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May 10, 2018 / 11:06 AM / Updated 5 hours ago Wells Fargo trims expected hit from regulatory cap on assets Ross Kerber 4 Min Read
BOSTON (Reuters) - Wells Fargo & Co ( WFC.N ) on Thursday said a cap on the bank’s growth imposed by regulators after sales practices scandals would hurt earnings less than it thought this year, and forecast 2019 expenses below Wall Street expectations. FILE PHOTO: A Wells Fargo bank sign is pictured in downtown Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike Blake/File Photo
The lender is under Federal Reserve orders to keep its assets below $1.95 trillion until governance and controls improve, and said at its annual investor day that net interest income would remain flat in 2018.
Analysts were upbeat about the expense forecast and improved take on the fallout from the regulatory restrictions, but some had been hoping for more details on possible improvement in revenue.
“While we expect the market to view this financial outlook favorably, (portfolio managers) keep on telling us they need to see the negative headlines abate ... and revenue growth to return,” Barclays analyst Jason Goldberg wrote in a note to clients.
Wells Fargo Chief Executive Tim Sloan said the bank is making plans to operate under the asset cap for the first part of 2019 and acknowledged “we have not executed as well as we could have” on compliance and risk oversight.
The bank previously expected the net income hit after taxes from the asset cap would be $300 million to $400 million, but lower deposit and loan growth gave it room under the limit and caused it to cut that figure to less than $100 million, Treasurer Neal Blinde said.
Well Fargo said net interest income, or the difference in what it pays for deposits and what it earns on loans, will likely be relatively flat in 2018 as lower earning assets and higher deposit costs offset higher interest rates.
The bank’s shares were up 1.3 percent in afternoon trading.
The bank forecast 2019 noninterest expenses of between $52 billion and $53 billion, excluding litigation and remediation items, slightly lower than analyst expectations of $53.2 billion according to Thomson Reuters I/B/E/S.
Wells Fargo Chief Financial Officer John Shrewsberry said the bank would not provide updated guidance on its efficiency ratio because it gave the expense component. Investors and analysts have closely watched for improvements in that key measure of costs per dollar of revenue since the sales scandal erupted in 2016.
Shrewsberry said under one scenario for 2020 it is possible the bank would have expenses of $50 billion to $51 billion, and revenue consistent with 2017 results, but cautioned that was not a formal projection.
Analysts had said they would be looking for signs of when revenues will stabilize after being hurt by weak lending and fee income and the Federal Reserve order.
Barclays analyst Goldberg noted that two profitability targets Wells Fargo gave on Thursday roughly met his expectations: a two-year return on equity of 12 percent to 15 percent and two-year return on average tangible common equity of 14 percent to 17 percent.
Mary Mack, senior executive vice president for community banking and consumer lending, said voluntary turnover among branch employees was nine percentage points lower in the first quarter of 2018 compared to the first quarter of 2014.
The attrition rate for consumer primary checking accounts has also fallen over the same period, she said. The sales scandal involved the unauthorized opening of customer accounts by employees, among other issues.
Mack said Wells Fargo is focused on helping customers solve specific problems, not just trying to sell new products.
“We evolved from being really nice. Right after the settlement we became the nicest bank in America,” she said. Reporting by Ross Kerber; Editing by Meredith Mazzilli and Bernadette Baum | ashraq/financial-news-articles | https://uk.reuters.com/article/us-wells-fargo-investors/expectations-capped-wells-fargo-investors-await-details-on-costs-idUKKBN1IB1FR |
NORWALK, Conn., May 31, 2018 /PRNewswire/ -- EMpower, a professional membership organization dedicated to promoting ethnic minority inclusion, has named Perry Jones, Senior Vice President of Manufacturing and Distillation at Diageo North America, to its 2018 EMpower 100 Ethnic Minority Executive List. Presented by the Financial Times (FT), The EMpower list celebrates senior level professionals who work actively to create an inclusive environment for ethnic minority employees.
Mr. Jones has extensive food and beverage industry experience in supply chain management, change management, procurement, supply planning, commercialization, and contract manufacturing. In addition to leading a significant increase in ethnic minority recruitment over the past year within his 1,000+ manufacturing workforce, Mr. Jones also promotes diversity and inclusion through involvement in the African Heritage Employees at Diageo (AHEAD) business resource group, and by serving on the Alabama Agriculture and Mechanical University Board of Trustees, Grambling State University School of Personal Development Board and the Grambling State National Alumni Board. Mr. Jones also volunteers his time as a mentor for women and ethnic minorities.
"We are honored that EMpower has recognized Perry for his leadership and his commitment to working with our employees to develop a robust and diverse group of future leaders," said Alessandra Ginante, Executive Vice President of Human Resources for Diageo North America. "Celebrating diversity and fostering an inclusive environment for everyone is at the core of Diageo's values."
Suki Sandhu, EMpower's CEO and Founder, said, "Our lists exist to drive the empowerment of ethnic minorities within business. Role modeling is fundamental to ensuring equality of opportunity and more inclusive workplace cultures. Those who have achieved personal success have a responsibility to inspire the next generation of ethnic minority leaders, and those featured on our lists are more than living up to it."
In March, Mr. Jones was recognized by Savoy magazine, a leading African-American business and lifestyle publication, as one of its 2018 "Most Influential Blacks in Corporate America."
Diageo has been an early and active supporter of equal rights of all people. Earlier this year, Diageo North America CEO Deirdre Mahlan joined more than 350 of her peers in signing the CEO Action for Diversity & Inclusion™ Pledge for Diageo.
The EMpower recognition is part of a growing list of honors Diageo has earned for its commitment to diversity and inclusion. Additional recent honors include:
2018 – Diageo earned 100 percent on the Human Rights Campaign (HRC) Foundation's Annual Corporate Equality Index for LGBTQ Workplace Equality for the 10th consecutive year. 2018 – Diageo received the HRC Corporate Equality Award. 2018 – Diageo listed as a Top Company for Executive Women by National Association of Female Executives (NAFE) for the eighth time. 2017 – Diageo named on Diversity MBA's 2017 "50 Out Front for Diversity Leadership" list of the best places for women and diverse managers to work for the sixth consecutive year. 2017 – Diageo named one of Working Mother Magazine's "100 Best Companies" for the ninth consecutive year. 2017 – Diageo listed on Great Place to Work® Top 25 Best Global Companies for fourth consecutive year. 2016 – Diageo named as one of the Best Places to Work for New Dads Report by Fatherly.
About Diageo
Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker, Crown Royal, Bulleit and Buchanan's whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.
Diageo is listed on both the New York Stock Exchange (NYSE: DEO) and the London Stock Exchange (LSE: DGE) and our products are sold in more than 180 countries around the world. For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com . Visit Diageo's global responsible drinking resource, www.DRINKiQ.com , for information, initiatives, and ways to share best practice. Follow us on Twitter for news and information about Diageo North America: @Diageo_NA.
Celebrating life, every day, everywhere.
About EMpower
EMpower is a professional membership organization, helping corporate members drive greater ethnic minority inclusion at all levels of their organizations. Founded in 2017, it provides powerful network connections, helping businesses create diverse and representative workplace environments where everyone can succeed. EMpower is part of INvolve, an organization championing diversity and inclusion in business. The full 2018 EMpower 100 Ethnic Minority Executive List can be found by clicking here .
For more information, visit https://www.out-standing.org/empower/ .
Caroline Dennis, Diageo
203.247.3598
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SOURCE Diageo North America | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-diageo-north-americas-perry-jones-named-to-the-2018-empower-100-ethnic-minority-executive-list.html |
LONDON (Reuters) - The euro fell on Tuesday to a 10-month low after a selloff in Italy’s debt market drove investors to dump the single currency.
Bank notes of different currencies, including Euro, U.S. Dollar, Turkish Lira or Brazilian Reais, are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. REUTERS/Kai Pfaffenbach/Illustration - A deepening political crisis in Italy, the euro zone’s third biggest economy, provoked selling of Italian assets and the euro that was reminiscent of the euro zone debt crisis of 2010-2012.
But the impact was not felt as keenly on currency markets as in Italian government bonds which suffered their worst day in more than 25 years.
Italy’s president has set the country on a path to fresh elections by appointing a former International Monetary Fund official as interim prime minister, with the task of planning for snap polls and passing the next budget
Investors fear a polarising election campaign which could deliver a deeply eurosceptic government, threatening the bloc’s cohesion.
The euro has fallen 4 percent this month amid a resurgent dollar and rising concerns over the euro zone’s political and economic situation.
The currency slipped on Tuesday below $1.16 for the first time since November 2017 to hit the 10-month low of $1.1510 and weakened significantly against the safe haven Swiss franc and Japanese yen.
The Danish crown, which is pegged to the euro, strengthened 0.1 percent against the single currency in a further sign of a fallout from Italy.
“A surging dollar has weakened the euro but now it is all about risks from Italy and the impact the crisis there could have on the European Central Bank’s monetary policy,” said Commerzbank analyst Ulrich Leuchtmann.
“The underlying problem here isn’t Italy, though, but a fundamental question about the euro zone, a political experiment lacking a fiscal union which can fail if fair growth and wealth are not achieved,” he said.
Financial markets expect the ECB to wind down its 2.55 trillion-euro stimulus programme by the end of this year and raise its policy interest rate towards the middle of next year.
Weaker-than-expected economic data out of the euro zone, however, has raised questions about that.
DOLLAR INDEX UP Viraj Patel, a currency strategist at ING in London, noted that the spillover effect on the euro from the Italian bond markets was limited but said that could change if the selloff forces investors to dump other peripheral debt.
The euro is set for its biggest monthly drop in more than three years, according to Thomson Reuters data.
The closely-watched Italian-German 10-year bond yield spread, seen by many investors as an indicator of sentiment towards the euro zone, was at its widest level since June 2013..
With a decline in U.S. Treasury yields also weighing, the dollar dropped about 0.6 percent on Tuesday to a three-week low of 108.730 yen.
On Monday the dollar rose briefly to 109.830 yen as U.S.-North Korea summit plans appeared back on track.
The dollar index against a basket of six major currencies was up half a percent on the day at 95.025, hitting a 6-1/2 month high.
But the renewed dollar strength was less a function of increasing U.S. inflation expectations than a mirror image of euro lows, said Ken Odeluga, a market analyst at City Index.
The Australian dollar, sensitive to shifts in risk sentiment, was down 0.3 percent at $0.7525.
Analysts at MUFG said that if tightening financial market conditions abroad begin to feed back into the U.S. domestic economy, that could become a problem for the Federal Reserve.
Reporting by Saikat Chatterjee and Tom Finn; editing by John Stonestreet and David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/euro-back-near-six-and-a-half-month-lows-amid-italian-election-concerns-idUSKCN1IU01R |
NESS ZIONA, Israel, May 24, 2018 /PRNewswire/ --
CollPlant (NASDAQ: CLGN) (TASE: CLGN), a regenerative medicine company utilizing its proprietary plant-based rhCollagen technology for tissue repair products (recombinant human, "rhCollagen"), today announced financial results for the first quarter ended March 31, 2018 and provided an update on the Company's business developments. Certain metrics, including those expressed on an adjusted basis, are non-GAAP measures. See "Use of Non-IFRS (non-GAAP) Measures" below.
CollPlant reported revenues of $222,000 (NIS 779,000) for the first quarter of 2018. The Company ended the first quarter of 2018 with $3.9 million (NIS 13.8 million) in cash and cash equivalents, excluding an additional $1.0 million (NIS 3.5 million) that the Company received from Alpha Capital Anstalt ("Alpha") at the end of April 2018, while comprehensive loss for the first quarter of 2018 was $2.1 million (NIS 7.2 million) on a GAAP basis, or adjusted comprehensive loss of $1.2 million (NIS 4.2 million), on a non-GAAP basis.
"During the first quarter of 2018, we made progress advancing our 3D bioprinting business. We continue to move forward with our development activities with various biotechnology and medical device companies that are using CollPlant's rhCollagen based BioInk for the bioprinting of organs and tissues," said Yehiel Tal, CollPlant's Chief Executive Officer.
"CollPlant is also working with foundations and academic institutions, and during the first quarter of 2018, we announced that CollPlant is part of the Regenerative Medicine Development Organization's (ReMDO) advanced biomanufacturing initiative for the development of a universal BioInk with tunable properties for 3D bioprinting of tissues and organs," noted Mr. Tal.
"During the first quarter of 2018, we continued with the development of next generation dermal fillers for the aesthetic field. This month, we filed a provisional patent application with the U.S. Patent and Trademark Office for photocurable dermal fillers comprised of rhCollagen and hyaluronic acid, and are actively pursuing collaborations with key companies in this field," added Mr. Tal.
"During the first quarter of 2018, we established a new rhCollagen production facility in Rehovot, Israel. This cGMP facility will be used for purification of rhCollagen and the formulation of end-products, including BioInks for 3D bioprinting. The facility includes clean rooms and dedicated production equipment to support the company's commercial and R&D demand for the next few years. Furthermore, we expect the new facility to enable operational flexibility, cost reduction and process development. Consequently, we believe our competitiveness and profitability will be enhanced," noted Mr. Tal.
"Additionally, during 2018 we continued to establish our position in the European market, with sales of our advanced wound care product (VergenixFG), and orthopedic product (VergenixSTR). Over time, we have received positive feedback from physicians who have treated patients with both products, and we are aiming to expand sales into new territories across Europe," concluded Mr. Tal.
First Quarter 2018 Financial Results on IFRS basis ("GAAP")
Revenues for the first three months ended March 31, 2018 increased by 309% to $222,000 (NIS 779,000), compared to $72,000 (NIS 252,000) in the first quarter of 2017. Revenues were derived from sales in the U.S. of CollPlant's BioInk for development of 3D bioprinting of organs, as well as sales in Europe of CollPlant's soft tissue repair matrix, VergenixSTR, for treating tendinopathy and its wound care product, VergenixFG.
The Company's gross profit for the three months ended March 31, 2018 increased by 275% to $198,000 (NIS 693,000) compared to $72,000 (NIS 252,000) in the first quarter of 2017.
Total operating costs and expenses were $2.3 million (NIS 7.9 million) compared to $1.5 million (NIS 5.4 million) in the first quarter of 2017. The increase is mainly due to non-cash expenses of the fair market value attributed to services received through the securities purchase agreement with Alpha (the "Alpha Agreement"), which amounted to $435,000 (NIS 1.5 million) and an increase in non-cash share based compensation amounting to $154,000 (NIS 540,000).
Operating loss was $2.1 million (NIS 7.2 million) compared to an operating loss of $1.5 million (NIS 5.1 million) in the first quarter of 2017. Comprehensive loss for the first quarter of 2018 was $2.1 million (NIS 7.2 million), or $0.01 (NIS 0.04) per share, compared to a comprehensive loss of $1.5 million (NIS 5.2 million), or $0.01 (NIS 0.04) per share, for the first quarter of 2017.
Cash used in operating activities during the first quarter was $1.4 million (NIS 4.9 million) compared to $1.7 million (NIS 6.0 million) in the first quarter of 2017. As of March 31, 2018, cash and cash equivalents totaled $3.9 million (NIS 13.8 million). In addition, in April 2018, the Company received $1.0 million (NIS 3.5 million) from Alpha, as part of the third closing of the Alpha Agreement.
First Quarter 2018 Financial Results on Non-IFRS Basis ("non-GAAP")
On a non-GAAP basis, the operating costs and expenses for the first quarter of 2018 were $1.5 million (NIS 5.3 million), compared to $1.4 (NIS 4.8 million) for the first quarter of 2017, while the comprehensive loss for the first quarter of 2018 was $1.2 million (NIS 4.2 million), or $0.01 (NIS 0.03) per share, compared to $1.3 million (NIS 4.6 million), or $0.01 (NIS 0.04) per share, for the first quarter of 2017. Non-GAAP measures exclude certain non-cash expenses. The table on page 8 includes a reconciliation of the Company's GAAP results to non-GAAP results. The reconciliation reflects non-cash expenses in the amount of $853,000 (NIS 3.0 million) with respect to fair market value attributed to services received through the Alpha Agreement, recognition of unrecognized day one loss and share-based compensation to employees, directors and consultants in the first quarter of 2018.
Use of Non-IFRS ("non-GAAP") Measures
This press release contains certain non-GAAP financial measures for operating costs and expenses, operating loss, comprehensive loss and basic and diluted comprehensive loss per share that exclude the effects of non-cash expense for fair market value attributed to services received through the Alpha Agreement, recognition of unrecognized day one loss, and share-based compensation to employees, directors and consultants. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance that enhances management's and investors' ability to evaluate the Company's operating costs, comprehensive loss and loss per share, and to compare them to historical Company results.
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when operating and evaluating the Company's business internally and therefore decided to make these non-GAAP adjustments available to investors. The non-GAAP financial measures used by the Company in this press release may be different from the measures used by other companies.
For more information on the non-GAAP financial measures, please see the "Reconciliation of GAAP to Non-GAAP Financial Measures" table on page 8 in this press release. This accompanying table on page 8 has more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.
For the convenience of the reader, the amounts have been translated from NIS into U.S. dollars, at the representative rate of exchange as of March 31, 2018 (U.S. $1.00 = NIS 3.514).
The Company's consolidated financial results for the three months ended March 31, 2018 are presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
About CollPlant
CollPlant is a regenerative medicine company focused on 3D bioprinting of tissues and organs, and on developing and commercializing tissue repair products for orthobiologics, and advanced wound care markets. Our products are based on our rhCollagen (recombinant human collagen) that is produced with CollPlant's proprietary plant based genetic engineering technology.
Our products address indications for diverse fields of organ and tissue repair, and are ushering in a new era in regenerative medicine. Our flagship rhCollagen BioInk product line is ideal for 3D bioprinting of tissues and organs, and our unique Vergenix line of rhCollagen products includes a soft tissue repair matrix for treating tendinopathy and a wound repair matrix to promote a rapid optimal healing of acute and chronic wounds.
For more information about CollPlant, visit http://www.collplant.com
Safe Harbor Statements
This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to CollPlant's objectives plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that Collplant intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as "believes," "hopes," "may," "anticipates," "should," "intends," "plans," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of management's experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause CollPlant's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company's history of significant losses and its need to raise additional capital and its inability to obtain additional capital on acceptable terms, or at all; the Company's expectations regarding the timing and cost of commencing clinical trials with respect to tissues and organs which are based on its rhCollagen based Bioink, VergenixSTR, and VergenixFG; the Company's ability to obtain favorable pre-clinical and clinical trial results; regulatory action with respect to rhCollagen based BioInk, VergenixSTR, and VergenixFG including but not limited to acceptance of an application for marketing authorization, review and approval of such application, and, if approved, the scope of the approved indication and labeling; commercial success and market acceptance of the Company's rhCollagen based BioInk, VergenixSTR, and VergenixFG; the Company's ability to establish sales and marketing capabilities or enter into agreements with third parties and its reliance on third party distributors and resellers; the Company's ability to establish and maintain strategic partnerships and other corporate collaborations; the Company's reliance on third parties to conduct some or all aspects of its product manufacturing; the scope of protection we are able to establish and maintain for intellectual property rights and the Company's ability to operate its business without infringing the intellectual property rights of others; the overall global economic environment; the impact of competition and new technologies; general market, political, and economic conditions in the countries in which the Company operates; projected capital expenditures and liquidity; changes in the Company's strategy; and litigation and regulatory proceedings. More detailed information about the risks and uncertainties affecting Collplant is contained under the heading "Risk Factors" included in CollPlant's most recent annual report on Form 20-F filed with the SEC, and in other filings that Collplant has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect CollPlant's current views with respect to future events, and Collplant does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CollPlant Holdings Ltd.
Consolidated Statements of Comprehensive Loss
(Unaudited)
Convenience
translation into
USD
Three months ended March 31,
2018
2018
2017
USD in thousands
NIS in thousands
Revenue
222
779
252
Cost of Revenue
24
86
-
Gross Profit
198
693
252
Operating costs and expenses:
Research and development expenses, net
1,272
4,467
4,042
General, administrative and marketing expenses
980
3,445
1,341
Total operating costs and expenses:
2,252
7,912
5,383
Operating loss
2,054
7,219
5,131
Financial income
(110)
(387)
-
Financial expenses
116
408
61
Financial expenses, net
6
21
61
Comprehensive loss
2,060
7,240
5,192
Basic and diluted loss per ordinary share (NIS/USD)
0.01
0.04
0.04
Weighted average ordinary shares outstanding
170,551,850
170,551,850
118,299,021
CollPlant Holdings Ltd.
Consolidated Statements of Financial Position
(Unaudited)
Convenience translation into USD
March 31,
2018
March 31,
2018
December 31,
2017
USD In
thousands
NIS in thousands
Assets
Current assets:
Cash and cash equivalents
3,941
13,848
17,817
Accounts receivables:
Trade receivables
264
929
354
Other
553
1,945
3,543
Inventory
295
1,038
700
5,053
17,760
22,414
Non-current assets:
Restricted deposit
145
510
503
Long term-receivables
45
157
92
Property and equipment, net
1,388
4,878
3,582
Intangible assets, net
401
1,408
1,454
1,979
6,953
5,631
Total assets
7,032
24,713
28,045
Liabilities and equity
Current liabilities:
Accounts payable:
Trade payables
1,165
4,097
2,922
Accrued liabilities and other
485
1,705
1,996
1,650
5,802
4,918
Non-current liabilities:
Debentures at fair value
-
-
12,639
Derivatives
48
169
141
Royalties to the Israel Innovation Authority
354
1,244
1,203
Long-term payables
-
-
61
402
1,413
14,044
Commitments and contingent liabilities
Total liabilities
2,052
7,215
18,962
Equity:
Ordinary shares
1,459
5,128
4,998
Prepaid warrant
3,616
12,708
-
Additional paid in capital and warrants
51,270
180,160
178,467
Accumulated deficit
(51,365)
(180,498)
(174,382)
Total equity
4,980
17,498
9,083
Total liabilities and equity
7,032
24,713
28,045
CollPlant Holdings Ltd.
Appendices to the Consolidated Statements of Cash Flows
(Unaudited)
Convenience translation into USD
Three months ended March 31,
2018
2018
2017
USD In thousands
NIS In thousands
Cash flows used in operating activities:
Comprehensive loss for the period
(2,060)
(7,240)
(5,192)
Adjustments for:
Depreciation and amortization
85
298
352
Share-based compensation to employees, directors and consultants
320
1,124
585
Changes in fair market value of services received through the Alpha Agreement
435
1,530
-
Recognition of unrecognized day one loss
98
344
-
Exchange differences on cash and cash equivalents
(5)
(19)
76
Gain from changes in fair value of financial instruments
(70)
(247)
-
Exchange differences on restricted cash
2
(7)
30
(1,199)
(4,217)
(4,149)
Changes in operating asset and liability items:
Increase in trade receivables
(164)
(575)
-
Increase in inventory
(96)
(338)
-
Decrease in other receivables (including long-term receivables)
-
3
304
Increase (decrease) in trade payables (including long-term payables)
109
384
(1,913)
Decrease in accrued liabilities and other payables
(83)
(291)
(147)
Increase (decrease) in royalties to the IIA
12
41
(64)
(222)
(776)
(1,820)
Net cash used in operating activities
(1,421)
(4,993)
(5,969)
Cash flows from investing activities:
Purchase of property and equipment
(214)
(755)
(41)
Net cash used in investing activities
(214)
(755)
(41)
Cash flows from financing activities:
Proceeds from issuance of shares, less issuance expenses
519
1,823
6,788
Payments made for equipment on financing terms
(18)
(63)
(63)
Net cash provided by financing activities
501
1,760
6,725
Increase (Decrease) in cash and cash equivalents
(1,134)
(3,988)
715
Cash and cash equivalents at the beginning of the period
5,070
17,817
3,797
Exchange differences on cash and cash equivalents
5
19
(76)
Cash and cash equivalents at the end of the period
3,941
13,848
4,436
Appendix to the statement of cash flows
Non-cash investing activities:
Purchase of property and equipment against credit from trade payables
225
791
CollPlant Holdings Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
Convenience
translation into
USD
Three months ended March 31,
2018
2018
2017
USD In thousands
NIS in thousands
GAAP gross profit
198
693
252
GAAP operating costs and expenses:
2,252
7,912
5,383
Fair market value attributed to services received through the Alpha Agreement
435
1,530
Share-based compensation to employees, directors and consultants
320
1,124
585
Non-GAAP operating costs and expenses:
1,497
5,258
4,798
GAAP operating loss
2,054
7,219
5,131
Non-GAAP operating loss
1,299
4,564
4,546
GAAP Comprehensive loss
2,060
7,240
5,192
Fair market value attributed to services received through the Alpha Agreement
435
1,530
-
Recognition of unrecognized day one loss
98
344
-
Share-based compensation to employees, directors and consultants
320
1,124
585
Non-GAAP Comprehensive loss
1,207
4,242
4,607
GAAP Basic and diluted loss per ordinary share (NIS/USD)
0.01
0.04
0.04
Non-GAAP Basic and diluted loss per ordinary share (NIS/USD)
0.01
0.03
0.04
Contact at CollPlant:
Eran Rotem
Chief Financial Officer
Tel: +972-73-2325600/612
Email: [email protected]
IR Contact:
Amato and Partners, LLC
90 Park Avenue, 17th Floor
New York, NY 10016
[email protected]
View original content: http://www.prnewswire.com/news-releases/collplant-reports-first-quarter-2018-financial-results-and-provides-business-update-300654240.html
SOURCE CollPlant | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-collplant-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
May 2 (Reuters) - Allied Properties Real Estate Investment Trust:
* ALLIED ANNOUNCES FIRST-QUARTER RESULTS
* QTRLY AFFO PER UNIT $0.44 * MANAGEMENT EXPECTS OPERATING, ACQUISITION & DEVELOPMENT ENVIRONMENTS “TO REMAIN SUPPORTIVE THIS YEAR”
* Q1 FFO PER SHARE VIEW C$0.53 — THOMSON REUTERS I/B/E/S * INTERNAL FORECAST CONTEMPLATES SOLID MID-SINGLE-DIGIT PERCENTAGE GROWTH IN SAME-ASSET NOI IN FY
* SEES LOW-SINGLE-DIGIT PERCENTAGE GROWTH IN FFO PER UNIT IN FY
* SEES HIGH-SINGLE-DIGIT PERCENTAGE GROWTH IN AFFO PER UNIT IN FY
* MANAGEMENT EXPECTS CONTINUED GROWTH IN ALLIED’S NAV PER UNIT OVER REMAINDER OF YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-allied-properties-qtrly-ffo-per-un/brief-allied-properties-qtrly-ffo-per-unit-0-54-idUSASC09Z94 |
May 1, 2018 / 1:26 PM / Updated 2 minutes ago BRIEF-Cancer Genetics Says Appointed John Roberts As CEO And President Reuters Staff 1 Min Read
May 1 (Reuters) - Cancer Genetics Inc:
* CANCER GENETICS SAYS ON APRIL 30, BOARD APPOINTED JOHN ROBERTS AS COMPANY'S CEO AND PRESIDENT - SEC FILING Source: ( bit.ly/2w2ruOW ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cancer-genetics-says-appointed-joh/brief-cancer-genetics-says-appointed-john-roberts-as-ceo-and-president-idUSFWN1S8097 |
May 21, 2018 / 12:43 PM / in an hour First Ebola vaccines given as WHO seeks to beat Congo outbreak Kate Kelland 4 Min Read
LONDON (Reuters) - A vaccination campaign aimed at beating an outbreak of Ebola in Congo began on Monday in the port city of Mbandaka, where four cases of the deadly disease have been confirmed. FILE PHOTO: A Congolese child washes her hands as a preventive measure against Ebola at the Church of Christ in Mbandaka, Democratic Republic of Congo May 20, 2018. REUTERS/Kenny Katombe/File Photo
Use of the VSV-EBOV shot - an experimental vaccine developed by Merck - marks a “paradigm shift” in how to fight Ebola, said the World Health Organization’s head of emergency response, and means regions with Ebola outbreaks can in future expect more than just containment of an outbreak with basic public health measures such as isolation and hygiene.
The shot is designed for use in so-called ring vaccination plans. When a new Ebola case is diagnosed, all people who might have been in recent contact with the patient are traced and vaccinated to keep the disease from spreading.
“It’s the first time in the midst of an outbreak ... that we’re using this as a way to stem transmission,” WHO’s Peter Salama said in a telephone interview. “It’s an important moment that changes the way we’ve seen Ebola for 40 years.”
The same strategy was used to test Merck’s vaccine in Guinea in late 2015, towards the end of an Ebola outbreak in West Africa from 2013 to 2016. The trial results showed it was safe and gave very high levels of protection against Ebola.
Around 30 Guinean health workers who were directly involved in that 2015 vaccine trial have traveled to Congo and will help with the immunisations there, Salama said. Related Coverage Congo begins Ebola vaccinations in northwest city: witness
Ebola causes hemorrhagic fever, vomiting and diarrhea and spreads through contact with the bodily fluids of an infected person. More than 11,300 people died in the West Africa epidemic.
This latest outbreak has killed 25 people since early April, according to the WHO. It is Congo’s ninth since the disease made its first known appearance near the country’s Ebola river in the 1970s.
Cases in Mbandaka, a port city on the Congo river, have raised concern that the virus could spread downstream to the capital, Kinshasa, which has a population of 10 million.
Salama, who visited Congo after the Ebola outbreak was first reported on May 8, said up to 1,000 people - first in Mbandaka and then in Bikoro and other affected areas -could be vaccinated within the next week. FILE PHOTO: A resident speaks to a medical worker through a cordon ribbon, near the isolation facility prepared to receive suspected Ebola cases, at the Mbandaka General Hospital, in Mbandaka, Democratic Republic of Congo May 20, 2018. REUTERS/Kenny Katombe/File Photo
Some 7,300 doses are already in Congo, and hundreds of thousands more are available in a stockpile built up by Merck.
“If we need any more we can ship it within days,” he said. “We’re fine for vaccine supply; that’s not an issue. The issue is going to be making sure we find every contact, track them down and get them vaccinated if they agree.”
Congolese health ministry data show four cases of Ebola confirmed in Mbandaka’s Wangata neighborhood and two suspected cases. One patient has died. For every case, up to 150 contacts will be offered the vaccine.
Salama said he was particularly concerned about the “unknowns” of the outbreak - namely the potential numbers of cases in the village of Iboko, where no roads go and even helicopters have trouble landing.
“I’m actually very worried about Iboko because we have four new suspected cases there and it’s very, very remote. We’ve tried to land helicopters there several times, but we need the community to clear the airstrip, and they haven’t fully cleared it yet,” Salama said.
“And when you haven’t got people on the ground, it’s very hard to assess the extent of the outbreak. I’m worried there are many more cases than we’ve been able to identify so far.”
(WHO spokesman corrects name of village in paragraphs 14 and 15 to Iboko from Ikobo) Reporting by Kate Kelland; Editing by Larry King | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-vaccinations-congo/first-ebola-vaccines-given-as-who-seeks-to-beat-congo-outbreak-idUSKCN1IM18Q |
NEW YORK (AP) — A popular New York City bakery chain says it will expand across the entire United States by opening as many as 200 franchises over the next five years.
Magnolia Bakery Chief Executive Steve Abrams says the company plans to go into about 50 of the top markets in the country, with at least three locations in each. The Wall Street Journal reports Magnolia has not worked out financial details like franchising fees for potential partners as of yet.
The privately-owned bakery, which started in 1996 at a spot in Greenwich Village, has grown to encompass six stores in New York, plus stores in Boston, Chicago and Los Angeles.
Abrams says Magnolia will continue to operate company-owned stores.
Information from: The Wall Street Journal, http://www.wsj.com | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-nycs-magnolia-bakery-plans-expansion-across-the-us.html |
MILPITAS, Calif., May 01, 2018 (GLOBE NEWSWIRE) -- Nanometrics Incorporated (NASDAQ:NANO), a leading provider of advanced process control systems, today announced financial results for its first quarter ended March 31, 2018.
First Quarter 2018 Highlights:
Record Financial Results. Strong positions with key customers and a continued positive business environment, particularly for memory, helped drive record revenues, gross margin, and earnings per share. Revenues of $82.3 million were up 39% from the first quarter of 2017, and up 5% from the fourth quarter of 2017. Record gross margin was higher than forecast, due to the greater revenue volume and an increased contribution of high-margin upgrades, as well as a favorable accrual adjustment.
Significant Competitive Wins and Increasing Market Share. The company recently announced two significant competitive wins: the selection of the IMPULSE ® + integrated metrology platform by a leading-edge DRAM manufacturer, and the adoption of Nanometrics’ broad portfolio of fab-wide process control solutions by a domestic China 3D-NAND manufacturer. Both of these new positions resulted in increased market share, stronger revenues for the first quarter, and are also contributing to the company’s strengthened outlook for the full year 2018.
Strong Free Cash Flow Generation. The company reported $32.7 million in cash flow from operating activities, and after capital expenditures of $1.3 million, generated a record $31.4 million in free cash flow. Total cash, cash equivalents and marketable securities increased $6.9 million quarter-over-quarter, after $23.0 million of stock repurchases, to end the quarter with a balance of $123.9 million.
Completion of $50 Million Stock Repurchase Program. Nanometrics completed the $50 million stock repurchase program announced last November, buying back just under two million shares over the last two quarters at an average price of $25.48 per share.
GAAP Results Q1 2018 Q4 2017 QoQ Q1 2017 YoY Revenues (Millions) $ 82.3 $ 78.2 5% $ 59.3 39% Gross Margin 57.7% 56.2% 150 bps 48.0% 970 bps Operating Margin 25.0% 24.5% 50 bps 9.3% 1570 bps Net Income (Millions) $ 16.4 $ 10.8 52% $ 5.4 206% Earnings per Diluted Share $ 0.67 $ 0.42 60% $ 0.21 223% Non-GAAP Results Q1 2018 Q4 2017 QoQ Q1 2017 YoY Gross Margin 57.8% 56.4% 140 bps 48.3% 950 bps Operating Margin 25.6% 25.3% 30 bps 9.9% 1570 bps Net Income (Millions) $ 16.5 $ 13.6 22% $ 4.8 245% Earnings per Diluted Share $ 0.67 $ 0.53 28% $ 0.19 264% A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release and on the investor page of Nanometrics' website. Non-GAAP results exclude the impact of amortization of acquired intangibles, severance costs, executive transition and search costs and certain discrete tax items.
“We are very pleased to report stronger-than-expected financial results for the first quarter, in which we achieved new records in revenue, gross margin, earnings per share, and free cash flow,” commented Dr. Pierre-Yves Lesaicherre, president and chief executive officer of Nanometrics. “Our first-quarter revenues reflected both the strength of the capital spending environment for memory devices, as well as our recently-announced significant market share wins, which were immediately impactful to our product sales. Customer demand from both the NAND and DRAM market segments is reflecting that our customers’ ramp in investments is both faster and stronger than we previously forecast, improving our results for the first quarter as well as our outlook for the full year. Further, our results demonstrate that we are executing well toward our financial model targets. While there were a couple of key factors driving our gross margin outperformance that were unique to the first quarter, normalized margins of approximately 56% for the period indicate the company is ahead of schedule in achieving its gross margin targets.
“Our outlook for 2018 has strengthened since last quarter, both in terms of revenue growth and profitability. Our greater market share, higher revenue volume, and increased gross margin are enabling us to make investments in R&D and our global sales organization in support of future growth, while delivering strong profits and cash flows.” Dr. Lesaicherre concluded, “2018 is off to a very strong start, and we are looking forward to delivering a fifth straight year of double-digit revenue growth, with expanding gross and operating margins, increased earnings per share, and significant free cash flow generation. As we invest in new technologies, we are also excited to deliver on our R&D investments, and introduce new products to drive continued growth and outperformance in the years to come.”
First Quarter 2018 Summary
Revenues for the first quarter of 2018 were $82.3 million, up 5.3% from $78.2 million in the fourth quarter of 2017, and up 38.8% from $59.3 million in the first quarter of 2017. On a GAAP basis, gross margin was 57.7%, compared to 56.2% in the prior quarter and 48.0% in the year-ago period. Operating income was $20.6 million, compared to $19.2 million in the prior quarter and $5.5 million in the year-ago period. Net income was $16.4 million or $0.67 per diluted share, compared to $10.8 million or $0.42 per diluted share in the prior quarter and $5.4 million or $0.21 per diluted share in the first quarter of 2017.
On a non-GAAP basis, which excludes amortization of acquired intangible assets and severance included in cost of revenues, gross margin was 57.8%, compared to 56.4% in the prior quarter and 48.3% in the year-ago period. Non-GAAP operating income also excludes severance included in operating expenses, and executive search and transition costs, and was $21.0 million, compared to $19.8 million in the prior quarter and $5.8 million in the first quarter of 2017. Non-GAAP net income also adjusts for certain discrete tax items and the tax effect of non-GAAP adjustments and was $16.5 million or $0.67 per diluted share, compared to $13.6 million or $0.53 per diluted share in the prior quarter and $4.8 million or $0.19 per diluted share in the first quarter of 2017.
Business Outlook
Management expects second quarter 2018 revenues in the range of $82 to $90 million. Gross margin is expected to be approximately 56%, plus or minus 1%, on both a GAAP and non-GAAP basis. Management expects second-quarter operating expenses to range between $27.0 million and $28.0 million on both a GAAP and non-GAAP basis, and earnings in the range of $0.57 to $0.74 per diluted share on both a GAAP and non-GAAP basis. The earnings per share guidance reflects an improved tax rate of 22% to 23%, compared to the 25% estimate previously in guidance.
Conference Call Details
A conference call to discuss first quarter 2018 results will be held today at 4:30 p.m. EDT (1:30 p.m. PDT). To participate in the conference call, the dial-in numbers are (877) 374-4041 for domestic callers and (253) 237-1156 for international callers. The conference ID is 4785405. A live and recorded webcast and supplemental financial information will be made available on the investor page of the Nanometrics website at www.nanometrics.com .
Use of Non-GAAP Financial Information
The non-GAAP gross profit, gross margin, operating income, operating income margin, net income, net income per share, which exclude certain expenses, charges and special items, and free cash flow, were not prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Management uses non-GAAP financial results, which exclude amortization of acquired intangibles assets, severance costs, executive transition and search costs, and certain discrete tax items, to evaluate the company’s ongoing performance and to enable comparison to other periods that did not include these items. The company believes the presentation of non-GAAP results is useful to investors for analyzing ongoing business trends, comparing performance to prior periods, and enhancing the investor’s ability to view the company’s results from management’s perspective; however, investors are cautioned that other companies may calculate these measures differently than Nanometrics does, which would limit the usefulness of these financial measures. A table presenting a reconciliation of GAAP results to non-GAAP results is included at the end of this press release and is available on the investor page of the Nanometrics website at www.nanometrics.com .
About Nanometrics
Nanometrics is a leading provider of advanced, high-performance process control metrology and inspection systems used primarily in the fabrication of semiconductors and other solid-state devices, including sensors, optoelectronic devices, high-brightness LEDs, discretes and data storage components. Nanometrics’ automated and integrated metrology systems measure critical dimensions, device structures, topography and various thin film properties, including three-dimensional features and film thickness, as well as optical, electrical and material properties. The company’s process control solutions are deployed throughout the fabrication process, from front-end-of-line substrate manufacturing, to high-volume production of semiconductors and other devices, to advanced three-dimensional wafer-level packaging applications. Nanometrics’ systems enable advanced process control for device manufacturers, providing improved device yield at reduced manufacturing cycle time, supporting the accelerated product life cycles in the semiconductor and other advanced device markets. The company maintains its headquarters in Milpitas, California, with sales and service offices worldwide. Nanometrics is traded on Nasdaq Global Select Market under the symbol NANO. Nanometrics’ website is http://www.nanometrics.com .
Forward Looking Statements
Certain statements in this press release, including those found in Dr. Lesaicherre’s Quote: , under the caption “Business Outlook,” and elsewhere regarding expected future financial performance, are that involve a number of risks and uncertainties that could cause actual results to differ materially from those described in this release. Although Nanometrics believes that the expectations reflected in the are reasonable, actual results could differ materially from these expectations due to a variety of factors, including, but not limited to: decreased levels of industry spending; slowing adoption rate of Nanometrics’ new product; Nanometrics’ inability to gain additional market share, increase sales, ship products as scheduled, achieve customer acceptance of new products or outperform the industry; decreased demand for Nanometrics’ products; shifts in the timing of customer orders and product shipments; technology adoption rates; changes in customer and product mix; changes in market share; changes in operating expenses; and general economic conditions. For additional information and considerations regarding the risks faced by Nanometrics that could cause actual results to differ materially, see its annual report on Form 10-K for the year ended December 30, 2017, as filed with the Securities and Exchange Commission on February 26, 2018 including under the caption “Risk Factors,” as well as other periodic reports filed with the SEC from time to time. Nanometrics disclaims any obligation to update information contained in any forward-looking statement, except as required by law.
NANOMETRICS INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 31,
2018 December 30,
2017 ASSETS Current assets: Cash and cash equivalents $ 65,912 $ 34,899 Marketable securities 57,975 82,130 Accounts receivable, net 59,034 62,457 Inventories 53,110 52,860 Inventories-delivered systems 1,493 1,534 Prepaid expenses and other 6,905 6,234 244,429 240,114 Property, plant and equipment, net 43,795 44,810 Goodwill 10,611 10,232 Intangible assets, net 3,171 2,206 Deferred income tax assets 9,671 11,924 Other assets 345 413 Total assets $ 312,022 $ 309,699 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 18,492 $ 13,857 Accrued payroll and related expenses 9,669 12,901 Deferred revenue 9,029 7,408 Other current liabilities 7,120 7,249 Income taxes payable 3,565 2,680 47,875 44,095 Deferred revenue 1,290 1,661 Income taxes payable 1,409 860 Deferred tax liabilities 186 179 Other long-term liabilities 535 521 Total liabilities 51,295 47,316 Stockholders’ equity: Common stock 24 26 Additional paid-in capital 234,793 255,368 Retained earnings 26,136 9,113 Accumulated other comprehensive income (loss) (226 ) (2,124 ) Total stockholders’ equity 260,727 262,383 Total liabilities and stockholders’ equity $ 312,022 $ 309,699
NANOMETRICS INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share amounts) (Unaudited) Three Months Ended March 31, 2018 April 1, 2017 Net revenues: Products $ 71,019 $ 48,175 Service 11,294 11,139 Total net revenues 82,313 59,314 Costs of net revenues: Cost of products 28,593 25,478 Cost of service 6,154 5,337 Amortization of intangible assets 35 52 Total costs of net revenues 34,782 30,867 Gross profit 47,531 28,447 Operating expenses: Research and development 10,202 8,694 Selling 9,024 7,938 General and administrative 7,741 6,307 Amortization of intangible assets - - Total operating expenses 26,967 22,939 Income from operations 20,564 5,508 Other income (expense): Interest income 3 1 Interest expense (96 ) (40 ) Other income, net 352 (3 ) Total other income (expense), net 259 (42 ) Income before income taxes 20,823 5,466 Provision for income taxes 4,442 114 Net income $ 16,381 $ 5,352 Net income per share: Basic $ 0.68 $ 0.21 Diluted $ 0.67 $ 0.21 Shares used in per share calculation: Basic 24,063 25,133 Diluted 24,483 25,833
NANOMETRICS INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2018 April 1, 2017 Cash flows from operating activities: Net income $ 16,381 $ 5,352 Reconciliation of net income to net cash from operating activities: Depreciation and amortization 1,724 1,854 Stock-based compensation 2,338 2,164 Loss on disposal of fixed assets 45 63 Inventory write down 95 406 Deferred income taxes 2,062 (479 ) Changes in assets and liabilities: Accounts receivable 8,035 (6,874 ) Inventories 315 (2,695 ) Inventories-delivered systems 41 (823 ) Prepaid expenses and other (454 ) (88 ) Accounts payable, accrued and other liabilities (1,474 ) 970 Deferred revenue 2,172 3,039 Income taxes payable 1,434 186 Net cash provided by operating activities 32,714 3,075 Cash flows from investing activities: Payment for acquisition of certain assets (1,000 ) - Sales of marketable securities 17,435 10,181 Maturities of marketable securities 6,500 24,531 Purchases of marketable securities - (36,514 ) Purchase of property, plant and equipment (1,319 ) (47 ) Net cash provided by (used in) investing activities 21,616 (1,849 ) Cash flows from financing activities: Proceeds from sale of shares under employee stock option and purchase plans 545 1,217 Taxes paid on net issuance of stock awards (476 ) (1,755 ) Repurchases of common stock under share repurchase plans (22,987 ) - Net cash (used in) financing activities (22,918 ) (538 ) Effect of exchange rate changes on cash and cash equivalents (399 ) (333 ) Net increase in cash and cash equivalents 31,013 355 Cash and cash equivalents, beginning of period 34,899 47,062 Cash and cash equivalents, end of period $ 65,912 $ 47,417
NANOMETRICS INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2018 December 30, 2017 April 1, 2017 Reconciliation of GAAP gross profit and gross margin to non-GAAP gross profit and gross margin GAAP gross profit and gross margin, respectively $ 47,531 57.7 % $ 43,973 56.2 % $ 28,447 48.0 % Non-GAAP adjustments: Severance included in cost of revenues - 0.0 % 77 0.1 % 136 0.2 % Amortization of intangible assets 35 0.0 % 50 0.1 % 52 0.1 % Non-GAAP gross profit and gross margin, respectively $ 47,566 57.8 % $ 44,100 56.4 % $ 28,635 48.3 % Reconciliation of GAAP operating income to non-GAAP operating income GAAP operating income and operating margin, respectively $ 20,564 25.0 % $ 19,162 24.5 % $ 5,508 9.3 % Non-GAAP adjustments: Amortization of intangible assets included in cost of revenues 35 0.0 % 50 0.1 % 52 0.1 % Severance included in cost of revenues - 0.0 % 77 0.1 % 136 0.2 % Severance included in operating expenses - 0.0 % 509 0.6 % 148 0.2 % Executive transition costs 376 0.5 % - 0.0 % - 0.0 % Executive search costs 46 0.1 % - 0.0 % - 0.0 % Total non-GAAP adjustments to operating income 457 0.6 % 636 0.8 % 336 0.6 % Non-GAAP operating income and operating margin, respectively $ 21,021 25.6 % $ 19,798 25.3 % $ 5,844 9.9 % Reconciliation of GAAP net income to non-GAAP net income GAAP net income $ 16,381 $ 10,798 $ 5,352 Non-GAAP adjustments: Total non-GAAP adjustments to non-GAAP operating income 457 636 336 Discrete tax items and tax effect of non-GAAP adjustments (344 ) (432 ) (901 ) Tax Reform - 2,569 - Non-GAAP net income $ 16,494 $ 13,571 $ 4,787 GAAP net income per diluted share $ 0.67 $ 0.42 $ 0.21 Non-GAAP net income per diluted share $ 0.67 $ 0.53 $ 0.19 Shares used in diluted net income per share calculation 24,483 25,819 25,833 Reconciliation of net cash provided by operating activities to free cash flow GAAP net cash provided by operating activities $ 32,714 $ 5,219 $ 3,075 Purchase of property and equipment (1,319 ) (2,862 ) (47 ) Free cash flow $ 31,395 $ 2,357 $ 3,028 Investor Relations Contact: Claire McAdams Headgate Partners LLC 530.265.9899 [email protected] Company Contact: Jonathan Chou, CFO Nanometrics Incorporated 408.545.6088 [email protected]
Source:Nanometrics Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-nanometrics-reports-first-quarter-2018-financial-results.html |
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Share this: Previous Clued In (Crossword Contest, May 18) Next Sun Spots (Saturday Crossword, May 19) | ashraq/financial-news-articles | https://blogs.wsj.com/puzzle/2018/05/18/hatchlings-saturday-puzzle-may-19/ |
Allergan PLC is recalling nearly 170,000 sample packs of its birth-control treatment Taytulla after placebo and active capsules were placed out of order, potentially raising the risk of an unintended pregnancy.
The drugmaker said Tuesday the physician sample packs of Taytulla were designed to have 24 active birth control pills, followed by four placebo pills, taken daily over the course of 28 days. Allergan, which attributed the issue to a packing error, said the four inactive pills were incorrectly placed at the start of... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/allergan-recalls-taytulla-birth-control-packs-after-pills-placed-out-of-order-1527609551 |
BRUSSELS (Reuters) - An independent Scotland would not join the euro currency, Scottish First Minister Nicola Sturgeon said on Monday, adding there was “absolutely nothing” stopping the country keeping the pound.
Scotland's First Minister Nicola Sturgeon arrives for a meeting with European Union's chief Brexit negotiator Michel Barnier at the EU Commission headquarters in Brussels, Belgium, May 28, 2018. REUTERS/Emmanuel Dunand/Pool via REUTERS “It is not my party’s position to go into the euro and I do see that changing. Self evidently it is not a requirement for EU membership in practice,” Sturgeon said, speaking at an event hosted by the Politico news website in Brussels.
“The pound is Scotland’s currency right now. The pound, as everybody knows, is a fully tradable international currency. There is absolutely nothing to stop Scotland from using the pound,” Sturgeon added.
Reporting by Alastair Macdonald, writing by Robert-Jan Bartunek; Editing by Alastair Macdonald
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-scotland-pound/independent-scotland-would-not-join-euro-sturgeon-idUSKCN1IT0RV |
May 4 (Reuters) - Xinfengming Group Co Ltd :
* Says it completed issuance of public convertible corporate bonds worth 2.15 billion yuan
Source text in Chinese: goo.gl/8U8tQP
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xinfengming-group-issues-public-co/brief-xinfengming-group-issues-public-convertible-corporate-bonds-worth-2-15-bln-yuan-idUSL3N1SB3N9 |
May 31, 2018 / 4:13 PM / Updated 33 minutes ago Nadal on a roll, Gasquet next in the firing line Martyn Herman 4 Min Read
PARIS (Reuters) - Rafael Nadal had expected to be spending his days fishing off his home island of Mallorca by the time he reached the age of 32 and his good friend Richard Gasquet probably wishes he was. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Spain's Rafael Nadal celebrates winning his second round match against Argentina's Guido Pella REUTERS/Benoit Tessier
Instead, the Frenchman will be the latest player in Nadal’s firing line as the Spaniard, who celebrates his birthday next week, moves inexorably towards an 11th French Open title.
Nadal romped into the third round on Thursday with a 6-2 6-1 6-1 defeat of the outclassed Argentine Guido Pella.
Far from slowing down, he appears fitter and faster and is striking his forehand with frightening power.
Poor Pella never stood a chance once he had squandered four break points in the opening game of the match. Related Coverage Tennis: German Gojowczyk handed hefty fine for retiring in first round
Nadal has now won 27 consecutive sets at Roland Garros, including last year’s charge to La Decima.
On this form, it looks hard to make a case for him not clamping his jaws around the Coupe des Mousquetaires trophy yet again and if Gasquet is to stop him he will have to improve on a head-to-head record which reads played 15, lost 15.
It gets worse. The last 10 times the Frenchman has played against Nadal he has not even managed to win a set. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Spain's Rafael Nadal celebrates winning his second round match against Argentina's Guido Pella REUTERS/Benoit Tessier
“Ten years is a long time,” Gasquet said, recalling a conversation he had with his father after losing to the Spaniard in the semi-final of the Monte Carlo Masters in 2005, a few weeks before Nadal claimed his first French Open title.
“I said, ‘He’s going to win and he might win a lot of Grand Slams, because he was incredible’. Maybe five or six, I didn’t think he would win 10 times.” NUMBER ONE
Gasquet was rated as a future Grand Slam champion then.
In all probability he will never win one major while Nadal already has 16. Yet the Spaniard could hardly have imagined he would still be ranked number one in the world 13 years after that clash and looking immovable on the Parisian clay. Slideshow (5 Images)
“You cannot predict the future. I just enjoy the things that are happening. At the age of 25, if you’d asked me when I’m 32 will I be here, I would say probably not,” he told reporters.
“Probably I will be fishing or doing other things.
“I am very happy to be where I am. Very happy to keep playing tennis at my age, because I heard all my career I will have a short career because of my style of game.”
With rain showers predicted on Thursday, Nadal was in no mood for any overtime against Pella, dispatching his fellow left-hander with a barrage of brutal forehands on a warm and bouncy Court Suzanne Lenglen.
He struck 24 fizzing winners on the forehand and many more that softened Pella into a pulp.
“The forehand, especially after the first set, I think starts to go quicker and finding more the right spots,” he said.
Worryingly for the field, Nadal appears to be setting no limits on where his career might still go.
“How do you know when you’ve reached your limit?” he said. “If you think you can’t improve because you have reached your limit, it’s not the right thing. You can improve small things, and small things at this level can lead to great things.
“I don’t know where the limit is.” Reporting by Martyn Herman, editing by Ed Osmond and Ken Ferris | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-nadal/nadal-too-hot-for-pella-as-he-rolls-into-third-round-idUSKCN1IW2CF |
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Elstar Therapeutics, a company fulfilling the promise of precision cancer immunotherapy through a powerful new approach to generating multi-functional therapies, announced the formation of its scientific advisory board, comprised of leaders in immunology and cancer research. Additionally, Elstar announced the publication of a key patent application underpinning its UniTI™ technology platform. This patent describes a novel approach for generating bispecific therapeutic human antibodies.
“While we believe our UNiTI platform is inherently positioned to be part of the cure for cancer, the expertise and guidance of our newly-formed scientific advisory board will be integral to Elstar’s success. The four distinguished researchers who have joined our Board share Elstar’s passion to overcome barriers that have limited the success of other immunotherapies,” said Steve Arkinstall, President and Chief Executive Officer of Elstar Therapeutics. “In order to bring treatments to patients as quickly as possible, we are looking forward to working with our SAB and are grateful for their commitment to the Company’s mission.”
The board members include Arlene Sharpe, Ken Smith, Mark J. Smyth, and E. John Wherry.
“Elstar is aiming to engage the immune system to attack cancer cells in an innovative, unique way, with real potential to eliminate cancer cells. The ability to create dual-targeting molecules with modular effector mechanisms with a standard, scalable manufacturing process is something this space needs in order to make real strides in the fight against cancer, and I am excited to be a part of that effort,” said Dr. Arlene Sharpe.
Elstar Therapeutics Scientific Advisory Board members are:
Arlene Sharpe, MD, PhD is the George Fabyan Professor of Comparative Pathology, Head of Division of Immunology and the Interim Co-Chair, Department of Microbiology and Immunobiology, Harvard Medical School, the Leader, Cancer Immunology Program at the Dana-Farber/Harvard Cancer Center and Co-Director, Evergrande Center for Immunologic Diseases, HMS and BWH. Arlene has published over 300 papers and was listed by Thomson Reuters as one of the most Highly Cited Researchers (top 1%) in 2014 and 2015 and a Citation Laureate in 2016. She received the William B. Coley Award for Distinguished Research in Tumor Immunology in 2014, the Warren Alpert Foundation Prize in 2017 for her contributions to the discovery of the PD-1 pathway and was elected to the National Academy of Sciences in 2018 in recognition of her distinguished and continuing achievements in original research. Arlene earned her MD and PhD degrees from Harvard Medical School and completed her residency in Pathology at Brigham and Women’s Hospital. Ken Smith, FRACP, PhD, FMedSci is a Professor of Medicine and Head of Department of Medicine, University of Cambridge. Ken’s laboratory studies basic immunological mechanisms and how defects in regulatory control of the immune system can lead to autoimmunity and alter defense against infection. Ken trained in nephrology and clinical immunology with an interest in autoimmune disease at the University of Melbourne, Australia. His PhD at the Walter and Eliza Hall Institute examined aspects of B cell immunology. Mark J. Smyth, PhD, FAHMS, FAA is a Senior Scientist and Immunology Coordinator, QIMR Berghofer Medical Research Institute Brisbane, Australia. For his work, Mark received the William B. Coley Award for Distinguished Research in Tumor Immunology in 2002 and the Brupbacher Prize for Cancer Research in 2007. He is the highest cited immunologist in Australia and is a Senior Editor and Advisory Board Member for Cancer Research and Science, respectively. Mark completed his PhD in 1988 and trained at the NIH National Cancer Institute, before commencing his independent research career in Australia. E. John Wherry, PhD is the Richard and Barbara Schiffrin President's Distinguished Professor of Microbiology and Director, Institute for Immunology, University of Pennsylvania. In 2014, John received the distinguished Alumni Award from the Thomas Jefferson University Graduate School of Biomedical Sciences, and in 2016 the Cancer Research Institute’s Frederick W. Alt Award for New Discoveries in Immunology. He has over 175 publications in top international journals including Nature, Science, Nature Immunology, Immunity, and the Journal of Experimental Medicine. His publications have been cited over 34,000 times. Dr. Wherry received his PhD at Thomas Jefferson University in 2000, then went on to do his postdoctoral research at Emory University, where he trained with Dr. Rafi Ahmed.
About Elstar Therapeutics, Inc.
Elstar Therapeutics is fulfilling the promise of precision cancer immunotherapy through a powerful new approach to generating antibody-based, multi-functional therapeutics.
Armed with a unique approach to engaging multiple immune mechanisms, Elstar enables patients to harness their own body to fight cancer.
Elstar’s Universal Targeted Immunotherapy (UniTI™) platform is positioned to overcome barriers that are limiting the full potential of other promising immunotherapeutic approaches.
“Our motivation…to be part of the cure for cancer.”
For more information visit www.elstartherapeutics.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005145/en/
MacDougall Biomedical Communications
Karen Sharma, 781-235-3060
[email protected]
Source: Elstar Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-immunology-and-cancer-research-leaders-join-elstar-therapeuticsa-scientific-advisory-board.html |
May 23, 2018 / 12:09 PM / in 19 minutes China signals to state giants: 'Buy American' oil and grains Florence Tan , Hallie Gu , Dominique Patton 4 Min Read
SINGAPORE/BEIJING (Reuters) - China will import record volumes of U.S. oil and is likely to ship more U.S. soy after Beijing signaled to state-run refiners and grains purchasers they should buy more to help ease tensions between the two top economies, trade sources said on Wednesday.
China pledged at the weekend to increase imports from its top trading partner to avert a trade war that could damage the global economy. Energy and commodities were high on Washington’s list of products for sale.
As the two sides stepped back from a full-blown trade war, Washington neared a deal on Tuesday to lift its ban on U.S. firms supplying Chinese telecoms gear maker ZTE Corp, and Beijing announced tariff cuts on car imports.
But U.S. President Donald Trump indicated on Wednesday that negotiations were still short of his objectives when he said any deal would need a “different structure”.
China is the world’s top importer of both oil and soy, and more U.S. shipments will help it meet rising domestic consumption. The imports would also contribute to cutting China’s trade surplus with the United States, as demanded by Trump.
Asia’s largest oil refiner, China’s Sinopec ( 600028.SS ) will boost crude imports from the U.S. to an all-time high in June as part of Chinese efforts to cut the surplus, two sources with knowledge of the matter said on Wednesday.
Sinopec’s trading arm Unipec has bought 16 million barrels, or about 533,000 barrels per day, of U.S. crude to load in June, they said, the largest volume ever to be lifted in a month by the company and worth about $1.1 billion.
“The government has encouraged us to lift more U.S. crude,” one of the sources said.
U.S. crude exports have risen rapidly as output from shale fields hits record highs and driven down the cost of U.S. oil relative to similar grades worldwide. Exports are straining U.S. pipeline and port infrastructure, and may be reaching the limit, one of the sources said.
“We want to buy more but they might not be able to export more,” the source said.
Other Chinese refiners are looking to reconfigure their plants so they could buy and process U.S. oil, one trade source said. FILE PHOTO: Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018. REUTERS/Jason Lee SOYBEAN INTEREST
In agriculture, China’s state grain stockpiler Sinograin returned this week to the U.S. soybean market for the first time since early April, two sources said. Sinograin made enquiries about prices for U.S. soybeans, traders said, interpreted as a sign that government curbs on buying American goods had been lifted
“Sinograin is in the market today asking U.S. suppliers to make offers for shipment of old crop as well as new crop beans for shipment August onwards,” said a source who works at a private soybean crushing company in China.
“It is a clear message to even private companies that it is okay now to import U.S. beans.”
Soybeans are America’s top agricultural export to China, worth $12 billion last year.
Two other sources briefed on the matter said Chinese state grain trader Cofco [CNCOF.UL] would be permitted to buy U.S. soybeans again, ending restrictions imposed by Beijing as trade tensions rose. The sources declined to be named as they are not authorised to speak to the media.
Sinograin, Cofco and the Ministry of Agriculture and Rural Affairs did not respond to requests for comment.
The Ministry of Commerce had not told state companies to increase purchases of U.S. soybeans, a ministry spokeswoman said.
U.S. Gulf export prices for the new soybean crop rose on Tuesday, which a U.S.-based trader said may indicate a revival in demand from China. Exporters were lining up supplies for October to December shipment, the trader said.
Improving trade relations appeared to be rekindling interest from China for other grains, traders said. That will come as a big relief to U.S. farmers, who saw orders canceled and business dry up as Washington and Beijing lobbed trade-tariff threats at one another. Reporting by Dominique Patton and Hallie Gu in Bejing and Florence Tan and Naveen Thukral in Singapore; Additional reporting by Karl Plume in Chicago; Writing by Josephine Mason and Simon Webb; Editing by Alistair Bell | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-deal/trump-says-u-s-china-trade-deal-needs-different-structure-idUSKCN1IO1OB |
May 7 (Reuters) - Inseego Corp:
* INSEEGO NAMES RICK HARRIS AS SENIOR VICE PRESIDENT ENTERPRISE SALES FOR THE AMERICAS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-inseego-names-rick-harris-as-senio/brief-inseego-names-rick-harris-as-senior-vice-president-enterprise-sales-for-the-americas-idUSASC0A05T |
Malaysia has set up a special taskforce that will look into possible criminal conduct of individuals involved in the management of state fund 1Malaysia Development Berhad (1MDB), the prime minister's office said on Monday.
The taskforce, which will include the anti-graft agency, police and the central bank, will also be responsible for identifying and seizing assets acquired using funds allegedly siphoned from the state fund, which was set up in 2009 by embattled former prime minister Najib Razak, whose near 10-year rule ended in electoral defeat on May 9.
"This taskforce will also be responsible for seeking cooperation of various enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries," the office of new Prime Minister Mahathir Mohamad said in a statement.
show chapters What happened to Malaysia's 1MDB money? 8:36 AM ET Thu, 1 March 2018 | 05:44 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/malaysia-sets-up-new-1mdb-criminal-taskforce.html |
May 15 (Reuters) - Roxgold Inc:
* ROXGOLD DELIVERS RECORD GOLD PRODUCTION AND CASH FLOW IN FIRST QUARTER 2018; ANNOUNCES INCREASE IN FULL YEAR PRODUCTION GUIDANCE
* FOR QUARTER, INCREASED GOLD SALES BY 24% WITH 40,050 OUNCES OF GOLD SOLD TOTALLING REVENUES OF $53 MILLION
* COMPANY’S OBJECTIVES FOR FISCAL YEAR 2018 INCLUDE GOLD PRODUCTION BETWEEN 120,000 AND 130,000 OUNCES Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-roxgold-announces-increase-in-fy-p/brief-roxgold-announces-increase-in-fy-production-guidance-idUSASC0A2J0 |
MELVILLE, N.Y., FalconStor Software, Inc. (OTCQB:FALC), a market leader in storage software, today announced financial results for its first quarter ended March 31, 2018.
“We are pleased with our Q1 performance and resultant financial results, which continued the return to profitability delivered in Q3 and Q4 of 2017,” stated Todd Brooks, CEO of FalconStor. “Our products play a key role in efficiently managing and protecting critical data within enterprises around the world. Given our improved financial stability and continually improving operational efforts, our focus for the balance of 2018 will shift to further product innovation and strategic growth.”
Financial Overview:
Three Months Ended March 31, Change
Period to Period ( in millions except per share data) 2018 2017 Total revenue $ 5.0 100 % $ 6.0 100 % $ (1.0 ) (17 )% Total cost of revenue $ 0.8 15 % $ 1.5 24 % $ (0.7 ) (48 )% Total operating expenses $ 3.7 74 % $ 5.7 95 % $ (2.1 ) (36 )% Operating income (loss) (GAAP) $ 0.6 11 % $ (1.1 ) (19 )% $ 1.7 * Net income (loss) (GAAP) $ 0.5 10 % $ (1.1 ) (18 )% $ 1.6 * Diluted EPS GAAP $ (0.05 ) $ (0.03 ) $ (0.02 ) For the three months ended March 31, 2018 we delivered net GAAP operating income of $0.6 million on revenues of $5.0 million. Included in operating results above for the three months ended March 31, 2018 and 2017 were $0.0 million and $0.4 million of share-based compensation expense, respectively.
Deferred revenue at March 31, 2018 was $13.1 million, compared with $18.4 million at December 31, 2017. The decrease is primarily related to our adoption of new revenue recognition accounting guidance on January 1, 2018 using the modified retrospective transition method applied to contracts which were not completed as of January 1, 2018. Our cash balance at March 31, 2018 was $4.6 million, compared with $1.0 million at December 31, 2017.
Three Months Ended, ( in millions except per share data) March 31, 2018 December 31, 2017 March 31, 2017 Revenue $ 5.0 $ 6.3 $ 6.0 Bookings $ 5.0 $ 5.7 $ 5.5 Non-GAAP Expenses $ 4.6 $ 4.7 $ 7.0 Non-GAAP Gross Margin 85 % 83 % 77 % Non-GAAP Operating Income (Loss) $ 0.4 $ 1.5 $ (0.9 ) Non-GAAP Net Income (Loss) $ 0.3 $ 1.5 $ (0.9 ) Non-GAAP Diluted EPS $ — $ 0.03 $ (0.02 ) Cash (used in) provided by operations $ 1.2 $ (1.0 ) $ 0.1 Non-GAAP results exclude the effects of stock-based compensation, restructuring costs and the effects of our Series A redeemable convertible preferred stock. A reconciliation between GAAP and non-GAAP information is provided on page 6 of this release.
Conference Call
The Company will host a conference call to discuss its financial results on Thursday, May 10, 2018 at 4:30 p.m. EST. To participate in the conference call, please dial:
Toll Free: 1-800-263-0877
International: +1-323-794-2094
Conference ID: 5146016
To view the presentation, please copy and paste the following link into your browser and register for this meeting. Once you have registered for the meeting, you will receive an email message confirming your registration.
https://falconstor.webex.com/
Meeting: FalconStor Q1 2018 Earnings
Meeting Password: Q118meeting
Meeting Number: 794 483 353
A conference call replay will be available beginning May 10, 2018 at 6:30 p.m. CST through 6:30 p.m. CST on May 17, 2018. To listen to the replay of the call, dial: Toll Free: 1-888-203-1112; International: +1 719-457-0820; Passcode: 5146016
Non-GAAP Financial Measures
The non-GAAP financial measures used in this press release are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The Company’s management refers to these non-GAAP financial measures in making operating decisions because they provide meaningful supplemental information regarding the Company’s operating performance. In addition, these non-GAAP financial measures facilitate management’s internal comparisons to the Company’s historical operating results and comparisons to competitors’ operating results. We include these non-GAAP financial measures (which should be viewed as a supplement to, and not a substitute for, their comparable GAAP measures) in this press release because we believe they are useful to investors in allowing for greater transparency into the supplemental information used by management in its financial and operational decision-making. The non-GAAP financial measures exclude (i) restructuring costs, (ii) effects of our Series A redeemable convertible preferred stock, and (iii) non-cash stock-based compensation charges and any potential tax effects. For a reconciliation of our GAAP and non-GAAP financial results, please refer to our Non-GAAP Operating Data GAAP Reconciliation, presented in this release.
About FalconStor Software
FalconStor Software, Inc. (OTCQB:FALC) is a leading storage software company offering a converged data services software platform that is hardware agnostic. Our open, integrated flagship solution FreeStor® reduces vendor lock-in and gives enterprises the freedom to choose the applications and hardware components that make the best sense for their business. We empower organizations to modernize their data center with the right performance, in the right location, all while protecting existing investments. FalconStor’s mission is to maximize data availability and system uptime to ensure nonstop business productivity while simplifying data management to reduce operational costs. Our award-winning solutions are available and supported worldwide by OEMs as well as leading service providers, system integrators, resellers and FalconStor. The Company is headquartered in Melville, N.Y. with offices throughout Europe and the Asia Pacific region. For more information, visit www.falconstor.com or call 1-866-NOW-FALC (866-669-3252).
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This press release includes forward-looking statements that involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include: delays in product development; market acceptance of FalconStor’s products and services; technological change in the data protection industry; competition in the data protection market; results and costs associated with governmental investigations; intellectual property issues; and other risk factors discussed in FalconStor’s reports on Forms 10-K, 10-Q and other reports filed with the Securities and Exchange Commission.
FalconStor, FalconStor Software, FreeStor and Intelligent Abstraction are trademarks or registered trademarks of FalconStor Software, Inc., in the U.S. and other countries. All other company and product names contained herein may be trademarks of their respective holders.
Links to websites or pages controlled by parties other than FalconStor are provided for the reader’s convenience and information only. FalconStor does not incorporate into this release the information found at those links nor does FalconStor represent or warrant that any information found at those links is complete or accurate. Use of information obtained by following these links is at the reader’s own risk.
FalconStor Software, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2018 December 31, 2017 (unaudited) Assets Current assets: Cash and cash equivalents $ 4,563,260 $ 1,011,472 Accounts receivable, net 3,118,556 4,168,015 Prepaid expenses and other current assets 1,415,950 1,244,494 Contract assets, net 1,624,533 — Total current assets 10,722,299 6,423,981 Property and equipment, net 557,799 636,112 Deferred tax assets, net 618,078 590,977 Software development costs, net 236,991 279,414 Other assets, net 966,867 992,760 Goodwill 4,150,339 4,150,339 Other intangible assets, net 134,628 141,631 Contract assets $ 1,786,369 $ — Total assets $ 19,173,370 $ 13,215,214 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 1,271,429 $ 1,092,864 Accrued expenses 2,622,150 4,376,235 Short-term loan, net of debt issuance costs and discounts — 370,151 Deferred revenue, net 7,391,371 11,760,327 Total current liabilities 11,284,950 17,599,577 Other long-term liabilities 1,140,671 1,154,512 Notes payable, net 2,468,696 — Warrant liability 4,143,000 — Deferred tax liabilities, net 85,559 85,559 Deferred revenue, net 5,748,448 6,600,363 Total liabilities 24,871,324 25,440,011 Commitments and contingencies Series A redeemable convertible preferred stock 8,747,789 9,000,000 Total stockholders' deficit (14,445,743 ) (21,224,797 ) Total liabilities and stockholders' deficit $ 19,173,370 $ 13,215,214 FalconStor Software, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31, 2018 2017 Revenue: Product revenue $ 1,933,944 $ 1,921,052 Support and services revenue 3,060,005 4,118,063 Total revenue 4,993,949 6,039,115 Cost of revenue: Product 26,150 198,715 Support and service 728,888 1,253,916 Total cost of revenue 755,038 1,452,631 Gross profit $ 4,238,911 $ 4,586,484 Operating expenses: Research and development costs 1,004,698 2,294,863 Selling and marketing 1,193,550 2,050,542 General and administrative 1,654,940 1,621,551 Restructuring costs (benefit) (173,263 ) (236,302 ) Total operating expenses 3,679,925 5,730,654 Operating income (loss) 558,986 (1,144,170 ) Interest and other income (loss), net 10,330 154,921 Income (Loss) before income taxes 569,316 (989,249 ) Provision for income taxes 62,439 122,948 Net income (loss) $ 506,877 $ (1,112,197 ) Less: Accrual of Series A redeemable convertible preferred stock dividends 243,167 204,575 Less: Deemed dividend on Series A redeemable convertible preferred stock 2,269,042 — Less: Accretion to redemption value of Series A redeemable convertible preferred stock 38,105 — Net loss attributable to common stockholders $ (2,043,437 ) $ (1,316,772 ) Basic net loss per share attributable to common stockholders $ (0.05 ) $ (0.03 ) Diluted net loss per share attributable to common stockholders $ (0.05 ) $ (0.03 ) Weighted average basic shares outstanding 44,564,094 44,088,352 Weighted average diluted shares outstanding 44,564,094 44,088,352 FalconStor Software, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
Three Months Ended March 31, 2018 2017 GAAP income (loss) from operations $ 558,986 $ (1,144,170 ) Non-cash stock option expense (1) (22,895 ) 445,414 Restructuring costs (3) (173,263 ) (236,302 ) Non-GAAP income (loss) from operations $ 362,828 $ (935,058 ) GAAP net loss attributable to common stockholders $ (2,043,437 ) $ (1,316,772 ) Non-cash stock option expense, net of income taxes (2) (22,895 ) 445,414 Restructuring costs (3) (173,263 ) (236,302 ) Effects of Series A redeemable convertible preferred stock (4) 2,550,314 204,575 Non-GAAP net income (loss) attributable to common stockholders $ 310,719 $ (903,085 ) GAAP gross margin 85 % 76 % Non-cash stock option expense (1) 0 % 1 % Non-GAAP gross margin 85 % 77 % GAAP gross margin - Product 99 % 90 % Non-cash stock option expense (1) 0 % 0 % Non-GAAP gross margin - Product 99 % 90 % GAAP gross margin - Support and Service 76 % 70 % Non-cash stock option expense (1) 0 % 1 % Non-GAAP gross margin - Support and Service 76 % 71 % GAAP operating margin 11 % (19 %) Non-cash stock option expense (1) 0 % 7 % Restructuring costs (3) (3 %) (4 %) Non-GAAP operating margin 8 % (16 %) GAAP Basic EPS $ (0.05 ) $ (0.03 ) Non-cash stock option expense, net of income taxes (2) 0.00 0.01 Restructuring costs (3) 0.00 0.00 Effects of Series A redeemable convertible preferred stock (4) 0.06 0.00 Non-GAAP Basic EPS $ 0.01 $ (0.02 ) GAAP Diluted EPS $ (0.05 ) $ (0.03 ) Non-cash stock option expense, net of income taxes (2) 0.00 0.01 Restructuring costs (3) 0.00 0.00 Effects of Series A redeemable convertible preferred stock (4) 0.05 0.00 Non-GAAP Diluted EPS $ 0.00 $ (0.02 ) Weighted average basic shares outstanding (GAAP and as adjusted) 44,564,094 44,088,352 Weighted average diluted shares outstanding (GAAP) 44,564,094 44,088,352 Weighted average diluted shares outstanding (Non-GAAP) 261,370,198 44,088,352 Footnotes:
Represents non-cash, stock-based compensation charges as follows:
Three Months Ended March 31, 2018 2017 Cost of revenue - Product $ — $ — Cost of revenue - Support and Service 8,700 56,451 Research and development costs 22,606 129,715 Selling and marketing 7,932 56,540 General and administrative (62,133 ) 202,708 Total non-cash stock based compensation expense $ (22,895 ) $ 445,414 Represents the effects of non-cash stock-based compensation expense recognized, net of related income tax effects. For the three months ended March 31, 2018 and 2017, the tax expense for both GAAP and Non-GAAP basis approximate the same amount.
Represents restructuring costs which were incurred during each respective period presented.
Represents the effects of the accretion to redemption value of the Series A redeemable convertible preferred stock, accrual of Series A redeemable convertible preferred stock dividends and deemed dividend on Series A redeemable convertible preferred stock.
For more information, contact:
FalconStor Software, Inc.
Brad Wolfe
Chief Financial Officer
[email protected]
Source: FalconStor Software | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-falconstor-software-announces-first-quarter-2018-results.html |
Eric Gordon’s first 3-pointer of the game gave Houston a late five-point lead, and the Rockets held on from there to defeat the Golden State Warriors 95-92 in Oakland, Calif., on Tuesday night to even the Western Conference finals at two games apiece.
May 22, 2018; Oakland, CA, USA; Houston Rockets guard James Harden (13) dunks the basketball against Golden State Warriors forward Draymond Green (23) during the first half in game four of the Western conference finals of the 2018 NBA Playoffs at Oracle Arena. Mandatory Credit: Kyle Terada-USA TODAY Sports James Harden scored 30 points and Chris Paul 27 for the Rockets, who regained home-court advantage in the best-of-seven series that returns to Houston for Game 5 on Thursday night.
Rockets coach Mike D’Antoni said of his players, “They found a way. They’ve done it all year, and they’ll keep doing it.”
Stephen Curry had 28 points and Kevin Durant 27 for the Warriors, who had their NBA-record, 16-game home playoff winning streak snapped.
The victory was the Rockets’ first on the road against Golden State in the playoffs in franchise history.
In a see-saw affair in which both teams led by double figures, the Rockets got the better of the finish after Curry converted a three-point play to get the Warriors within 91-89 with 3:18 to go.
After Harden and Curry traded missed 3-point attempts, Gordon, who was 0-for-6 from beyond the arc to that point, buried a 27-footer for a five-point cushion with just 2:25 to play.
May 22, 2018; Oakland, CA, USA; Golden State Warriors forward Draymond Green (23) shoots the basketball against Houston Rockets guard James Harden (13) during the first half in game four of the Western conference finals of the 2018 NBA Playoffs at Oracle Arena. Mandatory Credit: Marcio Jose Sanchez/Pool Photo via USA TODAY Sports The Warriors got back within 94-92 and had possession of the ball in the final seconds, but Klay Thompson misfired on a heavily pressured 16-footer.
“I wanted the timeout,” Warriors coach Steve Kerr said of the decisive possession. “Draymond (Green) was trying to call one around four seconds, once he got trapped, and at that point the officials weren’t looking and they’re not going to look down at our bench. So I saw Draymond trying to call it, and I was hoping they’d give it to us, but we didn’t get it.”
D’Antoni said of the Rockets’ defense on the play, “Just guys doing what they’ve been doing the whole quarter. They got into people. That’s where Trevor (Ariza) got on Klay (Thompson) really in the corner and locked him down. You know they have a lot of movement, and we switch it, and guys just read it and played as hard as they could. They knew that one stop, the game’s over more or less, and came up large.”
Paul, fouled on the rebound, made one of two free throws with a half-second remaining to make it a three-point game, and the Rockets then sweated out a missed desperation 3-point try by Curry at the final horn.
Harden credited the Rockets’ defensive intensity for changing the game in the fourth quarter.
“Third quarter, Steph was getting too free, stepping out and making long threes,” Harden said on ESPN. “We put the pressure on him to make him drive a little bit. Great team win.”
Slideshow (10 Images) Harden hit 11 of his 26 shots and Paul 10 of his 20 for the Rockets, who have won four of six road games in the postseason.
Gordon finished with 14 points while PJ Tucker contributed 16 rebounds and Clint Capela had 13 boards for Houston, which has rebounded from all four losses this postseason with a win.
Durant hit just nine of his 24 shots and Curry 10 of his 26 for the Warriors, who had been 4-0 in Game 4s during the Kerr era when up 2-1 in a series.
Green recorded an 11-point, 13-rebound double-double while Thompson chipped in with 10 points for the Warriors, who played without Andre Iguodala, sidelined due to a sore left knee.
“Our normal sub pattern obviously was skewed with Andre’s absence,” Kerr said. “I felt like in the fourth quarter, we just ran out of gas. Scored 12 points. Tried to buy a little bit of rest for our guys, but, yeah, they just outplayed us in the fourth and they earned it.”
Both teams made big runs in the first half, with the Rockets’ lasting longer and producing a 53-46 halftime lead.
With all five starters scoring, the Warriors put up the game’s first 12 points, holding the Rockets scoreless on 0-for-8 shooting for more than five minutes.
However, the Rockets got much the better of the rest of the half, outscoring Golden State 53-34 to build the seven-point edge.
Harden had 15 of his 30 points in the second quarter, during which the Rockets went up by as many as 10.
“They’re a really good team, especially at home,” Harden said of the Warriors. “You knew it wasn’t going to be easy. They started out 12-0. We kept fighting, kept fighting. I kept telling the guys, ‘We can win this game.’ And now it’s a best-out-of-three.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-gsw-hou-recap/rockets-rally-past-warriors-in-4th-to-even-series-idUSKCN1IO16S |
May 16, 2018 / 11:05 AM / Updated 2 hours ago Congo receives first doses of Ebola vaccine amid outbreak Reuters Staff 3 Min Read
KINSHASA (Reuters) - The first batch of 4,000 experimental Ebola vaccines to combat an outbreak suspected to have killed 20 people arrived in Congo’s capital Kinshasa on Wednesday, said a Reuters witness at the airport. Congolese Health Ministry officials carry the first batch of experimental Ebola vaccines in Kinshasa, Democratic Republic of Congo May 16, 2018. REUTERS/Kenny Katombe
The Health Ministry said vaccinations would start on the weekend, the first time the vaccine would come into use since it was developed two years ago.
The vaccine, developed by Merck and sent from Europe by the World Health Organization, is still not licensed but proved effective during limited trials in West Africa in the biggest ever outbreak of Ebola, which killed 11,300 people in Guinea, Liberia and Sierra Leone from 2014-2016.
Health officials hope they can use it to contain the latest outbreak in northwest Democratic Republic of Congo which the WHO believes has so far killed 20 people since April.
Health workers have recorded two confirmed cases, 22 probable cases and 17 suspected cases of Ebola in three health zones of Congo’s Equateur province, and identified 432 people who may have had contact with the disease.
WHO spokesman Tarik Jasarevic said the vaccine will be reserved for people suspected of coming into contact with the disease, and that a second batch of 4,000 doses would be sent in the coming days. The first batch of 4,000 experimental Ebola vaccines to combat an outbreak is loaded into a fridge as it arrives at the airport in Kinshasa, Democratic Republic of Congo May 16, 2018. REUTERS/Benoit Nyemba
“In our experience, for each confirmed case of Ebola there are about 100-150 contacts and contacts of contacts eligible for vaccination,” Jasarevic said. “So it means this first shipment would be probably enough for around 25-26 rings - each around one confirmed case.”
The WHO said it had sent 300 body bags for safe burials in affected communities.
The outbreak was first spotted in the Bikoro zone, which has 31 of the cases and 274 contacts. There have also been eight cases and 115 contacts in Iboko health zone.
The WHO is worried about the disease reaching the city of Mbandaka with a population of about 1 million people, which would make the outbreak far harder to tackle. Two brothers in Mbandaka who recently stayed in Bikoro for funerals are probable cases, with samples awaiting laboratory confirmation. Slideshow (4 Images)
The WHO report said 1,500 sets of personal protective equipment and an emergency sanitary kit sufficient for 10,000 people for three months were being put in place. Reporting by Amedee Mwarabu and Fiston Mahamba in Kinshasa, and by Tom Miles in Geneva; Editing by Peter Graff, Sofia Christensen and Edward McAllister | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-ebola/who-sends-first-doses-of-experimental-vaccine-to-tackle-congo-ebola-outbreak-idINKCN1IH1AV |
LILONGWE (Thomson Reuters Foundation) - The harvest months of May and June should be a period of relief for Malawi’s farmers, as they finally reap their crops after battling a prolonged dry spell, attacks by armyworm pests and flooding in some areas.
Farmers in Mchinji district, central Malawi, rest near a PICS bag used to store their harvest, November 18, 2017. Photo: Isaac Masingati, Feed the Future Malawi But many farmers, such as Clement Kasitomu of Dowa district, now face a new worry: Losing as much as 40 percent of their harvest to insects once the crops are in storage.
Kasitomu usually stores his grain, vegetables and other harvested food in traditional woven granaries - designed to keep cattle and goats out - or in hessian sacks, or tucked among leaves. But his harvest is frequently attacked by weevils, termites and fungi, he said.
That costs him cash, food and seeds he could plant the next season. “We have suffered losses, especially from hybrid (crops) that are not that strong to withstand pests,” the farmer said in an interview with the Thomson Reuters Foundation.
Pesticides aren’t a solution either, he said, because they are both expensive and cause ecological problems on the farm.
But a bit of cheap technology could help, in the form of manufactured storage bags, which more farmers in Malawi are beginning to use.
The Purdue Improved Crop Storage (PICS) bag is being promoted in seven districts in Malawi as an alternative to using chemical pesticides on stored grain or simply losing it to pests, said Shelix Munthali, an official with the Feed the Future agricultural diversification program, funded by the U.S. Agency for International Development.
The bag has two linings of high-density polyethylene, and an outer layer of woven polypropylene. Together, the layers keep out most oxygen, which prevents insects from surviving and reproducing.
Farmers in Malawi's Machinga district pose after being trained to use PICS harvest storage bags, July 5, 2017. Photo: Isaac Masingati, Feed the Future Malawi Up to 98 percent of all insects can be eliminated from stored grain within a month of depositing it in the bag, cutting losses, according to a 2017 study published in the journal Plos One.
Malawi’s Ministry of Agriculture, Irrigation and Water Development has endorsed the bags as a proven technology for cutting losses after harvest.
“Before I started using PICS bags, I would lose four out of 10 bags (of grain) to weevils and the fungus aflatoxin,” said Trecia Kangala, a farmer from Mchinji district.
But “when after seven months I unsealed my first PICS bag, the maize quality was as good as it was the time I sealed the bag. Since chemicals are not used when using PICS bags, I also saved (money),” she added.
Aido Chapuma Chakakala, a farmer from Lilongwe, said the bags also protected grain he needed to replant as seed.
“This year I decided to plant maize from the PICS bag, (to see) if it could germinate. To my utter surprise, the germination rate was perfect,” he said. “I can boast of a good harvest this year.”
Slideshow (2 Images) The bags are produced in Malawi by Polypack Limited, a Blantyre-based company, and cost 800 kwacha (about $1.10) when purchased in bulk. Feed the Future officials said they are growing in popularity among farmers.
In 2014, the year they were first introduced in Malawi, farmers used 70,000 of the bags. Last year that had risen to 350,000 bags, and Feed the Future officials believe orders could reach a half million this year.
Munthali said that cutting losses after harvest is crucial, with farmers unable to boost income and food security only by improving fertilizer, seeds and the like.
“We realized that we can work with farmers so that they produce a lot. But then if they don’t manage post-harvest losses they are not achieving anything,” Munthali said.
Small-scale farmers in Africa often have fewer options to prevent losses after harvest than farmers elsewhere, according to the Plos study.
Changing that is important as climate change brings new pressures, experts said.
“Climate change may induce what were previously minor storage pests to become new (serious) pests, or even enable introduction of new pests,” said George Phiri, the United Nations Food and Agriculture Organization’s assistant program representative in Malawi.
“PICS can enable farmers to effectively protect their proceeds for seeds, consumption or selling, and prevent storage losses,” he said in an email.
Phiri said that protecting crops after harvest was important to ensure farmers had good-quality seed, which he said is critical to bigger harvests and to incomes.
Reporting by Charles Mkoka ; editing by James Baer and Laurie Goering : Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malawi-farming-storage/for-malawis-farmers-facing-harvest-pests-the-solutions-in-the-bag-idUSKCN1IP17B |
WHITE PLAINS, N.Y., May 15, 2018 /PRNewswire/ -- Bunge Limited (NYSE: BG) ("Bunge") announced the filing today of a registration request with the Brazilian Securities Commission for a potential initial public offering ("IPO") of Bunge Açúcar & Bionergia, Bunge's sugar milling business in Brazil.
Bunge has prepared the business to operate as a stand-alone company and recently obtained debt financing for the business. Today's filing further progresses Bunge's previously stated intentions to focus on its Agribusiness and Food & Ingredients businesses and enables the company to move forward with an IPO, subject to market conditions and valuation. Following the execution of an IPO, Bunge would be the majority shareholder, enabling it to participate in future value creation driven by the stand-alone company's growth and cyclical improvement in global sugar market conditions.
Bunge Açúcar & Bionergia owns and operates eight mills located across the Southeast, North and Midwest regions of Brazil. With 22 million metric tons of crushing capacity per year, it has the flexibility to produce a mix of ethanol and sugar, and generates renewable electricity through its cogeneration facilities to self-sufficiently power all of its mills and sell surplus electricity to the Brazilian power grid.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The offer and sale of Bunge Açúcar & Bionergia's shares in Brazil is subject to prior registration of the offering and issuer with the Brazilian Securities Commission. The offer and sale of Bunge Açúcar & Bionergia's shares has not been and will not be registered under the U.S. Securities Act or under the securities laws of any U.S. state.
Website Information
We routinely post important information for investors on our website, www.bunge.com , in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. 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.
About Bunge Limited
Bunge Limited ( www.bunge.com , NYSE: BG) is a leading global agribusiness and food company operating in over 40 countries with approximately 32,000 employees. Bunge buys, sells, stores and transports oilseeds and grains to serve customers worldwide; processes oilseeds to make protein meal for animal feed; produces edible oil products for consumers and commercial customers in the food processing, industrial and artisanal bakery, confectionery, human nutrition and food service categories; produces sugar and ethanol from sugarcane; mills wheat, corn and rice to make ingredients used by food companies; and sells fertilizer in South America. Founded in 1818, the company is headquartered in White Plains, New York.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, 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 forward-looking statements include, among others, statements relating to the proposed initial public offering of the sugar milling business, its potential structure, benefits and completion. These forward-looking statements reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these forward-looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. The following important factors, among others, could cause actual results to differ from these forward-looking statements: obtaining or the timing of obtaining any required regulatory approvals or other conditions to the transaction, changes in laws, economic and financial market conditions, industry conditions in the sugar milling business and the global sugar market, risks associated with any disruption to Bunge's business due to execution of the proposed transaction, significant unanticipated transaction costs and/or unknown liabilities, changes in capital market conditions, future opportunities that we may determine present greater potential to increase shareholder value; the ability of the sugar milling business to operate as a public company following the transaction; and other factors affecting our business generally. The forward-looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
View original content: http://www.prnewswire.com/news-releases/bunge-makes-initial-filing-in-brazil-for-ipo-of-its-sugar-milling-business-300648717.html
SOURCE Bunge Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-bunge-makes-initial-filing-in-brazil-for-ipo-of-its-sugar-milling-business.html |
VANCOUVER, British Columbia, May 31, 2018 (GLOBE NEWSWIRE) -- China Education Resources, Inc. ("CER") (TSX-V:CHN) (OTC:CHNUF), an ed-tech company with leading technology of intelligent system and contents to provide online/offline learning, training courses and social media for teachers, students and education professionals, announced its financial results for the first quarter of 2018. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $2,751,149 in the first quarter of 2018. This is compared to gross revenue of $2,787,451 for the same period in 2017. It recorded a net income attributable to shareholders of $161,162 as compared to a net income attributable to shareholders of $338,954 for the same period in 2017.
The Q1 of 2018 financial highlights are as summarized as follows:
2018 2017 Percentage (USD) (USD) change Consolidated Statements of Comprehensive Income Three months ended March 31, 2018 Book sales and distribution services 968,191 1,142,756 -15.3 % Online products 1,782,958 1,644,695 8.4 % Total revenue 2,751,149 2,787,451 -1.3 % Net income (loss) attributable to shareholders of the Company for the three months 161,162 338,954 -52.5 % The decrease in revenue from the book sales and distribution services for the current quarter as compared to the same period in 2017 was due to content of some textbooks to be updated. The online products sales are continually growing.
"CER’s business is doing well; we are pleased of making progress in both soccer project and existing business. The online teacher training program has expanded into new provinces in China and the indoor soccer training program has registered more than 300 members. CER is also discussing soccer education program with various education authorities and companies,” said Chengfeng Zhou, CEO, China Education Resources. “We expect the sales of the Company in 2018 will generate more revenue than 2017.” For more information, please visit www.chinaeducationresources.com or Email: [email protected] .
In collaboration with China's education administrators and experts, China Education Resources has been helping to transform the curriculum of the world's largest educational system. Recognizing the need to address education reform changes, China Education Resources has created educational tools and curriculum for China's entire kindergarten through twelfth grade system. The Company is playing an integral part in transforming China's educational system through helping to convert the existing educational system from a memory-based learning system to a creative thinking and interactive approach. Presently, China Education Resources has over 1 million kindergarten through twelfth grade teachers registered through its Web portal.
Safe Harbor Statement
Certain statements made herein, and other statements relating to matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information and statements are typically identified by words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe" and similar expressions suggesting future outcomes or statements regarding an outlook. All such forward-looking information and statements are based on certain assumptions and analysis made by China Education Resources, Inc.'s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks and Uncertainties" elsewhere in the Company's MD&A filed at www.SEDAR.com . The reader is cautioned not to place undue reliance on forward-looking information or statements. Except as required by law the Company does not assume the obligation to revise or update these forward looking statements after the date of this document or to revise them to reflect the occurrence of future, unanticipated events.
The TSX Venture Exchange has not reviewed, and does not accept, responsibility for the adequacy or accuracy of the contents of this press release.
Contact China Education Resources at: (604) 331-2388
Email: [email protected]
Website: http://www.chinaeducationresources.com
Source: China Education Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-china-education-resources-inc-reports-q1-2018-financial-results.html |
May 12, 2018 / 2:56 PM / Updated 15 minutes ago Carter ruled out of Champions Cup final - organisers Reuters Staff 1 Min Read
(Reuters) - Racing 92’s Dan Carter has been ruled out of the Champions Cup final against Leinster on Saturday, organisers said.
The former All Black world champion sustained a hamstring injury and has been replaced on the bench by French international Remi Tales. Reporting by Julien Pretot; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-len-rac-champions-cup-car/carter-ruled-out-of-champions-cup-final-organisers-idUKKCN1ID0KO |
M&S targets rapid change after latest profit drop 10:47am EDT - 01:44
Marks & Spencer says it needs to modernise urgently to survive after a second straight annual profit fall and a 321 million pound charge for a store closure programme. As Ciara Lee reports, shares in the iconic British brand have fallen by more than a quarter over the past year.
Marks & Spencer says it needs to modernise urgently to survive after a second straight annual profit fall and a 321 million pound charge for a store closure programme. As Ciara Lee reports, shares in the iconic British brand have fallen by more than a quarter over the past year. //reut.rs/2GKsRBE | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/ms-targets-rapid-change-after-latest-pro?videoId=429618807 |
PARIS (Reuters) - French construction group Eiffage ( FOUG.PA ) kept its 2018 targets for higher revenues and profits after it reported a 5.6 percent rise in first quarter sales.
FILE PHOTO: The logo of French construction group Eiffage is seen at a job site in Paris, France, February 26, 2016. REUTERS/Charles Platiau Eiffage, which is France’s third-largest construction and concessions company behind Vinci ( SGEF.PA ) and Bouygues ( BOUY.PA ), said revenue reached 3.379 billion euros ($4.1 billion), a 4.3 percent rise on a like-for-like basis.
Eiffage’s order book for contracting stood at 14.1 billion euros, a 23 percent rise from the previous year, with almost 1.9 billion euros of orders taken for the Grand Paris Express project, which entails various developments for the capital.
Last month, rival Vinci posted a 4.9 percent rise in first-quarter sales, helped by acquisitions, robust concessions activity and a recovery in the French construction market.
Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-eiffage-results/construction-group-eiffage-keeps-2018-goals-as-first-quarter-sales-rise-idUSKCN1IF291 |
May 3 (Reuters) - Clinica Baviera SA:
* SEES ANNUAL SALES GROWTH OF ABOUT 9 PCT IN 2018-2020
* SEES 2020 SALES OF 130 MILLION EUROS, EBITDA MARGIN OF 22 PERCENT, NET PROFIT OF 16.5 MILLION EUROS
* SEES TOTAL CAPEX OF 25.3 MILLION EUROS IN 2018-2020
* PLANS TO OPEN 16 CLINICS IN 2018-2020: 6 IN SPAIN, 6 IN GERMANY, 4 IN ITALY
* SAYS 2018-2020 BUSINESS PLAN DOES NOT CONTEMPLATE ANY SIGNIFICANT ACQUISITION
Source text for Eikon:
(Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SA838 |
(John Kemp is a Reuters market analyst. The views expressed are his own)
* Chartbook: https://tmsnrt.rs/2LBbW8l
LONDON, May 29 (Reuters) - Hedge fund managers were busy reducing bullish positions in petroleum well before OPEC and its allies indicated in the middle of last week that they would consider relaxing output curbs.
Hedge funds and other money managers reduced their net long position in the six major petroleum futures and options contracts in each of the five weeks to May 22 by a total of 108 million barrels.
The reduction has been concentrated in crude, where net long positions in Brent and WTI were cut by 169 million barrels over those five weeks (https://tmsnrt.rs/2LBbW8l).
Liquidation was heaviest in Brent (-131 million barrels over six weeks) rather than NYMEX and ICE WTI (-51 million barrels over four weeks).
It was partly offset by increased net length in fuels, especially U.S. gasoline (34 million barrels), with smaller increases in U.S. heating oil (+26 million barrels) and European gasoil (+2 million barrels).
Liquidation hit near-term Brent futures prices particularly hard, since most hedge fund positions are held in contracts just a few months from expiry, which has helped push near-term contract prices into contango.
Portfolio managers cut their net long position in Brent by almost 50 million barrels in the week to May 22, the largest one-week reduction since before the rally started in June 2017.
Hedge funds have continued to add bullish positions in fuels, especially gasoline, in a bet consumption will remain relatively strong.
But the decision to pare positions in crude points to deeper unease about the sustainability of the rally in oil prices over the last 10 months.
Hedge funds started to reduce their net long position in petroleum around the time U.S. President Donald Trump used Twitter on April 20 to blame OPEC for pushing up oil prices.
FOLLOW THE MONEY
For all the bullish commentary around oil prices in recent weeks, hedge fund managers have used rising prices to realize some profits rather than increase their positions.
Hedge fund positioning in the petroleum complex had become exceptionally stretched, with long positions outnumbering short ones by a record ratio of 14:1 by April 17.
Positioning was even more lopsided in Brent, where portfolio managers held more than 20 long positions for every short one, according to exchange and regulatory data.
Since then, however, fund managers have cut long positions across the petroleum complex by 52 million barrels and boosted shorts by 57 million barrels.
The number of shorts has risen from just 109 million barrels to 166 million barrels, the highest for five months since the middle of December.
Positioning is still stretched, but much less so than before, with long positions now outnumbering shorts by 9:1 in petroleum and 7:1 in Brent.
Large concentrations of hedge fund positions have normally preceded a sharp reversal in the price trend over the last four years.
Recent sharp falls in oil prices, especially Brent, are therefore not surprising, given that fund managers have been steadily liquidating long positions and adding shorts for more than a month.
Comments from senior OPEC and non-OPEC officials suggesting they would consider raising output to compensate for lost production from Venezuela and sanctions on Iran catalyzed a sharp fall in oil prices.
But the market had been primed for a sharp correction given steady hedge fund selling over the last five weeks.
Related columns:
- Hedge funds trapped in near-term Brent futures, Reuters, May 22
- Hedge funds exit crude but stay bullish on fuels, Reuters, May 21
- Hedge funds take profits after oil rally, Reuters, May 15
- Hedge funds hold fire as oil prices hit multi-year highs, Reuters, May 8 (Editing by Dale Hudson) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-column-oil-prices-tumble-as-hedge-funds-quit-crude-kemp.html |
Paxil or Prozac, Zoloft or Lexapro?
When treating a patient suffering from depression, Brent Forester considers which anti-depressant to prescribe—ideally, one that will ease psychic pain without side effects.
It can be a tough call.
Deciding... | ashraq/financial-news-articles | https://www.wsj.com/articles/which-anti-depressant-is-right-for-you-your-dna-can-shed-some-light-1525622524 |
Oily fish still a good habit for heart health, U.S. doctors say Lisa Rapaport 4 People who eat at least two servings a week of oily fish like salmon, mackerel, herring and tuna should keep it up because U.S. doctors still say it’s a good way to reduce the risk of heart attacks and strokes.
But this isn’t a prescription for fish and chips. The new scientific advisory reaffirms the American Heart Association’s recommendations against fried fish and stresses the benefits of eating two 3.5-ounce servings a week of fish, especially oily varieties rich in omega-3 fatty acids.
And for many people who tend to follow a typical Western diet - heavy on meat and potatoes and light on fruit, vegetables and whole grains - these recommendations should serve as a reminder that it’s time to start eating fish, said the advisory’s lead author Eric Rimm of the Harvard T.H. Chan School of Public Health in Boston.
“We don’t expect diets of all Americans to change overnight, but we do hope that individuals will consider upping their fish intake a little and, even more importantly, that the next generation - those of grade school, high school or college age - make fish a normal part of their diet,” Rimm said by email.
Previous research has linked omega-3 fatty acids to a lowered risk of abnormal heartbeats, less fats in the blood, reduced risk of artery-clogging deposits known as plaque and slightly lower blood pressure, Rimm and his colleagues write in the journal Circulation.
In the scientific advisory, the authors note that eating at least two weekly servings of fish - especially those with lots of omega-3 fatty acids - can help lower the risk of heart failure, coronary heart disease, cardiac arrest and the most common type of stroke.
Doctors also tackled one factor that has steered some people away from eating fish - fears about mercury contamination. Mercury is found in most seafood but is most concentrated in large fish such as shark, swordfish, tilefish, king mackerel, bigeye tuna, marlin and orange roughy.
Pregnant women are advised to avoid these varieties of fish because of links to serious neurological problems in babies.
But the advisory notes that mercury contamination does not increase the risk of heart disease in adults and that the benefits of eating fish outweigh any risks associated with mercury, especially when people eat a wide variety of seafood.
Fish is also one small part of a healthy diet. For optimal heart health, people should exercise regularly and follow the Dietary Approaches to Stop Hypertension (DASH) diet or a Mediterranean-style diet, the doctors recommend. Both diets emphasize cooking with unsaturated fats, eating nuts, fruits, vegetables, low-fat dairy products, whole grains, fish and poultry, and limiting red meat and added sugars and salt.
Ideally, people will add fish to their diet by consuming less of unhealthy options like red meat, said Dr. Francesco Sofi Florence and Careggi University Hospital in Florence, Italy.
“Of course, it’s important to emphasize also the way to consume fish because different studies have clearly reported that when the same fish is cooked fried compared to grill or to the oven, the beneficial effect disappears,” Sofi, who wasn’t involved in the study, said by email.
SOURCE: bit.ly/2IxN5An Circulation, online May 17, 2018. | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-heart-fish/oily-fish-still-a-good-habit-for-heart-health-u-s-doctors-say-idUSKCN1IP3JA |
Global markets: stocks set for best week since March Friday, May 11, 2018 - 01:53
World shares rose on Friday as investor appetite for risky assets got a boost from soft U.S. inflation numbers, helping soothe worries that the Federal Reserve might step up the pace of its rate hikes. And, as Ciara Lee reports, oil prices steadied near 3-1/2 year highs on the prospect of new U.S. sanctions against Iran.
World shares rose on Friday as investor appetite for risky assets got a boost from soft U.S. inflation numbers, helping soothe worries that the Federal Reserve might step up the pace of its rate hikes. And, as Ciara Lee reports, oil prices steadied near 3-1/2 year highs on the prospect of new U.S. sanctions against Iran. //reut.rs/2KVoze7 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/11/global-markets-stocks-set-for-best-week?videoId=425875712 |
Solid Start to 2018, In-Line with Our Expectations
Net income attributable to common shareholders of $152.6 million, or $0.58 per fully diluted share, compared to $152.8 million, or $0.57 per fully diluted share, in the prior year quarter
Operating net income 1 of $214.4 million, or $0.82 per fully diluted share, compared to $136.1 million, $0.50 per fully diluted share, in the prior year quarter
Broad rate increases throughout our portfolio included increases of 3.3% in Insurance and 4.3% in Reinsurance
P&C gross premiums written ("GPW") increased 6.6% compared to the prior year quarter; GPW increased by 3.8%, excluding the impact of foreign exchange
Natural catastrophe pre-tax losses net of reinsurance, reinstatement and premium adjustments for the quarter of $73.2 million (2.8 points to the loss ratio), compared to $96.1 million (3.8 points to the loss ratio) in the prior year quarter
Net favorable prior year development ("PYD") was $9.1 million (0.3 points to the loss ratio) in the current quarter, compared to adverse PYD of $24.0 million (0.9 points to the loss ratio) in the prior year quarter
P&C combined ratio of 95.3% compared to 94.3% in the prior year quarter
HAMILTON, Bermuda, May 2, 2018 /PRNewswire/ -- XL Group Ltd ("XL" or the "Company") (NYSE: XL) today reported its first quarter 2018 results.
Commenting on the Company's performance, XL's Chief Executive Officer Mike McGavick said:
"We are pleased with our solid start to 2018, in-line with our expectations. During the first quarter our performance reflected benefits of our market leadership, focus on underwriting discipline, strong culture of innovation, continuous improvement, and efficiency.
In the quarter we grew gross premiums written more than 6% compared with the first quarter of 2017 and we continued to improve the Insurance loss ratio excluding PYD and the impact of catastrophe losses. We did see a lower Reinsurance margin in the quarter, largely driven by our strategic initiatives including a shift in portfolio mix towards lower volatility and an increase in outward reinsurance protections. With respect to pricing, we are pleased to have achieved broad rate increases throughout our Insurance and Reinsurance portfolio, which will earn into our results over the rest of the year. Also during the quarter we had strong contributions from the investment portfolio, and we continued managing our expenses.
As we look forward to the next phase in XL's journey, with the proposed combination with AXA, we believe there is substantial opportunity to continue realizing the potential of what we have built."
Book Value and Return on Common Shareholder's Equity
March 31, 2018
December 31, 2017
Book value per common share
(Unaudited)
Fully diluted book value per common share
$36.53
$38.04
Fully diluted tangible book value per common share 2
$28.06
$29.44
Return on average common shareholder's equity ("ROE")
March 31, 2018
March 31, 2017
Annualized Return on average common shareholder's equity ("ROE") 3
6.3%
5.6%
Annualized Operating ROE 1,3
8.8%
5.0%
Annualized Operating ROE ex-Accumulated other comprehensive income ("AOCI") 1
9.4%
5.4%
Annualized Operating ROE ex-Catlin-related integration cost 1,4
8.8%
6.1%
Annualized Operating ROE ex-AOCI and ex-Catlin-related integration cost 1,4
9.4%
6.5%
First Quarter Summary
(U.S. dollars in thousands, except per share amounts)
Three Months Ended
March 31,
(Unaudited)
2018
2017
$ Change
% Change
Net income (loss) attributable to common shareholders
$152,648
$152,843
$(195)
(0.1)%
Per average common share outstanding-basic
$ 0.59
$ 0.58
$0.01
1.7%
Per average common share outstanding-fully diluted
$ 0.58
$ 0.57
$0.01
1.8%
Operating net income (loss)
$214,359
$136,143
$78,216
57.5%
Per average common share outstanding-fully diluted
$0.82
$0.50
$0.32
64.0%
Net income attributable to common shareholders of $152.6 million was virtually unchanged compared with the prior year quarter income of $152.8 million.
Operating net income of $214.4 million increased compared to $136.1 million in the prior year quarter, primarily driven by improved investment returns and lower financing costs associated with our preferred shares, partially offset by marginally lower overall underwriting profit.
Net investment income for the current quarter was $218.5 million, compared to $200.5 million in the prior year quarter. Net investment income for the current quarter, excluding the Life Funds Withheld Assets, was $188.1 million, compared to $167.2 million in the prior year quarter. This increase was primarily due to active sector rotation and portfolio management activities, and an increase in new money rates, all of which resulted in an increase in investment yields.
Income from investment affiliates was $56.0 million for the current quarter, compared to $51.9 million in the prior year quarter. Hedge fund performance was strong in the current quarter, consistent with prior year quarter results. Results for private equity fund affiliates and investment manager affiliates improved in the current quarter, more than offsetting weaker results in other affiliates as compared to the prior year quarter.
Operating expenses during the current quarter of $472.6 million were $4.5 million or 1.0% unfavorable compared to the prior year quarter. After excluding the $22.6 million of AXA-related transaction costs in the current quarter and $33.9 million of Catlin-related integration costs in the prior year quarter, expenses increased $15.7 million, or 3.6%, reflecting further investment in our business, predominately within the Insurance segment.
Income tax expense of $31.9 million is higher as compared to $13.1 million recognized during the prior year quarter. The increase in current quarter income tax expense is primarily attributable to the combination of the significant increase in operating income and a greater proportion of earnings in taxable jurisdictions in Q1 of 2018 as compared to the prior year quarter.
Fully diluted book value per common share decreased by $1.51 from the end of the prior quarter to $36.53, driven primarily by unrealized losses on mark to market investments, share-based compensation activity and the payment of dividends, partially offset by net income earned in the quarter. Fully diluted tangible book value per common share decreased by $1.38 from the end of the prior quarter to $28.06.
There were no share buybacks 5 during the current quarter. At March 31, 2018, $529.1 million of common shares remained available for purchase under the current share buyback authorization.
P&C Operations
(U.S. dollars in thousands)
Three Months Ended
March 31, 2018
March 31, 2017
(Unaudited)
(Unaudited)
Insurance
Reinsurance
Total P&C
Insurance
Reinsurance
Total P&C
Gross premiums written
$2,866,539
$2,060,601
$4,927,140
$2,694,216
$1,927,390
$4,621,606
Net premiums written
$1,481,867
$1,670,744
$3,152,611
$1,508,591
$1,471,169
$2,979,760
Net premiums earned
$1,665,789
$931,392
$2,597,181
$1,635,315
$884,166
$2,519,481
Underwriting profit (loss)
$62,455
$59,985
$122,440
$78,740
$65,237
$143,977
Loss ratio
63.9%
59.8%
62.5%
64.8%
59.2%
62.8%
Underwriting expense ratio
32.4%
33.8%
32.8%
30.4%
33.4%
31.5%
Combined ratio
96.3%
93.6%
95.3%
95.2%
92.6%
94.3%
P&C gross premiums written ("GPW") in the first quarter increased 6.6% compared to the prior year quarter. Excluding the impact of foreign exchange, GPW increased by 3.8%.
The Insurance segment GPW increased 6.4% from the prior year quarter, driven primarily by favorable rate changes across business groups as well as stronger renewals. Excluding the impact of foreign exchange, Insurance GPW increased 4.1%.
The Reinsurance segment GPW increased by 6.9% from the prior year quarter primarily due to rate improvements. Excluding the impact of foreign exchange, GPW increased 3.5%. New business written in the quarter from our Bermuda and London businesses was largely offset by canceled business, a reflection of disciplined underwriting.
The P&C loss ratio excluding PYD and the impact of catastrophe losses in the current quarter was 60.0%, compared to 58.1% in the prior year quarter. On the same basis, the Insurance segment loss ratio in the current quarter improved to 60.4%, compared to 60.8% in the prior year quarter as underwriting actions improved the overall portfolio. The Reinsurance segment loss ratio was 59.2% in the current quarter compared to 53.0% in the prior year quarter, largely driven by strategic initiatives including a shift in portfolio mix towards lower volatility and an increase in outward reinsurance protection.
The P&C combined ratio excluding PYD and the impact of catastrophe losses in the current quarter was 92.8%, compared to 89.5% for the prior year quarter. On the same basis, the Insurance segment combined ratio in the current quarter was 92.8%, compared to 91.2% for the prior year quarter driven largely by investment in the business and certain one-time compensation related costs. The Reinsurance segment combined ratio on the same basis was 92.9% in the current quarter, compared to 86.5% for the prior year quarter, due in part to the strategic portfolio mix and retrocession items noted above, combined with increased outward profit commission on positive PYD.
The P&C net favorable PYD resulting from the current quarter was $9.1 million (0.3 points to the loss ratio), compared to net unfavorable development of $24.0 million, (0.9 points to the loss ratio) in the prior year quarter. This reflects favorable development of $5.3 million in the Insurance segment and $3.8 million in the Reinsurance segment. The first quarter of 2018 includes adverse development of $53.2 million, or 2.6% of 2017 catastrophe losses. The first quarter of 2017 included adverse development of $75.0 million from the UK Ogden rate 6 change.
Further details of the results for the current quarter may be found in the Company's Financial Supplement and Earnings Presentation, each of which is dated May 2, 2018 and is available on the Investor Relations section of XL's website at www.xlgroup.com .
About XL Group Ltd
XL Group Ltd (NYSE: XL), through its subsidiaries and under the "XL Catlin" brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com .
This press release contains forward-looking statements. Statements that are not historical facts, including statements about XL's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. Statements that include the words "expect," "estimate," "intend," "plan," "believe," "project," "anticipate," "may," "could," or "would" and similar statements of a future or forward-looking nature identify forward-looking statements. Actual results may differ materially from those included in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes (a) downward movement in rates for property and casualty insurance and reinsurance; (b) changes in the size of our claims relating to unpredictable natural or man-made catastrophe losses due to the preliminary nature of some reports and estimates of loss and damage to date and the likelihood of longer development periods associated with the characteristics of certain catastrophes; (c) risks and uncertainties relating to the proposed acquisition of XL by AXA SA, including but not limited to (i) that XL may be unable to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived, including the failure to obtain XL shareholder approval for the proposed transaction or that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; (ii) uncertainty as to the timing of completion of the proposed transaction; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement between XL and AXA dated March 5, 2018; (iv) risks related to disruption of management's attention from XL's ongoing business operations due to the proposed transaction; (v) the effect of the announcement of the proposed transaction on XL's relationships with its clients, operating results and business generally; and (vi) the outcome of any legal proceedings to the extent initiated against XL or others following the announcement of the proposed transaction, as well as XL's management's response to any of the aforementioned factors; (d) the impact of tax reform on our business, investments and assets, including (i) changes to valuation of deferred tax assets and liabilities, (ii) that the costs associated with such tax reform may be greater than expected, (iii) the risk that technical corrections, regulations, and supplemental legislation and future interpretations or applications thereof or other changes may be issued in the future, including the rules affecting the valuation of deferred tax assets; (e) changes in the number of insureds and ceding companies impacted or the ultimate number and value of individual claims relating to natural catastrophe events due to the preliminary nature of reports and estimates of loss and damage to date; (f) changes in the amount or type of business that we write, whether due to our actions, changes in market conditions or other factors, and the amount of premium attributable to such business; (g) the availability, cost or quality of ceded reinsurance, and the timely and full recoverability of such reinsurance, or other amounts due to us, or changes to our projections related to such recoverables; (h) actual loss experience from insured or reinsured events and the timing of claims payments being faster or the receipt of reinsurance recoverables being slower than we anticipated; (i) increased competition on the basis of pricing, capacity, coverage terms or other factors, such as the increased inflow of third party capital into reinsurance markets, which could harm our ability to maintain or increase business volumes or profitability; (j) greater frequency or severity of claims and loss activity than our underwriting, reserving or investment practices anticipate based on historical experience or industry data, including due to the change in climate conditions; (k) the impact of changes in the global financial markets, such as the effects of inflation on our business, including on pricing and reserving, changes in interest rates, credit spreads, foreign currency exchange rates and future volatility in the world's credit, financial and capital markets that adversely affect the performance and valuation of our investments, future financing activities and access to such markets, our ability to pay claims or general financial condition; (l) our ability to successfully implement our business strategy; (m) our ability to successfully attract and raise additional third party capital for existing or new investment vehicles; (n) changes in credit ratings and rating agency policies or practices, which could trigger cancelation provisions in our assumed reinsurance agreements or impact the availability of our credit facilities; (o) the potential for changes to methodologies, estimations and assumptions that underlie the valuation of our financial instruments that could result in changes to investment valuations; (p) unanticipated constraints on our liquidity, including the availability of borrowings and letters of credit under credit facilities that inhibit our ability to support our operations, including our ability to underwrite policies and pay claims; (q) the ability of our subsidiaries to pay dividends to XL Group Ltd, XLIT Ltd. and Catlin Insurance Company Ltd; (r) changes in regulators or regulations applicable to us; (s) the effects of business disruption, economic contraction or economic sanctions due to unpredictable global political and social conditions such as war, terrorism or other hostilities, or pandemics; (t) the actual amount of new and renewal business and acceptance of our products and services, including new products and services and the materialization of risks related to such products and services; (u) changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; (v) bankruptcies or other financial concerns of companies insofar as they affect P&C insurance and reinsurance coverages or claims that we may have as a counterparty; (w) the economic, political, monetary and operational impacts of the U.K.'s expected withdrawal vote in favor of withdrawing from European Union ("Brexit") effective March 2019, including unanticipated costs or complications associated with our decision to redomesticate XL Insurance Company SE from the U.K. to Ireland, or the possibility that this redomestication or other Brexit-related decisions do not have the results anticipated; (x) changes in general economic, political or monetary conditions in Euro-Zone countries or emerging markets, or governmental actions for the purposes of stabilizing financial markets; (y) judicial decisions and rulings, new theories of liability or emerging claims coverage issues, legal tactics and settlement terms; and (z) the other factors set forth in our reports on Form 10-K and Form 10-Q and other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to update publicly or revise any forward looking statement, whether as a result of new information, future developments or otherwise.
XL intends to use its website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included on the website in the Investor Relations section. Accordingly, investors should monitor such portions of XL's website, in addition to following its press releases, SEC filings and public conference calls and webcasts.
1 Operating net income (loss) is defined as net income (loss) attributable to common shareholders excluding: (1) our net investment income - Life Funds Withheld Assets, (as defined in footnote 7 below), (2) our net realized (gains) losses on investments available for sale - excluding Life Funds Withheld Assets, (3) our net realized and change in net unrealized (gains) losses on equity securities - excluding Life Funds Withheld Assets, (4) our net realized (gains) losses on investments (including OTTI) and change in net unrealized (gains) losses on investments, trading - Life Funds Withheld Assets, (5) our net realized and unrealized (gains) losses on derivatives, (6) our net realized and unrealized (gains) losses on life retrocession embedded derivative and derivative instruments - Life Funds Withheld Assets, (7) our share of items (2) and (5) for our insurance company affiliates for the periods presented, (8) our foreign exchange (gains) losses, (9) our expenses related to the pending acquisition by AXA SA, (10) our gain on the sale of our wholly-owned subsidiary XL Life Insurance and Annuity Company and the partial sale of our holdings in New Ocean Capital Management, (11) our net (gains) losses on the early extinguishment of debt, (12) our net (gains) losses from the repurchase of preference shares, (13) tax provision arising from our write-down of our deferred tax asset related to the U.S. Tax Cuts and Jobs Act, and (14) a provision (benefit) for income tax on items excluded from operating income ."Operating net income", "annualized operating return on average common shareholders' equity" ("Operating ROE") including and excluding average AOCI, both inclusive and exclusive of Catlin-related integration costs are non-GAAP financial measures. See the schedule entitled "Reconciliation of Non-GAAP Financial Measures" on pages 10 and 11 of this press release for a reconciliation of net income (loss) attributable to common shareholders to "operating net income" and the calculation of "annualized operating return on average common shareholders' equity" including and excluding average AOCI, both inclusive and exclusive of Catlin-related integration costs, which are based on operating net income.
2 Fully diluted tangible book value per common share is a non-GAAP financial measure. See page 11 of this press release for a reconciliation of fully diluted tangible book value per common share to fully diluted book value per common share.
3 Common shareholders' equity is defined as total shareholders' equity less non-controlling interest in equity of consolidated subsidiaries.
4 Catlin-related integration costs were completed in the second quarter of 2017.
5 Amount remaining for purchase under our share buyback program does not include (i) the commission expense paid to brokers for execution of share buyback, or (ii) purchases associated with settling employee withholding taxes incurred in connection with the vesting of share-based compensation awards, however, these two items are included in the share buyback calculation.
6 The U.K. Ministry of Justice announced a significant decrease of the discount rate used to calculate lump sum awards in U.K. bodily injury cases from +2.5% to -0.75%, a decrease of 325 basis points and the first rate change since 2001. This decrease of discount rate, which was effective on March 20, 2017, is referred to as the UK Ogden rate table change in this press release.
7 On May 1, 2014, our wholly-owned subsidiary, XL Insurance (Bermuda) Ltd ("XLIB") (on June 9, 2016, XLIB and XL Re Ltd amalgamated to form XL Bermuda Ltd), entered into a sale and purchase agreement with GreyCastle Holdings Ltd. ("GreyCastle") providing for the sale of 100% of the common shares of XLIB's wholly-owned subsidiary, XLLR, for $570 million in cash. This transaction was completed on May 30, 2014. As a result of the transaction, we have ceded the majority of our life reinsurance business to XLLR via 100% quota share reinsurance (the "GreyCastle Life Retro Arrangements"). The designated investments that support the GreyCastle Life Retro Arrangements, which are written on a funds withheld basis ("Life Funds Withheld Assets"), are included within "Total investments available for sale" and "Fixed maturities, trading at fair value" on our balance sheet. Investment results for these assets - including interest income, unrealized gains and losses, and gains and losses from sales - are passed directly to the reinsurer pursuant to a contractual arrangement that is accounted for as a derivative. Net income attributable to common shareholders excluding the contribution from the GreyCastle Life Retro Arrangements is a non-GAAP measure. See the schedule entitled "Reconciliation of Non-GAAP Financial Measures" on pages 10 and 11 of this press release for a reconciliation of net income (loss) attributable to common shareholders to net income (loss) attributable to common shareholders excluding the Contribution from the GreyCastle Life Retro Arrangements. During 2015, we entered into another reinsurance agreement (the "U.S. Term Life Retro Arrangements") ceding the vast majority of the remaining life reinsurance business.
XL Group Ltd
Unaudited Consolidated Statements Of Income
Three Months Ended
March 31,
(U.S. dollars in thousands)
2018
2017
(Note 1)
Revenues:
Net premiums earned
$2,600,288
$2,522,791
Net investment income:
Net investment income - excluding Life Funds Withheld Assets (Note 2)
188,083
167,168
Net investment income - Life Funds Withheld Assets (Note 2)
30,398
33,364
Total net investment income
$218,481
$200,532
Total realized investments gains (losses) (Note 3)
(83,355)
37,286
Net realized and unrealized gains (losses) on derivative instruments
4,221
(7,069)
Net realized and unrealized gains (losses) on life retrocession embedded derivative
and derivative instruments - Life Funds Withheld Assets (Note 2)
22,921
(50,101)
Income (loss) from investment affiliates
45,669
38,261
Fee income and other
6,717
13,661
Total revenues
$2,814,942
$2,755,361
Expenses:
Net losses and loss expenses incurred
$1,622,006
$1,583,456
Claims and policy benefits
10,307
7,291
Acquisition costs
463,827
435,869
Operating expenses
472,563
468,038
Foreign exchange (gains) losses
9,841
(3,336)
Interest expense
53,545
50,711
Total expenses
$2,632,089
$2,542,029
Income (loss) before income tax and income (loss) from operating affiliates
$182,853
$213,332
Income (loss) from operating affiliates
10,282
13,609
Provision (benefit) for income tax
31,902
13,092
Net income (loss)
$161,233
$213,849
Non-controlling interests
8,585
61,006
Net income (loss) attributable to common shareholders
$152,648
$152,843
Note 1: Certain items have been reclassified to conform to the current period presentation.
Note 2: On May 1, 2014, our wholly-owned subsidiary, XL Insurance (Bermuda) Ltd ("XLIB") (on June 9, 2016, XLIB and XL Re Ltd amalgamated to form XL Bermuda Ltd), entered into a sale and purchase agreement with GreyCastle Holdings Ltd. ("GreyCastle") providing for the sale of 100% of the common shares of XLIB's wholly-owned subsidiary, XLLR, for $570 million in cash. This transaction was completed on May 30, 2014. As a result of the transaction, we have ceded the majority of our life reinsurance business to XLLR via 100% quota share reinsurance (the "GreyCastle Life Retro Arrangements"). The designated investments that support the GreyCastle Life Retro Arrangements, which are written on a funds withheld basis ("Life Funds Withheld Assets"), are included within "Total investments available for sale" and "Fixed maturities, trading at fair value" on our balance sheet. Investment results for these assets - including interest income, unrealized gains and losses, and gains and losses from sales - are passed directly to the reinsurer pursuant to a contractual arrangement that is accounted for as a derivative. Net income attributable to common shareholders excluding the contribution from the GreyCastle Life Retro Arrangements is a non-GAAP measure. See the schedule entitled "Reconciliation of Non-GAAP Financial Measures" on pages 10 and 11 of this press release for a reconciliation of net income (loss) attributable to common shareholders to net income (loss) attributable to common shareholders excluding the Contribution from the GreyCastle Life Retro Arrangements. During 2015, we entered into another reinsurance agreement (the "U.S. Term Life Retro Arrangements") ceding the vast majority of the remaining life reinsurance business.
Note 3: Effective 2018, in accordance with ASU 2016-01, realized investment gains (losses) includes the change in net unrealized gains (losses) on equity securities and other investments.
XL Group Ltd
Key Financial Data
Selected balance sheet and other data:
(U.S. dollars in thousands except share and per share amounts)
At
At
March 31, 2018
December 31, 2017
(Unaudited)
(Note 1)
Total investments
$36,973,434
$36,973,434
Cash and cash equivalents
3,484,763
3,435,954
Unpaid losses and loss expenses recoverable
7,271,013
7,247,723
Goodwill and other intangible assets
2,230,506
2,225,751
Total assets
65,337,963
63,436,236
Unpaid losses and loss expenses
29,701,568
29,696,779
Deposit liabilities
982,963
1,042,677
Future policy benefit reserves
3,680,958
3,610,926
Funds withheld liability on GreyCastle Life Retro Arrangements, net of future
policy benefit reserves recoverable (Note 2)
989,140
999,219
Unearned premiums
9,687,293
8,307,431
Notes payable and debt
3,240,461
3,220,769
Total shareholders' equity
11,235,222
11,461,320
Common shareholders' equity
9,628,529
9,848,317
Common shares outstanding (Note 3)
258,171,836
256,033,895
Basic book value per common share
$37.30
$38.46
Fully diluted book value per common share
$36.53
$38.04
Fully diluted tangible book value per common share (Note 4)
$28.06
$29.44
Note 1: Certain amounts have been reclassified to conform to the current period presentation.
Note 2: On May 1, 2014, our wholly-owned subsidiary, XL Insurance (Bermuda) Ltd ("XLIB") (on June 9, 2016, XLIB and XL Re Ltd amalgamated to form XL Bermuda Ltd), entered into a sale and purchase agreement with GreyCastle Holdings Ltd. ("GreyCastle") providing for the sale of 100% of the common shares of XLIB's wholly-owned subsidiary, XLLR, for $570 million in cash. This transaction was completed on May 30, 2014. As a result of the transaction, we have ceded the majority of our life reinsurance business to XLLR via 100% quota share reinsurance (the "GreyCastle Life Retro Arrangements"). The designated investments that support the GreyCastle Life Retro Arrangements, which are written on a funds withheld basis ("Life Funds Withheld Assets"), are included within "Total investments available for sale" and "Fixed maturities, trading at fair value" on our balance sheet. Investment results for these assets - including interest income, unrealized gains and losses, and gains and losses from sales - are passed directly to the reinsurer pursuant to a contractual arrangement that is accounted for as a derivative. Net income attributable to common shareholders excluding the contribution from the GreyCastle Life Retro Arrangements is a non-GAAP measure. See the schedule entitled "Reconciliation of Non-GAAP Financial Measures" on pages 10 and 11 of this press release for a reconciliation of net income (loss) attributable to common shareholders to net income (loss) attributable to common shareholders excluding the Contribution from the GreyCastle Life Retro Arrangements. During 2015, we entered into another reinsurance agreement (the "U.S. Term Life Retro Arrangements") ceding the vast majority of the remaining life reinsurance business.
Note 3: Common shares outstanding include all common shares issued and outstanding (as disclosed on the face of the balance sheet).
Note 4: Fully diluted tangible book value per common share is a non-GAAP financial measure. See page 11 of this press release for a reconciliation of fully diluted tangible book value per common share to fully diluted book value per common share.
XL Group Ltd
Reconciliation of Non-GAAP Financial Measures
The following is a reconciliation of XL's net income (loss) attributable to common shareholders to operating net income (loss) and also includes the calculation of net income (loss) attributable to common shareholders and annualized return on average common shareholders' equity including and excluding average AOCI, both inclusive and exclusive of Catlin-related integration costs and based on operating net income (loss) for the three months ended March 31, 2018 and 2017. (Notes 3 and 5)
(U.S. dollars in thousands except share and per share amounts)
Three Months Ended
March 31,
(Unaudited)
(Note 1)
2018
2017
Net income (loss) attributable to common shareholders
$152,648
$152,843
Net realized and unrealized (gains) losses on life retrocession embedded derivative and
derivative instruments - Life Funds Withheld Assets
(22,921)
50,101
Net realized (gains) losses on investments and change in net unrealized (gains) losses on
investments, trading and OTTI - Life Funds Withheld Assets
22,512
(33,068)
Net investment income - Life Funds Withheld Assets
(30,398)
(33,364)
Foreign exchange revaluation (gains) losses on and other income and expense items
related to Life Funds Withheld Assets
(10,683)
(3,224)
Net income (loss) attributable to common shareholders excluding Contribution from
GreyCastle Life Retro Arrangements (Note 2)
$111,158
$133,288
Net realized (gains) losses and OTTI on investments - excluding Life Funds Withheld Assets
—
(4,218)
Net realized (gains) losses on investments available for sale and OTTI - excluding
Life Funds Withheld Assets
33,478
—
Net realized and change in net unrealized gains (losses) on equity securities - excluding
Life Funds Withheld Assets
36,014
—
Net realized and unrealized (gains) losses on derivatives
(4,221)
7,069
Net realized and unrealized (gains) losses on investments and derivatives related to the
Company's insurance company affiliates
(636)
(2,051)
Foreign Exchange (gains) losses excluding Life Funds Withheld Assets
20,524
(112)
Expenses related to the pending acquisition by AXA SA
22,648
—
Provision (benefit) for income tax on items excluded from operating income
(4,606)
2,167
Operating net income (loss) (Note 3)
$214,359
$136,143
Catlin-related integration costs (Note 5)
—
33,949
Provision (benefit) for income tax on Catlin-related integration costs
—
(3,768)
Operating net income (loss) (excluding Catlin-related integration costs)
$214,359
$166,324
Per common share results:
Net income (loss) attributable to common shareholders
$0.58
$0.57
Operating net income (loss) (Note 3)
$0.82
$0.50
Weighted average common shares outstanding:
Basic
256,922,376
265,690,364
Diluted (Note 4)
261,175,868
269,766,805
Diluted - Operating net income
261,175,868
269,766,805
Return on common shareholders' equity:
Opening common shareholders' equity attributable to XL Group Ltd
$9,848,317
$10,938,512
Closing common shareholders' equity attributable to XL Group Ltd
$9,628,529
$10,974,884
Average common shareholders' equity attributable to XL Group Ltd for the period
$9,738,423
$10,956,698
Opening AOCI
$889,431
$715,546
Closing AOCI
$312,255
$844,974
Average AOCI for the period
$600,843
$780,260
Average common shareholders' equity attributable to XL Group Ltd excluding average AOCI
$9,137,580
$10,176,438
Annualized net income (loss)
$610,592
$611,372
Annualized operating net income (loss) (Note 3)
$857,436
$544,572
Annualized operating net income (loss) (excluding Catlin-related integration costs) (Note 3 and 5)
$857,436
$665,295
Annualized return on average common shareholders' equity
6.3%
5.6%
Annualized operating return on average common shareholders' equity (Note 3)
8.8%
5.0%
Annualized operating return on average common shareholders' equity excluding average
AOCI (Note 3)
9.4%
5.4%
Annualized operating return on average common shareholders' equity excluding Catlin-
related integration costs (Notes 3 and 5)
8.8%
6.1%
Annualized operating return on average common shareholders' equity excluding Catlin-
related integration costs and AOCI (Notes 3 and 5)
9.4%
6.5%
Book value per common share:
March 31, 2018
December 31, 2017
Closing common shares outstanding - basic
258,171,836
256,033,895
Closing common shares outstanding - diluted
263,605,861
258,901,212
Book value per common share
$37.30
$38.46
Fully diluted book value per common share
$36.53
$38.04
Goodwill and other intangible assets
$2,230,506
$2,225,751
Tangible book value
$7,398,023
$7,622,566
Fully diluted tangible book value per common share
$28.06
$29.44
Note 1: Certain amounts have been reclassified to conform to the current period presentation.
Note 2: Investment results for the Life Funds Withheld Assets - including interest income, unrealized gains and losses, and gains and losses from sales - are passed directly to the reinsurer pursuant to a contractual arrangement that is accounted for as a derivative. Changes in the fair value of the embedded derivative associated with these GreyCastle Life Retro Arrangements are reflected within "Net realized and unrealized (gains) losses on life retrocession embedded derivative and derivative instruments - Life Funds Withheld Assets" in the reconciliation above.
Note 3: Defined as net income (loss) attributable to common shareholders excluding: (1) our net investment income - Life Funds Withheld Assets, (2) our net realized (gains) losses on investments available for sale - excluding Life Funds Withheld Assets, (3) our net realized and change in net unrealized (gains) losses on equity securities - excluding Life Funds Withheld Assets, (4) our net realized (gains) losses on investments (including OTTI) and change in net unrealized (gains) losses on investments, trading - Life Funds Withheld Assets, (5) our net realized and unrealized (gains) losses on derivatives, (6) our net realized and unrealized (gains) losses on life retrocession embedded derivative and derivative instruments - Life Funds Withheld Assets, (7) our share of items (2) and (5) for our insurance company affiliates for the periods presented, (8) our foreign exchange (gains) losses, (9) our expenses related to the pending acquisition by AXA SA, (10) our gain on the sale of our wholly-owned subsidiary XL Life Insurance and Annuity Company and the partial sale of our holdings in New Ocean Capital Management, (11) our net (gains) losses on the early extinguishment of debt, (12) our net (gains) losses from the repurchase of preference shares, (13) tax provision arising from our write-down of our deferred tax asset related to the U.S. Tax Cuts and Jobs Act, and (14) a provision (benefit) for income tax on items excluded from operating income. We believe that showing "operating net income (loss)", "annualized operating return on average common shareholders' equity including and excluding average AOCI, both inclusive and exclusive of Catlin-related integration costs" enables investors and other users of our financial information to analyze our performance in a manner similar to how we analyze our performance. In this regard, we believe that providing only a GAAP presentation of net income (loss) would make it more difficult for users of our financial information to evaluate our underlying business. We also believe that equity analysts and certain rating agencies that follow us (and the insurance industry as a whole) exclude these items from their analyses for the same reasons, and they request that we provide this non-GAAP financial information on a regular basis. A reconciliation of our net income (loss) attributable to common shareholders to operating net income (loss) is provided above.
Note 4: Diluted weighted average number of common shares outstanding is used to calculate per share data except when it is anti-dilutive to earnings per share or when there is a net loss. When it is anti-dilutive or when a net loss occurs, basic weighted average common shares outstanding is utilized in the calculation of net loss per share and net operating loss per share.
Note 5 : Catlin-related integration costs were completed in the second quarter of 2017.
Comment on Regulation G
XL presents its operations in ways it believes will be most meaningful and useful to investors, analysts, rating agencies and others who use XL's financial information in evaluating XL's performance. This press release includes the presentation of (i) operating net income (loss) ("Operating Net Income"), which is defined as net income (loss) attributable to common shareholders excluding:(1) our net investment income - Life Funds Withheld Assets, (2) our net realized (gains) losses on investments available for sale - excluding Life Funds Withheld Assets, (3) our net realized and change in net unrealized (gains) losses on equity securities - excluding Life Funds Withheld Assets, (4) our net realized (gains) losses on investments (including OTTI) and change in net unrealized (gains) losses on investments, trading - Life Funds Withheld Assets, (5) our net realized and unrealized (gains) losses on derivatives, (6) our net realized and unrealized (gains) losses on life retrocession embedded derivative and derivative instruments - Life Funds Withheld Assets, (7) our share of items (2) and (5) for our insurance company affiliates for the periods presented, (8) our foreign exchange (gains) losses, (9) our expenses related to the pending acquisition by AXA SA, (10) our gain on the sale of our wholly-owned subsidiary XL Life Insurance and Annuity Company and the partial sale of our holdings in New Ocean Capital Management, (11) our net (gains) losses on the early extinguishment of debt, (12) our net (gains) losses from the repurchase of preference shares, (13) tax provision arising from our write-down of our deferred tax asset related to the U.S. Tax Cuts and Jobs Act, and (14) a provision (benefit) for income tax on items excluded from operating income; (ii) annualized return on average common shareholders' equity ("ROE") based on operating net income (loss) ("Operating ROE") including and excluding average AOCI, both inclusive and exclusive of Catlin-related integration costs and (iii) Fully diluted tangible book value per common share (common shareholders' equity excluding goodwill and intangible assets divided by the number of shares outstanding at the period end date combined with the dilutive impact of potential future share issues at any period end). These items are "non-GAAP financial measures" as defined in Regulation G. The reconciliation of such measures to the most directly comparable GAAP financial measures in accordance with Regulation G is included in this press release on pages 10 and 11.
Although the investment of premiums to generate income (or loss) and realized capital gains (or losses) is an integral part of our operations, the determination to realize capital gains (or losses), as well as absorb the volatility associated with marking our portfolio of public equity securities to market, is independent of the underwriting process. In addition, losses as the result of other-than-temporary declines in value and goodwill impairment charges are recognized in net income without actual realization. In this regard, certain users of our financial information, including certain rating agencies, evaluate earnings before tax and realized capital gains to understand the profitability of the operational sources of income without the effects of these variables. Furthermore, these users believe that, for many companies, the timing of the realization of capital gains is largely a function of economic and interest rate conditions.
Net realized and unrealized (gains) losses on derivatives include all derivatives entered into by XL other than certain credit derivatives and the life retrocession embedded derivative. With respect to credit derivatives, because XL and its insurance company operating affiliates generally hold financial guaranty contracts written in credit default derivative form to maturity, the net effects of the changes in fair value of these credit derivatives are excluded (similar with other companies' treatment of such contracts), as the changes in fair value each quarter are not indicative of underlying business performance.
Net investment income - Life Funds Withheld Assets, and net realized (gains) losses on the life retrocession embedded derivative and derivative instruments - Life Funds Withheld Assets, have been excluded because, as a result of the GreyCastle Life Retro Arrangement, XL no longer shares in the risks and rewards of the underlying performance of the Life Funds Withheld Assets that support these retrocession arrangements. The returns on the Life Funds Withheld Assets are passed directly to the reinsurer pursuant to a contractual arrangement that is accounted for as a derivative. Therefore, net investment income from the Life Funds Withheld Assets and changes in the fair value of the embedded derivative associated with these GreyCastle Life Retro Arrangements are not relevant to XL's underlying business performance.
Foreign exchange (gains) losses in the income statement are only one element of the overall impact of foreign exchange fluctuations on XL's financial position and are not representative of any economic gain or loss made by XL. Accordingly, it is not a relevant indicator of financial performance and it is excluded.
In summary, XL evaluates the performance of and manages its business to produce an underwriting profit. In addition to presenting net income (loss), XL believes that showing operating net income (loss) enables investors and other users of XL's financial information to analyze XL's performance in a manner similar to how management of XL analyzes performance. In this regard, XL believes that providing only a GAAP presentation of net income (loss) would make it much more difficult for users of XL's financial information to evaluate XL's underlying business. Also, as stated above, XL believes that the equity analysts and certain rating agencies that follow XL (and the insurance industry as a whole) exclude these items from their analyses for the same reasons and they request that XL provide this non-GAAP financial information on a regular basis.
Operating ROE is a widely used measure of any company's profitability that is calculated by dividing annualized operating net income for any period other than a fiscal year when actual operating income is used by the average of the opening and closing common shareholders' equity. XL establishes target Operating ROEs for its total operations, segments and lines of business. If XL's Operating ROE targets are not met with respect to any line of business over time, XL seeks to re-evaluate these lines. Operating ROE including and excluding average AOCI, both inclusive and exclusive of Catlin-related integration costs, are additional measures of Company profitability. The most significant component of this exclusion is the mark to market fluctuations on XL's investment portfolio that have not been realized through sales, and/or distortions to XL's performance from Catlin-related integration costs related to the acquisition of Catlin. By providing these additional measures, users of our financial statements have the ability to include or exclude these items when considering our performance either on a standalone basis or for purposes of peer performance comparison.
Fully diluted tangible book value per common share ("Fully diluted TBVPS") is a widely used non-GAAP financial measure that, much like BVPS, represents the value generated for our common shareholders excluding items such as goodwill and other intangible assets. The exclusion of these amounts allow for more meaningful comparisons between peers, specifically those that have been less acquisitive. Fully diluted TBVPS is calculated by dividing common shareholders' equity excluding intangible assets by the number of outstanding common shares at the applicable period end combined with the impact from dilution of share-based compensation and certain conversion features where dilutive.
View original content: http://www.prnewswire.com/news-releases/xl-group-ltd-announces-first-quarter-2018-results-300641329.html
SOURCE XL Group Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-xl-group-ltd-announces-first-quarter-2018-results.html |
May 20, 2018 / 5:38 PM / Updated 2 hours ago Turkey's Erdogan seeks votes in Bosnia after ban on campaigning elsewhere Maja Zuvela 3 Min Read
SARAJEVO (Reuters) - Turkish President Tayyip Erdogan took a swipe at European countries that refused to let him campaign on their territory on Sunday as he called at a rally in Bosnia for expatriate Turks to vote for him and his ruling AK Party in elections next month. Turkish President Tayyip Erdogan addresses supporters during a pre-election rally in Sarajevo, Bosnia and Herzegovina May 20, 2018. REUTERS/Dado Ruvic
The presidential and parliamentary polls on June 24 will see Turkey switch to a powerful, executive presidential system that was narrowly approved in a referendum last year.
“As European Turks you have always supported us by a wide margin. Now we need your support again in the elections on June 24,” Erdogan told a rally in a Sarejevo sports hall, where supporters waved Turkish and Bosnian flags.
Ahead of the 2017 referendum, ministers travelled to countries with big Turkish communities — including Germany and the Netherlands — to urge support for the change, but were stopped from campaigning by authorities citing security fears.
Erdogan nevertheless said last month he was expecting to hold a campaign rally in a European city.
“At a time when renowned European countries claiming to be the cradle of civilisation failed, Bosnia and Herzegovina showed by allowing us to gather here that it is a real democracy not a so-called one,” he told a crowd of around 15,000.
Austrian Chancellor Sebastian Kurz, who heads a right-wing coalition opposed to Turkey joining the European Union, said last month Erdogan would be barred from “trying to exploit” Europe’s Turkish communities.
Germany, home to about 3 million people of Turkish origin, says it will not allow foreign politicians to campaign on its territory ahead of elections.
Earlier in the day, Erdogan pledged a multi-billion euro investment in a motorway connecting Belgrade and Sarajevo.
Thousands of Turks came from Germany, the Netherlands and Austria, and from across the Balkans for the rally.
“Turkey is our mother nation,” said Coskun Celiloglu, a Macedonian student of Turkish descent. “We came to Sarajevo just for one day to support our saviour Erdogan.”
The most popular — and divisive — politician in recent Turkish history, Erdogan has ruled for 15 years, overseeing a period of rapid economic growth. But a widespread crackdown against his opponents has led rights groups and Western allies of the NATO member to voice concerns about Turkey’s record on civil rights and Erdogan’s growing authoritarianism.
On Saturday, Turkey’s state-run Anadolu agency reported there had been tip-offs about a potential assassination attempt against Erdogan while he visits the Balkans.
Asked about the report, Erdogan said: “This news reached me and indeed that is why I am here ... Such threats and operations cannot deter us from this path.” Additional reporting by Daria Sito-Sucic; Writing by Daren Butler in Istanbul; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-turkey/turkeys-erdogan-seeks-votes-in-bosnia-after-ban-on-campaigning-elsewhere-idUKKCN1IL0P5 |
LAGUNA HILLS, Calif., May 8, 2018 /PRNewswire-USNewswire/ -- MemorialCare Saddleback Medical Center named Brandi Cassingham, RN, Chief Nursing Officer. She replaces Kathy Dawson, RN, who is retiring after four decades in nursing.
Cassingham has spent the last decade with increasing executive responsibilities at Saddleback Medical Center, most recently as Executive Director of Acute Care Services. She was the hospital's first Lean Fellow, a designation achieved by a small percentage of individuals who undergo a transformational leadership process that furthers their ability to develop, resource and manage large-scale organizational transformations to benefit patients, staff and communities. Under her leadership, Cassingham created and implemented new models of patient care.
"Brandi is a compassionate and dynamic executive who is highly respected by our 600 nurses and the 2,500 physicians, employees and volunteers that support them," says Marcia Manker, CEO, Saddleback Medical Center. "She has distinguished herself as an innovative and effective leader who always puts patients first."
"I'm honored to be selected Chief Nursing Officer and follow in the footsteps of Kathy Dawson and the distinguished nurse leaders that served us since we opened our doors 44 years ago," says Cassingham. "I'm grateful for the opportunity to help lead our outstanding, dedicated nurses and look forward to all we can accomplish together to improve the health of our patients and communities we serve."
Cassingham received her Master's Degree in Nursing with a Nursing Administration focus and Bachelor's in Nursing from UCLA: Bachelor's in Exercise Science from USC; and Associate Degree in Nursing from Mount St. Mary's College.
Member of the Association of California Nurse Leaders and presenter at national conferences, Cassingham, her husband and two children live in Anaheim.
MemorialCare Saddleback Medical Center is listed among America's Best Hospitals, Best of Orange County Hospitals, Top 50 U.S. Cardiovascular Hospitals and American Heart Association Cardiac and Stroke Care Gold Plus. Centers of Excellence include cancer, heart, pulmonary, orthopedics, spine, diabetes, neurology, neurosurgery, gastroenterology, emergency, critical care, breast health, imaging, geriatrics, and minimally invasive and robotic-assisted surgery. It is a Magnet organization, highest honor for nursing excellence. The Women's Hospital at Saddleback Medical Center offers personalized obstetrics, perinatal programs and neonatal intensive care unit. Recent U.S. News & World Report high-performance rankings include heart failure and colon cancer surgery. It is part of MemorialCare with five hospitals, 200 care locations, MemorialCare Medical Group and Greater Newport Physicians. Visit www.memorialcare.org/saddleback-medical-center .
View original content with multimedia: http://www.prnewswire.com/news-releases/memorialcare-saddleback-medical-center-names-brandi-cassingham-chief-nursing-officer-300644837.html
SOURCE MemorialCare Saddleback Medical Center | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-memorialcare-saddleback-medical-center-names-brandi-cassingham-chief-nursing-officer.html |
May 2, 2018 / 11:53 AM / Updated 7 minutes ago BRIEF-Esperion Says Phase 3 Long-Term Safety Study Of Bempedoic Acid Met Primary Endpoint Reuters Staff
May 2 (Reuters) - Esperion Therapeutics Inc:
* ESPERION ANNOUNCES POSITIVE TOP-LINE RESULTS FROM PIVOTAL PHASE 3 LONG-TERM SAFETY STUDY OF BEMPEDOIC ACID
* ESPERION THERAPEUTICS INC - STUDY MET PRIMARY ENDPOINT OF SAFETY AND TOLERABILITY IN LARGEST AND LONGEST DURATION STUDY
* ESPERION - PATIENTS TREATED WITH BEMPEDOIC ACID ALSO ACHIEVED A SIGNIFICANT REDUCTION OF 22 PERCENT IN HIGH-SENSITIVITY C-REACTIVE PROTEIN Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-esperion-says-phase-3-long-term-sa/brief-esperion-says-phase-3-long-term-safety-study-of-bempedoic-acid-met-primary-endpoint-idUSASC09YYM |
Exclusive: Toyota's unexpected China E.V. plans Friday, May 18, 2018 - 02:06
Toyota is taking an unprecedented route to meet China's stringent green car quotas: its showrooms will sell an electric vehicle without the Japanese company's distinctive triple-oval logo. Instead, it will feature the label of GAC Motor, Toyota's Chinese partner, and will be built around GAC's lower-cost technology.
Toyota is taking an unprecedented route to meet China's stringent green car quotas: its showrooms will sell an electric vehicle without the Japanese company's distinctive triple-oval logo. Instead, it will feature the label of GAC Motor, Toyota's Chinese partner, and will be built around GAC's lower-cost technology. //reut.rs/2LdFdpt | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/exclusive-toyotas-unexpected-china-ev-pl?videoId=428000471 |
May 21, 2018 / 6:30 PM / Updated an hour ago U.S.'s Pompeo pledges support for Georgia, calls for Russia troop pullout Reuters Staff 2 Min Read
WASHINGTON (Reuters) - U.S. Secretary of State Mike Pompeo on Monday pledged deeper security and economic support for Georgia and called on Russia to withdraw its forces from the regions of Abkhazia and South Ossetia under a 2008 ceasefire agreement. U.S. Secretary of State Mike Pompeo shakes hands with Georgia's Prime Minister Giorgi Kvirikashvili after delivering remarks at their Georgia Strategic Partnership meeting at the State Department in Washington, U.S., May 21, 2018. REUTERS/Leah Millis
Russia still has troops stationed in Georgia after a 2008 war over the breakaway region of South Ossetia, backing Georgia’s Abkhazia, which is also controlled by pro-Russian separatists.
“The United States unequivocally condemns Russia’s occupation on Georgian soil,” Pompeo said in opening remarks to the annual U.S.-Georgian Strategic Partnership in Washington. “Russia’s forcible invasion of Georgia is a clear violation of international peace and security.” U.S. Secretary of State Mike Pompeo and Georgia's Prime Minister Giorgi Kvirikashvili walk in to deliver remarks together at their Georgia Strategic Partnership meeting at the State Department in Washington, U.S., May 21, 2018. REUTERS/Leah Millis
Pompeo repeated U.S. policy that the United States would support Georgia’s eventual membership of the NATO military alliance. Slideshow (4 Images)
Georgian Prime Minister Giorgi Kvirikashvili said American support for a peaceful resolution to Russia’s presence in Georgia “is of highest importance to our country and regional stability.”
Georgia’s membership of the military alliance would be a “clear added value for the Euro-Atlantic security,” Kvirikashvili said.
NATO promised Georgia membership in 2008, and three ex-Soviet Baltic nations - Estonia, Latvia and Lithuania - are already members.
Kvirikashvili urged closer economic and trade ties, saying U.S. involvement in infrastructure projects, like the Anaklia deep sea port on Georgia’s Black Sea coast, would help attract interest in the region.
The Anaklia Development Consortium is a joint venture of Georgia’s TBC Holding LLC and Conti International LLC, a U.S.-based developer of infrastructure and capital projects. Reporting by Lesley Wroughton; editing by Grant McCool | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-georgia/u-s-s-pompeo-pledges-support-for-georgia-calls-for-russia-troop-pullout-idUKKCN1IM23P |
May 13, 2018 / 6:13 PM / Updated an hour ago Wenger sees future away from English football Simon Evans 3 Min Read
HUDDERSFIELD, England (Reuters) - An emotional Arsene Wenger said farewell to Arsenal and probably England on Sunday after playing down the prospect of managing another club in the Premier League. Soccer Football - Premier League - Huddersfield Town vs Arsenal - John Smith's Stadium, Huddersfield, Britain - May 13, 2018 Arsenal manager Arsene Wenger before the match REUTERS/Peter Powell
Wenger watched his team beat Huddersfield Town 1-0 in their final game of the season and his last match in charge after nearly 22 years at the North London club.
The 68-year-old Frenchman reflected on his “human experiences” in his time at Arsenal on a day of mixed emotions, while he also spoke about his enjoyment of England and its football culture.
Yet when the prospect of managing another Premier League club against Arsenal was raised, Wenger said that scenario was unlikely.
“I am not ready for that at the moment, that would be very difficult. I think on that day I would stay at home. I don’t know, at the moment, I don’t envisage that,” he said. Soccer Football - Premier League - Huddersfield Town vs Arsenal - John Smith's Stadium, Huddersfield, Britain - May 13, 2018 Arsenal manager Arsene Wenger waves to the fans after the match Action Images via Reuters/Andrew Boyers
Wenger confirmed that he had already received approaches to manage other clubs but had not yet explored those options.
“Yes I had offers, of course, but at the moment I did not even speak to anybody of the many offers,”he said. “You cannot come out of such a long process and the next morning say ‘yes, I go somewhere else’, it is impossible.”
But when the question of whether he will manage in England again was posed, Wenger said: “I don’t know. Maybe it is better I go somewhere else.” Slideshow (8 Images)
Wenger said he had fallen in love with England, which added to the impression that the Frenchman was saying goodbye to his adopted home, as well as his club.
“I feel that I got a lot of respect not only from our fans but from England,” he said.
“I would reiterate - I loved English football but as well I learned to love England over 22 years.
“You don’t stay in a country like that if you don’t like it. It is a special country and special even for football, that is why I stayed such a long time,” he added.
“It has changed me a lot - it is difficult to understand, when you don’t live in this country, how deep the love is for the game. It was a fantastic experience for me.”
Whatever he does next, Wenger said it will be difficult to match the emotions he has experienced with Arsenal.
“Where do I go from here? That is the difficulty, when you have experienced such intensity for such a long time,” he said. “It will be difficult. (But) even not managing the club, I will remain a fan of the club.” Reporting by Simon Evans; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-hud-ars-wenger/wenger-sees-future-away-from-english-football-idUKKCN1IE0XM |
Kellogg Co. said Pringles chips, frozen foods and snacks in the U.S. helped sales rise 4.7% to $3.4 billion in the latest quarter.
The maker of Frosted Flakes and Cheez-It crackers has struggled in recent years as Americans are opting for less cereal and fresher, healthier snacks. But its sales on a comparable basis rose 0.6% in the latest quarter, marking its best results in several quarters.
“We... | ashraq/financial-news-articles | https://www.wsj.com/articles/snacks-lift-kellogg-sales-1525353291 |
N. Korea talks moving in right direction: Pompeo 1:56am IST - 02:19
U.S. Secretary of State Mike Pompeo said on Thursday he was confident talks with North Korean officials were moving toward a summit and that a North Korean envoy will travel to Washington to deliver a personal letter from leader Kim Jong Un to President Donald Trump. Rough Cut (no reporter narration).
U.S. Secretary of State Mike Pompeo said on Thursday he was confident talks with North Korean officials were moving toward a summit and that a North Korean envoy will travel to Washington to deliver a personal letter from leader Kim Jong Un to President Donald Trump. Rough Cut (no reporter narration). //reut.rs/2H9lK5Z | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/n-korea-talks-moving-in-right-direction?videoId=431984060 |
As the major averages jumped on Monday on news that the United States and China reached a momentary truce in trade talks, CNBC's Jim Cramer wanted to verify the strength of the rally.
"While we often act like only the large-capitalization stocks like Caterpillar and Boeing ... are really in the crosshairs here, the truth is it's much, much bigger than that," the "Mad Money" host said on Monday. "So [...] let's talk about why this rally actually makes a lot of sense."
Cramer argued that in reality, China's influence over the U.S. economy largely hinges on what Chinese companies sell into the U.S. market.
"A full-blown trade war could make life very, very expensive for most Americans," he said.
As the Dow Jones industrial average crossed the 25,000 level for the first time since March , Cramer zoomed in on a group that reflected investors' relief over the temporary truce: retail.
Since the possibility of a trade war came into focus, retail stocks have been under pressure on worries that the goods they produce in China could become unsustainably expensive.
If Chinese authorities made it too costly to produce goods there, U.S. retailers could charge consumers for the difference, causing price inflation.
"We import so much cheap stuff from the People's Republic that the prospect of the Trump administration putting tariffs on those goods has made investors very worried," Cramer explained. "So when we heard about the truce, we immediately figured that the consumer is going to be spared the shock of those much higher prices."
That's what sparked a rally in department store stocks like Macy's , which hit a 52-week high on Monday as investors breathed a sigh of relief that, for now, prices would remain stable.
Cramer added that while most major apparel makers have the ability to move production to other countries, they wouldn't be able to do so overnight and prices would most likely rise in the interim.
"At a time when we're increasingly worried about inflation and how it might force the Fed to raise rates faster than we'd like, the last thing we needed were tariffs on retail goods," the "Mad Money" host said.
Shares of retailers that turn to China for swaths of their low-cost merchandise — Walmart , Dollar Tree and Dollar General , to name a few — also shared in Monday's gains.
"We can all breathe easier now that we've lost what could've been an immediate driver of inflation," Cramer concluded. "I've told you over and over again that it's trade, not the rising interest on the 10-year Treasury , that's been hurting stock prices, and the retail element was a huge part of that. Putting the trade war on hold creates a much more positive backdrop for everything."
WATCH: Cramer unpacks the trade-related rally show chapters Cramer: This trade-led rally makes sense—just look at the retail sector 20 Hours Ago | 12:18 Questions for Cramer?
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/cramer-this-trade-led-rally-makes-sense-just-look-at-retail-stocks.html |
LONDON Deutsche Bank and Ford have taken the plunge. General Electric is testing the waters. These big companies are trying out their own versions of a corporate strategy that has almost never worked: shrinking to greatness.
Painted Matryoshka dolls, or Russian nesting dolls, are pictured in the Centre of Russian Culture in Daugavpils March 21, 2014. REUTERS/Ints Kalnins Each story is different. Deutsche never really got its global financial markets operations to gel with its traditional German banking culture. Ford is getting out of the drooping U.S. passenger car business, which is now dominated by foreign companies. GE seems to have lost its way to high profitability and strong growth in almost every division.
What they have in common is the recognition that a longstanding strategy has failed. Chief executives are often among the last to admit this unpleasant reality. That is not surprising, since everything in their world makes the decision to shrink feel like a dereliction of duty.
In business schools, the future leaders learned that growth is necessary for survival in a competitive world. Shareholders insist on positive revenue comparisons. Pay packages usually increase with corporate size. And despite much venture capital buzz about daring to fail, the psychology of business success sits uncomfortably with cool calculations that amputation or dismemberment are better than limping on.
The unpalatability of big retreats is one reason they are so rare. Another is that the chances of success are low. Backwards moves rarely take companies forward. On the contrary, the most common consequence of sharp corporate pullbacks is more trouble later.
A gigantic example is Westinghouse. A century ago the electricity pioneer was a serious rival to GE in almost every business line. Westinghouse initially fell behind its traditional nemesis and then into increasingly serious trouble. After much strategic flailing, including numerous large asset sales, the company disappeared in 1999. Only the brand name lives on.
Though Westinghouse is extreme, few big companies have managed to prune their way to renewed corporate vigour. International Business Machines is a notable exception. In 1993, disaster loomed for the former near-monopolist. New boss Lou Gerstner got out of almost all its traditional businesses and helped change the corporate culture. IBM returned to solid profitability and growth.
Another former technology leader, Nokia, has a more typical story. Since divesting its largest business in 2014, the Finnish company’s shares have sharply underperformed European indices.
However, it still exists, which might not have been the case if it had not decided to let the much richer Microsoft try – and fail – to improve its weak position in mobile phone handsets.
There are big obstacles to successfully becoming both smaller and stronger. As many retailers have found, closing unprofitable branches leaves excessive overheads and wary suppliers. Shrinking companies generally struggle to recruit good workers. Besides, even after a business has been closed or sold, it is difficult to repair the broken corporate culture which helped create the mess.
Bad cultures frequently spawn weak CEOs who put off making hard decisions until financial weakness compels them to make even harder ones. Even fresh leaders recruited from outside can find their efforts at renewal stymied by disheartened and often mediocre middle managers.
If globalisation continues, so will the need for corporate shrinkage. As Ford and Deutsche Bank can testify, national leaders can become subscale and outclassed regional players on the global stage. The losing companies lack economies of scale and network effects that benefit the winners. They also often lag behind in technical and marketing skills.
U.S. companies’ experience of competing with newly emerging Japanese exporters in the 1980s provides a frightening precedent for weak incumbents. No amount of patriotic rhetoric or retrenching to core strengths could save America’s machine tool and electronic goods makers.
The next generation’s disrupters are likely to be from China. That country’s national champions, which benefit from a much larger home market and a more extensive diaspora than Japanese companies ever did, could cause even greater damage.
The best way to approach corporate shrinkage is to avoid it, by planning ahead. It is better to merge and slim first, even on apparently poor terms, than to slide and fall later. General Motors, for example, has unloaded its European car operations on Peugeot. The combined business will shrink significantly, but GM has probably been spared a big future headache.
Walmart is trying to set another good example. Rather than waiting to see which supermarket chain ends up surplus to requirements in the oversupplied UK grocery market, it is trying to fold its Asda stores into rival J. Sainsbury. Together, the two have a better chance at surviving.
The Arkansas retailer has learned that even national leaders are not immune to domestic challengers. Amazon has shaken its traditional stronghold, but Walmart is learning to choose its battles. Many top managers and company directors could learn from its experience. An increasing need for negative corporate thinking provides an opportunity for business schools and management gurus. Managing decline could be the next growth sector.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-companies-breakingviews/breakingviews-hadas-shrinking-to-greatness-is-next-ceo-trick-idUSKBN1I320Y |
BERLIN (Reuters) - Germany’s justice minister has asked Facebook ( FB.O ) Chief Executive in a letter to be transparent with users by giving them more control, saying allegations of the improper use of data for millions of people is unacceptable, a German media group reported on Thursday.
FILE PHOTO - The Facebook logo is shown at Facebook headquarters in Palo Alto, California, U.S. May 26, 2010. REUTERS/Robert Galbraith/File Photo Media group RND said in her letter, Katarina Barley also called on Facebook to strictly implement privacy by default settings and to set up an internal mechanism to protect users from misuse by third parties like Cambridge Analytica.
Reporting by Joseph Nasr and Andrea Shalal; Editing by Madeline Chambers
| ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-cambridge-analytica-germany/germany-demands-more-privacy-safeguards-from-facebook-report-idUSKBN1I41TS |
Apple beats expectations, quelling sales worries 2 Hours Ago Jeffrey Kvaal, Nomura Securities, and Abhey Lamba, Mizuho Securities, discuss the latest beat from Apple as the stock soars. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/apple-beats-expectations-quelling-sales-worries.html |
May 1 (Reuters) - Qumu Corp:
* QUMU ANNOUNCES FIRST QUARTER 2018 RESULTS – REITERATING ANNUAL GUIDANCE
* SEES FY 2018 REVENUE ABOUT $25 MILLION * IS REITERATING ITS PREVIOUSLY ISSUED FINANCIAL GUIDANCE FOR FULL YEAR 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-qumu-reports-q1-loss-per-share-048/brief-qumu-reports-q1-loss-per-share-0-48-idUSASC09YPB |
Nissan Motor Co. will cut vehicle output in the U.S. and Mexico through this summer to reduce inventories in a cooling market, Nikkei reported Tuesday.
The Japanese carmaker will cut workers’ hours and reduce production by as much as 20 percent at five assembly plants in the two countries, the publication said, without saying where it got the information.
A Nissan spokesman, declining to comment on the company’s production plans, referred to the guidance the Yokohama-based company has given in the past and alluded to statements by executives on declining sales in the region.
Chief Executive Officer Hiroto Saikawa said in May the company is seeking to improve profitability rather than sales growth in the U.S. Predicting sales in the biggest market would drop in the fiscal year through March 2019, he said Nissan will cut inventories at dealers and focus on retail sales. Last year, the carmaker expanded its market share by boosting incentives and increasing fleet sales and shipments to dealers, a strategy that dented its profit margin.
Nissan’s output in the U.S. has been sliding for 10 consecutive months as of March, and the contraction is likely to have extended in April as well, with the company reporting its production data this week. Sales plunged 28 percent in the month.
| ashraq/financial-news-articles | http://fortune.com/2018/05/29/nissan-cuts-north-america-output/ |
May 11 (Reuters) - InMed Pharmaceuticals Inc:
* INMED REPORTS THIRD QUARTER FISCAL 2018 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE
* Q3 LOSS PER SHARE C$0.01 * INMED PHARMACEUTICALS - AT MARCH 31, 2018, CO’S CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS WERE $13.88 MILLION, VERSUS $6.71 MILLION AT JUNE 30, 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-inmed-pharmaceuticals-reports-q3-l/brief-inmed-pharmaceuticals-reports-q3-loss-per-share-of-c0-01-idUSASC0A1R8 |
May 31, 2018 / 12:25 AM / Updated an hour ago Outgoing RBS CFO among favourites to succeed HSBC Finance Director - The Times Reuters Staff 2 Min Read
(Reuters) - HSBC Holdings Plc ( HSBA.L ) has interviewed outgoing Royal Bank of Scotland ( RBS.L ) Chief Finance Officer Ewen Stevenson to replace HSBC Finance Director Iain Mackay, The Times newspaper reported on Thursday.
HSBC Chairman Mark Tucker has spoken to several candidates in recent weeks with Stevenson among the favourites to succeed Mackay, the report added. bit.ly/2sfWoPt
RBS and HSBC did not respond to requests for comment outside regular business hours.
Stevenson, a former investment banker, quit unexpectedly in a surprise exit from RBS on Wednesday, casting doubt on the timing of a possible sale of some of the British government’s controlling stake in the bank.
Having joined RBS in May 2014 after 25 years at Credit Suisse Group AG ( CSGN.S ), Stevenson has led turnaround efforts with the bank’s Chief Executive Ross McEwan, who arrived six months earlier.
In February, Stuart Gulliver stepped down as HSBC CEO after the bank reported a smaller-than-expected rise in annual profits and unveiled plans to raise up to $7 billion (£5.2 billion) to bolster its capital. Reporting by Kanishka Singh in Bengaluru; editing by Diane Craft | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-royal-bank-scot-cfo-hsbc/outgoing-rbs-cfo-among-favourites-to-succeed-hsbc-finance-director-the-times-idUKKCN1IW014 |
(Adds detail, comments from president)
LILONGWE, May 4 (Reuters) - Malawi’s economy will grow by as much as 6 percent in 2019 from a 4 percent expansion expected in 2018, President Peter Mutharika said on Friday, in remarks ahead of the presentation of the national budget in parliament.
Malawi, which is heavily reliant on financing from foreign donors, mostly Britain, other European Union countries and the United States, has restored economic stability after a period when the siphoning off of funds by government officials led to donors freezing budgetary support in 2013.
A former justice minister and scores of other government officials were convicted of complicity in the “Cashgate” scandal.
“It has taken us three years to turn around the economy from the devastation of Cashgate, and through national disasters of floods, drought and hunger,” Mutharika said.
Landlocked Malawi is a net importer of fuel and other essential commodities, mainly agricultural inputs and drugs.
“This month, four years ago - we were speaking of a broken economy, stagnated projects and smashed hopes. Today, we have the economy fixed, confidence regained, projects moving, and hopes rising,” said Mutharika.
Malawi, which is experiencing power rationing due to inadequate generation, aims to more than double power supply from the current 360 Megawatts (MW) to 1,000 MW by 2023, by diversifying from hydro electricity generation to coal, wind, solar and gas, Mutharika said.
Mutharika said Malawi planned to build an international airport along Lake Malawi, as part of ambitious plans to turn the country’s tourism industry into a major source of revenue.
The lake, which has also been subject of oil exploration in recent years, covers more than half of the country and is a major tourist attraction.
Elections are due in Malawi in May 2019 and Mutharika has declared that he will seek a second term, despite recent criticism of his age. He will be 79 next year. (Reporting Frank Phiri; Editing by James Macharia and Toby Chopra)
| ashraq/financial-news-articles | https://www.reuters.com/article/malawi-economy/update-1-malawis-president-says-economy-to-grow-by-6-percent-in-2019-idUSL8N1SB45W |
May 14, 2018 / 4:53 PM / Updated 36 minutes ago China's bid for EDP is a pre-emptive strike against rivals -sources Sergio Goncalves 2 Min Read
LISBON, May 14 (Reuters) - State-owned power firm China Three Gorges launched its 9 billion euros ($10.8 billion) takeover offer for Portuguese utility EDP as a pre-emptive move, sensing that other prospective bidders were looking at the company, sources said on Monday.
CTG owns 23 percent of EDP and is bidding for the remainder at 3.26 euros per share, a premium of less than 5 percent over EDP’s price before the offer. The stock leapt 9 percent on Monday, implying the price would go higher.
A source familiar with the matter said EDP viewed the bid as “low” but its board was likely to meet this week to consider it. No decision had yet been made to reject it, the source added.
A banking source close to the matter ruled out any EU utilities launching a counter bid, but that EDP would negotiate with the Chinese and push for a better price and a premium. The source said the offer was not a hostile one.
“CTG is not just a shareholder, it is also a partner of EDP,” said a third source familiar with the offer, noting that the Chinese firm had several large joint ventures with EDP.
The source said the Chinese firm had sensed some potential interest in EDP from European suitors and wanted to make clear its commitment to Portugal’s biggest company. The source declined to give any names of potential rivals.
In addition to its 23 percent stake in EDP, acquired for 2.7 billion euros in 2011, CTG has invested about 2 billion euros alongside EDP in joint power projects around the world.
“Anyone thinking of controlling EDP, whoever it may be, has to deal with this question. CTG has an industrial project with EDP and it has no intention of going anywhere,” said the source familiar with the offer. $1 = 0.8353 euros Additional reporting by Axel Bugge in LISBON, Pamela Barbaglia in LONDON and Geert De Clercq in PARIS | ashraq/financial-news-articles | https://www.reuters.com/article/edp-ma-china-rivals/chinas-bid-for-edp-is-a-pre-emptive-strike-against-rivals-sources-idUSL5N1SL6LE |
CAMARILLO, Calif.--(BUSINESS WIRE)-- Salem Media Group, Inc. (Nasdaq: SALM) announced today that its Board of Directors has declared a cash distribution for the second quarter of 2018 in the amount of $0.0650 per share. The cash distribution will be paid on June 29, 2018 to all Class A and Class B common stockholders of record as of June 15, 2018.
Follow us on Twitter @SalemMediaGrp .
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.
The company is the largest commercial U.S. radio broadcasting company providing Christian and conservative programming. Salem owns and/or operates 118 radio stations, with 73 stations in the top 25 media markets. Salem Radio Network (“SRN”) is a full-service national radio network, with nationally syndicated programs comprising Christian teaching and talk, conservative talk, news, and music. SRN is home to many industry-leading hosts including: Hugh Hewitt, Mike Gallagher, Dennis Prager, Michael Medved, Larry Elder, Joe Walsh and Eric Metaxas.
Salem’s digital media is a leading source of Christian and conservative themed news, analysis, and commentary. Salem’s Christian sites include: BibleStudyTools.com , Crosswalk.com , GodVine.com , ibelieve.com , GodTube.com , OnePlace.com™, Christianity.com™, churchstaffing.com , and WorshipHouseMedia.com . Salem’s conservative sites include Townhall.com®, HotAir.com , Twitchy.com , RedState.com and BearingArms.com .
Salem’s Regnery Publishing unit, with a history dating back to 1948, is the nation’s leading independent publisher of conservative books. Having published many of the seminal works of the early conservative movement, Regnery today continues as a major publisher in the conservative space, with leading authors including: Ann Coulter, Newt Gingrich, David Limbaugh, Ed Klein, Mark Steyn and Dinesh D’Souza. Salem’s book publishing business also includes Salem Author Services, a self-publishing service for authors through Xulon Press™, Mill City Press and Bookprinting.com .
Salem's Eagle Financial Publications provides general market analysis and non-individualized investment strategies from financial commentators Mark Skousen, Bob Carlson, Jim Woods and Bryan Perry, as well as a stock screening website for dividend investors ( DividendInvestor.com ). The business unit's other investing websites include StockInvestor.com and RetirementWatch.com .
Eagle Wellness, through its website newportnaturalhealth.com , provides insightful health advice and is a trusted source of high quality nutritional supplements from leading health expert, Leigh Erin Connealy MD. Dr. Connealy is the medical director of one of the largest medical practices in the country where she practices integrative medicine.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005134/en/
Salem Media Group, Inc.
Evan D. Masyr
Executive Vice President & Chief Financial Officer
(805) 384-4512
[email protected]
Source: Salem Media Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-salem-media-group-announces-quarterly-cash-distribution.html |
AT&T CEO: We saw DOJ suit coming 35 Mins Ago AT&T CEO Randall Stephenson speaks onstage at the Code Conference about the Department of Justice lawsuit against the merger with Time Warner. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/att-ceo-doj-lawsuit.html |
Why one strategist expects trade tensions to decline 4 Hours Ago Right now, trade tensions aren't even the main focus driving markets, Sean Yokota, head of Asia strategy at SEB. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/trade-war-strategist-predicts-declining-tensions.html |
May 9, 2018 / 4:44 PM / Updated an hour ago Stormy Daniels' lawyer questions dealings as companies defend Trump attorney payments Reuters Staff 4 Min Read
WASHINGTON (Reuters) - An attorney for porn star Stormy Daniels said on Wednesday he has more evidence of ties between a Russian oligarch sanctioned by the United States and a payment to U.S. President Donald Trump’s personal lawyer, Michael Cohen, and questioned other companies’ dealings with Cohen’s firm. Stormy Daniels' attorney Michael Avenatti leaves federal court in the Manhattan borough of New York, U.S., April 26, 2018. REUTERS/Lucas Jackson
In two television interviews, Daniels’ attorney, Michael Avenatti, also called on Trump and Cohen to release bank statements tied to hundreds of thousands of dollars in payments made by AT&T, Novartis AG, Korea Aerospace Industries Ltd and Columbus Nova LLC, a New York-based investment firm linked to businessman Viktor Vekselberg, who has ties to the Kremlin.
Avenatti’s comments came a day after he disclosed the payments to a firm controlled by Cohen in 2017 and 2018, after Trump won the November 2016 presidential election. The companies later confirmed the payments.
The revelation of the payments raised new questions about Cohen’s role and work for Trump, and could further pressure Cohen after the FBI raided his home and office last month as part of a criminal investigation of his business dealings and a payment to Daniels.
The revelation also drew attention to another potential line of inquiry in U.S. Special Counsel Robert Mueller’s investigation of alleged Russian meddling in the U.S. election and potential collusion by Trump’s campaign.
Cohen on Wednesday told reporters Avenatti’s report was inaccurate.
It was not immediately clear how Avenatti knew about the payments to Cohen. He declined to tell ABC News and MSNBC in his interviews where he got the bank records and other information.
His client Daniels, whose real name is Stephanie Clifford, has said Cohen paid her $130,000 in October 2016, a month before the election, to stay quiet about a 2006 sexual encounter she had with Trump and has filed two related lawsuits against Trump and Cohen.
Avenatti has not responded to requests by Reuters for comment.
Trump has denied having an affair with Daniels and said there was no collusion with Russia. Moscow has denied U.S. intelligence agencies’ accusations of meddling in the election.
AT&T on Tuesday said it sought insights into the new administration from Cohen’s Essential Consultants LLC, but did not engage in lobbying. A source familiar with the matter told Reuters on Wednesday that AT&T paid more than $200,000 to Cohen’s company.
On Wednesday, Korea Aerospace Industries (KAI) said it paid for accounting-related services, while Novartis cited healthcare consulting.
Novartis called its nearly $1.2 million payment to Cohen’s firm a mistake and said it had been contacted by the U.S. Special Counsel’s Office and was cooperating. KAI said it had not been contacted by Mueller’s team and AT&T did not respond to a request for comment on whether it had been contacted.
Avenatti told ABC it remained “unclear” what services the companies were seeking and whether Cohen had the necessary expertise.
“Michael Cohen appears to be selling access to the president of the United States,” Avenatti told MSNBC’s “Morning Joe” program.
A lawyer for Columbus Nova has said Vekselberg had nothing to do with the transaction, which Avenatti said amounted to $500,000.
“We have significant evidence to the contrary,” Avenatti told ABC’s “Good Morning America” program, without giving any details. “We haven’t released all the evidence that we have.”
Vekselberg, who according to the New York Times has been questioned by Mueller’s team, could not be reached by Reuters for comment. Peter Carr, the spokesman for the Special Counsel’s Office, declined to comment.
The White House referred questions to Trump’s outside lawyers. Trump attorney Jay Sekulow said the outside legal team has no comment on Avenatti’s allegations. Reporting by Susan Heavey, David Shepardson, Roberta Rampton and Sarah Lynch in Washington; Karen Freifeld, Nathan Layne and Catherine Koppel in New York; Ju-Min Park and Joyce Lee in Seoul; Editing by Dan Grebler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-daniels/stormy-daniels-lawyer-questions-dealings-as-companies-defend-trump-attorney-payments-idUKKBN1IA2SG |
(Reuters) - Proxy advisory firms Institutional Shareholder Services Inc (ISS) and Glass Lewis & Co have sided with German producer of building materials Gebr Knauf KG in its $5.9 billion bid for U.S. gypsum manufacturer USG Corp ( USG.N ), Knauf said on Monday.
The firms have issued reports recommending that USG shareholders vote against all four of USG’s director nominees at USG’s annual shareholder meeting on May 9, to send a message that the company must engage in negotiations.
USG is under pressure to enter into discussions with Knauf after rejecting a $42 per share offer in March. USG shares ended trading on Monday at $40.23.
USG has argued Knauf’s bid undervalued the company despite USG’s largest shareholder, Warren Buffett’s Berkshire Hathaway Inc ( BRKa.N ), offering to sell its 31 percent stake at that price.
“Progressive engagement between the parties has stalled due to the USG board’s response, namely its refusal to either make a clear counteroffer (one that will not intensify shareholder skepticism) or structure and initiate appropriate limited diligence,” Knauf said in a statement, citing ISS’s report.
To be sure, even a resounding vote against the company would not be in any way binding for USG, which has a staggered board, meaning only four of its 10 directors face a shareholder vote this year. It also has a “poison pill” defense available, preventing Knauf from launching a hostile bid.
Reporting by Harry Brumpton in New York; Editing by Chris Reese
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usg-m-a-knauf/proxy-advisory-firms-back-knaufs-5-9-billion-bid-for-usg-idUSKBN1I12G6 |
May 26, 2018 / 1:21 PM / Updated 29 minutes ago UPDATE 1-Cricket-ICC investigating another corruption scandal Reuters Staff
* Allegations made in Al Jazeera documentary
* Programme set to air on Sunday (Adds Sri Lanka Cricket statement)
May 26 (Reuters) - The International Cricket Council has launched an investigation into corruption allegations in the sport made in a documentary to be aired by news organisation Al Jazeera on Sunday.
The documentary allegedly uncovers a groundsman agreeing to doctor pitches for test matches involving some of the world’s top teams.
“The ICC is aware of an investigation into corruption in cricket by a news organisation and as you would expect we will take the contents of the programme and any allegations it may make very seriously,” the governing body said in a statement on its website.
“We have already launched an investigation working with anti-corruption colleagues from Member countries based on the limited information we have received.
“We have made repeated requests that all evidence and supporting materials relating to corruption in cricket is released immediately to enable us to undertake a full and comprehensive investigation.”
The Australian newspaper reported on Saturday the documentary will allege spot-fixers bribed the groundsman at Galle to doctor the pitch used for the 2016 second test between hosts Sri Lanka and Australia.
The touring side were bowled out for 106 and 183 in the match and lost by 229 runs in less than three days.
Last year’s test between Sri Lanka and India at Galle was also under suspicion, while match-fixers have also targeted England’s test at the same venue in November, according to The Australian.
Sri Lanka Cricket later said in a statement that it would fully cooperate with the world governing body as they probe the allegations and that their CEO Ashley De Silva was in contact with ICC’s anti-corruption unit and CEO David Richardson.
“Sri Lanka Cricket wishes to state that it has zero tolerance towards corruption and will take immediate action against any person involved in the alleged incident, if found guilty,” the statement added.
Match-fixing has become a major concern for the sport in recent years with a high-profile incident involving Pakistan on a previous tour to England forming one of cricket’s low points.
Pakistani trio Salman Butt, Mohammad Asif and Mohammad Amir, who is back playing for the national team, were part of a gambling-inspired plot to bowl no-balls at pre-arranged times during a test match against England at Lord’s in August 2010.
All three players served time in prison and were handed multi-year bans from the game after an ICC tribunal found them guilty of spot-fixing. (Reporting by Sudipto Ganguly in Mumbai; editing by Greg Stutchbury and Toby Davis) | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-sri-lanka-corruption/update-1-cricket-icc-investigating-another-corruption-scandal-idUKL3N1SX04U |
GAITHERSBURG, Md., May 7, 2018 /PRNewswire/ -- Digital Infuzion, Inc., announced today that Nancy Nurthen has joined its senior leadership team as Vice President, Digital Health Strategy & Innovation. Ms. Nurthen is an accomplished leader with extensive experience designing, implementing, and overseeing enterprise-wide digital health solutions in alignment with key business objectives.
Nancy shares our values, focus on innovation, and commitment to making a meaningful impact on world health. She is excited to bring her combined experiences as a strategist and operational end user to identify opportunities that leverage technology and design solutions to address gap areas, digital divides, and positively impact public health and healthcare outcomes. She looks forward to improving the general public's knowledge and experience of health through education and innovation.
Ms. Nurthen joins Digital Infuzion from HHS, ASPR, OEM, where she served as Director of the Fusion Division. Her professional roots span roles in the Federal government, most notably serving key roles at ASPR and DTRA. Her 11+ years of experience in those roles advanced her reputation as a well-respected SME and strategist who delivers customized solutions in bioinformatics, clinical informatics, health surveillance, health situational awareness, and health outcomes.
With a MPH in Epidemiology from the George Washington University and her BS in Health Sciences from James Madison University, Nancy has earned several certifications and awards, published articles on biosurveillance, and attended the Federal Executive Institute's leadership development program.
"We are excited to have Nancy join the Digital Infuzion team," said Hemant Virkar, Founder and CEO of Digital Infuzion. "Nancy's extensive experience in our industry and creative thinking will strengthen our offerings and bring innovative outcomes-driven solutions for our customers' biggest challenges in Digital Health."
About Digital Infuzion, Inc.
Digital Infuzion is a custom biomedical informatics solutions provider focused on developing and applying technology to empower decision making and accelerate insight for health, science, and human understanding in the life sciences and clinical research industries. Working at the intersection of biology, medicine, and technology, our deep understanding of these fields grants us the ability to offer the most innovative technology services and real-world solutions to the world's leading research centers and healthcare organizations, for the advancement of biomedical informatics.
Media Contact:
John K. Beresny
Communications
[email protected]
View original content: http://www.prnewswire.com/news-releases/recent-federal-leader-and-strategist-nancy-nurthen-named-digital-infuzions-vp-digital-health-strategy--innovation-300643156.html
SOURCE Digital Infuzion, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-recent-federal-leader-and-strategist-nancy-nurthen-named-digital-infuzions-vp-digital-health-strategy-innovation.html |
0 COMMENTS Readers can subscribe to The Morning Risk Report here: http://on.wsj.com/MorningRiskReportSignup . Follow us on Twitter at @WSJRisk. Join us at our London offices on May 11 for a discussion of how the risks are changing in sanctions. Mara Lemos Stein will interview Michael O’Kane of Peters & Peters and Justine Walker of U.K. Finance. http://go.dowjones.com/BreakfastBriefingMay11London .
The logo of Huawei Technologies Co. Ltd. is shown next to a Chinese flag in Shanghai in 2014. AFP PHOTO/JOHANNES EISELE/China OUT Good morning. Chinese telecommunications equipment companies could face additional restrictions on their U.S. sales as the Trump administration considers executive actions it says may be needed to address national security concerns.
The move would represent a significant escalation of a growing feud between the U.S. and China over tech and telecommunications, The Wall Street Journal’s John D. McKinnon reports .
Affected firms likely would include Huawei Technologies Co. and ZTE Corp. The U.S. Department of Defense this week said it is moving to halt the sale of phones made by the two companies on U.S. military bases world-wide.
U.S. officials are concerned Beijing could order manufacturers to hack into products they make to spy or disable communications. Huawei and ZTE have said that would never happen.
The U.S. is considering barring companies that do business with the government from using network equipment made by companies that could pose a national-security risk, people familiar with the matter told WSJ. The exact scope of an executive order is under discussion and no final decisions have been made, the report said.
A spokesman for the White House National Security Council said officials “have no comment on the matter at this time.” Huawei declined to comment on the potential executive order. ZTE didn’t immediately respond to a request for comment.
EXCLUSIVE ON RISK AND COMPLIANCE JOURNAL
Attention turns to U.K. crown dependencies on corporate registers. The U.K. crown dependencies may have avoided new anti-money laundering regulations for now, but attention is set to turn their way, say some observers.
Leaders of the U.K. crown dependencies welcomed the decision not to target the islands , which also have a reputation as havens of financial secrecy, following moves this week to tighten rules on Scottish Limited Partnerships and open up corporate registries in overseas territories.
Jersey remains “absolutely aligned with the U.K.” in its commitment to fight money laundering and financial crime, said Geoff Cook, chief of Jersey Finance, an organization representing the bailiwick’s financial center.
The Jersey registry of corporate owners is “available to the people who need that vital information,” said Mr. Cook. “Through our ongoing alignment with and adoption of all international standards, we are confident in our ability to fight financial crime while protecting the compliant confidentiality of our investors,” he said.
Corporate-ownership registries are a hot-button issue now as countries tighten their anti-money laundering rules. Companies don’t have to disclose their ultimate owner in some jurisdictions; in others they make the disclosure but it’s not open to the public. Companies registered in so-called secrecy jurisdictions are legal but could be abused by criminals seeking to launder money.
Antigraft group Transparency International said in early April the U.K. is the only country to make its corporate registry publicly available but noted overseas territories and crown dependencies still pose problems.
Members of the U.K. parliament who were behind the move opening up the overseas territories have the crown dependencies in their sights.
Andrew Mitchell, a Conservative member of Parliament, was Quote: : d by the Financial Times as saying he expects the crown dependencies to adopt the policies imposed on overseas territories. “If they do not, then parliament will seek to ensure that they do,” he said. — Samuel Rubenfeld
Survey roundup: cyberattacks in energy. A look at recent research on risk issues finds 70% of technology professionals at energy firms surveyed by Tripwire Inc . fear a cyberattack could cause a catastrophe. More than half said it would take a significant attack to compel their organization to put appropriate resources into industrial control systems.
Outdoor-ad firm sees risk under bribery law. Investigations of misappropriated funds at a Hong Kong-listed unit of Clear Channel Outdoor Holdings could lead to sanctions against it under the Foreign Corrupt Practices Act.
COMPLIANCE
KKR to ditch partnership structure. KKR will convert to a corporation from a partnership, a shift many publicly traded private-equity firms have been contemplating on the heels of sweeping U.S. tax legislation, the WSJ reports. The law lowered the corporate tax rate to 21% from 35%.
DATA SECURITY
Cambridge Analytica to close. Cambridge Analytica , a data firm that worked for President Donald Trump’s 2016 campaign, is shutting down following allegations about its misuse of Facebook data and the campaign tactics it pitched to clients, the WSJ reports.
Cambridge Analytica’s offices in London. PHOTO: DANIEL LEAL-OLIVAS/AGENCE FRANCE-PRESSE/GETTY IMAGES Facebook fires man who bragged of data access. Facebook Inc. has fired an employee who bragged about his access to private user information, the WSJ reports. The employee’s alleged remarks highlight the potential for employees to abuse their access to the private information of the social network’s users.
GOVERNANCE
Sprint CEO to step aside. Sprint Corp. ’s chief executive, Marcelo Claure, is stepping back from day-to-day management to be executive chairman of Sprint and chief operating officer of SoftBank Group Corp ., its controlling shareholder. Sprint finance chief Michel Combes will be CEO, the WSJ reports.
Zynga moves to single-class share structure. Social and mobile-game maker Zynga Inc. is moving to a single-class stock structure, diminishing the control of its founder as other technology companies maintain systems that give insiders extra voting power, the WSJ reports.
REPUTATION
Starbucks settles with arrested men. Starbucks Corp. and Philadelphia reached settlements with two black men whose arrest at a Starbucks in the city sparked protests. Starbucks will pay the men an unspecified sum. Philadelphia will pay each man $1 and fund a $200,000 grant aimed at helping local students, the WSJ reports.
RISK
Player alleges collusion by football league. Free agent safety Eric Reid filed a grievance against the NFL and all 32 teams alleging they have colluded to keep him unsigned. His former teammate Colin Kaepernick previously sued, alleging the league effectively blackballed him because of his political views, the WSJ reports.
OPERATIONS
Storm kills at least 72 in India. A powerful dust and rainstorm swept parts of northern and western India, killing 72 people and injuring more than 100 others as houses collapsed and trees toppled, officials said Thursday, the AP reports.
The rainstorm caught people by surprise. Here, children swim during the storm in New Delhi. PHOTO: CHANDAN KHANNA/AGENCE FRANCE-PRESSE/GETTY IMAGES STRATEGY
Relativity Media aims for reboot. The upstart film studio Relavity Media , which emerged from bankruptcy two years ago after a string of box-office flops, has agreed to be acquired by a joint venture that intends to revitalize the business, the WSJ reports.
AUDIT
KPMG South Africa loses banking client. Barclays Africa Group dropped KPMG LLP South Africa as an auditor, Bloomberg reports. The auditing firm did work for the Gupta family, who are being probed for using connections with former President Jacob Zuma to win government contracts. The family denies wrongdoing.
The Morning Risk Report from WSJ’s Risk & Compliance Journal cues up the most important news in risk and compliance every weekday morning. Send tips, suggestions and complaints to [email protected] .
Share this: Cambridge Analytica Clear Channel crown dependencies Eric Reid Facebook Huawei Kaepernick KKR KPMG South Africa Marcelo Claure Michel Combes NFL ownership registries Relativity Media Softbank Sprint Starbucks ZTE Zynga Previous Outdoor-Ad Firm Flags Risk of Bribery-Law Violations Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Six Ways to Prepare for the EU’s GDPR A new regulation set to take effect May 25 adds unprecedented urgency to organizations' data protection imperative. The General Data Protection Regulation will affect virtually any company in any sector around the world that processes the personal data of EU residents. Further, the penalties for noncompliance are daunting, reaching as high as 4% of global revenue or 20 million euros, whichever is greater. Learn the six areas that will likely require significant attention as executives get their organizations prepared.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/03/the-morning-risk-report-u-s-considers-more-limits-on-chinese-tech-firms-newsletter-draft/ |
Cramer: Buy MGM Resorts despite the casino stock's 'hideous pullback' 8 Hours Ago Jim Cramer details the difference between a broken stock and a broken company using hotel operator MGM Resorts as an example. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/cramer-buy-mgm-resorts-despite-the-casino-stocks-hideous-pullback.html |
May 9 (Reuters) - Energy Transfer Equity Lp:
* ENERGY TRANSFER EQUITY REPORTS FIRST QUARTER RESULTS * QTRLY INCOME FROM CONTINUING OPERATIONS PER LIMITED PARTNER UNIT$ 0.32
* QTRLY NET INCOME PER LIMITED PARTNER UNIT $0.31 * Q1 EARNINGS PER SHARE VIEW $0.41, REVENUE VIEW $12.04 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-energy-transfer-equity-qtrly-reven/brief-energy-transfer-equity-qtrly-revenue-11-88-bln-vs-9-66-bln-idUSASC0A16C |
May 11 (Reuters) - Australian shares are expected to follow Wall Street higher on Friday, extending gains into a fifth straight session, with firmer oil prices likely to support energy stocks. Crude prices ended slightly higher on Thursday as investors weighed the potential disruption to oil flows from Iran in the face of U.S. sanctions. The local share price index futures rose 0.21 pct, or 13 points, to 6,110 - an 8.7-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.18 percent on Thursday. New Zealand's benchmark S&P/NZX 50 index was 0.17 percent higher at 2216 GMT. (Reporting by Shanima A in Bengaluru; Editing by Peter Cooney)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-morning/australia-shares-seen-inching-up-nz-rises-idUSL3N1SH6LP |
LONDON (Reuters) - Prime Minister Theresa May has been clear that Britain’s argument is with the Russian government and not with its people, her spokesman said on Monday after Moscow accused London of mistreating Russian businesses.
“The prime minister has been absolutely clear that our argument is not with the Russian people, our dispute is with the Russian government,” he told reporters.
Reporting by Elizabeth Piper; Editing by Alistair Smout
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-russia-may-people/britains-argument-is-with-russian-government-not-people-pm-mays-spokesman-idUSKCN1IM1QA |
May 12, 2018 / 10:02 PM / Updated an hour ago Soccer - Monaco up to second thanks to Fabinho’s late penalty Julien Pretot 3 Min Read
PARIS (Reuters) - A last-gap Fabinho penalty earned Monaco a 1-0 home win over St Etienne on Saturday as the principality side moved up to second in Ligue 1 with one game remaining. Soccer Football - Ligue 1 - AS Monaco vs AS Saint-Etienne - Stade Louis II, Monaco - May 12, 2018 St Etienne's Mathieu Debuchy in action with Monaco's Thomas Lemar REUTERS/Jean-Pierre Amet
Fabinho found the back of the net from the spot one minute into stoppage-time after Thomas Lemar was brought down by Mathieu Debuchy.
The result put Monaco on to 77 points, two ahead of Olympique Lyonnais who slumped to a last-second 3-2 defeat at Racing Strasbourg, and three ahead of Olympique de Marseille who were held 3-3 at En Avant Guingamp on Friday.
The top two teams qualify for the Champions League group stage while the third-placed side reach the third qualifying round. Soccer Football - Ligue 1 - AS Monaco vs AS Saint-Etienne - Stade Louis II, Monaco - May 12, 2018 Monaco's Fabinho celebrates scoring their first goal with team mates REUTERS/Jean-Pierre Amet
Champions Paris St Germain, who have 92 points, had their title celebrations spoiled by visiting Stade Rennais as they suffered a 2-0 defeat at the Parc des Princes, their first in Ligue 1 since March 2016.
Rennes secured fifth place and will play the Europa League next season. Slideshow (6 Images)
St Etienne, Girondins de Bordeaux and Nice will battle it out for sixth place and the last Europa League spot in the last round of matches next Saturday.
Italian striker Mario Balotelli, who looks set to leave Nice at the end of the season, shone at the Allianz Riviera, scoring a double in a 4-1 home win against Caen.
Lille saved their place in the elite with a 2-1 home win against Dijon.
In Strasbourg, Lyon seemed en route to virtually secure second place when goals by Nabil Fekir from the penalty spot and Hassem Aouar had put them 2-1 up against the hosts, who had opened the scoring in the first half through Stephane Bahoken.
But an 88th-minute goal by Nuna Da Costa and a superb free kick by Dimitri Lienard four minutes into injury time gave Strasbourg all three points as the Alsace club saved their place in the top flight.
Monaco made the most of Lyon’s defeat in the closing stages at Louis II when Fabinho netted his seventh Ligue 1 goal this season with a penalty.
PSG, who were handed the Ligue 1 champions trophy at home, were never in the mix against Rennes, who prevailed thanks to goals by Benjamin Bourigeaud and Adrien Hunou after the break. Reporting by Julien Pretot, Editing by Ed Osmond/Gene Cherry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-europe-france/soccer-monaco-up-to-second-thanks-to-fabinhos-late-penalty-idUKKCN1ID0VV |
May 2 (Reuters) - U.S. oil and gas producer Chesapeake Energy Corp posted a quarterly profit jump on Wednesday, helped by higher production and oil and natural gas prices.
The Oklahoma-based company said net income available to shareholders rose to $268 million, or 29 cents per share, in the first quarter ended March 31, from $75 million, or 8 cents per share, a year earlier.
Chesapeake’s production rose to 554,000 barrels of oil equivalent per day (boepd), from 528,000 boepd, a year earlier. (Reporting by John Benny in Bengaluru; Editing by Amrutha Gayathri)
| ashraq/financial-news-articles | https://www.reuters.com/article/chesapeake-enrgy-results/chesapeake-energy-profit-jumps-on-higher-production-prices-idUSL3N1S93KW |
HARARE (Reuters) - Zimbabwe will raise public-sector pay by 10 percent starting in July, a move likely to widen the budget deficit as President Emmerson Mnangagwa tries to curb strikes by public workers before elections expected later this year.
Mnangagwa, facing his first presidential vote set for July, last week promised better conditions for government workers as he delivered his ruling ZANU-PF party’s election manifesto.
The 75-year-old Mnangagwa is under pressure to revive Zimbabwe’s economy. The country suffers from a shortage of dollars that have curbed imports, a dilapidated infrastructure and an unemployment rate estimated to be as high as 80 percent.
Apex Council, the top body that represents all government workers, said on Tuesday the government offered to increase salaries and allowances for all its workers.
The offer followed strikes by doctors and nurses in March and April, the first such action since Mnangagwa took over from 94-year-old Robert Mugabe, who resigned after a de facto army coup in November. Mnangagwa has yet to set a date for elections.
Teachers had threatened not to go to work on Tuesday when schools re-opened for a new term, but the Zimbabwe Teachers’ Association (ZIMTA) said it wanted to give talks a chance.
Apex Council chairperson Cecilia Alexander said the government also agreed to reduce rentals for workers living in state-owned houses and restore long vacation leave for teachers.
The proposed increase is still far lower than workers’ demands - they wanted 100 percent increase in pay - but it is still likely to widen the 2018 budget deficit, which was forecast at $672 million, or 4.5 percent of gross domestic product. The deficit reached $1.8 billion last year.
“As Apex Council, we said government should go back and increase the offer while we carry out the exercise of also consulting our members,” Alexander said, adding that she hoped negotiations could resume next week.
ZIMTA Chief Executive Sifiso Ndlovu said union leaders would meet later on Tuesday to discuss the government offer. He said most teachers in Harare’s schools had reported for duty.
Reporting by MacDonald Dzirutwe, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-zimbabwe-workers/zimbabwe-offers-10-percent-salary-hike-to-workers-as-elections-approach-idUSKBN1I912A |
CNBC.com Kenny Katombe | Reuters A World Health Organization (WHO) worker administers a vaccination during the launch of a campaign aimed at beating an outbreak of Ebola in the port city of Mbandaka, Democratic Republic of Congo May 21, 2018.
An Ebola outbreak is emerging in the Democratic Republic of Congo, and a nonprofit that studies infectious diseases identified where it could spread based on flight patterns.
So far, 58 cases believed to be Ebola, including 27 deaths, have been reported from three spots in the DRC's Equateur Province. World Health Organization officials this week started administering Merck 's experimental Ebola vaccine to health workers in affected areas.
EcoHealth Alliance, a nonprofit that studies outbreaks, used software to identify where Ebola could spread through infected passengers. The system used flight patterns from the airports in Mbandaka, Kinshasa and Brazzaville, those nearest to Bikoro, where the outbreak started.
This doesn't mean Ebola will make it to these cities, said EcoHealth Alliance President Peter Daszak. Rather, the findings should encourage officials in these places to prepare so they're not scrambling if it does.
"The problem with diseases like Ebola, the minute a case is reported the public overreacts, which is natural because Ebola is a scary disease," Daszak said. "The breakdown of logistics is too late to get properly organized. Health authorities need to get outbreak teams assembled and ready. Communication needs to be set up to get ready."
EcoHealth Alliance found these cities are the most closely connected to the point of origin of the ongoing outbreak:
1. Pointe-Noire, Republic of Congo 2. Addis Ababa, Ethiopia 3. Brazzaville, Republic of Congo 4. Lubumbashi, Democratic Republic of Congo 5. Brussels, Belgium 6. Kinshasa, Democratic Republic of Congo 7. Paris, France 9. Johannesburg, South Africa 10. Kisangani, Democratic Republic of Congo
Ebola spreads through direct contact with bodily fluids. Authorities are scrambling to contain this outbreak and prevent it from growing into one like the 2014 West African outbreak, which was the deadliest occurrence of the disease since it was discovered in 1976.
Authorities in DRC know what they're doing, Daszak said. This is the ninth outbreak of Ebola over the last four decades in the country, with the most recent one being last May, according to WHO.
U.S. Food and Drug Administration Commissioner Scott Gottlieb told CNBC earlier this month that his agency is monitoring this situation "very closely" but health officials are "in a very different posture" than they were during the West African outbreak. WATCH: WHO deploys experimental vaccines to fight Ebola outbreak in Congo show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/ebola-outbreak-could-spread-through-these-flight-patterns-group-says.html |
One analyst's impassioned argument against breaking up Google Sara Salinas China agrees to import more from U.S., no sign of $200 billion figure Reuters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/is-google-a-monopoly-one-argument-against-the-antitrust-case.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 9, 2018 / 4:28 AM / in 42 minutes Clubs entitled to 50 percent of money from Wembley sale - EFL chief Reuters Staff 3 The English Football Association (FA) must distribute money from the sale of Wembley stadium to clubs in the English Football League (EFL) and the Premier League, EFL chief executive Shaun Harvey has said. Football - Soccerex Global Convention - Manchester - 9/9/14 Shaun Harvey - CEO of the Football League speaks during the Soccerex Global Convention Mandatory Credit: Action Images / Andrew Boyers Livepic
The FA confirmed last month that negotiations were ongoing to sell the national stadium to U.S. billionaire Shahid Khan, with British media saying the deal could be worth up to 1 billion pounds.
Harvey believes that the money from the potential sale would help boost clubs in the EFL, which governs the second-tier Championship and two lower tiers League One and League Two along with several cup competitions.
“Under the current distribution mechanism the professional game is entitled to 50 percent of the proceeds after central costs have been met,” Harvey told the Times.
“... Any move away from this principle will only be achieved if we can be satisfied that the money will be properly utilised for the benefit of the game as a whole in England, including at our clubs.”
The 48-year-old said EFL clubs could use the money to start their own youth academies, help boost existing community programmes and create new ones.
“The 72 clubs of the EFL along with those in the Premier League already do a tremendous amount of work through their community schemes at a grassroots level,” Harvey added.
“The creation of a fund to develop facilities for the expansion of this work along with training of young players within each club’s academy would be an ideal use of any funds, as would seeing the money used to improve stadium facilities for fans.”
British media reports estimate that the FA will cash in on around 600 million pounds from the sale after repaying all their debts.
London mayor Sadiq Khan is also eager for assurances from the FA over the potential deal.
“Taxpayers’ money was used for Wembley and we want to make sure the cup finals take place at Wembley. Also, it’s the home of England and those assurances are really important,” Khan told reporters on Tuesday.
“My team will be asking the FA those sorts of questions...” Reporting by Aditi Prakash in Bengaluru; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-wembley-harvey/clubs-entitled-to-50-percent-of-money-from-wembley-sale-efl-chief-idUKKBN1IA0DL |
What You Need to Know About the EpiPen Shortage the FDA Just Declared A Mylan Epipen Junior epinephrine auto-injector. Photograph by Chris Ratcliffe—Bloomberg via Getty Images By Sy Mukherjee 3:13 PM EDT
There’s officially an EpiPen shortage underway. On Wednesday, the Food and Drug Administration (FDA) added the authorized generic version of Mylan’s popular epinephrine auto-injector, as well as Impax Laboratories’ Adrenaclick to the the FDA drug shortage list . The products are used to counter severe allergic reactions, including to peanut and other food allergies.
So why is there an EpiPen and generic epinephrine shortage all of a sudden? The FDA noted that manufacturing issues are hitting both of the companies involved (Mylan’s EpiPen is actually manufactured by a unit of its partner Pfizer .) It’s unclear exactly how long these manufacturing issues will last.
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Americans who rely on EpiPens and similar products still have options, however. “Although EpiPens remain available from Mylan, there have been reports of local supply disruptions and Mylan has reported intermittent manufacturing constraints,” said FDA spokesperson Lauren Smith Dyer in a statement . “However, Mylan continues to release the product and the firm has provided a number which will be posted on our website to help pharmacies and patients locate EpiPens if they experience any difficulties.”
The FDA also points out that a competing product from Kaleo called Auvi-Q is still widely available. But patients who may need to stock up soon in the midst of the shortage should also be careful—the injection methods and epinephrine dosages may be different from the EpiPen, so it’s important to ask your doctor or pharmacist about the proper way to use a different device.
And if you happen to have severe food allergies and are running low on epinephrine, doctors suggest that you place an order as soon as possible and be especially careful around potential allergens. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/epipen-shortage-fda/ |
FORT WORTH, Texas, May 1, PermRock Royalty Trust (the "Trust") announced today the pricing of its initial public offering of 6,250,000 trust units, representing an approximate 51.4% beneficial interest in the Trust, at $17.00 per unit. The trust units are expected to begin trading on the New York Stock Exchange under the ticker symbol "PRT" on May 2, 2018. Boaz Energy II, LLC ("Boaz Energy"), the sponsor of the Trust, is selling the units being offered. In addition, Boaz Energy has granted the underwriters a 30-day option to purchase up to an additional 937,500 trust units of the Trust at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on May 4, 2018, subject to customary closing conditions.
Boaz Energy expects to receive approximately $95 million of net proceeds from the offering, or $110 million if the underwriters exercise their option to purchase additional trust units in full. Boaz Energy intends to use the net proceeds of this offering, including any proceeds from the exercise of the underwriters' option to purchase additional trust units, to repay in full the borrowings outstanding under its revolving credit facility, to make required termination payments and pay purchase premiums in connection with restructuring its commodity hedges in connection with this offering, for general company purposes, including to fund its development expenditures, and to make a distribution to Boaz Energy's owners.
Wells Fargo Securities, Goldman Sachs & Co. LLC, UBS Investment Bank, Deutsche Bank Securities, Jefferies, Stifel and Oppenheimer & Co. are acting as joint book-running managers of the offering, with BB&T Capital Markets and Janney Montgomery Scott acting as co-managers.
The offering of the trust units is being made only by means of a prospectus, copies of which may be obtained from the offices of:
Wells Fargo Securities, LLC
Attn: Equity Syndicate Department
375 Park Avenue
New York, New York 10152
Email: [email protected]
Phone: (800) 326-5897
Goldman Sachs & Co. LLC
Attn: Prospectus Department
200 West Street
New York, New York 10282
Email: [email protected]
Phone: (866) 471-2526
UBS Investment Bank
Attn: Prospectus Department
1285 Avenue of the Americas
New York, New York 10019
Phone: (888) 827-7275
Important Information
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (the "SEC"). The registration statement may be obtained free of charge at the SEC's website at www.sec.gov under "PermRock Royalty Trust." This press release shall not constitute the offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About PermRock Royalty Trust
PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain properties owned by Boaz Energy in the Permian Basin of West Texas.
About Boaz Energy II, LLC
Boaz Energy is a privately-held Delaware limited liability company focused on the acquisition, development and operation of oil and natural gas properties located throughout the Permian Basin. Boaz Energy was formed by its management team and NGP Energy Capital Management, a premier private equity firm in the natural resources industry with over $20 billion of cumulative equity commitments.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements." These forward-looking statements represent the Trust's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Trust's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Trust does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Trust to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with the Trust's initial public offering. The risk factors and other factors noted in the Trust's prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.
Contacts
Boaz Energy II, LLC
Marshall Eves, (432) 253-7074
Chief Executive Officer
or
PermRock Royalty Trust
Simmons Bank
Trustee of PermRock Royalty Trust
Lee Ann Anderson, (817) 298-5587
Senior Vice President and Trust Officer
View original content with multimedia: http://www.prnewswire.com/news-releases/permrock-royalty-trust-prices-initial-public-offering-300640767.html
SOURCE PermRock Royalty Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-permrock-royalty-trust-prices-initial-public-offering.html |
May 10, 2018 / 8:43 AM / Updated 18 minutes ago BRIEF-Panasonic CEO Says Could Jointly Produce EV Batteries With Tesla In China Reuters Staff 1 Min Read
May 10 (Reuters) - Panasonic Corp:
* PANASONIC CEO SAYS COULD JOINTLY PRODUCE EV BATTERIES WITH TESLA IN CHINA (Reporting By Makiko Yamazaki) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-panasonic-ceo-says-could-jointly-p/brief-panasonic-ceo-says-could-jointly-produce-ev-batteries-with-tesla-in-china-idUSL3N1SH3F7 |
By Clifton Leaf May 29, 2018
Hurricane season does not officially begin until Friday, June 1—though that start date is somewhat artificial as Subtropical Storm Alberto made clear yesterday—driving its way across the Florida panhandle, churning severe weather across the Southeastern United States, and killing two television journalists as it snapped a tree onto their SUV.
That was yesterday’s reminder of how brutal and swift Mother Nature’s fury can be. This morning’s reminder comes in the form of a New England Journal of Medicine article by Nishant Kishore and colleagues at the Harvard T.H. Chan School of Public Health. The NEJM study offers one thoughtful, evidenced-based answer to a question that has lingered like subtext since last September: How many people in Puerto Rico died as the result of Hurricane Maria?
The answer, by their count: 4,645 people—or more than seventy times the official death toll of 64.
That government figure—64—had been thought by many experts to be unrealistically low. That’s because, in order to be counted in the official toll from the hurricane, bodies had to be examined by a medical examiner. If a medical examiner couldn’t travel to the scene, the body had to be transported to an examiner’s office (typically, in one of the larger cities) in the immediate aftermath of the storm—something that was, in many cases, impossible given the washed-out roads and other hazards. So some of the storm-related dead simply weren’t counted.
But a still bigger issue was delay. Among the official tally were those who had been killed by debris swirling in the high winds, or by fallen trees or collapsed buildings. Left out, however, were potentially thousands of individuals who died from the longer-term effects of the storm. “According to the Centers for Disease Control and Prevention,” note the study authors, “deaths can be directly attributed to a tropical cyclone if they are caused by forces related to the event, such as flying debris, or if they are caused by unsafe or unhealthy conditions resulting in injury, illness, or loss of necessary medical services.”
As power went out across the island, and normal life and basic services were interrupted for months, it was inevitable that thousands of residents would perish.
The question was how many?
To find out, Kishore, a computational epidemiologist, and his research colleagues surveyed 3,299 households across the island—a sample that ranged across each of Puerto Rico’s 900 barrios, from the densest districts to the most remote of outposts—and they counted up the deaths in the first months after the storm. The team calculated an average rate of 14.3 deaths per every 1,000 residents from September 20 through December 31, 2017—a mortality rate that was an astounding 62% higher than in the same period in 2016. That works out, they said, to an estimated 4,645 excess deaths—one-third of which “were attributed to delayed or interrupted health care.”
I bring this up not merely to talk about the ferocity of Mother Nature. I bring this up to point out, once again, that delayed care , and the lack of accessibility to care, and the inability to afford care, leads to death. Plain and simple. Faithful readers of Brainstorm Health Daily will know that I wrote about this in January (“ When Delay is Deadly ”), after seeing a frightening study by a team at JPMorgan Chase . Researchers there examined the spending habits of 2.3 million families across the U.S., and found overwhelming evidence to show that Americans, across nearly every economic stratum, routinely defer or forego needed medical care when cash flow is short.
Yes, it’s natural to measure nature’s horrific power through the immediacy of a death toll—the way we do airplane crashes and the like. But worth remembering is that the more brutal disasters, often, are the ones that linger after the sirens have stopped and the ambulances are gone. Those, presumably, are the disasters we mere mortals have the power to prevent. Clifton Leaf, Editor in Chief, FORTUNE @CliftonLeaf DIGITAL HEALTH
Stem cells for the human heart. Japanese scientists are at the early stages of developing a new kind of regenerative treatment which uses modified stem cells that can treat heart tissue. The researchers now have regulatory clearance to use the technology, which involves so-called induced pluripotent stem (iPS) cells that can be transformed into other kinds of cells, on human hearts to see whether or not they can regenerate damaged tissue. ( Nature ) Advertisement INDICATIONS
Roche scores its own lung cancer drug victory. Will it matter? Swiss drug giant Roche reported some impressive results for its cancer immunotherapy drug Tecentriq. The treatment, the company said, helped lung cancer patients live longer and without disease progression when combined with chemotherapy versus chemotherapy alone. That’s an important distinction in a particularly vicious cancer like lung cancer. But Roche’s rival in this space, Merck and its competing treatment Keytruda, has a first-to-market edge over Tecentriq and posted mountains of impressive lung cancer data itself, some analysts point out. ( Reuters ) THE BIG PICTURE
Planned Parenthood faces Supreme Court setback. The Supreme Court dealt a blow to Planned Parenthood and abortion rights advocates by clearing the way for a stringent Arkansas abortion law to go into effect (barring a challenge at the lower court level by Planned Parenthood, which the organization has already promised). The Arkansas law effectively bans medication abortion in the state and would leave just one open Planned Parenthood clinic; it may wind up in front of the Justices again as they didn’t rule on the statute’s legality. ( Fortune ) Advertisement | ashraq/financial-news-articles | http://fortune.com/2018/05/29/brainstorm-health-daily-05-29-18/ |
Why the Euro Is Rallying After Italy Plunged Further Into Political Turmoil By Saumya Vaishampayan May 28, 2018 1:56 am ET
Markets don’t like uncertainty, or at least that’s the common view on Wall Street. So why is the euro having its best day in two months after Italy’s president blocked the formation of a new government, boosting the odds that the euro zone’s third largest economy will have to hold fresh elections? 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SAN ANTONIO, May 17, 2018 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ:RUSHA) & (NASDAQ:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, announced that its founder W. Marvin Rush died today at age 79. Marvin Rush founded the Company in 1965 and served on its Board of Directors from its incorporation until August 2016. Marvin Rush also served as the Company’s Chief Executive Officer from its founding through 2006.
“It is with deep sadness that I announce the passing of my father, Marvin Rush,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. “With his entrepreneurial spirit, larger-than-life personality and leadership, the Company grew from a single GMC truck franchise in Houston, Texas, to the largest commercial vehicle dealership group in North America. Along the way, the Company became the first automotive dealership group to go public, in June of 1996.”
“My father’s entrepreneurial spirit, belief that our employees are our Company’s most important asset and commitment to providing our customers with excellent service are the foundations of our Company’s culture. All of us at Rush Enterprises will honor his memory by continuing to uphold the culture he created and grow the Company he loved so much,” said Rusty Rush.
“Words cannot begin to express how much I loved and admired my father. I learned so many valuable lessons from my dad about business, life, family and how to treat people with respect throughout my more than 40 years of working for and beside him. My dad was a very special person who impacted me, our family, our employees, our customers and countless others in more ways than I could ever describe in a press release. I am very blessed and grateful to have had such an amazing father, and I will miss him dearly,” Rusty Rush said.
At the time of his passing, Mr. Rush was not a member of the Company’s Board of Directors or an executive officer of the Company.
About Rush Enterprises, Inc.
Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in the North America, with more than 100 dealership locations in 22 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Mitsubishi, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide vehicle upfitting, CNG fuel systems and vehicle telematics products. Additional information about Rush Enterprises’ products and services is available at www.rushenterprises.com .
Contact:
Rush Enterprises, Inc., San Antonio
Karen Konecny, 830-302-5210, [email protected]
Source:Rush Enterprises, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-rush-enterprises-inc-reports-the-passing-of-its-founder-w-marvin-rush.html |
NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- Williamsville Sears Management Inc. (OTC Pink:WSML) (“WSML” or the “Company”) is pleased to announce that it has signed a Letter of Intent (the "LOI") for the acquisition of True Life Capital Microfinance Limited, a Ghana-based microfinance firm, in an all-stock transaction subject to the approval by both companies of definitive documents and approval by the Bank of Ghana (“BOG”) as regulator, as well as the achievement of certain other milestones including increasing its capital raise and converting to a savings and loan institution.
The acquisition anticipated by the LOI is the result of a process initiated following WSML's strategic review announced two months ago. If consummated, WSML will, through a local wholly owned subsidiary, own 100% of the outstanding shares of True Life Capital Microfinance Limited. The due diligence process has already started, and if it is proven to be satisfactory, the transaction is expected to close in August.
Kent Clark, Chairman & CEO of Williamsville Sears Management Inc., stated, “Our aim in acquiring True Life Capital Microfinance and converting into a big savings and loans bank is in line with that component of our corporate vision for socially conscious, foreign investment. By picking a company focused on bottom-up impact on society, we seek to address eight of the seventeen goals of the 2030 Sustainable Development Goals aimed at achieving maximum benefit to the communities in which we invest, these include:
SDG1 eradicating poverty; SDG 2 ending hunger, achieving food security and promoting sustainable agriculture; SDG 3 on profiting health and well-being; SDG 5 on achieving gender equality and economic empowerment of women; SDG 8 on promoting economic growth and jobs; SDG 9 on supporting industry, innovation, and infrastructure; SDG 10 on reducing inequality; SDG 17 on strengthening the means of implementation with the implicit role for greater financial inclusion through greater savings mobilization for investment and consumption to spur growth.
The Team here at Williamsville Sears Management Inc are looking very forward to bringing True Life Capital Microfinance Limited on-board as soon as possible. This entity continues to broaden our diverse portfolio as WSML continues to build towards a stronger future for our WSML Shareholders and the Communities which we serve."
According to the UNCDF in a McKinsey Global Institute report, $3.7 trillion can be added to the GDP of emerging economies within a decade through fintech and as an example, Kenya’s M-PESA has lifted the bottom 2% of the Kenyan population out of poverty, improving the economic lives of poor women and of members of female-headed households.
True Life Capital Microfinance as a savings and loan institution will be positioned to address the financial inclusion of millions of African citizens by creating stable financial systems, the opportunity for savings, credit, insurance, payments and remittance aimed at the excluded, the underbanked, micro, small, and medium enterprises, at a reasonable cost, and on sustainable basis. Women will be targeted to improve positive economic outcomes, increase productivity, profits and greater investment in their businesses as well as prevent the sale of assets as a result of health emergencies, the loss of a spouse and stabilize their incomes in times of economic shock.
Cornelius Ganyaglo, CEO of True Life Capital Microfinance Limited stated, “I have worked hard over the years at great personal sacrifice to assist my community in addressing their needs and the time has come for the next person in the relay to take the baton and proceed to the finish line as society will be the better for it. I am grateful to Nelike Capital for its partnership with Palewater Advisory for having provided this opportunity for the expansion of the business.”
About Williamsville Sears Management Inc.
Williamsville Sears Management is a diversified holding corporation that was formed by Mandla J. Gwadiso. The group operates its own assets through a range of subsidiary companies under its purview. The group’s primary focus is in real estate, mining, media, transportation, entertainment and technology. The group uses vertical integration as a strategy of diversification and growth. The group plans to grow through acquisitions in Africa, United Kingdom and the United States.
Williamsville Sears Management actively seeks a select portfolio of high-calibre strategic subsidiaries which it acquires based on market trends and their ability to deliver strong returns to shareholders whilst enhancing the communities in which the investments are located. http://www.williamsville.us/
About True Life Capital Microfinance Ltd
TRUE LIFE CAPITAL [TLC] Microfinance Ltd was incorporated in April 2012 and provides comprehensive financial solutions and advisory services. We apply market-based principles to support micro enterprises and entrepreneurs by making credit facilities available to finance the growth of their businesses, encourage savings culture through provision of unique savings schemes and ensuring that every client we serve has an access to basic financial services irrespective of their status in society. True Life Capital’s core business is deposit mobilisation and granting of loans to individual, micro and small enterprises.
We are also dynamic in our approach to business and operate within the framework of shared integrity. Working as a team, we deliver superior products and services to our valued clients. We emphasize strong customer relationships and a high level of community involvement.
We have in our repertoire a wide range of products and services to cater for all the segments of the market. We undertake extensive market research to ensure the relevance of our offerings at all times. TLC Microfinance Ltd incorporates some level of flexibility at the product development stage to help us customize solutions to meet each individual customer’s needs.
Our commitment is the same in every segment we operate in, to exceed our customers expectations and ensure they achieve their set goals and objectives. As such we promote a customer-centric culture. Each of us is passionate about the customers we serve and so we put the customer at the heart of everything we do. At TLC Microfinance, Customer Care is an attitude, a way of life and our reason for being. http://www.tlcmghana.com/
Forward-Looking Information:
Cautionary Note:
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
For more information: Tel:+1-212-709-8206 Fax:+1-212-943-2300 [email protected]
Source:Williamsville Sears Management Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-williamsville-sears-signs-an-loi-to-acquire-a-ghana-based-microlender.html |
May 16, 2018 / 10:04 PM / Updated 3 hours ago UK to tell EU it is ready to stay in customs union beyond 2021 - Telegraph Reuters Staff 2 Min Read
LONDON (Reuters) - Britain will tell Brussels it is prepared to stay in the European Union’s customs union beyond 2021 as ministers remained deadlocked over a future deal with the bloc, the Telegraph newspaper reported on Wednesday. Anti-Brexit demonstrators wave EU and Union flags outside the Houses of Parliament in London, Britain, January 30, 2018. REUTERS/Toby Melville
Prime Minister Theresa May’s top ministers involved in Brexit strategy agreed this week on a new last-resort plan to avoid a hard Irish border, having rejected earlier proposals from the EU, the newspaper said.
Britain is due to leave the EU in March next year although it has secured a transitional arrangement to keep its trade ties with the bloc unchanged until the end of 2020, as long as a permanent deal can also be reached in the coming months.
Prime Minister Theresa May has said Britain will leave the EU’s customs union allowing the country to forge its own trade deals around the world.
But her cabinet is split over what kind of future customs system London should seek with the bloc.
Ministers meeting on Tuesday agreed that Britain should try to stay aligned with the customs union if technology needed to operate borders under one of the government’s proposals is not ready in time for 2021, the Telegraph said.
Officials have warned it may not be in place until 2023, the newspaper said.
EU chief negotiator Michel Barnier said on Monday no significant progress had been made in the Brexit talks since March. May wants to clarify her plans before an EU leaders’ summit in June and to seal a deal on Britain’s new relationship with the EU in October, less than six months before Brexit.
A spokeswoman for May declined to comment on the Telegraph report. Reporting by Ismail Shakil in Bengaluru and William Schomberg in London | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-customs/uk-to-tell-eu-it-is-ready-to-stay-in-customs-union-beyond-2021-telegraph-idUKKCN1IH33V |
MAHWAH, N.J.--(BUSINESS WIRE)-- ascena retail group, inc. (NASDAQ:ASNA), today announced that John L. Welborn, Jr. has been appointed as a member of ascena’s Board of Directors.
JOHN L. WELBORN, Jr. joins the Board with extensive experience in capital markets and investing. Mr. Welborn currently serves as a Managing Director for Stadium Capital Management, LLC, an investment advisory firm whose funds are significant long-term ascena stockholders. Prior to joining Stadium in 2000, Mr. Welborn was a Financial Analyst at The Beacon Group, LLC, an investment and advisory firm that is now part of J.P. Morgan Chase & Co. At Beacon, Mr. Welborn was a member of the Mergers & Acquisitions Group, focusing on financial services and consumer product companies and the Liquid Investments Committee. From 2012-2014, Mr. Welborn served as a director and member of the governance committee for Intermountain Community Bancorp and a director of Panhandle State Bank, Inc.
“We seek open dialogue and input from our stockholders and believe that John’s long-term stockholder perspective as well as his extensive capital markets and investment experience will benefit the company and its stockholders,” said Kate Buggeln, who chairs the Board’s Leadership and Corporate Governance Committee.
“John possesses the relevant expertise that complements the talents of our current directors. We look forward to benefitting from his added perspective to ascena’s Board and believe that he will make a substantial contribution to the company while serving the best interests of all of its stockholders,” said David Jaffe, Chairman and Chief Executive Officer of ascena retail group.
“I am excited to join ascena’s Board of Directors. Stadium Capital is once again a significant stockholder, and we have had a strong and constructive working relationship with ascena for almost twenty years.” said Mr. Welborn. “Now as a member of the Board, I look forward to working with the full Board to help ascena drive long-term stockholder value.”
About ascena retail group, inc.
ascena retail group, inc. (NASDAQ:ASNA) is a leading national specialty retailer offering apparel, shoes, and accessories for women under the Premium Fashion segment (Ann Taylor, LOFT, and Lou & Grey), Value Fashion segment (maurices and dressbarn), Plus Fashion segment (Lane Bryant and Catherines), and for tween girls under the Kids Fashion segment (Justice). ascena retail group, inc. operates ecommerce websites and approximately 4,700 stores throughout the United States, Canada and Puerto Rico.
For more information about ascena retail group, inc. visit: ascenaretail.com , AnnTaylor.com , LOFT.com , louandgrey.com , maurices.com , dressbarn.com , lanebryant.com , cacique.com , Catherines.com , and shopjustice.com .
Note Regarding Forward-Looking Statements
Certain statements made in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Forward-looking statements are statements related to future, not past, events, and often contain words such as “expect,” "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," “estimate,” “forecast,” "target," “preliminary,” or “range.” The Company does not undertake to publicly update or review its forward-looking statements even if experience or future changes make it clear that our projected results expressed or implied will not be achieved.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006071/en/
For Investors:
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Partner
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For Media:
ascena retail group, inc.
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Source: ascena retail group, inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-ascena-retail-group-announces-appointment-to-board-of-directors.html |
The chief of IBM’s supercomputer unit likes Elon Musk but ‘hates’ A.I. scaremongering Ryan Browne Reblog David Kenny, IBM's senior vice president of Watson and Cloud, said artificial intelligence is already proving to be beneficial. Warnings of artificial intelligence (AI) posing a threat to humanity are "not helpful," a top executive at IBM IBM has said. While critics like Tesla TSLA CEO Elon Musk have warned about the risks of developing AI, David Kenny, IBM's senior vice president of Watson and Cloud, said the technology is already proving to be beneficial. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/ibms-head-of-watson-likes-elon-musk-but-hates-ai-scaremongering.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
JERUSALEM, May 30 (Reuters) - An ongoing price war hit Cellcom’s first quarter net profit, despite growth in the fixed line business of Israel’s largest mobile operator.
Cellcom shares fell 5.7 percent to 23.82 shekels in Tel Aviv on Wednesday after it said it made 7 million shekels ($2 million) in the quarter, a 73 percent drop from a year earlier, while revenue slipped 2.7 percent to 933 million shekels.
Israel’s mobile phone industry was shaken up in 2012 with the entry of a host of new operators, sparking a price war that led to steep drops in subscribers, revenue and profit for Cellcom and rival incumbents Partner Communications and Pelephone, a unit of Bezeq.
They have seen their mobile market share chipped away by new companies like Golan Telecom and Hot Mobile, as well as a number of virtual mobile operators.
Cellcom launched a lower-cost internet-based TV service in 2015 that it says has garnered 184,000 subscribers, up 48 percent from a year earlier. It also has 235,000 customers for its internet services, a 36 percent rise from a year ago.
“Alongside the continued competition in the cellular segment, we continued to recruit new customers, among others, through a quatro package that offers cellular, television, internet and fixed line home telephony,” Cellcom Chief Executive Nir Sztern said.
Cellcom’s mobile subscriber base gained 1.1 percent to 2.822 million in the first quarter.
Sztern said the company was still deploying a fibre-optic network to customers’ homes, which is meant to provide Internet speeds of up to 1 gigabit.
Cellcom was considering investing in Israel Broadband Company (IBC), which would allow for a further acceleration of the fibre-optic network, he added. ($1 = 3.5811 shekels) (Reporting by Ari Rabinovitch Editing by Steven Scheer and Alexander Smith)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/cellcom-israel-results/competition-bites-into-israels-cellcom-profit-shares-fall-idUSL5N1T11V6 |
5/24/2018 7:41PM 3 Questions About the Trump-Kim Summit Cancellation President Trump cancelled a planned summit meeting Thursday with North Korean leader Kim Jong Un. WSJ's Gerald F. Seib looks at what might have prompted the change, whether it could be permanent, and how North Korea might react. Photos: Getty Images | ashraq/financial-news-articles | http://www.wsj.com/video/3-questions-about-the-trump-kim-summit-cancellation/E3555555-5018-42A5-8D70-E7C6A0D317B0.html |
Dow turns negative year-to-date 33 Mins Ago CNBC's Bob Pisani looks at the day's market action. The Dow and Nasdaq had their biggest one-day drop in three weeks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/dow-negative-year.html |
May 31, 2018 / 8:29 PM / Updated 12 minutes ago E-commerce firm MercadoLibre to launch Argentina investment fund Eliana Raszewski 2 Min Read
BUENOS AIRES, May 31 (Reuters) - Latin American e-commerce firm MercadoLibre plans to launch an investment fund in Argentina in coming months so clients can invest in high-yielding, short-term securities, company executives said on Thursday.
In a country where nearly half the population does not have a bank account, MercadoLibre wants to give consumers a chance to boost savings with local investment vehicles, chief executive Marcos Galperin told journalists.
The company is partnering with local lender Banco Industrial (BIND) and may launch similar programs in Brazil and Mexico, said Osvaldo Gimenez, a company vice president.
Earlier this month, Argentina’s central bank hiked interest rates to 40 percent, the highest in the world, to stop a run on the peso currency and control double-digit inflation. Its one-month Lebac securities have the same rate.
“Leftover cash does not generate income,” Galperin said. With the Mercado Fondo product, “all the balance left in digital wallets will immediately generate an income similar to that of the Lebacs.” (Reporting by Eliana Raszewski, Writing by Caroline Stauffer, Editing by Rosalba O’Brien) | ashraq/financial-news-articles | https://www.reuters.com/article/mercadolibre-fund/e-commerce-firm-mercadolibre-to-launch-argentina-investment-fund-idUSL2N1T21GP |
May 31, 2018 / 5:13 PM / Updated 2 hours ago Uganda imposes tax on social media use Elias Biryabarema 3 Min Read
KAMPALA (Reuters) - Uganda’s parliament has imposed a tax on the use of social media in a bid to raise revenue but opponents of the law say it aims to stifle criticism of President Yoweri Museveni, who has been in power since 1986.
Users will be charged 200 shillings ($0.0531) per day for services such as Facebook, Twitter and WhatsApp. That amounts to around $19 per year in a country where gross domestic product per capita was around $615 in 2016, according to World Bank figures.
The tax was passed on Wednesday as part of an overhaul of an excise duty law due to take effect next financial year which starts in July, parliament spokesman Chris Obore told Reuters.
A junior finance minister previously told journalists the tax would be levied daily by mobile phone operators on each SIM card used to access any of the targeted social media platforms.
There was no immediate comment from cell phone operators or social media companies, but rights advocates denounced the move.
“It (tax) is a new tool of stifling free expression and citizen organising that has been beyond the control of the state,” said Nicholas Opiyo, a Kampala-based lawyer who also heads a local rights organization.
“It’s intended to curtail the ever increasing central role of social media in political organising,” he said.
A government spokesman did not return a call seeking comment but authorities have previously denied such accusations.
About 40 percent of Uganda’s 40 million people use the internet, according to data from the regulating body Uganda Communications Commission. Facebook and WhatsApp are widely used in Uganda and many other African countries.
Digital advocacy group the World Wide Web Foundation says data costs in Africa are among the world’s highest, a fact blamed for slow internet penetration and limited use even for those connected.
“Data right now is essential in nearly every worker’s day to day business, a responsible government should be lowering its price not the opposite,” said Diana Taremwa, a charity worker in the capital Kampala.
Critics of Museveni, 73, say his government employs a wide array of tactics to limit political debate, trample on civil rights and stifle the opposition.
Museveni has won a series of elections but his opponents say these have been rigged in his favor. His main rival, Kizza Besigye, has been jailed dozens of times since he first run against him in 2001.
Some opposition critics have in the past been charged for allegedly insulting him in posts on Facebook.
In the last presidential election in 2016, authorities also blocked access to Facebook, Twitter and WhatsApp saying the platforms would be used by the opposition to mobilize protests. Editing by Aaron Maasho and Matthew Mpoke Bigg | ashraq/financial-news-articles | https://www.reuters.com/article/us-uganda-internet/uganda-imposes-tax-on-social-media-use-idUSKCN1IW2IK |
(Repeats story, no change to text)
DUBAI, April 30 (Reuters) - Nogaholding, the investment arm of Bahrain’s National Oil and Gas Authority, has mandated banks to arrange fixed income investor meetings ahead of a potential international bond, a document from one of the banks showed.
The company, fully owned by the kingdom of Bahrain, has hired BNP Paribas, Citi and JPMorgan as joint global coordinators for the deal, with Bank ABC, Gulf International Bank, HSBC, Societe Generale and Standard Chartered as joint lead managers.
Nogaholding plans to issue a seven-year benchmark-sized bond, which normally means upwards of $500 million, subject to market conditions.
Representatives of the company, rated BB-(minus) by Fitch, will start meeting investors on May 1 in London.
Reporting by Davide Barbuscia
| ashraq/financial-news-articles | https://www.reuters.com/article/nogaholding-bond/rpt-bahrains-nogaholding-hires-banks-for-dollar-bond-idUSL8N1S72PP |
May 28, 2018 / 7:30 AM / Updated 31 minutes ago South Korea calls for more impromptu talks with North Korea as U.S. prepares for summit Hyonhee Shin , Josh Smith 6 Min Read
SEOUL (Reuters) - South Korea’s President Moon Jae-in said on Monday there could be more impromptu talks and summits with North Korea’s Kim Jong Un, as U.S. officials prepare for a historic meeting between President Donald Trump and Kim.
Moon and 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.
“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.
Trump last week pulled out of the meeting with Kim, planned for June 12 in Singapore, before announcing he had reconsidered and American and North Korean officials were meeting to work out details.
On Sunday, the U.S. State Department said U.S. and North Korean officials had met at Panmunjom, a village in the Demilitarized Zone (DMZ) that runs along the heavily armed border between North and South Korea.
A “pre-advance” team of U.S. officials was also travelling to Singapore to meet with North Koreans there, the White House said.
Asian stocks and U.S. share futures gained on Monday, while shares in South Korean construction and railway firms surged after Trump said his officials and North Korea have resumed talks to prepare for the summit in June.
Shares of Shinwon Corp, which used to operate factories in the Kaesong industrial region near the Demilitarized Zone, jumped 22 percent, while Hyundai Engineering & Construction gained 24 percent. Related Coverage
(For graphic on 'A land divided', click tmsnrt.rs/2KdXMcS ) “PROFESSIONAL TEAM”
A U.S. official told Reuters that Sung Kim, the former U.S. ambassador to South Korea, was leading the American delegation to meet North Korean officials at the border.
“It’s a good thing to have him onboard,” said a former senior South Korean official who worked with Sung Kim in past. “He’s capable, level-headed, cautious, and has solid grasp of the issues and knows North Koreans well. But at the same time he has healthy scepticism.”
Pentagon official Randall Schriver was also part of the U.S. team, the U.S. official said. The Washington Post first reported the team met with Choe Son Hui, the North Korean vice foreign minister. The U.S. delegation also included Allison Hooker, the Korea expert on the White House National Security Council.
After weeks of political posturing by both Trump and Kim, analysts welcomed the news the United States had dispatched a team of seasoned negotiators to hold several days of preparatory talks with the North Koreans. FILE PHOTO - South Korean President Moon Jae-in speaks during a news conference at the Presidential Blue House in Seoul, South Korea, May 27, 2018.?REUTERS/Kim Hong-Ji
“Sending such an experienced and professional team signals that the Trump administration is getting serious about the specifics of an agreement,” said former U.S. deputy assistant secretary of defence for East Asia, Abraham Denmark. “It’s also an implicit acknowledgment that running this negotiation out of the Oval Office has not worked, and that lower-level officials are needed to work out the details before a summit can take place.”
Still, with only a few weeks left until the scheduled summit, such talks are unlikely to reconcile the differing positions over Pyongyang’s nuclear arsenal, he said.
“No matter how experienced and knowledgeable these officials are, they will not be able to change the fundamental challenge between the United States and North Korea over its status as a nuclear power.” ADDITIONAL TALKS
North Korea has faced years of economic sanctions over its nuclear and missile programs since it conducted its first nuclear test in 2006.
The United States has struggled to slow the isolated country’s weapons programs, which have become a security priority for Washington given Pyongyang’s promise to develop a nuclear-tipped missile capable of hitting the U.S. mainland.
In remarks on Sunday, Moon acknowledged Pyongyang and Washington may have differing expectations of what denuclearisation means and he urged both sides to hold working-level talks to resolve their differences.
The United States has demanded the “complete, verifiable, and irreversible” dismantlement of North Korea’s nuclear weapons programme. Pyongyang has rejected unilateral disarmament and has always couched its language in terms of denuclearisation of the Korean Peninsula. Slideshow (3 Images)
In previous, failed talks, North Korea said it could consider giving up its arsenal if Washington removed its troops from South Korea and withdrew its so-called nuclear umbrella of deterrence from South Korea and Japan.
Moon said Saturday’s summit with Kim, which was organised on short notice after the North Korean leader requested a meeting, should be a model for increased contact between the leaders of the two Koreas.
“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,” Moon told his aides. Writing by Josh Smith. Editing by Lincoln Feast. | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles/south-korea-calls-for-more-impromptu-talks-with-north-korea-as-u-s-prepares-for-summit-idUKKCN1IT0J5 |
AMES, Iowa, May 01, 2018 (GLOBE NEWSWIRE) -- NewLink Genetics Corporation (NASDAQ:NLNK) today announced the appointment of Matthew L. Sherman, M.D. to the Company's Board of Directors. In connection with this appointment, the Company's Board will be comprised of eight directors.
NewLink Genetics Corporation
"We welcome Dr. Sherman to our Board of Directors," said Charles J. Link, Jr, MD, Chairman and Chief Executive Officer. “His extensive experience in both clinical development and corporate management further strengthens our Board and represents a valuable addition to NewLink Genetics.”
Dr. Sherman is currently Executive Vice President and Chief Medical Officer of Acceleron Pharma Inc., a clinical-stage biopharmaceutical company researching and developing innovative compounds that engage the body’s ability to regulate cellular growth and repair for the treatment of serious and rare diseases. Dr. Sherman joined Acceleron as Chief Medical Officer in May 2006 and, in his current role, provides executive leadership for medical research, clinical operations, biostatistics and data management among other areas of responsibility. In addition, Dr. Sherman was a key participant in the Company’s financing, from venture stage to a successful IPO in 2013, as well as follow-on offerings and pharma partnerships.
Prior to joining Acceleron, Dr. Sherman was Senior Vice President and Chief Medical Officer at Synta Pharmaceuticals Corp. from 2004 to 2006 where he provided executive leadership for clinical research, clinical operations, and program management among other areas of responsibility. During his tenure there, Dr. Sherman built the clinical development organization and initiated 16 studies overall, including five new Phase 2 clinical trials. From 1991 to 2004, Dr. Sherman held various leadership positions at Wyeth-Ayerst Research and Genetics Institute (acquired by Wyeth/American Home Products in 1997) in Clinical Research and Development where among other achievements he led the successful process from submission to FDA approval of the first antibody immune-drug conjugate for acute myeloid leukemia (AML).
Dr. Sherman received an S.B. degree in Chemistry (Phi Beta Kappa) from the Massachusetts Institute of Technology in Cambridge, MA and an M.D. degree with Honors (Alpha Omega Alpha) from Dartmouth Medical School in Hanover, NH. Dr. Sherman is board certified in Medical Oncology and Internal Medicine and held various clinical and teaching positions at Harvard Medical School with corresponding hospital appointments at the Dana-Farber Cancer Institute and Brigham and Women’s Hospital, Boston, MA. He has published over 220 original papers, book chapters, reviews and abstracts in basic research and clinical development and is named as an inventor of ten patents.
Dr. Sherman serves on the Geisel School of Medicine at Dartmouth Board of Advisors and Alumni Council and on the Marine Biological Laboratory Council (Woods Hole, MA), affiliate of the University of Chicago.
“I look forward to joining NewLink Genetics and working with its Board and management team on indoximod development which has shown promising early data," said Dr. Sherman.
About NewLink Genetics Corporation
NewLink Genetics is a late-stage biopharmaceutical company focusing on discovering, developing and commercializing novel immuno-oncology product candidates to improve the lives of patients with cancer. NewLink Genetics' IDO pathway inhibitors are designed to harness multiple components of the immune system to combat cancer. For more information, please visit www.newlinkgenetics.com and follow us on Twitter @NLNKGenetics .
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements of NewLink that involve substantial risks and uncertainties. All statements contained in this press release are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words "guidance," "upcoming," "will," "plan," "anticipate," "approximate," "expect," or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, statements about NewLink Genetics' financial guidance for 2018; results of its clinical trials for product candidates; its timing of release of data from ongoing clinical studies; its plans related to moving additional indications into clinical development; NewLink Genetics' future financial performance, results of operations, cash position and sufficiency of capital resources to fund its operating requirements; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that NewLink makes due to a number of important factors, including those risks discussed in "Risk Factors" and elsewhere in NewLink Genetics' Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the U.S. Securities and Exchange Commission (SEC). The forward-looking statements in this press release represent NewLink's views as of the date of this press release. NewLink anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing NewLink Genetics' views as of any date subsequent to the date of this press release.
Investor Contact:
Lisa Miller
Director of Investor Relations
NewLink Genetics
515-598-2555
[email protected]
Media Contact:
Sharon Correia
VP, Integrated Communications
LaVoieHealthScience
617-374-8800, ext. 105
[email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/cc694a7c-0e15-4539-ad40-47b2e77e2461
Source:NewLink Genetics Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-newlink-genetics-appoints-matthew-l-sherman-m-d-to-board-of-directors.html |
Penelope Cruz on equal pay, Me Too and working with husband Wednesday, May 09, 2018 - 02:05
Real-life couple Penelope Cruz and Javier Bardem star in whodunnit movie ‘Everybody Knows’, written and directed by the double-Oscar winner Iranian Asghar Farhadi. Jayson Mansaray reports. ▲ Hide Transcript ▶ View Transcript
Real-life couple Penelope Cruz and Javier Bardem star in whodunnit movie ‘Everybody Knows’, written and directed by the double-Oscar winner Iranian Asghar Farhadi. Jayson Mansaray reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KLTvxo | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/penelope-cruz-on-equal-pay-me-too-and-wo?videoId=425375135 |
WASHINGTON, May 1 (Reuters) - Goldman Sachs on Tuesday agreed to pay the Federal Reserve $54.75 million to settle claims that the bank allowed foreign exchange traders to wrongly share information about investment positions.
Goldman failed to catch forex traders who used chatrooms to discuss their positions on currency trades, the Fed said in a statement.
“The firm failed to detect and address its traders’ use of electronic chatrooms to communicate with competitors about trading positions,” the Fed said in a statement.
The Fed said it was taking the action with the New York Department of Financial Services (NYDFS).
Separately on Tuesday, Bloomberg reported that Goldman had agreed to match the Fed’s fine to resolve the same allegations. (Reporting by Patrick Rucker and Katanga Johnson Editing by James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/goldman-sachs-forex/goldman-sachs-agrees-to-pay-55-mln-to-settle-forex-claims-by-fed-idUSL1N1S80V1 |
BEIJING (Reuters) - The carrier group led by China’s first aircraft carrier, the Liaoning, has reached “initial” combat readiness, the defense ministry said on Thursday, in another significant step in the country’s ambitious military modernization program.
Little is known about the aircraft carrier program, which China regards as a state secret.
It is part of President Xi Jinping’s sweeping plan to refurbish the armed forces by developing everything from stealth jets to anti-satellite missiles, as China ramps up its presence in the disputed South China Sea and around self-ruled Taiwan.
China bought the Soviet-era Liaoning secondhand from Ukraine in 1998, before refitting mainly for training use as it honed the ability to operate fighter jets at sea and with other warships.
But the Liaoning has gone on increasingly high-profile missions recently, such as sailing around Taiwan, which China claims, and into the South China Sea.
The Liaoning and its accompanying carrier group had successfully been carrying out training missions, Defense Ministry spokesman Ren Guoqiang told a monthly news briefing.
“The carrier group’s exercises have been deepened to include combat operations in the open seas. It has initially formed a system combat capability,” Ren said, without elaborating.
China’s second, domestically-developed, carrier, began sea trials earlier in May. It is as yet unnamed.
Chinese military experts have told state media the new carrier, built in the northeastern port of Dalian, is not expected to enter service until 2020, once it has been fully fitted out and armed.
Unlike the U.S. Navy’s longer-range nuclear carriers, both of China’s feature Soviet-design ski-jump bows, intended to provide sufficient take-off lift for fighter jets. They lack the powerful catapult launch technology that U.S. carriers have.
State media have Quote: d experts as saying China needs at least six carriers. The United States operates 10 and plans to build two more.
Most experts agree that developing such a force will be a decades-long task for China, but progress on a home-built carrier boosts prestige for Beijing, seen by many analysts as keen to eventually erode U.S. military prominence in the region.
Ren said he had no details to provide on whether China was building any other carriers.
Reporting by Ben Blanchard; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-defence/china-says-carrier-group-has-reached-initial-combat-readiness-idUSKCN1IW18F |
BEIJING, May 23 (Reuters) - China’s trade with North Korea in the first four months of 2018 fell 59.3 percent from a year earlier to $656.55 million, customs data showed on Wednesday.
Imports from North Korea fell 86.6 percent to $80.66 million in January-April.
China’s April total trade with North Korea was $173.7 million, compared to $155.3 million in the previous month.
China’s exports to North Korea were $161.93 million in April while imports from North Korea were $11.78 million, the data showed. (Reporting by Beijing Monitoring Desk; Editing by Sunil Nair)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-trade-northkorea/china-jan-april-trade-with-north-korea-down-59-3-pct-y-y-in-dollar-terms-idUSB9N1SI015 |
PHILADELPHIA, May 22, 2018 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors is pleased to announce the sale of The Alexandria Apartments in the University City neighborhood of Philadelphia. The property, located at 516 S. 42 nd Street, directly across from the University of the Sciences, consists of 25 apartments totaling 74 bedrooms. The units feature spacious bedrooms, hardwood flooring, and tenants have access to on-site laundry facilities.
The Alexandria Apartments
“University City continues to be one of the hottest markets in Philadelphia,” said Ken Wellar, Managing Partner at RRA. “We were able to secure a first-time buyer from the New York market, due to our unique marketing process.”
Residents of The Alexandria enjoy close proximity to world-class schools and employers such as University of Pennsylvania, Drexel University, and Children’s Hospital of Pennsylvania, Clark Park, which hosts regular farmers markets and festivals, and the trolley to Center City, Philadelphia.
Corey Lonberger, Managing Partner at RRA, noted: "The demand from outside buyers for University City continues to grow. It is one of the most active neighborhoods in terms of new development and re-development in the Philadelphia MSA. The Alexandria presented a great value-add opportunity for the buyer to capitalize on the current momentum of development in the neighborhood."
According to a recent Campus Philly survey, 67% of current college students at Philadelphia universities would like to stay in the city after graduation, which is up almost 10% from a 2010 survey. Mark Duszak, Director at RRA, stated: “Philadelphia is home to some of the best universities in the country. Recent graduates are choosing to live and work in Philadelphia after graduation, which is adding fuel to the tremendous growth in the real estate market.”
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components.
www.RittenhouseRealty.com
Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/57e62cad-cf02-4eed-89ac-8c0592e83f4a
Source:Rittenhouse Realty Advisors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-rittenhouse-realty-advisors-sells-25-unit74-bed-student-housing-property-in-university-city-philadelphia-for-5450000.html |
May 1, 2018 / 12:51 PM / Updated 11 minutes ago BRIEF-Abbvie Submits Marketing Authorization Application To EMA For Investigational Treatment Risankizumab For Moderate To Severe Plaque Psoriasis Reuters Staff 1 Min Read
May 1 (Reuters) - AbbVie Inc:
* ABBVIE SUBMITS MARKETING AUTHORIZATION APPLICATION TO THE EUROPEAN MEDICINES AGENCY FOR INVESTIGATIONAL TREATMENT RISANKIZUMAB FOR MODERATE TO SEVERE PLAQUE PSORIASIS
* ABBVIE INC - APPLICATION SUPPORTED BY FOUR PIVOTAL PHASE 3 TRIALS EVALUATING MORE THAN 2,000 PATIENTS WITH MODERATE TO SEVERE PLAQUE PSORIASIS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-abbvie-submits-marketing-authoriza/brief-abbvie-submits-marketing-authorization-application-to-ema-for-investigational-treatment-risankizumab-for-moderate-to-severe-plaque-psoriasis-idUSFWN1S8094 |
May 2, 2018 / 1:46 PM / Updated 37 minutes ago Apple shares rise after sales quell iPhone worries Reuters Staff 4 Min Read
(Reuters) - Shares of Apple Inc ( AAPL.O ) rose 3 percent on Wednesday after the company’s quarterly report and current-quarter iPhone sales forecast calmed investor nerves about a potential slowdown in sales of its flagship product. FILE PHOTO: A customer looks at her Apple iPhone X at an Apple store in New York, U.S., November 3, 2017. REUTERS/Lucas Jackson
Shares in the Cupertino, California firm had fallen 5 percent, or more than $40 billion (29.3 billion pounds) in market value, in the two weeks before the report, thanks largely to a soft outlook from Taiwan Semiconductor Manufacturing Co Ltd ( 2330.TW ) which was read as pointing to weak demand for iPhones.
Yet while investors were bracing for weak smartphone sales, Apple sold 52.2 million iPhones, just shy of analysts’ estimate of 52.3 million.
At least four brokerages raised their price targets for Apple stock. Of 43 analysts covering, 29 have a “buy” or higher rating and 14 on “hold”. No one has a “sell” rating.
“iPhone unit sales were better than feared with our recently lowered estimates, and management highlighted consistent results in every geography with the iPhone X the top selling iPhone each week of the quarter,” Canaccord Genuity analyst T. Michael Walkley said.
Two other analysts estimated Apple would sell about 40 million iPhones in the current quarter, based on Apple’s June quarter revenue forecast of $51.5 billion to $53.5 billion and shares in Apple parts suppliers were also broadly higher.
Shares of AMS ( AMS.S ), which provides the facial recognition technology used in Apple’s iPhones, rose as much as 8 percent on Wednesday morning.
Those in Cirrus Logic ( CRUS.O ), Skyworks Solutions ( SWKS.O ), Lumentum Holdings ( LITE.O ), Broadcom ( AVGO.O ) and Qualcomm ( QCOM.O ) were all gainers.
“While forecasted iPhone shipments of 39 million units is lower than our 42 million estimate a month ago, it’s far better than our 34 million estimate which reflected the weaker June quarter outlook from suppliers like TSMC and AMS,” Morgan Stanley analyst Katy Huberty said.
The $999 iPhone X, which features an edge-to-edge display and facial recognition technology to unlock the phone, has been plagued by supply bottlenecks and concerns about weak sales since it went on sale in November in the United States.
While Apple’s iPhone sales were marginally lower than consensus forecasts, its quarterly results still beat Wall Street targets, helped by a $9.1 billion revenue contribution from Apple’s services business.
“Services sales growth of 31 percent Y/Y was robust this quarter, and well above expectations, reflecting broad strength across Apple’s offerings, including App Store, Apple Music, iCloud and Apple Pay,” Deutsche Bank analyst Sherri Scribner said.
Apple also promised to hike its dividend by 16 percent and to buyback $100 billion worth of additional stock, which analysts said would create a floor for shares.
After a solid quarter that quashed most concerns about a slowdown, eyes will now turn to the next generation of iPhones to be launched in September.
“With our belief Apple will launch an iPhone X plus type combined with new improved features for the current sized iPhone X product, we believe Apple’s iPhone franchise will extend strong sales of higher-priced iPhones through C2019,” Walkley said.
Apple shares were trading at $175.60 on Wednesday morning. Reporting by Supantha Mukherjee in Bengaluru; editing by Patrick Graham | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-apple-results-research/apple-shares-rise-after-sales-quell-iphone-worries-idUKKBN1I31V9 |
May 17 (Reuters) - Albireo Pharma Inc:
* ALBIREO PROVIDES FIRST QUARTER 2018 BUSINESS UPDATE * ALBIREO PHARMA INC - QTRLY NET LOSS PER SHARE - BASIC AND DILUTED $0.15 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-albireo-qtrly-net-loss-per-share-b/brief-albireo-qtrly-net-loss-per-share-basic-and-diluted-0-15-idUSASC0A2R5 |
LAS VEGAS, May 14, 2018 /PRNewswire/ -- PlayAGS, Inc. (NYSE:AGS) ("AGS" or the "Company"), a leading designer and supplier of electronic gaming machines and other products and services for the gaming industry, today announced the closing of its previously announced secondary public offering of shares of the Company's common stock by Apollo Gaming Holdings, L.P. (the "Selling Stockholder") at a price to the public of $21.50. The offering amounted to 4,675,000 shares. The Company did not sell any shares and did not receive any proceeds from the offering.
Credit Suisse, Deutsche Bank Securities, Jefferies and Macquarie Capital acted as joint book-running managers and as representatives of the underwriters for the offering. BofA Merrill Lynch, Citigroup, Nomura, Stifel and SunTrust Robinson Humphrey acted as joint book-running managers for the offering. Roth Capital Partners, Union Gaming, The Williams Capital Group, L.P. and Apollo Global Securities acted as co-managers for the offering.
The offering was made only by means of a prospectus. A copy of the prospectus relating to the offering may be obtained from any of the following sources:
Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, or by telephone at (800) 221-1037 or by email at [email protected] ; Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, or by telephone at (800) 503-4611, or by email at [email protected] ; Jefferies LLC, Attention: Prospectus Department, 520 Madison Avenue, 2 nd Floor, New York, NY 10022, or by telephone at (877) 821-7388 or by email at [email protected] ; or Macquarie Capital (USA) Inc., Attention: Syndicate Department, 125 West 55 th Street, L-22, New York, NY 10019, or by telephone at (212) 231-0440 or by email at [email protected]
A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About AGS
AGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Our roots are firmly planted in the Class II Native American gaming market, but our customer-centric culture and growth have helped us branch out to become a leading all-inclusive commercial gaming supplier. Powered by high-performing Class II and Class III slot products, an expansive table products portfolio, highly-rated social casino solutions for players and operators, and best-in-class service, we offer an unmatched value proposition for our casino partners. Learn more about us at www.playags.com .
Forward-Looking and Cautionary Language
This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management's current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the public offering and other statements identified by words such as "believe," "will," "may," "might," "likely," "expect," "anticipates," "intends," "plans," "seeks," "estimates," "believes," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events.
These forward-looking statements reflect the current views, models, and assumptions of PlayAGS, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in PlayAGS's performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of PlayAGS to maintain strategic alliances, unit placements or installations, grow revenue, garner new market share, secure new licenses in new jurisdictions, successfully develop or place proprietary product, comply with regulations, have its games approved by relevant jurisdictions and other factors set forth under "Risk Factors" in the registration statement on Form S-3, filed with the Securities and Exchange Commission on May 7, 2018. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. PlayAGS expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information
Julia Boguslawski, Chief Marketing Officer & EVP of Investor Relations, PlayAGS
o: 702-724-1125
e: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/apollo-closes-secondary-public-offering-of-playags-common-stock-300648161.html
SOURCE AGS | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-apollo-closes-secondary-public-offering-of-playags-common-stock.html |
NEW YORK--(BUSINESS WIRE)-- Metropolitan Bank Holding Corp. (NYSE: MCB) (“Metropolitan” or the “Company”), the holding company for Metropolitan Commercial Bank (the “Bank”), today announced that Scott Lublin has been named to the position of Executive Vice President and Chief Lending Officer, effective April 25. Mr. Lublin will be responsible for managing the Bank’s Commercial Real Estate and Commercial Lending groups and for the strategic development and implementation of lending products and services. He will report to Mark DeFazio, President and Chief Executive Officer.
Mr. Lublin is a senior banking industry executive with more than 30 years of experience in banking, primarily focused on commercial real estate lending. Mr. Lublin returns to the Bank after previously serving as Senior Vice President of the Commercial Real Estate business from 2008 until 2013.
“We are delighted to welcome Scott back to Metropolitan,” said CEO Mark DeFazio. “Scott brings decades of experience in commercial real estate lending, along with a deep understanding of our strategy and culture. Metropolitan continues to execute on our strategy and add strong, proven executives to our leadership team.”
“I am excited to return to Metropolitan and look forward to playing an important role in the bank’s next chapter,” said Mr. Lublin. “Metropolitan’s sharp focus on supporting entrepreneurs and middle-market businesses in the greater New York area positions the bank very well for profitable growth.”
Most recently, Mr. Lublin was an Executive Vice President at BankUnited, where he managed their NYC commercial real estate lending group. Prior to his first stint at Metropolitan, Mr. Lublin served as an Administrative Vice President of M&T Bank’s commercial real estate group. Mr. Lublin earned a B.S. at SUNY Buffalo and an M.B.A. at Fordham University.
About Metropolitan Bank Holding Corporation
Metropolitan Bank Holding Corp. (NYSE: MCB) is the holding company for Metropolitan Commercial Bank®, The Entrepreneurial Bank. The Bank provides a broad range of business, commercial and personal banking products and services to small and middle-market businesses, public entities and affluent individuals in the New York metropolitan area. Founded in 1999, the Bank is headquartered in New York City and operates five locations in Manhattan, Brooklyn and Great Neck, Long Island. The Bank is also an active issuer of debit cards for third-party debit card programs. Metropolitan Commercial Bank is a New York State chartered commercial bank, an FDIC member and an equal opportunity lender. For more information, please visit www.metropolitanbankny.com .
Forward Looking Statement Disclaimer
This release contains certain “forward-looking statements” about the Company which, to the extent applicable, are intended to be covered by the safe harbor for forward-looking statements provided under Federal securities laws and, regardless of such coverage, you are cautioned about. Examples of forward-looking statements include but are not limited to the Company’s financial condition and capital ratios, results of operations and the Company’s outlook and business. Forward-looking statements are not historical facts. Such statements may be identified by the use of such words as “may”, “believe”, “expect”, “anticipate”, “plan”, “continue”, or similar terminology. These statements relate to future events or our future financial performance and involve risks and uncertainties that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. Factors which may cause our forward-looking statements to be materially inaccurate include, but are not limited to, an unexpected deterioration in our loan portfolio, unexpected increases in our expenses, greater than anticipated growth, unanticipated regulatory action, unexpected changes in interest rates, an unanticipated loss of key personnel, an unanticipated loss of existing customers, competition from other institutions resulting in unanticipated changes in our loan or deposit rates, unanticipated increases in Federal Deposit Insurance Corporation costs and unanticipated adverse changes in our customers’ economic conditions or economic conditions in our local area in general.
Forward-looking statements speak only as of the date of this release. We do not undertake any obligation to update or revise any forward-looking statement, whether the result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006280/en/
Investor Relations
Metropolitan Bank Holding Corp.
212-365-6721
[email protected]
or
Media
Sard Verbinnen & Co
Paul Scarpetta/Liz Zale
212-687-8080
[email protected]
Source: Metropolitan Bank Holding Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-metropolitan-bank-holding-corp-names-scott-lublin-chief-lending-officer.html |
3 tips for balancing a side hustle with a full-time job Simon Slade, Contributor CNBC.com Michael Ansell | Getty Images
One of the biggest deterrents that keeps creatives and entrepreneurs from pursuing a side hustle is the fear of being overwhelmed. This type of balancing act is no easy feat — your apprehension is warranted. Whether your side hustle is a simple creative project or a full-blown second business, the idea of taking on additional responsibility while working full-time can seem impossible, especially if your full-time job requires the typical 9-to-5 office presence.
A side hustle is usually categorized as a secondary (or even tertiary) income-producing activity, but many people have an ongoing, demanding project at home that doesn't produce any income. Perhaps you're planning a wedding, restoring an old car, or writing a novel — all the while hammering away at your primary job that pays the bills. Our hobbies are important because they increase our quality of life. Even if your secondary project isn't bringing home any cash, it could eventually. Even if it never does, it is still vital to your happiness. show chapters 4:18 PM ET Fri, 3 Nov 2017 | 01:00
Learning to balance your side hustle with your full-time job can be helpful even if you don't think of your activity as a side hustle. Use these tips to avoid overwhelm and maintain a healthy professional balance, even as your secondary project grows in scope. 1. Create specific hours
Unless you are lucky enough to be a remote worker with flexible hours, you likely have a standard schedule for your full-time job. This might be the typical office hours or an evening shift at a restaurant. Regardless, your primary job gets the luxury of a schedule: time reserved solely for that purpose. Your secondary pursuit should get the same level of commitment.
I recommend trying to work on your secondary project every day, even for just a half hour. Routine is key. Identify what portion of your off hours are most productive and use that time for your secondary project. Because your time with this project is limited, your effort should be maximized. In the early days of business, many entrepreneurs work late nights, early mornings and long weekends to get their project off the ground. If they can do it, so can you. show chapters 3:50 PM ET Thu, 6 Oct 2016 | 01:09 2. Get comfortable with the word "no"
One of the greatest keys to success in any endeavor is learning to prioritize and maintain your limits. No one is at their best when stretched thinly across too many responsibilities — a risk that becomes very real when balancing a side hustle and full-time job.
Both at your job and with your side hustle, you need to learn to say "no." It might sound like a simple task, but it can be surprisingly hard for ambitious, hard-working people (the type of people that tend to have a full-time job and a demanding side project at the same time). If your boss asks you to mentor a new employee, it might sound like an exciting opportunity to earn some professional stripes. But before you jump at the chance, think about how it will affect your performance in both your side hustle and your other responsibilities at work.
Productive, efficient leaders know how much time they can spare on an additional task or responsibility. If you don't have the bandwidth, don't take it on. 3. Look for crossover opportunities
Be on the lookout for serendipitous moments where the work you're doing at your full-time job can also help with your side hustle. Maybe you are putting together a content marketing strategy for your website and your boss just happens to pitch the idea of attending a training session aimed at improving digital marketing skills. Voilá — the hours spent at that training will serve you well at your primary job while also potentially yielding a few new tricks for your side hustle. show chapters 11:55 AM ET Mon, 17 Oct 2016 | 01:00
While moments like this might be rare, pay close attention to other possible crossovers between your side project and your full-time job. You might find less obvious ways that the two fit together. When you find certain skills or activities that can serve both your side hustle and your full-time job, practice them. Not only will your side project thrive, but it's likely your boss and colleagues will notice your dedication and improvements at work, too. You are your biggest priority
It's rare, if ever, that one can find the perfect balance between their side hustle and full-time job. You'll need to constantly be ready to adjust on the fly. There will be moments of perfect synergy and moments of exhaustion, but each one will teach you more about how to balance these parts of your life.
Above all, maintain your own health and sanity. Remember that without you, there is no balance between your side hustle and your full-time job. You are the crux of all of this and, therefore, you are your biggest priority.
Like this story? Like CNBC Make It on Facebook . show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/3-tips-for-balancing-a-side-hustle-with-a-full-time-job.html |
Closing Bell Exchange: US oil production blunts some of Iran impact 2 Hours Ago Laurie Kamhi, Hightower; Keith Bliss, Drive Wealth; and CNBC's Rick Santelli discuss what's driving the markets today. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/closing-bell-exchange-us-oil-production-blunts-some-of-iran-impact.html |
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