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May 19, 2018 / 7:05 AM / Updated 9 hours ago Babbel takes over at Western Sydney Wanderers Reuters Staff 3 Min Read
SYDNEY (Reuters) - Former German international Markus Babbel was named as the new coach of Australia’s Western Sydney Wanderers on Saturday, charged with writing a new chapter in the already remarkable story of the A-League expansion club.
Babbel, who won Euro 96 with Germany and the UEFA Cup with Liverpool during a successful playing career, most recently coached Luzern in the Swiss league after spells in charge at Stuttgart, Hertha Berlin and Hoffenheim in Germany.
The 45-year-old takes over a club which became Asian champions in only its third year of existence and reached the A-League final in three of its first four seasons under inaugural coach Tony Popovic.
The former Bayern Munich defender coached former Wanderers striker Tomi Juric at Luzern and said the Australia international had given him an idea of what to expect.
“Tommy Juric was telling me that the crowds are totally crazy and after Switzerland (where) the supporters are very quiet ... I’m really looking forward to good support,” Babbel told a news conference.
“I am ready for a new experience and I thank you for the trust, I will give 100 percent to bring our vision nearer and nearer.”
Babbel takes over from Spaniard Josep Gombau, who was sacked when Wanderers failed to secure a spot in the playoffs at the end of last season.
Wanderers have become one of the most fanatically followed clubs in Australia over their first six seasons and the club is clearly keen to get back among the frontrunners before their new 30,000-seater stadium is finished next year.
“Today we have made a statement about our future,” said club chairman Paul Lederer.
“In the next 18-months we will have our new training facility finished, our new stadium open and our club ready to take another giant (leap).
“Having a coach like Markus involved with this club will make us a force in this league as we strive to win trophies, return to the AFC Champions League and make a statement not only in Australia but internationally as a football club.” Reporting by Nick Mulvenney, editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-australia-babbel/babbel-takes-over-at-western-sydney-wanderers-idUKKCN1IK065 |
May 4, 2018 / 7:07 AM / in an hour Italy's League sets terms for stopgap govt, 5-Star wants election Gavin Jones , Sara Rossi 4 Min Read
ROME (Reuters) - The anti-immigrant League laid down on Friday its terms for the formation of a stopgap government in Italy tasked with writing a 2019 budget and preparing for new elections after an inconclusive vote in March. FILE PHOTO: Anti-establishment 5-Star Movement Luigi Di Maio smiles during a news conference at the Foreign Press Club in Rome, Italy, March 13, 2018. REUTERS/Tony Gentile/File Photo
However, it was far from clear if the League’s opponents would back its demands, including that the prime minister should come from centre-right ranks, with the anti-establishment 5-Star Movement seeking a re-vote in June to end the deadlock.
President Sergio Mattarella has called a final round of talks with party leaders on Monday to try to secure a coalition deal but, failing that, he is expected to seek support for a technocrat, unity government to draw up the budget.
League leader Matteo Salvini told reporters any such administration had to take into account that a centre-right alliance, including his own party, had taken the most seats in parliament at the March 4 ballot.
“We will tell Mattarella that, in the case of an interim government, the (prime minister) must come from the ranks of the side that won and not be a technocrat,” Salvini said.
He said such an administration could last six months and look to revise Italy’s much-maligned electoral law, as well as approve a budget to stave off the looming threat of a scheduled jump in sales taxes.
Salvini called on 5-Star, which emerged as the largest single party in March, to back the idea, adding that he did not want the centre-left Democratic Party (PD) on board.
There was no immediate reaction from 5-Star, but everything Salvini said seemed to run counter to what the anti-system group has been calling for after its own solutions to end nine weeks of political stalemate got gunned down by its rivals. NO MAJORITY
In an interview with Il Fatto Quotidiano newspaper on Friday 5-Star leader Luigi Di Maio said an election should be held on June 24, waving away concerns that there was no time to organise it and dismissing the need for a stopgap administration.
“Once a government starts, it will cling on at all costs,” he said.
He also rejected suggestions that parliament should revise the electoral law yet again to try to stave off future deadlock: “It can’t be done. We would waste years arguing about it.”
The last four Italian prime ministers took office thanks to backroom deals rather than ballot-box victories, and repeated efforts to devise an electoral law allowing the swift formation of a government have failed to come up with a winning formula.
No group came close to securing an absolute majority on March 4 and a matrix of vetoes has prevented the parties from doing a deal, with friction and frustration growing by the day.
Mattarella has made clear he does not want to dissolve parliament immediately. A source in his office told Reuters on Wednesday that if a government could not take power with a stable majority, elections would be inevitable in the autumn.
Opinion polls suggest a new vote would still end in stalemate, although the centre-right is gaining ground.
A survey by Demopolis released on Thursday put 5-Star on 33.2 percent against the 32.7 percent they won in March, while the centre-right bloc was forecast to take 39.5 percent against 37.1 and the centre-left 21.1 percent from 22.8.
The biggest change was seen within the rightist alliance, with support for the eurosceptic League jumping to 22.9 percent from 17.4 percent and backing for former prime minister Silvio Berlusconi’s Forza Italia dropping to 12.2 percent from 14.0. Writing by Crispian Balmer; Additional reporting by Sara Rossi in Milan; Editing by Kevin Liffey and Gavin Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics/italys-5-star-leader-calls-for-election-on-june-24-idUKKBN1I50KI |
Spotify stock plunges after reporting earnings for the first time Anita Balakrishnan Reblog Spotify reported its first quarterly earnings as a public company. The company posted a total user base of 170 million, with 75 million paid subscribers, in line with expectations. Spotify SPOT shares fell nearly 8 percent in extended trading Wednesday when it reported its first quarterly earnings as a public company and gave a disappointing outlook for revenue growth. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/spotify-earnings-q1-2018.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
Lebanon holds its first election in nine years 4:47pm BST - 01:47
Voters travelled across Lebanon on Sunday to take part in the country's first election in nine years - a poll seen as important to securing economic stability.
Voters travelled across Lebanon on Sunday to take part in the country's first election in nine years - a poll seen as important to securing economic stability. //uk.reuters.com/video/2018/05/06/lebanon-holds-its-first-election-in-nine?videoId=424392841&videoChannel=14095 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/06/lebanon-holds-its-first-election-in-nine?videoId=424392841 |
May 22 (Reuters) - British construction company Galliford Try Plc is likely to face additional costs due to weather-driven delays in the construction of Aberdeen’s new ring road this year, the company said on Tuesday.
The company said the amount will depend upon progress recovered through the summer, but is expected to be lower than a charge of 25 million pounds ($33.56 million) taken in the first half.
Along with Balfour Beatty, Galliford is striving to complete the Aberdeen project following the collapse of Carillion Plc, which was a major partner in what is one of Scotland’s biggest motorway construction projects of recent years.
Practical completion of the project is anticipated this summer, Galliford said. ($1 = 0.7449 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/galliford-outlook/galliford-try-says-charges-from-aberdeen-project-to-increase-idUSL3N1ST2EC |
SAN FRANCISCO, May 3, 2018 /PRNewswire/ -- Innovaccer Inc. , a leading San Francisco-based healthcare data platform company, today announced that David K. Nace, M.D. has joined the company as Chief Medical Officer. In his new role, Dr. Nace will help the company boost its efforts to drive healthcare efficiency by unleashing the power of data.
Having served in several key positions at multiple organizations, Dr. Nace comes onboard with over 3 decades of experience in senior management. In the past, Dr. Nace has served as the VP of Population Health at McKesson Corporation, the Chairman of the Board at Patient-Centered Primary Care Collaborative, SVP at the UnitedHealth Group, and VP & Chief Medical Officer at Aetna.
Dr. Nace has been associated with Innovaccer since 2017 when he joined the company as an Executive Advisor. As the Chief Medical Officer, Dr. Nace will now assist the company in enhancing its healthcare data platform to streamline population health strategies and improve physician experience.
"Data is the key to everything in healthcare. If you don't get your data right, everything else stays unraveled," says Dr. Nace. "Technology should ease the burden of being a doctor or a nurse, and enable ways for patients, their caregivers, and health providers to work together in order to improve health and reduce costs. Innovaccer provides a technology-agnostic approach to integrating and using of all of your data to allow health plans, providers, and their patients achieve truly data-driven health practice."
"We are delighted to have David onboard as the CMO," says Abhinav Shashank, CEO at Innovaccer. "Having helped numerous healthcare systems, health information technology organizations, and health plans with technological innovations, Dr. Nace's knowledge and experience in healthcare would be valuable to reach our goal of making the care continuum more transparent and efficient."
Dr. Nace has been a board member for the Integrated Healthcare Association, a statewide multi-stakeholder leadership group that promotes quality improvement, accountability and affordability of healthcare in California; and the Care Continuum Alliance, based out of Washington, DC. He also served as an adviser to the American Medical Association, National Business Group on Health, World Health Organization, and the International Labor Organization on issues ranging from health promotion and wellness to employer policy and health care financing issues. Dr. Nace earned his medical degree from the University of Pittsburgh.
Innovaccer recently launched its healthcare data platform, InData , along with InGraph and InCare to enhance care outcomes for the US Healthcare ecosystem. Dr. Nace's appointment adds more expertise and experience, which will help the company in achieving its mission of saving $1 bn for US Healthcare by 2019.
About Innovaccer
Innovaccer Inc. is a leading healthcare data platform company focused on delivering more efficient and effective healthcare by combining pioneering analytics with transparent, and accurate data. Innovaccer's aim is to simplify complex data from all points of care, streamline the information, and help organizations realize strategic goals based on key insights and predictions from their data. Its products have been deployed across 500+ locations with over 10,000 providers leveraging it at institutions, governmental organizations, and several corporate enterprises such as Mercy ACO, StratiFi Health, UniNet Healthcare Network, Catalyst Health Network, and Osler Health Network. Innovaccer is based in San Francisco with offices around the United States and Asia.
For more information, please visit www.innovaccer.com or follow us on Twitter @innovaccer.
Press Contact
Sachin Saxena
Innovaccer Inc.
213-618-3678
Related Links
Innovaccer
View original content with multimedia: http://www.prnewswire.com/news-releases/former-mckesson-vp-david-nace-md-joins-leading-healthcare-data-platform-company-innovaccer-as-chief-medical-officer-300642071.html
SOURCE Innovaccer | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-former-mckesson-vp-david-nace-md-joins-leading-healthcare-data-platform-company-innovaccer-as-chief-medical-officer.html |
SOFIA (Reuters) - The European Union will stick to the Iran deal and the bloc’s leaders have mandated their Brussels-based executive to defend the interests of European companies dealing with Tehran from U.S. sanctions if needed, top EU official said.
“On Iran nuclear deal, we agreed unanimously that the EU will stay in the agreement as long as Iran remains fully committed to it. Additionally the Commission was given a green light to be ready to act whenever European interests are affected,” the chairman of a two-day EU leaders’ summit in the Bulgarian capital, Donald Tusk, told a news conference.
The head of the bloc’s executive European Commission, Jean-Claude Juncker, told the same conference that the EU was ready to start trade liberalization talks with the United States in some areas if Washington gives permanent exemptions from aluminum and steel tariffs.
Reporting by Gabriela Baczynska and Ivana Sekularac
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-europe-tusk/top-eu-officials-agree-joint-stance-on-iran-deal-u-s-trade-idUSKCN1II1X3 |
NEW YORK--(BUSINESS WIRE)-- Levi & Korsinsky announces it has commenced an investigation of Prothena Corporation (“Prothena” or “the Company”) (NASDAQGS: PRTA) concerning possible violations of federal securities laws.
On October 15, 2015, Prothena announced its late-stage Phase 2b “PRONTO” study and expansion of its Phase 1/2 clinical trial for the antibody NEOD001. On April 23, 2018, Prothena announced it was ending development of NEOD001 after its Phase 2b PRONTO trial failed to reach either its primary or secondary endpoints. Following this news, shares of Prothena fell from a close of $36.84 on April 20, 2018, to a close of $11.50 per share on April 23, 2018. To obtain additional information, go to :
http://www.zlk.com/pslra-d/prothena-corporation
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
//www.businesswire.com/news/home/20180517005971/en/
Levi & Korsinsky, LLP
Eduard Korsinsky, Esq., 212-363-7500
Toll Free: 877-363-5972
Fax: 212-363-7171
www.zlk.com
Source: Levi & Korsinsky, LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-shareholder-alert-levi-korsinsky-llp-notifies-investors-of-an-investigation-involving-possible-securities-fraud-violations.html |
LONDON, May 2 (Reuters) - The London Stock Exchange’s clearing arm LCH has begun clearing interest rate swaps denominated in yuan, won and rupees to bolster its Asia base as euro business faces the threat of relocation.
LCH said it has begun clearing non-deliverable rate swaps in the three Asian currencies for the first time, pitting it more directly against rival clearers like the Singapore Exchange.
The swaps are used by companies to insure themselves against unexpected moves in interest rates.
Non-deliverable refers to a swap denominated in a currency that is typically restricted or not widely traded outside its home market, and settled in the dollar.
It expands to 21 the number of currencies handled by SwapClear, the LCH service for clearing interest rate swaps.
JPMorgan and Standard Chartered banks said they were among the first to clear the new products.
LCH is fighting a threat from the European Union to force it to move clearing of euro-denominated swaps from London to the bloc after Brexit next year.
Rival Deutsche Boerse has revamped its clearing service to attract the euro business to its own platform in Frankfurt. (Reporting by Huw Jones; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/lse-markets-clearing/london-stock-exchange-clearing-unit-expands-asia-offering-idUSL8N1S75RI |
The big 5-0 is one of those birthdays that can make people take serious stock of the half-century behind them.
Passing that milestone also can bring on the realization that retirement — or whatever you choose to call that phase of life when full-time work is largely behind you — is no longer a distant concept. And if you haven't focused on that looming reality, it can be anxiety provoking.
"Sometimes people don't really know how to assess their future needs and don't want to talk about it," said certified financial planner Charlotte Dougherty, president of Dougherty & Associates in Cincinnati. "But a lot of times there are opportunities at that age to really move the needle on your retirement planning."
Blend_Images | Getty Images Various research suggests many 50-somethings are ill-prepared for their golden years.
In 2016, the median retirement account balance — half are below, half are above — for people ages 55 to 64 stood at $66,643, according to Vanguard. The average for that age group was $178,963. For ages 45 to 54, the median was $43,467 and the average was $116,699.
Remember, whatever amount you've saved will need to be combined with other sources of income in later life — i.e., Social Security — and stretch across the remainder of your life.
The good news is that your 50s are an ideal time to turn the notch up on your savings.
Retirement savings among older workers Age Average Median 45-54 $116,699 $43,467 55-64 $178,963 $66,643 65 and older $196,907 $60,724 Source: Vanguard 2017 research, based on 2016 data "This is the point when you could be hitting your peak earnings years and your expenses may be declining if you're empty nesters," said Howard Pressman, a certified financial planner and partner at Egan, Berger & Weiner in Vienna, Virginia. "If there's a gap between what you've saved and what you need, you've probably got another 10 or 15 years to fill it."
The idea, basically, is to determine what you want the next chapter of your life to look like, and then take the time to plot out how to get there.
"Be as detailed as you can be about what you want the next phase to look like," Pressman said. "People who have a really good idea about what they're going to have more success than those who don't."
Here are five aspects of your financial life that take on new meaning in your 50s and can help you prepare for later years.
Did we mention savings? When you hit age 50, the IRS starts letting you put more tax-advantaged money in retirement accounts.
While the contribution limit for 401(k) plans is $18,500 for 2018, workers age 50 and older are allowed to stash an extra $6,000 in their accounts under the so-called catch-up rule. That's a total of $24,500 you can put away, as long as your company allows the catch-up contributions (most do). This applies to both traditional and Roth 401(k)s.
The rules are less generous for IRAs. Both traditional and Roth IRAs have contribution limits of $5,500, with an extra $1,000 allowed per year once you reach age 50. Be aware, though, that while traditional IRA contributions come with no annual income limits, Roth IRAs do.
"It can be enlightening to see how much you're spending that you really could be saving." -Charlotte Dougherty, President of Dougherty & Associates "We like to see people save as much as possible in their 50s," Dougherty said.
Of course, finding extra money to funnel into those retirement accounts often means changing your spending habits or squeezing extra money out of your budget.
Taking a close look at where your money is going can help identify extra cash.
"It can be enlightening to see how much you're spending that you really could be saving," Dougherty said.
Give your investment portfolio a checkup If you haven't checked on exactly how your retirement savings is allocated among different investments, now's an important time to revisit your portfolio.
In your 50s, two things become more important: your risk tolerance — how well you stomach the value of your investments going up and down — and when you anticipate taking distributions from your portfolio.
"If that's going to happen in seven or 10 years, you might want to put some money in [fixed income] so you know you won't have funds subject to the market volatility we've got right now," said certified financial planner Nicole Strbich, director of financial planning for Buckingham Financial Group in Dayton, Ohio.
show chapters This is how far $1 million in retirement lasts in U.S. cities 4:10 PM ET Wed, 11 April 2018 | 01:22 Get rid of really bad debt If you have credit card debt , aim to get it paid off as soon as possible.
"Credit card debt is really an issue for many people," Dougherty said. "It's a pure cost, and it can be a high cost. And it's a big impediment to being able to save."
Right now, the average interest rate on credit cards is about 16.7 percent. That is more than three times the average rate on a 30-year fixed mortgage (4.7 percent) and five-year car loan (4.2 percent).
Even private student loans — which typically are several percentage points higher than federal student loans — are lower. Credit card debt also comes with zero potential tax benefit, unlike mortgage interest and student loan interest.
In other words, credit card balances typically are far more expensive than other forms of debt.
"There's nothing wrong with taking vacations and buying gifts, as long you don't use plastic to pay for it and pay a huge interest rate," Dougherty said.
Your future self will thank you.
More from Personal Finance:
4 steps women can take to conquer the $1 million earnings gap before they retire
Even without a rate hike, the Fed's stance on inflation means more bad news for borrowers | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/how-50-somethings-can-get-serious-about-planning-for-retirement.html |
SHANGHAI, May 23, 2018 /PRNewswire/ -- AllSpark launches a brand-new ecology designed to merge the worlds of content creation, digital media and marketing using blockchain technology.
"Blockchain created a new era where you can accomplish incredible things with your ideas," AllSpark co-founder Yuan Jing said. "The idea of AllSpark is to gather all of humanity's creativity in a place where it can be shared to generate value. We want to make everybody's social network produce value while simultaneously minimizing the cost of all advertisers around the world."
With the advent of blockchain technology comes the opportunity to create lasting solutions to problems once thought unsolvable. If blockchain is to fix the problems plaguing content creators, sharers and advertisers, it will be a solution that can successfully enclose all three into one single, reciprocal ecosystem.
Using blockchain to bring in a new era of connectivity
With the rapid development of Internet technology, the media sector has long since moved from linear to multi-dimensional, network-based communication systems. But despite these leaps, most content creators and communicators in the age of social media cannot obtain deserving benefits. All the while, the cost of advertiser marketing is getting higher and higher.
These woes are solved on AllSpark's distributed platform because content creators, content communicators, and content consumers can freely complete content matching transactions by freely setting up different transaction mechanisms. Ultimately, the free market mechanism determines the value of the content, so that content creators and communicators receive economic returns.
AllSpark Chain is a non-profit industry chain. The in-depth customization based on Wanchain's code will draw on the transaction privacy protection and Ethereum smart contract features already implemented by Wanchain. At the same time, it utilizes an improved DPOS principle to carry out certain transformations.
Regarding storing various content, AllSpark introduces an IPFS distributed storage contract. Users will feel comfortable storing their content on local servers, cloud servers, or third-party DApp servers because of a decentralized storage mechanism that will protect the copyrights of content creators. In addition, smart contracts, similar to Ethereum/Wanchain, can support content creators, distribution channels, advisors, or content consumers to handle confirmation of interest and forced distribution on the AllSpark chain, thus protecting the interests of all parties involved.
The Foundation of the AllSpark chain will initially create a series of general smart contract templates for user convenience. As the AllSpark ecosystem develops, professional DApps will provide related templates from which they can profit, thus creating an environment where the utility and complexity of smart contracts will steadily increase. Also, more DApp technique providers will emerge to present whole new methods of transforming traditional Apps into DApps on the AllSpark Chain.
In addition, the AI provided at the initial stage will be used to monitor all incoming content. That way, the AllSpark platform is in full compliance with laws related to reviewing and controlling open content in various countries. The evaluation mechanism of AllSpark is also an integral part of the chain's design. It's possible to evaluate original content through the positive incentive mechanism of rewards, which helps the sharer and consumer to better identify top-notch content and thus decide on a proper reward.
By employing blockchain to build a distributed platform for content creation, AllSpark solves the problems facing content creators and distributors that were previously unsolvable. On the AllSpark platform, content creators, distributors, and consumers can participate in a revolutionary economy of pure content trading wherein various mechanisms of their choice are established. Thereafter, the free market will determine the content's value and related creators and distributors can see proportionate returns.
The AllSpark Token
The AllSpark Token (ASK) plays multiple roles in the AllSpark platform:
The first is the original "fuel" of AllSpark's public chain, providing package incentives and fueling smart contract consumption; it is an essential Utility Token. ASK is also a countermeasure for all parties in the chain to confirm and allocate equity. The value of ASK is used to measure the distribution of rights and interests of all parties. In addition, ASK is the most convenient tool for transnational collaboration and sharing of benefits. At present, cross-border cooperation and settlement is a huge issue under traditional conditions. With ASK, the difficulties in cross-border settlement can be solved smoothly. Finally, ASK is an essential driving force for ecological incentives; for content uploads, rewards for excellent evaluations, and completion of collaborative tasks.
Fully empowering individual creativity and communication
If the Internet is what shapes self-media, then it will be the bottom-layer technology of blockchain that provides a platform where everyone can realize their full potential. The operating principle of AllSpark is to enable the supply-and-demand relationship between content and information to form a stable connection with value, ensuring the safety and validity of all steps along the blockchain. This leads to the protection of creator copyrights and creates value in information transformation. Through AllSpark, top-level creators will earn a higher income and are further incentivized to create better content.
AllSpark doesn't only focus on content creation and distribution; it can also transform conventional production relations and production patterns throughout many industries. In other words, AllSpark can also be applied in all industries by matching incongruent demands.
Smart and effective use of advertisers' money
The traditionally trustless relationship between advertisers and publishers presents a perfect opportunity for blockchain to intervene. Monitoring ROI will be fully transparent, so measuring the successes and failures of a campaign will be much simpler. The entire process from autonomous authoring (UGC) to individual distribution (self-sharing) to C-side acceptance of information payment is monitored by the blockchain system. In conjunction with confirmation, smart control protection is provided for commercial transformation of advertiser content.
Regarding DApps
DApps are an important part of the AllSpark ecosystem. In the early stage of network development, AllSpark will provide a universal DApp that supports standard functions, including wallet functions, content upload functions, content evaluation functions, transaction settlement, and data query functions. With the development of the ecology, AllSpark encourages and invites more ecological stakeholders to provide users with more personalized DApps.
DApps will include those designed for vertical content, such as music, advertising cash-outs, and those used to match content creators, communicators and advertisers. Other DApps, such as those providing copyright transactions, content search, data analysis, social networking, etc., will also emerge and find their place in the AllSpark ecosystem.
An elite team integrates global media resources
AllSpark's core team has rich experience in global digital media operations. The project development company has 11 years of experience as a digital media agency and is an overseas agent for Baidu, Tencent, Google, and Facebook in China.
Since 2015, the companies controlled by the AllSpark team have started their own media operations and advertising business in cooperation with more than 90,000 self- media. Since 2017, the team has provided content for the largest news apps in China, including Tencent News (240 million MAU) and Baidu (420 million MAU). It provides an average of 7,000 pieces of content each day on various platforms. The various original content creators amass a team of 5,000 individuals and teams.
AllSpark also has an elite team of experts and consultants, including former Twitter Greater China Managing Director, Microsoft Greater China Vice President, current Citrix Global Vice President Kathy Chen, current Vice President of iQiyi , Xiao Chen, plus more than ten relevant industry elites.
Based on the extensive industry experience accumulated over many years, the founding team recognizes the rigorous demands and pain points of the digital communication industry. AllSpark can solve the many problems in each sector of this industry by integrating resources from all concerned parties, thus realizing the ambitious plans of the first AllSpark batch.
Due to its exceptional advantages, AllSpark has obtained the favor of many cornerstone investors including WANFund (a Wanchain investment fund ), Leading Capital and Lianmeng Investment Group.
In short, AllSpark can enable all creativity and distribution to produce value and be shared by all human beings.
Telegram Chat: https://t.me/allsparkchat
Twitter: https://twitter.com/allsparkchain
Facebook: https://www.facebook.com/allsparkchain
Website: https://www.allsparkchain.com
View original content with multimedia: | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-allspark-a-revolutionary-new-blockchain-ecology-for-content-creators-advertisers-and-social-media-users-released-its-white.html |
LONDON (Reuters) - Bank of England Deputy Governor Ben Broadbent apologizes on Wednesday for describing Britain’s economy as going through a “menopausal” phrase, a comment that was roundly criticized.
“I’m sorry for my poor choice of language in an interview with the Telegraph yesterday and regret the offense caused,” Broadbent said in a statement.
Broadbent had told the Telegraph that years of poor productivity and weak wage growth meant Britain was going through a “menopausal” moment.
The former Goldman Sachs economist, among those tipped as a potential successor to BoE Governor Mark Carney who stands down next year, said financial experts used the phrase to describe economies that were “past their peak and no longer so potent”.
His comments attracted derision in social media.
FILE PHOTO: Deputy Governor of the Bank of England Ben Broadbent poses for a portrait in his office in London, Britain September 23, 2015. REUTERS/Neil Hall/File Photo “Enough of this pejorative tosh stigmatizing women in their prime,” Conservative lawmaker Sarah Wollaston said on Twitter.
“#Menopause only a problem if others try to sideline you because of ignorant prejudice.”
Robert Peston, political editor of broadcaster ITV, said the comments were “sloppy, empirically unsound and potentially offensive”.
FILE PHOTO: Bank of England Deputy Governor Ben Broadbent speaks at the 'Future Forum 2017' event in St George's Hall, Liverpool, Britain November 16, 2017. REUTERS/Phil Noble/File Photo In his apology, Broadbent said he had been trying to explain the word “climacteric”, a term used by economic historians to describe a period of low productivity growth during the nineteenth century.
“Economic productivity is something which affects every one of us, of all ages and genders,” he said.
Reporting by Andy Bruce; editing by Sarah Young
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-boe-broadbent-menopausal/bank-of-englands-broadbent-apologizes-for-menopausal-remark-idUSKCN1IH0ZD |
... | ashraq/financial-news-articles | https://www.wsj.com/articles/chaim-soutine-flesh-review-bloody-brilliant-still-lifes-1525288507 |
Apple's definitely become a subscription company, says Jim Cramer 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/apples-definitely-become-a-subscription-company-says-jim-cramer.html |
May 17, 2018 / 5:39 AM / Updated 2 hours ago Asia oil thirst tab $1 trillion a year as crude rises to $80 Henning Gloystein , Rajendra Jadhav , Neil Jerome Morales 5 Min Read
SINGAPORE/MUMBAI/MANILA (Reuters) - Oil prices are poised to break through $80 per barrel and Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016. FILE PHOTO: Motorists drives past an electronic board at a gas station in Paranaque city, Metro Manila, the Philippines February 4, 2016. REUTERS/Erik De Castro/File Photo
Oil prices have gained 20 percent since January to just shy of $80 per barrel LCOc1, a level not seen since 2014. [O/R]
With the U.S. dollar .DXY - in which virtually all oil is traded - also growing stronger, concerns are rising that economies will take a hit, especially in import-reliant Asia. Surging costs could have an inflationary effect that will hurt both consumers and companies.
“Asia is most vulnerable to an oil price spike,” Canadian investment bank RBC Capital Markets warned in a note this month, after oil prices hit their highest since November 2014.
Asia-Pacific consumes more than 35 percent of the 100 million barrels of oil the world uses each day, according to industry data, with the region’s global share steadily rising.
Asia is also the world’s smallest oil producing region, accounting for less than 10 percent of output.
(GRAPHIC: reut.rs/2wLchCf ) INFLATION, RISING COSTS
U.S. bank Morgan Stanley said this week that diesel use contributes 10-20 percent to cash costs for miners, while oil contributes from 4 percent to 50 percent to the cost of power generation, depending on a company’s or country’s fuel mix.
“A rising oil price therefore shifts the entire cost curve higher,” it said.
China is by far Asia’s - and the world’s - biggest importer of oil, ordering 9.6 million barrels per day in April. That’s almost 10 percent of global consumption. FILE PHOTO: A worker fills a car with diesel at a fuel station in Jammu August 29, 2013. REUTERS/Mukesh Gupta/File Photo
At current prices, this amounts to a Chinese oil import bill of $768 million per day, $23 billion per month - a whopping $280 billion a year.
Other Asian countries are even more exposed to rising oil prices. Most damage will be done to countries like India and Vietnam, which not only rely heavily on imports, but also where national wealth is not yet large enough to absorb sudden increases in fuel costs.
“Poorer countries with limited borrowing capacity may face financing difficulty amid higher import bills,” RBC said.
Unless fuel is heavily subsidized, households and businesses in poorer countries are also more vulnerable to rising oil prices than they are in wealthier nations.
In developing economies like India, Vietnam or the Philippines, fuel costs eat up around 8-9 percent of an average person’s salary, according to Reuters research and figures from statistics portal Numbeo. That compares to just 1-2 percent in wealthy countries like Japan or Australia.
(GRAPHIC: reut.rs/2wLchCf ) DIESEL & LOGISTICS
The surge in oil prices has a particularly big impact on transport and logistics companies. One such firm in Asia is courier LBC Express Holdings ( LBC.PS ) in the Philippines.
“LBC has been intently watching the movement of crude oil prices ... What we, at LBC, are preparing for are the effects an oil price increase may have on our carriers: airlines, shipping lines, trucking companies,” its Chief Financial Officer Enrique V. Rey Jr said.
The high oil price “challenges us to improve our own efficiencies to achieve better economies of scale and maintain our margins,” he said.
Some firms say they will pass on any higher costs to consumers.
Chryss Alfonsus Damuy, President and Chief Executive at Philippine firm Chelsea Logistics ( CLC.PS ), said his firm could be affected by higher oil prices, but “we can pass on the effect to consumer via price adjustments.”
Others said if they burden consumers with higher costs, they will lose clients.
Ashish Savla, owner of 50-truck strong Pravin Roadways in Mumbai, India, said diesel accounts for more than half of his company’s expenses, and that it was difficult to pass rising expenses on to customers.
“Diesel prices have jumped 16 percent in a year, but I couldn’t raise freight charges by 5 percent. If I charge more, clients will use cheaper railroads,” Savla said.
Anil Mittal, who runs a container logistics company and is a member of Bombay Goods Transport Association, said his firm was “already operating at wafer-thin margins” before prices rose.
The “diesel price hike has hit our business hard,” he said. Many small transport firms like his “are struggling to pay back bank loans they took to buy trucks.”
Given the economic costs and its reliance on imports, economists say it is time for Asia to limit its exposure to oil.
“It is very important for Asia to reduce its oil dependency and increase its energy efficiency ... to protect itself from future oil shocks,” RBC Capital Markets said.
(GRAPHIC: reut.rs/2G465IO ) Reporting by Henning Gloystein in SINGAPORE, Rajendra Jadhav in MUMBAI and Jerome Morales in MANLIA; Writing by Henning Gloystein; Editing by Tom Hogue | ashraq/financial-news-articles | https://uk.reuters.com/article/us-asia-oil-demand-costs-analysis/asia-oil-thirst-tab-1-trillion-a-year-as-crude-rises-to-80-idUKKCN1II0I5 |
A decade after one of the craziest takeover battles in history, a merger between Volkswagen and Porsche still hasn’t happened. The end isn’t yet in sight, but a court case starting in June should remove a major roadblock. Porsche investors stand to make a handsome return as the route clears.
Operationally, the companies have already merged. Factories once owned by Porsche Automobil, whose founder Ferdinand Porsche also designed the VW Beetle, have belonged to the VW Group since 2012. But Porsche lives on as a listed holding... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-buy-volkswagen-when-you-can-get-porsche-for-less-1526379572 |
This strategist is still 'pretty positive' about EM 8:30 PM ET Wed, 2 May 2018 The net-long position of large speculators in emerging markets could prove to be a problem, says Mark Jolley of CCB International Securities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/this-strategist-is-still-pretty-positive-about-em.html |
American shale drillers are still spending more money than they are making, even as oil prices rise.
Of the top 20 U.S. oil companies that focus mostly on fracking, only five managed to generate more cash than they spent in the first quarter, according to a Wall Street Journal analysis of FactSet data.
Shale companies have helped propel U.S.... | ashraq/financial-news-articles | https://www.wsj.com/articles/oils-at-70-but-frackers-still-struggling-to-make-money-1526549401 |
Watch CNBC's full exclusive interview with Johnson & Johnson CEO Alex Gorsky 1 Hour Ago Johnson & Johnson CEO Alex Gorsky speaks with CNBC’s Meg Tirrell on the company’s annual investor day in an exclusive interview. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/watch-cnbcs-full-exclusive-interview-with-johnson-johnson-ceo-alex-gorsky.html |
BEIRUT (Reuters) - Explosions were heard in and around Syria’s Hama airport on Friday, Syrian state media said, without elaborating on the cause of the blasts, and a monitoring body said 11 pro-government troops were killed.
The Syrian Observatory for Human Rights, a Britain-based war monitor, said the series of explosions happened inside Hama’s military airport and had been heard in Hama city. Eleven people had died and dozens were missing from among Syrian government and allied forces.
“Five blasts at least were heard inside Hama military airport ... targeting ammunition and fuel depots,” the Observatory added.
The war monitor said it wasn’t clear whether the blasts had been caused by technical failure inside the depots or an attack. Thick plumes of smoke could be seen above the airport, it said.
Reporting by Dahlia Nehme; Editing by Matthew Mpoke Bigg and Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-explosions/explosions-heard-near-airport-in-central-syria-state-media-idUSKCN1IJ1G1 |
(Reuters Health) - Middle-aged adults who escape to a sauna every chance they get to relax may have new reason to take this time to unwind - a Finnish study suggests a regular sauna habit is associated with a lower risk of strokes.
Researchers examined data on 1,628 adults who were 63 years old on average, had no history of stroke and typically used a sauna one to three times a week.
After following half of the participants for at least 15 years, the study team found that 155 people had a stroke. Compared to people who only used the sauna once a week, those who went four to seven times a week were 61 percent less likely to have a stroke during the study period, researchers report in Neurology.
“Since a majority of strokes can be attributed to elevated blood pressure (hypertension), sauna use may reduce the risk of stroke via reduction in blood pressure,” said lead study author Setor Kunutsor of the University of Bristol in the UK.
It’s also possible that saunas might help reduce the risk of stroke by lowering inflammation, reducing artery stiffness and resistance to blood flow through the circulatory system, Kunutsor said by email.
“Sauna is a safe activity and has a lot of beneficial health effects in addition to its stress releasing and relaxation effects,” Kunutsor said.
Adults who already have a regular sauna habit should take the results as encouragement to keep it up, Kunutsor added.
People who are not familiar with the use of sauna are advised to “begin with caution, test individual heat tolerance, and increase the frequency and intensity of sauna use slowly,” Kunutsor said.
“People who can undertake physical activity should not replace this with sauna,” Kunutsor added. “Ideally they should combine sauna with physical activity.”
The results translate to a rate of 8.1 strokes per year among every 1,000 people who used the sauna once a week, compared to 7.4 strokes per year for every 1,000 people who used the sauna two or three times a week.
Among people who used the sauna at least four times a week, however, just 2.8 out of every 1,000 per year had a stroke during the study.
The study wasn’t a controlled experiment designed to prove whether or how regular sauna use might help prevent strokes. Some people also can’t use a sauna, including individuals who have had a recent heart attack or stroke or suffer from conditions like chest pain, low blood pressure or acute infections.
Novices to sauna use should also proceed with caution because a single episode might trigger heart problems, dehydration or contribute to a stroke, especially if people fail to follow recommendations against alcohol use, Dr. Josef Heckmann of the Municipal Hospital Landshut in Germany notes in an accompanying editorial.
“For those who are not familiar with sauna bathing, it is advised to begin with caution, test individual heat tolerance, slowly increase the frequency and intensity of bathing, and ideally combine bathing with leisure physical activity,” Heckmann and a coauthor write.
SOURCE: bit.ly/2wcPVJg and bit.ly/2FCMKdw Neurology, online May 2, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-stroke-saunas/more-sauna-visits-tied-to-lower-risk-of-stroke-idUSKBN1I32XB |
FERGUS FALLS, Minn., May 02, 2018 (GLOBE NEWSWIRE) -- Otter Tail Corporation (NASDAQ:OTTR) announced today the Board of Directors declared a quarterly common stock dividend of $0.335 per share payable on June 9, 2018 to shareholders of record on May 15, 2018.
This represents the 318th consecutive quarter dividends have been paid on common stock.
The corporation will issue a news release announcing first quarter 2018 consolidated financial results after the market closes on May 7, 2018 and plans to discuss those results on its earnings call scheduled for May 8, 2018 at 10:00 a.m. CDT.
A bout Otter Tail Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com . Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
CONTACT: Investor Relations
(800) 664-1259
Source:Otter Tail Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-otter-tail-corporation-declares-quarterly-dividend.html |
No Comments on Goldman aims to preserve pre-IPO tradition, even as partnership dwindles
WASHINGTON (Reuters) – Goldman Sachs Group Inc ( GS.N ) has launched a worldwide coaching initiative to safeguard the tight-knit tradition it developed as a personal partnership, even as the financial institution marks its 19th 12 months as a publicly traded firm. FILE PHOTO: Lloyd Blankfein, CEO of Goldman Sachs, speaks on the Boston College Chief Executives Club luncheon in Boston, MA, U.S., March 22, 2018. REUTERS/Brian Snyder/File Photo
Bank leaders, together with Chief Executive Officer Lloyd Blankfein and his deputy, Chief Operating Officer David Solomon, have been anchoring 2-1/2-hour classes with managers throughout the globe since September, centered on enhancing tradition and worker conduct, executives concerned with the trouble instructed Thomson Reuters Regulatory Intelligence.
Since the 2007-2009 monetary disaster, regulators have put a powerful emphasis on enhancing company tradition and worker conduct in a bid to cut back danger throughout the system.
Some 2,500 staff are anticipated to take part within the obligatory train recognized internally as the “Chairman’s Forum” by the point it concludes later this 12 months, the executives mentioned.
The classes recreate on a regular basis office situations to encourage senior workers to take into consideration how they need to behave when confronted with robust choices and battle, together with with respect to shopper transactions. Stephen Scherr, CEO of Goldman Sachs Bank USA, which homes the financial institution’s shopper and company lending companies, has led two of the gatherings to this point.
Instilling uniform cultural values has gotten harder as Goldman has grown from the non-public agency with 5,000 staff Scherr joined in 1993 to the worldwide banking establishment with 30,000 staff that it’s at this time, he mentioned.
“When I look back over 25 years, I don’t think the themes that are being covered in these more organized sessions are frankly very different than those that were pervasive early on,” mentioned Scherr. “What has changed is that at a purely practical level we’re a much bigger organization.” Goldman Sachs listed on the New York Stock Exchange in May 1999.
The financial institution has maintained its partnership program, however companions now signify lower than 2 p.c of whole workers.
Goldman took a tough have a look at its tradition following the monetary disaster, when its picture was tainted by claims it misled buyers over worthwhile mortgage trades and a former worker who wrote a e-book accusing financial institution executives of calling shoppers “muppets.” (reut.rs/TKAIjb) Following that evaluation, an inside committee launched a report in 2013 reiterating a set of core enterprise rules established by former CEO John Whitehead that centered on integrity, belief and placing shoppers first. (reut.rs/122nCbB)
The coaching classes construct on that effort, particularly as Blankfein enters his 13th 12 months as CEO and prepares to ultimately hand the reins over to Solomon.
Goldman executives mentioned they’re making an attempt to make the coaching classes related to actual conditions managers encounter. Sessions start with video case research that lead to interactive group discussions.
Blankfein makes an look at first of every session by video, telling managers to foster a tradition through which staff see it their “individual responsibility to raise issues that they are worried about.” Reporting by Henry Engler of Thomson Reuters Regulatory Intelligence. An earlier model of this text first appeared in Regulatory Intelligence.; Editing by Michelle Price and Meredith Mazzilli Share this: | ashraq/financial-news-articles | https://www.reuters.com/article/goldman-sachs-culture/goldman-aims-to-preserve-pre-ipo-culture-even-as-partnership-dwindles-idUSL3N1SM69T/ |
HONG KONG—Xiaomi Corp., one of China’s largest and best-known smartphone brands, is on course to launch the biggest stock sale the world will see the year. Its success hinges on whether it can convince investors that it is more than just a gadget company.
The Beijing-based company Thursday laid the groundwork for a blockbuster initial public offering in Hong Kong, capping a remarkable turnaround for what only 18 months ago was looking like one of China’s biggest tech flameouts.
... RELATED VIDEO Xiaomi in Five Years Xiaomi President and Co-Founder Bin Lin says in the future more of his company’s revenue will come from content and Internet services. He speaks with WSJ’s Geoffrey Fowler at the WSJDLive 2015 conference in Laguna Beach, Calif. (Originally Published October 21, 2015) To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/xiaomis-10-billion-ipo-question-if-we-hype-it-will-they-come-1525351675 |
TAMPA, Fla.--(BUSINESS WIRE)-- Ardurra-King Engineering has acquired E Co Consultants Inc. (E Co), a Florida-based environmental consulting firm specializing in ecological services associated with land development and growth-related issues. Their expertise includes Local, State and Federal environmental permitting, utility permitting, existing condition site assessments, wetland delineation, ecosystem management and wildlife services.
Ardurra-King is an Engineering News-Record Top 500 firm providing a wide range of consulting and engineering services to public and private entities throughout the United States. With the addition of E Co, Ardurra-King further expands its in-house capabilities to support a full-range of quality project development and delivery solutions to our clients.
E Co will continue to operate as E Co in the Florida market from its offices in Palmetto and Lake Wales.
Ardurra-King’s Land Development Group Leader, Mike Ross, explained, “Providing the highest level of client service is paramount. E Co’s scientists and regulatory experts further expand our offerings with a broader base of environmental professionals and experience to support continued project excellence.”
Chris Bryant, E Co’s Vice President, adds, “Joining the Ardurra-King team allows us to provide our expertise and services on a grander scale with a wider geographic reach, while maintaining the same level of quality and commitment.”
Straddling, Yocca, Carlson and Rauth, P.C. acted as legal counsel and BDO USA, LLP acted as financial and tax advisor on behalf of RTC partners and its affiliates.
Ardurra-King operates as a portfolio company of RTC Partners, LLC. RTC Partners, LLC is a New York based private equity firm that partners with managers of middle market companies to unlock growth opportunities. Further information is available at www.rtcpartners.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006251/en/
Ardurra-King
Cinnamon Wagener, 346-666-5192
[email protected]
Source: Ardurra-King | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-ardurra-king-acquires-e-co-consultants-inc.html |
May 18, 2018 / 5:49 PM / Updated 39 minutes ago Weird romance 'Border' wins Un Certain Regard at Cannes Robin Pomeroy , Sarah Mills An unusual Scandinavian movie about a relationship between two outsiders that Variety said was “destined to be a cult classic”, won the Un Certain Regard prize at Cannes on Friday. – Un Certain Regard Prize - Cannes, France. May 18, 2018. Eva Melander and producer Nina Bisgaard on stage on behalf of director Ali Abbasi, winner of the Grand Prix Un Certain Regard Award for his film Border (Grans), with Benicio Del Toro, Jury President of Film selection "Un Certain Regard". REUTERS/Eric Gaillard
Directed by Iranian-born Ali Abbasi and co-written by John Ajvide Lindqvist, the author of Swedish vampire movie “Let the Right One In”, “Border” entertained and baffled audiences at the festival which closes on Saturday.
It is the story of Tina, a strange-looking Swedish customs officer who finds herself drawn to a similarly odd man, Vore, and discovers an uncomfortable truth about her own identity.
Variety critic Alissa Simon called it an “exciting, intelligent mix of romance, Nordic noir, social realism and supernatural horror that defies and subverts genre conventions”. – Un Certain Regard Prize - Cannes, France. May 18, 2018. Eva Melander and producer Nina Bisgaard on stage on behalf of director Ali Abbasi, winner of the Grand Prix Un Certain Regard Award for his film Border (Grans), with Benicio Del Toro, Jury President of Film selection "Un Certain Regard". REUTERS/Eric Gaillard
Lead actress Eva Melander said: “It’s a very unpredictable story and people watching it are really touched by it. They go out from the cinema and they kind of forget their mobile phone and wonder: ‘What’s this and what did I just see?’”
Un Certain Regard is the second-tier competition at Cannes, which closes on Saturday with the award of the Palme d’Or and other prizes for the films in the main selection.
Among the other Un Certain Regard winners were Belgian actor Victor Polster, who won Best Performance for his role as a transgender teenage girl’s quest to become a professional ballerina in “Girl”.
(This version of the story corrects name of winner of Best Perfomance in final paragraph.) Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-filmfestival-cannes-un-certain-regard/weird-romance-border-wins-un-certain-regard-at-cannes-idUKKCN1IJ2E1 |
JACKSONVILLE, Fla., May 1, 2018 /PRNewswire-USNewswire/ -- GuideWell Mutual Holding Corporation (GuideWell) today announced that Kristen Blum and Tim Cost have been named to the company's board of directors.
Blum currently serves as the Latin America business senior vice president and chief information officer for PepsiCo Inc., a $63.5 billion global food and beverage company.
Prior to her current role, Blum served as chief information officer for Frito-Lay, a $14 billion business within PepsiCo, and held other senior leadership positions within the company as well. Blum previously served as executive vice president and chief technology officer for J.C. Penney Inc., senior vice president and chief information officer for Abercrombie and Fitch Inc., and in leadership positions for Apple Inc., KPMG Consulting and Disney Inc.
Blum also serves on the board of directors for Sprouts Farmers Market Inc., Big Brothers Big Sisters Lone Star, The National Society of High School Scholars Foundation Inc., and The Ohio State University English Department Advisory Council.
Cost is president of Jacksonville University, a private university with more than 4,200 undergraduate and graduate students from all 50 states and 42 foreign countries, located in Jacksonville, Fla., and founded in 1934. Prior to joining the university, Cost held senior management positions with leading organizations in the private sector, including PepsiCo, Kodak, Wyeth, ARAMARK and Bristol-Myers Squibb.
Cost currently serves on the boards of Stein Mart Inc.; Web.com Group Inc.; the Jacksonville Civic Council Inc.; the NCAA Division 1 Presidential Forum; JAXUSA Partnership for economic development; WJCT, northeast Florida's public media outlet; and the Jacksonville Symphony.
Pat Geraghty, CEO of GuideWell and Florida Blue, and John Ramil, Chair of the GuideWell board of directors, on the appointment of Blum and Cost: "We are very pleased to welcome two such accomplished leaders to the GuideWell board. Between them, Kristen and Tim bring expertise in retail, technology and pharmaceutical that will be a valuable complement as we continue on our path of transforming health care."
About GuideWell Mutual Holding Corporation
GuideWell Mutual Holding Corporation (GuideWell) is a not-for-profit mutual holding company and the parent to a family of forward-thinking companies focused on transforming health care. The GuideWell organization includes the leading health insurance company in Florida; a portfolio of clinical delivery organizations; a health care consumer marketing, sales and engagement company; a provider of administrative services to state and federal health care programs; and a leader in risk adjustment and population care management. The GuideWell companies serve 16 million people in 29 states. For more information, visit www.guidewell.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/guidewell-adds-kristen-blum-and-tim-cost-to-board-of-directors-300640387.html
SOURCE GuideWell | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-guidewell-adds-kristen-blum-and-tim-cost-to-board-of-directors.html |
May 15 (Reuters) - Gilat Satellite Networks Ltd:
* GILAT REPORTS SIGNIFICANT INCREASE IN YEAR-OVER-YEAR PROFITABILITY IN Q1 2018
* Q1 NON-GAAP EARNINGS PER SHARE $0.07
* Q1 REVENUE ROSE 5.4 PERCENT TO $67.4 MILLION * REITERATED MANAGEMENT OBJECTIVES FOR 2018 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gilat-reports-q1-non-gaap-earnings/brief-gilat-reports-q1-non-gaap-earnings-per-share-0-07-idUSASC0A27D |
May 17, 2018 / 10:08 AM / Updated 8 hours ago EU aims to cut CO2 emissions from trucks by a third by 2030 Julia Fioretti 4 Min Read
BRUSSELS (Reuters) - New large trucks in the European Union will have to emit at least 30 percent less CO2 by 2030 than in 2019 under the bloc’s first ever CO2 standards for trucks proposed on Thursday that the industry said were “far too aggressive”. FILE PHOTO: Cars and trucks are stuck in a traffic jam near Irschenberg, Germany July 28, 2017. REUTERS/Michaela Rehle//File Photo
The EU currently has no limits on the CO2 produced by trucks, which account for a quarter of all road transport emissions while making up just 5 percent of vehicles on the road.
Countries such as the United States, China, Japan and Canada have already set targets to reduce truck CO2 emissions.
The European Commission has proposed an interim CO2 reduction target of 15 percent by 2025 for all large trucks compared to 2019 levels. By 2030 trucks will have to emit at least 30 percent less CO2 than in 2019.
Europe’s auto lobby ACEA said the reduction levels proposed were “far too aggressive”.
“It would seem as though the Commission has simply taken the exact CO2 reduction levels it already proposed for cars and vans, and applied them directly to heavy-duty vehicles, without fully recognizing the fundamental differences between these vehicle segments,” Erik Jonnaert, ACEA Secretary General, said.
ACEA had lobbied for a 16 percent tail-pipe CO2 reduction between 2019 and 2030, with an intermediate target of 7 percent in 2025.
Large trucks account for around 65-70 percent of all CO2 emissions from heavy-duty vehicles in the EU, which also include smaller trucks, buses and coaches.
The Commission will conduct a review in 2022 to extend the standards to other types of heavy-duty vehicles and determine their target for 2030.
The EU by 2030 wants to cut emissions across all sectors of the economy by at least 40 percent versus 1990 levels. Thursday’s proposal follows new draft rules on CO2 standards for cars.
“All sectors must contribute to meet our climate commitments under the Paris Agreement,” said Miguel Arias Canete, EU Commissioner for climate action and energy. “That’s why, for the first time ever, we are proposing EU standards to increase fuel efficiency and reduce emissions from new heavy-duty vehicles.”
Environmental campaign group Transport & Environment (T&E) said the proposed targets fell short of what was needed to hit the EU’s own climate goals.
Some EU countries and hauliers had called for a 2025 target of at least 24 percent and a 2030 target of 34-45 percent.
Stef Cornelis, cleaner trucks officer with T&E, said the proposed standards mean “a lot of cost-effective clean technologies won’t be fitted to new trucks, which will result in truckers and the climate missing out on big savings.”
The Commission expects its targets to save around 54 million tonnes of CO2 from 2020 to 2030, equivalent to the total annual emissions of Sweden.
The proposal will need to be approved by EU governments and the European Parliament before becoming law.
The Commission also proposed an action plan for the production of battery cells for electric cars as part of its drive to slash transport emissions.
Europe lags behind countries such as China, South Korea and Japan in the production of batteries for electric vehicles and the European car industry has warned that the rush to electric cars would hand even more business to those countries.
The Commission’s measures include support for securing access to the raw materials needed to build batteries, developing the necessary skills for the manufacturing processes and investment in research and innovation for electro-mobility.
($1 = 0.8462 euros) | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-trucks-emissions/maersk-latest-company-to-shun-iran-as-eu-scrambles-to-save-nuclear-deal-idUSKCN1II18E |
U.S. government bond prices rose Monday, sending the yield on the benchmark 10-year U.S. Treasury note lower for a third straight session.
The 10-year yield slipped to 2.936% from 2.959% on Friday. Yields fall as bond prices rise.
Yields edged lower after new data released Monday showed that a measure of personal income, which reflects Americans’... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-government-bonds-notch-gains-1525101995 |
By Polina Marinova 9:28 AM EDT A PRIVACY MESS
Good morning, Term Sheet readers.
As part of the annual Fortune 500 issue, our staff published some captivating, long-form features, including ones on Amazon , Pfizer , and Xerox .
One I want to bring to your attention as it’s especially timely is my colleague Michal Lev-Ram’s story on Facebook’s clean-up effort. Facebook CEO Mark Zuckerberg recently conceded that the social media giant was responsible for the content on its site. This was a pretty remarkable admission from a company that has insisted it was just providing a platform and thus absolved from blame for what gets said, done, or sold on its network.
After the fallout of the Cambridge Analytica scandal, Facebook has put together a “fix-it” team. By the end of 2018, Facebook plans to double the number of moderators and other “safety and security” personnel whose job it is to catch and remove inappropriate content. Here’s the Catch-22: In order for Facebook’s moderators and A.I. to better police content, they will need to rely on increasingly invasive tactics. There will be more human reviewers sifting through your photos, comments, updates, and likes. Meanwhile, the A.I. tools will need to do the same in order to flag high-risk posts.
So, we face a double-edge sword. Do you accept this trade-off — give Facebook more latitude to assess your data in exchange for safety? Where exactly do you draw the line?
From Michal’s story :
“Assessing risks and parsing posts, on such a global scale, is indeed unprecedented. To do it effectively, Facebook will likely end up accessing and analyzing ever more of our data. A.I. is already offering a radical shortcut, because it can sift through so much information in such little time.
In cases of sexual exploitation and unlawful nudity, for example, software can already detect the presence of nipples. How do A.I. tools learn to do this? By studying lots and lots of photos—our photos—and looking for patterns. But while technology can ascertain an areola, it can’t distinguish between an acceptable depiction of the body part—breastfeeding pics—and so-called “revenge porn,” a major no-no on the platform.
Where tech fails, human surveillance fills the gaps. Here, too, more information and more context can lead to more informed decision-making.”
Read the full story here.
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…AND ELSEWHERE
Sony is buying music publisher EMI for $2.3 billion . J.C. Penney’s CEO just left to become CEO of Lowe’s . Barack and Michelle Obama sign a production deal with Netflix . A Venezuelan Bitcoin miner on why he had to flee.
VENTURE DEALS
• Outreach , a Seattle-based customer engagement platform, raised $65 million in Series D funding. Spark Capital led the round, and was joined by investors including Sapphire Ventures , DFJ Growth, Four Rivers Group, Mayfield, MHS Capital, Microsoft Ventures and Trinity Ventures.
• NewsDog , an India-based news app, raised $50 million in Series C funding. Tencent led the round.
• Honor , a San Francisco-based home care company, raised $50 million in Series C funding. Naspers Ventures led the round.
• TradingView , a Westerville, Ohio-based developer of social networking and data analysis tools intended for financial markets, raised $37 million in Series B funding. Insight Venture Partners led the round, and was joined by investors including Jump Capital and DRW Venture Capital.
• Valimail , a San Francisco-based provider of email authentication services, raised $25 million in Series B funding. Tenaya Capital led the round, and was joined by investors including Shasta Ventures, Flybridge Capital Partners, and Bloomberg Beta.
• StoreDot , an Israel-based charging battery developer for electric vehicles, raised $20 million in funding from BP Ventures.
• Heal , a Los Angeles-based company with on-demand doctor house calls, raised $20 million in funding. Investors include Bascom Ventures, Inflection Capital, IRA Capital, RLJ Equity Partners, and Trans-Pacific Partners.
• Realeyes , a London-based startup that uses computer vision to read a person’s emotional responses when they are watching a video, raised $16.2 million in funding, according to TechCrunch. Draper Esprit led the round, and was joined by investors including Karma Ventures and Harbert European Growth Capital. Read more.
• Tidelift , a Boston-based open source software company, raised $15 million in Series A funding. Investors include General Catalyst , Foundry Group , and Matthew Szulik .
• theSkimm , a publisher of a daily newsletter, raised $12 million in Series C funding. Investors include Tyra Banks, Willow Bay, Jesse Draper, Shonda Rhimes, Linnea Roberts and Hope Taitz, Goldman Sachs Group, Inc. and Michael Karsch .
• CREXi , a Marina Del Rey, Calif.-based commercial real estate marketplace and technology platform, raised $11 million in Series A funding. Jackson Square Ventures led the round, and was joined by investors including Manifest Investment Partners, Lerer Hippeau Ventures, Freestyle Capital and TenOneTen Ventures.
• Terminal , a Canada-based provider of a platform allowing companies to build and scale remote technical teams, raised $10 million in Series A funding. Investors include Lightspeed Venture Partners, Thiel Capital, Kleiner Perkins Caufield & Byers, Atomic, Craft Ventures, and Jerry Yang.
• Luma Health , a San Francisco-based developer of a platform that connects patients with healthcare providers, raised $6.33 million in Series A funding. U.S. Venture Partners led the round, and was joined by investors including Stanford-StartX Fund .
• HOOCH , a New York-based subscription cocktail app and hospitality platform, raised $5 million in seed funding. Revelis Capital Group and Blue Scorpion Investments co-led the round, and were joined by investors including Access Industries Holdings, Warner Music Group and FJ Labs.
• Koru Kids , a U.K.-based after-school nanny matching service, raised £3.5 million ($4.7 million) in seed funding. Investors include Forward Partners and Albion Capital.
• Vervoe , an Australia-based advanced interviewing platform, raised $3.5 million in funding. SEEK led the round.
Advertisement HEALTH AND LIFE SCIENCES DEALS
• Scioto Biosciences , an Indianapolis-based developer of “innovative therapies to transform the delivery of microbiome therapeutics,” raised $1.8 million in Series A funding. Investors include BioCrossroads, Elevate Ventures and Rev1 Ventures.
Advertisement PRIVATE EQUITY DEALS
• Kinderhook Industries recapitalized All States Ag Parts , a Downing, Wisc.-based supplier of used and remanufactured parts for tractors and ag equipment. Financial terms weren’t disclosed.
• FTV Capital invested $35 million in Tango Card , a Seattle-based provider of digital incentives and rewards.
• L Catterton Asia invested in Future Lifestyle Fashions Ltd , an India-based fashion company. Financial terms weren’t disclosed.
• Main Capital acquired a stake in SDB Ayton , a healthcare HR specialist. Financial terms weren’t disclosed.
Advertisement IPOs
• Far Point Acquisition Corp, a New York-based blank check company formed to acquire a company, or companies in the fintech space, filed for a $400 million IPO. Third Point backs the firm. Credit Suisse and BofA are underwriters in the deal. The company plans to list on the NYSE as “FPAC.U.” Read more .
• Electrocore , a Basking Ridge, N.J.-based vagus nerve stimulation therapy maker, filed for an IPO of up to $74.8 million. The firm posted sales of $811.5 million in 2017. Core Ventures and Merck back the firm. Piper Jaffray, Evercore ISI, and JMP Securities are underwriters in the deal. The firm plans to list on the Nasdaq as “ECOR.” Read more .
Advertisement EXITS
• Adobe will acquire Magento Commerce , a Campbell, Calif.-based developer of cloud-based commerce solutions, for $1.68 billion. The seller was Permira. According to a person familiar with the situation, Permira acquired Magento from eBay for approximately $200 million. Magento’s return for Permira was more than 5x. Read more.
• Arlington Capital Partners agreed to sell Polaris Alpha , a Fredericksburg, Va.-based provider of missile solutions, to Parsons . Financial terms weren’t disclosed.
• Material Handling Systems, Inc. agreed to acquire VanRiet Material Handling Systems , Netherlands-based provider of integration systems, equipment, and after-market services solutions, from Avedon Capital Partners.
Advertisement FIRMS + FUNDS
• Madrona Venture Group , a Seattle based early stage venture capital firm, raised $300 million for its seventh fund.
• Renaissance Venture Capital Fund, a Michigan-based venture capital fund-of-funds, raised $81 million of new capital.
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• David Cheng was promoted to vice president at DCM Ventures .
• Genstar Capital promoted Geoff Miller to director and Rob Clark to principal.
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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here . | ashraq/financial-news-articles | http://fortune.com/2018/05/22/term-sheet-tuesday-may-22/ |
May 18 (Reuters) - Hikma Pharmaceuticals Plc said its generics business had a good start to the year helped by a favourable product mix, despite continued pricing pressure in the United States.
The drugmaker, which was forced to cut revenue guidance for its generics business three times in 2017, said it continued to expect revenue from the business to be between $550 million and $600 million, and core operating margin in the low-single digits.
The Jordan-based company reaffirmed its guidance for the full year. (Reporting By Justin George Varghese in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/hikma-pharma-outlook/drugmaker-hikma-says-generics-doing-well-amid-pricing-pressure-idUSL3N1SP2IB |
Australian court convicts archbishop for concealing child sex abuse 11:32am BST - 01:11
An Australian archbishop was found guilty on Tuesday of concealing child sex abuse by a priest, which Australian media said made him the most senior Catholic in the world to be convicted on such a charge. Sarah Charlton reports.
An Australian archbishop was found guilty on Tuesday of concealing child sex abuse by a priest, which Australian media said made him the most senior Catholic in the world to be convicted on such a charge. Sarah Charlton reports. //reut.rs/2KKSEfs | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/australian-court-convicts-archbishop-for?videoId=429290915 |
* U.S. dollar index rises to highest since December
* China investment, retail sales growth slower than expected
* Supply overhang of 2014-2017 virtually eliminated -OPEC (Recasts with price retreat; updates throughout; changes dateline; previous LONDON)
NEW YORK, May 15 (Reuters) - Oil prices retreated from a 3-1/2-year high on Tuesday, weakening as the market reacted to weak economic data from China and a rising dollar index.
Prices maintained support, however, from tight supply and planned U.S. sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.
Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before retreating to $78.14, down 9 cents by 10:09 EDT 1/81609 GMT 3/8.
U.S. light crude was 26 cents lower at $70.69 a barrel, also not far off its highest since November 2014.
"You had a series of weak economic data points overnight," said John Kilduff, a partner at Again Capital Management in New York.
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 dispute with the United States.
The data poses worries that near-record high refinery runs may be short-lived. China's refinery runs rose nearly 12 percent in April from a year earlier, to around 12.06 million barrels per day, marking the second-highest level on record on a daily basis, data showed.
Additionally, the market retreated as the U.S. Dollar strengthened against other currencies to the highest since December. As the dollar strengthens, investors can retreat from dollar-denominated commodities like oil.
Despite these downward forces, the market retains support from OPEC and other producers' production cuts and U.S. sanctions on Iran.
World oil prices have surged by more than 70 percent over the last year as demand has risen sharply while production has been restricted by the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other producers, including Russia.
The United States has announced it will impose sanctions on Iran over its nuclear program, raising fears that markets will face shortages later this year when trade restrictions take effect.
The tightening market has all but eliminated a global supply overhang that depressed crude prices between late 2014 and early 2017.
OPEC figures published on Monday showed oil inventories in OECD industrialized nations in March fell to 9 million barrels above the five-year average, from 340 million barrels above the average in January 2017.
U.S. crude is trading at a hefty discount to Brent, the international marker, thanks to sharp rises in U.S. production to 10.7 million bpd, which has left the American domestic oil market well supplied.
U.S. shale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday.
(Additional reporting by Henning Gloystein in Singapore and Christopher Johnson in London; Editing by Dale Hudson and Dan Grebler) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/reuters-america-update-7-oil-pulls-back-from-multi-year-highs-on-china-economy-fears.html |
SAN JOSE, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- Zscaler, Inc. (NASDAQ:ZS), the leader in cloud security, today announced that William Welch has resigned as the company’s chief operating officer. Mr. Welch will remain with the company through May 14, 2018.
Mr. Welch said, “It has been a pleasure working with Jay and the Zscaler team. Zscaler is extremely well-positioned to secure customers’ IT transformation to the cloud, and I wish the team all the best going forward. I am excited to pursue my career aspirations to take on a more senior executive role at a leading technology company.”
"We thank Bill for his many contributions and wish him the best of luck," said Jay Chaudhry, CEO of Zscaler. "We have strong sales leaders running our Americas and international markets, who will continue to drive our business. Bill’s decision had no impact on our third quarter financial results, which we will report on June 6, 2018."
This press release contains express and implied forward-looking statements that involve risks and uncertainties, including statements regarding the industry in which Zscaler operates. These forward-looking statements are not historical facts and instead are based on Zscaler’s current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of such forward-looking statements depends upon future events and involves risks, uncertainties, and other factors beyond Zscaler’s control that may cause these statements to be inaccurate and cause its actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, and other risks detailed in its filings with the SEC. Zscaler’s SEC filings are available on the Investor Relations section of the company’s website at zscaler.com and on the SEC's website at www.sec.gov . These forward-looking statements speak only as of the date of this press release and, except as required by law, we assume no obligation to update forward-looking statements to reflect actual results or subsequent events or circumstances.
About Zscaler
Zscaler enables the world’s leading organizations to securely transform their networks and applications for a mobile and cloud-first world. Its flagship services, Zscaler Internet Access and Zscaler Private Access, create fast, secure connections between users and applications, regardless of device, location, or network. Zscaler services are 100% cloud delivered and offer the simplicity, enhanced security, and improved user experience that traditional appliances or hybrid solutions are unable to match. Used in more than 185 countries, Zscaler operates a massive, global cloud security platform that protects thousands of enterprises and government agencies from cyberattacks and data loss. Learn more at zscaler.com or follow us on Twitter @zscaler .
Zscaler ™ is a registered trademarks of Zscaler, Inc. in the United States and/or other countries.
Media Relations Contact:
Angel Badagliacco
Manager, PR
(408) 313-5358
[email protected]
Investor Relations Contact:
Bill Choi, CFA
Vice President, Investor Relations
(669) 255-0767
[email protected]
Source:Zscaler, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-zscaler-announces-departure-of-coo-provides-date-for-third-quarter-earnings-release.html |
May 22, 2018 / 6:22 AM / Updated 7 minutes ago Meat supplier Cranswick's full-year profit rises 22.4 percent Reuters Staff 1 Min Read
(Reuters) - British pork and poultry supplier Cranswick Plc ( CWK.L ) said on Tuesday its full-year adjusted pretax profit rose 22.4 percent, on growth across all product categories and higher exports.
Cranswick, founded by Yorkshire pig farmers in the 1970s to make pig feed, said total revenue rose to 1.46 billion pounds for the year ended March 31 from 1.24 billion pounds a year ago.
Adjusted pretax profit rose to 92.4 million pounds from 75.5 million pounds a year earlier. Reporting by Sangameswaran S and Abinaya Vijayaraghavan in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cranswick-results/meat-supplier-cranswicks-full-year-profit-rises-22-4-percent-idUKKCN1IN0KO |
China relieved U.S. trade war is "on hold" 8:07am EDT - 01:52
The U.S. trade war with China is ''on hold'' after the governments agreed to drop tariff threats and work on a wider agreement. On Monday China's Foreign Ministry says that the de-escalation is good for the world. Kate King reports.
The U.S. trade war with China is "on hold" after the governments agreed to drop tariff threats and work on a wider agreement. On Monday China's Foreign Ministry says that the de-escalation is good for the world. Kate King reports. //reut.rs/2LkS35w | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/21/china-relieved-us-trade-war-is-on-hold?videoId=429008116 |
NEW YORK, May 7, 2018 /PRNewswire/ -- Golub Capital BDC, Inc., a business development company (NASDAQ: GBDC), today announced its financial results for its second fiscal quarter ended March 31, 2018.
Except where the context suggests otherwise, the terms "we," "us," "our," and "Company" refer to Golub Capital BDC, Inc. and its consolidated subsidiaries. "GC Advisors" refers to GC Advisors LLC, our investment adviser.
SELECTED FINANCIAL HIGHLIGHTS
(in thousands, expect per share data)
March 31, 2018
December 31, 2017
Investment portfolio, at fair value
$
1,759,807
$
1,723,372
Total assets
$
1,816,033
$
1,807,327
Net asset value per share
$
16.11
$
16.04
Quarter Ended
March 31, 2018
December 31, 2017
Investment income
$
36,897
$
36,450
Net investment income
$
18,528
$
18,511
Net gain (loss) on investments
$
4,504
$
2,804
Net increase in net assets resulting from operations
$
23,032
$
21,315
Earnings per share
$
0.39
$
0.36
Net gain (loss) on investments per share
$
0.08
$
0.05
Net investment income per share
$
0.31
$
0.31
Accrual for capital gain incentive fee per share
$
0.01
$
0.01
Net investment income before capital gain incentive fee accrual per share (1)
$
0.32
$
0.32
(1) As a supplement to U.S. generally accepted accounting principles ("GAAP") financial measures, the Company has provided this non-GAAP financial measure. The Company believes that this non-GAAP financial measure is useful as it excludes the accrual of the capital gain incentive fee, including the portion of such accrual that is not contractually payable under the terms of the Company's investment advisory agreement with GC Advisors. (the "Investment Advisory Agreement"). As of March 31, 2018, the capital gain incentive fee accrued by the Company in accordance with GAAP is $7.2 million, of which $0.0 million was payable as a capital gain incentive fee pursuant to the Investment Advisory Agreement as of March 31, 2018. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears as of the end of each calendar year or upon termination of the Investment Advisory Agreement. The Company paid a $1.2 million capital gain incentive fee calculated in accordance with the Investment Advisory Agreement as of December 31, 2017. The Company did not pay any capital gain incentive fee under the Investment Advisory Agreement for any period ended prior to December 31, 2017. Although this non-GAAP financial measure is intended to enhance investors' understanding of the Company's business and performance, this non GAAP financial measure should not be considered an alternative to GAAP.
Second Fiscal Quarter 2018 Highlights
Net increase in net assets resulting from operations for the quarter ended March 31, 2018 was $23.0 million, or $0.39 per share, as compared to $21.3 million, or $0.36 per share, for the quarter ended December 31, 2017; Net investment income for the quarter ended March 31, 2018 was $18.5 million, or $0.31 per share, as compared to $18.5 million, or $0.31 per share, for the quarter ended December 31, 2017; Net investment income for the quarter ended March 31, 2018, excluding a $0.8 million accrual for the capital gain incentive fee under GAAP, was $19.3 million, or $0.32 per share, as compared to $19.2 million, or $0.32 per share, excluding a $0.7 million accrual for the capital gain incentive fee under GAAP, for the quarter ended December 31, 2017; Net gain on investments for the quarter ended March 31, 2018 was $4.5 million, or $0.08 per share, as compared to a net gain of $2.8 million, or $0.05 per share, for the quarter ended December 31, 2017; and Our board of directors declared on May 4, 2018 a quarterly distribution of $0.32 per share payable on June 28, 2018 to stockholders of record as of June 8, 2018.
Portfolio and Investment Activities
As of March 31, 2018, the Company had investments in 189 portfolio companies with a total fair value of $1,664.8 million and had investments in Senior Loan Fund LLC ("SLF") with a total fair value of $95.0 million. This compares to the Company's portfolio as of December 31, 2017, as of which date the Company had investments in 190 portfolio companies with a total fair value of $1,631.8 million and investments in SLF with a total fair value of $91.6 million. Investments in portfolio companies as of March 31, 2018 and December 31, 2017 consisted of the following:
As of March 31, 2018
As of December 31, 2017
Investments
Percentage of
Investments
Percentage of
Investment
at Fair Value
Total
at Fair Value
Total
Type
(In thousands)
Investments
(In thousands)
Investments
Senior secured
$
198,138
11.3
%
$
193,459
11.2
%
One stop
1,403,395
79.7
1,380,000
80.1
Second lien
9,435
0.5
9,435
0.6
Subordinated debt
62
0.0
*
60
0.0
*
LLC equity interests in SLF
94,991
5.4
91,591
5.3
Equity
53,786
3.1
48,827
2.8
Total
$
1,759,807
100.0
%
$
1,723,372
100.0
%
* Represents an amount less than 0.1%.
The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2018:
For the three months ended March 31, 2018
New Investment
Commitments
Percentage of
(In thousands)
Commitments
Senior secured
$
27,383
19.8
%
One stop
106,456
76.9
LLC equity interests in SLF
3,062
2.2
Equity
1,519
1.1
Total new investment commitments
$
138,420
100.0
%
Overall, total investments at fair value increased by 2.1%, or $36.4 million, during the three months ended March 31, 2018 after factoring in debt repayments, sales of securities, net fundings on revolvers and net change in unrealized gain (loss). Total investments at fair value held by SLF decreased by 8.5%, or $23.8 million, after factoring in debt repayments, sales of securities, net fundings on revolvers and net change in unrealized gain (loss).
For the three months ended March 31, 2018, the weighted average annualized investment income yield (which includes interest and fee income and amortization of capitalized fees and discounts) and the weighted average annualized income yield (which excludes income resulting from amortization of capitalized fees and discounts) on the fair value of earning portfolio investments on the Company's portfolio were 8.8% and 8.2%, respectively.
Consolidated Results of Operations
Total investment income for the quarters ended March 31, 2018 and December 31, 2017 was $36.9 million and $36.5 million, respectively. This $0.4 million increase was primarily attributable to an increase in London Interbank offered Rate ("LIBOR") and an increase in the average earning investment balance. These increases were partially offset by a decline in dividend income from equity investments, excluding our investment in SLF.
Total expenses for the quarters ended March 31, 2018 and December 31, 2017 were $18.4 million and $17.9 million, respectively. This $0.5 million increase was primarily attributable to higher interest and other debt financing expenses caused by an increase in the weighted average of outstanding borrowings and an increase in LIBOR.
During the quarter ended March 31, 2018, the Company recorded a net realized loss of $0.6 million and recorded net unrealized appreciation of $5.1 million. The net realized loss was primarily due to the write off of one non-accrual portfolio company investment which was partially offset by the sale of an equity investment. The net unrealized appreciation was due to the reversal of unrealized depreciation associated with the write off of the portfolio company investment coupled with the rise in market prices on several middle market debt and equity investments.
Liquidity and Capital Resources
The Company's liquidity and capital resources are derived from the Company's debt securitizations (also known as collateralized loan obligations), U.S. Small Business Administration ("SBA") debentures, revolving credit facilities and cash flow from operations. The Company's primary uses of funds from operations include investments in portfolio companies and payment of fees and other expenses that the Company incurs. The Company has used, and expects to continue to use, its debt securitizations, SBA debentures, revolving credit facilities, proceeds from its investment portfolio and proceeds from offerings of its securities and its dividend reinvestment plan to finance its investment objectives.
As of March 31, 2018, the Company had cash and cash equivalents of $5.9 million, restricted cash and cash equivalents of $42.5 million and $835.2 million of debt outstanding. As of March 31, 2018, the Company had $63.3 million of remaining commitments and $63.3 million available for additional borrowings on its senior secured revolving credit facility with Wells Fargo Bank, N.A., as lender and administrative agent, subject to leverage and borrowing base restrictions. As of March 31, 2018, through our licensees, we had $37.5 million of SBA debenture commitments, of which $9.5 million was available to be drawn, subject to customary SBA regulatory requirements.
On May 4, 2018, the Company's Board of Directors declared a quarterly distribution of $0.32 per share, payable on June 28, 2018 to holders of record as of June 8, 2018.
Related Party Stock
During the first calendar quarter of 2018, the Golub Capital Employee Grant Program Rabbi Trust (the "Trust") purchased approximately $7.2 million, or 396,099 shares, of our common stock, for the purpose of awarding incentive compensation to employees of GC Advisors LLC and its affiliates.
Portfolio and Asset Quality
GC Advisors regularly assesses the risk profile of each of the Company's investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors' internal performance ratings:
Internal Performance Ratings
Rating
Definition
5
Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4
Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3
Involves a borrower performing below expectations and indicates that the loan's risk has increased somewhat since origination. The borrower may be out of compliance with debt covenants; however, loan payments are generally not past due.
2
Involves a borrower performing materially below expectations and indicates that the loan's risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 180 days past due).
1
Involves a borrower performing substantially below expectations and indicates that the loan's risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.
Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.
The following table shows the distribution of the Company's investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2018 and December 31, 2017:
March 31, 2018
December 31, 2017
Internal
Investments
Percentage of
Investments
Percentage of
Performance
at Fair Value
Total
at Fair Value
Total
Rating
(In thousands)
Investments
(In thousands)
Investments
5
$
219,056
12.4
%
$
137,146
8.0
%
4
1,362,836
77.4
1,411,330
81.9
3
174,033
9.9
170,010
9.9
2
2,702
0.2
3,720
0.2
1
1,180
0.1
1,166
0.0*
Total
$
1,759,807
100.0
%
$
1,723,372
100.0
%
* Represents an amount less than 0.1%.
Conference Call
The Company will host an earnings conference call at 11:00 a.m. (Eastern Time) on Tuesday, May 8, 2018 to discuss the quarterly financial results. All interested parties may participate in the conference call by dialing (800) 736-4610 approximately 10-15 minutes prior to the call; international callers should dial (212) 231-2911. Participants should reference Golub Capital BDC, Inc. when prompted. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Resources link on the homepage of our website ( www.golubcapitalbdc.com ) and click on the Quarter Ended 3.31.18 Investor Presentation under Events/Presentations. An archived replay of the call will be available shortly after the call until 1:00 p.m. (Eastern Time) on June 7, 2018. To hear the replay, please dial (800) 633-8284. International dialers, please dial (402) 977-9140. For all replays, please reference program ID number 21887410.
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
March 31, 2018
December 31, 2017
Assets
(unaudited)
(audited)
Investments, at fair value (cost of $1,738,586 and $1,707,273, respectively)
$
1,759,807
$
1,723,372
Cash and cash equivalents
5,868
5,750
Restricted cash and cash equivalents
42,488
71,380
Interest receivable
7,640
6,536
Other assets
230
289
Total Assets
$
1,816,033
$
1,807,327
Liabilities
Debt
$
835,200
$
828,300
Less unamortized debt issuance costs
3,920
3,514
Debt less unamortized debt issuance costs
831,280
824,786
Interest payable
2,662
6,132
Management and incentive fees payable
15,159
15,506
Accounts payable and accrued expenses
2,147
1,973
Payable for open trades
350
550
Accrued trustee fees
79
78
Total Liabilities
851,677
849,025
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued
and outstanding as of March 31, 2017 and December 31, 2017
—
—
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 59,867,531
and 59,741,248 shares issued and outstanding as of March 31, 2018 and December 31, 2017,
respectively
60
60
Paid in capital in excess of par
944,318
942,179
Undistributed (over distribution of) net investment income
(976)
(387)
Net unrealized appreciation (depreciation) on investments
23,889
18,767
Net realized gain (loss) on investments
(2,935)
(2,317)
Total Net Assets
964,356
958,302
Total Liabilities and Total Net Assets
$
1,816,033
$
1,807,327
Number of common shares outstanding
59,867,531
59,741,248
Net asset value per common share
$
16.11
$
16.04
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share and per share data)
Three months ended
March 31, 2018
December 31, 2017
(unaudited)
(unaudited)
Investment income
Interest income
$
34,369
$
33,354
Dividend income
1,866
2,562
Fee income
662
534
Total investment income
36,897
36,450
Expenses
Interest and other debt financing expenses
7,906
7,714
Base management fee
5,929
5,930
Incentive fee
3,011
2,871
Professional fees
775
688
Administrative service fee
621
618
General and administrative expenses
127
118
Total expenses
18,369
17,939
Net investment income
18,528
18,511
Net gain (loss) on investments
Net realized gain (loss) on investments
(618)
481
Net change in unrealized appreciation (depreciation) on investments
5,122
2,323
Net gain (loss) on investments
4,504
2,804
Net increase in net assets resulting from operations
$
23,032
$
21,315
Per Common Share Data
Basic and diluted earnings per common share
$
0.39
$
0.36
Dividends and distributions declared per common share
$
0.32
$
0.40
Basic and diluted weighted average common shares outstanding
59,744,054
59,584,421
ABOUT GOLUB CAPITAL BDC, INC.
Golub Capital BDC, Inc. ("Golub Capital BDC") is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Golub Capital BDC invests primarily in one stop and other senior secured loans of U.S. middle-market companies that are often sponsored by private equity investors. Golub Capital BDC's investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital group of companies ("Golub Capital").
ABOUT GOLUB CAPITAL
Golub Capital is a nationally recognized credit asset manager with over $25 billion of capital under management. For over 20 years, the firm has provided credit to help medium-sized U.S. businesses grow. The firm's award-winning middle market lending business helps provide financing for middle market companies and their private equity sponsors. Golub Capital's credit expertise also forms the foundation of its Late Stage Lending and Broadly Syndicated Loan businesses. Golub Capital has worked hard to build a reputation as a fast, reliable provider of compelling financing solutions, and we believe this has inspired repeat clients and investors. Today, the firm has over 350 employees with lending offices in Chicago, New York and San Francisco. For more information, please visit www.golubcapital.com .
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. Golub Capital BDC, Inc. undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
View original content: http://www.prnewswire.com/news-releases/golub-capital-bdc-inc-declares-fiscal-year-2018-third-quarter-distribution-of-0-32-per-share-and-announces-fiscal-year-2018-second-quarter-financial-results-300643887.html
SOURCE Golub Capital | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-golub-capital-bdc-inc-declares-fiscal-year-2018-third-quarter-distribution-of-0-point-32-per-share-and-announces-fiscal-year.html |
MIAMI,FL-, May 22, 2018 (GLOBE NEWSWIRE) -- Health Foundation of South Florida announced the election of Ryan K. Stumphauzer to its Board of Directors. The board leads the largest philanthropy dedicated to improving health in Broward, Miami-Dade and Monroe Counties.
Ryan K. Stumphauzer
Ryan K. Stumphauzer, a founding partner with the firm Stumphauzer & Sloman, is an attorney recognized for defending government investigations, handling complex civil litigation, and conducting internal investigations, with a focus on the health care industry. He previously served as a federal prosecutor for over six years in the Southern District of Florida. Mr. Stumphauzer’s experience also includes working as a senior accountant at an international accounting firm, where he performed audit and business advisory services for Fortune 500 corporations. A noted speaker and contributor to numerous professional publications, Mr. Stumphauzer is a member of the American Bar Association and is active on several committees for the U.S. District Court, Southern District of Florida.
According to Health Foundation of South Florida President & CEO Steven Marcus, Ed.D., Ryan’s extensive experience and leadership in the health care arena, the judicial system, as well as his financial background makes him a valuable asset to our Board.” He added, “Together with our incumbent Board members, the Foundation has the knowledge, expertise and key direction needed to help us make important decisions that drive improved health for all South Floridians.”
Completing Health Foundation of South Florida’s 16-member Board are: Chairwoman Thao M.P. Tran, M.D., M.P.H., Vice Chairman Everett Wilson, Esq.: Secretary Melida Akiti, LCSW; Luther Brewster, Jr., Ph.D.; Javier Casillas, MBA; Loreen Chant; Michael DeLucca, MHM; Bob Dickinson; Carol Fine; Karen Gilmore; Ines Hernandez, Roderick King, M.D.; Barbara Ronda, MHSA; Dorothy Terrell and Dionne Wong.
About Health Foundation of South Florida: The mission of Health Foundation of South Florida is to invest in and be a catalyst for collaborations, policy and systems change that improves the health of South Florida communities, with a focus on vulnerable, low to moderate- income populations. Established in 1993, the Foundation has awarded nearly $125 million to nonprofits providing programs and services in Broward, Miami-Dade and Monroe Counties. For more information, visit www.hfsf.org or call 305.374.7200.
Attachment
Ryan K. Stumphauzer,Esq. Shari Gantman Health Foundation of South Florida 305-374-9199 [email protected]
Source:Health Foundation of South Florida | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-health-foundation-elects-ryan-k-stumphauzer-esq-to-board-of-directors.html |
When executives ask us about the Drucker Institute’s measure of corporate effectiveness, they’re often trying to get at one thing: What aspect of the business needs to be managed most closely to improve a company’s financial picture?
This focus on financial results isn’t surprising. Because of pressure from Wall Street, many in the C-suite are looking for the easiest way to unlock higher profits and bigger shareholder returns. But our latest analysis delivers a clear answer: There are no shortcuts. If you want to boost your... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-key-to-improving-a-companys-financial-health-1526868780 |
SANTA MONICA, Calif.--(BUSINESS WIRE)-- Paramount Players, a division of Viacom’s [NASDAQ: VIAB, VIA] Paramount Pictures Corporation and JAKKS Pacific, Inc. [NASDAQ: JAKK] today announced plans for the studio to acquire the feature film rights to CREEPY CRAWLERS™, the iconic toy brand owned by JAKKS Pacific.
Neal H. Moritz will produce with Marc Gurvitz. Toby Ascher and Stephen Berman will serve as executive producers.
Ali Bell and Royce Reeves-Darby will be overseeing for Paramount Players.
Production of the film is subject to the conclusion of definitive production agreements among the parties.
“Creepy Crawlers has been an iconic brand since the 1960’s and we are honored to work with Neal Moritz, Paramount Players, and the Nickelodeon-Viacom Family in bringing it to life on the big screen,” said Stephen Berman, Chairman & CEO, JAKKS Pacific. “We, and the studio, envision the property to be developed into a family adventure film in the vein of Jumanji.”
About Paramount Pictures Corporation
Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of Viacom (NASDAQ: VIAB, VIA), a leading content company with prominent and respected film, television and digital entertainment brands. Paramount controls a collection of some of the most powerful brands in filmed entertainment, including Paramount Pictures, Paramount Animation, Paramount Television, Paramount Players, MTV Films, and Nickelodeon Movies. PPC operations also include Paramount Home Media Distribution, Paramount Pictures International, Paramount Licensing Inc., and Paramount Studio Group.
About JAKKS Pacific, Inc.
JAKKS Pacific, Inc. (NASDAQ: JAKK) is a leading designer, manufacturer and marketer of toys and consumer products sold throughout the world, with its headquarters in Santa Monica, California. JAKKS Pacific’s popular proprietary brands include BIG-FIGS™, XPV®, Max Tow™, Disguise®, Moose Mountain®, Funnoodle®, Maui®, Kids Only!®; a wide range of entertainment-inspired products featuring premier licensed properties; and C’est Moi™, a youth skincare and make-up brand. Through JAKKS Cares, the company’s commitment to philanthropy, JAKKS is helping to make a positive impact on the lives of children. Visit us at www.jakks.com and follow us on Instagram (@ jakkstoys ), Twitter (@ jakkstoys ) and Facebook ( JAKKS Pacific ).
©2018 JAKKS Pacific, Inc. All rights reserved.
Forward Looking Statements
This press release may contain “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations, estimates and projections about JAKKS Pacific's business based partly on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements due to numerous factors, including, but not limited to, those described above, changes in demand for JAKKS' products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, and difficulties with integrating acquired businesses. The “forward-looking statements” contained herein speak only as of the date on which they are made, and JAKKS undertakes no obligation to update any of them to reflect events or circumstances after the date of this release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005139/en/
JAKKS Pacific
Rachel Griffin, (424) 268-9553
Vice President, Communications
or
Liolios Investor Relations
Sean McGowan, (949) 574-3860
Managing Director
[email protected]
Source: JAKKS Pacific, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-paramount-players-and-jakks-pacific-announce-plans-for-creepy-crawlers-feature-film.html |
Closing Bell Ringer: May 25, 2018 2 Hours Ago Ringing today's closing bells are Matador Resources Company at the NYSE and Veterans on Wall Street at the Nasdaq. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/video/2017/10/17/closing-bell-ringer-date.html |
May 10, 2018 / 10:05 AM / in an hour SpaceX set to launch new rocket primed for future crewed missions Joey Roulette 3 Min Read
CAPE CANAVERAL, Fla. (Reuters) - An updated version of the SpaceX Falcon 9 rocket, tailored for eventual crewed missions into orbit, was set for its debut commercial launch on Thursday from Florida’s Cape Canaveral carrying a communications satellite for Bangladesh.
The newly minted Block-5 edition of the Falcon 9, equipped with about 100 upgrades for greater power, safety and reusability than its Block-4 predecessor, was scheduled for liftoff at 4:12 p.m. EDT from the Kennedy Space Center.
Its recoverable main-stage booster is designed to minimize refurbishment needed between flights, allowing more frequent launches at lower cost - a key to the business model for billionaire entrepreneur Elon Musk’s Space Exploration Technologies, as SpaceX is formally known.
Enhanced rocket reusability also is a core tenant of Musk’s broader objectives for normalizing space travel and ultimately sending humans to Mars.
The Block-5 is the first rocket from his California-based company to satisfy NASA’s standards for its Commercial Crew Program to carry agency astronauts to the International Space Station, which SpaceX seeks to accomplish by the end of 2018.
For the maiden flight of the new Falcon 9, SpaceX will be launching the Bangladeshi government’s first satellite, Bangabandhu-1, into Earth orbit.
“Block 5 is here. We’re all excited about that,” Hans Koenigsmann, a SpaceX vice president, said during a press conference last month. “We had a good test campaign in Texas. I believe it was faster than we ever had on new block upgrades.”
Among the Block-5 features new to the Falcon 9 series are a heat-resistant layer of shielding at the base of the rocket, reusable tail fins for cleaner return landings and a thrust nearly 10 percent stronger than that of the Block-4.
Block-5 marks the final version of the iconic Falcon 9 lineup before SpaceX introduces its super heavy-lift launch vehicle, dubbed the Big Falcon Rocket, or BFR, which will be designed to send manned missions to Mars. Reporting by Joey Roulette in Cape Canaveral; Editing by Steve Gorman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-space-spacex/spacex-set-to-launch-new-rocket-primed-for-future-crewed-missions-idUKKBN1IB189 |
NEW YORK, May 16, 2018 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Gridsum Holding, Inc. ("Gridsum" or the "Company") (NASDAQ: GSUM) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 18-cv-03655, is on behalf of a class consisting of investors who purchased or otherwise acquired Gridsum securities between April 27, 2017 through April 20, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Gridsum securities between April 27, 2017, and April 20, 2018, both dates inclusive, you have until June 25, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Gridsum is a holding company that designs and develops sophisticated data analysis software for multinational and domestic enterprises and government agencies in China. The Company offers software that allows customers to collect and analyze information that is collected, indexed, and stored in an organized manner.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Gridsum lacked effective internal control over financial reporting; (ii) consequently, Gridsum's financial statements were inaccurate and misleading, and did not fairly present, in all material respects, the financial condition and results of operations of the Company; and (iii) as a result of the foregoing, Gridsum's public statements were materially false and misleading at all relevant times.
On April 23, 2018, Gridsum issued a press release entitled "Gridsum Reports Suspension of Audit Report on Financial Statements," announcing that its "audit report for the Company's financial statements for the year ended December 31, 2016 should no longer be relied upon." According to the press release, Gridsum's auditor identified certain issues in conducting its audit of Gridsum's financial results for the year ended December 31, 2017. Those issues related to "certain revenue recognition, cash flow, cost, expense items, and their underlying documentation which [the auditor] had previously raised" with Gridsum.
On this news, Gridsum's American Depositary Receipt price fell $1.17, or 16.04%, to close at $6.12 on April 23, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 Ext. 9980
View original content: http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-gridsum-holding-inc-of-class-action-lawsuit-and-upcoming-deadline--gsum-300649773.html
SOURCE Pomerantz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-gridsum-holding-inc-of-class.html |
May 20, 2018 / 12:06 PM / in 7 hours S.Korea's parliament approves extra budget bill -Yonhap Reuters Staff 1 Min Read
SEOUL, May 20 (Reuters) - South Korea’s parliament on Sunday approved a 3.88 trillion Korean won ($3.59 billion) supplementary budget, Yonhap news agency reported, after the government proposed the bill in April.
President Moon Jae-in’s government’s extra budget aims to boost business subsidies to help cut high youth unemployment. $1 = 1,080.5700 won Reporting By Cynthia Kim and Jane Chung; editing by Jason Neely | ashraq/financial-news-articles | https://www.reuters.com/article/southkorea-economy-budget/s-koreas-parliament-approves-extra-budget-bill-yonhap-idUSL3N1SR0BX |
SEATTLE (AP) — Tech moguls Bill Gates and Mark Zuckerberg said Tuesday they will team up to help develop new technologies for kids with trouble learning — an effort that will include dabbling into child brain science.
The Bill and Melinda Gates Foundation and the Chan Zuckerberg Initiative intend to explore a number of potential pilot projects.
They'll focus on math, writing and brain functions — key areas of classroom learning that they note are crucial for academic success.
The effort is now seeking information and ideas from across sectors, from education and academia to business, technology and medicine. Future investments based on that information are expected, but no dollar amount has been set.
The idea that disadvantaged children struggle to learn because of poor executive brain function involving memory, thinking flexibility, and behavioral issues related to autism and other attention disorders has long been lamented by social workers and health advocates.
The joint project by Gates and Zuckerberg details possible ways to mitigate those shortcomings.
Among the ideas is using games and technology simulations to support teachers and family, and tracking progress in certain vulnerable student populations such as kids with disabilities or those who are learning English as a second language.
Leaders of the effort say technology is not a primary focus, but they recognize the role it can play.
The new endeavor marks the latest effort by deep-pocketed philanthropists who have tried with little success and much controversy to change entire school systems.
In some ways, it advances the reform agendas of the philanthropists, including helping low-performing students catch up to their potentially more prosperous peers and using classroom technology for digital or personalized learning.
Gates, the world's top philanthropist, recently announced more support for students with disabilities, issues involving American poverty and Alzheimer's disease research.
Zuckerberg idolizes Gates as an inspiration in professional and philanthropic work. But their representatives rejected any notion that their effort on learning is connected to their respective business roles as Facebook CEO and Microsoft founder.
Microsoft announced a $25 million initiative on Monday to use artificial intelligence to build better technology for people with disabilities.
Associated Press writer Maria Danilova in Washington D.C., contributed to this report.
Follow Sally Ho at https://twitter.com/_sallyho . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-gates-zuckerberg-team-up-on-new-education-initiative.html |
May 8 (Reuters) - SilverBow Resources Inc:
* Q1 EARNINGS PER SHARE $0.72 * Q1 EARNINGS PER SHARE VIEW $1.25 — THOMSON REUTERS I/B/E/S
* QTRLY NET PRODUCTION AVERAGED APPROXIMATELY 161 MILLION CUBIC FEET OF NATURAL GAS EQUIVALENT PER DAY (“MMCFE/D”)
* REITERATING FULL YEAR 2018 CAPITAL EXPENDITURE GUIDANCE OF $245 TO $265 MILLION
* SEES FULL YEAR 2018 PRODUCTION GUIDANCE OF 175 TO 195 MMCFE/D Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-silverbow-resources-reports-q1-ear/brief-silverbow-resources-reports-q1-earnings-per-share-0-72-idUSASC0A0QX |
May 9, 2018 / 8:14 PM / Updated 16 hours ago Twenty-First Century Fox revenue beats as cable sees highest earnings ever Jessica Toonkel , Munsif Vengattil 3 Min Read
(Reuters) - Twenty-First Century Fox Inc’s ( FOXA.O ), the media and entertainment company controlled by Rupert Murdoch, reported quarterly revenue that beat analysts’ estimate on Wednesday, as higher fees from cable and satellite distributors drove cable business earnings to a record high. FILE PHOTO: The Twenty-First Century Fox Studios flag flies over the company building in Los Angeles, California U.S. on November 6, 2017. REUTERS/Lucy Nicholson/File Photo
Fox, which agreed to sell the bulk of its film and TV assets to Walt Disney Co ( DIS.N ) last year in a $52.4 billion deal, expects to ask for shareholder approval of the transaction this summer, Lachlan Murdoch, executive chair, said on an analyst call.
Murdoch declined to comment on reports that Comcast Corp ( CMCSA.O ) is preparing an all-cash rival offer for the assets, which Reuters first reported Monday
Fox expects to receive UK regulatory approval on its bid to buy the remaining stake it does not already own of European pay-TV provider ( SKYB.L ) in the next couple of months, James Murdoch, chief executive officer of Twenty-First Century Fox, said on the call. Comcast this week notified regulators of its plans to bid for Sky.
“Given Comcast’s bid for Sky, we are considering our options,” James Murdoch said, adding that the company would make an announcement in “due course.”
Revenue from Fox’s cable division, which houses the Fox News and FX channels among others, rose 9.8 percent to $4.42 billion, accounting for more than half of total revenue in the fiscal third quarter ended March 31.
That beat analysts’ average estimate of $4.4 billion, according to Thomson Reuters I/B/E/S.
Despite the departure of former Fox News host Bill O’Reilly amid sexual misconduct allegations last spring, prime-time ratings of Fox News have held up when looking at April compared to the year-ago period, Lachlan Murdoch said.
“That’s a real testament to the strength of the brand and obviously the strength of the talent on air,” he said.
The company reported revenue of $3.51 billion in affiliate fees, a rise of 11 percent from a year earlier.
Revenue at its television unit, which houses Fox Broadcasting, was $1.15 billion, down 32 percent from the year-ago quarter, which included the Super Bowl, and missed analysts’ estimate of $1.28 billion.
Total revenue fell 2 percent to $7.42 billion, but beat estimates of $7.4 billion.
Net income attributable to shareholders increased to $858 million, or 46 cents per share, from $799 million, or 43 cents per share, a year earlier.
Excluding items, Fox earned 49 cents per share, missing analysts’ estimate of 53 cents per share.
Fox shares were flat in after-hours trading. Reporting by Jessica Toonkel in New York and Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvilaand Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-fox-results/twenty-first-century-fox-reports-2-percent-drop-in-revenue-idUKKBN1IA37D |
May 30, 2018 / 8:12 PM / Updated 9 minutes ago Capitals owner Ted Leonsis sends 200 employees to Vegas for Stanley Cup games Reuters Staff 2 Min Read
With the Washington Capitals in the Stanley Cup Finals against the Las Vegas Golden Knights, team owner Ted Leonsis celebrated by treating 200 employees to tickets to either Game 1 or 2 and chartered flights to Sin City. May 28, 2018; Las Vegas, NV, USA; Spectators gather before game one of the 2018 Stanley Cup Final between the Vegas Golden Knights and Washington Capitals at T-Mobile Arena. Mandatory Credit: Gary A. Vasquez-USA TODAY Sports
It’s the Capitals’ first time in the finals in two decades.
Leonsis surprised employees of his company, Monumental Sports & Entertainment, based on their ties to the team and their seniority, sending an email with a subject line “Let’s go to Vegas,” according to The Washington Post.
He also arranged for the selected employees to be housed at the Excalibur hotel and casino.
“It’s truly amazing and out of this world,” one employee, Omar Castro, a guest relations manager, told the Post.
“I never expected an owner of the company to do this. We get to share in this with them. ... He’s thinking of us as part of a family, as part of the experience. There’s no reason for him to do it. All I can say is a big thanks to Ted and his family for the opportunity, and for truly making this into something memorable for all of us here in the company.”
The employees who were on hand for Game 1 left disappointed, as the Capitals fell 6-4.
Game 2 is Wednesday night.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-wsh-leonsis/capitals-owner-ted-leonsis-sends-200-employees-to-vegas-for-stanley-cup-games-idUSKCN1IV2P5 |
May 30 (Reuters) - Minnesota Governor Mark Dayton on Wednesday approved legislation to fund nearly $1.46 billion in infrastructure projects, largely with bonds, despite “serious concerns” over its scope.
The bill passed by the Republican-controlled legislature is slightly smaller than the $1.54 billion plan the Democratic governor proposed in January.
Dayton said Republicans set “an arbitrary, ill-founded, and woefully inadequate limit” on the size of the so-called bonding bill, resulting in underfunding for higher education, state park and water projects. “I am signing this bill, despite my objections, because areas throughout Minnesota need the projects and the jobs, which it will provide,” the governor said in a statement. Keith Hovis, a spokesman for Minnesota Management and Budget, said general obligation and appropriation-backed bills were included in the bill and that plans for the state’s next bond sale have not been finalized.
The state’s GO bonds are rated AAA by Fitch Ratings, Aa1 by Moody’s Investors Service and AA-plus by S&P Global Ratings. (Reporting by Karen Pierog in Chicago Editing by Matthew Lewis)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/minnesota-bonds/minnesota-governor-signs-1-46-bln-infrastructure-funding-bill-idUSL2N1T11LI |
DAKAR (Thomson Reuters Foundation) - A West African court is to examine a ban on pregnant girls going to school in Sierra Leone in a landmark case that campaigners say could strengthen girls’ rights across the region.
Sierra Leone introduced the ban in 2015 after a rise in rape, abuse and poverty during the deadly Ebola outbreak fueled a spike in teenage pregnancies.
The law increased the stigma surrounding pregnant girls and set thousands back in their studies, said women’s rights group Equality Now, which filed the case with partner organizations.
A spokesman for the Economic Community of West African States (ECOWAS) court in Nigeria’s capital Abuja confirmed the case had been filed and said it would give Sierra Leone 30 days to respond.
“This is a really big deal,” said Sabrina Mahtani, a researcher at rights group Amnesty International.
“I think this is an important opportunity for the ECOWAS court to set down in case law what the rights and obligations are of states regarding the rights of pregnant girls,” she told the Thomson Reuters Foundation.
The Sierra Leone government said at the time of the ban allowing pregnant girls to go to school would undermine their ability to do well in class, expose them to ridicule and encourage others to get pregnant.
Mahtani said the issue had also surfaced in other African countries such as Tanzania and Equatorial Guinea, although not all had explicit bans.
An official in Sierra Leone’s education ministry said she was not yet aware that a case had been filed, but that the government would defend their policy.
“I am sure they will defend the ban,” said Olive Musa, Sierra Leone’s director of non-formal education, by phone.
“There was an alternative program for (pregnant girls), and some of them went back to school after a period of time, so I don’t know why they have taken this to the ECOWAS court.”
Sierra Leone’s government spokesman could not immediately be reached for comment.
Equality Now said they filed the case because years of advocacy and discussions with the government had not been fruitful.
“If there is no intervention, this will result in a lifetime of illiteracy, ignorance, poverty and extreme violations for these girls,” Equality Now and partners said in a statement.
Reporting by Nellie Peyton, Editing by Claire Cozens. Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, and climate change. Visit www.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-leone-education-law/regional-court-to-judge-sierra-leone-schools-ban-for-pregnant-girls-idUSKCN1II2FL |
May 2, 2018 / 5:47 AM / Updated 14 minutes ago PRESS DIGEST - Wall Street Journal - May 2 Reuters Staff 2 Min Read
May 2 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
- Xerox Corp said its chief executive, Jeff Jacobson, is resigning in a settlement with two of the company's biggest investors, Carl Icahn and Darwin Deason, a pact that shakes up the majority of the board and puts its transaction with Fujifilm Holdings Corp at risk. ( on.wsj.com/2w3Zjir )
- Connecticut will give an $83 million incentive package to General Dynamics Electric Boat in exchange for a commitment from the submarine maker to invest in its Groton-based plant, the company and state officials said on Tuesday. ( on.wsj.com/2vZAG6u )
- Dallas-based private-equity firm Lantern Capital Partners topped the bidding for the film and television studio co-founded by Harvey Weinstein and is close to acquiring the business.( on.wsj.com/2w4CqLV )
- Tesla Inc's home solar-panel business is facing slowing installations and could be on the hook for financial promises it made to some investors, just as the U.S. tax law presents new risks to the industry.( on.wsj.com/2w7kfFk ) (Compiled by Bengaluru newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-wsj/press-digest-wall-street-journal-may-2-idUSL3N1S91SF |
April 30 (Reuters) - Education Realty Trust Inc:
* Q1 EARNINGS PER SHARE $0.53 * Q1 EARNINGS PER SHARE VIEW $0.24 — THOMSON REUTERS I/B/E/S
* QUARTERLY CORE FFO SHARE $0.57 * SAYS REITERATING GUIDANCE FOR 2018 CORE FFO PER SHARE/UNIT OF $1.81 TO $1.91 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-edr-announces-q1-earnings-per-shar/brief-edr-announces-q1-earnings-per-share-0-53-idUSASC09Y54 |
FRANKFURT/BERLIN, May 24 (Reuters) - The following are some of the factors that may move German stocks on Thursday:
AUTOS The Trump administration has launched a national security investigation into car and truck imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March.
Separately, China’s commerce ministry said on Thursday that the nation has good potential in cooperation with Germany in sectors such as digitalization, new energy cars, artificial intelligence and driverless cars.
BAYER The United States is seeking better access for imports of genetically modified crops into China as part of a trade deal currently under discussion between the two sides, said two people familiar with the matter.
DEUTSCHE TELEKOM Capital Markets Day due.
THYSSENKRUPP Heinrich Hiesinger’s position as Thyssenkrupp’s CEO is more precarious than it has ever been as he prepares to unveil a new strategy to placate impatient investors, including Cevian and Elliott, people familiar with the matter said.
INNOGY The group said it successfully placed two bonds worth a combined 1 billion euros.
HORNBACH HOLDING Annual results due.
JOST WERKE Q1 results due.
ANNUAL GENERAL MEETINGS DEUTSCHE BANK - 0.11 euros/shr dividend proposed
SALZGITTER - 0.45 euros/shr dividend proposed
SMA SOLAR - 0.35 euros/shr dividend proposed
UNITED INTERNET - 0.85 euros/shr dividend proposed
INDUS HOLDING - 1.50 euros/shr dividend proposed
EX-DIVIDEND
AAREAL BANK - 2.50 eur/shr dividend
EVONIK INDUSTRIES - 1.15 eur/shr dividend
TAG IMMOBILIEN - 0.65 eur/shr dividend
PFEIFFER VACUUM - 2.00 eur/shr dividend
OVERSEAS STOCK MARKETS Dow Jones +0.2 pct, S&P 500 +0.3 pct, Nasdaq +0.6 pct at close.
Nikkei -1.2 pct, Shanghai stocks unchanged.
Time: 4.57 GMT.
GERMAN ECONOMIC DATA German Q1 detailed GDP data due at 0600 GMT. Seen +0.3 pct q/q seasonally adjusted, +2.3 pct y/y.
DIARIES REUTERS TOP NEWS (Reporting by Christoph Steitz and Victoria Bryan)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-24-idUSL5N1SU1BE |
May 9 (Reuters) - Eastman Chemical Co:
* EASTMAN COMPLETES TRITAN COPOLYESTER EXPANSION AND ANNOUNCES ADDITIONAL INCREASE TO COPOLYESTER CAPACITY
* EASTMAN CHEMICAL - ADDITIONAL PLANNED EXPANSION OF COPOLYESTER PRODUCTION TO BE ADDED AT KINGSPORT SITE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eastman-completes-tritan-copolyest/brief-eastman-completes-tritan-copolyester-expansion-idUSFWN1SG165 |
Wall Street drops on Italy worries Tuesday, May 29, 2018 - 01:16
The S&P 500 and Dow suffered their biggest one-day percentage drop in a month on Tuesday. As Fred Katayama reports, political turmoil in Italy rattled investors.
The S&P 500 and Dow suffered their biggest one-day percentage drop in a month on Tuesday. As Fred Katayama reports, political turmoil in Italy rattled investors. //reut.rs/2IUON3h | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/29/wall-street-drops-on-italy-worries?videoId=431516765 |
May 24 (Reuters) - RealPage Inc:
* REALPAGE ANNOUNCES PRICING OF FOLLOW-ON PUBLIC OFFERING OF COMMON STOCK
* REALPAGE INC - PRICING OF FOLLOW-ON PUBLIC OFFERING OF 7 MILLION SHARES OF COMMON STOCK AT A PRICE OF $57.00 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-realpage-says-pricing-of-follow-on/brief-realpage-says-pricing-of-follow-on-public-offering-of-7-mln-shares-at-57-00-per-share-idUSASC0A3JL |
May 11, 2018 / 5:08 PM / Updated 36 minutes ago County Championship Div2 Standings Reuters Staff 1 Standings of the County Championship Div2 on Friday P W L T Ded RR PTS Warwickshire 3 2 0 1 0 55 Sussex 4 1 0 3 0 51 Kent 3 2 1 0 0 41 Derbyshire 3 1 1 1 0 36 Glamorgan 3 1 1 1 0 33 Middlesex 4 1 2 1 0 33 Gloucestershire 3 1 1 1 0 29 Leicestershire 3 0 1 2 0 27 Durham 3 1 1 1 0 26 Northamptonshire 3 0 2 1 0 10 Note: Ded-Deductions; RR-Net Run Rate | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-standings/county-championship-div2-standings-idINMTZXEE5BKQ4Q4B |
Revenues of $148.1 million for the quarter, up 1.3% from $146.2 million in the prior year period. Net income before non-controlling interests of $29.0 million for the quarter, an increase of $27.7 million from the prior year period, primarily driven by the gain on sale of Care. Adjusted EBITDA 1 of $5.3 million for the quarter, down 55.1% from $11.8 million in the prior year period. Normalized EBITDA 1 , which removes the impact of realized and unrealized gains and losses and stock-based compensation, of $8.9 million for the quarter, compared to $12.4 million in 2017. Book value per share, as exchanged 1 of $10.59, up 4.3% compared to $10.15 as of March 31, 2017. Declared a dividend of $0.035 per share, up 16.7% to stockholders of record on May 21, 2018 with a payment date of May 29, 2018.
NEW YORK--(BUSINESS WIRE)-- Tiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), a holding company that combines specialty insurance operations with investment management today announced its financial results for the three months
Summary Consolidated Statements of Operations
($ in millions, except for per share information) 31, GAAP:
2018 2017 Total revenues $ 148.1 $ 146.2 Net income before non-controlling interests $ 29.0 $ 1.3 Net income attributable to Tiptree Inc. Class A common stockholders $ 23.6 $ 1.1 Diluted earnings per share $ 0.79 $ 0.03 Non-GAAP: (1)
Adjusted EBITDA $ 5.3 $ 11.8 Normalized EBITDA $ 8.9 $ 12.4 Book value per share, as exchanged $ 10.59 $ 10.15 1
For a reconciliation to U.S. GAAP, see “Non-GAAP Reconciliations” below. Earnings Conference Call
Tiptree will host a conference call on Tuesday, May 8, 2018 at 9:00 a.m. Eastern Time to discuss its first quarter 2018 financial results. A copy of our investor presentation, to be used during the conference call, as well as this press release, will be available in the Investor Relations section of the Company’s website, located at www.tiptreeinc.com .
The conference call will be available via live or archived webcast at http://www.investors.tiptreeinc.com . To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the telephone conference call, please dial 1-877-407-4018 (domestic) or 1-201-689-8471 (international). Please dial in at least five minutes prior to the start time.
A replay of the call will be available from Tuesday, May 8, 2018 at 1:00 p.m. Eastern Time, until midnight Eastern on Tuesday, May 15, 2018. To listen to the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international), Passcode: 13678648.
1Q’18 Financial Overview
Consolidated Highlights
Year-to-date 2018, we have executed on several strategic objectives:
Insurance:
Specialty Insurance operations continued to grow as gross written premiums were $201 million, up 21.3%, driven by growth across all our product lines. Net written premiums were $109 million, up 26.5%, driven by a combination of premium growth and increased retention rates. On March 28, 2018, we expanded our insurance operations into Europe with the creation of Fortegra Europe Insurance Company Limited (“FEIC”).
Tiptree Capital:
On February 1, 2018, we sold our senior living operations to Invesque in exchange for a net 16.4 million shares, which was $0.91 accretive to our book value per share, as exchanged, or a 9.1% increase over our December 31, 2017 book value per share, as exchanged.
Corporate:
On March 23, 2018, we initiated an up to $20 million share buy-back plan split evenly between open market and opportunistic large block purchases. On April 10, 2018, we completed a corporate reorganization that eliminated our dual class stock structure. On May 4, 2018, we extended our existing credit facility to September 2020 and up-sized to $75 million while reducing the interest rate by 100 basis points. Combined with corporate cash, this gives us approximately $100 million of capital available to invest in support of our growth objectives.
Consolidated Results of Operations
Revenues
For the three months ended March 31, 2018, revenues were $148.1 million, which increased $1.9 million, or 1.3%, over prior year period driven by growth in earned premiums and service and administrative fees, partially offset by reduced other income, and unrealized losses on equity securities. Earned premiums were $101.6 million for the three months ended March 31, 2018, up from $89.2 million in the comparable 2017 period. This was consistent with our strategy to grow written premiums of our insurance business which contributes to increased investable assets and investment income. In addition to the growth in revenues, the combination of unearned premiums and deferred revenues on the balance sheet grew by $110.0 million or 23.4%, from March 31, 2017 to March 31, 2018 as we continue to grow credit protection and warranty written premiums, which are earned over multiple years.
Net Income (Loss) before non-controlling interests
For the three months ended March 31, 2018, net income before non-controlling interests was $29.0 million compared to net income of $1.3 million in the 2017 period, an increase of $27.7 million. The increase was driven by $34.5 million of income from discontinued operations including the net gain on sale of Care, which was partially offset by unrealized losses on equity securities (including the Invesque common stock), and lower asset management income as we reduced our exposure to CLO subordinated notes which resulted in less distributions and gains compared to 2017.
The table below highlights certain key drivers impacting our consolidated results presented on a pre-tax basis. Our investments are focused on a longer term investment horizon. In addition, our equity securities holdings are relatively concentrated, and are carried at fair value and marked to market through unrealized gains and losses. As a result, we expect our earnings relating to these securities to be relatively volatile between periods. For a further discussion on these key drivers, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations — Results of Operations — Selected Key Metrics — Income (loss) before taxes (from continuing and discontinued operations)” in our Form 10-Q for the quarter
($ in thousands) 31, 2018 2017 Unrealized & realized gains (losses) on equity securities (1) $ (8,697
) $ (1,740 ) Discontinued operations (Care) (2) $ 46,808 $ (1,530
) Asset management - credit investments $ 277 $ 5,168
(1)
Includes $3.9 million attributable to Invesque shares from the date of the sale (February 1, 2018). (2)
Includes pre-tax Gain on sale of Discontinued Operations of $46.2 million.
Net Income (Loss) Available to Class A Common Stockholders
For the three months ended March 31, 2018, net income available to Class A common stockholders was $23.6 million, an increase of $22.5 million from the prior year period. The key drivers of net income available to Class A common stockholders were the same factors which impacted the net income before non-controlling interests.
Non-GAAP
Management uses Adjusted EBITDA and book value per share, as exchanged as measurements of operating performance which are non-GAAP measures. Management believes that use of Adjusted EBITDA provides supplemental information useful to investors as it is frequently used by the financial community to analyze financial performance, and to analyze a company’s ability to service its debt and to facilitate comparison among companies. Adjusted EBITDA is also used in determining incentive compensation for the Company’s executive officers. Adjusted EBITDA is not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative or substitute for GAAP net income. Book value per share, as exchanged assumes full exchange of the limited partners units of Tiptree Financial Partners, L.P. (“TFP”) for Tiptree Class A common stock. Management believes that use of this financial measure provides supplemental information useful to investors as it is frequently used by the financial community to analyze company growth on a relative per share basis.
Total Adjusted EBITDA for the three months ended March 31, 2018 was $5.3 million compared to $11.8 million for the 2017 period, a decrease of $6.5 million, or 55.1%. The key drivers of the change in Adjusted EBITDA were the same as those which impacted our net income before non-controlling interests, excluding add-backs associated with the Care gain and non-recurring expenses. For Care, the reduction in EBITDA is related to accumulated depreciation and amortization, and certain operating expenses, which were previously included in Adjusted EBITDA in prior periods. See “— Non-GAAP Reconciliations” for a reconciliation to GAAP net income.
Total stockholders’ equity was $407.7 million as of March 31, 2018 compared to $393.8 million as of March 31, 2017, primarily driven by net income over the last four quarters and the net increase in equity outstanding as a result of an option exercise, net of share re-purchases.
As exchanged book value per share for the period ended March 31, 2018 was $10.59, an increase from $10.15 as of March 31, 2017. The key drivers of the period-over-period impact were earnings per share of $0.87 over the last four quarters and the purchase of 1.0 million shares at an average 28% discount to book value. Those increases were partially offset by dividends paid of $0.12 per share, officer and director compensation share issuances, and the exercise of a 2007 founders’ option in June 2017, the latter of which resulted in 1.5 million shares being issued for $5.36 per share in cash paid to the Company which resulted in a $0.19 decrease in book value per share. Over the past twelve months, Tiptree returned $12.0 million to shareholders through share repurchases and dividends paid.
Results by Segment
Tiptree is a holding company that combines insurance operations with investment management expertise. In addition to our specialty insurance operations, we allocate our capital across our investments in other companies and assets which we refer to as Tiptree Capital. As of March 31, 2018, Tiptree Capital consists of asset management operations, mortgage operations and other investments (including Invesque common shares). As such, we classify our business into three reportable segments– specialty insurance, asset management and mortgage. Corporate activities include holding company interest expense, employee compensation and benefits, and other expenses. The following table presents the components of total pre-tax income including continuing and discontinued operations.
Pre-tax Income
($ in thousands) 31, 2018 2017 Specialty Insurance
$ 1,343 $ 4,801 Tiptree Capital: Asset management 892 5,581 Mortgage 153 301 Other (2,717 ) 84 Corporate (6,714 ) (6,729 ) Pre-tax income (loss) from continuing operations $ (7,043 ) $ 4,038 Pre-tax income (loss) from discontinued operations (1) $ 46,808 $ (1,530 )
(1)
Includes Care for 2017 and 2018. Includes $46.2 million pre-tax gain on sale of Care in 2018. Management evaluates the return on Invested Capital and Total Capital, which are non-GAAP financial measures, when making capital investment decisions. Invested Capital represents its total cash investment, including any re-investment of earnings, and acquisition costs, net of tax. Total Capital represents Invested Capital plus Corporate Debt. Management believes the use of these financial measures provide supplemental information useful to investors as they are frequently used by the financial community to analyze how the Company has allocated capital over-time and provide a basis for determining the return on capital to shareholders. Management uses both of these measures when making capital investment decisions, including reinvesting cash, and evaluating the relative performance of its businesses and investments. The following table presents the components of Total Capital and Adjusted EBITDA.
Invested Capital and Adjusted EBITDA - Non-GAAP (1)
($ in thousands) 31, Total Capital Adjusted EBITDA 2018 2017 2018 2017 Specialty Insurance $ 441,518 $ 402,252 $ 8,193 $ 9,379 Tiptree Capital 147,244 190,752 5,505 9,530 Asset management 4,164 38,474 892 5,581 Mortgage 30,890 25,291 289 839 Other (2) 112,190 126,987 4,324 3,110 Corporate 43,228 45,507 (8,354 ) (7,123 ) Total Tiptree $ 631,990 $ 638,511 $ 5,344 $ 11,786 (1)
For further information relating to the Company’s Total Capital and Adjusted EBITDA, including a reconciliation to GAAP total stockholders equity and pre-tax income, see “—Non-GAAP Reconciliations.” (2)
Includes discontinued operations related to Care. As of February 1, 2018, invested capital from Care discontinued operations is represented by our investment in Invesque common shares. For more information, see Note—(3) Dispositions, Assets Held for Sale & Discontinued Operations, in the Form 10-Q for the quarter
About Tiptree
Tiptree Inc. (NASDAQ:TIPT) is a holding company that combines insurance operations with investment management expertise. The Company’s principal operating subsidiary is a leading provider of specialty insurance products and related services, including credit protection, warranty, and programs which underwrite niche personal and commercial lines of insurance. The Company also allocates capital across a broad spectrum of investments, which is referred to as Tiptree Capital. Today, Tiptree Capital consists of asset management operations, mortgage operations and other investments. For more information, please visit www.tiptreeinc.com .
Forward-Looking Statements
This release contains “forward-looking statements” which involve risks, uncertainties and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “should,” “target,” “will,” or similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions. The forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecast in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to those described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K, and as described in the Company’s other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this release. The factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could affect our forward-looking statements. Consequently, our actual performance could be materially different from the results described or anticipated by our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by the federal securities laws, we undertake no obligation to update any forward-looking statements.
Tiptree Inc.
Condensed Consolidated Balance Sheet
($ in thousands, except share data)
As of March 31,
2018
December 31,
2017
Assets: Investments: Available for sale securities, at fair value $ 212,809 $ 182,448 Loans, at fair value 239,331 258,173 Equity securities, at fair value 140,238 25,536 Other investments 41,243 59,142 Total investments 633,621 525,299 Cash and cash equivalents 81,219 110,667 Restricted cash 19,336 31,570 Notes and accounts receivable, net 201,157 186,422 Reinsurance receivables 362,411 352,967 Deferred acquisition costs 143,146 147,162 Goodwill 91,562 91,562 Intangible assets, net 59,375 64,017 Other assets 42,122 31,584 Assets held for sale 54,857 448,492 Total assets $ 1,688,806 $ 1,989,742 Liabilities and Stockholders’ Equity Liabilities: Debt, net $ 320,508 $ 346,081 Unearned premiums 521,085 503,446 Policy liabilities and unpaid claims 117,740 112,003 Deferred revenue 58,349 56,745 Reinsurance payable 96,178 90,554 Other liabilities and accrued expenses 117,818 121,321 Liabilities held for sale 49,468 362,818 Total liabilities $ 1,281,146 $ 1,592,968 Stockholders’ Equity: Preferred stock: $0.001 par value, 100,000,000 shares authorized,
none issued or outstanding
$ — $ — Common stock - Class A: $0.001 par value, 200,000,000 shares authorized,
35,003,004 and 35,003,004 shares issued and outstanding, respectively
35 35 Common stock - Class B: $0.001 par value, 50,000,000 shares authorized,
8,049,029 and 8,049,029 shares issued and outstanding, respectively
8 8 Additional paid-in capital 294,678 295,582 Accumulated other comprehensive income (loss), net of tax (1,483 ) 966 Retained earnings 60,741 38,079 Class A common stock held by subsidiaries, 5,080,943 and
5,197,551 shares, respectively
(33,823 ) (34,585 ) Class B common stock held by subsidiaries, 8,049,029 and
8,049,029 shares, respectively
(8 ) (8 ) Total Tiptree Inc. stockholders’ equity 320,148 300,077 Non-controlling interests - TFP 82,082 77,494 Non-controlling interests - Other 5,430 19,203 Total stockholders’ equity 407,660 396,774 Total liabilities and stockholders’ equity $ 1,688,806 $ 1,989,742 Tiptree Inc.
Condensed Consolidated Statements of Operations
($ in thousands, except share data)
31, 2018 2017 Revenues: Earned premiums, net $ 101,645 $ 89,231 Service and administrative fees 24,576 23,776 Ceding commissions 2,283 2,271 Net investment income 4,205 4,505 Net realized and unrealized gains (losses) 6,606 16,212 Other revenue 8,757 10,194 Total revenues 148,072 146,189 Expenses: Policy and contract benefits 36,626 32,992 Commission expense 62,633 56,793 Employee compensation and benefits 27,788 29,030 Interest expense 5,946 6,078 Depreciation and amortization 2,957 3,554 Other expenses 19,165 17,619 Total expenses 155,115 146,066 Other income: Income attributable to consolidated CLOs — 8,867 Expenses attributable to consolidated CLOs — 4,952 Net income (loss) attributable to consolidated CLOs — 3,915 Total other income Income (loss) before taxes from continuing operations (7,043 ) 4,038 Less: provision (benefit) for income taxes (1,568 ) 1,568 Net income (loss) from continuing operations (5,475 ) 2,470 Discontinued operations: Income (loss) before taxes from discontinued operations 624 (1,530 ) Gain on sale of discontinued operations, net 46,184 — Less: Provision (benefit) for income taxes 12,327 (402 ) Net income (loss) from discontinued operations 34,481 (1,128 ) Net income (loss) before non-controlling interests 29,006 1,342 Less: net income (loss) attributable to non-controlling interests - TFP 5,392 208 Less: net income (loss) attributable to non-controlling interests - Other 54 34 Net income (loss) attributable to Tiptree Inc. Class A common stockholders $ 23,560 $ 1,100 Net income (loss) per Class A common share: Basic, continuing operations, net $ (0.15 ) $ 0.07 Basic, discontinued operations, net 0.94 (0.03 ) Basic earnings per share $ 0.79 $ 0.04 Diluted, continuing operations, net (0.15 ) 0.06 Diluted, discontinued operations, net 0.94 (0.03 ) Diluted earnings per share $ 0.79 $ 0.03 Weighted average number of Class A common shares: Basic 29,861,496 28,424,824 Diluted 29,861,496 36,749,956 Dividends declared per common share $ 0.035 $ 0.030 Tiptree Inc.
Non-GAAP Reconciliations (Unaudited)
Non-GAAP Financial Measures — EBITDA and Adjusted EBITDA
The Company defines EBITDA as GAAP net income of the Company adjusted to add consolidated interest expense, consolidated income taxes and consolidated depreciation and amortization expense as presented in its financial statements and Adjusted EBITDA as EBITDA adjusted to (i) subtract interest expense on asset-specific debt incurred in the ordinary course of its subsidiaries’ business operations, (ii) adjust for the effect of purchase accounting, (iii) adjust for non-cash fair value adjustments, and (iv) any significant non-recurring expenses.
($ in thousands) 31, 2018 2017 Net income (loss) available to Class A common stockholders $ 23,560 $ 1,100 Add: net (loss) income attributable to noncontrolling interests 5,446 242 Less: net income from discontinued operations 34,481 (1,128 ) Income (loss) from continuing operations $ (5,475 ) $ 2,470 Consolidated interest expense 5,946 6,078 Consolidated income tax expense (benefit) (1,568 ) 1,568 Consolidated depreciation and amortization expense 2,957 3,554 EBITDA from Continuing Operations $ 1,860 $ 13,670 Asset-based interest expense (1) (2,094 ) (3,163 ) Effects of purchase accounting (2) (248 ) (464 ) Non-cash fair value adjustments (3) 66 513 Non-recurring expenses (4) (376 ) (1,736 ) Adjusted EBITDA from Continuing Operations $ (792 ) $ 8,820 Income (loss) from discontinued operations $ 34,481 $ (1,128 ) Consolidated interest expense 1,252 2,701 Consolidated income tax expense (benefit) 12,327 (402 ) Consolidated depreciation and amortization expense — 4,255 EBITDA from discontinued operations $ 48,060 $ 5,426 Asset based interest expense (1) (1,252 ) (2,701 ) Non-cash fair value adjustments (3) (40,672 ) — Non-recurring expenses (4) — 241 Adjusted EBITDA from discontinued operations $ 6,136 $ 2,966 Total Adjusted EBITDA $ 5,344 $ 11,786
(1) The consolidated asset-based interest expense is subtracted from EBITDA to arrive at Adjusted EBITDA. This includes interest expense associated with asset-specific debt at subsidiaries in the specialty insurance, asset management, mortgage and other operations. (2) Following the purchase accounting adjustments, current period expenses associated with deferred costs were more favorably stated and current period income associated with deferred revenues were less favorably stated. Thus, the purchase accounting effect related to Fortegra increased EBITDA above what the historical basis of accounting would have generated. The impact of this purchase accounting adjustments have been reversed to reflect an adjusted EBITDA without such purchase accounting effect. (3) For Reliance, within our mortgage operations, Adjusted EBITDA excludes the impact of changes in contingent earn-outs. For our specialty insurance operations, depreciation and amortization on senior living real estate that is within net investment income is added back to Adjusted EBITDA. For Care (Discontinued Operations), the reduction in EBITDA is related to accumulated depreciation and amortization, and certain operating expenses, which were previously included in Adjusted EBITDA in prior periods. (4) Acquisition, start-up and disposition costs including legal, taxes, banker fees and other costs. Also includes payments pursuant to a separation agreement, dated as of November 10, 2015. Non-GAAP Financial Measures — EBITDA and Adjusted EBITDA
The tables below present EBITDA and Adjusted EBITDA by business component.
31, 2018 Tiptree Capital ($ in thousands) Specialty
insurance
Asset
Management
Mortgage Other Discontinued
Operations (1)
Tiptree
Capital
Corporate
Expenses
Total Pre-tax income/(loss) from continuing ops $ 1,343 $ 892 $ 153 $ (2,717 ) $ — $ (1,672 ) $ (6,714 ) $ (7,043 ) Pre-tax income/(loss) from discontinued ops — — — — 46,808 46,808 — 46,808 Add back:
Interest expense 4,533 — 300 485 1,252 2,037 629 7,199 Depreciation and amortization expenses 2,722 — 136 37 173 62 2,957 EBITDA $ 8,598 $ 892 $ 589 $ (2,195 ) $ 48,060 $ 47,346 $ (6,023 ) $ 49,921 EBITDA adjustments:
Asset-specific debt interest (2) (1,309 ) — (300 ) (485 ) (1,252 ) (2,037 ) — (3,346 ) Effects of purchase accounting (3) (248 ) — — — — — — (248 ) Non-cash fair value adjustments (4) 66 — — — (40,672 ) (40,672 ) — (40,606 ) Non-recurring expenses (5) 1,086 — — 868 — 868 (2,331 ) (377 ) Adjusted EBITDA $ 8,193 $ 892 $ 289 $ (1,812 ) $ 6,136 $ 5,505 $ (8,354 ) $ 5,344 Plus: Stock based compensation expense 627 — 20 — — 20 585 1,232 Less: Realized and unrealized gains (losses) (6) (4,499 ) (28 ) — (3,178 ) 5,512 2,306 — (2,193 ) Less: Third party NCI Adjusted EBITDA — — — (128 ) — (128 ) — (128 ) Normalized EBITDA $ 13,319 $ 920 $ 309 $ 1,494 $ 624 $ 3,347 $ (7,769 ) $ 8,897
(1) Includes discontinued operations related to Care. For more information, see “Note—(3) Dispositions, Assets Held for Sale & Discontinued Operations”, in the Form 10-Q for the quarter 31, 2017 Tiptree Capital ($ in thousands) Specialty
insurance
Asset
Management
Mortgage Other Discontinued
Operations (1)
Tiptree
Capital
Corporate
Expenses
Total Pre-tax income/(loss) from continuing ops $ 4,801 $ 5,581 $ 301 $ 84 $ — $ 5,966 $ (6,729 ) $ 4,038 Pre-tax income/(loss) from discontinued ops — — — — (1,530 ) (1,530 ) — (1,530 ) Add back:
Interest expense 3,445 — 216 1,137 2,701 4,054 1,280 8,779 Depreciation and amortization expenses 3,294 — 138 60 4,255 4,453 62 7,809 EBITDA $ 11,540 $ 5,581 $ 655 $ 1,281 $ 5,426 $ 12,943 $ (5,387 ) $ 19,096 EBITDA adjustments:
Asset-specific debt interest (2) (1,810 ) — (216 ) (1,137 ) (2,701 ) (4,054 ) — (5,864 ) Effects of purchase accounting (3) (464 ) — — — — — — (464 ) Non-cash fair value adjustments (4) 113 — 400 — — 400 — 513 Non-recurring expenses (5) — — — — 241 241 (1,736 ) (1,495 ) Adjusted EBITDA $ 9,379 $ 5,581 $ 839 $ 144 $ 2,966 $ 9,530 $ (7,123 ) $ 11,786 Plus: Stock based compensation expense 1,351 — 49 — — 49 399 1,799 Less: Realized and unrealized gains (losses) (6) (1,528 ) 2,233 — (4 ) — 2,229 — 701 Less: Third party NCI Adjusted EBITDA — — — 129 386 515 — 515 Normalized EBITDA $ 12,258 $ 3,348 $ 888 $ 19 $ 2,580 $ 6,835 $ (6,724 ) $ 12,369
(1) Includes discontinued operations related to Care. For more information, see “Note—(3) Dispositions, Assets Held for Sale & Discontinued Operations”, in the Form 10-Q for the quarter Non-GAAP Financial Measures — Book value per share, as exchanged
Book value per share, as exchanged assumes full exchange of the limited partners units of TFP for Tiptree Class A common stock. Management believes the use of this financial measure provides supplemental information useful to investors as book value is frequently used by the financial community to analyze company growth on a relative per share basis. The following table provides a reconciliation between total stockholders’ equity and total shares outstanding, net of treasury shares.
($ in thousands, except per share information) 31, 2018 2017 Total stockholders’ equity $ 407,660 $ 393,838 Less non-controlling interest - other 5,430 22,970 Total stockholders’ equity, net of non-controlling interests - other $ 402,230 $ 370,868 Total Class A shares outstanding (1) 29,922 28,492 Total Class B shares outstanding 8,049 8,049 Total shares outstanding 37,971 36,541 Book value per share, as exchanged $ 10.59 $ 10.15 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-tiptree-reports-first-quarter-2018-results.html |
Probing the depths of our digestive system can require special equipment and can be, in the very least, messy.
However, a team of Massachusetts Institute of Technology researchers have created a battery-powered capsule that, when swallowed, passes through the digestive system, sending information wirelessly to a smartphone or computer.
A test showed the "pill," or an ingestible micro-bio-electronic device, can detect blood in the stomach, something that would otherwise require an endoscopy and sedation.
"The goal with this sensor is that you would be able to circumvent an unnecessary procedure by just ingesting this capsule, and within a relatively short period of time you would know whether or not there was a bleeding event," said MIT graduate student and lead author on the study, Mark Mimee.
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The research was published Thursday in the medical journal Science .
Creating the capsule caps off years of work by biologists, who have been designing bacteria that respond to markers of disease by producing a signal, such as an emission of light, MIT said. But researchers have needed specialized lab equipment to put the work into practice.
That's where the pill comes in. Here's how it works, as explained by MIT: Bacteria is placed in the capsule, which allows molecules to flow through. The capsule has tiny phototransistors that send the light information to a microprocessor, which broadcasts it wirelessly to a computer or smartphone.
The MIT researchers successfully tested the roughly 1.5-inch capsule in pigs to detect for stomach bleeding.
The hope is researchers can make the device smaller for human use. The capsules could be used to check for disease or conditons in the digestive tract.
"By combining engineered biological sensors together with low-power wireless electronics, we can detect biological signals in the body and in near real-time, enabling new diagnostic capabilities for human health applications," said Timothy Lu, MIT associate professor of electrical engineering and computer science as well as biological engineering.
The study's co-lead author is former MIT postdoc Phillip Nadeau. Senior authors were Lu and Anantha Chandrakasan, dean of the MIT School of Engineering.
— Sean Rossman, USA Today | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/researchers-are-working-on-an-electronic-pill-you-can-take-to-see-if-youre-sick-or-not.html |
In the release issued under the same headline on May 10, 2018 by Diffusion Pharmaceuticals Inc. (Nasdaq:DFFN), please note that in the Consolidated Balance Sheets table, Cash and cash equivalents row, under March 31, 2018, the figure should read $16,199,481 rather than $6,199,481 as previously stated. The corrected release follows.
Diffusion Pharmaceuticals Reports First Quarter 2018 Financial Results and Provides Business Update
Patient screening and enrollment are underway in Phase 3 inoperable GBM brain cancer trial Key U.S. Patent Issued Clinical trial preparations are ongoing for Phase 2 trial with TSC in stroke
CHARLOTTESVILLE, Va., May 29, 2018 (GLOBE NEWSWIRE) -- Diffusion Pharmaceuticals Inc. (Nasdaq:DFFN) (“Diffusion” or “the Company”), a clinical-stage biotechnology company focused on extending the life expectancy of cancer patients using the novel small molecule trans sodium crocetinate (TSC) in conjunction with standard radiation and chemotherapy, reports financial results for the three months ended March 31, 2018 and provides a business update.
“During the first quarter patients continued to be screened and enrolled into our lead clinical program, the INvestigation of TSC Against Cancerous Tumors (INTACT) trial for the treatment of inoperable glioblastoma multiforme, or GBM,” said David Kalergis, Chairman and Chief Executive Officer of Diffusion Pharmaceuticals. “In January the first patients were dosed in this 236-patient Phase 3 study. The protocol calls for half of patients to be enrolled in the treatment arm, which is standard of care radiation and chemotherapy, plus TSC, and half to be enrolled in the control arm, which is standard of care alone. The design of INTACT is based on an almost four-fold increase in overall survival at two years demonstrated in inoperable GBM patients in the preceding Phase 2 study. We are hopeful that similar survival will be demonstrated in our pivotal Phase 3 study and that TSC will provide an effective treatment for these patients, for whom current options are limited.”
The Company continues to prepare for a Phase 2, randomized, double-blind, placebo-controlled trial with TSC in acute stroke. The contemplated study, based on an abstract that was presented in January at the International Stroke Conference, calls for the administration of TSC by specially-trained Emergency Medical Technicians to ambulance-transported patients within two hours of the onset of a suspected acute stroke. The in-ambulance administration could potentially overcome the current severe timing delay in administering therapy to stroke patients. The trial, which has been named the Pre-Hospital Ambulance Stroke Trial - TSC (PHAST-T), is expected to commence in late 2018, subject to funding.
Diffusion is pleased to announce the granting of U.S. patent number 9,950,067, which expands the Company’s coverage of the use of TSC and related compounds in cancer therapy. The claims of the new U.S. patent relate to the treatment of a number of cancer types such as brain cancer (including glioblastoma) and pancreatic cancer, using TSC in conjunction with radiation therapy and chemotherapy. “This new U.S. patent further strengthens our IP portfolio in cancer treatment and is relevant to our technology in the Phase 3 study,” stated General Counsel and IP Counsel Thomas Byrne.
“Intellectual property is an important component of our growth strategy, and we are pleased this patent has issued,” Mr. Kalergis added. “We are expecting additional patent allowances in the near future that will further augment our IP.”
Financial Results for the Three Months Ended March 31, 2018
We had cash and cash equivalents of $16.2 million as of March 31, 2018. We believe that our cash and cash equivalents will enable us to fund our operating expenses and capital expenditure requirements through June 2019.
We recognized $1.8 million in research and development expenses during the three months ended March 31, 2018, compared with $1.0 million during the three months ended March 31, 2017. The increase was mainly attributable to a $1.1 million increase in expense related to our Phase 3 GBM trial, offset by a $0.3 million decrease in manufacturing costs.
General and administrative expenses for the three months ended March 31, 2018 were $1.5 million compared with $1.6 million for the three months ended March 31, 2017. Salaries and wages increased by $0.2 million due to the increase in headcount, which was offset by a decrease in professional fees of approximately $0.3 million.
In connection with the private placement of our Series A preferred stock and common stock warrants in March of 2017, we determined the warrants to be classified as liabilities and subject to remeasurement at each reporting period. As a result, we recognized $10.2 million in excess fair value of the common stock warrants over the gross proceeds from our private placement. We also recognized $2.9 million in placement agent commission and other offering costs. In total, for the three months ended March 31, 2017, we recorded a $12.9 million expense for the change in fair value of our common stock warrant liabilities, which was primarily attributable to the increase in the market price for our Common Stock. There were no such charges in 2018 as the warrants were reclassified into equity in November of 2017.
About Diffusion Pharmaceuticals Inc.
Diffusion Pharmaceuticals Inc. is a clinical-stage biotechnology company focused on improving patient outcomes in unmet medical needs using its novel small molecule trans sodium crocetinate (TSC). Diffusion is developing TSC for use in conditions where hypoxia (oxygen deprivation) is known to diminish the effectiveness of standard of care (SOC) treatments. In oncology, TSC targets the cancer's hypoxic micro-environment, re-oxygenating treatment-resistant tissue and making the cancer cells more vulnerable to the therapeutic effects of SOC treatments without the apparent occurrence of any serious side effects. In non-oncology indications, therapeutic benefit would be achieved directly through re-oxygenation of the tissue threatened with cell death from hypoxia.
The INvestigation of TSC Against Cancerous Tumors (INTACT) Phase 3 randomized, controlled registration trial with TSC and SOC chemotherapy and radiation, compared with SOC alone in 236 patients who have been newly diagnosed with inoperable glioblastoma multiforme (GBM) brain cancer, is underway. In this study, TSC with concomitant temozolomide is being assigned to the first 8 subjects enrolled, and these patients will undergo radiation therapy plus temozolomide and TSC treatment through the normal six-week RT treatment period. During the subsequent temozolomide treatment period these subjects will be assigned TSC at ascending doses and studied in parallel for 2 full 28-day cycles. The Data Safety Monitoring Board will examine the resultant data and based on their observations may recommend the continued use of the starting TSC dose or another dose for those patients remaining to be randomized into the study.
A Phase 2 TSC clinical trial was completed in the second quarter of 2015 and evaluated 59 patients with newly diagnosed GBM. This open-label, historically controlled study demonstrated a favorable safety and efficacy profile for TSC combined with SOC, including a 37% improvement in overall survival compared with the control group at two years. A particularly strong efficacy signal was seen in the subset of inoperable patients where survival of TSC-treated patients at two years was nearly four-fold higher compared with the controls.
Due to its novel mechanism of action, TSC has safely re-oxygenated a range of tumor types in preclinical and clinical studies. Diffusion believes the therapeutic potential of TSC is not limited to specific tumors, thereby making it potentially useful to improve SOC treatments of other life-threatening cancers. Additional studies under consideration include Phase 2 trials in pancreatic cancer and brain metastases, with study initiation subject to receipt of additional funding or collaborative partnering. The Company also believes that TSC has potential application in other indications involving hypoxia including stroke, where the Company recently announced its Pre-Hospital Ambulance Stroke Trial - TSC (PHAST-T) study to be conducted in co-operation with the University of California Los Angeles (UCLA) and the University of Virginia (UVA) to test TSC in stroke patients in an in-ambulance clinical trial setting.
Forward-Looking Statements
To the extent any statements made in this news release deal with information that is not historical, these are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the company's plans, objectives, expectations and intentions with respect to future operations and products, the potential of the company's technology and product candidates, the anticipated timing of future clinical trials, and other statements that are not historical in nature, particularly those that utilize terminology such as "would," "will," "plans," "possibility," "potential," "future," "expects," "anticipates," "believes," "intends," "continue," "expects," other words of similar meaning, derivations of such words and the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause the company's actual results to be materially different than those expressed in or implied by such forward-looking statements. Particular uncertainties and risks include: general business and economic conditions; the company's need for and ability to obtain additional financing; and the difficulty of developing pharmaceutical products, obtaining regulatory and other approvals and achieving market acceptance, and the various risk factors (many of which are beyond Diffusion’s control) as described under the heading “Risk Factors” in Diffusion’s filings with the United States Securities and Exchange Commission. All forward-looking statements in this news release speak only as of the date of this news release and are based on management's current beliefs and expectations. Diffusion undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contacts:
David Kalergis, CEO
Diffusion Pharmaceuticals Inc.
(434) 220-0718
[email protected]
or
LHA Investor Relations
Kim Sutton Golodetz
(212) 838-3777
[email protected]
-Tables to Follow-
Difusion Pharmaceuticals Inc. Consolidated Balance Sheets March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 16,199,481 $ 8,896,468 Prepaid expenses, deposits and other current assets 890,891 769,946 Total current assets 17,090,372 9,666,414 Property and equipment, net 432,634 460,652 Intangible asset 8,639,000 8,639,000 Goodwill 6,929,258 6,929,258 Other assets 275,714 450,491 Total assets $ 33,366,978 $ 26,145,815 Liabilities, Convertible Preferred Stock and Stockholders’ Equity Current liabilities: Current portion of convertible debt $ 550,000 $ 550,000 Accounts payable 419,103 511,956 Accrued expenses and other current liabilities 453,713 1,628,851 Total current liabilities 1,422,816 2,690,807 Deferred income taxes 2,223,678 2,223,678 Other liabilities — 1,386 Total liabilities 3,646,494 4,915,871 Commitments and Contingencies Convertible preferred stock, $0.001 par value: Series A - 13,750,000 shares authorized at both March 31, 2018 and December 31, 2017. No shares and 12,376,329 shares issued at March 31, 2018 and December 31, 2017, respectively. No shares and 8,306,278 outstanding at March 31, 2018 and December 31, 2017, respectively. — — Total convertible preferred stock — — Stockholders’ Equity: Common stock, $0.001 par value: 1,000,000,000 shares authorized; 50,526,547 and 14,519,629 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively. 50,526 14,520 Additional paid-in capital 94,538,808 82,770,313 Accumulated deficit (64,868,850 ) (61,554,889 ) Total stockholders' equity 29,720,484 21,229,944 Total liabilities, convertible preferred stock and stockholders' equity $ 33,366,978 $ 26,145,815
Diffusion Pharmaceuticals Inc.
Consolidated Statements of Operations
Three Months Ended March 31,
2018 2017 Operating expenses: Research and development $ 1,825,568 $ 1,007,571 General and administrative 1,497,839 1,553,139 Depreciation 28,018 6,603 Loss from operations 3,351,425 2,567,313 Other expense Interest (income) expense, net (37,464 ) 55,719 Change in fair value of warrant liabilities — 12,919,674 Warrant related expenses — 10,225,846 Other financing expenses — 2,870,226 Net loss $ (3,313,961 ) $ (28,638,778 ) Accretion of Series A cumulative preferred dividends (85,993 ) (58,845 ) Deemed dividend related to the make-whole provision for the conversion of Series A preferred stock into common (8,167,895 ) — Net loss attributable to common stockholders $ (11,567,849 ) $ (28,697,623 ) Per share information: Net loss per share of common stock, basic and diluted $ (0.27 ) $ (2.78 ) Weighted average shares outstanding, basic and diluted 42,122,395 10,337,726
Source:Diffusion Pharmaceuticals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-correction-diffusion-pharmaceuticals-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
(Corrects name of supermaker to Asda from Aldi in paragraph 6)
* FTSE 100 up 0.25 pct
* Sainsbury’s surges
* Competitors Tesco, Morrisons suffer
* WPP jumps on Q1 results
By Julien Ponthus
LONDON, April 30 (Reuters) - British shares traded higher on Monday as the planned merger between Sainsbury’s and Asda, the UK arm of Walmart, sent shockwaves through British retail stocks as investors sought to adjust to a potentially game-changing overhaul of the industry.
At 0756 GMT, Britain’s FTSE was up 0.25 percent at 7521.18 points but all eyes were on Sainsbury’s shares, which surged up to 20 percent and were set for their highest ever rise.
“Traders will be bracing themselves for volatility in the retail sector and particularly in Sainsbury when markets open this morning,” London Capital Group said in a research note.
“Given that shorting retailers has been a huge trade over the past two years, news of potential tie up between Sainsbury, the UK’s 2nd biggest supermarket and 7th most shorted stock, and Walmart subsidiary Asda could see many caught on the wrong side of the bet in early trade on Monday,” the broker explained.
Shorting a stock consists of borrowing a share, then selling it with the hope a buying it back later at a lower price and pocketing the difference.
Sainsbury and Asda confirmed a 13.3 billion pounds ($18.33 billion) deal which will create Britain’s biggest supermarket group by market share, surpassing current leader Tesco whose shares tumbled 2.9 percent.
“Given its size, there is very little that Tesco will be able to contemplate as a response to today’s news,” Jefferies analysts wrote, noting however that other players in the retail sector, such as Morrisons could decide to enter a bidding war.
“The most aggressive response by Morrisons would be a bid for Sainsbury’s, a deal that would benefit from the same geographic and brand complementary that is advocated by Sainsbury/ASDA today,” it said.
Morrisons was down 0.5 percent while Marks & Spencer lost 0.6 percent and British online grocery retailer rose 1.8 percent.
WPP shares also stood out in early trading, rising 8.5 percent after the British advertising group reported better than expected first-quarter net sales and reiterated its full-year guidance in the first set of results to be published without founder Martin Sorrell.
Shares in British business support and construction services provider Interserve fell sharply, down close to 12 percent, after it said its financial performance was “extremely poor” last year, and reported a wider full-year pretax loss. (Reporting by Julien Ponthus Editing by Alison Williams)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/corrected-sainsburys-asda-merger-sends-shockwaves-across-britains-ftse-idUSL8N1S71QQ |
TAMPA, Fla., May 09, 2018 (GLOBE NEWSWIRE) -- To accelerate its mission and growth, CTI has hired Crystal Garcia, former Strategic Account Executive for HealthStream, as a new Executive Director.
With an emphasis on simulation-based training, Garcia brings with her more than 15 years of experience in medical education, research and curriculum development. She has worked with nearly 2,000 hospitals around the country implementing best-in-class training solutions.
Garcia has an extensive background in online learning, program delivery and facilitation with HealthStream. She is most proud of her work in developing the training program for HeartCode – a system implemented by hospital administrators to teach BLS, ACLS and PALS - now with more than 3 million completions. It was during this project that she discovered her passion for healthcare leadership and quality patient care.
“I am excited to join CTI and be a part of the amazing work they are doing to create transformational change in healthcare. I am passionate about patient outcomes, and with CTI, I am confident we will help develop more leaders who deliver excellent care,” Garcia said.
Prior to HealthStream, Garcia served as a Donor Development Director for the Leukemia & Lymphoma Society, and held roles at the Ronald Regan Presidential Library & Nestle Waters North America.
“Crystal’s authenticity is contagious and her ability to connect with our healthcare partners on a deeper level makes her an invaluable asset to our team,” said Mo Kasti, CEO and founder of CTI.
“Furthermore, her extensive healthcare background, and knowledge around digital and simulation-based training, aligns perfectly with our mission of saving lives and our efforts to take our offerings to the next level in the near future.”
Garcia holds a biology degree from Tennessee State University, is a Certified CPR Instructor and Wellness Coach.
About CTI – CTI is a healthcare transformation company. Our mission is to save lives by empowering physicians through five foundational practices – leadership, culture, strategy, innovation and performance. Using our exclusive terrain-based approach, CTI customizes its engagements for the client's unique terrain resulting in significant, sustainable and measurable improvements.
For more information contact:
CTI
Julie Bedford
813.333.1401
[email protected]
Source:Center For TransformationandInnovation LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-former-strategic-account-executive-for-healthstream-joins-cti-as-executive-director.html |
HNA set to drop deal with Scaramucci's Skybridge says Dow Jones 1 Hour Ago CNBC's Sue Herera reports on HNA to drop its acquisition deal with former White House Communication Director Anthony Scaramucci's Skybridge. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/hna-set-to-drop-deal-with-scaramuccis-skybridge-says-dow-jones.html |
CARACAS (Reuters) - Venezuela’s newly re-elected President Nicolas Maduro on Thursday pledged to release some jailed opposition activists, boost the OPEC member’s tanking oil production and open dialogue with business leaders.
Venezuela's President Nicolas Maduro speaks during a special session of the National Constituent Assembly to take oath as re-elected President at the Palacio Federal Legislativo in Caracas, Venezuela May 24, 2018. REUTERS/Marco Bello He gave little in the way of specifics and some of the promises were repetitions of previous vows that have not come to pass.
Maduro won a Sunday election that critics at home and abroad condemned as a farce cementing his autocracy, at a time when the oil-rich nation is suffering from increasingly dire food shortages, health crises, and mass emigration.
Opposition politicians have said it is unlikely that he will make significant changes to the crumbling state-led economic model inherited from his predecessor, the late Hugo Chavez.
Venezuela's President Nicolas Maduro speaks during a special session of the National Constituent Assembly to take oath as re-elected President at the Palacio Federal Legislativo in Caracas, Venezuela May 24, 2018. REUTERS/Marco Bello Presenting his credentials at the pro-government Constituent Assembly on Thursday, Maduro said those opposition activists jailed during massive anti-government protests but who have not committed “serious crimes” should be released.
“I want these people to be freed to give national reconciliation a chance,” Maduro said in a speech, wearing a sash in the yellow, blue and red colors of the Venezuelan flag.
Slideshow (4 Images) He did not give further details as to which prisoners might be freed. Opposition leaders have generally questioned Maduro’s previous announcements that prisoners would be released, noting some of the country’s best-known political figures - including former mayor Leopoldo Lopez - are still in jail or under house arrest.
Earlier on Thursday, a prominent human rights group, Penal Forum, said 15 senior military officials were jailed around the time of the vote, adding to scores of other arrested in what critics call a purge of the armed forces.
Maduro, a former bus driver and union leader, also promised to increase Venezuela’s oil production, currently at over 30 year lows, by 1 million barrels-per-day this year, but gave no details.
He instructed Major General Manuel Quevedo, the president of state oil company PDVSA, to reach out to OPEC, allies China and Russia, and Arab nations for help if needed.
Maduro said opponents were wrong to blame him for the country’s economic crisis. He dismissed criticism of his re-election as a U.S.-led plan to sabotage him, highlighting recent U.S. sanctions he said would cause “great difficulties.”
Maduro’s opponents say he is a reckless autocrat who has no real plan to revive Venezuela’s shambolic economy, raising the risks of more malnutrition and a full-blown refugee crisis.
“No matter what they try now, this revolutionary boat has already sunk because the people have abandoned them. After so much hunger and misery, only a change of model can free us from this tragedy,” tweeted opposition lawmaker Marialbert Barrios.
Reporting by Vivian Sequera, Andreina Aponte and Alexandra Ulmer; Writing by Alexandra Ulmer; Editing by Angus Berwick and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election/venezuelas-maduro-to-begin-new-six-year-term-in-january-idUSKCN1IP32B |
Sen. Pat Toomey: Trump doesn't have unilateral authority to pull out of NAFTA 18 Hours Ago Sen. Pat Toomey (R-Penn.) discusses the fate of the North American Free Trade Agreement (NAFTA) and the Trump administration's rhetoric around trade and it being a "bad deal." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/sen-pat-toomey-trump-doesnt-have-unilateral-authority-to-pull-out-of-nafta.html |
May 27, 2018 / 5:04 AM / Updated 8 hours ago New lava flow crosses onto Hawaii geothermal plant property Jolyn Rosa 3 Min Read
HONOLULU (Reuters) - A broad lava flow crossed onto the property of a Hawaii geothermal power station on Saturday, posing a new hazard as molten rock from the erupting Kilauea volcano bulldozed relentlessly through homes and backyards. Lava from the Kilauea volcano pours out of a fissure, in the Leilani Estates near Pahoa, Hawaii, U.S., May 26, 2018. REUTERS/Marco Garcia
The lava crossed onto the Puna Geothermal Venture (PGV) Saturday evening local time, according to the U.S. Geological Survey, having destroyed dozens of nearby houses in the past few days.
Since Hawaii’s Kilauea volcano began a once-in-a-century-scale eruption May 3, authorities have shutdown the plant, removed 60,000 gallons of flammable liquid and deactivated wells that tap into steam and gas deep in the Earth’s core.
Magma has drained from Kilauea’s summit lava lake and flowed around 25 miles (40 km) east underground, bursting out of about two dozen giant cracks or fissures near the plant.
“The flow from fissures 21 and 7 was widening and advancing,” Janet Snyder, a spokeswoman for the County of Hawaii, said in an email on the position of lava heading northeast towards PGV at 12:30 p.m. (6:00 p.m. ET)
Hawaii Governor David Ige has said the wells are stable.
But lava has never engulfed a geothermal plant anywhere in the world and the potential threat is untested, according to the head of the state’s emergency management agency. Local residents fear an explosive emission of deadly hydrogen sulfide and other gases should wells be ruptured. 270 EARTHQUAKES IN ONE DAY
Residents have complained of health hazards from emissions from the plant since it went online in 1989 and PGV has been the target of lawsuits challenging its location on the flank of one of the world’s most active volcanoes.
The Israeli-owned 38 megawatt plant typically provides around 25 percent of electricity on the Big Island, according to local power utility Hawaii Electric Light.
Operator Ormat Technologies Inc last week said there was no above-ground damage to the plant but it would have to wait until the situation stabilized to assess the impact of earthquakes and subterranean lava flows on the wells.
In just the past 24 hours there were between 250 and 270 earthquakes at Kilauea’s summit, with four explosions on Saturday sending ash to altitudes as high as 12,000-15,000 feet, said Stovall and National Weather Service meteorologist John Bravender.
Winds are set to shift on Monday and Tuesday, causing higher concentrations of ash and volcanic smog that will spread west and northwest to affect more populated areas, Bravender said.
U.S. Marine Corp and National Guard helicopters are on standby for an air evacuation in the event fissure activity cuts off Highway 130, the last exit route for up to 1,000 coastal residents.
Cracks in the highway have yet to emit hydrogen sulfide gas which would indicate magma was rising towards the surface, Stovall said. Reporting by Jolyn Rosa in Honolulu; additional reporting by Rich McKay in Atlanta; Writing by Gina Cherelus in New York; Editing by Andrew Hay, Marguerita Choy and Susan Thomas | ashraq/financial-news-articles | https://in.reuters.com/article/hawaii-volcano/new-lava-flow-crosses-onto-hawaii-geothermal-plant-property-idINKCN1IS032 |
BAGHDAD, May 12 (Reuters) - Iraqis started voting on Saturday in the first parliamentary election since defeating Islamic State, state television reported.
More than 7,000 candidates in 18 provinces, or governorates, are running this year for 329 parliamentary seats. (Reporting by Maher Chmaytelli)
| ashraq/financial-news-articles | https://www.reuters.com/article/iraq-election/iraqis-start-voting-in-first-election-since-defeating-islamic-state-idUSL8N1SJ01Z |
HOQUIAM and OLYMPIA, Wash., May 23, 2018 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (NASDAQ:TSBK) (“Timberland”) and South Sound Bank (“South Sound Bank”) announced today the signing of an agreement and plan of merger (the “Agreement”), pursuant to which South Sound Bank will merge with and into Timberland’s subsidiary, Timberland Bank.
Under the terms of the Agreement, based on 1,213,027 shares of South Sound Bank currently outstanding, South Sound Bank shareholders will receive 904,918 shares of Timberland common stock and $6.9 million in cash (fixed per share consideration of (i) 0.7460 of a share of Timberland common stock and (ii) $5.68825 in cash). The proposed transaction is expected to be accretive to Timberland’s earnings within the first year following the close and will be immediately accretive to tangible book value per share at close.
Timberland is a bank holding company headquartered in Hoquiam, Washington with approximately $1.0 billion in assets, deposits of $880.4 million and total shareholders’ equity of $117.8 million as of March 31, 2018. South Sound Bank is a Washington-state chartered bank with approximately $186.9 million in assets as of March 31, 2018, headquartered in Olympia, Washington.
Michael Sand, President and Chief Executive Officer of Timberland, said, “We look forward to welcoming the customers of South Sound Bank to Timberland Bank and working with its employees. This business combination leverages our unique talents and abilities within the Puget Sound market area and strengthens our position in the marketplace.”
Daniel Yerrington, President and Chief Executive Officer of South Sound Bank, said, “We look forward to the opportunity for our customers to join Timberland Bank, which has a strong tradition of providing quality customer service in both the commercial and retail areas throughout the Puget Sound region.”
The companies expect to close the transaction during the fourth calendar quarter of 2018, subject to approval by South Sound Bank shareholders, the receipt of all required regulatory approvals, and the satisfaction of customary closing conditions.
Timberland was advised by Keefe, Bruyette & Woods, Inc. and the law firms of Breyer & Associates PC and Silver, Freedman, Taff & Tiernan, LLP. South Sound Bank was advised by Wedbush Securities Inc. and the law firm of Keller Rohrback L.L.P.
About Timberland Bancorp, Inc.
Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. Timberland Bank opened for business in 1915 and serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 22 branches (including its main office in Hoquiam).
About South Sound Bank
South Sound Bank is a state-chartered, FDIC-insured community bank, serving businesses and individuals of the south Puget Sound through two offices. South Sound Bank opened for business in 2000.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding Timberland, South Sound Bank, the proposed merger and the combined company after the close of the transaction that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements involve inherent risks, uncertainties and contingencies, many of which are difficult to predict and are generally beyond the control of Timberland, South Sound Bank and the combined company. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. In addition to factors previously disclosed in reports filed by Timberland with the Securities and Exchange Commission (the “SEC”), risks and uncertainties for each institution and the combined institution include, but are not limited to, the following factors: the expected cost savings, synergies and other financial benefits from the merger might not be realized within the expected time frames or at all; governmental approval of the merger may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; conditions to the closing of the merger may not be satisfied; the shareholders of South Sound Bank may fail to approve the consummation of the merger; the integration of the combined company, including personnel changes/retention, might not proceed as planned; and the combined company might not perform as well as expected. All forward-looking statements included in this communication are based on information available at the time of the communication. Timberland and South Sound Bank undertake no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect new information, future events or circumstances or otherwise that occur after the date on which such statements were made.
ADDITIONAL INFORMATION
Timberland will file a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The registration statement will include a proxy statement of South Sound Bank that also constitutes a prospectus of Timberland, which will be sent to the shareholders of South Sound Bank. South Sound Bank shareholders are advised to read the proxy statement/prospectus when it becomes available because it will contain important information about Timberland, South Sound Bank and the proposed transaction. When filed, this document and other documents relating to the merger filed by Timberland can be obtained free of charge from the SEC’s website at www.sec.gov . These documents also can be obtained free of charge by accessing Timberland’s website at www.timberlandbank.com under the tab “Investor Relations”. Alternatively, these documents, when available, can be obtained free of charge from Timberland upon written request to Timberland Bancorp, Inc., Attn: Investor Relations, 624 Simpson Avenue, Hoquiam, Washington 98550 or by calling (360) 533-4747.
PARTICIPANTS IN THIS TRANSACTION
Timberland and South Sound Bank and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from South Sound Bank shareholders in connection with the proposed transaction under the rules of the SEC. Information about the directors and executive officers of Timberland may be found in the definitive proxy statement of Timberland filed with the SEC by Timberland on December 18, 2017. This definitive proxy statement can be obtained free of charge from the sources indicated above. Information about the directors and executive officers of South Sound Bank will be included in the proxy statement/prospectus when filed with the SEC. Additional information regarding the interests of these participants will also be included in the proxy statement/prospectus regarding the proposed transaction when it becomes available.
NON-GAAP FINANCIAL MEASURES
In addition to financial information presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains a reference to tangible book value per share, which is a non-GAAP financial measure. Timberland believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial position; however, readers of this release are urged to review non-GAAP financial measures in conjunction with GAAP results as previously reported.
Financial measures that exclude intangible assets are non-GAAP measures. Tangible book value per share is calculated as tangible common equity divided by common shares outstanding. Tangible common equity is calculated as shareholders’ equity less goodwill.
Contact: Michael R. Sand, Daniel D. Yerrington President & CEO President & CEO Dean J. Brydon , CFO (360) 705-4200 (360) 533-4747 www.southsoundbank.com www.timberlandbank.com
Source:Timberland Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-timberland-bancorp-inc-and-south-sound-bank-sign-definitive-merger-agreement-for-acquisition-of-south-sound-bank.html |
COPENHAGEN, May 16 (Reuters) - Hearing aid makers Widex and Sivantos will merge to form a company with an enterprise value of more than $8 billion, the companies announced on Wednesday.
The combined entity will be owned by private equity firm EQT and the families which currently own Denmark’s Widex will be the largest individual shareholder, they said in a joint statement.
“The Tøpholm and Westermann families, founders and owners of Widex, will be the largest individual shareholder in the combined entity reflecting their long-term commitment to the company,” the statement said.
The firms said the aim is to become a top player globally alongside Switzerland’s Sonova and Denmark’s William Demant and GN Store Nord.
$1 = 0.8457 euros Reporting by Stine Jacobsen; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/sivantos-ma-widex/hearing-aid-makers-sivantos-and-widex-in-8-bln-merger-idUSL5N1SN1HD |
WASHINGTON, May 29 (Reuters) - The Federal Reserve on Wednesday will propose changes to the so-called Volcker Rule banning banks from making risky bets with their own cash, kicking off a lengthy effort to rework one of the central rules introduced following the 2007-2009 financial crisis.
WHAT IS THE VOLCKER RULE?
The Volcker Rule is part of the 2010 Dodd-Frank financial reform law. It is named after Paul Volcker, the former Federal Reserve chairman and economic adviser to President Barack Obama, who first conceived it.
Finalized by regulators in 2013, the rule attempts to prevent banks from making risky market bets while accepting taxpayer-insured deposits. The U.S. government lent banks billions of dollars in bailouts stemming from the financial crisis.
The rule addresses concerns similar to those that motivated the Glass-Steagall Act. That 1933 law, repealed in the 1990s, created a legal firewall between commercial banking and investment banking. Big bank critics, including U.S. Senator Elizabeth Warren, have called for its return as a way to curb bank risk.
WHAT ARE KEY FEATURES OF THE RULE?
The rule bars banks from engaging in proprietary trading whereby they bet their own cash in pursuit of short-term profits, but offers safe harbors for activities such as facilitating client trades and hedging risks.
The rule also restricts banks' ability to own or invest in so-called covered funds, such as hedge or private equity funds, in order to restrict their indirect exposure to risk.
WHO OVERSEES THE RULE?
The job of writing and implementing the rule falls to five separate regulators who share joint authority: the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission and Commodity Futures Trading Commission.
WHAT DO CRITICS SAY ABOUT THE RULE?
Banks have complained that the Volcker Rule is overly complex and its definitions are vague, and that as a result it is excessively burdensome and often has unintended consequences.
The rule is highly unusual in that it assumes a bank is guilty until proven innocent, meaning all short-term trades are considered proprietary unless the bank can prove they qualify for a safe harbor.
However, proving to regulators that a trade qualifies for one of the safe harbors can be extremely taxing, requiring lots of form-filling and documentation. The rule places a strong emphasis on the intention of the trader when placing the trade, a point that banks say is highly subjective, confusing and would require a psychologist to prove.
The rule is also highly extraterritorial, affecting banks' businesses outside the United States and in some cases the overseas businesses of foreign banks. It also bluntly applies to all institutions above $10 billion in size, even though many smaller banks do very little trading.
Banks also complain about having to meet demands of five regulators which sometimes take opposing positions on enforcement.
HOW IS THE VOLCKER RULE LIKELY TO CHANGE?
Regulators are expected to scrap the presumption that short-term trades are proprietary unless banks prove otherwise, make it more clear which types of funds banks are banned from investing in and permanently exempt some foreign funds from the rule.
Regulators are also expected to more closely tailor the application of the rule to the size and complexity of each bank, with smaller banks that do not have active trading operations enjoying more leniency.
Wednesday's proposal is just the first step in reworking the rule. The other four regulators will also need to sign off on the proposal, receive comments from the public and consider additional changes. Analysts expect it could be months before an edited version of the rule is finalized. (Reporting by Pete Schroeder; Editing by Michelle Price and Meredith Mazzilli) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-factbox-federal-reserve-kicks-off-volcker-rule-rewrite.html |
KUALA LUMPUR (Reuters) - The flight manifest of a private jet scheduled to leave from an airport near Kuala Lumpur for Jakarta at 0200 GMT on Saturday names ousted Malaysian Prime Minister Najib Razak and his wife as passengers, two sources and two media reports said.
Malaysia's outgoing Prime Minister Najib Razak speaks at a news conference following the general election in Kuala Lumpur, Malaysia, May 10, 2018. REUTERS/Athit Perawongmetha Officials close to Najib, who lost a general election this week, were not immediately available for comment to Reuters.
The jet was scheduled to fly to Halim Perdanakusuma International Airport in the Indonesian capital at 10 a.m. local time, the sources and news reports said.
A Kuala Lumpur airport source who spoke to Reuters confirmed the booking in the names of Najib and his wife, Rosmah Mansor.
A source in the newly elected government of Prime Minister Mahathir Mohamad told Reuters that Najib would be taking a holiday. Malaysiakini, a news portal, cited an unnamed source close to Najib as saying that he would take a two-day break in Indonesia.
On Friday, a day after he was sworn in, Mahathir vowed to investigate a multi-billion-dollar graft scandal at state fund 1Malaysia Development Berhad (1MDB), which was founded by Najib.
Najib has consistently denied any wrongdoing in connection with 1MDB.
Reporting by Tom Allard and A.Ananthalakshmi; writing by Praveen Menon; editing by John Chalmers and Raju Gopalakrishnan
| ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-election-najib/ousted-pm-najib-listed-on-manifest-for-jet-leaving-malaysia-idINKBN1IC24F |
0 COMMENTS CFOs on the move. Photo: THE WALL STREET JOURNAL
Houzz Inc. , the Palo Alto, Calif. remodeling and design platform, named Richard Wong as its first chief financial officer. Mr. Wong was previously vice president of finance at LinkedIn, where he ran financial planning and analysis, treasury, investor relations, procurement and sale compensation teams.
MetLife Inc. , the New York insurance company, named Bill O’Donnell as chief financial officer for the U.S. He succeeds Marlene Debel, who was recently named executive vice president and head of the retirement and income solutions business. Mr. O’Donnell currently serves as the company’s chief accounting officer, a role he will continue to hold until a successor is announced. He has held several leadership roles during his 29-year career with the company. Salary information was not immediately available.
MetLife also disclosed compensation details for CFO John McCallion , who was appointed effective May 1. He will receive a base salary of $700,000 effective May 1, according to a filing .
The U.S. Securities and Exchange Commission named Caryn Kauffman chief financial officer. Ms. Kauffman has served as acting CFO since Feb. 2017. Previously, she served as deputy CFO since 2013, leading the agency’s financial accounting and reporting, controls and accounting operations. Ms. Kauffman joined the agency in 2011 as chief accounting officer, and prior to that spent 12 years in the audit practice of PricewaterhouseCoopers LLP.
Share this: CFO MOVES Previous Home Depot Shrugs Off Winter Blues Next Covestro Wants To Make A Deal, But Lacks An Obvious Target Content from our sponsor Deloitte CFO insight and analysis written and compiled by Deloitte Digital Transformation: Bringing the Risk and Compliance Function to the Table As digital technologies take on a larger role in the way organizations conduct their business, the compliance and internal audit functions should be proactive in joining the transformation. Understand how organizations can identify the barriers that compliance and internal audit often face regarding digital transformation, and how to potentially overcome these challenges to help the functions share in the operational benefits of technology innovation.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/17/cfo-moves-houzz-metlife-sec/ |
May 21 (Reuters) - GlaxoSmithKline PLC:
* VIIV GRANTED EU MARKETING AUTHORISATION FOR JULUCA * VIIV HEALTHCARE RECEIVES EU MARKETING AUTHORISATION FOR JULUCA FIRST 2-DRUG REGIMEN, ONCE-DAILY, SINGLE-PILL FOR TREATMENT OF HIV Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-glaxosmithkline-says-viiv-granted/brief-glaxosmithkline-says-viiv-granted-eu-marketing-authorisation-for-juluca-idUSFWN1SS0DY |
May 10, 2018 / 5:35 PM / Updated an hour ago U.S. court protects Adidas Stan Smith shoe from Skechers look-alike Jonathan Stempel 3 Min Read
May 10 (Reuters) - A U.S. appeals court on Thursday said Adidas AG can protect its famous Stan Smith tennis shoe against an alleged Skechers USA Inc knockoff, but that Skechers could sell another shoe mimicking Adidas’ familiar “three-stripe” design.
The 9th U.S. Circuit Court of Appeals upheld a preliminary injunction barring Skechers from selling its Onix shoe, which Adidas said looked too much like its white Stan Smith shoe, its all-time best-seller with more than 40 million pairs sold.
The court, which sat in Portland, Oregon, also reversed a similar injunction barring Skechers from selling its Cross Court shoe, which has three stripes on its side, finding no proof Adidas would suffer irreparable harm.
Neither company immediately responded to requests for comment.
The lawsuit is one of many by footwear makers seeking to protect their patent and trademark rights.
Many are filed by companies such as Adidas against companies such as Skechers whose products sell for lower prices.
Adidas has sued Skechers several times in the last two decades for alleged infringement of its three-stripe trademark.
Writing for a 3-0 panel, Circuit Judge Jacqueline Nguyen said the Stan Smith, named for the early 1970s American tennis star, has enjoyed “tremendous commercial success and market recognition,” and Adidas might face irreparable harm if similar shoes flooded the market.
She also said evidence suggested that Skechers intended to confuse consumers by creating the “nearly identical” Onix, and then directing consumers who searched online for “adidas stan smith” to the Onix website.
By a 2-1 vote, however, the same panel said Adidas failed to show that consumers would associate it with Skechers’ Cross Court, and dilute Adidas’ reputation as a “premium” brand.
“Adidas did not set forth evidence probative of Skechers’ allegedly less favorable reputation,” Nguyen wrote.
Circuit Judge Richard Clifton would have upheld the entire injunction, which was issued in February 2016 by U.S. District Judge Marco Hernandez in Portland. The appeals court returned the case to Hernandez for further proceedings.
The case is Adidas America Inc et al v Skechers USA Inc, 9th U.S. Circuit Court of Appeals, No. 16-35204. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio) | ashraq/financial-news-articles | https://uk.reuters.com/article/skechers-usa-lawsuit-adidas/u-s-court-protects-adidas-stan-smith-shoe-from-skechers-look-alike-idUKL1N1SH1IO |
NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) -- Global Self Storage, Inc. (NASDAQ:SELF) (the “Company”), a real estate investment trust (“REIT”) that owns and operates self storage properties, reported results for the first quarter ended March 31, 2018.
Q1 2018 vs. Q1 2017 Highlights
The Company’s total revenues increased 12.1% to $2.0 million, total operating expenses increased 7.0% to $1.7 million, and operating income increased 53.1% to $298,000.
Net income totaled approximately $59,000, or $0.01 per share, for 2018 compared to a net loss of $14,000, or ($0.00) per share, for 2017.
Funds from Operations (“FFO”) and Adjusted FFO (“AFFO”) totaled $0.05 and $0.06 per share, respectively, for 2018 compared to $0.06 and $0.06 per share, respectively, for 2017.
Same-store revenues increased 12.4% to $1.8 million.
Same-store net operating income (“NOI”) increased 6.5% to $1.0 million.
Combined same-store and non same-store (“Combined store”) revenues increased 12.2% to $2.0 million.
Combined store NOI increased 4.9% to $1.11 million.
Combined store leasable square footage at quarter end increased 0.9% to 763,000.
Combined store overall square foot occupancy at quarter end increased 2.8% to 92.4%.
Maintained quarterly dividend of $0.065 per share of common stock.
Management Commentary
“Continuing our strong growth in 2017, we entered 2018 with accelerated momentum, driving a 12.4% increase in our same-store revenues and a 6.5% increase in our same-store NOI,” said President and Chief Executive Officer of the Company, Mark C. Winmill. “These strong quarterly results demonstrate the successful execution of our differentiated business strategy. By focusing on secondary and tertiary markets in the Mid-West, Northeast, and Mid-Atlantic as well as growing our high-quality tenant base, we’ve built a solid platform for continued growth and profitability. We believe that we have the right business strategy, operating model and management expertise to build upon these solid results.”
“Overall, we remain in the enviable position of having a financially sound and operationally healthy business that continues to generate profits, while edging closer toward the higher-growth opportunities that can drive even greater value for our shareholders.”
First Quarter 2018
The Company’s first quarter total revenues increased 12.1%, total operating expenses increased 7.0%, and operating income increased 53.1%. The significant increase in operating income was driven primarily by the expansion of our Bolingbrook, IL property, and higher rental and occupancy rates. For 2018, net income totaled $59,000 compared to a net loss of $14,000 for 2017.
Same-Store Results for the First Quarter of 2018 (1)
The Company's same-store portfolio for 2018 included ten of its eleven stores, representing 90.3 % of store NOI for the quarter.
For 2018, same-store revenues increased 12.4% to $1.8 million compared with $1.6 million for 2017. The increase was driven primarily by a 3.9% increase in net leased square footage. The increase in net leased square footage was due primarily to a successful lease-up of our Bolingbrook store expansion and to the continued successful lease-up of our available storage units in our Illinois, Indiana, Pennsylvania, New York, and South Carolina stores.
Same-store operating expenses in 2018 totaled $768,000 compared with $634,000 in 2017. The increase was driven primarily by increased store level employment costs and increased property taxes and administrative expenses, which were partially offset by reduced advertising and marketing costs.
For 2018, same-store NOI increased 6.5% to $1.0 million compared with $946,000 for 2017. The increase was due primarily to an increase in same-store revenues which were partially offset by an increase in same store operating expenses.
Same-store occupancy at March 31, 2018 increased 4.2% to 92.8% from 89.1% at March 31, 2017. This does not include the impact from the Merrillville, IN expansion project completed in January 2018.
(1) A reconciliation of net income to same-store net operating income is provided later in this release, entitled “Reconciliation of GAAP Net Income to Same-Store Net Operating Income.”
Combined Same-Store and Non Same-Store Results for the First Quarter of 2018 (2)
For 2018, Combined store revenues increased 12.2% to $2.0 million compared with $1.7 million for 2017. This increase was driven primarily by a 3.6% increase in net leased square footage and by the results of our revenue rate management program of raising existing tenant rates. The increase in net leased square footage, as a result of our Merrillville store expansion, is currently expected to positively affect Combined store revenues for the remainder of 2018.
Combined store operating expenses in 2018 totaled $847,000 compared with $686,000 in 2017. The increase was driven primarily by increased store level employment costs and increased property taxes and administrative expenses, which were partially offset by reduced advertising and marketing costs.
For 2018, Combined store NOI increased 4.9% to $1.11 million compared with $1.06 million for 2017. The increase was due primarily to an increase in Combined store revenues which were partially offset by an increase in Combined store operating expenses.
(2) A reconciliation of net income to combined same-store and non same-store net operating income is provided later in this release, entitled “Reconciliation of GAAP Net Income to Combined Same-Store and Non Same-Store Net Operating Income.”
Company Operating Results for the First Quarter of 2018
Net income totaled approximately $59,000, or $0.01 per share, for 2018 compared to a net loss of $14,000, or ($0.00) per share, for 2017.
General and administrative expenses totaled $465,000 in 2018 compared with $438,000 in the prior quarter and $411,000 in 2017. The year-over-year increase was primarily driven by increased legal expenses in connection with the Company’s reporting obligations and establishing the Company’s 2017 Equity Incentive Plan.
Business development and property acquisition costs for 2018 were $0 compared with $6,000 for 2017.
Interest expense for 2018 was $220,000, which was consistent with the amount reported for 2017.
FFO totaled approximately $408,000, or $0.05 per share, while AFFO totaled approximately $451,000, or $0.06 per share, for 2018.
FFO and AFFO for the First Quarter of 2018
For the Three Months Ended March 31, 2018 2017 Net income (loss) $ 59,126 $ (14,266 ) Eliminate items excluded from FFO: Depreciation and amortization 348,873 449,234 FFO attributable to common stockholders 407,999 434,968 Adjustments: Unrealized loss on marketable equity securities 41,907 — Compensation expense related to stock-based awards 884 — Business development and property acquisition costs — 5,832 AFFO attributable to common stockholders $ 450,790 $ 440,800 Earnings per share attributable to common stockholders - basic $ 0.01 $ (0.00 ) Earnings per share attributable to common stockholders - diluted $ 0.01 $ (0.00 ) FFO per share - diluted $ 0.05 $ 0.06 AFFO per share - diluted $ 0.06 $ 0.06 Weighted average shares outstanding - basic 7,619,469 7,619,469 Weighted average shares outstanding - diluted 7,619,489 7,619,469 Dividends
On March 1, 2018, the Company declared a quarterly dividend of $0.065 per share, consistent with the quarterly dividend from a year ago and last quarter.
Balance Sheet
At March 31, 2018, cash, cash equivalents, and marketable securities totaled $3.6 million compared with $3.7 million at December 31, 2017.
For more information on the Company’s quarterly results, including financial tables, please refer to the Company’s Quarterly Report on Form 10-Q for 2018 filed with the Securities and Exchange Commission today.
About Global Self Storage
Global Self Storage, Inc. is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops self storage properties in the United States. The Company's self storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. It currently owns and operates, through its wholly owned subsidiaries, eleven self storage properties located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, and South Carolina. For more information, go to http://ir.globalselfstorage.us/ or visit our self storage customer site at www.globalselfstorage.us .
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures. FFO and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and are considered helpful measures of REIT performance by REITs and many REIT analysts. NAREIT defines FFO as a REIT’s net income, excluding gains or losses from sales of property, and adding back real estate depreciation and amortization. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes financing activities presented on our statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. However, the Company believes that to further understand the performance of its stores, FFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the Company’s financial statements.
AFFO represents FFO excluding the effects of business development and acquisition related costs and non-recurring items, which we believe are not indicative of the Company’s operating results. We present AFFO because we believe it is a helpful measure in understanding our results of operations insofar as we believe that the items noted above that are included in FFO, but excluded from AFFO, are not indicative of our ongoing operating results. We also believe that the investment community considers our AFFO (or similar measures using different terminology) when evaluating us. Because other REITs or real estate companies may not compute AFFO in the same manner as we do, and may use different terminology, our computation of AFFO may not be comparable to AFFO reported by other REITs or real estate companies.
We believe net operating income or “NOI” is a meaningful measure of operating performance because we utilize NOI in making decisions with respect to, among other things, capital allocations, determining current store values, evaluating store performance, and in comparing period-to-period and market-to-market store operating results. In addition, we believe the investment community utilizes NOI in determining operating performance and real estate values, and does not consider depreciation expense because it is based upon historical cost. NOI is defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization. A reconciliation of this measure to its most directly comparable GAAP measure is provided later in this release.
NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating our operating results.
Same-Store Self Storage Operations Definition
We consider our same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented. We consider a store to be stabilized once it has achieved an occupancy rate that we believe, based on our assessment of market specific data, is representative of similar self storage assets in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation or expansion. We believe that same-store results are useful to investors in evaluating our performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, dispositions or new ground-up developments. At March 31, 2018, we owned ten same-store properties and one non same-store property. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to variances in occupancy, rental revenue, operating expenses, NOI, etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company's stores as a whole.
Cautionary Note Regarding Forward Looking Statements
Certain information presented in this press release may contain “forward-looking statements” within the meaning of the federal securities laws including, but not limited to, the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements concerning the Company’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions, and other information that is not historical information. In some cases, forward looking statements can be identified by terminology such as “believes,” “plans,” “intends,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates,” or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements by the Company involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the Company’s actual results to be materially different from those expressed or implied by such statements. The Company may also make additional forward looking statements from time to time. All such subsequent whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with all of the other information included in the Company’s filings with the Securities and Exchange Commission, and similar information. All including without limitation, the Company’s examination of historical operating trends and estimates of future earnings, are based upon the Company’s current expectations and various assumptions. The Company’s expectations, beliefs and projections are expressed in good faith, but there can be no assurance that the Company’s expectations, beliefs and projections will result or be achieved. All forward looking statements apply only as of the date made. The Company undertakes no obligation to publicly update or revise forward looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events. The amount, nature, and/or frequency of dividends paid by the Company may be changed at any time without notice.
Contacts:
Global Self Storage, Inc.
Mark C. Winmill
President and Chief Executive Officer
[email protected]
1-212-785-0900, ext. 201
Liolios Investor Relations
Scott Liolios or Najim Mostamand, CFA
[email protected]
1-949-574-3860
Global Self Storage, Inc. Consolidated Balance Sheets (Unaudited) March 31, December 31, 2018 2017 Assets Real estate assets, net $ 54,748,869 $ 55,045,563 2,148,371 2,147,460 Restricted cash 128,208 108,955 Marketable equity securities 1,510,183 1,552,090 Accounts receivable 81,185 103,289 Prepaid expenses and other assets 263,374 221,830 Goodwill 694,121 694,121 Total assets $ 59,574,311 $ 59,873,308 Liabilities and equity Note payable $ 19,428,014 $ 19,417,405 Accounts payable and accrued expenses 2,080,569 1,954,919 Total liabilities 21,508,583 21,372,324 Commitments and contingencies Equity Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares outstanding — — Common stock, $0.01 par value: 450,000,000 shares authorized, 7,692,624 and 7,619,469 issued and outstanding at March 31, 2018 and December 31, 2017, respectively 76,926 76,195 Additional paid in capital 33,882,016 33,881,863 Accumulated other comprehensive income — 796,603 Retained earnings 4,106,786 3,746,323 Total equity 38,065,728 38,500,984 Total liabilities and equity $ 59,574,311 $ 59,873,308
Global Self Storage, Inc. Consolidated Statements of Operations (Unaudited) For the Three Months Ended March 31, 2018 2017 Revenues Rental income $ 1,902,101 $ 1,696,998 Other property related income 59,784 52,628 Total revenues 1,961,885 1,749,626 Expenses Property operations 849,693 689,484 General and administrative 465,423 410,555 Depreciation and amortization 348,873 449,234 Business development and property acquisition costs — 5,832 Total expenses 1,663,989 1,555,105 Operating income 297,896 194,521 Other income (expense) Dividend, interest, and other income 23,346 11,422 Unrealized loss on marketable equity securities (41,907 ) — Interest expense (220,209 ) (220,209 ) Total other income (expense), net (238,770 ) (208,787 ) Net income (loss) $ 59,126 $ (14,266 ) Earnings per share Basic $ 0.01 $ (0.00 ) Diluted $ 0.01 $ (0.00 ) Weighted average shares outstanding Basic 7,619,469 7,619,469 Diluted 7,619,489 7,619,469 Reconciliation of GAAP Net Income to Same-Store Net Operating Income
The following table presents a reconciliation of same-store net operating income to net income as presented on our unaudited consolidated statements of operations for the periods indicated:
For the Three Months Ended March 31, 2018 2017 Net income (loss) $ 59,126 $ (14,266 ) Adjustments: General and administrative 465,423 410,555 Depreciation and amortization 348,873 449,234 Business development and property acquisition costs — 5,832 Dividend, interest, and other income (23,346 ) (11,422 ) Unrealized loss on marketable equity securities 41,907 — Interest expense 220,209 220,209 Non same-store revenues (186,551 ) (169,486 ) Non same-store cost of operations 78,853 52,523 Other real estate expenses 2,775 2,870 Total same-store net operating income $ 1,007,269 $ 946,049 For the Three Months Ended March 31, 2018 2017 Same-store revenues $ 1,775,254 $ 1,579,759 Same-store cost of operations 767,985 633,710 Total same-store net operating income $ 1,007,269 $ 946,049 Reconciliation of GAAP Net Income to Combined Same-Store and Non Same-Store Net Operating Income
The following table presents a reconciliation of combined same-store and non same-store net operating income to net income as presented on our unaudited consolidated statements of operations for the periods indicated:
For the Three Months Ended March 31, 2018 2017 Net income (loss) $ 59,126 $ (14,266 ) Adjustments: General and administrative 465,423 410,555 Depreciation and amortization 348,873 449,234 Business development and property acquisition costs — 5,832 Dividend and interest income (23,346 ) (11,422 ) Unrealized loss on marketable equity securities 41,907 — Interest expense 220,209 220,209 Other real estate expenses 2,775 2,873 Total combined same-store and non same-store net operating income $ 1,114,967 $ 1,063,015 For the Three Months Ended March 31, 2018 2017 Combined same-store and non same-store revenues $ 1,961,805 $ 1,749,247 Combined same-store and non same-store cost of operations 846,838 686,232 Total combined same-store and non same-store net operating income $ 1,114,967 $ 1,063,015
Source:Global Self Storage, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-global-self-storage-reports-first-quarter-2018-results.html |
- Furthers investment made by Tradepoint Atlantic in redeveloping Sparrows Point
- 150-acre shipyard delivers additional berth capacity for Tradepoint Atlantic’s marine operations
BALTIMORE--(BUSINESS WIRE)-- Tradepoint Atlantic, a 3,250-acre multimodal global logistics center in Baltimore, Maryland featuring an unmatched combination of access to deepwater berths, railroads, highways and storage space, today announced it has acquired the Sparrows Point Shipyard.
In doing so, Tradepoint Atlantic incorporates into its redevelopment project the only parcel of land on the Sparrows Point peninsula that it did not already own – the 150-acre Shipyard, increasing the size of Tradepoint Atlantic’s land from 3,100 acres to 3,250 acres.
The Shipyard provides Tradepoint Atlantic additional berth capacity and over 225,000 square feet of near-berth warehouse space to further fuel its marine operations. The property will be fully utilized to maximize the economic impact potential outlined within Tradepoint Atlantic’s master plan, which projects nearly 17,000 jobs generated for the Maryland economy.
The Shipyard was established in 1887 by Maryland Steel and was owned by Bethlehem Steel for much of the 20 th century. It is best-known for its production of Liberty cargo ships during World War II, and it possesses a graving dock as well as additional barge and vessel berths that will be utilized by Tradepoint Atlantic.
“Tradepoint Atlantic is proud to further demonstrate its commitment to redeveloping Sparrows Point and making investments that will continue to drive economic activity within the local economy,” said Kerry Doyle, Chief Commercial Officer of Tradepoint Atlantic. “Today, we take another step forward in fulfilling the potential envisioned for this iconic site by incorporating the Sparrows Point Shipyard into our master plan. This enables us to move forward with the next phase of our project – modernizing infrastructure and enhancing connectivity throughout the industrial complex to attract additional world-class tenants that will create jobs.”
JLL, a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate, serves as the exclusive broker for Tradepoint Atlantic.
About Tradepoint Atlantic
The 3,250-acre multimodal global logistics center in Baltimore, Maryland, offers a gateway to markets around the United States and the world, featuring an unmatched combination of access to deep-water berths, railroads and highways. Ground-breaking agreements signed with federal and state environmental regulators in 2014 to remediate the legacy from a century of steel-making, and the financial backing of investment firms Redwood Capital Investments and Hilco Global, as well as the robust support of local and state government, enable the redevelopment of the site through further infrastructure improvements. At full buildout, Tradepoint Atlantic is projected to generate 11,000 permanent jobs, $2.9 billion in annual economic impact, and add 1 percent to Maryland’s gross domestic product as one of North America’s most strategic commercial gateways. www.tradepointatlantic.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005414/en/
Media
Sloane & Company (on behalf of Tradepoint Atlantic)
Roger Sauerhaft, 212-446-1876
[email protected]
Source: Tradepoint Atlantic | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-tradepoint-atlantic-unifies-sparrows-point-with-purchase-of-sparrows-point-shipyard.html |
This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues .
NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- Electrum Strategic Opportunities Fund II L.P. (“ Electrum ”) announces that pursuant to a private placement of Constantine Metal Resources Ltd. (the “ issuer ”) which closed on May 29, 2018 (the “ Closing ”) Electrum has purchased, pursuant to the terms of a unit purchase agreement dated May 29, 2018 (the “ Purchase Agreement ”), 6,459,661 units (“ Units ”) of the issuer for an aggregate subscription price of CDN$4,392,569.48 (the “ First Tranche Financing ”), or CDN$0.68 per Unit. Each Unit is comprised of one common share (each, a “ Common Share ”) in the capital of the issuer and one Common Share purchase warrant (each, a “ Warrant ”). Each Warrant shall entitle the holder thereof to purchase one Common Share at a price of CDN$1.00 at any time until the date that is five years from the date of issuance of the Warrants.
As a result of the Closing, Electrum owns 6,459,661 Common Shares and 6,459,661 Warrants representing approximately 15.5% of the issued and outstanding Common Shares or 26.84% upon the exercise of the Warrants (assuming that all of the Warrants owned by Electrum immediately following the Closing are exercised and that no other securities, including those convertible into, or exercisable for, Common Shares, are issued, converted or exercised). Prior to the Closing, Electrum Global Holdings L.P., a “joint actor” (as such term is defined in National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ) of Electrum, owned 250,000 Common Shares representing 0.85% of the Common Shares of the issuer.
In addition to the First Tranche Financing, the Purchase Agreement provides that, following the Closing, and subject to certain terms and conditions set forth in the Purchase Agreement, including the receipt of requisite regulatory approvals, Electrum will subscribe for and purchase an additional 2,363,868 Units (the “ Second Tranche Financing ”) for an aggregate subscription price of CDN$1,607,430.24, or CDN$0.68 per Unit. The Purchase Agreement contains customary representations, warranties, covenants, closing conditions and indemnification provisions for a transaction of a similar size and nature. The Purchase Agreement further provides Electrum with the right to designate: (i) one individual as nominee to the issuer’s board of directors (the “ Board ”) so long as Electrum holds more than 10% of the issued and outstanding Common Shares; and (ii) subject to the closing of the Second Tranche Financing, a second individual as nominee to the Board so long as Electrum holds more than 10% of the issued and outstanding Common Shares.
The Units referred to above were acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.
Electrum is an “accredited investor” (as such term is defined in National Instrument 45-106 – Prospectus Exemptions adopted by the Canadian Securities Administrators (“ NI 45-106 ”)) because Electrum is a “person” (as such term is defined in NI 45-106) in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are “accredited investors”.
The issuer is located at 320-800 West Pender Street, Vancouver, British Columbia V6C 2V6. Electrum is located at 535 Madison Avenue, 12th Floor, New York, NY 10022, USA. A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of the issuer at www.sedar.com .
Source:Electrum Strategic Opportunities Fund II L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-electrum-strategic-opportunities-fund-ii-l-p-acquires-units-of-constantine-metal-resources-ltd.html |
SINGAPORE (Reuters) - ESR-REIT ( ESRR.SI ) will buy rival Viva Industrial Trust ( VIVA.SI ) in a proposed deal valued at S$936.7 million, marking the first consolidation among Singapore’s crowded mid-cap real estate investment trusts.
The proposed merger will create the fourth largest industrial REIT in Singapore with about S$3.0 billion ($2.23 billion) in assets, the two firms said in a joint statement on Friday.
Under deal terms, Viva security holders will receive S$0.96 per stapled security, which will be paid 10 percent in cash and 90 percent through the issue of new ESR-REIT units. The proposed deal represents an 8 percent premium to Viva’s closing price on Thursday.
Talks have been ongoing for months as ESR-REIT, which is backed by Asian logistics developer e-Shang Redwood (ESR) - a venture of private equity firm Warburg Pincus and global investors, saying in January its manager submitted a proposal to merge it with Viva.
The property portfolio of both companies comprise general industrial, logistics, warehouses and business parks.
Analysts say Singapore’s industrial REITs sector is ripe for consolidation as it is crowded with smaller companies finding it challenging to grow in the last few years.
“Size does matter in REITs,” said Adrian Chui, chief executive officer of ESR-REIT, adding the deal will help create a sizeable and more liquid REIT, backed by a strong developer-sponsor. It remained open to evaluating more partnerships, he said.
Trading in units of both ESR-REIT, which has a market capitalization of about S$830 million ($618 million), and Viva, valued at about S$865 million, were halted ahead of the news.
The manager of ESR-REIT will also buy Viva’s manager for S$62 million.
Citigroup Global Markets Singapore Pte Ltd, RHB Securities Singapore and United Overseas Bank Limited are the financial advisers to the ESR-REIT manager. BofA Merrill Lynch is the financial adviser to Viva managers.
Reporting by Aradhana Aravindan, Editing by Sherry Jacob-Phillips, Bernard Orr
| ashraq/financial-news-articles | https://www.reuters.com/article/us-viva-industrial-m-a-esr-reit/warburg-pincus-backed-esr-reit-agrees-to-merge-with-viva-industrial-idUSKCN1IJ0AE |
LONDON (Reuters) - Britain’s Electoral Commission imposed a record-matching 70,000 pound fine on Friday on one of the main groups that campaigned for Brexit, and said police might have to investigate possible criminal offenses because of unreported campaign spending.
A woman walks past a Leave.EU campaign mobile advertising board in central London, Britain November 18, 2015. REUTERS/Stefan Wermuth The Leave.EU campaign said it would challenge the finding that it had breached a spending limit by failing to declare at least 77,380 pounds ($105,000). It said the alleged breaches were minor and the report proved there was no “big conspiracy” around the Brexit vote.
The documented breaches of electoral law could still fuel demands from opponents of Brexit for a re-run of the 2016 referendum. The commission said it was enforcing the rules without suggesting the breach had altered the result.
“These are serious offenses,” said Bob Posner, the Electoral Commission’s director of political finance and regulation. “Leave.EU exceeded its spending limit and failed to declare its funding and its spending correctly.”
Asked on BBC radio if the commission was saying the breach was serious enough to have impacted the result, its chief executive, Claire Bassett, said “No”, but she added that the rules still needed to be enforced.
The commission said it suspected criminal offenses may have been committed, and the person responsible, Leave.EU CEO Liz Bilney, had been referred to the police.
Related Coverage Brexit group Leave.EU fined for breaking referendum spending rules In the June 23, 2016 referendum, 17.4 million voters, or 51.9 percent, backed leaving the EU while 16.1 million voters, or 48.1 percent, backed staying.
“REMOANER SWAMP” Arron Banks, the founder of Leave.EU who was pictured with Donald Trump and leading Brexiteer Nigel Farage outside a gilded elevator soon after the 2016 U.S. presidential election, cast doubt on the commission’s impartiality.
“The Electoral Commission is a ‘Blairite Swamp Creation’ packed full of establishment ‘Remoaners’,” Banks said, using an epithet that Brexit supporters have coined for those, such as former Prime Minister Tony Blair, who have continued to campaign to remain in the EU despite the referendum.
FILE PHOTO: Brittany Kaiser of Cambridge Analytica, Brexit campaigner Aaron Banks, Gerry Gunster, a Washington-based strategist hired by the Leave.EU campaign, and Liz Bilney, CE of Eldon Insurance Services during a Leave.EU news conference in central London, Britain, November 18, 2015. REUTERS/Stefan Wermuth/File Photo “We view the Electoral Commission announcement as a politically motivated attack on Brexit and the 17.4 million people who defied the establishment to vote for an independent Britain,” he said. “What a shambles. We will see them in court.”
The commission said it had found no evidence that Leave.EU received donations or paid-for services from the firm Cambridge Analytica, a political consultancy at the center of a storm over how Facebook data was used in political campaigns.
Leave.EU and Cambridge Analytica had previously denied working together on the referendum. Lawmakers have called for investigations into any role the firm may have had in the Brexit campaign.
The commission said Leave.EU failed to include services it received from U.S. campaign strategy firm Goddard Gunster in a spending return, and inaccurately reported three loans. Leave.EU exceeded the spending limit for non-party registered campaigners by at least 10 percent, it said.
The fine is the joint biggest handed down by the Electoral Commission, matching a fine given to Prime Minister Theresa May’s Conservative party for inaccurately reporting spending in elections in 2014 and 2015.
Leave.EU said the total alleged overspending represented less than 0.1 percent of overall spending on the campaign, and the charges against it fell well short of what the commission thought it would find when it started its investigation.
“The Electoral Commission went big game fishing and found a few ‘aged’ dead sardines on the beach. So much for the big conspiracy,” Banks said.
($1 = 0.7398 pounds)
Editing by Richard Balmforth and Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-spending/britains-electoral-commission-fines-leave-eu-over-brexit-vote-spending-idUSKBN1IC0HS |
(Reuters) - Already Mexico’s top international goalscorer, Javier Hernandez will seek to stamp his mark on Russia 2018 in a way he has not yet managed in his two previous appearances at the World Cup finals.
Soccer Football - Premier League - Chelsea vs West Ham United - Stamford Bridge, London, Britain - April 8, 2018 West Ham United's Javier Hernandez celebrates scoring their first goal with Marko Arnautovic REUTERS/Eddie Keogh In 2010, Hernandez netted twice for El Tri, in a 2-0 win against France and a 1-3 loss to Argentina. Four years later he was on target just once, in a 3-1 victory over Croatia.
That represents a relatively modest haul for the usually prolific striker, whose feats for his country and clubs including Manchester United, Real Madrid and Bayer Leverkusen have made him probably one of the best known Mexicans on the planet.
His last international goal, against Trinidad & Tobago last October, took his tally for his country to 49, since when he has had three scoreless outings.
He enters the tournament after a tough season back in England with West Ham United, where he has eight Premier League goals from 16 starts and 12 substitute appearances.
The man who wears his nickname Chicharito (“Little Pea”) on his shirt is renowned for his speed and for his ability to head the ball, as well as shoot with both feet.
At 29, he may not be an automatic starting choice for Mexico’s Colombian coach Juan Carlos Osorio, who has a habit of constantly rotating his players and can also call on players such as Carlos Vela, Oribe Peralta and Raul Jimenez.
But whether he starts or comes on from the bench, Hernandez’s ability to lift his team and score crucial goals will play an important part in Mexico’s bid to end a run of six consecutive defeats in the last 16, and to at least reach the quarter-finals as they did in 1970 and 1986.
Reporting by Mark Trevelyan; additional reporting by Carlos Pacheco; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-mex-star/hernandez-needs-to-deliver-when-it-matters-for-mexico-idUSKCN1IO297 |
Alibaba is doing 'phenomenally well,' says researcher 6 Hours Ago The short interest on Alibaba has more to do with China than it does with the company, says Gil Luria of D.A. Davidson & Co. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/alibaba-is-doing-phenomenally-well-says-researcher.html |
HELSINKI, May 21 (Reuters) - Finnish engineering company Metso said on Monday it had picked Finnair CEO Pekka Vauramo as its new chief executive officer.
Vauramo is expected to bring stability to the business following the surprise departure of the previous CEO Nico Delvaux after less than a year in the job.
Vauramo helped Finnair return to growth after years of losses, and he also has worked for rival engineering group Sandvik. He is due to start in November.
“Pekka Vauramo has a proven track record in leading businesses facing competitive global markets, and he has long and extensive experience in the mining industry and in an international business environment,” said Metso chairman Mikael Lilius.
Metso, a maker of grinding mills and crushers for mining companies as well as valves and pumps for the oil and gas industry, has been battling tough market conditions due to spending cuts by miners and uncertainty over growth in top metals consumer China.
However, in the first quarter, Metso beat analysts’ profit expectations on the back of strong demand from India, China and North America.
The Finnish state is the largest owner in Metso and Finnair. Metso had sales of 2.7 billion euros ($3.17 billion) last year, while Finnair generated a revenue of 2.6 billion euros.
Shares in both companies were flat after the announcement. Finnair said it will start the search for a new CEO today. ($1 = 0.8530 euros) (Reporting by Jussi Rosendahl, editing by Louise Heavens)
| ashraq/financial-news-articles | https://www.reuters.com/article/metso-moves-ceo/mining-gear-maker-metso-picks-ceo-from-finnair-idUSL5N1SS13X |
May 13 (Reuters) - Tesla Inc’s main technical contact with U.S. safety investigators, Matthew Schwall, has left the electric carmaker for Alphabet Inc’s self-driving unit Waymo, the Wall Street Journal reported on Saturday, citing people familiar the decision.
Schwall, the director of field performance engineering at Tesla, exited the company as the National Transportation Safety Board (NTSB) has been investigating multiple crashes involving the electric vehicles, the newspaper reported on.wsj.com/2Km7Q2L.
The former Tesla executive began at Waymo last Monday, where he joined the company’s safety team led by former National Highway Traffic Safety Administration Deputy Administrator Ron Medford, WSJ said.
Schwall will work on a variety of self-driving car safety issues in his new role, according to the Journal.
Tesla and Waymo did not immediately respond to emailed requests for comment on Sunday.
On Wednesday, the NTSB said it will investigate a Tesla accident in Fort Lauderdale, Florida that killed two teenagers and injured another - the agency’s fourth active probe into crashes of the company’s electric vehicles. (Reporting by Ismail Shakil in Bengaluru; Editing by Daniel Wallis)
| ashraq/financial-news-articles | https://www.reuters.com/article/tesla-moves-matthew-schwall/tesla-executive-schwall-leaves-for-alphabets-waymo-wsj-idUSL2N1SK0DJ |
29 COMMENTS Even if you don’t own a Tesla, you are, or might soon become, part of the company’s massive experiment in automotive safety.
There are already more than 200,000 Teslas on the road, and all of them built after early 2015 are capable of Autopilot, that is, semiautonomous driving. This makes drivers, and anyone encountering these cars on the road, guinea pigs who are helping to train the artificial intelligence Tesla ultimately hopes to use for a fully autonomous driving system.
During this experiment, at least two people have died in driver’s seats of Teslas that crashed while Autopilot was engaged , but Chief Executive Elon Musk argues the system continues to improve and, overall, Teslas are safer than they would be without the technology .
Alphabet Inc.’s GOOGL -0.19% Waymo and Uber Technologies Inc., among others, are also road testing on public streets. They’re experimenting at much smaller scales, though an Uber autonomous vehicle killed a pedestrian in March.
These experiments are based on a number of assumptions about the abilities of AI, and the compatibility of humans and partially autonomous driving systems. If automobile companies are wrong about any of them—and there’s reason to believe they are—we’ll almost certainly see more self-driving car accidents, as semiautonomous technology becomes commonplace.
Waymo’s is testing fully self-driving cars, such as one seen at Google’s annual I/O developers conference in Mountain View, Calif., on May 8. Photo: stephen lam/Reuters That isn’t to say we shouldn’t be on this path. Every year, some 40,000 people die in the U.S. in traffic-related accidents—a situation made worse by distracted driving .
We have established methods for responsibly rolling out life-saving new technologies before—think of clinical trials for new drugs, or seatbelts and airbags—and we can do it again. But it might mean pumping the brakes on the rollout of self-driving cars.
Tesla’s dangerous game
When engaged, Autopilot keeps the car within in its lane, can automatically change lanes, and maintains a safe distance from cars ahead and behind. When it senses a dangerous situation it alerts the driver, whether or not Autopilot is engaged. Sometimes, however, it’s up to the driver to realize the Autopilot system isn’t doing what it should.
Tesla says that its cars with autonomous driving technology are 3.7 times safer than the average American vehicle . It’s true that Teslas are among the safest cars on the road, but it isn’t clear how much of this safety is due to the driving habits of its enthusiast owners (for now, those who can afford Teslas) or other factors, such as build quality or the cars’ crash avoidance technology, rather than Autopilot.
In the wake of a fatal 2016 crash, which happened when Autopilot was engaged, Tesla cited a report by the National Highway Traffic Safety Administration as evidence that Autopilot mode makes Teslas 40% safer. NHTSA recently clarified the report was based on Tesla’s own unaudited data, and NHTSA didn’t take into account whether Autopilot was engaged. Complicating things further, Tesla rolled out an auto-braking safety feature —which almost certainly reduced crashes—shortly before it launched Autopilot.
The scene after the fatal March 23 crash of a Tesla SUV with the Autopilot driver-assist system engaged, on Highway 101 in Mountain View. Photo: KTVU/Associated Press There isn’t enough data to independently verify that self-driving vehicles cause fewer accidents than human-driven ones. A Rand Corp. study concluded that traffic fatalities already occur at such relatively low rates— on the order of 1 per 100 million miles traveled —that determining whether self-driving cars are safer than humans could take decades.
What we do have is evidence—acknowledged in Tesla’s own user manuals—that Tesla’s semiautonomous driving system is easily fooled by bright sunlight, faded lane markings, seams in the road, etc. Researchers continue to document other ways to trick these systems, as well.
Tesla emphasizes its system is driver-assist technology, not full autonomy, and blamed the driver in the most recent crash that occurred when the system was engaged. Yet Tesla drivers and news reports suggest that in some cases, the only thing keeping drivers from getting into Autopilot-related accidents is their own reflexes.
The company promised a cross-country drive accomplished entirely by its self-driving tech sometime in 2017 but decided the system wasn’t yet ready .
AI’s limitations
None of this surprises experts who understand the AI at the heart of autonomous driving systems. Deep learning—the “intelligent” component of these systems—is “ brittle, opaque and shallow ,” says Gary Marcus, a professor of psychology and neural science at New York University and the former head of Uber’s AI lab .
A Tesla in a showroom at a Brooklyn Tesla dealership on April 4, 2017 in New York City. Photo: Spencer Platt/Getty Images AI is brittle because it can’t carry over insights from one context to another, opaque because humans can’t evaluate its neuron-like tangle of connections, and shallow because it’s easy to fool. You can’t just throw more deep learning at a problem and expect it to be as good as a human, says Dr. Marcus.
Decades of research on autopilot systems—whether in airplanes or automobiles—have shown that the most dangerous kind is that which requires the driver to take action when it fails. Less sophisticated semiautonomous driving systems, like adaptive cruise control and enhanced warnings , have been shown to increase safety. Full automation, where ultimately there’s no steering wheel or gas pedal, has only begun to be road tested .
Alphabet’s Waymo decided it was too dangerous to let drivers take control when needed, and skipped right to a fully self-driving ride-share service, Waymo CEO John Krafcik has said. According to the company, and many who research self-driving technology , a system that never asks a driver to take over is safer than making potentially tricky machine-human handoffs.
Tesla promised to release safety data on its self-driving tech regularly starting next quarter. It isn’t clear what kind of data it will release, but experts say public sharing of data, from all makers of autonomous vehicles, is the only way to ensure proper evaluation of the safety of these new technologies. Given that we already evaluate the safety of every other part of a motor vehicle in this way, it just makes sense.
Write to Christopher Mims at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/in-self-driving-car-road-test-we-are-the-guinea-pigs-1526212802 |
(Reuters Health) - Adding a test normally used for diabetes monitoring to employee wellness exams could identify people who don’t have the disease but are at high risk of developing it, a recent study suggests.
Researchers examined data from two different types of blood sugar test for more than 34,000 participants in a U.S. employee wellness program who didn’t have diabetes. At the start of the study, they all also had fasting blood sugar in a healthy range.
Researchers also looked at results of blood tests showing so-called hemoglobin A1c levels, which reflect average blood sugar levels over about three months. Readings above 6.5 percent A1c signal diabetes, and none of the participants had readings this high.
But people who started the study with readings closest to a diabetes diagnosis – above 5.9 percent A1c but less than 6.5 percent - were more than eight times more likely to develop diabetes over about four years of follow-up than participants who had readings under 5.7 percent to begin with.
People who started out with A1c readings from 5.7 percent to 5.9 percent had about twice the risk of developing diabetes as people with lower results, researchers report in Diabetes Care.
“Identifying diabetes risk is really important because we know that type 2 diabetes can be prevented or delayed with effective intervention, including exercise and diet changes,” said Laura Rosella of the Dalla Lana School of Public Health at the University of Toronto.
“Employers would be interested in knowing who is at risk for diabetes so that they could potentially play a role in facilitating or offering preventive strategies that would prevent full blown diabetes,” Rosella said by email. “This keeps their employees healthy and prevents downstream health and disability care costs.”
Globally, about one in 10 adults has diabetes, according to the World Health Organization. Most have type 2 diabetes, which is associated with obesity and aging and occurs when the body can’t make or process enough of the hormone insulin.
Medications as well as lifestyle changes such as improved diet and exercise habits can help manage diabetes and keep symptoms in check. When diabetes isn’t well managed, however, dangerously high blood sugar can eventually lead to blindness, amputations, kidney failure, heart disease and stroke.
“One of the key issues with diabetes is that a person may make the transition from not having diabetes to having diabetes and not otherwise know it,” said Dr. Robert Cohen of the University of Cincinnati College of Medicine and the Cincinnati VA Medical Center.
That transition depends on an interaction between inherited factors and environmental factors and is still the subject of intense study, Cohen, who wasn’t involved in the study, said by email.
“One person can do a great job on all the environmental factors (lifestyle, diet, exercise, avoiding smoking) and still develop diabetes while another can do considerably less well yet not go on to diabetes - there is a lot of difference between people in how those factors interact,” Cohen added.
“Hence, we need a screening procedure to pick up the problem early,” Cohen said.
During the study, about 13 percent of the people with the highest A1c readings went on to develop diabetes, versus less than 1 percent of people with lower readings.
One limitation of the study is that researchers lacked data on whether any employee wellness programs were implemented to prevent diabetes in the people who appeared most at risk, and how effective they might have been. The study authors couldn’t be reached for comment.
“The obvious next step is an intervention study to test whether A1c screening in combination with employee wellness programs is a more cost-effective method of preventing diabetes than such programs alone,” said Mika Kivimaki, a researcher at University College London in the UK, who wasn’t involved in the study.
“Many employees with diabetes are not diagnosed and do not get treatment,” Kivimaki, who wasn’t involved in the study, said by email. “A1c screening could help to address this important problem.”
SOURCE: bit.ly/2Hu3Foe Diabetes Care, online April 26, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-diabetes/blood-test-may-predict-who-is-most-at-risk-for-diabetes-idUSKCN1IO3DZ |
U.S. Education Secretary Betsy DeVos made her first visit to a New York City school while in office on Tuesday, touring an Orthodox Jewish school for girls on Manhattan’s Upper East Side. She plans to see a boys’ yeshiva on Wednesday.
Mrs. DeVos’s decision to skip public schools in the nation’s largest district, with 1.1 million students, upset some public-school advocates.
Her... | ashraq/financial-news-articles | https://www.wsj.com/articles/betsy-devos-sparks-ire-for-skipping-public-schools-during-new-york-visit-1526416648 |
System-wide comparable restaurant sales growth of 3.7% in Fiscal First Quarter
Conference Call and Webcast at 4:30 p.m. ET Today
LAKE FOREST, Calif.--(BUSINESS WIRE)-- Del Taco Restaurants, Inc. (“Del Taco” or the “Company”), (NASDAQ:TACO), the second largest Mexican-American QSR chain by units in the United States, today reported fiscal first quarter 2018 financial results. The Company also reaffirmed guidance for fiscal year 2018.
Fiscal First Quarter 2018 Highlights
System-wide comparable restaurant sales growth of 3.7%, marking the 18th consecutive quarter of gains; Company-operated comparable restaurant sales growth of 2.6%, marking the 23rd consecutive quarter of gains. Company-operated comparable restaurant sales growth was comprised of average check growth of 2.6%, including slightly positive mix growth, and flat transactions; Franchised comparable restaurant sales growth of 5.2%; Total revenue increased 6.8% to $112.6 million (including $2.9 million of franchise advertising contributions and $0.2 million of other franchise revenue required as part of the new revenue recognition rules adopted in the first fiscal quarter whereby the offsetting impact is an increase to expenses such that there is no impact on operating income and net income) compared to $105.3 million in the fiscal first quarter 2017; Company restaurant sales increased 3.8% to $105.1 million compared to $101.2 million in the fiscal first quarter 2017; Net income decreased to $3.2 million, representing diluted earnings per share of $0.08, compared to $4.2 million in the fiscal first quarter 2017, representing diluted earnings per share of $0.10; Restaurant contribution* margin of 18.4% compared to 19.1% in the fiscal first quarter 2017; Adjusted EBITDA* of $13.9 million compared to $14.6 million in the fiscal first quarter 2017; and Three company-operated restaurant openings and one franchised restaurant closure.
Restaurant contribution* and Adjusted EBITDA* are non-GAAP measures and defined below under “Key Financial Definitions.” Please see the reconciliation of non-GAAP measures accompanying this release.
John D. Cappasola, Jr., President and Chief Executive Officer of Del Taco, commented, “Restaurant results were generally in-line with our expectations and we are pleased to reaffirm our guidance for the year. System-wide comparable restaurant sales growth of 3.7%, or 7.9% on a two-year basis, was a strong outcome, and we view the franchise restaurants 5.2% comparable restaurant sales increase as a reflection of Del Taco’s strength in varied geographies. We are very pleased with the continued AUV growth within our franchise base which is driving increased traction on franchise development across the country.”
Cappasola continued, “We began the second quarter with a successful ‘2 For $5’ promotion allowing guests to ‘mix and match’ our popular Classic Burritos, and recently launched our fan-favorite Carnitas protein as a limited time offering. A favorable guest response to these offerings has helped drive positive second quarter system-wide comparable restaurant sales through the first five weeks as we lap over our most difficult prior year comparisons of over 8% for company and franchise restaurants during the same five weeks, resulting in very strong two-year trends.”
Cappasola concluded, “We view our first quarter restaurant contribution margin as a good outcome considering we had our lowest expected level of menu pricing coupled with the highest level of expected food inflation for the year. As the year progresses we expect to increase our menu pricing while food inflation trends moderate and various supply chain and labor optimization strategies generate additional savings. We believe these factors, coupled with our upcoming launch of Elevated Combined Solutions with enhanced marketing and advertising, menu innovation and operational initiatives, has us well positioned to drive improved restaurant contribution performance in the second half of the year and beyond.”
Review of Fiscal First Quarter 2018 Financial Results
Total revenue increased 6.8% to $112.6 million (including $2.9 million of franchise advertising contributions and $0.2 million of other franchise revenue required as part of the new revenue recognition rules adopted in the first fiscal quarter whereby the offsetting impact is an increase to expenses such that there is no impact on operating income and net income) compared to $105.3 million in the fiscal first quarter 2017. Excluding these revenue recognition impacts total revenue increased 3.9%.
Comparable restaurant sales increased 3.7% system-wide for the fiscal first quarter 2018, resulting in a 7.9% increase on a two-year basis. The Del Taco system has now generated comparable restaurant sales growth for 18 consecutive quarters. Company-operated comparable restaurant sales increased 2.6%, marking 23 consecutive quarters of comparable restaurant sales growth. Franchise comparable restaurant sales increased 5.2%.
Net income was $3.2 million, representing $0.08 per diluted share, compared to $4.2 million in the fiscal first quarter 2017, representing $0.10 per diluted share.
Restaurant contribution* was $19.3 million compared to $19.4 million in the fiscal first quarter 2017. As a percentage of Company restaurant sales, restaurant contribution* margin decreased approximately 70 basis points year-over-year to 18.4%. The decrease was the result of an approximate 30 basis point increase in labor and related expenses and an approximate 40 basis point increase in occupancy and other operating expenses, of which half was related to the timing of advertising expenses.
Adjusted EBITDA* was $13.9 million compared to $14.6 million in the previous year’s fiscal first quarter.
Restaurant Portfolio
During the fiscal first quarter 2018, Del Taco opened three company-operated restaurants and one franchised restaurant was closed.
Repurchase Program for Common Stock and Warrants
During the fiscal first quarter 2018, the Company repurchased 9,811 warrants at an average price per warrant of $3.37. At the end of the fiscal first quarter approximately $20.9 million remained under our $50 million repurchase authorization.
Fiscal Year 2018 Guidance
The Company is reiterating the following guidance for fiscal year 2018, the 52-week period ending January 1, 2019:
System-wide same store sales growth of approximately 2% to 4%; Total revenue between $506 million and $516 million, reflecting the new revenue recognition rules whereby franchise advertising contributions and other franchise revenue, which totaled $12.7 million and $0.8 million in fiscal year 2017, respectively, will now be reported on a gross basis. This guidance also includes an estimated $0.5 million unfavorable impact from the timing of initial franchise fees and renewal fees which must be deferred and recognized over the term of the related franchise agreement; Total company-operated restaurant sales between $473 million and $483 million; Restaurant contribution margin between 19.3% and 19.8%; General and administrative expenses between approximately 8.2% and 8.5% of total revenue, including the expense side of the other franchise revenue that will now be reported on a gross basis; Effective tax rate of approximately 26.5% to 27.5%; Diluted earnings per share of approximately $0.59 to $0.63; Adjusted EBITDA between $71.5 million and $74.0 million; 25 to 28 new system-wide restaurant openings; and Net capital expenditures between $35.0 million to $38.0 million.
We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, a reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.
Conference Call
A conference call and webcast to discuss Del Taco’s financial results and annual guidance is scheduled for 4:30 p.m. ET today. Hosting the conference call and webcast will be John D. Cappasola, Jr., President and Chief Executive Officer; and Steven L. Brake, Executive Vice President and Chief Financial Officer.
Interested parties may listen to the conference call via telephone by dialing 1-201-689-8471. A telephone replay will be available shortly after the call has concluded and can be accessed by dialing 1-412-317-6671, the passcode is 13678922.
The webcast will be available at www.deltaco.com under the investors section and will be archived on the site shortly after the call has concluded.
Key Financial Definitions
Comparable restaurant sales growth reflects the change in year-over-year sales for the comparable company, franchise and total system restaurant base. Restaurants are included in the comparable store base in the accounting period following its 18 th full month of operations and excludes restaurant closures.
Restaurant contribution * is defined as company restaurant sales less restaurant operating expenses, which are food and paper costs, labor and related expenses and occupancy and other operating expenses. Restaurant contribution margin is defined as restaurant contribution as a percentage of company restaurant sales. Restaurant contribution and restaurant contribution margin are neither required by, nor presented in accordance with, GAAP. Restaurant contribution and restaurant contribution margin are supplemental measures of operating performance of restaurants and the calculations thereof may not be comparable to those reported by other companies. Restaurant contribution and restaurant contribution margin have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of results as reported under U.S. GAAP. Management believes that restaurant contribution and restaurant contribution margin are important tools for investors because they are widely-used metrics within the restaurant industry to evaluate restaurant-level productivity, efficiency and performance. Management uses restaurant contribution and restaurant contribution margin as key performance indicators to evaluate the profitability of incremental sales at Del Taco restaurants, to evaluate restaurant performance across periods and to evaluate restaurant financial performance compared with competitors.
Adjusted EBITDA * is defined as net income/loss prior to interest expense, income taxes, and depreciation and amortization, as adjusted to add back certain charges, such as stock-based compensation expense and transaction-related costs, as these expenses are not considered an indicator of ongoing company performance. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to operating income or net income/loss as a measure of operating performance or cash flows or as measures of liquidity. Non-GAAP financial measures are not necessarily calculated the same way by different companies and should not be considered a substitute for or superior to GAAP results. We believe Adjusted EBITDA facilitates operating performance comparisons from period to period by isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. These potential differences may be caused by variations in capital structures (affecting interest expense), tax positions (such as the impact on periods or changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). We also present Adjusted EBITDA because (i) we believe this measure is frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry and (ii) we use Adjusted EBITDA internally as a benchmark to compare performance to that of competitors.
About Del Taco Restaurants, Inc.
Del Taco (NASDAQ:TACO) offers a unique variety of both Mexican and American favorites such as burritos and fries, prepared fresh in every restaurant's working kitchen with the value and convenience of a drive-thru. Del Taco's menu items taste better because they are made with quality ingredients like fresh grilled chicken and carne asada steak, hand-sliced avocado, hand-grated cheddar cheese, slow-cooked beans made from scratch, and new creamy Queso Blanco. The brand's UnFreshing Believable® campaign further communicates Del Taco's commitment to provide guests with the best quality and value for their money. Founded in 1964, today Del Taco serves more than three million guests each week at its more than 560 restaurants across 14 states. For more information, visit www.deltaco.com .
Forward-Looking Statements
In addition to historical information, this release may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, information concerning Del Taco’s possible or assumed future results of operations, business strategies, competitive position, industry environment, potential growth opportunities and the effects of regulation. These statements are based Del Taco’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “target,” “may,” “will,” “should,” “future,” “propose,” “preliminary,” “guidance,” “on track” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Del Taco’s management’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks included, without limitation, consumer demand, our inability to successfully open company-operated or franchised restaurants or establish new markets, competition in our markets, our inability to grow and manage growth profitably, adverse changes in food and supply costs, our inability to access additional capital, changes in applicable laws or regulations, food safety and foodborne illness concerns, our inability to manage existing and to obtain additional franchisees, our inability to attract and retain qualified personnel, our inability to profitably expand into new markets, changes in, or the discontinuation of, the Company’s repurchase program, and the possibility that we may be adversely affected by other economic, business, and/or competitive factors. Additional risks and uncertainties are identified and discussed in Del Taco’s reports filed with the SEC, including under Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended January 2, 2018, and available at the SEC’s website at www.sec.gov and the Company’s website at www.deltaco.com .
Forward-looking statements included in this release speak only as of the date of this release. Del Taco undertakes no obligation to update its forward-looking statements to reflect events or circumstances after the date of this release or otherwise.
Del Taco Restaurants, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) March 27, 2018 January 2, 2018 Assets (unaudited) Current assets: Cash and cash equivalents $ 10,038
$ 6,559
Accounts and other receivables, net 3,524 3,828 Inventories 2,739 2,712 Prepaid expenses and other current assets 3,216 6,784 19,517 19,883 157,643 156,124 Goodwill 320,638 320,638 Trademarks 220,300 220,300 Intangible assets, net 20,711 21,498 Other assets, net 4,325 3,881 Total assets $ 743,134 $ 742,324 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 16,040 $ 18,759 Other accrued liabilities 32,947 35,257 Current portion of capital lease obligations and deemed landlord financing liabilities
1,309 1,415 50,296 55,431 Long-term debt, capital lease obligations and deemed landlord financing liabilities, excluding current portion, net
171,472 170,639 Deferred income taxes 68,644 68,574 Other non-current liabilities 32,562 31,431 Total liabilities 322,974 326,075 Shareholders' equity: Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding
— — Common stock, $0.0001 par value; 400,000,000 shares authorized; 38,448,916 shares issued and outstanding at March 27, 2018; 38,434,274 shares issued and outstanding at January 2, 2018
4 4 Additional paid-in capital 350,543 349,334 Accumulated other comprehensive (loss) income 194 14 Retained earnings 69,419 66,897 Total shareholders' equity 420,160 416,249 shareholders' equity $ 743,134 $ 742,324 Del Taco Restaurants, Inc. Consolidated Statements of Comprehensive Income (Unaudited) (In thousands, except share and per share data) 12 Weeks Ended March 27, 2018 March 28, 2017 Revenue: Company restaurant sales $ 105,109 $ 101,222 Franchise revenue 3,792 3,613 Franchise advertising contributions 2,936 — Franchise sublease income 717 510 Total revenue 112,554 105,345 Operating expenses: Restaurant operating expenses: Food and paper costs 28,973 27,918 Labor and related expenses 34,818 33,221 Occupancy and other operating expenses 21,986 20,718 General and administrative 10,429 9,305 Franchise advertising expenses 2,936 — Depreciation and amortization 5,914 5,103 Occupancy and other - franchise subleases 638 481 Pre-opening costs 442 26 Restaurant closure charges, net (13 ) 9 Gain on disposal of assets, net 93 (49 ) 106,216 96,732 Income from operations 6,338 8,613 Other expense Interest expense 1,910 1,543 Total other expense 1,910 1,543 Income from operations before provision for income taxes 4,428 7,070 Provision for income taxes 1,199 2,832 Net income 3,229 4,238 Other comprehensive income (loss): Change in fair value of interest rate cap, net of tax 174 (88 ) Reclassification of interest rate cap amortization included in net income 6 — Total other comprehensive income (loss) 180 (88 ) Comprehensive income $ 3,409 $ 4,150 Earnings per share: Basic $ 0.08 $ 0.11 Diluted $ 0.08 $ 0.10 Weighted-average shares outstanding Basic 38,441,707 39,003,935 Diluted 39,224,070 40,375,061 Del Taco Restaurants, Inc. Reconciliation of Net Income to EBITDA and Adjusted EBITDA (Unaudited) (In thousands) 12 Weeks Ended March 27, 2018 March 28, 2017 Net income $ 3,229 $ 4,238 Non-GAAP adjustments: Provision for income taxes 1,199 2,832 Interest expense 1,910 1,543 Depreciation and amortization 5,914 5,103 EBITDA 12,252 13,716 Stock-based compensation expense (a) 1,274 1,069 Loss (gain) on disposal of assets, net (b) 93 (49 ) Restaurant closure charges, net (c) (13 ) 9 Amortization of favorable and unfavorable lease assets and liabilities, net (d) (118 ) (147 ) Pre-opening costs (e) 442 26 Adjusted EBITDA $ 13,930 $ 14,624 (a) Includes non-cash, stock-based compensation. (b) Loss (gain) on disposal of assets, net includes the loss or gain on disposal of assets related to sales, retirements and replacement or write-off of leasehold improvements or equipment in the ordinary course of business, net of amortization of deferred gains on asset sales associated with sale-leaseback transactions and gains or losses recorded associated with the sale of company-operated stores to franchisees. (c) Includes sublease income from leases which are treated as deemed landlord financing, partially offset by costs related to future obligations associated with the closure or net sublease shortfall of a restaurant. (d) Includes amortization of favorable lease assets and unfavorable lease liabilities. (e) Pre-opening costs consist of costs directly associated with the opening of new restaurants and incurred prior to opening, including restaurant labor, supplies, cash and non-cash rent expense and other related pre-opening costs. These are generally incurred over the three to five months prior to opening. Del Taco Restaurants, Inc. Reconciliation of Company Restaurant Sales to Restaurant Contribution (Unaudited) (In thousands) 12 Weeks Ended March 27, 2018 March 28, 2017 Company restaurant sales $ 105,109 $ 101,222 Restaurant operating expenses 85,777 81,857 Restaurant contribution $ 19,332 $ 19,365 Restaurant contribution margin 18.4 % 19.1 % Del Taco Restaurants, Inc. Restaurant Development 12 Weeks Ended March 27, 2018 March 28, 2017 Company-operated restaurant activity: Beginning of period 312 310 Openings 3 — Closures — — Sold to franchisees — (5 ) Restaurants at end of period 315 305 Franchise-operated restaurant activity: Beginning of period 252 241 Openings — 3 Closures (1 ) — Purchased from Company — 5 Restaurants at end of period 251 249 Total restaurant activity: Beginning of period 564 551 Openings 3 3 Closures (1 ) — Restaurants at end of period 566 554
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006364/en/
For Del Taco Restaurants, Inc.
Media:
Julia Young, 646-277-1280
[email protected]
or
Investor Relations:
Raphael Gross, 203-682-8253
[email protected]
Source: Del Taco Restaurants, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-del-taco-restaurants-inc-reports-fiscal-first-quarter-2018-financial-results.html |
NEW YORK, May 15 (Reuters) - A former Aegerion Pharmaceuticals Inc sales representative was arrested Tuesday on charges that he defrauded insurance companies into paying for the company’s expensive cholesterol drug.
Mark Moffett was charged with wire fraud and conspiracy in a criminal complaint unsealed in Massachusetts federal court. He was arrested in Illinois, according to court records.
“Mark is an innocent man,” Kenneth Cunniff, Moffett’s lawyer, said in an email. “He looks forward to having his day in court where we anticipate he will be found not guilty.”
Aegerion agreed in September to pay $40.1 million to resolve U.S. investigations related to its marketing of the drug, Juxtapid. In November, the Cambridge, Massachusetts-based company merged with QLT Inc and became a subsidiary of the newly named Novelion Therapeutics Inc.
Novelion spokeswoman Amanda Murphy said the company terminated Moffett in January 2016.
“We are eager to put the problems that occurred under Aegerion’s prior leadership behind us,” the company said in a statement. “We have worked tirelessly to build a culture of integrity and ethics under our new management team and Board. Beyond that, we are not in a position to comment specifically on actions against former employees.”
Juxtapid is approved only for patients with homozygous familial hypercholesterolemia, a rare genetic disease, and many insurance companies require prior authorization before covering it, according to the criminal complaint against Moffett.
Prosecutors said in the complaint that in 2014 and 2015, Moffett conspired with others to provide false information to insurance companies so they would cover the drug, including fake medical records indicating that patients had been diagnosed with homozygous familial hypercholesterolemia when they had not.
Prosecutors said Moffett filled out prior authorization forms with false information or caused others to do so. They said that unnamed co-conspirators working with Moffett at times impersonated doctors’ employees on phone calls as part of the scheme.
Juxtapid cost $330,000 per year while the scheme was running, according to the complaint.
Moffett is the third person to face criminal charges related to the Aegerion’s marketing of Juxtapid.
In February, a Georgia pediatric cardiologist, Eduardo Montana, pleaded guilty to wrongfully disclosing information about his young patients to an sales representative.
Kyle Tackett, a former Aegerion sales representative, was sentenced to three months’ probation in Massachusetts federal court in February 2017 after pleading guilty to obstructing an investigation into the company. (Reporting By Brendan Pierson in New York; Editing by Cynthia Osterman)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/novelion-therape-court/former-aegerion-sales-rep-charged-with-defrauding-u-s-insurers-idUSL2N1SM2GS |
Despite calls that bitcoin would rally throughout New York City's "Blockchain Week," the cryptocurrency's price has dropped about 10 percent since the festivities kicked off.
Bitcoin fell below $8,000 as the conferences wrapped up Friday, hitting a low of $7,931.43 after trading above $8,800 Monday, according to CoinDesk.
"Many repeat attendees commented that the panels felt more like commercials than substantive discussions, which was not the case last year," said Fundstrat digital currency analyst Alex Kern.
show chapters Bitcoin to hit $50,000 by year-end, says CEO of largest bitcoin exchange 8:48 PM ET Mon, 14 May 2018 | 09:57 In previous years, bitcoin had rallied significantly around a New York City blockchain conference called Consensus. Between May 22 and 24 when it was held last year, prices jumped 69 percent, Fundstrat said. Prices popped another 138 percent in the two months after the conference.
In a note to clients published ahead of this year's event, Fudstrat predicted a bump "likely greater" than in previous years "given dramatic jump in attendance plus the fact BTC is down YTD."
Instead, prices stayed in the low $8,000 range throughout the week, according to CoinDesk. Bitcoin hit a high of $8,835 last week before blockchain enthusiasts flocked to New York. The cryptocurrency has dropped more than 40 percent this year.
Bitcoin's one-week performance
Source: CoinDesk
"While there was not a Consensus bump, our conviction on crypto-currencies strengthened during the conference," said Fundstrat co-founder Tom Lee, who is the only major Wall Street strategist to cover bitcoin.
This year's Consensus conference drew in more than 8,500 attendees, according to Barry Silbert, CEO and founder of parent company Digital Currency Group. That's more than triple the 2,700 attendees CoinDesk reported for the May 2017 conference. At roughly $2,000 a ticket, the conference raked in at least $17 million in ticket sales alone.
Kate Rooney | CNBC Many attendees had to wait more than an hour to register at CoinDesk’s Consensus 2018 conference at the New York Hilton Midtown. More than 20 other events happened as part of a "Blockchain Week NYC," an event run in partnership with the New York Economic Development Corporation. Among the private, post-conference festivities: Snoop Dogg performed in the West Village for crypto start-up Ripple, and a new venture called rented out the 210-foot party yacht "Cornucopia Majesty."
Z-cash is one of the the only major cryptocurrencies to rally this week after trading platform Gemini announced it would list the coin on its licensed exchange.
Other major cryptocurrencies struggled this week. Since Monday, ethereum has fallen roughly 9 percent, bitcoin cash is down 22 percent, and litecoin and XRP have both dropped 12 percent.
WATCH: How to start your very own cryptocurrency show chapters How to start your very own cryptocurrency 7:15 AM ET Wed, 9 May 2018 | 03:13 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/bitcoin-rally-fails-to-materialize-after-nyc-conferences.html?utm_source=dlvr.it&utm_medium=twitter |
COPENHAGEN, May 14 (Reuters) - The euro zone economy is still performing as the European Central bank expected and more data is needed to decide whether a recent slowdown is temporary or here to stay, ECB director Sabine Lautenschlaeger said on Monday.
“It (the economic slowdown) is still within our projections and you need to get more data in order to see whether it is only temporary,” Lautenschlaeger said on the sidelines of an event in Copenhagen.
Reporting By Stine Jacobsen; Writing by Francesco Canepa; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/ecb-policy/euro-zone-economy-performing-within-ecb-projections-lautenschlaeger-idUSF9N1R4002 |
May 21 (Reuters) - Genocea Biosciences Inc:
* GENOCEA BIOSCIENCES INC - FILES FOR MIXED SHELF OF UP TO $200 MILLION - SEC FILING Source text: ( bit.ly/2GBQyfr ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-genocea-biosciences-files-for-mixe/brief-genocea-biosciences-files-for-mixed-shelf-of-up-to-200-mln-idUSFWN1SS0VM |
Good morning, Cyber Saturday readers.
It has at last arrived.
Can you feel it? Does your coffee taste richer, the air smell a little sweeter, the sunlight shine a smidgen brighter—and is your inbox much, much fuller? The European Union’s General Data Protection Regulation, or GDPR , went into effect yesterday. After years of preparation (you have been preparing, right?), businesses with operations in Europe will now be forced to steward people’s data with greater care—or else.
You’ve probably been alerted to the regime change by an avalanche of emails regarding updated privacy policies and changes in terms of service agreements. (Please excuse my joking subject line.) Even if you are not an EU resident, you may benefit. Many tech firms, such as Facebook and Google , are extending protections across their user bases, so as to simplify matters for themselves. This decision to conform to Europe’s high standard is known, as my colleague Jeff John Roberts explains, as the “ Brussels effect “; the phrase calls to mind, at least for me, a parent commanding a child to finish their Brussels sprouts. Quit complaining—they’re good for you.
Even though many companies are saying that they plan to abide by the new rules globally, the penalties for breaching a GDPR stipulation count only for EU residents. That means Americans will have no choice but to take these corporations at their word—and if anyone screws up, there will be little recourse outside Europe. Some people may criticize GDPR for its heavy-handed approach: see, fines of up to 4% of global revenues for compliance failures. But it is a necessary and overdue set of measures for safeguarding people’s privacy. The tech economy has been recklessly aslosh in our data for too long. It’s time they started taking responsibility for it.
Finish your greens, then you can play.
***
Last weekend I ran a column by Oren Falkowitz, a cybersecurity entrepreneur, which applied the late scientist Richard Feynman’s warning about “cargo cult science” to the cybersecurity industry. The essay prompted me to pick up a book I’ve been meaning to read for years, Surely You’re Joking, Mr. Feynman! It struck me, while reading a chapter on the eminent physicist’s obsession with lock-picking and safe-cracking during his stint on the Manhattan Project, that if he had been born today, there’s no question in my mind he would have been a hacker. The man loved a technical puzzle as much as he loved outfoxing authorities. May your spirit live on, Mr. Feynman.
Have a great Memorial Day weekend.
Robert Hackett
@rhhackett
[email protected]
Welcome to the Cyber Saturday edition of Data Sheet, Fortune’ sdaily tech newsletter. Fortune reporter Robert Hackett here. You may reach Robert Hackett via Twitter , Cryptocat , Jabber (see OTR fingerprint on my about.me ), PGP encrypted email (see public key on my Keybase.io ), Wickr , Signal , or however you (securely) prefer. Feedback welcome. THREATS
A new sheriff in town. As mentioned above, the European Union’s General Data Protection Regulation , or GDPR , went into effect this weekend. Companies with EU operations now must abide by new strictures, like reporting data breaches within 72 hours, or delivering EU residents’ data to them upon request within 30 days. Otherwise, businesses could be forced to pay a penalty that can run as high as 4% of global revenues, or 20 million euros. Ouch.
Routers routed. Cisco’s threat research team, Talos, warned the public that it has discovered a malware campaign that compromised half a million routers in 54 countries. It is suspected that Russian spy services are to blame for the attack, which Talos dubbed “ VPN Filter .” The FBI has recommended that people reboot their routers to help identify and disrupt the infection.
Alexa, quit eavesdropping. An Amazon Echo device erroneously recorded a private conversation between two people in Portland, Oregon, and then sent the file to an unauthorized third party. The device apparently misheard the couple’s verbal cues, causing it to go rogue. Amazon said in a statement, “As unlikely as this string of events is, we are evaluating options to make this case even less likely.”
I demand a recount. The Federal Bureau of Investigation repeatedly overstated the number of devices it has been unable to access due to strong data encryption features, the Washington Post reports. While the FBI has said that it has been prevented from accessing the contents of about 7,800 devices, it turns out the true figure is somewhere between 1,000 and 2,000 . The agency is said to have inflated the numbers by counting the same devices more than once, a result of apparently poor database management.
On the Internet nobody knows you’re a… Bitcoin scammer ?
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Splitting atoms. The New York Times published a delightful read on the “fusion centers” banks and other companies use to coordinate their cybersecurity defenses. With big-screen maps and other flourishes, these rooms are often designed to look cool—even if the accoutrements aren’t exactly necessary to get the job done. Well, these centers do serve at least one purpose: “They are especially useful, executives concede, to put on display when V.I.P.s or board members stop by for a tour,” as the Times writes.
Like many cybersecurity bunkers, IBM’s foxhole has deliberately theatrical touches. Whiteboards and giant monitors fill nearly every wall, with graphics that can be manipulated by touch.
“You can’t have a fusion center unless you have really cool TVs,” quipped Lawrence Zelvin, a former Homeland Security official who is now Citigroup’s global cybersecurity head, at a recent cybercrime conference. “It’s even better if they do something when you touch them. It doesn’t matter what they do. Just something.” FORTUNE RECON | ashraq/financial-news-articles | http://fortune.com/2018/05/26/cyber-saturday/ |
May 9, 2018 / 12:19 PM / Updated 5 hours ago Good feeling, or bad feeling about young Han Solo? 'Star Wars' fans wait and see Jill Serjeant 3 Min Read
LOS ANGELES (Reuters) - The new, young Han Solo says he has “a good feeling about this” in a trailer for “Solo: A Star Wars Story,” reversing one of the best-known catchphrases in the sci-fi movie franchise. FILE PHOTO: Harrison Ford arrives at the European Premiere of Star Wars, The Force Awakens in Leicester Square, London, December 16, 2015. REUTERS/Paul Hackett/File Photo
Yet fans are watching to see if a little-known actor can fill the shoes of Harrison Ford, whose dry-witted bounty hunter is one of the franchise’s most popular characters.
All eyes will be on Alden Ehrenreich, 28, when Disney’s “Solo” gets its world premiere in Los Angeles on Thursday ahead of an international rollout on May 23.
“Solo” is an origin story set some 10 years before the events of the 1977 “Star Wars” movie, when Ford starred as the cynical cowboy space pilot. He reprised the role almost 30 years later for “The Force Awakens,” which at $2 billion is the third biggest-grossing film on record.
“Han Solo is my favorite character in ‘Star Wars’ and Harrison Ford is a big part of that,” said Sarah Woloski, co-host with Tricia Barr and Teresa Delgado of “Star Wars” podcast Fangirls Going Rogue.
“But if Alden has the right swagger and attitude to pull that off, that’s more important than being a Harrison Ford look-alike,” she said.
Ehrenreich got warm reviews for quirky 2016 comedy “Hail, Caesar” but is otherwise little known to generations of fervent “Star Wars” fans.
On the other hand, Ford, now 75, became a taciturn sex symbol, a persona that grew with his “Indiana Jones” adventures. Yet his alpha male Han Solo of the 1970s and 80s may not be the hero audiences want in 2017. FILE PHOTO: Cast member Alden Ehrenreich poses at the premiere of "Hail, Caesar!" in Los Angeles, California, U.S., February 1, 2016. REUTERS/Mario Anzuoni/File Photo
“I think a lot of heterosexual men learned how to flirt from Han Solo and Indiana Jones. But men like me grew up and realized you can’t act like Han Solo. Han Solo is kind of a jerk,” said Ryan Britt, entertainment editor of pop culture and technology at website Inverse.com.
“If Alden’s sexy, I don’t think he can be as pushy as the Han Solo of the 80s,” Britt said.
Trailers for “Solo,” including some deadpan lines from co-screenwriter Lawrence Kasdan, have excited fans who were initially nervous about Ehrenreich’s casting.
They are also hoping the film will explain Han Solo’s back story, including his friendship with co-pilot Chewbacca, how he won the Millennium Falcon spaceship, and how he became the cynic whose catchphrase “I have a bad feeling about this” has been used in some form in almost every “Star Wars” movie.
“Why did he lose his idealism? Does he get his heart broken? Does he get ripped off? Does he get betrayed?” said Britt.
The biggest surprise may come in the form of Donald Glover, the singer and actor who plays a young version of smuggler Lando Calrissian.
“I might be more excited about Lando, and seeing the swagger of Donald Glover, than seeing Han Solo,” said Delgado, who plans to see “Solo” three times over its opening weekend.
“I can’t imagine he will be anything less than awesome and swoon-worthy.” Reporting by Jill Serjeant; Editing by Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/us-film-starwars-solo/good-feeling-or-bad-feeling-about-young-han-solo-star-wars-fans-wait-and-see-idUKKBN1IA1P7 |
WASHINGTON, May 18 (Reuters) - The U.S. Federal Communications Commission said on Friday it was referring reports that a website flaw could have allowed the location of mobile phone customers to be tracked to its enforcement bureau to investigate.
A security researcher said earlier this week that California-based LocationSmart data could have been used to track AT&T Inc, Verizon Communications Inc, Sprint Corp and T-Mobile US consumers without consent within a few hundred yards of their location. Senator Ron Wyden, a Democrat, on Friday urged the FCC to investigate, saying on Twitter a "hacker could have used this site to know when you were in your house so they would know when to rob it. A predator could have tracked your childs cell phone to know when they were alone." (Reporting by David Shepardson Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/reuters-america-fcc-investigating-reports-website-flaw-exposed-mobile-phone-locations.html |
May 12, 2018 / 8:36 PM / Updated 21 hours ago Motor racing-Hamilton ends his pole drought in style Alan Baldwin 3 Min Read
BARCELONA, May 12 (Reuters) - Lewis Hamilton summed up his feelings in a few words after leading team mate Valtteri Bottas to the first Mercedes qualifying one-two of the season on Saturday.
“I needed this pole,” said the four-times Formula One world champion, whose performance was watched by Daimler chairman and Mercedes-Benz boss Dieter Zetsche, in the post-qualifying interviews at the Spanish Grand Prix.
So too did his team, winners of both crowns for the past four years but whose dominance is now under a more sustained attack than ever from closest rivals Ferrari and a resurgent Red Bull.
Sunday’s race will also be the first this year without a Ferrari on the front row.
Ferrari’s Sebastian Vettel had taken the previous three poles before Saturday and, while Hamilton regained the championship lead in Azerbaijan two weekends ago, Ferrari are ahead in the constructors’ standings.
Last season, Hamilton took 11 poles in 20 races and won nine but this year Ferrari have had the better one-lap pace.
Saturday pressed a reset button of sorts, the Briton celebrating his third successive pole at the Circuit de Catalunya and fourth in five years.
The pace was real, too, with the champion’s fastest lap of one minute 16.173 seconds a track record.
“For the team it’s been a struggle,” said Hamilton.
“I’m sure there have been a lot of people with nerves over the past few races, just not really understanding, constantly learning but feeling that we’re not learning quick enough,” added the Briton.
“So to come here and get the one-two in qualifying is a true show of all the hard work that everyone is doing.”
Hamilton won in Azerbaijan for his first victory of the season, ending a winless run of six races — three from last year.
The man with more pole positions than any other driver in the history of Formula One, his tally now standing at 74, had been going through a drought since Australia in March.
Hamilton said the Pirelli tyres were partly responsible.
“They appear to be a lot harder than last year,” he said.
“I know they went softer but...the working range is far narrower than it was last year. And so you give it everything on an out-lap and you still don’t have your tyres in the (performance) window.
“This year they’re just too hard. That’s why everyone struggles. I don’t understand why they worked in Australia and haven’t worked ever since and today we have them working.” (Reporting by Alan Baldwin, editing by Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-spain-hamilton/motor-racing-hamilton-ends-his-pole-drought-in-style-idUKL3N1SJ09D |
May 1 (Reuters) - Carlsberg A/S:
* Q1 REVENUE DKK 12.7 BILLION VERSUS DKK 12.9 BILLION SEEN IN REUTERS POLL
* Q1 TOTAL ORGANIC VOLUME GROWTH OF 1% * SAYS EXPECTS A TRANSLATION IMPACT ON OPERATING PROFIT OF AROUND DKK -550M, BASED ON SPOT RATES AT 30 APRIL (PREVIOUSLY DKK -450M)
* SAYS STILL EXPECTS MID-SINGLE-DIGIT PERCENTAGE ORGANIC GROWTH IN OPERATING PROFIT IN 2018
* CEO SAYS Q1 GROWTH IN CRAFT & SPECIALITY AND ALCOHOL-FREE BREWS AS WELL AS BROADLY BASED GROWTH IN ASIA SERVE AS PROOF POINTS FOR OUR SAIL’22 AGENDA
* CEO SAYS FUNDING JOURNEY IS DELIVERING ACCORDING TO PLAN AND WE’RE WELL ON TRACK TO DELIVER ON OUR FULL-YEAR EXPECTATIONS
* Q1 VOLUME DECLINE IN RUSSIA WAS IMPACTED BY THE OVERALL MARKET DECLINE OF AROUND 4-5% AND TOUGH COMPARABLES FOR Q1 2017
* Q1 VOLUMES GREW IN ALL MARKETS EXCEPT FOR RUSSIA * Q1 ORGANIC NET REVENUE GROWTH OF 2% Source text for Eikon: Further company coverage: (Reporting by Stine Jacobsen)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-carlsberg-q1-revenue-below-forecas/brief-carlsberg-q1-revenue-below-forecast-keeps-2018-outlook-idUSFWN1S71FT |
May 1, 2018 / 4:54 AM / Updated 3 hours ago Philippine workers march in protest at short-term contracts Romeo Ranoco 3 Min Read
MANILA (Reuters) - Thousands of Philippine workers and activists marched in a May Day rally in Manila on Tuesday in protest against what they said was President Rodrigo Duterte’s failure to keep a campaign promise to get rid of short-term employment contracts.
There were no reports of violence, but the presidential palace complex was locked down, initially denying journalists’ access as protesters burned Duterte’s effigy with a sign “Liar King” several hundred metres outside.
A pledge to act against employers who hire workers short-term and without adequate benefits helped Duterte, a former city mayor, win the presidency in May 2016.
Shortly after assuming power, Duterte warned that any company that failed to stop hiring short-term labour risked closure.
But trade unions say the practice has persisted, particularly in shopping malls and the fast-food industry.
A leader of the left-wing Bayan (Nation) movement, Renato Reyes, said the president had done what other leaders had failed to do in 30 years - unite fragmented labour groups.
“The historic unity of the working class is the direct result of the failure of the regime to bring an end to contractualisation, a major campaign promise of the president,” Reyes said in a statement.
“For two years, the executive dribbled the ball, only to pass it to Congress at the last minute.”
About 8,000 police and soldiers kept watch at the march. Police estimated up to 10,000 people, waving flags and carrying banners, took part.
In central Cebu, Duterte asked Congress to pass a law amending the “outdated” Labour Code “to keep it attuned to the realities of our time”.
“I remain firm in my commitment to put an end to ‘ENDO’ and illegal contractualisation,” Duterte said, referring to commonly used term of “end of contract” among minimum wage earners.
“A mere executive order is not enough. I cannot be a legislator. It is not allowed. But, I can only implement.”
He signed an executive order prohibiting illegal contracting or sub-contracting and asked the labour department to submit a list of companies “engaged in or suspected to be engaged in labour-only contraction.
There were also protests in other key cities outside the capital as workers’ groups demanded higher wages, improved working conditions, including for millions of migrant workers abroad. The Philippines is locked in a dispute with Kuwait over reports of abuse of Philippine domestic helpers there.
Last month, the labour department ordered fast-food chain Jollibee Foods Corp to regularise more than 6,000 workers by making them permanent. Additional Reporting by Manuel Mogato and Dondi Tawatao; Editing by Nick Macfie | ashraq/financial-news-articles | https://in.reuters.com/article/may-day-philippines/workers-march-in-philippines-to-call-for-end-to-short-term-contracts-idINKBN1I22T1 |
MOSCOW, May 28 (Reuters) - Russia’s central bank deputy governor Ksenia Yudayeva said on Monday inflationary risks have decreased compared with April levels, but they remain present, the Interfax news agency reported. (Reporting by Maria Kiselyova Writing by Tom Balmforth Editing by Catherine Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/russia-cenbank-inflation/russias-c-bank-inflation-risks-have-fallen-but-remain-present-ifax-idUSR4N1SW02X |
Facebook Chief Executive Mark Zuckerberg's meeting with European lawmakers in Brussels on Tuesday has been criticized by political representatives for being too short and providing "no answers."
Zuckerberg's appearance in the European Parliament was facilitated by Antonio Tajani, the parliament's president, and consisted of around an hour of questions and less than 10 minutes of answers.
"I was really not satisfied with the hearing yesterday because Zuckerberg gave no answers whatsoever," Ska Keller, co-head of the Greens-European Free Alliance group in the European Parliament, told CNBC in a phone interview Tuesday.
"That was facilitated by the format, that there was no possibility to ask follow-up questions so that was definitely a very big problem created by the parliament's president. But still, Zuckerberg could at least have answered some questions more precisely. But he really didn't and was just repeating what he said in his opening statement, so really nothing new."
CNBC understands that the format of the meeting was requested by Tajani. Tajani was not immediately available for comment.
John Thys | AFP | Getty Images Facebook CEO Mark Zuckerberg arrives at the European Parliament on May 22, 2018. Politicians in the U.S. and Europe are seeking answers from Facebook after it was revealed that the data of tens of millions may have been improperly shared with political data firm Cambridge Analytica. Cambridge Analytica briefly worked for President Donald Trump's 2016 election campaign. Concerns have been raised over whether targeted advertising techniques and the use of Facebook data may have played a role in swaying elections.
Facebook has admitted that 87 million users' data may have been shared with Cambridge Analytica, and that 2.7 million of those users were Europeans.
Zuckerberg was questioned by U.S. lawmakers on Capitol Hill last month. At times, he was unable to answer questions from politicians, saying instead that his team would follow-up with them afterwards.
show chapters Mark Zuckerberg's testimony before the European Parliament: The four key moments 20 Hours Ago | 02:16 Zuckerberg echoed that message to lawmakers who pressed him for answers at the end of Tuesday's session.
Jan Albrecht, member of the Greens-European Free Alliance group, insisted that the CEO address whether Facebook would commit to stopping data sharing between Facebook and messaging service Whatsapp, which the social network acquired four years ago. Zuckerberg did not answer Albrecht, but subsequently agreed to follow up on unanswered queries in writing.
"The format of the meeting was a farce, not allowing for any back and forth between Zuckerberg and the members of parliament," Udo Bullmann, chair of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, said in a statement following the hearing. "What this meeting made clear is that 75 minutes in a small and exclusive circle is not enough to shed light on the biggest data scandal in recent history."
Bullmann called for another meeting between Zuckerberg and European parliamentarians for a more in-depth analysis of Facebook's handling of data and the sharing of data with Cambridge Analytica.
'It may be time to break up this monopoly' Guy Verhofsadt, president of the Alliance of Liberals and Democrats for Europe group in the European Parliament, said the format of the meeting and Zuckerberg's responses to lawmakers' questions were "totally inadequate."
He said in a statement after the meeting that it "may be time to break up this monopoly to protect the privacy of our citizens," and alluded to the breakup of monopolies like Standard Oil and the Bell System .
"Fundamental questions regarding the abuse of EU citizen's data remain unanswered and compensation for those who have had their data misused must be forthcoming."
French President Emmanuel Macron is set to meet with Zuckerberg in Paris on Wednesday, alongside IBM CEO Ginni Rometty , Uber CEO Dara Khosrowshahi and Microsoft CEO Satya Nadella . Zuckerberg will also be speaking at the Viva Technology conference in the French capital on Friday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/eu-politicians-dissatisfied-with-facebook-ceo-mark-zuckerbergs-parliament-meeting.html |
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