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By Bloomberg 6:19 AM EDT
When Amazon (amzn) bought Whole Foods almost a year ago, Ocado Group was one of the few retailers to see its shares go up.
That’s because there were hopes the internet behemoth could swallow up the British online grocer, too.
But the deal actually had another impact on Ocado (ocdgf) . It made supermarkets around the world quake at the thought of Amazon’s online grocery rampage . They turned to Ocado to help them fend off the threat.
After a series of smaller tie-ups, the company has announced the big one: a partnership with Kroger (kr) , the second biggest U.S. grocer after Walmart (wmt) . This has been a long time coming – it’s been chasing a deal with a major American supermarket for much of the last five years.
This partnership, which will see Kroger license Ocado’s technology to expand its own home-delivery business, could include construction of up to 20 distribution centers over the first five years. This puts it on a completely different scale to Ocado’s other contracts, with France’s Casino Guichard-Perrachon and Canada’s Sobeys.
There is no doubt this is good news for Ocado. But the worry with the spate of agreements that the company has announced over the past six months is that it must keep investing. Each has peak cash flow requirement of about 30 million pounds ($40.6 million). That just reinforces the fear with the Ocado investment case: that it’s all jam tomorrow.
Ocado seems to have caught on to this concern: Kroger will take a 5% stake in the company, injecting 183 million pounds. Added to the about 140 million pounds from a share sale in February, and the company will have more than 300 million pounds of firepower.
The two companies will also explore ways of using Kroger’s balance sheet — the U.S.’s second-biggest grocer (behind Walmart) had total assets of $37 billion as of February 2018 — to fund some of Ocado’s investment.
That could include more payments from Kroger upfront, and lower fees over time than customers pay for other deals, although Ocado says the overall economics won’t substantially differ from the other arrangements.
Shares in Ocado rose as much as 50.7% on Thursday, to a record 831.8 pence, the most since its 2010 initial listing.
That reflects the undoubted potential of the Kroger deal. But it shortens the odds of Ocado and its investors finally finding an exit through a sale to a bigger retailer. After all, Ocado’s had a stellar run over the past six months. But the preceding seven years have really tried investors’ patience.
Kroger will have an overall 6% stake in the company — it already had a 1% stake before this deal was announced, so that makes it a natural candidate for increasing its holding or acquiring the company.
Meanwhile, the business of dropping groceries as U.K. customers’ doors jars with Ocado’s push to become a whizzy technology company. Its existing contract to be supplied with products by Waitrose expires in 2020. That could be a natural point to review this operation, particularly if Waitrose were to be sold by the John Lewis Partnership.
With the surge on Thursday, Ocado shares have tripled since it announced the agreement with Casino in November. The company’s enterprise value has jumped to three times forward sales, nearly closing its discount to Amazon.
To justify such a lofty valuation it needs the raft of contracts it has secured over the past six months to live up to their huge potential. There’s certainly execution risk here.
But it also needs a bid from a buyer to land on its doorstep. With a muscular investor like Kroger , that could finally happen. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/17/grocery-delivery-kroger-amazons-whole-foods-ocado/ |
Published: May 16, 2018 1:17 a.m. ET Share
Takes issue with demands of national security adviser Reuters North Korean leader Kim Jong Un after meeting South Korean President Moon Jae-in April 27, 2018.
By Michael R. Gordon Nancy A. Youssef
A senior North Korean official said Pyongyang isn’t interested in a summit with the U.S. focused solely on denuclearization and accused Washington of trying to “impose on our dignified state the destiny of Libya or Iraq.”
In a Wednesday statement attributed to Kim Kye Gwan, a senior foreign ministry official, North Korea said it doesn’t want to deal away its nuclear weapons for economic compensation or benefits. That cast doubt on the North’s willingness to proceed with a planned June 12 summit with President Donald Trump in Singapore.
“If the U.S. is trying to drive us into a corner to force our unilateral nuclear abandonment, we will no longer be interested in such dialogue and cannot but reconsider our proceeding to the DPRK-U.S. summit,” Kim was quoted as saying, using the acronym for North Korea’s formal name, the Democratic People’s Republic of Korea.
Read: North Korea threatens to pull out of summit with U.S. over military exercises
Kim Kye Gwan, a longtime North Korean diplomat who has met frequently with U.S. negotiators and high-level officials over the years, singled out national security adviser John Bolton and his demands, which include a Libya-style denuclearization process and the disposal of biological and chemical weapons. | ashraq/financial-news-articles | https://www.wsj.com/articles/north-korea-says-u-s-south-korean-military-exercises-imperil-summit-1526415202 |
May 21 (Reuters) - FMC Corp:
* FMC ANNOUNCES LEADERSHIP APPOINTMENTS * FMC CORP - MARK DOUGLAS, PRESIDENT OF FMC AGRICULTURAL SOLUTIONS, HAS BEEN APPOINTED PRESIDENT AND CHIEF OPERATING OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fmc-mark-douglas-appointed-preside/brief-fmc-mark-douglas-appointed-president-and-coo-idUSFWN1SS0Q3 |
Q1 total revenue of $49.7 million, up 40% year-over-year
AUSTIN, Texas--(BUSINESS WIRE)-- SailPoint Technologies Holdings, Inc. (NYSE: SAIL), the leader in enterprise identity governance , today announced financial results for the first quarter ended March 31, 2018.
“We are pleased to announce our first quarter 2018 financial results, reflecting solid total revenue growth of 40% year-over-year and profitability on a non-GAAP operating income basis,” said Mark McClain, SailPoint’s CEO and Co-founder. “As we talk to global organizations around the world, there’s an increasing awareness that identity governance is critically important for today’s security, compliance and IT productivity efforts. SailPoint now has 984 customers from around the world committed to our identity governance platform.”
“As the amount of data created and shared by business users explodes and regulations like the European General Data Protection Act elevate the discussion around identity controls over that data, organizations are realizing that identity governance must include managing access to data stored in files,” added McClain. “SailPoint’s vision has always been to secure and enable the digital identities of all users, across all applications and all data. We are expanding the scope of identity governance in the market to ensure that all data, including unstructured data found in emails, intranets and cloud storage applications, has the same level of oversight and governance as structured data found in applications. We believe our innovative approach of delivering comprehensive identity governance in any way that an enterprise wants to consume it will help us continue our global growth in 2018.”
Financial Highlights for First Quarter 2018:
Revenue: Total revenue was $49.7 million, a 40% increase over Q1 2017. License revenue was $17.0 million, a 39% increase over Q1 2017. Subscription revenue was $23.0 million, a 54% increase over Q1 2017. Services and other revenue was $9.7 million, a 17% increase over Q1 2017. Operating (Loss) Income: Loss from operations was $(4.3) million, compared to income from operations of $0.2 million in Q1 2017. Non-GAAP income from operations was $3.1 million, compared to $2.6 million in Q1 2017. Net (Loss) Income: Net loss was $(6.0) million, compared to $(2.3) million in Q1 2017. Net loss available to common shareholders per basic and diluted share was $(0.07), compared to $(0.18) in Q1 2017. Non-GAAP net income was $1.7 million, compared to non-GAAP net loss of ($0.1) million in Q1 2017. Non-GAAP net income per diluted share was $0.02, compared to non-GAAP net loss per basic and diluted share of ($0.00) in Q1 2017. Adjusted EBITDA: Adjusted EBITDA was $3.3 million, compared to $3.2 million in Q1 2017. Balance Sheet and Cash Flow: As of March 31, 2018, cash and cash equivalents were $130.9 million. During Q1 2018, we generated $15.3 million in cash from operations, compared to $6.9 million during Q1 2017.
The tables at the end of this press release include reconciliation of non-GAAP net income to GAAP net loss, non-GAAP income from operations to GAAP income (loss) from operations, non-GAAP to GAAP weighted average shares outstanding and adjusted EBITDA to GAAP net loss for the three months ended March 31, 2018 and 2017. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Financial Outlook:
For the second quarter of 2018, SailPoint expects:
Revenue in the range of $49.5 million to $50.5 million Non-GAAP (loss) income from operations in the range of $(0.5) million to $0.5 million Non-GAAP net loss per basic and diluted common share in the range of $(0.03) to $(0.02), based on estimated cash income tax payments of $0.7 million and 87.5 million basic and diluted common shares outstanding. Expectations of non-GAAP loss from operations and non-GAAP net loss per basic and diluted common share exclude stock-based compensation expense and amortization of acquired intangibles.
For the full year 2018, SailPoint expects:
Revenue in the range of $225 million to $229 million Non-GAAP income from operations in the range of $14.0 million to $16.0 million Non-GAAP net income per diluted common share in the range of $0.07 to $0.09, based on estimated cash income tax payments of $1.8 million and 93 million diluted common shares outstanding. Expectations of non-GAAP income from operations and non-GAAP net income per diluted common share exclude stock-based compensation expense and amortization of acquired intangibles.
These statements regarding SailPoint’s expectations of its financial outlook are forward-looking and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause its actual results to differ materially from these forward-looking statements.
All of SailPoint’s forward-looking non-GAAP financial measures exclude estimates for stock-based compensation expense. SailPoint has not reconciled its expectations as to non-GAAP income (loss) from operations and non-GAAP net income (loss) per basic and diluted common shares to their most directly comparable GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to stock-based compensation expense. Stock-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. The actual amount of the excluded stock-based compensation expense will have a significant impact on SailPoint’s GAAP loss from operations and GAAP net loss per basic and diluted common share. Accordingly, reconciliations of our forward-looking non-GAAP income (loss) from operations and non-GAAP net income (loss) per basic and diluted common shares are not available without unreasonable effort.
Conference Call and Webcast:
SailPoint will host a conference call today, May 9, 2018, at 5:00 p.m. Eastern Time to discuss its first quarter 2018 financial results. The dial-in number will be 877-407-0792 or 201-689-8263. A live webcast of the conference call will be available on SailPoint’s website at https://investors.sailpoint.com .
Following the conference call, a replay will be available until midnight on May 23, 2018. The replay dial-in number will be 844-512-2921 or 412-317-6671, using the replay pin number: 13678480. An archived webcast of the call will also be available at https://investors.sailpoint.com .
Non-GAAP Financial Measures:
In addition to SailPoint’s financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), SailPoint uses certain non-GAAP financial measures to clarify and enhance SailPoint’s understanding of past performance and future prospects. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flow that includes or excludes amounts that are included or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. SailPoint monitors the non-GAAP financial measures described below, and SailPoint’s management believes they are helpful to investors because they provide an additional tool to use in evaluating SailPoint’s financial and business trends and operating results. In addition, SailPoint’s management uses these non-GAAP measures to compare SailPoint’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. In particular, SailPoint believes that non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) available to common shareholders per basic share and per diluted share, and adjusted EBITDA, are important measures for evaluating SailPoint’s performance because they facilitate comparisons of SailPoint’s core operating results from period to period by removing, where applicable, the impact of SailPoint’s capital structure (net interest income or expense from SailPoint’s outstanding debt, as well as amortization of debt issuance costs and expenses related to call protection on early payment of debt), asset base (depreciation and amortization), income taxes, purchase accounting adjustments, acquisition and sponsor related costs and stock-based compensation.
SailPoint’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry because they may calculate non-GAAP financial results differently than we do. In addition, there are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and exclude expenses that may have a material impact on our reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. SailPoint urges you to review the reconciliations of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.
Non-GAAP income (loss) from operations . SailPoint believes that the use of non-GAAP income (loss) from operations is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP income (loss) from operations is calculated as income (loss) from operations on a GAAP basis excluding (i) stock-based compensation expense and (ii) amortization of acquired intangibles.
Non-GAAP net income (loss) and non-GAAP net income (loss) available to common shareholders per basic and diluted share . SailPoint believes that the use of non-GAAP net income (loss) and non-GAAP net income (loss) available to common shareholders per basic and diluted share is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP net income (loss) is calculated as net income (loss) (a) excluding (i) stock-based compensation expense, (ii) amortization of acquired intangibles, (iii) amortization of debt issuance costs, and (iv) income tax expense (benefit) and (b) including cash income taxes paid. SailPoint defines non-GAAP net income (loss) available to common shareholders per basic and diluted share as non-GAAP net income (loss) divided by the non-GAAP weighted average outstanding common shares, which is calculated as if the conversion of our preferred stock, including related accumulated and unpaid dividend, occurred at the beginning of each respective period.
Adjusted EBITDA . Adjusted EBITDA is a non-GAAP financial measure that SailPoint calculates as net loss adjusted to exclude income taxes, net interest expense, depreciation and amortization, purchase accounting adjustments, acquisition and sponsor related costs and stock-based compensation expense.
The accompanying tables have more details on the reconciliations of non-GAAP financial measures to their nearest comparable GAAP measures.
Forward-Looking Statements:
This press release and statements made during the above referenced conference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding the Company’s growth rate and its expectations regarding future revenue, operating income or loss or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These statements are not guarantees of future performance, but are based on management's current expectations, assumptions and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks.
Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: our ability to attract and retain customers and our ability to deepen our relationships with existing customers; our expectations regarding our customer growth rate; our ability to maintain successful relationships with our channel partners and further develop strategic relationships; our ability to develop or acquire new solutions, improve our platform and solutions and increase the value of and benefits associated with our platform and solutions; our ability to compete successfully against current and future competitors; our plans to further invest in and grow our business, and our ability to effectively manage our growth and associated investments; our ability to adapt and respond to rapidly changing technology, evolving industry standards, changing regulations and changing customer needs; our ability to maintain and enhance our brand or reputation as an industry leader and innovator; our ability to hire, retain, train and motivate our senior management team and key employees; our ability to successfully enter new markets and manage our international expansion; adverse economic conditions in the United States, Europe or the global economy; significant changes in the contracting or fiscal policies of the public sector; actual or perceived failures by us to comply with privacy policy or legal or regulatory requirements; our ability to maintain third-party licensed software in or with our solutions; and our ability to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies. These and other important risk factors are described more fully in our reports and other documents filed with the Securities and Exchange Commission (“the SEC”) including (i) under “Part I, Item 1A. Risk Factors” in our for the year ended December 31, 2017, which was filed with the SEC on March 19, 2018, and (ii) under “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the SEC on May 9, 2018, and could cause actual results to vary from expectations.
Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.
About SailPoint
SailPoint, the leader in enterprise identity governance, brings the Power of Identity to customers around the world. SailPoint’s open identity platform gives organizations the power to enter new markets, scale their workforces, embrace new technologies, innovate faster and compete on a global basis. As both an industry pioneer and market leader in identity governance, SailPoint delivers security, operational efficiency and compliance to enterprises with complex IT environments. SailPoint’s customers are among the world’s largest companies in a wide range of industries, including: 7 of the top 15 banks, 4 of the top 6 healthcare insurance and managed care providers, 9 of the top 15 property and casualty insurance providers, 5 of the top 15 pharmaceutical companies, and 11 of the largest 15 federal agencies.
More information on SailPoint is available at: www.sailpoint.com .
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended March 31, 2018 March 31, 2017 (In thousands, except share and per share data) (Unaudited) Revenue Licenses $ 16,987 $ 12,236 Subscription 23,005 14,952 Services and other 9,722 8,278 Total revenue 49,714 35,466 Cost of revenue Licenses (1) 1,138 1,087 Subscription (1)(2) 4,658 3,575 Services and other (2) 6,974 5,473 Total cost of revenue 12,770 10,135 Gross profit 36,944 25,331 Operating expenses Research and development (1)(2) 9,762 6,927 General and administrative (1)(2) 7,657 3,032 Sales and marketing (1)(2) 23,815 15,173 Total operating expenses 41,234 25,132 (Loss) income from operations (4,290 ) 199 Other expense, net: Interest expense, net (1,178 ) (2,657 ) Other, net (147 ) (64 ) Total other expense, net (1,325 ) (2,721 ) Loss before income taxes (5,615 ) (2,522 ) Income tax (expense) benefit (352 ) 239 Net loss $ (5,967 ) $ (2,283 ) Net loss available to common shareholders (3) $ (5,967 ) $ (8,453 ) Net loss per common share Basic and diluted $ (0.07 ) $ (0.18 ) Weighted average shares outstanding Basic and diluted 85,719,240 47,208,477 (1) Includes amortization of acquired intangibles as follows:
Three months ended March 31, 2018 March 31, 2017 (In thousands) Cost of revenue – license $ 1,008 $ 1,008 Cost of revenue – subscription 96 96 Research and development 34 — Sales and marketing 1,068 1,117 Total amortization of acquired intangibles $ 2,206 $ 2,221 (2) Includes stock-based compensation expense as follows:
Three Months Ended March 31, 2018 March 31, 2017 (In thousands) Cost of revenue – subscription $ 121 $ 9 Cost of revenue – services and other 375 18 Research and development 641 30 General and administrative 2,340 30 Sales and marketing 1,662 71 Total stock-based compensation $ 5,139 $ 158 (3) Net loss available to common shareholders is calculated by subtracting the accretion of undeclared and unpaid dividends on redeemable convertible preferred stock from net loss.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, 2018 December 31, 2017 (In thousands, except share data) (Unaudited) Assets Current assets Cash and cash equivalents $ 130,859 $ 116,049 Restricted cash 126 78 Accounts receivable 55,997 72,907 Prepayments and other current assets 9,094 10,013 Total current assets 196,076 199,047 Property and equipment, net 3,126 3,018 Deferred tax asset - non-current 264 264 Other non-current assets 3,106 3,542 Goodwill 219,377 219,377 Intangible assets, net 78,979 81,185 Total assets $ 500,928 $ 506,433 Liabilities and stockholders’ equity Current liabilities Accounts payable $ 1,872 $ 2,231 Accrued expenses and other liabilities 12,012 22,636 Income taxes payable 1,918 1,688 Deferred revenue 75,883 73,671 Total current liabilities 91,685 100,226 Long-term debt 68,321 68,329 Other long-term liabilities 65 27 Deferred revenue non-current 13,175 9,454 Total liabilities 173,246 178,036 Commitments and contingencies — — Stockholders’ equity Common stock, $0.0001 par value 9 8 Preferred stock, $0.0001 par value — — Additional paid-in capital 358,858 353,609 Accumulated deficit (31,185 ) (25,220 ) Total stockholders' equity 327,682 328,397 Total liabilities and stockholders’ equity $ 500,928 $ 506,433 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended March 31, 2018 March 31, 2017 (In thousands) (Unaudited) Operating activities Net loss $ (5,967 ) $ (2,283 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization expense 2,628 2,476 Amortization of loan origination fees 108 152 Gain on disposal of fixed assets (4 ) (8 ) Stock-based compensation expense 5,139 158 Deferred taxes - (68 ) Changes in operating assets and liabilities: Accounts receivable 16,910 6,500 Prepayments and other current assets 919 1,058 Other non-current assets 436 (1,355 ) Accounts payable (358 ) 711 Accrued expenses and other liabilities (10,651 ) (2,283 ) Income taxes payable (receivable) 230 (313 ) Deferred revenue 5,932 2,113 Net cash provided by operating activities 15,322 6,858 Investing activities Purchase of property and equipment (530 ) (382 ) Proceeds from sale of property and equipment 4 109 Net cash used in investing activities (526 ) (273 ) Financing activities Repurchase of equity shares - (267 ) Exercise of stock options 62 29 Net cash provided by (used in) financing activities 62 (238 ) Increase in cash 14,858 6,347 Cash, cash equivalents and restricted cash, beginning of period 116,127 18,272 Cash, cash equivalents and restricted cash, end of period $ 130,985 $ 24,619 RECONCILIATION OF NON-GAAP INCOME FROM OPERATIONS
Three months ended March 31, 2018 March 31, 2017 (In thousands) (Loss) income from operations $ (4,290 ) $ 199 Add back: Stock-based compensation expense 5,139 158 Amortization of acquired intangibles 2,206 2,221 Non-GAAP income from operations $ 3,055 $ 2,578 RECONCILIATION OF NON-GAAP NET INCOME (LOSS)
Three months ended March 31, 2018 March 31, 2017 (In thousands) Net loss on a GAAP basis $ (5,967 ) $ (2,283 ) Add back: Stock-based compensation expense 5,139 158 Amortization of acquired intangibles 2,206 2,221 Amortization of debt issuance costs 108 152 GAAP income tax expense (benefit) 352 (239 ) Less: Cash income taxes paid 94 73 Non-GAAP net income (loss) $ 1,744 $ (64 ) Non-GAAP net income (loss) per common share Basic $ 0.02 $ (0.00 ) Diluted $ 0.02 $ (0.00 ) Non-GAAP weighted average number of common shares outstanding Basic 85,719,240 69,622,775 Diluted 88,931,296 69,622,775 RECONCILIATION OF NON-GAAP WEIGHTED-AVERAGE OUTSTANDING COMMON SHARES
Three months ended March 31, 2018 March 31, 2017 Weighted average shares used to compute net loss per share available to common shareholders, basic and diluted, on a GAAP basis 85,719,240 47,208,477 Add back: Additional weighted average shares giving effect to conversion of preferred stock at the beginning of the period - 22,414,298 Non-GAAP weighted average outstanding common shares Basic 85,719,240 69,622,775 Effect of potentially dilutive securities 3,212,056 - Diluted 88,931,296 69,622,775 RECONCILIATION OF ADJUSTED EBITDA
Three months ended March 31, 2018 March 31, 2017 (In thousands) Net loss $ (5,967 ) $ (2,283 ) Stock-based compensation 5,139 158 Amortization of acquired intangibles 2,206 2,221 Depreciation 421 255 Purchase price accounting adjustment 13 55 Acquisition and sponsor related costs - 328 Interest expense 1,178 2,657 Income tax expense (benefit) 352 (239 ) Adjusted EBITDA $ 3,342 $ 3,152
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006363/en/
Investor Relations :
ICR for SailPoint
Staci Mortenson, 512-664-8916
[email protected]
or
Media Relations:
SailPoint Technologies Holdings, Inc.
Jessica Sutera, 978-278-5411
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Source: SailPoint Technologies Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-sailpoint-announces-first-quarter-2018-financial-results.html |
May 10, 2018 / 8:43 AM / in 36 minutes Hong Kong stocks rise as China producer inflation picks up Reuters Staff
* HK->Shanghai Connect daily quota used 3.5 pct
* Shanghai->HK daily quota used 2.6 pct
* HSI +0.9 pct, HSCE +0.4 pct, CSI300 +0.6 pct
* China April producer inflation picks up 1st time in 7 mths
May 10 (Reuters) - Hong Kong stocks rose on Thursday, after data showed China’s industrial demand remains resilient even as trade tensions ratchet up with the United States.
** The Hang Seng index rose 0.9 percent to 30,809.22, while the China Enterprises Index gained 0.4 percent to 12,233.96 points.
** China’s producer inflation picked up for the first time in seven months in April, bolstered by surging commodities prices.
** The sub-index of the Hang Seng tracking energy shares rose 2.3 percent while the IT sector rose 2.59 percent, the financial sector was 0.83 percent higher and the property sector rose 0.23 percent. ** The top gainer on Hang Seng was China Shenhua Energy Co Ltd up 3.49 percent, while the biggest loser was China Resources Land Ltd which was down 1.53 percent. ** China’s main Shanghai Composite index closed up 0.51 percent at 3,159.1502 points while its blue-chip CSI300 index ended up 0.57 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.64 percent while Japan’s Nikkei index closed up 0.39 percent. ** The yuan was quoted at 6.3613 per U.S. dollar at 08:29 GMT, 0.12 percent firmer than the previous close of 6.3688. ** As of the previous trading session, the Hang Seng index was up 2.06 percent this year, while China’s H-share index was up 4.1 percent. As of the previous close, the Hang Seng has declined 0.88 percent this month. ** The top gainers among H-shares were China Shenhua Energy Co Ltd up 3.49 percent, followed by Tencent Holdings Ltd gaining 2.94 percent and CNOOC Ltd up by 2.81 percent. ** The three biggest H-shares percentage decliners were New China Life Insurance Co Ltd which was down 1.70 percent, China Resources Land Ltd which fell 1.5 percent and Sinopharm Group Co Ltd down by 1.2 percent. ** About 1.58 billion Hang Seng index shares were traded, roughly 98.8 percent of the market’s 30-day moving average of 1.60 billion shares a day. The volume traded in the previous trading session was 1.40 billion. ** At close, China’s A-shares were trading at a premium of 22.87 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 12.22 as of the last full trading day while the dividend yield was 3.2 percent. (Reporting by the Shanghai Newsroom; Editing by Sunil Nair) | ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-hongkong-close/hong-kong-stocks-rise-as-china-producer-inflation-picks-up-idUSZZN2NAN00 |
MEXICO CITY, May 25 (Reuters) - Mexico’s current account deficit widened in the first quarter to $6.941 billion in comparison to the previous three-month period, the central bank said on Friday.
During the final quarter of 2017, Mexico posted a deficit of $2.872 billion.
The current account deficit for the January-March period was the equivalent of 2.3 percent of gross domestic product (GDP), the central bank’s figures showed. (Reporting by Michael O’Boyle)
| ashraq/financial-news-articles | https://www.reuters.com/article/mexico-economy-bop/mexicos-cenbank-says-q1-current-account-deficit-widened-idUSS0N1LF01T |
HELSINKI, May 17 (Reuters) - Finnish mining technology company Outotec expects order intake from Iran to slow after U.S. President Donald Trump’s order to reimpose sanctions on Tehran, the company’s finance chief said on Thursday.
Outotec, which builds plants, makes equipment and offers services for the metal and mineral processing industries, has a long history in Iran and remained in the market after the United States instituted sanctions against Tehran in 2010.
CFO Jari Algars told Reuters by email that, if project financing was not available, future orders would decline:
“Reinstating the sanctions would not stop business, but it will complicate it and slow it down.”
Asked if Outotec was considering leaving the market, Algars said it was “too early to say”.
During the sanctions, Outotec made so-called “stop and go” deals in Iran, where it was paid in increments and delivered accordingly, Algars said.
He said that business started to normalise after the 2015 nuclear deal with Iran, helping Outotec to book orders from National Iranian Copper Industries Company (NICICO) and Iran International Engineering Company (IRITEC).
Algars did not disclose the volume of Outotec’s business in Iran but said it did not represent a significant share of Outotec’s total global sales of about 1.2 billion euros ($1.4 billion).
Deliveries already announced are proceeding as planned and Outotec expects to complete them in the near future, Algars said.
NICICO’s order is for two sulphuric acid plants for copper smelters with a value of around 50 million euros while IRITEC ordered process technology, worth 45 million euros, for an iron ore beneficiation plant. ($1 = 0.8414 euros) (Reporting by Jussi Rosendahl; Editing by Kevin Liffey)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-europe-outotec/mining-tech-firm-outotec-expects-fewer-orders-from-iran-idUSL5N1SM6QR |
LONDON and LOS ANGELES and MIAMI, May 10, 2018 (GLOBE NEWSWIRE) -- One Horizon Group, Inc. (NASDAQ:OHGI) today announced that it has entered into a term sheet that includes the main provisions of the definitive agreements to acquire a majority interest in Browning Productions & Entertainment, Inc. (“Browning”), which has produced and has ownership rights to dozens of national and international television programs currently airing on a number of the most recognized television networks including A&E, FYI and History Channel ( see : https://www.browningproductions.com ).
Browning’s team of award-winning professionals are experts at harnessing the power of communication in today’s rich and limitless fields of video, television, film, music and print. Importantly, Browning distributes content on a proprietary Internet / Over-The-Top (“OTT”) content platform that operates in conjunction with Verizon Digital Media Services (“VDMS”). Browning is not only a world-class production company but offers end-to-end marketing services and is dominant in the industry for branded entertainment.
Current Browning productions include “Wine Warriors,” ( www.winewarriors.com ); the spin-off “Whisky Warriors, for which Browning recently secured the Big Sky Film Grant from the State of Montana’s Film Office, “Training Grounds,” ( www.traininggrounds.tv ); a new docuseries called “The Cryptos,” unveiling the inner workings of the cryptocurrency industry, soon to be distributed on one of the world’s most widely recognized global business news networks; and “America’s Crowdfunding,” an equity crowd-funding television series (the concept is “Shark Tank” meets “America’s Got Talent,” where the viewers vote with their wallets for equity stakes in the featured companies) in conjunction with Equity Bender ( https://equitybender.com ), among others.
By the proposed transaction terms, OHGI will make available project-based working capital but will be initially issuing not more than 100,000 shares and $100,000. The balance of the payment for majority interest will be stock-based on an earn-out tied to two-and-a half times (2.5x) earnings, which will drive substantial value to OHGI shareholders.
“The acquisition of Browning brings OHGI a management team with substantial digital entertainment experience and upon completion of this deal, OHGI should be recognized as a leader in each of the fastest growing areas of media, content and distribution,” said Mark White, One Horizon Group’s Founder and CEO. “While the term sheet is subject to customary conditions including completion of due diligence, we fully expect to close the transaction next month, and upon closing, we are confident our shareholders will appreciate this exciting enhancement to our profitability, understanding that our share price is an important measurement of our business performance.”
“This is an important day not only for me and our Company but for the Browning Family, which has a built a long-lasting imprint on the film and television businesses as the creator, producer or director of such legendary properties as “Creature from the Black Lagoon,” “Flipper,” “20,000 Leagues Under the Sea” and “007, Thunderball,” said William Browning, CEO of Browning.
“All of us at Browning are enthusiastic about our alignment between OHGI, its family of subsidiaries and our rapidly growing business,” said Browning. “I am confident that we will shortly become an OHGI subsidiary and given our trajectory, we are forecasting revenues in the tens of millions of dollars in the upcoming year with our current projects and pipeline. As part of the due diligence process, we met OHGI’s LOVE MEDIA HOUSE management team and there are obvious synergies and efficiencies between their expertise in music and social media and with Banana Whale Studios and 123Wish in terms of content creation.”
About One Horizon Group, Inc.
One Horizon Group, Inc. (NASDAQ: OHGI ) is a media and technology acquisition company, which also owns LOVE MEDIA HOUSE, a full-service music production, artist representation and digital media business and an Asia-based secure messaging business and is the majority owner of 123Wish, a mobile app-based celebrity experience company. For more information, please visit: www.onehorizoninc.com
Darrow Associates Contacts for OHGI Bernie Kilkelly (516) 236-7007 [email protected] Jordan Darrow (512) 551-9296 [email protected]
Source:One Horizon Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-one-horizon-group-announces-agreement-to-acquire-browning-productions-entertainment.html |
LONDON (Reuters) - Stoke City’s 10-year stay in the Premier League ended on Saturday following a 2-1 home defeat by Crystal Palace in a dramatic penultimate round of matches.
Soccer Football - Premier League - Stoke City vs Crystal Palace - bet365 Stadium, Stoke-on-Trent, Britain - May 5, 2018 Stoke City's Ramadan Sobhi reacts after the match as they are relegated from the Premier League. REUTERS/Peter Powell Never-say-die West Bromwich Albion kept their hopes alive of pulling off one of the great escapes with a last-gasp 1-0 win over top-four aristocrats Tottenham Hotspur.
West Brom took their unbeaten run under caretaker manager Darren Moore to five matches with a stoppage-time winner from Jake Livermore, although their celebrations could be quickly cut short as they will go down if Southampton win the late game at Everton.
With two more teams for the drop to the Championship, Swansea City remained in a parlous position one point above the relegation zone after a 1-0 defeat at Bournemouth and they too would be plunged into the bottom three if Southampton earn a point.
West Brom jumped on to 31 points, leapfrogging doomed Stoke on 30, with both sides having one game left in the final week.
Southampton have 32 points, with three games to play, while Swansea have 33 with two games left, including a home match against Southampton on Tuesday.
Stoke’s faint hopes were briefly revived in the early kickoff as Xherdan Shaqiri’s deflected free kick just before halftime put them ahead against Palace.
Soccer Football - Premier League - Stoke City vs Crystal Palace - bet365 Stadium, Stoke-on-Trent, Britain - May 5, 2018 Stoke City's Erik Pieters looks dejected after the match as they are relegated from the Premier League. REUTERS/Peter Powell Yet Roy Hodgson’s resurgent side, dominant after the break as Stoke were gripped by nervy caution, equalised after a sharp counter-attack through James McArthur before a Ryan Shawcross mistake let in Patrick van Aanholt for the 86th-minute winner.
Despite overseeing a 13-match winless streak, Stoke’s worst run in a top-tier season for 34 years, manager Paul Lambert saluted the effort of his players.
“This club has to bounce right back up,” he said. “The club is too big not to. It will regroup and it’s got the right infra-structure in place to do it.”
Albion’s revival is beggaring belief. Their relegation after weeks of defying the prophets of doom-mongers seemed assured as the game against Spurs went into added time but Livermore forced the ball over the line from close range in a manic finish.
Both Bournemouth, who beat Swansea with a Ryan Fraser goal, and Crystal Palace ensured their safety for another season and West Ham United look set to join them after a deserved 2-0 victory at Leicester City.
Soccer Football - Premier League - West Bromwich Albion vs Tottenham Hotspur - The Hawthorns, West Bromwich, Britain - May 5, 2018 West Bromwich Albion's Jake Livermore celebrates scoring their first goal with Chris Brunt. Action Images via Reuters/Jason Cairnduff Tottenham’s defeat left them fourth on 71 points and gave Chelsea new hope that they might steal the fourth Champions league spot if they can move on 69 points by beating Liverpool at Stamford Bridge on Sunday.
Reporting by Ian Chadband, editing by Ed Osmond
| ashraq/financial-news-articles | https://in.reuters.com/article/soccer-england/soccer-stoke-relegated-as-west-brom-houdini-act-continues-idINKBN1I60NA |
BEIJING, May 24 (Reuters) - Profits at China’s state-owned firms rose 18.4 percent in the first four months of 2018 against the same period a year earlier, the Ministry of Finance said on Thursday.
Total profits stood at 1.01 trillion yuan ($158.3 billion) in January-April, while revenue rose 9.7 percent to 17.5 trillion yuan.
State firms’ liabilities increased 9.2 percent from a year earlier to 108.48 trillion yuan at the end of April, the ministry said.
$1 = 6.3811 Chinese yuan Reporting by Beijing Monitoring Desk Editing by Jacqueline Wong
| ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-statefirms-profits/china-state-owned-firms-profits-in-jan-april-up-18-4-pct-y-y-idUSB9N1SI00N |
Holy Sith, you guys, Star Wars Day is upon us again.
"May the 4th" is a day for all lovers of Jedi, the Resistance, the Skywalkers, the Hutts, Boba Fett, Gamorrean guards, Maz Kanata, General Grievous, Rancor Keeper and Snap Wexley to unite and celebrate all there is in the galaxy far, far away. (Why May 4, you ask? Why, it's right there in the date, a play on "May the Force be with you.")
This Star Wars Day is kind of special because it's arriving just before the next film to hit the big screen, the young Han Solo tale Solo: A Star Wars Story (in theaters May 25) with Alden Ehrenreich as the cosmic smuggler and Donald Glover as the smooth gambler Lando Calrissian. (Tickets are on sale now at Fandango.com, Drafthouse.com and more theater chains.)
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The franchise has remained beloved to generations of fans since George Lucas' original 1977 Star Wars, which means more than 40 years of various ways to get your "May the 4th" on. Here are some of our favorites:
Watch the movies. Or, more likely, watch them again.
If you can believe it, there are some people who've never seen Star Wars. So now's the time to get busy and watch all nine movies to get ready for Solo. For the rest of you nerds, revisit them any way you want. They're on digital platforms now. (Fun fact: According to Amazon Prime Video, the original 1977 Star Wars is the most repeatedly streamed film of the saga.) Blu-rays and DVDs, too. Chances are, some of you still have old VHS cassettes. To go really old school, dust off the laser discs.
And we do suggest you watch the original 1983 edition of Return of the Jedi, rather than the later special edition that took out the Ewoks' celebration song and inserted Hayden Christensen (aka prequel Anakin "Darth Vader" Skywalker) into the Dead Jedi Club at the end.
"Yub nub." Never forget.
Binge out on various Star Wars animation.
Don't sleep on the cartoons that have been busy expanding the Star Wars universe over the years. Six seasons of Star Wars: The Clone Wars on Netflix showcase a pre-Vader Anakin and other Jedi during the prequel era, while the more recent entry Star Wars Rebels focused on the Rebel Alliance just prior to the events of the first Star Wars film. Start catching up on all four seasons on iTunes, Amazon or YouTube before the pilot-centric Star Wars Resistance premieres in the fall.
Let the blue milk flow.
Luke Skywalker's Uncle Owen and Aunt Beru had blue milk on their breakfast table back on Tatooine, and you can enjoy it as well with these recipes. StarWars.com has a whole section of food-related fun for those who want to party hearty, from Chewbacca noodle rolls to Crystal Fox scones. And the folks at Genius Kitchen have put together some eats including Millennium Falcon Pizza and Porg Rice Balls.
Read the further adventures of Han and Lando, plus Poe and Vader.
If the new Star Wars trilogy hasn't been exciting enough, the recent launch of various comic books — most of them pretty rad — have fleshed out stories not seen in the movies. The flagship Star Wars title, which is coming up on its 50th issue in July, catches up with our heroes between the original movie and The Empire Strikes Back. Darth Vader puts the spotlight on everyone's favorite Sith Lord, while the Poe Dameron series tells the story of Oscar Isaac's X-wing pilot before The Force Awakens. And for those who prefer prose — or are ridiculously excited for Solo — Daniel José Older's new novel Last Shot catches up with Han and Lando as older gentlemen.
Try out a virtual-reality adventure.
If you're living in or traveling near Southern California (Anaheim or Glendale), Orlando, Los Angeles, Las Vegas or London, check out The Void for a neato Star Wars VR experience. Secrets of the Empire immerses players in a Rebel intelligence mission on Mustafar, disguised in Stormtrooper outfits and taking orders from snarky Rogue One droid K-2SO.
Buy something fun and extremely nerdy.
Lots of places discount their Star Wars merch on May 4, and StarWars.com has a roundup of all the coolest stuff, from Chewbacca bandoliers for your dog to fuzzy Vader slippers. If you've got time on your hands (and a lot of shelf space in your house), Lego is debuting its very large collectors' series Y-wing Starfighter. Maybe you'll finish it by the time Star Wars: Episode IX comes out in 2019!
For those who'd rather give than receive, Lucasfilm just launched Roar for Change: Post, like or share your take on Chewbacca's signature howl on Twitter, Instagram or Facebook with the hashtag #RoarForChange before May 25, and the Star Wars: Force for Change initiative will donate $1 to UNICEF. Do it for Chewie, y'all. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/happy-star-wars-day-here-are-6-ways-to-celebrate.html |
BOULOGNE-BILLANCOURT, France--(BUSINESS WIRE)-- Regulatory News:
At the Annual General Meeting held on 16 May 2018, Carmila's (Paris:CARM) shareholders approved the proposed €1.50 per share dividend for the 2017 financial year (of which € 0.75 was paid on 30 November 2017) and decided to offer shareholders an option to receive the balance of the 2017 dividend payment in shares, i.e. €0.75 per share, to be paid on 14 June 2018.
The issuing price of the new shares issued in consideration of the balance of the dividend payment has been set at €23.09. This issuing price represents 95% of the average opening prices Quote: d on the regulated market of Euronext Paris during the 20 trading days preceding the date of the Annual General Meeting less the amount of the balance of the dividend payment, and rounded upward to the nearest euro cent.
The dividend ex-date is set on 23 May 2018.
The shareholders may opt for the dividend payment in cash or in new shares from 23 May 2018 to 6 June 2018 included, by sending their request to their financial intermediaries. For the shareholders who have not exercised their dividend payment option by 6 June 2018, the dividend shall necessarily be paid in cash.
For the shareholders who have not opted for a dividend payment in shares, the dividend shall be paid in cash on 14 June 2018. For the shareholders who have opted to receive the dividend in shares, settlement and delivery of the shares will take place as from 14 June 2018.
If the amount of dividends for which the option is exercised does not amount to a whole number of shares, shareholders may choose to either receive the rounded-up whole number of shares by paying the difference in cash on the day they exercise the option or receive the rounded-down whole number of shares and the balance in cash. In this case, the balance in cash will be paid on 14 June 2018.
The shares issued as dividend payment will carry dividend rights from January 1, 2018. An application to list these new shares on Euronext Paris will be made. The new shares will rank pari passu with existing shares and will be fully equivalent with existing listed shares.
The maximum total number of new shares which may be issued for the purpose of the dividend payment in shares is 4,386,971 shares (excluding additional shares issued for rounding purposes), representing approximately 3.25% of the share capital and of the voting rights of Carmila based on the total number of shares and voting rights outstanding on 16 May 2018.
Calendar:
23 May Dividend ex-date and beginning of the option period for the election of share dividend 6 June End of the option period for the election of share dividend 12 June Disclosure of the options exercised 14 June Payment of cash dividend, settlement-delivery of share dividend and payment of cash balance
Disclaimer
This release constitutes the information document required pursuant to Article 212-4 4° and 212-5 5° of the French Financial Market Authority (AMF) General Regulation and Article 18 of the AMF Instruction AMF n° 2016-04 dated October 21, 2016 as amended.
This release does not constitute an offer to purchase securities. This release and any other document relating to the payment of dividend in shares may only be distributed or disseminated outside of France in conformity with applicable local laws and regulations and shall not constitute an offer for securities in any jurisdiction where such an offer would infringe applicable laws and regulations.
The option to receive the 2017 dividend payment in shares, as described herein, is not available to shareholders residing in any country where such option would require registration or approval by local securities regulators. Shareholders residing outside of France must acquire knowledge of, and comply with, any restrictions which may apply under their local laws. In any event, this option is open to shareholders residing in a Member State of the European Union, the United States of America, Norway and Switzerland. Orders originating from other countries would not be accepted.
For tax purposes in relation to the dividend payment in shares, the shareholders are invited to review their personal situation with their own tax advisor.
When deciding to opt for a dividend payment in shares, shareholders must consider the risks associated with an equity investment. For further information relating to the Company, its business, strategy, financial results and risks relating to the Group, please refer to the "Risk Factors" section of the Company's 2017 Registration Document (available on the Company's website, www.carmila.com ).
** | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-carmila-dividend-for-2017-financial-year.html |
BEIJING, May 15, 2018 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for the third quarter and first nine months of fiscal year 2018, ended March 31, 2018.
Third Quarter Fiscal Year 2018 Financial Highlights (all comparable to the prior year period):
Total revenues for the third quarter of FY2018 increased by 181.2% to ¥16.6 million ($2.6 million). Gross profit for the third quarter of FY2018 was ¥1.7 million ($0.3 million) compared to ¥1.08 million in FY2017. Gross profit margin for the third quarter of FY2018 was 10.3%, which decreased by 8.0 percentage points compared to the third quarter of FY2017, largely due to a higher proportion of equipment sold at a lower price during the test-run period. Net loss attributable to Recon for the third quarter of FY2018 was ¥10.1 million ($1.6 million), or ¥0.70 ($0.11) per basic and diluted share, compared to net loss attributable to Recon of ¥7.2 million, or ¥0.81 per basic and diluted share, for the same period of fiscal 2017. Non-GAAP net loss attributable to common shareholders excluding certain non-cash expenses was ¥5.1 million ($0.8 million), or ¥0.35 ($0.06) per basic and diluted share, for the third quarter of FY2018, compared to non-GAAP net income attributable to common shareholders of ¥2.3 million, ¥0.26 per basic and diluted share, for the same period of last fiscal year.
First Nine Months of Fiscal Year 2018 Financial Highlights (all comparable to the prior year period):
Total revenues for the first nine months of FY2018 increased by 58.7% to ¥69.8 million ($11.1 million). Gross profit for the first nine months of FY2018 was ¥7.8 million ($1.2 million). Gross profit margin for the first nine months of FY2018 was 11.1%, which decreased by 20.0 percentage points compared to the first nine months of FY2017. Net loss attributable to Recon for the first nine months of FY2018 was ¥27.1 million ($4.3 million), or ¥2.73 ($0.43) per basic and diluted share, compared to ¥17.0 million, or ¥2.43 per basic and diluted share, for the same period of last fiscal year. Non-GAAP net loss attributable to common shareholders excluding certain non-cash expenses was ¥10.5 million ($1.7 million), or ¥1.06 ($0.17) per basic and diluted share, for the first nine months of FY2018, compared to non-GAAP net loss attributable to common shareholders of ¥3.2 million, or ¥0.46 per basic and diluted share, for the same period of last fiscal year.
Management Commentary
Mr. Shenping Yin, founder and CEO of Recon stated, "Our market expansion efforts proceeded quite well for the past quarter as we continued to extend our furnaces markets to the chemical industry and industrial automation products requirements to coal chemical industry, bringing us increased revenue. We expect this trend to remain stable and we remain confident of a 30% increase in revenue for the whole fiscal year 2018 as mentioned in our annual letter to shareholders. Furthermore, our construction of waste-water and waste oil sludge treatment facilities has also advanced as scheduled. We believe this will help improve our operations and profit in the coming year."
Recent Developments
On April 09, 2018, the Company announced procurement bidding results from Shenhua Group Corporation Limited ("Shenhua Group") through Shenhua Logistics Group Corporation Limited ("Shenhua Logistics"), during the first 3 months of FY2018, to provide specified equipment and maintenance services for contracts with amount above ¥6.8 million, or approximately $1.1 million. The Company expects bids of ¥20 million to be achieved for the whole year 2018. As of the date of this press release, ¥9.93 million ($1.58 million) has been secured. Shenhua Group is a state-owed enterprise, founded in October 1995 with the approval of the State Council, pursuant to PRC Corporate Laws. Shenhua Group is a diversified energy enterprise concentrating on coal production, sales, electricity and thermal generation, coal liquefaction, coal chemicals, and railway and port transportation.
On January 22, 2018, the Company and certain institutional investors entered into a securities purchase agreement in connection with an offering, pursuant to which the Company agreed to sell an aggregate of 3,592,500 ordinary shares. The purchase price was $1.66 per ordinary share. The aggregate proceeds, after deducting fees to the Placement Agent and other offering expenses of about $0.5 million, were approximately $5.5 million.
On December 15, 2017, the Company signed a subscription agreement with Future Gas Station (Beijing) Technology, Ltd ("FGS"). Pursuant to this agreement, Recon holds 8% equity interest of FGS. As of the date of this press release, Recon has invested ¥4.0 million in FGS.
On November 20, 2017, the Company entered into a securities purchase agreement with Yongquan Bi ("Mr. Bi"), pursuant to which Mr. Bi agreed to purchase an aggregate of 3 million unregistered restricted shares for $4.8 million, a per-share purchase price of $1.60. On January 19, 2018, the Company issued 3 million shares to Xinhaixin International Holdings Limited, Mr. Bi's wholly owned company.
Results of Operations
The following unaudited condensed consolidated results of operations which include the Company's wholly owned subsidiaries, their variable interest entities ("VIEs") and VIEs' subsidiaries. The VIEs are Nanjing Recon Technology Co. Ltd ("Nanjing Recon") and Beijing BHD Petroleum Technology Co, Ltd ("BHD"). BHD owns 100% of the equity interest of Huang Hua BHD Petroleum Equipment Manufacturing Co. LTD ("HH BHD"), 51% of the equity interest of Gansu BHD Environmental Technology Ltd ("Gansu BHD") and 55% of the equity interest of Qing Hai BHD New Energy Technology Co., Ltd. ("Qinghai BHD").
By this current report on Form 6-K, Recon has provided selected results for the third quarter and first nine months of fiscal year 2018, with details on its first nine months financial results in this report.
The translation has been made at the rate of $1.0: ¥6.28, the approximate exchange rate prevailing on March 31, 2018.
Selected Financial Highlights in RMB
(in 000s, except percentages, number of shares and per share data)
3 months ended
March 31, 2017
3 months ended
March 31, 2018
9 months ended
March 31, 2017
9 months ended
March 31, 2018
Sales
5,898
16,586
44,013
69,832
Cost of Revenues
4,816
14,878
30,322
62,077
Gross Profit
1,082
1,708
13,691
7,755
Gross Profit Margin
18.3
%
10.3
%
31.1
%
11.1
%
Loss from Operations
(6,971)
(10,453)
(16,265)
(27,959)
Net Loss Attributable to Recon Technology, Ltd
(7,187)
(10,133)
(16,999)
(27,119)
Non-U.S. GAAP Net Loss attributable to common
shareholders
(2,295)
(5,138)
(3,220)
(10,541)
Basic and Weighted Average Number of Diluted
Common Shares Outstanding
8,926,631
14,552,266
7,006,354
9,933,257
Basic and Diluted Loss per Share
(0.81)
(0.70)
(2.43)
(2.73)
Non-U.S. GAAP adjusted loss per basic and diluted
share
(0.26)
(0.35)
(0.46)
(1.06)
3 MONTHS ENDED MARCH 31, 2018 UNAUDITED FINANCIAL RESULTS
Revenue
Total revenues for the three months ended March 31, 2018 increased by 181.2% to ¥16.6 million ($2.6 million) compared to ¥5.9 million for the same period of last year, largely due to increased sales of customized equipment and pressure vessels to new clients of chemical industry.
Cost and Margin
The Company's gross profit increased by 57.9% to ¥1.7 million ($0.3 million) for the three months ended March 31, 2018 from ¥1.1 million for the same period of last year. Gross profit margin decreased to 10.3% from 18.3% for the same period of last year. The significant decrease in gross margin was primarily due to increased sales of furnaces which usually generates lower gross margin. The management believes that our gross margin will increase after the construction and test-run stage of our new plants and equipment, when our equipment is expected to be sold at the normal price.
Net Loss
Loss from operations was ¥10.5 million ($1.7 million) during the three months ended March 31, 2018, compared to ¥7.0 million for the same period of last year. The increase in net loss is largely due to an increase in selling and distribution expenses and general and administrative expenses, partly offset by an increase in gross profit and a decrease in research and development expenses.
Net loss attributable to Recon for the three months ended March 31, 2018 was ¥10.1 million ($1.6 million), or ¥0.70 ($0.11) per basic and diluted share based on 14.6 million basic and diluted shares outstanding, compared to ¥7.2 million, or ¥0.81 per basic and diluted share based on 8.9 million basic and diluted shares outstanding for the same period of last year.
Non-U.S. GAAP Net Loss
Non-U.S. GAAP net loss attributable to common shareholders excluding certain non-cash expenses such as restricted shares issued for consulting services and non-cash stock compensation expense was ¥5.1 million ($0.8 million), or ¥0.35 ($0.06) per basic and diluted share, for the three months ended March 31, 2018, compared to adjusted net loss attributable to common shareholders of ¥2.3 million, ¥0.26 per basic and diluted share, for the same period of last year. Please see the note about non-GAAP measures and the reconciliation table at the end of this press release.
9 MONTHS ENDED MARCH 31, 2018 UNAUDITED FINANCIAL RESULTS
Revenue
For the Nine Months Ended
March 31,
Percentage
2017
2018
Increase
Change
Hardware and software
¥
43,940,560
¥
69,649,711
¥
25,709,151
58.5
%
Service
72,170
182,551
110,381
152.9
%
Total revenues
¥
44,012,730
¥
69,832,262
¥
25,819,532
58.7
%
Total revenues for the nine months ended March 31, 2018 were approximately ¥69.8 million ($11.1 million), representing an increase of approximately ¥25.8 million or 58.7% from ¥44.0 million for the nine months ended March 31, 2017. The overall increase in revenue was accomplished through Recon's expansion of new clients and development of new business. See below for more details:
For the Nine Months Ended
March 31,
Increase /
Percentage
2017
2018
(Decrease)
Change
Automation product and software
¥
18,901,400
¥
15,915,595
¥
(2,985,805)
(15.8)
%
Equipment and accessories
22,301,456
53,302,419
31,000,963
139.0
%
Waste water treatment products
2,737,704
431,697
(2,306,007)
(84.2)
%
Services
72,170
182,551
110,381
152.9
%
Total revenues
¥
44,012,730
¥
69,832,262
¥
25,819,532
58.7
%
(1)
Revenue from automation product and software decreased by ¥3.0 million or 15.8% from the same period of last
year. Affected by less expenditure on surface projects of our clients for the last two years, requirements of
automation related projects maintained at a lower level and fluctuated. Revenue from this product line may
fluctuate from time to time. Management is confident on further development on this business because it
believes oil companies will continue to invest in automation products. In addition, during this period,
management also expanded new market of automation business to coal chemical industry.
(2)
As shown above, the overall increase in revenue was primarily due to increased equipment business, including
furnaces and related accessories.
(3)
Revenue from waste water treatment products decreased by ¥2.3 million or 84.2% as most of Recon's
wastewater treatment projects were not finished thus less revenue was recorded in the nine months ended
March 31, 2018 as compared to the same period of last year.
(4)
Revenue from services for the nine months ended March 31, 2017 and 2018 consisted mainly of maintenance
services, which were provided upon request by customers. Revenue from services increased by ¥0.1 million or
152.9% from the same period of last year mainly because maintenance requests outpaced the purchase of new
equipment due to industry softness, and we believe the margin level is reasonable.
Cost and Margin
For the Nine Months Ended
March 31,
Increase /
Percentage
2017
2018
(Decrease)
Change
Total revenues
¥
44,012,730
¥
69,832,262
¥
25,819,532
58.7
%
Cost of revenues
30,322,003
62,077,072
31,755,069
104.7
%
Gross profit
¥
13,690,727
¥
7,755,190
¥
(5,935,537)
(43.4)%
Margin %
31.1
%
11.1
%
(20.0)
%
-
Cost of Revenues. Recon's cost of revenues increased from ¥30.3 million for the nine months ended March 31, 2017 to ¥62.1 million ($9.9 million) for the same period in 2018, representing an increase of ¥31.8 million ($5.1 million), or 104.7%. This increase was mainly caused by significant growth in revenue generated from equipment and accessories with lower gross profit margin.
Gross Profit. Recon's gross profit decreased to ¥7.8 million ($1.2 million) for the nine months ended March 31, 2018 from ¥13.7 million from the same period of last year. Recon's gross profit as a percentage of revenue decreased to 11.1% for the nine months ended March 31, 2018 from 31.1% from the same period of last year. This was mainly due to the increased equipment business with lower margin during this period, which led to the increase in cost of revenues in proportion to the increase in Recon's revenue.
Operating Expenses
For the Nine Months Ended
March 31,
Increase /
Percentage
2017
2018
(Decrease)
Change
Selling and distribution expenses
¥
3,311,070
¥
4,283,601
¥
972,531
29.4
%
% of revenue
7.5
%
6.1
%
(1.40)%
-
General and administrative expenses
20,973,292
28,569,378
7,596,086
36.2
%
% of revenue
47.7
%
40.9
%
(6.80)%
-
Provision for (reversal of) doubtful accounts
(876,530)
504,498
1,381,028
(157.6)%
% of revenue
(2.0)%
0.7
%
2.70
%
-
Research and development expenses
6,547,582
2,356,406
(4,191,176)
(64.0)%
% of revenue
14.9
%
3.4
%
(11.50)%
-
Operating expenses
¥
29,955,414
¥
35,713,883
¥
5,758,469
19.2
%
Selling and Distribution Expenses. Selling and distribution expenses consist primarily of salaries and related expenditures of Recon's sales and marketing organization, sales commissions, costs of Recon's marketing programs including traveling expenses, advertising and trade shows, and rental expense, as well as shipping charges. Selling expenses increased by ¥1.0 million ($0.2 million) for the nine months ended March 31, 2018 from the same period of last year. This increase was primarily due to an increase in traveling expense and service and testing fees as we expanded our market to new basements of Changqing oilfield and new industries. Selling expenses were 6.1% of total revenues for the nine months ended March 31, 2018 and 7.5% of total revenues for the same period of last year.
General and Administrative Expenses. General and administrative expenses consist primarily of costs in human resources, facilities costs, depreciation expenses, professional advisor fees, audit fees, stock-based compensation expense and other miscellaneous expenses incurred in connection with general operations. General and administrative expenses increased by 36.2% or ¥7.6 million ($1.2 million), from ¥21.0 million in the nine months ended March 31, 2017 to ¥28.6 million ($4.5 million) for the same period of 2018. The increase in general and administrative expenses was mainly due to an increase in performance-based compensation, consulting fees, rent expenses and investor relationship expenses. General and administrative expenses accounted 40.9% of total revenues in the nine months ended March 31, 2018 and 47.7% of total revenues for the same period of last year. In December 2016, the Company's board approved the grants of restricted stock to management plan based on performance targets for the coming three fiscal years from FY2017 to FY2019. During the nine months ended March 31, 2018, because of the grant of certain restricted stock to management as the target for the FY2018 achieved, compensation expenses increased ¥2.5 million.
Provision for doubtful accounts. Provision for doubtful accounts is the estimated amount of bad debt that will arise as a result of lower collectability from accounts receivables, other receivables and purchase advances. We reversed provision for doubtful accounts of ¥0.9 million for the nine months ended March 31, 2017 and recorded a provision for doubtful accounts of ¥0.5 million ($0.1 million) for the same period in 2018. Management will continue to monitor accounts receivable to maintain the provision at a lower level.
Research and development ("R&D") expenses. Research and development expenses consist primarily of salaries and related expenditures for Recon's research and development projects. Research and development expenses decreased from ¥6.5 million for the nine months ended March 31, 2017 to ¥2.4 million ($0.4 million) for the same period of 2018. This decrease was primarily due to less research and development expense spent on design of chemical products used for waste water treatment and digital oilfield models and platform. The Company was focusing on the transformation of advanced R&D results into projects, which were undertaken by Gansu BHD and Qinghai BHD.
Net Loss
For the Nine Months Ended
March 31,
Increase /
Percentage
2017
2018
(Decrease)
Change
Loss from operations
¥
(16,264,687)
¥
(27,958,693)
¥
(11,694,006)
71.9
%
Other expense, net
(185,591)
(280,752)
(95,161)
51.3
%
Loss before income taxes
(16,450,278)
(28,239,445)
(11,789,167)
71.7
%
Income tax expenses
264,344
11,018
(253,326)
(95.8)
%
Net loss
(16,714,622)
(28,250,463)
(11,535,841)
69.0
%
Less: Net income (loss) attributable to non-controlling
interest
284,649
(1,131,067)
(1,415,716)
(497.4)%
Net loss attributable to Recon Technology, Ltd
¥
(16,999,271)
¥
(27,119,396)
¥
(10,120,125)
59.5
%
Loss from operations. Loss from operations was ¥28.0 million ($4.5 million) for the nine months ended March 31, 2018, compared to a loss of ¥16.3 million for the same period of last year. This ¥11.7 million ($1.9 million) increase in loss from operations was primary due to a decrease in gross profit, as well as an increase in general and administrative expenses and partly offset by a decrease in research and development expenses as discussed above.
Basic and diluted loss per share. Basic and diluted loss per share attributable to common shareholders was ¥2.73, as compared to ¥2.43 for the nine months ended March 31, 2017.
Non-U.S. GAAP Net Loss
Non-U.S. GAAP net loss attributable to common shareholders excluding certain non-cash expenses (non-GAAP) such as restricted shares issued for consulting services and non-cash stock compensation expense was ¥10.5 million ($1.7 million), or ¥1.06 ($0.17) per diluted share, for the nine months ended March 31, 2018, compared to non-U.S. GAAP net loss attributable to common shareholders of ¥3.2 million, or ¥0.46 per basic and diluted share, for the same period of last year. Please see the note about non-GAAP measures and the reconciliation table at the end of this press release.
LIQUIDITY AND CAPITAL RESOURCES
Selected Balance Sheet Highlights in RMB
Conversion US$1.0: RMB6.28 at March 31, 2018
3/31/2018
6/30/2017
Percentage
Change
Cash and cash equivalent
52,415,897
3,809,279
1,276.01
%
Total Current Assets
120,424,984
68,387,075
76.09
%
Total Assets
135,712,689
71,155,045
90.73
%
Working Capital
93,554,270
38,941,318
140.24
%
Total Current Liabilities
26,870,714
29,445,757
(8.75)
%
Total Stockholders' Equity
88,687,587
33,244,445
166.77
%
Total Liabilities and Stockholders' Equity
135,712,689
71,155,045
90.73
%
Cash from Operating Activities. Net cash used in operating activities was ¥14.6 million ($2.3 million) for the nine months ended March 31, 2018. This represents an increase of ¥23.7 million ($3.8 million) compared to net cash provided by operating activities of ¥9.1 million for the nine months ended March 31, 2017. The increase in net cash used in operating activities for the nine months ended March 31, 2018 was primarily attributable to the net loss available to the Company of the amount of ¥28.3 million ($4.5 million), and reconciled by share based compensation of ¥5.1 million ($0.8 million), restricted shares issued for management of ¥8.0 million ($1.3 million) as well as restricted shares issued for services of ¥2.8 million ($0.5 million); and an increase in other receivables and purchase advances, partly offset by an decrease in trade accounts receivable.
Cash from Investing Activities. Net cash used in investing activities was ¥13.6 million ($2.2 million) for the nine months ended March 31, 2018, representing an increase in cash used in investing activities of ¥13.3 million ($2.1 million) compared to the same period in 2017. This increase was due to an increase in the Company's payments for a land use right of 50 years, payments for construction in progress and investment in unconsolidated entity.
Cash from Financing Activities. Net cash provided by financing activities amounted to ¥76.8 million ($12.2 million) for the nine months ended March 31, 2018, as compared to net cash used in financing activities of ¥6.2 million for the same period of last year. During the nine months ended March 31, 2018, we repaid ¥21.4 million ($3.4 million) in short-term borrowings to related parties and repaid ¥4.9 million ($0.8 million) in short-term borrowings to third-parties, and we received ¥20.2 million ($3.2 million) in short-term borrowings from related parties, received ¥4.6 million ($0.7 million) in short-term borrowings from one third-party and received ¥10.0 million ($1.6 million) in long-term borrowings from one related party. We also received ¥3.7 million ($0.6 million) capital contribution by non-controlling shareholders. Moreover, this increase in net cash provided by financing activities was due to net proceeds from issuance of common stock of ¥65.0 million ($10.3 million) for the nine months ended March 31, 2018.
STATEMENT REGARDING UNAUDITED FINANCIAL INFORMATION
The unaudited financial information set forth above is subject to adjustments that may be identified when audit work is performed on the Company's year-end financial statements, which could result in significant differences from this unaudited financial information.
Use of Non-GAAP Financial Measures
To supplement Recon's unaudited condensed consolidated financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), Recon uses the following non-GAAP financial measures: certain non-cash expenses such as restricted shares issued for consulting services and non-cash stock compensation expense, basic and diluted earnings (losses) per common share excludes non-cash expenses such as restricted shares issued for consulting services and non-cash stock compensation expense.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Recon believes these non-GAAP financial measures provide meaningful supplemental information about its performance by excluding non-cash items, which may not be indicative of its operating performance.
About Recon Technology, Ltd.
Recon Technology, Ltd. (NASDAQ: RCON) is China's first listed non-state-owned oil and gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and CNPC, with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, Recon has taken leading positions on several market segments of the oil and gas field service industry. Recon also has developed stable long-term cooperation relationship with its major clients, and its products and service are well accepted by clients. For additional information please visit: www.recon.cn .
Currency Conversion
The translation of RMB amounts into U.S. dollars are included solely for the convenience of readers and have been made at the rate of ¥6.28 to $1.00, the noon buying rate as of March 31, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board. Prior period numbers have been recast into the new reporting currency.
Safe Harbor
This news release contains as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such , whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the . In addition, the company disclaims any obligation to update any to reflect events or circumstances after the date hereof.
For more information, please contact:
In China:
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd.
Phone: +86 (10) 8494-5799
Email: [email protected]
In the United States:
Ms. Tina Xiao
President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: [email protected]
RECON TECHNOLOGY, LTD
CONDENSED BALANCE SHEETS
(UNAUDITED)
As of June 30,
As of March 31
As of March 31
2017
2018
2018
ASSETS
RMB
RMB
U.S. Dollars
Current assets
Cash and cash equivalent
¥
3,809,279
¥
52,415,897
$
8,345,583
Notes receivable
6,112,960
2,799,435
445,722
Trade accounts receivable, net
39,425,911
33,719,455
5,368,763
Inventories, net
2,627,974
5,157,202
821,122
Other receivables, net
4,106,510
8,331,295
1,326,497
Purchase advances, net
11,476,000
17,031,192
2,711,682
Prepaid expenses
828,441
970,508
154,523
Total current assets
68,387,075
120,424,984
19,173,892
Property and equipment, net
2,767,970
2,902,687
462,162
Construction in progress
-
5,610,165
893,242
Land use right, net
-
1,341,936
213,661
Investment in unconsolidated entity
-
4,037,736
642,882
Prepayments for construction in progress
-
1,395,181
222,139
Total Assets
¥
71,155,045
¥
135,712,689
$
21,607,978
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term bank loan
¥
-
¥
45,000
$
7,165
Trade accounts payable
8,352,870
8,311,141
1,323,288
Other payables
3,351,900
3,481,726
554,355
Other payable- related parties
3,314,019
3,173,006
505,201
Deferred revenue
1,259,725
1,000,140
159,241
Accrued payroll and employees' welfare
2,014,514
438,124
69,757
Taxes payable
684,721
696,997
110,975
Short-term borrowings
300,000
-
-
Short-term borrowings - related parties
10,168,008
9,019,086
1,436,006
Long-term borrowings - related party - current portion
-
705,494
112,328
Total Current Liabilities
29,445,757
26,870,714
4,278,316
Long-term borrowings - related party
-
9,120,612
1,452,171
Total Liabilities
29,445,757
35,991,326
5,730,487
Commitments and Contingencies
Equity
Common stock, ($ 0.0185 U.S. dollar par value, 100,000,000 shares
authorized; 18,280,349 shares and 9,902,914 shares issued and outstanding as
of March 31, 2018 and June 30, 2017, respectively)
1,261,288
2,267,836
361,082
Additional paid-in capital
123,436,043
204,974,986
32,635,821
Statutory reserve
4,148,929
4,148,929
660,586
Accumulated deficit
(95,352,659)
(122,472,055)
(19,499,824)
Accumulated other comprehensive loss
(249,156)
(232,109)
(36,956)
Total stockholders' equity
33,244,445
88,687,587
14,120,709
Non-controlling interests
8,464,843
11,033,776
1,756,782
Total equity
41,709,288
99,721,363
15,877,491
Total Liabilities and Equity
¥
71,155,045
¥
135,712,689
$
21,607,978
The accompanying notes are an integral part of these consolidated financial statements
RECON TECHNOLOGY, LTD
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
For the nine months ended
For the three months ended
March 31,
March 31,
2017
2018
2018
2017
2018
2018
RMB
RMB
USD
RMB
RMB
USD
Revenues
Hardware and software
¥
43,940,560
¥
69,649,711
$
11,089,526
¥
5,897,622
¥
16,585,535
$
2,640,725
Service
72,170
182,551
29,066
-
-
-
Total revenues
44,012,730
69,832,262
11,118,592
5,897,622
16,585,535
2,640,725
Cost of revenues
Hardware and software
30,322,003
62,077,072
9,883,823
4,816,497
14,878,467
2,368,928
Total cost of revenues
30,322,003
62,077,072
9,883,823
4,816,497
14,878,467
2,368,928
Gross profit
13,690,727
7,755,190
1,234,769
1,081,125
1,707,068
271,797
Selling and distribution expenses
3,311,070
4,283,601
682,029
915,981
1,301,964
207,297
General and administrative expenses
20,973,292
28,569,378
4,548,775
5,728,585
9,897,237
1,575,824
Provision for (net recovery of) doubtful
accounts
(876,530)
504,498
80,325
(185,566)
423,959
67,502
Research and development expenses
6,547,582
2,356,406
375,184
1,592,780
536,686
85,450
Operating expenses
29,955,414
35,713,883
5,686,313
8,051,780
12,159,846
1,936,073
Loss from operations
(16,264,687)
(27,958,693)
(4,451,544)
(6,970,655)
(10,452,778)
(1,664,276)
Other income (expenses)
Subsidy income
96,905
212,005
33,755
89,098
-
-
Interest income
65,776
40,890
6,510
16,798
34,591
5,508
Interest expense
(423,875)
(551,458)
(87,802)
(138,013)
(267,398)
(42,575)
Income (loss) from foreign currency exchange
22,603
(6,799)
(1,083)
19,588
(4,128)
(657)
Other income (expense)
53,000
24,610
3,918
(10,524)
45,958
7,317
Other expense, net
(185,591)
(280,752)
(44,702)
(23,053)
(190,977)
(30,407)
Loss before income tax
(16,450,278)
(28,239,445)
(4,496,246)
(6,993,708)
(10,643,755)
(1,694,683)
Income tax expenses
264,344
11,018
1,754
284,487
1,736
276
Net loss
(16,714,622)
(28,250,463)
(4,498,000)
(7,278,195)
(10,645,491)
(1,694,959)
Less: Net income (loss) attributable to non-
controlling interests
284,649
(1,131,067)
(180,087)
(91,563)
(512,905)
(81,664)
Net loss attributable to Recon Technology,
Ltd
¥
(16,999,271)
¥
(27,119,396)
$
(4,317,913)
¥
(7,186,632)
¥
(10,132,586)
$
(1,613,295)
Comprehensive loss
Net loss
(16,714,622)
(28,250,463)
(4,498,000)
(7,278,195)
(10,645,491)
(1,694,959)
Foreign currency translation adjustment
(108,008)
17,047
2,714
(33,856)
(55,221)
(8,792)
Comprehensive loss
(16,822,630)
(28,233,416)
(4,495,286)
(7,312,051)
(10,700,712)
(1,703,751)
Less: Comprehensive income (loss) attributable
to non-controlling interests
284,649
(1,131,067)
(180,087)
(91,563)
(512,905)
(81,664)
Comprehensive loss attributable to Recon
Technology, Ltd
¥
(17,107,279)
¥
(27,102,349)
$
(4,315,199)
¥
(7,220,488)
¥
(10,187,807)
$
(1,622,087)
Loss per common share - basic and diluted
¥
(2.43)
¥
(2.73)
$
(0.43)
¥
(0.81)
¥
(0.70)
$
(0.11)
Weighted-average shares -basic and diluted
7,006,354
9,933,257
9,933,257
8,926,631
14,552,266
14,552,266
The accompanying notes are an integral part of these consolidated financial statements
RECON TECHNOLOGY, LTD
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the nine months ended March 31,
2017
2018
2018
RMB
RMB
U.S. Dollars
Cash flows from operating activities:
Net loss
¥
(16,714,622)
¥
(28,250,463)
$
(4,498,000)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
Depreciation and amortization
636,072
850,217
135,370
Gain from disposal of equipment
(35,919)
(78,285)
(12,464)
Provision for (net recovery of) doubtful accounts
(876,530)
504,498
80,325
Provision for slow moving inventories
-
88,214
14,045
Share based compensation
5,877,975
5,131,459
817,023
Restricted shares issued for management
5,483,059
8,024,231
1,277,606
Restricted shares issued for services
3,294,497
2,830,362
450,646
Changes in operating assets and liabilities:
Notes receivable
(2,241,179)
3,313,525
527,575
Trade accounts receivable, net
2,554,495
4,927,248
784,509
Inventories, net
3,314,798
(2,617,441)
(416,745)
Other receivable, net
9,652,913
(4,055,057)
(645,640)
Purchase advances, net
(5,458,035)
(5,368,312)
(854,735)
Prepaid expense
(62,074)
(142,067)
(22,620)
Trade accounts payable
3,485,149
(754,247)
(120,090)
Other payables
(842,523)
129,826
20,671
Other payables-related parties
(230,324)
(141,013)
(22,452)
Deferred revenue
40,389
(259,585)
(41,331)
Accrued payroll and employees' welfare
1,306,318
341,603
54,389
Taxes payable
(89,615)
935,921
149,016
Net cash provided by (used in) operating activities
9,094,844
(14,589,366)
(2,322,902)
Cash flows from investing activities:
Investment in unconsolidated entity
-
(4,037,736)
(642,882)
Purchases of property and equipment
(354,784)
(983,966)
(156,666)
Proceeds from disposal of equipment
51,900
32,000
5,095
Payments for land use right
-
(1,361,969)
(216,851)
Advance payments for construction in progress
-
(1,395,181)
(222,139)
Payments for construction in progress
-
(5,837,842)
(929,493)
Net cash used in investing activities
(302,884)
(13,584,694)
(2,162,936)
Proceeds from short-term bank loans
-
45,000
7,165
Proceeds from short-term borrowings
-
4,600,000
732,405
Repayments of short-term borrowings
(530,000)
(4,900,000)
(780,171)
Proceeds from short-term borrowings-related parties
7,758,318
20,188,318
3,214,355
Repayments of short-term borrowings-related parties
(13,409,163)
(21,369,678)
(3,402,449)
Proceeds from long-term borrowings-related party
-
10,000,000
1,592,186
Repayments of long-term borrowings-related party
-
(504,541)
(80,332)
Proceeds from sale of common stock, net of issuance costs
-
65,004,531
10,349,928
Capital contribution by noncontrolling shareholders
-
3,700,000
589,109
Net cash provided by (used in) financing activities
(6,180,845)
76,763,630
12,222,196
Effect of exchange rate fluctuation on cash
(94,125)
17,048
2,714
Net increase in cash
2,516,990
48,606,618
7,739,072
Cash at beginning of period
1,817,620
3,809,279
606,508
Cash at end of period
¥
4,334,610
¥
52,415,897
$
8,345,580
Supplemental cash flow information
Cash paid during the period for interest
¥
454,414
¥
520,358
$
82,851
Cash paid during the period for taxes
¥
284,487
¥
11,034
$
1,757
Non-cash investing and financing activities
Issuance of common stock to prepay professional services
¥
3,294,497
¥
2,830,362
$
450,646
Issuance of common stock to settle salary payable
¥
-
¥
1,554,908
$
247,570
Payable for Construction in Progress
¥
-
¥
712,518
$
113,446
Reconciliation of Non-GAAP Financial Measures
For the three months ended
March 31,
2017
2018
2018
RMB
RMB
USD
Reconciliation of Net loss attributable to common shareholders to Adjusted
Net loss attributable to common shareholders
Net loss attributable to common shareholders
¥
(7,186,632)
¥
(10,132,586)
$
(1,613,295)
Special items (A) :
Restricted shares issued for services
2,530,110
892,495
142,102
Provision for (net recovery of) doubtful accounts
(185,566)
423,959
67,502
Provision for slow moving inventories
-
156,598
24,933
Stock compensation expense
1,805,834
1,580,774
251,689
Restricted shares issued for management
741,051
1,941,083
309,056
Adjusted net loss attributable to common shareholders
¥
(2,295,203)
¥
(5,137,677)
$
(818,013)
Reconciliation of U.S. GAAP Loss Per Share to Non U.S. GAAP Adjusted
Loss Per Share
U.S. GAAP loss per share
Basic and diluted
¥
(0.81)
¥
(0.70)
$
(0.11)
Impact of special items on earnings per share
Basic and diluted
0.55
0.35
0.05
Non U.S. GAAP adjusted loss per share
Basic and diluted
¥
(0.26)
¥
(0.35)
$
(0.06)
Weighted-average shares - basic and diluted
8,926,631
14,552,266
14,552,266
For the nine months ended
March 31,
2017
2018
2018
RMB
RMB
USD
Reconciliation of Net loss attributable to common shareholders to Adjusted
Net loss attributable to common shareholders
Net loss attributable to common shareholders
¥
(16,999,271)
¥
(27,119,396)
$
(4,317,913)
Special items (A) :
Restricted shares issued for services
3,294,497
2,830,362
450,646
Provision for (net recovery of) doubtful accounts
(876,530)
504,498
80,325
Provision for slow moving inventories
-
88,214
14,045
Stock compensation expense
5,877,975
5,131,459
817,023
Restricted shares issued for management
5,483,059
8,024,231
1,277,606
Adjusted net loss attributable to common shareholders
¥
(3,220,270)
¥
(10,540,632)
$
(1,678,268)
Reconciliation of U.S. GAAP Loss Per Share to Non U.S. GAAP Adjusted
Loss Per Share
U.S. GAAP loss per share
Basic and diluted
¥
(2.43)
¥
(2.73)
$
(0.43)
Impact of special items on earnings per share
Basic and diluted
1.97
1.67
0.26
Non U.S. GAAP adjusted loss per share
Basic and diluted
¥
(0.46)
¥
(1.06)
$
(0.17)
Weighted-average shares - basic and diluted
7,006,354
9,933,257
9,933,257
(A): Please refer to Use of Non-GAAP Financial Measures for more explanation.
View original content: http://www.prnewswire.com/news-releases/recon-technology-reports-fiscal-2018-third-quarter-and-first-nine-months-financial-results-300648418.html
SOURCE Recon Technology, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-recon-technology-reports-fiscal-2018-third-quarter-and-first-nine-months-financial-results.html |
May 4, 2018 / 8:56 AM / Updated 36 minutes ago IAG, Pearson lead FTSE rebound, overcoming HSBC profit hit Helen Reid 3 Min Read
LONDON (Reuters) - Britain’s leading stock index was lifted by strong results from British Airways owner IAG, while HSBC joined French banks in reporting weaker profit which hit its shares. FILE PHOTO: People walk past the London Stock Exchange Group offices in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo
A weak pound, which gives an accounting boost to companies whose earnings are in dollars, also helped Britain's FTSE 100 .FTSE to close up 0.86 percent on the day.
The index has risen sharply in recent weeks, though it is still underperforming European peers. It is up about 10 percent since hitting 15-month lows at the end of March, and marked its sixth straight week of gains.
IAG ( ICAG.L ) was up 5.8 percent and near a four-month high after a 75 percent jump in quarterly profit.
However, it gave no update on potential takeover of low-cost competitor Norwegian Air ( NWC.OL ), whose shares fell about 10 percent.
IAG said in an investor presentation that it had had contact with the Norwegian board regarding a possible offer, without reaching an agreement.
Rival airline easyJet ( EZJ.L ) also rose 1.7 percent, among the top FTSE 100 gainers, with Wizz Air ( WIZZ.L ) up 3.3 percent on the mid-cap index .FTMC .
HSBC ( HSBA.L ) was the standout FTSE laggard, falling about 1 percent after investors were disappointed by an unexpected 4 percent drop in first-quarter pre-tax profit, which overshadowed a share buyback by the bank.
“The share buyback of $2 billion is earlier, but also lower than expected,” said Charlie Huggins, manager of an income fund at Hargreaves Lansdown.
“An improvement in returns well beyond our own and consensus expectations is required to justify the current share price,” said Shore Capital analysts.
Shares in education publishing company Pearson ( PSON.L ) rose 7.6 percent after the firm said it was on track to return to profit growth this year.
The stock rose to its highest since September 2016 on the latest sign the company’s turnaround was on track.
“While the full year guidance has been reiterated, we highlight that Q1 is not representative for Pearson and the group’s profits are largely weighted towards the second half,” said Liberum analysts, who have a “sell” rating on it.
Oil majors BP and Royal Dutch Shell cemented the FTSE’s gains as oil prices held near recent highs on tight supplies and tensions over possible new U.S. sanctions against Iran.
Dixons Carphone ( DC.L ) shares jumped 5 percent to the top of the FTSE 250 .FTMC after RBC analysts increased their estimates and price target.
“We think electricals trends are robust helped by strong sales of TVs and connected home devices, while the mobile sector remains tough but is no worse,” they wrote in a note. Reporting by Helen Reid, additional reporting by Julien Ponthus; Editing by Elaine Hardcastle and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-stocks/iag-pearson-lead-ftse-100-rebound-while-hsbc-drags-idUKKBN1I50TR |
May 24, 2018 / 7:50 AM / Updated an hour ago Iniesta begins new chapter at J.League's Kobe Chris Gallagher 3 Min Read
TOKYO (Reuters) - Spain midfielder Andres Iniesta kicked off a new chapter to his career when he signed for Japanese side Vissel Kobe on Thursday, swapping La Liga for the J.League after 16 stellar years at Spanish champions Barcelona. Spain midfielder Andres Iniesta hugs with Hiroshi Mikitani, Chairman and CEO of Rakuten Inc and the owner of Vissel Kobe, at a news conference to announce signing for J-League side Vissel Kobe in Tokyo, Japan May 24, 2018. REUTERS/Toru Hanai
The 34-year-old former Barca captain, who had spent his entire career at the Nou Camp, was introduced at a news conference in Tokyo by Kobe owner Hiroshi Mikitani and will wear his familiar number eight jersey for the J.League side.
“This is a very special day. This is a very important challenge for me and my career,” Iniesta said, noting that he had a lot of respect for Japanese soccer which had many high-level players.
“Therefore, I would like to contribute to my team and show my style of play. That is why I came to Japan and through my play I hope to make contributions for further development for the club and Japanese soccer.” Spain midfielder Andres Iniesta poses with his T-shirt at a news conference to announce signing for J-League side Vissel Kobe in Tokyo, Japan May 24, 2018. REUTERS/Toru Hanai
Mikitani called Iniesta “the most respected soccer player in the world” and said his signing would not only contribute to the club but also help promote the league through his name recognition.
“I hope the J.League will grow into a league that the whole world wants to watch,” said Mikitani, who is also the chief executive of Barca’s main sponsor Rakuten. Slideshow (6 Images)
The move will see Iniesta, who bid a tearful farewell when he played his final game for Barcelona on Sunday, link up with former German international Lukas Podolski, who joined the Japanese side last year.
Barcelona and Denmark great Michael Laudrup also played for Kobe for one season between 1996-97.
Iniesta will try to help Kobe, currently sixth in the J1 League after 15 games, win a first ever Japanese championship. The club’s highest ever finish was seventh in 2016.
At Barcelona, he won nine La Liga titles, four Champions League titles and six King’s Cups.
Before he embarks on his Japanese adventure, Iniesta will join up with the Spain team to prepare for the World Cup in Russia, where they will be seeking a second title.
Iniesta scored the only goal in the 2010 final against the Netherlands to give Spain their first World Cup. This year, they kick off their Group B campaign against Portugal in Sochi on June 15. Morocco and Iran are the other teams in the pool. Reporting by Chris Gallagher; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-japan-vis-iniesta/iniesta-signs-with-japans-vissel-kobe-idUKKCN1IP120 |
PHILADELPHIA--(BUSINESS WIRE)-- The Board of Directors of Aramark (NYSE: ARMK) today declared a quarterly dividend of $0.105 per share payable on May 31, 2018, to shareholders of record at the close of business on May 17, 2018.
About Aramark
Aramark (NYSE: ARMK) proudly serves Fortune 500 companies, world champion sports teams, state-of-the-art healthcare providers, the world’s leading educational institutions, iconic destinations and cultural attractions, and numerous municipalities in 19 countries around the world. Our 270,000 team members deliver experiences that enrich and nourish millions of lives every day through innovative services in food, facilities management and uniforms. We operate our business with social responsibility, focusing on initiatives that support our diverse workforce, advance consumer health and wellness, protect our environment, and strengthen our communities. Aramark is recognized as one of the World’s Most Admired Companies by FORTUNE, as well as an employer of choice by the Human Rights Campaign and DiversityInc. Learn more at www.aramark.com or connect with us on Facebook and Twitter .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006219/en/
Aramark
Media Inquiries
Karen Cutler, 215-238-4063
[email protected]
or
Investor Inquiries
Kate Pearlman, 215-409-7287
[email protected]
Source: Aramark | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-aramark-declares-quarterly-dividend.html |
CNBC International Midday Briefing: May 31, 2018 2 Hours Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/cnbc-international-midday-briefing-may-31-2018.html |
May 1 (Reuters) - VirtualArmour International Inc:
* VIRTUALARMOUR REPORTS 2017 RESULTS; REVENUE UP 18% TO RECORD $10.5 MILLION
* Q4 REVENUE $1.9 MILLION VERSUS $2.0 MILLION * Q4 LOSS PER SHARE $0.03 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-virtualarmour-international-q4-los/brief-virtualarmour-international-q4-loss-per-share-0-03-idUSASC09YKX |
The Pre-Markets Rundown: May 04, 2018 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/the-pre-markets-rundown-may-04-2018.html |
WISeKey Appoints Blockchain Valley Ventures to Lead the Initial Coin Offering of WISeCoin
The WISeCoin IoT CryptoCurrency Smart Payment technology revolutionizes the way objects conduct financial transactions
Geneva, Davos - May 14, 2018: WISeKey International Holding Ltd (WIHN.SW) ("WISeKey"), a leading global cybersecurity company, and Blockchain Valley Ventures (BVV), a Swiss-based accelerator and venture firm incubating, developing and investing in blockchain-enabled businesses, announced today their partnership to launch the Initial Coin Offering (ICO) of WISeCoin ( https://youtu.be/Np9c9aAjOrM ). BVV, a spin-off of Lykke Corporation, will provide advisory services to launch the WISeCoin ICO in Switzerland. The WISeCoin token will be available for trade on the Lykke Exchange as soon as the regulatory process is completed. This listing is a significant development for WISeCoin, that will use Switzerland as a base for its global deployment.
The WISeCoin IoT CryptoCurrency Smart Payment has vowed to revolutionize the way objects communicate with one another in financial transactions. WISeCoin, secured by WISeKey Semiconductors, offers connected objects the ability to initiate, establish and complete financial transactions for every-day items. Each connected object is equipped with WISeKey's Secure Element consisting of a tamper resistant silicon chip, called VaultIC184. This technology, based on a state-of- the-art secure microcontroller, allows device manufacturers an easy integration of the chip, and is offered as a provisioning service to transfer the burden of device personalization to WISeKey's secure Personalization Center. It is a next-generation technology designed from the ground up to be the data and value transfer layer for the Machine Economy.
WISeKey is using WISeCoin, its own cryptocurrency, as a method of payment between connected objects, and WISeKey's mission is to become an emerging powerhouse in the global cryptocurrency market by supporting the development of economies built on blockchain technology. WISeKey has tested the technology on cars, allowing these cars to pay for electricity, gas and parking through the integration of WISeCoin crypto wallets at the Secure Element Chip level.
To empower a seamless cryptocurrency enabled for IoT connections, WISeCoin is supplemented with highly secured solutions such as biometrics-driven hardware wallets, integrated exchange platforms, MicroChips Blockchain enabled semiconductors, and NFC-based contactless payment solutions.
Moreover, VaultIC405S, a versatile flavor WISeKey's security module complements the WISeKey offer and is a perfect solution for companies providing multi-network IoT solutions requiring a state-of-the- art security coverage on all network types to execute cryptocurrency payments between connected objects. Designed for low cost, power and surface constrained devices, it provides industry standard I2C connectivity, very low power consumption and a very small footprint. The hardware interface is based on combining efficient microcontrollers to so called crypto-accelerators, while the software interface connects this combination to the web, mobile phones, reader systems and radio frequency systems like NFC, Bluetooth, ZigBee and low power wide area networks.
WISeKey has built one of the most innovative smart tags in the industry. Its VaultIC 15x series is delivering asymmetric key algorithms in energy harvesting mode. Since crypto-chips can operate without batteries, using only the energy of induction field of a mobile phone with NFC capability, it is easy and convenient to embed them into any device, thus protecting their authenticity and provenance. Extending the capability of the VaultIC with industrial bus systems like I2C, SPI, UART solves all critical issues of machine identity related to IoT, sensor and actuator networks, smart city, smart plans, etc.
VaultIC184 and VaultIC405S are part of WISeKey's global end-to-end scalable security framework WISeKeyIoT, a Public Key Infrastructure based overall response system designed to mitigate the ever-increasing risks of cyberattacks in IoT. Securing vulnerable IoT devices, from security cameras to smartphones, is essential to allow these connected devices to perform secure cryptocurrency payments. Unsecure connected devices can be hijacked by hackers and turned into tools to mine cryptocurrencies, and the computing power of all these gadgets can be used to mine the digital coins.
WISeCoin Crypto Keys are already stored in the most secure Datacenter in the market, inside a former military granite bunker, built in the Swiss Alps. This bunker has been transformed to provide an ultra-secure environment for data and IT. The bunker has all the required accreditations - from IT security certifications such as the ISO 27001, to the impressive EM-SHIELD seal - needed to certify protection of data from electromagnetic pulses, nuclear catastrophes or terrorist attacks. Following the acquisition of QuoVadis Trustlink Schweiz AG by WISeKey, the WISeKey Bunker is also securely hosting and operating critical infrastructures dedicated to SuisseID trust services.
WISeCoin Global deployment will benefit from the universal OISTE Cryptographic Root of Trust which has been actively installed since 1999 to over 2.6 billion desktops, browsers, mobile devices, SSL certificates and Internet of Things' devices. The OISTE WISeKey Cryptographic Root of Trust is ubiquitous and universal, and a pioneer in the creation of cryptographic based identities.
About Blockchain Valley Ventures (BVV)
Blockchain Valley Ventures (BVV) is a new accelerator and venture firm incubating, developing and investing in blockchain-enabled businesses. A spin-off from Lykke Corporation, a pioneer in blockchain-powered trading and blockchain-based business models, BVV investments are done from own funding for incubation stages and through investment vehicles, such as the Blockchain Investment Opportunities Note, in cooperation with Vicenda. Located in heart of the Crypto Valley in Zug, Switzerland, BVV operates within and supports the world's most advanced and experienced ecosystem of blockchain companies, blockchain-experienced lawyers, auditors, tax advisors and financial regulators. www.bvventures.ch .
About WISeKey
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems with a patented process. WISeKey's Swiss based cryptographic Root of Trust ("RoT") provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of on-line transactions among objects and between objects and people.
To receive WISeKey's latest news, visit the WISeKey Investors Corner .
For further information, please contact:
WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
[email protected] WISeKey Investor Relations (US)
The Equity Group, Inc.
Lena Cati
212-836-9611
[email protected] Blockchain Valley Ventures
Anna Rozwandowicz
Head of Communications
+31 619 630 590
[email protected] Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
Source:Wisekey International Holding SA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-wisekey-appoints-blockchain-valley-ventures-to-lead-the-initial-coin-offering-of-wisecoin.html |
CINCINNATI, May 30, 2018 /PRNewswire/ -- PCMS , a leading global provider of retail commerce software and services, today announced the hiring of Thomas Schuetz as Senior Vice President of Operations for the Americas. Schuetz brings PCMS Retail IT leadership experience working with companies including Luxottica, hhgregg, Macy's, Lord & Taylor, May Department Stores, J. Crew, Hudson's Bay Trading Company, as well as working with several other retail and consumer products companies during his time at Deloitte Consulting / ICS.
Schuetz more than 30 years' experience comes at a time when PCMS is growing rapidly and will soon publicly announce several new retail clients. Schuetz will inject organizational efficiency and direction into the fast-paced, rapidly evolving environment at PCMS. Previously the CIO for Century 21 Department Stores, Schuetz passion for customer engagement and excellent record of accomplishments in planning and execution of complex Retail IT projects make him a great fit for the role.
"Tom's addition to PCMS is a very strategic hire, filling in the retail and operations experience we need for our expansion plans," said CEO, Andy Winans. "His excellent record with a wide range of retail systems and his experience with enterprise project delivery, operations, and cloud migration make him the right candidate to deliver day-to-day on continued expansion of our engaged commerce retail platform and services offering in North America."
VISION Commerce Suite delivers a complete environment for modern retailing by unifying the store, mobile, web and social sales channels and providing consistent cross-channel engagement to deliver the customer journey and the retail brand shopping experience through fully-managed and cloud hosted options.
"I'm excited to join the PCMS team at this time in their history," said Schuetz. "The retail POS market is at an inflection point creating huge upside for PCMS. This, coupled with PCMS's strong technical, professional and partnering capabilities, make them the retailer's choice for delivering reliable, scalable solutions – anywhere in the world."
Schuetz currently serves as advisor to Northwestern University's Retail Analytics Council and is a graduate of Lock Haven University of Pennsylvania.
About PCMS
PCMS is a global provider of IT software and services to the retail industry. Global headquarters are located in Coventry, UK. PCMS also operates in the US with an Americas headquarters in Cincinnati, OH. PCMS specializes in retail commerce software, including point-of-sale (POS) software, SaaS cloud solutions and managed services. PCMS's client list includes brands like Walgreens , Bass Pro Shops, Giant Tiger, Half-Price Books, Shoppers Drug Mart and many more . For more information about PCMS, please visit www.pcmsdatafit.com .
Media Contact:
Flannery Higgins, [email protected]
Dan Dyer, 513-478-7818, [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/pcms-hires-svp-of-operations-as-company-wins-new-retail-clients-300656273.html
SOURCE PCMS | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-pcms-hires-svp-of-operations-as-company-wins-new-retail-clients.html |
May 11, 2018 / 5:32 PM / Updated 25 minutes ago Myanmar's northern offensive against rebels sparks youthful revolt Simon Lewis , Sam Aung Moon 6 Min Read
MYITKYINA, Myanmar (Reuters) - Thousands of young people in northern Myanmar have staged one of the largest protests in years, successfully urging authorities to rescue civilians caught up in deadly fighting that threatens to unravel the country’s fitful peace process. People arrive at a shelter for internally displaced people in Myitkyina while Myanmar's military still fighting Kachin Independence Army (KIA) in the country's northern Kachin State, Myanmar May 9, 2018. Picture taken May 9, 2018. REUTERS/Ann Wang
Since the army launched a major offensive against one of Myanmar’s strongest ethnic rebel groups, the Kachin Independence Army (KIA), more than 6,000 people have fled their homes and hundreds are still stuck in danger zones, rescue workers say.
The KIA has regularly clashed with the military in the mountains abutting India and China since 2011, when a 17-year-old ceasefire broke down. But the 10,000-strong Kachin rebels say the recent fighting is the most intense since they started battling the government for greater autonomy in the early 1960s.
The surprise emergence of the youth movement in Kachin has exposed the frustrations of ethnic groups with de facto leader Aung San Suu Kyi’s struggle to fulfil her No.1 promise: to end decades of ethnic wars ravaging Myanmar’s lawless borderlands.
At the head of the movement has been Sut Seng Htoi, a diminutive 25-year-old women’s rights champion with a beaming smile, who shot to fame on social media as the protests gathered steam over the last two weeks.
“People lost their trust in the State Counsellor Daw Aung San Suu Kyi because the people from the whole country elected the NLD, the civilian government, to avoid wars and fighting,” Sut Seng Htoi told Reuters.
Kachin state’s National League for Democracy (NLD) Chief Minister Hkyet Awng declined to answer Reuters reporters’ questions. Military Spokesman Major-General Tun Tun Nyi was unavailable for comment.
In early April, the youth protesters set up a camp resembling “Occupy” protests against economic inequality staged globally in 2011. The “ground zero” for the protests was Manau Park at the heart of Myitkyina, the capital of Kachin state.
More than 5,000 protesters for days thronged the streets of the city and waved “Free the IDPs!” placards, filming protests with head-mounted cameras and posting videos on Facebook.
After more than a week of demonstrations, Suu Kyi dispatched the minister for social welfare, relief and resettlement, Win Myat Aye, and on Monday some 150 trapped villagers - known as “internally displaced persons” or IDPs - were allowed passage to safety. Internally displaced people take shelter in a Church in Myitkyina while Myanmar's military still fighting Kachin Independence Army (KIA) in the country's northern Kachin State, Myanmar May 9, 2018. Picture taken May 9, 2018. REUTERS/Ann Wang
Sut Seng Htoi said the movement was non-political and focussed on humanitarian goals. But she was scathing of Suu Kyi’s promise of national reconciliation, saying that the reality has been an accommodation between her ruling NLD party and the army that has seen the civilian administration defending the army’s actions. DRONES AND BANANA STEMS
Suu Kyi made the peace process her top priority after coming to power two years ago, but the fighting with myriad ethnic armed groups has escalated to the most intense in decades - not just in Kachin, but in several other ethnic minority areas, including those where rebels have signed a “nationwide” ceasefire deal with the government.
Because of the mounting tensions, a peace summit meant to convene every six months to advance the talks has not been held since last June. Most ethnic Kachin are also against the KIA joining the deal.
After launching a democratic transition in 2011, the military has ceded some political power, but has kept full control over security and defence matters.
The army’s push against the Kachin insurgents since April 11 comes amid international criticism over its crackdown on the Rohingya in Myanmar’s west, which drove nearly 700,000 people to Bangladesh amid accusations of killings and arson by troops.
The offensive has pushed villagers such as Roi Ja out of their villages and into the jungle for much of the last month.
“We only had a little bit of rice so we ate banana stems. We used the herbs from the forest for medicine,” said the 39-year-old, one of about 200 people from Aung Hlawt village who arrived at a church on the outskirts of Myitkyina on Wednesday. Children receive food in a shelter for internally displaced people in Myitkyina while Myanmar's military still fighting Kachin Independence Army (KIA) in the country's northern Kachin State, Myanmar May 10, 2018. Picture taken May 10, 2018. REUTERS/Ann Wang
Unmanned drones buzzed near their makeshift jungle camps at night, she said.
“We didn’t flee when we heard the drone doing surveillance. But they must have suspected that the KIA was there, so they shelled us in the morning,” she said.
Dau Hka, a spokesman for the KIA’s technical advisory team based in Myitkyina, said the Myanmar military’s renewed offensive appeared to be targeting areas where civilians live in close quarters with rebel troops.
“They fire artillery, there are often casualties and the civilians scatter into the jungle,” he said.
The state-run Global New Light of Myanmar on Friday quoted a military commander in the area saying that troops “follow(ed) the rules of engagement” in the area.
“We only go after military targets and after the skirmishes we look after the villagers’ houses,” Brigadier General Kyaw Soe Min was quoted saying.
Asked why the army had been attacking the KIA since 2011, Colonel Thura Myo Tint, Kachin state minister for security and border affairs, told a new conference on Friday: “The army exists according to the constitution. The reason we are trying to destroy them is because of the state’s sovereignty.”
He accused the KIA of forcibly recruiting civilians.
A government rescue of about 150 people this week was extensively covered in state-run media, although hundreds of people are still hiding out in jungles.
Meanwhile, the protests have been “paused” as a result of that progress, say organizers.
However, said Sut Seng Htoi: “If the military keeps making the civilians the victims of war, we will confront them. But we won’t even use a needle - our methods are non-violent.” Reporting by Sam Aung Moon and Simon Lewis; by Ann Wang; Editing by Alex Richardson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-myanmar-kachin/myanmars-northern-offensive-against-rebels-sparks-youthful-revolt-idUKKBN1IC26O |
May 25, 2018 / 4:44 PM / Updated 3 hours ago Putin, Macron bond over shared unease at Trump's actions Michel Rose , Denis Pinchuk 4 Min Read
ST PETERSBURG, Russia (Reuters) - Russian President Vladimir Putin and his French counterpart Emmanuel Macron on Friday found a common cause in their shared unease at U.S. President Donald Trump’s actions on Iran, climate change and international trade. Russian President Vladimir Putin and his French counterpart Emmanuel Macron attend a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Grigory Dukor
France is at odds with the Kremlin over its annexation of Crimea from Ukraine four years ago, and allegations that Moscow meddled in a French presidential election in support of one of Macron’s opponents.
But there were only fleeting signs of those differences when Macron met Putin at the St Petersburg International Economic Forum, an annual showcase for investment in Russia that the Russian leader hosts in his home town.
Instead, the two leaders focussed on concerns about the future of a multinational deal on Iran’s nuclear deal programme, now in jeopardy after Trump pulled the United States out of it.
Washington’s withdrawal from the pact raises the prospect that Russian or French companies doing business with Iran could be hit with unilateral U.S. sanctions.
Speaking at a question-and-answer session in front of an audience of business executives and Russian officials, Putin said the U.S. withdrawal was damaging and counter-productive.
He also railed against the United States applying its laws beyond its borders to punish foreign companies. “This is unacceptable and it has to end,” he said.
Macron, who had travelled to Washington in an unsuccessful bid to persuade Trump to keep faith with the Iran deal, did not explicitly criticise the U.S. leader.
He said he had a strong relationship with Trump, but he acknowledged there are “issues on which we have differences”.
He said he would try to convince Trump to return to talks about Iran’s nuclear programme, and was also critical of Trump’s decision to move the U.S. embassy in Israel to Jerusalem, out of step with the stance of most European governments.
“That was not desirable,” Macron said, adding that the embassy move played a part in sparking fatal clashes between Palestinian protesters and Israeli security forces. TERMS OF ENDEARMENT
During the session, Macron sat alongside Putin, referred to him as “Dear Vladimir”, and the two men nodded in agreement with each other about a range of issues.
Macron said that Trump had, de facto, lost an international argument over the Paris climate change agreement because the international consensus in support of the accord had held, even though Trump had decided to exit the deal.
Trump’s administration last month imposed sanctions on a raft of major Russian companies. The step also hurt European and other international firms who had to cut off business ties with the sanctioned entities for fear of punitive action by Washington.
As he sat alongside Putin, Macron referred repeatedly to the need to establish “European financial sovereignty” - a jab at European economies’ reliance on the U.S. financial system.
He also arrived in St Petersburg with a large delegation of French business executives keen to sign deals with Russia, despite the new U.S. sanctions.
Putin accused the United States of undermining global trade rules by using sanctions as a weapon in its drive towards protectionism.
The Russian leader pointed to the presence of large numbers of foreign executives at the event as evidence that the U.S. sanctions were failing to achieve their aim. Additional reporting by Tom Balmforth, Maria Tsvetkova and Vladimir Soldatkin in Moscow and Katya Golubkova in St Petersburg; Writing by Christian Lowe; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-russia-economy-forum-putin-sanctions/putin-macron-bond-over-shared-unease-at-trumps-actions-idUKKCN1IQ2J4 |
TIJUANA, Mexico (Reuters) - The first eight members of a “caravan” of Central American migrants entered U.S. territory to seek asylum on Monday, after a month-long journey through Mexico that drew the wrath of President Donald Trump.
Members of a caravan of migrants from Central America sleep near the San Ysidro checkpoint after a small group of fellow migrants entered the United States border and customs facility, where they are expected to apply for asylum, in Tijuana, Mexico April 30, 2018. REUTERS/Edgard Garrido The eight women and children walked through a door into the San Ysidro port of entry on the bidding of a customs and border patrol officer, a Reuters witness said, hours after Vice President Mike Pence promised they would be processed in line with U.S. law.
About three quarters of claims by Central American asylum seekers are ultimately unsuccessful, resulting in detention and deportation.
Reporting by Delphine Schrank; Writing by Frank Jack Daniel; Editing by Jacqueline Wong
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-immigration-caravan-crossing/first-members-of-central-american-migrant-caravan-enter-u-s-seeking-asylum-idUSKBN1I22N2 |
May 14 (Reuters) - Polar Power Inc:
* Q1 LOSS PER SHARE $0.03 * Q1 SALES FELL 2 PERCENT TO $4.9 MILLION Source text for Eikon: Further company coverage:
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264 COMMENTS The escalating territorial disputes in the Pacific between China and America’s allies create an ever-more-urgent need for U.S. sea power. But even as China rapidly expands and modernizes its navy, the Trump administration has not proposed enough funds to maintain America’s maritime advantage. Beginning with the coming 2019 federal budget, the president and Congress must commit to funding a full, modern fleet—or risk ceding essential U.S. and allied interests.
American sea power has secured the Pacific since the end of World War II, assuring safe and open trade, while defusing conflict throughout the region. Maintaining a powerful navy for these ends is hardly an American innovation: No great state or empire has ever retained its status without pre-eminent sea power. The histories of Athens, Venice, Spain, Holland and England show that losing control of the oceans leads ineluctably to losing great-power status.
The rapid growth and improvement of China’s naval forces is the major challenge to American sea dominance today, and likely for the foreseeable future. Retired Capt. James Fanell, former director of intelligence for the U.S. Pacific Fleet, stated in 2015 that China’s combat fleet will reach 415 ships in 2030. Beijing is particularly focused on adding submarines, amphibious vessels and small surface combatants. The buildup demonstrates China’s clear intention to dominate in coastal regions and amphibious operations—domains in which the U.S. has pre-eminence today.
As Adm. Phil Davidson, nominated to lead the U.S. Pacific Command, told the Senate in April: China “is no longer a rising power but an arrived great power and peer competitor.” He added that “China has undergone a rapid military modernization over the last three decades and is approaching parity in a number of critical areas; there is no guarantee that the United States would win a future conflict with China.”
The White House has proposed expanding the U.S. Navy to 355 ships, but its plan is too slow and underfunded. The full fleet would not be complete until 2050 at the earliest. Although President Trump proposes to dedicate $20 billion for new ship construction in 2019, and about the same in constant dollars in each of the next five years, the Congressional Budget Office estimates the project requires an additional $6.6 billion a year over the next 30 years. Without increased funding, the fleet will be smaller in three decades than it is today, and China’s navy could surpass it by 2030.
Americans would quickly see the consequences of ceding power in the Pacific. Already, China’s growing navy may soon aim to control movement around the first island chain in the East China Sea, which stretches from Japan to the Philippines.
If Beijing gains control of the region, it could hamper America’s coordination with its allies and cast doubt on the U.S. security umbrella. The White House would find it more difficult to prevent distant crises from escalating into direct threats. American business around the world, meanwhile, would be decimated. China would suddenly become the more appealing partner for trade and security. The global maritime order, which has long maintained that the East and South China Seas are international waters, would be replaced by a regional system based on “Chinese characteristics”—the euphemism by which the Chinese Communist Party refers to its brand of state control.
This is not a fait accompli; American sea power can be restored. But it will require the U.S. to decide that its status as the world’s great power is worth preserving. The Navy’s evolutionary approach to modernizing its fleet must be replaced by a revolutionary approach, increasing the current fleet’s technological advantage. And by 2035, the fleet should be expanded to no fewer than 375 ships.
The U.S. must also prepare to engage China’s navy. That means situating U.S. forces within striking distance of the East and South China Seas, with enough troops on hand to police the region effectively. It also means responding in kind to China’s existing provocations. The U.S. should bolster its military and naval support for Taiwan. The Pentagon should lean forward by actively planning to defend the entire first island chain, as well as to blockade the Southeast Asia straits, through which oil from the Middle East now flows to China.
Conflict may come sooner than most Americans imagine. This month alone, Beijing is reported to have placed anti-ship cruise missiles and surface-to-air missiles on three artificial islands in the South China Sea. The U.S. also recently said that American military pilots in Djibouti have been hit with lasers fired from a new Chinese base. The Pentagon has filed a diplomatic démarche requesting that China investigate, but mere diplomacy won’t suffice in the game Beijing is playing.
Timidity deters nothing. It encourages the increasing Chinese aggression. But so far America’s plans to upgrade the U.S. combat fleet have been diffident. To remain the world’s dominant maritime force, U.S. sea power will have to be trained, equipped and exercised. On this rests the future of the U.S. as a great power.
Mr. Cropsey is director of the Hudson Institute’s Center for American Seapower. He was a naval officer and a deputy undersecretary of the Navy in the Reagan and George H.W. Bush administrations. | ashraq/financial-news-articles | https://www.wsj.com/articles/america-cant-afford-to-cede-the-seas-1526338043 |
Following the transaction, Wabtec will have approximately $8 billion in revenues, a more diversified business mix, higher margins, and approximately 15 percent cash EPS accretion in year one. Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. Complementary businesses and large global installed base will create additional opportunities for cross-selling, aftermarket services growth and new solutions in a rapidly evolving industry. GE Transportation is positioned for a substantial rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. Substantial annual run-rate synergies of $250 million and a net present value of approximately $1.1 billion of net tax benefit will accrue to the combined company. The transaction is valued at approximately $11.1 billion. 1 When adjusted for the net tax benefit of $1.1 billion accruing to the combined company, the transaction value is $10 billion. The 2019 EBITDA multiple range including synergies and tax benefits is approximately 9x, and the 2019 EBITDA multiple range excluding synergies and tax benefits is approximately 11.75x. Strong free cash flow to enable rapid debt reduction, maintain Wabtec’s quarterly dividend and preserve investment grade credit rating. Wabtec Chairman, Albert J. Neupaver, has been re-appointed executive chairman; Raymond T. Betler will remain president and CEO of the merged company; Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtec’s Freight Segment and Stéphane Rambaud-Measson, will become president and CEO of Wabtec’s Transit Segment.
WILMERDING, Pa. and CHICAGO, May 21, 2018 (GLOBE NEWSWIRE) -- Wabtec Corporation (NYSE:WAB) has entered into a definitive agreement to combine with GE Transportation, a unit of General Electric Company (NYSE:GE). The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries.
Under the agreement, which has been approved by the Boards of Directors of Wabtec and GE, GE will receive $2.9 billion in cash at closing and GE and its shareholders will receive a 50.1% ownership interest in the combined company, with Wabtec shareholders retaining 49.9% of the combined company. The transaction is expected to be tax free to the companies' respective shareholders.
Both companies are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. GE Transportation revenues and EBIT are expected to grow at double digit CAGRs from 2017A to 2019E as the cycle rebounds from trough levels. The GE Transportation business is positioned for a significant rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. The backlog of approximately $18 billion includes about 1,800 new locomotives and approximately 1,000 to be modernized. GE Transportation has received $3.6 billion in orders in the last two quarters. Wabtec reported a strong Q1, also forecasting robust growth for the year with record backlog.
The combination will bring together two global leaders in rail equipment, services and software, combining GE Transportation, a global digital industrial leader and supplier to the rail, mining, marine, stationary power and drilling industries, with Wabtec’s broad range of freight, transit and electronics solutions. Wabtec and GE shareholders will have ownership in a combined company with significantly expanded margins, a highly attractive growth profile based on an improved business mix, expanded global reach, and faster innovation in key growth areas.
KEY STRATEGIC BENEFITS
The combination is expected to:
Drive increased value for shareholders: With approximately $8 billion in combined revenues and a large global installed base, the combined company will have a leading position in key freight rail and transit geographies worldwide, and will be well-positioned to serve customers as industry demand continues to improve. Investors are expected to benefit through ownership of a stronger, more diverse business better positioned to perform through the cycle, with expected annual double-digit EPS growth and total run-rate synergies of about $250 million estimated to be achieved by 2022. Furthermore, the transaction will facilitate a tax step-up with an NPV of approximately $1.1 billion of net tax benefit accruing to the combined company.
Create a leading equipment, aftermarket services, and digital solutions provider across the transportation ecosystem: From factory to final destination – and every point in-between – the combined company will have the capabilities to accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency, and competitiveness.
Capitalize on digital/electronic technologies to develop autonomous capabilities: Bringing together GE Transportation’s digital solutions with Wabtec’s electronic systems is expected to drive the advancement and implementation of technology solutions to improve safety, efficiency and productivity for the transportation industry. This combination will create a compelling offering to meet the industry's rapidly growing demand for rail performance, with the potential to unlock billions in annual savings across freight rail for customers and operators. Generate growth opportunities through the extensive installed base and attractive global footprint: The combined company will be a leading global freight and transit rail provider with more than 23,000 locomotives in its global installed base and content on virtually all locomotives and freight cars in North America, creating significant opportunities for aftermarket parts and services in key regions around the world.
Effective immediately, Wabtec Chairman Albert J. Neupaver has been re-appointed executive chairman of the company, while Raymond T. Betler remains Wabtec’s president and CEO. Following the completion of the transaction, Stéphane Rambaud-Measson will become president and CEO of Wabtec’s Transit Segment; and Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtec’s Freight Segment.
Betler said: “Wabtec and GE Transportation are global industry leaders and we believe that together we have a unique opportunity to drive tremendous growth in 2019 and beyond as the industry continues to improve. By bringing together our highly complementary strengths we are confident that this transformational combination will create value for both Wabtec and GE shareholders, innovative solutions for our customers, and new outlets for long-term career growth for our employees. Our two companies have more than 250 years of rail industry heritage, and our shared focus on safety, reliability, quality, and customer relationships will enable a smooth integration.”
Santana said: “The combination of our two strong brands and remarkable people is an excellent fit that will create an organization well-positioned to accelerate the future of transportation. Together, we can expand our global reach, strengthen our market capabilities and lead digital innovation across the transportation industry. We are seeing growth in rail traffic and recent promising orders for new and modernized locomotives from North American Class I, Shortlines and international railroads, and are confident in the compelling long-term opportunities and synergies before us.”
GOVERNANCE AND HEADQUARTERS
Following the completion of the transaction, Wabtec’s corporate headquarters will remain in Wilmerding, Pa. Wabtec’s Freight Segment will be headquartered in Chicago, and Wabtec’s Transit Segment headquarters will remain in Paris.
GE will designate for nomination three independent Board members.
TRANSACTION DETAILS
GE will receive a $2.9 billion up-front cash payment, and GE and its shareholders will receive a 50.1% ownership interest in the combined company. Based on Wabtec’s stock price on April 19, 2018, the last unaffected trading day prior to media speculation regarding a potential transaction, the value of the transaction is approximately $11.1 billion. When adjusted for the net tax step-up value of $1.1 billion accruing to the combined company, the transaction value is $10 billion. The transaction is expected to be tax free to the companies' respective shareholders.
Wabtec and GE Transportation will be combined in a transaction in which GE will (i) sell a portion of the assets of GE Transportation to Wabtec; (ii) complete the spin-off or split-off of a portion of GE Transportation to GE shareholders; and (iii) immediately thereafter merge GE Transportation with a wholly owned subsidiary of Wabtec. Upon closing, Wabtec shareholders will own approximately 49.9%, and it is planned that GE shareholders will own approximately 40.2%, and GE will own 9.9% of the merged company on a fully diluted basis. GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GE’s ownership).
Wabtec has obtained full commitments for a $2.9 billion bridge facility and expects to put in place permanent debt financing prior to closing. The Company is committed to maintaining a strong investment grade credit rating profile and will use its strong cash flow to prioritize debt reduction.
The transaction is expected to close in early 2019, subject to customary closing conditions, approval by Wabtec shareholders, and regulatory approvals.
CONFERENCE CALL AND INVESTOR INFORMATION
Wabtec and GE Transportation will host a conference call today at 8:30 am Eastern to discuss the transaction. An audio webcast of the investor call can be accessed at https://engage.vevent.com/rt/kekstandcompanyao~1688628 . A replay will also be available at the same link after the event. You can also access the link by going to www.wabtec.com and clicking on the “Webcasts” tab in the “Investor” section. To view a copy of the presentation that will be discussed during the call, click on the “Press Releases” tab under “About Us” and click on the press release titled “Wabtec and GE Transportation to Merge.” The presentation will be included at the end of the press release on the website.
ABOUT WABTEC
Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has roughly 18,000 employees and facilities located throughout the world. For the fiscal year ending December 31, 2017, Wabtec generated approximately $3.9 billion in revenue and $504 million in adjusted EBIT (approximately 13% margin).
ABOUT GE TRANSPORTATION
GE Transportation helps move the world and improve the world, as a global technology leader and supplier of equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries. GE Transportation’s innovations help customers deliver goods and services with greater speed and savings using advanced manufacturing techniques and connected machines. The company employs approximately 9,000 employees worldwide. GE Transportation has a backlog of roughly $18 billion, including approximately 1,800 new locomotives and roughly 1,000 locomotive modernized units. For the fiscal year ending December 31, 2017, GE Transportation generated approximately $3.9 billion in revenue and $701 million in adjusted EBIT (approximately 18% margin).
ADVISORS
Goldman Sachs & Co. LLC and Jones Day are acting as financial advisors and legal counsel, respectively, to Wabtec in the transaction.
Morgan Stanley & Co. LLC and Dyal Co. LLC are acting as financial advisors, and Davis Polk & Wardwell LLP as legal advisors, to GE in the transaction.
CONTACTS
Investors
Tim Wesley, Wabtec
412-825-1543 or [email protected]
Matt Cribbins, GE
617-443-3400 or [email protected]
Media
Deia Campanelli, GE
773-297-0482 or [email protected]
Rich Stimel, Wabtec
412-825-1423 or [email protected]
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction between GE and Wabtec, Transportation Systems Holdings Inc., a wholly owned subsidiary of GE created for the transaction (“SpinCo”), will file with the SEC a registration statement on Form S-4/S-1 containing a prospectus or a registration statement on Form 10 and Wabtec will file with the SEC a registration statement on Form S-4 that will include a combined proxy statement/prospectus. If the transaction is effected via an exchange offer, GE will also file with the SEC a Schedule TO with respect thereto. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents GE, Wabtec and/or SpinCo may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, AND OTHER DOCUMENTS FILED BY GE, WABTEC OR SPINCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these materials and other documents filed with the SEC by GE, Wabtec and/or SpinCo through the website maintained by the SEC at www.sec.gov . Investors and security holders will also be able to obtain free copies of the documents filed by GE, Wabtec and/or SpinCo with the SEC from the respective companies by directing a written request to GE and/or SpinCo at General Electric Company, 41 Farnsworth Street, Boston, Massachusetts 02210 or by calling 617-443-3400. Investors and security holders can also contact Wabtec at Wabtec Corporation, 1001 Air Brake Avenue, Wilmerding, PA 15148 or by calling 412-825-1543.
NO OFFER OR SOLICITATION
This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
PARTICIPANTS IN THE SOLICITATION
This communication is not a solicitation of a proxy from any investor or security holder. GE, Wabtec, SpinCo, their respective directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from shareholders of Wabtec in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the relevant materials when filed with the SEC. Information regarding the directors and executive officers of GE is contained in GE’s proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on March 23, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 23, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the SEC on May 1, 2018 and certain of its Current Reports filed on Form 8-K. Information regarding the directors and executive officers of Wabtec is contained in Wabtec’s proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on April 5, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 26, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 which was filed with the SEC on May 4, 2018 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between GE and Wabtec. All statements, other than historical facts, including statements regarding the expected timing and structure of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected benefits of the proposed transaction, including future financial and operating results, the tax consequences of the proposed transaction, and the combined company’s plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements.
Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the stockholders of Wabtec may not be obtained; (2) the risk that the proposed transaction may not be completed on the terms or in the time frame expected by GE or Wabtec, or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; (5) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of GE, Wabtec and SpinCo; (6) the ability of the combined company to implement its business strategy; (7) difficulties and delays in achieving revenue and cost synergies of the combined company; (8) inability to retain and hire key personnel; (9) the occurrence of any event that could give rise to termination of the proposed transaction; (10) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (11) evolving legal, regulatory and tax regimes; (12) changes in general economic and/or industry specific conditions; (13) actions by third parties, including government agencies; and (14) other risk factors as detailed from time to time in GE’s and Wabtec’s reports filed with the SEC, including GE’s and Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this communication. Neither GE nor Wabtec undertakes any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
1 Based on Wabtec share price of $83.79 on 19-Apr-2018, the last unaffected trading day prior to media speculation regarding a potential transaction, and Wabtec fully diluted share count.
Source:Westinghouse Air Brake Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-wabtec-and-ge-transportation-to-merge-creating-global-leader-for-rail-equipment-services-and-software.html |
May 2, 2018 / 12:11 PM / Updated 10 minutes ago Key Volkswagen shareholder says unions should stick to staff matters - Stern Reuters Staff 3 Min Read
BERLIN (Reuters) - Volkswagen’s ( VOWG_p.DE ) labour leaders should focus on staff-related matters and not get involved in other aspects of management, the head of the carmaker’s controlling shareholder group was quoted as saying on Wednesday. FILE PHOTO: Wolfgang Porsche, member of Supervisory board of Volkswagen addresses a news conference at the company's headquarters in Wolfsburg, Germany September 23, 2015. REUTERS/Axel Schmidt/File Photo
Wolfgang Porsche’s comments to Germany’s Stern magazine come a month after Volkswagen (VW) appointed a labour representative to its management board for the first time.
Analysts said the move appeared aimed at securing the support of the German company’s powerful works council for the appointment of a new chief executive and a far-reaching overhaul of the group’s structure.
But some were also concerned it could hinder Europe’s biggest carmaker in its efforts to cut costs and improve efficiency, as it embarks on a huge investment in electric vehicles and self-driving technology.
Unions have a say in how German companies are run under the country’s so-called co-determination rules, but their influence is greater at VW thanks to a deal struck after the Second World War.
Labour leaders should participate in deciding staff-related matters, “but it (co-determination) should be confined to this and it should not give rise to a claim to co-management,” Porsche told Stern, calling for a “separation of powers.”
Porsche is the chairman of Porsche SE ( PSHG_p.DE ), the holding firm through which the Porsche and Piech families control the majority of VW’s voting shares.
Porsche also said he expected new VW boss Herbert Diess to step up the pace of reform at the group, which is still struggling to emerge from under the cloud of its 2015 emissions scandal.
Before replacing Matthias Mueller as CEO, Diess repeatedly clashed with works council chief Bernd Osterloh over the implementation of a hard-fought cost-cutting programme at VW’s namesake brand, which Diess continues to run.
Osterloh, in an interview with German newspaper Handelsblatt published on Wednesday, denied labour leaders were running VW, saying management was responsible for corporate decisions.
“And if it (management) lives up to this responsibility, takes plausible decisions and provides leadership, then we have nothing to criticise,” Osterloh was quoted as saying.
Together with VW’s home state of Lower Saxony, labour representatives hold more than half of the 20 seats on the group’s supervisory board that ratifies key decisions on investment, plant closures and executive appointments.
The implications of VW’s delicately balanced ownership structure are likely to come up during discussions at the carmaker’s annual shareholder meeting on Thursday. Reporting by Andreas Cremer; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-volkswagen-unions/key-volkswagen-shareholder-says-unions-should-stick-to-staff-matters-stern-idUKKBN1I31LI |
May 2 (Reuters) - Afromedia PLC:
* FOR THE SECOND QUARTER ENDED 31 MARCH, 2018, GROUP TURNOVER 177.2 MILLION NAIRA VERSUS 233.6 MILLION NAIRA
* Q2 LOSS BEFORE TAX OF 49.1 MILLION NAIRA VERSUS A LOSS BEFORE TAX OF 179.5 MILLION NAIRA A YEAR AGO Source text for Eikon: goo.gl/yzGRxQ Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-afromedia-says-q2-group-turnover-a/brief-afromedia-says-q2-group-turnover-at-177-2-mln-naira-idUSFWN1S9110 |
Emerson Electric Co:
* EMERSON AGREES TO BUY AVENTICS * EMERSON ELECTRIC CO - AGREED ON TERMS TO ACQUIRE AVENTICS FROM TRITON FOR A CASH PURCHASE PRICE OF EUR 527 MILLION.
* EMERSON ELECTRIC - ACQUISITION IS EXPECTED TO CLOSE IN Q4 FISCAL 2018 SUBJECT TO REGULATORY APPROVALS, AMONG OTHERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-emerson-agrees-to-buy-aventics/brief-emerson-agrees-to-buy-aventics-idUSFWN1SO0Q8 |
May 15 (Reuters) - CytRx Corp:
* CYTRX ANNOUNCES CLOSING OF $7.0 MILLION REGISTERED DIRECT OFFERING Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cytrx-announces-closing-of-70-mln/brief-cytrx-announces-closing-of-7-0-mln-registered-direct-offering-idUSASC0A2GU |
Ashburn, Virginia, May 23, 2018 (GLOBE NEWSWIRE) -- The National Recreation and Park Association (NRPA) is proud to announce its new 2018–2019 Board of Directors. Long-time board member, Jack Kardys, will serve as chair, welcoming three new board members at the 2018 NRPA Annual Conference , Sept. 25–27, in Indianapolis, Indiana.
Former Director of the award-winning Miami-Dade Parks, Recreation & Open Spaces (MDPROS) Department, Kardys currently serves as president of J. Kardys Strategies and an associate with PROS Consulting. He also serves on the board of the Park Foundation of Miami-Dade and is the past president of the Florida Recreation and Park Association (FRPA). Highly respected in the field of parks and recreation, Kardys has received several notable accolades, including the NRPA R.O.S.E., FRPA Distinguished Service and American Society for Public Administration Administrator of the Year awards. He also led MDPROS to earn two Florida Governor’s Sterling Awards and the FRPA Agency Excellence Award. Kardys is a graduate of St. Thomas University where he received a bachelor’s degree in sports administration and a Master of Science degree in management.
The following new board members were elected to serve a three-year term:
Carol Coletta, senior fellow, The Kresge Foundation’s American Cities Practice Joshua Medeiros, director of recreation, Town of Cheshire, Connecticut; adjunct professor, Southern Connecticut State University Greg Weitzel, director, department of parks and recreation, City of Idaho Falls, Idaho
Currently serving a one-year term, the following board members were elected to serve a three-year term:
Kong Chang, community recreation specialist, City of Saint Paul Parks and Recreation Nonet Sykes, director, race equity and inclusion, The Annie E. Casey Foundation
These individuals will join forces with the following group of professionals and advocates currently serving on the board:
Michael Abbaté, FASLA, former director, Portland Parks & Recreation Jesús Aguirre, chief operating officer, Tower Steel Services, Inc. Leon T. Andrews, Jr., director, Race, Equity And Leadership (REAL), National League of Cities Neelay Bhatt, vice president, PROS Consulting Hayden Brooks, chairman, American Realty Corporation Kevin Coyle, vice president of education, National Wildlife Federation Richard Gulley, board member, Balboa Park Conservancy Roslyn Johnson, deputy director of facility operations, Maryland-National Capital Park and Planning Commission, Prince Georges County, Maryland Jack Kardys, president, J. Kardys Strategies Michael Kelly, general superintendent and CEO, Chicago Park District Karen Bates Kress, park advocate Carolyn McKnight, superintendent, Recreation and Park Commission, East Baton Rouge Parish, Louisiana Herman Parker, director, City of San Diego Park and Recreation Department Ian Proud, market research and inclusive play manager, PlayPower Molly Stevens, CEO and executive director, Westcave Outdoor Discovery Center Xavier Urrutia, director, City of San Antonio Parks and Recreation Department Dr. Howell Wechsler, CEO, Alliance for a Healthier Generation
“We are proud to have so many talented individuals with strong leadership skills serving on our board,” said Barbara Tulipane, CAE, NRPA president and CEO. “Their combined expertise and passion for parks and recreation will help us achieve our goals — moving the association forward.”
NRPA’s Board of Directors is composed of 15–30 individuals. Board members are representative of NRPA’s membership, which includes leaders in the park, recreation and conservation movement, park and recreation professionals and individuals from corporations, industry suppliers, commercial businesses, and volunteer and civic groups.
To learn more about NRPA’s leadership team, click here .
To learn more about NRPA, visit www.nrpa.org .
###
About the National Recreation and Park Association
The National Recreation and Park Association is a national not-for-profit organization dedicated to ensuring that all Americans have access to parks and recreation for health, conservation and social equity. Through its network of 60,000 recreation and park professionals and advocates, NRPA encourages the promotion of healthy and active lifestyles, conservation initiatives and equitable access to parks and public space. For more information, visit www.nrpa.org . For digital access to NRPA’s flagship publication, Parks & Recreation, visit www.parksandrecreation.org .
Heather Williams National Recreation and Park Association 703-858-4743 [email protected]
Source:National RecreationandPark Association | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-nrpa-announces-2018a2019-board-of-directors.html |
LONDON (Reuters) - Britain will not ask for an extension to the near-two year transition period with the European Union after Brexit when the government publishes its new detailed plans next month, Cabinet Office minister David Lidington said on Wednesday.
FILE PHOTO: Britain's Minister for the Cabinet Office David Lidington arrives in Downing Street, London, January 29, 2018. REUTERS/Toby Melville The government said on Tuesday it would publish detailed plans for its future relationship with the European Union next month.
“Not only are we not asking for a longer transition period but the EU has always been very clear that you can’t use Article 50 to talk about the long-term future relationship,” Lidington told the BBC when asked about the White Paper.
“There is a withdrawal agreement that talks about a period up until the end of 2020, then what we will be seeking to have agreed in clear outline .... over the ensuing period is the big treaty that sets the terms of the future relationship.”
Reporting by Sarah Young, editing by Elizabeth Piper
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-lidington/britain-will-not-ask-for-longer-brexit-transition-period-minister-idUSKCN1IH0PM |
May 24, 2018 / 12:25 PM / Updated 44 minutes ago Turkey's ruling party says wants to overcome problems with U.S. Reuters Staff 1 Min Read
ANKARA (Reuters) - Turkey wants to overcome its problems with the United States and maintaining close cooperation between the two countries is essential, President Tayyip Erdogan’s ruling AK Party said in its manifesto for next month’s elections, published on Thursday. FILE PHOTO: Turkish President Tayyip Erdogan addresses members of parliament from his ruling AK Party (AKP) during a meeting at the Turkish parliament in Ankara, Turkey, March 6, 2018. REUTERS/Umit Bektas/File Photo
The AK Party also said Turkey would continue its efforts for a new and legitimate leadership in Syria, adding that it aimed to re-establish neighbourly ties and cooperation with the “new Syria”. Reporting by Gulsen Solaker; Writing by Tuvan Gumrukcu; Editing by Daren Butler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-turkey/turkeys-ruling-party-says-wants-to-overcome-problems-with-u-s-idUKKCN1IP1XV |
TORONTO, May 23, 2018 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the "Company" or “Galantas”) (TSXV:GAL) (AIM:GAL) is pleased to announce its financial results for the Quarter ended March 31, 2018.
Financial Highlights
Highlights of the first quarter 2018 results, which are expressed in Canadian Dollars, are summarized below:
Quarter Ended March 31 All in CDN$ 2018 2017 Revenue $ 0 $ 2,734 Cost of Sales $ (24,066 ) $ (63,416 ) Loss before the items below $ (24,066 ) $ (60,682 ) Amortization $ (64,249 ) $ (40,055 ) General administrative expenses $ (408,890 ) $ (502,116 ) Unrealized (loss) / gain on fair value of derivative financial liability $ 10,000 $ (22,000 ) Foreign exchange (loss) / gain $ (37,293 ) $ ( 59,381 ) Net (Loss) for the quarter $ (524,498 ) $ (684,234 ) Working Capital (Deficit) $ (5,123,420 ) $ (1,395,866 ) Cash (loss) generated from operations before changes in non-cash working capital $ (332,420 ) $ (394,599 ) Cash at March 31, 2018 $ 182,513 $ 2,310,653 The Net Loss for the quarter ended March 31, 2018 amounted to CDN$ 524,498 (2017: CDN$ 684,234) and the cash outflow from operating activities before changes in non-cash working capital items for the quarter ended March 31, 2018 amounted to CDN$ 332,420 (2017: CDN$ 394,599).
There were no financing activities during the first quarter. Additional loan advances from G&F Phelps Ltd, a related party, during the quarter totalled $ 399,074 (UK£ 220,410). Subsequent to March 31, 2018 Galantas announced that its operating subsidiary, Flintridge Resources Ltd. had signed a concentrate pre-payment agreement and a loan facility agreement for US$ 1.6 million (CDN$ 2.012 million) with Ocean Partners UK Ltd., together with an increased, on-demand loan facility of £600,000 with G&F Phelps Ltd. (See press release dated April 12, 2018 for further details).
Permitting
In November 2017, Galantas reported that it had received notice of an application, by a third party, to the Court of Appeal, in relation to a positive judicial review judgment regarding the grant of planning permission. This was subsequently heard in February 2018. The Court will deliver its judgement at a later date, currently unknown.
Production/Mine Development
Production of flotation concentrate at the Omagh mine from development ore is expected to restart early in the third quarter of 2018. The granting of planning consent in 2015 for an underground operation at the Omagh site, now subject to a judicial review appeal result, permits the continuation and expansion of gold mining underground, following the exhaustion of accessible resources available to the previous open pit operation. The underground mine, which is now in active development, will utilize the same processing methods and will be the first underground gold mine, of any scale, in Ireland. The strategy is to establish the underground mine and look for further expansion of gold resources on the property, which has many undrilled targets.
The phased development arrangement, in terms of mine access dimensions, is expected to allow for rapid expansion of production as additional capital becomes available. The mill has now been re-commissioned in anticipation of a restarting of concentrate shipments.
Underground development of a decline tunnel, located at the base of the existing open pit, started in the first quarter 2017. After over-coming initial difficulties, tunnelling continued through 2017, the first quarter 2018 and to date. A detailed plan is being implemented to accelerate progress in line with the planning consent. The development of the first underground ore drive, which lies beneath a safety (crown) pillar against the Kearney open pit above, was projected, 20 th April 2018, as approximately 90 metres away. This was expected to be reached at the end of June but the current progress suggests this may be reached earlier in June, with processing of development ore recommencing early in the third quarter of 2018. Underground development, using drill and blast techniques, is being carried out by an in-house crew which is fully trained in safety and operating procedures. An in-house, mines rescue team has also been trained and equipped.
The present drilling and loading equipment, which was purchased for training and early tunnel development purposes, is performing above expectations but has lower productivity than is expected with current technology. New drilling equipment is being acquired on a rental basis, with options to purchase, and is expected to improve advance rates by over 40%. The supplier of the equipment has advised of delays in production of the new equipment but has recently commissioned a substitute used tunnelling drill rig on loan. Whilst the interim unit is not expected to be as efficient compared to the new rig, this has led to a significant improvement in advance rate. Infrastructure improvements were required to support the rig which were implemented during the first quarter of 2018. Additional personnel have been added to the workforce, which now total 27 on the Omagh site.
Safety and environmental matters remains a high priority for Galantas. The Company is pleased to report zero lost time accidents for the quarter and routine water and other environmental monitoring continues to be compliant.
Roland Phelps, President and CEO of Galantas Gold Corporation, commented, “I look forward to seeing the improved advanced rate continue. The anticipated start of operations at the flotation plant in coming months marks a milestone in underground operations. We continue to invest in improved equipment and training of personnel and expect to accelerate this as cash is generated from operations.”
The detailed results and Management Discussion and Analysis (MD&A) are available on www.sedar.com and www.galantas.com and the highlights in this release should be read in conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons with previous periods, trends affecting the business and risk factors.
The Annual General and Special Meeting of the Company will be held at Thursday, June 28, 2018 at 11:00 a.m. (Toronto time) at the registered office of the Company, DSA Corporate Services Inc. 82 Richmond Street East, Toronto, Ontario, M5C 1P1.
Qualified Person
The financial components of this disclosure has been reviewed by Leo O’ Shaughnessy (Chief Financial Officer) and the production, exploration and permitting components by Roland Phelps (President & CEO), qualified persons under the meaning of NI. 43-101. The information is based upon local production and financial data prepared under their supervision.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including anticipated production and development projections, for the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas’ actual results, the performance or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries and throughputs; mining operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or availability of key employees; additional funding requirements; uncertainties regarding planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas’s forward-looking statements are discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Enquiries
Galantas Gold Corporation
Jack Gunter P.Eng – Chairman
Roland Phelps C.Eng – President & CEO
Email: [email protected]
Website: www.galantas.com
Telephone: +44 (0) 2882 241100
Grant Thornton UK LLP (Nomad)
Philip Secrett, Richard Tonthat.
Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Ranald McGregor-Smith, Nick Lovering
Telephone: +44(0)20 7659 1234
Source:Galantas Gold Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-galantas-reports-results-for-the-quarter-ended-march-31-2018-and-looks-to-commence-concentrate-production-early-in-third.html |
EPS $.15 Compared to First Quarter 2017 EPS Loss of ($1.17)
Revenue and EPS hit new all-time records
Active MoviePass subscribers have surpassed 2.7 million with MoviePass adding 1.1 million net new subscribers in 1 st quarter
NEW YORK--(BUSINESS WIRE)-- Helios & Matheson (Nasdaq: HMNY) (“Helios”) announced financial results for the first quarter today. The company posted quarterly revenues of more than $49 million for 2018 and $1.3 for 2017, an increase of more than 3,700%. Quarterly earnings per share was $.15 basic income per share compared to a loss of ($1.17) per share one year ago. Subscriptions to MoviePass were very strong for the first quarter.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180516005810/en/
MoviePass April Usage vs. May Usage -- All Current Active Users (Photo: Business Wire)
“We are excited to report our biggest quarter in Helios and Matheson and MoviePass combined history. This growth surpassed our expectations,” said Ted Farnsworth, Chairman and CEO of Helios.
A recent independent survey by NRG (National Research Group) which was hired by the Hollywood Reporter, strongly supports the comparatively strong customer satisfaction levels of our subscribers, as 83% of our subscribers are more satisfied with MoviePass than any other subscriber service, with this further supporting and underscoring the tremendous value proposition we provide to consumers.
The NRG (National Research Group) report also stated:
41% decide what theater to attend based on MoviePass If their favorite theater chain started their own service, only 18% would definitely switch their service 72% of subscribers would pay more to see a movie in a premium format 84% very likely to recommend MoviePass MoviePass subscribers are twice as likely to attend movies on opening weekend 83% are seeing more movies than before they were subscribers to MoviePass Subscribers are twice as likely to see the following movies such as, LadyBird, the Post, I, Tonya, Annihilation. 49% are more willing to attend movies alone Nearly half of all moviegoers are aware of the MovePass service and one third say they are very likely to subscribe once they learn more 49% say they are seeing movies that they wouldn’t normally see in theaters
Our core strategy has always been to provide a compelling value proposition to consumers that vastly improves their movie-going experience. As our subscriber base rapidly grows and matures, our financial goal is to breakeven on subscribers and generate alternative revenue streams through studio/brand promotion, advertising, digital films, and other initiatives, as well as MoviePass Ventures, MovieFone, and owning original movies in theatrical release, where MoviePass earns revenue by owning an equity stake in the movies and earning ancillary revenues from streaming, DVD sales, retail sales, foreign distribution sales, and transaction sales, etc. We have done this with most recent acquisitions of American Animals, and Gotti starring John Travolta, Kelly Preston, and Stacy Keach which both premiere in the United States in June 2018. Recent trends related to average ticket purchases, churning net growth and reducing abuse has bolstered our confidence in our economic model being viable and shows significant improvement in achieving our objectives.
MoviePass is releasing key metrics that demonstrate significant improvements to its economic model and strong appeal to customers. The trendline based on our data suggests this figure will be reduced further in the coming months. As our subscriber base matures, we are also naturally seeing significantly reduced usage over time. MoviePass added 1.1 million net new subscribers in the first quarter and our subscriber base recently surpassed 2.7 million. Recent actions MoviePass has taken to curb misuse (announced on April 27, 2018) have not had a negative impact on its strong net subscriber growth, which continues to exceed a monthly run rate of 350,000 net new subscriber additions since late April.
MoviePass and MoviePass Ventures
MoviePass Inc. (“MoviePass”) is a marketing technology platform enhancing the exploration of film and the moviegoing experience. As the nation's premier movie-theater subscription service, MoviePass provides film enthusiasts the ability to attend up to one new movie title per day in theaters. The service, now accepted at more than 91% of theaters across the United States, is the nation's largest theater network.
MoviePass Ventures LLC, is a wholly-owned subsidiary of Helios and Matheson Analytics Inc. ( NASDAQ: HMNY ), dedicated to supporting filmmakers and distributors. Announced at the 2018 Sundance Film Festival, MoviePass Ventures collaborates with film distributors and creatives to co-finance the acquisition of films and team with MoviePass to market films to MoviePass subscribers, offering enhanced box office performance.
About Helios and Matheson
Helios and Matheson Analytics Inc. (Nasdaq: HMNY ) (“Helios”) is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, artificial intelligence, business intelligence, social listening, and consumer-centric technology. Helios owns approximately 92% of the outstanding shares (excluding options and warrants) of MoviePass Inc., the nation's premier movie-theater subscription service. Helios's holdings include RedZone Map™, a safety and navigation app for iOS and Android users, and a community-based ecosystem that features a socially empowered safety map app that enhances mobile GPS navigation using advanced proprietary technology. Helios is headquartered in New York, NY and listed on the Nasdaq Capital Market under the symbol Helios. For more information, visit us at www.hmny.com .
Cautionary Statement on Forward-looking Information
Certain statements in this communication contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, “forward-looking statements”) that may not be based on historical fact, but instead relate to future events, including without limitation statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar expressions. All statements other than statements of historical fact included in this communication are forward-looking statements.
Such forward-looking statements are based on a number of assumptions. Although Helios’s management believes that the assumptions made and expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement contained herein will prove to be accurate. Actual results and developments (including, without limitation, the potential benefits of MoviePass Ventures’ co-investment in films as described herein) may differ significantly from those expressed or implied by the forward-looking statements contained herein and even if such actual results and developments are realized or substantially realized, there can be no assurance that they will have the expected consequences or effects. Risk factors and other material information concerning Helios and MoviePass are described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and other filings, including subsequent current and periodic reports, information statements and registration statements filed with the U.S. Securities and Exchange Commission. You are cautioned to review such reports and other filings at www.sec.gov .
Given these risks, uncertainties and factors, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on Helios’s current expectations and Helios does not undertake an obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005810/en/
HMNY Contact:
The Pollack PR Marketing Group
Stephanie Goldman/Mark Havenner, 310-556-4443
[email protected] / [email protected]
or
MoviePass Contact:
LaunchSquad for MoviePass
Gavin Skillman, 212-564-3665
[email protected]
Source: Helios & Matheson | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-helios-and-matheson-and-moviepass-report-first-quarter-earnings.html |
May 30, 2018 / 7:39 PM / Updated 21 minutes ago Grand Slam, French Open Women's Singles Results Reuters Staff 2 Min Read May 30 (OPTA) - Results from the Grand Slam, French Open Women's Singles matches on Wednesday .. 1st Round .. 1-Simona Halep (ROU) beat Alison Riske (USA) 2-6 6-1 6-1 .. 2nd Round .. Katerina Siniakova (CZE) beat Kateryna Kozlova (UKR) 6-7(4) 6-4 6-4 26-Barbora Strycova (CZE) beat Ekaterina Makarova (RUS) 6-4 6-2 Yulia Putintseva (KAZ) beat Jennifer Brady (USA) 6-4 6-3 Qiang Wang (CHN) beat Petra Martic (CRO) 6-1 6-1 13-Madison Keys (USA) beat Caroline Dolehide (USA) 6-4 6-1 21-Naomi Osaka (JPN) beat Zarina Diyas (KAZ) 6-4 7-5 31-Mihaela Buzarnescu beat Rebecca Peterson (SWE) 6-1 6-2 (ROU) 4-Elina Svitolina (UKR) beat Viktoria Kuzmova (SVK) 6-3 6-4 8-Petra Kvitova (CZE) beat Lara Arruabarrena (ESP) 6-0 6-4 25-Anett Kontaveit (EST) beat Alexandra Dulgheru (ROU) 7-5 6-2 Camila Giorgi (ITA) beat Mariana Duque Marino (COL) 6-0 6-3 10-Sloane Stephens (USA) beat Magdalena Frech (POL) 6-2 6-2 14-Daria Kasatkina (RUS) beat Kirsten Flipkens (BEL) 6-3 6-3 Maria Sakkari (GRE) beat 23-Carla Suarez Navarro 7-5 6-3 (ESP) Pauline Parmentier (FRA) beat 32-Alize Cornet (FRA) 6-7(2) 6-4 6-2 2-Caroline Wozniacki (DEN) beat Georgina Garcia Perez 6-1 6-0 (ESP) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-results-womens-singles/grand-slam-french-open-womens-singles-results-idUKMTZXEE5UK3S7TY |
NEW YORK (Thomson Reuters Foundation) - Lina Alhomsi and her family, all Syrian refugees, recently awoke in the middle of the night to the sight and sounds of a drunken man breaking through the roof of their New Jersey apartment.
Syrian refugee Wahed Safour sits in his apartment in Paterson, New Jersey, United States on May 1, 2018. THOMSON REUTERS FOUNDATION / Samira Sadeque Fed up with the living conditions, she and seven other refugee families this week filed a federal lawsuit against their landlord and the U.S. Department of Health and Human Services, claiming neglect, uninhabitable living conditions, breach of contract and emotional distress.
More than 6 million people have been uprooted from their homes in war-ravaged Syria, many living in dire conditions in temporary camps and settlements in the Middle East.
Many of those who made it to the United States like the Alhomsi family, among the roughly 7,000 Syrians with temporary protected status, hoped for better.
Alhomsi, her husband and four children have lived in the Paterson, New Jersey apartment, some 50 miles northwest of New York City, since they arrived in the United States nearly two years ago.
The other refugee families suing also live in buildings owned by the same landlord in the run-down neighborhood, complaining of leaking ceilings, cockroaches, mice and bedbugs.
Due to the pest-filled housing, “the kids have a lot of anxiety,” Hend Elburi, programs and operations manager at SMILE for Charity, told the Thomson Reuters Foundation.
Alhomsi’s 4-month-old daughter Linda recently fell ill from what the family suspects was exposure to rodent droppings. The baby and one of her brothers are covered with bug bites, the little boy so bitten that he was sent home from school, according to his mother.
BUGS, ROACHES AND MICE Another refugee signed onto the lawsuit, Mohammad Hilal, who fled his hometown of Daraa, Syria, said the bed bugs, roaches and mice are causing mental health problems and conflicts for his family.
The refugee families live in the United States under the federal government’s Temporary Rental Assistance, which pays for their housing for a limited period of time.
Their future is clouded by President Donald Trump’s administration which has shown deep skepticism toward the program established by Congress in 1990 to provide temporary reprieve for immigrants whose home countries face disaster or conflict.
The lawsuit seeks immediate inspection of the properties, a rent abatement and unspecified damages.
Theirs is not the first such lawsuit to be filed against a branch of government, but the cases are rare, experts say.
In 2016, a group of refugee families sued a school district in Pennsylvania, claiming they were denied equal access to educational opportunities and forced to attend schools for underachieving students.
“This is not something I’ve heard of before, but I welcome it,” said Kevin Appleby, senior director of International Migration Policy at the Center for Migration Studies in New York.
“It’s always been a challenge to find housing for refugees,” he said.
Richard Mazawey, the attorney representing landlord Charles Florio, denied the claims, saying the apartments are habitable and regularly exterminated.
“Not only do we deny these allegations and maintain that this is frivolous and the plaintiff’s lawyers are misguided, but also, it’s an affront to all people who answer the bell to help people domestically and internationally when they’re in crisis,” Mazawey said.
According to the families, the landlord’s office accused them of being “dirty.”
Some of the refugee families say they are frightened to challenge the landlord, a prominent community member.
But others like Waheed Safour, who lives with his two children, say they are hopeful the case will bring some change.
In his apartment, the heating broke down for 10 days last winter and no one came to fix it, he said. Safour said he spent more than $200 of his own money to solve the problem.
Reporting by Samira Sadeque, Editing by Ellen Wulfhorst Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-refugees-housing/syrian-refugees-take-u-s-landlord-government-to-court-over-claims-of-filthy-housing-idUSKBN1I51Z8 |
TORONTO, Ontario, May 22, 2018 /PRNewswire/ --
CellCube Energy Storage Systems Inc. ("CellCube or the "Company") (CSE: CUBE) (OTCQB: STNUF) (Frankfurt: 01X) is pleased to announce the appointment of Mr. Alexander Schoenfeldt as Managing Director of the CellCube vanadium flow battery for Enerox GmbH ("Enerox").
CellCube's wholly-owned subsidiary, Enerox, is one of the world's first and largest researchers, developers, manufacturers and distributors of vanadium flow batteries. As an industry leader in the energy storage sector, Enerox has installed its CellCube vanadium flow batteries at over 100 sites around the world.
Alexander is a thought leader in technology-based growth and turnaround situations in the energy industry. Alexander has innovated and developed smart and disruptive business solutions in the area of smart grids, power generation, SaaS, digitalisation or energy storage. As an executive manager Alexander is able to simplify big pictures into commercialized digestible must haves and a clear roadmap for his customers, shareholders and team members.
Alexander has held several global and regional management positions in business development, sales, marketing and product management both in large enterprises such as Siemens or start-up companies like Anyline, Locamation or recently Younicos in Berlin.
Alexander has now been appointed the managing director of Enerox GmbH in Wiener Neustadt to become the global leader in redox flow-based energy storage systems.
"I am thrilled to join the CellCube family just now", Alexander stated after signing the contract. "a perfect timing when market signals clearly indicate the growing demand for longer duration storage systems. The CellCube products are not only known as the most advanced in the market I am very excited to offer a very powerful technical and commercial solution to our clients and become the global market leader."
Mr. Schoenfeldt will be responsible for the operations of Enerox , developing new business opportunities and commercializing innovative technologies in the energy storage sector. He has broad experience in both the technology and energy sectors. His detailed understanding of energy business models, automation and software/IT capabilities coupled with his strong customer and market orientation will assist him greatly his new position with Enerox.
"Alex is an accomplished company leader and very experienced in the public technology sectors," said Brian Stecyk, President & CEO of CellCube. "We are confident that he will add great value to our international team and that Enerox will benefit from his industry insights and strategic leadership skills."
The grid-connected storage market is expected to grow 44% annually with the market size reaching $18-billion (U.S.) by 2024 (Navigant Research). CellCube, with its recent acquisition of the assets of Gildemeister GmbH and Jet Power and Controls Ltd., and its investment in Braggawatt Energy Inc., is ideally positioned to capitalize on the demand for vanadium flow batteries (VFBs) worldwide to help meet the world's rapidly growing energy storage needs.
There are currently over 100 CellCube batteries in use globally. Originally developed by Gildemeister and backed by 20 years of research and development. CellCube VFBs are used for a variety of purposes including grid storage; microgrids; off-grid storage for solar and wind power; diesel power replacement; back-up power systems; farming applications; electrical vehicle charging stations; industrial plants and office building applications; and emergency power sources.
CellCube recently acquired Jet Power, a North American leading-edge provider of custom and off-the-shelf electrical equipment and systems for heavy power users, pipeline companies, refineries, manufacturers, municipalities, and infrastructure providers and equipment. Its key products include electrical switchgear, motor control switchers and solar power inverters. With the acquisition of Jet Power, CellCube will be able to accelerate its sales of CellCube batteries worldwide and offer complementary products and services.
CellCube has recently invested in, and formed a strategic relationship with, Braggawatt which provides financing through an on-line platform that allows corporations to effectively adopt cost-saving on-site energy solutions.
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at http://www.sedar.com . Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Brian Stecyk, President & CEO
CellCube Energy Storage Systems Inc.
Telephone: +1-800-882-3213
Email: [email protected]
Website: http://www.cellcubeenergystoarge.com
SOURCE CellCube Energy Storage Systems Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-cellcube-appoints-managing-director-and-coo-for-cellcube-vanadium-flow-battery.html |
SEOUL (Reuters) - General Motors ( GM.N ) executive Barry Engle said on Thursday that the automaker’s commitment to South Korea is long-term and sincere, after South Korea announced details of a new deal with the automaker.
FILE PHOTO: The logo of GM Korea is seen at its Bupyeong plant in Incheon, South Korea March 29, 2018. REUTERS/Kim Hong-Ji/File Photo Engle, President of GM International, added that although there was still a lot of work to do in South Korea, he sees a bright future.
Reporting by Hyunjoo Jin; Writing by Joyce Lee; Editing by Muralikumar Anantharaman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gm-southkorea-exec/gms-commitment-to-south-korea-is-long-term-and-sincere-says-gm-executive-idUSKBN1IB0MG |
May 14 (Reuters) - Downer EDI Ltd:
* DOWNER AWARDED BERYL SOLAR FARM CONTRACT * WAS AWARDED AN ENGINEERING, PROCUREMENT AND CONSTRUCTION (EPC) CONTRACT WORTH ABOUT $150 MILLION BY FIRST SOLAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-downer-edi-awarded-beryl-solar-far/brief-downer-edi-awarded-beryl-solar-farm-contract-by-first-solar-idUSASO0004ON |
BARCELONA (Thomson Reuters Foundation) - In a part of Barcelona best known as a concrete transport hub, just a stone’s throw from the bustling Sants railway station, a square has been transformed into an idyllic play area.
Children and their parents take part in the "Urban Forest" initiative run by local non-profit organisation Tata Inti in the Sants district of Barcelona, Spain, May 12, 2018. Thomson Reuters Foundation/Sophie Davies Sitting on a sea of bright ethnic cushions and rugs, under canopies shading them from the sun, children tinker with nature-inspired toys, including bits of wood in all shapes and sizes, as their parents look on.
The pop-up play area is part of an “Urban Forest” initiative organized by Tata Inti, a local non-profit founded in 2014 that provides education to children under six.
The government-funded organization aims to “democratize the care of young children, make it visible, and at the same time recover public space as a meeting place”, said Mercè Aranda, co-founder of Tata Inti.
The Urban Forest project, which will hold sessions in eight areas of Barcelona over the next few months, offers free play to lower-income families, Aranda told the Thomson Reuters Foundation.
It comes at a time when city authorities are pushing forward with a 20.7 million-euro ($23.9 million) initiative, started in 2015, to make Barcelona a more child-friendly city.
Under the plan, 89 new play spaces will be built and 150 existing ones renovated by the end of next year, to make them more accessible and inclusive for children of different ages, as well as those with disabilities.
Underpinning the ambitious scheme is a desire to develop areas outside of the traditional playground model, providing more spontaneous opportunities for play and physical activity.
YOUNGER CITIES Globally, fast-growing cities are under pressure to protect children from urban pressures including crime, traffic, pollution, cramped living conditions and social isolation.
Of the 4 billion people living in the world’s urban areas, nearly a third are children, according to UNICEF, the U.N. agency for children’s rights. By 2050, 70 percent of the world’s children will live in urban areas, it estimates.
Healthy development of children is crucial to the wellbeing of any society, and the costs of failing are huge, as children’s early experiences shape their future achievements, according to UNICEF, which runs the global Child Friendly Cities Initiative.
Children and their parents take part in the "Urban Forest" initiative run by local non-profit organisation Tata Inti in the Sants district of Barcelona, Spain, May 12, 2018. Thomson Reuters Foundation/Sophie Davies Weaker social cohesion and higher crime rates in dense urban areas increase psychotic symptoms in children, including hearing or seeing things that others do not, found a 2016 study published by U.S.-based Duke University.
OUT AND ABOUT Urban planners have begun looking for ways to make cities better for children in an everyday sense, by enabling them to get around independently and increasing the amount of time they spend outdoors and in contact with nature.
Independent mobility – when a child can move around a city without being accompanied by an adult – depends on road crossings, perceptions of safety, and the proximity and availability of things to do, global engineering firm Arup said in a report earlier this year on design for urban childhoods.
Cities that can offer children a network of routes and activities that they enjoy using and are good for them means thinking beyond fenced-off playgrounds, said Tim Gill, a UK-based researcher and author who has advised London’s mayor on child-friendly city planning in the past.
Children will play in many different types of spaces, he noted. “So let’s think more creatively about how we can design public spaces where play is a function... but may not be the only function,” he said.
Cities designed with children in mind would have less traffic and more suitable infrastructure such as wider pavements, multi-functional play spaces and new models like Barcelona’s “superblock” system which restricts traffic flow in selected neighborhoods, Arup said.
In Singapore, a new child-friendly bus stop opened last year, featuring a swing, artwork, children’s books, a rooftop garden, lots of seating and access to e-books, digital maps and other online information.
If the project, devised by the government with local firm DP Architects, is a success, the authorities plan to expand it from the Jurong region to other parts of Singapore.
Slideshow (3 Images) TAKING RISKS Some cities have also begun incorporating wild spaces or freestyle playgrounds, where children can play in nature rather than a man-made setting, take risks, and even have accidents.
Critics say playground design since the 1970s has become too focused on health and safety, leading to unimaginative facilities that stifle children’s creativity by preventing them from trying new things and making discoveries for themselves.
New initiatives like forest schools and wild spaces aim to counter that. In Rotterdam’s Nature Playground in the Netherlands, children are allowed to camp and build fires and dens, as if they were in the countryside.
Unstructured outdoor play can improve children’s problem-solving skills, focus and self-discipline, and boost their ability to get along with others, leading to healthier and happier lives, experts say.
However, a number of studies show children in richer countries are spending less time outdoors.
British children play outside half as much as their parents did, according to a 2016 survey from Britain’s National Trust.
The developing world is starting to experience the same trend, said Gill.
“As you are seeing a growing middle-class in poorer countries, you are also seeing children’s lives becoming more constrained, and more fear about children’s freedoms,” he said.
That is partly because wealthier families tend to live in gated communities, he added.
Giving children simple liberties, rather than rearing them “in captivity”, is good for them, but also for society more broadly because it points to the general healthiness of a neighborhood, said Gill.
“That neighborhood is also going to work pretty well for older people, for people with disabilities, for a wider section of the population,” he explained.
In Britain, the “Playing Out” movement to close streets to traffic for a couple of hours on a set day so that children can play there freely has gathered steam in the past few years, expanding from the city of Bristol across the country.
Enabling children from different social classes and ethnic backgrounds to spend regular time together also reduces community tensions, said Gill.
“Those sorts of childhood experiences help to make cities better, more convivial, and places that are more at ease with themselves,” he added.
Reporting by Sophie Davies; editing by Megan Rowling. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-cities-children-design/cities-go-wild-with-child-friendly-design-idUSKCN1IV0RT |
May 11 (Reuters) - EMPERIA HOLDING SA
* LITHUANIAN COMPANY MAXIMA GRUPE ANNOUNCES MANDATORY SQUEEZE-OUT FOR 354,531 SHARES OF EMPERIA HOLDING REPRESENTING 2.87% OF ITS SHARE CAPITAL, SAYS INTERMEDIARY DOM MAKLERSKI MBANK
* AFTER TENDER OFFER ANNOUNCED IN NOVEMBER, 2017 MAXIMA GRUPE TOGETHER WITH ITS UNIT ELPRO DEVELOPMENT SA HOLD 97.13% STAKE OF EMPERIA HOLDING
* PURCHASE PRICE IS SET AT 100 ZLOTYS PER SHARE * MANDATORY SQUEEZE-OUT STARTS ON MAY 11
* PURCHASE DATE IS SET FOR MAY 17 Source text: bit.ly/2IaBqYc
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SI1EA |
Reblog Spending on factories, equipment and other capital goods by companies in the S&P 500 is expected to have risen to $166 billion in the first quarter, up 24% from a year earlier, according to Credit Suisse data going back to 1995. Investors and economists agree that capital expenditure, or capex, is good for long-term corporate profits and the broader economy, which has languished for years without such spending. | ashraq/financial-news-articles | https://www.wsj.com/articles/capital-spending-boom-is-no-great-boost-to-capital-markets-1526376600?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
BERLIN (Reuters) - German Chancellor Angela Merkel is not expected to discuss the idea of replacing the U.S. dollar as a global reserve currency with her Chinese hosts when she visits the country later this week, a senior German official said.
FILE PHOTO: German Chancellor Angela Merkel speaks during a joint news conference with Russian President Vladimir Putin following their meeting in the Black Sea resort of Sochi, Russia May 18, 2018. REUTERS/Sergei Karpukhin Asked whether reining in the dollar could be on the agenda in Beijing, where Merkel will meet President Xi Jinping and Premier Li Keqiang, the official said: “Replacing the dollar as a global reserve currency, it is not about that.”
Reporting by Noah Barkin; Editing by Paul Carrel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-china-dollar/dollar-role-not-on-the-agenda-for-merkel-trip-to-china-idUSKCN1IN1GI |
May 21, 2018 / 8:50 PM / Updated 2 hours ago Pakistan heatwave kills 65 people in Karachi - welfare organization Saad Sayeed 3 Min Read
ISLAMABAD (Reuters) - A heatwave has killed 65 people in Pakistan’s southern city of Karachi over the past three days, a social welfare organization said on Tuesday, amid fears the death toll could climb as the high temperatures persist. A mother holds her child, covered with a towel to avoid sunlight, during a heatwave in Karachi, Pakistan May 21, 2018. REUTERS/Akhtar Soomro
The heatwave has coincided with power outages and the holy month of Ramadan, when most Muslims do not eat or drink during daylight hours. Temperatures hit 44 degrees Celsius (111 Fahrenheit) on Monday, local media reported.
Faisal Edhi, who runs the Edhi Foundation that operates morgues and an ambulance service in Pakistan’s biggest city, said the deaths occurred mostly in the poor areas of Karachi.
“Sixty-five people have died over the last three days,” Edhi told Reuters. “We have the bodies in our cold storage facilities and their neighborhood doctors have said they died of heat-stroke.” A man covers his head with a scarf to avoid sunlight, during a heatwave in Karachi, Pakistan May 21, 2018. REUTERS/Akhtar Soomro
A government spokesperson could not be reached for comment.
But Sindh province’s Health Secretary Fazlullah Pechuho told the English-language Dawn newspaper that no one has died from heat-stroke. Slideshow (4 Images)
“Only doctors and hospitals can decide whether the cause of death was heat-stroke or not. I categorically reject that people have died due to heat-stroke in Karachi,” Pechuho was quoted as saying.
Nonetheless, reports of heat stroke deaths in Karachi will stir unease amid fears of a repeat of a heatwave in of 2015, when morgues and hospitals were overwhelmed and at least 1,300 mostly elderly and sick people died from the searing heat.
In 2015, the Edhi morgue ran out of freezer space after about 650 bodies were brought in the space of a few days. Ambulances left decaying corpses outside in sweltering heat.
The provincial government has assured residents that there would be no repeat of 2015 and was working on ensuring those in need of care receive rapid treatment.
Edhi said most of the dead brought to the morgue were working class factory workers who came from the low-income Landhi and Korangi areas of Karachi.
“They work around heaters and boilers in textile factories and there is eight to nine hours of (scheduled power outages) in these areas,” he said.
Temperatures are expected to stay above 40C until Thursday, local media reported. Writing by Drazen Jorgic; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/us-pakistan-heatwave/pakistan-heatwave-kills-65-people-in-karachi-welfare-organization-idUKKCN1IM2AU |
Takeda Pharmaceutical Co. on Tuesday reached an agreement to buy Shire PLC, capping a monthslong battle for control of the European drugmaker and marking the biggest-ever overseas acquisition by a Japanese company.
Shire’s board agreed Takeda could buy it at £49.01 or $66.21 a share—$30.33 in cash and 0.839 of a Takeda share for each Shire share—in a deal that valued the target at $62 billion. Both companies still need shareholders to sign off.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/takeda-pharmaceutical-agrees-to-buy-shire-in-62-billion-deal-1525761607 |
Original Winnie-the-Pooh map to be auctioned in London Thursday, May 31, 2018 - 01:24
The map of the Hundred Acre Wood drawn by E.H. Shepard in 1926 is expected to fetch up to $200,000. Rough cut (no reporter narration)
The map of the Hundred Acre Wood drawn by E.H. Shepard in 1926 is expected to fetch up to $200,000. Rough cut (no reporter narration) //reut.rs/2L8wK6e | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/original-winnie-the-pooh-map-to-be-aucti?videoId=431974696 |
May 18 (Reuters) - RGC Resources Inc:
* RGC RESOURCES INC - SEES 2018 EPS IN THE RANGE OF $0.90 TO $0.91 & SEES 2019 EPS IN THE RANGE OF $1.00 TO $1.04 Source text : [ bit.ly/2IxlZtl ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rgc-resources-forecasts-2018-earni/brief-rgc-resources-forecasts-2018-earnings-per-share-in-the-range-of-0-90-to-0-91-idUSFWN1SP0VO |
HOUSTON, May 17, 2018 (GLOBE NEWSWIRE) -- Indoor Harvest Corp (“Indoor Harvest” or the “Company”) (OTCQB:INQD) is pleased to announce first quarter results for 2018, under new management after the completion of the Company’s change in focus in 2017 toward becoming a developer of personalized cannabis medicines and a provider of advanced cultivation methods and processes to the cannabis industry.
Financial Results Summary
A summary of the financial results for the quarter ended March 31, 2018, as compared to the quarter ended March 31, 2017, is as follows:
88% reduction in net loss from $1,056,253 to $127,216. 62% reduction in total operating expenses from $726,828 to $272,603. 68% decrease in general and administrative expenses from $622,403 to $198,190. 21% reduction in professional fees from $90,547 to $71,375. 36% reduction in total liabilities from $1,132,644 to $727,780. 41% reduction in stockholders deficit from ($999,624) to ($594,722).
Annette Knebel, the Company’s Chief Financial Officer, stated, “As can be seen by first quarter results, we have made great strides in reducing our overall operating expenses. There were however substantial expenses in the first quarter of 2017 related to the acquisition of Alamo CBD and its application to produce cannabis in Texas. We will continue to evaluate ways to cut costs and reduce operations where we can.”
In August 2017, the Company completed a reverse triangular merger with Alamo CBD, exchanging 7,584,008 shares of Indoor Harvest’s common stock, thus making Alamo CBD a wholly-owned subsidiary of the Company. Additionally, we ceased actively supporting business development of vertical farms for produce production.
Alamo CBD is a pending applicant to produce cannabis in Texas, placing 16 th out of 43 applicants, under the Texas Compassionate Use Program. So far three applicants have been awarded approvals to produce cannabis under the program. The Company is a member of and is working with the Medical Cannabis Association of Texas and expects both lobbying and legislative efforts currently being undertaken to result in the program being expanded, additional permits being awarded, and new legislation being introduced in 2019 to allow for a separate permitting process to conduct cannabis research in line with the Controlled Substance Act. There is no guarantee that these efforts will result in the Company obtaining a license or permit to produce cannabis in Texas or that legislation will be adopted allowing a separate licensing or permitting process for research purposes.
In early February of 2018, Dr. Coleman and Benjamin Coleman, previous majority shareholders of Alamo CBD, voluntarily returned and canceled an aggregate of 3,280,470 common shares in order to prevent additional dilution to the shareholders during the Company’s efforts to secure new senior management, provide additional incentive equity and to form an advisory board.
“Efforts in Texas are ongoing and feedback as well as support from legislators and the medical community has been very promising,” stated Dan Weadock, Indoor Harvest’s Chief Executive Officer. “We have our foot in the door with our pending application and have put into place some really great partnerships, both in science and technology. With the world’s largest and most respected medical complex located in Houston, hosting both medical research and treatment facilities, the future of pharmaceutical development of cannabis in the state of Texas is quite promising”
Operations Summary
During the first quarter of 2018, the Company completed the following key efforts:
Added new senior management, including Mr. Daniel Weadock as Chief Executive Officer and Ms. Sandra Fowler as Chief Marketing Officer. Formed a Scientific Advisory Board comprised of Dr. Ronald Walter, Dr. Nadia Sabeh and Mr. Damian Solomon to assist in the development of the Company’s business plan. Completed initial conceptual design and engineering work to integrate the Company’s HPA technology with HVAC systems with its partner Harvest Air, LLC. Entered into discussions with cannabis producers in Canada and the United States to utilize the Company’s technology and methods.
“We’ve opened up discussions with several key groups in the United States, Canada and Europe to look at ways to partner and so far the interest has been strong. We’re pursuing opportunities that will not only allow us to showcase our technology, but to establish research partnerships that will enable us to begin testing climate recipes to manipulate the phenotypic response of cannabis and testing the effects of combining certain microbe technologies with aeroponics. The Company is well positioned in what I expect will be a surge of interest in innovation, especially from those looking at the pharmaceutical potential of cannabis,” further stated Mr. Weadock.
The Company expects to begin to resume quarterly conference calls with shareholders and investors and will also schedule the Company’s annual shareholder meeting in the second half of 2018.
About Indoor Harvest Corp
Indoor Harvest Corp (OTCQB: INQD ), through its brand name Indoor Harvest®, is a technology company focused on enabling the production of biopharma grade cannabis for research and development of true pharma grade personalized medicines. The Company is a pending applicant under the Texas Compassionate Use Program and is planning to develop facilities in Arizona and Colorado. We are seeking to use the relationships and technology we have developed to become a registered producer and seller under the federal Controlled Substance Act (“CSA”) of pharmaceutical grade Cannabis for research by third parties developing targeted treatment for specific medical symptoms.
Forward-Looking Statements
This release contains certain “forward-looking statements” relating to the business of Indoor Harvest and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “estimates,” “believes,” “anticipates,” “intends,” expects” and similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Indoor Harvest’s current expectations and beliefs concerning future developments and their potential effects on Indoor Harvest. There can be no assurance that future developments affecting Indoor Harvest will be those anticipated by Indoor Harvest. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Indoor Harvest undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Contact Information
Indoor Harvest Corp
Dan Weadock, Chief Executive Officer
[email protected]
INDOOR HARVEST CORP
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31,
2018 December 31,
2017 ASSETS Current assets: Cash $ 42,981 $ 35,453 Prepaid rent - 4,452 Unused commitment fee 50,000 50,000 Total current assets 92,981 89,905 Furniture and equipment, net 22,014 24,623 Security deposit 12,600 12,600 Intangible asset, net 5,463 5,892 Total assets $ 133,058 $ 133,020 LIABILITIES Current liabilities: Accounts payable and accrued expenses $ 109,574 $ 89,033 Convertible notes payable, net of debt discount of $24,228 and
$69,541, respectively 565,272 455,459 Derivatives liability 25,006 554,917 Accrued payroll 3,722 6,653 Deferred rent 5,671 6,239 Note payable - current portion 7,714 7,520 Total current liabilities 716,959 1,119,821 Long term liabilities: Note payable 10,821 12,823 Total liabilities 727,780 1,132,644 Stockholders’ deficit: Series A Convertible Preferred stock: $0.01 par value, 5,000,000
shares authorized; 750,000 shares issued and outstanding at both
March 31, 2018 and December 31, 2017 7,500 7,500 Common stock: $0.001 par value, 50,000,000 shares authorized;
23,688,240 and 25,503,678 shares issued and outstanding at March
31, 2018 and December 31, 2017, respectively 23,971 25,502 Additional paid-in capital 7,909,845 7,376,196 Accumulated deficit (8,536,038 ) (8,408,822 ) Total stockholders’ deficit (594,722 ) (999,624 ) Total liabilities and stockholders’ deficit $ 133,058 $ 133,020
INDOOR HARVEST CORP
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the three months ended
March 31, 2018 2017 Revenue $ - $ - Cost of sales - - Gross profit - - Operating expenses Depreciation and amortization expense $ 3,038 $ 13,141 Research and development - 737 Professional fees 71,375 90,547 General and administrative expenses 198,190 622,403 Total operating expenses 272,603 726,828 Loss from operations (272,603 ) (726,828 ) Other income (expense) Other income (expense) 4 (11,733 ) Interest expense (17,669 ) (112,685 ) Amortization of debt discount (80,563 ) (205,007 ) Change in fair value of embedded derivative liability 243,615 - Total other income (expense) 145,387 (329,425 ) Net loss $ (127,216 ) $ (1,056,253 ) Net loss per common share: Net loss per share, basic and diluted $ (0.01 ) $ (0.06 ) Weighted average number of common shares outstanding: Basic and diluted 24,649,867 16,816,214
INDOOR HARVEST CORP
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(UNAUDITED)
Series A
Convertible
Preferred Stock,
$0.01 Par Value Common Stock,
$0.001 Par Value Additional
Paid in Accumulated Total
Stockholders’
Equity Shares Amount Shares Amount Capital Deficit (Deficit) Balances, December 31, 2017 750,000 $ 7,500 25,503,678 $ 25,502 $ 7,376,196 $ (8,408,822 ) $ (999,624 ) Common stock issued for services – related party - - 285,522 285 79,788 - 80,073 Convertible debt converted into common stock - - 1,465,032 1,464 148,535 - 149,999 Voluntary return of stock by related party - - (3,280,470 ) (3,280 ) 3,280 - - Derivative liability - - - - 286,296 - 286,296 Beneficial conversion feature - - - - 15,750 - 15,750 Net loss for the three months ended March 31, 2018 - - - - - (127,216 ) (127,216 ) Balances, March 31, 2018 750,000 $ 7,500 23,973,762 $ 23,971 $ 7,909,845 $ (8,536,038 ) $ (594,722 )
INDOOR HARVEST CORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the three months ended
March 31, 2018 2017 Cash flows from operating activities: Net loss $ (127,216 ) $ (1,056,253 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 3,038 13,141 Amortization of debt discount 80,563 205,007 Change in fair value of embedded derivative liability (243,615 ) - Stock issued for services - related party 80,073 109,930 Stock issued for services - 352,000 Change in operating liability: Decrease in accounts receivable - 34,853 Decrease in prepaid expense 4,452 - Increase (decrease) in accounts payable and accrued expenses 20,541 (3,071 ) Decrease in deferred rent (568 ) (568 ) Decrease in accrued compensation - officers (2,931 ) (7,142 ) Net cash used in operating activities (185,663 ) (352,103 ) Cash flows from investing activities: Investment in joint venture - (250,000 ) Purchase of equipment and software - (550 ) Net cash used in investing activities - (250,550 ) Cash flows from financing activities: Repayments of note payable (1,809 ) (227,132 ) Proceeds from convertible notes payable, less offering costs and OID costs paid 195,000 - Proceeds from demand note payable, less OID costs paid - 250,000 Repayment of convertible note - (175,000 ) Issuance of common stock for cash - 824,000 Net cash provided by financing activities 193,191 671,868 Decrease in cash and cash equivalents 7,528 69,215 Cash and cash equivalents at beginning of period 35,453 78,219 Cash and cash equivalents at end of period $ 42,981 $ 147,434 Supplementary disclosure of cash flow information: Cash paid during the period for: Interest $ 506 $ 682 Income taxes $ - $ - Supplemental disclosure of non-cash investing and financing activities: Beneficial conversion feature $ 15,750 $ 95,333 Settlement of convertible note into common shares $ - $ 100,000 Partial conversion of convertible note into common shares $ 150,000 $ - Conversion of preferred shares into common shares $ - $ 2,500 Derivative liability reclassified to paid-in capital $ 286,296 $ - Voluntary return of stock by related party $ 3,280 $ -
Source:Indoor Harvest Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-indoor-harvest-corp-announces-first-quarter-2018-improvements-and-guidance.html |
TOKYO (Reuters) - Japan will host a summit with President Moon Jae-in of South Korea and Chinese Premier Li Keqiang in Tokyo on May 9 to discuss regional issues, the government said on Tuesday, with observers expecting North Korea to be high on the agenda.
South Korean President Moon Jae-in delivers a joint statement with North Korean leader Kim Jong Un during the inter-Korean summit at the truce village of Panmunjom, in this still frame taken from video, South Korea April 27, 2018. Host Broadcaster via REUTERS TV The meeting, which has been hosted in turn by each of the three nations since the first one was held in Japan in 2008, aims to strengthen dialogue and cooperation. It is the third time Japan has hosted the meeting, the Foreign Ministry said.
Bracketing the summit, Li will make a state visit to Japan from May 8 to 11, during which he will meet Emperor Akihito, the ministry added.
Moon held a summit with North Korean leader Kim Jong Un on Friday, when both sides agreed to work toward denuclearization of the Korean peninsula. Kim is also due to meet U.S. President Donald Trump in coming weeks.
Reporting by Elaine Lies; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-summit/japan-to-host-summit-with-china-south-korea-on-may-9-idUSKBN1I23NO |
May 19, 2018 / 5:43 AM / Updated 22 minutes ago Texas shooting suspect seems 'weirdly nonemotional,' lawyer says Erwin Seba 6 Min Read
SANTA FE, Texas (Reuters) - The 17-year-old student who authorities said killed 10 people when he opened fire in an art class in his Houston-area high school appeared to be disoriented on the morning after the rampage, one of his lawyers said on Saturday.
The teenager, identified by law enforcement as Dimitrios Pagourtzis, has been charged with capital murder and is being held without bail in Santa Fe, Texas, where authorities said he opened fire shortly before 8 a.m. on Friday. In addition to the nine students and one teacher killed, gunfire wounded 10 people, with two of them in critical condition.
Nicholas Poehl, one of two lawyers hired by the suspect’s parents to represent him, told Reuters he had spent a total of one hour with Pagourtzis on Friday night and Saturday morning.
“He’s very emotional and weirdly nonemotional,” the attorney said when asked to describe his client’s state of mind. “There are aspects of it he understands and there are aspects he doesn’t understand.”
Asked if Pagourtzis has provided authorities with information about the shootings, Poehl said: “Honestly because of his emotional state, I don’t have a lot on that.”
Pagourtzis waived his right to remain silent and made a statement to authorities admitting to the shooting, according to an affidavit ahead of his arrest.
On Friday morning, Santa Fe High School, southeast of Houston, became the scene of the fourth-deadliest mass shooting at a U.S. public school in modern history, joining a long list of U.S. campuses where students and faculty have fallen victim to gunfire.
The Texas rampage again stoked the nation’s long-running debate over gun ownership, three months after a student-led gun control movement emerged from a mass shooting in Parkland, Florida, which left 17 teens and educators dead.
A vigil was held Friday night for the victims, who have not been officially identified. Authorities said they were likely to begin releasing the names on Saturday. Related Coverage Greek village "lost for words" over news of Texan teen gunman
“This will bring us closer together - hopefully, a positive impact from something negative,” said Clayton George, 16, who played football with the suspect.
The Pakistan Embassy in Washington D.C. identified one of the victims on Twitter as Sabika Sheikh, a Pakistani exchange student, while the brother-in-law of Cynthia Tisdale, a teacher’s aide and mother of four, said on Facebook she was killed in the attack.
National Football League star J.J. Watt, who plays defensive end for the Houston Texans, said he will pay for the funerals of the deceased, local media reported.
“Absolutely horrific,” he tweeted about the shooting.
Classmates at the school of some 1,460 students described Pagourtzis as a quiet loner who played on the football team. On Friday, they said he wore a trench coat to school in Santa Fe, about 30 miles southeast of Houston, on a day when temperatures topped 90 degrees Fahrenheit (32 degrees Celsius).
Texas Governor Greg Abbott said Pagourtzis obtained firearms from his father, who had likely acquired them legally, and also left behind explosive devices.
Abbott told reporters that Pagourtzis wanted to commit suicide, citing the suspect’s journals, but did not have the courage to do so. Christian Cardenas 10, helps Jaydon Johnson 8, light a candle during a vigil for the victims of a shooting at Santa Fe High School that left several dead and injured in Santa Fe, Texas, U.S., May 18, 2018. REUTERS/Pu Ying Huang ‘I HAD TO GET OUT OF THERE’
Pagourtzis was charged with capital murder and denied bail at a brief court hearing later on Friday, where he appeared in handcuffs and wearing a green prison jumpsuit. He spoke in a soft voice and said “Yes, sir” when asked if he wanted a court-appointed attorney, along with other questions.
Poehl, the suspect’s lawyer, said he expected a second hearing soon and would likely have more information about that on Monday. The discovery process by prosecutors would take a long time, he said.
Texas Attorney General Ken Paxton told CNN authorities were investigating whether anyone else helped in the attack.
Authorities have not disclosed how many explosive devices were found or if any of the deceased were killed or hurt by explosions. It is also unclear why the shooter targeted the art class.
Pagourtzis spared people he liked so he could have his side of the story told, a charging document obtained by Reuters showed.
Abbott said investigators had seen a T-shirt on the suspect’s Facebook page that read “Born to Kill,” and authorities were examining his journal. But there were no outward signs he had been planning an attack, he said.
Some aspects of Friday’s shooting had echoes of the massacre at Columbine High School in 1999. The two teenaged killers in that incident wore trench coats, used shotguns and planted improvised explosives, killing 10 before committing suicide themselves.
It was the second mass shooting in Texas in less than seven months. A man armed with an assault rifle shot dead 26 people during Sunday prayers at a rural church last November. Slideshow (7 Images)
Two school officers engaged the Santa Fe High School shooter, including school district police officer John Barnes, who was in critical condition after a gunshot wound to his elbow that almost caused him to bleed out, hospital officials said. Writing by Frank McGurty; Editing by William Maclean and Matthew Lewis | ashraq/financial-news-articles | https://www.reuters.com/article/us-texas-shooting/teen-gunman-attacks-texas-high-school-art-class-kills-10-idUSKCN1IK04V |
DALIAN/MANILA, May 4 (Reuters) - Global trader Glencore carried out the first trade by a foreign firm for Chinese iron ore futures on Friday, the first day that the Dalian Commodity Exchange opened the contract to overseas investors, the exchange said.
Iron ore is the second commodity China has opened to outside investors after launching crude oil futures in March. The move is expected to increase trading in the contract, which was launched in 2013 and is already among China’s most liquid derivatives.
Reporting by Muyu Xu and Manolo Serapio Jr.; Editing by Christian Schmollinger
Our | ashraq/financial-news-articles | https://www.reuters.com/article/china-futures-glencore/glencore-first-foreign-firm-to-trade-iron-ore-futures-after-china-opens-market-idUSP9N1NE012 |
Left behind: New Zealand's homeless crisis 9:32pm IST - 01:59
New Zealand's economic golden run has fueled an unexpected crisis: homelessness. Reuters’ Jonathan Barrett lays out the government’s challenges in trying to help the tens of thousands of people with nowhere to live. Eve Johnson reports.
New Zealand's economic golden run has fueled an unexpected crisis: homelessness. Reuters’ Jonathan Barrett lays out the government’s challenges in trying to help the tens of thousands of people with nowhere to live. Eve Johnson reports. //reut.rs/2IUaUWt | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/left-behind-new-zealands-homeless-crisis?videoId=429047225 |
RICHMOND, Va., May 01, 2018 (GLOBE NEWSWIRE) -- Union Bankshares Corporation has declared a quarterly dividend of $0.21 per share. The dividend amount is the same as the prior quarter’s dividend and is a $0.01, or 5%, per share increase from the prior year’s quarterly dividend level.
Based on the stock’s closing price of $38.45 on April 27, 2018, the dividend yield is approximately 2.2%. The dividend is payable on May 25, 2018 to shareholders of record as of May 11, 2018.
ABOUT UNION BANKSHARES CORPORATION
Headquartered in Richmond, Virginia, Union Bankshares Corporation (NASDAQ:UBSH) is the holding company for Union Bank & Trust, which has 150 branches, 39 of which are operated as Xenith Bank, a division of Union Bank & Trust of Richmond, Virginia, and approximately 216 ATMs located throughout Virginia and in portions of Maryland and North Carolina. Union Bank & Trust also operates Shore Premier Finance, a specialty marine lender. Non-bank affiliates of the holding company include: Union Mortgage Group, Inc., which provides a full line of mortgage products, Old Dominion Capital Management, Inc. and Dixon, Hubard, Feinour, & Brown, Inc., which both provide investment advisory services, and Union Insurance Group, LLC, which offers various lines of insurance products.
Contact: Bill Cimino (804) 448-0937, VP and Director of Investor Relations
Source:Union Bankshares Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-union-bankshares-corporation-declares-quarterly-dividend.html |
The investment opportunities in China and Singapore: UBS 9 Hours Ago Adrian Zuercher of UBS explains why investors should take a look at the Chinese and Singaporean markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/the-investment-opportunities-in-china-and-singapore-ubs.html |
(Repeats with no changes to text)
By Karen Freifeld and Jonathan Allen
NEW YORK, May 24 (Reuters) - Film producer Harvey Weinstein was expected to surrender to authorities in New York on Friday, months after he was toppled from Hollywood’s most powerful ranks by scores of women accusing him of sexual assault, a person familiar with the case said.
Weinstein’s spokesman Juda Engelmayer and Weinstein’s lawyer Benjamin Brafman both declined to comment. The imminent criminal charging of Weinstein, which was first reported by the New York Daily News, follows a months-long investigation, including by the Manhattan district attorney’s office.
A person familiar with the case confirmed the report to Reuters on condition of anonymity. The New York Times and other news outlets also reported Weinstein was expected to surrender.
More than 70 women have accused the co-founder of the Miramax studio and The Weinstein Co of sexual misconduct spanning decades, including rape. The allegations, first reported by the New York Times and the New Yorker last year, gave rise to the #MeToo movement in which hundreds of women have publicly accused powerful men in business, government and entertainment.
Weinstein has denied having non-consensual sex with anyone.
Weinstein will be charged over an allegation by at least one accuser, Lucia Evans, a former aspiring actress who told the New Yorker that Weinstein forced her to give him oral sex in 2004, the Times and Daily News reported. The exact nature of the charges being brought by Manhattan prosecutors was unclear on Thursday afternoon.
The New York Police Department and the district attorney’s office declined to comment on the case.
KEEPING THEIR DISTANCE Entertainment industry heavyweights have distanced themselves from Weinstein, once one of Hollywood’s most powerful men, since the accusations became public. The board of the Weinstein Co fired him and the company itself filed for bankruptcy in March. In 2017, he was expelled from the Academy of Motion Picture Arts and Sciences, which presents the Oscars.
A former fixture in the most elite entertainment circles of Manhattan and Los Angeles, Weinstein has since been seen spending time in Scottsdale, Arizona, where the New York Times said he had been seeking treatment for sex addiction.
London’s Metropolitan Police have said they are also investigating an allegation of sexual assault against Weinstein, while prosecutors in Los Angeles said in February they were reviewing three accusations of sexual assault against him.
Weinstein’s lawyer Brafman said in a May court filing that federal prosecutors in New York had opened a separate criminal investigation into the allegations.
Actress Ashley Judd last month sued Weinstein, saying that he cost her a part in 1998 for the film “The Lord of the Rings” after she rejected his sexual advances, charges that Weinstein has denied.
Actress Rose McGowan, among the first in Hollywood to accuse Weinstein of sexual assault, said in a statement on Thursday that his alleged victims were now “one step closer to justice.”
“May this give hope to all victims and survivors everywhere that are telling their truths,” she said.
Italian actress Asia Argento, who has accused Weinstein of raping her at the Cannes film festival in 1997 when she was 21, reacted to Thursday’s reports with a one-word Twitter post: “BOOM.”
Other film stars who have publicly accused Weinstein of sexual misconduct include Uma Thurman and Salma Hayek.
Brafman, Weinstein’s lawyer, is known for representing high-profile criminal defendants, including pop star Michael Jackson and Martin Shkreli, the former drug company executive.
In 2011, Brafman represented Dominique Strauss-Kahn, the former head of the International Monetary Fund, over charges, which were eventually dropped, that he sexually assaulted a New York City hotel maid.
Since 2006, there has been no statute of limitations in New York for rape or aggravated sex abuse in the first degree. Crimes for which the statute had not expired on June 23, 2006, were included when the law changed, meaning crimes as early as 2001 can still be prosecuted.
“New York, which used to have some of the shortest state of limitations for rape cases, caught up with the modern world in 2006,” said former Manhattan prosecutor Marc Scholl. “Sex assailants can no longer escape their crimes because victims were afraid to speak.” (Reporting by Jonathan Allen, Dan Trotta, Joseph Ax, Karen Freifeld and Peter Szekely in New York and Jill Serjeant in Los Angeles; editing by Grant McCool)
| ashraq/financial-news-articles | https://www.reuters.com/article/people-harvey-weinstein/rpt-update-5-movie-producer-weinstein-to-surrender-on-sex-assault-charges-idUSL2N1SW0B8 |
Aspen Insurance Holdings Ltd:
* Q1 EARNINGS PER SHARE $0.38 * Q1 EARNINGS PER SHARE VIEW $0.84 — THOMSON REUTERS I/B/E/S
* GROSS WRITTEN PREMIUMS OF $1,116.8 MILLION IN Q1 OF 2018, AN INCREASE OF 11.9%
* NET WRITTEN PREMIUMS OF $635.5 MILLION IN Q1 OF 2018, A DECREASE OF 7.4% COMPARED WITH $686.2 MILLION IN Q1 OF 2017
* DILUTED BOOK VALUE PER SHARE WAS $38.70 AS AT MARCH 31, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aspen-insurance-holdings-q1-earnin/brief-aspen-insurance-holdings-q1-earnings-per-share-0-38-idUSASC09Z85 |
The executive board of the International Monetary Fund met Friday in Washington to formally begin negotiating a bailout program with Argentina, which has neared the brink of a crisis as the Argentine peso has fallen against the dollar, leaving the nation struggling to manage its dollar-denominated debts.
The IMF said it would begin negotiating an “exceptional access standby arrangement,” the name for an IMF program that allows countries access to large credit lines.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/imf-begins-negotiations-with-argentina-over-large-credit-line-1526664127 |
May 29 (Reuters) - Britain's FTSE 100 index is seen opening 36 points lower at 7,695 on Tuesday, according to financial bookmakers. * VEDANTA RESOURCES: India's Tamil Nadu state has ordered a permanent closure of a big copper smelter run by London-listed Vedanta Resources , the state chief minister said on Monday, after protests demanding its shutdown killed 13 people last week. * ITV PLC: British broadcaster ITV Plc is considering entering into a joint venture valued at 1 billion pounds ($1.33 billion) with BBC to acquire half of broadcaster UKTV, the Telegraph newspaper reported on Monday. * PRET A MANGER: Luxembourg-based JAB Holdings is set to buy British sandwich chain Pret A Manger ( IPO-PRET.L ) for 1.5 billion pounds ($2.0 billion), including debt, from its private equity owners, the Financial Times reported late on Monday. * ROYAL BANK OF SCOTLAND: Britain could sell a 10 percent stake in Royal Bank of Scotland as soon as this week, Sky News reported on Monday, citing banking sources. * STANDARD CHARTERED: Standard Chartered's private equity arm is seeking to sell its stake in a unit of Saudi Binladin Group, the construction group whose owners were entangled in Saudi Arabia's anti-corruption purge, said three sources familiar with the matter. * OIL: Oil prices were mixed in Asian trading on Tuesday, but remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply. * The UK blue chip index ended the day up 0.18 percent at 7,730.28 points on Friday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-may-29-idUSL3N1T021B |
May 10, 2018 / 4:50 PM / Updated 42 minutes ago Motor racing - Colliding Red Bulls free to race but face close scrutiny Alan Baldwin 3 Min Read
BARCELONA (Reuters) - Formula One team mates Daniel Ricciardo and Max Verstappen will remain free to race each other despite their Azerbaijan Grand Prix collision — but both expect Red Bull to step in if the situation looks like overheating in future. FILE PHOTO: Motor Racing - F1 Formula One - Formula One Test Session - Circuit de Barcelona-Catalunya, Montmelo, Spain - February 2, 2018. Daniel Ricciardo of Red Bull Racing during testing. REUTERS/Albert Gea
Speaking to reporters at the Spanish Grand Prix, the Australian and his 20-year-old Dutch team mate said there had been a lot of discussion between all parties back at the factory.
“I think if it got to that point again where there’s banging wheels and stuff, especially if the car’s faster behind, then you’d probably expect at some point they’d go, ‘Let’s swap cars and release one of them’,” said Ricciardo.
“There’s no guarantee but that was one thing we certainly talked about.”
Ricciardo smashed into the back of Verstappen’s car while attempting to pass in the race two weeks ago. Both retired on the spot.
They had banged wheels before then and the eventual accident came as little surprise.
Red Bull principal Christian Horner refused to blame one driver over the other at the time and said both were “in the doghouse”.
Verstappen said relations between the drivers, who get on well, remained good.
“We have a lot of respect for each other and we realise that it was a mistake. There are no bad feelings at all,” said the Dutchman, who said they would probably leave “two or three millimetres” more margin in future.
Asked about so-called team orders being applied, Verstappen — who is seen as the team’s future and, unlike Ricciardo, has a long-term contract — indicated that would depend on the particular circumstances.
“Maybe if it’s like Baku again, I think at one point the team will say, ‘OK, maybe calm down a bit and just follow each other the last few laps’. I don’t know,” he said.
“But I think in general they still trust us and we also understand we don’t want that to happen again.” ACCUMULATION OF EVENTS
Ricciardo, a winner in China last month, said it was not just about the drivers, however.
“Obviously we are the drivers; we created, in the end, the incident. But it was an accumulation of events and it was important to address all areas,” he said.
“I don’t think it was just us in that moment. There was a build-up and maybe a way that we could have responded better, whether it was releasing a car or something. A lot of things we talked about.”
Both drivers were reprimanded by stewards after the race and Ricciardo accepted that.
“I don’t feel guilty but I understand what they needed to do. In the end I have no problem with that,” he said. Reporting by Alan Baldwin, editing by Neville Dalton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-spain-redbull/motor-racing-colliding-red-bulls-free-to-race-but-face-close-scrutiny-idUKKBN1IB2H6 |
ctboxMOSCOW (Reuters) - Vladimir Putin, sworn in on Monday for another six years as Russian president, nominated Dmitry Medvedev again to be his prime minister.
Here are some facts about the 52-year-old Medvedev, a long-time Putin ally who has served as prime minister since 2012.
* Medvedev, like Putin, was born in Soviet Leningrad, now called St Petersburg. A law graduate, both he and Putin were close to the late Anatoly Sobchak, mayor of the city from 1991-1996. Sobchak is often spoken of as Putin’s political mentor.
* Medvedev worked with Putin in the early 1990s in St Petersburg city hall where Putin headed the Committee for Foreign Affairs. Medvedev then worked as a legal affairs director at a big timber firm.
* Putin, on becoming prime minister in 1999, appointed Medvedev to a senior position in Moscow. When an ailing Boris Yeltsin named Putin acting president, Putin made Medvedev deputy head of his presidential administration. Medvedev went on to successfully run Putin’s first presidential election campaign.
* Medvedev then held senior management oversight roles at gas giant Gazprom and did a stint as Putin’s chief-of-staff before taking on the role of First Deputy Prime Minister, where he was responsible for implementing big national projects.
* Putin hit a problem in 2008. He had served two consecutive presidential terms and was barred by the constitution from serving a third. Putin solved the puzzle by naming Medvedev as his handpicked presidential successor and by becoming prime minister himself instead. The ruling tandem lasted from 2008-2012.
* Medvedev as president cultivated an image as a more pro-Western and liberal figure than Putin and styled himself a crusading anti-corruption campaigner. For a while, some Russians and foreign leaders thought the country was really changing course and that Medvedev had genuine autonomy. That turned out to be short-lived. Putin returned to the presidency in 2012 and made Medvedev his prime minister in what critics said was a cynical job swap.
* Medvedev likes to swim every day and train with weights. A video of the two men doing a morning workout together went viral on the Internet in 2015. A video of Medvedev awkwardly dancing to a 1990s pop hit caused similar excitement in 2011, drawing mockery in some quarters.
* Medvedev, who is married and has a son, is a keen amateur photographer and is well known for his love of gadgets and smartphones. He is also known as a fan of British hard rock music from the 1970s.
* Critics accuse Medvedev, whose surname is derived from the Russian word for bear, of being too laid back and not tough enough, and he has been spotted asleep at high profile events. However, Putin has publicly stayed loyal to Medvedev, who is thought to be one of the president’s most trusted allies.
* Opposition leader and Kremlin critic Alexei Navalny last year accused Medvedev of amassing a secret property empire through an opaque corruption scheme. An online video detailing the allegations has since garnered more than 27 million views. Medvedev has dismissed the allegations as politically motivated nonsense.
Reporting by Andrew Osborn; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-putin-inauguration-medvedev-fa/factbox-who-is-dmitry-medvedev-putins-nominee-for-prime-minister-idUSKBN1I817Y |
US producer price index rose 0.1% in April, vs 0.3% increase expected U.S. producer prices barely rose in April after strong gains in the first quarter. Inflation was contained by a moderation in the cost of both goods and services. The data could ease fears that inflation pressures were rapidly building up. Published 8 Hours Ago 8 Hours Ago | 00:59
U.S. producer prices barely rose in April after strong gains in the first quarter, held down by a moderation in the cost of both goods and services, which could ease fears that inflation pressures were rapidly building up.
The slowdown in wholesale price growth reported by the Labor Department on Wednesday is likely temporary as manufacturers have been reporting paying more for raw materials. Economists also expect oil prices to surge after President Donald Trump on Tuesday pulled the United States out of an international nuclear deal with Iran.
"Inflation isn't breaking out, although with Trump exiting the Iran nuclear deal, higher energy prices could kick-start a new round of inflation at the producer level," said Chris Rupkey, chief economist at MUFG in New York.
The Labor Department said on Wednesday its producer price index for final demand edged up 0.1 percent last month after increasing 0.3 percent in March. That lowered the year-on-year increase in the PPI to 2.6 percent from 3.0 percent in March.
Economists polled by Reuters had forecast the PPI gaining 0.2 percent last month and rising 2.8 percent from a year ago.
A key gauge of underlying producer price pressures that excludes food, energy and trade services also nudged up 0.1 percent last month. The so-called core PPI had increased by 0.4 percent in each of the past three months.
In the 12 months through April, the core PPI rose 2.5 percent after jumping 2.9 percent in March. Core goods prices increased 0.3 percent in April, matching March's gain.
Stocks on Wall Street were trading higher, with shares of energy companies getting a boost from surging oil prices after the United States exited the Iran nuclear deal and imposed the 'highest level' of sanctions against the OPEC member. Oil prices rose more than 2.5 percent. U.S. Treasury yields rose while the dollar fell against a basket of currencies. Inflation near target
Inflation is flirting with the Federal Reserve's 2 percent target. The U.S. central bank's preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, increased 1.9 percent year-on-year in March and is expected to breach its target in the coming months.
This comes as last year's big declines in prices of cell phone service plans drop out of the calculation.
Fed officials have in recent days signaled they would not be too concerned if inflation overshot the central bank's target, reiterating a message in a statement issued at the end of a two-day policy meeting last Wednesday.
In that statement, policymakers said they expected annual inflation to run close to its "symmetric" 2 percent target over the medium term. The U.S. central bank left interest rates unchanged last week. The Fed hiked rates in March and has forecast at least two more increases for this year.
"This report should help calm Fed hawks," said Chris Low, chief economist at FTN Financial in New York.
In April, the price of services ticked up 0.1 percent. That followed two straight monthly increases of 0.3 percent.
Services were restrained by a 3.2 percent drop in the cost of hotel accommodation, which was the biggest decline since September 2009. The cost of healthcare services fell 0.2 percent after increasing 0.3 percent in March. Those costs feed into the core PCE price index.
Prices for goods were unchanged last month after rising 0.3 percent in March. Wholesale food prices declined 1.1 percent last month, the largest drop since August 2016, after surging 2.2 percent in March. Gasoline prices fell 0.4 percent in April after dropping 3.7 percent in the prior month.
In a separate report on Wednesday, the Commerce Department said wholesale inventories increased less than initially estimated in March amid declines in the stocks of motor vehicles and a range of other goods.
Stocks at wholesalers rose 0.3 percent instead of the 0.5 percent gain it reported last month. They increased 0.9 percent in February.
The component of wholesale inventories that goes into the calculation of gross domestic product — wholesale stocks excluding autos — rose 0.4 percent in March. Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/us-producer-price-index-april-2018.html |
Good afternoon from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY will look externally for a new chairman after front runner Gerry Grimstone unexpectedly pulled out of the Brexit & Beyond: U.S. Allies Worry About Trump's Next Trade Move Next WSJ City: Trump's Trade Agenda Brings Heightened Tensions, Apple Flexes Its Financial Muscles | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/01/wsj-city-pm-barclays-looks-outside-for-new-chairman-the-eus-extra-time-on-tariffs-ether-faces-scrutiny/ |
Patrick Jenkins talks about Barclays merger rumors 4 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/patrick-jenkins-talks-about-barclays-merger-rumors.html |
Scott Mlyn | CNBC Amber Baldet
Former head of J.P. Morgan' s blockchain arm is no longer on Wall Street. But the former insider says major banks like her former employer could get into the cryptocurrency business imminently. "I think it's coming sooner than people probably think," Amber Baldet, Former head of J.P. Morgan's blockchain arm told CNBC's " Power Lunch " Friday. "But even where the will is, the legal and regulatory framework is challenging."
Despite record investor profits from bitcoin's 1,300 percent rise last year, most banks have stayed away. Goldman Sachs is reportedly moving ahead with plans to set up the first bitcoin trading operation at a Wall Street bank.
But custody is still a huge challenge, Baldet said. Right now, financial institutions have few ways of safeguarding a firm's digital assets, although some solutions were announced this week.
Japan-based global investment bank Nomura unveiled a venture to establish a custody offering Wednesday, and Coinbase also announced a fleet of new offerings that includes a custody solution on Monday.
Baldet's post-J.P. Morgan plans had been the topic of speculation since she announced her departure from the bank in April. Baldet unveiled her new start-up Clovyr Wednesday at the Consensus blockchain conference. The company offers something similar to the app store but for projects built on blockchain technology.
"There's no way to discover what's out there right now, there's no Google for finding applications," Baldet said. "The ability to discover apps is helpful but the ability to build them is also encompassed in there."
Baldet, who was listed on Fortune's 40 Under 40 list of the most influential young people in business, led J.P. Morgan's Blockchain Center of Excellence. She played a critical role at establishing the bank's enterprise blockchain strategy, and its flagship Quorom project.
J.P. Morgan developed its blockchain technology two years ago for clearing and settling derivatives and cross-border payments but Baldet said it can be used across industries.
"It's an open-sourced project, it's completely agnostic and industry agnostic as well," she said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/banks-could-start-trading-crypto-soon-says-fmr-jpmorgan-executive.html |
SHANGHAI, May 23, 2018 /PRNewswire/ -- Jupai Holdings Limited ("Jupai" or the "Company") (NYSE: JP), a leading third-party wealth management service provider in China, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2018, before the U.S. markets open on Monday, May 28, 2018.
Jupai's management will host an earnings conference call on May 28, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
U.S./International:
+1-845-675-0437 or +1-866-519-4004
Hong Kong:
+852-3018-6771 or 800-906-601
Mainland China:
400-620-8038 or 800-819-0121
Singapore:
+65-6713-5090 or 800-101-2868
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is: 3688852
A replay of the conference call may be accessed by phone at the following numbers until June 5, 2018:
U.S./International:
+1-855-452-5696
Hong Kong:
800-963-117
Mainland China:
400-632-2162
Singapore:
800-616-2305
Passcode:
3688852
Additionally, a live and archived webcast will be available at http://jupai.investorroom.com .
About Jupai (NYSE: JP):
Jupai Holdings Limited ("Jupai") (NYSE: JP) is a leading third-party wealth management service provider focusing on distributing wealth management products and providing quality product advisory services to high-net-worth individuals in China. Jupai's comprehensive and personalized client service and broad range of carefully selected third-party and self-developed products have made it a trusted brand among its clients. Jupai maintains extensive and targeted coverage of China's high-net-worth population.
For more information, please visit http://jupai.investorroom.com .
View original content: http://www.prnewswire.com/news-releases/jupai-to-report-first-quarter-2018-financial-results-on-may-28-2018-300652376.html
SOURCE Jupai Holdings Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-jupai-to-report-first-quarter-2018-financial-results-on-may-28-2018.html |
(Adds details, background, Quote: s)
By Saliou Samb
CONAKRY, May 14 (Reuters) - Guinea’s Societe Miniere de Boke (SMB) has completely shut down bauxite production at its mine for the past 10 days owing to a staff walkout, its director general said on Monday.
Frederic Bouzigues told Reuters by telephone that the company had already lost between one million to 1.2 million tonnes of scheduled bauxite production because of the strike, with losses running to $1 million a day.
SMB is owned by Guinea, China’s Winning Shipping Ltd, Shandong Weiqiao and UMS International Ltd.
Guinea’s volatile western town of Boke frequently suffers strikes and protests from a local population that feels largely excluded from its vast mineral wealth — including both mining employees and those who failed to find work in its mines.
“All our activities are blocked because of a decision to stop work that some of our employees have taken to stop work, after the arrest of a union leader by the authorities,” Bouzigues said.
Aboubacar Sidiki Mara, a union leader, was arrested by police in the capital Conakry at the start of the month, triggering unrest.
Opposition supporters in Guinea staged protests and erected barricades in Boke and the town of Kamsar in March, disrupting some bauxite shipments.
Similar protests paralysed Boke and disturbed output in September and April last year.
The poor West African nation contains one of the world’s richest iron ore and bauxite deposits, and has proven reserves of gold and diamonds, but despite decades of mining it has stayed near the bottom of the U.N. Human Development Index. Boke’s other major Bauxite miner is Compagnie des Bauxites de Guinee (CBG), 49 percent owned by the Guinean state and the remainder by Alcoa, Rio Tinto Alcan and Dadco.
Reporting by Saliou Samb Writing by Tim Cocks Editing by Edmund Blair
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/guinea-mining-strike/update-1-strike-shuts-off-1-2-mln-t-bauxite-output-at-guinea-smb-mine-idUSL5N1SL6HB |
BRUSSELS, May 23 (Reuters) - The European Central Bank should use “reason” and tackle the bad loans weighing on some euro zone banks on a case-by-case basis, rather than introducing new and potentially damaging rules, a top European Union lawmaker said on Wednesday.
“On the stock, I hope that reason will prevail,” said Roberto Gualtieri, the chairman of the EU Parliament’s committee on economic and monetary affairs, to which the ECB is accountable.
“An additional push on the stock has to be done bank by bank,” the Italian socialist added.
He warned that applying the same guidelines that the ECB adopted for new unpaid loans to legacy credit would threaten the stability of the banking sector. (Reporting By Francesco Canepa Editing by Balazs Koranyi)
| ashraq/financial-news-articles | https://www.reuters.com/article/ecb-banks-loans/top-eu-lawmaker-hopes-ecb-will-use-reason-when-tackling-bad-loans-idUSF9N1PX00K |
SAN RAMON, Calif.--(BUSINESS WIRE)-- Five9, Inc. (NASDAQ: FIVN), a leading provider of cloud contact center software for the digital enterprise, today announced that its Board of Directors has appointed Rowan Trollope as CEO effective May 3 rd . Trollope was formerly SVP & General Manager of Cisco’s Applications Group.
Mike Burkland, who transitioned from CEO to Executive Chairman last December due to health reasons will continue as Executive Chairman. Barry Zwarenstein, Five9’s CFO, who served as Interim CEO during the transition, will continue as Chief Financial Officer. Dan Burkland will remain President overseeing Five9 customer facing functions which include Sales, Marketing and Services.
“I am absolutely thrilled that Rowan will be our next CEO,” said Mike Burkland. “Rowan is a proven superstar and one of Silicon Valley’s most sought-after executives. He is a seasoned veteran with an extensive track record of creating value, driving innovation and scaling large technology organizations. Rowan’s valuable domain experience in cloud technologies and the contact center market will be a huge benefit to Five9 and we’re really fortunate to gain a leader with his experience, talent and vision. In addition, I believe Rowan has the right character and personality traits to carry on our unique and thriving culture at Five9.”
Trollope has over 25 years of management experience. Most recently, as a key member of the CEO’s Executive Leadership Team at Cisco, he led the Applications Group, a $5 billion business. Trollope joined Cisco in 2012 to lead the Collaboration Technology Group. During his tenure, his team reinvented Cisco’s Collaboration business, pivoting to a SaaS model and making design, simplicity and exponential improvement the guiding principles of product development. As a result, the business returned to growth - with recurring revenue growing in the double digits, margins expanding significantly, market share increasing, and leading Cisco’s shift to recurring revenue.
As a member of Cisco’s Executive Leadership Team, Trollope’s role expanded to creating a portfolio of new, high growth Enterprise SaaS businesses. This was first realized by turning-around the IoT initiative and building the industry’s #1 connectivity and data delivery platform. He next led expansion into the APM space and captured #1 market share position, and most recently took responsibility for Cisco’s blockchain strategy. Across his portfolio, Trollope applied an integrated approach of organic innovation and strategic M&A such as Broadsoft, AppDynamics and Jasper, and marquee partnerships with companies like Apple and Salesforce.
Prior to joining Cisco, Rowan spent many years in the Internet Security industry, and led Symantec’s sales, marketing and product development teams as the Group President, focusing on their cloud strategy. He was responsible for growing the company’s software-as-a-service strategy and expanding cloud-based delivery and customer support models. Rowan holds a variety of patents in computer security and operating systems.
“I’m honored to lead Five9,” said Rowan Trollope. “Mike has done a tremendous job building the company into a leading provider of cloud contact center software. Thanks to Mike and his leadership, Five9 is extremely well positioned to continue expanding into the enterprise market in the years ahead. Five9 is a unique opportunity for me to join a market leader with strong momentum in a large market undergoing a shift to the cloud. I look forward to working with the Five9 team to take the company to the next level.”
Dave Welsh, Lead Independent Director said, “Five9 has grown consistently though the years to become a true market leader for cloud contact center software. The rest of the Five9 board and I are extremely pleased to have Rowan leading Five9 into its next stage of growth.”
Mike Burkland transitioned to Executive Chairman last December due to health reasons. Under Mike’s leadership, Five9’s revenue increased 20x to over $200 million and the company’s value increased over 100x. “It has been a privilege to lead Five9 for the last 10 years – I am proud of our talented team and all that we have achieved together. As a rapidly growing, pure cloud company, in a large market which is in the early stages of cloud transformation, Five9 has a tremendous opportunity ahead,” Burkland added. “I’m so pleased to have Rowan at the helm to take Five9 to even greater heights.”
This news release contains certain forward-looking statements, including the statements in the Quote: s from our Executive Chairman, Lead Independent Director, and Mr. Trollope, including statements regarding Five9’s market position, business momentum, growth outlook, Mr. Trollope’s expected impact on Five9 and its business, and the size and state of the cloud customer experience market, that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Risks that may cause these forward-looking statements to be inaccurate include, among others, the risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our most recent quarterly report on Form 10-K/Q. Such forward-looking statements speak only as of the date hereof and readers should not unduly rely on such statements. We undertake no obligation to update the information contained in this press release, including in any forward-looking statements.
About Five9
Five9 is a leading provider of cloud contact center software for the digital enterprise, bringing the power of cloud innovation to customers and facilitating more than three billion customer interactions annually. Five9 provides end-to-end solutions with omnichannel routing, analytics, WFO, and AI to increase agent productivity and deliver tangible business results. The Five9 platform is reliable, secure, compliant, and scalable; designed to create exceptional personalized customer experiences. For more information, visit www.five9.com .
Engage with us @Five9 , LinkedIn , Facebook , Blog .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006686/en/
Five9
Gabrielle Targosz, 925-403-1199
[email protected]
Source: Five9, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-five9-appoints-industry-veteran-rowan-trollope-as-new-ceo.html |
May 2 (Reuters) - Gateway Lifestyle Group:
* EXPECTS NEW HOME SETTLEMENTS IN A RANGE OF 230 TO 240, COMPARED TO PREVIOUS GUIDANCE OF 250 SETTLEMENTS FOR FULL YEAR
* ANNUALISED LONG TERM REVENUE AT 30 JUNE 2018 EXPECTED TO BE ABOUT $55 MILLION
* EXPECT DISTRIBUTABLE EARNINGS TO BE IN RANGE OF 2-4% GROWTH FOR FY18 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gateway-lifestyle-expects-distribu/brief-gateway-lifestyle-expects-distributable-earnings-in-range-of-2-4-growth-for-fy18-idUSFWN1S80PQ |
LONDON, May 23 (Reuters) - Research platform Smartkarma has launched a funding programme for investment bank analysts looking to quit their jobs, as new European Union rules on market transparency make their roles less secure.
Under the Markets in Financial Instruments Directive II (MiFID II), which went live in January, fund managers will have to pay an explicit fee for receiving research from banks, whereas previously they could get it for free and pay for it in trading costs.
The directive is expected to lead to a reduction in the amount of research being produced by banks, particularly on smaller European companies, and could lead to job cuts among the thousands of bank analysts known as the “sell-side”.
Smartkarma’s scheme, called Boost Research, will initially provide start-up funding, office space and administrative support for up to ten start-ups based in its London office, expanding the number over the next year.
“MiFID has put pressure in the sell-side and is likely to see a reduction in the coverage of companies, especially mid- and small- caps,” Boost’s head of research Mark Artherton told Reuters.
“Lots of analysts must be fearful of their jobs in this type of environment (and) we are trying to ease that transition if they do decide to become independent.”
Independent research from firms that do not offer traditional investment banking research like trading and corporate finance has blossomed in recent years, as fund managers adjust to the new rules.
A 2016 survey of fund managers by consultancy Quinlan & Associates concluded that analyst headcount at banks will fall by 30 percent by 2020.
Founded in 2014, Smartkarma currently has around 400 independent analysts on its platform, whose research is distributed to more than 140 asset managers, hedge funds and sovereign wealth funds. (Reporting by Alasdair Pal Editing by Hugh Lawson)
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-markets-regulations/research-platform-launches-funding-for-redundant-analysts-as-mifid-ii-bites-idUSL3N1ST3VV |
DEDHAM, Mass., May 3, 2018 /PRNewswire/ --
First Quarter 2018 Financial Highlights
Cash provided by operating activities of $50.3 million in Q1 2018 vs. $34.1 million in Q1 2017 Net income attributable to Atlantic Power of $15.9 million in Q1 2018 vs. loss of $(2.7) million in Q1 2017; improvement primarily due to increase in unrealized foreign exchange gain, higher project income and lower corporate interest expense Project income increased $3.0 million to $28.3 million in Q1 2018 from $25.3 million in Q1 2017 Project Adjusted EBITDA of $53.4 million in Q1 2018 vs. $63.8 million in Q1 2017; decline primarily attributable to contract expirations in Ontario and San Diego, partially offset by other factors Repaid $32.4 million of term loan and project debt in Q1 2018; expect to repay $100 million in 2018 In January, issued new Cdn$115.0 million 6.00% convertible debentures with a 2025 maturity and used proceeds to redeem all but Cdn$24.7 million of remaining 2019 convertible debentures Repurchased approximately 3.0 million common shares and 320,595 preferred shares in March 2018, at a total cost of approximately $10.4 million Liquidity at March 31, 2018 was $205.1 million, including approximately $32 million of discretionary cash
Recent Developments (April 2018)
Executed third re-pricing of term loan and revolver, reducing spread by another 50 basis points Repurchased approximately 0.5 million common shares, at a cost of approximately $1.1 million Kenilworth customer executed a one-year renewal option under the contract to September 2019
2018 Guidance
Reaffirmed 2018 Project Adjusted EBITDA guidance (see page 5 of this news release)
Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") today reported its financial results for the three months ended March 31, 2018. Net income attributable to Atlantic Power was $15.9 million versus a loss of $(2.7) million in the year-ago period, as discussed above. Project Adjusted EBITDA decreased $10.4 million from the 2017 period, primarily due to expiration of the PPAs at Kapuskasing and North Bay (in Ontario) in December 2017 and the cessation of operations at the Company's three projects in San Diego in February 2018, partially offset by higher Project Adjusted EBITDA at Morris and more modest increases at other projects. Despite lower Project Adjusted EBITDA, Cash provided by operating activities increased $16.2 million from the year-ago period, mostly because of a decrease in working capital at the Company's Ontario and San Diego projects and because of lower cash interest payments.
"Although Project Adjusted EBITDA declined in the first quarter due to PPA expirations in Ontario and San Diego, results exceeded our expectations, as our Morris project benefited from higher power prices and energy sales during the extremely cold weather earlier this year and our Mamquam project experienced higher water flows," said James J. Moore, Jr., President and CEO of Atlantic Power. "During the quarter we continued to strengthen our balance sheet and credit profile by repaying $32.4 million of term loan and project debt and refinancing the majority of our 2019 convertible debenture maturities. We ended the first quarter with liquidity of $205 million, including approximately $32 million of discretionary cash, after repurchasing $6.4 million of common shares and $4 million (US$ equivalent) of preferred shares in March. In April, we repurchased another $1.1 million of common shares and executed the third successful re-pricing of our term loan and revolver, which will further reduce our cash interest payments on those facilities by approximately $8.5 million through their respective maturity dates."
Atlantic Power Corporation
Table 1 – Summary of Financial Results
(in millions of U.S. dollars, except as otherwise stated)
Unaudited
Three months ended
March 31,
2018
2017
Financial Highlights
Project revenue
$80.0
$98.4
Project income
28.3
25.3
Net income (loss) attributable to Atlantic Power Corporation
15.9
(2.7)
Cash provided by operating activities
50.3
34.1
Project Adjusted EBITDA
53.4
63.8
All amounts are in U.S. dollars and are approximate unless otherwise indicated. Project Adjusted EBITDA is not a recognized measure under generally accepted accounting principles in the United States ("GAAP") and does not have a standardized meaning prescribed by GAAP; therefore, this measure may not be comparable to similar measures presented by other companies. Please refer to "Non-GAAP Disclosures" on page 12 of this news release for an explanation and a reconciliation of "Project Adjusted EBITDA" as used in this news release to Project income (loss), the most directly comparable measure on a GAAP basis, and Net loss.
Financial Results for the Three Months Ended March 31, 2018
Results for the first quarter of 2018 were adversely affected, as expected, by the expirations of the PPAs at Kapuskasing and North Bay in Ontario at year-end 2017, the early terminations of the PPAs for the three San Diego projects effective March 1, 2018, and maintenance costs incurred to return Tunis to service later this year. Positive variances occurred at Morris, which benefited from higher power prices and demand levels in January due to extremely cold temperatures, and at Mamquam, which experienced water flows that were significantly better than average. A non-cash foreign exchange gain and reduced interest expense resulted in higher net income for the quarter, although these factors do not affect Project Adjusted EBITDA.
Net income, Project Income and Project Adjusted EBITDA
Net income attributable to Atlantic Power Corporation for the first quarter of 2018 was $15.9 million compared to a net loss of $(2.7) million in the first quarter of 2017. The $18.6 million improvement was primarily attributable to a $3.0 million increase in Project income (discussed below); a $10.7 million increase in unrealized foreign exchange gain, most of which was related to the revaluation of debt denominated in Canadian dollars (due to the depreciation of the Canadian dollar since December 31, 2017); a $2.2 million reduction in corporate interest expense as a result of debt repayment and re-pricing of the Company's credit facilities; a $2.0 million change in fair value of the conversion option derivative related to the Series E convertible debentures; and a $3.9 million gain on the repurchase of the Company's preferred shares.
Project income for the first quarter of 2018 increased $3.0 million to $28.3 million from $25.3 million in the year-ago period. Lower project income at Kapuskasing, North Bay, Tunis and the three San Diego projects was more than offset by increased project income at Williams Lake, due to lower depreciation expense resulting from an impairment recorded in 2017, and higher contracted firm energy revenues; Morris, due to higher generation levels and higher energy and capacity prices; Nipigon, mostly due to an increase in the fair value of a derivative; Piedmont, due to lower interest expense following the repayment of the project debt in full in October 2017; Frederickson, due to lower amortization expense resulting from an impairment recorded in 2017; and Mamquam, which experienced higher water flows than the year-ago period (as well as against average levels).
Project Adjusted EBITDA for the first quarter of 2018 declined $10.4 million to $53.4 million from $63.8 million in the first quarter of 2017. The decrease was primarily attributable to the expiration of contracts at Kapuskasing and North Bay at year-end 2017 (-$14.9 million); the termination of PPAs for all three San Diego projects effective March 1, 2018 (-$2.7 million); and maintenance expenses incurred at Tunis in preparation for restart (-$2.6 million). Partially offsetting these decreases were increases at Morris, due to higher generation levels and higher power prices resulting from extremely cold temperatures in January, a higher capacity price realized in the PJM capacity auction for this year, and higher steam and ancillary services revenue ($3.6 million); Nipigon, due to a higher capacity rate under the contract ($1.7 million); Williams Lake, due to higher firm energy revenues ($1.0 million); Mamquam, due to higher water flows ($0.9 million), and more modest increases at several other projects, including a $0.7 million benefit from Selkirk, which had posted a loss in the first quarter of 2017 and was sold in November 2017.
Cash Flow
Cash provided by operating activities for the first quarter of 2018 increased $16.2 million to $50.3 million from $34.1 million in the year-ago period. The impact on operating cash flow of a $10.4 million reduction in Project Adjusted EBITDA was more than offset by a $4.5 million reduction in cash interest payments (resulting from debt repayment and a lower spread on the Company's credit facilities) and $20.9 million of net favorable changes in working capital, including an $18.3 million decrease in working capital at Kapuskasing, North Bay, Nipigon and the San Diego projects. The PPAs for five of these projects expired between the end of 2017 and March 31, 2018.
Cash used in investing activities for the first quarter of 2018 was $(1.1) million, slightly lower than the $(2.0) million in the first quarter of 2017. This was the result of lower capital expenditures.
Cash used in financing activities for the first quarter of 2018 was $(45.7) million as compared to $(29.5) million in the year-ago period. The Company issued $92.2 million (US$ equivalent) of Series E convertible debentures and used the proceeds to redeem all of its Series C convertible debentures and most of its Series D convertible debentures, totaling $(88.1) million. The Company also repaid $(32.4) million of term loan and project debt, repurchased $(6.4) million of common shares and $(4.0) million (US$ equivalent) of preferred shares. It also paid $(2.2) million of preferred dividends. In the comparable 2017 period, the Company repaid $(27.4) million of term loan and project debt and paid $(2.1) million of preferred dividends.
For the quarter, the Company had a $3.5 million net increase in cash and cash equivalents.
Liquidity and Balance Sheet
Liquidity
As shown in Table 2, the Company's liquidity at March 31, 2018 was $205.1 million, an increase of $6.9 million from the December 31, 2017 level. The Company's unrestricted cash of $82.6 million includes $39.2 million at the parent, of which the Company considers approximately $32 million to be discretionary cash available for general corporate purposes. The $10.5 million reduction in cash at the parent from the December 31, 2017 level was primarily attributable to the repurchase of $10.4 million of common and preferred shares in March 2018.
Atlantic Power Corporation
Table 2 – Liquidity (in millions of U.S. dollars)
Unaudited
Mar. 31, 2018
Dec. 31, 2017
Cash and cash equivalents, parent
$39.2
$49.7
Cash and cash equivalents, projects
43.4
29.0
Total cash and cash equivalents
82.6
78.7
Revolving credit facility
200.0
200.0
Letters of credit outstanding
(77.5)
(80.5)
Availability under revolving credit facility
122.5
119.5
Total liquidity
$205.1
$198.2
Excludes restricted cash of:
$5.7
$6.2
Balance Sheet
Debt Repayment
During the first quarter of 2018, the Company repaid $30 million of the APLP Holdings term loan and amortized $2.4 million of project-level debt. This is consistent with the Company's plan to repay $90 million of the term loan and amortize $10 million of project debt in 2018. At March 31, 2018, the Company's consolidated debt was $810 million, excluding unamortized discounts and deferred financing costs, and the Company's consolidated leverage ratio (consolidated gross debt to trailing 12-month consolidated Adjusted EBITDA) was 3.2 times.
Convertible Debentures
As previously reported, on January 29, 2018, the Company closed the offering (the "Series E Offering") of Cdn$100.0 million of 6.00% Series E convertible unsecured subordinated debentures (the "Series E Debentures"). On February 2, 2018, the underwriters exercised their over-allotment option, which resulted in the Company issuing another Cdn$15.0 million of Series E Debentures. The Series E Debentures have a maturity date of January 31, 2025. The conversion rate on the Series E Debentures is approximately 238.0952 common shares per Cdn$1,000 principal amount, representing a conversion price of Cdn$4.20 per common share. Net proceeds from the offering after expenses totaled Cdn$109.1 million.
The Company used the net proceeds from the Series E Offering to redeem, in full, the outstanding principal amount of US$42.5 million of 5.75% Series C convertible unsecured subordinated debentures (which have a maturity date of June 2019) (the "Series C Debentures") and to redeem Cdn$56.2 million, on a pro rata basis, of the outstanding principal amount of the 6.00% Series D extendible convertible unsecured subordinated debentures (which have a maturity date of December 2019) (the "Series D Debentures"). The redemptions occurred on March 5 and March 7, 2018, respectively. Following the redemptions, the Company has Cdn$24.7 million of Series D Debentures outstanding ($19.2 million on a US$ equivalent basis).
Debt Maturity Profile
As a result of the convertible debenture transactions, the Company has no bullet maturities until December 2019, the maturity date of the remaining Cdn$24.7 million of Series D Debentures. The Series D Debentures are callable at par at any time prior to maturity. There are no bullet maturities in 2020 or 2021. The Company's $200 million revolving credit facility matures in April 2022. The $510 million APLP Holdings term loan has an April 2023 maturity, although it is expected to be more than 80% repaid by the maturity date. The Cdn$115.0 million of Series E Debentures have a January 2025 maturity date.
Re-pricing of Term Loan and Revolver
As previously reported in its April 19, 2018 press release, the Company executed a re-pricing of the APLP Holdings term loan and revolving credit facility, reducing the interest rate margin on the term loan and revolver by 50 basis points, to LIBOR plus 300 basis points. This represented the third re-pricing for these facilities since April 2017, resulting in a cumulative reduction in the spread of 200 basis points. The Company expects to realize, before related transaction costs, $2.1 million of interest cost savings in 2018 and $8.5 million over the remaining terms of the facilities, as a result of the 50 basis point reduction. The combined savings of the three re-pricing transactions are expected to be approximately $41 million over the remaining terms of the facilities. Transaction costs associated with the re-pricing will be included in interest expense in the second quarter of 2018.
Normal Course Issuer Bid (NCIB) Update
On December 29, 2017, the Company put in place an NCIB for its common and preferred shares and convertible debentures. It did not make any purchases under the NCIB in January or February. In March and April 2018, the Company purchased and canceled approximately 3.5 million common shares at a total cost of $7.4 million, or an average price of $2.10 per share. In March 2018, the Company purchased and canceled 237,500 shares of the 4.85% Cumulative Redeemable Preferred, Series 1 at Cdn$15.25 per share and 83,095 shares of the Cumulative Floating Rate Preferred, Series 3 at Cdn$17.80 per share, for a total payment of Cdn$5.1 million.
2018 Guidance
The Company has not provided guidance for Project income or Net income because of the difficulty of making accurate forecasts and projections without unreasonable efforts with respect to certain highly variable components of these comparable GAAP metrics, including changes in the fair value of derivative instruments and foreign exchange gains or losses. These factors, which generally do not affect cash flow, are not included in Project Adjusted EBITDA.
The Company is reaffirming its guidance for 2018 Project Adjusted EBITDA in the range of $170 to $185 million. As discussed in the Company's March 1, 2018 year-end 2017 earnings release, when it initiated 2018 guidance, the expected decrease from 2017 Project Adjusted EBITDA of $288.8 million is primarily attributable to the impact of PPA expirations in 2017 and 2018 and the non-recurrence of revenues received under the OEFC settlement in 2017. Other factors contributing to lower Project Adjusted EBITDA include maintenance expense associated with a planned gas turbine overhaul at Manchief in the second quarter of 2018 and restart costs for Tunis. The majority of the Tunis costs are being incurred in the first six months of 2018 and a substantial majority will be expensed. The Company's 2018 guidance assumes average water conditions as compared to favorable conditions in 2017. These negative factors are expected to be partially offset by increases at several other projects, including Morris (a higher PJM capacity price) and Frederickson (maintenance outage in 2017).
Table 3 provides a bridge of the Company's 2018 Project Adjusted EBITDA guidance to Cash provided by operating activities. For purposes of providing this bridge to a cash flow measure, the impact of changes in working capital is assumed to be nil. The impact of lower Project Adjusted EBITDA on cash provided by operating activities is expected to be mitigated by a $27 million reduction in cash interest payments in 2018 relative to 2017, which is $2 million better than the Company's previous expectation as a result of the recent re-pricing of its term loan and revolver. The reduction in cash interest payments is attributable to a full year benefit from the $166 million of debt repaid in 2017, a partial year benefit from the expected debt repayment of $100 million in 2018, the lower interest rate on the term loan and revolver, and the non-recurrence of the Piedmont interest rate swap termination cost incurred in 2017.
Atlantic Power Corporation
Table 3 – Bridge of 2018 Project Adjusted EBITDA Guidance to Cash Provided by Operating Activities
(in millions of U.S. dollars)
Unaudited
2018 Guidance
(initiated 3/1/18)
Project Adjusted EBITDA
$170 - $185
Adjustment for equity method projects (1)
(2)
Corporate G&A expense
(22)
Cash interest payments
(45)
Cash taxes
(4)
Other (including changes in working capital)
-
Cash provided by operating activities
$95 - $110
Note: For the purpose of providing a bridge of Project Adjusted EBITDA guidance to a cash flow measure, the impact of changes in working capital on Cash provided by operating activities is assumed to be nil.
(1) For equity method projects, represents difference between Project Adjusted EBITDA and cash distribution from equity method projects.
Commercial and Operational Updates
2018-2019 PPA Expirations
The Company has five projects with PPAs that expired in 2018 or are scheduled to expire in 2019.
Naval Station, NTC and North Island (San Diego) . As previously reported, the projects ceased operations on February 7, 2018 when the land use agreements with the U.S. Navy that provided the Company the right to use the sites expired. The early termination of the PPAs with San Diego Gas & Electric was approved by the California Public Utilities Commission on March 1, 2018, and the appeal period for that approval has since expired, thus eliminating the risk of any potential liabilities to the Company arising from the early termination. Although the Company has executed new power contracts for all three projects, those contracts are conditioned upon the Company obtaining the right to remain on the Navy sites for the contract term, which appears unlikely. The Company is proceeding with plans to decommission the three projects, which is required by its land use agreements with the Navy, and is in the process of defining the scope of work and timing with the Navy.
Williams Lake (British Columbia) . Since April 2, 2018, the project has been operating under a short-term extension of the energy purchase agreement with BC Hydro. The extension is scheduled to expire on June 30, 2019, or September 30, 2019 at the option of BC Hydro. The amended contract is subject to the approval of the BC Utilities Commission (BCUC), which in early April ordered a written hearing process that commenced recently. If the BCUC has not approved the amended contract within a specified timeframe, either party has the right to terminate the contract.
Kenilworth . In late April 2018, Merck, which is the customer under the Energy Services Agreement (ESA) at Kenilworth, exercised the first of its three one-year renewal options under the contract. The expiration date of the ESA is now September 30, 2019. The economics of the extension are substantially similar to those under the original ESA term.
Tunis Planned Restart
The Company is continuing work to return Tunis to service as a simple-cycle plant and recently gave notice to the Ontario Independent Electricity System Operator that it plans to restart operations on July 1, 2018. The estimated $5 to $6 million cost of the restart is being expensed, with the majority of these costs to be incurred in the first six months of 2018. The project has a 15-year PPA that will commence with commercial operation. Under the PPA, Tunis will receive monthly capacity payments and will earn energy revenues for those periods during which it operates.
Manchief Outage
The Company began a major gas turbine outage at its Manchief project in mid-April, which is expected to run through late May. This is similar to the one undertaken in 2015 for the project's other gas turbine. The costs will be expensed. The Company expects the outage to reduce Project Adjusted EBITDA for Manchief by approximately $7 million in the second quarter of 2018.
Maintenance and Capex
There has been no change to the Company's planned maintenance expenses of approximately $34.8 million and capital expenditures of approximately $1.4 million for 2018. The modest increase in maintenance expense relative to the 2017 level ($32.6 million) is associated with the Tunis restart work and the Manchief gas turbine outage, partially offset by lower maintenance expense at Frederickson and other projects.
Supplementary Information Regarding Non-GAAP Disclosures
A discussion of non-GAAP disclosures and schedules reconciling Project Adjusted EBITDA, a non-GAAP measure, to the comparable GAAP measure, can be found on page 12 of this release.
Investor Conference Call and Webcast
Atlantic Power's management team will host a telephone conference call and webcast on Friday, May 4, 2018 at 8:30 AM ET. Management's prepared remarks and an accompanying presentation will be available on the Conference Calls page of the Company's website prior to the call.
Conference Call / Webcast Information :
Date : Friday, May 4, 2018
Start Time : 8:30 AM ET
Phone Number : U.S. (Toll Free) 1-855-239-3193; Canada (Toll Free) 1-855-669-9657; International (Toll) 1-412-542-4129.
Conference Access : Please request access to the Atlantic Power conference call.
Webcast : The call will be broadcast over Atlantic Power's website at www.atlanticpower.com .
Replay/Archive Information:
Replay : Access conference call number 10119184 at the following telephone numbers: U.S. (Toll Free) 1-877-344-7529; Canada (Toll Free) 1-855-669-9658; International (Toll) 1-412-317-0088. The replay will be available one hour after the end of the conference call through June 4, 2018 at 11:59 PM ET.
Webcast archive : The conference call will be archived on Atlantic Power's website at www.atlanticpower.com for a period of 12 months.
About Atlantic Power
Atlantic Power is an independent power producer that owns power generation assets in nine states in the United States and two provinces in Canada. The generation projects sell electricity and steam to investment-grade utilities and other creditworthy large customers predominantly under long‑term PPAs that have expiration dates ranging from 2019 to 2037. The Company seeks to minimize its exposure to commodity prices through provisions in the contracts, fuel supply agreements and hedging arrangements. The projects are diversified by geography, fuel type, technology, dispatch profile and offtaker (customer). The majority of the projects in operation are 100% owned and directly operated and maintained by the Company. The Company has expertise in operating most fuel types, including gas, hydro, and biomass, and it owns a 40% interest in one coal project.
Atlantic Power's shares trade on the New York Stock Exchange under the symbol AT and on the Toronto Stock Exchange under the symbol ATP. For more information, please visit the Company's website at www.atlanticpower.com or contact:
Atlantic Power Corporation
Investor Relations
(617) 977-2700
[email protected]
Copies of the Company's financial data and other publicly filed documents are available on SEDAR at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or on the Company's website . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-atlantic-power-corporation-releases-first-quarter-2018-results.html |
May 2 (Reuters) - Victory New Materials Ltd Co
* Says it will use undistributed profit to pay cash dividend of T$0.3 per share to shareholders for 2017
* Says it will pay cash dividend of T$37.9 million in total
* Says it will use undistributed profit to distribute stock dividend worth T$1 for every one share
* Says it will distribute stock dividend of 12.6 million shares in total
Source text in Chinese: goo.gl/fLKppN
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-victory-new-materials-announces-20/brief-victory-new-materials-announces-2017-dividend-payment-idUSL3N1S934M |
Berkshire Hathaway's top 5 stock positions 13 Hours Ago Jim Cramer goes over Berkshire Hathaway's top five portfolio positions as Warren Buffett's annual shareholder meeting in Omaha, Nebraska kicks off. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/berkshire-hathaways-top-5-stock-positions.html |
VATICAN CITY (Reuters) - The Vatican called for more regulation of markets and financial systems on Thursday, saying economic crises showed they were not able to govern themselves and needed a strong injection of morality and ethics.
Pope Francis speaks during the Wednesday general audience in Saint Peter's square at the Vatican, May 16, 2018. REUTERS/Max Rossi A major document written by two key Holy See departments appeared to take aim at plans to further de-regulate markets in some countries, such as the United States, where President Donald Trump wants to loosen strict banking rules enacted after the 2008 financial crisis.
It said profit for the sake of profit and not for the greater good was “illegitimate” and condemned a “reckless and amoral culture of waste” that has created oligarchies in some countries while leaving great masses of impoverished people “without any means of escape”.
The document attacked the “economic cannibalism” of some financial practices.
While not infallible, the Vatican’s pronouncement is considered official teachings of the Catholic Church and could affect the attitude of the church’s 1.2 billion members.
The 15-page document uses technical terms such as credit stocks, subprime mortgages, high-frequency trading, credit fault swaps, derivatives, shadow banking systems, capital outflow and interbank loans to illustrate what is says is vulnerability to abuse and illegality. It also speaks of executive salaries.
Saying that the material wellbeing of a greater part of humanity depended on markets, they need to have a strong ethical foundation in order to help all, including people who live in conditions of extreme poverty.
“The recent financial crisis might have provided the occasion to develop a new economy, more attentive to ethical principles, and a new regulation of financial activities that would neutralise predatory and speculative tendencies and acknowledge the value of the actual economy,” it said.
“On the contrary, the response seems at times like a return to the heights of myopic egoism, limited by an inadequate framework that, excluding the common good, also excludes from its horizons the concern to create and spread wealth, and to eliminate the inequality so pronounced today,” the document said.
The document, called “Considerations for an Ethical Discernment Regarding Some Aspects of the Present Economic-Financial System,” was jointly prepared by the Vatican’s doctrinal office and its department on human development.
It said some forms of financial intermediation “have not only produced manifest abuses and injustice, but also demonstrated a capacity to create systemic and worldwide economic crisis”.
The document dismissed “the belief in a presumed self-sufficiency of the markets, independent of any ethics,” saying “it is clear that markets, as powerful propellers of the economy, are not capable of governing themselves”.
“The markets know neither how to make the assumptions that allow their smooth running - social coexistence, honesty, trust, safety and security, laws, and so on - nor how to correct those effects and forces that are harmful to human society - inequality, asymmetries, environmental damage, social insecurity, and fraud,” it said.
More regulation was necessary, it said because one of the major reasons for the most recent economic crisis was “the immoral behaviour of agents in the financial world,” an apparent reference to the subprime mortgage scandal in the United States.
It said that even today, some types of derivatives were a “ticking time bomb ready sooner or later to explode, poisoning the health of the markets.”
The document called for separation of banks to avoid another crisis. It said ethical committees should be established in banks and that more ethics courses should be taught in major business schools.
Reporting By Philip Pullella; Editing by Toby Chopra
| ashraq/financial-news-articles | https://in.reuters.com/article/vatican-economy-ethics/vatican-says-amoral-financial-system-needs-infusion-of-ethics-more-regulation-idINKCN1II1GD |
May 14, 2018 / 5:47 AM / Updated 22 minutes ago Innogy's Npower grows operating profit in first quarter Reuters Staff 2 Min Read
FRANKFURT (Reuters) - Innogy’s ( IGY.DE ) troubled British division Npower grew operating profit by 26.5 percent in the first quarter, the group said on Monday, ahead of a planned merger of the business with the local retail power unit of SSE ( SSE.L ). FILE PHOTO: A sign hangs outside the building of electricity provider npower in Solihull, Britain, March 7, 2016. REUTERS/Darren Staples/File Photo
Npower’s first-quarter adjusted earnings before interest and tax (EBIT) came in at 43 million euros (38 million pounds), compared with 34 million in the same period last year. It lost 115,000 customers in the period, presentation slides showed, a decline of 2.4 percent.
Aiming to challenge champion British Gas ( CNA.L ), Innogy and SSE in November unveiled plans to merge their UK power and gas retail operations, creating a supply group with 11 billion pounds in combined sales.
The deal would rid Innogy of its most problematic unit, which has bled customers over the past few years due to billing issues and ever growing competition in the already tight British energy retail market.
A week ago, British regulators launched an in-depth investigation into the proposed tie-up, saying it may reduce competition and increase prices for some households. Innogy would hold 34.4 percent in the entity, with SSE owning the rest.
Innogy, which is subject to break-up plans by parent RWE ( RWEG.DE ) and rival E.ON ( EONGn.DE ), also kept its outlook for the current year, still expecting adjusted EBIT of about 2.7 billion euros and adjusted net profit of more than 1.1 billion. Reporting by Christoph Steitz; Editing by Ludwig Burger | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-innogy-results/innogys-npower-grows-operating-profit-in-first-quarter-idUKKCN1IF0G1 |
Renewable Energy Average price of US gas jumps 7 cents, to $2.90 a gallon The average price of regular-grade gasoline in the U.S. rose 7 cents a gallon over the past two weeks to $2.90. The jump marks the highest average prices since November 2014. The increase is largely driven by higher crude oil costs and the phasing-in of summer-grade gasoline used to prevent smog, according to an industry analyst. Published 4 Hours Ago The Associated Press Getty Images A customer gets ready to fill his car with gasoline at a Shell gas station in San Francisco, California.
The average price of regular-grade gasoline in the U.S. rose 7 cents a gallon over the past two weeks to $2.90, the 10th week straight of increases.
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the jump marks the highest average price since November 2014.
Lundberg says the increase is largely driven by higher crude oil costs and the phasing-in of summer-grade gasoline, which is used to prevent smog.
The highest average price in the contiguous 48 states was $3.73 in the San Francisco Bay Area. The lowest was $2.45 in Baton Rouge, Louisiana.
The average price for diesel fuel rose 5 cents, to $3.14. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/average-price-of-us-gas-jumps-7-cents-to-2-point-90-a-gallon.html |
Energy on pace for sixth straight positive week 1 Hour Ago 04:45 04:45 | 1 Hr Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/energy-on-pace-for-sixth-straight-positive-week.html |
May 7 (Reuters) - Azarga Uranium Corp:
* URZ ENERGY CORP - AZARGA URANIUM AND URZ ENERGY ANNOUNCE MERGER TO CREATE NEW US FOCUSED ISR URANIUM DEVELOPMENT COMPANY
* URZ ENERGY CORP - AZARGA URANIUM TO ACQUIRE ALL SHARES OF URZ ENERGY FOR CONSIDERATION OF 2.0 AZARGA URANIUM SHARES FOR EACH URZ ENERGY SHARE HELD
* URZ ENERGY-ON DEAL CLOSE, BOARD OF AZARGA TO HAVE 3 APPOINTEES FROM EACH COMPANY, WITH GLENN CATCHPOLE, CURRENT CEO OF CO, TO BE APPOINTED AS CHAIRMAN
* URZ ENERGY CORP - BLAKE STEELE, CURRENT CEO OF AZARGA URANIUM, TO CONTINUE IN HIS ROLE AS PRESIDENT & CEO OF AZARGA URANIUM Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-azarga-uranium-and-urz-energy-anno/brief-azarga-uranium-and-urz-energy-announce-merger-to-create-new-u-s-focused-isr-uranium-development-company-idUSFWN1SE0DK |
FREMONT, Calif., May 8, 2018 /PRNewswire/ -- Ardelyx, Inc. (NASDAQ: ARDX), today reported business highlights and financial results for the first quarter ended March 31, 2018.
"The first quarter of 2018 has been about execution for Ardelyx," said Mike Raab, president and chief executive officer of Ardelyx. "We are focused on enrolling our second Phase 3 study for tenapanor for hyperphosphatemia and investigating the potential of our RDX013 program for the treatment of hyperkalemia. In addition, our team is preparing the NDA submission for tenapanor for IBS-C, which, when submitted, will be a landmark milestone for our company. We now have three strategic collaborations in place that will enable us to bring tenapanor to patients in geographies outside of the U.S., positioning us to be able to meaningfully impact the care of many patients."
Recent Business and Pipeline Updates
On Track to Submit NDA for Tenapanor for IBS-C in 2H 2018: Following the successful completion of the T3MPO program in late 2017, Ardelyx is on-track to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for tenapanor for irritable bowel syndrome with constipation (IBS-C) in the second half of 2018. The Phase 3 T3MPO program was designed to support the registration of tenapanor for the treatment of IBS-C. Patient Enrollment Underway in Second Phase 3 Clinical Trial of Tenapanor for Hyperphosphatemia: In February 2018, Ardelyx began treating patients in the Phreedom Trial, the company's second Phase 3 clinical trial of tenapanor for the treatment of hyperphosphatemia in patients with end-stage renal disease who are on dialysis. This clinical trial includes a 26-week open-label treatment period, with a 12-week placebo-controlled randomized withdrawal period followed by an additional 14-week open-label safety extension period for a total of up to 52 weeks. An active control group, for safety analysis only and consistent with other Phase 3 registration studies for hyperphosphatemia, will receive sevelamer, open-label, for the entire 52-week study period. Ardelyx currently expects to report topline data from this clinical trial in 2019. Knight Therapeutics Agreement Brings Tenapanor for IBS-C and Hyperphosphatemia to Canada: A license agreement with Knight Therapeutics, Inc. (Knight), signed in March 2018, provides Knight with exclusive rights to commercialize tenapanor in Canada for the treatment of IBS-C and hyperphosphatemia. Under the terms of the agreement, Ardelyx is eligible to receive up to CAD 25 million in total payments, including an upfront payment and development and sales milestones, as well as double-digit tiered royalties on net sales. Knight will have the exclusive rights to market and sell tenapanor in Canada.
Upcoming Digestive Disease Week Presentations
Ardelyx has been selected to give an oral presentation of its Phase 3 T3MPO-2 trial results for tenapanor for the treatment of IBS-C in the clinical sciences late-breaking plenary session. The company is also presenting three posters. Ardelyx will present preclinical data from the company's APECCS platform demonstrating tenpanor's pain mechanism, preclinical data from its RDX-023 FXR agonist program showing reduction in steatosis, inflammation and fibrosis in three mouse models of NASH, as well as preclinical data from the RDX-011 NHE3 program showing normalization of GI transit in models of opioid-induced constipation, multiple sclerosis and cystic fibrosis. Digestive Disease Week is being held June 2-5, 2018 in Washington D.C.
First Quarter 2018 Financial Results
Cash Position : As of March 31, 2018, Ardelyx had total capital resources including cash, cash equivalents and short-term investments of $127.4 million compared to total capital resources including cash, cash equivalents and short-term investments of $134.0 million as of December 31, 2017. Revenue : Licensing revenue for the quarter ended March 31, 2018 was $2.3 million, related to the recognition of revenue from licensing activities. The company generated no license revenue for the quarter ended March 31, 2017. Cost of Revenue : Cost of revenue for the quarter ended March 31, 2018 was $0.5 million representing license payments due to AstraZeneca in accordance with the company's termination agreement entered into with AstraZeneca in June 2015. The company generated no revenue for the quarter ended March 31, 2017 and therefore had no cost of revenue. R&D Expenses : Research and development expenses were $13.4 million for the three months ended March 31, 2018, a decrease of $9.0 million, or 40 percent, compared to $22.4 million for the three months ended March 31, 2017. The decrease consisted of a $7.0 million decrease in external program costs primarily related to a decrease in expenses incurred for clinical development activities related to the completion of some of the company's Phase 3 clinical trials for tenapanor, offset partially by an increase from the start of the company's hyperphosphatemia Phase 3 study, discontinuation of the RDX7675 program and reduction of activities associated with the company's RDX8940 program. The $9.0 million decrease further included a $2.0 million decrease in internal program costs, primarily due to a decrease in salaries and related costs, including stock-based compensation costs, resulting from a reduction in work force during the third quarter of 2017. G&A Expenses : expenses were $6.2 million for the three months ended March 31, 2018, an increase of $0.2 million, or 2 percent, compared to $6.0 million for the three months ended March 31, 2017, remaining relatively flat. The increase was primarily due to increases in stock-based compensation expense, partially offset by a reduction in salaries and related costs due to reduction in work force during the third quarter of 2017. Net Loss : Net loss for the quarter ended March 31, 2018, was $17.0 million compared to a net loss of $28.0 million for the quarter ended March 31, 2017.
About Ardelyx, Inc.
Ardelyx is focused on enhancing the way people with renal diseases are treated by developing first-in-class medicines. Ardelyx's renal pipeline includes the Phase 3 development of tenapanor for the treatment of hyperphosphatemia in people with end-stage renal disease who are on dialysis and RDX013, a potassium secretagogue program for the potential treatment of high potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease. In addition, Ardelyx has completed Phase 3 development of tenapanor for the treatment of irritable bowel syndrome with constipation and anticipates submitting a New Drug Application to the U.S. Food and Drug Administration for this indication in the second half of 2018. To efficiently bring its treatments to market, Ardelyx is pursing strategic collaborations in the U.S. and outside the U.S., with established agreements with Kyowa Hakko Kirin in Japan, Fosun Pharma in China and Knight Therapeutics in Canada. For more information, please visit http://www.ardelyx.com/ and connect with us on Twitter @Ardelyx.
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Ardelyx, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Reform Act of 1995, including the potential for Ardelyx's product candidates in treating the diseases and conditions for which they are being developed; Ardelyx's expected timing for the filing of its NDA for tenapanor for the treatment of IBS-C, Ardelyx's expected timing to report topline data for its second Phase 3 clinical trial of tenapanor for the treatment of hyperphosphatemia in patients with end-stage renal disease who are on dialysis, the potential for Ardelyx to receive milestone and royalty payments from Knight Therapeutics and Ardelyx's ability to establish collaborations in the future. Such forward-looking statements involve substantial risks and uncertainties that could cause the development of Ardelyx's product candidates or Ardelyx's future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in research and the clinical development process, including the regulatory approval process. Ardelyx undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ardelyx's business in general, please refer to Ardelyx's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2018, and its future current and periodic reports to be filed with the Securities and Exchange Commission.
Ardelyx, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
March 31,
2018
December 31,
2017
(Unaudited)
(1)
Assets
Cash and cash equivalents
$ 67,745
$ 75,383
Short-term investments
59,704
58,593
Accounts receivable
—
10,796
Unbilled license revenue
5,000
—
Property and equipment, net
7,358
8,032
Prepaid and other assets
3,030
5,099
Total assets
$ 142,837
$ 157,903
Liabilities and stockholders' equity
Accounts payable and other current liabilities
$ 12,162
$ 17,871
Uncharged license fees
1,000
—
Long-term liabilities
699
720
Stockholders' equity
128,976
139,312
Total liabilities and stockholders' equity
$ 142,837
$ 157,903
(1) Derived from the audited consolidated financial statements included on Form 10-K for the year ended December 31, 2017.
Ardelyx, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
2018
2017
(Unaudited)
(Unaudited)
Revenue:
Licensing revenue
$ 2,320
$ —
Cost of revenue
464
—
Gross profit
1,856
—
Operating expenses:
Research and development
$ 13,350
$ 22,387
6,191
6,047
Total operating expenses
19,541
28,434
Loss from operations
(17,685)
(28,434)
Other income
670
426
Provision for income taxes
(4)
—
Net loss
$ (17,019)
$ (28,008)
Net loss per common share, basic & diluted
$ (0.36)
$ (0.59)
Shares used in computing net loss per share, basic and diluted
47,559,366
47,343,234
View original content with multimedia: http://www.prnewswire.com/news-releases/ardelyx-reports-first-quarter-2018-financial-results-and-recent-business-highlights-300644671.html
SOURCE Ardelyx | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-ardelyx-reports-first-quarter-2018-financial-results-and-recent-business-highlights.html |
May 15, 2018 / 3:07 AM / Updated 8 minutes ago Modigliani nude fetches $157 million at N.Y. auction Chris Michaud 3 Min Read
NEW YORK (Reuters) - A nude portrait by Amedeo Modigliani sold for $157.2 million at Sotheby’s on Monday, achieving the 4th-highest price for any work of art at auction but failing to set a new record for the artist.
Sotheby’s had estimated “Nu couché (sur le côté gauche)” to sell for in excess of $150 million, which made the 1917 oil painting the highest-estimated work of art in auction history.
But in merely meeting expectations and failing to set a record even for a Modigliani, the canvas fell short of a handful of recently auctioned trophy works, most notably Leonardo da Vinci’s “Salvator Mundi,” which soared to $450.3 million at rival Christie’s in November after several top-tier collectors competed furiously.
That work carried a pre-sale estimate of about $100 million.
Sotheby’s was quick to note, while the auction was still live, that “Nu couché” had achieved the highest price of any work in the 274-year-old auction house’s history.
And in a sign of soaring prices at the art market’s highest echelons, the same work sold in 2003 for $27 million.
But it could not be denied that only a handful of collectors at most bid for the work, which fell short of the $170.4 million record for a Modigliani set in 2015.
Officials were relegated to characterizing the sale as “measured,” a tacit admission that it was devoid of the free-spending frenzy that has marked recent auctions at both Sotheby’s and Christie’s.
“It was not an exuberant room,” Simon Shaw, co-head of Impressionist and modern art, told Reuters afterward. But he added that “it was an ordered, efficient sale which achieved a total within its estimated range.”
Indeed the auction took in $318.3 million, just beating the $307.4 million low pre-sale estimate. Of the 45 lots on offer, 71 percent found buyers.
Other highlights included Pablo Picasso’s “Le Repos,” which achieved $36.9 million and beat its high estimate of $35 million, and Claude Monet’s “Matinee sur la Seine,” which fetched $20.55 million, at the low end of the $18 million to $25 million estimate.
Georgia O’Keefe’s “Lake George with White Birch” soared to $11.3 million, or nearly twice the high estimate, but another Picasso, “Femme au chien” estimated at $12 million to $18 million, failed to sell when no bids exceeded $11 million.
The spring auctions continue on Tuesday when Christie’s holds its Impressionist and modern art sale. FILE PHOTO: Kevin Ching, CEO of Sotheby's Asia, stands next to Amedeo Modigliani's "Nu couche" in Hong Kong, China April 24, 2018. REUTERS/Venus Wu/File Photo Reporting by Chris Michaud; Editing by Darren Schuettler | ashraq/financial-news-articles | https://in.reuters.com/article/us-art-auction-modigliani/modigliani-nude-fetches-157-million-at-n-y-auction-idINKCN1IG0AB |
May 15, 2018 / 7:45 PM / Updated 8 minutes ago Stomach-turning slasher marks Von Trier's uncompromising Cannes comeback Robin Pomeroy 3 Min Read
CANNES, France (Reuters) - Lars Von Trier received a standing ovation when he arrived at the Cannes Film Festival, seven years after being thrown out for quipping that he was a nazi who sympathized with Hitler. 71st Cannes Film Festival - Screening of the film "The House That Jack Built" out of competition - Red Carpet Arrivals - Cannes, France May 14, 2018. Director Lars von Trier arrives. REUTERS/Jean-Paul Pelissier
But if anyone was expecting the Danish provocateur to rein in his impulse to offend, he soon put them right with “The House That Jack Built”, an extremely dark comedy about a serial killer who uses mutilated corpses to create art.
Matt Dillon plays Jack who fills his walk-in freezer with dioramas of human flesh, with Uma Thurman his first victim, giving him a taste for murder and torture.
Throughout the film, a voiceover is played of a meandering conversation between Jack and the mysterious Verge, a wise and kind-sounding old man (Bruno Ganz) who is leading him down a long path to what we rightly imagine is Hell.
Rather than steering clear of Hitler, Von Trier includes clips of the German dictator as well as newsreel footage of his worst crime: decaying corpses piled up in a concentration camp, as Jack muses on the “noble rot” fungus that turns grape juice into fine wine. 71st Cannes Film Festival - Screening of the film "The House That Jack Built" out of competition - Red Carpet Arrivals - Cannes, France May 14, 2018. Director Lars von Trier and cast members Sofie Grabol, Siobhan Fallon Hogan, Bruno Ganz and Matt Dillon arrive. REUTERS/Regis Duvignau
Speaking to Reuters the day after the premiere, Von Trier said the point he had been trying to make in the fateful news conference in 2011, was that the world remained fascinated by Hitler, proving “there’s some magic in real terror”.
Of the film’s intense cruelty, particularly to women, he said: “Yes, but the whole thing is kind of ironical”. Asked if that was not just an excuse, the 62-year-old replied: “Yes, it is just an excuse, but I’m old enough now for excuses.”
As the viewer has to assume that there is some of Jack in Von Trier, obsessed with creating art that many would find disturbing, does he consider he might himself be a psychopath? Slideshow (11 Images)
“After reading a lot about psychopaths, I think not,” he said. “But also, psychopaths would say the same: Certainly not!”
For Dillon, some of the murders were: “the toughest days I have ever had doing movies”.
“I almost didn’t do the film because of that,” he said about a scene in which he cuts off a girlfriend’s breasts before killing her.
“It wasn’t so much the graphic nature of it. For me, the most troubling thing about it was the humiliation, the cruelty, but ... with Lars you have to take the good with the bad.”
“He goes to very dark places in the films, obviously, and I don’t think you could get much darker than what he has done here, although Hell has trap doors, as we see in this film,” Dillon said, referring to a spectacular final sequence.
IndieWire called “The House That Jack Built”: “an often-horrifying, sadistic dive into a psychotic internal monologue (... that is) also possibly brilliant”, while The Guardian dismissed it as “a smirking ordeal of gruesomeness”.
The Cannes Film Festival runs from May 8 to May 19. Reporting by Robin Pomeroy; Editing by Hugh Lawson | ashraq/financial-news-articles | https://www.reuters.com/article/us-filmfestival-cannes-the-house-that-ja/stomach-turning-slasher-marks-von-triers-uncompromising-cannes-comeback-idUSKCN1IG32F |
May 2, 2018 / 11:30 AM / Updated 4 hours ago Eletrobras reaches initial settlement in U.S. class action case Reuters Staff 2 Min Read
SAO PAULO (Reuters) - Brazilian state-controlled power company Centrais Eletricas Brasileiras SA ( ELET6.SA ) said on Wednesday it has reached a memorandum of understanding with holders of its American depository shares to settle a class action lawsuit by paying $14.75 million.
In a securities filing on Tuesday morning, Eletrobras, as the company is commonly known, said the accord is subject to U.S. court approval.
“The agreement is meant to close all the current cases initiated by investors (in Eletrobras) that acquired ordinary and preferential shares ... represented by American Depository Shares,” the filing said.
U.S. investors sued Eletrobras after the company reported large losses related to a sprawling corruption scandal in Brazil.
The company has said it would look into settlement options, while also maintaining that it was a victim of wrongdoing and that it was collaborating with U.S. prosecutors.
Eletrobras did not admit to any wrongdoing as part of the potential agreement, the filing said. Reporting by Gram Slattery; Editing by Jeffrey Benkoe | ashraq/financial-news-articles | https://www.reuters.com/article/us-eletrobras-classaction/eletrobras-reaches-initial-settlement-in-u-s-class-action-case-idUSKBN1I31GN |
LONDON (Reuters) - Scottish independence will never be off the table until it happens, Scottish First Minister Nicola Sturgeon said on Monday.
Scotland's First Minister, Nicola Sturgeon, speaks at a Reuters Newsmaker event, in London, Britain May 14, 2018. REUTERS/Peter Nicholls Sturgeon, speaking at Thomson Reuters in London, said that just under half of the Scottish electorate still supported independence.
“There will be different opinions as to whether we should do that now or in five years or ten years time, but with that body of opinion, a constitutional option like independence is not going to be off the table,” she said.
Sturgeon said that when there was clarity on the shape of the Brexit deal between the United Kingdom and the EU then she would be ready to give more details about Scotland’s attitude towards a new independence vote.
“I’m not sure independence will ever be off the table until it’s realized,” she said.
Reporting by Alistair Smout; editing by Guy Faulconbridge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-scotland-independence/scottish-independence-is-never-off-the-table-sturgeon-says-idUSKCN1IF2IZ |
May 23, 2018 / 3:10 PM / Updated 34 minutes ago Moscow, escalating tensions with London, investigates British media Andrew Osborn 4 Min Read
MOSCOW (Reuters) - Russia announced on Wednesday it had begun analysing the output of British media working on its territory with a view to opening formal investigations into its objectivity, a response to what it called British attempts to curb Russian media. FILE PHOTO: Russian Foreign Ministry spokeswoman Maria Zakharova attends a news conference in Moscow, Russia March 13, 2018. REUTERS/Sergei Karpukhin -/File Photo
Moscow said it was acting reluctantly after a decision by Britain’s media regulator on Monday to open a further three investigations into Russia’s RT to determine whether the Kremlin-backed TV channel had breached impartiality rules in its reporting.
That move, which stoked fears in Moscow that RT might be stripped of its broadcast licence, took to 11 the number of RT programmes under investigation in Britain and angered Moscow, whose relations with London are at a low after a nerve agent attack on former Russian spy Sergei Skripal in March.
Russian Foreign Ministry spokeswoman Maria Zakharova said that Ofcom, the British media regulator, had not yet explained its latest concerns about RT’s content and accused it of unfairly harassing Russian media.
“I can confirm that there will be a tough response to this whole show and its outcome,” Zakharova told a news briefing in Moscow on Wednesday.
“The relevant structures in our country have started to study in detail the output of British media which are represented in Russia.”
She said London’s treatment of Russian media had forced Moscow’s hand, which is why it had decided to respond in kind and would be going further than merely calling out what it regarded as propaganda in the British media. ‘INCONVENIENT FACTS’
Zakharova did not name any British media in particular, but called into question the objectivity of British newspapers and TV channels when it came to the Skripal affair, saying only a handful had tried to be balanced in their coverage.
Zakharova, who has previously warned that not a single British media outlet would be allowed to work in Russia if RT lost its British licence, lashed out at Ofcom.
“We have absolutely no doubt that what we have here is another attempt by the British regulator to limit the activity of our media in Britain which publish inconvenient facts for official London,” she said.
Western critics dismiss RT, whose British arm produces UK-specific content, as a Kremlin mouthpiece designed to sow disinformation. The channel, previously known as Russia Today, says it offers a refreshing Russian-slanted alternative take on global events to mainstream Western media.
Some British lawmakers unhappy about what they call its pernicious propaganda have called on Prime Minister Theresa May to use her influence to get RT shut down in Britain.
But other lawmakers have warned such a move would backfire by prompting Moscow to halt the work of British journalists in Russia and by leaving London vulnerable to accusations of stifling free speech.
U.S. intelligence agencies have called RT “Russia’s state-run propaganda machine” and accused it of contributing to Moscow’s campaign to interfere with the 2016 U.S. presidential election, something Russia denies. Editing by Jon Boyle | ashraq/financial-news-articles | https://in.reuters.com/article/britain-russia-media/moscow-escalating-tensions-with-london-investigates-british-media-idINKCN1IO2CP |
Risk oil market could lose Iran's exports keeps prices ticking higher: Pro 1 Hour Ago Energy Aspects Chief Oil Analyst Amrita Sen discusses how the U.S.' potential imposing of sanctions on Iran could impact the oil price. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/risk-oil-market-could-lose-irans-exports-keeps-prices-ticking-higher-pro.html |
CHARLOTTE, N.C.--(BUSINESS WIRE)-- JELD-WEN Holding, Inc. (NYSE:JELD) today announced results for the three months ended March 31, 2018 updated its 2018 outlook, and announced the authorization for repurchases of up to $250 million of the company's common stock.
First Quarter Summary :
Net revenues for the first quarter increased 11.6%, driven by a 7% increase from acquisitions, while core growth was flat Net income for the first quarter amounted to $40.3 million, an increase of $33.8 million Diluted earnings per share ("EPS") for the first quarter was a $0.37 and adjusted EPS amounted to $0.30 Adjusted EBITDA for the first quarter amounted to $87.8 million, an increase of $6.9 million Closed three strategic acquisitions in the first quarter, which are expected to generate over $500 million in annualized revenues Updated outlook for full 2018 includes net revenue growth of 17% to 19% and adjusted EBITDA of $505 million to $535 million
“I am pleased with the performance of our team in the first quarter, given the tough comparisons versus last year and the difficult inflationary environment,” said Kirk S. Hachigian, chairman and acting chief executive officer. “Our focus in 2018 is on meeting the expectations of our customers and shareholders, and driving more cost out of our business so we can be the most competitive partner. I expect all of our businesses to gain momentum throughout the year."
First Quarter 2018 Results
Net revenues for the three months ended March 31, 2018 increased $98.3 million, or 11.6%, to $946.2 million, compared to $847.9 million for the same period last year. The increase was driven by a 7% contribution from recent acquisitions and 5% due to the favorable impact of foreign exchange. Core revenues, which exclude the impact of foreign exchange and acquisitions completed in the last twelve months, were unchanged, as core growth in Europe and Australia was offset by reduced volumes in North America.
Net income was $40.3 million, compared to net income of $6.4 million in the same quarter last year, an increase of $33.8 million. The increase in net income was primarily due to a non-cash gain and related tax benefits on the revaluation of a minority investment as well as reduced interest expense compared to the same quarter last year. Adjusted net income for the first quarter was $33.0 million.
EPS for the first quarter was $0.37 and adjusted EPS was $0.30. A comparison of EPS to the same period last year would not be meaningful because of the material change in the company’s capital structure that resulted from its February 2017 initial public offering ("IPO"), as well as the dilutive impact of the shares issued in the IPO.
Adjusted EBITDA increased $6.9 million, or 8.5%, to $87.8 million, compared to $81.0 million in the same quarter last year. Adjusted EBITDA margins decreased 20 basis points in the quarter to 9.3%, from 9.5% in the same quarter a year ago. The decrease in adjusted EBITDA margins was primarily due to the impact of recent acquisitions and foreign exchange, while core adjusted margins improved approximately 30 basis points.
On a segment basis for the first quarter of 2018, compared to the same period last year:
North America - Net revenues increased $13.8 million, or 2.8%, to $497.9 million, due to contributions from the MMI Door acquisition of 4% and a 1% favorable impact from foreign exchange, partially offset by a 2% reduction in core revenues. The decrease in core revenues was primarily due to the impact of the previously announced business line rationalization in Florida and lower volumes in the windows and Canadian businesses. Adjusted EBITDA decreased $3.1 million, or 6.3%, to $47.0 million. Adjusted EBITDA margin declined by 100 basis points to 9.4%. Margins declined primarily due to a lag in pricing to offset inflation in materials and freight, lower core volumes, and the impact of the MMI Door acquisition. Europe - Net revenues increased $59.4 million, or 24.5%, to $301.7 million, primarily due to a 13% favorable impact from foreign exchange, 9% from the contribution of recent acquisitions, and core growth of 2%. Adjusted EBITDA increased $6.6 million, or 24.3%, to $33.8 million. Adjusted EBITDA margins were unchanged at 11.2%. Margin improvement in the core business was offset by the impact of recent acquisitions as well as the unfavorable impact of foreign exchange. Australasia - Net revenues increased $25.2 million, or 20.7%, to $146.6 million, primarily due to the contribution from recent acquisitions of 13%, the favorable impact of foreign exchange of 4%, and core growth of 4%. Adjusted EBITDA increased $3.5 million, or 26.4%, to $16.7 million. Adjusted EBITDA margin expanded by 50 basis points to 11.4%.
Cash Flow and Balance Sheet
Cash flows (used in) operations increased $56.1 million in the first quarter of 2018 to a use of $(65.3) million, from a use of $(9.2) million in the same period last year. Free cash flow decreased $73.7 million in the first quarter of 2018 to $(92.7) million, from $(19.0) million in the same period last year. The decrease in free cash flow was due to seasonality in working capital usage, planned increases in seasonal inventory in certain product lines, and increased capital expenditures.
Additionally, during the first quarter of 2018, the company invested cash of $165.7 million, excluding debt assumed, for the acquisitions of Domoferm, A&L Windows, and ABS.
Cash and cash equivalents as of March 31, 2018 were $103.0 million, compared to $220.2 million as of December 31, 2017. Total debt as of March 31, 2018 was $1.471 billion, compared to $1.274 billion as of December 31, 2017.
Outlook for 2018
The company’s outlook for adjusted EBITDA for the second quarter of 2018 is $135 million to $145 million, compared to $125.3 million for the second quarter of 2017. The second quarter outlook assumes growth from the contribution of recent acquisitions, while margin improvement in the core businesses is expected to be impacted by continued inflation in materials and freight, as well as operational investments in core growth.
For full year 2018 compared to full year 2017, the company now expects net revenue growth of 17% to 19%, compared to the previous outlook of 10% - 13%. The outlook has been updated to reflect the partial year contribution of the recent ABS acquisition and updated foreign exchange rates, while the assumption for core revenue growth remains unchanged at approximately 3%.
The company's outlook for full year 2018 adjusted EBITDA remains at $505 million to $535 million, compared to 2017 adjusted EBITDA of $437.6 million. The outlook for adjusted EBITDA now reflects the partial year contribution of the recent ABS acquisition, offset by anticipated inflation in materials and freight in the core business and increased operational investments in core growth. The midpoint of the updated outlook assumes core adjusted EBITDA margin improvement of approximately 80 basis points. This improvement in core adjusted EBITDA margins is expected to be partially offset by the impact of recent acquisitions and the impact of foreign exchange.
Full year 2018 capital expenditures are expected to be in the range of $100 million to $120 million, compared to 2017 capital expenditures of $63.0 million.
Free cash flow for full year 2018 is expected to exceed adjusted net income.
Share Repurchase Authorization
JELD-WEN’s board of directors has approved a share repurchase program pursuant to which the company may repurchase up to $250 million of its common stock.
“Our new share repurchase program demonstrates the board and management’s confidence in JELD-WEN’s operating model and potential for cash flow generation,” said Mr. Hachigian. “While we continue to see good opportunities for capital deployment through organic investments and strategic M&A, we believe our shares are undervalued and represent an attractive investment opportunity. This new program provides us with another lever in our balanced approach to create value for our shareholders as well as the ability to offset dilution from our equity incentive plans.”
Purchases will be made in accordance with all applicable securities laws and regulations, and will be funded from available liquidity including available cash or borrowings under existing or future credit facilities. The share repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the company’s discretion. The timing and amount of any purchases of common stock will be based on JELD-WEN's liquidity, general business and market conditions and other factors, including alternative investment opportunities. The term of the new repurchase program extends through December 31, 2019.
Conference Call Information
JELD-WEN management will host a conference call today, May 8, 2018, at 8 a.m. EDT, to discuss the company’s financial results. The conference call can be accessed by dialing (877) 407-9208 (domestic) or (201) 493-6784 (international). A telephonic replay will be available approximately two hours after the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 13678699. The replay will be available until 11:59 p.m. EDT on May 22, 2018.
Interested investors and other parties can also listen to a webcast of the live conference call by logging onto the Investor Relations section of the company’s website at http://investors.jeld-wen.com . The online replay will be available for 30 days on the same website immediately following the call. A slide presentation highlighting the company’s results will also be available on the Investor Relations section of the company’s website.
To learn more about JELD-WEN, please visit the company’s website at http://investors.jeld-wen.com .
About JELD-WEN
JELD-WEN, founded in 1960, is one of the world’s largest door and window manufacturers, operating manufacturing facilities in 20 countries located primarily in North America, Europe and Australia. Headquartered in Charlotte, N.C., JELD-WEN designs, produces and distributes an extensive range of interior and exterior doors, wood, vinyl and aluminum windows and related products for use in the new construction and repair and remodeling of residential homes and non-residential buildings. JELD-WEN is a recognized leader in manufacturing energy-efficient products and has been an ENERGY STAR ® Partner since 1998. Our products are marketed globally under the JELD-WEN ® brand, along with several market-leading regional brands such as Swedoor ® and DANA ® in Europe and Corinthian ® , Stegbar ® , and Trend ® in Australia.
Forward-Looking Statements
This press release contains certain “forward-looking statements” regarding business strategies, market potential, future financial performance, the potential of our categories and brands, our outlook for the second quarter and full year 2018, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events. Forward-looking statements are generally identified by our use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”, or “should”, or the negative thereof or other variations thereon or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans, expectations, assumptions, estimates, and projections of our management. Although we believe that these statements are based on reasonable expectations, assumptions, estimates and projections, they are only predictions and involve known and unknown risks, many of which are beyond our control that could cause actual outcomes and results to be materially different from those indicated in such statements.
Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including the factors discussed in our Annual Reports on Form 10-K, and our Quarterly Reports on Form 10-Q, both filed with the Securities and Exchange Commission.
The assumptions underlying the guidance provided for the second quarter and full year 2018 include the achievement of anticipated improvements in end markets, competitive position, and product portfolio; stable macroeconomic factors; continued inflation in materials and freight; no changes in foreign currency exchange and tax rates; successful integration of recent acquisitions; and our future business plans. The forward-looking statements included in this release are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this release.
Adjustments to Previously Reported Financial Information
The statement of operations for the three months ended April 1, 2017 has been revised to reflect the correction of certain errors and other accumulated misstatements as described in our Form 10-K - Note 36 - Revision of Prior Period Financial Statements. The errors did not impact the subtotals for cash flows from operating activities, investing activities or financing activities for any of the periods affected. In addition, as a result of our retrospective application of ASU 2017-07, we reclassified certain amounts in our statement of operations for the three months ended April 1, 2017. To conform with current period presentation of revenues, we reclassified certain amounts in our statement of operations for the three months ended April 1, 2017. The reclassifications were not material to our previously issued financial statements. The cumulative impact of the adjustments for the three months ended April 1, 2017 was an increase in revenues of $0.1 million, increase in cost of sales of $4.4 million, a decrease in selling, general and administrative expense of $7.4 million, and an increase in other expense of $3.1 million. The corrections had no impact on net income or adjusted EBITDA. Please refer to our Form 10-Q for the three month period ended March 31, 2018 for additional details.
Non-GAAP Financial Information
This press release presents certain “non-GAAP” financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the tables at the end of this press release. The company provides certain guidance solely on a non-GAAP basis because the company cannot predict certain elements that are included in certain reported GAAP results, including the variables and individual adjustments necessary for a reconciliation to GAAP. While management is not able to specifically quantify the reconciliation items for forward-looking non-GAAP measures without unreasonable effort, management bases the estimated ranges of non-GAAP measures for future periods on its reasonable estimates of such factors as assumed effective tax rate, assumed interest expense, and other assumptions about capital requirements for future periods.
We use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, and Adjusted EPS because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA margin are helpful in highlighting trends because they exclude the results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. We use Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance and also to report our results to our board of directors. Further, our executive incentive compensation is based in part on Adjusted EBITDA. In addition, we use Adjusted EBITDA as calculated herein for purposes of calculating compliance with our debt covenants in certain of our debt facilities. Adjusted EBITDA should not be considered as an alternative to net income as a measure of financial performance or to cash flows from operations as a liquidity measure.
We define Adjusted EBITDA as net income (loss), eliminating the impact of the following items: loss from discontinued operations, net of tax; (gain) loss on sale of discontinued operations, net of tax; equity (earnings) loss of non-consolidated entities; income tax; depreciation and amortization; interest expense, net; impairment and restructuring charges; (gain) loss on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation (income) loss; other non-cash items; non-recurring, extraordinary items; other items; and costs related to debt restructuring, debt refinancing, and the Onex investment. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net revenues.
We present free cash flow because we believe it assists investors and analysts in determining the quality of our earnings. We also use free cash flow to measure our financial performance and to report to our board of directors. In addition, our executive incentive compensation is based in part on free cash flow. We define free cash flow as cash flow from operations less capital expenditures (including purchases of intangible assets). Free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure.
Adjusted net income represents net income adjusted for the after-tax impact of i) non-cash foreign currency (gains) losses, ii) impairment and restructuring charges, iii) one-time non-cash gains, iv) other non-recurring expenses associated with certain matters such as our initial public offering, secondary offering, mergers, and litigation. Adjusted EPS represents net income per diluted share adjusted to exclude the estimated per share impact of the same specifically identified items used to calculate adjusted net income as described above. Where applicable such items are tax-effected at our estimated annual effective tax rate.
Other companies may compute these measures differently. No non-GAAP metric should be considered as an alternative to any other measure derived in accordance with GAAP.
Due to rounding, numbers presented throughout this document may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.
JELD-WEN Holding, Inc. Consolidated Statements of Operations (Unaudited) (In millions) Three Months Ended March 31,
2018
April 1,
2017
% Variance Net revenues $ 946.2 $ 847.9 11.6% Cost of sales 740.3 666.2 11.1% Gross margin 205.9 181.7 13.3% Selling, general and administrative 164.7 139.7 17.9% Impairment and restructuring charges 3.0 1.2 147.4% Operating income 38.2 40.8 (6.5)% Interest expense, net 15.7 26.9 (41.8)% Gain on previously held shares of an equity investment (20.8 ) — 100.0% Other income 7.8 5.7 35.5% Income before taxes, equity earnings and discontinued operations 35.5 8.2 333.1% Income tax (benefit) expense (4.0 ) 2.3 (278.7)% Income from continuing operations, net of tax 39.5 5.9 564.8% Equity earnings of non-consolidated entities 0.7 0.5 53.4% Net income $ 40.3 $ 6.4 526.5% Other financial data: Adjusted EBITDA (1) $ 87.8 $ 81.0 8.5% Adjusted EBITDA Margin (1) 9.3 % 9.5 % (1) Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA and Adjusted EBITDA Margin, see above under the heading “Non-GAAP Financial Information”. JELD-WEN Holding, Inc. Selected Financial Data (Unaudited) (In millions) March 31,
2018 December 31,
2017 Consolidated balance sheet data : Cash, cash equivalents $ 103.0 $ 220.2 Accounts receivable, net 578.2 453.3 Inventories 545.6 405.4 Total current assets 1,281.8 1,145.2 Total assets 3,171.7 2,862.9 Accounts payable 303.5 259.9 Total current liabilities 654.1 577.5 Total debt 1,471.1 1,273.7 Total shareholders’ equity 852.0 792.0 Three Months Ended Statement of cash flows data: March 31,
2018 April 1,
2017 Net cash flow (used in) provided by: Operating activities $ (65.3 ) $ (9.2 ) Investing activities (191.8 ) (7.7 ) Financing activities 107.4 98.3 JELD-WEN Holding, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) (In millions) Three Months Ended March 31,
2018 April 1,
2017 Net income $ 40.3 $ 6.4 Equity earnings of non-consolidated entities (0.7 ) (0.5 ) Income tax (benefit) expense (4.0 ) 2.3 Depreciation and intangible amortization 28.5 27.1 Interest expense, net (1) 15.7 26.9 Impairment and restructuring charges 3.0 1.2 Gain on previously held shares of an equity investment (20.8 ) — Gain on sale of property and equipment (0.1 ) — Stock-based compensation expense 2.0 5.4 Non-cash foreign exchange transaction/translation (income) loss 3.9 4.4 Other items (2) 20.3 7.6 Costs relating to debt restructuring and refinancing — 0.3 Adjusted EBITDA (3) $ 87.8 $ 81.0 (1) For the three months ended April 1, 2017, interest expense includes the write-off of $6.1 of original issue discount and deferred financing fees related to the repayment of debt. (2) Other items not core to business activity include: (i) in the three months ended March 31, 2018, (1) $13.6 in legal costs, (2) $2.6 in acquisition costs and (3) $2.4 in costs related to exit of CEO; and (ii) in the three months ended April 1, 2017, (1) $8.0 in legal costs, (2) $0.5 in facility shut down costs, (3) $0.3 professional fees related to the IPO process, partially offset by (4) $(2.2) in gain on settlement of contract escrow. (3) Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see above under the heading “Non-GAAP Financial Information”. Three Months
Ended
(amounts in millions, except share and per share data)
March 31,
2018 Net income attributable to common shareholders $ 40.3 Legal and professional fees 9.1 Non-cash foreign exchange transactions/translation (income) loss 2.6 Impairment and restructuring charges 2.0 Gain on previously held shares of an equity investment (13.9 ) Deferred tax liability write-off associated with equity investment (7.1 ) Adjusted net income $ 33.0 Diluted net income per share $ 0.37 Legal and professional fees 0.08 Non-cash foreign exchange transactions/translation (income) loss 0.02 Impairment and restructuring charges 0.02 Gain on previously held shares of an equity investment (0.13 ) Deferred tax liability write-off associated with equity investment (0.06 ) Adjusted net income per share $ 0.30 Diluted shares used in adjusted EPS calculation represent the fully dilutive shares for the three months ended March 31, 2018. 108,867,800 NOTE: Where applicable, adjustments to net income and net income per share are tax-effected at 33.2% for the three months ended March 31, 2018. Three Months Ended March 31,
2018 April 1,
2017 Net cash used in operating activities $ (65.3 ) $ (9.2 ) Less capital expenditures 27.4 9.8 Free cash flow $ (92.7 ) $ (19.0 ) JELD-WEN Holding, Inc. Segment Results (Unaudited) (In millions) Three Months Ended March 31,
2018 April 1,
2017 Net revenues from external customers % Variance North America $ 497.9 $ 484.2 2.8% Europe 301.7 242.3 24.5% Australasia 146.6 121.4 20.7% Total Consolidated $ 946.2 $ 847.9 11.6% Adjusted EBITDA (1) North America $ 47.0 $ 50.2 (6.3)% Europe 33.8 27.2 24.3% Australasia 16.7 13.2 26.4% Corporate and unallocated costs (9.8 ) (9.7 ) 0.8% Total Consolidated $ 87.8 $ 81.0 8.5% (1) Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see above under the heading “Non-GAAP Financial Information”.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005371/en/
Investor Relations:
JELD-WEN Holding, Inc.
John Linker, 704-378-7007
SVP, Corporate Development and Investor Relations
[email protected]
Source: JELD-WEN Holding, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-jeld-wen-announces-first-quarter-2018-results-updates-2018-outlook-and-announces-share-repurchase-authorization.html |
Nolan Arenado went 3-for-6 with a double, two home runs and five RBIs, and the Colorado Rockies pulled away for an 11-2 win over the Chicago Cubs on Wednesday afternoon at Wrigley Field.
Trevor Story and Chris Iannetta also homered for Colorado, which won the rubber match of the three-game series.
Rockies left-hander Tyler Anderson (2-0) held the Cubs to two runs on three hits in seven innings. He walked one and struck out nine in his first appearance since leaving Friday’s game after 1 1/3 innings because of lightheadedness and shortness of breath.
Cubs right-hander Yu Darvish (0-3) remained winless since joining the team on a six-year, $126 million deal in the offseason. The 31-year-old gave up six runs (five earned) on seven hits in 4 1/3 innings as his ERA ballooned to 6.00.
Anthony Rizzo and Kris Bryant homered for the Cubs, who scored three runs or fewer for the eighth straight game.
Colorado seized a 2-0 lead in the first. Charlie Blackmon drew a leadoff walk, and Arenado blasted a two-run shot to center field.
One inning later, the Rockies made it 3-0 on Blackmon’s run-scoring single to right field.
Another run in the third increased Colorado’s advantage to 4-0. Gerardo Parra doubled to right field and swiped third base. He scored two batters later on a groundout by Daniel Castro.
Chicago snapped its shutout on a solo home run by Rizzo in the fourth. The shot to right field marked Rizzo’s second homer in the past two games and his third of the season.
The Rockies answered quickly with a pair of solo home runs by Story and Iannetta in the fifth to pull ahead 6-1.
Bryant’s solo homer trimmed the Cubs’ deficit to 6-2 in the sixth. The long ball to left field was Bryant’s first home run since he was hit in the helmet by a 96 mph fastball from Rockies right-hander German Marquez on April 22.
Colorado poured on five more runs in the eighth. Arenado hit a three-run homer to left field for his second home run of the day and his seventh of the season. Parra and Iannetta also drove in one run apiece.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-chc-col-recap/arenado-homers-twice-as-rockies-crush-cubs-idUSMTZEE524EM723 |
May 15, 2018 / 7:39 AM / in 5 hours UPDATE-1-Euro zone bond markets on the back foot thanks to ECB, oil Reuters Staff
* Bond yields creep for third day
* Sentiment turns bearish
* Italian bond yields fall after early rise
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr
By Dhara Ranasinghe
LONDON, May 15 (Reuters) - Borrowing costs in the euro area edged higher for a third straight day on Tuesday, pushed up by surging oil prices, rising U.S. government bond yields and perceived hawkish comments this week from a European Central Bank official.
Germany’s 10-year bond yield jumped 6 basis points on Monday, extending that rise in early Tuesday trade to its highest in almost three weeks at 0.63 percent.
Long-dated bond yields in Italy briefly rose to their highest in almost two months before falling.
Bank of France Governor Francois Villeroy de Galhau said on Monday the ECB could give fresh guidance on the timing of its first rate hike as the end of its exceptional bond purchases approaches.
Those comments, along with easing concerns about a global trade war and a rise in oil prices to 3-1/2 year highs this month, have put renewed upward pressure on U.S. and European government bond yields.
The U.S. 10-year Treasury yield was hovering above the key 3 percent barrier on Tuesday.
“We have this Galhau interview and he was very much pointing to rate hikes after the end of QE (quantitative easing),” said DZ Bank rates strategist Daniel Lenz, explaining the weakness in euro zone debt markets. “And we still have a high oil price and U.S. Treasury yields above 3 percent.”
Most 10-year bond yields in the euro zone were up 1-2 basis points, drawing some support from news that powerhouse economy Germany slowed slightly more than expected in the first quarter of the year.
In Italy, investors awaited the outcome of coalition talks between the anti-establishment 5-Star Movement and far-right League, which won more time on Monday to form a government.
The prospect of a tie-up between two parties committed to big-spending policies has put upward pressure on Italian bond yields in the past week.
But bond investors appeared to draw some comfort from the fact that 5-Star and the League need more time to reach an agreement.
Italy’s 10-year bond yield was down marginally at 1.91 percent, having briefly hit a new high, pushing the yield gap over German peers to its tightest in almost a week at around 128 bps.
That closely-watched spread remains around 11 bps below levels seen just before Italy’s inconclusive March 4 election.
“The (5-Star/League) programme sketched out so far has raised fears of increasing deficits, but the impact on the BTP/Bund spread has been muted thus far,” ING said in a note. (Reporting by Dhara Ranasinghe Editing by Catherine Evans) | ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds/update-1-euro-zone-bond-markets-on-the-back-foot-thanks-to-ecb-oil-idUSL5N1SM2GB |
North Carolina teachers rally for reform 2 Hours Ago CNBC's Scott Cohn reports from North Carolina where the state's teachers are participating in a walkout over compensation and funding. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/north-carolina-teachers-rally-for-reform.html |
May 30, 2018 / 4:17 AM / Updated 32 minutes ago Brazil's president mulls scrapping Petrobras market-based fuel pricing - source Lisandra Paraguassu 3 Min Read
BRASILIA (Reuters) - Brazil’s President Michel Temer may scrap a market-based pricing mechanism used by state-run oil firm Petrobras ( PETR4.SA ) and revert to selling all fuel below costs after a trucking strike that almost paralysed the nation, a government source told Reuters on Tuesday. A Petrobras gas station closed due to the truck owners strike is pictured at Embu das Artes, Brazil May 28, 2018. REUTERS/Leonardo Benassatto
Talk of temporarily lowering prices on just diesel to end the havoc the nine-day strike brought on Latin America’s largest economy sent Petrobras shares plunging 15 percent on Monday.
Truckers are protesting a 50 percent increase in diesel prices under the two-year-old Petrobras policy of almost daily adjustments following international prices.
The source, who asked not to be named because he was not authorized to speak publicly on the matter, said the pricing policy worked well when oil prices CLc1 LCOc1 held steady for years at $40-50 a barrel, and the Brazilian currency BRBY BRL= remained stable against the dollar.
But oil has recently surged to $70-80 a barrel boosted by plummeting Venezuelan production, strong global demand and looming U.S. sanctions on Iran. Meanwhile Brazil’s currency has weakened 11 percent this year on political uncertainty.
“Without that (stability), we have a problem. We need to study alternatives,” the official said. He said talks on the issue have already begun between the government and Petrobras.
A spokeswoman for Petrobras chief executive officer Pedro Parente declined to comment.
Temer acknowledged in a television interview on Tuesday that he was open to reviewing the pricing policy.
“Petrobras has recovered in these two years. It had been in a disastrous situation for a long time, and we did not want to change the company’s policy,” Temer told government broadcaster TV Brasil. “We can re-examine the policy, though with great care.”
On Sunday, moving to settle the truckers strike, Temer announced tax cuts and subsidies to reduce domestic diesel prices by 0.46 real per litre, or about 13 percent of the current price at the pump, freezing them at that level for 60 days.
The prospect of government interference in Petrobras pricing policy sent its share prices plummeting on Monday. That slide added to losses a week earlier that reduced the stock price by nearly one third, though shares rebounded 14 percent on Tuesday to close at 19.30 reais.
The government official said initial talks had begun between Mines and Energy Minister Moreira Franco and Parente, architect of the company’s recovery.
Parente has resisted change, but has appreciated the need for greater predictability in price adjustments, the official said. Reporting by Lissandra Paraguassú; Writing by Anthony Boadle; Editing by Kenneth Maxwell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-petrobras-prices/brazils-president-mulls-scrapping-petrobras-market-based-fuel-pricing-source-idUKKCN1IV0AU |
HOUSTON, May 24, 2018 (GLOBE NEWSWIRE) -- The board of directors of Apache Corporation (NYSE:APA), (Nasdaq:APA) has declared the regular cash dividend on the company's common shares.
The dividend on common shares is payable August 22, 2018, to stockholders of record on July 23, 2018, at a rate of 25 cents per share on the corporation’s common stock.
About Apache
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom. Apache posts announcements, updates, investor information and all recent press releases on its website, www.apachecorp.com .
Contacts
Media: (713) 296-7189 Castlen Kennedy
Investor: (281) 302-2286 Gary Clark
Website: www.apachecorp.com
APA-F
Source:Apache Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-apache-declares-cash-dividend-on-common-shares.html |
Markets poised to open higher after US Iran decision 5 Hours Ago Ken Kamen of Mercadien Asset Management and Jeff Hirsch of Stock Trader’s Almanac give their take. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/markets-poised-to-open-higher-after-us-iran-decision.html |
Breakingviews TV - Trump drug dump 10:44pm IST - 03:22
The president has unveiled long-promised plans to bring down the price of prescription medication. Antony Currie and Robert Cyran explain how it’s far more of a sop to the pharma industry than a salve for overcharged consumers.
The president has unveiled long-promised plans to bring down the price of prescription medication. Antony Currie and Robert Cyran explain how it’s far more of a sop to the pharma industry than a salve for overcharged consumers. //reut.rs/2L0iZqW | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/breakingviews-tv-trump-drug-dump?videoId=427175141 |
May 21 (Reuters) - MyoKardia Inc:
* MYOKARDIA ANNOUNCES DESIGN OF PHASE 3 EXPLORER-HCM STUDY EVALUATING MAVACAMTEN IN SYMPTOMATIC, OBSTRUCTIVE HYPERTROPHIC CARDIOMYOPATHY
* MYOKARDIA INC - PHASE 3 EXPLORER-HCM STUDY EXPECTED TO INITIATE IN Q2 2018, TOPLINE DATA ANTICIPATED IN SECOND HALF 2020 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-myokardia-says-phase-3-explorer-hc/brief-myokardia-says-phase-3-explorer-hcm-study-evaluating-mavacamten-to-initiate-in-q2-2018-idUSFWN1SS0FH |
WASHINGTON (Reuters) - U.S. consumer spending posted its biggest gain in five months in April, a further sign that economic growth was regaining momentum early in the second quarter, while inflation continued to rise steadily.
FILE PHOTO: People walk with shopping bags in Manhattan, New York City, U.S. December 27, 2016. REUTERS/Andrew Kelly/File Photo Other data on Thursday showed a bigger-than-expected drop in the number of Americans filing applications for unemployment benefits last week. Moderately rising inflation and a tightening labor market bolstered expectations that the Federal Reserve will raise interest rates next month.
“Consumer spending is accelerating and inflation is holding firm in a tightening labor market, so the Fed is likely to stay on course with those gradual rate hikes this year despite the signs of uncertainty elsewhere in the world from populism and trade protectionism,” said Chris Rupkey, chief economist at MUFG in New York.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 0.6 percent last month, the Commerce Department said. That was the largest rise since November and followed a 0.5 percent increase in March.
Economists polled by Reuters had forecast consumer spending advancing 0.4 percent. Spending was boosted by higher prices for gasoline and other energy products. Nondurable goods purchases surged 0.9 percent. There were also increases in purchases of long-lasting goods. Outlays on services rose 0.5 percent, lifted by demand for household utilities.
Prices continued to gradually rise last month. The personal consumption expenditures (PCE) price index excluding the volatile food and energy components increased 0.2 percent for the third straight month.
That left the year-on-year increase in the so-called core PCE price index at 1.8 percent. The core PCE index is the Fed’s preferred inflation measure. The U.S. central bank has a 2 percent inflation target.
Economists expect the annual core PCE price index will breach the Fed’s target in the coming months. The Fed increased borrowing costs in March and has forecast at least two more rate hikes for this year.
U.S. financial market were little moved by the data. The dollar fell against the euro on signs of easing political tensions in Italy. Prices for U.S. Treasuries rose.
Stocks on Wall Street were trading lower after the Trump administration decided to impose metal import tariffs on Canada, Mexico and the European Union, sparking new concerns of a trade war with the United States’ main allies.
LABOR MARKET TIGHTENING The moderate inflation also helped support consumer spending last month. When adjusted for inflation, consumer spending rose 0.4 percent in April after increasing 0.5 percent in the prior month. That suggests an acceleration in consumer spending after it grew at a 1.0 percent annualized rate in the first quarter, the slowest pace in nearly five years.
The solid consumer spending added to data on trade and industrial production that have left economists anticipating a pickup in economic growth in the second quarter.
Factory activity looks set to strengthen further, with the Institute for Supply Management-Chicago reporting its business barometer rose 5.1 points to 62.7 in May.
But the housing market appears to have taken a further step back. Contracts to buy previously owned homes dropped 1.3 percent in April, the National Association of Realtors said in another report on Thursday.
Gross domestic product estimates for the April-June period are above a 3.0 percent rate. The economy grew at a 2.2 percent pace in the first quarter.
Households dipped into their savings to fund purchases last month, with income growth remaining sluggish, a concern for some economists. Personal income rose 0.3 percent after a gain of 0.2 percent in March. Wages increased 0.4 percent. Savings fell to $419.6 billion last month from $445.7 billion in March.
“The real question is whether that level of consumption growth is sustainable and I just don’t think that is likely unless income gains accelerate,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
But with the labor market rapidly tightening, there is hope that wage growth will gain steam. In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 221,000 for the week ended May 26.
Economists polled by Reuters had forecast claims falling to 228,000 in the latest week. The labor market is viewed as being close to or at full employment. The jobless rate is near a 17-1/2-year low of 3.9 percent, within striking distance of the Fed’s forecast of 3.8 percent by the end of this year.
Labor market strength is likely to be underscored by May’s employment report, which is scheduled for release on Friday. According to a Reuters survey of economists, nonfarm payrolls probably increased by 188,000 jobs after rising by 164,000 jobs in April.
FILE PHOTO: Job seekers line up to apply during "Amazon Jobs Day," a job fair being held at 10 fulfillment centers across the United States aimed at filling more than 50,000 jobs, at the Amazon.com Fulfillment Center in Fall River, Massachusetts, U.S., August 2, 2017. REUTERS/Brian Snyder/File Photo Reporting by Lucia Mutikani; Editing by Paul Simao and Andrea Ricci
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-economy-unemployment/u-s-weekly-jobless-claims-fall-more-than-expected-idINKCN1IW1QI |
May 8, 2018 / 10:58 PM / Updated an hour ago Atletico lash out at Barcelona over Griezmann pursuit Reuters Staff 2 Min Read
MADRID (Reuters) - Europa League finalists Atletico Madrid hit out at Barcelona on Tuesday, saying they were “fed up” with the attitude of the Spanish champions regarding France striker Antoine Griezmann. Soccer Football - Europa League Semi Final Second Leg - Atletico Madrid v Arsenal - Wanda Metropolitano, Madrid, Spain - May 3, 2018 Atletico Madrid's Antoine Griezmann Action Images via Reuters/Matthew Childs
Griezmann, one of Atletico’s key players, has been heavily linked with a move to the Nou Camp at the end of the season, with Spanish media reporting that Barca are willing to pay his 100 million euro (87.57 million pounds) release clause.
Barcelona president Josep Maria Bartomeu said on Monday he had spoken to Griezmann’s agent, while the Catalan club’s forward Luis Suarez told Uruguayan radio Griezmann was not coming to the Nou Camp to force anyone out of the team.
"We're fed up with Barcelona's attitude," said Atletico CEO Miguel Angel Gil Marin in a statement on the club's website en.atleticodemadrid.com .
“(Speaking) about the future of a player with a current contract just a few days before disputing a European final is an absolute lack of respect towards Atletico Madrid and their fans.”
Marin said Atletico, who are second in La Liga and face Olympique de Marseille in the Europa League final on May 16, told Barcelona “a few months ago” that Griezmann was not for sale and they would not negotiate.
“I let (Bartomeu) know his inappropriate conduct was against the integrity of the competition, especially as we’ve been competing for the title and Barcelona have been continuously pressuring one of the most important players in our squad,” added Marin. Reporting by Rik Sharma in Barcelona; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-atm-griezmann/atletico-lash-out-at-barcelona-over-griezmann-pursuit-idUKKBN1I93FR |
C.J. Cron and Brad Miller both homered, and the Tampa Bay Rays defeated the Baltimore Orioles 10-3 to earn a split of their doubleheader at Camden Yards on Saturday night.
The Rays’ victory also snapped their five-game losing skid while Baltimore had won four in a row.
There was a 1-hour, 19-minute rain delay in the sixth inning.
The Orioles defeated the Rays 6-3 in the first game of the doubleheader.
The Rays pitched by committee in this game. Starter Matt Andriese went the first three innings and gave up one run on one hit.
Sergio Romo (1-0) came on and threw 1 1/3 shutout innings and got the win. Overall, the Rays used seven pitchers, and Alex Colome finished it in the ninth in a non-save situation.
Baltimore starter Alex Cobb (0-5) lost for the second time this season to his former team. He allowed four runs (three earned) on seven hits in 5 2/3 innings.
Cron hit his solo home run in the first and gave the Rays a 1-0 lead, but Trey Mancini led off the bottom half with a homer that tied the game.
Tampa Bay took the lead back in the second after Miller got a leadoff triple and scored when Daniel Robertson followed with a groundout. The Rays made it 3-1 in the third on an unearned run, which scored on a Joey Wendle sacrifice fly.
Miller struck again in the fourth when he led off with a homer to right that gave Tampa Bay a 4-1 lead. The Orioles got two back in the sixth, scoring on a Mancini single and a Jonathan Schoop groundout.
The Rays added a run in the seventh when Denard Span scored when Schoop made a wild relay throw.
Mallex Smith got an RBI double in the eighth, and Cron walked with the bases loaded for a 7-3 lead later in the inning.
Wilson Ramos of the Rays singled in the ninth and extended his hitting streak to 18 games. Smith (three RBIs) tripled in two runs later that inning, and Carlos Gomez added an RBI single for a 10-3 lead.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-tb-bal/rays-snap-5-game-skid-split-doubleheader-with-orioles-idUSKCN1IE03L |
BEIRUT (Reuters) - A new law allowing the Syrian government to redevelop areas devastated by war has alarmed refugees and the countries that host them, prompting fears that people will lose their property and be less likely to return home.
People who fled the violence from the Islamic State-controlled northern Syrian town of al-Bab arrive on the outskirts of the Free Syrian Army and Turkish forces controlled al Baza'a village in Syria February 4, 2017. Picture Taken February 4, 2017. REUTERS/Khalil Ashawi/Files Seven years into the war that has killed half a million people, the law signals the government’s intention to rebuild areas of Syria where the rebellion has been defeated, even though large parts of the country remain outside its control.
“Law 10” came into effect last month as the army was on the brink of crushing the last insurgent enclaves near Damascus, consolidating President Bashar al-Assad’s grip over nearly all of western Syria.
The law allows people to prove they own property in the areas chosen for redevelopment, and to claim compensation. But aid groups say the chaos of war means few will be able to do so in the time specified. The law has yet to be applied.
People forced to flee their homes - more than half the prewar population - will find it hard to make such claims, aid groups say.
Many refugees now face a major problem: whether to return home, even if they think it may be unsafe, and claim their property rights in person, or risk losing them, along with a big incentive to go back to Syria in future.
“If it is applied to areas once held by the opposition from which the residents have been displaced, or where land registries have been destroyed, it will in effect prevent the return of refugees,” said a briefing note circulated to EU states at a recent high-level meeting.
Lebanese Prime Minister Saad al-Hariri, whose country hosts more than a million Syrian refugees, said this week that the law “tells thousands of Syrian families to stay in Lebanon” by threatening them with property confiscation.
Assad says the law has been misinterpreted in order to inflame Western public opinion against his government. He told the Greek newspaper Kathimerini that the law “is not about dispossessing anyone”.
“You cannot, I mean even if he’s a terrorist, let’s say, if you want to dispossess someone, you need a verdict by the judicial system,” he said.
Assad’s opponents already accuse him of engineering “demographic change” by driving rebels and their families out of Syria’s cities, and say the law confiscates property and homes of the displaced.
Amnesty International has said it effectively deprives thousands of people of their homes and land.
WHY DID SYRIA PASS LAW 10? Managing the reconstruction of ruined cities, vital for Syria’s economy, will grow more important for Assad if he is to turn battlefield victories into a full restoration of his rule.
Experts on post-war reconstruction have likened it to laws passed in other war zones, notably in Beirut after the 1975-90 civil war.
Assad is banking on allied countries, chiefly Russia and Iran, to help with reconstruction as Western states say they will not contribute until a political transition is in place.
Western Syria’s main cities - Damascus, Aleppo, Hama and Homs - are now entirely in his hands, but apart from Hama they each have entire districts in ruins.
However, rights groups, including Amnesty International, accuse Assad of conceiving Law 10 to push his opponents from their homes, since Syria’s most damaged areas were major centres of the uprising.
“If enacted, this law could be used to implement a breathtakingly efficient feat of social engineering. Thousands of Syrians – mostly those in pro-opposition areas or who have sought refuge abroad - risk losing their homes because their documents are lost or destroyed,” said Diana Semaan, Amnesty International’s Syria researcher.
WHY WILL IT PARTICULARLY AFFECT REFUGEES? Many refugees owned property in Syria but they will find it more difficult to stake their claims than people who stayed.
The Norwegian Refugee Council has said 67 percent of refugees it had interviewed said they owned property in Syria, but only 17 percent of them still had ownership documents.
Another big worry is the law’s time frame.
Once a local authority announces a redevelopment plan - and none have yet done so - people will have 30 days to submit ownership claims, making them eligible for compensation.
Government supporters say protections for property owners are generous: family members or people given power of attorney can make claims and appeal decisions on behalf of absent owners.
But after years of a war in which government buildings have been destroyed along with their files, and in which people have lost identity cards or land deeds as they fled, it could take months to prove who somebody is - let alone what they own.
For refugees abroad, getting power of attorney under Syrian law for a friend or relation back in Syria, even if they both have all the right documents, takes a minimum of three months. It also requires security clearance - potentially a problem for people who fled districts that were opposition centres.
WHAT ARE THE OTHER CONCERNS WITH THE LAW? Compensation is offered in the form of shares in the redevelopment company, but aid agencies suggest few original occupants will be able to afford the additional cost of new housing within such projects and might come under pressure to sell their property at low prices.
Since many of the most damaged areas were opposition strongholds, many people who left Syria - and relatives who stayed on - might be afraid to appear before government officials to prove ownership.
The law also targets settlements built without formal approval or legal deeds. Owners of such dwellings can be allocated shares on the basis of the assessed value of their building but will not be able to secure compensation for land without proof of ownership, said an expert on the law.
Many property owners have been killed in the war, sometimes without their relatives obtaining death certificates, setting up likely inheritance disputes that would complicate property claims.
Ownership paper trails were also confused after the fighting began in 2011, as families fled one front line after another, taking only what they could carry and selling their property to neighbours. Some properties were bought and sold many times, without proper documentation.
Property owners cannot challenge the designation of an area for redevelopment, and challenges over the value of their property will be settled by the appeal court.
Reporting by Angus McDowall; Additional reporting by Tom Perry; Editing by Giles Elgood
| ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-syria-land/explainer-lawfare-syrian-development-plan-alarms-refugees-and-host-nations-idINKCN1IQ2CG |
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