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This article first appeared in Data
No less an authority than Wikipedia attributes the origin of the proverb “the enemy of my enemy is my friend” to Sanskrit, an ancient Hindu language. How appropriate, then, that the saying’s latest proof point is the battle unfolding among global tech players in India.
India is a massive market with relatively puny e-commerce volume and therefore a must-have opportunity for the world’s biggest retailers. Amazon (amzn) already is pumping $5 billion into its hoped-for Indian marketplace. And Walmart (wmt) is said to be finalizing a $15-billion controlling investment in e-commerce startup Flipkart there.
So far this all makes sense. Walmart got schooled in North America by Amazon. Neither company has covered itself in glory in the tough-to-win China market. Competing in India is an existential must for Walmart, the retailer that disrupted Kmart and Sears and doesn’t want to end up as the 21st century version of those dinosaurs.
But wait, there’s more. Alphabet (googl) , parent of search-results publisher (see what I did there ?), Google is said to be investing alongside Walmart. That makes perfect sense if you consider the battle between Google and Amazon. Each competes to fulfill shopper needs, Google through search ads and Amazon through its own retail platform. Each has thrived but wants more share of future transactions. Enter Walmart on the side of Google. The two already announced a limited partnership last year and now are showing they’ll continue to partner against their common foe.
There’s even more here. Walmart does business in China with JD.com, which is closely allied with Tencent, the gaming and messaging company that is an arch-foe of Alibaba, the e-commerce goliath. Guess who’s already an investor in Flipkart? Yes, Tencent, which is challenging Alibaba’s (baba) once-dominant position in payments with its own offering associated with WeChat, which Tencent owns. For its part, Alibaba is an investor in Indian payments company Paytm.
It’s a tangled web these enemies have woven. Competition in fast-growing markets like India is the only thing that will untangle it.
***
The New York Times has published an outstanding profile of European competition boss Margrethe Vestager. If you want to understand how Brussels thinks about Silicon Valley, read this. (Revealing nugget: When Vestager’s term ends she might not get another because the leader of her own country, who belongs to an opposing party, may not re-appoint her.)
***
If you followed me over to Data Sheet last week I hope you enjoyed my switcheroo with Alan Murray. We’re back to normal this week. | ashraq/financial-news-articles | http://fortune.com/2018/05/07/walmart-google-india-flipkart-amazon/?iid=recirc_f500landing-zone2 |
Analyst says 'wait and see' before buying Target here 1 Hour Ago Michael Lasser, UBS analyst, breaks down Target's quarterly numbers which posted a miss on the top and bottom line. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/analyst-says-wait-and-see-before-buying-target-here.html |
Pedestrians pass in front of a JPMorgan Chase & Co. bank branch in New York, U.S., on Wednesday, April 11, 2018. JPMorgan Chase & Co. is scheduled to release earnings figures on April 13. Photographer: Christopher Lee/Bloomberg via Getty Images Christopher Lee — Bloomberg via Getty Images By Aaron Pressman 8:04 AM EDT
(Fortune senior writer Jeff John Roberts filling in for Adam today )
“Information about money has become almost as important as money itself,” said former Citibank CEO and fintech pioneer, Walter Wriston. The observation is notable because it’s true, and because Wriston made it decades ago—well before the arrival of today’s AI technology that can parse reams of information on a once-unimaginable scale.
While most of the fuss around AI right now centers on transportation and robotics, it’s the financial sector that is arguably doing the most to harness tools like machine learning and data analytics. Familiar examples include lenders that use AI to crunch credit scores, and so-called robo-advisers like Betterment that help consumers build wealth.
But this is just the beginning. According to a new report on AI and finance by Future Perfect Machine, the technology is now used by most hedge funds to shape trading strategies, and by banks to detect fraud and market manipulation. The report also notes that today’s financial giants are vulnerable to competition from tech companies that own large pools of data and already excel at using AI. This is not hard to imagine. It seems more likely every year that an Amazon or a Google will take a serious run at banking.
There’s also the question of who’s going to supervise AI as it spreads deeper into finance. All of us have heard how firms need a gaggle of math and data science PhDs to ride the machine learning wave, but that may not suffice. According to a J.P. Morgan executive cited in the report, the AI eggheads also need market intuition and political savvy to flourish in finance, which sounds like a tall order.
Then, as always with AI, there’s the moral question of whether applying the technology to finance will be good or bad or society. According to the report’s author, Paul Dravis, the answer is likely to be both. Dravis thinks financial firms dealings with AI will be similar to what they experience with leverage: Used in that right way, it can amplify benefits many times over. But used incorrectly, it will multiply mistakes like never before.
Thanks for reading. Please find your usual round-up of tech tidbits below.
Jeff John Roberts @jeffjohnroberts [email protected] NEWSWORTHY
Will they or won’t they? Two of the biggest tech startups are teasing about going public…in 2019. Airbnb CEO Brian Chesky, speaking at the Code Conference on Wednesday, said his company “will be ready to IPO next year, but I don’t know if we will.” And Uber CEO Dara Khosrowshahi told CNBC his company is “on track” to go public in 2019, as well. “Lots of things can happen in the world but we have a reasonable buffer as well, so I think we’re in a pretty good spot,” he said.
It happens every year. Famed Internet analyst Mary Meeker issued her annual slide deck of Internet metrics. The 294-page presentation noted that smartphone sales have leveled off while smart speaker sales are exploding, albeit from a small base. Meeker also showed how Chinese tech companies are growing fast and entering fields like AI.
Coming into focus . Speaking of Chinese AI companies, SenseTime , a Chinese startup focused on using AI for image recognition, raised $620 million of venture capital in a deal valuing the company at $4.5 billion. The company’s software has been used in over 100 million mobile devices from China.
High hurdles . The California state Senate voted to maintain strict net neutrality rules similar to those that the Federal Communications Commission imposed in 2015 and repealed last year. The bill must next pass the state Assembly, where an earlier proposal died in January.
Double platinum . A couple of personnel moves at Apple Music have the record industry talking. After putting Oliver Schusser in charge of the service last month, Apple named Elena Segal as global director of music publishing. Getting into the publishing side of music could allow Apple to gain rights more quickly, or even set up its own record label, speculates Rolling Stone .
Turn up the volume . In what seems like a strange turn of events, headphone maker Monster filed with the Securities and Exchange Commission to issue up to $300 million of its own digital currency coins, dubbed Monster Money Tokens, that would be convertible into company stock. Sales at the company slipped 34% to $57 million last year, generating a net loss of $27 million.
The trend is your friend . Speaking of digital currencies, bitcoin set an all-time high close to $20,000 just before the Chicago Mercantile Exchange started trading bitcoin futures contracts. It has since fallen precipitously, trading under $8,000 now. But that’s completely typical behavior for a commodity price when derivatives contracts begin trading, according to a new study released by the Federal Reserve Bank of San Francisco. As with home mortgages and other instruments, early on investors have no reliable way to bet against the commodity, so prices rise dramatically. The arrival of futures trading allow pessimists finally to place their bets, driving down the price.
Android Jeff . At the annual shareholder meeting of Amazon , held on Wednesday in Seattle, several small groups gathered outside to protest. One group carried a huge mock robot with the face of Jeff Bezos, as they protested in favor of a proposal to increase oversight of the company via an independent board chairman. Shareholders rejected the plan. Bezos, who founded the e-commerce giant in 1994, holds both the positions of CEO and board chairman.
Advertisement FOOD FOR THOUGHT
Europe’s strict privacy law , the General Data Protection Regulation, went into effect last week and the impact is just starting to be measured. As online sites scrambled to get consent for data collection from their readers, Google is working much faster than most of its smaller digital advertising competitors, Nick Kostov and Sam Schechner report for the Wall Street Journal . That adds up to big benefits:
“It’s a huge advantage for Google’s ad exchange if they maintain their very high consent rate and the others don’t improve,” said Bill Simmons, co-founder and chief technology officer for Dataxu, based in Boston.
Arndt Groth, president of mobile ad-exchange Smaato, said that with a smaller supply of targeted ads, their price is going up significantly. “It’s a pure supply-and-demand thing,” he said.
IN CASE YOU MISSED IT
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Box Earnings Q1 2019: $141 Million in Revenue, Up 20% Year Over Year By Andrew Nusca
Facebook Is Now Streaming Live Baseball Games and Concerts in Virtual Reality By Jonathan Vanian
Amazon Is Expanding Whole Foods Perks to More Areas. Here’s Where By Don Reisinger
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Fox’s Murdoch Says Apple Will Find Original Content Move ‘Very Challenging’ By Don Reisinger
Advertisement BEFORE YOU GO
Last night marked the airing of the final episode of FX’s incomparable historical drama series The Americans . No spoilers, but what a brilliant finish. Or as New York magazine TV critic Matt Zoller Seitz noted, the finale was “a terrific example of an ending that summarizes what the series was about while putting a new frame around it.” Worth binging from the beginning if you’ve skipped the series so far.
This edition of Data Sheet was curated by Aaron Pressman . Find past issues, and sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/31/data-sheet-ai-finance-jp-morgan-chase/ |
SEOUL, May 28 (Reuters) - South Korea’s President Moon Jae-in said on Monday there could be more impromptu talks with North Korea including summits between pre-arranged dialogue.
Moon and North Korean leader Kim Jong Un held a surprise meeting on Saturday at the border village of Panmunjom, during which they agreed that a North Korea-U.S. summit must be held.
U.S. President Donald Trump last week pulled out of a meeting with Kim, planned for June 12 in Singapore, before floating its reinstatement.
“What’s more important than anything from the latest inter-Korean summit was that the leaders easily got in contact, easily made an appointment and easily met to discuss urgent matters, without complicated procedures and formalities, just like a casual meeting,” Moon told a meeting with senior secretaries.
“If we could hold working-level, back-to-back talks on both sides of Panmunjom if urgently necessary in addition to formal summits, it would expedite faster advancement of inter-Korean relations.” (Reporting by Hyonhee Shin Editing by Lincoln Feast)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-missiles-southkorea-moon/s-koreas-moon-calls-for-more-impromptu-talks-with-n-korea-idUSS6N1MO01S |
KUWAIT (Reuters) - Kuwait Investment Authority (KIA), one of the world’s biggest sovereign wealth funds, aims to diversify its portfolio and is looking to increase investments in emerging markets such as China, India and Brazil, the group CEO said on Wednesday.
“Kuwait...is diversifying its investments and is moving to increase its investments in emerging markets. This does not mean abandoning developed markets, but there could be a reduction in some investments in them,” Farouk Bastaki told Reuters.
He said markets such as China, India and Brazil were attractive because economic growth in these countries was outpacing that of the global economy.
KIA is the fourth-biggest sovereign wealth fund in the world, managing $524 billion, according to the Sovereign Wealth Fund Institute.
Apart from stakes in major Kuwaiti companies, KIA also owns a 6.8 percent stake in Daimler AG ( DAIGn.DE ) and other international companies.
Writing by Ghaida Ghantous; Editing by Saeed Azhar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kuwait-investment-emerging/kuwait-investment-authority-plans-to-increase-investment-in-emerging-markets-ceo-idUSKBN1I31Y0 |
ST. LOUIS, May 17, 2018 (GLOBE NEWSWIRE) -- Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding company, today announced that one of its subsidiaries has confidentially submitted an amendment to its draft registration statement on Form S-1 (the “amended draft registration statement”) to the Securities and Exchange Commission (the “SEC”) related to its proposed initial public offering for its private brands business. The number of shares of stock and the price range for the proposed offering have not yet been determined. The proposed offering is subject to, among other things, completion of the SEC review process and market conditions.
On January 11, 2018, Post announced its plan to combine its private brands businesses, which produce nut butter, healthy snacks and pasta, and explore a range of strategic alternatives for the combined private brands business. Post is continuing to evaluate strategic alternatives for the combined private brands business, including an initial public offering, a placement of private equity, a sale of the business or a strategic combination. The announcement and confidential submission of the amended draft registration statement does not indicate Post’s selection of a strategic alternative for its private brands business.
There can be no assurance that the confidential submission of the amended draft registration statement or Post’s exploration of strategic alternatives will result in any transaction or other action by Post. Post does not intend to comment on or provide updates regarding these matters unless and until it determines that further disclosure is appropriate or required based on the then-current facts and circumstances. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding the exploration of strategic alternatives for Post’s private brands business. These forward-looking statements are based on the current expectations and assumptions of Post and are subject to uncertainty and changes in circumstances. Forward-looking statements are sometimes identified from the use of forward-looking words such as “believe,” “should,” “could,” “potential,” “continue,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “aim,” “intend,” “plan,” “forecast,” “target,” “is likely,” “will,” “can,” “may,” “would” or the negative of these terms or similar expressions, and include all statements regarding future events or developments. There is no assurance that any strategic alternatives for Post’s private brands business will be consummated and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks and uncertainties include the following:
Post’s high leverage, Post’s ability to obtain additional financing (including both secured and unsecured debt) and Post’s ability to service its outstanding debt (including covenants that restrict the operation of its business);
Post’s ability to continue to compete in its product markets and Post’s ability to retain its market position;
Post’s ability to anticipate and respond to changes in consumer preferences and trends and introduce new products;
Post’s ability to identify, complete and integrate acquisitions and manage its growth;
significant volatility in the costs or availability of certain raw materials, commodities or packaging used to manufacture Post’s products, higher energy costs or higher transportation costs;
Post’s ability to successfully implement business strategies to reduce costs;
allegations that Post’s products cause injury or illness, product recalls and product liability claims and other litigation;
legal and regulatory factors, including advertising and labeling laws, changes in food safety and laws and regulations governing animal feeding and housing operations;
the loss or bankruptcy of a significant customer;
consolidations in the retail grocery and foodservice industries;
Post’s ability to promptly and effectively integrate the Bob Evans business, including the risk of experiencing disruptions from ongoing business operations which may make it more difficult than expected to maintain relationships with employees, business partners or governmental entities, and Post’s ability to obtain expected cost savings and synergies of the acquisition within the expected timeframe; losses incurred in the appraisal proceedings brought in connection with Post’s acquisition of Bob Evans by former Bob Evans stockholders who demanded appraisal of their shares;
costs associated with Bob Evans’s sale and separation of its restaurant business on April 28, 2017 (the “Bob Evans Restaurants Transaction”), which occurred prior to Post’s acquisition of Bob Evans, including costs that may arise under Bob Evans’s capacity as guarantor of payment and performance conditions for certain leases, as well as costs associated with a transition services agreement established as part of the Bob Evans Restaurants Transaction;
Post’s ability to promptly and effectively integrate the Weetabix business and obtain expected cost savings and synergies of the acquisition within the expected timeframe;
the possibility that Post may not be able to create value in its private brands business through strategic alternatives;
the potential for disruption to Post or the private brands business resulting from the exploration of strategic alternatives for the private brands business;
the possibility that Post may not be able to consummate any proposals for strategic alternatives for its private brands business that may result from Post’s exploration due to, among other things, market, regulatory or other factors;
the ability of Post’s private brand products to compete with nationally branded products;
disruptions or inefficiencies in supply chain, which may result from Post’s reliance on third party manufacturers for certain of its products;
the ultimate impact litigation may have on Post;
Post’s ability to successfully operate its international operations in compliance with applicable laws and regulations;
changes in economic conditions, disruptions in the U.S. and global capital and credit markets and fluctuations in foreign currency exchange rates;
the impact of the United Kingdom’s exit from the European Union (commonly known as “Brexit”) on Post and its operations;
impairment in the carrying value of goodwill or other intangibles;
changes in estimates in critical accounting judgments and changes to or new laws and regulations affecting Post’s business, including U.S. tax reform;
changes in weather conditions, natural disasters, disease outbreaks or other events beyond Post’s control;
loss of key employees, labor strikes, work stoppages or unionization efforts;
losses or increased funding and expenses related to Post’s qualified pension or other postretirement plans;
costs, business disruptions and reputational damage associated with information technology failures, cybersecurity incidents or information security breaches;
Post’s ability to protect its intellectual property and other assets;
significant differences in Post’s actual operating results from its guidance regarding its future performance;
Post’s ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, including with respect to acquired businesses; and
other risks and uncertainties described in Post’s filings with the SEC.
These forward-looking statements represent Post’s judgment as of the date of this release. Post disclaims, however, any intent or obligation to update these forward-looking statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company operating in the center-of-the-store, refrigerated, foodservice, food ingredient, active nutrition and private brand food categories. Through its Post Consumer Brands business, Post is a leader in the North American ready-to-eat cereal category offering a broad portfolio including recognized brands such as Honey Bunches of Oats®, Pebbles™, Great Grains® and Malt-O-Meal® bag cereal. Post also is a leader in the United Kingdom ready-to-eat cereal category with the iconic Weetabix® brand. As leader in refrigerated foods, Post brings innovative, value-added egg and refrigerated potato products to the foodservice channel and the retail refrigerated side dish category, offering side dishes and egg, sausage and cheese products through the Bob Evans®, All Whites®, Better’n Eggs®, Simply Potatoes® and Crystal Farms® brands. Post’s Active Nutrition platform aids consumers in adopting healthier lifestyles through brands such as Premier Protein®, PowerBar® and Dymatize®. Post’s Private Brands business manufactures private brand nut butter, healthy snacks and pasta. For more information, visit www.postholdings.com .
Contact:
Investor Relations
Brad Harper
[email protected]
(314) 644-7626
Media Relations
Lisa Hanly
[email protected]
(314) 665-3180
Source:Post Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-post-holdings-announces-confidential-submission-of-amendment-to-draft-registration-statement-for-proposed-initial-public.html |
HELSINKI (Reuters) - Buyout fund CVC Capital has agreed to buy a majority stake in Mehilainen, one of Finland’s largest healthcare companies, from private equity companies KKR ( KKR.N ) and Triton.
The companies, announcing the sale in separate statements on Friday, did not disclose the price but the Financial Times, citing unnamed sources, said the deal would be valued at 1.8 billion euros ($2.1 billion). Mehilainen had sales of 756 million euros last year.
The Finnish healthcare industry is restructuring ahead of a potential shake-up aimed at boosting competition between healthcare providers by opening up more opportunities to the private sector.
Mehilainen said CVC would buy a stake of around 50 percent and Finnish insurance group Lahitapiola and pension funds Varma and Ilmarinen would increase their stakes to more than 30 percent combined. The actual stakes will be announced when the deal has closed.
“This is a very good solution. A stock market listing would have been an option, but this is better at this stage as the market is in transformation,” Mehilainen’s CEO Janne-Olli Jarvenpaa told Reuters by phone. “We’ll have a long-term investor with capability to fund growth projects.”
He declined to disclose the price of the deal and CVC, KKR and Triton were not immediately available to comment.
The Finnish parliament is expected to vote on the government’s healthcare reform bill next month.
On Thursday, Mehilainen’s rival Terveystalo ( TTALO.HE ) agreed to buy Swedish rival Attendo’s ( ATTE.ST ) Finnish operations for 233 million euros.
Reporting by Jussi Rosendahl; Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mehilainen-m-a-cvc/cvc-to-buy-finnish-healthcare-group-mehilainen-from-kkr-triton-idUSKCN1IJ0NN |
WASHINGTON, May 8, 2018 /PRNewswire-USNewswire/ -- The federal government last week published a notice of clarification in response to a court order requiring it to adequately address comments and proposals made by the American College of Emergency Physicians (ACEP) and other organizations regarding the Greatest of Three Rule.
In its lawsuit against the U.S. Departments of Labor, Health and Human Services, and the Treasury (the "Departments"), ACEP argued that a regulation under the Affordable Care Act is in violation Congressional intent (ACEP v. Thomas E. Price, MD). The Departments issued the clarifications but refused to make any revisions to the rule. ACEP's Board of Directors will discuss further legal recourse during its meeting in May.
ACEP originally filed the lawsuit in May 2016 against the Departments regarding the so-called "Greatest of Three Rule," which was issued in 2015, under the authority granted to them by the Patient Protection and Affordable Care Act.
In the suit, ACEP asked the court to require transparency of data and fair insurance coverage for emergency patients who are "out of network" because of a medical emergency. In addition, ACEP argued that since there is no objective verification of whether the coverage amounts paid by insurers for such cases are truly "usual, customary, and reasonable" (UCR), insurers have been able to shift an unequal cost-sharing burden to patients in violation of the ACA.
In August 2017, the U.S. District Court for the District of Columbia remanded the case back to the U.S. Departments for further explanation, saying that comments during the regulation's development had been submitted to the Departments expressing concerns "for example, that the methods it used to set payments were not transparent and could be manipulated by insurers.…The Departments all but ignored these comments and proposals."
ACEP has called for transparency by insurance companies and use of independent databases, such as Fair Health ( www.fairhealth.org ), for calculating payments for out-of-network emergency care. The Fair Health claims database was developed after United Healthcare was successfully sued by the State of New York for fraudulently calculating and significantly underpaying doctors for out-of-network medical services (using its own Ingenix database).
ACEP is the national medical specialty society representing emergency medicine. ACEP is committed to advancing emergency care through continuing education, research and public education. Headquartered in Dallas, Texas, ACEP has 53 chapters representing each state, as well as Puerto Rico and the District of Columbia. A Government Services Chapter represents emergency physicians employed by military branches and other government agencies.
View original content with multimedia: http://www.prnewswire.com/news-releases/acep-board-to-consider-further-legal-recourse-during-may-meeting-300644656.html
SOURCE American College of Emergency Physicians (ACEP) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-acep-board-to-consider-further-legal-recourse-during-may-meeting.html |
6:11 AM EDT
Good morning. David Meyer here, standing in for Alan from sunny Berlin.
Berkshire Hathaway CEO Warren Buffett has confirmed that he “had discussions” with Uber, after a Bloomberg report suggested he offered the ride-hailing firm a $3 billion investment, but talks fell through.
However, the legendary investor told CNBC that some of the details in that report were “not correct.” Which details? That’s not clear, but here’s the gist of the story:
According to Bloomberg , Buffett’s $3 billion wasn’t necessarily the biggest thing that was on offer—rather, it was his credibility and the image boost it would have given to Uber, a company that has been known to have an image problem or two over recent years.
Buffett did this with Goldman Sachs during the financial crisis—Berkshire Hathaway’s $5 billion injection into the flailing outfit gave it the bump it needed to go raise more money. But in exchange for his money and cred, Buffett got a great deal: $5 billion in perpetual preferred shares (which came with a 10% dividend) and warrants for 43.5 million additional shares, which turned into a huge ownership stake several years later.
The Bloomberg piece suggests that Buffett originally wanted to throw “well above $3 billion” at Uber, but Uber CEO Dara Khosrowshahi wasn’t even keen on the $3 billion figure, and tried to get it down to $2 billion in order to give Buffett a smaller potential share of the firm. Unable to agree on the terms, the parties walked away.
It seems Khosrowshahi’s confidence stemmed at least partly from the whopping $9.3 billion investment Uber had just received from Japan’s SoftBank, increasingly the power player in the tech sector. Uber isn’t desperate for cash right now. But that’s probably not the whole story.
The fact is, Uber’s image is lot better these days than it used to be under scandal-prone Travis Kalanick. Khosrowshahi has done his best to convey level-headedness and contrition for Uber’s past sins—an expensive endeavor, as detailed in a recent Wall Street Journal piece about big corporate apology tours.
But this tonal shift isn’t merely a PR exercise. Note, for example, Uber’s by-the-books dealings with U.S. transport regulators in self-driving-car crash investigations—a stark contrast with Tesla’s approach to the same issue, characterized by public spats with the officials . OK, so a lot of people are annoyed at the way Uber exited South East Asia, by suddenly handing a huge monopoly to rival Grab (which is also backed by SoftBank,) but—at least as far as investors are concerned—that’s a far cry from the sort of bad behavior that previously almost defined Uber.
It appears Khosrowshahi felt comfortable with turning down not only Buffett’s cash, but his cachet too. That’s a remarkable turn of events for all involved.
More news below.
A note from Alan: Apologies yesterday for mistakenly saying that Syngenta has been renamed in the wake of its purchase by ChemChina. It hasn’t. David Meyer Top News
Tariff War
It seems EU Trade Commissioner Cecilia Malmström was right—according to multiple reports, President Donald Trump will go ahead with steel and aluminum tariffs on imports from the European Union. The official announcement is expected today. If it goes ahead as predicted, expect swift retaliation from Europe, slapping big tariffs on imports from the U.S. TIME
Volcker Rule
The Volcker Rule, a key plank of the Dodd-Frank banking law that limits banks from making speculative investments with the money they hold, is likely to be relaxed after the Federal Reserve’s board unanimously voted for its loosening yesterday. “The agencies responsible for implementing the rule see many opportunities to simplify and improve it in ways that will allow firms to conduct appropriate activities without undue burden, and without sacrificing safety and soundness,” said Fed chair Jerome Powell. The proposal is now open for a 60-day public comment phase. The Hill
SenseTime Time
The Chinese AI company SenseTime has just raised $620 million from investors such as Fidelity and Silver Lake. Just months ago, it raised $600 million from the likes of Alibaba and Temasek, and last year it pulled in $410 million. SenseTime, which says it’s profitable, works in the field of image recognition, which is red hot due to its application in everything from self-driving cars and entertainment to finance and retail. CNBC
Korean Air
Korean Air’s Cho family is reportedly being investigated on suspicion of tax evasion and breach of trust. Prosecutors raided the company’s offices in Seoul, following reports that the police would like to arrest the wife of chairman Cho Yang-ho. The chairman’s daughters have generally been the ones in the news—Heather, who was jailed over a “nut rage” incident in 2014, and Hyun-min, who more recently threw water at someone in a business meeting. BBC Advertisement Around the Water Cooler
Cautious Rebound
Asian equities bounced today, and European stocks seemed to be cautiously following suit, apparently because there’s vague hope of Italy’s populist coalition getting its government-forming plans back on track. The Asian performance followed reports of solid growth in Chinese industrial output. Of course, everyone in China and Europe remains nervous about the impact of those U.S. tariffs. Bloomberg
Chinese Tech Pushback
Everyone loves Chinese tech stocks right now, no? Apparently not. According to a Wall Street Journal report of the Sohn Investment Conference in Hong Kong this week, one presentation pitched a hedged options trade on Tencent, and another recommended shorting JD.com. That’s a stark contrast to the view of Wall Street analysts, who are pretty unanimous in calling Tencent a “buy.” WSJ
Babchenko Resurrection
The award for yesterday’s weirdest news probably goes to Arkady Babchenko, the Russian journalist who everyone thought had been assassinated in Ukraine on the Kremlin’s orders, showing up alive and well. He and the Ukrainian authorities had staged his murder in order to thwart an actual Russian plan to kill him, he said in a press conference. Babchenko apologized to his wife, who found him in a pool of blood and really believed he subsequently died in the ambulance. Pretty much all observers say this was a catastrophically stupid idea that played into the Kremlin’s hands. Guardian
Saudi Reforms
Saudi Arabia’s big reform push was reportedly largely authored by none other than the SCL Group, better known as the parent company of scandal-struck Cambridge Analytica. According to the New York Times , SCL “provided a psychological road map of the kingdom’s citizenry and their sentiment toward the royal family, even testing potential reform steps as they charted a path forward to preserve stability.” NYT
This edition of CEO Daily was edited by David Meyer . Find previous editions here , and sign up for other Fortune newsletters here . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/31/steel-tariffs-eu-uber-buffett-volcker-rule-ceo-daily-for-may-31-2018/ |
May 2 (Reuters) - ManTech International Corp:
* MANTECH ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER OF 2018
* Q1 EARNINGS PER SHARE $0.51 * Q1 REVENUE $473 MILLION VERSUS I/B/E/S VIEW $469.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.49 — THOMSON REUTERS I/B/E/S
* SEES FISCAL 2018 DILUTED EARNINGS PER SHARE $2.00 - $2.08
* SEES FISCAL 2018 REVENUE $1.90 BILLION - $1.95 BILLION
* COMPANY’S BACKLOG OF BUSINESS AT END OF QUARTER WAS $7.1 BILLION AND FUNDED BACKLOG WAS $1.2 BILLION
* BOOKINGS OF $430 MILLION IN QUARTER * FY2018 EARNINGS PER SHARE VIEW $2.02, REVENUE VIEW $1.92 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mantech-international-reports-q1-e/brief-mantech-international-reports-q1-eps-of-0-51-idUSASC09Z2V |
JAKARTA, May 11 (Reuters) - Indonesian state energy company Pertamina is considering placing its contract with Iran to operate the Mansouri oilfield on hold because of the threat of U.S. sanctions, director Syamsu Alam told reporters on Friday.
The United States plans to reintroduce sanctions against Iran after abandoning a deal reached in late 2015 that limited Tehran’s nuclear ambitions in exchange for the removal of U.S. and European sanctions.
Pertamina said in March that it had won the tender to operate Iran’s Mansouri field with 80 percent participating interest.
On Friday Alam said that Pertamina would not be able to continue with the contract if there were sanctions from the United States or any other country, adding that sanctions could also create financing problems because the company might seek loans from U.S. banks.
“Our position is to put it on hold because of the sanctions threat,” Alam said, adding that a final decision will be made on Saturday.
He also said the company is reviewing its plan to import oil and gas from Iran.
Separately on Friday, the Indonesian government awarded the operation of two oil and gas blocks at the Jambi Merang and Raja-Pendopo fields to Pertamina. (Reporting by Jakarta bureau Writing by Fransiska Nangoy Editing by David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/pertamina-iran/indonesias-pertamina-considers-putting-iran-deal-on-hold-idUSL3N1SI4U3 |
May 25 (Reuters) - Brazilian truckers association Abcam said in a written statement on Friday that it had rejected the government’s accord with other driver groups to end a nationwide blockade that has paralyzed key sectors of Latin America’s biggest economy.
Abcam, the group that started the protests on Monday, said it would not back down until fuel tax cuts promised by the government became law, which would not happen until next week at the earliest. Abcam, which says it represents 600,000 drivers, told its members to remain “firm” in keeping its protest in place. (Reporting by Jose Roberto Gomes Writing by Brad Brooks)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport-abcam/key-brazil-truckers-association-abcam-rejects-govt-accord-to-end-protest-idUSE6N1Q9014 |
May 3, 2018 / 10:27 AM / Updated 11 minutes ago German lender Warburg's profit drops on tax scandal provisions Reuters Staff 2 Min Read
FRANKFURT (Reuters) - German lender M.M. Warburg’s pretax profit fell more than 40 percent last year as it set aside 44.5 million euros (39.2 million pounds) to cover potential costs related to its alleged involvement in Germany’s highest profile tax evasion scandal.
Pretax earnings fell to 17.4 million euros in 2017 from 29.7 million a year earlier, Warburg said on Thursday.
German prosecutors and tax authorities are investigating 417 suspected cases of so-called dividend stripping in Germany that resulted in 5.3 billion euros of unpaid taxes.
Dividend stripping, also known as “cum-ex” transactions, involved buying a stock just before losing rights to a dividend, then selling it, taking advantage of a now-closed legal loophole that allowed both buyer and seller to claim tax credits.
Investigations into the use of such schemes by a number of banks in Germany have been going on for several years.
Warburg said that from 2007 to 2011 it performed proprietary share trades, around the time the loophole existed.
However, it added: “Senior management is convinced that its tax treatment of the transactions complies with all legal requirements.”
The public prosecutor in Cologne has been investigating senior managers and employees at the bank since 2016, following initials suspicion of tax evasion.
In 2017, the tax authorities revoked the 2010 tax offset notice for Warburg. The bank has appealed this decree.
As the possibility of related claims being brought against Warburg cannot be ruled out, the bank had set aside an amount of money that covers in full the tax and interest receivables for 2010 and 2011, Warburg said. Reporting by Arno Schuetze; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mm-warburg-results/german-lender-warburgs-profit-drops-on-tax-scandal-provisions-idUKKBN1I412N |
The first black woman governor in the United States. The first lesbian serving in Congress from Texas. The first Democratic woman representing Kentucky in the House. All of these scenarios moved closer to reality following a round of primary elections in red states.
While women in general did not score resounding wins across the board Tuesday, several candidates have a chance to make history in November's midterms. Of course, some of them face uphill battles as Democrats running in red areas or facing incumbents.
More women than ever are running for office this year, increasing the chances of the gender divide and diversity in both federal and state governments better reflecting the broader population. Already, the number of women running for House seats and governor has shattered records, according to the Center for American Women and Politics at Rutgers University .
Early primary elections suggest the number of women in Congress could rise after November. Following primary elections last week, several women appear to be favored to win House seats in Pennsylvania , a state currently represented entirely by men in Congress.
More women set themselves up to take a run at making history following Tuesday's primaries in multiple red states. Ten out of 17 women running for statewide elected executive offices, or just under 60 percent, won their nominations, according to Gender Watch 2018, a nonpartisan project tracking women in the midterms.
Of 61 House nominations decided Tuesday, women won 12, or about 20 percent. The figure falls in line with the proportion of women in Congress overall.
In Texas, women won Democratic nominations to challenge incumbents in two competitive districts — the 7th and 23rd Districts. Men secured Democratic primary runoff wins over women in two other seats on the party's radar: the 21st and 32nd Districts.
Texas is also the home of two female candidates who could end up making history this year. Here are some of the women who have a chance to achieve electoral firsts in November:
Stacey Abrams, running for Georgia governor In winning Georgia's Democratic gubernatorial primary Tuesday with a resounding three-quarters of the vote, Stacey Abrams already became the first black woman to win a major party nomination for governor, according to Gender Watch 2018. If she wins, she will become the first black woman to serve as a U.S. governor.
"We are writing the next chapter of Georgia history, where no one is unseen, no one is unheard and no one is uninspired," she told supporters Tuesday, according to NBC News .
She will face either Republican Lt. Gov. Casey Cagle or Georgia Secretary of State Brian Kemp, who head to a primary runoff in July. Incumbent GOP Gov. Nathan Deal cannot seek re-electio becausea of term limits.
Abrams, 44, previously served as the minority leader in Georgia's Statehouse. She faces a challenge in turning the state blue. A Democrat has not won a statewide election for governor or senator in Georgia since about the turn of the millennium.
Still, the state has trended slightly more Democratic. won it by about 5 percentage points in 2016 after Mitt Romney won it by 8 percentage points in 2012.
Lupe Valdez, running for Texas governor Lupe Valdez, a former sheriff, won the Democratic primary for Texas governor on Tuesday. She becomes the first openly gay person and Hispanic woman to win a major party's nomination for governor of Texas, the second-most populous state behind California.
The 70-year-old Valdez, who served as Dallas County sheriff, will face Gov. Greg Abbott, a well-known and generally popular Republican. He won his last election bid in 2014 by more than 20 percentage points.
Like Georgia, Texas has also trended less Republican in recent years amid demographic changes. Trump won it by 9 percentage points, compared with a roughly 16 percentage point victory for Romney in 2012.
Valdez said Tuesday night she did not want to hear about "uphill battles" because she has fought them all her life, according to The Dallas Morning News .
Gina Ortiz Jones, running for Congress in Texas Gina Ortiz Jones, an Air Force veteran and former Obama administration official, easily won the Democratic primary runoff for Texas' 23rd Congressional District. If she beats incumbent GOP Rep. Will Hurd in November, she would become the first lesbian and Filipina-American to represent Texas in Congress.
Ortiz Jones, 37, appears ready to give Hurd a serious challenge. The nonpartisan Cook Political Report's Partisan Voter Index, which gauges how districts voted in recent presidential elections, rates the 23rd District as an "R+1" area.
Cook lists the race in the "lean Republican" category, while another nonpartisan analysis site, Sabato's Crystal Ball, considers it a "toss-up." The enormous district stretches from the suburbs of San Antonio to the outskirts of El Paso on the western edge of Texas.
Ortiz Jones previously told CNBC she sees the race as a matter of "protecting opportunities" for people in the district.
Amy McGrath, running for Congress in Kentucky Amy McGrath, a former fighter pilot who won the Democratic primary for Kentucky's 6th District, hopes to become the first woman from her party to represent the state in Congress. She will challenge GOP Rep. Andy Barr.
Cook rates the district, which includes Lexington and the areas surrounding it, as an "R+9" region. Both Cook and Sabato's Crystal Ball list it as a race that leans Republican. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/primary-results-women-make-history-in-georgia-texas-kentucky-elections.html |
May 15, 2018 / 1:05 PM / Updated 23 minutes ago Mexico says NAFTA deal unlikely this week, Canada is upbeat Sharay Angulo , Dave Graham 4 Min Read
MEXICO CITY (Reuters) - Mexico’s economy minister said that he saw diminishing chances for a new North American Free Trade Agreement ahead of a Thursday deadline to present a deal that could be signed by the current U.S. Congress. FILE PHOTO: Mexico's Economy Minister Ildefonso Guajardo speaks to the media during a news conference at Los Pinos presidential residence in Mexico City, Mexico May 1, 2018. REUTERS/Henry Romero
U.S. House Speaker Paul Ryan has said that the Republican-controlled Congress would need to be notified of a new NAFTA deal by Thursday to give lawmakers a chance of approving it before a newly elected Congress takes over in January.
“It is not easy. We do not think we will have it by Thursday,” Mexican Economy Minister Ildefonso Guajardo told broadcaster Televisa on Tuesday.
But Canadian Prime Minister Justin Trudeau struck a more upbeat tone, telling reporters in Calgary a few hours later, “There is very much an eminently achievable outcome ... and we are very close.”
“We are going to continue to remain optimistic,” said Trudeau. He met with U.S. President Donald Trump on Monday and discussed the possibility of bringing NAFTA talks to a “prompt conclusion.”
Negotiators from the United States, Mexico and Canada have been in intense talks since last month to try to reach a deal before U.S. congressional elections in November. Mexico’s presidential vote on July 1 also complicates the process.
“We will keep negotiating, and in the moment that we have a good negotiation, we can close the deal ... independent of which Congress (the current or new) that will vote on it,” said Guajardo.
Mexico’s peso sank to its weakest level in over a year on Tuesday, and the country’s benchmark stock index fell about 1 percent to its lowest since early April.
Guajardo said the talks could be concluded before or just after the July 1 vote.
Leftist Andres Manuel Lopez Obrador is leading polls to win the presidential race, and his pick for economy minister, Graciela Marquez, said last month his administration would be willing to accept a deal struck before the election.
If that is not possible, she said it would be better to complete the negotiation after the next government takes office at the start of December. Guajardo said the next government’s team would need to be involved in any talks after July 1.
Guajardo said negotiators were getting close to reaching a deal on rules for the auto sector under NAFTA.
However, talks still faced the hurdles of U.S. demands for a sunset clause that would allow NAFTA to expire if it is not renegotiated every five years, and the elimination of settlement panels for trade disputes.
More flexibility was needed for a deal, Guajardo said.
Kenneth Smith, the chief Mexican negotiator at the talks, said that for Mexico there were no deadlines.
Irrespective of the Thursday deadline mentioned by Ryan, there was still time to ratify a new NAFTA this year, Smith told broadcaster Enfoque Noticias.
Hanging over the talks is Trump’s threat to impose steel and aluminum tariffs on its trade partners. Mexico and Canada have been spared so far, although the latest exemption for them will run out at the end of May.
Smith said his government would retaliate with equivalent measures “immediately” if tariffs or quotas were imposed. Reporting by Sharay Angulo and Dave Graham; Editing by Phil Berlowitz and Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta/mexico-does-not-sees-nafta-deal-coming-this-week-official-idUSKCN1IG1WH |
May 30, 2018 / 12:04 PM / Updated 7 hours ago Analysis: Copper prices to rise for Indian manufacturers after Vedanta smelter closure Promit Mukherjee , Sudarshan Varadhan 4 Min Read
MUMBAI/THOOTHUKUDI, India (Reuters) - Indian electrical goods manufacturers will have to rely more on imported copper and are bracing for a rise in costs, after the government in Tamil Nadu this week ordered the permanent closure of Vedanta’s copper smelter there. Workers pour melted copper in a mould to make utensils and accessories inside a workshop in Srinagar March 27, 2014. REUTERS/Danish Ismail/Files
Industry executives and analysts say this is likely to lead to an increase in prices of a wide range of products from power cables to electronic appliances, and televisions to auto parts, as manufacturers look to pass on the cost increases at a time when a weaker rupee and a surge in crude oil prices have put pressure on profit margins.
And while international copper prices are not expected to climb as a direct result of the closure in the next few weeks, if the plant is permanently shut there could be an impact.
“It may not impact straight away, but if it’s a sustained shutdown, I’m talking more than a few weeks from here, then it will start to have a meaningful impact,” said Daniel Hynes, senior commodities strategist at ANZ in Sydney.
India consumes 1.5 million tonnes of copper annually, half of which has been produced by two companies inside the country - Vedanta Ltd, a unit of London-listed Vedanta Resources, and Hindalco Industries, a unit of the Aditya Birla group. The remaining copper demand is met largely via imports.
On Monday, the state government in South India ordered the permanent closure of Vedanta’s 400,000 tonnes copper smelter after protests last week led to the killing of 13 people.
“We are expecting an increase of at least 200,000 to 250,000 tonnes of copper imports for this year,” said Shreegopal Kabra, managing director of RR Global, a wire manufacturing firm that is one of the largest consumers of copper in India. IMPORT BILL SEEN CLIMBING
Copper import costs are also likely to rise by 5-15 rupees per kilogram, driven by strong demand and a weak rupee, said Kabra, who heads India’s biggest electrical industry lobby group, Indian Electrical & Electronics Manufacturers’ Association (IEEMA).
Among its emerging economy peers, the rupee has been one of the worst performing currencies against the dollar in recent months.
India is already struggling with inflation fears as the rise in oil prices has sharply lifted its import bill.
“We are expecting that the shutdown can lead to an increased import bill of over $2 billion,” said an executive from Vedanta, who asked not to be named.
India’s copper consumption, often seen as an economic barometer because it is used in many products - from electrical equipment to pipes - is expected to grow at a pace of more than 7 percent this year, in-line with the nation’s GDP.
The landed cost of copper in India is 456 rupees per kg ($6.76) as of May 30, according to figures from commodity exchanges.
The metal is sold globally at the London Metal Exchange (LME) rate, but based on demand and tenure of a purchase deal, a premium is typically charged over the LME rate in India.
“The domestic premium is expected to rise along with imports of copper due to the shutdown,” said Goutam Chakraborty, analyst with domestic broking firm Emkay Global.
He declined to say how much he expected this premium to rise.
Many companies will have to import copper via spot deals due to the sudden turn of events at Vedanta, said Milan Mehta, the managing director of Precision Wire. Reporting by Promit Mukherjee in Mumbai and Sudarshan Varadhan in Thoothukudi; Additional reporting by Melanie Burton in Melbourne; Edited by Martin Howell | ashraq/financial-news-articles | https://in.reuters.com/article/india-copper-imports/analysis-copper-prices-to-rise-for-indian-manufacturers-after-vedanta-smelter-closure-idINKCN1IV1HS |
* Both indexes down 0.3 pct
* Italy crisis hits Asian shares
* Fortis rises on new bidding process
By Krishna V Kurup
May 30 (Reuters) - Indian shares declined on Wednesday tracking broader Asia as investors trimmed exposure to riskier assets amid a political crisis in Italy, with financial stocks such as ICICI Bank Ltd weighing on the indexes.
Asian stocks extended a global sell-off as fears of repeat elections in the euro zone’s third-largest economy saw the euro hitting a 10-month low, sending investors rushing to safe-haven assets such as U.S. Treasuries.
MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.4 percent.
The broader NSE index fell 0.38 percent to 10,592.40 as of 0646 GMT, while the benchmark BSE index declined 0.37 percent to 34,821.65.
“This is a spillover from fall in global markets due to political situation in Italy. With crude prices falling and rupee firming, domestically, things have improved. But globally, the picture is still uncertain around Europe,” said Neeraj Dewan, Director at Quantum Securities.
Financials fell, with heavyweights Housing Development Finance Corp and ICICI Bank Ltd falling 0.9 and 1.6 percent, respectively.
Among the decliners, shares of Glenmark Pharmaceuticals Ltd fell 2.9 percent after the Mumbai-based drugmaker posted a 17 percent fall in quarterly profit on Tuesday.
Indian oil refiners and retailers also took a hit after Indian Oil Corp Ltd (IOC) slashed pump prices for petrol and diesel. State-run IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp control most of the retail fuel market in India.
Shares of Bharat Electronics Ltd fell 3.9 percent after the company reported a 29 percent slump in March-quarter net profit on Tuesday.
Meanwhile, Fortis Healthcare Ltd rose as much as 4.8 percent after it launched a new round of bidding for itself on Tuesday. The cash-strapped hospital operator’s board is also scheduled to meet to approve quarterly results on Wednesday. (Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/india-stocks/indian-shares-extend-fall-italy-worries-weigh-idUSL3N1T12O6 |
Tampa Bay Rays veteran outfielder Carlos Gomez believes Major League Baseball’s drug testing is far from random, instead targeting older Latino players.
May 12, 2018; Baltimore, MD, USA; Tampa Bay Rays right fielder Carlos Gomez (27) catches Baltimore Orioles designated hitter Mark Trumbo (not pictured) fly ball during the eighth inning at Oriole Park at Camden Yards. Baltimore Orioles defeated Tampa Bay Rays 6-3. Mandatory Credit: Tommy Gilligan-USA TODAY Sports Gomez initially made such a comment on a Yahoo Sports podcast two weeks ago after Seattle Mariners second baseman Robinson Cano was suspended 80 games for violating MLB’s drug policy. Gomez sought out a Tampa Bay Times reporter Tuesday to double down on his beliefs, the newspaper noted.
“It’s not random. They pick names. Tell the truth. Tell the truth to the baseball world,” Gomez said. “You’re going to tell me this is random? It’s not 1930 anymore. People know.
“You can come any time; I’m available to do a drug test. But don’t tell people it’s random. That’s the only complaint that I have. ...
“I have plenty of pee and plenty of blood. But don’t say that’s random, because it’s not. So, tell the truth. It doesn’t cost nothing.”
Gomez was tested Tuesday, telling the newspaper that it was the sixth or seventh time he’s been tested in the first nine weeks of this season.
“I’m not mad,” he said. “I’m not upset. I just want the right answer. Why can’t they tell us this is not random. Why is that complicated? I’m going to continue to say this is not random until they show us (differently).”
For its part, MLB justified its testing procedures in a statement to the Times on Wednesday.
“Our Joint Drug Program, which is negotiated with the Players Association, is independently administered and has random testing procedures in place with no regard for a player’s birthplace, age, or any other factor,” the league said. “Every aspect of the test selection process is randomized and de-identified, and every player is included each time random selection is conducted.
“This results in some players being tested more often than others, but, as a whole, MLB players are tested more frequently than any athletes in professional sports.”
Gomez replied, “We want to know, who knows how they pick the guys? Does anybody know? It’s not about the drug test, it’s about how they do it. We need to know. ... It’s my right.”
Gomez, 32, hails from the Dominican Republic, as does Cano, 35. Chicago White Sox catcher Welington Castillo, 31, was suspended for PEDs last week, and Minnesota Twins shortstop Jorge Polanco, 24, received an 80-game ban during spring training. Castillo and Polanco are also from the Dominican Republic.
Gomez has hit .195 with six home runs and 12 RBIs in 41 games this season entering play Wednesday. He has never tested positive for drugs in his 12-year major league career.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-tb-gomez/rays-veteran-outfielder-gomez-says-mlb-drug-testing-isnt-random-idUSKCN1IW196 |
WASHINGTON—The U.S. decided to defer launching a major new sanctions push against North Korea, part of a flurry of weekend moves by both sides aimed at reviving a summit between President Donald Trump and North Korean leader Kim Jong Un.
The White House was prepared to announce the ramped-up sanctions regime Tuesday but decided Monday to indefinitely delay the measures while talks with North Korea about the summit proceed, a U.S. official said, citing progress in efforts to repair diplomatic relations between Washington and... RELATED VIDEO A series of twists ahead of a possible June 12 summit between President Donald Trump and North Korea's Kim Jong Un suggest that, despite showcased optimism, the two leaders are struggling to find common ground on key issues such as denuclearization. | ashraq/financial-news-articles | https://www.wsj.com/articles/nations-race-to-save-korea-summit-1527547115 |
Helima Croft talks about Saudi Arabia and Russia's impact on the oil market 3 Hours Ago Helima Croft, RBC Capital Markets Managing Director and Global Head of Commodity Strategy, talks Russian and Saudi production increases and how that will impact the global oil market | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/helima-croft-talks-about-saudi-arabia-and-russias-impact-on-the-oil-market.html |
MOSCOW (Reuters) - VTB, Russia’s second biggest lender, is ready to provide a loan to Qatar to buy out a stake in Russian state energy company Rosneft if needed, the bank’s chief executive Andrey Kostin told reporters on Monday.
FILE PHOTO: VTB Bank Chief Executive Andrei Kostin attends a session of the St. Petersburg International Economic Forum 2016 (SPIEF 2016) in St. Petersburg, Russia, June 16, 2016. REUTERS/Sergei Karpukhin/File Photo “We are always ready to loan, it’s our work,” Kostin said when asked whether the bank would be ready to provide funds to Qatar Investment Authority (QIA), the country’s sovereign investment fund, for the deal.
QIA is taking a stake in Rosneft of nearly 19 percent, after a deal to sell a 14.16 percent stake to China’s CEFC fell through. QIA would control a stake of 18.93 percent and Glencore would hold some 0.57 percent.
Reporting by Denis Pinchuk; Writing by Katya Golubkova; Editing by Polina Ivanova
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-rosneft-qatar-vtb/russias-vtb-ready-to-loan-qatar-to-buy-out-stake-in-rosneft-if-needed-idUSKBN1I80Q2 |
* Tecentriq fails colorectal cancer trial
* Dents Roche's immunotherapy expansion aims
* Field of immunotherapies growing more crowded
* Exelixis shares indicated 9.4 pct lower (Adds details about Exelixis, enrollment halt after patient deaths, Exelixis pre-market share price drop)
ZURICH, May 10 (Reuters) - Roche's hopes of its Tecentriq immunotherapy catching rival medicines from Merck and Bristol-Myers Squibb were dealt a blow on Thursday after it failed a key combination trial.
Roche was evaluating Tecentriq and its targeted drug Cotellic against colorectal cancer, a big market with some 1.4 million new cases diagnosed globally in 2012 and 694,000 deaths, according to an International Journal of Cancer study.
Shares in Exelixis, which is the Swiss company's partner on Cotellic and discovered the drug, plunged in pre-market trading following news of the trial results.
Roche said its Phase III IMblaze370 study did not boost overall survival compared to Bayer's Stivarga in advanced or metastatic colorectal cancer (CRC) in which patients had failed previous treatments.
Its Chief Medical Officer Sandra Hornung acknowledged the results "are not what we hoped for," but vowed to press ahead with other medicines being developed for colorectal cancer.
Exelixis shares revenue from Cotellic, while providing a portion of the U.S. sales force. The San Francisco-based firm also gets royalties from Cotellic sales elsewhere.
Tecentriq is already approved for some lung cancer patients and bladder cancer, but Roche, the world's biggest oncology drugs maker, is running multiple trials of the immunotherapy as it seeks to expand it range of uses. Trials against some lung cancers and kidney cancer have produced recent, important wins, but difficult-to-treat CRC proved elusive.
Barclays Capital analysts, who rate Roche shares "overweight", called the failure a disappointment but said CRC was always seen as a higher-risk opportunity, with only modest expectations of the indication adding significantly to sales.
Expectations for Tecentriq and Cotellic in CRC were also muted in April, when investigators halted enrollment in a separate Roche-sponsored study after four deaths, including one in a treatment-related event where the patient's heart stopped pumping blood sufficiently.
At the time, Roche said it was encouraged by the early results of that trial, called MODUL, but wanted to assess data.
"There is a scientific rationale for the combination," Roche said. "However as patient safety is our number one priority we are taking this proactive step to ensure we appropriately evaluate the combination."
PATENT LOSSES
Roche's need for Tecentric to perform better is heightened by patent losses on its best selling medicines Herceptin, Rituxan and Avastin that are opening the market to copies and eroding their combined $21 billion annual sales.
But it has a long way to go: Merck's Keytruda and Opdivo from Bristol-Myers Squibb have more than ten times the quarterly sales of Tecentriq which were a disappointing 139 million Swiss francs ($138 million) in the first three months of 2018.
Tecentriq is also facing an increasingly crowded market for checkpoint inhibitors, amid a fast expanding field of cancer drugs in one of medicine's most-lucrative markets.
Beyond Opdivo and Keytruda, there are two other so-called PD-1/PD-L1 checkpoint inhibitors on the market: AstraZeneca's Imfinzi, Pfizer and Merck KGaA's Bavencio. These could soon to be joined by a sixth, with Regeneron's and Sanofi's cemiplimab under review in the United States and Europe.
There are also molecules under development in China by companies like Beigene Ltd.
Moreover, Novartis has similar checkpoint inhibitors in the works as part of plans to have its own medicines for combination therapies seen likely to dominate the next phase of cancer treatment. ($1 = 1.0042 Swiss francs) (Reporting by John Miller Editing by Alexander Smith) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-update-1-setback-to-roche-hopes-for-tecentriq-as-fails-key-cancer-trial.html |
May 21, 2018 / 2:13 PM / Updated 16 minutes ago UPDATE 1-Motor racing-Canadian businessman Latifi buys into McLaren Reuters Staff
* Latifi buys 10 percent stake in McLaren
* Canadian’s son is racing in F2
* Bahrain’s Mumtalakat remains majority shareholder (Adds detail)
By Alan Baldwin
LONDON, May 21 (Reuters) - Canadian businessman Michael Latifi, whose son Nicholas currently races in Formula Two, has bought a stake of around 10 percent in the McLaren Group that includes the Formula One team.
McLaren, announcing Latifi’s involvement on Monday, said the 203.8 million pound ($272.55 million) capital injection “significantly strengthens the group’s balance sheet and underpins its ambitious growth plans”.
The proceeds will be received over the coming year.
The McLaren Group includes the McLaren Automotive sportscar business, McLaren Racing and McLaren Applied Technologies companies.
The shareholding, through Latifi’s British Virgin Islands-based company Nidala Ltd, was seen as a purely commercial deal and the team said it was unrelated to the 22-year-old Latifi’s racing career.
Latifi senior, who runs Canada’s Sofina Foods Inc., said in a statement he had been an admirer of the McLaren brand and businesses for some time.
“McLaren is a unique organisation in automotive, racing and technology with exciting long-term growth prospects, which is why I have made this investment,” he added.
Bahrain’s Mumtalakat holding company remains the majority shareholder in McLaren, with a 56 percent stake, followed by the TAG Group led by Saudi-born businessman Mansour Ojjeh which has 14 percent.
There are also four smaller shareholders.
McLaren announced last year, when the British-based company was valued at 2.4 billion pounds, that the group had agreed to buy the stake held by ousted chief executive Ron Dennis.
Latifi is the first significant new shareholder since Dennis’s departure.
McLaren have not won a grand prix since 2012 but have moved up the standings since they ended a failed three-year partnership with Honda at the end of 2017.
Now with Renault engines, they are fifth in the championship ahead of this weekend’s showcase Monaco Grand Prix.
Nicholas Latifi is ninth in the F2 standings and is also a development driver for the Mercedes-powered Force India F1 team.
McLaren currently have Spain’s double world champion Fernando Alonso and Belgian Stoffel Vandoorne as race drivers with Britain’s Lando Norris, the F2 championship leader, as reserve.
Lance Stroll, whose father is also one of Canada’s richest men, is the country’s only driver on the F1 grid at present and races for the Williams team. $1 = 0.7448 pounds Reporting by Alan Baldwin, editing by Ed Osmond | ashraq/financial-news-articles | https://www.reuters.com/article/motor-f1-mclaren/update-1-motor-racing-canadian-businessman-latifi-buys-into-mclaren-idUSL5N1SS38D |
Stephen Curry says he “blacked out” when he turned to the crowd after a layup, removed his mouthpiece and screamed “This is my (expletive) house” during the Golden State Warriors’ 126-85 blowout win over the Houston Rockets in Game 3 of the Western Conference finals Sunday in Oakland, Calif.
May 20, 2018; Oakland, CA, USA; Golden State Warriors guard Stephen Curry (30) shoots the basketball against Houston Rockets guard Gerald Green (14) and guard Eric Gordon (10) during the first half in game three of the Western conference finals of the 2018 NBA Playoffs at Oracle Arena. The Warriors defeated the Rockets 126-85. Mandatory Credit: Kyle Terada-USA TODAY Sports His mother, Sonya Curry, was alert, however, and she wasn’t happy with her son’s display on national television.
She was plenty happy to see him hit seven straight shots, including a pair of 3-pointers, in a third-quarter flurry that broke open a competitive game, but told her son to wash his mouth out with soap anyway.
“She already sent me two home videos, showing me the clip and playing it back,” Curry said, per ESPN. “She was telling me how I need to wash my mouth out, saying to wash it out with soap. It’s a message I’ve heard before.”
And a message he agrees with.
“She’s right,” Curry continued. “I gotta do better. I can’t talk like that.”
Curry, who had been held to a total of 34 points in the first two games of the series, exploded for 35 points in 34 minutes, propelling the Warriors into a 2-1 lead over the top-seeded Rockets in the best-of-seven series.
Game 4 is Tuesday night in Oakland.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-gsw-curry-obscenity/nba-curry-says-mom-scolded-him-for-game-3-obscenity-idUSKCN1IM24V |
WASHINGTON (Reuters) - The White House on Thursday defended President Donald Trump’s description of some illegal immigrants who are members of the MS-13 gang and who commit brutal crimes as “animals.”
U.S. President Donald Trump bids farewell to Uzbekistan's President Shavkat Mirziyoyev after their meeting at the White House in Washington, U.S. May 16, 2018. REUTERS/Jonathan Ernst “Frankly, I think that the term animal doesn’t go far enough,” White House spokeswoman Sarah Sanders told reporters a day after Trump drew criticism for his comments during a meeting with law enforcement officials. “I think that the president should continue to use his platform and anything he can do to stop these kinds of horrible, horrible, disgusting people.”
Reporting by Jeff Mason; Writing by Justin Mitchell; Editing by Eric Walsh
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-immigration-trump/white-house-defends-trumps-use-of-animals-to-portray-gang-members-idINKCN1II2LH |
OMAHA, Neb.--(BUSINESS WIRE)-- Ballantyne Strong, Inc. (NYSE American: BTN), a holding company with diverse business activities focused on serving the cinema, retail, financial, advertising and government markets, today reported financial results for the first quarter ended March 31, 2018.
Net revenues were $15.8 million in the first quarter of 2018, compared with $17.9 million in the same period of the prior year. Loss from operations was ($3.1) million in the first quarter of 2018, compared with ($0.6) million in the same period of the prior year. Net loss from continuing operations was ($3.8) million, or ($0.26) per share, in the first quarter of 2018 compared with net income from continuing operations of $0.4 million, or $0.03 per share, in the same period of the prior year.
Kyle Cerminara, Chairman and CEO of Ballantyne Strong, Inc., commented, “We incurred significant start-up costs with the launch of our New York City taxi-top advertising business, which we believe will be a notable contributor to Digital Media revenue in the second half of 2018. We also signed a very significant Digital Signage as a Service (DSaaS) contract that should begin to benefit our Digital Media results in late 2018. Lastly, we announced an agreement with Eclipse Screens under which we expect to benefit from selling screens to the themed entertainment industry over the coming months and years.”
Q1 2018 Financial Summary
Cinema revenues were $11.4 million in the first quarter of 2018, compared with $12.7 million in the same period of the prior year. The decrease was driven by decreased sales of lamps, projectors and screen support systems, partially offset by increases in sales of audio equipment and projection system installation services.
Digital Media revenues were $4.7 million in the first quarter of 2018, compared with $5.3 million in the same period of the prior year. This decrease was driven by decreased non-recurring digital signage equipment sales, partially offset by increased recurring digital signage as a service (“DSaaS”) and increased sales of installation services.
Consolidated gross profit was $2.9 million in the first quarter of 2018, compared with $4.4 million in the same quarter of the prior year. Gross margin was 18.0% in the first quarter of 2018, compared with 24.8% in the same quarter of the prior year. The decrease in gross margin percentage was driven by an increase in fixed costs in the Digital Media segment associated with the operational ramp up of the new Strong Digital Media advertising business. Revenues are expected to gradually increase throughout 2018 and 2019 absorbing a larger portion of those fixed costs until the business generates a positive gross profit in late 2018 or early 2019.
Selling and administrative expenses were $5.9 million in the first quarter of 2018, compared with $5.0 million in the same quarter of the prior year. The increase was driven by an increase in audit, tax and legal expenses of $0.4 million, compensation and benefit expense of $0.4 million and amortization expense of $0.1 million.
Balance Sheet
Ballantyne’s cash and cash equivalents balance at March 31, 2018 was $3.3 million, compared to $4.9 million at December 31, 2017. The decrease in cash was primarily driven by operating losses. Equity method investments had a book value of $17.8 million and a market value of $15.5 million as of March 31, 2018.
About Ballantyne Strong, Inc. ( www.ballantynestrong.com )
Ballantyne Strong and its subsidiaries engage in diverse business activities including the design, integration and installation of technology solutions for a broad range of applications; development and delivery of out-of-home messaging, advertising and communications; manufacturing of projection screens; and providing managed services including monitoring of networked equipment. The Company focuses on serving the cinema, retail, financial, advertising and government markets.
Forward-Looking Statements
Except for the historical information in this press release, it includes forward-looking statements which involve a number of risks and uncertainties, including but not limited to those discussed in the “Risk Factors” section contained in Item 1A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and the following risks and uncertainties: the Company’s ability to expand its revenue streams, potential interruptions of supplier relationships or higher prices charged by suppliers, the Company’s ability to successfully compete and introduce enhancements and new features that achieve market acceptance and that keep pace with technological developments, the Company’s ability to successfully execute its capital allocation strategy, the Company’s ability to retain or replace its significant customers, the impact of a challenging global economic environment or a downturn in the markets, economic and political risks of selling products in foreign countries, risks of non-compliance with U.S. and foreign laws and regulations, cybersecurity risks and risks of damage and interruptions of information technology systems, the Company’s ability to retain key members of management and successfully integrate new executives, the Company’s ability to complete acquisitions, strategic investments, entry into new lines of business, divestitures, mergers or other transactions on acceptable terms or at all, the Company’s ability to assert its intellectual property rights, the impact of natural disasters and other catastrophic events, the adequacy of insurance and the impact of having a controlling stockholder. Given the risks and uncertainties, readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein, as well as others not now anticipated. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except where required by law, the Company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
Ballantyne Strong, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) March 31, 2018 December 31, 2017 (Unaudited) Assets Current assets: Cash and cash equivalents $ 3,348 $ 4,870 Accounts receivable, net 10,749 10,766 Inventories, net 4,193 4,821 Other current assets 2,064 1,785 Total current assets 20,354 22,242 Property, plant and equipment, net 10,542 10,826 Equity method investments 17,833 18,053 Goodwill and intangible assets, net 4,873 4,924 Other assets 3,429 2,969 Total assets $ 57,031 $ 59,014 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 7,783 $ 6,496 Short-term debt, including current portion of long-term 565 565 Deferred revenue and customer deposits 2,314 1,619 Other current liabilities 40 - Total current liabilities 10,702 8,680 Long-term debt, net of current portion and debt issuance costs 1,855 1,870 Other liabilities 4,316 4,342 Total liabilities 16,873 14,892 Stockholders' equity 40,158 44,122 Total liabilities and stockholders' equity $ 57,031 $ 59,014 Ballantyne Strong, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2018 2017 Net product sales $ 8,639 $ 12,456 Net service revenues 7,189 5,470 Total net revenues 15,828 17,926 Cost of products sold 5,812 10,308 Cost of services 7,166 3,179 Total cost of revenues 12,978 13,487 Gross profit 2,850 4,439 Selling and administrative expenses: Selling 1,225 1,490 Administrative 4,709 3,547 Total selling and administrative expenses 5,934 5,037 Loss from operations (3,084 ) (598 ) Other income (expense): Interest income - 22 Interest expense (45 ) (10 ) Foreign currency transaction gain 104 3 Fair value adjustment to notes receivable (42 ) - Other (expense) income, net (10 ) 5 Total other income 7 20 Loss before income taxes and equity method investment (loss) income (3,077 ) (578 ) Income tax expense 698 1,493 Equity method investment (loss) income (10 ) 2,481 Net (loss) earnings from continuing operations (3,785 ) 410 Net loss from discontinued operations, net of tax - (23 ) Net (loss) earnings $ (3,785 ) $ 387 Net (loss) earnings per share - basic Net (loss) earnings from continuing operations $ (0.26 ) $ 0.03 Net loss from discontinued operations - (0.00 ) Net (loss) earnings (0.26 ) 0.03 Net (loss) earnings per share - diluted Net (loss) earnings from continuing operations $ (0.26 ) $ 0.03 Net loss from discontinued operations - (0.00 ) Net (loss) earnings (0.26 ) 0.03 Ballantyne Strong, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net (loss) earnings $ (3,785 ) $ 387 Net loss from discontinued operations, net of tax - (23 ) Net (loss) earnings from continuing operations (3,785 ) 410 Non-cash expenses, net 1,149 1,574 Fair value adjustment to notes receivable 42 - Equity method investment loss (income) 10 (2,481 ) Changes in operating assets and liabilities, net 993 1,064 Net cash flows (used in) provided by operating activities - continuing operations (1,591 ) 567 Net cash flows used in operating activities - discontinued operations - (24 ) Net cash (used in) provided by operating activities (1,591 ) 543 Cash flows from investing activities: Purchase of equity securities - (2,525 ) Dividends received from investee in excess of cumulative earnings 23 103 Capital expenditures (356 ) (1,120 ) Net cash used in investing activities - continuing operations (333 ) (3,542 ) Cash flows from financing activities: Principal payments on long-term debt (16 ) - Purchase of treasury stock - (65 ) Payments on capital lease obligations (53 ) (67 ) Net cash used in financing activities (69 ) (132 ) Effect of exchange rate changes on cash and cash equivalents - continuing operations 471 39 Net decrease in cash and cash equivalents (1,522 ) (3,092 ) Discontinued operations cash activity included above: Add: Cash balance included in assets held for sale at beginning of period - 175 Less: Cash balance included in assets held for sale at end of period - (150 ) Cash and cash equivalents at beginning of period 4,870 7,596 Cash and cash equivalents at end of period $ 3,348 $ 4,529
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006307/en/
Ballantyne Strong, Inc.
Lance Schulz, 402-829-9427
Chief Financial Officer
Source: Ballantyne Strong, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-ballantyne-strong-reports-financial-results-for-first-quarter-2018.html |
5/9/2018 5:30AM 'Atlanta' Director Hiro Murai Dissects a Scene From 'Teddy Perkins' Hiro Murai captured attention with the music video for the Childish Gambino song "This Is America." But the director is also turning heads with his work on FX's "Atlanta." Here, he dissects a scene from the Emmy-winning TV series. Photo: FX | ashraq/financial-news-articles | http://www.wsj.com/video/atlanta-director-hiro-murai-dissects-a-scene-from-teddy-perkins/EFC54819-4F3E-4AB9-B51B-7032F19A8F54.html |
Angry taxi drivers gathered outside City Hall on Tuesday to call for tighter regulation of ride-hailing services like Uber following the suicide of five cabdrivers in as many months.
Bhairavi Desai, executive director of the New York Taxi Workers Alliance, said the influx of ride-hailing cars over the past few years has driven down wages, forcing many drivers to the brink of despair.
Ms.... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-york-city-taxi-drivers-rally-for-limits-on-uber-1527630628 |
FLORENCE, Italy, May 17 (Reuters) - The future of state-owned bank Monte dei Paschi di Siena is to remain in public hands and keep open all the branches that serve local communities, the economic spokesman for Italy’s League said on Thursday.
Shares in the Tuscan bank, which is 68 percent owned by the state following last year’s bailout, fell 9.5 percent hurt by a draft policy programme for the new government which said the government would “redefine the bank’s mission and goals with a view to serving” the community.
Monte dei Paschi is shutting down branches to meet profit goals under a restructuring plan agreed with EU authorities to clear the bailout.
“The state is not going to sell out of Monte dei Paschi,” the League’s economic spokesman Claudio Borghi told Reuters over the phone. “Service the community means that all branches in various valleys which were very useful for Tuscan economy, which had to be shut if you were purely looking at profits, must be kept open so the bank can serve people.”
Borghi also said the new government would look to replace Monte dei Paschi CEO Marco Morelli. (Reporting by Silvia Ognibene, writing by Valentina Za, editing by Stephen Jewkes)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSR1N1R502P |
May 24, 2018 / 9:44 AM / Updated 3 hours ago Investigators say identify Russian military unit in MH17 downing Reuters Staff 1 Min Read
BUNNIK, NETHERLANDS (Reuters) - Prosecutors investigating the downing of flight MH17 over eastern Ukraine in 2014 said on Thursday they had identified the missile used to shoot down the plane as coming from Russia’s armed forces. FILE PHOTO: A Malaysian air crash investigator inspects the crash site of Malaysia Airlines Flight MH17, near the village of Hrabove (Grabovo) in Donetsk region, Ukraine, July 22, 2014. REUTERS/Maxim Zmeyev/File Photo
Wilbert Paulissen, head of the crime squad of the Netherlands’ national police, said the missile was fired from Russia’s 53rd Anti-Aircraft Brigade.
“All the vehicles in a convoy carrying the missile were part of the Russian armed forces”, he told a televised news conference.
Russia has denied involvement in the incident. Reporting by Anthony Deutsch. Writing by Toby Sterling; Editing by Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ukraine-crisis-mh17/investigators-say-identify-russian-military-unit-in-mh17-downing-idUKKCN1IP1F4 |
May 3 (Reuters) - Sinomach Automobile Co Ltd:
* SAYS TIANJIN BOHAI STATE-OWNED ASSETS MANAGEMENT HAS SOLD 6.24 PERCENT STAKE IN THE COMPANY TO TIANJIN-BASED ENTERPRISE MANAGEMENT FIRM Source text in Chinese: bit.ly/2I81c2n (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sinomach-automobiles-shareholder-s/brief-sinomach-automobiles-shareholder-sells-6-24-pct-stake-in-the-company-idUSH9N1S403O |
EVANSVILLE, Ind.--(BUSINESS WIRE)-- Berry Global Group, Inc. (NYSE:BERY) today reported results for its second fiscal 2018 quarter, referred to in the following as the March 2018 quarter.
Highlights
(all comparisons made to the March 2017 quarter)
Net income per diluted share increased 22 percent to $0.66. Adjusted net income per diluted share up 12 percent to $0.84. Net sales increased 9 percent to $2.0 billion. Operating income increased by 7 percent to $188 million. Operating EBITDA was $350 million, an increase of 4 percent. Increased annual cost synergy expectation relating to the Clopay acquisition to $40 million. Reaffirmed guidance for fiscal year 2018 cash flow from operations of $1,007 million and adjusted free cash flow of $630 million.
Commenting on the quarter, Tom Salmon, Chairman and Chief Executive Officer of Berry stated, “I am proud to report we had March quarterly records for net sales, operating EBITDA, and adjusted earnings per share of $1 billion $967 million, $350 million and $0.84, respectively.
“We had another solid quarter of sales and earnings in our Engineered Materials division as net sales increased 6 percent and operating EBITDA improved by 17 percent compared to the prior year quarter. Within our Health, Hygiene & Specialties division, excluding South America, our nonwoven product volumes grew +2 percent compared to the prior year quarter. Further, we believe the addition of the Clopay Plastic Products Company, Inc.(“Clopay”) provides an enhanced product offering that reduces cost and provides improved performance in our global hygiene films offerings. Based on our progress to-date, we are increasing our annual cost synergy target to $40 million from our original guidance of $20 million when we announced the deal. Additionally our Consumer Packaging division saw strength in foodservice products from quick service restaurants and convenience stores. We continue to partner with certain customers in our core foodservice product portfolio to address unmet needs and continue to make investments introducing technologically advanced solutions to the market at a lower cost with improved functionality and sustainability.”
March 2018 Quarter Results
Consolidated Overview March Quarter (in millions of dollars) Current Prior $ Change
% Change Net sales $1,967 $1,806 $161 9% Operating income 188 175 13 7% The net sales increase of $161 million from the prior year quarter was primarily attributed to acquisition net sales of $106 million, selling price increases of $59 million due to the pass through of higher resin prices, and a $34 million favorable impact from foreign currency changes, partially offset by a 2% base volume decline.
The operating income increase of $13 million from the prior year quarter was primarily attributed to acquisition operating income of $20 million, a $13 million decrease in selling, general and administrative expense due to synergies and cost reductions, a $7 million decrease in depreciation and amortization, and a $5 million favorable impact from foreign currency changes, partially offset by a $22 million negative impact from under recovery of higher cost of goods sold, and a $7 million negative impact from lower base volumes, and a $3 million increase in business integration expenses.
The performance of the Company’s divisions compared with the prior fiscal year quarter is as follows:
Engineered Materials March Quarter (in millions of dollars) Current Prior $ Change
% Change Net sales $655 $620 $ 35 6% Operating income 94 67 27 40% Engineered Materials’ net sales increased by $35 million from the prior year quarter primarily attributed to acquisition net sales of $34 million, selling price increases of $19 million due to the pass through of higher resin prices, and a $3 million favorable impact from foreign currency changes, partially offset by a 3% base volume decline.
The operating income increase of $27 million from the prior year quarter was primarily attributed to acquisition operating income of $15 million, a $4 million decrease in selling, general and administrative expense, an $8 million decrease in business integration expenses, and a $3 million decrease in depreciation and amortization, partially offset by a $4 negative million impact from lower base volumes.
Health, Hygiene, and Specialties March Quarter (in millions of dollars) Current Prior $ Change
% Change Net sales $706 $597 $109 18% Operating income 41 52 (11) (21)% Health, Hygiene, and Specialties’ net sales increased $109 million from the prior year quarter primarily attributed to acquisition net sales of $72 million, selling price increases of $15 million due to the pass through of higher resin prices, and a $31 million favorable impact from foreign currency changes, partially offset by a 1% base volume decline.
The operating income decrease of $11 million from the prior year quarter was primarily attributed to a $13 million negative impact from under recovery of higher cost of goods sold, and an $11 million increase in business integration expenses related to the Clopay acquisition, partially offset by acquisition operating income of $5 million, a $5 million favorable impact from foreign currency changes, and a $4 million decrease in selling, general, and administrative expense.
Consumer Packaging March Quarter (in millions of dollars) Current Prior $ Change
% Change Net sales $606 $589 $17 3% Operating income 53 56 (3) (5)% Consumer Packaging’s net sales increased by $17 million from the prior year quarter primarily attributed to selling price increases of $25 million due to the pass through of higher resin prices, partially offset by a 1% base volume decline.
The operating income decrease of $3 million from the prior year quarter was primarily attributed to a $10 million negative impact from under recovery of higher cost of goods sold, partially offset by a $5 million decrease in selling, general and administrative expense and a $3 million decrease in depreciation and amortization.
Cash Flow and Capital Structure
Our cash flow from operating activities was $132 million and $927 million for the quarter and last four quarters ended March 2018, respectively. The Company’s adjusted free cash flow for the quarter and last four quarters ended March 2018 was $42 million and $526 million, respectively. Our total debt less cash and cash equivalents at the end of the March 2018 quarter was $5,735 million. Adjusted EBITDA for the four quarters ended March 31, 2018 was $1,464 million.
Recent Development
On February 6, 2018, we closed on our previously announced acquisition of Clopay for a purchase price of $474 million, which is preliminary, unaudited and subject to adjustment. Clopay manufactures printed breathable films and is an innovator in the development of elastic films and laminates with product offerings uniquely designed for applications used in a number of markets including: hygiene, healthcare, construction and industrial protective apparel. Clopay is operated within the Health, Hygiene and Specialties segment. The Company has revised its original cost synergy estimate and now expects to realize annual cost synergies of approximately $40 million from the completion of the Clopay transaction. To finance the purchase, the Company used the proceeds from the issuance of $500 million 4.5% second priority senior secured notes.
Outlook
Today we are reaffirming our fiscal year 2018 projected cash flow from operations of over $1 billion and adjusted free cash flow of $630 million, which includes the cash flow from operations partially offset by net capital expenditures of $340 million as well as $37 million of payments made under the tax receivable agreement. Additionally, within our adjusted free cash flow guidance we are assuming our fiscal 2018 cash interest costs to be $250 million, a working capital use of $40 million, cash taxes to be $130 million, including the $37 million payment made in the first fiscal quarter under the Company’s tax receivable agreement, and other cash uses of $50 million related to items such as acquisition integration expenses and costs to achieve synergies. We are extremely proud of our history and predictability, as we have exceeded our free cash flow targets every single year as a public company.
Investor Conference Call
The Company will host a conference call today, May 3, 2018, at 10 a.m. Eastern Time to discuss its second quarter fiscal 2018 results. The telephone number to access the conference call is (800) 305-1078 (domestic), or (703) 639-1173 (international), conference ID 9889838. We expect the call to last approximately one hour. Interested parties are invited to listen to a live webcast and view the accompanying slides by visiting the Company’s Investor page at www.berryglobal.com . A replay of the conference call can also be accessed on the Investor page of the website beginning May 3, 2018, at 1 p.m. Eastern Time, to May 24, 2018, by calling (855) 859-2056 (domestic), or (404) 537-3406 (international), access code 9889838.
About Berry
Berry Global Group, Inc. (NYSE:BERY), headquartered in Evansville, Indiana, is committed to its mission of ‘Always Advancing to Protect What’s Important,’ and proudly partners with its customers to provide them with value-added protective solutions. The Company is a leading global supplier of a broad range of innovative non-woven, flexible, and rigid products used every day within consumer and industrial end markets. Berry, a Fortune 500 company, generated $7.1 billion of sales in fiscal 2017. For additional information, visit Berry’s website at www.berryglobal.com .
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures such as operating EBITDA, adjusted EBITDA, adjusted net income, adjusted free cash flow, and cash interest expense. A reconciliation of these non-GAAP financial measures to comparable measures determined in accordance with accounting principles generally accepted in the United States of America (GAAP) is set forth at the end of this press release.
Forward Looking Statements
Statements in this release that are not historical, including statements relating to the expected future performance of the Company, are considered “forward looking” and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “anticipates” “outlook,” or “looking forward,” or similar expressions that relate to our strategy, plans or intentions. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management team, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected.
Important factors that could cause actual results to differ materially from our expectations, which we refer to as cautionary statements, are disclosed under “Risk Factors” and elsewhere in our Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission, including, without limitation, in conjunction with the forward-looking statements included in this release. All forward-looking information and subsequent written and oral forward-looking statements attributable to us, or to persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. Some of the factors that we believe could affect our results include: (1) risks associated with our substantial indebtedness and debt service; (2) changes in prices and availability of resin and other raw materials and our ability to pass on changes in raw material prices on a timely basis; (3) the impact of potential changes in interest rates: (4) performance of our business and future operating results; (5) risks related to our acquisition strategy and integration of acquired businesses; (6) reliance on unpatented know-how and trade secrets; (7) increases in the cost of compliance with laws and regulations, including environmental, safety, and production and product laws and regulations; (8) risks related to disruptions in the overall economy and the financial markets may adversely impact our business; (9) catastrophic loss of one of our key manufacturing facilities, natural disasters, and other unplanned business interruptions; (10) risks of competition, including foreign competition, in our existing and future markets;(11) general business and economic conditions, particularly an economic downturn; (12) potential failure to realize the intended benefits from recent acquisitions including, without limitation, the inability to realize the anticipated cost synergies in the anticipated amounts or within the contemplated timeframes or cost expectations, the inability to realize the anticipated revenues, expenses, earnings and other financial results, and growth and expansion of the company’s operations, and the anticipated tax treatment; (13) risks related to international business, including foreign currency exchange rate risk and the risks of compliance with applicable export controls, sanctions, anti-corruption laws and regulations, (14) the ability of our insurance to fully cover potential exposures and (15) the other factors discussed in the under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Berry Global Group, Inc. Consolidated Statements of Income (Unaudited)
(in millions of dollars, except per share data amounts)
Quarterly Period Ended Two Quarterly Periods Ended March 31, April 1, March 31, April 1, 2018 2017 2018 2017 Net sales $1,967 $1,806 $3,743 $3,308 Costs and expenses: Cost of goods sold 1,596 1,453 3,043 2,659 Selling, general and administrative 130 132 247 245 Amortization of intangibles 38 40 76 73 Restructuring and impairment charges 15 6 26 10 Operating income 188 175 351 321 Other expense (income), net 5 20 14 19 Interest expense, net 66 67 128 135 Income before income taxes 117 88 209 167 Income tax expense (benefit) 27 16 (44 ) 44 Net income $ 90 $ 72 $ 253 $ 123 Net income per share: Basic $ 0.69 $ 0.56 $ 1.93 $ 0.98 Diluted 0.66 0.54 1.86 0.94 Outstanding weighted-average shares: (in millions)
Basic 131.3 127.7 131.0 124.9 Diluted 135.8 133.2 135.9 130.7 Consolidated Statements of Comprehensive Income (Unaudited)
(in millions of dollars)
Quarterly Period Ended Two Quarterly Periods Ended March 31, April 1, March 31, April 1, 2018 2017 2018 2017 Net income $ 90 $ 72 $ 253 $ 123 Currency translation 7 21 (17 ) (24 ) Pension and other postretirement benefits
— 13 (1 ) 13 Interest rate hedges 23 15 41 33 Provision for income taxes (6 ) (6 ) (11 ) (13 ) Other comprehensive income, net of tax 24 43 12 9 Comprehensive income $ 114 $ 115 $ 265 $ 132 Berry Global Group, Inc. Condensed Consolidated Balance Sheets (Unaudited)
(in millions of dollars)
March 31, September 30, 2018 2017 Assets: Cash and cash equivalents $ 291 $ 306 Accounts receivable, net 918 847 Inventories 951 762 Other current assets 101 89 Property, plant, and equipment, net 2,618 2,366 Goodwill, intangible assets, and other long-term assets 4,228 4,106 Total assets $9,107 $8,476 Liabilities and stockholders' equity: Current liabilities, excluding debt $1,128 $1,101 Current and long-term debt 6,026 5,641 Other long-term liabilities 647 719 Stockholders’ equity 1,306 1,015 stockholders' equity $9,107 $8,476 Current and Long-Term Debt
March 31, September 30, 2018 2017 (in millions of dollars) Revolving line of credit $ — $ — Term loans 3,854 3,957 5½% Second priority notes 500 500 6 % Second priority notes 400 400 5⅛ % Second priority notes 700 700 4½ % Second priority notes 500 — Debt discounts and deferred fees (48 ) (48 ) Capital leases and other 120 132 Total debt $ 6,026 $ 5,641 Berry Global Group, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions of dollars)
Two Quarterly Periods Ended March 31, April 1, 2018 2017 Cash flows from operating activities: Net income $ 253 $ 123 Depreciation 185 178 Amortization of intangibles 76 73 Other non-cash items (72 ) 51 Working capital (157 ) (92 ) Net cash from operating activities 285 333 Cash flows from investing activities: Additions to property, plant, and equipment (184 ) (135 ) Proceeds from sale of assets 3 4 Other investing activities, net — (1 ) Acquisitions of businesses, net of cash acquired (474 ) (458 ) Net cash from investing activities (655 ) (590 ) Cash flows from financing activities: Proceeds from long-term borrowings 497 595 Repayments on long-term borrowings (117 ) (317 ) Proceeds from issuance of common stock 12 15 Debt financing costs (1 ) (4 ) Payment of tax receivable agreement (37 ) (60 ) Net cash from financing activities 354 229 Effect of exchange rate changes on cash 1 (2 ) Net change in cash (15 ) (30 ) Cash and cash equivalents at beginning of period 306 323 Cash and cash equivalents at end of period $ 291 $ 293 Berry Global Group, Inc. Condensed Consolidated Financial Statements Segment Information (Unaudited)
(in millions of dollars)
Quarterly Period Ended March 31, 2018 Consumer Health, Hygiene Engineered Packaging & Specialties Materials Total Net sales $ 606 $ 706 $ 655 $ 1,967 Operating income $ 53 $ 41 $ 94 $ 188 Depreciation and amortization 56 49 27 132 Restructuring and impairment charges 1 12 2 15 Other non-cash charges (1) 3 8 4 15 Operating EBITDA $ 113 $ 110 $ 127 $ 350 Quarterly Period Ended April 1, 2017 Consumer Health, Hygiene Engineered Packaging & Specialties Materials Total Net sales $ 589 $ 597 $ 620 $ 1,806 Operating income $ 56 $ 52 $ 67 $ 175 Depreciation and amortization 59 46 26 131 Restructuring and impairment charges 2 2 2 6 Other non-cash charges (1) 3 5 8 16 Business optimization costs (2) — 2 6 8 Operating EBITDA $ 120 $ 107 $ 109 $ 336 (1) Other non-cash charges in the March 2018 quarter includes $10 million of stock compensation expense, a $3 million inventory step up charge related to the Clopay acquisition and other non-cash charges. Other non-cash charges in the March 2017 quarter primarily includes $8 million of stock compensation expense, a $5 million inventory step-up charge related to the AEP acquisition along with other non-cash charges. (2) Includes integration expenses and other business optimization costs. Berry Global Group, Inc.
Condensed Consolidated Financial Statements Segment Information (Unaudited)
(in millions of dollars)
Two Quarterly Periods Ended March 31, 2018 Consumer Health, Hygiene Engineered Packaging & Specialties Materials Total Net sales $ 1,157 $ 1,283 $ 1,303 $ 3,743 Operating income $ 91 $ 78 $ 182 $ 351 Depreciation and amortization 110 95 56 261 Restructuring and impairment charges 2 22 2 26 Other non-cash charges (1) 5 9 6 20 Business optimization costs (2) — 2 — 2 Operating EBITDA $ 208 $ 206 $ 246 $ 660 Two Quarterly Periods Ended April 1, 2017 Consumer Health, Hygiene Engineered Packaging & Specialties Materials Total Net sales $ 1,138 $ 1,167 $ 1,003 $ 3,308 Operating income $ 90 $ 111 $ 120 $ 321 Depreciation and amortization 118 90 43 251 Restructuring and impairment charges 4 4 2 10 Other non-cash charges (1) 5 7 9 21 Business optimization costs (2) — 5 5 10 Operating EBITDA $ 217 $ 217 $ 179 $ 613 (1) Other non-cash charges for the two quarterly periods ended March 2018 includes $14 million of stock compensation expense, a $3 million inventory step up charge related to the Clopay acquisition and other non-cash charges. Other non-cash charges for the two quarterly periods ended March 2017 primarily includes $11 million of stock compensation expense, a $5 million inventory step-up charge related to the AEP acquisition along with other non-cash charges. (2) Includes integration expenses and other business optimization costs. Berry Global Group, Inc. Reconciliation Schedules (Unaudited)
(in millions of dollars, except per share data)
Four Quarters Quarterly Period Ended Ended March 31, April 1, March 31, 2018 2017 2018 Net income $ 90 $ 72 $ 471 Add: other expense (income), net 5 20 8 Add: interest expense, net 66 67 262 Add: income tax (benefit) expense 27 16 21 Operating income $ 188 $175 $ 762 Add: non-cash amortization from 2006 private sale 7 8 30 Add: restructuring and impairment 15 6 40 Add: other non-cash charges (1) 15 16 33 Add: business optimization and other expenses (2) — 8 8 Adjusted operating income (10) $ 225 $213 $ 873 Add: depreciation 94 91 374 Add: amortization of intangibles (3) 31 32 127 Operating EBITDA (10) $ 350 $336 $ 1,374 Add: acquisitions (4) 46 Add: unrealized cost savings (5) 44 Adjusted EBITDA (10) $ 1,464 Cash flow from operating activities $ 132 $ 190 $ 927 Net additions to property, plant, and equipment (90 ) (68 ) (313 ) Payment of tax receivable agreement — — (88 ) Adjusted free cash flow (10) $ 42 $ 122 $ 526 Net income per diluted share $ 0.66 $ 0.54 Other expense (income), net (6) 0.04 0.08 Non-cash amortization from 2006 private sale 0.05 0.06 Restructuring and impairment 0.11 0.05 Other non-cash charges (7) 0.04 0.06 Business optimization costs (2) — 0.06 Income tax impact on items above (8) (0.06 ) (0.10 ) Adjusted net income per diluted share (10) $ 0.84 $ 0.75 Estimated Fiscal 2018 Cash flow from operating activities $ 1,007 Additions to property, plant, and equipment (340 ) Tax receivable agreement payment (9) (37 ) Adjusted free cash flow (10) $ 630 Interest expense 255 Additions to property, plant, and equipment (5 ) Cash interest expense (10) $ 250 (1) Other non-cash charges in the March 2018 quarter includes $10 million of stock compensation expense, a $3 million inventory step up charge related to the Clopay acquisition and other non-cash charges. Other non-cash charges in the March 2017 quarter primarily includes $8 million of stock compensation expense, a $5 million inventory step-up charge related to the AEP acquisition along with other non-cash charges. For the four quarters ended March 2018 other non-cash charges primarily includes $23 million of stock compensation expense, a $3 million inventory step up charge related to the Clopay acquisition and other non-cash charges. (2) Includes integration expenses and other business optimization costs. (3) Amortization excludes non-cash amortization from the 2006 private sale of $7 million and $8 million for the March 2018 and March 2017 quarters, respectively. (4) Represents Operating EBITDA for the Adchem acquisition for the months of April to June 2017 and the Clopay acquisition for the period of April 1, 2017 - February 6, 2018. (5) Primarily represents unrealized cost savings related to acquisitions. (6) Other expense (income), net, for adjusted net income per diluted share purposes for the April 1, 2017 quarter excludes $9 million of tax reclassification offset in tax expense. (7) Other non-cash charges excludes $10 million and $8 million of stock compensation expense for the quarters ended March 31, 2018 and April 1, 2017, respectively. (8) Income tax effects on adjusted net income is calculated using 25% for the March 2018 quarter and 32% for the March 2017 quarter. The rates used for each represents the Company’s expected effective tax rate for each respective period. (9) Includes $37 million tax receivable agreement payment made in the December 2017 quarter. (10) Supplemental financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures should not be considered as alternatives to operating or net income or cash flows from operating activities, in each case determined in accordance with GAAP. These non-GAAP financial measures may be calculated differently by other companies, including other companies in our industry, limiting their usefulness as comparative measures. We define “adjusted free cash flow” as cash flow from operating activities less additions to property, plant, and equipment and payments under the tax receivable agreement. We believe adjusted free cash flow is useful to an investor in evaluating our liquidity because adjusted free cash flow and similar measures are widely used by investors, securities analysts, and other interested parties in our industry to measure a company’s liquidity. We also believe adjusted cash flow is useful to an investor in evaluating our liquidity as it can assist in assessing a company’s ability to fund its growth through its generation of cash. We believe cash interest expense is useful to investors by providing information regarding interest expense without regard to non-cash interest expense recognition which may vary based on financing structure and accounting methods. Adjusted EBITDA is used by our lenders for debt covenant compliance purposes. We also use Adjusted EBITDA and Operating EBITDA among other measures to evaluate management performance and in determining performance-based compensation. Adjusted EBITDA and Operating EBITDA and similar measures are widely used by investors, securities analysts, and other interested parties in our industry to measure a company’s performance. We also believe EBITDA and adjusted net income are useful to an investor in evaluating our performance without regard to revenue and expense recognition, which can vary depending upon accounting methods.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005471/en/
Berry Global Group, Inc.
Dustin Stilwell, 1+812-306-2964
[email protected]
Source: Berry Global Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-berry-global-group-inc-reports-second-quarter-fiscal-2018-results-and-confirms-fiscal-year-adjusted-free-cash-flow-guidance.html |
May 16 (Reuters) - Regeneron Pharmaceuticals Inc:
* POSITIVE PHASE 3 TRIAL OF DUPIXENT® (DUPILUMAB) IN ADOLESCENTS WITH INADEQUATELY CONTROLLED MODERATE-TO-SEVERE ATOPIC DERMATITIS
* U.S. REGULATORY SUBMISSION FOR PATIENTS AGES 12-17 PLANNED FOR Q3 2018
* CO, SANOFI SAID PIVOTAL PHASE 3 TRIAL EVALUATING DUPIXENT MET PRIMARY AND KEY SECONDARY ENDPOINTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-regeneron-says-phase-3-trial-of-du/brief-regeneron-says-phase-3-trial-of-dupixent-met-primary-endpoints-idUSASC0A2JF |
SANTA CLARA, Calif., May 29, 2018 /PRNewswire/ -- Zeto, Inc. , a privately held medical technology company transforming the way electroencephalography (EEG) is done at hospitals, today announced that it has received approval from the U.S. Food and Drug Administration (FDA) for its dry electrode EEG headset, called zEEG, for use in the clinical setting. The zEEG is the first FDA approved dry electrode EEG headset backed by a cloud platform that offers instant upload, tools for analysis and remote interpretation by neurologists.
"EEG is a critically important test for evaluation of patients with seizures or unexplained confusion that might be due to subtle seizures. Unfortunately, EEG technology has not evolved much since its inception almost 100 years ago, leaving EEG underutilized for neurological conditions," said Robert S. Fisher, M.D., Ph.D., Director of the Stanford Epilepsy Center and former President of the American Epilepsy Society. "The zEEG technology will allow diagnosis and testing in hospitals and clinics that could not previously perform EEGs. This will be a very significant advance."
"With the approval of zEEG, healthcare professionals and patients now have access to an EEG system that provides a simple, easy and convenient experience with the benefit of quick and smart analysis of data through our cloud platform," said Aswin Gunasekar, MS, MBA, Chief Executive Officer and Founder of Zeto, Inc. "Our goal was to find a technology that would not only democratize access to EEG with a seamless platform but also unlock the potential of AI, opening up significant opportunities for conditions such as epilepsy, stroke, concussion and sleep disorders. We are proud to have developed a solution that presents a paradigm shift for EEG."
A clinical study demonstrated that the zEEG headset provided EEG signal quality that was comparable to an approved, traditional EEG system. 30 patients in two study cohorts (EEG patients and healthy volunteers) were studied for specific time periods (up to 2 hours), and the zEEG was found to perform at least as well as the reference device based on predefined acceptance criteria. Study results will be published in the coming months.
"This approval is particularly meaningful to the Epilepsy Foundation, since the zEEG system was selected as the winner of the 2016 Epilepsy Foundation Shark Tank and was also awarded a New Therapy Commercialization Investment in 2017," said Jacqueline French MD, Chief Scientific Officer of the Epilepsy Foundation and Professor of Neurology, NYU Langone Health's Comprehensive Epilepsy Center. "We saw a great potential for the electroencephalogram, an old diagnostic technique, to take a great leap into the modern age, making it more accessible for diagnosis of epilepsy."
The FDA approved the Zeto EEG system in April 2018. Zeto plans to continue working with leading hospital beta customers in preparation for a commercial launch later in the year.
About Zeto, Inc.
Zeto, Inc. is a privately held medical technology company located in Santa Clara, CA focused on transforming the way electroencephalography (EEG) is done at hospitals. Zeto's revolutionary platform brings the traditional EEG procedure to the 21 st century by offering zEEG, a zero-prep, wireless, easy-to-wear headset with 19 dry electrodes that can be positioned as per the 10-20 EEG system, backed by a cloud platform that offers instant upload, tools for analysis and remote interpretation by neurologists. The company plans to leverage its platform technology to improve access and affordability to brain wave testing and achieve better outcomes for neurological conditions such as epilepsy, stroke, concussion and sleep disorders, among others.
Media Contact:
Marites Coulter
Direct: 415-819-2214
Email: [email protected]
Website: http://zeto-inc.com/
View original content with multimedia: http://www.prnewswire.com/news-releases/zeto-announces-first-dry-electrode-wireless-eeg-headset-approved-by-fda-for-clinical-use-300655286.html
SOURCE Zeto, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-zeto-announces-first-dry-electrode-wireless-eeg-headset-approved-by-fda-for-clinical-use.html |
Tesla's Musk admits Model 3 braking issue, promises fix Tuesday, May 22, 2018 - 01:21
Tesla chief executive Elon Musk said Model 3 has a braking issue, but it will be fixed with a software update within days. Aleksandra Michalska reports.
Tesla chief executive Elon Musk said Model 3 has a braking issue, but it will be fixed with a software update within days. Aleksandra Michalska reports. //reut.rs/2IDhH7S | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/teslas-musk-admits-model-3-braking-issue?videoId=429372291 |
May 9, 2018 / 8:25 AM / Updated 17 minutes ago Her Royal Likeness - Meghan Markle waxwork unveiled before wedding Reuters Staff 2 Min Read
LONDON (Reuters) - A waxwork of Meghan Markle was unveiled on Wednesday at Madame Tussauds museum in London, 10 days before the U.S. actress weds Prince Harry.
The wax figure wears a green dress like the one Markle wore on the day her engagement was announced, as well as a replica of her diamond engagement ring, designed for her by Harry.
The wax figure of the prince, originally created to mark his 30th birthday, has been updated with a new beard.
The couple’s waxworks will be accessible to the public the day before their wedding. Madame Tussauds is one of London’s most popular tourist attractions, with people queuing to take selfies with wax figures of celebrities past and present.
The museum said visitors named Meghan or Harry would enjoy free entry on the day of the ceremony.
“Excitement ahead of the royal wedding is reaching fever pitch and we have been inundated with questions about when people can finally meet ‘Their Royal Likenesses’,” said Edward Fuller, general manager of Madame Tussauds.
Harry, the 33-year-old grandson of Queen Elizabeth and sixth-in-line to the throne, and Markle, 36, who starred in the U.S. TV legal drama “Suits”, will marry in Windsor on May 19. Slideshow (5 Images) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-waxwork/her-royal-likeness-meghan-markle-waxwork-unveiled-before-wedding-idUKKBN1IA0YU |
May 18, 2018 / 4:31 PM / Updated 12 minutes ago UPDATE 1-Italy's 5-Star, League government alarms country's financial sector Reuters Staff
* Govt wants judges to allow debt clawback from retail debtors
* Italian banks recovering from long crisis, shedding bad debts
* EU tells Italy to stick to commitments on Monte dei Paschi (Recasts with additional comments)
By Valentina Za and Massimo Gaia
MILAN, May 18 (Reuters) - Italy’s incoming government rattled investors with its plans for the financial sector on Friday which industry leaders said could stall a clean-up of bad debt and derail a tentative recovery.
Italian banks were laid low by a deep recession and the sector teetered on the edge of a full-blown crisis for years until last summer’s state bailout of Monte dei Paschi di Siena .
The plan signed off by leaders of the League and the 5-Star Movement, the two parties that won the most parliamentary seats in the March 4 election, called for Monte dei Paschi to be given a new “mission” to serve the community, scrapping its turnaround plan in a potential blow to euro zone stability.
The EU Commission urged Italy to stick to its commitments over the state-owned bank, saying it was monitoring the implementation of the rescue deal.
Italian lenders are under pressure because of their remaining large exposure to domestic sovereign bonds, whose yields jumped to their highest level in more than seven months on the spending-boosting plans of the new coalition.
They were also hurt by a reference to debt recovery rules in the plan, which hit loan collectors such as DoBank, Cerved and Banca IFIS as well, pushing the latter two to their lowest level in more than a year.
The new government pledged to abolish any rules that allow banks to claw back money from retail borrowers without previous judicial authorisation.
“If this means you need to get an authorisation before ringing up a borrower, then recoveries would become much lengthier, costlier and more uncertain,” said Christian Arsenio, Chief Executive of small debt collector Distressed Technologies.
“The price of soured debts would fall and the clean-up process banks have been going through would come to a halt.” BAD LOANS LINGER
Italian lenders shouldered heavy losses to be able to rid themselves of troubled debt and a market for bad bank loans in the country has only recently started to gather steam.
Investors have bet heavily on Italian soured debt braving an inefficient judicial system where it can take years to seize assets.
Bad loan sales totalled 100 billion euros in the past two years including a record 24 billion euro bad loan securitisation sale recently concluded by Monte dei Paschi.
Monte dei Paschi tapped a guarantee scheme introduced by Italy’s outgoing government to help banks shed impaired loans at higher prices. The scheme runs out in September and it will be up to the new government whether to renew it.
“It makes little sense what the programme says in relation to bad debts, but what’s scary is precisely the little knowledge those words betray,” the head of an Italian bad loan specialist said, requesting anonymity due to the sensitivity of the issue.
The government pact mentions retail borrowers while more than two thirds of Italy’s soured bank loans are corporate.
Shares in Banco BPM, Creval, UBI Banca and BPER Banca all fell 6 percent by 1331 GMT, against a 2.6 percent drop in Italy’s banking sector.
Rising government bond yields increase borrowing costs for lenders and curtail the value of banks’ sovereign holdings.
Italian banks have reduced their stock of domestic government bonds after the sovereign debt crisis but Creval and Banco Popolare both hold Italian bonds equivalent to more than twice their core capital, according to analysts.
Shares in Monte dei Paschi fell 0.9 percent after an 8.9 percent drop the previous day. The stock is down nearly 40 percent since returning to trade in Milan following a 10-month hiatus.
For years the biggest threat to Italy’s financial stability, Monte dei Paschi is slowly trying to recover from years of mismanagement and huge loan losses after an 8 billion euro rescue last year which handed Rome a 68 percent stake and also turned some bondholders into shareholders.
The League’s economic spokesman Claudio Borghi on Thursday said the new mission for the bank would entail dropping a plan to close branches, which Monte dei Paschi is pursuing to meet profit targets agreed with EU competition authorities.
Borghi said a new government would likely replace current Chief Executive Marco Morelli, who last week beat forecasts with a first-quarter net profit of 188 million euros thanks to cost cutting and shrinking loan losses.($1 = 0.8486 euros) (Additional reporting by Francesco Guarascio in Brussels, Danilo Masoni in Milan and Maiya Keidan in London, editing by Louise Heavens and Elaine Hardcastle) | ashraq/financial-news-articles | https://www.reuters.com/article/italy-banks-monte-dei-paschi/update-1-italys-5-star-league-government-alarms-countrys-financial-sector-idUSL5N1SP3S2 |
(Recasts throughout, with more detail and comments from executives)
May 31 (Reuters) - In a landmark deal that could accelerate wide-scale deployment of self-driving cars, General Motors Co said on Thursday that Japan's SoftBank Group Corp will invest $2.25 billion in GM Cruise Holdings LLC, the carmaker's autonomous vehicle unit.
GM shares jumped more than 10 percent in pre-market trade.
It is one of the largest investments to date in self-driving cars. In a media briefing early Thursday at GM headquarters in Detroit, President Dan Ammann said the investment by SoftBank's $100-billion Vision Fund will enable GM to deploy self-driving vehicles "at massive scale."
Chief Executive Officer Mary Barra said the company is still "on track" to begin deploying its Cruise AVs in commercial ride sharing fleets in 2019.
GM will also invest $1.1 billion in the unit after the deal closes, the company said.
SoftBank Vision Fund will own a 19.6 percent stake in GM Cruise once the transaction is completed.
The partners agreed not to cash out their investments in Cruise for at least seven years, said Michael Ronen, managing partner of SoftBank Investment Advisers.
Barra sidestepped a question about whether GM intends to spin off GM Cruise Holdings as a separate entity, saying GM would "do what's best for shareholders."
Ronen soft-pedaled a related question about whether SoftBank intends to consolidate its massive investments in some of the world's largest ride services companies, including Uber, Didi, Ola and Grab, saying such a decision would be up to each company.
GM holds a sizable stake in Uber rival Lyft.
The SoftBank investment comes at a time when rivals Tesla Inc, Alphabet Inc's Waymo unit and Uber Technologies Inc are stepping up efforts to gain the first-mover advantage in the autonomous vehicle market.
GM Cruise Holdings was set up recently and its assets include Cruise Automation, which heads up GM's self-driving vehicle development and is based in San Francisco, and Strobe, a small self-driving sensor developer that Cruise acquired last year.
The No. 1 U.S. automaker - which views electric and autonomous vehicles as the keystones of future transport - has focused on rolling out self-driving cars since its estimated $1 billion acquisition of Cruise Automation in early 2016. (Reporting by Sanjana Shivdas in Bengaluru and Paul Lienert in Detroit; Editing by Sriraj Kalluvila and Nick Zieminski) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/reuters-america-update-2-softbank-investment-in-gm-cruise-could-speed-self-driving-cars.html |
HONG KONG (Reuters) - China is considering ending the limits it sets on the number of children a family can have, Bloomberg reported on Monday, citing people familiar with the matter.
FILE PHOTO: A nurse takes care of newborn babies at a hospital in Hefei, Anhui province April 2011. REUTERS/Stringer China’s population is aging rapidly, with the number of births falling by 3.5 percent to 17.23 million last year despite the country’s decision in late 2015 to relax the controversial “one-child” policy and allow couples to have a second child.
The State Council, or cabinet, has commissioned research on ending the country’s birth limits on a nationwide basis, the Bloomberg report said.
A decision could be made in the last quarter of this year or in 2019, the report said.
China implemented its one-child policy in the 1970s to limit population growth, but authorities are concerned that a dwindling workforce will not be able to support an increasingly aging population.
The one-child policy also contributed to a sharp gender imbalance, with 32.66 million more males than females at the end of 2017.
Reporting by Meg Shen; Editing by Tony Munroe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-population/china-considers-scrapping-birth-limits-by-2019-bloomberg-idUSKCN1IM1CQ |
JOHANNESBURG, May 9 (Reuters) - South African tycoon Christo Wiese has stepped down from two roles at Brait SE where he is a major shareholder, citing time constraints, the investment firm said on Wednesday.
Wiese is best known for transforming grocery retailer Shoprite from just six shops in the 1970s to hundreds of stores across Africa as well as his investment in crisis-hit Steinhoff International.
He resigned as chairman and biggest shareholder of Steinhoff in December when accounting irregularities were uncovered, and is now suing the company over his investment.
Wiese retired on Tuesday as a non-executive director of Brait’s UK company New Look and as the non-executive chairman of Brait South Africa Proprietary Ltd “due to time constraints”, the firm said in a statement without elaborating.
Wiese, who holds a more than 34 percent stake in Brait, will retain his non-executive directorship of Brait and has appointed his son Jacob Wiese as an alternate at the firm.
In addition to its British no-frills clothing chain, Brait also owns gym chain Virgin Active and British supermarket Iceland Foods. ($1 = 12.6158 rand) (Reporting by Nqobile Dludla Editing by James Macharia)
| ashraq/financial-news-articles | https://www.reuters.com/article/brait-se-chairman/south-african-magnate-wiese-relinquishes-roles-at-investment-firm-brait-idUSL8N1SG4XX |
LEAWOOD, Kan.--(BUSINESS WIRE)-- AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the first quarter ended March 31, 2018.
Highlights for the first quarter ended March 31, 2018, include the following:
AMC set first quarter records for the three months ended March 31 period for all revenue categories: admissions, food and beverage and other. Much of the growth in revenue is due to the acquisition of Nordic Cinema Group Holding AB (“Nordic”). Total revenues increased 8.0% to $1,383.6 million compared to total revenues of $1,281.4 million for the three months ended March 31, 2017. Total revenues in the quarter included approximately $401.5 million of revenues from our international theatres as compared to $289.2 million for the three months ended March 31, 2017. Admissions revenues increased 7.0% to $875.0 million compared to $817.5 million for the same period a year ago. Food and beverage revenues increased 2.1% to $405.8 million, compared to $397.6 million for the three months ended March 31, 2017. Earnings (loss) before income taxes grew $23.2 million to $22.4 million, compared to loss of $0.8 million for the same quarter a year ago. Net earnings increased $9.3 million to net earnings of $17.7 million compared to net earnings of $8.4 million for the three months ended March 31, 2017. Diluted earnings per share (“diluted EPS”) increased by $0.07 to $0.14 per share compared to earnings of $0.07 per share for the same period a year ago. Weighted average diluted shares outstanding in the first quarter of 2018 increased approximately 5.5% compared to the first quarter last year as a result of the successful completion of an equity offering in February 2017, less the effect of 3.2 million shares repurchased during 2017. Total Adjusted EBITDA (1) increased 10.7% to $277.9 million compared to $251.1 million for the three months ended March 31, 2017. International Adjusted EBITDA for the first quarter grew $16.4 million to $69.5 million compared to $53.1 million a year ago.
"We are truly heartened by AMC's start to 2018 and couldn’t be more excited about the prospects for the year after the record-breaking success of AVENGERS: INFINITY WAR early in the second quarter," said Adam Aron, CEO and President of AMC. "AMC's strategy is working. We have invested wisely for our shareholders, especially in creating a better movie-going experience for our guests. We have developed more premium large format screens, with IMAX, Dolby Cinema and our proprietary brands, and have equipped theatres both in the U.S. and abroad with our much sought-after signature recliner seats. Our food and beverage initiatives offer an increased variety of menu options that far exceed traditional concession fare. More of our guests are booking their tickets directly on our web site and smartphone app than from any other online source, and our AMC Stubs loyalty membership has now soared to more than 13 million U.S. households. Adding to all of AMC's progress this year, the crowning achievement in 2018 so far has been our opening of the first movie theatre in Saudi Arabia in 37 years. This is a story that has been noted all across the globe, and there are many more theatres to come in the 16th country now served by AMC.”
Aron continued, "But equally important as our own success, is the success of the movie industry. With record setting movies like IT, STAR WARS: THE LAST JEDI, BLACK PANTHER, and most recently, AVENGERS: INFINITY WAR, it is clear and unmistakable that movie fans overwhelmingly flock to theatres when tempted by great cinematic storytellers. We are confident that the pedigree of franchises from which a dazzling array of films will be released over the next several months has the potential to propel the industry and AMC even higher.”
(1) Reconciliations and definitions of non-GAAP financial measures are provided in the financial schedules accompanying this press release.
CFO Commentary
Commentary on the quarter by Craig Ramsey, AMC's Executive Vice President and Chief Financial Officer, is available at http://investor.amctheatres.com .
Additional information detailing select unaudited pro forma financial data for the quarter ended March 31, 2017 is included in the first quarter 2018 CFO Commentary. The select unaudited pro forma data for the period ended March 31, 2017 combines the historical financial data of AMC and Nordic, giving effect to the acquisition, financings and theatre divestitures as if they had been completed on January 1, 2017. The historical consolidated financial information for Nordic has been adjusted to comply with U.S. GAAP. The classification of certain items presented by Nordic under IFRS has been modified in order to align with the presentation used by AMC under U.S. GAAP. In addition to the U.S. GAAP adjustments and the reclassifications, amounts have also been translated to U.S. Dollars. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what our results of operations would actually have been had the acquisitions occurred on the date indicated. Please refer to the August 1, 2017 Form 8-K and 8-K/A on December 4, 2017 for additional information on pro forma financial statement adjustments. The historical results for the period ended March 31, 2018 have been adjusted for constant currency. Constant currency amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding pro forma period ended March 31, 2017.
Update of Share Repurchase Program
On August 3, 2017, AMC announced that its Board of Directors authorized the repurchase of up to $100 million of the Company’s Class A common stock over a two-year period.
As of May 1, 2018, the Company has repurchased approximately 50% of the authorized $100 million, having purchased more than 3.2 million shares of AMC’s Class A common stock for approximately $47.5 million, representing an average share price of $14.86.
Dividends
On February 28, 2018, the Company declared a regular quarterly dividend of $0.20 per share for the quarter ended December 31, 2017, payable on March 26, 2018 to stockholders of record on March 12, 2018. The total dividends paid in the first quarter of 2018 were approximately $25.8 million.
On May 3, 2018, the Company declared a regular quarterly dividend of $0.20 per share for the quarter ended March 31, 2018, payable on June 25, 2018 to stockholders of record on June 11, 2018.
Conference Call / Webcast Information
The Company will host a conference call via webcast for investors and other interested parties beginning at 4:00 p.m. CDT/5:00 p.m. EDT on Monday, May 7, 2018. To listen to the conference call via the internet, please visit the investor relations section of the AMC website at www.investor.amctheatres.com for a link to the webcast. Investors and interested parties should go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.
Participants may also listen to the call by dialing (877) 407-3982, or (201) 493-6780 for international participants. An archive of the webcast will be available on the Company’s website after the call for a limited time.
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the U.S., in Europe and throughout the world with more than 1,000 theatres and 11,000 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying more plush power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty program, web site and smartphone apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. AMC operates among the most productive theatres in the United States' top markets, having the #1 or #2 market share positions in 22 of the 25 largest metropolitan areas of the United States, including the top three markets (NY, LA, Chicago). Through its Odeon subsidiary AMC operates in 14 European countries and is the #1 theatre chain in Estonia, Finland, Italy, Latvia, Lithuania, Spain, Sweden and UK & Ireland. In a joint partnership with The Development and Investment Entertainment Company, a subsidiary of The Public Investment Fund of Saudi Arabia, AMC also operates AMC Cinemas in the Kingdom of Saudi Arabia. For more information, visit www.amctheatres.com .
Website Information
This press release, along with other news about AMC, is available at www.amctheatres.com . We routinely post information that may be important to investors in the Investor Relations section of our website, www.investor.amctheatres.com . We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD, and we encourage investors to consult that section of our website regularly for important information about AMC. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Investors interested in automatically receiving news and information when posted to our website can also visit www.investor.amctheatres.com to sign up for email alerts.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “plan,” “estimate,” “will,” “would,” “project,” “maintain,” “intend,” “expect,” “anticipate,” “prospect,” “strategy,” “future,” “likely,” “may,” “should,” “believe,” “continue,” “opportunity,” “potential,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks, trends, uncertainties and facts include, but are not limited to, risks related to: motion picture production and performance; AMC’s lack of control over distributors of films; intense competition in the geographic areas in which AMC operates; increased use of alternative film delivery methods or other forms of entertainment; shrinking exclusive theatrical release windows; international economic, political, regulatory and other risks; risks and uncertainties relating to AMC’s significant indebtedness; AMC’s ability to execute cost cutting and revenue enhancement initiatives; box office performance; additional impairment related to AMC’s NCM investment; limitations on the availability of capital; risks relating to AMC’s inability to achieve the expected benefits and performance from its recent acquisitions; AMC’s ability to comply with a settlement it entered into with the U.S. Department of Justice pursuant to which it agreed to divest holdings in National CineMedia, LLC; AMC’s ability to refinance its indebtedness on favorable terms; optimizing AMC’s theatre circuit through construction and the transformation of its existing theatres may be subject to delay and unanticipated costs; failures, unavailability or security breaches of AMC’s information systems; risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges; AMC’s ability to utilize net operating loss carryforwards to reduce its future tax liability or valuation allowances taken with respect to deferred tax assets; review by antitrust authorities in connection with acquisition opportunities; risks relating to unexpected costs or unknown liabilities relating to recently completed acquisitions; risks relating to the incurrence of legal liability including costs associated with recently filed class action lawsuits; general political, social and economic conditions and risks, trends, uncertainties and other factors discussed in the reports AMC has filed with the SEC. Should one or more of these risks, trends, uncertainties or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of risks, trends and uncertainties facing AMC, see the section entitled “Risk Factors” in AMC’s Annual Report on Form 10-K, filed with the SEC on March 1, 2018, and the risks, trends and uncertainties identified in its other public filings. AMC does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.
AMC Entertainment Holdings, Inc. Consolidated Statements of Operations For the Fiscal Periods Ended 3/31/18 and 3/31/17 (dollars in millions, except share and per share data)
(unaudited)
Quarter Ended March 31, 2018 2017 Revenues Admissions $ 875.0 $ 817.5 Food and beverage 405.8 397.6 Other theatre 102.8 66.3 Total revenues 1,383.6 1,281.4 Operating costs and expenses Film exhibition costs 426.5 419.6 Food and beverage costs 66.2 59.8 Operating expense, excluding depreciation and amortization below 411.9 356.4 Rent 189.7 190.4 General and administrative: Merger, acquisition and transaction costs 4.7 40.2 Other, excluding depreciation and amortization below 44.2 34.4 Depreciation and amortization 130.5 125.3 Operating costs and expenses 1,273.7 1,226.1 Operating income 109.9 55.3 Other expense (income): Other expense (income) 1.2 (2.6 ) Interest expense: Corporate borrowings 61.7 51.2 Capital and financing lease obligations 10.3 10.8 Non-cash NCM exhibitor service agreement 10.5 — Equity in loss of non-consolidated entities 9.0 2.3 Investment income (5.2 ) (5.6 ) Total other expense 87.5 56.1 Earnings (loss) before income taxes 22.4 (0.8 ) Income tax provision (benefit) 4.7 (9.2 ) Net Earnings $ 17.7 $ 8.4 Diluted earnings per share $ 0.14 $ 0.07 Average shares outstanding diluted (in thousands) 128,046 121,401 Consolidated Balance Sheet Data (at period end): (dollars in millions)
(unaudited)
As of As of March 31, December 31, 2018 2017 Cash and cash equivalents $ 300.9 $ 310.0 Corporate borrowings 4,259.3 4,235.3 Other long-term liabilities 937.5 903.8 Capital and financing lease obligations 644.5 651.4 Stockholders' equity 2,084.8 2,112.4 Total assets 9,685.7 9,805.9 Consolidated Other Data: (in millions, except operating data)
(unaudited)
Quarter Ended March 31, Consolidated 2018 2017 Net cash provided by operating activities $ 165.4 $ 172.5 Capital expenditures $ (107.3 ) $ (161.3 ) Screen additions 23
19 Screen acquisitions 22
683 Screen dispositions 90 17 Construction openings (closures), net (53
) 4 Average screens 10,790 10,434 Number of screens operated 11,071 11,247 Number of theatres operated 1,008 1,027 Screens per theatre 11.0 11.0 Attendance (in thousands) 90,932 93,354 Segment Other Data: (in millions, except per patron amounts and operating data)
(unaudited)
Quarter Ended March 31, 2018 2017 Other operating data: Attendance (patrons, in thousands): U.S. markets 61,856 66,822 International markets 29,076 26,532 Consolidated 90,932 93,354 Average ticket price (in dollars): U.S. markets $ 9.78 $ 9.27 International markets $ 9.30 $ 7.47 Consolidated $ 9.62 $ 8.76 Food and beverage revenues per patron (in dollars): U.S. markets $ 5.04 $ 4.87 International markets $ 3.24 $ 2.71 Consolidated $ 4.46 $ 4.26 Average Screen Count (month end average): U.S. markets 8,096 8,163 International markets 2,694 2,271 Consolidated 10,790 10,434 Segment Information (unaudited, in millions)
Quarter Ended March 31, 2018 2017 Revenues U.S. markets $ 982.1 $ 992.2 International markets 401.5 289.2 Consolidated $ 1,383.6 $ 1,281.4 Adjusted EBITDA U.S. markets $ 208.4 $ 198.0 International markets 69.5 53.1 Consolidated $ 277.9 $ 251.1 Capital Expenditures U.S. markets $ 71.0 $ 150.3 International markets 36.3 11.0 Consolidated $ 107.3 $ 161.3 Reconciliation of Adjusted EBITDA: (dollars in millions)
(unaudited)
Quarter Ended March 31, 2018 2017 Net earnings $ 17.7 $ 8.4 Plus: Income tax provision (benefit) 4.7 (9.2 ) Interest expense 82.5 62.0 Depreciation and amortization 130.5 125.3 Certain operating expenses (2) 3.7 5.4 Equity in loss of non-consolidated entities (3) 9.0 2.3 Cash distributions from non-consolidated entities (4) 24.3 24.4 Attributable EBITDA (5) 2.0 — Investment income (5.2 ) (5.6 ) Other expense (income) (6) 1.2 (2.2 ) General and administrative expense—unallocated: Merger, acquisition and transaction costs (7) 4.7 40.2 Stock-based compensation expense (8) 2.8 0.1 Adjusted EBITDA(1) $ 277.9 $ 251.1 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-amc-entertainment-holdings-inc-announces-first-quarter-2018-results.html |
May 15, 2018 / 3:31 PM / Updated 22 minutes ago 'Bonfire of the Vanities' author Tom Wolfe dead at 88 Bill Trott 6 Min Read
(Reuters) - Tom Wolfe, an early practitioner of “new journalism” who captured the mood and culture of America across five decades with books including “The Bonfire of the Vanities,”“The Right Stuff,” and “The Electric Kool-Aid Acid Test,” has died at the age of 88, his agent said.
Wolfe, who had a knack for coining phrases such as “radical chic” and “the me decade,” died on Monday of an unspecified infection in a New York City hospital, his agent, Lynn Nesbit, said in a phone interview on Tuesday.
Wolfe’s works - fiction and non-fiction alike - looked at realms ranging from the art world to Wall Street to 1960s hippie culture and touched on the issues of class, power, race, corruption and sex.
“I think every living moment of a human being’s life, unless the person is starving or in immediate danger of death in some other way, is controlled by a concern for status,” Wolfe said in a Wall Street Journal interview.
Wolfe came up with “radical chic” to brand pretentious liberals, the “me decade” to sum up the self-indulgence of the 1970s and the “right stuff” to quantify intangible characteristics of the first U.S. astronauts and their test pilot predecessors.
He was never deterred by the fact that he often did not fit in with his research subjects, partly because he was such a sartorial dandy, known for his white suits.
Wolfe was in his mid-70s while hanging out with college kids and working on the novel “I Am Charlotte Simmons,” and was a fairly conservative drug-free observer in a coat and tie while traveling with Ken Kesey and his LSD-dropping hippie tribe known as The Merry Pranksters for “The Electric Kool-Aid Acid Test” in the ‘60s. By looking so out of place, he figured people would be more prone to explain things to him. ‘NEW JOURNALISM’
Wolfe started his writing career at the Springfield, Massachusetts, Union newspaper and also worked for the Washington Post, New York Herald-Tribune and New York magazine.
He was present at the birth of what was known as “new journalism,” a loose style that featured lots of dialogue and detail and allowed reporters to narrate and develop characters in a way more often associated with fiction.
One of the genre’s defining moments came when Wolfe was having trouble meeting a deadline for a 1964 magazine story on the hot-rod car culture. In frustration, he sent his editor a letter with his thoughts and reportage. The magazine ran it verbatim as “There Goes (Varoom! Varoom!) That Kandy-Kolored Tangerine-Flake Streamline Baby.”
That led to a compilation of Wolfe’s magazine pieces, followed by “The Electric Kool-Aid Acid Test,” which captured the spirit of the psychedelic era during his time with Kesey, author of “One Flew Over the Cuckoo’s Nest,” and his band of pranksters who helped spread the popularity of LSD in California. Written in a wild free-association style that disregarded rules of punctuation, it was filled with sentence fragments and used words like “ska ” and “wo .”
Wolfe’s style was not for everyone. “The question is not only whether Tom Wolfe can be taken seriously but whether he can be taken at all,” a Time magazine critic wrote in 1968. “He is irritating, but he did develop a new journalistic idiom that has brought relief from standard Middle-High Journalese.”
Wolfe became fascinated with astronauts after Rolling Stone magazine assigned him to cover an Apollo program launch in 1972. Nine years later and in a more restrained style than some of his earlier works, he wrote “The Right Stuff” about the first seven U.S. astronauts and test pilot Chuck Yeager who came before them.
His first try at fiction was “The Bonfire of the Vanities” in 1987, which captured the cultural feel of free-wheeling Wall Street “masters of the universe” as well as his non-fiction books did. “Bonfire,” a best-seller that was a much-revised version of a serial he wrote for Rolling Stone, portrayed class struggles in New York City against a backdrop of Wall Street ambition, racial stress and yellow journalism.
New York Governor Andrew Cuomo said on Tuesday that Wolfe’s “wry wit and sharp observations defined an era of life in New York.”
Wolfe followed with more novels - “A Man in Full” about race, big money and high society in Atlanta; “I Am Charlotte Simmons,” a tale of college high life, and “Back to Blood” about immigrants in Florida in 2012.
Wolfe complained that novelists did not bring enough reality to their books, and while bemoaning the state of American literature, offered himself as an exemplar of what it should be. That kindled rivalries with contemporaries Norman Mailer and John Updike, who Wolfe referred to as “two old piles of bones.” John Irving angrily denounced Wolfe by saying, “I can’t read him because he’s such a bad writer.”
Wolfe’s trademark was the white suit, often accessorized with a white hat and two-tone shoes. He admitted he liked the attention they brought him.
Wolfe was born March 2, 1930 and grew up in Richmond, Virginia, the son of an agronomist father and an arts-oriented mother. He was a star pitcher in high school and in college at Washington and Lee and unsuccessfully tried out for the New York Giants.
Wolfe lived in New York with his wife, Sheila. He had two children.
(This version of the story officially corrects Wolfe’s age to 88 from 87 and year of birth to 1930 from 1931.) FILE PHOTO: Author Tom Wolfe stands with U.S. President George W. Bush while receiving the National Humanities Medal in Washington, U.S., April 22, 2002. REUTERS/Larry Downing/File Photo Reporting by Bill Trott in Washington and Peter Szekely in New York; Editing by Scott Malone, Bill Rigby and Bill Berkrot | ashraq/financial-news-articles | https://uk.reuters.com/article/us-people-tom-wolfe/right-stuff-bonfire-author-tom-wolfe-dead-at-87-agent-says-idUKKCN1IG2DV |
NEW YORK, May 07, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Life On Earth, Inc. (OTCQB:LFER) announced that it has appointed Roy DiBenerdini as its new independent director. Mr. DiBenerdini brings many years of experience working with Fortune 500 Companies, such as American Airlines, Inc. and America Online, Inc. He was the Chief Executive Officer for iiON Corporation and Managing Partner in charge of all Financial and Investments for private equity and venture capital firms such as, Green Room Fund, LLC and College Hill Ventures, PBC.
“I am very excited to join the Life On Earth Company as a board member and to offer my experience to help the overall growth of this dynamic business. I believe there is significant opportunity in the rapid evolution of Brand Acceleration and have been impressed by Life On Earth’s ability to capture market share.” stated Mr. DiBenerdini.
“We’re excited to bring on board a seasoned professional such as Mr. DiBenerdini, as he brings a wealth of knowledge in the Investment/Financial, Technology and Business to Consumer industries. Our appointment of Mr. DiBenerdini as our independent director is our first step toward meeting corporate governance requirements, which will enable us to be listed on a higher exchange. We are working to meet the requirements for our future corporate audit, compensation, governance-nominating committees.” stated Mr. Fernando Oswaldo Leonzo, Life On Earth’s Chief Executive Officer stated Mr. Fernando Oswaldo Leonzo, Life On Earth’s Chief Executive Officer.
The Company has stated that it will appoint at least two additional independent board members in order to a have majority board of independent directors.
The Company has filed an 8K in conjunction with this Press Release and readers can view the full filing on the SEC website or the Company’s Investor Relations section of LFER’s website.
About Life On Earth, Inc.
Life on Earth, Inc. (LFER), a " Naturally Better Way " consumer based Brand Accelerator Company is a dynamic and innovative all-natural consumables products company focused but not limited to the beverage and snack industry. At LFER, we have established a unique business model focused on building brands within the alternative beverage and snack space. Our brand model is complimented by our strong distribution subsidiaries Energy Source Distributors, Inc. (ESD) in California and The Giant Beverage Company, Inc. in New York (Giant). The growth of “game changing” marketing applications, human capital resources and follow-on investments will help us deliver a fully integrated platform for the emerging and functional brand category that are good for our consumers as well as the environment.
Visit: www.lifeonearthinc.com
SAFE HARBOR ACT
Forward-Looking Statements: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Life on Earth, Inc. its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Life on Earth, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. No information in this press release should be construed in any way whatsoever as an indication of Life on Earth, Inc.’s future revenues, financial performance or stock price. More information about the potential factors that could affect the business and financial results is and will be included in Life on Earth, Inc.’s filings with the Securities and Exchange Commission at www.sec.gov .
Investors and Corporate Relations
Please Contact: [email protected]
646 844 9897
Source:Life On Earth, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-life-on-earth-inc-appoints-former-american-airlines-and-aol-executive-to-the-board-of-directors.html |
CAMARILLO, Calif., May 16, 2018 (GLOBE NEWSWIRE) -- Semtech Corporation (NASDAQ:SMTC), a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, today announced plans to release the financial results of its first quarter fiscal year 2019 after the close of the market on Wednesday, May 30, 2018. The results will be released through GlobeNewswire ( www.globenewswire.com ) and posted at www.semtech.com .
Semtech will host a conference call at 2:00 p.m. PT (5:00 p.m. ET) on Wednesday, May 30, 2018, to discuss its first quarter fiscal year 2019 performance and events, current business activities and conditions, and the outlook for the business. A live webcast of the call will be accessible under the “Events Calendar” section located in the Investor Relations section of the corporate website at www.semtech.com . A replay of the webcast will be available beginning approximately two hours after the conclusion of the live call.
About Semtech
Semtech Corporation is a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for high-end consumer, enterprise computing, communications, and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the Nasdaq Global Select Market under the symbol SMTC. For more information, visit www.semtech.com .
SMTC-F
Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its affiliates.
Contact:
Sandy Harrison
Semtech Corporation
(805) 480-2004
[email protected]
Source:Semtech Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-semtech-announces-fiscal-year-2019-first-quarter-conference-call.html |
The overseer of the dominant U.S. women’s gymnastics program will step into a harsh congressional spotlight on Wednesday, still struggling with internal upheaval after a sexual-abuse scandal and facing existential threats from litigation and Capitol Hill.
Kerry Perry, the new chief executive of USA Gymnastics, is set to testify in Congress on Wednesday about the organization’s handling of the crisis that grew out of former team physician Larry Nassar’s sexual abuse of athletes. Perry, who took over late last year, will appear... RELATED VIDEO Aly Raisman Calls for an Independent Investigation of the USOC U.S. Olympic Gold Medalist Aly Raisman blasted the USOC and USA Gymnastics in a Lansing, Mich., courtroom in late January before the sentencing of former team doctor Larry Nassar. Photo: AP (Originally published Jan. 24, 2018) | ashraq/financial-news-articles | https://www.wsj.com/articles/usa-gymnastics-is-still-struggling-with-internal-upheaval-1527004383 |
May 15, 2018 / 8:04 AM / Updated 10 minutes ago Zurich agrees 2 bln stg longevity swap for Britain's National Grid Reuters Staff 1 Min Read
LONDON, May 15 (Reuters) - Zurich Insurance has agreed a longevity swap deal to cover more than two billion pounds ($2.71 billion) of pensioner liabilities for National Grid, it said on Tuesday.
The Swiss insurer has reinsured a “significant proportion” of the swap with Canada Life, it said in a statement.
The swap reduces the risk of members of the electricity supplier’s pension scheme living longer than expected.
“The policy will provide increased certainty on the cost of providing current benefits, which will therefore reduce the funding risks faced by the Group Trustee and National Grid in the future,” said Jon Carlton, chairman of the trustees of the Electricity Supply Pension Scheme. ($1 = 0.7388 pounds) (Reporting by Carolyn Cohn and Simon Jessop, editing by Maiya Keidan) | ashraq/financial-news-articles | https://www.reuters.com/article/national-grid-pensions/zurich-agrees-2-bln-stg-longevity-swap-for-britains-national-grid-idUSL5N1SM2RJ |
CHICO, Calif., May 21, 2018 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies , infrastructure construction , and tactical military vehicles , announced the appointment of Hope Dilbeck-Stone as Chief Financial Officer effective June 4, 2018. Reporting directly to CEO Lee Hamre, Stone will be responsible for all financial aspects of the Company including accounting oversight, financial reporting and analysis and budgeting. She will be the point of contact for all outside accounting and advisory firms. Stone will replace Tracie Hannick who has tendered her letter of resignation.
AmeraMex CEO Lee Hamre commented, “On behalf of the Board and everyone at the Company, I would like to thank Tracie for her dedication to the Company and her many contributions during her tenure as CFO—we wish her continued success. I appreciate her assisting the company, on an as-needed basis, to ensure a smooth transition. “
Hamre continued, “We are pleased to welcome Hope as our new CFO. Her 20 years of accounting experience will be a powerful asset as we finish up the audit and become a fully reporting company. Her versatility, deep breadth and history of financial leadership will be leveraged to assist management and the board to lead our company to continued success.”
Before joining AmeraMex International, Stone was controller and acting CFO at Digital Path, Inc., where she managed all financial initiatives, developed accounting policies and procedures, prepared financial reports, participated in organizational planning and coordinated financial audits with outside auditors. Prior to joining Digital Path, Inc., Stone was controller and human resource manager for Moana Nursery where she managed a 10-person accounting team in all accounting functions. Additionally, she oversaw special projects and handled all HR duties.
Before joining Moana Nursery, Stone held the position of controller and HR manager at ISU Stetson-Beemer Insurance where she handled all accounting and tax matters including preparation of financial reports for quarterly review and yearly audit. She also participated in financial strategic planning and handled all HR and employee benefit duties for the 80-person company.
Stone resides in Durham, CA and holds Bachelor of Finance from Tennessee Baptist College, Cookeville, TN and an MBA from the University of Devonshire, Reno, NV.
About AmeraMex
AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company also represents an inclusive product line of advanced performance tactical military vehicles from Oshkosh Defense, LLC. AmeraMex, with a US and international customer base, has over 30 years of experience in heavy equipment sales and service. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com for additional information and equipment videos.
Except for the historical information contained herein, statements discussing sales or revenue projections are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or [email protected]
Source:AmeraMex International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-ameramex-international-names-hope-dilbeck-stone-as-chief-financial-officer.html |
May 23 (Reuters) - Chipotle Mexican Grill Inc:
* CHIPOTLE ANNOUNCES PLANS FOR NEW HEADQUARTERS IN SOUTHERN CALIFORNIA TO FUEL GROWTH
* SAYS MOVE WILL AFFECT APPROXIMATELY 400 EMPLOYEES IN DENVER AND NEW YORK IN Q4 2018
* SAYS OVER NEXT SIX MONTHS, CHIPOTLE WILL TRANSITION ITS DENVER AND NEW YORK OFFICE FUNCTIONS TO NEWPORT BEACH AND COLUMBUS
* SAYS FUNCTIONS WITHIN CURRENT DENVER OFFICE WILL EITHER BE CONSOLIDATED IN CO’S EXISTING OFFICE IN COLUMBUS/MOVE TO NEW HEADQUARTERS
* SAYS FOLLOWING CHANGES, CHIPOTLE WILL CLOSE ITS DENVER AND NEW YORK CITY OFFICES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-chipotle-announces-plans-for-new-h/brief-chipotle-announces-plans-for-new-headquarters-in-southern-california-idUSFWN1SU0Y3 |
Scotland calls time on cheap, strong alcohol 12:47pm BST - 00:49
Scotland introduced minimum unit pricing on alcohol on Tuesday as it tries to improve public health by raising the cost of cheap, strong drinks favored by young people and binge-drinkers.
Scotland introduced minimum unit pricing on alcohol on Tuesday as it tries to improve public health by raising the cost of cheap, strong drinks favored by young people and binge-drinkers. //reut.rs/2KuJS5U | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/scotland-calls-time-on-cheap-strong-alco?videoId=422906227 |
May 16, 2018 / 6:44 PM / Updated 17 minutes ago Iran signs oil contract with Pergas to develop Keranj field
LONDON (Reuters) - Iran signed a preliminary deal on Wednesday for a consortium of international companies to develop an oilfield, the first such contract since Washington withdrew from a nuclear agreement and said it would reinstate sanctions on Tehran.
National Iranian South Oil Company (NISOC) signed a so-called heads of agreement (HOA) with London-based Pergas, the oil ministry’s news agency SHANA said.
The consortium will aim to produce 655 million barrels of oil from the Keranj field in Khuzestan province, southwest Iran, over the next 10 years, SHANA said.
British Ambassador to Tehran Rob Macaire and Pergas managing director Colin Rowley were present at the signing ceremony in Tehran, it added.
“We hope that the UK government ... endorses the agreement,” Iranian oil minister Bijan Zanganeh was quoted as saying by SHANA.
Zanganeh added that he expected European countries to make up for the U.S. “betrayal” of the nuclear deal, and support Western companies that sign deals with Tehran.
The agreement was announced on the same day that French energy group Total ( TOTF.PA ) said it would pull out of a multibillion-dollar gas project in Iran if it couldn’t secure a waiver from U.S. sanctions.
Zanganeh said Tehran would spare no efforts to maintain its oil production and exports at current levels, and predicted it would overcome the difficulties resulting from the U.S. withdrawal from the nuclear deal.
“The current situation will pass and Iran will emerge as a winner,” he was quoted as saying. “Iran is a peace-seeking nation, and honors its contracts,” he added.
Zanganeh also said oil prices at $60-$65 per barrel would be “logical” and that he believed the United States was trying to keep prices inflated to support U.S. shale oil growth.
“Despite what Americans say that they do not support high oil prices, the high prices of oil can justify shale production, increase investment and create more jobs in the United States,” Bijan Zanganeh was quoted as saying by Mehr news agency. Reporting by Bozorgmehr Sharafedin; Editing by Richard Balmforth and Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/us-oil-iran-contract/iran-signs-oil-contract-with-pergas-to-develop-keranj-field-idUKKCN1IH2NZ |
May 1 (Reuters) - J M Smucker Co:
* ENTERED INTO CERTAIN TERM LOAN CREDIT AGREEMENT PROVIDING FOR A $1.5 BILLION TERM FACILITY Source text for Eikon: ( bit.ly/2KqKpWC ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-j-m-smucker-enters-into-certain-te/brief-j-m-smucker-enters-into-certain-term-loan-credit-agreement-providing-for-a-1-5-bln-term-facility-idUSFWN1S80NG |
RISHON LEZION, Israel, May 29, 2018 (GLOBE NEWSWIRE) -- B.O.S. Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ:BOSC), a leading Israeli integrator of RFID and Mobile solutions and a global provider of Supply Chain solutions to enterprises, today reported its financial results for the fiscal 2018 first quarter, ended March 31, 2018.
In the quarter ended March 31, 2018, BOS reported revenues of $8.3 million, a 17% increase as compared to $7.1 million of revenues in the comparable quarter in 2017. Net income for the first quarter of 2018 was $205,000, or $0.06 per basic and diluted share, an increase of 39% as compared to a net income of $147,000, or $0.05 per basic and diluted share, in the first quarter of 2017. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was $365,000 for the first quarter of 2018, as compared to $315,000 for the first quarter of 2017. ( See Reconciliation of Net Income to EBITDA in the supplemental table included at the end of this release ).
As of March 31, 2018, BOS reported working capital of $7.1 million, long term debt of $2.7 million, and shareholders’ equity of $10.4 million ($3.10 per basic and diluted share).
Yuval Viner, BOS’ Co-CEO stated, “Fiscal 2018 is off to a good start with strong organic revenue growth, increased international sales outside of our core Israeli market and a healthy backlog in place. There is an expanding need for the solutions we offer, and our primary end markets such as aerospace, defense and logistic centers are growing. Since January 2018 we’ve announced 5 new orders, and we remain focused on surpassing the expectations of our blue chip customer base, accessing new project awards and continuing to win contracts from new customers.”
Eyal Cohen, BOS’ Co-CEO added, “We saw strong performance from both of our divisions in the first quarter. In particular, we recorded a 15% revenue increase in our RFID & Mobile division, attributable to new customers and a 20% revenue improvement in our Supply Chain Solutions division, related to new orders from existing customers. In addition to our leadership position in Israel, the BOS brand continues to gain recognition in the international marketplace, particularly India, where we are capturing market share. I am also pleased to announce on engagement with an investor relations firm, Institutional Marketing Services ("IMS"). IMS will collaborate with the BOS management team to achieve broader investor awareness and educate the investment community on the Company’s key business developments and growth objectives.
Conference Call
BOS will host a conference call today, Tuesday, May 29, 2018 at 10 a.m. EDT - 5:00 p.m., Israel Time.
A question-and-answer session will follow management’s presentation. To access the conference call, please dial one of the following numbers: US: +1-888-281-1167; International: +972-3-9180644.
For those unable to listen to the live call, a script of the call will be available the next day after the call on BOS’s website, at: http://www.boscorporate.com
About BOS
B.O.S. Better Online Solutions Ltd. (BOSC) is a leading Israeli integrator of RFID and Mobile solutions and a global provider of Supply Chain solutions to enterprises. BOS' RFID and Mobile division offers both turnkey integration services as well as stand-alone products, including best-of-breed RFID and AIDC hardware and communications equipment, BOS middleware and industry-specific software applications. The Company's Supply Chain division provides electronic components consolidation services to the aerospace, defense, medical and telecommunications industries as well as to enterprise customers worldwide. For more information, please visit: www.boscorporate.com
Use of Non-GAAP Financial Information
BOS reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company. The reconciliation set forth below is provided in accordance with Regulation G and reconciles the non-GAAP financial measures with the most directly comparable GAAP financial measures.
Safe Harbor Regarding Forward-Looking Statements
The forward-looking statements contained herein reflect management's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions and continued availability of financing for working capital purposes and to refinance outstanding indebtedness ; and additional risks and uncertainties detailed in BOS' periodic reports and registration statements filed with the U.S. Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Investor Relations Contact:
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)
(203) 972-9200
[email protected] Company Contact:
Eyal Cohen, CO-CEO & CFO
B.O.S Better Online Solutions Ltd.
+972-542525925
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands
Three months ended
March 31, Year ended
December 31, 2018 2017 2017 (Unaudited) (Audited) Revenues $ 8,291 $ 7,064 $ 28,932 Cost of revenues 6,630 5,616 22,587 Gross profit 1,661 1,448 6,345 Operating costs and expenses: Sales and marketing 913 814 3,389 General and administrative 461 396 1,870 Total operating costs and expenses 1,374 1,210 5,259 Operating Income 287 238 1,086 Financial expenses, net (85 ) (91 ) (297 ) Income before taxes on income 202 147 789 Taxes on income (tax benefit) (3 ) - 16 Net income 205 147 773 Basic and diluted net income per share $ 0.06 $ 0.05 $ 0.24 Weighted average number of shares used in computing basic and diluted net income per share 3,357 2,997 3,171
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
March 31, 2018
December 31, 2017 (Unaudited)
(Audited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 943 $ 1,533 Restricted bank deposits 206 247 Trade receivables 10,058 9,804 Other accounts receivable and prepaid expenses 1,056 898 Inventories 2,957 3,240 Total current assets 15,220 15,722 LONG-TERM ASSETS 226 220 PROPERTY AND EQUIPMENT, NET 900 651 OTHER INTANGIBLE ASSETS, NET 124 138 GOODWILL 4,676 4,676 Total assets $ 21,146
$ 21,407
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
March 31, 2018 December 31, 2017 (Unaudited) (Audited) LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long term loans $ 498 $ 505 Trade payables 5,741 5,951 Employees and payroll accruals 716 822 Deferred revenues 873 798 Accrued expenses and other liabilities 266 304 Total current liabilities 8,094 8,380 LONG-TERM LIABILITIES: Long-term loans, net of current maturities 2,365 2,523 Accrued severance pay 287 286 Total long-term liabilities 2,652 2,809 SHAREHOLDERS' EQUITY 10,400 10,218 Total liabilities and shareholders' equity $ 21,146 $ 21,407 RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands)
Three months ended
March 31, Year ended December 31 , 2018 2017 2017 (Unaudited) (Unaudited) Net Income as reported $ 205 $ 147
$ 773 Adjustments: Amortization of intangible assets 14 14 57 Stock based compensation 14 17 60 Total Adjustments $ 28 $ 31 $ 117 Net Income on a Non-GAAP basis $
233 $ 178
$ 890 CONDENSED CONSOLIDATED EBITDA
(U.S. dollars in thousands)
Three months ended
March 31, Year ended December 31 , 2018 2017 2017 Operating income $ 287 $ 238 $ 1,086 Add: Amortization of intangible assets 14 14 57 Stock based compensation 14 17 60 Depreciation 50 46 188 EBITDA $ 365 $ 315 $ 1,391 SEGMENT INFORMATION
(U.S. dollars in thousands)
RFID and Mobile Solutions Supply
Chain Solutions Intercompany Consolidated RFID and Mobile Solutions Supply
Chain Solutions Intercompany
Consolidated Three months ended March 31,
2018 Three months ended March 31,
2017 Revenues $ 3,822 $ 4,595 $ (126 ) $ 8,291 $ 3,311 $ 3,816 $ (63 ) $ 7,064 Gross profit $ 976 $ 685 $ - $ 1,661 $ 784 $ 664 $ - $ 1,448
RFID and Mobile Solutions Supply
Chain Solutions Intercompany Consolidated year ended December 31,
2017 Revenues $ 13,666 $ 15,495 $ (229 ) $ 28,932 Gross profit $ 3,623 $ 2,722 $ - $ 6,345
Source:B.O.S. Better Online Solutions Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-b-o-s-better-online-solutions-announces-revenue-growth-of-17-percent-in-the-first-quarter-of-2018.html |
Will Succeed Michael L. Ducker August 16
MEMPHIS, Tenn.--(BUSINESS WIRE)-- FedEx Corp. (NYSE: FDX) announced today that John A. Smith has been named President and CEO of FedEx Freight effective August 16, 2018. Smith, 56, currently serves as Senior Vice President of Operations at FedEx Freight, a subsidiary of FedEx Corp. Smith will succeed Michael L. Ducker, whose pending retirement was announced earlier this month.
A 32-year veteran of the transportation industry, Smith joined FedEx in 2000. His experience spans every area of the business, including operations, sales, transportation, fleet maintenance, facility services and safety. Along with being responsible for the leadership and direction of FedEx Freight, he will also serve on the Strategic Management Committee of FedEx Corporation.
FedEx Corp. also announced today that Matthew Thornton III, 59, Senior Vice President of U.S. Operations for FedEx Express and a 40-year FedEx team member, will become Executive Vice President and Chief Operating Officer of FedEx Freight. In this role, Thornton will be responsible for overseeing all operations for FedEx Freight, which offers extensive LTL coverage across North America. His track record of success, experience leading diverse teams, and knowledge of our global operation will be vital for this new role at FedEx Freight.
“Given his deep experience in the transportation industry, unparalleled customer focus and trusted leadership, John Smith is a clear choice to lead the FedEx Freight organization into the future,” said David J. Bronczek, president and COO of FedEx Corporation. “Matthew Thornton has proven himself time and again in his leadership at FedEx Express, and his thorough knowledge of all aspects of operations make him an excellent addition to the FedEx Freight leadership team. Both are examples of our strong promote-from-within philosophy at FedEx, and with these two leaders at the helm, the future for our FedEx Freight organization continues to look very bright.”
Smith and Thornton will begin transitioning into their new roles starting mid-May.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $64 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 425,000 team members to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. To learn more about how FedEx connects people and possibilities around the world, please visit about.fedex.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006339/en/
FedEx Corp.
Patrick Fitzgerald, 901-818-7300
Source: FedEx Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-john-a-smith-named-fedex-freight-president-and-ceo.html |
May 15, 2018 / 6:59 AM / Updated 37 minutes ago Qatar Petroleum invites firms to bid for new petrochemicals complex Reuters Staff 1 Min Read
DUBAI, May 15 (Reuters) - Qatar Petroleum said on Tuesday it was inviting international firms to bid for the development and operation of a new petrochemicals complex at Ras Laffan Industrial City.
The new complex will include an ethane cracker with a capacity of more than 1.6 million tonnes per year of Ethylene, making it the largest in the Middle East, the company said in a statement.
Qatar Petroleum said the planned start-up of the complex, which will also include derivative plants, would be in 2025. (Reporting By Maha El Dahan; Editing by Ghaida Ghantous) | ashraq/financial-news-articles | https://www.reuters.com/article/qatar-petrochemicals/qatar-petroleum-invites-firms-to-bid-for-new-petrochemicals-complex-idUSB2N1RL009 |
May 20, 2018 / 5:18 PM / Updated an hour Somerset and Glamorgan on Sunday at Taunton, England Somerset win by 83 runs Somerset 1st innings Johann Myburgh c Chris Cooke b Lukas Carey 18 Steve Davies c David Lloyd b Lukas Carey 29 Peter Trego c David Lloyd b Graham Wagg 56 James Hildreth b Marchant de Lange 159 Tom Banton c Andrew Salter b Colin Ingram 11 Tom Abell c Chris Cooke b Graham Wagg 40 Roelof van der Merwe c Chris Cooke b Marchant de Lange 15 Craig Overton Not Out 23 Tim Groenewald Not Out 6 Extras 0b 2lb 2nb 0pen 11w 15 Total (50.0 overs) 372-7 Fall of Wickets : 1-46 Myburgh, 2-49 Davies, 3-147 Trego, 4-174 Banton, 5-260 Abell, 6-337 van der Merwe, 7-341 Hildreth Did Not Bat : Waller, Davey Lukas Carey 10 1 57 2 5.70 1w Marchant de Lange 8 0 90 2 11.25 1nb Michael Hogan 9 0 55 0 6.11 David Lloyd 3 0 25 0 8.33 1w Graham Wagg 10 0 62 2 6.20 6w Andrew Salter 6 0 39 0 6.50 Colin Ingram 4 0 42 1 10.50 2w Glamorgan 1st innings Nick Selman lbw Josh Davey 17 Jack Murphy Run Out Craig Overton 10 Shaun Marsh c Max Waller b Tim Groenewald 35 Colin Ingram c Craig Overton b Tim Groenewald 85 David Lloyd b Roelof van der Merwe 35 Chris Cooke c Max Waller b Peter Trego 28 Marchant de Lange c (Sub) b Roelof van der Merwe 40 Graham Wagg c Max Waller b Peter Trego 25 Andrew Salter c Max Waller b Craig Overton 6 Lukas Carey Run Out Tom Abell 2 Michael Hogan Not Out 1 Extras 1b 4lb 0nb 0pen 0w 5 Total (46.0 overs) 289 all out Fall of Wickets : 1-26 Selman, 2-37 Murphy, 3-100 Marsh, 4-154 Lloyd, 5-206 Ingram, 6-233 Cooke, 7-270 Wagg, 8-284 Salter, 9-288 Carey, 10-289 de Lange Josh Davey 10 0 47 1 4.70 Craig Overton 8 1 41 1 5.12 Tim Groenewald 7 0 54 2 7.71 Roelof van der Merwe 10 0 64 2 6.40 Peter Trego 8 0 53 2 6.62 Max Waller 3 0 25 0 8.33 Umpire Jeremy Lloyds Umpire Russell Warren Home Scorer Polly Rhodes Away Scorer Andrew Hignell | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5K1ELAHO |
TOKYO, May 16 (Reuters) - Japanese stocks edged lower on Wednesday as sentiment was knocked by a surge in U.S. Treasury yields to seven-year highs and after Pyongyang called off talks with Seoul, throwing a major U.S.-North Korean summit into question.
Nisshin Steel Co jumped 16 percent after Nippon Steel & Sumitomo Metal Corp said in the afternoon that Nisshin will become its wholly owned subsidiary next January via a share exchange.
The Nikkei ended 0.4 percent lower to 22,717.23.
Data in the morning showing the world’s third-biggest economy suffered a deeper-than-expected contraction in the first-quarter also checked buyers.
Japan’s economy contracted a more than expected 0.6 percent in the January-March period on an annualised basis, putting an end to eight straight quarters of expansion.
In the U.S. market overnight, the yield on 10-year U.S. Treasury notes jumped to its highest level since July 2011, driven by upbeat consumer spending and factory data.
“Overseas stocks are weaker, yields are higher while gold prices were lower... very unstable moves, and these price moves are making investors risk-averse,” said Yoshinori Shigemi, global markets strategist JP Morgan Asset Management. Investors were also cautious about developments on the Korean peninsula, after North Korea cancelled high-level talks with Seoul, denouncing military exercises between South Korea and the United States.
That has raised doubts about the planned summit between U.S. President Donald Trump and his North Korean counterpart leader Kim Jong Un scheduled next month
Wednesday’s big losers included Mitsubishi UFJ Financial Group, which fell 2.4 percent after the bank’s annual net profit missed analyst estimates and on disappointment over the size of a share buyback plan.
Suruga Bank, whose shares have fallen 45 percent this year on worries about its loans to retail investors for property investments, tumbled 10 percent after the bank said that many employees knew about improper lending.
Metal shares were lower after gold shed 1.7 percent and hit the lowest this year at $1,288.31 in the previous session, before edging up in Asian trade.
Sumitomo Metal Mining shed 2.5 percent.
The broader Topix dropped 0.3 percent to 1,800.35. (Editing by Shri Navaratnam)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-close/nikkei-falls-as-us-yield-spikes-mufg-tumbles-after-earnings-idUSL3N1SN2U4 |
By Clay Chandler 9:28 AM EDT
It’s on! It’s off! It’s on again! Press reports about Donald Trump’s relationship with North Korean dictator Kim Jong-un are starting to resemble tabloid coverage of Justin Bieber and Selena Gomez. All the drama—plus nuclear weapons!
In the latest twist, Trump now says his June 12 summit with Kim in Singapore, which he canceled abruptly via petulant letter , might happen after all . One sign that the dialogue with North Korea is back on track: Kim held an unexpected meeting with South Korean president Moon Jae-in on the north side of the Demilitarized Zone today.
The U.S. president continues to suggest that he doesn’t think he can get a denuclearization agreement from Kim without the cooperation of Chinese president Xi Jinping. So for now, the fact that a North Korea deal remains in play means that Trump’s trade war with China remains “ on hold ” and Trump remains committed to his promise to Xi to undo Commerce Department sanctions that would put Chinese telecommunications manufacturer ZTE Corp. out of business.
For Trump, the stakes are high. Throughout his presidency he has disregarded traditional distinctions between commerce, diplomatic principle and national security, and suggested that he’ll do whatever it takes to “make America great again.” In his dealings with other nations, everything is negotiable. If that approach proves successful with North Korea, Trump may well collect that Nobel Peace Prize he’s suggested he deserves. The risk is that, in declaring that he’ll “go easy” on China on trade issues in exchange for Xi’s support for a nuclear pact with Kim, he may come away empty-handed on both fronts. Indeed, a flurry of articles and analyses this week argue that Trump has been “played” by Xi and Kim. (Sample some of the premature pontifications here , here , here , here and here .)
Meanwhile Commerce Secretary Wilbur Ross is headed back to Beijing on June 2-4 for further trade talks. Much of the discussion is expected to focus on China’s plans to reduce its trade surplus with the U.S. by ramping up purchases of American agriculture and energy products. But Ross has stressed that he’ll also focus on Chinese industrial policies the U.S. considers to be unfair. Among the most contentious of those policies is Xi’s Made in China 2025 initiative , which doles out state subsidies for semiconductors, robotics, artificial intelligence and other key technologies China deems critical to the continued development of its economy.
Zheng Yongnian, director of the East Asia Institute at the National University of Singapore, argues in an essay published in the Washington Post this week that the White House is foolish to demand modifications to Made in China 2025 because Xi will never accept them. He faults U.S. officials for making the program out to be part of some larger Chinese bid for world domination. But he also criticizes Xi for techno-nationalism—trying wrap the flag around a collection of mundane initiatives aimed at upgrading China’s domestic economy.
Lorand Laskai, a research fellow at the Council on Foreign Relations, suggests Zheng’s take on Made in China downplays Beijing’s true ambitions. Laskai argues the aim of the program “is not so much to join the ranks of hi-tech economies like Germany, the United States, South Korea, and Japan, as much as replace them altogether. Made in China 2025 calls for achieving ‘self-sufficiency’ through technology substitution while becoming a ‘manufacturing superpower’ that dominates the global market in critical high-tech industries. That could be a problem for countries that rely on exporting high-tech products or the global supply chain for high-tech components.”
Implicit in most of the analyses I’ve seen about Made in China—whether by U.S. officials demanding that it is unfair and must be dismantled or Chinese analysts insisting that the program is vital to China’s future and therefore non-negotiable—is the shared assumption that the programs will perform as advertised. I’m not convinced.
I started my journalism career in Tokyo back in the days when many Americans were gripped with fear that industrial policies crafted by technocrats in Japan’s trade and finance ministries would enable the Japanese economy to overtake the United States. We all know how that movie ended. The claim that governments can raise overall productivity over the long run through investments in infrastructure, higher education and basic research makes perfect sense to me. The notion that in advanced sectors like AI and semiconductors, China can magically leapfrog the United States through protectionism, state subsidies, and granting monopolies to state-owned enterprises? Not so much.
Will Trump and Kim really meet in Singapore? Will the U.S.-China trade truce hold? And how stridently will Secretary Ross object to Made in China on his visit to Beijing? As President Trump likes to say: “We’ll see what happens.”
CEO Daily takes a break on Monday in honor of Memorial Day. Enjoy your weekend! Clay Chandler @claychandler Trade and Economy
Car trouble. On May 22, China said it would cut import tariffs on passenger cars from 25% to 15%, effective July 1. Tesla immediately slashed $14,000 off the price tag of its Model S and Model X cars in China, hoping to make greater inroads on the world’s largest market for EVs. But on May 23 Trump launched an investigation into whether America should raise its own auto import tariffs, for “national security” reasons. Bloomberg
Canada says China can’t. Canada has blocked the takeover of the Aecon Group by state-owned China Communications Construction Company on national security grounds. Members of Canada’s opposition party had raised concerns about Aecon’s access to government contracts and what details they might reveal to the Chinese state. China’s foreign ministry responded that it hoped Canada could “abandon its prejudices” and provide a level playing field. The New York Times
House rules. The Trump administration announced it was considering a plan that would require ZTE to accept American-appointed compliance officers onto its management team in place of suffering economic sanctions. That was a day after the House of Representatives passed a bill banning government agencies from using ZTE tech and prohibiting the Department of Defense from renewing contracts with companies that work with ZTE. Wall Street Journal
To market, to market. Foxconn Industrial Internet, a subsidiary of the group most famous for manufacturing iPhones, hopes to raise $4.26 billion in an IPO in Shanghai. The flotation will be mainland China’s largest IPO in three years, valuing the company at about $43 billion (almost as large as its parent company). Meanwhile, reports emerged that Didi Chuxing is planning a Hong Kong IPO during the second half of the year. Reuters Advertisement Politics and Policy
Go forth and multiply. China relaxed its One Child Policy in 2015, allowing families to have up to two children. The birthrate increased by approximately 8% the following year but slumped 3.5% last year. Now central authorities are mulling scrapping family planning all together, allowing couples to choose the size of their own brood. The new model has been dubbed “independent fertility”. Bloomberg
The PLA can’t play. The United States cancelled China’s invite to participate in a naval training exercise known as RIMPAC, citing the latter’s continued militarization of disputed territories in the South China Sea. Last week, China landed air force bombers on one of the disputed islands. A China official described the move as “very unconstructive”. Financial Times
Throwing shade. Foreign Minister Wang Yi told his Australian counterpart, Julie Bishop, that Australia needs to remove its “tinted glasses” and start viewing China’s development in a positive light. The relationship between the two nations soured last year when Australian officials accused China of meddling in its domestic politics. AFR
More Orwellian nonsense. Japanese chain Muji was fined $31,000 by Beijing for listing Taiwan as a country on some of its packaging. Beijing has been increasing pressure on companies and countries to accept the One China rhetoric and cut ties with Taiwan. This week, Burkina Faso also broke off relations with Taiwan, just four weeks after the Dominican Republic did the same. Bloomberg In Case You Missed It | ashraq/financial-news-articles | http://fortune.com/2018/05/26/should-trump-care-about-xis-made-in-china-2025-plan/ |
BEIJING (Reuters) - China’s April soybean imports fell to 6.9 million tonnes, much lower than expected, as arrivals were delayed because of tougher port inspections and a tax change, said traders and analysts.
The 13.7 percent drop from a year ago to less than 7 million tonnes caught the market by surprise. China had been expected to take 8.5 million tonnes in April, higher than last year, amid good crushing margins in the world’s top buyer of beans.
The lower-than-expected number appears partly related to a 1 percentage point reduction from May 1 in the value-added tax on agricultural imports, said traders.
A similar move last summer prompted many buyers to delay clearing soybean shipments through customs to take advantage of a lower tariff, causing a backlog of vessels at ports.
China reduced the previous 11 percent VAT to 10 percent this month.
“From May 1, the VAT was due to decrease by 1 percent so most people would have tried to postpone going through customs [until then],” said a trader with an international trading firm.
The lower imports also came as China prepares for the possibility of an additional 25 percent tariff on soybeans from the United States that threatens to sharply curb trade and send prices soaring.
China imports 60 percent of the oilseeds traded worldwide to make meal for animal feed for its massive livestock herd, with about one-third typically coming from the United States.
Some cargoes may also have been held back by tougher inspections on U.S. soybeans, said the trader.
China tightened quality standards on U.S. soybean imports late last year, reducing the amount of foreign material allowed in shipments to 1 percent.
At least two vessels were held up because of phytosanitary checks in recent weeks, said another source at a major importer, but they have now been discharged.
Monica Tu, an analyst at Shanghai JC Intelligence Co Ltd, said talk in the market suggests increased inspections at ports are delaying the clearing of cargoes to more than one month, up from one to two weeks typically.
China’s General Administration of Customs did not immediately respond to a fax on the issue.
Beijing has recently stepped up checks on imports of other U.S. produce including fruit and logs, amid simmering trade tension between the two nations.
The threat of duties on U.S. soybeans has however effectively frozen future purchases from the United States, said trade sources recently.
April’s imports were up from 5.7 million tonnes in March. Arrivals for May are expected to be much larger, as delayed cargoes are cleared, and after buyers rushed to stock up on beans from a huge Brazilian harvest, benefiting from good domestic crushing margins.
If tariffs on U.S. soybeans are implemented, China’s crushers would see much tighter supply in the second half of the year, when China typically buys most of its beans from the United States.
Soy imports in the first four months of 2018 were 26.49 million tonnes, down from 27.54 million in the same period in 2017, the customs data showed.
Reporting by Dominique Patton; Editing by Christian Schmollinger and Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-trade-soybeans/china-april-soybean-imports-unexpectedly-drop-below-7-million-t-due-to-vat-change-idUSKBN1I90WB |
CHICAGO, May 15, 2018 /PRNewswire/ -- Transdev, the leading global provider of multi-modal mobility solutions, is pleased to announce the addition of Ron Nyce, as Vice President of Customer Experience for the Consumer Services Division of Transdev North America.
Nyce will be focused on the overall end-to-end customer experience for the Consumer Services/B2C division including SuperShuttle and ExecuCar businesses.
Prior to joining Transdev, Nyce held a variety of leadership positions with over 34 years of experience at Sears Home Services, the nation's largest product repair services provider. Nyce was responsible for technology strategy leading a mobile technology refresh initiative, including point-of-sale and field services management technology applications delivery and oversight of the organization's strategic technology portfolio.
SuperShuttle International , based in Phoenix, Ariz., is a division of Transdev OnDemand, Inc. SuperShuttle serves over 80 airports, carrying more than eight million passengers a year. SuperShuttle also provides ExecuCar sedan service at all airports served by SuperShuttle, including some of the largest in the country: Los Angeles, New York, Dallas/Ft. Worth, Washington, D.C., and San Francisco. SuperShuttle is also available in Toronto and Vancouver Canada, Paris, France, Cancun and Los Cabos, Mexico, and Amsterdam, Holland.
Transdev OnDemand , Inc. a division of Transdev based in Phoenix, includes SuperShuttle International and ExecuCar nationwide. Transdev OnDemand, Inc. serves over 80 airports with its multiple service offerings in the on demand service space. It boasts some of the most fuel-efficient fleets utilizing propane and compressed natural gas, as well as partnerships with many leading airlines and travel wholesalers .
View original content with multimedia: http://www.prnewswire.com/news-releases/ron-nyce-joins-transdev-ondemand-as-vice-president-of-customer-experience-300647401.html
SOURCE Transdev OnDemand, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-ron-nyce-joins-transdev-ondemand-as-vice-president-of-customer-experience.html |
May 3 (Reuters) - CTI Biopharma Corp:
* CTI BIOPHARMA REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $10.5 MILLION VERSUS $800,000 * AS OF MARCH 31, 2018, CASH AND CASH EQUIVALENTS TOTALED $104.6 MILLION, COMPARED TO $43.2 MILLION AS OF DECEMBER 31, 2017 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cti-biopharma-reports-q1-eps-loss/brief-cti-biopharma-reports-q1-eps-loss-per-share-of-0-08-idUSASC09ZN1 |
May 9, 2018 / 8:05 PM / Updated 10 minutes ago Sears shares soar on Amazon tie-up; CEO says on 'right path' Tracy Rucinski 4 Min Read
HOFFMAN ESTATES, ILL. (Reuters) - Sears Holdings Corp ( SHLD.O ) shares jumped about 17 percent on Wednesday after the company announced a tyre service partnership with Amazon.com ( AMZN.O ), part of Chief Executive Officer Edward Lampert’s strategy to make the troubled retailer profitable again. FILE PHOTO- A Sears logo is seen at a store in Schaumburg, Illinois, U.S. on September 23, 2013. REUTERS/Jim Young/File Photo
Under the deal, Sears will install tyres sold by Amazon at its U.S. auto centres. Lampert, who announced the deal at Sears’ annual shareholders meeting, said he was trying to reach a new customer base through Amazon.
Sears has seen years of declining sales as competition intensifies from the likes of Walmart Inc ( WMT.N ), Amazon and other e-commerce platforms.
Lampert has closed unprofitable stores, sold assets, cut costs and tried to forge partnerships for Sears products and boost membership of its Shop Your Way rewards programme. The recovery has yet to arrive.
“Let me be the first one to acknowledge we are on the right path but we haven’t gotten over the hump. We need to convert our vision into reality,” Lampert said at the annual shareholders’ meeting at Sears’ headquarters in the Chicago suburb of Hoffman Estates.
Sears shares, which were worth $119 a decade ago, rose as high as $3.46 on Wednesday, but were still about 70 percent below their 52-week high hit on May 10, 2017. The shares were up 17.0 percent at $3.23 in afternoon trading.
Lampert is the biggest shareholder in Sears, with a more than 30 percent stake, and a major lender to the company.
After warning about Sears’ ability to continue as a going concern last year, Lampert infused the company with cash, and last month said his hedge fund, ESL, would be interested in acquiring Sears’ real estate, including its $1.2 billion in debt, Kenmore appliances brand and parts of its home services business.
“We needed liquidity; I’ve provided it, but we can’t operate if we don’t have the necessary liquidity,” he said, adding that the company is “far from where I hoped we would be at this point.”
Under the new partnership with Amazon, which Lampert said is “small but growing,” Sears will expand its DieHard products available on Amazon to include DieHard tires. Sears also already sells its Kenmore home appliances on Amazon.
The tire service will roll out to Sears Auto Centers in the United States over the next couple of weeks.
For Amazon, the deal is another sign that the online giant sees the value of in-store pickup, and that its rivals see room to cooperate.
Separately on Wednesday, Amazon said it had partnered with homebuilder Lennar Corp ( LEN.N ) to convert some of the home construction company’s model homes into showrooms for digital voice assistant Alexa.
Over the past year, Amazon has entered into partnerships with physical chains such as department store operator Kohl’s Corp ( KSS.N ) to sell Amazon-branded items as well as use its retail locations for picking up online orders.. In April, it tapped electronics chain Best Buy ( BBY.N ) to sell smart televisions with the capabilities of its voice aide Alexa baked in. In return, Best Buy would become the exclusive merchant of these TVs on Amazon.com. Reporting by Tracy Rucinski in Hoffman Estates, Illinois; Additional reporting by Siddharth Cavale in Bengaluru; Editing by Leslie Adler | ashraq/financial-news-articles | https://in.reuters.com/article/amazon-com-partnerships-sears/sears-shares-soar-on-amazon-tie-up-ceo-says-on-right-path-idINKBN1IA36S |
Philadelphia-based insurance veteran adds additional depth to growing team in the East
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Alliant has added one of Philadelphia’s leading captive insurance specialists to its growing team with the arrival of John Zukus. The seasoned commercial insurance veteran will serve as Vice President, where he will provide targeted risk management and insurance solutions to Alliant’s diverse portfolio of clients throughout the Eastern United States.
“John will add significant depth and specialized expertise to our team in the East,” said Bob Bennetsen, Executive Vice President and Senior Managing Director with Alliant. “He is a longtime innovator within the captive market who will play a key role in expanding our reach and growing our offerings.”
Throughout his career Zukus has worked for some of the nation’s largest insurance brokerage firms and financial services companies. During this time, he has become a foremost expert in delivering captive insurance programs that are custom designed to reduce his clients’ risk exposure and insurance costs. He has experience working with clients spanning a broad range of industries.
Zukus is a graduate of Bloomsburg University of Philadelphia. He can be reached in the Wayne, PA office of Alliant at (717) 371-0430 or at [email protected] .
About Alliant Insurance Services
Headquartered in Newport Beach, CA, Alliant Insurance Services, Inc. provides property and casualty, workers’ compensation, employee benefits, surety, and financial products and services to clients nationwide, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups. More information is available on the company’s website at www.alliant.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005021/en/
Alliant Insurance Services
Lynda Lane
Senior Vice President and Corporate Director
Marketing and Corporate Communications
(949) 260-5050
[email protected]
Source: Alliant Insurance Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-leading-captive-insurance-specialist-john-zukus-joins-alliant.html |
Higher oil prices probably a temporary phenomenon, says strategist 3 Hours Ago Keith Parker, UBS head of U.S. equity strategy, and Brian Jacobsen, Wells Fargo ASset Management multi-asset strategist, discuss their outlooks for oil prices and equities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/higher-oil-prices-probably-a-temporary-phenomenon-says-strategist.html |
The Indy 500 is one of the oldest events in American sports but the business end of racing – and most major sports – is rapidly changing to ratchet up fan engagement and deliver even bigger sponsorship dollars. No one knows that better than Mark Miles, the president and CEO of Hulman & Company and the man behind the Indy 500, who spent time with sports business expert Rick Horrow discussing ways leagues, teams and great events can keep the pace.
Rick Horrow is the CEO of Horrow Sports. As an attorney and consultant, he has been the architect of 100+ deals worth more than $20 billion in sports, performing arts, and other urban infrastructure projects. Horrow pioneered the public/private partnership and infrastructure branding concepts that, to date, have enticed more than $4 billion in corporate funding to cities and development projects. The opinions expressed here and in videos and podcasts hosted by Rick are his alone and do not represent the views of Reuters.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-keepingscore-23may2018/drivers-start-your-engines-idUSKCN1IO2WU |
× × Those of us who fund start-ups have to think about data in a responsible way: Jessica Verrilli 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/fund-start-ups-jessica-verrilli.html |
LAUSANNE, Switzerland (Reuters) - Olympic medals will be reallocated within 12 months of the end of any legal procedure and athletes can chose their ceremony, the International Olympic Committee said on Wednesday as it looks to give those cheated out of medals their moment of glory.
International Olympic Committee (IOC) member Gian Franco Kasper (L) talks with Sports Director Kit McConnell before an Executive Board meeting in Lausanne, Switzerland, May 2, 2017. REUTERS/Denis Balibouse Many athletes have had medals stripped, some years after the Olympics, after doping sample re-testing from past Games regularly delivered dozens of positive tests.
More than 100 positive cases were found in re-tests from the 2008 Beijing and 2012 London Olympics alone and some 75 medals were reallocated from those Games.
The medals are usually given to the next best athletes but until recently they received the medals with little or no planned ceremony and sometimes years after their performances.
“The Executive Board have accepted the medals reallocation documents,” Kirsty Coventry, who heads the IOC athletes’ commission, told reporters.
Thomas Bach, President of the International Olympic Committee, attends an Executive Board meeting in Lausanne, Switzerland, May 2, 2017. REUTERS/Denis Balibouse “There were will be very clear communication to the athletes and the federations on these principles.”
She said among them were the obligatory re-testing of the sample of the athlete receiving the reallocated medal, the return of the original medal by the disqualified athlete, a reallocation within 12 months of the end of any legal challenges and a ceremony chosen by the athlete.
At the moment there is no standardized reallocation process with athletes receiving medals at home or at the offices of Olympic committees with little or no publicity.
Slideshow (3 Images) Australian Jared Tallent, who in 2016 was reallocated the 50km walking gold medal from the 2008 Beijing Games after Russian Sergey Kirdyapkin was stripped of the title, staged a mock ceremony in his backyard and posted it on social media.
Australia Olympic officials then proceeded to hold a proper ceremony.
“This is focused on the athletes’,” Kit McConnell, the IOC’s sports director said. “They will have the choice instead of just telling them how it will be done.”
He said athletes now had the option of choosing to receive their medal at an Olympics, a Youth Olympics, by the international federation or the national Olympic Committee, at a ceremony at the Olympic museum or at a private ceremony.
Norway’s mixed doubles curling team at this year’s Pyeongchang winter Olympics were the first to be awarded a reallocated medal at the same Games when they got the bronze after it was stripped from the Russian pair for doping.
“For the first time we have a process and a structure to make sure the athlete has their moment,” McConnell said.
Reporting by Karolos Grohmann, editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-olympics-ioc/ioc-plans-medal-reallocation-ceremonies-to-honor-athletes-idUSKBN1I32O9 |
This week's collapse of the Iranian nuclear deal justifiably caused global consternation at the thought of Iran moving closer to becoming a nuclear power.
There is, however, a much more immediate threat. Iran is already a cyber power and has a history of launching hacking attacks against American interests.
Restoring sanctions removes an important deterrent to those cyberattacks and may have immediate adverse consequences.
The United States and Iran have quietly waged cyberwar for more than a decade. The U.S. fired the first shot in this war as early as 2007 after joining forces with Israel to use malicious software to destroy equipment at Iran's Natanz uranium enrichment facility.
show chapters Trump talks Iran and North Korea at cabinet meeting 23 Hours Ago | 01:58 Iran fired back with a series of attacks on U.S. financial, military, and academic targets. These attacks crashed servers at financial institutions, stole intellectual property from universities, and even took command of the computer systems controlling a dam in Rye, New York .
In that case, the attackers weren't able to actually open the floodgates, but only because the control system wasn't functioning properly.
"Over the coming months, we'll likely see Iranian hackers grow bolder in their targeting of U.S. government, infrastructure, and industrial targets if a new deal is not reached." Iranian cyberattacks burst onto the front page earlier this year when the Justice Department indicted nine Iranian nationals accused of participating in cyberattacks against American academics.The 26-page indictment laid out the case against these attackers and linked them to the Mabna Institute, an organization with ties to the Iranian government.
The indictment valued the stolen information at $3.4 billion and, while we might chalk that figure up to prosecutorial hyperbole, the point is clear. The Iranian government is already waging a sophisticated, coordinated cyberwar against U.S. interests.
These attacks took place despite the presence of the nuclear deal. It's possible that the Iranians felt that the targets weren't significant enough to scuttle the deal if discovered. Evidence suggests that Iranian attacks against the U.S. to date are only the tip of the iceberg and that Iranian hackers possess more advanced skills that have yet to be trained on American targets.
Security researchers at Symantec recently issued a report accusing an Iranian hacking group of conducting a series of coordinated attacks against targets in the Middle East since 2015. They concluded that "the group remains highly active, is continuing to hone its tools and tactics, and has become more audacious in its choice of targets."
It's reasonable to assume that the Iranians focused on Middle Eastern targets to preserve their nuclear deal with larger world powers. Now that the U.S. is preparing to reimpose sanctions, there isn't much left to deter Iran from training its proven cyberwarfare capabilities on more significant American targets.
Iran's attacks against its neighbors included the compromise of a major telecommunications service provider and an African airline. There's no reason to believe they couldn't infiltrate similar targets in the U.S.
Recent Iranian attacks Recent Iranian attacks against their neighboring countries of Saudi Arabia, Israel, Jordan, the United Arab Emirates, and Turkey may have served a dual purpose. In addition to intelligence gathering, Iranian cyberwarfare leaders may view those attacks as training for attacks against the larger targets presented by the United States and its allies.
Of course, Iran isn't the only country with proven cyberwarfare capabilities. We saw the formidable cyberwarfare capabilities of the United States and Israel on full display in the Natanz attack. More recently, Russian hackers stand accused of attacking the DNC and Hillary Clinton's campaign manager, stealing emails and disrupting the American election.
Surely, the American military cyberwarfare community has also upped its game over the past decade. Iranian cyberattacks against critical American targets would likely be met with crippling, escalating counterattacks.
Countries generally fight cyberwars under a cloak of secrecy, stealthily masking their identities and covering their tracks. While the battlegrounds of cyberwarfare are often the darkened hallways of data centers and networking hubs, these attacks do have the ability to spill over into the physical world, as we saw at Natanz, Iran and Rye, New York.
It's not difficult to imagine cyberattacks with dire real-world consequences if hackers infiltrate the power grid, compromise an oil refinery, or take over the air traffic control system.
In 2012, then-Defense Secretary Leon Panetta painted a grim picture of a future attack "that would cause physical destruction and loss of life, paralyze and shock the nation, and create a profound new sense of vulnerability."
Hackers will grow bolder It's unlikely that Iran would attempt to conduct Panetta's "cyber Pearl Harbor" due to fear of a massive conventional retaliatory strike, but it's easy to imagine coordinated attacks against U.S. targets. We've seen several in the news recently when attackers used ransomware to cripple Atlanta's city government , steal personal information from Equifax , and take over a school's surveillance system .
The next wave of Iranian cyberattacks would likely appear similar to these incidents that have become a routine part of every news cycle.
Over the coming months, we'll likely see Iranian hackers grow bolder in their targeting of U.S. government, infrastructure, and industrial targets if a new deal is not reached. It would be surprising if both sides don't already have their battle plans drawn up for extended cyberwarfare attacks. Those plans are likely the subject of conversations this week among generals in both Washington and Tehran.
When America reneged on the commitments that we made on the world stage in 2015, we not only increased the global nuclear threat, we also may have opened ourselves to a new era of cyberattacks.
Commentary by Mike Chapple, associate teaching professor of information technology, analytics, and operations at the University of Notre Dame's Mendoza College of Business. Follow him on Twitter @mchapple .
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/ditching-iran-nuclear-deal-will-leave-us-open-to-dangerous-cyberattacks.html |
NEW YORK--(BUSINESS WIRE)-- Ophthotech Corporation (Nasdaq:OPHT) today announced that it will report its first quarter 2018 financial and operating results on Wednesday, May 9, 2018. Following the announcement, Ophthotech’s management team will host a live conference call and webcast at 8:00 a.m. Eastern Time to discuss the Company’s financial results and provide a general business update.
To participate in this conference call, dial 800-239-9838 (USA) or 323-794-2551 (International), passcode 2075643. A live, listen-only audio webcast of the conference call can be accessed on the Investor Relations section of the Ophthotech website at: www.ophthotech.com . A replay will be available approximately two hours following the live call for two weeks. The replay number is 888-203-1112 (USA Toll Free), passcode 2075643.
About Ophthotech Corporation
Ophthotech is a science-driven biopharmaceutical company specializing in the development of novel therapies to treat ophthalmic diseases, with a focus on age-related and orphan retinal diseases. For more information, please visit www.ophthotech.com .
Forward-looking Statements
Any statements in this press release about Ophthotech's future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Any forward-looking statements represent Ophthotech's views only as of the date of this press release. Ophthotech anticipates that subsequent events and developments will cause its views to change. While Ophthotech may elect to update these forward-looking statements at some point in the future, Ophthotech specifically disclaims any obligation to do so.
OPHT-G
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005056/en/
Investors
Ophthotech Corporation
Kathy Galante, 212-845-8231
Vice President, Investor Relations and Corporate Communications
[email protected]
or
Media
SmithSolve LLC on behalf of Ophthotech Corporation
Alex Van Rees, 973-442-1555 ext. 111
[email protected]
Source: Ophthotech Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-ophthotech-corporation-to-report-first-quarter-2018-financial-results-and-host-conference-call-on-wednesday-may-9-2018.html |
Pompeo set to immediately pursue Iran talks 5:13am EDT - 01:55
Secretary of State Mike Pompeo will embark on talks with allies in Europe, the Middle East and Asia to try to persuade them to press Iran to curb its nuclear and missile programs.
Secretary of State Mike Pompeo will embark on talks with allies in Europe, the Middle East and Asia to try to persuade them to press Iran to curb its nuclear and missile programs. //reut.rs/2KOum52 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/pompeo-set-to-immediately-pursue-iran-ta?videoId=425509377 |
SEATTLE, May 10, 2018 /PRNewswire/ -- Seattle-based data marketing agency, Catalysis, announced today that it has named Matt Peterson as its new Creative Director, Brand. The news comes as the independent Seattle shop of 65 staff members heads into their 27 th year operating in the digital and data marketing space.
"We have always worked to capture a deep understanding of our client's audience through data, and until now, have purposely focused on post-advertising motions," said Catalysis founder Doug Hunt. "For years, our clients have asked us to bring data closer to their brands. Instead of bolting data onto another agency's work, we saw an opportunity with Matt's creative talent to finally fill a huge void in the market."
Peterson, a Seattle native, comes to Catalysis after holding executive creative director roles, most recently at The Wexley School for Girls, as well as Creature (Seattle/London), which he co-founded. He also previously worked at Wieden+Kennedy Portland, Strawberry Frog Amsterdam, and Hammerquist & Saffel Seattle.
"For years, living at and leading creative shops, I've always coveted the treasure trove of ideas to be found in customer data. These guys have been in data long enough to see the good from the bad," said Peterson. "I'm incredibly excited to have their insight machine behind our future work, and the experience and rigor to honestly measure its impact."
Peterson added, "The best advertising doesn't feel like advertising. And good data actually helps you pull that off more often. My challenge is to prove that the divergent agency cultures of art vs. science, creative vs. data, can and should live together, and in fact, can liberate creative. That's what I hope will attract progressive talent to help us build a modern advertising offering where creativity remains the differentiator."
Hunt, along with partners Grant Good and Nancy Hadley, have consistently evolved the agency to adapt to the fast-paced tech-driven business community of the Northwest. "The rapid and constant evolution of marketing and advertising technologies has driven us to maintain a tactic-agnostic approach. But many of our recent analytics projects continue to show the need for more holistic Brand, Advertising, and Data Marketing functions under one roof. This extension into Advertising represents yet another adaptation for us," said Hunt.
Peterson will join existing Catalysis Creative Director Rick Gore to complement his UX and interactive design leadership. Gore will add "Experience" to his CD title and focus on the digital products offering.
"So many clients are looking to better integrate their brand and advertising actions with their data and digital experiences," added Mr. Hunt. "We now have the creative leaders in place to make that possible."
ABOUT CATALYSIS
Based in Seattle and founded in 1992, Catalysis is home to a unique collection of executive level marketing strategists, data architects, designers, writers, developers, and analysts. We analyze audience data, design campaigns, manage channels, create apps, integrate customer behaviors, and tie your marketing efforts together in a smart, measurable way. Catalysis.com/brand
View original content with multimedia: http://www.prnewswire.com/news-releases/creative-mastermind-joins-data-driven-agency-to-prove-that-creativity-works-300645911.html
SOURCE Catalysis | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-creative-mastermind-joins-data-driven-agency-to-prove-that-creativity-works.html |
May 21, 2018 / 10:41 AM / Updated 24 minutes ago AstraZeneca potassium drug finally approved, threatening Vifor Reuters Staff 2 Min Read
LONDON (Reuters) - The decision by U.S. regulators to finally approve AstraZeneca’s ( AZN.L ) much-delayed excess potassium drug Lokelma gives the group another new medicine launch, boosting its portfolio as it strives to offset declining sales of older products. FILE PHOTO: A man walks past a sign at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble//File Photo
The U.S. Food and Drug Administration (FDA) had turned down the drug, formerly known as ZS-9, two times previously, casting doubt over AstraZeneca’s decision to buy its original developer ZS Pharma for $2.7 billion (2 billion pounds) in 2015.
Analysts, reacting to the approval announced late on Friday, said on Monday that the label for Lokelma was modestly better than for Vifor Pharma’s VIFN.S rival therapy Veltassa, which also treats excess potassium levels or hyperkalemia.
In particular, AstraZeneca’s drug has a faster onset of action, a better drug-drug interaction profile and can be stored indefinitely at room temperature, Deutsche analysts said. However, both drugs are still deemed unsuitable for acute life-threatening hyperkalemia episodes.
“Whilst we must concede the label is not a best-case, we nonetheless see it as an improvement on the only incumbent option, Vifor’s Veltassa,” Barclays analysts said in a note. “Our thesis remains that Lokelma will be the dominant player in the eventual $3 billion hyperkalemia market.”
AstraZeneca is banking on a range of new drugs to return the company to sales growth in 2018. Last week it reported first-quarter results that showed the impact of generic competition to older medicines, but promising sales of newer ones.
AstraZeneca shares, which fell on Friday’s financial results, were up 2 percent on Monday. Reporting by Ben Hirschler; editing by Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-astrazeneca-launch/astrazeneca-potassium-drug-finally-approved-threatening-vifor-idUKKCN1IM0YP |
May 9, 2018 / 5:03 AM / Updated 35 minutes ago Irish women open up about abortion ahead of referendum Emily G Roe 4 Min Read
DUBLIN (Reuters) - When posters with the words ‘Licence To Kill’ were put up in her neighbourhood in advance of Ireland’s referendum on abortion, Amy Callahan decided to share the story of travelling to Britain to terminate her pregnancy.
Callahan, 35, and her partner Connor Upton were told 12 weeks into her pregnancy that the foetus had anencephaly, a rare condition that prevents the normal development of the brain. It meant the baby, who would have been their second child, would most likely die in utero or live for a matter of minutes.
In Ireland, where abortions are permitted only when the mother’s life is in danger, the couple could either wait until their baby’s heart stopped beating or go to Britain for an abortion, as more than 3,000 Irish women do each year.
“I know that birth is not easy on a baby and the head is such an important part. I started to think about what would be the kindest thing that we could do and I didn’t think it was a pregnancy we were going to continue,” Callahan said in an interview in her home in North Dublin.
Callahan and her husband told few people about that trip nearly a year ago.
But with a vote on whether to liberalise Ireland’s abortion regime due on May 25, she and scores of other women are sharing their stories on both sides of the issue on social media, at campaign launches and through media interviews. Related Coverage Anti-abortion activists cry foul as Google pulls all referendum ads
Some women who are against the change have talked about how much they valued the short time they had with babies who had little or no chance of survival.
Vicky Wall, a 41-year-old anti-abortion activist campaigning in the southern rural market town of Nenagh, told Reuters her doctor brought up the option of abortion when her unborn baby was diagnosed with Edwards’ syndrome, a genetic disorder.
“What the doctor actually said was ‘you can pop to England’, which was horrific,” she said. She carried the baby to full term, instead.
“My baby was born at 32 weeks, then she died. I got to take her home, spend time with her,” she said. Pro-Life and Pro-Choice posters are seen outside the home of Amy Callahan who received a fatal foetal diagnosis at 12 weeks into her pregnancy and travelled to Liverpool for a termination in Dublin, Ireland, May 7, 2018. REUTERS/Clodagh Kilcoyne
The referendum - which would repeal a 1983 amendment to the constitution - is the first opportunity in 35 years to overhaul one of the world’s strictest abortion regimes in the once deeply Catholic country. A complete ban was lifted only five years ago.
Polls show those in favour of change with a strong lead but one in five are still undecided.
Callahan recalled her grief and exhaustion in the two weeks ahead of their appointment at the clinic in Liverpool.
She wondered how she would have explained things to her son, then one-and-a-half, had she carried the baby to full term, and how she would have responded to friends and colleagues when they asked about the progress of her pregnancy and when she was due.
“It felt like we were abandoned by this country,” Callahan said. “We weren’t looked after here, we weren’t received with compassion at such a difficult time.
The referendum will mark almost a year to the day that Callahan and Upton returned to Dublin on May 23 with the ashes of their daughter, Nico, in their hand luggage. Slideshow (4 Images)
“The worst thing has already happened to us,” said Callahan. “Whether this referendum passes or not, it’s not the worst thing for us, it’s about the worst thing for the next person and it needs to be changed.” Additional reporting by Conor Humphries in Nenagh; Writing by Padraic Halpin; Editing by Sonya Hepinstall | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ireland-abortion/irish-women-open-up-about-abortion-ahead-of-referendum-idUKKBN1IA0GF |
May 8 (Reuters) - Bellatrix Exploration Ltd:
* . ANNOUNCES FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* Q1 REVENUE C$66.2 MILLION * PRODUCTION VOLUMES IN Q1 OF 2018 AVERAGED 36,740 BOE/D (74% NATURAL GAS WEIGHTED), REPRESENTING 6% GROWTH
* SEES FULL YEAR PER UNIT PRODUCTION EXPENDITURES RANGE OF $7.65 TO $8.00/BOE
* UPDATED BUDGET CONTEMPLATES A RANGE OF CAPITAL EXPENDITURES IN 2018 OF BETWEEN $55 TO $60 MILLION
* SEES 2018 AVERAGE DAILY PRODUCTION 34,000 - 35,500 BOE/D Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bellatrix-exploration-posts-q1-rev/brief-bellatrix-exploration-posts-q1-revenue-c66-2-million-idUSASC0A0RY |
GAAP EPS of $0.44, up 10%
Adjusted EPS of $0.54, up 20%
Revenue and Fee Revenue up 15% and 18%, respectively
LOS ANGELES--(BUSINESS WIRE)-- CBRE Group, Inc. (NYSE:CBRE) today reported strong financial results ended March 31, 2018.
“CBRE had an excellent start to 2018 with double-digit growth in revenue and a 20% increase in adjusted earnings per share,” said Bob Sulentic, CBRE’s president and chief executive officer. “Our performance for the quarter – paced by growth in global occupier outsourcing, capital markets and our Asia Pacific business – results from the execution of our strategy, which is centered on delivering differentiated client outcomes around the world, as well as the attractiveness of our sector.”
“While we caution against extrapolating first quarter results, we are tracking slightly ahead of our full-year 2018 guidance. First quarter results were ahead of our expectations across revenue, margins, and earnings and we continue to see solid momentum in our business. The first quarter is seasonally our slowest of the year and we will provide further commentary next quarter,” he continued.
Mr. Sulentic concluded: “CBRE continues to benefit from the strong secular trends that support our industry. These trends include growing occupier appetite for outsourced real estate services, increasing institutional capital allocation to the commercial real estate asset class, and the continued consolidation in our sector around the leading globally capable service providers.”
“Our strategy is aimed squarely at making the most of these macro trends, and we are sustaining progress on many fronts – from digital technology investments to Client Care initiatives to enhancing our talent base and better connecting our people around the world. The successful execution of our strategy will ensure that we continue to produce outcomes for our clients that others find difficult to replicate.”
First-Quarter 2018 Results 1
Revenue totaled $4.7 billion, an increase of 15% (11% local currency 2 ). Fee revenue 3 rose 18% (13% local currency) to $2.3 billion. Organic fee revenue 3 growth was 16% (11% local currency). On a GAAP basis, net income and earnings per diluted share increased 10% to $150.3 million and $0.44 per share, respectively. Adjusted net income 4 of 2018 rose 22% to $186.2 million, while adjusted earnings per share improved 20% to $0.54 per share. The adjustments to GAAP net income of 2018 included $29.0 million (pre-tax) of non-cash acquisition-related amortization and $28.0 million (pre-tax) write-off of financing costs related to the redemption in March 2018 of $800 million principal amount of the company’s 5% bonds due 2023. These costs were partially offset by $10.0 million (pre-tax) reversal of net carried interest incentive compensation and a net tax benefit of $11.5 million associated with the aforementioned pre-tax adjustments. The adjustments also include a $0.5 million net charge 5 attributable to an update to the provisional estimated tax impact of the 2017 Tax Cuts and Jobs Act initially recorded in the fourth quarter of 2017. EBITDA 6 increased 13% (11% local currency) to $357.8 million and adjusted EBITDA increased 11% (8% local currency) to $347.8 million. Adjusted EBITDA margin on fee revenue was 15.3% for 2018.
First-Quarter 2018 Segment and Business Line Review 1
The following tables present highlights of CBRE segment performance during the first quarter of 2018 (dollars in thousands):
Americas EMEA APAC % Change from Q1
2017
% Change from Q1
2017
% Change from Q1
2017
Q1 2018 USD LC Q1 2018 USD LC Q1 2018 USD LC Revenue $ 2,850,224 8 % 8 % $ 1,181,254 31 % 16 % $ 495,459 23 % 17 % Fee revenue 1,268,734 12 % 12 % 609,367 27 % 13 % 251,783 15 % 10 % EBITDA 225,843 5 % 4 % 36,946 11 % -2 % 33,880 46 % 41 % Adjusted EBITDA 225,843 0 % 0 % 36,946 4 % -8 % 33,880 46 % 40 % Global Investment Management Development Services (7)
% Change from Q1
2017
% Change from Q1
2017
Q1 2018 USD LC Q1 2018 USD LC Revenue $ 123,690 38 % 30 % $ 23,325 64 % 64 % EBITDA 39,721 -3 % -8 % 21,446 538 % 538 % Adjusted EBITDA 29,692 15 % 8 % 21,446 538 % 538 % CBRE produced strong revenue growth in its three global regions in the first quarter. APAC (Asia Pacific) saw revenue increase 23% (17% local currency) with outsized growth in India and Japan. EMEA (Europe, the Middle East & Africa) revenue also increased strongly, rising 31% (16% local currency), driven by France, Italy, the Netherlands and the United Kingdom. Americas revenue was up 8% (same local currency), supported by growth in Canada, Mexico and the United States.
Global occupier outsourcing once again achieved robust revenue growth, as the secular outsourcing trend continued to be a powerful growth catalyst. Revenue increased 16% (12% local currency) and fee revenue rose 26% (18% local currency). Growth was strong across geographies, notably in India, the United States and several continental European countries. Acquisitions contributed 2% (same local currency) to the revenue growth rate and 5% (same local currency) to the fee revenue growth rate in the current quarter.
CBRE’s capital markets businesses – property sales and commercial mortgage origination – achieved combined revenue growth of 17% (14% local currency).
Global property sales revenue rose 15% (11% local currency), as CBRE continued to gain market share. Americas sales revenue rose 14% (same local currency), with double-digit growth in Canada and the United States. APAC sales revenue increased 14% (8% local currency), driven largely by Japan, and EMEA sales revenue rose 16% (3% local currency), led by Germany. This growth followed a 16% (local currency) increase in EMEA sales revenue in the first quarter of 2017.
For the first quarter, CBRE’s U.S. investment sales market share rose more than 100 basis points to 14.9%, according to Real Capital Analytics (RCA).
Commercial mortgage origination revenue increased 27% (26% local currency), reflecting brisk growth with both government agencies and private sector lenders.
Strong mortgage origination activity supported the continued growth of the $184 billion loan servicing portfolio, which increased 23% from the first quarter of 2017. Recurring revenue from loan servicing increased 15% (14% local currency).
Leasing revenue rose 8% (5% local currency), with notable strength in international markets. EMEA and APAC achieved growth of 34% (19% local currency) and 18% (13% local currency), respectively. France, India and the United Kingdom were standouts during the quarter. Americas leasing revenue edged up 2% (1% local currency).
Property management services produced revenue and fee revenue growth of 11% (7% local currency) and 18% (13% local currency), respectively. Fee revenue rose by double digits in all three global regions and was supported in part by the continued strong growth in the investment fund administration business.
Valuation revenue rose 8% (3% local currency), paced by EMEA.
Adjusted EBITDA for CBRE’s real estate investment businesses rose significantly, increasing $21.9 million on a combined basis. Growth was driven by large asset sales in Development Services (which were reported in equity income from unconsolidated subsidiaries) and higher carried interest in Global Investment Management.
The in-process Development Services portfolio increased to a record $7.7 billion, up almost $900 million from year-end 2017, reflecting the significant conversion of pipeline deals. The pipeline increased $300 million during the first quarter. Global Investment Management assets under management (AUM) totaled $104.2 billion, up $1.0 billion from year-end 2017. Currency movement increased AUM by approximately $1.7 billion during the quarter.
Conference Call Details
The company’s first quarter earnings conference call will be held today (Wednesday, May 2, 2018) at 8:30 a.m. Eastern Time. A webcast, along with an associated slide presentation, will be accessible through the Investor Relations section of the company’s website at www.cbre.com/investorrelations .
The direct dial-in number for the conference call is 877-407-8037 for U.S. callers and 201-689-8037 for international callers. A replay of the call will be available starting at 1:00 p.m. Eastern Time on May 2, 2018, and ending at midnight Eastern Time on May 9, 2018. The dial-in number for the replay is 877-660-6853 for U.S. callers and 201-612-7415 for international callers. The access code for the replay is 13678077. A transcript of the call will be available on the company’s Investor Relations website at www.cbre.com/investorrelations .
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com .
The information contained in, or accessible through, the company’s website is not incorporated into this press release.
This press release contains within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our future growth momentum, operations, financial performance, market share, and business outlook. These involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results and performance in future periods to be materially different from any future results or performance suggested in in this press release. Any speak only as of the date of this press release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the company does update one or more , no inference should be drawn that it will make additional updates with respect to those or other . Factors that could cause results to differ materially include, but are not limited to: disruptions in general economic and business conditions, particularly in geographies where our business may be concentrated; volatility and disruption of the securities, capital and credit markets, interest rate increases, the cost and availability of capital for investment in real estate, clients’ willingness to make real estate or long-term contractual commitments and other factors affecting the value of real estate assets, inside and outside the United States; increases in unemployment and general slowdowns in commercial activity; trends in pricing and risk assumption for commercial real estate services; the effect of significant movements in average cap rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; client actions to restrain project spending and reduce outsourced staffing levels; declines in lending activity of U.S. Government Sponsored Enterprises, regulatory oversight of such activity and our mortgage servicing revenue from the commercial real estate mortgage market; our ability to diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; our ability to attract new user and investor clients; our ability to retain major clients and renew related contracts; our ability to leverage our global services platform to maximize and sustain long-term cash flow; our ability to maintain EBITDA and adjusted EBITDA margins that enable us to continue investing in our platform and client service offerings; our ability to control costs relative to revenue growth; economic volatility and market uncertainty globally related to uncertainty surrounding the implementation and effect of the United Kingdom’s referendum to leave the European Union, including uncertainty in relation to the legal and regulatory framework that would apply to the United Kingdom and its relationship with the remaining members of the European Union; foreign currency fluctuations; our ability to retain and incentivize key personnel; our ability to compete globally, or in specific geographic markets or business segments that are material to us; our ability to identify, acquire and integrate synergistic and accretive businesses; costs and potential future capital requirements relating to businesses we may acquire; integration challenges arising out of companies we may acquire; the ability of our Global Investment Management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-ratings downgrade; the ability of our wholly-owned subsidiary, CBRE Capital Markets, Inc., to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; variations in historically customary seasonal patterns that cause our business not to perform as expected; litigation and its financial and reputational risks to us; our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; liabilities under guarantees, or for construction defects, that we incur in our Development Services business; our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; cybersecurity threats, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; changes in domestic and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, currency controls and other trade control laws), particularly in Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions; our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, as well as the anti-corruption laws and trade sanctions of the U.S. and other countries; our ability to maintain our effective tax rate, including during 2018 as we continue to assess the provisional amount recorded based upon our best estimate of the tax impact of the Tax Cuts and Jobs Act (Tax Act) enacted into law on December 22, 2017 in accordance with our understanding of the Tax Act and the related guidance available; changes in applicable tax or accounting requirements, including the impact of any subsequent additional regulation or guidance associated with the Tax Act; and the effect of implementation of new accounting rules and standards (including new lease accounting guidance which will be effective in the first quarter of 2019).
Additional information concerning factors that may influence the company’s financial information is discussed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in our K for the year ended December 31, 2017, as well as in the company’s press releases and other periodic filings with the Securities and Exchange Commission (SEC). Such filings are available publicly and may be obtained on the company’s website at www.cbre.com or upon written request from CBRE’s Investor Relations Department at [email protected] .
The terms “fee revenue,” “organic fee revenue,” “adjusted net income,” “adjusted earnings per share” (or adjusted EPS), “EBITDA” and “adjusted EBITDA,” all of which CBRE uses in this press release, are non-GAAP financial measures under SEC guidelines, and you should refer to the footnotes below as well as the “Non-GAAP Financial Measures” section in this press release for a further explanation of these measures. We have also included in that section reconciliations of these measures in specific periods to their most directly comparable financial measure calculated and presented in accordance with GAAP for those periods.
1 In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation.
2 Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.
3 Fee revenue is gross revenue less both client reimbursed costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients. Organic fee revenue further excludes contributions from all acquisitions completed after first-quarter 2017.
4 Adjusted net income and adjusted earnings per share (or adjusted EPS) exclude the effect of select charges from GAAP net income and GAAP earnings per diluted share as well as adjust the provision for income taxes for such charges. Adjustments during the periods presented included non-cash amortization expense related to certain intangible assets attributable to acquisitions, integration and other costs related to acquisitions, write-off of financing costs on extinguished debt and certain carried interest incentive compensation reversals to align with the timing of associated revenue. Adjustments also included an update to the provisional estimated tax impact of U.S. tax reform initially recorded in the fourth quarter of 2017.
5 In December 2017, the Securities and Exchange Commission (SEC) staff issued Staff Accounting Bulletin No. 118 (SAB 118), Income Tax Accounting Implications of the Tax Cuts and Jobs Act (Tax Act), which allows us to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The net charge in the first quarter of 2018 related to an update of the net provision associated with the Tax Act based upon our reasonable estimates and interpretation of the Tax Act. We consider certain aspects of this charge to be provisional and the impact may change due to additional guidance that may be issued by the U.S. Government as well as ongoing analysis of our data and assumptions we have made. Our accounting for the effects of the Tax Act is expected to be completed within the measurement period provided by SAB 118.
6 EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization. Amounts shown for adjusted EBITDA further remove (from EBITDA) the impact of certain carried interest incentive compensation reversals to align with the timing of associated revenue and cash and non-cash charges related to acquisitions.
7 Revenue in the Development Services segment does not include equity income from unconsolidated subsidiaries and gain on disposition of real estate, net of non-controlling interest. EBITDA includes equity income from unconsolidated subsidiaries and gain on disposition of real estate, net of non-controlling interests, and the associated compensation expense.
CBRE GROUP, INC.
OPERATING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(Dollars in thousands, except share data)
(Unaudited)
Three Months Ended March 31, 2018 2017 (As Adjusted) (1) Revenue: Fee revenue $ 2,276,899 $ 1,933,854 Pass through costs also recognized as revenue 2,397,053 2,117,112 Total revenue 4,673,952 4,050,966 Costs and expenses: Cost of services 3,619,961 3,146,477 Operating, administrative and other 732,235 606,626 108,165 94,037 Total costs and expenses 4,460,361 3,847,140 Gain on disposition of real estate (2) 18 1,385 Operating income 213,609 205,211 Equity income from unconsolidated subsidiaries (2) 40,179 15,018 Other (loss) income (4,280 ) 4,115 Interest income 3,621 2,411 Interest expense 28,858 34,010 Write-off of financing costs on extinguished debt 27,982 — Income before provision for income taxes 196,289 192,745 Provision for income taxes 46,164 53,819 Net income 150,125 138,926 Less: Net (loss) income attributable to non-controlling interests (2) (163 ) 1,906 Net income attributable to CBRE Group, Inc. $ 150,288 $ 137,020 Basic income per share: Net income per share attributable to CBRE Group, Inc. $ 0.44 $ 0.41 Weighted average shares outstanding for basic income per share 338,890,098 336,907,836 Diluted income per share: Net income per share attributable to CBRE Group, Inc. $ 0.44 $ 0.40 Weighted average shares outstanding for diluted income per share 342,589,810 339,690,579 EBITDA $ 357,836 $ 316,475 Adjusted EBITDA $ 347,807 $ 313,177 (1) In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. (2) Equity income from unconsolidated subsidiaries and gain on disposition of real estate, less net income attributable to non-controlling interests, includes income of $35.2 million and $10.3 million for 2018 and 2017, respectively, attributable to Development Services but does not include significant related compensation expense (which is included in operating, administrative and other expenses). In the Development Services segment, related equity income from unconsolidated subsidiaries and gain on disposition of real estate, net of non-controlling interests, and the associated compensation expense, are all included in EBITDA. CBRE GROUP, INC.
SEGMENT RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2018
(Dollars in thousands)
(Unaudited)
Three Months Ended March 31, 2018 Global Investment Development Americas EMEA Asia Pacific Management Services Consolidated Revenue: Fee revenue $ 1,268,734 $ 609,367 $ 251,783 $ 123,690 $ 23,325 $ 2,276,899 Pass through costs also recognized as revenue
1,581,490 571,887 243,676 — — 2,397,053 Total revenue 2,850,224 1,181,254 495,459 123,690 23,325 4,673,952 Costs and expenses: Cost of services 2,274,851 960,647 384,463 — — 3,619,961 Operating, administrative and other
355,271 184,247 77,310 78,315 37,092 732,235 77,981 18,846 4,681 6,227 430 108,165 Total costs and expenses 2,708,103 1,163,740 466,454 84,542 37,522 4,460,361 Gain on disposition of real estate — — — — 18 18 Operating income (loss) 142,121 17,514 29,005 39,148 (14,179 ) 213,609 Equity income from unconsolidated subsidiaries
3,999 238 194 875 34,873 40,179 Other income (loss) 1,742 89 — (6,111 ) — (4,280 ) Less: Net (loss) income attributable to non-controlling interests
— (259 ) — 418 (322 ) (163 ) Add-back:
77,981 18,846 4,681 6,227 430 108,165 EBITDA 225,843 36,946 33,880 39,721 21,446 357,836 Adjustments: Carried interest incentive compensation reversal to align with the timing of associated revenue
— — — (10,029 ) — (10,029 ) Adjusted EBITDA $ 225,843 $ 36,946 $ 33,880 $ 29,692 $ 21,446 $ 347,807 CBRE GROUP, INC.
SEGMENT RESULTS—(CONTINUED)
FOR THE THREE MONTHS ENDED MARCH 31, 2017
(Dollars in thousands)
(Unaudited)
Three Months Ended March 31, 2017 (As Adjusted) (1) Global Investment Development Americas EMEA Asia Pacific Management Services Consolidated Revenue: Fee revenue (1) $ 1,133,211 $ 478,432 $ 218,428 $ 89,566 $ 14,217 $ 1,933,854 Pass through costs also recognized as revenue
1,505,995 426,199 184,918 — — 2,117,112 Total revenue 2,639,206 904,631 403,346 89,566 14,217 4,050,966 Costs and expenses: Cost of services 2,106,359 728,524 311,594 — — 3,146,477 Operating, administrative and other
322,368 142,942 68,677 51,522 21,117 606,626 68,569 15,570 4,314 5,039 545 94,037 Total costs and expenses 2,497,296 887,036 384,585 56,561 21,662 3,847,140 Gain on disposition of real estate — — — — 1,385 1,385 Operating income (loss) 141,910 17,595 18,761 33,005 (6,060 ) 205,211 Equity income from unconsolidated subsidiaries
4,640 501 69 873 8,935 15,018 Other income (loss) 427 (1 ) — 3,689 — 4,115 Less: Net (loss) income attributable to non-controlling interests
(1 ) 343 - 1,506 58 1,906 Add-back:
68,569 15,570 4,314 5,039 545 94,037 EBITDA 215,547 33,322 23,144 41,100 3,362 316,475 Adjustments: Carried interest incentive compensation reversal to align with the timing of associated revenue
— — — (15,241 ) — (15,241 ) Integration and other costs related to acquisitions
9,678 2,133 132 — — 11,943 Adjusted EBITDA $ 225,225 $ 35,455 $ 23,276 $ 25,859 $ 3,362 $ 313,177 (1) In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. Non-GAAP Financial Measures
The following measures are considered “non-GAAP financial measures” under SEC guidelines:
(i) Fee revenue (ii) Organic fee revenue (iii) Net income attributable to CBRE Group, Inc., as adjusted (which we also refer to as “adjusted net income”) (iv) Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted (which we also refer to as “adjusted earnings per share” or “adjusted EPS”) (v) EBITDA and adjusted EBITDA These measures are not recognized measurements under United States generally accepted accounting principles, or “GAAP.” When analyzing our operating performance, investors should use them in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.
Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. The company believes that these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The company further uses certain of these measures, and believes that they are useful to investors, for purposes described below.
With respect to fee revenue and organic fee revenue: the company believes that investors may find these measures useful to analyze the financial performance of our Occupier Outsourcing and Property Management business lines and our business generally. Fee revenue excludes costs reimbursable by clients, and as such provides greater visibility into the underlying performance of our business. Organic fee revenue further excludes contributions from all acquisitions completed after first-quarter 2017.
With respect to adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA: the company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions—and in the case of EBITDA and adjusted EBITDA—the effects of financings and income tax and the accounting effects of capital spending. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of EBITDA and adjusted EBITDA, these measures are not intended to be measures of free cash flow for our management’s discretionary use because they do not consider cash requirements such as tax and debt service payments. The EBITDA and adjusted EBITDA measures calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. The company also uses adjusted EBITDA and adjusted EPS as significant components when measuring our operating performance under our employee incentive compensation programs.
Net income attributable to CBRE Group, Inc., as adjusted (or adjusted net income), and diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted (or adjusted EPS), are calculated as follows (dollars in thousands, except share data):
Three Months Ended March 31, 2018 2017 (As Adjusted) (1) Net income attributable to CBRE Group, Inc. $ 150,288 $ 137,020 Plus / minus: Non-cash amortization expense related to certain intangible assets attributable to acquisitions
28,972 26,991 Write-off of financing costs on extinguished debt 27,982 — Carried interest incentive compensation reversal to align with the timing of associated revenue
(10,029 ) (15,241 ) Integration and other costs related to acquisitions — 11,943 Tax impact of adjusted items (11,537 ) (8,448 ) Impact of U.S. tax reform 548 — Net income attributable to CBRE Group, Inc. shareholders, as adjusted
$ 186,224 $ 152,265 Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted
$ 0.54 $ 0.45 Weighted average shares outstanding for diluted income per share
342,589,810 339,690,579 EBITDA and adjusted EBITDA, are calculated as follows (dollars in thousands):
Three Months Ended March 31, 2018 2017 (As Adjusted) (1) Net income attributable to CBRE Group, Inc. $ 150,288 $ 137,020 Add: 108,165 94,037 Interest expense 28,858 34,010 Write-off of financing costs on extinguished debt 27,982 — Provision for income taxes 46,164 53,819 Less: Interest income 3,621 2,411 EBITDA 357,836 316,475 Adjustments: Carried interest incentive compensation reversal to align with the timing of associated revenue
(10,029 ) (15,241 ) Integration and other costs related to acquisitions — 11,943 Adjusted EBITDA $ 347,807 $ 313,177 (1) In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. Revenue includes client reimbursed pass through costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients, both of which are excluded from fee revenue. Organic fee revenue further excludes contributions from all acquisitions completed after first-quarter 2017. Reconciliations are shown below (dollars in thousands):
Three Months Ended March 31, 2018 2017 (As Adjusted) (1) Organic Fee Revenue
Consolidated fee revenue $ 2,276,899 $ 1,933,854 Less: Acquisitions (43,078 ) Organic fee revenue $ 2,233,821 Occupier Outsourcing
Fee revenue (2) $ 712,522 $ 567,340 Plus: Pass through costs also recognized as revenue 2,241,557 1,970,133 Revenue (2) $ 2,954,079 $ 2,537,473 Property Management
Fee revenue (2) $ 148,129 $ 125,747 Plus: Pass through costs also recognized as revenue 155,496 146,979 Revenue (2) $ 303,625 $ 272,726 (1) In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. (2) Excludes associated leasing and sales revenue. CBRE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
March 31, December 31, 2018 2017 (As Adjusted) (1) Assets: (2) $ 642,854 $ 751,774 Restricted cash 78,959 73,045 Receivables, net 3,121,520 3,112,289 Warehouse receivables (3) 1,161,668 928,038 Property and equipment, net 633,666 617,739 Goodwill and other intangibles, net 4,677,134 4,653,852 Investments in and advances to unconsolidated subsidiaries 228,950 238,001 Other assets, net 1,362,691 1,343,658 Total assets $ 11,907,442 $ 11,718,396 Liabilities: Current liabilities, excluding debt $ 3,258,583 $ 3,802,154 Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (3)
1,148,005 910,766 Revolving credit facility 463,000 — Senior term loans, net 743,530 193,475 4.875% senior notes, net 592,171 591,972 5.25% senior notes, net 422,487 422,423 5.00% senior notes, net — 791,733 Other debt 67 24 Other long-term liabilities 860,925 831,235 Total liabilities 7,488,768 7,543,782 Equity: CBRE Group, Inc. stockholders' equity 4,357,631 4,114,496 Non-controlling interests 61,043 60,118 Total equity 4,418,674 4,174,614 Total liabilities and equity $ 11,907,442 $ 11,718,396 (1) In the first quarter of 2018, we adopted new revenue recognition guidance. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. (2) Includes $88.7 million and $123.8 million of cash in consolidated funds and other entities not available for company use as of March 31, 2018 and December 31, 2017, respectively. (3) Represents loan receivables, the majority of which are offset by borrowings under related warehouse line of credit facilities.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005406/en/
CBRE Group, Inc.
Brad Burke
Investor Relations
215-921-7436
or
Steve Iaco
Media Relations
212-984-6535
Source: CBRE Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-cbre-group-inc-reports-strong-financial-results-for-first-quarter-2018.html |
May 3, 2018 / 7:36 AM / Updated 18 minutes ago UPDATE 1-Malaysia's Mahathir stirs 1MDB debate among rural voters ahead of election Reuters Staff
* Palm planters have been solid UMNO backers
* Many rural voters appear unmoved by 1MDB details
* Mahathir says scandal affects all Malaysians
* PM Najib says favour those who provide benefits (Adds comment from prime minister)
By Praveen Menon and Joseph Sipalan
BUKIT GOH, Malaysia, May 3 (Reuters) - Just days ahead of an election, opposition leader Mahathir Mohamad worked a crowd of palm planters in Malaysia’s rural heartland to stir up debate about a financial scandal, hoping to shift their loyalty away from Prime Minister Najib Razak.
At 92, former premier Mahathir is leading an opposition alliance united in the goal of unseating Najib, who it blames for rising living costs and billions of dollars allegedly lost due to graft at state fund 1Malaysia Development Berhad (1MDB).
Hundreds of thousands of palm planters, the majority ethnic Malays, have been a rock-solid vote bank for the United Malay National Organisation (UMNO)-led ruling party and have backed Najib despite the scandals and accusations of mismanagement.
But Malay loyalty to the coalition that has ruled Malaysia for six decades has been tested by a steady flow of stories over the past three years about 1MDB, and by reports that nearly $700 million from the fund ended in Najib’s personal bank account.
Speaking about 1MDB to a group of voters on Wednesday in a Felda settlement in Bukit Goh, Pahang, Najib’s home state, Mahathir said the prime minister believed “cash is king”.
“When elections come he offers cash and promises ... promises to give more if he wins,” Mahathir said at the settlement of state-owned palm oil agency Felda.
“I think, let’s make him lose,” he said to the cheers of a small but enthusiastic crowd.
Najib, who chaired 1MDB’s advisory board, has consistently denied any wrongdoing over the billions of dollars lost by the fund, but a Department of Justice investigation into 1MDB in the United States has kept the scandal on the frontburner.
To cement his authority and protect himself, Najib needs to lead UMNO to a convincing victory in the May 9 general election.
The opposition bloc is making gains and will likely win the popular vote, but Najib is still expected to retain power, according to a survey by pollster Merdeka Center.
Mahathir and other opposition leaders are making a push to explain the alleged graft and money laundering at 1MDB to rural Malay voters, who will undoubtedly decide the outcome of the polls.
The issue, however, has largely failed to resonate among rural Malaysians, many of whom appear indifferent to the complex money transactions and legalities involved in the case. Analysts believe rural Malaysians will vote over issues like rising costs and unemployment.
The prime minister also arrived in Pahang on Thursday, where he opened a new university campus. He asked voters to choose the government wisely.
“We must favour those who provide us with the benefits,” Najib said, according to state news agency Bernama.
“We can elect anyone but the most important consideration is whether the chosen ones can provide us with a better life or otherwise,” he said.
In the lead up to the polls, Najib has given cash handouts, debt waivers and also promised more benefits if his party is returned to power.
Mahathir told the group at the Felda settlement that the scandal affects all Malaysians.
“1MDB had a starting capital of 1 million ringgit, and then he went and borrowed 42 billion ringgit. Imagine that, you only have a starting capital of 1 million ringgit and you can borrow 42 billion ringgit,” Mahathir told the planters at the event.
He asked them to go out and vote to ensure the opposition wins by the tens of thousands. (Reporting by Praveen Menon and Joseph Sipalan Editing by William Maclean and Darren Schuettler) | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-election-1mdb/update-1-malaysias-mahathir-stirs-1mdb-debate-among-rural-voters-ahead-of-election-idUSL3N1SA2MQ |
Nation’s seventh-largest hotel owner-operator adds three key players in Champaign
NEW YORK--(BUSINESS WIRE)-- Pop the Champaign! MCR , the seventh largest hotel owner-operator in the United States, has acquired three Hilton-branded hotels in Champaign, Illinois. The all-star lineup — a Home2 Suites by Hilton , a Hilton Garden Inn and a Homewood Suites by Hilton — is steps from the 44,000-student University of Illinois campus and the newly renovated State Farm Center arena, home of the Fighting Illini Women’s and Men’s Basketball teams.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180529005601/en/
Home2 Suites by Hilton Champaign/Urbana (Photo: Business Wire)
A slam-dunk for sports fans, Champaign, Illinois is also a bustling business region thanks to the Carle Foundation Hospital and the corporate offices of Jimmy John’s, Wolfram Research and Yahoo!
“These three well-located Hilton-branded properties are positioned to benefit significantly from the University of Illinois’ continued growth and are expected to produce attractive returns for our investors,” says Tyler Morse, Chief Executive Officer and Managing Partner of MCR. “The acquisition continues our investment strategy of purchasing premium-branded select service and extended stay hotels with operations upside.”
Meet MCR’s New Key Players
The Home2 Suites by Hilton Champaign/Urbana , which opened in 2016, is located at 2013 South Neil Street and features:
104 pet-friendly suites with fully-equipped kitchens and flexible furniture Free Wi-Fi Free breakfast at the Inspired Table restaurant Self-service laundry facilities A fully-equipped fitness center with an indoor pool A 24-hour convenience store An outdoor area with seating, cooking grills and a fire pit Meeting space that can accommodate 50 people A 24-hour business center Free scheduled shuttle service to the University of Illinois Willard Airport
Reserve rooms by phone at (217) 355-6468 or online at home2suites3.hilton.com .
The Hilton Garden Inn Champaign/Urbana is located at 1500 South Neil Street and features:
99 spacious rooms with microwaves and refrigerators Free Wi-Fi The Garden Grille and Bar, which offers room service, and the Pavilion Lounge cocktail bar A fully-equipped fitness center with an indoor pool and a hot tub A 24-hour Pavilion Pantry convenience store 18,000 square feet of flexible event space that can accommodate 1,000 people Free shuttle service to the University of Illinois Willard Airport
Reserve rooms by phone at (217) 352-9970 or online at hiltongardeninn3.hilton.com .
Homewood Suites by Hilton Champaign/Urbana is located at 1417 South Neil Street and features:
98 suites with fully-equipped kitchens Free Wi-Fi Free breakfast every morning and complimentary evening social Monday through Thursday A fully-equipped fitness center with an indoor pool, basketball court and tennis court A 24-hour convenience store and complimentary grocery shopping service An outdoor area with seating, cooking grills and a fire pit On-site laundry facilities Meeting space that can accommodate 50 people A 24-hour business center Free shuttle service to the University of Illinois Willard Airport
Reserve rooms by phone at (217) 352-9960 or online at homewoodsuites3.hilton.com .
About MCR
MCR is the seventh largest hotel owner-operator in the country and has invested in and developed 103 hotel properties with more than 12,000 rooms in 27 states. MCR’s hotels are operated under 11 brands. The firm has offices in New York City and Dallas. MCR is a recipient of the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners for hospitality excellence. For more information, please visit www.mcrinvestors.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005601/en/
MCR
[email protected]
(212) 277-5602
Source: MCR | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-mcr-acquires-an-all-star-hotel-lineup-at-the-university-of-illinois.html |
May 24, 2018 / 3:03 PM / Updated 16 minutes ago MIDEAST STOCKS-Qatar market up on foreign ownership hopes, other markets flat Reuters Staff
* Dubai closes down, ending two-day rally
* Jabal Omar pulls Saudi down
* Abu Dhabi, Qatar close higher but volumes remain weak
By Katie Paul
DUBAI, May 24 (Reuters) - Qatari stocks led regional gains on Thursday after the government announced it was moving ahead with a draft law to allow full foreign ownership of companies.
Qatar’s index rose 0.6 percent, despite lingering questions about how the plan differed from a similar draft law proposed in 2016. Non-Qatari investors would still be limited to 49 percent stakes in listed companies.
Gains were led by Qatar Islamic Bank, which rose 2.1 percent.
The announcement came days after the United Arab Emirates cabinet decided to open certain sectors to 100 percent foreign investment, while also granting residency visas of up to 10 years to investors and some professionals.
Dubai’s stock index edged up 0.3 percent, with property developers like Emaar Malls and Damac Properties among the biggest winners.
Property stocks surged early this week after the foreign investment announcement, but then lost momentum because of a lack of details about the plan and uncertainty over whether it will make much difference to demand for local real estate.
Dubai amusement park operator DXB Entertainments also pulled the market higher as it continued a rebound from record lows in heavy trade, closing up 3.4 percent at 0.42 dirhams.
DXB has been on a downtrend for almost two years because of losses suffered by the company and worse-than-expected attendance numbers, but has gained 16.5 percent over the last four days. The median target price of seven analysts covering the stock is 0.73 dirham, according to Thomson Reuters data.
In Abu Dhabi, the index climbed 0.3 percent as energy investment firm TAQA jumped 4.9 percent; it is up 133 percent year-to-date on the back of strong oil prices.
The Saudi index closed roughly flat after profit-taking in some banks. National Commercial Bank lost 0.4 percent, while SABB lost 2.8 percent.
Appliance maker and distributor Shaker added 2.6 percent in early trade, but ultimately slid back to close down 2.6 percent. It had begun to surge on Wednesday after a subsidiary signed a memorandum of understanding with Signify , formerly known as Philips Lighting, to conduct efficiency studies and retrofitting across Saudi Arabia.
In Oman, the index edged up 0.2 percent as Al Izz Islamic Bank surged 3.9 percent.
Al Izz said Oman Arab Bank, a much bigger company which is a subsidiary of Oman International Development and Investment Co (OMINVEST), had proposed a strategic collaboration that might lead to an eventual merger. OMINVEST closed flat. SAUDI ARABIA
* The index was flat at 8,038 points. DUBAI
* The index rose 0.3 percent to 2,954 points. ABU DHABI
* The index rose 0.3 percent to 4,601 points. QATAR
* The index rose 0.6 percent to 9,049 points. KUWAIT
* The index was down 0.7 percent to 4,688 points. BAHRAIN
* The index was down 0.3 to 1,263 points. OMAN
* The index was up 0.2 percent to 4,564 points. EGYPT
* The index was down 0.2 percent to 16,634 points. $1 = 3.6728 UAE dirham $1 = 3.75 Saudi riyals Reporting by Katie Paul; Editing by Angus MacSwan | ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-qatar-market-up-on-foreign-ownership-hopes-other-markets-flat-idUSL5N1SV66R |
Consumer staples: the bull vs. bear debate 2 Hours Ago Michael Bapis of the Bapis Group at HighTower Advisors and Chad Morganlander of Washington Crossing Advisors discuss consumer staples with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/consumer-staples-the-bull-vs-bear-debate.html |
OAKDALE, Calif., May 14, 2018 (GLOBE NEWSWIRE) -- Oak Valley Bancorp (NASDAQ:OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division recently announced the promotions of Mike Petrucelli and Mike Garcia to Commercial Banking Market Manager. Petrucelli will oversee commercial lending activity and business development in the greater Tracy/Manteca area. Garcia will do the same for the greater Modesto/Turlock area.
Petrucelli has been with the bank since 2012 and has over 30 years of banking experience. In that time, he has served as VP Commercial Loan Officer and has been a pivotal part of the bank’s commercial loan growth initiatives. “The strength of the relationships Mike has built over the years is a testament to how hard he works for his clients,” commented Gary Stephens, SVP Senior Lending Officer. He is a longtime member and current President of the Tracy Lions Club. Petrucelli was also recognized as the "Most Active" SBA 504 Lending Partner by Success Capital Expansion and Development Corporation in 2017.
Garcia, VP Commercial Loan Officer, has been with the bank since 2014 and has over 15 years of banking experience. “From the beginning, Mike has been incredibly active in the community, finding ways to turn community contacts into mutually beneficial business opportunities,” Stephens added. "Garcia has served on various boards and has been an energetic member of many organizations including; Modesto Rotary, Modesto Chamber of Commerce, Del Rio County Club, the Boys & Girls Club of Stanislaus County, the Central Valley Family Business Center and past President of the Spring Creek Golf & Country Club."
“Since joining the Oak Valley team, Petrucelli and Garcia have made significant contributions toward the growth of the bank. They exemplify what we strive for at Oak Valley – relationship development which establishes a lasting bond between the client, the lender, and the bank,” stated Chris Courtney, President and CEO.
Oak Valley Bancorp operates Oak Valley Community Bank & Eastern Sierra Community Bank, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 16 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, two branches in Sonora, three branches in Modesto, a loan production office in Downtown Sacramento, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes and Bishop.
For more information, call 1-866-844-7500 or visit www.ovcb.com .
Contact: Chris Courtney/Rick McCarty Phone: (209) 848-2265
www.ovcb.com
Source:Oak Valley Community Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-oak-valley-community-bank-announces-commercial-banking-market-manager-promotions.html |
STOCKHOLM (Reuters) - Swedish sport’s governing body said on Tuesday its computers had been hacked into by the Russian group Fancy Bears, who accessed and published the records of doping tests performed on its athletes.
A wide range of sports have been hit by doping controversies in recent years, while hacking attacks have also become more frequent - sometimes providing greater transparency into the doping problems in cycling, track and field and other events.
Russia was banned from sending a national team to the Winter Olympics in Pyeongchang in February due to its systematic doping abuses. All Russian track and field athletes bar one and the weightlifting team were banned from the summer games in Rio in 2016.
“The information is mostly mail conversations, but material and lists from Swedish anti-doping work has also been published,” the Swedish Sports Confederation said in a statement.
It said the attack was by the Fancy Bears hacking group, which has been linked by Western governments and security experts to a Russian spy agency blamed for some of the cyber operations that marred the 2016 U.S. election.
Fancy Bears said on its website that the documents showed some Swedish athletes were breaking anti-doping rules. It did not immediately respond to an emailed request for more information.
The Confederation said the attack was aimed at discrediting its anti-doping activities.
Fancy Bears has been blamed for an attack on the IAAF, the governing body of global athletics, in early April.
The group was also blamed for an Olympics-related hack in 2016, when the World Anti-Doping Agency said it stole and published confidential medical information on athletes.
Western governments and security experts have linked Fancy Bear, also known as APT28, to a Russian intelligence agency and have blamed it for operations including an attack on the Democratic National Committee ahead of the 2016 U.S. elections.
Moscow has repeatedly denied its involvement in these intrusions.
Reporting by Simon Johnson and Olof Swahnberg; editing by Niklas Pollard and Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sweden-doping/swedish-sports-body-says-anti-doping-unit-hit-by-hacking-attack-idUSKCN1IG2GN |
May 2 (Reuters) - Seaspan Corp:
* SEASPAN REPORTS FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2018
* QUARTERLY REVENUE ROSE 11.7 PERCENT TO $224.8 MILLION * Q1 EARNINGS PER SHARE VIEW $0.17, REVENUE VIEW $224.8 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-seaspan-reports-qtrly-eps-037/brief-seaspan-reports-qtrly-eps-0-37-idUSASC09ZA9 |
5 Hours Ago | 04:54
For over 70 years, NASCAR has been a staple in American sports. It got its humble start hosting races on the sandy beaches of Daytona and has since grown into America's premier racing league. But the iconic U.S. sports league has had an undeniably rough few years.
It's been losing TV viewers . It's having trouble filling the stands, even after losing tens of thousands of seats from its stadiums . And perhaps most worrisome of all, it's losing sponsors, and those that remain are paying less than they used to.
So what went so wrong with NASCAR? Straying from the brand
It's partly to do with the fact that it's alienated its core stock-car racing fan.
In a bid to attract a new kind of audience, NASCAR moved into trendier markets in the 90's. NASCAR built superspeedways in Las Vegas and Southern California – and shut down some classic venues in America's southern states.
But the move to be nimble with the brand backfired. The new crowds didn't convert into the die-hard loyalists that the sport needed.
Former NASCAR executive Ramsey Poston says the league was trying to enter new markets without the Southern stigma - a move that he calls a mistake. "NASCAR seems to have run away from its southern roots. In doing that, it's damaged its brand identity. For example, a brand like Jack Daniels. It has an outlaw connotation to it. It's clearly from the south and never has Jack Daniels apologized for it."
NASCAR also tinkered with its race format multiple times over the years. And then there was that infamous car redesign in 2007. The " Car of Tomorrow " was a lot less noisy – and safer. But less high-speed pileups and more single-file racing just didn't play well with fans. It also streamlined the look of rival cars, again subduing fan fervor. Sponsor apathy
All that, together with the Great Recession – and the rise of cord cutting – has taken its toll on NASCAR. Spectators and more worryingly – sponsors – have jumped ship. Target ended 16 years of NASCAR sponsorship in 2017.
Sponsorships have always been the lifeblood of NASCAR and a prominent part of its image – as seen in its cars and driver racing jackets.
Jerry Freeze, the General Manager for Front Row Motors, says the "overwhelming majority" of its income comes from sponsors. Though the breakdown varies from team to team, Freeze says it can comprise as much of 75 percent of its revenue.
At one point, it attracted more money from more Fortune 500 companies than any other sports or entertainment property in America.
AP reports that at its peak, a top team might spend $30 million to run a race car – with sponsorship money funding most of that.
But now, some owners say they're now getting half of what they used to 15 years ago.
Freeze says it's become more challenging over the years to land sponsorships. "The beginning of my time in NASCAR, we would have one sponsor that would sponsor the car for the whole year. And now the car has a different look each week, depending on who the partners are. So you're left scrambling to get decals produced and putting them on the car before the next race."
And NASCAR teams aren't just losing sponsors, they're also slashing the going-rate to advertise. France family considers jumping ship
NASCAR is notoriously closed-mouth about its earnings, making it difficult to gauge the financial fallout of NASCAR's fading popularity.
The league has been privately-owned by the France family since its start. But now, they're apparently looking to ditch their majority stake .
Nobody knows exactly how much NASCAR is worth, but if the international racing league Formula One is any indicator, we're looking at something in the multi-billion dollar range. F1 sold for $8 billion in 2016. NASCAR still rakes in lots of TV dollars
NASCAR may be hemorrhaging fans and sponsors, but it's actually making more money doing it.
To be clear, TV ratings have taken a beating. The Wall Street Journal reported that NASCAR's television viewership is down 45 percent since its peak in 2005.
The sport has lost more than a third of its viewers, but JP Morgan analyst Alexia Quadrani says NASCAR still saw a "46 percent increase in its average annual TV revenue after renewing with FOX and striking a new agreement with NBC."
While it helps NASCAR's bottom line, it may also just be a reflection of the rising value of live sports. Live events are TV's bread and butter, so even though there's less eyeballs, the value of them is higher than ever, especially for an established brand like NASCAR
And NASCAR remains optimistic.
The company says nearly half of Fortune 100 companies invest in NASCAR, an 11 percent year-over-year increase.
It's also seen a big appetite for its digital video content. Forbes recently reported that NASCAR's digital platform saw a 58 percent rise in video views. NASCAR Fantasy Live players are up 135 percent.
So what many consider the crown jewel of TV sports may actually prove a pretty attractive sell after all. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/nascar-racing-fans-sponsors-viewers.html |
May 7 (Reuters) - Misonix Inc:
* QTRLY EARNINGS PER SHARE $0.23 * REMAIN CONFIDENT IN ABILITY TO END FISCAL 2018 WITH DOUBLE-DIGIT TOP-LINE GROWTH AND TO CONTINUE THAT GROWTH TREND INTO FISCAL 2019
* INCREASING TOTAL REVENUE GUIDANCE FOR YEAR ENDING JUNE 30, 2018 TO BETWEEN $35 MILLION AND $36 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-misonix-qtrly-earnings-per-share-0/brief-misonix-qtrly-earnings-per-share-0-23-idUSASC0A068 |
(Reuters) - Argentina last won a major title 25 years ago and while the prospect of ending that drought has looked so close in recent years it now seems a distant prospect.
Argentina last picked up silverware at the 1993 Copa America, when Gabriel Batistuta and Diego Simeone were playing.
They reached the finals of the World Cup in 2014 and the Copa America in 2015 and 2016 but lost all three, the first in extra-time to Germany, the other two to Chile on penalties.
Since then they have gone backwards, with the Argentine Football Association in turmoil and three national team managers in three years unable to get the best out of unquestionably one of the world’s most star-studded squads.
After settling on Jorge Sampaoli, the Argentine coach who won the Copa America with Chile in 2015, they have yet to find their groove despite having talisman Lionel Messi to call on.
One win in four competitive games tells its own story and narrow victories over World Cup hosts Russia and Italy, who have surprisingly missed out on this year’s finals, in friendlies appear less significant than hammerings by Nigeria and Spain.
“We need to learn from our mistakes,” Sampaoli said after the Spain defeat. “We need to face the music and move on.”
Quite how he plans to do that remains a mystery.
Sampaoli has been in charge for almost a year but he has yet to decide on his best team, or even his best squad.
Part of the problem is age.
Defenders Martin Demichelis and Pablo Zabaleta have not been replaced with players of the same quality and there are no new midfielders as influential as Javier Mascherano or the injured Fernando Gago.
Even up front, where Sampaoli has an embarrassment of riches, he has still to get it right.
Paulo Dybala, Gonzalo Higuain, Sergio Aguero and Angel Di Maria would find a place in any top European club side but at international level Argentina managed just 19 goals in 18 World Cup qualifiers.
What they do have, of course, is Messi, and any team with the Barcelona genius in their ranks will always be a candidate for silverware.
This could be the last World Cup for a player who is now into his 30s and who retired from international football in 2016 only to reverse his decision a few weeks later.
If Argentina’s prospects depended only on Messi, their fans could look forward to the World Cup with some confidence but Messi needs help. There is no guarantee he will get it.
Reporting by Andrew Downie; Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-arg-prospects/struggling-argentina-must-improve-to-hit-heights-again-idUSKCN1IN2G7 |
(Reuters Health) - Girls who go through puberty early may be more likely than peers who mature later to be involved in bullying at school - either as victims or perpetrators, a recent study suggests.
The researchers examined data on puberty timing and any experiences with bullying among 227,443 teen girls in 35 countries. Slightly more than 4 percent of the girls started menstruating early, defined in the study as before age 11.
Early menstruation was associated with 21 percent higher odds that girls would be occasional victims of bullying and a 35 percent greater chance of frequent victimization.
At the same time, teens who started menstruating sooner than most other girls were 19 percent more likely to occasionally bully other students at school and had 46 percent higher odds of becoming frequent bullies.
“This study emphasizes how intricate and complicated peer relationships can be during early adolescence, particularly for kids whose physical development puts them out of synch with their peers,” said Jane Mendle, a human development researcher at Cornell University in Ithaca, New York, who wasn’t involved in the study.
“Peers are so important during early adolescence, especially for girls,” Mendle said by email. “Maturing early can contribute to kids feeling different from others in their grade at school, and it can also make kids stand out.”
While few previous studies have examined the link between bullying and puberty timing, early maturation has long been linked to an increased risk of conflict with other kids, feeling different and isolated, and being the victim of peer sexual harassment, Mendle added.
Puberty usually starts between the ages of 8 and 13 years old in girls. Breast and pubic hair development usually come first, followed about two years later by the start of menstruation.
Children who go through early puberty may be shorter than average adults because their bones may stop growing at a younger age, and they are also at increased risk of obesity as adults. During adolescence, they may face an increased risk of social and emotional problems and earlier sexual experiences.
Some recent research points to earlier puberty onset in the general population, especially in girls in developed countries. Environmental factors like diet, obesity and chemicals that mimic human hormones have all been suspected of playing a role.
The current study examined survey data collected in four waves from 2001 to 2010 in primarily European countries, as well as Canada, Israel and the U.S. During the study period, early menstruation became a little more common and the proportion of girls involved in bullying declined slightly.
By the end of the study, roughly 31 percent of girls who started menstruation early were either victims or perpetrators of occasional bullying, compared with about 26 percent of girls who started menstruating at age 12 or later.
The trend was similar with frequent bullying. In the last survey wave, about 11 percent of girls who started menstruating early were regularly victims of bullying and more than 9 percent were often bullies, compared with about 8 percent and 7 percent, respectively, of girls who began menstruating later.
One limitation of the study is that researchers relied on girls to accurately recall and report on the timing of menstruation and their experiences with bullying, the authors note in Journal of Adolescent Health.
Researchers also relied on girls to report their own weight, which might give an accurate picture of the proportion of overweight and obese girls in the study. Obesity is independently linked to both early puberty and bullying.
Still, the results suggest that parents need to make sure girls know what to expect during puberty and that it’s normal for their experiences to differ from friends and classmates, said senior study author Qiguo Lian of the Shanghai Institute of Planned Parenthood Research and the Institute of Reproduction and Development at Fudan University in Shanghai, China.
“Parents should let their daughters know that puberty timing is varied among adolescents, it is very normal that some are earlier and some are later,” Lian said by email. “More importantly, parents and school teachers should recognize that adolescents need the skills and abilities to copy with the pressures caused by early puberty they enter puberty.”
SOURCE: bit.ly/2rPHApD Journal of Adolescent Health, online April 25, 2018.
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-puberty-bullying/early-puberty-in-girls-tied-to-bullying-in-school-idINKCN1II2NI |
May 2 (Reuters) - Bell Food Group AG:
* HOLDS A TOTAL OF 59.73% OF ALL LISTED BEARER SHARES OF HÜGLI AS PER 25 APRIL 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bell-food-group-says-now-holds-597/brief-bell-food-group-says-now-holds-59-73-pct-stake-in-huegli-idUSFWN1S900X |
May 15 (Reuters) - Vocera Communications Inc:
* VOCERA PRICES OFFERING OF $125.0 MILLION OF 1.50% CONVERTIBLE SENIOR NOTES DUE 2023 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-vocera-prices-offering-of-1250-mil/brief-vocera-prices-offering-of-125-0-million-of-1-50-convertible-senior-notes-due-2023-idUSASC0A269 |
To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Health Minister J.P. Nadda at an event in New Delhi. 11:30 am: Toyota Kirloskar Motor Deputy MD N. Raja at launch of sedan model Yaris in New Delhi. 2:00 pm: NITI Aayog CEO Amitabh Kant at an event in New Delhi. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. LIVECHAT - WEEKAHEAD Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main market inflection points at 3:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • Fraud-hit PNB rapped for not making timely regulatory disclosures Punjab National Bank has received a warning letter from the country's markets regulator for failing to make timely disclosures to the stock exchanges about a sprawling $2 billion fraud. • Google says India anti-trust ruling could cause "irreparable" harm - document Alphabet's Google has said an Indian antitrust ruling that found it was guilty of search bias could cause "irreparable" harm and reputational loss to the company, according to a legal document reviewed by Reuters. • Land acquisition woes thwart India's mega refinery plan with Saudi Aramco At the International Energy Forum in Delhi in April, the world's top oil producer Saudi Aramco inked a preliminary deal to partner with a consortium of Indian players to build a $44 billion refinery and petrochemical project on India's west coast. • India's state power plants resume coal imports amid domestic shortages State-run thermal power plants in India's coastal states have again begun buying overseas coal due to domestic coal shortages, government and utility officials said, in a setback for the country's long-term plans to eliminate imports. • Vedanta's Indian copper smelter to remain shut until at least June 6 Vedanta Resources'Thootukudi copper smelter, one of India's biggest, will remain shut until at least June 6, a lawyer petitioning against the plant reopening said on Thursday. GLOBAL TOP NEWS • Trump seeks to placate North Korea's Kim over uncertain summit U.S. President Donald Trump sought on Thursday to placate North Korea's leader Kim Jong Un after Pyongyang threatened to scrap an unprecedented summit, saying Kim's security would be guaranteed in any deal and his country would not suffer the fate of Muammar Gaddafi's Libya, unless that could not be reached. • China offers Trump package to slash U.S. trade deficit -officials China has offered U.S. President Donald Trump a package of proposed purchases of American goods and other measures aimed at reducing the U.S. trade deficit with China by some $200 billion a year, U.S. officials familiar with the proposal said. • CBS votes to end Redstone control but must take battle to court CBS Corp’s board on Thursday voted to end Shari Redstone’s control of the media company, but the move will not take effect unless a Delaware judge sides with CBS in its litigation to stop a potential merger with Viacom. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading down 0.3 percent at 10,670.00. • The Indian rupee will likely open lower against the U.S. currency as rising Treasury yields lifted the dollar index to four-month highs. • Indian government bonds are likely to fall ahead of a weekly debt sale today, even as higher U.S. Treasury yields will weigh on overall demand. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in 7.87 percent-7.93 percent band until auction outcome. GLOBAL MARKETS • Wall Street ended a choppy trading session lower on Thursday, as investors grappled with escalating trade tensions and rising oil prices. • Asian stocks edged up as investors kept a cautious watch on developments in U.S.-China trade negotiations, while the dollar was perched near a five-month peak against a basket of currencies thanks to the benchmark U.S. Treasury yield topping a seven-year high. • The dollar edged higher against the yen and set a fresh four-month high, buoyed by a rise in U.S. Treasury yields that suggests a more upbeat outlook for the world's largest economy. • U.S. 10-year Treasury yields rose to a near seven-year peak on Thursday, extending this week's bond market selloff, as traders and investors have not reached a consensus on whether it was time to buy or if the market was vulnerable to more selling. • Oil prices held firm on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran. • Gold prices were flat in early trade after hitting a fresh 2018 low overnight, as the dollar and U.S. bond yields held firm near their recent highs. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 67.66/67.69 May 17 -$122.64 mln -$57.61 mln 10-yr bond yield 8.05 pct Month-to-date -$521.96 mln -$1.64 bln Year-to-date $660.09 mln -$3.31 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 67.7600 Indian rupees) (Compiled by Erum Khaled in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-morningcall/morning-news-call-india-may-18-idUSL3N1SP1FT |
PARIS (Reuters) - France built their 1998 World Cup-winning squad around a rock-solid defense but 20 years on they could do just the opposite, with their dazzling array of creative, attacking talent ready to make all the difference at the 2018 edition.
Such is Les Bleus’ firepower up front that manager Didier Deschamps even has the luxury of not missing Real Madrid striker Karim Benzema, who has not been selected ever since being involved in a sex-tape blackmail scandal in 2015.
France can not only call on Paris St Germain prodigy Kylian Mbappe but also Atletico Madrid’s Antoine Griezmann and Olympique de Marseille’s Dimitri Payet, the duo who shone during Euro 2016 on home soil before the hosts lost in the final.
Payet flew under the radar for most of this season but recent impressive performances earned him a place in the 23-man squad.
In sharp contrast, the back four have been a recurrent problem for Deschamps.
Neither Samuel Umtiti nor Raphael Varane have been convincing this season as France, while twice using them as their center back pairing in their last three matches, have conceded six goals.
To add to the concerns, center back Laurent Koscielny has been ruled out of the tournament injured, limiting the coach’s options.
There are also question marks over another key player, Paul Pogba, following a see-saw season at Manchester United, where manager Jose Mourinho has been starting him only sporadically.
Yet France have weapons which should see them at the very least progress from Group C, where they face Australia, Denmark and Peru with a potential quarter-final against Spain or European champions Portugal on the horizon.
For while Pogba has struggled, holding midfielder Blaise Matuidi has in one season become a cornerstone for Juventus while Corentin Tolisso has also dramatically improved at Bayern Munich.
Indeed, Tolisso could end up paired with the Juve engine instead of Pogba, or even Ngolo Kante.
Up front, Griezmann is a very likely starter after another prolific campaign, his pace and delicate turns able to unsettle any defense, while Olivier Giroud as number nine also gives France an aerial threat.
The unsinkable Chelsea striker has scored with more headers than anyone in Europe’s top five leagues over the past three seasons.
The last attacking spot should be filled by the exciting PSG teenager Mbappe, who has steadily improved as he has sought to live up to his billing as the world’s second most expensive player since moving from Monaco.
Reporting by Julien Pretot; Editing by Ian Chadband
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-fra-prospects/defense-is-a-big-question-mark-but-france-have-the-firepower-idUSKCN1IN2HT |
(Adds governor, analyst comment)
BUCHAREST, May 7 (Reuters) - Romania’s central bank raised its benchmark interest rate by 25 basis points to 2.50 percent on Monday to tackle sharply rising prices, as its governor said borrowing costs would stay below inflation.
Higher energy prices and consumption-friendly wage hikes drove annual inflation in the import-reliant European Union state to a five-year high of 5 percent in March, significantly above the central bank’s 1.5-3.5 percent target.
Monday’s policy decision was unanimous, and the bank has now raised rates three times this year, by 75 basis points in all.
Central bank governor Mugur Isarescu said borrowing costs would however be kept in check.
“Because real interest rates in Europe are still negative, for us too the interest rate is below the inflation rate,” he told reporters.
“Those who judge that rates will rise to reach inflation are wrong, we will also maintain a gap. In Europe the gap is of about two percentage points, I don’t know whether it will be the same in Romania, but the gap will be maintained.”
The head of the ruling Social Democrat Party and lower house speaker, Liviu Dragnea, criticised policymakers in a letter released on Friday for hiking rates and for suggesting fiscal policies were driving the inflation surge.
The government has cut taxes and raised public sector wages and pensions, encouraging consumption in one of the EU’s fastest-growing economies. But rising budget and current account gaps have weighed on assets, including the leu currency.
“The government and parliament are expressing the popular vote,” Isarescu said. “Because of labour force migration, wages are bound to rise. On the other hand, the central bank expresses what the economy can handle. Do you think it’s easy to reconcile the two? It’s a process.”
He said inflation was expected to slow to the “vicinity” of the top of the target range by year-end.
New inflation forecasts, to be released on Wednesday, were roughly in line with current estimates, he added.
Asked whether the bank preferred rate tightening or market liquidity draining operations to fight inflation, Isarescu said the bank was “battling with all its instruments.”
The bank also raised its deposit and lending facility rates by the same amount to 1.50 percent and 3.50 percent, respectively.
Before the hike, the bank drained 3 billion lei ($768.52 million) of liquidity from markets via one-week deposits , at a fixed rate of 2.25 percent.
“We currently see one more hike in the policy rate in the remainder of 2018,” BCR said in a research note.
“But this is highly dependent on future inflation prints and capital flows towards emerging markets for avoiding a high interest rate differential and unwanted appreciation of the leu.”
The Romanian currency was flat against the euro at 1455 GMT. ($1 = 3.9036 lei) (Reporting by Luiza Ilie; editing by John Stonestreet)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/romania-rates/update-1-romania-hikes-interest-rates-after-inflation-surge-idUSL8N1SE263 |
May 8, 2018 / 6:36 AM / Updated 2 hours ago Britain's May orders more work on Brexit customs plans after 'crazy' jibe Reuters Staff 3 Min Read
LONDON (Reuters) - British Prime Minister Theresa May has told officials to do more work on future EU customs arrangements after her foreign minister attacked one of her Brexit proposals as “crazy”.
Boris Johnson’s broadside against what some say is May’s preferred option for ensuring Britain’s new border with the European Union is as frictionless as possible underlines the deep divisions over what post-Brexit ties should look like.
May’s decision to leave the EU’s customs union, which sets tariffs for goods imported into the bloc, has become one of the main flashpoints in the Brexit debate, pitting companies and pro-EU campaigners against a group of eurosceptic lawmakers.
Johnson and other Brexit supporters have come out against a proposal for a customs partnership that would effectively see Britain collect tariffs for the EU, putting pressure on the prime minister to dump the plan. [nL8N1SD0CQ] Related Coverage UK government's plans for fixed Brexit date defeated in House of Lords
May’s spokesman said on Tuesday work was continuing on the two proposals currently on the table - the customs partnership and highly streamlined customs arrangement that would rely on technology. The EU has dismissed both proposals.
“The prime minister asked officials to take forward that work as a priority,” her spokesman told reporters after her so-called Brexit war cabinet failed to come to an agreement on which plan to pursue at a meeting last week. [nL8N1S94RC] Britain's Foreign Secretary Boris Johnson arrives in Downing Street, in London, May 8, 2018. REUTERS/Hannah McKay
“Following last week’s cabinet sub-committee meeting, it was agreed that there are unresolved issues in relation to both models and further work is needed.”
Brexit campaigners have criticized the customs partnership and believed it had been shelved until business minister Greg Clark again made the case for the proposal on Sunday. Johnson’s words were seen as a reaction to that.
“It’s totally untried and would make it very, very difficult to do free trade deals,” Johnson said in an interview published in Tuesday’s Daily Mail.
“If you have the new customs partnership, you have a crazy system whereby you end up collecting the tariffs on behalf of the EU at the UK frontier.” Britain's Foreign Secretary Boris Johnson arrives in Downing Street, in London, May 8, 2018. REUTERS/Hannah McKay
May’s spokesman said the prime minister had full confidence in her foreign secretary.
The prime minister has to tread a fine line, mindful of fears that any new customs infrastructure at the border between Northern Ireland and EU member Ireland could reignite sectarian violence that has not been seen for decades. Reporting by Michael Holden, Elizabeth Piper and William James, Editing by Kate Holton and Andrew Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu/uks-johnson-says-eu-customs-partnership-plan-is-crazy-idUSKBN1I90JM |
LONDON (Reuters Breakingviews) - Takeda Pharmaceutical is swallowing a big dose of risk to buy Shire. The Japanese drugmaker finally struck a deal to take control of its Irish peer, for $62 billion. It can just about make the math work, but requires big spending cuts and a load of debt.
shire-tablets-RTR3Y6XT-1024x627 After weeks of haggling and multiple sweeteners, Takeda on Tuesday unveiled an agreed deal with Shire, which specialises in attention-deficit disorder and rare-disease medicines. Hacking out $1.4 billion of costs after a few years is part of the promise. Add those to Shire’s expected earnings before interest and taxes in 2020, according to estimates compiled by Eikon, tax them at about 20 percent and the return on invested capital for the $80 billion enterprise, including hefty integration costs, would be about 7.6 percent. Shire’s cost of capital is just over 7 percent, Morningstar reckons.
That leaves little room for error. The anticipated savings equate to nearly a tenth of Shire’s sales, the upper end of what is typically achieved in healthcare mergers. Part of that involves eliminating research costs equivalent to nearly 40 percent of Shire’s drug development budget. Beyond some clear overlap between the two companies and research in less inventive areas, there’s a danger that growth gets hit, too.
Then there is the debt. Shire already has borrowed over two times EBITDA. The cash component of Takeda’s offer will push the combined company closer to five times, according to Breakingviews estimates. Takeda expects to shrink that back to a multiple of two times “in the medium term”. If the anticipated deal savings don’t fully materialise or sales falter, the goal could be tougher to achieve.
Takeda Chief Executive Christophe Weber has other options. For one thing, he could offload assets, if markets and prospective suitors cooperate. Even so, many of Shire’s patents are expiring and competitive pressures are mounting for its haemophilia business. Analysts at Bernstein expect no sales uplift through 2025.
Following the announcement, Shire’s shares were trading about 16 percent below Takeda’s offer price. That discount may partly reflect concerns about Takeda’s ability to secure the two-thirds majority needed from its shareholders. The heady mix of debt and cost cuts, though, is more likely to make investors think twice.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-shire-m-a-takeda-breakingviews/breakingviews-takeda-swallows-big-dose-of-risk-to-buy-shire-idUSKBN1I91T6 |
May 7 (Reuters) - Wuhan Fingu Electronic Technology Co Ltd :
* Says it plans to use 10 million yuan to set up wholly owned tech unit in Wuhan city
Source text in Chinese: goo.gl/Ukzn92
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-wuhan-fingu-electronic-technology/brief-wuhan-fingu-electronic-technology-to-use-10-mln-yuan-to-set-up-tech-unit-in-wuhan-city-idUSL3N1SE3NT |
LONDON (Reuters) - African gold miner Randgold ( RRS.L ) has ended a joint venture agreement in Mali with junior explorer Cradle Arc ( CRA.L ), Cradle Arc said on Wednesday, adding it would seek a new partner.
Under the agreement begun in February 2016, Randgold held a 65 percent stake in the Kossanto West Gold Project license, which will revert to Cradle Arc, now the 100 percent owner.
Cradle Arc CEO Kevin van Wouw said Randgold had been “an excellent JV partner” that added to the company’s understanding of a project he believed contained a significant amount of gold.
Cradle Arc would “actively seek a new partner for the continued exploration and advancement of the licenses,” Wednesday’s statement said.
Mali has attracted a flurry of interest from junior gold explorers and is regarded as a relatively stable jurisdiction compared with some African nations.
Major gold company Randgold has operations in Mali, Cote d’Ivoire, Senegal and Democratic Republic of Congo, where it is in dispute with the government over a new mining code.
It also has a tax dispute with the Mali government.
Randgold, which has a total portfolio of 157 gold mining exploration targets, often forms joint ventures to share cost and risk.
It had no comment on Wednesday’s announcement made by Cradle Arc.
Reporting by Barbara Lewis and Zandi Shabalala; Editing by Elaine Hardcastle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cradlearc-randgold/randgold-ends-gold-venture-with-cradle-arc-in-mali-idUSKBN1IA2WS |
PARIS (Reuters) - French conglomerate Bouygues ( BOUY.PA ) posted a worse-than-expected first quarter group operating loss, due to weakness at its Colas road building division, although the company’s telecoms division showed further signs of strength.
FILE PHOTO: The Bouygues Telecom company logo is seen on a shop in Marseille, France, March 31, 2016. REUTERS/Jean-Paul Pelissier/File Photo The relatively strong performance at Bouygues Telecom
enabled the conglomerate to maintain its prediction of a further rise in full year profit, in spite of the weak first quarter.
A bitterly cold winter in Europe impacted Bouygues’ road construction arm Colas, yet Bouygues said the quarter was not representative of how the company was expected to perform over the full year.
Bouygues Telecom again improved its results, reflecting growth in its mobile and fixed-line customer base. Bouygues, which failed to merge its telecoms unit with market leader Orange ( ORAN.PA ) two years ago, said it should gradually improve profits over the course of 2018.
Asked about second quarter trends, deputy chief executive Philippe Marien said the climate would remain supportive for construction — thanks partly to plans to expand the Paris area’s infrastructure — and be “very competitive” in telecoms.
First-quarter revenues at the family-controlled group, which also owns France’s biggest private TV broadcaster TF1 ( TFFP.PA ), dipped 0.2 percent to 6.826 billion euros ($8.1 billion).
Its current operating loss also widened to 111 million euros from a 75 million loss last year, reflecting a 302 million loss at Colas, with the results coming in below market forecasts.
SHARES SLIP LOWER Bouygues' shares were down 1.2 percent in mid-session trading, among the worst performers on the Paris market .FCHI .
“Telecom ahead, property and Colas light,” said Barclays analysts, who have an “Equal Weight” rating on the stock.
Bouygues Telecom’s quarterly revenues rose 6 percent to 1.281 billion euros, with the unit’s current operating profit also surging 56 percent to 50 million euros.
Bouygues Telecom, which added 453,000 mobile customers in the first quarter, also confirmed its targets for 2018 and 2019.
France’s telecoms sector, hit by a price war following the entrance of low-cost player Iliad ( ILD.PA ) in 2012, has been the subject of takeover speculation in recent years.
Last month, Bouygues said it was not in discussions with any other operator, denying a report it was weighing a bid for the French SFR telecoms unit of rival Altice ( ATCA.AS ).
Bouygues Telecom has said it can prosper on its own and has responded with a turnaround plan including job cuts and a focus on the rollout of its 4G network and fixed-line broadband.
Bouygues Telecom’s robust performance came amid heavy promotions by Altice’s SFR and market leader Orange ( ORAN.PA ), which rival Iliad had partly blamed for its own weaker-than-expected results earlier this week.
Bouygues, which sees its debts standing at around 4 billion euros by end-2018, has nevertheless carried out some takeover deals of late, including its purchase of the engineering services business of utility Alpiq ( ALPH.S ).
Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Jon Boyle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bouygues-results/bouygues-first-quarter-loss-disappoints-but-telecoms-arm-improves-idUSKCN1II1BA |
May 4 (Reuters) - Maccura Biotechnology Co Ltd:
* SAYS IT GETS SECURITIES REGULATOR'S APPROVAL TO ISSUE UP TO 500 MILLION YUAN ($78.63 million) BONDS Source text in Chinese: bit.ly/2riSpjV Further company coverage: ($1 = 6.3585 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-maccura-biotechnology-gets-regulat/brief-maccura-biotechnology-gets-regulators-approval-to-issue-up-to-500-million-yuan-bonds-idUSL3N1SB30P |
WINDSOR, England (Reuters) - With just days to go ahead of their highly anticipated wedding, Prince Harry and Meghan Markle made an appearance in the town of Windsor on Wednesday — or rather life-size models of the couple did.
People pose for pictures and selfies with models of Britain's Prince Harry and Meghan Markle ahead of their wedding, in Windsor, Britain May 16, 2018. REUTERS/Phil Noble A team from the Madame Tussauds wax museum unveiled the figures on the bridge linking Windsor, where Britain’s sixth-in-line to the throne and his fiancée will marry on Saturday, to Eton, and passersby soon stopped to take pictures beside them.
The London-based museum last week unveiled the Meghan Markle figure, which it said was dressed in a dark green P.A.R.O.S.H. frock, the same outfit the American actress wore when the couple’s engagement was announced last year.
People pose for pictures with models of Britain's Prince Harry and Meghan Markle ahead of their wedding, in Windsor, Britain May 16, 2018. REUTERS/Phil Noble “I feel I should curtsy first of course,” Izzy Newman, 51, joked after taking a selfie with the figures while wearing glasses decorated with crowns.
“Let’s enjoy the romance and the fun of it all, and the pageantry and all that – Brits are great at that.”
Reporting By Jonathan Shenfield; Writing by Marie-Louise Gumuchian; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-wedding-waxwork/harry-and-meghan-figures-pop-up-in-windsor-ahead-of-royal-wedding-idUSKCN1IH23H |
By Polina Marinova 11:54 AM EDT
Facebook is still reeling after the Cambridge Analytica scandal, but it’s not stopping the company from making some big changes.
The tech behemoth announced that it will appoint new heads for WhatsApp, Messenger, and the Facebook core app while it shifts the responsibilities of its longtime executives to focus on the blockchain. In fact, Facebook is dedicating an entire team to the emerging technology.
David Marcus, the executive formerly in charge of Messenger, will be the head of the blockchain group. He said , “After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.”
So what could Facebook be doing with a distributed ledger technology that, in its essence, is at odds with the premise of a centralized company like Facebook. As CNBC noted , blockchain has data stored across a network of computers, while Facebook is a massive centralized organization that owns the infrastructure and data of its 2 billion global users.
It’s not too far-fetched to speculate that Facebook is taking its users’ backlash over data and privacy seriously. Back in January, Facebook CEO Mark Zuckerberg said that decentralized systems — like cryptocurrency — could take power away from the centralized system and place it back in the hands of users. He added: “But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
In other words, this could be an exploratory move for Facebook to stay on top of the trends in the crypto industry, but it could also hint at a possibility that Facebook is open to leveraging the blockchain to help users control (and maybe even) monetize their data. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/facebook-blockchain-team/ |
FORT WORTH, Texas, May 08, 2018 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (NASDAQ:HALL) today announced results for its first quarter ended March 31, 2018, including the following highlights:
1 st quarter 2018 net income of $0.6 million, or $0.04 per diluted share versus $4.0 million, or $0.21 per diluted share for 1 st quarter 2017 1 st quarter 2018 operating earnings (1) of $4.5 million, or $0.24 per diluted share, versus $2.6 million, or $0.14 per diluted share, for 1 st quarter 2017 1 st quarter 2018 net combined ratio of 97.4% versus 98.6% for 1 st quarter 2017 1 st quarter favorable prior year reserve development of $0.5 million for both 2018 and 2017 1 st quarter 2018 gross premiums written of $153.5 million increased 14% from $135.1 million in 1 st quarter 2017 1 st quarter 2018 net premiums written of $91.4 million increased 3% from $88.5 million in 1 st quarter 2017
(1) See “Non-GAAP Financial Measures” below
“I am pleased to report a strong start to fiscal 2018. Our first quarter underwriting results reflect improvement from the various actions we have undertaken the past couple of years to address the challenges that had emerged in our commercial and personal auto portfolios. We are also seeing results from our efforts to diversify into new specialty product lines and to re-balance the geographic footprint of our book. We reported a net combined ratio of 97.4% for the quarter which is higher than our long-term goal as an organization but improved from the first quarter of last year and in line with our expectations for this quarter. We continue to see strong pricing momentum in many product lines across our portfolio which contributed to the 14% increase in gross premiums written for the quarter. Excluding the impact of investment gains and losses, our operating earnings were $4.5 million, or $0.24 per diluted share, as compared to $2.6 million, or $0.14 per diluted share, for the first quarter of 2017,” said Naveen Anand, President and Chief Executive Officer.
“A temporary acceleration of paid claims as we improved our claims practices to address the increase in frequency and severity in our commercial auto portfolio resulted in a decrease in operating cash flow this quarter. We expect our paid claims to trend back closer to our historical levels over the next few quarters as we address the large claim inventory from older accident years,” concluded Mr. Anand.
Mark E. Schwarz, Executive Chairman of Hallmark, stated, “First quarter book value per share increased slightly to $13.85 compared to $13.82 at December 31, 2017. Net investment income was $4.4 million, a 1% decline compared to the first quarter of 2017. Total cash and investments was $709.8 million, or $39.15 per share, as of March 31, 2018, a decrease of 2% from $40.12 per share as of December 31, 2017.”
“Due to the adoption of Accounting Standards Update No. 2016-01, we are now required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our earnings statements. Investment gains/losses in the first quarter include a charge of $4.5 million due to changes in the unrealized gains/losses of our investments in equity securities held at March 31, 2018. Also related to the adoption of the new accounting standard, we reclassified net unrealized gains on equity securities of $21.5 million before tax ($17.0 million after tax) from accumulated other comprehensive income to retained earnings,” continued Mr. Schwarz.
“Based on our historical practice of acquiring securities and holding those securities for long periods, quarterly changes in investment gains and losses, whether realized or unrealized, are not predictable or necessarily meaningful in understanding the operating results of our insurance business. We expect these gains and losses will continue to cause volatility in our periodic earnings,” concluded Mr. Schwarz.
First Quarter 2018 2017 % Change ($ in thousands, unaudited) Gross premiums written 153,505 135,112 14 % Net premiums written 91,433 88,519 3 % Net premiums earned 91,947 89,223 3 % Investment income, net of expenses 4,440 4,479 -1 % Investment (losses) gains, net (4,835 ) 2,060 -335 % Total revenues 93,341 96,948 -4 % Net income 647 3,986 -84 % Operating earnings 4,467 2,647 69 % Net income per share - basic $ 0.04 $ 0.21 -81 % Net income per share - diluted $ 0.04 $ 0.21 -81 % Operating earnings per share - diluted $ 0.24 $ 0.14 71 % Book value per share $ 13.85 $ 14.60 -5 % Cash flow from operations (19,215 ) 8,839 -317 % First Quarter 2018 Commentary
Hallmark reported net income of $0.6 million for the three months ended March 31, 2018, as compared to net income of $4.0 million for the same period the prior year. On a diluted basis per share, the Company reported net income of $0.04 per share for the three months ended March 31, 2018, as compared to net income of $0.21 per share for the same period the prior year.
Hallmark's consolidated net loss ratio was 69.3% for the three months ended March 31, 2018 and 2017. Hallmark's net expense ratio was 28.1% for the three months ended March 31, 2018 as compared to 29.3% for the same period the prior year. Hallmark’s net combined ratio was 97.4% for the three months ended March 31, 2018, as compared to 98.6% for the same period the prior year.
During the three months ended March 31, 2018, Hallmark’s total revenues were $93.3 million, representing a decrease of 4% from the $96.9 million in total revenues for the same period of 2017. During the three months ended March 31, 2018, Hallmark’s income before tax was $0.8 million, as compared to income before tax of $5.8 million reported during the same period the prior year.
The decrease in revenue was primarily due to investment losses of $4.8 million during the first three months of 2018 as compared to investment gains of $2.1 million reported for the first three months of 2017. The investment loss includes $4.5 million in loss attributable to the adoption of Accounting Standards Update No. 2016-01. This decrease in revenue was partially offset by higher net premiums earned in the Specialty Commercial Segment and the Standard Commercial Segment partially offset by lower net premiums earned in the Personal Segment, as well as higher commission and fee revenue for the three months ended March 31, 2018 as compared to the same period during 2017.
The decrease in income before tax for the three months ended March 31, 2018 was due primarily to the decrease in revenue discussed above as well as increased losses and loss adjustment expenses (“LAE”) of $1.8 million, partially offset by lower operating expenses of $0.3 million and lower interest expense of $0.1 million. The increase in loss and LAE was primarily the result of higher current accident year loss trends in the Specialty Commercial Segment driven by commercial auto lines of business and higher losses in the satellite launch insurance line of business.
Hallmark’s effective tax rate was 20.0% for the three months ended March 31, 2018 as compared to 31.7% for the same period in 2017. The decrease in the effective tax rate was due primarily to the lower statutory rate from the enactment of the Tax Cuts and Jobs Act on December 22, 2017.
Non-GAAP Financial Measures
The Company’s financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”). However, the Company also presents and discusses certain non-GAAP financial measures that it believes are useful to investors as measures of operating performance. Management may also use such non-GAAP financial measures in evaluating the effectiveness of business strategies and for planning and budgeting purposes. However, these non-GAAP financial measures should not be viewed as an alternative or substitute for the results reflected in the Company’s GAAP financial statements. In addition, our definitions of these items may not be comparable to the definitions used by other companies.
Operating earnings and operating earnings per share are calculated by excluding net investment gains and losses from GAAP net income. Management believes that operating earnings and operating earnings per share provide useful information to investors about the performance of and underlying trends in the Company’s core insurance operations. Net income and net income per share are the GAAP measures that are most directly comparable to operating earnings and operating earnings per share. A reconciliation of operating earnings and operating earnings per share to the most comparable GAAP financial measures is presented below.
Hallmark Financial Services, Inc. and Subsidiaries
Non-GAAP Financial Measures Reconcilation
Weighted Income Less Tax Net Average Diluted ($ in thousands) Before Tax Effect After Tax Shares Diluted Per Share First Quarter 2018 Reported GAAP measures $ 809 $ 162 $ 647 18,293 $ 0.04 Excluded investment losses/gains 4,835 1,015 3,820 18,293 $ 0.20 Operating earnings $ 5,644 $ 1,177 $ 4,467 18,293 $ 0.24 First Quarter 2017 Reported GAAP measures $ 5,838 $ 1,852 $ 3,986 18,769 $ 0.21 Excluded investment losses/gains (2,060 ) (721 ) (1,339 ) 18,769 $ (0.07 ) Operating earnings $ 3,778 $ 1,131 $ 2,647 18,769 $ 0.14 About Hallmark Financial Services, Inc.
Hallmark Financial Services, Inc. is a diversified specialty property/casualty insurer with offices in Dallas-Fort Worth, San Antonio, Chicago, Los Angeles, Atlanta and Jersey City. Hallmark markets, underwrites and services over half a billion dollars annually in commercial and personal insurance premiums in select markets. Hallmark is headquartered in Fort Worth, Texas and its common stock is listed on NASDAQ under the symbol "HALL."
Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, interest rate trends, general economic conditions, the availability of financing, underwriting loss experience and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission.
For further information, please contact:
Mr. Naveen Anand, President and Chief Executive Officer at 817.348.1600
www.hallmarkgrp.com
Hallmark Financial Services, Inc. and Subsidiaries Consolidated Balance Sheets ($ in thousands, except par value) Mar. 31 Dec. 31 ASSETS 2018 2017 Investments: (unaudited) Debt securities, available-for-sale, at fair value (amortized cost: $595,481 in 2018 and $604,999 in 2017) $ 595,846 $ 605,746 Equity securities (cost: $35,762 in 2018 and $30,253 in 2017) 52,815 51,763 Other investment (cost: $3,763 in 2018 and 2017) 3,461 3,824 Total investments 652,122 661,333 Cash and cash equivalents 55,110 64,982 Restricted cash 2,564 2,651 Ceded unearned premiums 112,765 112,323 Premiums receivable 108,487 104,373 Accounts receivable 1,809 1,513 Receivable for securities 1,218 5,235 Reinsurance recoverable 214,369 182,928 Deferred policy acquisition costs 15,994 16,002 Goodwill 44,695 44,695 Intangible assets, net 9,407 10,023 Deferred federal income taxes, net 3,158 1,937 Federal income tax recoverable 6,134 7,532 Prepaid expenses 3,333 1,743 Other assets 13,080 13,856 Total Assets $ 1,244,245 $ 1,231,126 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Revolving credit facility payable $ 30,000 $ 30,000 Subordinated debt securities (less unamortized debt issuance cost of $937 in 2018 and $949 in 2017) 55,765 55,753 Reserves for unpaid losses and loss adjustment expenses 529,684 527,100 Unearned premiums 276,570 276,642 Reinsurance balances payable 55,998 52,487 Pension liability 1,538 1,605 Payable for securities 10,848 7,488 Accounts payable and other accrued expenses 32,689 28,933 Total Liabilities 993,092 980,008 Commitments and contingencies Stockholders’ equity: Common stock, $.18 par value, authorized 33,333,333 shares; issued 20,872,831 shares in 2018 and 2017 3,757 3,757 Additional paid-in capital 123,224 123,180 Retained earnings 151,495 136,474 Accumulated other comprehensive income (2,419) 12,234 Treasury stock (2,745,115 shares in 2018 and 2,703,803 shares in 2017), at cost (24,904) (24,527) Total Stockholders’ Equity 251,153 251,118 Total Liabilities & Stockholders' Equity $ 1,244,245 $ 1,231,126
Hallmark Financial Services, Inc. and Subsidiaries Consolidated Statements of Operations Three Months Ended
($ in thousands, except share amounts) December 31
2018
2017
( unaudited)
Gross premiums written $ 153,505 $ 135,112 Ceded premiums written (62,072) (46,593) Net premiums written 91,433 88,519 Change in unearned premiums 514 704 Net premiums earned 91,947 89,223 Investment income, net of expenses 4,440 4,479 Investment (losses) gains, net (4,835) 2,060 Finance charges 1,040 1,053 Commission and fees 703 72 Other income 46 61 Total revenues 93,341 96,948 Losses and loss adjustment expenses 63,675 61,842 Operating expenses 27,213 27,495 Interest expense 1,027 1,156 Amortization of intangible assets 617 617 Total expenses 92,532 91,110 Income before tax 809 5,838 Income tax expense 162 1,852 Net income $ 647 $ 3,986 Net income per share: Basic $ 0.04 $ 0.21 Diluted $ 0.04 $ 0.21
Hallmark Financial Services, Inc. and Subsidiaries Consolidated Segment Data Three Months Ended Dec. 31 Specialty Commercial Segment
Standard Commercial Segment
Personal Segment
Corporate
Consolidated
($ in thousands) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Gross premiums written $ 114,813 $ 95,507 $ 22,797 $ 20,693 $ 15,895 $ 18,912 $ - $ - $ 153,505 $ 135,112 Ceded premiums written (50,658) (35,924) (2,555) (1,841) (8,859) (8,828) - - (62,072) (46,593) Net premiums written 64,155 59,583 20,242 18,852 7,036 10,084 - - 91,433 88,519 Change in unearned premiums 3,535 2,346 (2,375) (2,138) (646) 496 - - 514 704 Net premiums earned 67,690 61,929 17,867 16,714 6,390 10,580 - - 91,947 89,223 Total revenues 73,124 65,835 18,875 17,726 7,620 11,863 (6,278) 1,524 93,341 96,948 Losses and loss adjustment expenses 47,543 41,590 11,680 11,046 4,452 9,206 - - 63,675 61,842 Pre-tax income (loss) 9,758 8,098 1,319 851 (22) (758) (10,246) (2,353) 809 5,838 Net loss ratio (1) 70.2% 67.2% 65.4% 66.1% 69.7% 87.0% 69.3% 69.3% Net expense ratio (1) 23.8% 25.7% 33.1% 35.5% 35.4% 26.0% 28.1% 29.3% Net combined ratio (1) 94.0% 92.9% 98.5% 101.6% 105.1% 113.0% 97.4% 98.6% Favorable (Unfavorable) Prior Year Development (1,012) (300) 1,053 1,458 489 (669) - - 530 489 1 The net loss ratio is calculated as incurred losses and loss adjustment expenses divided by net premiums earned, each determined in accordance with GAAP. The net expense ratio is calculated as total underwriting expenses offset by agency fee income divided by net premiums earned, each determined in accordance with GAAP. The net combined ratio is calculated as the sum of the net loss ratio and the net expense ratio.
Source:Hallmark Financial Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-hallmark-financial-services-inc-announces-first-quarter-2018-earnings-results.html |
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PLAY PRINT | ashraq/financial-news-articles | https://blogs.wsj.com/puzzle/2018/05/23/stealth-mode-thursday-crossword-may-24/ |
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