text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
Comments
Amazon.com Inc. is providing new reductions for Prime members buying at its Whole Foods grocery shops, including one other perk to its membership program after a 20% value hike.
The on-line retail big stated it will knock 10% off already discounted gadgets and every week minimize costs on different merchandise all through the shop. This week’s offers, for instance, embody half off wild-caught halibut, buy-one, get-one free 12-pack case of glowing water and $2.99 for a pound of natural strawberries.
… | ashraq/financial-news-articles | https://www.wsj.com/articles/prime-perks-amazon-dangles-discounts-for-whole-foods-shoppers-1526443260/ |
BEIJING, May 24, 2018 /PRNewswire/ --Yirendai Ltd. (NYSE: YRD) ("Yirendai" or the "Company"), a leading fintech company in China, today announced its unaudited financial results for the quarter ended March 31, 2018.
For the Three Months Ended
in RMB million
31-Mar-18
31-Mar-17
YoY Change
Amount of Loans Facilitated
11,956.7
7,246.1
65%
Total Net Revenue
1,592.7
1,021.6
56%
Net Income
278.9
350.9
-21%
Adjusted EBITDA (non-GAAP)
879.7
400.3
120%
Adjusted Net Income (non-GAAP)*
668.5
350.9
91%
* For the first quarter of 2018, adjusted net income includes RMB389.6 million adjustment on income earned from loans facilitated prior to 2018, if ASC 606 was not adopted.
In the first quarter of 2018, Yirendai facilitated RMB11,956.7 million (US$1,906.2 million) of loans to 174,128 qualified individual borrowers through its online marketplace, representing a year-over-year growth of 65%; 23.1% of loan volume were generated by repeat borrowers who have successfully borrowed on Yirendai's platform before; 72.5% of the borrowers were acquired from online channels; 100% of the loan volume originated from online channels was facilitated through mobile.
In the first quarter of 2018, Yirendai facilitated 214,231 investors with total investment amount of RMB11,427.6 million (US$1,821.8 million), 100% of which was facilitated through its online platform and 95% of which was facilitated through its mobile application.
In the first quarter of 2018, total net revenue was RMB1,592.7 million (US$253.9 million), an increase of 56% from prior year; net income was RMB278.9 million (US$44.5 million), a decrease of 21% from prior year and adjusted net income in the first quarter of 2018 was RMB668.5 million (US$106.6 million), an increase of 91% from prior year.
"We are pleased to deliver another strong quarter with solid results in credit, wealth management and in developing key institutional partnerships," commented Ms. Yihan Fang, Chief Executive Officer of Yirendai. "As part of our ongoing efforts to be in compliance with industry regulations, we have also made several adjustments to our credit business, including product pricing as well as changing our quality assurance program this quarter. We will continue to execute our strategies set for all three business lines to further solidify our industry leadership and achieve sustainable growth."
"Our first quarter results show a strong start to 2018 with loan originations increasing by 65% year-over-year, particularly the continuing momentum of our online channel business" commented Mr. Dennis Cong, Chief Financial Officer of Yirendai. "We have delivered a solid net revenue growth of 56% on a year-over-year basis amid a challenging regulatory and credit environment. With delinquency rates showing clear recovery and with our proven capabilities of customer acquisition and risk management, we believe that we are on a solid footing and well-positioned to capture the increased market opportunities during the industry consolidation period."
Accounting Policy Change
Effective January 1, 2018, Yirendai adopted the new revenue recognition policy, ASC 606- Revenue from Contracts with Customers, using the modified retrospective method in accordance with US GAAP. As a result of adopting ASC 606, the Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment of RMB1.7 billion to the opening balance of retained earnings. This adjustment primarily arose from the timing of revenue recognition for transaction fees that are collected on monthly basis, which under the new revenue standard are recognized at the time of billing instead of upon collection.
First Quarter 2018 Financial Results
Total amount of loans facilitated in the first quarter of 2018, was RMB11,956.7 million (US$1,906.2 million), increased by 65% from RMB7,246.1 million in the same period last year, reflecting strong demand for our products and services, especially from customers acquired from online channels. As of March 31, 2018, Yirendai had facilitated approximately RMB85.9 billion (US$13.7 billion) in loan principal since its inception.
Total net revenue in the first quarter of 2018 was RMB1,592.7 million (US$253.9 million), increased by 56% from RMB1,021.6 million in the same period last year. The increase of total net revenue was mainly attributable to the growth of loan origination volume as well as the increase in the total asset under management.
Sales and marketing expenses in the first quarter of 2018 were RMB781.7 million (US$124.6 million), compared to RMB469.4 million in the same period last year. Sales and marketing expenses in the first quarter of 2018 accounted for 6.5% of amount of loans facilitated, and remained stable as compared to 6.5% in the same period last year.
Origination and servicing costs in the first quarter of 2018 were RMB142.7 million (US$22.8 million), compared to RMB58.8 million in the same period last year. Origination and servicing costs in the first quarter of 2018 accounted for 1.2% of amount of loans facilitated, increased from 0.8% in the same period last year mainly due to increased collection efforts this quarter.
General and administrative expenses in the first quarter of 2018 were RMB338.0 million (US$53.9 million), compared to RMB100.5 million in the same period last year. General and administrative expenses in the first quarter of 2018 accounted for 21.2% of total net revenue, compared to 9.8% in the same period last year. The increase in general and administrative expenses was mainly due to an expense of RMB209.4 million (US$33.4 million) related to the quality assurance program. Excluding an expense of RMB209.4 million related to the quality assurance program, general and administrative expenses in the first quarter of 2018 were RMB 128.6 million, or 8.1% of total net revenue.
Income tax expense in the first quarter of 2018 was RMB83.6 million (US$13.3 million). Since the first quarter of 2017, Yi Ren Heng Ye Technology Development (Beijing) Co., Ltd., a subsidiary of the Company, enjoyed a favorable enterprise income tax rate of 12.5% as a software enterprise which qualification was confirmed by local tax bureau in the third quarter of 2016. This makes it eligible for an exemption of enterprise income tax for 2015 and 2016 and a favorable enterprise income tax rate of 12.5% for 2017, 2018 and 2019.
Net income in the first quarter of 2018 was RMB278.9 million (US$44.5 million), decreased by 21% from RMB350.9 million in the same period last year.
Adjusted net income (non-GAAP) in the first quarter of 2018 was RMB668.5 million (US$106.6 million), increased by 91% from RMB350.9 million in the same period last year. For the first quarter of 2018, the previously mentioned RMB1.7 billion adjustment to the opening balance of retained earnings would positively impact net income by RMB389.6 million if ASC 606 was not adopted, generated from loans facilitated prior to 2018.
Adjusted EBITDA (non-GAAP) in the first quarter of 2018 was RMB879.7 million (US$140.2 million), increased by 120% from RMB400.3 million in the same period last year. Adjusted EBITDA margin [1] (non-GAAP) in the first quarter of 2018 was 55.2%, compared to 39.2% in the same period last year. For the first quarter of 2018, adjusted EBITDA includes RMB519.4 million adjustment on pre-tax income earned from loans facilitated prior to 2018, if ASC 606 was not adopted.
[1] Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total net revenue.
Basic income per ADS in the first quarter of 2018 was RMB4.60 (US$0.73), decreased from RMB5.87 in the same period last year.
Adjusted basic income per ADS in the first quarter of 2018 was RMB11.02 (US$1.76). Adjusted basic income per ADS includes RMB389.6 adjustment on income earned from loans facilitated prior to 2018, if ASC 606 was not adopted.
Diluted income per ADS in the first quarter of 2018 was RMB4.51 (US$0.72), decreased from RMB5.81 in the same period last year.
Adjusted diluted income per ADS in the first quarter of 2018 was RMB10.80 (US$1.72). Adjusted diluted income per ADS includes RMB389.6 adjustment on income earned from loans facilitated prior to 2018, if ASC 606 was not adopted.
Net cash used in operating activities in the first quarter of 2018 was RMB337.7 million (US$53.8million), compared to net cash generated from operating activities of RMB564.5 million in the same period last year. The decrease in net cash generated from operating activities is mainly due to an increase in loans with a monthly fee collection schedule as well as increased payouts of principal and accrued interest on default loans from the quality assurance program this quarter.
As of March 31, 2018, cash and cash equivalents was RMB1,666.9 million (US$265.7 million), compared to RMB1,857.2 million as of December 31, 2017. As of March 31, 2018, balance of held-to-maturity investments was RMB9.7 million (US$1.5 million), compared to RMB9.9 million as of December 31, 2017. As of March 31, 2018, balance of available-for-sale investments was RMB990.9 million (US$158.0 million), compared to RMB969.8 million as of December 31, 2017.
Quality Assurance Program and Guarantee. As a result of the short-term volatility of borrower credit performance, in the first quarter of 2018, Yirendai accrued liabilities from quality assurance program and guarantee of RMB948.6 million (US$151.2 million), which is equal to approximately 11% of the loans facilitated through its marketplace covered by the quality assurance program during the period. In the first quarter of 2018, the Company released liabilities of RMB1,206.4 million (US$192.3 million) to pay out the outstanding principal and accrued interest of default loans. During the quarter, the Company recognized an additional contingent liability of RMB209.4 million (US$33.4 million) after evaluating future payouts. As of March 31, 2018, liabilities from quality assurance program and guarantee were RMB2,745.5 million (US$437.7 million).
Delinquency rates. As of March 31, 2018, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.8%, 1.6% and 1.3%, compared to 0.8%, 0.9% and 0.7%, as of December 31, 2017. The delinquency rates for loans that are past due for 30-89 days has increased as compared to prior quarter due to a short-term volatility of borrower credit performance since December 2017.
Cumulative M3+ net charge - off rates. As of March 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2015 was 9.7%, compared to 9.3% as of December 31, 2017. As of March 31, 2018, the cumulative M3+ net charge-off rate for loans originated in 2016 was 7.4%, compared to 5.9% as of December 31, 2017. As the 2015 and 2016 vintage loans continue to mature, the charge off level is broadly consistent with our risk performance expectation.
Other Operating Metrics and Business Results
As of March 31, 2018, remaining principal of performing loans totaled RMB43.8 billion (US$7.0 billion), increased by 8% from RMB40.6 billion as of December 31, 2017 and 82% from RMB24.0 billion as of March 31, 2017. In the first quarter of 2018, Grade I, II, III, IV and V loans represented 8.8%, 25.4%, 25.5%, 28.1% and 12.2% of the Company's product portfolio, respectively.
Other Developments
Change in Quality Assurance Program
To ensure compliance with regulatory requirements, for loans facilitated subsequent to May 2018, they will no longer be covered by Yirendai's quality assurance program. Loans facilitated through Yirendai's online marketplace with a 12-month term and with an amount not exceeding RMB200,000 will be covered through PICC's surety insurance program. All other loans will be covered by third-party guarantee companies and the guarantee companies will charge borrowers a guarantee fee for the guarantee services.
Business Outlook
Based on the information available as of the date of this press release, Yirendai provides the following outlook, which reflects the Company's current and preliminary view and is subject to change.
Full year 2018
Total loans facilitated will be in the range of RMB48 billion to RMB52 billion.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted net income, adjusted EBITDA, adjusted EBITDA margin, adjusted basic income per ADS and adjusted diluted income per ADS as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.
Currency Conversion
This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.2726 to US$1.00, the effective noon buying rate on March 30, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board.
Conference Call
Yirendai's management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on May 24, 2018, (or 8:00 a.m. Beijing/Hong Kong Time on May 25, 2018).
Dial-in details for the earnings conference call are as follows:
International:
+65 6713-5090
U.S. Toll Free:
+1 866-519-4004
Hong Kong Toll Free:
800-906-601
China:
400-620-8038
Conference ID:
9298548
A replay of the conference call may be accessed by phone at the following numbers until June 1, 2018:
International:
+61 2-8199-0299
U.S. Toll Free:
+1 855-452-5696
Replay Access Code:
9298548
A live and archived webcast of the conference call will be available on Yirendai's website at ir.yirendai.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yirendai's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yirendai's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yirendai's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yirendai's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yirendai does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About Yirendai
Yirendai Ltd. (NYSE: YRD) is a leading fintech company in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai's online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For more information, please visit ir.yirendai.com .
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except for share, per share and per ADS data, and percentages)
For the Three Months Ended
March 31,
2017
March 31,
2018
March 31,
2018
RMB
RMB
USD
Net revenue:
Loan facilitation services
976,398
1,402,052
223,520
Post-origination services
33,312
143,466
22,872
Others
11,889
47,173
7,521
Total net revenue
1,021,599
1,592,691
253,913
Operating costs and expenses:
Sales and marketing
469,380
781,726
124,625
Origination and servicing
58,784
142,740
22,756
General and administrative
100,498
338,030
53,890
Total operating costs and expenses
628,662
1,262,496
201,271
Interest income
24,149
28,276
4,508
Fair value adjustments related to Consolidated ABFE
1,355
4,463
711
Non-operating income, net
207
(452)
(72)
Income before provision for income taxes
418,648
362,482
57,789
Income tax expense/(benefit)
67,747
83,578
13,324
Net income
350,901
278,904
44,465
Weighted average number of ordinary shares outstanding,
basic
119,560,832
121,368,093
121,368,093
Basic income per share
2.9349
2.2980
0.3664
Basic income per ADS
5.8698
4.5960
0.7328
Weighted average number of ordinary shares outstanding,
diluted
120,842,350
123,773,063
123,773,063
Diluted income per share
2.9038
2.2533
0.3592
Diluted income per ADS
5.8076
4.5066
0.7184
Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from/(used in) operating activities
564,504
(337,727)
(53,842)
Net cash used in investing activities
(427,686)
(382,191)
(60,930)
Net cash used in financing activities
(44,841)
(45,176)
(7,202)
Effect of foreign exchange rate changes
(3,779)
(10,976)
(1,750)
Net increase/(decrease) in cash, cash equivalents and restricted cash
88,198
(776,070)
(123,724)
Cash, cash equivalents and restricted cash, beginning of period
2,186,511
3,662,868
583,947
Cash, cash equivalents and restricted cash, end of period
2,274,709
2,886,798
460,223
Unaudited Consolidated Balance Sheet
(in thousands)
As of
December
31, 2017
March 31,
2018
March 31,
2018
RMB
RMB
USD
Cash and cash equivalents
1,857,175
1,666,866
265,737
Restricted cash
1,805,693
1,219,932
194,486
Accounts receivable
21,368
10,956
1,747
Prepaid expenses and other assets
1,062,484
1,191,191
189,904
Loans at fair value
791,681
888,786
141,693
Amounts due from related parties
117,222
129,229
20,602
Held-to-maturity investments
9,944
9,679
1,543
Available-for-sale investments
969,759
990,873
157,968
Property, equipment and software, net
82,249
83,279
13,277
Deferred tax assets
801,089
747,697
119,201
Contract assets
-
2,848,676
454,146
Total assets
7,518,664
9,787,164
1,560,304
Accounts payable
33,841
35,747
5,699
Amounts due to related parties
76,544
70,875
11,299
Liabilities from quality assurance program and
guarantee
2,793,948
2,745,530
437,702
Deferred revenue
222,906
-
-
Payable to investors at fair value
113,445
75,983
12,114
Accrued expenses and other liabilities
1,296,650
1,179,850
188,096
Deferred tax liability
11,277
736,818
117,467
Contract liabilities
-
98,253
15,664
Total liabilities
4,548,611
4,943,056
788,041
Ordinary shares
76
76
12
Additional paid-in capital
1,123,443
1,149,698
183,288
Accumulated other comprehensive income
11,478
(1,502)
(240)
Retained earnings
1,835,056
3,695,836
589,203
Total equity
2,970,053
4,844,108
772,263
Total liabilities and equity
7,518,664
9,787,164
1,560,304
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except for number of borrowers, number of investors and percentages)
For the Three Months Ended
March 31,
2017
March 31,
2018
March 31,
2018
RMB
RMB
USD
Operating Highlights
Amount of loans facilitated
7,246,085
11,956,720
1,906,182
Loans generated from online channels
3,590,130
6,940,343
1,106,454
Loans generated from offline channels
3,655,955
5,016,377
799,728
Number of borrowers
124,953
174,128
174,128
Borrowers from online channels
86,095
126,276
126,276
Borrowers from offline channels
38,858
47,852
47,852
Number of investors
192,505
214,231
214,231
Investors from online channels
192,505
214,231
214,231
Adjusted EBITDA
400,297
879,714
140,248
Adjusted EBITDA margin
39.2%
55.2%
55.2%
Reconciliation of Net Income
Net income
350,901
278,904
44,465
Adjustments on net income generated from loans
pre-2018 (before adopting ASC606)
-
389,575
62,107
Adjusted net income
350,901
668,479
106,572
Reconciliation of EBITDA
Net income
350,901
278,904
44,465
Adjustments on income before income taxes, generated
from loans pre-2018 (before adopting ASC606)
-
519,434
82,810
Interest income
(24,149)
(28,276)
(4,508)
Income tax expense
67,747
83,578
13,324
Depreciation and amortization
4,176
8,500
1,355
Share-based compensation
1,622
17,574
2,802
Adjusted EBITDA
400,297
879,714
140,248
Operating Highlights
(in thousands)
As of
December 31,
2017
March 31,
2018
March 31,
2018
RMB
RMB
USD
Operating Highlights
Remaining principal of performing loans
40,616,167
43,843,775
6,989,729
Remaining principal of performing loans
covered by quality assurance program and
guarantee
39,717,029
40,855,141
6,513,271
Delinquency Rates
Delinquent for
15-29 days
30-59 days
60-89 days
All Loans
December 31, 2013
0.2%
0.4%
0.3%
December 31, 2014
0.3%
0.2%
0.2%
December 31, 2015
0.4%
0.5%
0.4%
December 31, 2016
0.4%
0.7%
0.6%
December 31, 2017
0.8%
0.9%
0.7%
March 31, 2018
0.8%
1.6%
1.3%
Online Channels
December 31, 2013
0.1%
0.9%
0.3%
December 31, 2014
0.4%
0.3%
0.2%
December 31, 2015
0.6%
0.8%
0.6%
December 31, 2016
0.6%
1.0%
0.8%
December 31, 2017
1.2%
1.2%
0.9%
March 31, 2018
1.0%
2.2%
1.8%
Offline Channels
December 31, 2013
0.3%
0.2%
0.2%
December 31, 2014
0.3%
0.2%
0.2%
December 31, 2015
0.3%
0.4%
0.3%
December 31, 2016
0.4%
0.6%
0.4%
December 31, 2017
0.5%
0.7%
0.5%
March 31, 2018
0.6%
1.1%
0.8%
Net Charge-Off Rate for Upgraded Risk Grid
Loan
issued
period
Customer
grade
Amount of loans facilitated
during the period
Accumulated M3+ Net Charge-Off
as of March 31, 2018
Total Net Charge-Off Rate
as of March 31, 2018
(in RMB thousands)
(in RMB thousands)
2014
I
-
-
-
II
1,921,372
88,935
4.6%
III
303,276
20,243
6.7%
IV
-
-
-
V
3,913
518
13.2%
Total
2,228,561
109,696
4.9%
2015
I
146,490
3,606
2.5%
II
1,614,354
89,853
5.6%
III
2,521,705
203,123
8.1%
IV
2,506,107
251,706
10.0%
V
2,768,957
377,809
13.6%
Total
9,557,613
926,097
9.7%
2016
I
497,220
10,813
2.2%
II
3,137,889
103,629
3.3%
III
3,763,081
178,508
4.7%
IV
5,183,233
330,967
6.4%
V
7,799,180
875,525
11.2%
Total
20,380,603
1,499,442
7.4%
2017
I
2,701,162
22,188
0.8%
II
9,079,647
151,933
1.7%
III
10,611,451
280,844
2.6%
IV
10,263,135
339,982
3.3%
V
8,750,663
444,412
5.1%
Total
41,406,058
1,239,359
3.0%
M3+ Net Charge-Off Rate
Loan
issued
period
Month on Book
4
7
10
13
16
19
22
25
28
31
34
2013Q1
1.9%
3.2%
3.1%
2.3%
2.0%
0.9%
0.5%
0.5%
0.4%
0.4%
0.4%
2013Q2
1.8%
3.6%
4.5%
5.9%
6.4%
7.4%
6.1%
7.0%
7.5%
7.5%
7.8%
2013Q3
0.5%
2.8%
4.2%
5.5%
6.1%
6.5%
7.1%
7.1%
7.0%
6.9%
6.9%
2013Q4
0.7%
3.4%
4.8%
6.2%
6.8%
7.5%
8.3%
8.3%
8.2%
8.5%
8.3%
2014Q1
1.0%
4.2%
6.1%
7.0%
8.4%
9.3%
9.8%
9.7%
9.9%
9.8%
9.5%
2014Q2
0.5%
1.8%
2.6%
3.8%
4.3%
4.6%
4.6%
4.7%
4.7%
4.7%
4.8%
2014Q3
0.2%
0.8%
2.0%
2.8%
3.3%
3.7%
4.0%
4.2%
4.2%
4.1%
4.1%
2014Q4
0.3%
1.5%
2.7%
3.5%
4.1%
4.6%
5.1%
5.2%
5.2%
5.3%
5.3%
2015Q1
0.6%
2.7%
4.4%
5.8%
7.1%
8.2%
9.1%
9.6%
9.9%
10.2%
10.3%
2015Q2
0.5%
2.1%
3.7%
5.3%
6.6%
7.7%
8.6%
9.2%
9.6%
9.8%
2015Q3
0.2%
1.6%
3.4%
4.9%
6.4%
7.4%
8.1%
8.6%
9.1%
2015Q4
0.2%
1.6%
3.2%
4.9%
6.2%
7.2%
8.0%
8.7%
2016Q1
0.2%
1.3%
2.9%
4.3%
5.4%
6.4%
7.2%
2016Q2
0.2%
1.7%
3.4%
4.9%
6.1%
7.1%
2016Q3
0.1%
1.5%
3.2%
4.6%
6.0%
2016Q4
0.2%
1.5%
3.0%
4.6%
2017Q1
0.2%
1.4%
3.2%
2017Q2
0.3%
2.0%
2017Q3
0.4%
View original content: http://www.prnewswire.com/news-releases/yirendai-reports-first-quarter-2018-financial-results-300654543.html
SOURCE Yirendai Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-yirendai-reports-first-quarter-2018-financial-results.html |
China says opening up of financial sector will need reciprocity China will speed up the opening up of its financial sector, an official said. The opening up will be based on principle of reciprocity. Some countries are restricting overseas expansion of Chinese banks, he said. Published 10 Hours Ago 23 Hours Ago | 02:05
China's push to open up its financial sector to foreign banks and financial institutions will be based on the principle of reciprocity and will not reward protectionism by other countries, an official said on Saturday.
China wants to accelerate the process of opening up, but countries afraid of exposing their own financial sectors to competition would not benefit, Chen Wenhui, the vice-chairman of the China Banking and Insurance Regulatory Commission (CBIRC), told a forum.
Without naming any names, Chen said some countries have imposed restrictions on the overseas expansion of Chinese financial institutions, partly because their own banks were unable to operate freely in China.
"Our country's opening must be based on the principle of equality and mutual benefit. It will not be carried out on a 'one-size-fits-all' basis, and should stress mutual benefit and reciprocity."
"For countries and regions that are afraid of opening and implement protectionism, their long term competitiveness will definitely suffer as they only look at short-term gains," he added.
Central bank governor Yi Gang said last month that China would allow domestic and foreign firms to compete on an equal footing and would expand the business scope for foreign banks in China.
China has been put under heightened pressure by the United States over access to its markets, and has promised to allow foreign investors to enter into trust, financial leasing and auto and consumer financing by the end of this year.
Chen said the market share of foreign banks made up just 1.32 percent of total banking assets in China by the end of 2017, down from a high of 2.5 percent previously.
"The market share has been falling recently, which is not a good thing," he said.
Opening up the financial sector to foreign firms would improve domestic resource allocation and support the economy, Chen noted, adding that some foreign financial institutions had already expressed intentions to set up operations in China or buy bigger stakes in their Chinese counterparts.
It would also encourage other countries to open up their financial sectors to Chinese entities, he said.
Promoting the opening of China's financial industry to the outside world and further improving the fairness and transparency of the domestic financial market will help create a more favorable policy environment for the overseas development of China's financial institutions," he said. Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/china-says-opening-up-of-financial-sector-will-need-reciprocity.html |
POULSBO, Wash., May 7, 2018 /PRNewswire/ -- Pope Resources (NASDAQ: POPE) reported net income attributable to unitholders of $5.7 million, or $1.31 per ownership unit, on consolidated revenue of $25.0 million, and look-through 1 revenue of $17.6 million, for Q1 2018. This compares to net income attributable to unitholders of $3.4 million, or $0.77 per ownership unit, on consolidated revenue of $17.3 million, and look-through revenue of $11.4 million, for Q1 2017.
Cash provided by operations during Q1 2018 was $10.7 million on a consolidated basis and $7.1 million on a look-through basis, compared to cash provided by operations of $2.7 million on a consolidated basis and cash used in operations of $26,000 on a look-through basis during Q1 2017.
"The confluence of strong log markets and favorable winter weather in 2018's first quarter enabled us to push up harvest volumes and realize significant increases in cash flow from operations compared to last year's first quarter," said Tom Ringo, President and CEO. "Log prices generally were strongest in early Q1-18. As the favorable markets and weather encouraged broad log production participation, however, realized prices slipped back 5 to 10% later in the quarter, still coming in at levels higher than recent quarters. Other items of note for this quarter include the previously announced January acquisitions by Fund IV of two timberland properties totaling nearly 37,000 acres. In Q1-18 we began marketing timber deed sales on these two properties with good early success that augurs well for early cash yield on the Partnership's $17.1 million co-investment in these properties. Finally, our Real Estate activities in Q1-18 were focused on laying the groundwork for sales that are expected to close later in the year."
In conjunction with this earnings release, we are implementing three new reporting initiatives aimed at giving readers additional insight into understanding the financial benefits of owning Pope Resources units. The new initiatives include presenting our financial results on a "look-through" basis; splitting our former "Fee Timber" segment to create two segments, "Fee Timber - Partnership" and "Fee Timber - Funds"; and measuring the performance of each of our four segments based on adjusted EBITDDA 2 . Please refer to the "New Reporting Initiatives" section below for further detail on these changes, and to the GAAP reconciliation presented near the end of this release for additional information.
The following tables summarize key income, cash flow, and debt metrics for the quarters ended March 31, 2018, and 2017. Each metric is presented from the perspective of the Partnership on a stand-alone basis, excluding its share of the private equity timber funds, a Consolidated basis in accordance with GAAP, and on a look-through basis. The latter is the sum of the Partnership on a stand-alone basis plus the Partnership's share of its three private equity timber funds, based on the Partnership's ownership interest in each fund.
(in millions, except volume and price data)
Q1 2018
Q1 2017
Partnership
Consolidated
Look-through
Partnership
Consolidated
Look-through
Volume (MMBF)
18.8
31.9
20.5
14.1
27.6
15.8
Delivered log price ($/MBF)
$779
$758
$775
$615
$596
$611
Revenue
$15.5
$25.0
$17.6
$9.6
$17.3
$11.4
Net income
$5.7
$5.7
$5.7
$1.0
$11.6
$3.4
Cash flow from operations
$6.7
$10.7
$7.1
($0.6)
$2.7
$—
Debt
$88.4
$145.7
$95.5
$76.1
$133.4
$82.7
Fee Timber - Partnership
Fee Timber - Partnership operating income during Q1 2018 was $8.7 million, compared to $4.4 million in Q1 2017. Adjusted EBITDDA for this segment during Q1 2018 was $10.0 million, versus $5.4 million in Q1 2017. Driving both metrics were log prices in Q1 2018 that were 27% higher than Q1 2017, and we responded by increasing Partnership harvest volume by 33% compared to the same quarter of last year, taking advantage of favorable weather conditions and access to low-elevation timberland on the Partnership's properties.
Fee Timber - Funds
Fee Timber - Funds operating income during Q1 2018 was $1.8 million, compared to $12.2 million in Q1 2017. The Q1 2017 operating income included a $12.5 million gain on the sale of a tree farm by Fund II, without which the segment would have had an operating loss of $312,000. Adjusted EBITDDA for this segment during Q1 2018 was $4.2 million, versus $2.7 million in Q1 2017. The improvement for both measures, when factoring out the gain from the tree farm sale, resulted primarily from log prices in Q1 2018 that were 27% higher than Q1 2017. Harvest volume, including timber deed sales, for the Funds, however, was down 3% due to pulling ahead volume into Q4 2017 that was originally planned for Q1 2018 to take advantage of strong log prices. The Partnership's share of adjusted EBITDDA for Q1 2018 was $537,000, versus $324,000 during Q1 2017.
Timberland Investment Management (TIM)
During Q1 2018, ORM Timber Fund IV closed on two previously announced transactions totaling nearly 37,000 acres for $113.9 million. Both tree farms closed in January of 2018, resulting in a $17.1 million co-investment by the Partnership due to its 15% ownership in Fund IV. The two investments will generate $775,000 per year of third party asset management fees paid to the Partnership. Fund IV continues to pursue additional opportunities to place the remaining $273 million of committed capital.
TIM generated an operating loss of $947,000 during Q1 2018, compared to an operating loss of $966,000 in Q1 2017. Adjusted EBITDDA during Q1 2018 was negative $52,000 versus negative $225,000 in Q1 2017. The improvement in adjusted EBITDDA is due to increased revenue from asset management and timberland management fees following the Fund IV acquisitions in Q1 2018. Total revenue amounted to $1.0 million during Q1 2018 versus $848,000 in Q1 2017.
Real Estate
In preparation for sales later in the year, the Partnership spent $278,000 in development capital during Q1 2018, primarily on our final remaining residential and commercial lots at Harbor Hill in Gig Harbor, WA. In Port Gamble, the Partnership paid $219,000 in Q1 2018 for previously accrued expenses related to the clean-up of Port Gamble Bay.
Real Estate generated an operating loss of $934,000 during Q1 2018, compared to an operating loss of $1.2 million in Q1 2017. Adjusted EBITDDA for the Real Estate segment was negative $767,000 during Q1 2018, versus negative $1.0 million in Q1 2017. The improvement in both metrics is due primarily to lower professional fees in connection with planning and development for a number of properties, as well as reduced personnel costs resulting from fewer personnel in the Real Estate segment in 2018 as the Harbor Hill project progresses towards completion.
General & Administrative (G&A)
G&A expenses during Q1 2018 totaled $1.6 million, versus $1.7 million during Q1 2017, with the decrease in expenses due primarily due to lower personnel costs, particularly incentive compensation.
Capital Allocation and Liquidity
The Partnership funded $16.2 million of its Fund IV co-investment during Q1 2018. In addition, the Partnership closed on four separate timberland purchases in western Washington totaling 892 acres for $5.4 million. In March, we paid a cash distribution to unitholders of $3.1 million. During the quarter, the Partnership repurchased 4,125 units at an average price of $70.66 per unit, totaling $292,000. As of the end of Q1 2018, we have $903,000 remaining on our current authorization that runs through December 2018. Capital expenditures for the Partnership totaled $1.2 million during Q1 2018.
These capital investments were financed with net borrowings on our revolving facilities of $18.3 million, cash generated by the Partnership from operations, excluding the Funds, of $6.7 million (that is net of Real Estate development capital expenditures and environmental remediation payments totaling $497,000), distributions received by the Partnership from Funds totaling $413,000, and the sale of 365 acres of non-strategic timberland for $214,000.
The Partnership closed the quarter with cash of $2.1 million and debt of $88.4 million. The Funds closed the quarter with cash of $1.5 million and debt of $57.3 million.
Outlook
We expect our total 2018 harvest volume to be approximately 66 MMBF for the Partnership, and approximately 76 MMBF for the Funds, including timber deed sales. The 66 MMBF for the Partnership includes 14 MMBF of volume from timber located on real estate properties and recent small-tract acquisitions that is not factored into our long-term, sustainable harvest plan. On a look-through basis, total 2018 harvest volume including timber deed sales is expected to be 75 MMBF. We will continue to monitor log markets and adjust our harvest levels accordingly as the year progresses.
The Puget Sound housing market remains strong, and we anticipate closing on a commercial parcel from our Harbor Hill project in the second or third quarter and potentially additional residential lots towards the end of 2018, as well as potential sales from other projects in Kitsap County. We expect to close on more conservation-related sales during 2018 as well.
Within the next few days, we will also post an updated investor presentation to the Investor Relations section of our web site at www.poperesources.com . On Friday, June 1, we will conduct our annual Pope Resources investor teleconference. Further details on how to participate in this call will be distributed later this month.
New Reporting Initiatives
Regular readers of our earnings releases may notice some format changes in reporting our results. We believe these changes enhance the ease with which readers can understand the financial and operating health of Pope Resources.
"Look-through" results
GAAP require us to consolidate 100% of our three timber funds into our financial statements, even though we own equity interests of only 20% of Fund II, 5% of Fund III, and 15% of Fund IV. A corollary of this is that 100% of Fund debt is reported on the consolidated balance sheet, even though this Fund debt is secured solely by timberlands owned by the funds with no recourse to the Partnership. We have introduced look-through financial measures as additional information with which readers can obtain a clearer perspective on our performance after giving effect to the Partnership's controlling, but minority, interests in our private equity timber funds.
In the narrative above, we present elements of our financial results from three perspectives; Partnership, consolidated, and look-through.
The "Partnership" perspective presents the Pope Resources' results on a stand-alone basis, which consists of ownership and operation of the Hood Canal and Columbia tree farms, the management of the Funds (but not ownership interest or operation thereof), and the ownership and operation of our real estate assets. The "Consolidated" perspective presents, as required by GAAP, capturing ownership and operation of everything owned by the Partnership and the Funds. Consolidated results also require the elimination of the fee revenue earned by our Timberland Investment Management segment for managing the Funds, with an offsetting elimination of the expenses incurred in our Fee Timber - Funds segment. Finally, the "Look-through" perspective presents the Partnership on a stand-alone basis plus the Partnership's minority share of each fund: 20% for Fund II, 5% for Fund III, and 15% for Fund IV.
A reconciliation of look-through results to GAAP is provided in the financial statements that follow. The column labeled NCI (non-controlling interests) represents a proportionate reduction that reflects the results of the 80% of Fund II, 95% of Fund III, and 85% of Fund IV that the Partnership does not own. These results are subtracted from the Consolidated (GAAP) results to arrive at look-through results. We believe that this change in presentation will give readers additional information with which to better understand the economics of owning a unit of Pope Resources.
Change in segment reporting
As a means of presenting our business in a manner that reflects our current operating and management strategy, and to facilitate the look-through concept detailed above, we have segregated our former "Fee Timber" segment into two segments: "Fee Timber - Partnership" includes the operating results of the Partnership's 100%-owned timberland while "Fee Timber - Funds" includes the operating results of our three private equity timber funds. Historically, we have distinguished between the Partnership and Funds by presenting them as categories within our former "Fee Timber" segment.
Measuring segment results using Adjusted EBITDDA
Beginning with Q1 2018, we have supplemented the metric we use to measure segment performance, operating income, with Adjusted EBITDDA. Adjusted EBITDDA is a non-GAAP measure which is reconciled to GAAP in the tables below. We define Adjusted EBITDDA as earnings before interest, taxes, depletion, depreciation, amortization, gain or loss on timberland sold, and environmental remediation expense. In addition, we reflect Adjusted EBITDDA on an internal reporting basis without eliminating inter-segment activity, which has no net impact on total Adjusted EBITDDA. Accordingly, fees earned from managing the funds are reflected in the Timberland Investment Management segment and this same amount is reflected as expense in the Fee Timber - Funds segment. We believe Adjusted EBITDDA captures the ongoing operations of each of our segments and is a useful metric to assess the segments' financial performance.
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own and manage 119,000 acres of timberland and 2,100 acres of development property in Washington. In addition, Pope Resources co-invests in and consolidates three private equity timber funds that own 124,000 acres of timberland in Washington, Oregon, and California. The Partnership and its predecessor companies have owned and managed timberlands and development properties for over 160 years. Additional information on the company can be found at www.poperesources.com . The contents of our website are not incorporated into this release or into our filings with the Securities and Exchange Commission.
Forward Looking Statements
This press release contains a number of projections and statements about our expected financial condition, operating results, business plans and objectives, and about management's plans for future operations and strategies. These statements reflect management's estimates based on current goals and its expectations about future developments. Because these statements describe our goals, objectives, and anticipated performance, they are inherently uncertain, and some or all of these statements may not come to pass. Accordingly, they should not be interpreted as promises of future management actions or financial performance. Our future actions and actual performance will vary from current expectations and under various circumstances the results of these variations may be material and adverse. Among those forward-looking statements contained in this report are statements about management's expectations for future log prices, harvest volumes and markets, and statements about our expectations for future sales in our Real Estate segment. Readers, however, should note that all statements other than expressions of historical fact are forward-looking in nature. Some of the factors that may cause actual operating results and financial condition to fall short of expectations, or that may cause us to deviate from our current plans, include our ability to accurately predict fluctuations in log markets domestically and internationally, and to adjust our harvest volumes in a timely and appropriate manner; political sensitivities and events, including the reactions of foreign governments and international treaty organizations and similar bodies, that may affect the cost of competing products and demand for our products; our ability to anticipate and manage interest rate risk as it affects our borrowing costs; fluctuations in interest rates that affect the U.S. housing market and related demand for our products from that market; our ability to estimate the cost of ongoing and changing environmental remediation obligations, including our ability to anticipate and address the political and regulatory climate that impacts these obligations; increasing reliance on engineered, recycled, and other alternative products as a competitive factor for our products; our ability to consummate various pending and anticipated real estate transactions on the terms management expects; housing market conditions that affect demand for both our forest products and our real estate offerings; our ability to manage our timber funds and their assets in a manner that our investors consider acceptable, and to raise additional capital or establish new funds on terms that are advantageous to the Partnership; conditions in the housing construction and wood-products markets, both domestically and globally, that affect demand for our products; the effects of competition, particularly by larger and better-financed competitors; fluctuations in foreign currency exchange rates that affect both competition for sales of our products and our customers' demand for them; conditions affecting credit markets as they affect the availability of capital and costs of borrowing for us, and the related impacts on purchasers of forest products and development properties; labor, equipment and transportation costs that affect our net income; our ability to anticipate and mitigate potential impacts of our operations on adjacent properties; the impacts of natural disasters on our timberlands and on surrounding areas; and our ability to discover and to accurately estimate other liabilities associated with our assets. Other factors are set forth in that part of our Annual Report on Form 10-K entitled "Risk Factors," and in our other filings with the Securities and Exchange Commission from time to time.
Forward-looking statements in this release are made only as of the date shown above, and we cannot undertake to update these statements.
1 "Look-through" results are explained in the New Reporting Initiatives section of this earnings release.
2 Adjusted EBITDDA is explained in the New Reporting Initiatives section of this earnings release.
CONDENSED STATEMENTS OF INCOME (LOSS)
(in millions, except per unit amounts)
Quarter Ended March 31, 2018
Quarter Ended March 31, 2017
Consolidated
NCI
Reclass*
Look -
through
Consolidated
NCI
Reclass*
Look -
through
Revenue
$25.0
($7.4)
$17.6
$17.3
($5.9)
$11.4
Cost of sales
(12.3)
6.2
(6.1)
(11.2)
6.3
(4.9)
Operating expenses
(5.8)
0.7
(5.1)
(6.0)
0.8
(5.2)
Gain (loss) on sale of timberland
—
—
—
12.5
(10.0)
2.5
Operating income
6.9
(0.5)
6.4
12.6
(8.8)
3.8
Net interest expense
(1.1)
0.5
(0.6)
(1.0)
0.5
(0.5)
Income tax expense
(0.1)
—
(0.1)
—
0.1
0.1
Net income
5.7
—
5.7
11.6
(8.2)
3.4
Net (income) loss attributable to noncontrolling interests (NCI)
—
—
—
(8.2)
8.2
—
Net income attributable to unitholders
$5.7
$—
$5.7
$3.4
$—
$3.4
Basic and diluted weighted average units outstanding
4.321
4.325
Basic and diluted earnings per unit
1.31
$0.77
* Reclassifying the noncontrolling interest (NCI) portion of Fund operations to the appropriate income statement lines. Includes the 80% of Fund II, 95% of Fund III, and 85% of Fund IV fees paid by third party investors.
CONDENSED BALANCE SHEETS
(in millions)
March 31, 2018
December 31, 2017
Assets
Consolidated
Less: NCI
Look -
through
Consolidated
Less: NCI
Look -
through
Cash & restricted cash
$5.5
($3.2)
$2.3
$5.3
($3.3)
$2.0
Land held for sale
5.4
—
5.4
5.9
—
5.9
Other current assets
6.0
(1.5)
4.5
7.0
(2.2)
4.8
Timber & roads, net
369.4
(264.9)
104.5
267.6
(182.0)
85.6
Timberlands
68.8
(43.8)
25.0
55.1
(32.5)
22.6
Land held for development
19.9
—
19.9
19.1
—
19.1
Buildings & equipment, net
5.5
(0.1)
5.4
5.3
—
5.3
Other assets
8.2
(3.9)
4.3
15.4
(10.8)
4.6
Total assets
$488.7
($317.4)
$171.3
$380.7
($230.8)
$149.9
Liabilities & Equity
Current liabilities (excl. current portion of long-term debt)
$7.8
($2.4)
$5.4
$9.6
($2.6)
$7.0
Total debt (current and long-term)
145.7
(50.2)
95.5
127.5
(50.2)
77.3
Other liabilities
2.9
0.1
3.0
3.0
—
3.0
Total liabilities
156.4
(52.5)
103.9
140.1
(52.8)
87.3
Partners' capital
332.3
(264.9)
67.4
240.6
(178.0)
62.6
Total liabilities & partners' capital
$488.7
($317.4)
$171.3
$380.7
($230.8)
$149.9
CONDENSED RECONCILIATION BETWEEN NET INCOME AND CASH FLOWS FROM OPERATIONS
(in millions)
Quarter Ended March 31, 2018
Quarter Ended March 31, 2017
Consolidated
Less:
NCI
Look -
through
Consolidated
Less:
NCI
Look -
through
Net income (loss)
$5.7
$—
$5.7
$11.6
($8.2)
$3.4
Depletion
4.7
(3.1)
1.6
4.9
(3.5)
1.4
Depreciation and amortization
0.1
—
0.1
0.1
—
0.1
Basis of land sold
—
—
—
0.2
—
0.2
Capitalized development activities
(0.3)
—
(0.3)
(1.8)
—
(1.8)
(Gain) loss on sale of timberland
—
—
—
(12.5)
10.0
(2.5)
Equity based compensation
0.5
—
0.5
0.6
—
0.6
Environmental remediation expenditures
(0.2)
—
(0.2)
(3.3)
—
(3.3)
Changes in working capital
0.2
(0.5)
(0.3)
2.9
(1.0)
1.9
Net cash provided by operating activities
$10.7
($3.6)
$7.1
$2.7
($2.7)
$—
SEGMENT ADJUSTED EBITDDA
(in millions)
Fee Timber -
Partnership
Fee Timber -
Funds
TIM
Real
Estate
G&A and
Other
Consolidated
Q1 2018
Operating income (loss) - external
$8.7
$1.8
($0.9)
($0.9)
($1.7)
$7.0
Intersegment activity
—
(1.0)
0.9
0.1
—
—
Operating income (loss) - internal
8.7
0.8
—
(0.8)
(1.7)
7.0
Depletion, depreciation, and amortization
1.3
3.4
—
—
—
4.7
Adjusted EBITDDA
10.0
4.2
—
(0.8)
(1.7)
11.7
Less EBITDDA attributable to NCI
—
(3.7)
—
—
—
(3.7)
Look-through adjusted EBITDDA
$10.0
$0.5
$—
($0.8)
($1.7)
$8.0
Q1 2017
Operating income (loss) - external
$4.4
$12.2
($1.0)
($1.2)
($1.7)
$12.7
Intersegment activity
—
(0.9)
0.8
0.1
—
—
Operating income (loss) - internal
4.4
11.3
(0.2)
(1.1)
(1.7)
12.7
Depletion, depreciation, and amortization
1.0
3.9
—
0.1
—
5.0
(Gain) loss on sale of timberland
—
(12.5)
—
—
—
(12.5)
Adjusted EBITDDA
5.4
2.7
(0.2)
(1.0)
(1.7)
5.2
Less EBITDDA attributable to NCI
—
(2.4)
—
—
—
(2.4)
Look-through adjusted EBITDDA
$5.4
$0.3
($0.2)
($1.0)
($1.7)
$2.8
VOLUME DATA - LOOK-THROUGH BASIS
Quarter ended March 31,
2018
2017
Volumes by species (million board feet):
Douglas-fir domestic
12.7
7.4
Douglas-fir export
2.0
3.2
Whitewood domestic
1.0
1.0
Whitewood export
0.6
0.6
Cedar
0.4
0.6
Hardwood
0.6
0.3
Pulpwood - all species
3.2
2.7
Total log sale volume
20.5
15.8
Timber deed sale volume
—
—
Total volume
20.5
15.8
PRICE DATA - LOOK-THROUGH BASIS
Quarter ended March 31,
2018
2017
Average price realizations by species (per thousand board feet):
Douglas-fir domestic
$
849
$
647
Douglas-fir export
926
685
Whitewood domestic
630
486
Whitewood export
759
619
Pine
646
673
Cedar
1,451
1,379
Hardwood
709
603
Pulpwood - all species
374
288
Overall log price
775
611
View original content with multimedia: http://www.prnewswire.com/news-releases/pope-resources-reports-first-quarter-2018-results-300643117.html
SOURCE Pope Resources | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-pope-resources-reports-first-quarter-2018-results.html |
May 27, 2018 / 3:44 PM / Updated an hour ago No deja-vu in Paris for sorry Venus 4 Min Read
PARIS (Reuters) - What Venus Williams would have given for a dash of deja-vu in Paris on Sunday. May 27, 2018, Paris, France: Venus Williams (USA) in action during her match against Qiang Wang (CHN) on day one of the 2018 French Open at Stade Roland Garros. Mandatory Credit: Susan Mullane-USA TODAY Sports
The same Grand Slam tournament, the same opening round, the same opponent as last year, but at Roland Garros this year the American slumped out 6-4 7-5 to China’s Wang Qiang.
The loss marked the first time 2002 runner-up Williams has lost her opening match here since 2001, and the only time in her career she has lost consecutive Grand Slam opening round matches.
“There really are no perfect days in tennis, so...” the 37-year-old mused enigmatically. “At this point I have just got to look forward.
“I just want to be my best, that is all... nobody plans on this.”
If Sunday’s result marked a low point for Venus, it represented the best win of Wang’s career, and one for which she was good value.
Her comments post-match attempted to play it down, though, Wang saying only that the win had been “one of” the best of her career. Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Venus Williams of the U.S. in action during her first round match against China's Qiang Wang REUTERS/Christian Hartmann
Wang might have been forgiven for rolling her eyes when the draw was made on Thursday, having been beaten by Williams both here and at Wimbledon in their only previous meetings.
But the 26-year-old set about her task with enthusiasm on a sun-bathed Court Suzanne Lenglen, never allowing her rangy opponent to settle.
Compact and busy, Wang looked to be putting more effort in every ball than Williams with her long fluid shots and languid movement.
And on a hot day which had both players glistening with sweat by the end of the opening game such differences can count double.
So too can free points and short ones, and both Wang and Williams looked to shorten rallies with heavily thumped groundstrokes aimed for the lines. Slideshow (2 Images)
When faced with a wingspan like that of Williams, margin for error is miniscule, and Wang fired shot after shot onto the lines, killing off Williams’s scooped, looped backhands with dead flat varieties of her own.
There was barely a wisp of wind to offer the overheating players any respite, but Wang, dressed all in black, never took a backward step, sealing the opening in the 10th game after a flurry of points including a drive-volley which left the increasingly frustrated Williams wrong-footed.
The double-fault that Williams hit to lose the first set may have been more indicative of her fortunes, as she struggled to get a good grasp on her game.
Williams has the air of someone who has seen it all, done it all, which, in tennis terms, is pretty much the case.
She eased her way into a 3-0 lead in the second set, but the smoke and mirrors couldn’t mask the holes in her game with Wang taking the ball earlier and striking it with more purpose.
The Chinese was soon level and when Williams double-faulted again — for the fourth time — in the 11th game of the second set, it opened the door for Wang to record a notable win.
She did not need asking twice and sealed it, rather fittingly, when Williams clubbed her 35th unforced error into the net.
Beaming with joy, Wang waved to the crowd and skipped up and down as Williams stalked to the changing rooms.
Next up for Williams is Wimbledon, a tournament she has won five times, but not since 2008. A runners-up finish there last year will give her cause for hope, though.
“I have five weeks, so...” she smiled. Reporting by Ossian Shine, editing by Neil Robinson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-venus/no-deja-vu-in-paris-for-sorry-venus-idUKKCN1IS0JX |
IND for KB103 to treat dystrophic epidermolysis bullosa (DEB) cleared by FDA
Patient enrollment in Phase 1/2 study of KB103 to begin in May 2018 at Stanford University
Krystal Biotech’s KB103 receives Orphan Medicinal Product Designation in Europe for DEB
PITTSBURGH, May 07, 2018 (GLOBE NEWSWIRE) -- Krystal Biotech (NASDAQ:KRYS), a gene therapy company advancing “off-the-shelf” topical and intra-dermal treatments for dermatological diseases, today reports financial results for the first quarter ended March 31, 2018, and provides an update on the company’s recent corporate progress.
“To date, 2018 has been marked by significant progress for Krystal Biotech, including clearance of the KB103 IND by the FDA for the treatment of dystrophic epidermolysis bullosa (DEB), granting of the U.S. composition of matter patent covering HSV vectors and methods of using the same to treat skin diseases, and the Company receiving Orphan Medicinal Product Designation in Europe for KB103,” said Krish S. Krishnan, chief executive officer of Krystal Biotech. “As we continue this momentum in 2018, we look forward to announcing clinical results on KB103, filing the Investigational New Drug (IND) application on KB105 for the treatment of lamellar ichthyosis, and getting our Good Manufacturing Practice (GMP) facility ready for manufacturing our pipeline products.”
Recent Corporate Highlights include:
Granting of the composition of matter patent covering HSV vectors and methods of using the same to treat skin diseases; Receipt of Orphan Medicinal Product Designation (OMPD) in Europe for DEB; Clearance of KB103’s IND by FDA for the treatment of DEB; Begin enrollment of patients in Phase 1/2 clinical trial at Stanford University.
Financial results for the year ended March 31, 2018:
Cash and cash equivalents totaled $47.2 million at March 31, 2018, compared with $49.6 million at December 31, 2017; Research and development expenses for the quarters ended March 31, 2018 and 2017 were $1.5 million and $319 thousand, respectively; General and administrative expenses for the quarters ended March 31, 2018 and 2017 were $0.8 million and $146 thousand, respectively; and Net losses for the quarters ended March 31, 2018 and 2017 were $2.2 million and $0.5 million or ($0.21) and ($0.14) per common share, basic and diluted, respectively.
For further details on the company’s financials, please refer to Form 10Q filed with the SEC.
About KB103
KB103 is Krystal’s lead product candidate that seeks to use gene therapy to treat dystrophic epidermolysis bullosa, or DEB, an incurable skin blistering condition caused by a lack of collagen in the skin. KB103 is a replication-defective, non-integrating viral vector that has been engineered employing Krystal’s STAR-D platform to deliver functional human COL7A1 genes directly to the patient’s dividing and non-dividing skin cells. HSV-1 is Krystal’s replication-deficient, non-integrating viral vector that can penetrate skin cells more efficiently than other viral vectors. Its high payload capacity allows it to accommodate large or multiple genes and its low immunogenicity makes it a suitable choice for direct and repeat delivery to the skin.
About Dystrophic Epidermolysis Bullosa
Dystrophic epidermolysis bullosa (DEB) is an incurable, often fatal skin blistering condition caused by a lack of collagen protein in the skin. It is caused by mutations in the gene coding for type VII collagen, or COL7, a major component of the anchoring fibrils, which anchor the epidermis to the underlying dermis, and provide structural adhesion in a normal individual. The lack of COL7 in DEB patients causes blisters to occur in the dermis as a result of separation from the epidermis. This makes the skin incredibly fragile, leading to blistering or skin loss at the slightest friction or knock. It is progressive and incredibly painful.
The most severe form of DEB is recessive DEB, or RDEB, which is caused by null mutations in the COL7A1 gene. DEB also occurs in the form of dominant DEB, or DDEB, which is considered to be a milder form of DEB. There are no known treatments, which affect the outcome of either form of the disease, and the current standard of care for DEB patients is limited to palliative treatments. Krystal is developing KB-103 for the treatment of the broad DEB population, including both recessive and dominant forms of the disease.
About Lamellar Ichthyosis
Lamellar ichthyosis (LI) is an autosomal recessive disorder that is apparent at birth and is present throughout life. There are 22 known types of LI, a number of which are known to be caused by defects in one of several skin-related genes. LI usually appears in the first few days of life, lasts lifelong and in certain variants can be very severe. A newborn with LI is born encased in a collodion membrane that sheds within 10-14 days. The shedding of the membrane reveals generalized scaling with variable redness of the skin. The scaling may be fine or plate-like, resembling fish skin. Although the disorder is not life threatening, it is quite disfiguring and causes considerable psychological stress to affected patients. There are no approved treatments for LI and the current standard of care remains palliative treatments to manage symptoms.
About the STAR-D Gene Therapy Platform
Krystal has developed a proprietary gene therapy platform, the Skin TARgeted Delivery platform, or STAR-D platform, that consists of an engineered viral vector and skin-optimized gene transfer technology, to develop off-the-shelf treatments for dermatological diseases. The company believes that the STAR-D platform provides an optimal approach for treating dermatological conditions due to the nature of the HSV-1 viral vector it has created. Certain inherent features of the HSV-1 virus, combined with the ability to strategically modify the virus in the form employed as a gene delivery backbone, provide the STAR-D platform with several advantages over other viral vector platforms for use in dermatological applications.
About Krystal Biotech
Krystal Biotech, Inc. (NASDAQ:KRYS) is a gene therapy company dedicated to developing and commercializing novel treatments for patients suffering from dermatological diseases. For more information, please visit http://www.krystalbio.com .
Forward-Looking Statements
This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding the development of our product candidates, including KB103 and KB105, including statements regarding our plans to initiate a clinical trial of KB103 in 2018 and to file an IND for KB105 during this calendar year and our plans to develop a GMP manufacturing facility over the next 12 months. You can identify forward-looking statements because they contain words such as “believes” and “expects.” Forward-looking statements are based on Krystal’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Krystal’s periodic filings with the Securities and Exchange Commission, including its registration statement on Form S-1 and its Form 10-K, under the caption “Risk Factors.”
CONTACT
Ashley R. Robinson
LifeSci Advisors
[email protected]
Source: Krystal Biotech, Inc.
Source:Krystal Biotech, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-krystal-biotech-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
* Symantec slides on probe after ex-employee raises concern
* Nvidia drops after results on crypto worries
* Trump to discuss fuel efficiency standards with automakers
* Indexes: Dow up 0.32 pct, S&P up 0.11 pct, Nasdaq off 0.19 pct (Updates to open)
May 11 (Reuters) - U.S. stocks posted slight gains on Friday as a rise in healthcare shares ahead of President Donald Trump's speech on drug pricing more than made up for losses in Symantec and Nvidia.
The president is expected to renew his focus on controlling prescription drug prices in a highly anticipated speech at 2:00 p.m. ET.
"It's relatively quiet in terms of drivers today. Trump's speech really hasn't had much of an impact on pharma or biotech thus far," said Art Hogan, chief market strategist at B. Riley FBR in Boston.
"Three of the four drivers that we had yesterday are still with us, benign 10-year (Treasury yields), oil and dollar, and technically breaking above the 100-day and 50-day on S&P was significant."
The S&P healthcare index rose 0.8 percent, providing the biggest boost to the S&P 500.
Trump is also set to meet the heads of 10 major automakers, including those from General Motors, Ford and Fiat Chrysler, at the White House to discuss the fate of landmark fuel efficiency standards and a looming confrontation with California and other major states.
The S&P 500 reclaimed its 100-day moving average on Thursday, suggesting to some traders that the market may move higher. A day earlier it had topped its 50-day moving average, an indicator of short-term momentum.
At 9:53 a.m. EDT the Dow Jones Industrial Average was up 78.50 points, or 0.32 percent, at 24,818.03, the S&P 500 was up 3.01 points, or 0.11 percent, at 2,726.08 and the Nasdaq Composite was down 14.16 points, or 0.19 percent, at 7,390.81.
Verizon rose 3.6 percent after JPMorgan upgraded the wireless carrier to "overweight", saying 5G opportunity will start to crystallize in next few months.
The tech sector came under pressure from a set of disappointing results.
Nvidia, the best performing chipmaker stock this year, fell 2.6 as investors worried that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining its core business with computer gamers.
The results weighed on shares of other chipmakers. Advanced Micro Devices was down 3.1 percent.
Symantec Corp slumped 32.9 percent after the Norton Antivirus maker said it was investigating concerns raised by a former employee and reported full-year results below analysts' estimates.
Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.52-to-1 ratio on the Nasdaq.
The S&P index recorded 18 new 52-week highs and 2 new lows, while the Nasdaq recorded 70 new highs and 25 new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-us-stocks-sp-dow-edge-higher-on-healthcare-gains-tech-drags.html |
NEW YORK, May 14, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of ARMO BioSciences Inc. ("ARMO" or the "Company") (NASDAQ: ARMO) in connection with the proposed acquisition of the Company by Eli Lilly & Co. ("LLY") (NYSE: LLY). Under the terms of the acquisition agreement ARMO shareholders will receive $50.00 in cash for each share they own.
WeissLaw is investigating whether ARMO's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $75.00 per share, or $25.00 above the offer price. Moreover, the deal is a strategic transaction that will expand LLY's drug portfolio and provide LLY a foothold in the very lucrative cancer immunotherapy industry.
Given these facts, WeissLaw is investigating whether ARMO's Board acted in the best interests of ARMO's public shareholders to maximize shareholder value prior to entering into the agreement. If you own ARMO shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected] .
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/armo-biosciences-inc/
View original content: http://www.prnewswire.com/news-releases/weisslaw-llp-armo-biosciences-inc-acquisition-may-not-be-in-the-best-interests-of-armo-shareholders-300647750.html
SOURCE WeissLaw LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-weisslaw-llp-armo-biosciences-inc-acquisition-may-not-be-in-the-best-interests-of-armo-shareholders.html |
Cramer Remix: The world has turned on this sector "Mad Money" host Jim Cramer argues that investors have left the industrial sector behind. Cramer also sits down with the CEOs of Allergan, Ventas and First Data Corp. In the lightning round, Cramer explains why he can't "fight the trends" in the market right now. 20 Hours Ago | 01:06
When CNBC's Jim Cramer heard from a caller on Monday about recent declines in the stock of United Rentals , he knew he had to calm her fears about the seemingly unforgiving market.
"The world has turned, our market has turned on anything industrial believing that there is going to be a dramatic slowdown because of our trade war," the "Mad Money" host explained. "The world has decided that these stocks can no longer be owned because a trade discussion that is turning into a tiff and a tussle has made it so people think the world is done growing."
So as stocks reversed course and erased their early-day gains, Cramer set out to find what's working in a market that changes its mind on a dime.
"It's a motley crew for certain," he said, pointing to "the utilities, the real estate investment trusts, ... the oil and oil service stocks, a smattering of domestic companies with no Chinese inputs, some takeovers and the companies that can deliver finely honed upside surprises, like McDonald's this morning ... or Visa last week ."
But looking at Monday's intraday trading — from the decline in telecommunications stocks to the broad-based selling in the technology sector — it became clear to Cramer that those pockets of strength weren't enough to sustain a rally.
"But, and this might be a mighty big but, these leaders are enough to keep us from plummeting," he said. "[That's] something we need to take into consideration, especially at a time when so many commentators are eager to give up [on and] bury this market." Allergan CEO on new depression drug Scott Mlyn | CNBC Brent Saunders, CEO, Allergan
One of Botox maker Allergan's newest drugs could flip the script when it comes to treating depression, Chairman and CEO Brent Saunders told CNBC on Monday.
Depression — and the suicides associated with it — is one of the top causes of death among younger generations. According to the Anxiety and Depression Association of America, depression is the leading cause of disability in the United States in people between the ages of 15 and 44.
"Ripasudil is a great drug that we have at Phase 3," Saunders told Cramer . "We'll get the data [in the] early part of next year. It could be an absolute game-changer for depression." The key to success for T-Mobile and Sprint? Brendan McDermid | Reuters T-Mobile CEO John Legere speaks on the floor of the New York Stock Exchange, April 30, 2018.
As ridiculous as it may seem, Cramer could see the T-Mobile-Sprint merger gaining government approval thanks to the man at the center of it all: T-Mobile CEO John Legere.
After interviewing Legere and Sprint CEO Marcelo Claure on CNBC's "Squawk on the Street" on Monday, Cramer doubled down on his praise of Legere , calling him "the greatest salesman of our era."
"Look, I've known John forever," the "Mad Money" host said on Monday. "He's made outrageous promise after outrageous promise after outrageous promise, he's put forth one ridiculous claim after another, and every single one of them has been borne out or come true."
All things considered, Cramer argued that Legere could be the key to approval for the $26.5 billion deal. But he wasn't so confident when he first heard about it. Ventas CEO on chasing the 'Silver Wave' Scott Mlyn | CNBC Debra Cafaro, CEO, Ventas
Real estate investment trust Ventas may have gotten criticism from analysts on its earnings call, but the negativity seemed off-base to Chairman and CEO Debra Cafaro.
Ventas, a REIT focused on senior living, got flak for extending its lease contract with Brookdale, the largest senior living provider in the United States. But Cafaro told Cramer on Monday that the market got it all wrong.
"The Brookdale lease extension that we announced on Friday is really fantastic. It's great for us and it's also positive for our customer Brookdale," the CEO said. "The main point is that we extended our lease maturities on about [$]180 million of annual rent out to 2025, and so we have eight more years of lease protection guaranteed by Brookdale."
And for Ventas, those eight years don't just mean cost savings, but the beginnings of a longer term strategy.
"We start to see, in 2020, huge growth in the senior population," Cafaro said. "And so by 2025, this so-called Silver Wave will be rockin' and rollin' and that is really, really positive for us." First Data Corp. CEO on international growth Scott Mlyn | CNBC Frank Bisignano, CEO, First Data
On a day when his company's stock skyrocketed nearly 19 percent, First Data Corp. Chairman and CEO Frank Bisignano revealed to Cramer some of the key factors that pushed shares higher after earnings.
"It was very important to make a turn and buy CardConnect, buy BluePay," the CEO said of First Data's recent acquisitions. "Those were fast growth companies in a fast growth area and they've paid off handsomely."
Bisignano emphasized the importance of expanding his company's business to be cover more than just bank-affiliated merchant acquisition. With CardConnect and BluePay, First Data gained access to e-commerce, card gifts and, most importantly, double-digit growth.
"Both were leaders," the CEO said. "We went and bought both those properties – they were double-digit growers – and we brought their capability into the rest of our company and consolidated a lot of the business and now have those assets helping the rest of the company grow." Lightning round: Can't fight the trend
In Cramer's lightning round , he shared his take on some callers' favorite stocks:
First American Financial : "No, no. I mean, it's like anything even remotely connected with the housing segment is just not working and I'm not going to fight the trend. I wish I could, but I just don't have the energy."
Ionis Pharmaceuticals : "[CEO] Stan Crooke did a good job negotiating that deal. The problem is, first of all, there's competitors coming into that space. But second, a lot of people feel it gave away the upside. I'm not one of those people, but I'm not going to fight the trend. You'll hear that from me a lot in the Lightning Round of late. I can't fight the trend because when things start going down, they don't stop going down."
Disclosure: Cramer's charitable trust owns shares of Allergan.
Questions for Cramer? | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/cramer-remix-the-world-has-turned-on-this-sector.html |
May 4(Reuters) - Star Lake Bioscience Co Inc Zhaoqing Guangdong
* Says its shareholder, which currently holds 14.7 percent stake in the company, plans to cut up to 14.7 percent stake in the company
Source text in Chinese: goo.gl/Da9bdV
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shareholder-to-cut-up-to-147-pct-s/brief-shareholder-to-cut-up-to-14-7-pct-stake-in-star-lake-bioscience-idUSL3N1SB24Q |
May 24, 2018 / 2:19 PM / Updated 42 minutes ago Hong Kong exchange "working very hard" on ETF Connect -official Reuters Staff 3 Min Read
SHANGHAI, May 24 (Reuters) - Hong Kong Exchanges and Clearing (HKEX) is “working very hard” on ETF Connect, a cross-border scheme that would give Chinese investors exposure to overseas assets through exchange-traded funds (ETF) listed in Hong Kong, an exchange official said on Thursday.
The exchange is working to resolve some technical issues involving settlement between Hong Kong and mainland bourses, Victoria Coe, a senior vice president at HKEX responsible for China market development, said on the sidelines of a conference in Shanghai.
She declined to forecast when the scheme will be launched.
The ETF Connect plans underline HKEX’s ambition to broaden its trading links with mainland China after the launch of Stock Connect and Bond Connect. ETF Connect could help Chinese investors such as wealth managers and pension funds to better allocate their assets globally, Coe said.
China has been accelerating the opening up of its capital markets and promoting cross-border capital flows. ETF Connect, once launched, would boost Greater China’ $92 billion market for ETFs and exchange-traded products, the fourth largest in the world.
ETF Connect would also create new business opportunities for ETF managers and help to increase trading volume at the HKEX, Shanghai and Shenzhen stock exchanges.
Chris Pigott, head of Hong Kong ETF Services at Brown Brothers Harriman (BBH), said that strict capital controls in China mean there is “pent-up demand from investors in China for global diversification”. He expects ETF Connect to be launched before the end of this year.
Compared with Stock Connect, the ETF scheme offers investors exposure to a broader range of assets, Pigott said.
According to a recent BBH survey with professional ETF investors, nearly 90 percent of mainland China respondents said they would be likely to invest in Hong Kong ETFs if ETF Connect is launched.
“Many Hong Kong fund managers are hugely interested, hoping the ETF products they issue can be qualified for investment under ETF Connect,” HKEX’s Coe said, without identifying what type of products would qualify.
She said that HKEX hopes to build on the success of the Stock Connect.
Over the past 10 months, average daily trading volume in the China-bound leg of the Stock Connect surged by 262 percent, while the Hong Kong-bound leg jumped by 248 percent, she said. (Reporting by Samuel Shen and John Ruwtich Editing by David Goodman) | ashraq/financial-news-articles | https://www.reuters.com/article/hkex-connect-etf/hong-kong-exchange-working-very-hard-on-etf-connect-official-idUSL3N1SV4YI |
May 24, 2018 / 2:14 AM / a few seconds ago Isner, Querrey lead charge of buoyant Americans Rory Carroll 4 Min Read
LOS ANGELES (Reuters) - Big-serving John Isner, hard-hitting Sam Querrey and promising youngster Frances Tiafoe will be among the American men looking to end a near two decades-long championship drought at Roland Garros when they take to the red clay in Paris next week. FILE PHOTO: Tennis - ATP 1000 - Madrid Open - Madrid, Spain - May 11, 2018 John Isner of the U.S. in action during his quarter final match against Germany's Alexander Zverev REUTERS/Susana Vera
Andre Agassi in 1999 was the last American man to win the French Open and no other U.S. man has come within touching distance of the Musketeers’ Cup since.
But the Americans may have reason to be confident this year with Isner, Querrey and Jack Sock all expected to be seeded in the tournament’s top 20 and 20-year-old Tiafoe showing promising form on clay in recent tournaments.
“Suddenly there are three guys in the top 15 I think, the top three are the same names but a lot of young guys are pushing from behind so I think American’s men’s tennis is healthy,” former French Open champion Mats Wilander told Reuters.
“They just haven’t had the one guy who is driven from within. Sock is a wild dark horse, you never know what’s going to happen when he plays.
“John Isner can win a grand slam the way he plays. FILE PHOTO: Mar 26, 2018; Key Biscayne, FL, USA; Sam Querrey of the United States has a backhand against Denis Shapovalov of Canada (not pictured) on day seven of the Miami Open at Tennis Center at Crandon Park. Geoff Burke-USA TODAY Sports
Isner, aged 33, has honed his weapons beyond his powerful serve this year and used his improved all-court game and maturity to beat world number three Alexander Zverev and win the Miami Open title last month.
The biggest obstacle for the towering Isner will be the clay, which takes out some of the sting from his blistering serve.
Querrey, like Isner, has developed a broader game other than power and will fancy his chances of an extended stay in Paris.
After reaching the semi-finals of Wimbledon and the quarter-finals of the U.S. Open last year, he achieved a career-high ranking of 11 in February. Mar 9, 2018; Indian Wells, CA, USA; Frances Tiafoe (USA) during his first round match against Ernesto Escobedo (not pictured) in the BNP Open at the Indian Wells Tennis Garden. Jayne Kamin-Oncea-USA TODAY Sports
Sock is due for a bounce-back performance after disappointing finishes at Indian Wells and the Miami Open this year.
Clay should be a good fit for his preferred style of play, which relies on launching topspin-heavy forehands from the baseline in a manner similar to Rafael Nadal and Dominic Thiem.
Of the new generation of American men, 61st-ranked Tiafoe’s speedy, counter-punching style should also work well in Paris, where he will try to continue a breakthrough season in which he reached two ATP Tour finals including the Estoril Open on clay.
“I’m not sure if one of the top three (Isner, Querrey or Sock) can take it to the next level, that might have to come from the guys behind like Tiafoe or (Taylor) Fritz,” Wilander, who will present his Game, Schett and Mats programme for Eurosport during the French Open, said.
“It’s looking healthy.”
Tiafoe, who picked up the game while his father worked as a maintenance man at a tennis club in Maryland, will be hoping to hit his stride at the right time.
A year after making his grand slam main draw debut in Paris, 26-year-old Tennys Sandgren will also be hoping to fly the American flag having produced a thrilling run to the quarter-finals of the Australian Open this year.
Four consecutive defeats on European clay in the build-up to Paris will not have inspired him with confidence though. Additional reporting by Martyn Herman in London, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/us-tennis-frenchopen-isner/isner-querrey-lead-charge-of-buoyant-americans-idUKKCN1IP08Q |
Donald Trump pronounces 'covfefe' in response to the 'Yanny or Laurel' debate 3 Hours Ago Almost a year after the infamous 'covfefe' tweet, we finally know the correct pronunciation. President Donald Trump may have inadvertently solved the mystery thanks to the "Yanny or Laurel" debate. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/donald-trump-pronounces-covfefe-yanny-laurel-debate.html |
Founder and CEO of Facebook Mark Zuckerberg was in Europe last week on what is being dubbed an "apology tour."
This was the first time Zuckerberg set ground on the continent since the Cambridge Analytica scandal broke that compromised the data of about 2.7 million nationals on the continent. This was supposed to be his opportunity to apologize to European lawmakers for allowing the social media platform to be used for malpractice and to dispel some of their concerns about its handling of user information.
Unfortunately, it didn't quite go to plan.
The European Parliament session Tuesday was mired with controversy from the outset. Originally, the testimony in Brussels was arranged as a closed-door meeting with only a select group of policymakers in attendance. This infuriated European lawmakers who insisted on a public hearing similar to the one Zuckerberg had on Capitol Hill six weeks ago. European Parliament President Antonio Tajani eventually acceded and allowed the session to be webstreamed live to the world.
show chapters Facebook's Mark Zuckerberg speaks at VivaTech Conference 11:50 AM ET Thu, 24 May 2018 | 03:36 But the troubles didn't stop there: Once the session had begun and much to everyone's bemusement, it quickly dawned on viewers that the format of the Q&A session was very unorthodox. Lawmakers went round in turns asking questions directed at Zuckerberg and it was only after a full 75 minutes of one-sided questioning that Zuckerberg had the opportunity to respond, leaving his total response time to fifteen minutes and where he clumped answers together, sticking to high level themes: what critics have called the perfect opportunity to "cherry-pick."
This riled lawmakers and the reaction from Europe has been unabashedly angry with one MEP (member of the European Parliament) complaining that he had asked Zuckerberg "six yes and no questions" and had not got one answer. The outspoken pro-European MEP Guy Verhofstadt (who was also in attendance) tweeted that the "format was inappropriate" and warned that if written answers from Facebook are not "accurately answered in detail, the EU competition authorities must be activated and legislation sharpened."
Warning shots are being fired.
One of the major concerns of the lawmakers was whether Facebook would be fully compliant with the new data privacy rules (GDPR) that came into force on May 25. Zuckerberg said that the company plans to fully comply with GDPR and that its three pillars of control, transparency and accountability are synonymous with Facebook's own thinking. However, lawmakers remain skeptical. It's unclear whether that compliance includes all users, whether any data has been transferred to outside the EU jurisdiction in anticipation and what Facebook does with the information of Facebook leavers. Selectively compliant then?
show chapters Zuckerberg meets with France's Macron in Paris 4:37 AM ET Thu, 24 May 2018 | 02:52 Zuckerberg also received questions on anti-trust issues, an area where Europe has become increasingly proactive in recent years. On whether Facebook is a monopoly, he responded that there are plenty of new competitors in the space with "tens of millions of users." Incidentally, Facebook has 1.6 billion active users which puts it in a completely different stratosphere to these so-called competitors. But more relevantly, if Facebook is deemed a monopoly, then what is to stop regulators from breaking up its other businesses (i.e. WhatsApp, Instagram…)?
Taxation is another area that featured prominently. The European Commission has recently proposed a digital tax for companies whose users are based in Europe. While the tax is under discussion, the feeling from many politicians and lawmakers is that mega tech companies are not being taxed adequately given the size of their revenues. When asked about taxation in the testimony, Zuckerberg responded that "Facebook has always paid taxes in all of the countries where we have operations set up. We pay all taxes required by law and we invest heavily in Europe." This prompted one MEP from the Greens party, Terry Reintke, to quip: "We urgently need stricter regulation on taxation. EU-wide. Now"
The visibly uncomfortable Zuckerberg continued his trip in Paris later in the week where he met with French President Emmanuel Macron alongside other key figures in tech. And while he may receive a slightly less hostile welcome there, taxation is also expected to feature high on the list of topics as well.
But this is most definitely not the last time Zuckerberg will have to respond to questions on the continent. If the purpose of this tour was to stop Europe from being worried about Facebook, the exact opposite has occurred: Facebook should be worried about Europe.
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/facebook-charm-offensive-just-turns-into-being-offensive.html |
BRUSSELS (Reuters) - The United States investigation into car and truck imports on grounds of national security is very hard to understand, a senior EU official said on Thursday.
FILE PHOTO: European Commission Vice-President Jyrki Katainen looks on during a news conference on the launch of VentureEU, a Pan-European Venture Capital Funds-of-Funds programme in Brussels, Belgium, April 10, 2018. REUTERS/Eric Vidal The Trump administration has launched a national security probe under Section 232 of its Trade Expansion Act of 1962 that could lead to import tariffs on vehicle and parts imports similar to those imposed on steel and aluminum in March.
“It obviously would be against the WTO (rules) and it’s very difficult to imagine it to create any sort of threat to national security. It’s very difficult to understand,” European Commission Vice President Jyrki Katainen told a news conference.
“But we have now just heard what has been said and there is a long journey to the practice ... We don’t expect this to further complicate the issue. We just have to find a solution that is fair.”
Reporting by Philip Blenkinsop; Editing by Alastair Macdonald
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-autos-eu/u-s-auto-probe-is-hard-to-understand-eu-commissioner-idUSKCN1IP1JZ |
April 30 (Reuters) - AL AMAL FINANCIAL INVESTMENT CO :
* Q1 PROFIT 104,715 DINARS VERSUS 183,296 DINARS YEAR AGO Source: ( bit.ly/2Fr0JTv ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordans-al-amal-financial-investme/brief-jordans-al-amal-financial-investment-q1-profit-falls-idUSFWN1S70NS |
May 14 (Reuters) - Natural Alternatives International Inc :
* NATURAL ALTERNATIVES INTERNATIONAL, INC. ANNOUNCES FISCAL 2018 Q3 RESULTS
* Q3 EARNINGS PER SHARE $0.30 * Q3 SALES $31.8 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-natural-alternatives-international/brief-natural-alternatives-international-q3-earnings-per-share-0-30-idUSASC0A23R |
May 23, 2018 / 12:18 PM / Updated 2 hours ago Comcast prepares to top Disney's $50 billion offer for Fox Sonam Rai , Liana B. Baker 4 Min Read
(Reuters) - Comcast Corp ( CMCSA.O ) confirmed on Wednesday it was preparing a higher, all-cash offer for most of the media assets of Twenty-First Century Fox ( FOXA.O ), setting up a bidding war with rival Walt Disney Co ( DIS.N ), which already has agreed to a $52-billion deal with Fox.
The largest U.S. cable operator said it was in advanced stages of readying a bid that would be superior to Disney’s all-stock offer.
“While no final decision has been made, at this point the work to finance the all-cash offer and make the key regulatory filings is well advanced,” Comcast said in a statement.
The news lifted Fox shares 0.9 percent to $38.52. Comcast shares were down 1.6 percent at $31.97 and Disney shares fell 1.7 percent to $102.26.
By going public with its plans, Comcast is putting pressure on Fox and its shareholders to not rush into approving the Disney deal. Fox shareholders will vote on the Disney deal later this summer. A date has not yet been set.
Comcast may have a tough time winning over Fox’s largest shareholder, Rupert Murdoch, however. The Murdoch family owns a 17-percent stake in the U.S. TV and movie giant and would face a multi-billion dollar capital gains tax bill if he accepted an all-cash offer from Comcast, tax experts have told Reuters.
Sources familiar with the matter told Reuters earlier this month that Comcast was working on financing for a cash offer worth as much as $60 billion for the Fox assets, but Wednesday’s statement was the first formal confirmation by the company.
Fox and Disney declined to comment. Fox’s Executive Chairman Lachlan Murdoch said earlier this month that the company was committed to its agreement with Disney. FILE PHOTO: A woman walks past the NBC and Comcast logos on 30 Rockefeller Plaza in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo
Comcast Chief Executive Brian Roberts will only proceed with a bid if a federal judge next month allows AT&T Inc’s ( T.N ) planned $85-billion acquisition of Time Warner Inc ( TWX.N ) to proceed, sources have said.
“It all depends on the AT&T and Time Warner deal,” said Brian Wieser, analyst at Pivotal Research. “If that goes through, it is highly possible there will be more than one bid for Fox.”
Disney in December offered stock then worth $52.4 billion to buy Fox’s film, television and international businesses to beef up its offering against streaming rivals Netflix Inc ( NFLX.O ) and Amazon.com Inc ( AMZN.O ).
Disney shares have fallen more than 3 percent since that deal, reducing the value of the offer to just over $50 billion.
Comcast, owner of NBC and Universal Pictures, has also separately made a 22 billion pound ($30 billion) offer to acquire the 61-percent stake in European pay-TV group Sky Plc ( SKYB.L ) that Fox does not already own. In doing so, it topped an earlier offer for the entirety of Sky by Fox.
A regulatory filing in April showed Comcast offered to acquire most of Fox’s assets in an all-stock deal valued at $34.41 per share, or $64 billion last November - just before Disney’s offer was agreed upon.
After a sale, Fox’s remaining assets will include Fox News, Fox Business Network and sports cable networks.
“Comcast does seem intent on winning this one. Rivalry can frequently drive prices to un-economic levels,” said Jeffrey Logsdon, an analyst with JBL Advisors, referring to the potential bidding war for Fox. Additional reporting by Sonam Rai and Laharee Chatterjee in Bengaluru; Editing by Patrick Graham, Sriraj Kalluvila and Nick Zieminski | ashraq/financial-news-articles | https://uk.reuters.com/article/us-fox-m-a-comcast/comcast-says-considering-all-cash-offer-to-buy-fox-assets-idUKKCN1IO1P3 |
Two Italian populist parties that are expected to lead the next government have asked for more time to reach a coalition agreement — prolonging political uncertainty that has enshrouded the country since early March.
The Five Star Movement (M5S) and Lega — the former was the most popular single party at the March general election while the latter gathered the highest amount of votes within a right-wing coalition — have been in negotiations for more than two months, trying to overcome their differences. They had until Sunday night to come up with an agreement, but have asked the Italian president for a few more days to prepare the final details of their deal.
"It seems that serious frictions have started to emerge between the two parties," UniCredit analysts said in a note Tuesday morning.
"While to us there appears that there is agreement on several key policy areas, divergences have been emerging on such thorny issues as immigration, justice and the relationship with the EU," they added.
show chapters Italy's Five Star and Lega parties win time to reach government deal 14 Hours Ago | 02:34 The leader of the left-wing M5S, Luigi di Maio, said Monday that they need more time to hash out the details because they are drafting a five-year government program. He added that so far the two parties have managed to agree changes to the pension system, to impose jail terms for those evading taxes, and to fight corruption.
But there are other sticking points, including who will be the next prime minister.
Euroskeptic Lega leader Matteo Salvini also said Monday that hopefully there is a deal with the M5S that will change EU fiscal rules. It is one of his campaign pledges to renegotiate with Brussels a higher deficit so the new government can increase public spending more easily.
show chapters Why Italy's migrant crisis is the issue at the center of its election 10 Hours Ago | 04:22 The right-wing party will be putting the final deal with M5S to a party vote next weekend. Supporters will be asked to say "yes" or "no" to the coalition deal.
President Sergio Mattarella has allowed a few more days for the two parties to compromise, but it is unclear if this means until the end of the week or earlier. Mattarella had warned last week that without a political agreement between M5S and Lega, there will be fresh elections.
The president, who has the final say in approving who forms the next government, wanted a caretaker government to govern Italy until the end of the year, with elections at the start of next year. But this option was rejected by the two populist parties.
As a result, if they do not bridge their differences in the coming days, Italy would have to repeat the March vote in the coming months, potentially after the summer.
Nonetheless, Italian borrowing costs fell lower Tuesday morning despite the ongoing political uncertainty in the third largest euro zone economy.
show chapters Italian bond markets remain supported despite politics: Citi 11 Hours Ago | 03:09 The yield on the 10-year Italian paper was down by 0.5 basis points at 1.9020 percent in early European trading hours. Prior to the market open, the yield on the 10-year bond was actually close to two-month highs. Yields move inversely to the price of a bond.
According to Lyn Graham-Taylor, a strategist at Rabobank, there are investors who are "willing to carry through the political risk."
"There is some optimism that the new prime minister will be a civilized force," he told CNBC over the phone.
However, Rabobank is neutral on Italian debt on concerns that the new executive will increase public spending and thus add further pressure on the country's finances. Italy's debt-to-GDP (gross domestic product) currently stands at about 130 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/political-instability-drags-in-italy-with-populist-parties-split-on-key-issues.html |
* MSCI Asia-Pacific gains 0.1 pct
* Euro edges up from previous day’s 5-month lows
* Italian markets jolted by 5-Star, League, proposal
* U.S. 10-year debt yield near 7-year highs (Updates prices, adds comment)
By Masayuki Kitano
SINGAPORE, May 17 (Reuters) - Asian shares edged higher on Thursday while the euro gained some respite after hitting five-month lows a day earlier.
The common currency slumped on Wednesday following a report that Italian populist parties trying to form a coalition government could ask the European Central Bank to forgive 250 billion euros of Italian debt.
In equity markets, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent, while Japan’s Nikkei gained 0.7 percent.
The gains in Asian shares came after U.S. equities advanced on Wednesday, led by retail and technology shares, even as a rise in U.S. 10-year Treasury yields to an almost seven-year high suggested more competition for equities.
“In general, Asian equities are buffered from rising U.S. yields by the constructive tone of the U.S.-China trade talks as well as strong earnings numbers,” said Heng Koon How, head of markets strategy for UOB in Singapore.
The United States and China start trade talks on Thursday intended to avert a damaging tariff war, with the White House’s harshest China critic relegated to a supporting role, senior Trump administration officials said on Wednesday.
Shares of Chinese tech giant Tencent Holdings Ltd rose 5.2 percent in Hong Kong, having opened the day up 7 percent after it reported first-quarter results on Wednesday that were better than expected.
In currency markets, the euro rose 0.2 percent to $1.1825 , regaining some composure after having set a five-month low of $1.1763 on Wednesday.
Worries about political risks jolted Italian markets and pressured the euro following reports that Italy’s anti-establishment 5-Star Movement and anti-immigrant League may ask the European Central Bank to forgive 250 billion euros of debt as the parties worked to draft a coalition programme.
That was enough to spook Italian markets, even though the League’s economic spokesman told Reuters that debt cancellation was never in an official draft of a government programme. .
The two populist parties have been holding talks aimed at forming a coalition government and ending 10 weeks of stalemate following an inconclusive election on March 4.
On Wednesday, Italian stocks tumbled 2.3 percent while Italy’s 10-year bond yield jumped nearly 19 basis points to 2.13 percent.
Although Italian bond yields jumped on Wednesday, the move wasn’t out of line with the recent rises in long-term bond yields seen globally, said UOB’s Heng.
Yields on 10-year U.S. Treasuries hit 3.10 percent on Wednesday for the first time since July 2011, continuing to weigh on stocks as investors considered whether U.S. government bonds might be more attractive than riskier equities.
The U.S. 10-year Treasury yield set a fresh seven-year high of 3.108 percent in Asian trade on Thursday. It last stood near 3.104 percent.
The rises in U.S. bond yields have helped buoy the dollar, which has gained 1.5 percent against a basket of six major currencies so far in May.
“If the market continues to trade off U.S. yields and diverging economic data between the U.S. and EU, it’s hard to argue against the current direction in yields or the dollar,” Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said in a note.
“On the U.S. economic data front, the consumer remains the economy’s backbone, and if this robust trend in the retail space continues to build, factor in a bit of wage growth pressure and the U.S. dollar will continue to move higher on the back of higher yields,” Innes added.
U.S. bond yields have risen after data this week showed a solid rise in U.S. retail sales, suggesting the U.S. economy is on a stronger footing in the second quarter.
The dollar index eased 0.2 percent to 93.187. On Wednesday it touched a five-month high of 93.632.
Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level not seen since November 2014, as supplies tighten while demand remains strong.
Brent crude futures gained 0.2 percent to $79.40 a barrel.
Reporting by Masayuki Kitano; Editing by Simon Cameron-Moore and Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asian-shares-inch-higher-euro-tries-to-shake-off-italian-political-risk-idUSL3N1SO1X1 |
May 15, 2018 / 9:46 AM / in a few seconds Thomson Reuters to move forex derivatives out of London to Dublin after Brexit: FT Reuters Staff 1 Min Read
LONDON (Reuters) - Thomson Reuters is planning to transfer its foreign exchange derivatives trading to Dublin from London ahead of Britain’s departure from the European Union in March 2019, the Financial Times reported. FILE PHOTO: A Thomson Reuters logo is pictured on a building during the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 25, 2018. Picture taken January 25, 2018. REUTERS/Denis Balibouse
Thomson Reuters told clients on Tuesday that it had applied to the Irish central bank for a licence. It will be used to cover the derivatives business — the largest in Europe — which trades more than $300 billion a day, the FT said.
The business is part of the trading operations being bought by private equity group Blackstone.
Thomson Reuters, controlled by Canada’s Thomson family, is the parent of Reuters News. Reporting by Guy Faulconbridge; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-thomsonreuters/thomson-reuters-to-move-forex-derivatives-out-of-london-to-dublin-after-brexit-ft-idUSKCN1IG19L |
Russian revealed alive after 'staged' murder 5:57pm BST - 01:12
A dissident Russian journalist who was reported murdered in Kiev dramatically reappeared alive on Wednesday in the middle of a briefing about his own killing by the Ukrainian state security service.
A dissident Russian journalist who was reported murdered in Kiev dramatically reappeared alive on Wednesday in the middle of a briefing about his own killing by the Ukrainian state security service. //reut.rs/2IW5SK2 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/russian-revealed-alive-after-staged-murd?videoId=431715726 |
Anthony Scaramucci, days after he was appointed White House communications director in 2017, wrote an email to Rob Goldstone, the music promoter who played a role in setting up a meeting between Russians linked to the Kremlin and Donald Trump Jr. and top campaign figures at Trump Tower in 2016.
In a statement to CNBC, Scaramucci denied that his email to Goldstone had something to do with Russia.
show chapters Anthony Scaramucci talks White House turmoil and the effect on the market 1:51 PM ET Wed, 7 March 2018 | 21:20 Scaramucci's email to Goldstone came in late July 2017, after Trump appointed him to the senior White House role. Weeks earlier, reports broke about the Trump Tower meeting and Goldstone's role in helping arrange it .
"I don't officially start until the 15th Rob. But I just wanted to drop you a line to say if you ever need to pick my brains then my door is always open," Scaramucci wrote in an email dated July 23, 2017. The email was included in thousands of pages of documents released Wednesday morning by Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa.
"Obviously there is still pressure on all sides, but if we remain consistent and united I don't envisage any issues we can't ride out," Scaramucci also wrote.
Scaramucci was fired as White House communications director at the end of July , less than two weeks after his appointment. He has since returned to SkyBridge Capital, an investment firm he founded, as a co-managing partner. Scaramucci's comeback at Skybridge came as China's HNA Group dropped its bid to buy the firm after months of U.S. government scrutiny.
Read Scaramucci's full statement to CNBC about the Goldstone email:
"I understand what people are trying to imply, because they are obviously after the president. They're trying to imply that the email had something to do with Russia, but I can state declaratively that it had nothing to do with Russia because I had no involvement there. Moreover, I supplied all of my emails as requested by both the House and Senate and have never been asked to testify before the Mueller investigators or the House or the Senate." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/anthony-scaramucci-emailed-man-who-helped-set-up-trump-tower-meeting-with-russians.html |
Auto makers were walking a fine line on emissions regulations heading into last week’s White House meeting with President Donald Trump, lobbying for a limited relaxation of rules that risked unraveling once administration officials began working on changes.
Most important, car companies have wanted any rule changes to be acceptable to California, which has an Environmental Protection Agency waiver to set its own, tougher emissions standards that a dozen states follow. California supported the Obama administration’s decision... | ashraq/financial-news-articles | https://www.wsj.com/articles/trumps-california-comments-fuel-optimism-among-auto-executives-1526242883 |
May 3, 2018 / 11:44 AM / in a minute BRIEF-Lindblad Expeditions Holdings Reports Q1 Earnings Per Share $0.24 Reuters Staff
May 3 (Reuters) - Lindblad Expeditions Holdings Inc :
* LINDBLAD EXPEDITIONS HOLDINGS, INC. REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS * Q1 EARNINGS PER SHARE $0.24
* Q1 EARNINGS PER SHARE VIEW $0.04 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE $82.4 MILLION VERSUS I/B/E/S VIEW $77.5 MILLION
* BOOKINGS IN THE FIRST QUARTER OF 2018 FOR FUTURE TRAVEL INCREASED 20%
* SEES 2018 TOUR REVENUES OF $308 MILLION - $315 MILLION
* SEES 2018 ADJUSTED EBITDA OF $54 MILLION - $57 MILLION
* FY2018 REVENUE VIEW $311.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lindblad-expeditions-holdings-repo/brief-lindblad-expeditions-holdings-reports-q1-earnings-per-share-0-24-idUSASC09ZI2 |
DALLAS, May 1, 2018 /PRNewswire/ -- Spirit Realty Capital, Inc. (NYSE: SRC) ("Spirit" or the "Company"), a premier net lease real estate investment trust (REIT) that primarily invests in single-tenant, operationally essential real estate, today reported its financial and operating results for the first quarter ended March 31, 2018.
FIRST QUARTER 2018 HIGHLIGHTS
Generated Net Income of $0.06 versus $0.03 per share, FFO of $0.24 versus $0.20 per share and AFFO of $0.21 ($0.22 per share excluding cash severance charges) versus $0.20 per share, in each case, compared to same quarter in 2017. Real estate portfolio occupancy was 98.9% as of March 31, 2018. Repurchased 13.2 million shares of outstanding common stock at a weighted average purchase price of $7.88 per share. Spirit's corporate liquidity was $1.1 billion as of March 31, 2018, including availability under its unsecured line of credit, term loan and cash available for investment. Adjusted debt to annualized adjusted EBITDAre was 6.3x as of March 31, 2018. Invested $9.9 million in one property and revenue producing capital expenditures. Disposed of 29 properties for $37.7 million, including four non-revenue producing properties transferred to CMBS lenders to satisfy $26.2 million in debt obligations. On May 1, 2018, the Board of Directors approved the distribution of shares in Spirit MTA REIT to Spirit stockholders of record on May 18, 2018, with a scheduled distribution date of May 31, 2018.
CEO COMMENTS
"We are pleased to report another quarter of solid operational and financial results at Spirit. The improvements to our processes and systems have made our platform and real estate portfolio stronger than ever and we continue to prudently allocate capital, as demonstrated by targeted asset recycling and share repurchases, for the benefit of our stockholders - in the past 12 months, we have repurchased approximately 12% of our outstanding common stock, 57.1 million shares, at a weighted average price of $7.88 ($450.0 million)," stated Jackson Hsieh, President and Chief Executive Officer of Spirit. "As we approach the finish line with our spin-off transaction, we are very pleased with the prospects for each company and our ability to enhance stockholder value."
FIRST QUARTER FINANCIAL RESULTS
Total revenues were $165.3 million compared to $165.4 million for the same period last year.
Net income attributable to common stockholders was $28.1 million, or $0.06 per diluted share, compared to $12.8 million, or $0.03 per diluted share, for the same period last year.
FFO per diluted share was $0.24 and $0.20 for the three months ended March 31, 2018 and 2017, respectively.
AFFO was $95.3 million (including cash severance charges of $2.1 million), compared to $98.0 million for the same period last year. AFFO per diluted share was $0.21 ($0.22 excluding cash severance charges), compared to $0.20 for the same period last year.
The Board of Directors declared a quarterly cash dividend of $0.18 per share, which equates to an annualized cash dividend of $0.72 per share. The quarterly dividend was paid on April 13, 2018 to stockholders of record as of March 30, 2018.
FIRST QUARTER PORTFOLIO HIGHLIGHTS
Spirit invested $9.9 million in one property and other revenue producing capital expenditures. The transaction, with an existing customer, has a lease term of 15.0 years and an initial weighted-average cash yield of approximately 7.99%.
The Company disposed of 29 properties for $37.7 million in gross proceeds, including the sale of 25 income producing properties for $28.2 million, with a weighted average capitalization rate of 12.28%. The remaining four properties were non-revenue producing assets that were transferred to CMBS lenders, resulting in the resolution of $26.2 million in secured debt.
Spirit funded a $35.0 million, B-1 term loan to Shopko as part of a syndicated loan and security agreement. The loan bears interest at 12.0% per annum and matures in June of 2020. The loan is secured by Shopko's assets collateralizing their $784.0 million asset-back lending facility.
As of March 31, 2018, Spirit's diversified real estate portfolio, comprised of 2,364 owned properties, was essentially fully occupied at 98.9% with a weighted average remaining lease term of 9.9 years.
BALANCE SHEET, LIQUIDITY & CAPITAL MARKETS
Adjusted Debt to Annualized Adjusted EBITDAre was 6.3x as of March 31, 2018. Unencumbered Assets totaled $4.5 billion as of March 31, 2018, representing approximately 58% of Spirit's total real estate investments. As of April 30, 2018, Spirit had approximately $8 million in cash and cash equivalents,$539 million of available borrowing capacity under its $800 million unsecured line of credit and $420 million of available borrowing capacity under its undrawn Term Loan facility. As of April 30, 2018, Spirit had additional funds available for acquisitions of approximately $98.0 million in its 1031 Exchange and Spirit Master Trust Program release accounts. As of April 30, 2018, our outstanding common share count is 426,418,536, excluding unvested restricted shares.
Definitions for non-GAAP measures can be found in the supplemental financial and operating report posted on Spirit's website along with this release. A reconciliation of FFO and AFFO to net income attributable to common stockholders is included in this document.
SHARE REPURCHASE PROGRAM
In August 2017, Spirit's Board of Directors authorized a new share repurchase program, under which the Company may repurchase up to $250.0 million of its outstanding common stock. In the first quarter, the Company repurchased 13.2 million shares of its outstanding common stock at a weighted average price of $7.88 per share.
As of April 30, 2018, the Company has fully utilized the remaining $63.9 million authorized under the share repurchase program, having purchased 8.1 million shares of its common stock at a weighted average price of $7.93 per share since March 31, 2018.
In the past 12 months, the Company has repurchased 57.1 million shares, totaling $450.0 million of its common stock at a weighted average price of $7.89 per share.
2018 GUIDANCE
For fiscal year 2018, the Company is providing guidance for Spirit as a stand-alone entity, pro-forma for the expected distribution of Spirit MTA REIT, as if the distribution had been effected as of January 1, 2018:
Pro-forma AFFO of $0.66 to $0.68 per share, (excluding severance charges), Capital deployment of $400.0 million to $500.0 million (comprising acquisitions, revenue producing capital expenditures and stock repurchases), Asset dispositions of $50.0 million to $100.0 million, and Pro-forma Adjusted Debt to Adjusted EBITDAre of 5.1x to 5.4x.
The Company does not provide a reconciliation for its guidance range of AFFO per diluted share to net income available to common stockholders per diluted share, the most directly comparable forward looking GAAP financial measure, due to the inherent variability in timing and/or amount of various items that could impact net income available to common stockholders per diluted share, including, for example, gains on debt extinguishment, impairments and other items that are outside the control of the Company.
EARNINGS WEBCAST AND CONFERENCE CALL TIME
The Company's first quarter 2018 earnings conference call is scheduled for Wednesday, May 2, 2018 at 8:30 a.m. Eastern Time. Interested parties can listen to the call via the following:
Internet:
The webcast link, as well as the dial-in information and other pertinent details relating to the earnings conference call can be located on the investor relations page of the Company's website at www.spiritrealty.com .
Phone:
(888) 349-0136 (Domestic) / (412) 542-4152 (International) / (855) 669-9657 (Canada)
No access code required.
Replay:
Available through May 16, 2018 with access code 10119363
(877) 344-7529 (Domestic) / (412) 317-0088 (International) / (855) 669-9658 (Canada)
SUPPLEMENTAL PACKAGE
A supplemental financial and operating report that contains non-GAAP measures and other defined terms, along with this press release, have been posted to the investor relations page of the Company's website at www.spiritrealty.com .
ABOUT SPIRIT REALTY
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease real estate investment trust (REIT) that primarily invests in high-quality, operationally essential real estate, subject to long-term, net leases. Over the past decade, Spirit has become an industry leader and owner of income-producing, strategically located retail, industrial and office properties providing superior risk adjusted returns and steady dividend growth for our stockholders.
As of March 31, 2018, our diversified portfolio was comprised of 2,446 properties, including properties securing mortgage loans made by the Company. Our properties, with an aggregate gross leasable area of approximately 48.3 million square feet, are leased to approximately 417 tenants across 49 states and 32 industries. More information about Spirit Realty Capital can be found on the investor relations page of the Company's website at www.spiritrealty.com .
INVESTOR OUTREACH
The Company will soon release details regarding investor presentations related to the spin-off of Spirit MTA REIT.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This press release contains forward-looking statements the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words such as "expect," "plan," "will," "estimate," "project," "intend," "believe," "guidance," and other similar expressions that do not relate to historical matters. These forward-looking statements are subject to known and unknown risks and uncertainties that can cause actual results to currently anticipated due to a number of factors, which include, but are not limited to, Spirit's continued ability to source new investments, risks associated with using debt to fund Spirit's business activities (including refinancing and interest rate risks, changes in interest rates and/or credit spreads, changes in the price of our common stock, and conditions of the equity and debt capital markets, generally), unknown liabilities acquired in connection with acquired properties or interests in real-estate related entities, general risks affecting the real estate industry and local real estate markets (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants' financial condition and operating performance, and competition from other developers, owners and operators of real estate), the financial performance of our retail tenants and the demand for retail space, particularly with respect to challenges being experienced by general merchandise retailers, potential fluctuations in the consumer price index, risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended, risks and uncertainties related to the completion and timing of Spirit's proposed spin-off of almost all of the properties leased to Shopko, the assets that collateralize Master Trust 2014 and certain additional assets, and the impact of the spin-off on Spirit's business, and other additional risks discussed in Spirit's most recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K. Spirit expressly disclaims any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
NOTICE REGARDING NON-GAAP FINANCIAL MEASURES
In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report and related addenda contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Definitions of non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the Appendix of the supplemental financial and operating report, which can be found in the investor relations page of our website.
SPIRIT REALTY CAPITAL, INC.
Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Data)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Revenues:
Rentals
$
157,612
$
159,220
Interest income on loans receivable
1,827
892
Earned income from direct financing leases
465
612
Tenant reimbursement income
4,418
3,965
Other income
956
733
Total revenues
165,278
165,422
Expenses:
General and administrative
15,885
13,418
Transaction costs
3,932
—
Property costs (including reimbursable)
7,415
9,051
Real estate acquisition costs
48
153
Interest
51,065
46,623
Depreciation and amortization
62,117
64,994
Impairments
14,569
34,376
Total expenses
155,031
168,615
Income (loss) before other income/(expense) and income tax expense
10,247
(3,193)
Other income (expense):
Gain (loss) on debt extinguishment
21,328
(30)
Total other income (expense)
21,328
(30)
Income (loss) before income tax expense
31,575
(3,223)
Income tax expense
(252)
(165)
Income (loss) before (loss) gain on disposition of assets
31,323
(3,388)
(Loss) gain on disposition of assets
(605)
16,217
Net income and total comprehensive income
30,718
12,829
Dividends paid to preferred stockholders
(2,588)
—
Net income attributable to common stockholders
$
28,130
$
12,829
Net income per share attributable to common stockholders—basic
$
0.06
$
0.03
Net income per share attributable to common stockholders—diluted
$
0.06
$
0.03
Weighted average shares of common stock outstanding:
Basic
444,875,428
482,607,198
Diluted
445,102,225
482,609,096
SPIRIT REALTY CAPITAL, INC.
Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Data)
(Unaudited)
March 31,
2018
December 31,
2017
Assets
Investments:
Real estate investments:
Land and improvements
$
2,571,942
$
2,588,930
Buildings and improvements
4,685,541
4,692,377
Total real estate investments
7,257,483
7,281,307
Less: accumulated depreciation
(1,113,804)
(1,075,643)
6,143,679
6,205,664
Loans receivable, net
111,062
79,967
Intangible lease assets, net
396,596
409,903
Real estate assets under direct financing leases, net
24,847
24,865
Real estate assets held for sale, net
19,432
48,929
Net investments
6,695,616
6,769,328
Cash and cash equivalents
10,989
8,798
Deferred costs and other assets, net
241,875
231,045
Goodwill
254,340
254,340
Total assets
$
7,202,820
$
7,263,511
Liabilities and stockholders' equity
Liabilities:
Revolving Credit Facility
$
154,500
$
112,000
Term Loan, net
—
—
Senior Unsecured Notes, net
295,431
295,321
Mortgages and notes payable, net
2,571,794
2,516,478
Convertible Notes, net
719,295
715,881
Total debt, net
3,741,020
3,639,680
Intangible lease liabilities, net
151,179
155,303
Accounts payable, accrued expenses and other liabilities
141,898
148,919
Total liabilities
4,034,097
3,943,902
Commitments and contingencies
Stockholders' equity:
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both March 31, 2018 and December 31, 2017
166,193
166,193
Common stock, $0.01 par value, 750,000,000 shares authorized: 436,561,654 and 448,868,269 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
4,366
4,489
Capital in excess of common stock par value
5,197,988
5,193,631
Accumulated deficit
(2,199,824)
(2,044,704)
Total stockholders' equity
3,168,723
3,319,609
Total liabilities and stockholders' equity
$
7,202,820
$
7,263,511
SPIRIT REALTY CAPITAL, INC.
Reconciliation of Non-GAAP Financial Measures
(In Thousands, Except Share and Per Share Data)
(Unaudited)
FFO and AFFO
Three Months Ended March 31,
2018
2017
Net income attributable to common stockholders
$
28,130
$
12,829
Add/(less):
Portfolio depreciation and amortization
61,976
64,857
Portfolio impairments
14,569
34,376
Realized losses (gains) on sales of real estate
605
(16,217)
Total adjustments to net income
77,150
83,016
FFO attributable to common stockholders
$
105,280
$
95,845
Add/(less):
(Gain) loss on debt extinguishment
(21,328)
30
Real estate acquisition costs
48
153
Transaction costs
3,932
—
Non-cash interest expense
7,541
5,461
Accrued interest and fees on defaulted loans
556
674
Straight-line rent, net of related bad debt expense
(4,457)
(5,445)
Other amortization and non-cash charges
(605)
(945)
Non-cash compensation expense (1)
4,366
2,246
Total adjustments to FFO
(9,947)
2,174
AFFO attributable to common stockholders
$
95,333
$
98,019
Dividends declared to common stockholders
$
78,581
$
87,122
Dividends declared as a percent of AFFO
82
%
89
%
Net income per share of common stock
Basic (2)
$
0.06
$
0.03
Diluted (2)
$
0.06
$
0.03
FFO per diluted share of common stock (2)
$
0.24
$
0.20
AFFO per diluted share of common stock (2)
$
0.21
$
0.20
AFFO per diluted share of common stock, excluding several charges (1)
$
0.22
$
0.20
Weighted average shares of common stock outstanding:
Basic
444,875,428
482,607,198
Diluted
445,102,225
482,609,096
(1) Included in G&A balances for the three months ended March 31, 2018 is $3.9 million of severance-related costs, comprised of $2.1 million of cash compensation and $1.8 million of non-cash compensation related to the acceleration of Restricted Stock and Performance Share Awards in connection with the departure of two executive officers.
(2) For the three months ended March 31, 2018 and 2017, dividends paid to unvested restricted stockholders of $0.4 million and $0.2 million, respectively, are deducted from net income, FFO and AFFO attributable to common stockholders in the computation of per share amounts.
View original content: http://www.prnewswire.com/news-releases/spirit-realty-capital-inc-announces-first-quarter-2018-financial-and-operating-results-300640619.html
SOURCE Spirit Realty Capital, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-spirit-realty-capital-inc-announces-first-quarter-2018-financial-and-operating-results.html |
This news release contains forward-looking statements. For a description of the related risk factors and assumptions, please see the section entitled "Caution Concerning Forward-Looking Statements" later in this release.
Net earnings increased 3.1% to $709 million; net earnings attributable to common shareholders up 3.0% to $661 million, or $0.73 per common share; adjusted net earnings of $719 million 2.3% higher, generating adjusted EPS of $0.80 Cash flows from operating activities of $1,496 million, up 13.9%, delivered free cash flow growth of 9.8% 4.8% revenue growth drove 4.1% higher adjusted EBITDA with healthy 40.3% margin 101,707 total broadband net customer additions in postpaid wireless, Internet and IPTV, up 39.0% over last year Wireless postpaid net additions of 68,487, up 91.4%, drove 10.1% higher revenue Wireline revenue up 3.6% on continued strong Fibe customer growth and improved business markets performance Mass-market launch of Bell's all-fibre network in Toronto delivering the best residential and business broadband Internet connectivity to Canada's largest city
MONTRÉAL, May 3, 2018 /PRNewswire/ - BCE Inc. (TSX: BCE) (NYSE: BCE) today reported results for the first quarter (Q1) of 2018 in accordance with the newly adopted International Financial Reporting Standard 15 (IFRS 15), and applied these new accounting policies retrospectively to our 2017 results to facilitate year-over-year comparability.
FINANCIAL HIGHLIGHTS
($ millions except per share amounts) (unaudited)
Q1 2018
Q1 2017
% change
BCE
Operating revenues
5,590
5,336
4.8%
Net earnings
709
688
3.1%
Net earnings attributable to common shareholders
661
642
3.0%
Adjusted net earnings (1)
719
703
2.3%
Adjusted EBITDA (2)
2,254
2,166
4.1%
EPS
0.73
0.73
-
Adjusted EPS (1)
0.80
0.80
-
Cash flows from operating activities
1,496
1,313
13.9%
Free cash flow (3)
537
489
9.8%
"Network leadership continues to drive Bell's progress in broadband customer additions, service usage and revenue growth as we welcomed approximately 102,000 net new postpaid wireless, Internet and IPTV customers in the first quarter of 2018. With Canada's best national mobile network, we delivered almost double the number of wireless postpaid subscribers gained in Q1 2017 and our best Q1 result since 2011; continued strong increases in revenue and adjusted EBITDA; and growing customer satisfaction reflected in our fourth consecutive quarter of reduced postpaid churn. Bell's growing all-fibre network is propelling solid wireline financial performance with continued increases in Fibe TV and Internet customer additions, strong performance by Bell Business Markets, and reduced landline losses as households increasingly opt for Fibe service bundles. In a transforming media marketplace, Bell Media continued to build its lead across specialty, pay and conventional TV and other media while executing its strategy to deliver the best content across multiple platforms," said George Cope, President and CEO of BCE Inc. and Bell Canada.
"Leadership in network, service and content innovation is core to Bell's continued growth in broadband services. We are proud to hold our annual general meeting of shareholders in Toronto today, where Bell recently turned on our unparalleled pure fibre network and announced our next major rollout to centres throughout the fast-growing GTA/905 region, adding to the increasing number of cities and almost 4 million Canadians across 7 provinces benefitting from Bell's all-fibre broadband network."
Bell is focused on achieving a clear goal – to be recognized by customers as Canada's leading communications company – through the execution of 6 Strategic Imperatives: Invest in Broadband Networks & Services, Accelerate Wireless, Leverage Wireline Momentum, Expand Media Leadership, Improve Customer Service, and Achieve a Competitive Cost Structure.
BUSINESS DEVELOPMENTS
Bell pure fibre: It's On in Toronto, rolling out to GTA/905
Bell launched its all-fibre broadband network in Toronto in April, connecting homes and businesses throughout Canada's most populous city with the world's best Internet technology. Built for the future, the Bell fibre to the premises (FTTP) network delivers symmetrical access speeds up to a Gigabit per second (Gbps) now and up to 40 Gbps and beyond in future. Bell also announced plans to expand FTTP to the fast-growing GTA/905 region surrounding Toronto. Broadband innovations included the launch of the exclusive Bell Whole Home Wi-Fi service that delivers smart and fast Wi-Fi to every room in the home, and expanded access to Bell's Alt TV service with Amazon Fire TV Stick and Android TV devices including Sony, NVIDIA, Xiaomi and other Google certified products.
Virgin Mobile #1 in customer service, Lucky Mobile expands to MB and SK
The J.D. Power 2018 Canada Wireless Customer Care Study ranked Virgin Mobile Canada highest in overall customer care satisfaction for the second consecutive year. Bell's low-cost prepaid service Lucky Mobile expanded to Manitoba and Saskatchewan in March and now offers budget-conscious Canadians service plans starting as low as $10. Wireless network innovation included the successful completion of Wireless to the Home (WTTH) trials in the 3.5 GHz and 28 GHz spectrum bands. WTTH will leverage 5G to deliver broadband speeds to small population centres; Bell plans to roll out initial WTTH services to more than 20 rural communities in Ontario and Québec this year.
Bell Media invests in Pinewood; Sony acquires international rights to The Launch
Bell Media continued to drive its strategy to develop the best creative content for both Canadian and international audiences, acquiring a majority stake in Pinewood Toronto Studios , one of the largest purpose-built production studios in Canada, and announcing that Sony Pictures Television had acquired international distribution rights for CTV's highly successful Canadian music competition series format The Launch . The inaugural season of The Launch debuted at #1 in its timeslot on CTV and has delivered a string of #1 musical hits in Canada.
Innovation in Smart Cities and the Internet of Things
In addition to Bell's extensive Smart City pilot project with the City of Kingston , which employs Internet of Things (IoT) data monitoring solutions to improve municipal operating efficiencies and enhance services for residents, we are working with Echologics to deliver a wireless IoT water management solution for Medicine Hat, Alberta ; providing touch-screen smart kiosks and free Wi-Fi access for downtown St. Catharine's, Ontario ; and partnering with Icicle Technologies to offer a comprehensive IoT-based production management system for Canada's food industry.
Recognition for Bell Let's Talk, Bell Media, diversity leadership
Bell stood out at the Canadian Screen Awards in March as the Bell Let's Talk mental health initiative received the 2018 Humanitarian Award from the Academy of Canadian Cinema & Television and Bell Media was honoured with 52 awards , including best national newscast for the CTV National News with Lisa LaFlamme; 7 awards, more than all other sports broadcasters combined, for TSN; and best reality series for The Amazing Race Canada. For the second year in a row, Bell has been named one of Canada's Best Diversity Employers by Mediacorp, recognizing Bell's commitment to providing an inclusive and accessible workplace that reflects Canada's diversity.
BCE RESULTS
"BCE's results in the first quarter of 2018 mark a solid beginning to the year in a competitive and fast-changing marketplace. Strong operational and financial performance in wireless and wireline, including the contribution of Bell MTS, and ongoing cost discipline are delivering the free cash flow that enables our lead in broadband network investment while also driving shareholder value. This includes BCE's increased common share dividend for 2018 announced on February 8 – our fourteenth such increase since Q4 2008, representing dividend growth of 107% – and our recently completed $175 million share buyback program," said Glen LeBlanc, Chief Financial Officer for BCE and Bell. "BCE's Q1 results are in line with 2018 guidance growth targets, which are unchanged with the move to IFRS 15 reporting as our business outlook and financial plan remain firmly on track."
BCE operating revenue was up 4.8% in Q1 to $5,590 million. Service revenue grew 3.2% to $4,964 million, and product revenue increased 19.2% to $626 million. This reflects increases at both Bell Wireless and Bell Wireline, including favourable financial contributions from Bell MTS, partly offset by a modest year-over-year revenue decline at Bell Media.
Net earnings increased 3.1% to $709 million and net earnings attributable to common shareholders grew 3.0% to $661 million. Net earnings per common share was unchanged compared to Q1 2017 at $0.73 per share, the result of a higher average number of BCE common shares outstanding due to the shares issued for the acquisition of Manitoba Telecom Services (MTS) on March 17, 2017. Higher net earnings were the result of operating revenue growth driving higher adjusted EBITDA as well as lower severance, acquisition and other costs, partly offset by increased depreciation and amortization expense and higher other expense attributable mainly to net mark-to-market losses on equity derivatives used as economic hedges of share-based compensation plans.
Excluding severance, acquisition and other costs, net gains or losses on investments, net mark-to-market changes on derivatives used to economically hedge equity settled share-based compensation plans, early debt redemption costs and impairment charges, adjusted net earnings were up 2.3% to $719 million, driven by strong year-over-year growth in adjusted EBITDA. Adjusted EPS was unchanged compared to Q1 2017 at $0.80 per common share.
Adjusted EBITDA grew 4.1% to $2,254 million on increases of 6.9% at Bell Wireless and 3.1% at Bell Wireline, which included an incremental contribution from the MTS acquisition that lapped during the quarter on March 17. Bell Media adjusted EBITDA was down 3.0% due to the combined impact of lower advertising revenue and higher programming costs compared to last year. BCE's consolidated adjusted EBITDA margin (2) decreased to 40.3% from 40.6% in Q1 2017, due to a $14 million charge for the period May 2015 to December 2017 to account for lower final rates set by the CRTC in its recent wholesale domestic roaming tariff decision. Excluding this retroactive regulatory impact, adjusted EBITDA was up 4.7% this quarter.
Consistent with higher planned spending in 2018 on BCE's broadband wireline and wireless network infrastructure, total consolidated capital expenditures increased 9.3% to $931 million in Q1 from $852 million last year. This represented a capital intensity (4) ratio (capital expenditures as a percentage of total revenue) of 16.7% compared to 16.0% in Q1 2017. The increase was due to continued expansion of broadband fibre and mobile LTE, including the deployment of wireless small-cells to optimize mobile coverage, signal quality and data backhaul, and ongoing investment in Manitoba to improve broadband network coverage, capacity and speeds.
BCE cash flows from operating activities were $1,496 million, up 13.9% from $1,313 million in Q1 2017, the result of higher adjusted EBITDA, lower acquisition and other costs paid, and a positive change in working capital. Free cash flow was $537 million, 9.8% higher than Q1 2017, driven by increased cash flows from operating activities excluding acquisition and other costs paid, partly offset by higher capital expenditures.
BCE reported 68,487 net new wireless postpaid subscribers and a decrease of 24,110 net wireless prepaid customers; 19,647 net new high-speed Internet customers; 13,573 net new IPTV customers and a decrease of 26,054 net satellite TV customers. Residential NAS line net losses totalled 57,533.
At the beginning of Q1 2018, the high-speed Internet, IPTV and NAS subscriber bases were increased by 19,835, 14,599 and 23,441, respectively, mainly to reflect the acquisition of a small telecom provider in the quarter. The high-speed Internet subscriber base was also adjusted to reflect the transfer of 16,116 fixed wireless Internet customers from Bell Wireless.
BCE customer connections across wireless, Internet, TV and residential NAS totalled 19,072,421 at March 31, 2018, up 0.9% from last year. The total includes 9,195,048 wireless customers, up 2.8% over last year (including 8,471,021 postpaid customers, an increase of 4.0%); total high-speed Internet subscribers of 3,845,739, up 3.5%; total TV subscribers of 2,834,418 (including 1,578,489 IPTV customers, an increase of 7.7%), down 0.1% overall; and residential NAS lines of 3,197,216, down 6.0%.
BCE OPERATING RESULTS BY SEGMENT
Bell Wireless
A consistent focus on subscriber profitability and disciplined operational execution drove another quarter of strong wireless financial results. Total operating revenue increased 10.1% to $1,946 million, with service revenue growing 6.1% to $1,512 million, and product revenue up 26.9% to $434 million.
Service revenue growth was driven mainly by a larger postpaid subscriber base and the financial contribution from Bell MTS. Service revenue was impacted unfavourably by the retroactive regulatory charge noted above. Excluding this one-time impact, wireless service revenue was up 7.1%.
Higher product revenue was the result of more new gross customer activations and handset upgrades, and a higher sales mix of premium smartphones.
Wireless adjusted EBITDA increased 6.9% to $822 million on the high flow-through of strong revenue growth, which yielded a revenue margin of 42.2%. Operating costs increased 12.6%, driven by the incremental expense contribution of Bell MTS, increased cost of goods sold reflecting the higher volumes of handset sales, higher costs to support a growing customer base and increasing data usage, and increased advertising. Excluding the retroactive regulatory impact, wireless adjusted EBITDA increased 8.7% in Q1.
Postpaid net additions increased 91.4% to 68,487, our best Q1 performance since 2011. This was driven by 17.1% higher gross additions of 347,319, reflecting Bell's mobile network speed and technology leadership, effective sales execution across our retail channels, the continued onboarding of customers from a long-term mobile services contract win with Shared Services Canada, the contribution of Bell MTS, and lower customer churn (4) which improved 0.04 percentage points to 1.13%. Lucky Mobile, Bell's new low-cost prepaid service, is driving an improved prepaid subscriber trajectory with 57,471 prepaid gross additions in Q1, up 10.9% over last year, supporting a 31.3% decrease in net prepaid customer losses to 24,110. Bell Wireless postpaid customers totalled 8,471,021 at March 31, 2018, a 4.0% increase over Q1 2017. Total wireless customers increased 2.8% to 9,195,048. Blended average billing per user (ABPU) (4) increased 1.4% to $66.56, driven by a higher postpaid subscriber mix, more customers moving to higher-value monthly plans with larger data allotments, increased roaming revenue and the flow-through of pricing changes. Blended ABPU in Q1 2018 was adjusted to exclude the $14 million regulatory impact. Blended ABPU is equivalent to blended ARPU reported prior to the adoption of IFRS 15.
Bell Wireline
Wireline operating revenue increased 3.6% to $3,084 million, service revenue increased 3.5% to $2,892 million and product revenue rose 4.3% to $192 million. The year-over-year revenue increases were driven by Internet and IPTV subscriber base growth, higher household ARPU (4) , improved Bell Business Markets performance including higher Internet Protocol (IP) broadband connectivity revenue and stronger sales of data product and business service solutions to large enterprise customers, and the incremental financial contribution of Bell MTS.
Wireline adjusted EBITDA was up 3.1% to $1,302 million on strong revenue flow-through, slower NAS erosion and disciplined cost management. Operating costs increased 4.0% to $1,782 million, due mainly to the incremental expense contribution of Bell MTS and higher post-employment benefit plans service costs. Wireline adjusted EBITDA margin declined 0.2 percentage points to 42.2% as a result of the year-over-year increase in post-employment benefit plans service costs.
High-speed Internet net subscriber additions totalled 19,647, up 31.1% compared to 14,989 in Q1 2017. The significant growth in net additions reflects the ongoing expansion of Bell's all-fibre footprint, which drove subscriber growth and lower residential customer churn despite aggressive cable bundle promotions, as well as the pull-through of Internet customer activations from Alt TV, Bell's app-based live TV streaming service. BCE's high-speed Internet customer base totalled 3,845,739 at the end of Q1, up 3.5% over last year. Bell TV added 13,573 net new IPTV subscribers, a decrease from 22,402 gained in Q1 2017 due to a higher rate of penetration in current Fibe markets and ongoing over-the-top substitution. These factors were partly offset by customer additions from Bell's new Alt TV streaming service. BCE's total IPTV customer base grew to 1,578,489 at March 31, 2018, up 7.7% over last year. Satellite TV net customer losses were down 31.6% to 26,054 from 38,065 in Q1 2017, with reduced deactivations and migrations reflecting a more mature subscriber base geographically better-suited for satellite TV service. At March 31, 2018, Bell had a total of 2,834,418 TV subscribers, compared to 2,837,353 at the end of Q1 2017. Wireline data service revenue increased 5.9% to $1,820 million, the result of growing Internet and IPTV subscriber bases, higher ARPU from customer upgrades to faster Internet speeds and 2017 price changes, increased business IP broadband connectivity revenue, and the favourable impact of Bell MTS. Wireline product revenue was up 4.3% to $192 million, due mainly to higher sales of telecommunications equipment to large enterprise customers. Other services revenue increased 43.2% to $63 million, driven by the incremental financial contributions from the acquisitions of MTS and AlarmForce Industries. Residential NAS net losses were down 21.6% to 57,533 from 73,421 in Q1 2017, reflecting improved customer retention in Bell's fibre footprint. Bell residential NAS access lines totalled 3,197,216 at March 31, 2018, a 6.0% decline from 3,399,981 last year. Total wireline voice revenue decreased 3.2% to $950 million due to NAS access line reductions, decreased usage of traditional long distance, greater use of inclusive long-distance residential plans and lower sales of international long distance minutes to wholesale customers compared to Q1 2017.
Bell Media
Media operating revenue remained stable in Q1, declining just 0.3% to $749 million as lower advertising revenue was largely offset by higher subscriber revenue.
Advertising revenue for conventional and specialty TV decreased due to a continuing soft advertising market and a shift in spending by advertisers to the main broadcaster of the PyeongChang 2018 Winter Olympics. Subscriber revenue increased, reflecting continued steady growth in CraveTV and TV Everywhere GO platforms, while digital media properties and out-of-home advertising also reported revenue growth.
Media adjusted EBITDA was down 3.0% in Q1 to $130 million, the result of higher operating costs driven by sports broadcast rights and CraveTV programming expansion.
CTV was the most-watched television network among key demographics in primetime for the 14 th consecutive winter broadcast season with 9 of the top 20 programs. TSN remained Canada's #1 specialty sports channel and the top specialty network overall. TSN audiences grew 15% over Q1 2017 as a result of key programming such as the 2018 IIHF World Junior Championship, the Scotties Tournament of Hearts and the PyeongChang 2018 Olympic Winter Games. Bell Media remained Canada's top radio broadcaster in winter 2018, reaching an average audience of 16.8 million listeners that spent more than 71 million hours tuned in each week. Bell Media remained the digital media leader among Canadian broadcast and video network competitors in terms of views, minutes watched and videos served with monthly averages of 482 million total views, 1 billion minutes spent, and 58 million videos served. We reached 65% of digital audiences in Q1 with 20 million unique monthly visitors.
COMMON SHARE DIVIDEND
BCE's Board of Directors has declared a quarterly dividend of $0.755 per common share, payable on July 15, 2018 to shareholders of record at the close of business on June 15, 2018.
OUTLOOK FOR 2018
As a result of the adoption of IFRS 15, BCE has updated its adjusted EPS dollar guidance range upwards. All other financial guidance targets for 2018 remain unchanged.
February 8
Guidance
May 3
Guidance
Revenue growth
2% – 4%
2% – 4%
Adjusted EBITDA growth
2% – 4%
2% – 4%
Capital intensity
approx. 17%
approx. 17%
Adjusted EPS
$3.42 – $3.52
$3.45 – $3.55
Adjusted EPS growth
1% - 4%
1% - 4%
Free cash flow growth
3% – 7%
3% – 7%
Annualized common dividend per share
$3.02
$3.02
Dividend payout policy (3)
65% – 75%
of free cash flow
65% – 75%
of free cash flow
CALL WITH FINANCIAL ANALYSTS
BCE will hold a conference call for financial analysts to discuss Q1 2018 results on Thursday, May 3 at 8:00 am (Eastern). Media are welcome to participate on a listen-only basis. Please dial toll-free 1-800-377-0758 or 416-340-2219. A replay will be available for one week by dialing 1-800-408-3053 or 905-694-9451 and entering pass code 8461008#.
A live audio webcast of the conference call will be available on BCE's website at BCE Q1-2018 conference call . The mp3 file will be available for download on this page later in the day.
NOTES
The information contained in this news release is unaudited.
In Q1 2018, we updated our definition of adjusted net earnings and adjusted EPS to exclude net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans as they may affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Adjusted net earnings and adjusted EPS for 2017 have also been updated for comparability purposes.
(1) The terms adjusted net earnings and adjusted EPS do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs and impairment charges. We define adjusted EPS as adjusted net earnings per BCE common share. We use adjusted net earnings and adjusted EPS, and we believe that certain investors and analysts use these measures, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs and impairment charges, net of tax and non-controlling interest (NCI). We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. The most comparable IFRS financial measures are net earnings attributable to common shareholders and EPS. The following table is a reconciliation of net earnings attributable to common shareholders and EPS to adjusted net earnings on a consolidated basis and per BCE common share (adjusted EPS), respectively.
($ millions except per share amounts)
Q1 2018
Q1 2017
TOTAL
PER SHARE
TOTAL
PER SHARE
Net earnings attributable to common shareholders
661
0.73
642
0.73
Severance, acquisition and other costs
(1)
-
65
0.07
Net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans
56
0.07
(18)
(0.02)
Net losses on investments
-
-
14
0.02
Impairment charges
3
-
-
-
Adjusted net earnings
719
0.80
703
0.80
(2) The terms adjusted EBITDA and adjusted EBITDA margin do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We define adjusted EBITDA as operating revenues less operating costs, as shown in BCE's consolidated income statements. Adjusted EBITDA for BCE's segments is the same as segment profit as reported in Note 5, Segmented information, in BCE's Q1 2018 Financial Statements. We define adjusted EBITDA margin as adjusted EBITDA divided by operating revenues. We use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses as they reflect their ongoing profitability. We believe that certain investors and analysts use adjusted EBITDA to measure a company's ability to service debt and to meet other payment obligations or as a common measurement to value companies in the telecommunications industry. We believe that certain investors and analysts also use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses. Adjusted EBITDA is also one component in the determination of short-term incentive compensation for all management employees.
Adjusted EBITDA and adjusted EBITDA margin have no directly comparable IFRS financial measure. Alternatively, the following table provides a reconciliation of net earnings to adjusted EBITDA.
($ millions)
Q1 2018
Q1 2017
Net earnings
709
688
Severance, acquisition and other costs
-
84
Depreciation
780
724
Amortization
212
185
Finance costs
Interest expense
240
234
Interest on post-employment benefit obligations
17
18
Other expense (income)
61
(17)
Income taxes
235
250
Adjusted EBITDA
2,254
2,166
BCE operating revenues
5,590
5,336
Adjusted EBITDA margin
40.3%
40.6%
(3) The terms free cash flow and dividend payout ratio do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We define free cash flow as cash flows from operating activities, excluding acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are nonrecurring. We consider free cash flow to be an important indicator of the financial strength and performance of our businesses because it shows how much cash is available to pay dividends, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most comparable IFRS financial measure is cash flows from operating activities. We define dividend payout ratio as dividends paid on common shares divided by free cash flow. We consider dividend payout ratio to be an important indicator of the financial strength and performance of our businesses because it shows the sustainability of the company's dividend payments. The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.
($ millions)
Q1 2018
Q1 2017
Cash flows from operating activities
1,496
1,313
Capital expenditures
(931)
(852)
Cash dividends paid on preferred shares
(33)
(43)
Cash dividends paid by subsidiaries to non-controlling interest
(13)
(12)
Acquisition and costs paid
18
83
Free cash flow
537
489
(4) We use ABPU, ARPU, churn and capital intensity to measure the success of our strategic imperatives. These key performance indicators are not accounting measures and may not be comparable to similar measures presented by other issuers.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to our 2018 financial guidance (including revenues, adjusted EBITDA, capital intensity, adjusted EPS and free cash flow), BCE's 2018 annualized common share dividend and common share dividend payout policy, our network deployment plans and related capital investments, our business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, target and other similar expressions or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws and of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe our expectations as of May 3, 2018 and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Except as otherwise indicated by BCE, forward-looking statements do not reflect the potential impact of any special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after May 3, 2018. The financial impact of these transactions and special items can be complex and depends on the facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way or in the same way we present known risks affecting our business. Forward-looking statements are presented in this news release for the purpose of assisting investors and others in understanding certain key elements of our expected 2018 financial results, as well as our objectives, strategic priorities and business outlook for 2018, and in obtaining a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Material Assumptions
A number of economic, market, operational and financial assumptions were made by BCE in preparing its forward-looking statements contained in this news release, including, but not limited to:
Canadian Economic and Market Assumptions
Lower economic growth, given the Bank of Canada's most recent estimated growth in Canadian gross domestic product of 2.0% in 2018, representing a slight decrease from the earlier estimate of 2.2% Employment gains expected to slow in 2018, as the overall level of business investment is expected to remain soft Interest rates expected to increase modestly in 2018 Canadian dollar expected to remain at near current levels. Further movements may be impacted by the degree of strength of the U.S. dollar, interest rates and changes in commodity prices A higher level of wireline and wireless competition in consumer, business and wholesale markets Higher, but slowing, wireless industry penetration and smartphone adoption A soft media advertising market, due to variable demand, and escalating costs to secure TV programming Ongoing linear TV subscriber erosion, due to growing cord-cutter and cord-never customer segments
Assumptions Concerning our Bell Wireless Segment
Maintain our market share of incumbent wireless postpaid net additions Continued adoption of smartphone devices, tablets and data applications, as well as the introduction of more 4G LTE and LTE-A devices and new data services Higher product cost of goods sold, driven by a higher sales mix of premium devices, increased new customer activations and more customer device upgrades, attributable to a higher number of off-contract subscribers due to earlier expiries under two-year contracts Wireless revenue growth driven by postpaid subscriber base expansion and a higher volume of handset sales Expansion of the LTE-A network coverage to approximately 92% of the Canadian population Ability to monetize increasing data usage and customer subscriptions to new data services Ongoing technological improvements by handset manufacturers and from faster data network speeds that allow customers to optimize the use of our services No material financial, operational or competitive consequences of changes in regulations affecting our wireless business
Assumptions Concerning our Bell Wireline Segment
Positive full-year adjusted EBITDA growth Continued growth in residential IPTV and Internet subscribers Increasing wireless and Internet-based technological substitution Residential services household ARPU growth from increased penetration of multi-product households and price increases Aggressive residential service bundle offers from cable TV competitors in our local wireline areas Continued large business customer migration to IP-based systems Ongoing competitive repricing pressures in our business and wholesale markets Continued competitive intensity in our small and mid-sized business markets as cable operators and other telecom competitors continue to intensify their focus on business customers Traditional high-margin product categories challenged by large global cloud and OTT providers of business voice and data solutions expanding into Canada with on-demand services Ongoing deployment of direct fibre and growing consumption of OTT TV services and on-demand streaming video, as well as the proliferation of devices, such as tablets, that consume vast quantities of bandwidth, will require considerable ongoing capital investment Accelerating customer adoption of OTT services resulting in downsizing of TV packages Realization of cost savings related to management workforce attrition and retirements, lower contracted rates from our suppliers, reduction of traffic that is not on our network and operating synergies from the integration of MTS No material financial, operational or competitive consequences of changes in regulations affecting our wireline business
Assumptions Concerning our Bell Media Segment
Revenue performance is expected to reflect an improving TV advertising sales trajectory supported by our broadcast of 2018 FIFA World Cup, further CraveTV subscriber growth and continued growth in outdoor advertising Operating cost growth driven by higher TV programming and sports broadcast rights costs, as well as continued investment in CraveTV content Continued scaling of CraveTV Ability to successfully acquire and produce highly rated programming and differentiated content Building and maintaining strategic supply arrangements for content across all screens and platforms Increased revenue generation from monetization of content rights and Bell Media properties across all platforms TV unbundling and growth in OTT viewing expected to result in lower subscriber levels for many Bell Media TV properties No material financial, operational or competitive consequences of changes in regulations affecting our media business
Financial Assumptions Concerning BCE
The following constitute BCE's principal financial assumptions for 2018:
total post-employment benefit plans cost to be approximately $335 million to $355 million, based on an estimated accounting discount rate of 3.6%, comprised of an estimated above adjusted EBITDA post-employment benefit plans service cost of approximately $270 million to $280 million and an estimated below adjusted EBITDA net post-employment benefit plans financing cost of approximately $65 million to $75 million depreciation and amortization expense of approximately $4,000 million to $4,050 million interest expense of approximately $975 million to $1,000 million an effective tax rate of approximately 25% NCI of approximately $50 million total pension plan cash funding of approximately $400 million cash taxes of approximately $700 million to $750 million net interest payments of approximately $950 million to $975 million other free cash flow items, which include working capital changes, severance and other costs paid, preferred share dividends and NCI paid, of approximately $25 million average BCE common shares outstanding of approximately 900 million Common share buybacks totalling $175 million an annual common share dividend of $3.02 per share
The foregoing assumptions, although considered reasonable by BCE on May 3, 2018, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth in this news release.
Material Risks
Important risk factors that could cause our assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in, or implied by, our forward-looking statements, including our 2018 financial guidance, are listed below. The realization of our forward-looking statements, including our ability to meet our 2018 financial guidance, essentially depends on our business performance which, in turn, is subject to many risks. Accordingly, readers are cautioned that any of the following risks could have a material adverse effect on our forward-looking statements. These risks include, but are not limited to:
the intensity of competitive activity, including from new and emerging competitors, and the resulting impact on the cost of retaining existing customers and attracting new ones, as well as on our market shares, service volumes and pricing strategies the level of technological substitution and the presence of alternative service providers contributing to reduced utilization of our traditional wireline services regulatory initiatives, proceedings and decisions, government consultations and government positions that affect us and influence our business, including, in particular, those relating to mandatory access to networks, spectrum auctions, approval of acquisitions, broadcast licensing and foreign ownership requirements the inability to protect our physical and non-physical assets, including networks, IT systems, offices, corporate stores and sensitive information, from events and attacks such as cyber threats, and damage from fire and natural disasters security and data leakage exposure if security control protocols applicable to our cloud-based solutions are bypassed the adverse effect of the fundamental separation of content and connectivity, which is changing our TV and media ecosystems and may accelerate the disconnection of TV services and the reduction of TV spending, as well as the fragmentation of, and changes in, the advertising market competition with global competitors, in addition to traditional Canadian competitors, for programming content could drive significant increases in content acquisition costs and challenge our ability to secure key content adverse economic and financial market conditions, a declining level of retail and commercial activity, and the resulting negative impact on the demand for, and prices of, our products and services and the level of bad debts the failure to optimize network and IT deployment and upgrading timelines, accurately assess the potential of new technologies, and invest and evolve in the appropriate direction the failure to continue investment in a disciplined and strategic manner in next-generation capabilities, including real-time information-based customer service strategies the inability to drive a positive customer experience resulting, in particular, from the failure to embrace new approaches and challenge operational limitations the complexity in our operations resulting from multiple technology platforms, billing systems, marketing databases and a myriad of rate plans, promotions and product offerings the failure to maintain optimal network operating performance in the context of significant increases in capacity demands on our Internet and wireless networks the failure to implement or maintain highly effective IT systems supported by an effective governance and operating framework the risk that we may need to incur significant capital expenditures beyond our capital intensity target in order to provide additional capacity and reduce network congestion the failure to generate anticipated benefits from our corporate restructurings, system replacements and upgrades, process redesigns and the integration of business acquisitions events affecting the functionality of, and our ability to protect, test, maintain and replace, our networks, IT systems, equipment and other facilities in-orbit and other operational risks to which the satellites used to provide our satellite TV services are subject the failure to attract and retain employees with the appropriate skill sets and to drive their performance in a safe and secure environment labour disruptions the inability to access adequate sources of capital and generate sufficient cash flows from operations to meet our cash requirements, fund capital expenditures and provide for planned growth uncertainty as to whether dividends will be declared by BCE's board of directors or whether BCE's dividend payout policy will be maintained the inability to manage various credit, liquidity and market risks pension obligation volatility and increased contributions to post-employment benefit plans higher taxes due to new tax laws or changes thereto or in the interpretation thereof, and the inability to predict the outcome of government audits the failure to reduce costs as well as unexpected increases in costs the failure to evolve practices to effectively monitor and control fraudulent activities online content theft and piracy and the absence of effective legal recourses to combat them events affecting the continuity of supply of products and services that we need to operate our business and to comply with various obligations from our third-party suppliers, outsourcers and consultants the failure of our procurement and vendor management practices to address risk exposures associated with existing and new supplier models the quality of our products and services and the extent to which they may be subject to manufacturing defects or fail to comply with applicable government regulations and standards unfavourable resolution of legal proceedings and, in particular, class actions unfavourable changes in applicable laws and the failure to proactively address our legal and regulatory obligations health concerns about radiofrequency emissions from wireless communications devices the inability to maintain customer service and our networks operational in the event of the occurrence of epidemics, pandemics and other health risks the failure to recognize and adequately respond to climate change concerns or public and governmental expectations on environmental matters
We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. We encourage investors to also read BCE's 2017 Annual MD&A dated March 8, 2018 (included in BCE's 2017 Annual Report) and BCE's 2018 First Quarter MD&A dated May 2, 2018, for additional information with respect to certain of these and other assumptions and risks, filed by BCE with the Canadian provincial securities regulatory authorities (available at Sedar.com ) and with the U.S. Securities and Exchange Commission (available at SEC.gov ). These documents are also available at BCE.ca .
About BCE
BCE is Canada's largest communications company, providing advanced Bell broadband wireless, TV, Internet and business communication services throughout the country. Bell Media is Canada's premier content creation company with leading assets in television, radio, out of home, and digital media. To learn more, please visit Bell.ca or BCE.ca .
The Bell Let's Talk initiative promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of community care and access, research and workplace mental health initiatives. To learn more, please visit Bell.ca/LetsTalk .
Media inquiries:
Jean Charles Robillard
514-870-4739
[email protected]
Investor inquiries:
Thane Fotopoulos
514-870-4619
[email protected]
View original content: http://www.prnewswire.com/news-releases/bce-reports-first-quarter-2018-results-300641834.html
SOURCE Bell Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-bce-reports-first-quarter-2018-results.html |
DUBLIN (Reuters) - Smurfit Kappa ( SKG.I ) has agreed to buy Dutch paper and recycling firm Reparenco for about 460 million euros ($539 million), the Irish packaging group said on Thursday, in its effort to see off a takeover bid from U.S. rival International Paper (IP) ( IP.N ).
FILE PHOTO: A man walks past a Smurfit Kappa plant in Caracas March 6, 2009. REUTERS/Edwin Montilva/File Photo Smurfit said the acquisition of the privately-owned business accelerated its strategic objectives under a four-year plan laid out in February when it said it would increase investment in its existing businesses by 1.6 billion euros.
Negotiations to buy the business that generated 41 million euros of core earnings in the 12 months to April 2018 began on Feb. 1, Smurfit said, before IP made its first approach.
“The acquisition of Reparenco is complementary with our existing business; strengthens our integrated business model; and accelerates a central element of our medium term plan,” Smurfit Chief Executive Tony Smurfit said in a statement.
FILE PHOTO: Water vapour billows from smokestacks at the Smurfit Kappa Cellulose du Pin plant in Facture, southwestern France, January 29, 2016. REUTERS/Regis Duvignau/File Photo Smurfit Kappa twice frustrated a bid to combine the largest listed U.S. paper packaging firm with Europe’s biggest, most recently rejecting a raised takeover offer from IP in March, arguing it was better served pursuing its future independently.
IP, whose cash and shares offer in March valued the Irish group at 8.9 billion euros, said last week it would not make a hostile bid after being given until June 6 to make a binding offer or walk away. [nL5N1SN36L]
The Financial Times reported on Wednesday that a trio of Smurfit shareholders have asked the Irish firm to enter talks with IP. [nL3N1SU61Q]
It Quote: d British asset management firm Janus Henderson Group PLC ( JHG.N ), which holds a 4.3 percent stake, as saying Smurfit should either get around the table to seek a higher price or explain why it was not engaging.
A spokeswoman for Smurfit said she had no comment on the report. Smurfit’s CEO told an analyst call on the Reparenco deal that the board was unanimous in rejecting IP’s unsolicited approach.
An IP spokesman said the company was confident that engagement with Smurfit would unlock the deal’s value potential.
($1 = 0.8530 euros)
Reporting by Padraic Halpin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-smurfit-kapa-grp-m-a/irelands-smurfit-aims-to-see-off-takeover-with-dutch-acquisition-idUSKCN1IP15A |
By Jen Wieczner 2:07 PM EDT
Today, the more than $365 billion invested in Bitcoin and other cryptocurrencies is owned almost entirely by individual investors—not by Wall Street institutions.
That’s finally about to change. Coinbase, the largest U.S. Bitcoin exchange, launched new professional-grade trading products for institutional investors this week, citing rising demand for cryptocurrency from smart money heavyweights.
“How we’ve seen it play out in the institutional space, very few want to be first, but most want to be second,” says Adam White, Coinbase’s general manager who runs its institutional business including the GDAX exchange.
Coinbase’s announcement follows moves by major Wall Street banks earlier this month towards entering the cryptocurrency market. Goldman Sachs revealed in early May that it is opening a Bitcoin trading desk , and JPMorgan Chase said this week that the bank is “looking into the space,” naming its first-ever head of crypto-assets strategy to lead those efforts.
“In a couple years we’re going to look at Goldman Sachs’ announcement that they’re going to begin trading cryptocurrency as very much a watershed moment,” White says on the latest episode of “Balancing the Ledger,” Fortune’s weekly show about the intersection of finance and technology, which you can watch above.
Wall Street’s hesitation to invest in cryptocurrency is rooted in concerns over scams that have plagued the industry and in fears about security. Many of the world’s most popular Bitcoin exchanges have been hacked, including the infamous Mt. Gox, from which a record-setting 650,000 Bitcoins—worth more than $5 billion today—were stolen and remain missing. Even Coinbase, whose own systems have never been breached, has been targeted by thieves who have hacked and drained scores of its customer accounts , including those of prominent investors.
That’s why Coinbase is rolling out a custody service to securely hold cryptocurrency on behalf of big investors (with a minimum deposit of $10 million), adds White. Coinbase currently stores more than $20 billion in digital currency, most of which belongs to retail investors, he says—but the company expects that amount could jump 50% once the custody product goes live.
“By our best estimates, there’s at least $10 billion in institutional capital that’s waiting on the sidelines just to move in for a safe custodianship product, just for cryptocurrency alone,” White says.
That money is likely to come from hedge funds and banks initially, but pension plans and sovereign wealth funds could eventually follow, he adds. The creation of premium cryptocurrency investment services “is going to unlock tens of billions of dollars of institutional capital,” White says. “We hope it comes through us.”
But while Coinbase’s business, valued at $1.6 billion during its most recent fundraising round, currently revolves around the financial industry, it ultimately aims to be much more than a bank or fintech company. “Very simply said, we want to be the Google of crypto,” says White.
Although he claims to be agnostic about the Bitcoin price and how the influx of Wall Street money could boost the market, Coinbase is betting on cryptocurrency’s long-term potential: “Anyone in the space needs to have a 20- or 30-year vision to really look at what a foundational technology like Bitcoin or Ethereum will provide.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/18/cryptocurrency-coinbase-bitcoin-wall-street/ |
WEST LAFAYETTE, Ind., Bioanalytical Systems, Inc. (NASDAQ:BASI) (“BASi” or the “Company”) today announced that it will report financial results for the second quarter and six months ended March 31, 2018, prior to the market opening on Tuesday, May 15, 2018.
If there are any questions after the press release is issued, please direct your comments to the investor relations contact noted in this release.
About Bioanalytical Systems, Inc.
BASi is a pharmaceutical development company providing contract research services and monitoring instruments to the world's leading drug development companies and medical research organizations. The Company focuses on developing innovative services and products that increase efficiency and reduce the cost of taking a new drug to market. Visit www.BASinc.com for more information about BASi.
This release may contain forward-looking statements that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to changes in the market and demand for our products and services, the development, marketing and sales of products and services, changes in technology, industry standards and regulatory standards, and various market and operating risks detailed in the company's filings with the Securities and Exchange Commission.
FOR MORE INFORMATION:
Company Contact:
Jill Blumhoff
Chief Financial Officer &
Vice President of Finance
Phone: 765.497.8381
[email protected]
Source:Bioanalytical Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-bioanalytical-systems-to-release-second-quarter-fiscal-2018aresults-on-tuesday-may-15-2018.html |
SAN DIEGO, May 09, 2018 (GLOBE NEWSWIRE) -- Otonomy, Inc. (NASDAQ:OTIC), a biopharmaceutical company dedicated to the development of innovative therapeutics for otology, today reported financial results for the quarter ended March 31, 2018 and provided an update on its corporate activities and product pipeline.
First Quarter 2018 and Subsequent Highlights
Completed a Type C Meeting with FDA for OTIVIDEX ™ in Ménière’s Disease: In March 2018, Otonomy completed a Type C meeting with the U.S. Food and Drug Administration (FDA) that confirmed the requirement for one additional successful pivotal trial to support a submission for U.S. registration of OTIVIDEX in Ménière’s disease. Otonomy expects to initiate this trial in mid-2018.
Obtained FDA Approval of OTIPRIO ® for the Treatment of Acute Otitis Externa : In March 2018, the FDA approved OTIPRIO (ciprofloxacin otic suspension) for the treatment of patients with acute otitis externa (AOE). This approval significantly increases the potential market opportunity for OTIPRIO with approximately 4 million episodes of AOE occurring each year in the United States. OTIPRIO continues to be available for purchase by customers while Otonomy evaluates commercial partnering options for the product including divestiture.
Advancing Multiple Programs for Sensorineural Hearing Loss: In January 2018, Otonomy announced the advancement of three distinct programs for hearing loss that address different pathologies and broad patient populations. OTO-413 is a sustained-exposure formulation of brain-derived neurotrophic factor (BDNF) in development for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties. The company expects to initiate a Phase 1/2 clinical trial in hearing loss patients in the first half of 2019. OTO-5XX is an otoprotectant in development for the prevention of cisplatin-induced hearing loss. OTO-6XX induces hair cell regeneration and is being developed for the treatment of severe hearing loss.
Developing OTO-313 for the Treatment of Tinnitus: Gacyclidine is a potent and selective N-Methyl-D-Aspartate (NMDA) receptor antagonist that has been evaluated in a Phase 1 clinical safety trial, with no safety concerns observed. The company expects to initiate a Phase 1/2 clinical trial for OTO-313, an improved formulation of gacyclidine, in tinnitus patients in the first half of 2019.
Presented Data for Hearing Loss and Tinnitus Programs at International Otology Research Conference: In February 2018, company scientists and research collaborators delivered multiple data presentations at the Association for Research in Otolaryngology (ARO) Annual MidWinter Meeting. These presentations included data supporting the therapeutic potential of OTO-413 for the repair of cochlear synaptopathy.
“We completed a productive first quarter by obtaining clarity from FDA on the registration requirements for OTIVIDEX in Ménière’s disease, receiving approval for OTIPRIO in acute otitis externa, and advancing our multiple development programs for hearing loss and tinnitus,” said David A. Weber, Ph.D., president and CEO of Otonomy. “We are on track with our efforts to initiate the remaining pivotal trial for OTIVIDEX and are making good progress towards the completion of a partnering transaction for OTIPRIO."
Anticipated Upcoming Milestones
Initiate Phase 3 clinical trial for OTIVIDEX in Ménière’s disease in mid-2018.
Complete commercial partnership or divestiture of OTIPRIO in mid-2018.
In second half of 2018, select a candidate for clinical development for both OTO-5XX and OTO-6XX hearing loss programs.
In first half of 2019, initiate a Phase 1/2 clinical trial of OTO-313 in tinnitus patients.
In first half of 2019, initiate a Phase 1/2 clinical trial of OTO-413 in hearing loss patients.
Fourth Quarter and Full Year 2017 Financial Highlights
Cash Position: Cash, cash equivalents, and short-term investments totaled $110.2 million as of March 31, 2018, compared to $120.0 million as of December 31, 2017.
Revenue: Net sales of OTIPRIO totaled $0.3 million for the first quarter of 2018.
Operating Expenses: GAAP operating expenses were $11.8 million for the first quarter of 2018, compared to $27.3 million for the first quarter of 2017. Non-GAAP operating expenses, which exclude stock-based compensation and rent abatement expense, were $9.1 million for the first quarter of 2018, compared to $22.9 million for the first quarter of 2017.
Research and Development Expenses: GAAP research and development (R&D) expenses for the first quarter of 2018 were $5.6 million, compared to $13.2 million for the first quarter of 2017. The decrease was primarily a result of decreased clinical trial activities for OTIPRIO and OTIVIDEX versus the prior year period.
Selling, General and Administrative Expenses: GAAP selling, general and administrative (SG&A) expenses in the first quarter of 2018 were $6.2 million, compared to $14.1 million for the first quarter of 2017. The decrease was primarily a result of reduced selling expenses due to the discontinuation of promotional support for OTIPRIO.
Financial Guidance: Otonomy reaffirms its expectations that GAAP operating expenses for 2018 will be in the range of $52-$57 million, and that non-GAAP operating expenses for 2018 will be in the range of $40-$45 million.
Webcast and Conference Call
Otonomy management will host a webcast and conference call regarding this announcement at 4:30 p.m. EDT/1:30 p.m. PDT today. The live call may be accessed by dialing (877) 305-6769 for domestic callers and (678) 562-4239 for international callers with conference ID code number: 3689458. A live webcast of the call will be available online in the investor relations section of Otonomy’s website at www.otonomy.com and will be archived there for 30 days.
Non-GAAP Operating Expenses
In this press release, Otonomy’s operating expenses are provided in accordance with generally accepted accounting principles (GAAP) in the United States and also on a non-GAAP basis. Non-GAAP operating expenses exclude stock-based compensation and rent abatement expense. Non-GAAP operating expenses are provided as a complement to operating expenses provided in accordance with GAAP because management believes non-GAAP operating expenses help indicate underlying trends in the company’s business, are important in comparing current results with prior period results and provide additional information regarding the company’s financial position. Management also uses non-GAAP operating expenses to establish budgets and operational goals that are communicated internally and externally and to manage the company’s business and to evaluate its performance. The attached financial information includes a reconciliation of the GAAP operating expenses to non-GAAP operating expenses and a reconciliation of GAAP operating expense guidance to non-GAAP operating expense guidance.
About Otonomy
Otonomy is a biopharmaceutical company dedicated to the development of innovative therapeutics for otology. The company pioneered the application of drug delivery technology to the ear in order to develop products that achieve sustained drug exposure from a single local administration. This approach is covered by a broad patent estate and is being utilized to develop a pipeline of products addressing important unmet medical needs including Ménière’s disease, hearing loss, and tinnitus. For additional information please visit www.otonomy.com .
Cautionary Note Regarding Forward Looking Statements
This press release contains within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Otonomy. Forward-looking statements in this press release include, but are not limited to, the market size for OTIPRIO in AOE, the company’s expectations regarding its commercial partnering options for OTIPRIO, including divestiture and timing of any such transaction, timing of a Phase 3 trial for OTIVIDEX, timing of a Phase 1/2 clinical trial for OTO-313, timing of a Phase 1/2 clinical trial for OTO-413, timing of candidate selection for OTO-5XX and OTO-6XX programs, financial guidance for 2018, and statements by Otonomy’s president and CEO. Otonomy's expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties. Actual results may differ materially from those indicated by these as a result of these risks and uncertainties, including but not limited to: Otonomy's limited operating history and its expectation that it will incur significant losses for the foreseeable future; Otonomy's ability to obtain additional financing; Otonomy's dependence on the regulatory success and advancement of its product candidates; the uncertainties inherent in the clinical drug development process, including, without limitation, Otonomy's ability to adequately demonstrate the safety and efficacy of its product candidates, the nonclinical and clinical results for its product candidates, which may not support further development, and challenges related to patient enrollment in clinical trials; Otonomy's ability to obtain regulatory approval for its product candidates; side effects or adverse events associated with Otonomy's product candidates; Otonomy's ability to successfully commercialize its product candidates, if approved; competition in the biopharmaceutical industry; Otonomy's dependence on third parties to conduct nonclinical studies and clinical trials; Otonomy's dependence on third parties for the manufacture of its product candidates; Otonomy's dependence on a small number of suppliers for raw materials; Otonomy's ability to protect its intellectual property related to its product candidates in the United States and throughout the world; expectations regarding potential market size, opportunity and growth; Otonomy's ability to manage operating expenses; implementation of Otonomy's business model and strategic plans for its business, products and technology; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled "Risk Factors" in Otonomy's Quarterly Report on Form 10-Q filed Commission (the "SEC") on May 9, 2018, and Otonomy's future reports to be filed with the SEC. The in this press release are based on information available to Otonomy as of the date hereof. Otonomy disclaims any obligation to update any , except as required by law.
Contacts:
Media Inquiries
Canale Communications
Heidi Chokeir, Ph.D.
Senior Vice President
619.849.5377
[email protected]
Investor Inquiries
Westwicke Partners
Robert H. Uhl
Managing Director
858.356.5932
[email protected]
Otonomy, Inc. Condensed Balance Sheet Data (in thousands) As of March 31, As of December 31, 2018 2017 (unaudited) Cash and cash equivalents $ 23,217 $ 18,456 Short-term investments 87,007 101,548 Total assets 118,472 128,364 Total liabilities 9,868 11,085 Accumulated deficit (376,274 ) (364,850 ) Total stockholders' equity 108,604 117,279
Otonomy, Inc. Condensed Statements of Operations (in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 (unaudited) Product sales, net $ 301 $ 358 Costs and operating expenses: Cost of product sales 272 463 Research and development 5,650 13,185 Selling, general and administrative 6,157 14,092 Total costs and operating expenses 12,079 27,740 Loss from operations (11,778 ) (27,382 ) Interest income 354 304 Net loss $ (11,424 ) $ (27,078 ) Net loss per share, basic and diluted $ (0.37 ) $ (0.89 ) Weighted-average shares used to compute net loss per share, basic and diluted 30,568,531 30,256,825
Otonomy, Inc. Reconciliation of GAAP to Non-GAAP Operating Expenses (in thousands) Three Months Ended March 31, 2018 2017 (unaudited) GAAP operating expenses Research and development $ 5,650 $ 13,185 Selling, general and administrative 6,157 14,092 Total GAAP operating expenses 11,807 27,277 Non-GAAP adjustments R&D stock-based compensation expense (637 ) (985 ) SG&A stock-based compensation expense (2,072 ) (2,735 ) Rent abatement - (695 ) Total non-GAAP adjustments (2,709 ) (4,415 ) Non-GAAP operating expenses $ 9,098 $ 22,862
Otonomy, Inc. Reconciliation of 2018 GAAP to Non-GAAP Operating Expense Guidance (in millions) GAAP operating expenses $52 - $57 Non-GAAP adjustments Stock-based compensation expense 12 Non-GAAP operating expenses $40 - $45
Source:Otonomy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-otonomy-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
How Luminar is disrupting self-driving technology: CEO 52 Mins Ago Austin Russell, founder & CEO of Luminar, explains how lidar sensor technology is helping to revolutionize autonomous vehicle safety. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/how-luminar-is-disrupting-self-driving-technology-ceo.html |
Washington right fielder Bryce Harper had two hits and an RBI and Stephen Strasburg won his third straight start as the Nationals became the first team to win a series against Arizona this season in a 2-1 victory over the Diamondbacks at Chase Field on Saturday.
May 11, 2018; Phoenix, AZ, USA; Washington Nationals outfielder Bryce Harper against the Arizona Diamondbacks at Chase Field. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports Harper doubled in a run in the third inning and walked to load the bases before the Nationals scored the final run of the game in the fourth. Washington has won 12 of its last 14.
Stephen Strasburg (5-3) gave up five hits and one run in 6 2/3 innings, with nine strikeouts and one walk. He recorded seven of his strikeouts on off-speed pitches, six with his curve.
A.J. Pollock had an RBI double for the Diamondbacks, their only extra-base hit. They have lost a season-high four in a row and seven out of 10 to fall to 24-15. Pollock has 33 RBIs, second in the NL.
May 12, 2018; Phoenix, AZ, USA; Washington Nationals starting pitcher Stephen Strasburg (37) throws during the third inning against the Arizona Diamondbacks at Chase Field. Mandatory Credit: Matt Kartozian-USA TODAY Sports Howie Kendrick had two hits and Trea Turner had a single and walked twice for the Nationals, who have held the Diamondbacks to one run in each of the first three games of the series.
Ryan Madson pitched around an inning-opening error in the ninth for his third save.
Slideshow (4 Images) Troy Scribner (0-1) gave up four hits and two runs in 3 2/3 innings in his first start of the season, with four strikeouts and six walks. Scribner was recalled from Triple-A Reno to pitch on what would have been Robbie Ray’s turn. Ray suffered an oblique strain in a start against the Nationals on April 29.
Turner singled to open the third inning, the first hit off Scribner, and scored on Harper’s double into the right field corner for a 1-0 lead.
Paul Goldschmidt walked with two outs in the last of the third inning and scored on Pollock’s double to tie the game at 1.
Pedro Severino singled to open the fourth inning and Scribner walked the next two before Severino scored on Anthony Rendon’s fielder’s choice grounder for a 2-1 lead.
Washington put first baseman Ryan Zimmerman on the disabled list with a strained oblique and purchased the contract of Mark Reynolds on Saturday. Zimmerman and Reynolds were college teammates at Virginia.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-was-ari/harper-strasburg-help-nats-snap-d-backs-series-streak-idUSKCN1ID0YF |
Lowe's Is Dropping Certain Kinds of Paint Strippers Blamed for Cancer Deaths Customers enter a Lowes home improvement store on August 17, 2016 in San Bruno, California. Justin Sullivan/Getty Images By Sy Mukherjee 11:33 AM EDT
Lowe’s will stop carrying paint strippers containing two chemicals that environmental and public health activists say are to blame for dozens of deaths and are linked to brain cancer. Products containing methylene chloride and NMP will be off Lowe’s shelves by the end of the year, the company announced in a statement.
“We care deeply about the health and safety of our customers, and great progress is being made in the development of safer and more effective alternatives,” said Lowe’s chief customer officer Mike McDermott. “As a home improvement leader, we recognize the need for viable paint removal products and remain committed to working closely with suppliers to further innovate in this category.”
Subscribe to Brainstorm Health Daily , our newsletter about the most exciting health innovations.
A growing wave of advocates had been pressuring Lowe’s to ditch the paint removal products . Methylene chloride has been linked to at least 50 deaths, according to a letter the Learning Disabilities Center of Maine recently sent to Lowe’s stores in the state urging a halt on sales, and may be associated with a higher risk of lung cancer. The other chemical, NMP (or N-Methylpyrrolidone), can harm developing fetuses and has even been linked to miscarriages.
The group Safer Chemicals, Healthy Families, which led protests at Lowe’s locations to lobby for the paint strippers’ removal, praised the retailer’s decision in a statement. “When facing federal inaction on vital issues facing the American public—some of which are matters of life or death—retailers have a responsibility and an opportunity to do right by their customers,” said Mike Schade, the outfit’s Mind the Store campaign director. “Lowe’s has set the pace for the rest of the retail sector with its announcement today.”
Regulators may eventually have forced Lowe’s hand had the company not decided to act on its own. The Environmental Protection Agency (EPA) announced earlier this month that it would move forward to finalize rules prohibiting methylene chloride’s use in commercial and consumer products. | ashraq/financial-news-articles | http://fortune.com/2018/05/30/lowes-drops-paint-strippers-methylene-chloride/ |
May 16, 2018 / 5:23 PM / Updated 38 minutes ago ATP World Tour Masters 1000 / WTA Premier, Rome Masters Men's Doubles Results Reuters Staff 1 Min Read May 16 (OPTA) - Results from the ATP World Tour Masters 1000 / WTA Premier, Rome Masters Men's Doubles matches on Wednesday .. 1st Round .. John Isner (USA) and beat Nikola Mektic (CRO) and 7-6(8) 6-4 Jack Sock (USA) Alexander Peya (AUT) Pablo Cuevas (URU) and beat Julian Ocleppo (ITA) and 6-4 6-4 Marcel Granollers (ESP) Andrea Vavassori (ITA) .. 2nd Round .. 5-Jamie Murray (GBR) and beat Raven Klaasen (RSA) and 6-3 6-4 Bruno Soares (BRA) Michael Venus (NZL) Pablo Carreno Busta (ESP) beat Sam Querrey (USA) and 3-6 6-3 1-0(5) and Rajeev Ram (USA) Joao Sousa (POR) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-doubles/atp-world-tour-masters-1000-wta-premier-rome-masters-mens-doubles-results-idUKMTZXEE5GU05JVN |
Higher US Treasury yields are just a return to normal policy: Strategist 2 Hours Ago King Lip of Baker Avenue Asset Management says the U.S. remains the "bastion" for investors in terms of equity exposure. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/higher-us-treasury-yields-are-just-a-return-to-normal-policy-strategist.html |
April 30(Reuters) - HNA Technology Co Ltd
* Says no dividend payment for 2017
Source text in Chinese: goo.gl/hYh4Ut
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hna-technology-announces-no-divide/brief-hna-technology-announces-no-dividend-payment-for-2017-idUSL3N1S73LX |
HARRISBURG, Pa., May 25, 2018 /PRNewswire/ -- The Board of Directors of Riverview Financial Corporation (OTCQX: RIVE) declared a cash dividend of $0.10 per share for the second quarter of 2018 on May 24, 2018. The dividend is payable June 29, 2018 to shareholders of record as of June 15, 2018.
Kirk D. Fox, Chief Executive Officer stated, "We are pleased to reinstate our dividend for the second quarter of 2018 after suspending it in the first quarter. Executive management and the Board of Directors made the prudent decision to suspend the payment of a first quarter dividend in order to conserve capital given the magnitude of one-time expenses incurred in the fourth quarter of 2017. These expenses included those related to the re-measurement of net deferred tax assets from the enactment of new tax legislation along with acquisition costs from the merger with CBT Financial Corp. It is our goal to continue to pay to a reasonable dividend without disrupting the delicate balance we must maintain between the payment of a dividend to shareholders and remaining a well-capitalized institution, which is critical in our dedicated efforts to continue building long term value for shareholders. The payment of a second quarter cash dividend represents an annualized yield of 3.2% based on the closing price of our stock on the dividend declaration date."
Riverview Financial Corporation is the parent company of Riverview Bank and its operating divisions Halifax Bank, Marysville Bank, Citizens Neighborhood Bank, CBT Bank, Riverview Wealth Management and CBT Financial and Trust Management. An independent community bank, Riverview Bank serves the Pennsylvania market areas of Berks, Blair, Centre, Clearfield, Dauphin, Huntingdon, Lebanon, Lycoming, Northumberland, Perry, Schuylkill and Somerset Counties through 30 community banking offices and three limited purpose offices. Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities. The Wealth Management and Trust divisions, with assets under management exceeding $350 million, provide trust and investment advisory services to the general public. Riverview's business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, local and timely decision making, flexible and reasonable operating procedures and consistently applied credit policies. The Company's common stock trades on the OTCQX Market under the symbol "RIVE". The Investor Relations site can be accessed at https://www.riverviewbankpa.com/ .
Certain statements contained herein are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may", "will", "believe", "expect", "estimate", "anticipate", "continue", or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including compliance costs and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
View original content with multimedia: http://www.prnewswire.com/news-releases/riverview-financial-corporation-declares-cash-dividend-for-the-second-quarter-of-2018-300654969.html
SOURCE Riverview Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-riverview-financial-corporation-declares-cash-dividend-for-the-second-quarter-of-2018.html |
May 8, 2018 / 3:05 PM / Updated 2 hours ago Bunge hires banks for Brazil IPO, but launch unlikely soon: sources Tatiana Bautzer , Carolina Mandl 2 Min Read
SAO PAULO (Reuters) - Global commodities trader Bunge Ltd ( BG.N ) has hired banks to prepare an initial public offering (IPO) of its Brazilian sugarcane mills, but chances of an imminent launch are slim, two people with knowledge of the matter said on Tuesday. FILE PHOTO: An incoming truckload of soybeans is unloaded at a farm in Fargo, North Dakota, U.S., December 6, 2017. REUTERS/Dan Koeck/File Photo
The investment banking units of JPMorgan Chase & Co ( JPM.N ), Itaú Unibanco Holding SA ( ITUB4.SA ) and Banco Santander Brasil SA ( SANB11.SA ) are working with the company on the deal.
Bunge Chief Executive Soren Schroder said last week the company may file with the Brazilian securities regulator for an offering as soon as this month. [nL1N1S918I]
Bankers are beginning to prepare the company for the offering, but investor interest seems to be small, as the global sugar glut pushed down prices and made it tough for mills to turn a profit, the sources added, asking for anonymity because talks are still private.
Bunge’s sugar and bioenergy division continued to lose money in the first quarter, leading the company to cut its forecast for the unit’s 2018 earnings by $10 million.
One of the people said market volatility also reduces the chances of a transaction soon. Bunge and the banks did not immediately comment on the matter.
Bunge has tried to sell its eight Brazilian sugar and ethanol mills for four years, but a separate sale process has failed to attract firm interest from strategic or financial investors. Reporting by Tatiana Bautzer; Editing by Marguerita Choy | ashraq/financial-news-articles | https://www.reuters.com/article/us-bunge-brazil-ipo/bunge-hires-banks-for-brazil-ipo-but-launch-unlikely-soon-sources-idUSKBN1I9230 |
May 17, 2018 / 2:35 PM / Updated an hour ago FDA names drugmakers potentially acting to delay cheap generics Michael Erman 3 Min Read
(Reuters) - The U.S. Food and Drug Administration on Thursday listed drugmakers, including Celgene Corp ( CELG.O ), Johnson & Johnson ( JNJ.N ), Gilead Sciences ( GILD.O ) and Novartis AG ( NOVN.S ), who the regulator says are potentially blocking access to samples of their drugs to delay generic competition. A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo
Generic drugmakers may not be able to develop alternatives without access to samples of branded products they intend to copy, the FDA said.
“I want to be very clear: a path to securing samples of brand drugs for the purpose of generic drug development should always be available,” FDA Commissioner Scott Gottlieb said in a statement.
Gottlieb, who has made faster approvals of cheaper generic medicines a priority, said this should be true even in cases where there is limited access to drugs for safety reasons.
The FDA said it has also heard of some drugmakers adopting tactics to make it hard for generic companies to purchase branded drugs even at a fair value and in open market.
Industry lobby group Pharmaceutical Research and Manufacturers of America (PhRMA) said it was concerned that the FDA list lacks context and conflates a number of issues.
“It is important to differentiate between those products for which FDA has received complaints as opposed to those products for which it has received a request for a safety determination letter,” PhRMA said.
Celgene, for example, argued that the three of its products on the FDA list all carry risk of significant side effects, including severe birth defects.
“Therefore, these therapies are subjected to rigorous safety controls that have been developed by the company and approved by the FDA,” Celgene said in a statement. It noted that two of the three drugs already have generic versions licensed to enter the market in coming years, including multiple myeloma treatment Revlimid, by far the company’s biggest selling product.
RBC Capital Markets analyst Brian Abrahams said in a research note that the effect of the FDA’s list will likely be limited.
“Though such efforts maintain the public concern about biopharma’s role in high drug prices and potentially anti-competitive practices, other than creating negative optics for these companies we see minimal impact such a list will have on actual generic risk,” he said.
The list of dozens of companies can be found on the FDA’s website. Reporting by Michael Erman in New York; Additional reporting by Tamara Mathias and Manas Mishra in Bengaluru; Editing by Susan Thomas and Bill Berkrot | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-healthcare-gottlieb/fda-names-drugmakers-likely-blocking-access-to-drug-samples-idUKKCN1II24A |
HARTFORD, Conn., Virtus Global Multi-Sector Income Fund (NYSE: VGI) announced the following monthly distributions:
Amount of Distribution
Ex-Date
Record Date
Payable Date
$0.126
June 8, 2018
June 11, 2018
June 18, 2018
$0.126
July 11, 2018
July 12, 2018
July 19, 2018
$0.126
August 10, 2018
August 13, 2018
August 20, 2018
$0.126
September 13, 2018
September 14, 2018
September 21, 2018
This distribution represents a per annum distribution rate of approximately 10.36% based on the market price of the fund's shares of $14.59 as of the close of the New York Stock Exchange on Tuesday, May 22, 2018 and approximately 10.44% based on the fund's net asset value (NAV) of $14.48 as of the same date.
The fund's monthly distribution rate has been reduced by $0.03 per share. The decrease in the fund's distribution rate is the result of several factors, including current market conditions, the impact of significant market volatility during the first quarter of 2018 on the fund's option strategy and management's desire to provide a distribution rate that it considers sustainable for the longer-term.
Under the terms of the fund's managed distribution plan, the fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the fund's aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the fund's assets and will constitute a return of the shareholder's capital. You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with 'yield' or 'income'.
The fund provided this estimate of the sources of the distributions:
Distribution Estimates
April 2018 (MTD)
Year-to-date (YTD) (1)
(Sources)
Per Share
Amount
Percentage of Current Distribution
Per Share Amount
Percentage
of Current Distribution
Net Investment Income
$ 0.059
37.6%
$ 0.321
41.2%
Net Realized Short-Term Capital Gains
-
0.0%
-
0.0%
Net Realized Long-Term Capital Gains
-
0.0%
-
0.0%
Return of Capital (or other Capital Source)
0.097
62.4%
0.459
58.8%
Total Distribution
$ 0.156
100.0%
$ 0.780
100.0%
(1) YTD December 1, 2017 to November 30, 2018.
Information regarding the fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the fund's NAV and not the market price of the fund's shares. Performance figures are not meant to represent individual shareholder performance.
As of April 30 , 2018
Average Annual Total Return on NAV for the 5 year period (2)
4.56%
Current Fiscal YTD Annualized Distribution Rate (3)
12.67%
YTD Cumulative Total Return on NAV (4)
-9.16%
YTD Cumulative Distribution Rate (5)
5.28%
(2) Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the fund's NAV and reinvestment of all distributions
(3) Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the fund's NAV at month end.
(4) YTD Cumulative Total Return on NAV is the percentage change in the fund's NAV from the first day of the year to this month end, including distributions paid and assuming reinvestment of those distributions.
(5) YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the year to this month end as a percentage of the fund's NAV at month end.
The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions will depend on the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund or your broker will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders what distributions to report for federal income tax purposes.
About the Fund
The Virtus Global Multi-Sector Income Fund seeks to maximize current income while preserving capital by giving investors an opportunity to benefit from broadly diversified holdings across the major domestic and international fixed-income sectors. The Fund also pursues an options overlay strategy that seeks to generate additional income. It is managed by Newfleet Asset Management, LLC, an affiliated manager of Virtus Investment Partners, Inc. that specializes in multi-sector fixed income investing. For more information on the Fund, contact shareholder services at (866) 270-7788, by email at [email protected] , or through the closed end fund section on the web at www.virtus.com .
Fund Risks
An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund's shares may be worth less upon their sale than what an investor paid for them. The options overlay strategy may not be successful in achieving its objective of increasing distributable income while limiting the risk of loss and, in periods of significant moves in the S&P 500® Index, has resulted in and, in the future, may result in, losses for investors. Shares of closed-end funds may trade at a discount to their net asset value. For more information about each fund's investment objective and risks, please see the fund's annual report. A copy of the fund's most recent annual report may be obtained free of charge by contacting "Shareholder Services" as set forth at the end of this press release.
About Newfleet Asset Management
Newfleet Asset Management, an affiliated manager of Virtus Investment Partners, provides comprehensive fixed income portfolio management in multiple strategies. The Newfleet Multi-Sector Strategies team that manages the Virtus Global Multi-Sector Income Fund leverages the knowledge and skill of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction, avoiding interest rate bets and remaining duration neutral to each strategy's stated benchmark. The options overlay strategy is managed by a team at Newfleet distinct from the fixed income investment professionals. For more information, visit www.newfleet.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/virtus-global-multi-sector-income-fund-declares-distributions-300653961.html
SOURCE Virtus Global Multi-Sector Income Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-virtus-global-multi-sector-income-fund-declares-distributions.html |
May 1, 2018 / 11:06 PM / Updated 11 hours ago How Samsung fell behind Sony and LG in the premium TV market Joyce Lee , Ju-min Park 8 Min Read
SEOUL (Reuters) - At the 2013 annual Consumer Electronics Show in Las Vegas, flashy organic light-emitting diode (OLED) televisions sporting credit card-thin screens were at the front and center of Samsung Electronics’ ( 005930.KS ) new gadgets display. FILE PHOTO: Samsung QLED televisions are displayed during the 2017 CES in Las Vegas, Nevada January 5, 2017. REUTERS/Steve Marcus/File Photo
Later that year, the South Korean company splurged on marketing the televisions – which then retailed at around $10,000 for the 55-inch model – to the ultra wealthy. Among the promotions was a penthouse party for the residents of One Hyde Park in London, labeled the world’s most expensive residential block.
But by 2015, it had stopped making OLED TVs, saying the market was not ready to embrace the high costs of the technology – based on thin films of carbon-based modules that light up in response to electric current. Instead it decided to focus on developing liquid crystal display screens that are backlit and enhanced with so-called quantum dots, semiconductor nanocrystals that produce colors and can improve picture quality. These are known as QLED TVs.
It appears to have been a costly misstep. OLED TVs have become a dominant technology in the premium market – that is for a TV of at least 55 inches in size costing more than $2,500 - as the cost of producing them has dropped dramatically.
Samsung is now the only major TV manufacturer not to produce OLED screens. And while the TV business generates less than 3 percent of Samsung’s profit, which largely comes from its semiconductor and mobile phones businesses, the loss of the leadership of the premium, higher-margin market is a hard blow.
“It was based on an objective appraisal of technological and cost competitiveness,” Jongsuk Chu, head of sales and marketing for Samsung’s TV business, told Reuters in a statement, referring to its decision to discontinue making OLED TVs.
A look at online reviews of both OLED and QLED TVs in the past couple of years indicate that OLED TVs made by South Korea’s LG Electronics ( 066570.KS ) and Japan’s Sony ( 6758.T ) gained fans because of the quality of the picture. In particular, reviewers cited more realistic colors and high resolution, as well as attractive designs and increasingly reasonable prices.
That doesn’t mean the Samsung QLED TVs don’t have their supporters. Picture quality has also improved and prices have dropped but they don’t tend to be reviewers’ top picks.
“OLED TV’s jump in premium TV market share is a direct result of its outstanding picture quality,” said Ross Young, CEO of research provider Display Supply Chain Consultants. “Samsung may have missteped in their 2017 product by emphasizing design over picture performance.”
Samsung last year only got an 18.5 percent share of global sales for premium TVs, based on dollar revenue, down from 54.7 percent in 2015, according to research firm IHS Markit. Meanwhile, Sony and LG have leapfrogged Samsung to grab 36.9 percent and 33 percent of the market respectively.
To be sure, Samsung remains the biggest maker of TVs in the world – a title it has now held for 12 years. It also claims to be No.1 in premium TVs, with more than a 40 percent market share, based on data from GfK. These figures include 55-inch TVs that are cheaper than the $2,500. FILE PHOTO: "Quantum Dot" SUHD televisions are displayed at the Samsung Electronics booth during the 2016 CES trade show in Las Vegas, Nevada January 7, 2016. REUTERS/Steve Marcus/File Photo MORE EFFICIENT MANUFACTURING
Samsung Electronics’ decision to base its TV business on LCD technology was made after it took the advice of Samsung Group’s now-defunct Corporate Strategy Office, a source with knowledge of the matter said.
“The office made a suggestion that it would be more profitable to focus on LCDs than switching to less-proven OLED,” said the source, who declined to be named due to the sensitivity of the matter.
The reasons: the TV business was battling falling profits and the company felt LCD technology could be more profitable than high cost OLED, the source said.
The only problem was that around the time this decision was being taken, LG was developing a much more efficient manufacturing process to make OLED screens.
The retail price of a mainstream LG 55-inch OLED TV has dropped to just 3 million won ($2,811) this year from 15 million won ($14,056) in 2013, LG said.
It is not the first time decisions involving Samsung’s Corporate Strategy Office have been questioned. The office was closed after it faced criticism during the political scandal that led to the arrest of the group’s heir Jay Y. Lee last year on charges of bribery and embezzlement. Lee, who denies any wrongdoing, walked out a free man in February after an appeals court suspended his sentence.
Samsung told Reuters the biggest reason it is not making OLED TVs is the issue of screen burn-in, referring to a form of image retention when an image has been on the screen for a long time.
“We concluded that OLED is unfit for large screens, as it can shorten product life when tasked to produce bright images,” said Samsung’s Chu.
LG, though, says on its U.S. website that while burn-in is possible on almost any display, it has addressed the issue through technology that protects against damage to the screen and rectifies short-term problems. PROFIT FIGURES TELL THE TALE
The struggle’s impact on corporate results became clearer last month. LG said on Thursday its TV division recorded a 77 percent jump in quarterly profit and a record profit margin of 14 percent in the quarter ended in March.
Samsung reported a 32 percent quarterly profit decline last Thursday for its consumer electronics division that sells TVs and home appliances, saying that earnings fell from a year ago, partly because it had changed its lineup and stopped selling some lower and mid-priced TVs.
Sony, whose television business incurred losses totaling 800 billion yen ($7.4 billion) over ten years, swung back to a profit in the year ended in March 2017.
To return to profit, the Japanese company reduced the number of markets around the world in which it sells, diversified suppliers and offered both OLED and LCD screens. It also ditched an LCD joint venture with Samsung.
The strategy paid off. While Sony had just 10.2 percent share in the global TV market last year in dollar terms, it was No. 1 in the premium market. Its operating profit margin reached 10.7 percent in the September-December quarter, according to John Soh, analyst at Shinhan Investment.
The outlook for Samsung in premium TVs could worsen as 71 percent of sales this year are expected to be OLED TVs, up from 51 percent last year, according to IHS.
And this is all happening with the 2018 FIFA World Cup starting in June. The month-long soccer competition, which is being held in Russia this year, is consistently the most watched TV event in the world and provides TV makers with a great opportunity to boost sales.
Choong Hoon Yi, head of UBI Research and a former Samsung display engineer, said that it now “looks like Samsung made a mistake” though it did not seem a blunder at the time, as Samsung considered the OLED technology too immature.
When asked about whether it plans to restart OLED TV production and sales, Samsung said that it will lead the premium market by focusing on QLED and micro-LED technology, which uses miniature light emitting diodes to improve picture quality. “There’s no change (in our strategy),” Jonghee Han, President of Samsung’s TV business told reporters last month.
Some display analysts say all might not be lost as Samsung can fight back on price. Initially the U.S. price for Samsung’s mid-range Q7F 55-inch QLED TV in 2018 was $1,900, down from $2,500 last year, according to online channels. Meanwhile the initial price for LG’s 55-inch C7 OLED TV was $3,500 in 2017 but the corresponding C8 started at $2,500 this year.
“Our goal is not to be No. 1 for x-number of consecutive years, but No. 1 forever,” Samsung’s Han said.
($1 = 1,067.1600 won) Reporting by Joyce Lee and Ju-min Park; Additional reporting by Makiko Yamazaki; Editing by Miyoung Kim and Martin Howell | ashraq/financial-news-articles | https://www.reuters.com/article/us-samsung-elec-tv/how-samsung-fell-behind-sony-and-lg-in-the-premium-tv-market-idUSKBN1I24K2 |
Kevin Pillar doubled in the ninth inning and scored the go-ahead run on a wild pitch as the visiting Toronto Blue Jays defeated the Tampa Bay Rays 2-1 Sunday afternoon to avoid being swept in the three-game series.
Carlos Gomez had tied the game in the eighth for the Rays against Ryan Tepera (2-1) with his fifth homer of the season.
Tepera survived a walk, a balk and a single that followed and picked up the win.
Pillar led off the ninth with a double against Alex Colome (2-4), took third on a groundout by Kendrys Morales and scored on a wild pitch.
Roberto Osuna pitched around a single in the bottom of the ninth to earn his ninth save.
Rays starter Chris Archer allowed one run, five hits and no walks while striking out six in a season-best seven innings.
Blue Jays starter Marco Estrada allowed four hits and four walks and struck out three in six innings.
Toronto finished an eight-game road trip at 4-4.
Blue Jays manager John Gibbons was ejected for the second game in a row for arguing the balk call in the eighth.
The Blue Jays took a 1-0 lead in the fifth inning. Anthony Alford singled, stole second, took third on Luke Maile’s fly out to right and scored on an infield single by Aledmys Diaz on a grounder to first.
Diaz took an awkward step at first base and went sprawling with a left ankle injury. He was removed from the field on a cart. Lourdes Gurriel Jr. ran for Diaz and replaced him at shortstop. X-rays on Diaz were negative, and he was listed as day to day with a sprained left ankle.
Tampa Bay’s Wilson Ramos had two singles to extend his hit streak to 14 games, tying the franchise record hit streak by a catcher set by Toby Hall in 2001.
Blue Jays first baseman Justin Smoak returned after spending three games on the paternity list because of the birth of his daughter. Infielder Richard Urena was optioned to Triple-A Buffalo.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-tb-tor-recap/pillar-scores-on-wild-pitch-as-blue-jays-nip-rays-idUSMTZEE56BPRYIV |
May 15 (Reuters) - U.S. oil company ConocoPhillips has brought court actions to seize at least two cargoes of crude and fuel near a terminal operated by PDVSA subsidiary Citgo Petroleum in Aruba, according to three sources familiar with the matter.
Conoco is aggressively moving to enforce a $2 billion arbitration award issued last month by the International Chamber of Commerce over Venezuela’s 2007 expropriation of two projects in the South American nation.
Reporting by Sailu Urribarri and Marianna Parraga; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/conocophillips-pdvsa-citgo/conoco-aiming-to-seize-oil-cargoes-near-citgos-aruba-terminal-sources-idUSL1N1SG03C |
May 23, 2018 / 12:33 PM / Updated an hour ago Rwanda signs tourism sponsorship deal with Arsenal Reuters Staff 2 Min Read
KIGALI (Reuters) - Rwanda has signed a sponsorship and tourism promotion deal with the English soccer club Arsenal, establishing a commercial bond with President Paul Kagame’s favourite team, the Rwanda government said on Wednesday. FILE PHOTO: The crest of English Premier League soccer club Arsenal is seen in front of their home ground, the Emirates Stadium, in London April 11, 2011. REUTERS/Chris Helgren
Tourism is the biggest foreign exchange earner in the East African nation, which is trying to lay to rest memories of a 1994 genocide in which 800,000 Tutsi and moderate Hutus were slaughtered by ethnic Hutu extremists.
Starting in August, the “Visit Rwanda” tourist board logo will be emblazoned on the left sleeve of all players in Arsenal’s first, under-23 and women’s teams, the government said in a statement.
Rwanda did not disclose how much it would pay, but it said the three-year deal would highlight its “growing numbers of wildlife including black rhino, lions, zebra, chimpanzees and the famous mountain gorillas.”
The tourism deal is not the only link between Rwanda and the north London side. Many of Kagame’s critics compare his prolonged stay in power to that of Arsenal manager Arsene Wenger, who retired this year after 22 years in charge.
Kagame, who posted a plaintive message this month about Wenger’s departure from “my beloved Club Arsenal”, came to power after the 1994 genocide and has recently changed the constitution to allow him to stay until 2034.
Arsenal chief commercial officer Vinai Venkatesham described the deal as an exciting partnership that would allow Rwanda to fulfil the ambitions of its tourist industry.
The country hopes to bring in $440 million (330.3 million pounds) this year from foreign visitors, many of whom will be coming to visit its population of endangered gorillas in forests along the border with Democratic Republic of Congo. Reporting by Clement Uwiringiyimana; editing by Elias Biryabarema, Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rwanda-tourism/rwanda-signs-tourism-sponsorship-deal-with-arsenal-idUKKCN1IO1R5 |
Breakingviews TV: Musk vs. Buffett 12:37pm EDT - 03:36
May 8 - Antony Currie and John Foley explain what’s behind the latest spat between the Sage of Omaha and the Playboy of Palo Alto – and what it reveals about their approaches to business and investing. ▲ Hide Transcript ▶ View Transcript
May 8 - Antony Currie and John Foley explain what’s behind the latest spat between the Sage of Omaha and the Playboy of Palo Alto – and what it reveals about their approaches to business and investing. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KG9HjP | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/breakingviews-tv-musk-vs-buffett?videoId=425008899 |
SAO PAULO, May 17 (Reuters) - Petroleo Brasileiro SA said Thursday that talks with Brazil’s government were making progress in resolving a dispute over offshore oil blocks, but no conclusion has been reached so far.
Brazil’s government and the company are negotiating revised terms for the 2010 “transfer of rights” contract, through which the government exchanged exploratory rights over some subsalt oil exploration areas oil in exchange for Petrobras equity.
The company and the government are continuing talks to reach an agreement on the matter, Petrobras said in a statement on Thursday.
Earlier on Thursday, presidential chief of staff Eliseu Padilha said a deal to close the dispute was likely to be forged next week.
But later in the day, the Brazilian Finance Ministry said in a separate statement that whatever agreement is reached would be subject to consultation with Brazil’s audit court and its ministries of planning and mines and energy, factors that could further delay a final agreement.
Preferred shares in Petrobras fell 5.3 percent on Thursday to 25.95 reais and common shares lost 4.5 percent, closing at 30.21 reais on Brazilian stock exchange. (Reporting by Roberto Samora; Writing by Tatiana Bautzer; Editing by Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/petrobras-rights/brazils-petrobras-says-talks-over-transfer-of-rights-progress-idUSL2N1SO2FS |
LONDON, May 9 (Reuters) - Tobacco company Imperial Brands reported lower first-half sales and profits on Wednesday, hurt by a tough pricing environment and overall market declines, but results were slightly ahead of estimates.
The maker of Kool, Winston and Gauloises cigarettes said first-half revenue 3.53 billion pounds ($4.77 billion), slightly ahead of analysts’ consensus estimate of 3.50 billion, according to a company-supplied consensus.
Adjusted operating profit was 1.62 billion pounds, ahead of analysts’ estimates for 1.52 billion pounds.
Earnings per share were 114.3 pence.
$1 = 0.7394 pounds Reporting by Martinne Geller; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/imperial-brands-results/imperial-brands-first-half-results-ahead-of-estimates-idUSFWN1SG0DZ |
Turkish lira hits record low, down 20 pct against dollar this year 8:18pm IST - 01:34
Turkey's lira currency tumbled more than 5 percent against the dollar on Wednesday, hitting a series of record lows as investors dumped the currency on concerns about President Tayyip Erdogan's drive to take greater control of monetary policy. Ciara Lee reports.
Turkey's lira currency tumbled more than 5 percent against the dollar on Wednesday, hitting a series of record lows as investors dumped the currency on concerns about President Tayyip Erdogan's drive to take greater control of monetary policy. Ciara Lee reports. //reut.rs/2IHsDkI | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/turkish-lira-hits-record-low-down-20-pct?videoId=429593159 |
May 10, 2018 / 9:14 AM / Updated 7 hours ago Balancing act: software giant SAP navigates Russian risks Jack Stubbs , Eric Auchard 7 Min Read
MOSCOW/WALLDORF, Germany (Reuters) - Most Western technology companies are losing ground in Russia under the weight of restrictive rules and mounting local competition. Germany’s SAP ( SAPG.DE ) is thriving. A view shows an installation with the logo of SAP software company on the roof of an office building, with a traffic sign seen in the foreground, in Moscow, Russia April 23, 2018. REUTERS/Tatyana Makeyeva
SAP is the clear leader in the Russian business-planning software market, supplying 53 of the top 100 Russian companies by revenue, according to a Reuters analysis of company filings.
Its success has come at a time of intense legal pressure on foreign technology firms, including a law requiring them to allow Russian authorities to hunt for vulnerabilities in their software, which has raised security concerns in Washington.
While the likes of Oracle ( ORCL.N ), Microsoft ( MSFT.O ) and Google ( GOOGL.O ) have been losing market share, Russia is one of SAP’s fastest-growing markets, with revenue rising by about a third to 468 million euros ($565 million) last year.
Part of the reason for this, analysts say, is that its products are entrenched in running the biggest state firms in industries including energy, metals, transport and retail. The German firm has invested heavily in the market, even sponsoring top-tier Saint Petersburg football club Zenit.
It is consequently winning new work with clients, including supplying cloud-based applications that build on its existing software; for example, last month Russia’s largest bank Sberbank ( SBER.MM ), which is state-owned, said it had put in place a new SAP human resources system covering 230,000 employees.
“The large state companies ... all use SAP because of the long-term investment involved, the money already spent and because the software works,” said Moscow-based software analyst Elena Semenovskaia of global tech research firm IDC. “You would have to be insane to rip out SAP and install something else.”
At a time of fraught ties between Russia and the West, SAP has also taken steps to smooth relations with authorities on both sides.
Russia is a small market for SAP, representing just 2 percent of its global revenue, but its actions highlight the complications facing global technology firms operating in a world divided over national security concerns. Balancing the security interests of one country with those of a rival power, when both are using the same software, can be a minefield.
For example, SAP has hired a former general from Russia’s FSB Federal Security Service to help it manage its relationship with the Russian government and security services, according to publicly available records and a source close to the company.
In a move that could help assuage Western security concerns about its exposure to Russian authorities, the company also says it only allows Russian examinations of its products’ inner workings, or source code, to be conducted at a special “clean room” laboratory in Germany.
SAP told Reuters it has complied on rare occasions with Russian software vetting rules while making every effort to ensure the security of products and customers elsewhere.
Asked about the hiring late last year of the ex-FSB general, Vladimir Vladlenovich Skorik, it said: “Such individuals may provide insight into the certification processes that SAP will have to undertake as it sells into the public sector.”
Reuters could not establish Skorik’s exact job title or responsibilities. He did not reply to a message sent to his official SAP email account.
The practice of employing former operatives to give companies insight into state security processes is also common in some Western countries, including the United States. Slideshow (3 Images)
The Kremlin and FSB did not respond to requests for comment about Skorik’s employment. INSIDE THE CLEAN ROOM
SAP is Europe’s biggest software company but number four globally behind U.S. rivals Microsoft, Oracle and IBM in terms of annual sales. It focuses on business-planning software while rivals are more diversified.
Microsoft faces a tough road in Russia because its accounting-focused software faces direct competition from the Russian market leader in that area, 1C. Database giant Oracle has also lost ground in the market over the past decade.
Google and Facebook have long struggled with copycat rivals - Yandex in search and VKontakte in social networking - that put them in the unusual position of second-place players. Recent antitrust and data law changes have also increased pressure on both firms.
SAP, by contrast, is the undisputed leader in the Russian business-planning software market, with 50 percent of the market.
Reuters has reported in recent months that SAP and other companies have acceded to demands by Russian authorities, including the FSB, to allow military contractors to review the source code of some of their products.
Moscow says the reviews are necessary to detect flaws in foreign-made software used by Russian state companies which could be exploited by hackers. But U.S. lawmakers fear they pose a security threat as the same software is used by American government agencies.
Cyber security firms Symantec and McAfee no longer allow foreign governments to review the source code of their products because of security concerns. This shuts them out of parts of Russia’s state technology market, but it was unclear how much business either company previously had in those areas.
Reuters was given exclusive access to visit SAP’s “clean room” near its headquarters in the town of Waldorf in the southern German state of Baden-Wuerttemberg.
Visitors descend below ground through three zones of security to enter a metal cargo shipping container equipped to block electromagnetic signals.
Russian code-testers accredited by the Russian security services fly in to conduct the examinations. No outside electronics, notepads or even pencils are allowed into the site. The testers have access to an isolated computer screen, keyboard and nothing else, SAP Global Vice President Stefan Schulz said.
Schulz said there had been a handful of Russian code reviews of SAP software in recent years, and none in the past year. No other government has carried out such reviews, he added.
He said security reviews have turned up only already known issues. “I don’t know of any case where any new vulnerability was found in the context of such a source code review,” he said. Reporting by Jack Stubbs in Moscow and Eric Auchard in Walldorf; Editing by Jonathan Weber and Pravin Char | ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-cyber-russia-sap/balancing-act-software-giant-sap-navigates-russian-risks-idINKBN1IB123 |
SANTA MARIA DE DOTA, Costa Rica (Thomson Reuters Foundation) - Climbing the steep slope by his house, Fernando Solis Arguedas examined a leaf on one of his 50-year-old trees that produces arabica beans for the world’s first officially certified carbon neutral coffee.
Bags of COOPEDOTA's carbon neutral coffee are on sale in the cooperative's cafe in Santa Maria de Dota, Costa Rica, May 7, 2018. Thomson Reuters Foundation/Sophie Hares Blaming an increasingly unpredictable climate for the first spots of roya fungus, he explained how sustainable techniques such as reducing chemical sprays and planting more shade trees meant higher prices for his coffee cooperative, Coopedota.
But forget organic. Carbon neutral produce has become the buzz term in the Central American nation of 5 million people as countries look to slash greenhouse gas emissions from agriculture while feeding growing populations.
“It’s the trend, but it means we can put our coffee in the international market and if the market is at $120, we might get $180 or $200,” said Solis, the third generation of his family to farm coffee.
“Although in reality a lot goes in costs, we think we come out better,” he said, watching the hawks drifting on currents of warm air over the town of Santa Maria de Dota, some 70 km (40 miles) south of the capital San Jose.
Costa Rica is now home to three zero emission coffee companies plus some carbon neutral banana, pineapple and cattle producers, putting the nation at the forefront of a movement that is slowly growing.
Coffee is not the only drink going carbon neutral. Companies in Sri Lanka, India and China are producing zero emission tea.
Coffee production has played a major role in Costa Rica’s history and it is famed for its high-quality arabica varieties. It is the world’s 14th largest coffee producer although it only accounts for about one percent of the world’s coffee.
ECO-PARADISE
But with a reputation for being environmentally friendly, Costa Rica set itself an ambitious - and increasingly improbable - target in 2007 to become carbon neutral by 2021, which means tackling the 37 percent of its emissions coming from farming.
Coffee makes up nearly 10 percent of its total emissions.
Globally agriculture, forestry and other land use accounts for about 24 percent of greenhouse gas emissions, according to the U.S. Environmental Protection Agency.
Persuading Costa Rica’s coffee farmers to switch fertilisers or mills to cut energy and water consumption or turn pulp into biogas, is helping lower costs alongside their environmental footprint, said people in the coffee industry.
Coffee farmer Fernando Solis Arguedas and his wife Ines Picado stand outside their house in Santa Maria de Dota, Costa Rica, May 7, 2018. Thomson Reuters Foundation/Sophie Hares Many are keen to adapt as the changing climate clouds the future for producers, prompting the government recently to lift a 30-year ban on planting robusta trees that are more heat and disease resistant than arabica.
But getting consumers on board remains a major challenge as producing zero emission coffee comes with costs.
Inside the vast Coopedota facility in Santa Maria de Dota - where most livelihoods are tied to coffee - millions of beans are sorted into sacks as the smell of roasting coffee pervades.
In the quality control room, a pair of tasters tested dozens of cups of coffee, comparing the fragrance and notes from the brews before spitting the remainder into steel beakers.
Although it is now ranked as the world’s first carbon neutral coffee company, the 900-member cooperative originally set out to cut costs and increase efficiency but along the way realized the environmental benefits of the new processes.
Now with water consumption down 80 percent and energy use 40 percent lower, it uses coffee husks instead of firewood to dry beans in cylinders, said environmental manager Adrian Cordero.
Coopedota tracks the emissions produced at each stage, from planting and fertilizing the seeds, taking the coffee cherries from the farm to be depulped, the beans dried and in some cases roasted - buying carbon credits to offset part of its impact.
Cordero said the cooperative exports about half its coffee to the United States and the rest to newer markets in Asia where people are willing to pay the higher price.
“The social angle, the environmental angle, ensures our prices don’t go down,” he told the Thomson Reuters Foundation.
FINDING AN EDGE Cordero acknowledged that becoming carbon neutral was a slow process and required hefty initial investments for Coopedota.
Slideshow (3 Images) The cooperative secures contracts several years in advance, which is security for farmers change the way or crops they farm.
However facing stiff competition from bigger coffee producers such as Brazil, low or zero emission coffee gives Costa Rica an edge, said Carlos Fonseca Castro, technical manager at the country’s ICAFE coffee institute.
Costa Rica was the first to adopt a Nationally Appropriated Mitigation Action (NAMA) plan to help coffee producers cut emissions. It now has a plan in place for cattle.
While only three coffee companies are certified carbon neutral, more are working to slash emissions, seeing knock-on cost benefits, said Fonseca at ICAFE on San Jose’s outskirts.
“It’s not necessarily expensive but it’s a change of mentality around (coffee) production and processing,” he said.
However he said difficulties in accurately measuring how carbon is stored and the need to buy credits was a disincentive.
Roberto Azofeifa, head of the Ministry of Agriculture’s agro-environmental production program, said training and loans were helping farmers speed up to reduce environmental impact.
But raising consumer awareness and finding niche markets for carbon neutral products remained a hurdle.
“The carbon neutral target is inspiring people to do interesting things and even if they don’t have certification, they’re doing important work such as reducing emissions through waste reuse,” said Azofeifa, in his San Jose office.
“How to convince the consumer to be part of this trend is an enormous challenge.”
Sri Lanka’s Bogawantalawa Tea Estates, which became carbon neutral this year, is confident buyers will catch on to carbon neutral as they did with organic products.
“When we mention it’s carbon neutral, they are very much interested because they also are able to mention this on their packs,” said Shivashankary Rajarammohan, head of corporate social responsibility.
Eventually companies may have to show their carbon footprint as they do with nutritional values, said Peter Laderach, climate specialist at the International Center for Tropical Agriculture.
“It’s the same as food safety and traceability. Consumers get more informed and they just want to know they’re buying the right thing,” he said.
Reporting by Sophie Hares; editing by Belinda Goldsmith; 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/
| ashraq/financial-news-articles | https://www.reuters.com/article/us-costa-rica-coffee-carbonneutral/costa-rica-coffee-farmers-brew-up-a-carbon-neutral-future-idUSKCN1IN04G |
A daily roundup of corruption news from across the Web. We also provide a daily roundup of important risk & compliance stories via our daily newsletter, The Morning Risk Report, which readers can sign up for here. Follow us on Twitter at @WSJRisk. Bribery: A judge ordered a former Sri Lankan government official and the […]
To Read the Full Story Subscribe Sign In Previous DOJ Targets 'Duplicative Penalties' Through Increased Coordination Next The Morning Risk Report: DOJ Takes Aim at Enforcement 'Piling On' | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/09/corruption-currents-world-reacts-to-u-s-iran-deal-pullout/ |
BARCELONA (Reuters) - Spanish authorities rescued over 500 migrants this weekend from more than a dozen boats making the perilous Mediterranean crossing to Europe.
Following plane and helicopter searches, Spanish boats rescued almost 300 migrants from nine boats on Saturday, authorities said. As of Sunday afternoon, a further 250 migrants were rescued from eight boats, three of which were in poor condition and later sank, they added.
The migrants were from various countries in North and sub-Saharan Africa.
The number of people crossing into Spain by sea from North Africa, either via the Strait of Gibraltar or the Sea of Alboran, has increased significantly in recent years while arrivals to Italy and Greece via Libya have dropped.
Around 19,000 people made the sea crossing in 2017, representing a 182 percent increase on the previous year.
Europe’s border agency Frontex said in January that it expected a further increase in irregular immigration to Spain this year, with flows boosted by the use of fast boats.
An Italian coastguard official said on Sunday more than 1,800 migrants attempting to cross from Libya to Italy were rescued over the past three days, following an improvement in the weather.
Reporting by Sam Edwards; Editing by Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-migrants-spain/spain-rescues-over-500-migrants-in-mediterranean-idUSKCN1IS0J9 |
Acquisition elevates Tyler’s cybersecurity offerings to further protect client data
PLANO, Texas--(BUSINESS WIRE)-- Tyler Technologies, Inc. (NYSE: TYL) today announced it has acquired Sage Data Security, LLC, leading experts in cybersecurity. Sage offers a suite of services that supports an entire cybersecurity lifecycle, including program development, education and training, threat detection, technology testing, advisory services, and digital forensics.
“The acquisition of Sage enables Tyler to be as proactive as possible in offering data security expertise and services, as risks to data are becoming more prevalent across all industries, including the public sector,” said Lynn Moore, president of Tyler. “With the addition of Sage and its core product for managed threat detection, nDiscovery, Tyler clients will have the opportunity to add an additional layer of security in a cost-effective way. We look forward to bringing even more security to our clients through this complementary offering.”
Sage currently delivers three primary offerings to approximately 240 clients in the healthcare, financial, retail, education, and government sectors.
Sage’s main security offerings include:
Advisory services, which include developing risk assurance policies and consulting to clients when their data may have been compromised. Assurance services, often referred to as white hats or ethical hackers, which assess systems for vulnerabilities and conduct simulated attacks. The results are used to develop a mediation plan. Threat detection, which is the software used in conjunction with experts who review daily logs for new threats in the network environment.
The acquisition of Sage will allow Tyler to provide clients with unique cybersecurity services that further protect their investments in Tyler solutions. Sage’s nDiscovery offering pairs well with Tyler’s solutions and allows the company to provide additional value to our clients to manage cyberattacks and data security issues as cybersecurity threats grow in scope and sophistication. Currently, Tyler’s ERP & School Division uses Sage’s services in its SaaS environment.
“We are very excited at the opportunity to join Tyler Technologies. Our mission has been to protect the nation’s critical digital infrastructure. Until now, we have focused primarily on financial and healthcare verticals. Becoming part of Tyler allows Sage the opportunity to offer our expertise more broadly to the public sector,” said Rick Simonds, president of Sage.
Founded in 2002, Sage is headquartered in Portland, Maine, and employs 45 people. Sage management and staff will become part of Tyler’s ERP & School Division, and a new independent department for client data security will be created. Sage’s current employees are expected to remain in its current office space in Portland, Maine, and Sage’s president, Rick Simonds, will continue to lead Sage within Tyler.
Tyler also announced that it has completed the previously announced acquisition of Socrata, Inc. , for a cash purchase price of $150 million, subject to net working capital and net debt adjustments. Both the Socrata and Sage acquisitions were effective April 30, and were funded through Tyler’s existing cash balances.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) is a leading provider of end-to-end information management solutions and services for local governments. Tyler partners with clients to empower the public sector - cities, counties, schools and other government entities - to become more efficient, more accessible and more responsive to the needs of their constituents. Tyler's client base includes more than 15,000 local government offices in all 50 states, Canada, the Caribbean, Australia, and other international locations. In 2017, Forbes ranked Tyler on its "Most Innovative Growth Companies" list, and Fortune included Tyler on its "100 Fastest-Growing Companies" list. More information about Tyler Technologies, headquartered in Plano, Texas, can be found at www.tylertech.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005126/en/
Tyler Technologies
Jennifer Kepler, 972-713-3770
[email protected]
Source: Tyler Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-tyler-technologies-acquires-sage-data-security.html |
May 3, 2018 / 1:26 PM / Updated 13 minutes ago Anger as Palestinian Authority cuts Gaza salaries and pays late Nidal al-Mughrabi 4 Min Read
GAZA (Reuters) - The Palestinian Authority cut salaries for its staff in Gaza by 20 percent on Thursday and failed to make up for skipping the previous month’s pay, leaving civil servants in the impoverished territory fuming they were pawns in a factional power struggle. Public servants of the Palestinian Authority queue to receive their salaries outside a bank in Gaza City May 3, 2018. REUTERS/Mohammed Salem
Some 38,000 civil servants in the Gaza Strip learned of the new disruptions to their incomes upon arriving at their banks on payday, intent on withdrawing cash ahead of the Muslim holy month of Ramadan, which begins on May 16.
Last month, they were not paid at all. Many were hoping for two months pay this month, but instead received a reduced rate of a single month’s pay, with no explanation.
PA salaries in the other Palestinian territory, the Israeli-occupied West Bank, were paid in full.
Islamist group Hamas seized control of Gaza from Palestinian President Mahmoud Abbas in 2007, prompting Israel and Egypt to clamp down on the territory, where 2 million people live under a de facto blockade with the world’s highest unemployment rate.
In an Egyptian-mediated bid to end the rift and reunite the two Palestinian territories, Hamas said last year it would cede the territory’s control to Abbas’s authority. But many Gazans still feel like they are being used as pawns in a power-struggle between the two groups.
“If they’ve failed to resolve this issue through dialogue, it can’t be resolved by (using) the poor employee,” said Eyad Kalloub, a 40-year-old civil servant, as he queued at his bank.
The Gaza wage cuts were the second round in as many years imposed by the Palestinian Authority, which still administers the payroll for civil servants in the territory run by Hamas.
In April 2017, Abbas slashed Gaza salaries by 30 percent. He has also slashed PA staff numbers in Gaza from 60,000 last year, by ordering early retirement for nearly a third of employees.
Palestinian Authority officials said at time that those moves were meant to pressure Hamas to relinquish Gaza control. However, last month they blamed the latest hold-up in wages on technical problems.
Economists said the PA cuts would shrink the tax revenue collected in Gaza by Hamas - which it uses to pay 40,000 employees it has hired in the enclave since 2007.
That exacerbates Hamas budgetary shortfalls caused by Egypt’s closure of smuggling tunnels from its Sinai peninsula to Gaza. The Islamist faction had collected tax on goods brought in through the tunnels.
More than half of Gazans depend on international aid, and 43.6 percent of workers are unemployed, the highest rate in the world. Basic utilities such as water purification and power have deteriorated.
Israel, which has fought three wars in Gaza in the decade since Hamas took over, bars a range of goods that it says could have military uses from entering the territory, making reconstruction difficult and costly.
Jamal Abu Gholy, 38, a civil servant, came to his Gaza bank hoping to draw on his April salary, only to learn that it had not been deposited. Instead, he owed the bank for an overdraft.
“What shall I do about Ramadan?” he asked, thinking of the festive meals which Muslims break their daily fasting over the course of the month. “I can’t just put out cheese and jam. We tell President Abbas: please show mercy towards us.” Editing by Peter Graff | ashraq/financial-news-articles | https://www.reuters.com/article/us-palestinians-gaza-salaries/anger-as-palestinian-authority-cuts-gaza-salaries-and-pays-late-idUSKBN1I41LM |
NEW YORK, May 25, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) announced that it has named Wahida Plummer as its chief risk officer responsible for all enterprise risk. In addition, the company has promoted its Chief Credit Officer Marisa Harney to an expanded role leading all credit risk. Both leaders will report to CIT Chairwoman and Chief Executive Officer Ellen R. Alemany and serve on the company's Executive Management Committee, effective immediately. CIT's former Chief Risk Officer Robert Rowe has elected to leave the company to pursue other career opportunities and will remain with CIT over the coming weeks to ensure a smooth transition.
"Both Wahida and Marisa are strong leaders with deep expertise in risk management for larger banking institutions. I'm pleased to have them take on these roles as CIT continues to evolve and deliver on its strategic plan," said Alemany. "I want to thank Rob for his leadership at CIT and for creating a strong risk management foundation. With dedicated leaders for both enterprise risk and credit risk, we will be able to further build on that foundation and support robust risk management processes as we advance our business."
Plummer joined CIT in 2017 as the executive vice president in charge of regulatory matters and enterprise risk. Prior to joining CIT, Plummer had a nearly 20-year career in risk and compliance for financial institutions. She began her career at Citigroup and held a number of risk positions in the Global Transaction Services and CitiCapital divisions. She then joined RBS, Americas and served in several risk, credit and compliance roles. Most recently she served as the head of the risk program office for Wells Fargo's Consumer Lending Group.
Harney joined CIT in 2016 as executive vice president and chief credit officer with responsibility for transaction credit approval and credit policy, process and governance. In this expanded role, she also has responsibility for model development and is co-chair for the Allowance for Loan and Lease Losses Committee. Prior to joining CIT, Harney served as chief risk officer for GE Capital Americas. She previously served as head of corporate credit risk of the Americas for Bank of America after spending 11 years in various roles of increasing responsibility in both the credit and risk departments. Earlier in her career she served as unit head for Chemical Bank's and CIBC World Markets' Media & Telecom groups and as a senior credit executive for Credit Suisse First Boston.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com .
Contacts:
CIT MEDIA RELATIONS:
Gina Proia
212-771-6008
[email protected]
CIT INVESTOR RELATIONS:
Barbara Callahan
(973) 740-5058
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/cit-names-chief-risk-officer-promotes-chief-credit-officer-300655025.html
SOURCE CIT Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-cit-names-chief-risk-officer-promotes-chief-credit-officer.html |
David Kalt is the founder of Reverb.com, a marketplace for musical instruments and gear, and the owner of the Chicago Music Exchange, a vintage guitar store in Chicago. He also co-founded and was the former CEO of online broker optionsXpress. As someone who sits at the center of music and technology—two industries that tend to attract The Damaging Shortcuts Entrepreneurs Take When Raising Money | ashraq/financial-news-articles | https://blogs.wsj.com/experts/2018/04/30/how-i-empower-the-introverts-on-my-staff/ |
May 4, 2018 / 7:51 AM / Updated 10 hours ago Myanmar jade mine slag heap collapse kills at least 14 Thu Thu Aung , Aung Moon Sam 2 Min Read
YANGON (Reuters) - A jade mine slag heap collapsed in northern Myanmar on Friday, killing at least 14 people, rescue officials said, the latest in a series of disasters to hit the largely unregulated gem industry.
Myanmar is a major gemstone producer and the civilian government led by Aung San Suu Kyi pledged to tighten controls after a landslide in a jade mine killed more than 100 people in 2015 in Kachin state, the site of Friday’s collapse.
Friday’s accident happened in the early morning in the village of Wai Hka, when workers were scavenging through heaps of mining debris for discarded jade.
“I barely escaped... The soil bulk collapsed and killed people,” said miner Min Naung, 30.
Many jade mines are owned by companies linked to leaders of the previous military government, ethnic armies and Chinese firms. Workers, many of them migrants from elsewhere in Myanmar, toil long hours in dangerous conditions and for little pay.
“To safeguard people’s lives and to reduce the risk of landslides, companies should follow the mining law while digging,” said Chit Kaung, administrator of Wai Hka, where most of its 50,000 population work in mines.
Environmental advocacy group Global Witness put the value of jade production in Myanmar at around $31 billion in 2014. Experts say the majority of stones are smuggled to China.
Fighting between government forces and an ethnic armed group in Kachin has displaced more than 5,000 people since early April, the United Nations says. Writing By Yimou Lee; Editing by Nick Macfie | ashraq/financial-news-articles | https://www.reuters.com/article/us-myanmar-mine/myanmar-jade-mine-slag-heap-collapse-kills-at-least-14-idUSKBN1I50P5 |
May 20, 2018 / 3:46 PM / in 5 minutes Britain yet to renew visa of Russian billionaire Abramovich: sources Polina Devitt 3 Min Read
MOSCOW/LONDON (Reuters) - British authorities, whose relations with Moscow have been strained, are yet to renew Russian billionaire Roman Abramovich’s visa after it expired last month, two sources familiar with the matter told Reuters. FILE PHOTO: Britain Football Soccer - Chelsea v Sunderland - Premier League - Stamford Bridge - 21/5/17 Chelsea owner Roman Abramovich in the stands Action Images via Reuters / John Sibley Livepic
Abramovich, best known in Britain as the owner of Premier League soccer club Chelsea, is in the process of renewing his visa as part of a standard procedure, one of the sources said.
It is taking longer than usual but there is no indication that the visa will not be renewed as there is no refusal or negative feedback, he added.
Millhouse, the company that manages Abramovich’s assets, declined to comment. Britain’s Home Office could not be reached for comment.
Abramovich, who is also a co-owner of London-listed steel producer Evraz, did not attend Saturday’s FA Cup final in London, the showpiece end to the English soccer season when Chelsea beat Manchester United.
He was also absent from a hearing at the London High Court this week at which Russian tycoon Oleg Deripaska was challenging the sale of a stake in mining giant Norilsk Nickel by Abramovich to Russian billionaire Vladimir Potanin.
David Davidovich, a top manager at Millhouse, told the London court that the Chelsea owner was in Switzerland, a transcript of the hearing showed.
Abramovich is Russia’s 11th richest man with wealth of $10.8 billion, according to estimates by Forbes magazine. He made his fortune in the oil industry in the 1990s in Russia and bought Chelsea in 2003, since when he has helped to transform the club into one of the most successful in the Premier League.
Wealthy Russians have long favored London as a place in which to live or do business. However, relations between Britain and Russia hit a low after London accused Moscow of poisoning former double-agent Sergei Skripal in Britain in March. Russia has denied any involvement in the poisoning and retaliated in kind.
The accusation, which prompted countries around the world to expel scores of Russian diplomats, was followed by several statements from the British side, suggesting that the regime for Russian tycoons in London could be toughened.
Britain said in March it would look retrospectively at visas issued to wealthy foreign investors, including Russians, and consider whether action needed to be taken. About 700 Russians came to Britain between 2008 and 2015 with a so-called “Tier 1 visa”.
British foreign minister Boris Johnson also said in March that corrupt Russians who owe their wealth to their ties with President Vladimir Putin could be targeted by British police in retaliation for the Skripal attack. Reporting by Polina Devitt in Moscow and Elizabeth Piper in London; Editing by Keith Weir and Dale Hudson | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-russia-abramovich/britain-yet-to-renew-visa-of-russian-billionaire-abramovich-sources-idUSKCN1IL0MF |
May 8 (Reuters) - Bojangles Inc:
* BOJANGLES’, INC. REPORTS FINANCIAL RESULTS FOR ITS FIRST FISCAL QUARTER 2018
* Q1 EARNINGS PER SHARE $0.12 * Q1 REVENUE $137.5 MILLION VERSUS I/B/E/S VIEW $134.1 MILLION
* SEES FY 2018 ADJUSTED EARNINGS PER SHARE $0.64 TO $0.72 * Q1 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S
* REITERATED ITS ANNUAL GUIDANCE FOR 52-WEEK FISCAL YEAR 2018 ENDING ON DECEMBER 30, 2018
* QTRLY SYSTEM-WIDE COMPARABLE RESTAURANT SALES DECREASED 0.6%
* QTRLY COMPANY-OPERATED COMPARABLE RESTAURANT SALES DECREASED 1.8%
* QTRLY FRANCHISED COMPARABLE RESTAURANT SALES INCREASED 0.2%
* FY2018 EARNINGS PER SHARE VIEW $0.69, REVENUE VIEW $551.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bojangles-inc-reports-q1-earnings/brief-bojangles-inc-reports-q1-earnings-per-share-of-0-12-idUSASC0A0MY |
* Energy firms lead world stocks index to three-week high
* Political concerns intensify on Malaysia vote, Italy talks
* BoE policy meeting, U.S. inflation up ahead
* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh
LONDON, May 10 (Reuters) - World stocks hit a three-week high on Thursday and turned positive for the year as rising oil prices gave energy firms a shot in the arm that countered the effects of increased political uncertainty.
Brent crude rose to another 3-1/2 year high of $77.89 overnight amid fears of supply disruptions after President Donald Trump withdrew the United States from a nuclear accord with Iran and ordered sanctions to be reimposed.
The dollar meanwhile eased slightly from 2018 highs ahead of U.S. April inflation numbers later on Thursday and as currency markets eyed the Bank of England's policy meeting and inflation report.
"It's difficult to know what the principal drivers are given there's a whole host of events, but it could well be that the effect of oil prices on resources companies is outweighing negatives elsewhere," said Investec economist Philip Shaw.
"But I think the main thing the market is looking out for is whether growth in the global economy has peaked and is slowing down," he said, citing reduced growth data in the euro zone and Britain as examples.
Energy shares led Asian stock indexes higher, pushing the 47-country MSCI world equity index to its highest level in three weeks. It is now positive on the year, up 0.3 percent from its starting level on Jan. 1.
European shares largely took their cues from Asian and U.S. peers and rose, but the gains were tempered as British phone company BT reported disappointing results and the pan European STOXX 600 Index was only marginally higher.
Britain's FTSE 100 Index was still up on the day ahead of a Bank of England policy meeting at which rates are expected to be kept on hold, a sea change from expectations a few weeks ago, when a hike seemed nailed on.
Overall, the U.S. Federal Reserve remains the only major central bank that appears to be on course for rate hikes, with New Zealand's Reserve Bank saying it will keeping the Official Cash Rate (OCR) at 1.75 percent "for some time to come."
The New Zealand dollar retreated to a five-month low of $0.6915.
POLITICAL RUCTIONS
Italian government debt sold off sharply in early trades, with 10-year yields hitting a seven-week high as Italy's 5-Star Movement and the far-right League moved closer to the formation of a government of anti-establishment parties.
A crucial obstacle was removed late on Wednesday when former prime minister Silvio Berlusconi, the League's main ally, gave his green light to the talks, accepting a demand from 5-Star that his Forza Italia party take no part in the next government.
Nor is this the only electoral concern on investor minds today; in Malaysia, an alliance of opposition parties spearheaded by Mahathir Mohamad won the general election, putting the 92-year old strongman on course for a return to the prime minister's office he occupied for 22 years.
Over the past day the Malaysian ringgit has slid nearly 3 percent in the one-month non-deliverable forward market and the cost of insuring the country's debt against default has risen.
Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6 percent, while Japan's Nikkei climbed 0.3 percent. South Korea's KOSPI rose 0.5 percent and Shanghai SSEC was 0.2 percent higher.
Brent crude futures were up 0.8 percent to $77.66 a barrel, the highest since November 2014 and building on gains of about 3 percent on Wednesday. U.S. light crude futures were up 0.6 percent at $71.59. (Reporting by Abhinav Ramnarayan Editing by Catherine Evans) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-global-markets-oil-boost-helps-world-stocks-turn-positive-for-2018.html |
May 4, 2018 / 2:25 PM / Updated an hour ago Trump says date, place set for North Korea summit Steve Holland , Roberta Rampton 3 Min Read
WASHINGTON (Reuters) - President Donald Trump on Friday said the date and location have been set for a meeting with North Korean leader Kim Jong Un, building suspense for the unprecedented talks and hinting at progress in freeing three Americans held in North Korea.
The White House has said the first meeting between sitting U.S. and North Korean leaders could take place in the coming weeks. Trump is expected to push for North Korea to give up its nuclear weapons.
The demilitarized zone, or DMZ, between North and South Korea and Singapore are among the top choices being considered for the summit. Trump this week expressed a preference for the DMZ but also said Singapore was possible.
The Peace House at the DMZ was the venue for a meeting last month between Kim and South Korean President Moon Jae-in.
Trump’s national security adviser, John Bolton, met with his South Korean counterpart, Chung Eui-yong, at the White House on Friday, officials said.
Trump, a former reality TV star who likes to build suspense about upcoming presidential news, did not give a date or location for the talks and White House officials did not immediately provide further clarity.
He told the National Rifle Association’s annual convention in Dallas that he had toned down his rhetoric in anticipation of the talks after labeling Kim “Little Rocket Man” last year and threatening him with “fire and fury.”
“I won’t use the rhetoric now,” he said. “Now I’m trying to calm it down a little bit.”
The U.S. government is looking into reports that three Americans arrested in recent years in North Korea had recently been relocated from a labor camp to a hotel near Pyongyang, as expectations grow that they will be released before the summit.
White House spokeswoman Sarah Sanders said on Thursday that if North Korea were to free the three Americans, “We certainly would see this as a sign of good will” ahead of the Trump-Kim summit.
Trump, speaking to reporters outside the White House, suggested activity was under way involving the captives.
“We’re having very substantive talks with North Korea and a lot of things have already happened with respect to the (U.S.) hostages. I think you’re going to see very good things,” Trump told reporters.
Trump also told reporters on Friday that he was not considering reducing the U.S. military’s presence in South Korea as part of the negotiations.
“Troops are not on the table,” he said before flying to Dallas, where he addressed the National Rifle Association. But he also said he would eventually like to bring them home. FILE PHOTO: U.S. President Donald Trump delivers his speech at the National Assembly hall in Seoul, South Korea, Wednesday, Nov. 8, 2017. REUTERS/Lee Jin-man/Pool/File Photo Reporting by Lisa Lambert, Makini Brice, Roberta Rampton, Steve Holland and Jeff Mason; editing by Bernadette Baum and Alistair Bell | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-meeting/trump-says-date-place-set-for-north-korea-meeting-idUSKBN1I51PK |
Italian lawmaker: Lega, Five Star coalition a recipe for disaster 2 Hours Ago Sandro Gozi, Italy’s former minister for EU affairs, said political uncertainty is negative for both Italy and Europe. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/italian-lawmaker-lega-five-star-coalition-a-recipe-for-disaster.html |
CBS challenges bylaw amendments by National Amusements 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/cbs-challenges-bylaw-amendments-by-national-amusements.html |
May 23, 2018 / 6:23 AM / Updated 22 minutes ago Babcock sees steady organic growth, helped by international demand Reuters Staff 1 Min Read
LONDON (Reuters) - British engineer Babcock ( BAB.L ) said it expected to deliver low mid-single digit organic revenue growth and stable margins in 2018/19 after international sales and a restructuring helped the group to hit its annual targets.
The company, which provides specialist support and services to groups including Britain’s Ministry of Defence, posted a 2.8 percent rise in underlying revenue to 5.4 billion pounds, in line with forecasts, while profit rose 3.6 percent to 512 million pounds. Reporting by Kate Holton; editing by Sarah Young | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-babcock-results/babcock-sees-steady-organic-growth-helped-by-international-demand-idUKKCN1IO0LL |
New data highlights a China reef building boom 8:06am BST - 02:21
A town built by China in the Spratlys archipelago in the South China Sea may soon be home to China's first troops based in the hotly contested area. Reuters' Greg Torode walks through new data that points to a rapid Chinese military rollout on the water.
A town built by China in the Spratlys archipelago in the South China Sea may soon be home to China's first troops based in the hotly contested area. Reuters' Greg Torode walks through new data that points to a rapid Chinese military rollout on the water. //reut.rs/2IHEYp9 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/new-data-highlights-a-china-reef-buildin?videoId=429803657 |
SAO PAULO, May 22 (Reuters) - A protest by truck owners in Brazil against high diesel prices is hampering transport of feed and animals in the meat processing sector, ABPA, an association of poultry and pork processors, said on Tuesday.
ABPA said the truckers protests have impacted delivery of cargoes to local and export markets, adding that there are reports of some processing plants reducing working shifts due to lack of inputs. (Reporting by Marcelo Teixeira and Ana Mano Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport-meats/brazil-truckers-protest-hits-transport-of-poultry-pork-association-idUSE6N1QR00G |
BERLIN, May 29 (Reuters) - The euro zone should press ahead with its efforts to strengthen the currency bloc despite the political stalement in Italy, German Finance Minister Olaf Scholz said on Tuesday, adding that he viewed Italy as one of the most pro-European countries.
“Despite the fact that there is a broad spectrum of political perspectives in different countries, there is something we have in common,” Scholz told a conference in Berlin, speaking in English.
“And Italy is one of the most pro-European nations we have. If I understand right, the majority of the Italian people is pro-European ... and this is also necessary to understand how we act and we will do it very cautiously,” Scholz added.
A deepening political and constitutional crisis in Italy, the euro zone’s third biggest economy, fuelled a sharp rise in the country’s short-term borrowing costs on Tuesday and renewed selling in the euro and stocks. (Reporting by Michael Nienaber Editing by Paul Carrel)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-germany-scholz/euro-zone-should-reform-despite-situation-in-italy-german-finmin-idUSB4N1QB04H |
NEW YORK--(BUSINESS WIRE)-- Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of Abaxis, Inc. (NASDAQ: ABAX) stockholders concerning the proposed acquisition of the company by Zoetis Inc. (NYSE: ZTS).
Our investigation concerns whether Abaxis’s board of directors failed to adequately shop the Company and obtain the best possible value for its stockholders before entering into a definitive merger agreement with Zoetis. Under the terms of the agreement, Abaxis stockholders will receive $83.00 per share in cash for each Abaxis share that they own.
If you own Abaxis shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected] , or telephone at (212) 355-4648, or by filling out this contact form . There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation of Abaxis, Inc., please go to http://www.bespc.com/abaxis . For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006219/en/
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
212-355-4648
[email protected]
www.bespc.com
Source: Bragar Eagel & Squire, P.C. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-bragar-eagel-squire-p-c-is-investigating-the-board-of-directors-of-abaxis-inc-abax-on-behalf-of-stockholders-and-encourages.html |
May 3, 2018 / 1:22 PM / Updated 20 minutes ago BRIEF-C&J Energy Services Reports Q1 Earnings Per Share $0.31 Reuters Staff
May 3 (Reuters) - C&J Energy Services Inc: * C&J ENERGY SERVICES ANNOUNCES FIRST QUARTER 2018 RESULTS
* Q1 REVENUE $553 MILLION VERSUS I/B/E/S VIEW $544.6 MILLION * Q1 EARNINGS PER SHARE $0.31
* Q1 EARNINGS PER SHARE VIEW $0.37 — THOMSON REUTERS I/B/E/S
* “WE ANTICIPATE GROWTH IN OUR OTHER CORE BUSINESS LINES WILL CONTINUE.”
* EFFECTIVE MAY 1, 2018, SUCCESSFULLY UPSIZED CREDIT FACILITY PROVIDING FOR UP TO $400.0 MILLION OF BORROWING CAPACITY
* Q1 ADJUSTED EARNINGS PER SHARE $0.41 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cj-energy-services-reports-q1-earn/brief-cj-energy-services-reports-q1-earnings-per-share-0-31-idUSASC09ZKL |
May 11, 2018 / 6:21 AM / Updated 3 hours ago Iran says Syria has every right to defend itself against Israel - TV Reuters Staff 2 Min Read
ANKARA (Reuters) - Iran on Friday supported Syria’s right to defended itself against aggression from Israel, state TV reported, accusing others of remaining silent over the attacks on Tehran’s key regional ally. FILE PHOTO - An Israeli soldier stands next to signs pointing out distances to different cities, on Mount Bental, an observation post in the Israeli-occupied Golan Heights that overlooks the Syrian side of the Quneitra crossing, Israel May 10, 2018. REUTERS/Ronen Zvulun
“Iran strongly condemns ...(Israel’s) attacks on Syria. The international community’s silence encourages Israel’s aggression. Syria has every right to defend itself,” the broadcaster quoted Foreign Ministry spokesman Bahram Qasemi as saying.
Israel said it had attacked nearly all of Iran’s military infrastructure in Syria on Thursday after Iranian forces fired rockets at Israeli-held territory for the first time, in the most extensive military exchange ever between the two adversaries. Related Coverage
The confrontation came two days after President Donald Trump withdrew the United States from the 2015 multinational agreement aimed it curbing Iran’s nuclear programme.
Tehran and its allied Shi’ite Muslim militias back Syrian President Bashar al-Assad.
Since its Islamic Revolution in 1979, Iran has refused to recognise Israel. Writing by Parisa Hafezi; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-israel-iran/iran-says-syria-has-every-right-to-defend-itself-against-israel-tv-idUKKBN1IC0H8 |
Consilium AB:
* BUYS 50 PERCENT OF LAP SIKKERHED APS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-consilium-ab-buys-50-percent-of-la/brief-consilium-ab-buys-50-percent-of-lap-sikkerhed-aps-idUSFWN1S910K |
May 16, 2018 / 1:46 PM / Updated 8 minutes ago UPDATE 1-Trump says China has 'much to give' in trade negotiations - Twitter Reuters Staff 2 Min Read
(Adds quote, background on ZTE)
WASHINGTON, May 16 (Reuters) - U.S. President Donald Trump said on Wednesday that “nothing has happened” with China’s ZTE Corp and that Beijing has “much to give” Washington on trade.
Trump on Monday had defended his decision to revisit penalties on ZTE for flouting U.S. sanctions on trade with Iran, in part by saying it was reflective of the larger trade deal the United States is negotiating with China.
“Nothing has happened with ZTE except as it pertains to the larger trade deal,” Trump said on Twitter.
“We have not seen China’s demands yet, which should be few in that previous U.S. Administrations have done so poorly in negotiating. The U.S. has very little to give, because it has given so much over the years. China has much to give!”
U.S. lawmakers on Tuesday rejected any plan by Trump to ease restrictions on ZTE, calling the telecommunications firm a security threat and vowing not to abandon legislation clamping down on the company.
“There has been no folding as the media would love people to believe, the meetings haven’t even started yet!” Trump said in tweets on Wednesday. (Reporting by Doina Chiacu; Editing by Chizu Nomiyama and Susan Thomas) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-china-zte/update-1-trump-says-china-has-much-to-give-in-trade-negotiations-twitter-idUSL2N1SN0PB |
President Donald Trump should have reported a reimbursement to his attorney Michael Cohen for a payment to porn actress Stormy Daniels in his 2017 public financial disclosure, the director of the government’s ethics office said.
The Office of Government Ethics concluded that “the payment made to Mr. Cohen is required to be reported as a liability,” the agency’s acting director David Apol said in a letter to Deputy Attorney General Rod Rosenstein.
Trump’s attorney Rudy Giuliani disclosed recently that Trump reimbursed Cohen for the $130,000 payment to Daniels, whose real name is Stephanie Clifford. The money was intended to keep her from discussing an alleged extramarital affair with Trump prior to the 2016 election. Trump has denied any relationship with Daniels.
Apol’s agency released Trump’s 2018 disclosure on Wednesday, showing the president had at least $511 million of income in 2017. Under ethics rules, officials report the value of their assets and the amount of their income in broad ranges.
In last year’s disclosure, Trump reported making at least $528.9 million — a number that appears to mix total revenue from his businesses with income — from January 2016 through April 15, 2017.
Trump’s latest disclosure reveals that revenue at his hotel in the capital, the Trump International Hotel Washington DC, was $40.4 million in 2017. In last year’s disclosure Trump reported revenue of $19.7 million for the hotel, which opened in September 2016.
He reported $25.1 million in resort revenue in 2017 from his Mar-a-Lago club in Palm Beach, Florida, where the president spends many weekends during the winter months. His nearby golf course in West Palm Beach had revenue of $12.8 million, but that was dwarfed by Trump National Doral in Miami, which had revenue of $74.7 million.
His course in Bedminster, New Jersey, where Trump spends weekends during the summer months, had revenue of $15.1 million. His course in Turnberry, Scotland, had revenue of $20.3 million.
Melania Trump, the president’s wife, had a new income stream last year. She disclosed up to $1 million in royalties from Getty Images Inc. for use of photos.
For his golf and some hotel properties, Trump disclosed revenue rather than income, as is requested in the disclosure form. It isn’t clear whether some of those assets are profitable, or how much personal income Trump derived from them. | ashraq/financial-news-articles | http://fortune.com/2018/05/16/donald-trump-stormy-daniels-payment/ |
May 11 (Reuters) - Berkshire Hathaway Inc:
* BERKSHIRE HATHAWAY INC REPORTS 22.1 PERCENT STAKE IN DAVITA INC AS OF MAY 3, 2018 - SEC FILING
* BERKSHIRE HATHAWAY INC PREVIOUSLY REPORTED 20.2 PERCENT STAKE IN DAVITA INC AS OF AUGUST 1, 2017 Source text: ( bit.ly/2IxqQOs ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-berkshire-hathaway-inc-reports-221/brief-berkshire-hathaway-inc-reports-22-1-percent-stake-in-davita-inc-as-of-may-3-2018-idUSFWN1SI1GF |
SARATOGA SPRINGS, N.Y., May 14, 2018 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE MKT:ESP) announces results for the third quarter and the first nine months of fiscal year 2018,
Net sales for the third quarter of fiscal year 2018, January 1 to March 31, 2018, were $5,663,161, compared with last year's third quarter net sales of $5,324,104. Net income for the period was $317,764, $0.14 per diluted share, compared with $279,173, $0.12 per diluted share for the same period last year.
For the first nine months of fiscal year 2018, July 1, 2017 to March 31, 2018, net sales were $24,690,689, compared with $17,060,411 for the first nine months of fiscal year 2017. Net income for the period was $2,375,399, $1.02 per diluted share, compared with net income of $944,076, $0.41 per diluted share, for the same period last year.
The sales order backlog for the Company was $47.0 million at March 31, 2018, compared with last year's sales order backlog of $38.7 million at March 31, 2017. New orders in the first nine months of fiscal year 2018 were approximately $28.6 million, compared with new orders in the first nine months of fiscal year 2017 of approximately $16.8 million.
Mr. Patrick Enright, President and CEO, commented,
We are making progress executing our long-term strategy and while there is more work to be done, strong financial performance continued during Q3 with improvement in all areas as compared to the same period in FY17. Successful conversion of engineering program backlog into sales is largely dependent on the execution and completion of our engineering design efforts. We have experienced some technical delays and issues with our major development programs which are being resolved as they arise. The facility refit, which will enable us to build and test our newest transformers, is well underway with completion scheduled for FY19 Q1. With successful completion of our current engineering programs and completion of the factory refit, we will be well positioned for the future.
Espey's primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com .
For further information, contact Mr. David O’Neil (518)245-4400.
This press release may contain certain statements that are "forward-looking statements" and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company's current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Source:Espey Mfg. & Electronics Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-espey-mfg-electronics-corp-reports-third-quarter-and-nine-month-results.html |
HSINCHU, Taiwan, May 10, 2018 /PRNewswire-FirstCall/ --
Q1'18 Highlights (as compared to Q4'17):
Net Revenue at US$137.8 Million Compared to US$151.5 Million March 2018 Revenue Increased 20.9%, as Compared to the month of February 2018 Retained Balance of Cash and Cash Equivalents at US$229.8 Million, with Net Debt Balance of US$138.6 Million Board R esolved on March 15 , 201 8 T hat Cash Dividend of NT$0.30 P er Common S hare W ill B e D istributed to S hareholders f rom E arnings. On A n ADS B asis, T he A mount D istributed to S hareholders W ill B e A pproximately US$0. 21 P er ADS. T he Distri bution is Pending Approval by Shareholders at the Company's Annual General Meeting on June 26, 2018. Board Resolved a Capital Reduction Plan on March 15, 2018 That NT$1.50 Per Common Share Will Be Distributed to Shareholders in C ash to Reduce Capital at Approximately 15% . On An ADS Basis, The Amount Distributed to Shareholders Will Be Approximately US$1.03 Per ADS. T he Distri bution is Pending Approval by Shareholders at the Company's Annual General Meeting on June 26, 2018 and C ompetent A uthority's A pproval.
ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS), an industry leading provider of outsourced semiconductor assembly and test services ("OSAT"), today reported unaudited consolidated financial results for the first quarter All U.S. dollar figures cited in this press release are based on the exchange rate of NT$29.10 against US$1.00 as of March 30, 2018.
All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards ("Taiwan-IFRS").
Net revenue for the first quarter of 2018 was NT$4,010.9 million or US$137.8 million, a decrease of 9.0% from NT$4,408.2 million or US$151.5 million in the fourth quarter of 2017 and a decrease of 12.0% from NT$4,560.3 million or US$156.7 million for the same period in 2017. The decline in revenue from the prior fourth quarter of 2017 reflects the typical first quarter low season, while the comparison to the first quarter of 2017 reflects the subsequent lower allocation from the Company's largest DRAM customer, which adversely impacted revenue.
Net profit attributable to equity holders of the Company for the first quarter of 2018 was NT$22.8 million or US$0.8 million, and NT$0.03 or US$0.001 per basic common share and NT$0.03 or US$0.001 per diluted common share, as compared to net profit attributable to equity holders of the Company for the fourth quarter of 2017 of NT$163.0 million or US$5.6 million, and NT$0.19 or US$0.01 per basic common share and NT$0.19 or US$0.01 per diluted common share, and compared to net profit attributable to equity holders of the Company in the first quarter of 2017 of NT$2,380.1 million or US$81.8 million, and NT$2.82 or US$0.10 per basic common share and NT$2.77 or US$0.10 per diluted common share. Net earnings for the first quarter of 2018 were US$0.02 per diluted ADS, compared to US$0.13 per diluted ADS for the fourth quarter of 2017 and US$1.90 per diluted ADS in the first quarter of 2017. The decline in net earnings, as compared to the fourth quarter of 2017, primarily reflects the adverse impact of a US$4.3 million foreign exchange loss and first quarter low season revenue, while the comparison to the first quarter of 2017 reflects the subsequent lower allocation from the Company's largest DRAM customer and the non-recurrence of a US$65.6 million benefit to net profit in the first quarter of 2017, in which the Company completed the ChipMOS Shanghai equity interest transfer to Tsinghua Unigroup led strategic investors.
S.J. Cheng, Chairman and President of ChipMOS, said, "Revenue for the first quarter of 2018 was in-line with expectations and reflects the typical low season, as compared to the fourth quarter, and reflects the subsequent lower allocation from the Company's largest DRAM customer, as compared to the first quarter of 2017. Despite the headwinds, first quarter of 2018 revenue benefited from demand growth from the industrial and automotive markets, and cryptocurrency applications. Our DRAM revenue increased 12.2% compared to the fourth quarter of 2017, with Test site revenue holding flat. Importantly, we have moved beyond the low season having reported 20.9% revenue growth for the month of March 2018, as compared to the month of February 2018. While our growth rate will fluctuate, the fundamentals of our business remain strong across a diverse base of customers and end markets, giving us confidence as we target quarter over quarter revenue growth in 2018. According to industry and customer' feedback, we expect to benefit from strong Niche DRAM demand, and an increased revenue contribution from TDDI, OLED, and 12 inch fine pitch chip on film ("COF") solutions. In-line with the growth we noted and capacity utilization levels, we are raising prices in our COF and gold bumping starting this month, which will partially benefit results in the current second quarter, with the full benefit to be seen in the second half of 2018."
Silvia Su, Senior Director of Finance and Accounting, commented, "The underlying fundamentals of our business remain strong and we are encouraged by the broad-based demand we are seeing. Results in the first quarter of 2018 reflect an unfavorable comparison with the first quarter of 2017 given the non-recurrence of a US$65.6 million benefit to net profit in the first quarter of 2017, in which the Company completed the ChipMOS Shanghai equity interest transfer to Tsinghua Unigroup led strategic investors combined with the subsequent lower allocation from the Company's largest DRAM customer, which impacted revenue in the first quarter of 2018. We expect gross margin will gradually improve from 14.6% in the low first quarter of 2018, as we move through 2018 based on current demand and capacity utilization levels. We ended the first quarter with a balance of cash of US$229.8 million, and a net debt balance of US$138.6 million. We continue to execute on our core business, target sustainable higher margin growth opportunities, and prioritize capital expenditures in support of our long-term growth strategy. As a next step, our Board resolved on March 15, 2018 that NT$0.30 per common share will be distributed to shareholders from earnings and NT$1.50 per common share will be distributed to shareholders from a capital reduction in cash at a ratio of 15%. The total amount of cash to be distributed is approximately NT$1,586.3 million or US$54.5 million. On an ADS basis, the total cash distribution to shareholders will be approximately US$0.21 per ADS from earnings and US$1.03 per ADS from the capital reduction. The distribution dates are pending shareholders' approval of the distributions at the Company's annual general meeting on June 26, 2018."
Selected Operation Data
Q1'18
Q4'17
Revenue by segment
Testing
28.8%
26.6%
Assembly
26.5%
26.0%
LCD Driver
27.1%
29.8%
Bumping
17.6%
17.6%
CapEx
US$43.4 million
US$36.2 million
Testing
29.3%
7.4%
Assembly
8.1%
19.2%
LCD Driver
55.0%
67.3%
Bumping
7.6%
6.1%
Depreciation and amortization expenses
US$27.9 million
US$26.8 million
Utilization by segment
Testing
79%
79%
Assembly
61%
62%
LCD Driver
78%
85%
Bumping
65%
66%
Overall
71%
74%
Condensed consolidated statements of cash flows
Period ended
Mar. 31, 2018
Period ended
Mar. 31, 2017
US$ million
US$ million
Net cash generated from (used in) operating activities
26.1
63.9
Net cash generated from (used in) investing activities
(74.9)
43.5
Net cash generated from (used in) financing activities
2.7
34.7
Net increase (decrease) in cash
(46.1)
142.1
Effect of exchange rate changes on cash
(0.2)
(0.5)
Cash at beginning of period
276.1
260.2
Cash at end of period
229.8
401.8
Investor Conference Call / Webcast Details
ChipMOS will host two conference calls on Thursday, May 10, 2018 to discuss the Company's financial results for the first quarter of 2018.
1. Date: Thursday, May 10, 2018
Time: 2:00PM Taiwan (2:00AM New York)
Dial-In: +886-2-21928016
Password: 438959#
Replay Starting 2 Hours After Live Call Ends: www.chipmos.com.tw
Language: Mandarin
2. Date: Thursday, May 10, 2018
Time: 8:00PM Taiwan (8:00AM New York)
Dial-In: +1-201-689-8562
Password: 13679178
Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with ID 13679178
Webcast of Live Call and Replay: www.chipmos.com
Language: English
About ChipMOS TECHNOLOGIES INC.:
ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS) ( http://www.chipmos.com ) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS provide assembly and test services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries. ChipMOS along with strategic investors, also owns an advanced facility in Shanghai.
Forward-Looking Statements
This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as 'believes,' 'expects,' 'anticipates,' 'projects,' 'intends,' 'should,' 'seeks,' 'estimates,' 'future' or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, due to various factors. Further information regarding these risks, uncertainties and other factors are included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.
About Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures
To supplement the consolidated financial results presented in accordance with the Taiwan-IFRS, ChipMOS uses non-GAAP free cash flow, non-GAAP earnings before interest, taxes, depreciation and amortization ("EBITDA") and non-GAAP net debt to equity ratio in this press release. The non-GAAP free cash flow represents operating profit plus depreciation, amortization and interest income and less capital expenditures, interest expense, income tax expense and dividend. The non-GAAP EBITDA represents operating profit plus depreciation and amortization. The non-GAAP net debt to equity ratio represents the ratio of net debt, the sum of debt less cash and cash equivalent, divided by equity attributable to equity holders of the Company. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently.
The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the Taiwan-IFRS.
ChipMOS considers the use of non-GAAP free cash flow, non-GAAP EBITDA and non-GAAP net debt to equity ratio provides useful information to management to manage the Company's business and make financial and operational decisions and also to the investors to understand and evaluate the Company's business and operating performance. For more information on these non-GAAP financial measures, please refer to the table captioned "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" in this press release.
- FINANCIAL TABLES FOLLOW BELOW -
ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended Mar. 31, 2018, Dec. 31, and Mar. 31, 2017
Figures in Millions of U.S. dollars (USD) (1)
Except for Per Share Amounts and Weighted Average Shares Outstanding
Three months ended
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
USD
USD
USD
Revenue (2)
137.8
151.5
156.7
Cost of revenue
(117.7)
(125.7)
(128.6)
Gross profit
20.1
25.8
28.1
Research and development expenses
(7.4)
(8.2)
(8.8)
Sales and marketing expenses
(0.4)
(0.5)
(0.8)
General and administrative expenses
(4.6)
(4.0)
(5.6)
Other operating income (expenses), net
1.1
(1.6)
23.3
Operating profit
8.8
11.5
36.2
Non-operating income (expenses), net
(7.1)
(4.2)
(14.8)
Profit (loss) before tax
1.7
7.3
21.4
Income tax benefit (expense)
(0.9)
(1.7)
(4.2)
Profit from continuing operations
0.8
5.6
17.2
Profit (loss) from discontinued operations
-
0.0
64.6
Profit (loss) for the period
0.8
5.6
81.8
Attributable to:
Equity holders of the Company
0.8
5.6
17.2
– Continuing operations
– Discontinued operations
-
0.0
64.6
0.8
5.6
81.8
Profit (loss) for the period
0.8
5.6
81.8
Other comprehensive income (loss)
Exchange differences on translation of
foreign operations
1.7
0.1
(10.4)
Profit (loss) on remeasurements of defined
benefit plans
-
1.8
-
Unrealized gain (loss) on valuation of
equity instruments at fair value through
other comprehensive income
0.4
-
-
Share of other comprehensive income
(loss) of associates and joint ventures
accounted for using equity method
(0.0)
0.0
-
Income tax effect
(0.1)
(0.3)
Total other comprehensive income (loss)
2.0
1.6
(10.4)
Total comprehensive income (loss)
2.8
7.2
71.4
Attributable to:
Equity holders of the Company
2.8
7.2
16.7
– Continuing operations
– Discontinued operations
-
0.0
54.7
2.8
7.2
71.4
Profit (loss) attributable to the Company –
basic
0.8
5.6
81.8
Earnings (loss) per share attributable to the
Company - basic
0.001
0.01
0.10
Earnings (loss) per ADS equivalent – basic
0.02
0.13
1.94
Weighted average shares outstanding (in
thousands) - basic
849,571
849,571
845,078
Profit (loss) attributable to the Company -
diluted
0.8
5.6
81.8
Earnings (loss) per share attributable to the
Company - diluted
0.001
0.01
0.10
Earnings (loss) per ADS equivalent - diluted
0.02
0.13
1.90
Weighted average shares outstanding (in
thousands) - diluted
854,443
854,606
859,536
Note:
(1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.10 against US$1.00 as of Mar. 30, 2018.
The convenience translation should not be construed as representations that the NT dollar amounts have been, or could
be in the future be, converted into US dollars at this or any other exchange rate.
(2) In March 2017, the Company completed the sale and transfer of 54.98% equity interests of its former wholly-owned
subsidiary ChipMOS Shanghai to Strategic Investors. Under Taiwan-IFRS, starting in Q1 2017 the revenue generated by
ChipMOS Shanghai is no longer included in the Company's consolidated revenue. The Company, however, recognizes
45.02% of the net income generated from ChipMOS Shanghai on an ongoing basis.
ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended Mar. 31, 2018, Dec. 31, and Mar. 31, 2017
Figures in Millions of NT dollars (NTD)
Except for Per Share Amounts and Weighted Average Shares Outstanding
Three months ended
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
NTD
NTD
NTD
Revenue (1)
4,010.9
4,408.2
4,560.3
Cost of revenue
(3,426.8)
(3,658.9)
(3,743.7)
Gross profit
584.1
749.3
816.6
Research and development expenses
(215.8)
(237.6)
(256.7)
Sales and marketing expenses
(11.0)
(14.7)
(22.1)
General and administrative expenses
(132.2)
(116.6)
(162.5)
Other operating income (expenses), net
32.4
(45.7)
679.1
Operating profit
257.5
334.7
1,054.4
Non-operating income (expenses), net
(207.8)
(122.8)
(431.0)
Profit (loss) before tax
49.7
211.9
623.4
Income tax benefit (expense)
(26.9)
(49.7)
(122.6)
Profit from continuing operations
22.8
162.2
500.8
Profit (loss) from discontinued operations
-
0.8
1,879.3
Profit (loss) for the period
22.8
163.0
2,380.1
Attributable to:
Equity holders of the Company
– Continuing operations
22.8
162.2
500.8
– Discontinued operations
-
0.8
1,879.3
22.8
163.0
2,380.1
Profit (loss) for the period
22.8
163.0
2,380.1
Other comprehensive income (loss)
Exchange differences on translation of
foreign operations
50.9
3.6
(302.2)
Profit (loss) on remeasurements of defined
benefit plans
-
50.8
-
Unrealized gain (loss) on valuation of
equity instruments at fair value through
other comprehensive income
11.3
-
-
Share of other comprehensive income
(loss) of associates and joint ventures
accounted for using equity method
(0.9)
0.6
-
Income tax effect
(1.4)
(8.6)
-
Total other comprehensive income (loss)
59.9
46.4
(302.2)
Total comprehensive income (loss)
82.7
209.4
2,077.9
Attributable to:
Equity holders of the Company
82.7
208.6
486.2
– Continuing operations
– Discontinued operations
-
0.8
1,591.7
82.7
209.4
2,077.9
Profit (loss) attributable to the Company –
basic
22.8
163.0
2,380.1
Earnings (loss) per share attributable to the
Company - basic
0.03
0.19
2.82
Earnings (loss) per ADS equivalent – basic
0.54
3.84
56.33
Weighted average shares outstanding (in
thousands) - basic
849,571
849,571
845,078
Profit (loss) attributable to the Company –
diluted
22.8
163.0
2,380.1
Earnings (loss) per share attributable to the
Company - diluted
0.03
0.19
2.77
Earnings (loss) per ADS equivalent - diluted
0.53
3.81
55.38
Weighted average shares outstanding (in
thousands) - diluted
854,443
854,606
859,536
Note:
(1) In March 2017, the Company completed the sale and transfer of 54.98% equity interests of its former wholly-owned
subsidiary ChipMOS Shanghai to Strategic Investors. Under Taiwan-IFRS, starting in Q1 2017 the revenue generated by
ChipMOS Shanghai is no longer included in the Company's consolidated revenue. The Company, however, recognizes 4
5.02% of the net income generated from ChipMOS Shanghai on an ongoing basis.
ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of Mar. 31, 2018, Dec. 31, and Mar. 31, 2017
Figures in Millions of U.S. dollars (USD) (1)
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
ASSETS
USD
USD
USD
Current assets
Cash
229.8
276.1
401.8
Accounts and notes receivable, net
125.4
138.0
121.8
Inventories
61.3
66.3
66.5
Other current assets
17.1
7.6
14.9
Total current assets
433.6
488.0
605.0
Non-current assets
Financial assets at fair value through profit or loss
0.4
-
-
Financial assets at fair value through other
comprehensive income
3.4
-
-
Non-current financial assets carried at cost
-
0.7
0.4
Investments accounted for using equity method
145.4
118.0
74.9
Property, plant & equipment
540.0
524.6
478.9
Other non-current assets
12.9
11.7
12.5
Total non-current assets
702.1
655.0
566.7
Total assets
1,135.7
1,143.0
1,171.7
LIABILITIES AND EQUITY
LIABILITIES
Current liabilities
Short-term bank loans
36.0
33.3
36.3
Accounts payable and payables to contractors and
equipment suppliers
43.3
48.2
48.7
Long-term bank loans, current portion
73.7
73.6
36.5
Long-term lease obligations payable, current portion
0.4
0.4
0.4
Other current liabilities
59.3
73.7
61.3
Total current liabilities
212.7
229.2
183.2
Non-current liabilities
Long-term bank loans
257.8
257.7
331.5
Long-term lease obligations payable
0.5
0.6
0.9
Other non-current liabilities
25.6
23.4
23.5
Total non-current liabilities
283.9
281.7
355.9
Total liabilities
496.6
510.9
539.1
EQUITY
Capital stock – common stock
304.5
304.6
304.8
Capital surplus
216.0
216.1
237.2
Retained earnings
148.7
145.6
130.7
Other equity interest
4.5
0.4
(5.5)
Treasury stock
(34.6)
(34.6)
(34.6)
Equity attributable to equity holders of the Company
639.1
632.1
632.6
Total equity
639.1
632.1
632.6
Total liabilities and equity
1,135.7
1,143.0
1,171.7
Note:
(1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.10 against US$1.00 as of Mar. 30, 2018. The
convenience translation should not be construed as representations that the NT dollar amounts have been, or could be in the
future be, converted into US dollars at this or any other exchange rate.
ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of Mar. 31, 2018, Dec. 31, and Mar. 31, 2017
Figures in Millions of NT dollars (NTD)
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
ASSETS
NTD
NTD
NTD
Current assets
Cash
6,688.5
8,035.7
11,692.8
Accounts and notes receivable, net
3,647.8
4,015.8
3,543.6
Inventories
1,785.1
1,929.2
1,935.7
Other current assets
496.0
220.3
434.0
Total current assets
12,617.4
14,201.0
17,606.1
Non-current assets
Financial assets at fair value through profit or loss
11.9
-
-
Financial assets at fair value through other
comprehensive income
100.6
-
-
Non-current financial assets carried at cost
-
20.9
10.0
Investments accounted for using equity method
4,231.0
3,433.3
2,180.3
Property, plant & equipment
15,714.6
15,265.3
13,937.2
Other non-current assets
374.3
339.4
363.5
Total non-current assets
20,432.4
19,058.9
16,491.0
Total assets
33,049.8
33,259.9
34,097.1
LIABILITIES AND EQUITY
LIABILITIES
Current liabilities
Short-term bank loans
1,046.6
969.4
1,055.6
Accounts payable and payables to contractors and
equipment suppliers
1,261.2
1,401.4
1,418.8
Long-term bank loans, current portion
2,144.0
2,143.2
1,062.6
Long-term lease obligations payable, current portion
12.0
11.8
11.3
Other current liabilities
1,725.5
2,144.8
1,783.1
Total current liabilities
6,189.3
6,670.6
5,331.4
Non-current liabilities
Long-term bank loans
7,502.9
7,498.9
9,646.9
Long-term lease obligations payable
15.0
18.0
26.5
Other non-current liabilities
744.1
679.1
683.8
Total non-current liabilities
8,262.0
8,196.0
10,357.2
Total liabilities
14,451.3
14,866.6
15,688.6
EQUITY
Capital stock – common stock
8,861.4
8,863.0
8,868.4
Capital surplus
6,284.2
6,288.3
6,901.4
Retained earnings
4,328.7
4,237.9
3,805.0
Other equity interest
131.8
11.7
(158.7)
Treasury stock
(1,007.6)
(1,007.6)
(1,007.6)
Equity attributable to equity holders of the Company
18,598.5
18,393.3
18,408.5
Total equity
18,598.5
18,393.3
18,408.5
Total liabilities and equity
33,049.8
33,259.9
34,097.1
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(Figures in Millions of U.S. dollars (USD))
The table below sets forth a reconciliation of our operating profit to non-GAAP free cash flow for the periods indicated:
Three months ended
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
USD
USD
USD
Operating profit
8.8
11.5
36.2
Add: Depreciation
27.9
26.8
22.9
Interest income
0.3
0.6
0.3
Less: Capital expenditures
(43.4)
(36.2)
(39.0)
Interest expense
(1.4)
(1.6)
(1.6)
Income tax expense
(0.9)
(1.7)
(4.2)
Non-GAAP free cash flow
(8.7)
(0.6)
14.6
The table below sets forth a reconciliation of our operating profit to non-GAAP EBITDA for the periods indicated:
Three months ended
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
USD
USD
USD
Operating profit
8.8
11.5
36.2
Add: Depreciation
27.9
26.8
22.9
Non-GAAP EBITDA
36.7
38.3
59.1
The table below sets forth a calculation of our non-GAAP net debt to equity ratio for the periods indicated:
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
USD
USD
USD
Short-term bank loans
36.0
33.3
36.3
Long-term bank loans
(including current portion)
331.5
331.3
368.0
Long-term lease obligations payable
(including current portion)
0.9
1.0
1.3
Less: Cash
(229.8)
(276.1)
(401.8)
Net debt
138.6
89.5
3.8
Equity attributable to equity holders of
the Company
639.1
632.1
632.6
Net debt to equity ratio
21.7%
14.2%
0.6%
Contact s :
In Taiwan
Dr. G.S. Shen
ChipMOS TECHNOLOGIES INC.
+886-3-5668877
[email protected]
In the U.S.
David Pasquale
Global IR Partners
+1-914-337-8801
[email protected]
View original content: http://www.prnewswire.com/news-releases/chipmos-reports-first-quarter-2018-results-300646198.html
SOURCE ChipMOS TECHNOLOGIES INC. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-chipmos-reports-first-quarter-2018-results.html |
To subscribe to the newsletter, please sign up here MUST READS U.K.’s Theresa May Escapes Deep Losses in Local Elections: U.K. Prime Minister Theresa May’s Conservative Party avoided widespread losses in local elections across England but ceded some key seats, presenting a mixed picture for the British leader in her first electoral test since losing her party’s parliamentary Stocks to Watch: CBS, Twitter, Tesla, Nike, Berkshire, Newell, Activision Blizzard, Celgene, Pandora, GoPro Next The Free Trips Your Financial Adviser Takes Could Cost You | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/04/mixed-picture-for-british-prime-minister-after-local-elections/ |
While he reiterated the team doesn’t currently plan to sign a veteran running back, New Orleans head coach Sean Payton said he would “absolutely” consider bringing back Adrian Peterson if the Saints do add a back.
Apr 14, 2018; Stillwater, OK, USA; NFL running back Adrian Peterson runs onto the field as an honorary team coach during the spring game at Gaylord Family Memorial Stadium. Mandatory Credit: Mark D. Smith-USA TODAY Sports New Orleans signed Peterson to a two-year deal last offseason and traded him to the Arizona Cardinals in October, after Cardinals back David Johnson hurt his wrist and then-rookie Alvin Kamara emerged for the Saints. Peterson played in just six games for the Cardinals before a season-ending neck injury, and he was released in March.
Some have speculated the split between the Saints and Peterson was not amicable, with many pointing to a tense moment between Payton and Peterson at the end of the second quarter of their Week 1 game at the Minnesota Vikings.
“This gets back to the notion that we had some type of any argument at Minnesota,” Payton told reporters Saturday, “which I still say there was none. I think a ton of him.
“...He’s a tough player, warrior and a great worker, and we have a good relationship.”
Peterson told NFL Network on Thursday that he would be open to a return to the Saints, who will be without veteran Mark Ingram for the first four games due to a PED suspension. He has yet to draw significant interest on the free agent market but has been clear that he plans to continue his career.
The 33-year-old Peterson also told NFL Network he is completely healthy and has had his neck cleared by three different specialists. He has missed 19 games due to injury over the past two seasons after playing in all 16 games in 2015.
Payton said he hopes to get some of the Saints’ young backs, like Boston Scott, Trey Edmunds and Jonathan Williams, more work in Ingram’s absence. To the chagrin of fantasy owners everywhere, Payton doesn’t want to compensate for Ingram’s absence by piling on reigning offensive rookie of the year Alvin Kamara’s plate.
“The mistake would be then Alvin gets 15 more carries, and that’s not the direction we would expect to go,” Payton said. “I don’t think that is wise.”
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-no-payton-peterson/payton-would-absolutely-consider-signing-rb-peterson-idUSKCN1IE010 |
May 18, 2018 / 4:54 AM / Updated 22 minutes ago UOB ceasing foreign currency banknotes import in Taiwan - sources Reuters Staff 1 Min Read
TAIPEI, May 18 (Reuters) - United Overseas Bank (UOB) will stop supplying foreign currency banknotes to lenders in Taiwan from June 18 amid concern on tighter anti-money laundering rules in the region, four sources with direct knowledge of the matter said.
The move by the Singapore bank would effectively leave Bank of America (BoA) the only foreign currency banknotes distributor in Taiwan.
UOB was not immediately available for comment.
Currently, UOB and BoA are the only banks to import foreign currency banknotes to meet demand from Taiwanese lenders.
BoA may also cut down on the business, one source said.
A Taiwanese central bank official confirmed it has appointed four local banks to do the business to ensure there’s no shortage of foreign currency.
The four are Mega International Commercial Bank, Bank of Taiwan, Taiwan Cooperative Bank and First Bank, according to the sources. (Reporting by Liang-sa Loh; Editing by Richard Borsuk) | ashraq/financial-news-articles | https://www.reuters.com/article/taiwan-banking-forex/uob-ceasing-foreign-currency-banknotes-import-in-taiwan-sources-idUSB9N1SI00D |
HONG KONG, May 8, 2018 /PRNewswire/ -- Block.one, the world's largest blockchain developer and author of the EOSIO software, today announced it has appointed noted FinTech lawyer and thought leader Lee A. Schneider as its global General Counsel, effective June 4, 2018.
Schneider will be responsible for all of the company's legal affairs and will be involved in its proactive regulatory and compliance initiatives.
He joins after leading the blockchain practices at two major international firms, most recently McDermott Will & Emery. While at McDermott, Lee led both the Fintech and broker dealer practices.
Lee has been recognized as one of the leading voices in blockchain related regulation and compliance, and has played a role in structuring several of the largest and most successful blockchain-related projects.
Schneider co-hosts Appetite for Disruption, a bi-weekly FinTech podcast with former SEC Commissioner Troy Paredes, and has contributed to the global-leading guidance, "A Securities Law Framework for Blockchain Tokens" developed by Coinbase.
"Lee's unique legal expertise and leadership in blockchain makes him an ideal fit for our business," said Block.one CEO Brendan Blumer. "His background spans many of the most important companies and projects in the space and he has practical experience on both the technology itself and its real-world applications. We are thrilled to welcome him to the team."
Lee Schneider commented: "I'm excited to join at this critical moment in the development of blockchain technologies. Block.one is a diverse business with grand ambitions and unprecedented growth potential, and I look forward to contributing to the firm's successes."
Mr. Schneider holds a Juris Doctor degree from American University's Washington College of Law and a Bachelor's Degree in Economics from the University of Michigan.
About Block.one
Block.one is a leading developer of technology solutions including blockchain software. With employees and advisors based around the world, the company focuses on business-grade technology solutions, including the development of the EOSIO software. For more information visit Block.one .
About EOSIO
Published by block.one, EOSIO is a compliant blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications. The EOSIO software provides accounts, authentication, databases, and the scheduling of applications across multiple CPU cores and/or clusters. This allows for horizontal scalability, replaces user fees with an ownership model, and powers simple deployment of decentralized applications. The EOSIO GitHub repository is available here . For more information, please visit the EOSIO website and resource.
View original content: http://www.prnewswire.com/news-releases/blockone-onboards-industry-leader-lee-a-schneider-as-general-counsel-300644127.html
SOURCE Block.one | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-block-one-onboards-industry-leader-lee-a-schneider-as-general-counsel.html |
World News The EU’s support for the Iran deal is ‘not sufficient,’ Tehran says The EU 's efforts to protect Iran's benefits from the 2015 nuclear deal after the U.S. pull-out are insufficient , Iranian Foreign Minister Mohammad Javad Zarif said Sunday. European leaders have been scrambling to save the deal after the Trump administration announced its withdrawal on May 8. The deal's survival, Tehran has said, will depend on the EU's ability to keep its companies engaged in Iran and protect its oil sector from sanctions. Photo by Emmanuele Contini | NurPhoto | Getty Images Iranian Foreign Minister Mohammad Javad Zarif
The European Union's efforts to protect Iran's benefits from the 2015 nuclear deal after the U.S. pull-out are not enough, Iranian Foreign Minister Mohammad Javad Zarif said Sunday.
"With the withdrawal of America... the European political support for the accord is not sufficient," Zarif told Miguel Arias Canete, EU commissioner for energy and climate, during a meeting in Tehran.
European leaders have been scrambling to save the deal after the Donald Trump administration announced its withdrawal on May 8. Formally known as the Joint Comprehensive Plan of Action (JCPOA), the agreement was additionally signed by France, Germany, the U.K., Russia and China and lifted most economic sanctions on Iran in exchange for restrictions to its nuclear program.
Despite the signatories' broad disagreement with the White House's decision, and pledges to continue upholding the deal that they argue has worked in containing Tehran's nuclear activities, the imposition of sweeping U.S. sanctions makes this a challenging and unlikely feat. The U.S. Treasury is set to re-impose prior sanctions after a 90 or 180-day wind-down period, dependent on the sector, with particularly significant sanctions targeting Iran's oil industry and transactions with its central bank.
European companies with significant investments or plans in Iran have now suggesting withdrawing for fear of facing U.S. penalties, including French oil giant Total and auto manufacturer Peugeot, who have said they will pull their activities from the country if they cannot obtain U.S. sanctions waivers.
"The announcement of the possible withdrawal by major European companies from their cooperation with Iran is not consistent with the European Union's commitment to implementing (the nuclear deal)," Zarif was quoted as saying Sunday. Bypassing U.S. sanctions
Tehran has asked that the EU consider buying Iranian oil in euros and making transactions through its central bank, which would enable it to bypass the U.S. financial system. Since the lifting of sanctions, Iran's oil exports have increased by more than 1 million barrels per day (bpd). About 1 million bpd goes to Europe, while more than 1.5 million bpd is exported to China, India, South Korea and Japan. Tweet
The EU is reportedly considering measures such as euro-denominated trade with Iran, the opening of new credit lines, applying EU laws that would forbid European companies from observing the U.S.' sanctions, and increased energy cooperation. It also aims to compensate European firms facing sanctions for doing business in the country.
The deal's survival, Tehran has said, will depend on the EU's ability to keep its companies engaged in Iran and protect its oil sector from sanctions. In the event that this fails, the country's atomic energy organization has threatened to resume uranium enrichment to approach levels necessary for building a bomb. 'Much more complicated'
"The announcement, in cascade, of European companies that will not keep investing in Iran are making the things much more complicated at the moment," the EU's Arias Canete said. Of Tehran's demands, he added that "the EU will consider it."
European investment in the Islamic republic, led by Germany, France and Italy, has leapt to more than 20 billion euros since sanctions were lifted in 2016, according to Reuters . More than 10,000 German companies, for instance, are engaged in trade with Iran.
Meanwhile, Iran has still not seen the level of investment it was hoping for post-JCPOA, leaving many Iranians dissatisfied with their government. This makes the stakes especially high for President Hassan Rouhani, who is now under intense pressure to deliver on his promises that the deal would herald a major boost for Iran's struggling economy. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/the-eus-support-for-the-iran-deal-is-not-sufficient-tehran-says.html |
EditorsNote: Clarifies 4th graf
Yadiel Rivera hit a pinch-hit, walk-off single in the 10th inning as the Miami Marlins defeated the Philadelphia Phillies 2-1 on Tuesday night at Marlins Park.
Cameron Maybin sparked the rally by lining a one-out triple to left-center, beating an outfield shift. Miguel Rojas was intentionally walked to get to Rivera, who turns 26 on Wednesday. Rivera smoked a line drive over a drawn-in infield for his first walk-off hit as a Marlins player.
Miami’s bullpen pitched four scoreless innings, led by Junichi Tazawa (1-1), who earned the win by working out of a bases-loaded jam in the top of the 10th inning.
Phillies reliever Yacksel Rios (3-1) pitched a 1-2-3 ninth inning and stayed in for the 10th, taking the loss. It was the Phillies’ first defeat in five extra-inning games this season.
Marlins first baseman Justin Bour, who missed his fourth straight start due to back spasms, entered the game in the sixth and hit a pinch-hit homer. It was his fifth homer of the season, tops on the team.
Phillies starter Zach Eflin was perfect through five innings but gave up a bloop double to Rojas (who was erased on a fielder’s choice), the solo homer to Bour and a J.T. Realmuto single in a rocky sixth. The single extended Realmuto’s hit streak to 10 games.
Elfin, who got a no-decision, finished by allowing those three hits, no walks and one run in six innings. He struck out four in his first start this season after being recalled from Triple-A Lehigh Valley to replace Victor Arano (10-day disabled list, strained right rotator cuff) on the Phils’ staff.
Similarly, Miami’s Jarlin Garcia pitched well and got a no-decision. He allowed five hits, one walk and one run in six innings. He struck out three and left with a 1.09 ERA. In four starts this season, he has gone at least six innings in three of them and has not given up more than one run.
The Phillies opened the scoring in the fifth inning. Jorge Alfaro led off the inning with an opposite-field single on a 1-2 pitch. He advanced on a sacrifice bunt by Eflin and went to third on a flyout before jogging home on a Rhys Hoskins double to left.
Miami tied the score 1-1 in the sixth. Moments after Elfin picked Lewis Brinson off of first base — he was called safe before the call was overturned on video review — Bour pulled his pinch-hit homer to right.
With two outs in the 10th, the Phillies loaded the bases on two walks and a single. Maikel Franco lined a shot that appeared headed to left field, but shortstop Rojas made a leaping grab.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-mia-phi-recap/marlins-top-phils-on-riveras-pinch-hit-walk-off-hit-idUSMTZEE522XJD7L |
WASHINGTON (Reuters) - U.S. Vice President Mike Pence is postponing his plans to travel to Brazil this month in order to ensure foreign policy resources are focused on President Donald Trump’s coming talks with North Korean leader Kim Jong Un, Pence’s spokeswoman said on Thursday.
FILE PHOTO: U.S. Vice President Mike Pence participates in the opening session of the Americas Summit in Lima, Peru April 14, 2018. REUTERS/Andres Stapff “The Vice President is delaying his trip to Brazil in order to ensure all diplomatic and national security resources are available as President Trump plans for his historic talks with the Kim regime,” said Alyssa Farah, Pence’s spokeswoman.
No exact date or location has been announced for Trump’s meeting with Kim but it is expected to take place in late May or early June. Pence did not want divert any attention from the talks, Farah said.
Pence’s trip had been expected to include a stop in Manaus, a city near the border with Venezuela. The Trump administration has been critical of Venezuela’s government and has been weighing new sanctions against it.
Pence had also been scheduled to visit Rio de Janeiro on May 30 and meet with Brazilian President Michel Temer and cabinet ministers in Brasilia on May 31, a Brazilian government source told Reuters last month.
“The vice president looks forward to traveling to Brazil in the near future and will continue to work closely with U.S. allies in Latin America to further strengthen our important alliances in the region,” Farah said.
Reporting by Roberta Rampton; Editing by Mohammad Zargham and Frances Kerry
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-brazil/vice-president-pence-postpones-brazil-trip-as-north-korea-talks-loom-idUSKBN1I41QK |
MEXICO CITY (Reuters) - Mexico’s anti-trust agency on Thursday said in a statement that it is investigating possible monopoly practices in the market for cellulose-based personal hygiene products, such as diapers and toilet paper.
The Federal Commission for Economic Competition, or Cofece, said a notice in the government’s daily gazette that it had discovered evidence of possible price fixing and collusion in the market for such goods.
Reporting by Veronica Gomez; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mexico-antirust/mexico-anti-trust-agency-probes-price-fixing-of-diapers-toilet-paper-idUSKBN1I41OI |
Sen. Heitkamp: Higher oil prices will help drive domestic production 1 Hour Ago Sen. Heidi Heitkamp (D-N.D) discusses how rising oil prices will impact the energy sector. Also Sen. Heitkamp talks about the upcoming midterm elections. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/sen-heitkamp-higher-oil-prices-will-help-drive-domestic-production.html |
NEW YORK--(BUSINESS WIRE)-- The Dreyfus Corporation announced today that Dreyfus Municipal Income, Inc., Dreyfus Strategic Municipal Bond Fund, Inc. and Dreyfus Strategic Municipals, Inc. (each, a "Fund") have declared a monthly distribution for each Fund's common shares as summarized below. The distributions are payable on June 29, 2018 to shareholders of record on June 14, 2018, with an ex-dividend date of June 13, 2018.
Fund
Ticker
Monthly
Distribution
Per Share
Change from Prior
Monthly Distribution
Per Share
Dreyfus Municipal Income, Inc. DMF $0.035 -- Dreyfus Strategic Municipal Bond Fund, Inc. DSM $0.035 -- Dreyfus Strategic Municipals, Inc. LEO $0.035 --
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006427/en/
For Press Inquiries:
The Dreyfus Corporation
Benjamin Tanner
212-635-8676
or
For Other Inquiries:
MBSC Securities Corporation
The National Marketing Desk
200 Park Avenue
New York, New York 10166
1-800-334-6899
Source: The Dreyfus Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-dreyfus-municipal-bond-closed-end-funds-declare-distributions.html |
May 15, 2018 / 12:35 AM / Updated 35 minutes ago Asia stocks pull back after soft China data; oil higher Shinichi Saoshiro 6 Min Read
TOKYO (Reuters) - Asian stocks pulled back on Tuesday, brushing off a firmer lead from Wall Street, as investors turned cautious after soft Chinese economic data and awaited fresh developments on U.S.-China trade talks and North Korea. People look at trading boards at a private stock market gallery in Kuala Lumpur, Malaysia May 14, 2018. REUTERS/Stringer
Crude oil prices held near 3-1/2-year highs on supply concerns, while the dollar edged higher, underpinned by a rise in U.S. bond yields.
Spreadbetters expected European stocks to follow their Asian peers lower, with Britain's FTSE .FTSE , Germany's DAX .GDAXI and France's CAC .FCHI all seen shedding 0.2 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.8 percent after rising the previous day to its highest since late March. The index had rallied for three straight sessions prior to Tuesday.
Japan's Nikkei .N225 dipped 0.1 percent, with its surge to a three-month peak bogging down.
“The markets appear to be taking a breather after their recent surge, awaiting fresh developments in matters such as U.S.-China trade issues and Washington’s upcoming summit with North Korea,” said Yoshinori Shigemi, global markets strategist at JP Morgan Asset Management in Tokyo.
The two countries are still “very far apart” on resolving trade frictions, U.S. Ambassador to China Terry Branstad said on Tuesday as a second round of high-level talks was set to begin in Washington.
Hong Kong's Hang Seng .HSI lost 0.9 percent, pulling back from a two-month peak to snap a five-day winning run, while Shanghai .SSEC slipped 0.2 percent.[.SS]
China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade row with the United States.
The downbeat economic news temporarily offset optimism over further foreign inflows into Chinese stocks ahead of their inclusion in MSCI’s widely tracked equity benchmarks from June 1.
Investors in Chinese equities will likely have to re-jig their exposure after the U.S. index publisher made some last-minute tweaks in its index weightings on Tuesday. MSCI said 234 Chinese large caps will be included in its global and regional indexes next month.
Wall Street scraped out gains on Monday after weakness in defensive stocks offset optimism following U.S. President Donald Trump’s conciliatory remarks toward China’s ZTE Corp that helped calm U.S.-China trade tensions. [.N]
While higher oil prices sometimes raise inflation concerns, the recent crude oil surge - Brent has risen 17 percent so far in 2018 - was seen to be generally supportive for equities.
“The recent rise in prices of crude oil won’t have a broadly negative impact on equity markets if it continues at the current pace,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.
“The rise in oil prices is boding well for certain stock sectors like energy shares.”
Brent crude LCOc1 added 6 cents to $78.29 a barrel, nearing a 3-1/2-year high marked on Monday. U.S. crude oil futures CLc1 advanced 2 cents to $70.98 and in reach of its highest level since November 2014 scaled on Thursday.
Oil prices received their latest lift as OPEC reported that the global oil glut has been virtually eliminated. Tensions in the Middle East and uncertainty about output from Iran amid renewed U.S. sanctions have contributed to the recent rise in oil prices. [O/R]
“The commitment of Saudi Arabia and the rest of OPEC to the production cuts is a major factor in supporting the price at the moment as well as the possibility of reduced exports from Iran due to sanctions,” said William O’Loughlin, investment analyst at Rivkin Securities.
In currencies, the dollar index against a basket of six major currencies gained 0.3 percent to 92.801 .DXY.
The greenback took a knock against the euro earlier on Monday after European Central Bank policymaker Francois Villeroy de Galhau said the ECB could give fresh timing guidance of its first rate hike as the end of its exceptional bond purchases approaches.
The U.S. currency managed to bounce back, however, after Cleveland Federal Reserve President Loretta Mester reiterated support for gradual interest rate increases.
The euro lost 0.1 percent to $1.1913 EUR= after pulling back sharply from the previous day's high of $1.1996.
The dollar was 0.25 percent higher at 109.920 yen JPY= , adding to the previous day's gains.
The currency drew support as U.S. Treasury yields rose amid the easing of U.S.-China trade tensions. [US/]
The 10-year Treasury note yield extended its overnight rise and brushed a 12-day high of 3.021 percent US10YT=RR. Reporting by Shinichi Saoshiro; Additional reporting by Henning Gloystein in Singapore; Editing by Shri Navaratnam, Sam Holmes & Kim Coghill | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-markets/asia-stocks-step-back-on-tepid-wall-street-oil-elevated-idUKKCN1IG024 |
May 14, 2018 / 2:14 PM / Updated 4 hours ago ATP World Tour Masters 1000 / WTA Premier, Madrid Masters Men's Doubles Results Reuters Staff 1 Min Read May 14 (OPTA) - Results from the ATP World Tour Masters 1000 / WTA Premier, Madrid Masters Men's Doubles matches on Sunday .. Final .. Nikola Mektic (CRO) and beat 2-Bob Bryan (USA) and (Retired) Alexander Peya (AUT) Mike Bryan (USA) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-doubles/atp-world-tour-masters-1000-wta-premier-madrid-masters-mens-doubles-results-idUKMTZXEE5EQ246LJ |
May 10, 2018 / 3:47 AM / Updated an hour ago Hawaii's Kilauea Volcano channeling molten rock through fits and starts Steve Gorman , Jolyn Rosa 5 Min Read
(Reuters) - The latest bursts of molten rock, ash and toxic gas from Kilauea Volcano on the Big Island of Hawaii are part of an ever changing and still largely mysterious cycle of eruptions that have been at work for hundreds of thousands of years. Kilauea volcano's summit lava lake shows a significant drop of roughly 220 metres below the crater rim in this wide angle camera view showing the entire north portion of the Overlook crater in Hawaii, U.S. May 6, 2018. USGS/Handout via REUTERS
Kilauea, one of the world’s most active volcanoes and perhaps the most intensely studied, began extruding red-hot lava into populated areas through newly opened fissures in the ground last week, destroying dozens of homes and other buildings, and prompting mass evacuations.
The lava-spewing fissures were accompanied by a flurry of earthquakes. An ash plume belched from Kilauea’s long-active Pu’u ‘O’o side vent last week, and on Wednesday volcanic rock exploded from the main summit crater, which could portend a wave of similar eruptions to come.
All of this activity, according to geologists and vulcanologists, is driven by the underground ebb and flow of huge rivers of molten rock called magma — the term for lava before it reaches the surface — and is part of an eruption cycle that has continued nearly nonstop on the island for 35 years.
But experts say the behavior exhibited by Kilauea differs from one eruptive episode to the next, and they hope the latest sequence of events will help them better understand why.
“When all of this is over, and we digest the reams and mountains of data that we are collecting, we will know a lot more about Kilauea as a volcanic system,” Christina Neal, the vulcanologist in charge at the Hawaiian Volcano Observatory of the U.S. Geological Survey, told a news conference on Wednesday.
Scientists acknowledge having no idea how much longer the latest upheaval will last, though there were clear signs something was brewing before it started. EAST RIFT ZONE
Magma had steadily bubbled up for weeks inside the main crater at Kilauea’s summit, and at the separate Pu’u ‘O’o crater miles (kilometers) away on the volcano’s eastern flank called the east rift zone.
Instead of lava breaking through the outside wall of the Pu’u ‘O’o cone, as it did twice before in recent years, the crater floor abruptly collapsed on April 30. The pool of magma drained back into an underground reservoir and pushed its way into deep channels carrying the molten rock farther downslope.
This sequence of events created space for additional magma from Kilauea’s summit to recede back underground and likewise flow downhill into the sub-surface rift line. When that happened, a lava lake that had spilled over the crater rim just weeks before suddenly dropped by hundreds of feet (meters).
By last Thursday, the underground flows found their way to the surface in the community of Leilani Estates, opening large cracks in the ground to emit steam, toxic sulfur dioxide and other volcanic gases, and finally fountains of lava, some hundreds of feet (meters) high. Lava and downed power lines block a road in the Leilani Estates subdivision during ongoing eruptions of the Kilauea Volcano, Hawaii, U.S., May 8, 2018. REUTERS/Terray Sylvester
Fourteen such fissures had been counted as of Wednesday, and scientists said more were likely in the days and weeks ahead.
“There’s still a fair bit of magma right underground that’s available to erupt,” Neal said.
The earthquakes, including a powerful magnitude 6.9 tremor on May 4 — the strongest in Hawaii since 1975 — were produced by the enormous pressure being exerted miles (km) beneath the surface on fault lines around the volcano from the massive intrusion of magma underground. NEW CHAPTER
On Wednesday, scientists observed what they believe may signal a new chapter in the latest series of disturbances — the violent explosion from the summit crater of rocky material that apparently fell into the remaining lava lake.
Such blasts could grow more frequent if the receding magma in the summit chamber drops below groundwater levels, allowing steam to rush into the void and become trapped by more rock falls, causing explosive pressure buildups, scientists said.
The filling and draining of Kilauea’s magma reservoirs has recurred countless times over the history of the volcano, which has been active for hundreds of thousands of years and helped build the largest island in the Hawaii archipelago.
But scientists remain uncertain what caused Kilauea’s latest buildup of molten rock and why the magma traveled so far underground to create new ground vents “when it had two release valves” already at the summit crater and at Pu’u ‘O’o, said Michael Garcia, a volcano expert at the University of Hawaii.
“Why it would push magma 10 miles (16 km) down from where it was erupting is a mystery,” he said.
Garcia said Kilauea’s current eruption cycle, which has persisted with no more than a month’s pause for 35 years, is already its longest in the last five centuries. But that record pales in comparison to a volcano in Costa Rica that has been continuously erupting since 1968. Slideshow (2 Images)
How and when Kilauea will fall silent again has yet to be determined. Reporting and writing by Steve Gorman in Los Angeles; Additional reporting by Jolyn Rosa in Honolulu; Editing by Sandra Maler | ashraq/financial-news-articles | https://in.reuters.com/article/hawaii-volcano-science/hawaiis-kilauea-volcano-channeling-molten-rock-through-fits-and-starts-idINKBN1IB0BS |
May 12, 2018 / 2:50 PM / Updated 37 minutes ago Indian state-run lender OBC posts $245 mln Q4 loss Reuters Staff 1 Min Read
NEW DELHI, May 12 (Reuters) - India’s state-run Oriental Bank of Commerce reported a 16.50 billion-rupee ($245 million) net loss for its fourth quarter on Saturday as bad loans surged due to new central bank rules.
The bank posted losses of 12.18 billion rupees a year ago.
Indian banks, already burdened by a near-record 9.5 trillion rupees of soured loans, have been expected to report a further rise in the March quarter after the Reserve Bank of India withdrew loan restructuring schemes to hasten a clean-up. ($1 = 67.3900 Indian rupees) (Reporting by Manoj Kumar Editing by Alexander Smith) | ashraq/financial-news-articles | https://www.reuters.com/article/oriental-bank-results/indian-state-run-lender-obc-posts-245-mln-q4-loss-idUSL3N1SJ07O |
PARIS (Reuters) - Shares in Societe Generale ( SOGN.PA ) and BNP Paribas ( BNPP.PA ) both fell sharply on Friday, as traders and analysts expressed disappointment with a weak-looking set of first-quarter results from the French banks.
A view shows the logo on the headquarters of French bank Societe Generale at the financial and business district of La Defense near Paris, France, September 6, 2017. Picture taken September 6, 2017. REUTERS/Gonzalo Fuentes SocGen shares were down 4.9 percent while BNP Paribas fell 2.7 percent.
A logo of BNP Paribas is seen outside its Tokyo headquarters, Japan, January 7, 2016. REUTERS/Yuya Shino/File Photo SocGen reported a higher-than-expected quarterly net income, amid a top management reshuffle happening in the middle of discussions with the U.S. authorities over litigation issues, but its group revenues missed forecasts.
SocGen’s corporate and investment bank (CIB) was a particularly weak spot.
“Disappointing performance in Q1. Stock under pressure due to a lower performance in CIB, the unexpected change of management is not helpful at this stage and no finalization of the litigation,” Jefferies’ analysts wrote on SocGen’s results.
BNP Paribas showed a similar picture to SocGen, with BNP Paribas also impacted by sluggish fixed income trading.
“A difficult CIB quarter but not a bad performance,” wrote UBS analysts on the BNP Paribas results.
Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-socgen-bnp-paribas-stocks/socgen-and-bnp-paribas-shares-fall-as-first-quarter-results-underwhelm-idUSKBN1I50M3 |
May 8, 2018 / 12:22 PM / Updated 11 minutes ago India's Modi aiming to win his BJP a southern foothold in state election Rahul Biddappa 3 Min Read
BENGALURU, India (Reuters) - Indian Prime Minister Narendra Modi has thrown himself into a campaign to win a tight state election this weekend and secure a beachhead in the south, ahead of his own re-election bid next year. FILE PHOTO: India's Prime Minister Narendra Modi addresses an election campaign rally ahead of the Karnataka state assembly elections in Bengaluru, India, February 4, 2018. REUTERS/Abhishek N. Chinnappa/File photo
Karnataka state, home to India’s Silicon Valley capital of Bengaluru, is the first big state electing an assembly this year to be followed by three others in the final test of popularity before a general election due next May.
Modi’s Bharatiya Janata Party, which has its core base of support in the north and west, has pinned its hopes on Karnataka because it has little presence in any of the southern states dominated by regional parties.
It has held power before in Karnataka and Modi is addressing rallies to win back the state from the main opposition Congress party and build momentum for the general election.
“Now that the countdown has begun for 2019, a victory or defeat in Karnataka is bound to influence the battle of perceptions,” said political columnist Neerja Chowdhury.
“The BJP has viewed Karnataka as a ‘gateway to the south’ and the Karnataka prize could help the party acquire a pan-India profile,” she said.
Defeat, on the other hand, would re-energise Congress under Rahul Gandhi, the fifth generation scion of the Nehru-Gandhi dynasty, which is trying to exploit dissatisfaction over a lack of jobs for young people and rising fuel prices.
On Tuesday, Modi, by far the main vote-getter for the BJP, was back on the stump, addressing rallies across the state and vowing to make a militarily and economically strong India.
Modi’s supporters, many clad in scarves and caps in the saffron colour of his party, chanted his name as they filled a street in Koppal district.
The election is on Saturday and the votes will be counted on May 15 with the result declared that day.
Opinion polls have forecast no clear winner between the Congress and the BJP and suggested that a regional group, the Janata Dal (S), may emerge as kingmaker in the 222-member state assembly.
A spokesman for the regional group said it urging voters to reject the two main parties and let it rule the state on its own.
“We are going to the people telling them that they have seen both BJP and Congress in power for full terms. We are asking them to now give us a chance,” he said.
Political parties have campaigned on helping farmers and improving conditions in Bengaluru. Additional reporting by Derek D.Francis; Editing by Sanjeev Miglani | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-india-election/indias-modi-aiming-to-win-his-bjp-a-southern-foothold-in-state-election-idUKKBN1I91K6 |
LAS VEGAS, May 2, 2018 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment") today announced that its Board of Directors has authorized the repurchase of up to $500 million of the company's outstanding common stock.
"The new repurchase authorization allows us flexibility to strategically return cash to shareholders while pursuing accretive growth opportunities," said Mark Frissora, President and Chief Executive Officer. "The company is well positioned to increase shareholder returns and fund growth opportunities as they arise, while maintaining a strong balance sheet. The Board and management are fully committed to increasing shareholder value."
Repurchases may be made at the company's discretion from time to time on the open market or in privately negotiated transactions. The repurchase program has no time limit, does not obligate the company to make any repurchases and may be suspended for periods or discontinued at any time. Any shares acquired will be available for general corporate purposes. Caesars Entertainment intends to finance the share repurchase program using cash from operations.
About Caesars Entertainment Corporation
Caesars Entertainment is the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions and its portfolio of subsidiaries now operate 47 casinos in 13 U.S. states and five countries. Caesars Entertainment's resorts operate primarily under the Caesars®, Harrah's® and Horseshoe® brand names. Caesars Entertainment's portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com .
Forward-Looking Statements
This release includes " " intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts and by the use of words such as "will" or "anticipated," or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, the share repurchase authorization. These are based on current expectations and projections about future events.
You are cautioned that are not guarantees of future performance and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance may differ materially from that expressed or implied by such . Such risks and uncertainties include, but are not limited to, Caesars Entertainment's share price and opportunities to deploy capital in higher priority areas, and may include other factors described from time to time in our reports filed with the SEC.
You are cautioned to not place undue reliance on these , which speak only as of the date of this document. Caesars Entertainment undertakes no obligation to publicly update or release any revisions to these to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.
View original content with multimedia: http://www.prnewswire.com/news-releases/caesars-entertainment-announces-share-repurchase-authorization-of-up-to-500-million-300641455.html
SOURCE Caesars Entertainment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-caesars-entertainment-announces-share-repurchase-authorization-of-up-to-500-million.html |
LOS ANGELES (Reuters) - Hometown and racial pride fired up royal wedding watchers across the United States on Saturday, from pre-dawn partiers wearing pajamas and fancy hats in Los Angeles to Twitter posts from Miami to Indianapolis hailing “the blackest royal wedding the U.K. has ever seen.”
Britain’s Prince Harry and his wife Meghan wave as they ride a horse-drawn carriage after their wedding ceremony at St George’s Chapel in Windsor Castle in Windsor, Britain, May 19, 2018. REUTERS/Damir Sagolj Television broadcasts of Prince Harry tying the knot with Hollywood actress Meghan Markle, who is biracial, drew cheers from crowds who had gathered in the otherwise dark outdoor courtyard of Cat & Fiddle pub in Los Angeles long before dawn.
Excitement revved up with each gesture acknowledging African-American heritage - from the fervent sermon of Reverend Michael Curry to a choir singing black spirituals to the performance of cellist Sheku Kanneh-Mason, the first black musician to win the BBC Young Musician of the Year award.
“This little light of mine sung by a black choir to end the royal wedding. I am LIVING,” tweeted Morgan Palmer, an African-American college student in Athens, Georgia.
Markle, whose African-American mother was her only family member attending the wedding, has emerged as an inspiration to some black Americans who see her new social status as proof that life does not have to be limited by preconceptions and arbitrary social boundaries.
Curry’s sermon touched on America’s painful history of slavery and civil rights struggles to emphasize the power of love. Curry, the first African-American bishop of the Episcopal Church, Quote: d from Dr Martin Luther King and “There is a Balm in Gilead,” a spiritual sung by slaves during the Civil War.
Social media lit up with posts from across the United States expressing pride for the recognition and respect for black culture.
“This was officially the blackest royal wedding the U.K. Has ever seen. A black cellist and a gospel choir singing ‘Lean On Me’ as they walked out of the church! Come thru Meghan!” tweeted @MrAnthonyBlack, a blogger from Miami, Florida.
“As a Methodist Pastor I really enjoyed the royal tradition of the wedding ceremony mixed in with the black church,” Dr Charles Harrison, senior pastor of Barnes United Methodist Church in Indianapolis, wrote on Twitter.
At the pub, Leslie Thurston of Los Angeles, who is African-American, listened to the crowd laugh at royal family members’ apparently staid reaction to Curry’s spirited speech.
“I loved the very authentic, down-to-earth, deep message that he gave about the power of love,” Thurston said. “There were a lot of interesting reactions but that doesn’t mean they didn’t like it. Let’s embrace the differences and be as one.”
The lively pub crowd enjoyed pints of English beer, royal-themed cocktails and British favorites like sausage rolls and scones with clotted cream.
Popular tipples included the “Bloody Harry,” billed as a modern take on the Bloody Mary, but with added ginger as a cheeky nod to Prince Harry’s red hair, and the Markle Sparkle – prosecco with elderflower liqueur to represent the couple’s elderflower wedding cake.
Chezere Brathwaite, 50, who lives in Los Angeles but is originally from London, cheered the ceremony for combining modernity and ancient rituals.
“I’m glad that they put both cultures into the ceremony. It was a bit fire and brimstone for those back home,” she said.
A couple is pictured during their wedding at King's chapel as Britain's Markle's wedding takes place in St George's Chapel at Windsor Castle, in the British overseas territory of Gibraltar, historically claimed by Spain May 19, 2018. REUTERS/Jon Nazca Reporting by Jane Ross and Lucy Nicholson in Los Angeles; Additional reporting and writing by Barbara Goldberg in New York; Editing by Daniel Wallis and Matthew Lewis
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-world-usa/african-americans-hail-uk-royal-weddings-nod-to-black-history-culture-idINKCN1IK0MN |
May 2, 2018 / 5:07 AM / Updated 9 minutes ago BRIEF-Basler AG reports Qtrly sales of Euro 44.9 Mln Reuters Staff
May 2 (Reuters) - Basler AG:
* QTRLY SALES OF EURO 44.9 MILLION (PREVIOUS YEAR: EURO 36.3 MILLION, +24 %)
* QTRLY INCOMING ORDERS EURO 46.1 MILLION (PREVIOUS YEAR: EURO 60.4 MILLION, -24 %)
* QTRLY EBIT OF EURO 10.8 MILLION (PREVIOUS YEAR: EURO 8.0 MILLION, +35 % )
* SAYS CONFIRMS CURRENT FORECAST | ashraq/financial-news-articles | https://www.reuters.com/article/brief-basler-ag-reports-qtrly-sales-of-e/brief-basler-ag-reports-qtrly-sales-of-euro-44-9-mln-idUSFWN1S80QN |
BRUSSELS (Reuters) - The European Commission is proposing that EU governments make direct money transfers to Iran’s central bank to avoid U.S. penalties, an EU official said, in what would be the most forthright challenge to Washington’s newly reimposed sanctions.
FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, March 12, 2018. REUTERS/Yves Herman/File Photo The step, which would seek to bypass the U.S. financial system, would allow European companies to repay Iran for oil exports and repatriate Iranian funds in Europe, a senior EU official said, although the details were still to be worked out.
The European Union, once Iran’s biggest oil importer, is determined to save the nuclear accord, that U.S. President Donald Trump abandoned on May 8, by keeping money flowing to Tehran as long as the Islamic Republic complies with the 2015 deal to prevent it from developing an atomic weapon.
“Commission President Jean-Claude Juncker has proposed this to member states. We now need to work out how we can facilitate oil payments and repatriate Iranian funds in the European Union to Iran’s central bank,” said the EU official, who is directly involved in the discussions.
The U.S. Treasury announced on Tuesday more sanctions on officials of the Iranian central bank, including Governor Valiollah Seif,. But the EU official said the bloc believes that does not sanction the central bank itself.
European Energy Commissioner Miguel Arias Canete will discuss the idea with Iranian officials in Tehran during his trip this weekend, the EU official said. Then it will be up to EU governments to take a final decision.
EU leaders in Sofia this week committed to uphold Europe’s side of the 2015 nuclear deal, which offers sanctions relief in return for Tehran shutting down its capacity, under strict surveillance by the U.N. nuclear watchdog, to stockpile enriched uranium for a possible atomic bomb.
SANCTIONS-BLOCKING LAW
Other measures included renewing a sanctions-blocking measure to protect European businesses in Iran.
The Commission said in a statement it had “launched the formal process to activate the Blocking Statute by updating the list of U.S. sanctions on Iran falling within its scope,” referring to an EU regulation from 1996.
Related Coverage EU's Iran sanctions blocking law could harm German firms in U.S.: BDI French business chief in Iran sees bleak prospects for European firms Poland's PGNiG suspends gas project in Iran because of U.S. sanctions The EU’s blocking statute bans any EU company from complying with U.S. sanctions and does not recognize any court rulings that enforce American penalties. It was developed when the United States tried to penalize foreign companies trading with Cuba in the 1990s, but has never been formally implemented.
EU officials say they are revamping the blocking statute to protect EU companies against U.S. Iran-related sanctions, after the expiry of 90- and 180-day wind-down periods that allow companies to quit the country and avoid fines.
A second EU official said the EU sanctions-blocking regulation would come into force on Aug.5, a day before U.S. sanctions take effect, unless the European Parliament and EU governments formally rejected it.
“This has a strong signaling value, it can be very useful to companies but it is ultimately a business decision for each company to make (on whether to continue to invest in Iran),” the official said.
Once Iran’s top trading partner, the EU has sought to pour billions of euros into the Islamic Republic since the bloc, along with the United Nations and United States, lifted blanket economic sanctions in 2016 that had hurt the Iranian economy.
Iran’s exports of mainly fuel and other energy products to the EU in 2016 jumped 344 percent to 5.5 billion euros ($6.58 billion) compared with the previous year.
EU investment in Iran, mainly from Germany, France and Italy, has jumped to more than 20 billion euros since 2016, in projects ranging from aerospace to energy.
Other measures proposed by the Commission, the EU executive, include urging EU governments to start the legal process of allowing the European Investment Bank to lend to EU projects in Iran.
Under that plan, the bank could guarantee such projects through the EU’s common budget, picking up part of the bill should they fail or collapse. The measure aims to encourage companies to invest.
Reporting by Robin Emmott; Editing by Alastair Macdonald and Jon Boyle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-europe/eu-commission-says-launches-measures-to-protect-eu-business-in-iran-idUSKCN1IJ100 |
May 16 (Reuters) - Citigroup Inc:
* CITIGROUP INC FILES PROSPECTUS SUPPLEMENT RELATED TO OFFERING OF $350 MILLION 4.450% SUBORDINATED NOTES DUE 2027 - SEC FILING Source text - bit.ly/2k2dQT5 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-citigroup-inc-files-prospectus-sup/brief-citigroup-inc-files-prospectus-supplement-related-to-offering-of-350-million-4-450-subordinated-notes-due-2027-idUSFWN1SN0Y3 |
Employees at a branch of one of China’s largest state-owned banks have attempted to sell what they claimed were $150,000 tickets to dine with President Donald Trump at a fundraiser in Dallas, prompting Republican campaign officials to notify the Justice Department.
China Construction Bank’s Shenzhen branch confirmed a media report that some of its employees had sent fliers to clients promoting the chance to meet Mr. Trump and mingle with U.S. business “big shots” at the May 31 event.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/chinese-bank-employees-tried-to-sell-150-000-trump-dinner-tickets-1526666563 |
May 12, 2018 / 2:16 PM / Updated 24 minutes ago Hamilton ends Vettel's pole run in Spain Alan Baldwin 3 Min Read
BARCELONA (Reuters) - Formula One world champion Lewis Hamilton seized pole position at the Spanish Grand Prix on Saturday in a Mercedes one-two that ended Sebastian Vettel’s bid for a fourth in a row. Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 12, 2018 Mercedes' Lewis Hamilton during practice REUTERS/Albert Gea
The Briton, leading his Ferrari rival by four points after four races, put in two blistering final laps at an overcast Circuit de Catalunya to take the top slot in a track record one minute 16.173 seconds.
Finnish team mate Valtteri Bottas was second, in 1:16.213, with Vettel third and 0.132 off the pace.
“I needed this pole, I haven’t had a pole for a while. It’s a Mercedes one-two,” said Hamilton, whose last pole was in the Australian season-opener in March.
“It was important for me to get back into a good position with qualifying, as it’s usually a strength of mine.”
The four-times world champion’s time, on a track that has been smoothed and resurfaced since last year, was nearly three seconds quicker than his 2017 mark of 1:19.149.
The Briton has now been on pole in Spain for three years in a row and four of the last five. Saturday’s was the record 74th pole of his career and came at a track that has historically favoured the top qualifier.
Ferrari’s Kimi Raikkonen qualified fourth with the Red Bull pairing of Max Verstappen and Daniel Ricciardo lining up fifth and sixth for their first race since they collided in Azerbaijan two weekends ago.
“I was happy with the lap... I was feeling good. I looked at the tower and I saw my name didn’t go up, but we expected Mercedes to be strong so we will see what happens tomorrow,” Vettel said.
Danish driver Kevin Magnussen qualified seventh for Haas, ahead of Spaniards Fernando Alonso and Carlos Sainz for McLaren and Renault respectively.
That marked the first time Sainz had outqualified his German team mate Nico Hulkenberg this season and left Alonso as the only driver on the grid with a 5-0 record over his team mate, Stoffel Vandoorne.
It was also the first time a McLaren, now with Renault engines and with an eye-catching new nose and front wing, had reached the decisive final session this season.
“The top guys are still too high up so we need to close that gap, but I’m pleased that all the updates we brought here seem to be delivering as we expected,” Alonso said.
“We just need new parts as soon as possible and to keep going in this direction.”
Frenchman Romain Grosjean rounded out the top 10 for Haas.
New Zealand’s Brendon Hartley did not take part in qualifying for Toro Rosso after crashing heavily in final practise.
“I’ll have a good sleep and come back tomorrow fresh, anything is possible,” he said.
His absence saved former champions Williams the embarrassment of filling the back row of the grid with Russian Sergey Sirotkin and Canadian Lance Stroll in 18th and 19th.
Sirotkin has a three-place grid penalty, however, as a result of a collision in Azerbaijan. Reporting by Alan Baldwin; and Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-spain/hamilton-ends-vettels-pole-run-in-spain-idUKKCN1ID0II |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.