnings per Diluted Share (2) (3) $1.22 $1.19 2.5% GAAP Net Income $18.9 million $25.8 million (26.7)% Adjusted Non-GAAP Net Income $59.8 million $57.8 million 3.5% Adjusted EBITDA (4) $102.7 million $99.5 million 3.2% Adjusted EBITDA Margin (4) 36.6% 39.1% (2.5)% BUSINESS OUTLOOK
For fiscal 2018, the Company estimates that it will achieve revenues between $1.20 billion and $1.25 billion, Adjusted EBITDA between $480 million and $505 million and Adjusted non-GAAP earnings per diluted share of between $5.95 and $6.25.
Adjusted non-GAAP earnings per diluted share for 2018 excludes share-based compensation of between $31 million and $34 million, amortization of acquired intangibles and the impact of any currently unanticipated items, in each case net of tax.
It is anticipated that the non-GAAP effective tax rate for 2018 (exclusive of the release of reserves for uncertain tax positions) will be between 23.0% and 25.0%.
The Company has not reconciled the Adjusted non-GAAP earnings per diluted share and tax rate guidance included in this release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability with respect to costs related to acquisitions and taxation, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable and significant impact on our future GAAP financial results.
DIVIDEND
j2’s Board of Directors approved a quarterly cash dividend of $0.4150 per common share, a $0.01, or 2.5% increase versus last quarter’s dividend. This is j2’s twenty-seventh consecutive quarterly dividend increase since its first quarterly dividend in September 2011. The dividend will be paid on June 1, 2018 to all shareholders of record as of the close of business on May 18, 2018. Future dividends will be subject to Board approval.
Notes :
(1) Free cash flow is defined as net cash provided by operating activities, less purchases of property, plant and equipment, plus contingent consideration. Free cash flow amounts are not meant as a substitute for GAAP, but are solely for informational purposes. (2) The estimated GAAP effective tax rates were approximately 27.1% for Q1 2018 and 26.7% for Q1 2017. The estimated Adjusted non-GAAP effective tax rates were approximately 23.7% for Q1 2018 and 29.1% for Q1 2017. (3) Adjusted non-GAAP earnings per diluted share excludes certain non-GAAP items, as defined in the Reconciliation of GAAP to Adjusted non-GAAP Financial Measures, for the three months ended March 31, 2018 and 2017 totaled $0.84 and $0.67 per diluted share, respectively. (4) Adjusted EBITDA is defined as earnings before interest and other expense, net; income tax expense; depreciation and amortization; and the items used to reconcile EPS to Adjusted non-GAAP EPS, as defined in the Reconciliation of GAAP to Adjusted non-GAAP Financial Measures. Adjusted EBITDA amounts are not meant as a substitute for GAAP, but are solely for informational purposes. About j2 Global
j2 Global, Inc. (NASDAQ: JCOM) is a leading internet information and services company consisting of a portfolio of brands including IGN, Mashable, Humble Bundle, Speedtest, PCMag, Offers.com , Everyday Health and What To Expect in its Digital Media segment and eFax, eVoice, Campaigner, Vipre, KeepItSafe and Livedrive in its Cloud Services segment. j2 reaches over 180 million people per month across its brands. As of December 31, 2017, j2 had achieved 22 consecutive fiscal years of revenue growth. For more information about j2, please visit www.j2global.com .
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this Press Release are “ ” within the meaning of The Private Securities Litigation Reform Act of 1995, including those contained in Vivek Shah’s Quote: and the “Business Outlook” portion regarding the Company’s expected fiscal 2018 financial performance. These are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the . These factors and uncertainties include, among other items: the Company’s ability to grow non-fax revenues, profitability and cash flows; the Company’s ability to identify, close and successfully transition acquisitions; subscriber growth and retention; variability of the Company’s revenue based on changing conditions in particular industries and the economy generally; protection of the Company’s proprietary technology or infringement by the Company of intellectual property of others; the risk of adverse changes in the U.S. or international regulatory environments, including but not limited to the imposition or increase of taxes or regulatory-related fees; and the numerous other factors set forth in j2 Global’s filings with the Securities and Exchange Commission (“SEC”). For a more detailed description of the risk factors and uncertainties affecting j2 Global, refer to the 2017 Annual Report on Form 10-K filed by j2 Global on March 1, 2018, and the other reports filed by j2 Global from time-to-time with the SEC, each of which is available at www.sec.gov . The provided in this press release, including those contained in Vivek Shah’s Quote: and in the “Business Outlook” portion regarding the Company’s expected fiscal 2018 financial performance are based on limited information available to the Company at this time, which is subject to change. Although management’s expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following Adjusted non-GAAP financial measures: Adjusted non-GAAP net income, Adjusted non-GAAP earnings per diluted share, Adjusted EBITDA and free cash flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these Adjusted non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these Adjusted non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to these Adjusted non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These Adjusted non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity. We believe these Adjusted non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
For more information on these Adjusted non-GAAP financial measures, please see the appropriate GAAP to Adjusted non-GAAP reconciliation tables included within the attached Exhibit to this release.
j2 GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
March 31,
2018
December 31,
2017
ASSETS Cash and cash equivalents $ 331,367 $ 350,945 Restricted cash 402 — Accounts receivable, net of allowances of $9,850 and $8,701, respectively 174,411 234,195 Prepaid expenses and other current assets 31,588 35,287 Total current assets 537,768 620,427 Long-term investments 64,947 57,722 Property and equipment, net 85,852 79,773 Goodwill 1,257,521 1,196,611 Other purchased intangibles, net 494,589 485,751 Other assets 11,541 12,809 TOTAL ASSETS $ 2,452,218 $ 2,453,093 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued expenses $ 127,713 $ 169,837 Deferred revenue, current 113,940 95,255 Other current liabilities 291 10 Total current liabilities 241,944 265,102 Long-term debt 1,004,796 1,001,944 Deferred revenue, non-current 8,018 47 Income taxes payable, non-current 43,781 43,781 Liability for uncertain tax positions 53,311 52,216 Deferred income taxes 33,691 38,264 Other long-term liabilities 35,509 31,434 TOTAL LIABILITIES 1,421,050 1,432,788 Commitments and contingencies — — Preferred stock — — Common stock 479 479 Additional paid-in capital 332,407 325,854 Retained earnings 723,562 723,062 Accumulated other comprehensive loss (25,280 ) (29,090 ) TOTAL STOCKHOLDERS’ EQUITY 1,031,168 1,020,305 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,452,218 $ 2,453,093 j2 GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED, IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
Three Months Ended
March 31, 2018 2017 Total revenues $ 280,623 $ 254,669 Cost of revenues (1) 48,145 40,810 Gross profit 232,478 213,859 Operating expenses: Sales and marketing (1) 86,311 77,477 Research, development and engineering (1) 12,210 11,752 General and administrative (1) 87,799 76,655 Total operating expenses 186,320 165,884 Income from operations 46,158 47,975 Interest expense, net 15,751 12,410 Other expense, net 4,519 323 Income before income taxes 25,888 35,242 Income tax expense 7,017 9,422 Net income $ 18,871 $ 25,820 Basic net income per common share: Net income attributable to j2 Global, Inc. common shareholders $ 0.39 $ 0.54 Diluted net income per common share: Net income attributable to j2 Global, Inc. common shareholders $ 0.38 $ 0.52 Basic weighted average shares outstanding 47,873,007 47,463,231 Diluted weighted average shares outstanding 48,706,717 48,766,031 (1) Includes share-based compensation expense as follows: Cost of revenues $ 121 $ 117 Sales and marketing 365 378 Research, development and engineering 432 238 General and administrative 5,502 2,881 Total $ 6,420 $ 3,614 j2 GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED, IN THOUSANDS)
Three Months Ended
March 31, 2018 2017 Cash flows from operating activities: Net income $ 18,871 $ 25,820 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 42,618 39,323 Amortization of financing costs and discounts 2,852 2,853 Share-based compensation 6,420 3,614 Provision for doubtful accounts 4,134 2,640 Deferred income taxes, net 354 (2,361 ) Changes in fair value of contingent consideration 4,100 — Loss on equity securities 3,678 — Decrease (increase) in: Accounts receivable 59,647 25,110 Prepaid expenses and other current assets 2,574 (291 ) Other assets 2,132 162 Increase (decrease) in: Accounts payable and accrued expenses (45,144 ) (53,166 ) Income taxes payable (1,721 ) 4,795 Deferred revenue 3,210 2,384 Liability for uncertain tax positions 933 573 Other long-term liabilities (748 ) (265 ) Net cash provided by operating activities 103,910 51,191 Cash flows from investing activities: Purchases of investments (13,403 ) (5 ) Purchases of property and equipment (13,165 ) (9,660 ) Acquisition of businesses, net of cash received (80,223 ) (3,563 ) Purchases of intangible assets (175 ) (142 ) Net cash used in investing activities (106,966 ) (13,370 ) Cash flows from financing activities: Proceeds from line of credit, net — 44,981 Repurchase and retirement of common stock (611 ) (314 ) Issuance of stock, net of costs 658 762 Dividends paid (19,884 ) (17,575 ) Deferred payments for acquisitions (189 ) (2,299 ) Other (54 ) (26 ) Net cash (used in) provided by financing activities (20,080 ) 25,529 Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,960 109 Net change in cash, cash equivalents and restricted cash (19,176 ) 63,459 Cash, cash equivalents and restricted cash at beginning of period 350,945 123,950 Cash, cash equivalents and restricted cash at end of period $ 331,769 $ 187,409 j2 GLOBAL, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP FINANCIAL MEASURES
THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Non-GAAP net income is GAAP net income with the following modifications: (1) elimination of share-based compensation and the associated payroll tax expense; (2) elimination of certain acquisition-related integration costs; (3) elimination of interest costs in excess of the coupon rate associated with the convertible notes; (4) elimination of amortization of patents and intangible assets that we acquired; (5) elimination change in value on investment; and (6) elimination of dilutive effect of the convertible debt.
Three Months Ended March 31, 2018 Per Diluted
Share *
2017 Per Diluted
Share *
Net income $ 18,871 $ 0.38 $ 25,820 $ 0.52 Plus: Share based compensation (1) 4,935 0.10 2,423 0.05 Acquisition related integration costs (2) 5,878 0.12 5,925 0.12 Interest costs (3) 1,610 0.03 1,265 0.03 Amortization (4) 26,370 0.55 22,333 0.47 Investments (5) 2,120 0.04 — — Convertible debt dilution (6) — 0.01 — 0.01 Adjusted non-GAAP net income $ 59,784 $ 1.22 $ 57,766 $ 1.19 * The reconciliation of net income per share from GAAP to Adjusted non-GAAP may not foot since each is calculated independently.
j2 GLOBAL, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP FINANCIAL MEASURES
THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Non-GAAP net income is GAAP net income with the following modifications: (1) elimination of share-based compensation and the associated payroll tax expense; (2) elimination of certain acquisition-related integration costs; (3) elimination of interest costs in excess of the coupon rate associated with the convertible notes; (4) elimination of amortization of patents and intangible assets that we acquired; (5) elimination change in value on investments; and (6) elimination of dilutive effect of the convertible debt.
Three Months Ended March 31, 2018 2017 Cost of revenues $ 48,145 $ 40,810 Plus: Share based compensation (1) (121 ) (117 ) Acquisition related integration costs (2) — (195 ) Amortization (4) (594 ) (1,118 ) Adjusted non-GAAP cost of revenues $ 47,430 $ 39,380 Sales and marketing $ 86,311 $ 77,477 Plus: Share based compensation (1) (365 ) (378 ) Acquisition related integration costs (2) (440 ) (1,438 ) Adjusted non-GAAP sales and marketing $ 85,506 $ 75,661 Research, development and engineering $ 12,210 $ 11,752 Plus: Share based compensation (1) (432 ) (238 ) Acquisition related integration costs (2) (97 ) (578 ) Adjusted non-GAAP research, development and engineering $ 11,681 $ 10,936 General and administrative $ 87,799 $ 76,655 Plus: Share based compensation (1) (5,502 ) (2,881 ) Acquisition related integration costs (2) (6,936 ) (6,404 ) Amortization (4) (33,151 ) (30,857 ) Adjusted non-GAAP general and administrative $ 42,210 $ 36,513 Interest expense, net $ 15,751 $ 12,410 Plus: Acquisition related integration costs (2) (23 ) — Interest costs (3) (2,116 ) (2,030 ) Adjusted non-GAAP interest expense, net $ 13,612 $ 10,380 Other expense, net $ 4,519 $ 323 Plus: Investments (5) (2,702 ) — Adjusted non-GAAP other expense, net $ 1,817 $ 323 Income tax provision $ 7,017 $ 9,422 Plus: Share based compensation (1) 1,485 1,191 Acquisition related integration costs (2) 1,618 2,690 Interest costs (3) 506 765 Amortization (4) 7,375 9,642 Investments (5) 582 — Adjusted non-GAAP income tax provision $ 18,583 $ 23,710 Total adjustments $ (40,913 ) $ (31,946 ) GAAP earnings per diluted share $ 0.38 $ 0.52 Adjustments * $ 0.84 $ 0.67 Adjusted non-GAAP earnings per diluted share $ 1.22 $ 1.19 * The reconciliation of net income per share from GAAP to Adjusted non-GAAP may not foot since each is calculated independently.
The Company discloses Adjusted non-GAAP Earnings Per Share (“EPS”) as a supplemental Non-GAAP financial performance measure, as it believes it is a useful metric by which to compare the performance of its business from period to period. The Company also understands that this Adjusted non-GAAP measure is broadly used by analysts, rating agencies and investors in assessing the Company’s performance. Accordingly, the Company believes that the presentation of this Adjusted non-GAAP financial measure provides useful information to investors.
Adjusted non-GAAP EPS is not in accordance with, or an alternative to, net income per share and may be different from Non-GAAP measures with similar or even identical names used by other companies. In addition, this Adjusted non-GAAP measure is not based on any comprehensive set of accounting rules or principles. This Adjusted non-GAAP measure has limitations in that it does not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.
Non-GAAP Financial Measures
To supplement its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, the Company uses the following Non-GAAP financial measures: Adjusted EBITDA, Adjusted non-GAAP net income, and Adjusted non-GAAP diluted EPS (collectively the “Non-GAAP financial measures”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. The Company uses these Non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that they provide useful information about core operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.
(1) Share Based Compensation. The Company excludes stock-based compensation because it is non-cash in nature and because the Company believes that the Non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. The Company further believes this measure is useful to investors in that it allows for greater transparency to certain line items in its financial statements. In addition, excluding this item from the Non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which similarly exclude this item.
(2) Acquisition Related Integration Costs. The Company excludes certain acquisition and related integration costs such as adjustments to contingent consideration, severance, lease terminations, retention bonuses and other acquisition-specific items. The Company believes that the Non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In addition, excluding this item from the Non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which similarly exclude this item.
(3) Interest Costs. In June 2014, the Company issued $402.5 million aggregate principal amount of 3.25% convertible senior notes. In accordance with GAAP, the Company separately accounts for the value of the liability and equity features of its outstanding convertible senior notes in a manner that reflects the Company’s non-convertible debt borrowing rate. The value of the conversion feature, reflected as a debt discount, is amortized to interest expense over time. Accordingly, the Company recognizes imputed interest expense on its convertible senior notes of approximately 5.8% in its income statement. The Company excludes the difference between the imputed interest expense and the coupon interest expense of 3.25% because it is non-cash in nature and because the Company believes that the Non-GAAP financial measures excluding this item provide meaningful supplemental information regarding core operational performance. The Company has determined excluding these items from the Non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which similarly exclude this item.
(4) Amortization. The Company excludes amortization of patents and acquired intangible assets because it is non-cash in nature and because the Company believes that the Non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In addition, excluding this item from the Non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which similarly exclude this item.
(5) Change in Value on Investments. The Company excludes the change in value on its equity investments. The Company believes that the Non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In addition, excluding this item from the Non-GAAP measures facilitates comparisons to historical operating results.
(6) Convertible Debt Dilution. The Company excludes convertible debt dilution from diluted EPS. The Company believes that the Non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In addition, excluding this item from the Non-GAAP measures facilitates comparisons to historical operating results.
The Company presents Adjusted non-GAAP cost of revenues, Adjusted non-GAAP research, development and engineering, Adjusted non-GAAP sales and marketing, Adjusted non-GAAP general and administrative, Adjusted non-GAAP interest expense, Adjusted non-GAAP other income, Adjusted non-GAAP income tax provision and Adjusted non-GAAP net income because the Company believes that these provide useful information about our operating results and enhance the overall understanding of past financial performance and future prospects.
j2 GLOBAL, INC. AND SUBSIDIARIES
NET INCOME TO ADJUSTED EBITDA RECONCILIATION
THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(UNAUDITED, IN THOUSANDS)
The following table sets forth a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.
Three Months Ended March 31, 2018 2017 Net income $ 18,871 $ 25,820 Plus: Interest expense, net 15,751 12,410 Other expense, net 4,519 323 Income tax expense 7,017 9,422 Depreciation and amortization 42,618 39,323 Reconciliation of GAAP to Adjusted non-GAAP financial measures: Share-based compensation and the associated payroll tax expense 6,420 3,614 Acquisition-related integration costs 7,473 8,615 Adjusted EBITDA $ 102,669 $ 99,527 Adjusted EBITDA as calculated above represents earnings before interest and other expense, net, income tax expense, depreciation and amortization and the items used to reconcile GAAP to Adjusted non-GAAP financial measures, including (1) share-based compensation and (2) certain acquisition-related integration costs. We disclose Adjusted EBITDA as a supplemental Non-GAAP financial performance measure as we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies and investors in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors.
Adjusted EBITDA is not in accordance with, or an alternative to, net income, and may be different from Non-GAAP measures used by other companies. In addition, Adjusted EBITDA is not based on any comprehensive set of accounting rules or principles. This Adjusted non-GAAP measure has limitations in that it does not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.
j2 GLOBAL, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS)
Q1 Q2 Q3 Q4 YTD 2018
Net cash provided by operating activities $ 103,910 $ — $ — $ — $ 103,910 Less: Purchases of property and equipment (13,165 ) — — — (13,165 ) Free cash flows $ 90,745 $ — $ — $ — $ 90,745
Q1 Q2 Q3 Q4 YTD 2017
Net cash provided by operating activities $ 51,191 $ 60,464 $ 67,341 $ 85,424 $ 264,420 Less: Purchases of property and equipment (9,660 ) (9,285 ) (10,538 ) (10,112 ) (39,595 ) Add: Contingent consideration* 20,000 19,950 — — 39,950 Free cash flows
$ 61,531 — $ 71,129 — $ 56,803 $ 75,312 $ 264,775
* Free cash flows of $61.5 million for Q1 2017 and $71.1 million for Q2 2017 is before the effect of payments associated with certain contingent consideration associated with recent acquisitions.
The Company discloses Free Cash Flows as supplemental Non-GAAP financial performance measure, as it believes it is a useful metric by which to compare the performance of its business from period to period. The Company also understands that this Non-GAAP measure is broadly used by analysts, rating agencies and investors in assessing the Company’s performance. Accordingly, the Company believes that the presentation of this Non-GAAP financial measure provides useful information to investors.
Free Cash Flows is not in accordance with, or an alternative to, Cash Flows from Operating Activities, and may be different from Non-GAAP measures with similar or even identical names used by other companies. In addition, the Non-GAAP measure is not based on any comprehensive set of accounting rules or principles. This Non-GAAP measure has limitations in that it does not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.
j2 GLOBAL, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP FINANCIAL MEASURES
THREE MONTHS ENDED MARCH 31, 2018
(UNAUDITED, IN THOUSANDS)
Cloud Digital Services Media Corporate Total Revenues GAAP revenues $ 149,485 $ 131,137 $ 1 $ 280,623 Gross profit GAAP gross profit $ 118,484 $ 113,993 $ 1 $ 232,478 Non-GAAP adjustments: Share-based compensation 121 — — 121 Amortization 594 — — 594 Adjusted non-GAAP gross profit $ 119,199 $ 113,993 $ 1 $ 233,193 Operating profit GAAP operating profit $ 56,915 $ (3,445 ) $ (7,312 ) $ 46,158 Non-GAAP adjustments: Share-based compensation 1,985 749 3,686 6,420 Acquisition related integration costs 532 6,941 — 7,473 Amortization 11,919 20,701 1,125 33,745 Adjusted non-GAAP operating profit $ 71,351 $ 24,946 $ (2,501 ) $ 93,796 Depreciation 2,459 6,414 — 8,873 Adjusted EBITDA $ 73,810 $ 31,360 $ (2,501 ) $ 102,669 NOTE 1: Table above excludes certain intercompany allocations
NOTE 2: The table above is impacted by several effects including (a) the Company determined certain patent assets and related income and expenses associated with Advanced Messaging Technologies, Inc. were to be reclassified from the Cloud Services segment to Corporate in Q1 2018 which resulted in an increase in non-GAAP operating profit of $0.6 million to the Cloud Service segment with a corresponding decrease to the Corporate entity; and (b) certain expenses associated with Corporate were allocated to the Cloud Services and Digital Media segment as these costs are shared costs incurred by the Corporate entity. As a result, expenses were allocated from Corporate to Cloud Services and Digital Media segment in the amount of $1.6 million and $1.3 million, respectively.
The effects noted above reduce Adjusted EBITDA for the Cloud Services and Digital Media segment by $1.0 million and $1.3 million, respectively.
j2 GLOBAL, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP FINANCIAL MEASURES
THREE MONTHS ENDED MARCH 31, 2017
(UNAUDITED, IN THOUSANDS)
Cloud Digital Services Media Corporate Total Revenues GAAP revenues $ 141,544 $ 113,125 $ — $ 254,669 Gross profit GAAP gross profit $ 112,447 $ 101,412 $ — $ 213,859 Non-GAAP adjustments: Share-based compensation 117 — — 117 Acquisition related integration costs 195 — — 195 Amortization 1,118 — — 1,118 Adjusted non-GAAP gross profit $ 113,877 $ 101,412 $ — $ 215,289 Operating profit GAAP operating profit $ 56,307 $ (3,508 ) $ (4,824 ) $ 47,975 Non-GAAP adjustments: Share-based compensation 1,391 692 1,531 3,614 Acquisition related integration costs 850 7,765 — 8,615 Amortization 14,128 17,847 — 31,975 Adjusted non-GAAP operating profit $ 72,676 $ 22,796 $ (3,293 ) $ 92,179 Depreciation 2,638 4,710 — 7,348 Adjusted EBITDA $ 75,314 $ 27,506 $ (3,293 ) $ 99,527 NOTE: Table above excludes certain intercompany allocations
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006258/en/
j2 Global, Inc.
Laura Hinson, 800-577-1790
[email protected]
Source: j2 Global, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-j2-global-reports-first-quarter-2018-results.html |
TORONTO, May 31, 2018 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“ WeedMD ” or the “ Company ”), a federally-licensed producer and distributor of medical cannabis, has reported its financial and operating results for the first quarter ending March 31, 2018.
WeedMD is pleased to report revenues of $1.14 million for the first quarter of 2018. Revenues consisted of the sale of dried medical cannabis, live cannabis plants and cannabis oils, to both patients and through wholesale B2B channels. The Company also maintained a strong cash balance of $48 million as of the end of the quarter.
“With sales up 33% quarter over quarter, we are incredibly proud of what our team has achieved and we look forward to continued strong revenue growth throughout the remainder of 2018,” said Keith Merker, CFO of WeedMD. “We are nearing the second-site Health Canada Cultivation License for our large-scale, state-of-the-art, greenhouse expansion and are pleased to confirm that we have continued to successfully ramp up our operations, with our headcount increasing by an impressive 60% since the start of the year. Our recent merger announcement with Hiku and its coast-to-coast brand and retail footprint will enable the Company to be vertically integrated and control the full supply-chain, from seed to sale.” (See Hiku Brands Company Ltd. and WeedMD merger press release here ).
For the three month period ended March 31 st 2018 2017 ($) ($) Revenue 1,142,341 - Net Comprehensive Loss 1,446,497 1,192,474 Adjusted Operating Loss¹ 1,279,439 1,070,369 Cash Used from Operations 652,783 429,985 Loss per Share (Basic and Fully Diluted) 0.01 0.03 As at March 31, 2018 December 31, 2017 ($) ($) Cash and Cash Equivalents 48,460,059 24,692,678 Total Assets 73,676,391 39,605,187 Total Liabilities 12,521,352 14,472,639 Working Capital 50,991,564 25,713,807 ¹Adjusted Operating Loss is not a recognized measurement under IFRS and this data may not be comparable to data presented by other companies. Management believes Adjusted Operating Loss to be an important measure of the Company’s day-to-day operations, by excluding non-cash gains and losses and/or non-recurring items.
Strathroy Update
WeedMD continues to be on budget with the retrofit of Phase I of its 610,000 sq. ft. state-of-the-art greenhouse in Strathroy, ON. The Company anticipates securing a license for this facility by the end of the second quarter of 2018.
Situated on 98-acres of property with 610,000 sq. ft. or 14 acres of existing greenhouse structure in addition to ancillary buildings Phase I retrofit represents 220,000 sq. ft. of tempered glass greenhouse which is less than two years old With features such as full climate-control, supplemental lighting and black-out curtains, WeedMD has combined the best of indoor and greenhouse cultivation to create a true “hybrid” greenhouse Equipped with an on-site unlimited supply of natural clean water Modern fertigation system runs on full-recirculation loop which provides an accurate, innovative computerized method of monitoring plant nutrients and water. This will ensure that water is recycled and reused and does not leach into the surrounding area and that WeedMD meets its environmental responsibilities Boiler exhaust is scrubbed of CO2, cleaned and then utilized for production providing significant cost savings and ensuring optimal plant growth.
Operational and Corporate Highlights
Closed the previously announced, oversubscribed $34.5 million bought deal equity financing Commenced the sale of cannabis oil products under the company’s Entourage™ and Axis™ brands Submitted an application to obtain a Health Canada Dealer’s Licence under the Controlled Drugs and Substances Act Appointed Kevin McGovern, chairman of McGovern Capital and founder of the beverage company SoBe, the fastest growing beverage company ever in the United States, as a board director Appointed Dr. Jonas Vanderzwan, a physician with more than 15 years of primary care experience, as Medical Director and Chair of the Clinical Advisory Board Completed strategic investments in Blockstrain Technology Corp., which has developed a comprehensive cannabis genetics archiving platform, and Snipp Interactive Inc., a global loyalty and promotions company focused on disruptive engagement platforms for consumers Ramped up the retrofit of a large-scale, fully-funded greenhouse expansion comprising 610,000 sq. ft., with 220,000 sq. ft. coming online in 2018. The expansion remains on-track and within budget, with first harvests expected in Summer 2018 Entered into a partnership with the Technion-Israel Institute of Technology, joining the world-renown Cannabis Database Project, and collaborating on research of 25 of WeedMD’s strains Purchased the land and building of the Aylmer facility for $1,500,000
Subsequent Events
On April 19, 2018, entered into a definitive agreement to merge with Hiku Brands, bringing together two highly-complementary businesses and creating a unique and market-differentiating vertically integrated company with an industry-leading portfolio of brands, growing retail footprint, and significant cannabis production capabilities. For more information on the transaction, please see Hiku’s investor presentation
The Company’s financial statements and related management’s discussion and analysis for the period are available under the Company’s profile on SEDAR at www.sedar.com . All amounts are expressed in Canadian dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the ACMPR. The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. WeedMD is focused on providing medical cannabis to the seniors' markets in Canada through its proprietary seniors care program. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays – including as it pertains to regulatory requirements, indications and potential side effects.
For more information, access our investor presentation here and corporate video here .
Follow WeedMD On:
Facebook: https://www.facebook.com/weedmd/
LinkedIn: https://www.linkedin.com/company-beta/5020743/
Twitter: https://twitter.com/WeedMD
Instagram: https://www.instagram.com/weedmd/
For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Financial Officer
Tel: 519-765-2440 Ext. 222
Email: [email protected]
To learn more, visit us at www.weedmd.com
For Media Inquiries:
Marianella delaBarrera
Margin Communications & Public Relations
Tel: 416-897-6644
Email: [email protected]
Forward-Looking Information
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Company's common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-weedmd-reports-first-quarter-2018-financial-results.html |
DENVER, May 23, 2018 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (FRANKFURT:A111EG) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) announces that it has accepted the resignation of Mr. Bassam Moubarak from the board of directors of the Company. The Company has appointed Mr. Frank L. Wells, Jr. to fill the vacant spot on the board.
Mr. Moubarak joined as a director of Pure Energy at the nomination of Lithium X Energy Corp (“Lithium X”) in May of 2017. Pure Energy purchased a large block of mineral claims from Lithium X in May of 2017, and the associated Investor Rights Agreement gave Lithium X the right to nominate a director to the board of Pure Energy (see Company news release dated 31 May, 2017). Pursuant to the recently completed plan of arrangement under which NextView New Energy Lion Hong Kong Limited ("NextView") acquired Lithium X, the rights under that Investor Rights Agreement now pass to NextView. The Company has been advised that NextView is not yet ready to nominate its director to Pure Energy’s board and Mr. Moubarak’s contract with NextView has ended. The Company thanks Mr. Moubarak for his able assistance and leadership over the past year.
Patrick Highsmith, Pure Energy’s President & CEO, commented on the board changes, “ We are pleased to welcome Frank Wells to the Pure Energy board of directors. Frank brings strategic thinking from major mining company experience and particular financial insight into new projects and business development. He has seen so many projects and so many transactions that his work has a terrific practicality and simplicity to it. We look forward to his valued input on the audit committee, where Bassam has been so helpful over the last year. The Board also wishes Bassam good fortune in his future endeavors.”
Mr. Wells has more than 35 years of diverse experience as a financial analyst, business development specialist, financial officer, and director. He spent 17 years with Santa Fe Pacific Gold Corp. and Newmont Mining Corp. in senior business development and planning positions in the western US and around the world. Mr. Wells also acted as Finance Director and CFO of Central Asia Metals Ltd. His recent experience includes extensive financial modeling in association with advanced engineering studies and acquisition opportunities in the gold, lithium, copper, lead-zinc, rare earth element, and chromite sectors.
Mr. Wells has considerable financing and transactional experience, including helping to raise tens of millions of dollars as Central Asia Metals built its portfolio of assets and put its SX-EW Kazakhstan copper project into production. He is also an expert at project valuation, having participated from both the buy and sell sides in the negotiations and execution of numerous mineral asset transactions. Mr. Wells has a bachelor of arts degree from The Johns Hopkins University and an MBA from Duke University.
Issuance of Stock Options
The Company also announces, subject to regulatory approval, it has granted a total of 250,000 stock options (the “Options”) to a director of the Company to purchase common shares of the Company in accordance with its stock option plan. The Options are issued at an exercise price of $0.27per common share and expire five years from the date of issuance. They vest quarterly in four equal tranches, with the first such vesting occurring upon issuance of the Options.
About Pure Energy Minerals Limited
Pure Energy Minerals is a lithium resource developer that is driven to become a low-cost supplier for the growing lithium battery industry. Pure Energy’s CV Project is located in Esmeralda County, Nevada, adjacent to the only producing lithium-brine operation in North America. The CV Project has access to excellent infrastructure and an experienced workforce in one of the world’s premier mining jurisdictions. The Company is also exploring a new lithium brine project in the Lithium Triangle of South America, the Terra Cotta Project (“TC Project”). The TC Project is located on Salar de Pocitos in Salta, Argentina, where it enjoys some of the best infrastructure and access of any lithium brine exploration project in Argentina.
On behalf of the Board of Directors,
“Patrick Highsmith”
Chief Executive Officer
CONTACT:
Pure Energy Minerals Limited ( www.pureenergyminerals.com )
Email: [email protected]
Telephone – 604 608 6611
Cautionary Statements and Forward-Looking Information
The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials and equipment relevant to the mining industry, weather or other conditions that may affect access to the Company’s project sites, change in government and changes to regulations affecting the mining industry. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
The Company does not undertake to update any forward-looking information, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Pure Energy Minerals Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-pure-energy-minerals-appoints-mr-frank-wells-to-its-board-of-directors.html |
Jan Rogers Kniffen discusses Walmart, Amazon, and the retail landscape 2 Hours Ago Jan Rogers Kniffen, CEO of J. Rogers Kniffen WWE, talks Walmart and Flipcart, and Amazon and Sears | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/jan-rogers-kniffen-discusses-walmart-amazon-and-the-retail-landscape.html |
BREAKING NEWS: Congress moves to dismantle key rules for banks that came in wake of financial crisis; notches legislative win for Trump. Click for more...
USA Gymnastics CEO Perry to apologize to Nassar victims Reuters 1 hr ago USA Gymnastics CEO Kerry Perry plans to apologize to the victims of Larry Nassar in her opening statement of a testimony she will give before a House subcommittee on Wednesday.
The testimony will be her first public comments since taking over her position in December. The subcommittee released Perry's five-page opening statement on Tuesday.
"First, I want to apologize to all who were harmed by the horrific acts of Larry Nassar," Perry's statement reads in part. "I was in the courtroom to listen to the incredibly courageous women explain in vivid and painful detail the damage he did to their lives. Their powerful voices will not be forgotten. I commit to you that I will keep their words and experiences at the core of every decision I make, every day, as the leader of this organization. Their stories have broken my heart, but also strengthened my resolve.
"Let there be no mistake; those days are over. USA Gymnastics is on a new path, with new leadership, and a commitment to ensure this never happens again."
© REUTERS/Brendan McDermid Victim Rachael Denhollander speaks at the sentencing hearing for Larry Nassar, a former team USA Gymnastics doctor who pleaded guilty in November 2017 to sexual assault charges, in Lansing Perry's statement goes on to detail the changes that USA Gymnastics has made since her hiring in order to "regain the trust and confidence of our athletes, their families, and all who are a part of the gymnastics community."
Perry will say USA Gymnastics is implementing recommendations made by former federal prosecutor Deborah Daniels, who was hired to review its culture. Perry's statement says 80 percent of Daniels' policy recommendations have been implemented, with the rest intended to follow.
Perry's statement also says USA Gymnastics is "participating in mediation in order to resolve the athletes' claims fairly and expeditiously" and that further mediation will hopefully take place in August, with the U.S. Olympic Committee invited to join.
The House subcommittee's probe began in the aftermath of the Larry Nassar sentencing. Nassar, 54, is serving a 60-year sentence at a federal prison in Tucson, Ariz., on child pornography charges. He has been sentenced to 40 to 175 years in one Michigan county and 40 to 125 years in another on sexual assault charges.
Also testifying Wednesday will be U.S. Olympic Committee CEO Susanne Lyons, U.S. Center for SafeSport CEO Shellie Pfohl, USA Taekwondo executive director Steve McNally, USA Swimming CEO Tim Hinchey and USA Volleyball CEO Jamie Davis. The hearing will be held in Washington D.C.
Last week, Michigan State University, where Nassar operated from as a physician, announced an agreement to pay out at least $500 million in settlements to his 332 victims after two days of mediation in California.
--Field Level Media
| ashraq/financial-news-articles | http://www.reuters.com/article/us-sports-gymnastics-nassar-apology-idUSKCN1IN2WX?utm_source=34553&utm_medium=partner |
CNBC International Midday Briefing: May 08, 2018 54 Mins Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/cnbc-international-midday-briefing-may-08-2018.html |
Irish women open up about abortion before vote 11:10pm IST - 01:45
When a 'licence to kill' anti-abortion poster went up outside her house in Dublin, Amy Callahan decided to speak out about travelling to England for an abortion. She's one of many women opening up about their termination experiences before an Irish referendum this month.
When a 'licence to kill' anti-abortion poster went up outside her house in Dublin, Amy Callahan decided to speak out about travelling to England for an abortion. She's one of many women opening up about their termination experiences before an Irish referendum this month. //reut.rs/2ruzJNW | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/irish-women-open-up-about-abortion-befor?videoId=425318087 |
May 3 (Reuters) - ARC Group Worldwide Inc:
* ARC GROUP WORLDWIDE ANNOUNCES INTERIM CHIEF EXECUTIVE OFFICER DEPARTURE
* SAYS INTERIM CEO DREW M. KELLEY RESIGNED * ARC GROUP - ALAN QUASHA, CHAIRMAN OF BOARD OF DIRECTORS OF ARC, WILL ASSUME DUAL ROLES OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-arc-group-worldwide-says-interim-c/brief-arc-group-worldwide-says-interim-ceo-drew-kelley-resigned-idUSASC09ZS6 |
‘If it bleeds, it leads”—the old journalistic saying is true among the financial media. The most recent source of media-inspired economic anxiety is the idea that earnings growth is too good and American companies are reaching “peak” earnings. The assumption is that the tax cut’s impact on the economy and markets will be ephemeral, a small dose of adrenaline before a return to the “new normal” of subpar growth.
True, the tax cut created some one-time earnings benefits. But it is unreasonable to expect the stimulative effects... | ashraq/financial-news-articles | https://www.wsj.com/articles/red-states-are-tickled-pink-over-the-economy-1525125490 |
A trade war is no longer 'worst case scenario,' says China Beige Book CEO 8:34 AM ET Fri, 18 May 2018 Leland Miller, China Beige Book International CEO, provides insight to trade negotiations between President Trump and China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/a-trade-war-is-no-longer-worst-case-scenario-says-china-beige-book-ceo.html |
Satire from Fortune Satire: Facebook Users Excited for Several New Data Breach Opportunities Mark Zuckerberg, chief executive officer and founder of Facebook Inc., waves to attendees during the F8 Developers Conference in San Jose, California on April 18, 2017. David Paul Morris—Bloomberg/Getty Images By Ashwin Rodrigues 10:58 AM EDT
SAN JOSE, Calif. — This Tuesday, during Facebook’s annual F8 developer conference, CEO Mark Zuckerberg and other key Facebook executives announced a number of new features and services. With new services ranging from offering a chance at real-life romantic love , to augmented reality features in Messenger , to an affordable virtual-reality simulator, Facebook users are the most excited to see how their data is used next.
“I can’t wait to centralize my most sensitive data across the different Facebook properties,” explained self-described Facebook fanboy Brian Espinosa. “It’s actually very normal for one company to be involved in romantic matchmaking, messaging, news and content moderation, augmented reality, virtual reality, and hardware.”
Facebook is still receiving criticism over its practices of collecting user data, even when users are logged out of Facebook . Company executives haven’t yet explained how this will technique will be employed in its new endeavors, but Facebook users are filled with an inexplicable optimism.
“I can see it now: I match with someone on Facebook dating, they hack my standard Facebook profile, and get my number, contact me via WhatsApp, maybe even gain access to my Instagram. If someone accessed that much of my information, I’d finally fake my death and create that new identity I’ve always dreamt about,” said one Facebook user who requested anonymity while it was still an option.
When asked if this was too farfetched of a possibility, the user referred to a recent story, in which a Facebook engineer has already been accused of stalking women online using company data .
The smattering of new features have brought confusion to Facebook users as well, but not at the expense of enthusiasm.
“I thought Watch Party was a creepy name for a Facebook dating service, but at least it’s honest,” said Derek Platz, a regular Facebook user who’d confused the company’s new messaging feature with the new dating service.
“I’ll probably still try it,” Platz said, after being informed of his mistake.
For more satire from Fortune, click here . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/03/satire-facebook-users-excited-for-new-data-breach-opportunities/ |
TORONTO, May 09, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. (“ Northland ” or the “ Company ”) (TSX:NPI) today reported financial results .
“2018 is off to an excellent start,” said John Brace, Chief Executive Officer. “Northland’s Hai Long 2 offshore wind project in Taiwan was allocated 300 MW under Taiwan’s Feed-In Tariff program, our operating assets are performing well, and construction on our Deutsche Bucht offshore wind project continues on schedule. We achieved a 250% increase in free cash flow per share and a 47% increase in adjusted EBITDA over the same quarter last year. We continue to focus on generating disciplined growth and robust shareholder returns.”
First Quarter Highlights:
Financial
Sales increased 34% or $122.3 million to $486.4 million and gross profit increased 41% or $131.5 million to $454.6 million compared to the same quarter last year primarily due to Nordsee One reaching full commercial operations in December 2017 and higher wind resources at Gemini, partially offset by the expiry of Kingston’s power purchase agreement ( PPA ) in January 2017. Adjusted EBITDA (a non-IFRS measure) increased 47% or $92.3 million to $290.4 million compared to the same quarter last year primarily due to contributions from Nordsee One and Gemini, partially offset by the expiry of Kingston’s PPA. Free cash flow per share (a non-IFRS measure) increased 250% or $0.60 to $0.84 compared to the same quarter last year primarily as a result of contributions from Gemini’s and Nordsee One’s operations partially offset by Kingston and the commencement of scheduled principal repayments for Gemini and Nordsee One. Net income increased 78% or $77.8 million to $178.0 million compared to the same quarter last year primarily due to higher operating income from Gemini and Nordsee One partially offset by a non-cash fair value loss on derivative contracts ($2.8 million loss compared to a $29.4 million gain in the first quarter of 2017) and an $11.6 million increase in the provision for current taxes.
Sales and net income, as reported under IFRS, include consolidated results of entities not wholly-owned by Northland, whereas the above non-IFRS measures, adjusted EBITDA and free cash flow, only include Northland’s proportionate interest.
Development and Construction
Hai Long 2 – 300 MW offshore wind project, Taiwan Strait – On April 30, 2018, the Bureau of Energy of Taiwan allocated 300 MW (180 MW net to Northland) to the Hai Long 2 offshore wind project (“ Hai Long 2 ”) under Taiwan’s Feed-in-Tariff (“ FIT ”) program. This is a significant milestone for the project, located approximately 50 km off the coast of Taiwan, as it allocates capacity for Hai Long 2 to connect to Taiwan’s grid in 2024, and advances the project’s ability to execute a 20-year power contract under Taiwan’s FIT program. Northland and its partner Yushan Energy Pte. Ltd. (“ Yushan ”) have economic interests of 60% and 40% in Hai Long 2, respectively.
Deutsche Bucht – 252 MW offshore wind project, German North Sea – The Deutsche Bucht offshore wind project is progressing according to schedule and budget. Manufacturing of the main components is on schedule and the first offshore activities have been completed. Offshore installations will commence in the second half of 2018 with project completion expected by the end of 2019. The total estimated project cost is approximately €1.3 billion.
Other
Appointment of John Brace to Northland’s Board of Directors – On April 4, 2018, Northland expanded its Board of Directors from six to seven members and appointed Chief Executive Officer, John W. Brace, to the Board. Mr. Brace has been with Northland since 1988 and has served as Northland’s Chief Executive Officer since 2005.
Summary of Consolidated Results (in thousands of dollars, except per share amounts) Three months ended March 31, 2018 2017 FINANCIALS Sales $ 486,372 $ 364,051 Gross profit 454,557 323,082 Operating income 281,154 187,632 Net income (loss) 177,955 100,112 Adjusted EBITDA (1) 290,421 198,117 Cash provided by operating activities 289,765 276,705 Free cash flow (1) 148,047 41,548 Cash dividends paid to common and class A shareholders 39,131 33,555 Total dividends declared (2)
52,755 46,805 Per share information Net income (loss) - basic $ 0.61 $ 0.30 Free cash flow - basic (1) $ 0.84 $ 0.24 Total dividends declared (2) $ 0.30 $ 0.27 ENERGY VOLUMES Electricity production in gigawatt hours ( GWh ) (3) 2,327 1,894 (1) Refer to the Non-IFRS Financial Measures section of this press release for additional information. (2) Represents total dividends declared to common and class A shareholders including dividends in cash or in shares under the DRIP. (3) For 2017, includes Gemini and Nordsee One pre-completion production volumes. Refer to SECTION 4.1 Operating Facilities’ Results of the Management’s Discussion and Analysis , for additional information. First Quarter Results Summary
Offshore wind facilities
Electricity production , including pre-completion production, increased 60% or 380 GWh compared to the first quarter of last year. The increase was primarily due to all of Nordsee One’s turbines producing power in the first quarter of 2018, whereas the project was under construction last year.
Sales and adjusted EBITDA of $316.1 million and $186.5 million, respectively, reflect an increase of $138.7 million and $90.6 million compared to the same quarter last year primarily as a result of Nordsee One reaching full commercial operations in December 2017 and higher wind resources at Gemini compared to the same quarter last year. Foreign exchange rate fluctuations resulted in $45.5 million higher revenue compared to the same quarter last year.
Thermal facilities
Electricity production increased 6% or 55 GWh compared to the first quarter of last year primarily due to higher production at Thorold and North Battleford, partially offset by the impact of the expiration of Kingston’s PPA in January 2017.
While sales of $116.6 million decreased $14.6 million compared to the same quarter last year largely due to the impact of the expiration of the Kingston PPA, operating income and adjusted EBITDA of $64.3 million and $78.0 million, respectively, decreased $5.4 million and $3.9 million primarily as a result of improved margins from lower natural gas costs compared to the same quarter last year.
On-shore renewable facilities
Electricity production of 388 GWh was comparable to the first quarter of last year. Sales for the first quarter of 2018 totaled $53.7 million or $1.8 million lower than the same quarter last year primarily due to the sale of the German wind farms in November 2017 and lower production at McLean’s and Grand Bend.
As a result of these factors, operating income and adjusted EBITDA for the renewable facilities were lower by $1.1 million and $0.9 million, respectively.
General and administrative (G&A) costs
G&A costs (previously reported as management and administration costs) of $16.9 million were $7.0 million lower than the first quarter of last year, of which corporate G&A costs were $6.8 million lower primarily due to the timing of early-stage development activities as well as the certain non-recurring personnel costs incurred last year. Facility G&A costs decreased $0.2 million primarily due to lower costs at Nordsee One and Gemini, partially offset by incremental costs at Deutsche Bucht.
Finance costs
Finance costs, net, increased $4.8 million compared to the first quarter of last year primarily due to interest costs at Nordsee One no longer being capitalized following completion of construction activities.
Fair value loss on derivative contracts
Fair value loss on derivative contracts was $2.8 million compared to a $29.4 million gain in the first quarter of last year primarily due to the movement in the fair value of interest rate swaps and foreign exchange contracts.
Foreign exchange gain
Foreign exchange gain of $15.1 million is primarily due to the realized gain on a foreign exchange contract settled this quarter ($5.9 million) combined with unrealized gains from favourable closing foreign exchange rate.
Other (income) expense
Other (income) expense decreased $17.6 million compared to the first quarter of last year primarily due to a $2.4 million gain on sale of Northland’s interest in the idled Cochrane thermal facility in March 2018 and the one-time $14.6 million (€10.4 million) contingent consideration expensed last year in connection with the acquisition of Gemini.
Net income
The factors described above resulted in net income of $178.0 million for the first quarter of 2018, compared to $100.1 million for the first quarter of 2017.
Adjusted EBITDA
Adjusted EBITDA of $290.4 million for the first quarter of 2018 was $92.3 million higher than the first quarter of 2017. The significant factors increasing adjusted EBITDA were:
$69.5 million as a result of Nordsee One reaching full commercial operations in December 2017; $21.8 million as a result of higher wind production at Gemini; $5.8 million decrease in corporate G&A costs primarily related to the timing of early-stage development projects; and $2.3 million higher operating income from Northland’s other operating facilities.
Factors partially offsetting the increase in adjusted EBITDA include:
$6.4 million decrease in operating income as a result of the expiration of the PPA at Kingston in January 2017.
Free Cash Flow
Free cash flow of $148.0 million for the first quarter of 2018 was $106.5 million higher than the first quarter of 2017. Significant factors increasing free cash flow were:
$192.3 million increase due to Gemini and Nordsee One reaching full commercial operations in 2017; $5.4 million from Gemini interest income on the subordinated debt (excluded from free cash flow until commencement of cash interest payments in the third quarter of 2017); and $5.8 million decrease in corporate G&A costs primarily related to the timing of early-stage development projects.
Factors decreasing free cash flow were:
$48.0 million increase in scheduled principal repayments related to Gemini and Nordsee One debt; $29.4 million increase in net interest expense due to the inclusion of Gemini and Norsdsee One debt; $10.6 million increase in current taxes related to Nordsee One; and $6.4 million decrease in operating income due to the expiration of the PPA at Kingston in January 2017.
For the three months ended March 31, 2018, the rolling four quarter free cash flow net payout ratio was 38.6%, calculated on the basis of cash dividends paid, and 53.4% calculated on the basis of total dividends, compared to 57.3% and 77.5%, respectively, last year. The improvement in the free cash flow payout ratios from last year was primarily due to contributions from Gemini and Nordsee One.
Outlook
Northland actively pursues new power development opportunities that encompass a range of clean technologies, including natural gas, wind, solar and hydro.
As of May 9, 2018, Northland continues to expect adjusted EBITDA in 2018 to be in the range of $860 to $930 million and free cash flow per share in 2018 to be in the range of $1.70 to $2.00. Refer to the Management’s Discussion and Analysis included in Northland’s 2017 Annual Report for additional information on Northland’s outlook for 2018.
Non-IFRS Measures
This press release includes references to Northland’s adjusted EBITDA and free cash flow and applicable payout ratio and per share amounts, which are not measures prescribed by International Financial Reporting Standards ( IFRS ). Adjusted EBITDA and free cash flow and applicable payout ratio and per share amounts do not have any standardized meaning under IFRS and, as presented, may not be comparable to similar measures presented by other companies. These measures should not be considered alternatives to net income, cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Rather, these measures are provided to complement IFRS measures in the analysis of Northland’s results of operations from management’s perspective. Management believes that adjusted EBITDA and free cash flow and applicable payout ratio and per share amounts are widely accepted financial indicators used by investors to assess the performance of a company and its ability to generate cash through operations. Refer to the SECTION 1: Overview, SECTION 4.4: Adjusted EBITDA and SECTION 4.5: Free Cash Flow of the current Management’s Discussion and Analysis ( MD&A ), which can be found on SEDAR at www.sedar.com under Northland’s profile and on Northland’s website at www.northlandpower.com , for an explanation of these terms and for reconciliations to the nearest IFRS measure.
Earnings Conference Call
Northland will hold an earnings conference call on May 10, 2018 at 10:00 am EDT to discuss its 2018 first quarter results. John Brace, Northland’s Chief Executive Officer, Paul Bradley, Northland’s Chief Financial Officer, and Mike Crawley, Northland’s Executive Vice President, Business Development will discuss the financial results and company developments before opening the call to questions from analysts and shareholders.
Conference call details are as follows:
Date: Thursday, May 10, 2018
Start Time: 10:00 a.m. EDT
Phone Number: Toll free within North America: 1-844-284-3434
For those unable to attend the live call, an audio recording will be available on Northland’s website at www.northlandpower.com from the morning of May 10 until May 24, 2018.
ABOUT NORTHLAND
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.
The Company owns or has a net economic interest in 2,029 MW of operating generating capacity and 252 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project, in addition to the 300 MW (net 180 MW) awarded to the Hai Long 2 offshore wind project.
Northland’s cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.
Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding future adjusted EBITDA, free cash flows, dividend payments and dividend payout ratios; the construction, completion, attainment of commercial operations, cost and output of development projects; litigation claims; plans for raising capital; and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, contract, contract counterparties, operating performance, variability of renewable resources and climate change, offshore wind concentration risk, market power prices, fuel supply, transportation and price, operations and maintenance, permitting, construction, development prospects and advanced stage development projects, financing, interest rates, refinancing, liquidity, credit rating, currency fluctuations, variability of cash flows and potential impact on dividends, taxes, natural events, environmental, health and safety, government regulations and policy, international activities, relationship with stakeholders, reliance on information technology, reliance on third parties, labour relations, insurance, co-ownership, bribery and corruption, legal contingencies, and the other factors described in the “Risks Factors” section of Northland’s 2017 Annual Information Form dated February 22, 2018, which can be found at www.sedar.com under Northland’s profile and on Northland’s website at www.northlandpower.com . Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur.
The forward-looking statements contained in this release are based on assumptions that were considered reasonable on May 9, 2018. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
For further information, please contact :
Barbara Bokla, Manager, Investor Relations, (647) 288-1438
[email protected]
www.northlandpower.com
Source: Northland Power Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-northland-power-reports-strong-first-quarter-results-with-free-cash-flow-up-256-percent-and-adjusted-ebitda-up-47-percent.html |
CHICAGO--(BUSINESS WIRE)-- GI Endurant, LLC dba GI Energy (GIE) is delighted to announce that an affiliate of Shell New Energies, U.S. LLC (Shell) has made a strategic investment in GIE, purchasing a majority and controlling interest.
The existing GIE management team remains in place and has expanded to include Dan McDevitt and Libby Edgar, as COO and CFO, respectively. Operations continue to be carried out from GIE’s headquarters in Chicago, and offices in New York and California.
GIE’s customers include real estate developers, campuses, municipalities, hospitals and utilities. These all require a provider that has the ability to operate at scale. GIE CEO Tom Chadwick noted “Our relationship with Shell means we can combine our development strengths with their appetite for long-term asset ownership, their balance sheet and their ability to solve commodity pricing challenges. Working with Shell and some of their innovative portfolio companies, like MP2, means we will be able to offer our customers something truly unique.”
GIE’s Chief Development Officer, Dave Yanni said “GIE’s DNA has always been our entrepreneurial spirit, and our willingness to adapt and respond to the needs of our clients. Our partnership with Shell allows us to build on that platform. This is a milestone for our company and the emerging energy market. To address the converging problems of climate change, population growth and how to improve living standards in the developing world, we need a new consensus around how we produce, use and conserve energy. Shell is adapting to lead that effort and drive sustainable change. We’re excited to play our part in helping them do it.”
Note to editors
GI Energy is a leading provider of on-site energy solutions in North America. Using world-class engineering and outstanding execution, GIE specializes in distributed energy resource development, financing, construction and advisory services. By integrating solutions into clients’ operations, GIE is enabling the future of sustainable distributed energy. GIE helps customers, including utilities, real estate developers and commercial building owners, leverage state-of-the-art technologies to hedge against volatile energy prices, improve energy reliability and reduce environmental impacts, thereby increasing underlying real estate assets.
Shell’s New Energies business was created in 2016 to explore commercial models supporting the world's energy transition. New Energies focuses on two main areas: new fuels for transport, such as advanced biofuels and hydrogen; and power, which includes low-carbon sources such as wind and solar, as well as natural gas.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005972/en/
GI Energy:
Emma Walker, +1 312-465-3430
[email protected]
or
Shell US Media Relations, +1 832 337 4355
Source: GI Energy | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-shell-purchases-majority-interest-in-gi-energy.html |
May 21 (Reuters) - Community Bank System Inc:
* COMMUNITY BANK SYSTEM, INC. ANNOUNCES SENIOR MANAGEMENT CHANGES
* COMMUNITY BANK SYSTEM INC - JOSEPH SUTARIS HAS BEEN PROMOTED TO EXECUTIVE VICE PRESIDENT AND CFO OF COMPANY AND BANK, SUCCEEDING SCOTT KINGSLEY
* COMMUNITY BANK SYSTEM INC - SUTARIS IS CURRENTLY SERVING AS BANK’S SENIOR VICE PRESIDENT, FINANCE AND ACCOUNTING
* COMMUNITY BANK SYSTEM INC - SCOTT KINGSLEY HAS BEEN PROMOTED TO EXECUTIVE VICE PRESIDENT AND COO EFFECTIVE JUNE 1, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-community-bank-system-says-joseph/brief-community-bank-system-says-joseph-sutaris-promoted-to-cfo-idUSASC0A335 |
May 2 (Reuters) - CPI Card Group Inc:
* SEES Q1 2018 REVENUE $59 MILLION * CFO LILLIAN ETZKORN HAS ACCEPTED AN EXECUTIVE LEADERSHIP POSITION IN DETROIT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cpi-card-group-announces-transitio/brief-cpi-card-group-announces-transition-of-cfo-idUSASC09Z53 |
Members of Britain’s Royal family don’t vote and are expected to remain politically neutral. So how will Meghan Markle, a humanitarian activist and star of the hit show "Suits," adapt to her new life when she marries Prince Harry? Image: Getty Images | ashraq/financial-news-articles | http://live.wsj.com/video/royal-wedding-how-will-meghan-markle-adapt-to-life-in-britains-monarchy/B7284D6A-A9B1-4E09-915E-07F26A5D98E4.html |
DUBLIN--(BUSINESS WIRE)--
Regulatory News:
Mainstay Medical International plc (“ Mainstay” or the “ Company” , Euronext Paris: MSTY.PA and Euronext Dublin: MSTY.IE), a medical device company focused on bringing to market ReActiv8 ® , an implantable restorative neurostimulation system to treat disabling Chronic Low Back Pain, announces that Mr. Hugh Kavanagh is to step down as Chief Financial Officer (“ CFO ”) and leave Mainstay with effect from 21 August 2018. The process to recruit a successor has commenced and a further announcement will be made in due course.
Mr. Kavanagh has been CFO of Mainstay since 2013. He was instrumental in leading the Company through its IPO on Euronext Paris and the ESM of the Irish Stock Exchange in 2014, and its subsequent debt and equity fundraisings. Hugh provided financial leadership for the Company through the development phase of ReActiv8 and to its commercialization in Europe.
Jason Hannon, CEO of Mainstay, said: “On behalf of Mainstay’s Board, management team and staff, I would like to thank Hugh for his substantial contribution to the growth of the Company. This is an exciting time for the Company as we look forward to results from our US IDE Study of ReActiv8 and as the Company increases its focus on preparing for commercialization in the US market. The Company plans to announce the appointment of a new CFO in the coming months. We are pleased that Hugh will continue to support the Company through this transition. We wish him all the best for the future.”
- End –
About Mainstay
Mainstay is a medical device company focused on bringing to market an innovative implantable restorative neurostimulation system, ReActiv8 ® , for people with disabling Chronic Low Back Pain (CLBP). The Company is headquartered in Dublin, Ireland. It has subsidiaries operating in Ireland, the United States, Australia, Germany and the Netherlands, and is listed on the regulated market of Euronext Paris (MSTY.PA) and the ESM of Euronext Dublin (MSTY.IE).
About Chronic Low Back Pain
One of the recognized root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilize the spine in the low back, and an unstable spine can lead to back pain. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles and thereby help to restore muscle control and improve dynamic spine stability, allowing the body to recover from CLBP.
People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilization put a significant burden on individuals, families, communities, industry and governments.
Further information can be found at www.mainstay-medical.com
CAUTION – in the United States, ReActiv8 is limited by federal law to investigational use only.
Forward looking statements
This announcement includes statements that are, or may be deemed to be, forward looking statements. These forward looking statements can be identified by the use of forward looking terminology, including the terms “anticipates”, “believes”, “estimates”, “expects”, “intends”, “may”, “plans”, “projects”, “should”, “will”, or “explore” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts. They appear throughout this announcement and include, but are not limited to, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial position, prospects, financing strategies, expectations for product design and development, regulatory applications and approvals, reimbursement arrangements, costs of sales and market penetration.
By their nature, forward looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward looking statements are not guarantees of future performance and the actual results of the Company’s operations, and the development of its main product, the markets and the industry in which the Company operates, may differ materially from those described in, or suggested by, the forward looking statements contained in this announcement. In addition, even if the Company’s results of operations, financial position and growth, and the development of its main product and the markets and the industry in which the Company operates, are consistent with the forward looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments of the Company to differ materially from those expressed or implied by the forward looking statements including, without limitation, the successful launch and commercialization of ReActiv8, the progress and success of the ReActiv8-B Clinical Trial, general economic and business conditions, the global medical device market conditions, industry trends, competition, changes in law or regulation, changes in taxation regimes, the availability and cost of capital, the time required to commence and complete clinical trials, the time and process required to obtain regulatory approvals, currency fluctuations, changes in its business strategy, political and economic uncertainty. The forward-looking statements herein speak only at the date of this announcement.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006011/en/
PR and IR Enquiries:
Consilium Strategic Communications (international strategic communications - business and trade media)
Chris Gardner, Jessica Hodgson, Nicholas Brown, +44 203 709 5700 / +44 7921 697 654
[email protected]
or
FTI Consulting (for Ireland):
Jonathan Neilan, +353 1 765 0886
[email protected]
or
NewCap (for France)
Julie Coulot, +33 1 44 71 20 40
[email protected]
or
Investor Relations:
LifeSci Advisors, LLC
Brian Ritchie, + 1 (212) 915-2578
[email protected]
or
ESM Advisers:
Davy
Fergal Meegan or Barry Murphy, +353 1 679 6363
[email protected] or [email protected]
Source: Mainstay Medical International plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-mainstay-medical-announces-cfo-transition.html |
May 10, 2018 / 7:44 PM / Updated 8 minutes ago Carrefour Brasil launches drive-thru service amid e-commerce push Reuters Staff 2 Min Read
SAO PAULO, May 10 (Reuters) - Carrefour Brasil, food retailer, launched a new click-and-collect style service in Sao Paulo on Thursday, as the company keeps up its recent focus on e-commerce.
In a statement, the company said the new service would allow customers to select items online, before driving to a designated drive-thru area where workers will place items into the customer’s car.
The service is now available at one store in the affluent Sao Paulo neighborhood of Pinheiros, the company said. Carrefour Brasil did not provide details about expansion plans for the service.
The drive-through option is already available in various countries where parent company Carrefour SA operates. However, the expansion of the service into Brazil underscores how the group is betting on digitalization and trying to take advantage of Brazil’s rapidly growing e-commerce market.
In October, Carrefour Brasil launched a so-called “dark store” in Sao Paulo, which delivers groceries to customers’ doors, a novelty in Latin America. In November, the group launched a more traditional click-and-collect service.
Carrefour Brasil’s archrival, GPA, has also emphasized digitalization efforts in recent months. In April, the company, controlled by France’s Casino Guichard Perrachon SA , brought on a tech-savvy new chief executive from electronics and appliance subsidiary Via Varejo SA. Reporting by Gram Slattery; editing by Diane Craft | ashraq/financial-news-articles | https://www.reuters.com/article/carrefour-brasil-ecommerce/carrefour-brasil-launches-drive-thru-service-amid-e-commerce-push-idUSL1N1SH1YU |
(Adds details, background, Quote: )
DUBAI, May 21 (Reuters) - The Minister of State for Foreign Affairs of the United Arab Emirates, Anwar Gargash, said on Monday U.S. Secretary of State Mike Pompeo was taking the right approach on Iran.
“Uniting (our) efforts is the correct path for Iran to realize the futility of its incursions and expansionism,” Gargash wrote on his official Twitter account, several hours after a policy speech on Iran by Pompeo.
Pompeo demanded Iran make broad changes to its foreign policy in the wartorn Middle East or face economic sanctions, as the Trump administration hardened its stance after pulling out of an international deal to limit Tehran’s nuclear programme.
A close U.S. ally in the energy-rich Gulf, the UAE, along with Saudi Arabia and Bahrain, accuses Iran of backing armed groups across the region in a bid for domination.
“The Pompeo strategy requires wisdom and a change of the Iranian compass,” Gargash added.
Reporting by Noah Browning and Sarah Dadouch; editing by Andrew Roche
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-usa-emirates/update-1-senior-uae-official-says-u-s-taking-right-approach-on-iran-idUSL5N1SS4ME |
May 22, 2018 / 2:00 AM / Updated 6 minutes ago Malaysia's embattled Najib questioned by anti-corruption agency Rozanna Latiff 4 Min Read
KUALA LUMPUR (Reuters) - Embattled former Prime Minister Najib Razak arrived at the headquarters of Malaysia’s anti-corruption commission on Tuesday, which has ordered him to explain a suspicious transfer of $10.6 million into his bank account. Malaysia's former prime minister Najib Razak arrives to give a statement to the Malaysian Anti-Corruption Commission (MACC) in Putrajaya, Malaysia May 22, 2018. REUTERS/Lai Seng Sin
The sum is just a fraction of billions of dollars allegedly siphoned from state fund 1MDB, a scandal that dogged the last three years of Najib’s near-decade-long rule and was one of the main reasons why voters dumped him in an election on May 9.
That shock election result upended Malaysia’s political order, as it was the first defeat for a coalition that had governed the Southeast Asian nation since its independence from colonial rule in 1957.
Malaysia’s new leader, Mahathir Mohamad, who at the age of 92 came out of political retirement and joined the opposition to topple his former protege, has reopened investigations into 1Malaysia Development Berhad (1MDB) and has vowed to recover money that disappeared from the fund.
Since losing power, Najib and his allegedly shopaholic wife, Rosmah Mansor, have suffered a series of humiliations, starting with a ban on them leaving the country, and then police searching their home and other properties.
Flanked by security guards, Najib entered the Malaysian Anti-Corruption Commission (MACC) headquarters in Kuala Lumpur on Tuesday, moving slowly through a throng of journalists outside the building. Wearing an open-neck shirt, Najib looked relaxed and smiled once he entered the building’s atrium. Malaysia's former prime minister Najib Razak arrives to give a statement to the Malaysian Anti-Corruption Commission (MACC) in Putrajaya, Malaysia May 22, 2018. REUTERS/Lai Seng Sin U.S. SAYS TO PURSUE 1MDB PROBE
Najib has consistently denied any wrongdoing since the 1MDB scandal erupted in 2015, but he replaced an attorney-general and several MACC officers to shut down an initial investigation.
Najib has said $681 million of funds deposited in his personal bank account were a donation from a Saudi royal, rebutting reports that the funds came from 1MDB.
The initial focus of the MACC’s new probe is on how 42 million ringgit ($10.6 million) went from SRC International to Najib’s account. Slideshow (3 Images)
SRC was created in 2011 by Najib’s government to pursue overseas investments in energy resources, and was a unit of 1MDB until it was moved to the finance ministry in 2012.
MACC has been able to track the money trail from SRC more easily because transactions were made through Malaysian entities, whereas most other transfers of 1MDB funds went through foreign banks and companies.
To investigate 1MDB, the new government on Monday set up a task force made up of members of the anti-graft agency, police and the central bank, to liaise with “enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries”.
The U.S Department of Justice said on Tuesday it would continue to pursue investigations into 1MDB and looked forward to working with Malaysian law enforcement authorities.
“The Department of Justice is committed to ensuring that the United States and its financial system are not threatened by corrupt individuals and kleptocrats who seek to hide their ill-gotten wealth,” a DoJ spokesperson said in an email statement to Reuters.
“Whenever possible, recovered assets will be used to benefit the people harmed by these acts of corruption and abuse of office,” the statement added.
The U.S. filed forfeiture complaints in 2016 and 2017 seeking to recover over $1.7 billion in assets traceable to funds allegedly misappropriated from 1MDB.
These complaints alleged that more than $4.5 billion was diverted from 1MDB and laundered through a web of shell companies and bank accounts located in the United States and elsewhere. Writing by Simon Cameron-Moore; Editing by John Chalmers | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-najib/malaysias-embattled-najib-questioned-by-anti-corruption-agency-idUKKCN1IN06M |
May 2, 2018 / 9:35 AM / Updated 11 hours ago ADB to outline future in Asia amid growing Chinese influence Karen Lema 4 Min Read
MANILA (Reuters) - The Asian Development Bank will look to confront a range of economic challenges at its four-day annual meeting this week, including the future relevance of the organization amid China’s increasing presence in infrastructure finance. A man's shadow casts over the logos of the Asian Development Bank (ADB)'s annual general meeting at the site in Yokohama, south of Tokyo, Japan May 4, 2017. REUTERS/Issei Kato
Free trade, globalization, population aging, worsening environmental problems, gender equality, the trend toward automation, are key topics of discussions at the May 3-6 meeting in the Philippines, one of Asia’s fastest growing economies.
ADB vice president Stephen Groff said the Manila-based lender is crafting a new long-term corporate strategy to 2030 to achieve a “prosperous, inclusive, resilient, and sustainable” Asia and the Pacific.
“Asia is a region of the world whose economic success over the last quarter century is very much built on free trade, and clearly we are hearing more negative voices from some corners of the globe on free trade and globalization,” Groff told Reuters in an interview.
The ADB raised its 2018 economic growth estimate for developing Asia to 6.0 percent from 5.8 percent, citing solid export demand, but said U.S. protectionist measures and any retaliation against them could undermine trade.
Concern is growing about a trade row between China and the United States in which the two nations have threatened each other with tariffs. A delegation of senior Trump administration officials is set to visit Beijing this week for trade talks. COOPERATION NOT COMPETITION
Founded in 1966 with a mandate to lift hundreds of millions of Asians out of poverty, the Japanese-led ADB has 67 member countries ranging from struggling Bangladesh and Pakistan to booming China and India, with its largest donors Japan and the United States.
But China’s bid to increasingly assert itself as the regional powerhouse with its high-profile “One Belt, One Road” initiative, has raised questions about the future role and relevance of ADB.
Many OBOR projects are supported by China’s state-owned banks and its fledgling regional lender, the Asian Infrastructure Investment Bank (AIIB), could become a potential rival of ADB.
AIIB, which has 84 member countries, was set up by China as its answer to the Western-dominated World Bank to help meet the massive need for infrastructure spending in Asia through 2030.
Dane Chamorro, head of South East Asia at risk consultancy Control Risks, said it is premature to describe the relationship between ADB and AIIB as competition.
“What is often missed is that the from what I’ve seen, most of AIIB investments have been done on a multilateral basis... that is deliberate, that is a confidence building measure,” said Chamorro.
Given Asia’s vast infrastructure finance needs, ADB’s Groff sees scope for ADB and the AIIB to cooperate with each other.
The ADB estimates developing Asia needs to invest $1.7 trillion per year in infrastructure until 2030 to maintain its growth momentum, tackle poverty, and respond to climate change.
The ADB and AIIB have so far co-financed four infrastructure projects in Pakistan, Bangladesh, Georgia and India, with total loans amounting to more than $700 million. Reporting by Karen Lema; Editing by Sam Holmes | ashraq/financial-news-articles | https://www.reuters.com/article/us-adb-asia/adb-to-outline-future-in-asia-amid-growing-chinese-influence-idUSKBN1I313B |
Apple is a 'typical Buffett name' says trader 1 Hour Ago The “Fast Money Halftime Report” traders discuss Berkshire Hathaway's Warren Buffett buying 75 million shares of Apple. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/apple-is-a-typical-buffett-name-says-trader.html |
April 30 (Reuters) - CEAT Ltd:
* RECOMMENDED DIVIDEND OF 11.50 RUPEES PER SHARE Source text - bit.ly/2rbmmmw Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-ceat-recommended-dividend-o/brief-indias-ceat-recommended-dividend-of-11-50-rupees-per-shr-idUSFWN1S70DV |
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